Slide 1: $6M Capital Raising
$6M CAPITAL RAISING Advanc ing commercialis at ion - funding for multiple near term catalysts - strategic partner increas ing to 8.5% 16 December 2025 Micro-X Capital Raising Presentation – December 2025 I 1
Slide 2: Important Notice
IMPORTANT NOTICE THIS PRESENTATION HAS BEEN APPROVED BY THE BOARD OF MICRO-X LIMITED S C O P E & L I M I T A T I O N S This Presentation has been prepared by Micro-X Limited (Micro-X or the Company) (ASX.MX1). The Presentation is a summary only which is current only as at the date of this Presentati
Slide 3: Important Notice - Continued
IMPORTANT NOTICE - CONTINUED N O T I N V E S T M E N T A D V I C E The information contained in this Presentation is not financial product, investment, legal, taxation or other advice or any recommendation to acquire securities in the Company. No reliance may be placed for any purpose whatsoever on
Slide 4: Creating Revolutionary X-Ray Imaging to Better Lives
CREATING REVOLUTIONARY X-RAY IMAGING TO BETTER LIVES Curious I Collaborative I Determine d Micro-X Capital Raising Presentation – December 2025 I 4
Slide 5: Executive Summary
EXECUTIVE SUMMARY Multiple near term catalysts – $6M capital raising supported by ~$3M strategic investment • Sales momentum strengthened following record $3.3M Rover order from Malaysian distributor IMS, for Malaysian Ministry of Health Rover sales • Supply agreement signed with major U.S healthcar
Slide 6: Business Overview
BUSINESS OVERVIEW World leading X-ray technology with growing commercial momentum Disrupting the high value CT market Clear Path to Commercialisation World first CT technology Validated by Partners Rover Head CT Security Proprietary CNT platform - Multiple technology Growing sales Proceeding to Deal
Slide 7: Breakthrough Imaging Technology
BREAKTHROUGH IMAGING TECHNOLOGY Technology advantages and portability enables new CT imaging uses Significant market opportunity in CT imaging – growing demand → In excess of 100,000 CT installations globally * → 2024 equipment revenue market US$5.7B * World leading Nano Electronic X-ray (NEX) platf
Slide 8: World First Imaging Technology
WORLD FIRST IMAGING TECHNOLOGY Proprietary NEX Technology redefines portability and precision for X-ray innovation Micro-X imaging solution – X-ray Tubes – Generators – HV Connectors – Software Micro-X Capital Raising Presentation – December 2025 I 8
Slide 9: NEX Technology Platform
NEX TECHNOLOGY PLATFORM Proprietary and customisable platform for use across multiple applications NEX TUBES HIGH VOLTAGE GENERATOR MULTI-TUBE SWITCHING ARRAY RECONSTRUCTION SOFTWARE Cold cathode using proprietary carbon nanotube emitter 120kV and 160kV high voltage In-house designed high-voltage Pr
Slide 10: Medical Imaging Portfolio
MEDICAL IMAGING PORTFOLIO Pioneering smaller, smarter X-ray and CT through patented technology platform ROVER HEAD CT FULL BODY CT - MOBILE DIGITAL RADIOGRAPHY - MOBILE STROKE DIAGNOSIS - PORTABLE IMAGING SOLUTION Ultra-mobile X-ray systems delivering high quality Light, portable CT imaging to diagn
Slide 11: Strategies & Priorities
STRATEGIES & PRIORITIES Three key near-term objectives with a focus on tangible outcomes 01 02 03 Build Rover Sales Commence Monetise Head CT imaging trials Security Division Focus on building durable growth and larger Trials providing pathway to regulatory Execute ongoing partnering negotiations or
Slide 12: Validation & Partners >$85M
VALIDATION & PARTNERS Non-dilutive funding de-risks our technology development and unlocks value Up to $31.7M funding $25M funding $8M funding $4.4M funding Development Checkpoints & Baggage Full Body CT Head CT Head CT Partners Scanner – U.S. Airports – Portable & Lightweight – Stroke Diagnosis – A
Slide 13: Experienced Leadership
EXPERIENCED LEADERSHIP Commercially focused to accelerate growth Kingsley Hall – CEO Brian Gonzales, PhD – CEO Americas Patrick O'Brien, Non-Exec Chair Jim McDowell, Non-Exec 25+ years exp in senior operational and Recognised industry leader in X-ray physics, CNT Former Senior Exec. Macquarie Chair-
Slide 14: Corporate & Financials
CORPORATE Institutional 42.5% & FINANCIALS Retail and HNW 55.2% Board 2.3% FINANCIALS & SHAREHOLDERS SHARE CAPITAL (15 December 2025) $22.7m Contracted Payments FY26 onwards ~$2.8m (30 Sept 2025) Cash Share price $0.08 per share Pro forma with net R&D rebate Revenue $13.1m (FY2025) Total shares on i
Slide 15: Product Portfolio
PRODUCT PORTFOLIO Micro-X Capital Raising Presentation – December 2025 I 15
Slide 16: Rover – Proven Technology
ROVER – PROVEN TECHNOLOGY Delivering on securing larger contracts and direct sales focus $3.3M order for Malaysian Ministry of Health - largest single order in Micro-X history – delivered Nov 25 → Following successful tender win by Malaysian distributor Integrated Medical Systems Approvals → Plan to
Slide 17: Head CT – Entering Human Imaging Trials
HEAD CT – ENTERING HUMAN IMAGING TRIALS Hospital and ambulance imaging trials to inform regulatory applications and demonstrate roadworthiness Major technical milestone achieved - commencing human imaging trials → First of three test benches completed – installation and ASA imaging trial scheduled f
Slide 18: Monetising Our Security Business
MONETISING OUR SECURITY BUSINESS Expanding fully funded development with US DHS and Billion Prima Partnership discussions to monetise security → Execute ongoing partnering negotiations Up to $31.7M contracted development with DHS $5.6M Billion Prima → Extension to advance detection algorithms for Se
Slide 19: Full Body CT
FULL BODY CT Bringing full diagnostic CT scanning to the patient $25M development funding contract with US Govt biomedical research agency ARPA-H → Initial funding of $12.5M for first 2 years - up to $25M for a total of 5 years → Contract to design and deliver a lightweight and portable CT scanner f
Slide 20: 2026 and Beyond
2026 AND BEYOND Micro-X Capital Raising Presentation – December 2025 I 20
Slide 21: Commercial Pathway
COMMERCIAL PATHWAY Bringing a portfolio of medical and security products to market Products Funding / Status 2025 2026 2027 Approved and in Revenue Execute larger Cashflow positive Further growth 400+ units sold to date sales opportunities operations Human imaging Regulatory Approval & Launch Test b
Slide 22: Milestones for 2026
MILESTONES FOR 2026 COMMERCIAL DEVELOPMENT PARTNERSHIPS Mobile DR Head CT Full Body CT Security Sales growth - current & new markets Undertake hospital imaging trials Develop Full Body test bench Execute security partnerships to unlock value Launch 2026 Rover model update Commence hospital human ima
Slide 23: Capital Raising
CAPITAL RAISING F u n d i n g t o c a s h f l o w s t a b i l i t y
Slide 24: Rationale for Funding
RATIONALE FOR FUNDING Medical Imaging focus alongside monetisation of security assets Commercial activities for Medical Imaging → Growing Rover sales pipeline and momentum following Supply agreement with major US Healthcare Group and first large order in Malaysia → Additional resources will be deplo
Slide 25: Capital Raising - Key Terms
CAPITAL RAISING - KEY TERMS Micro-X is undertaking a Capital Raising to raise approximately $6.0M via the issue of approximately 75 million new ordinary shares (New Shares) (representing approximately 11.2% of existing shares on issue) Offer • The Capital Raising is by way of a Placement of approxim
Slide 26: Capital Raising – Timetable
CAPITAL RAISING – TIMETABLE Event Date Trading halt Pre-Market Tuesday, 16 December 2025 Placement bookbuild conducted Tuesday, 16 December 2025 Bids due for the Placement bookbuild 5.00pm Tuesday, 16 December 2025 Timetable Firm letters and CARD forms due 9.00am Wednesday, 17 December 2025 ASX anno
Slide 27: Capital Raising - Use of Funds
C A P I T A L R A I S I S N G - U S E O F F U N DS Funding the business into 2027 Use of Funds – Placement - $6.0m $000 Key assumptions Medical Imaging - Commercial activities 1,700 → Focus on medical imaging with work to develop new products funded by partners Manufacturing – Scale up and Productis
Slide 28: Wrap Up
WRAP UP A clear path forward 1 Commercial & customer focus is delivering results 2 Rover sales momentum – building towards breakeven 3 Head CT commence imaging trials - support regulatory submission 4 Late stage of partnering process to monetise security business 5 Validated by strong partners – fun
Slide 29: Appendices: Risk Factors
APPENDICES RISK FACTORS Micro-X Capital Raising Presentation – December 2025 I 29
Slide 30: Risk Factors
RISK FACTORS This Risk Factors section includes details of the key risks attaching to an investment in shares in Micro-X Limited (Micro-X or the Company). These risks may affect the future strategy, operating and financial performance of Micro-X and the value of Micro-X Shares. The key risks are not
Slide 31: Risk Factors
RISK FACTORS Business Specific Risks (Cont.) The Company's strategy is to secure partners for its products, including its security technology. The Company is seeking to engage partners to provide market access, scale up and implementation services to commercialise products in development. There is n
Slide 32: Risk Factors
RISK FACTORS Business Specific Risks (Cont.) The Company strategy for protecting intellectual property is to obtain legal coverage through patents and registrations using the international patent cooperation treaty (PCT) and completing national filings in several countries such as Australia, USA, Eu
Slide 33: Risk Factors
RISK FACTORS Business Specific Risks (Cont.) The Company may be subject to litigation and other disputes and claims in the ordinary course of its business, including infringement of intellectual property, employment disputes, contractual disputes, Litigation, disputes and indemnity claims, occupatio
Slide 34: Risk Factors
RISK FACTORS Business Specific Risks (Cont.) The Head CT for stroke diagnosis project involves developing a miniaturised head imaging CT scanner which is able to fit into a land or air ambulance. The aim is to allow pre-hospital diagnosis of strokes to enable treatment to commence in an ambulance se
Slide 35: For more information visit: www.micro-x.com
For more information visit: www.micro-x.com Micro-X Limited Investor Enquiries Kingsley Hall, Chief Executive Officer David Allen / John Granger Rebecca Puddy, Head of Corporate Hawkesbury Partners Communications Tel: +61 410 577 155 Tel: +61 8 7099 3966 Tel: +61 499 100 038 Email: media@micro-x.com