Slide 1: Murray Cod Australia Limited Capital Raising Presentation
MURRAY COD AUSTRALIA LIMITED CAPITAL RAISING PRESENTATION 26 SEPTEMBER 2025 1
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by Murray Cod Australia Limited (“MCA” or the “Company”). It does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. You should not treat the contents of this pr
Slide 3: Murray Cod Australia at a Glance
01 MURRAY COD AUSTRALIA AT A GLANCE 3
Slide 4: Murray Cod Australia at a Glance
MURRAY COD AUSTRALIA AT A GLANCE MCA engages in the sustainable breeding, growing and marketing of Murray Cod, Golden Perch and Silver Perch as fingerlings, with the Aquna Sustainable Murray Cod the marquee branded product. MCA’s science-based innovation and marketing has led to branded Aquna Murray
Slide 5: View of Our Operations
VIEW OF OUR OPERATIONS Overhead view of our Bilbul Site Land based sustainable production model 5
Slide 6: Ideally Located in Australia's Food Bowl
IDEALLY LOCATED IN AUSTRALIA’S ‘FOOD BOWL’ Headquartered in Griffith, with 8 farming sites across the Riverina, New South Wales. Ideal for domestic east-coast distribution. Murrumbidgee Irrigation Area (MIA) has abundant water from Snowy Hydro and underground sources. MIA is the “Food Bowl” of Austr
Slide 7: FY25 Highlights
FY25 HIGHLIGHTS After 3 years of disciplined biomass investment and continued focus on the long-term growth strategy, MCA has successfully built the scale, infrastructure, and inventory required to now transition into sustainable cash generation, with FY26 marking the commercial inflection point Fin
Slide 8: Scaled Up Production Capacity
SCALED UP PRODUCTION CAPACITY Major infrastructure investment phase complete – transitioning to harvest and cash generation from FY26 Nursery and Grow-out Ponds – excluding Hatcheries 128 • Now 128 ponds across 4 sites (Juvenile and Growout) with ~4,000t capacity at 27 27 ponds full utilisation • +2
Slide 9: Infrastructure Platform & Asset Base
INFRASTRUCTURE PLATFORM & ASSET BASE Site Status Function Capacity Utilisation 65% Stanbridge1 Complete Grow-out 78 ponds (51/78 stocked) Whitton Operating Grow-out 30 ponds 100% Bilbul1,2 Operating Juvenile/Nursery 12 ponds 100% McFarlane’s Operating Juvenile/Nursery 8 ponds 100% Gogeldrie1 Operati
Slide 10: Fully Stocked for Growth
FULLY STOCKED FOR GROWTH Record 2,481 tonnes in grow-out stock as at 30 June 2025 – targeting approximately 2,700 tonnes by 30 June 20261 Keeping more Larvae for Biomass Growth Millions Sold more Larvae* • Biomass has been built as fingerlings have been retained for during COVID 19 MCA production 6
Slide 11: Biomass Composition & Strategy
BIOMASS COMPOSTION & STRATEGY Focus on growth in high-value, +1kg biomass categories to support margin and revenue expansion Building Premium Inventory for Margin Optimisation Biomass Evolution (tonnes) Production Achievements • Record growth delivered: Grow-out (Whitton and Stanbridge) Biomass reac
Slide 12: Sales Inflection Point Underway
SALES INFLECTION POINT UNDERWAY Harvest volumes YTD are up +69% over previous year with MCA building towards positive cashflow from FY26 onwards Key Developments Harvest Volume Q1 FY26 (1 Jul to 19 Sep) vs Q1 FY25 Channel Achievements FY25: • Fine Dining: Exclusive supplier to top-tier restaurants n
Slide 13: Board & Management
BOARD & MANAGEMENT A highly experienced board and management team, with deep industry and sector experience Brett Paton Ross Anderson Mathew Ryan George ‘Roger’ Commins Steven Chaur Non-executive Chairman Chief Executive Officer Executive Director - Production and Non-executive Director Non-executiv
Slide 14: FY25 Highlights and Outlook
02 FY25 HIGHLIGHTS AND OUTLOOK 14
Slide 15: FY25 Financial Performance
FY25 FINANCIAL PERFORMANCE Well positioned for cash flow generation from FY26 onwards following material revaluation of biological assets Record Financial Results Despite Investment Phase Strategic Revenue Management FY24 FY25 Change Comments • Fish sales of $10.6m, with sales managed and fish rangi
Slide 16: Fair Value of Biological Assets and Reconciliation
FAIR VALUE OF BIOLOGICAL ASSETS AND RECONCILIATION Growth in biomass accounts for ‘real’ value and provides the platform for revenue and earnings growth Key Drivers Operating to Statutory Profit Reconciliation • Volume: 2,481t biomass (+198% YoY) • Fair Value: $23.82/kg based on FY25 Average market
Slide 17: Sales & Marketing Development
SALES & MARKETING DEVELOPMENT Strong existing and developing pipeline to realise harvest growth Key Developments Premium Positioning Across Channels • Fine Dining: Exclusive supplier to top-tier restaurants nationally • Woolworths: Strong performance in 68 select stores, expansion discussions Channe
Slide 18: Market Expansion Strategy & FY26 Outlook
MARKET EXPANSION STRATEGY & FY26 OUTLOOK A clear and strategic expansion plan to capture premium positioning and market share Market Expansion Strategy – Capturing Premium Positioning Key Success Metrics FY26 Sales Strategy - "From Biomass to Revenue" Average price target: Customer retention: New ma
Slide 19: Key FY26 Milestones
KEY FY26 MILESTONES • Underpinning domestic and international revenue 1 Securing New Channel opportunities into developed markets Partners • Reviewing logistics to fulfil live fish orders from China 2 Further development of • Approvals now in place. Timing of further development Gogeldrie planned to
Slide 20: Capital Raising Overview
03 CAPITAL RAISING OVERVIEW 20
Slide 21: Capital Raising Details
CAPITAL RAISING DETAILS • MCA is undertaking a non-underwritten institutional placement to raise approximately $17.0 million pursuant to the Company’s existing placement capacity Offer Structure & Size under ASX Listing Rule 7.1 and 7.1A (‘Placement’) • ~17.9 million New Shares to be issued under th
Slide 22: Sources and Uses
SOURCES AND USES Proceeds from the Placement to strengthen the balance sheet and support future growth Uses of Funds $m Balance Sheet Strength and Flexibility 8.6 Growth Initiatives 7.5 Completion of Stanbridge Ponds 1.0 Provision for Development of 24 Gogeldrie Ponds 5.0 Sales and Marketing Platfor
Slide 23: Capital Raising Timetable
CAPITAL RAISING TIMETABLE Event Date (AEST) Trading halt Wednesday, 24 September 2025 Announce completion of Placement and Trading Halt lifted Friday, 26 September 2025 Settlement of New Securities issued under the Placement Wednesday, 1 October 2025 Allotment and trading of New Securities issued un
Slide 24: Appendix 1: Our Business
APPENDIX 1: OUR BUSINESS 24
Slide 25: What We Believe In
WHAT WE BELIEVE IN — BRAND POSITIONING — LIFE TASTES BETTER OUR WAY. At Aquna Sustainable Murray Cod, we believe the best product comes from the best approach. We want to make an impact on people’s plates and their wider lives by inspiring a better way to deliver the future of food production. QUALI
Slide 26: Our Fish
OUR FISH Delicate. Clean. Sweet. Aquna Murray Cod has a firm texture and naturally clean, creamy flavour. The pristine white fillet has a large flake and relatively high fat content making it perfect for most cooking conditions. That is why Aquna is coveted as a fine-dining fish at top restaurants a
Slide 27: Location of MCA Sites
ecco LOCATION OF MCA SITES 3233 AQUNA Ee; 8; AQUNA abl Maray Cod r ) BARMEDMAN >> n® FARM SITES a ad 27 Peretti sagguassesacsss
Slide 28: Capacity and Use of MCA Sites
CAPACITY AND USE OF MCA SITES Excludes Contract Growers From 1 stocked grow-out pond in 2017. Today MCA has 128 ponds which include 81 stocked grow-out ponds Current Capacity MCA Site Current Usage Structure in Fish Numbers* 12 ponds of 8 nets each (96 nets) 3,360,000 juveniles Bilbul Nursery Recirc
Slide 29: Business Model
BUSINESS MODEL Hatchery 35mm Nursery Stock is kept in ponds Cages Sold to Contract Growers Fingerlings Fingerlings to sold to Contract MCA ponds for In 18 Mths 1.5-2Kg Growers for grow-out Murray Cod is grow-out est. harvested by MCA @ $4 each Distributor 29
Slide 30: Why the MCA Model Is Different
WHY THE MCA MODEL IS DIFFERENT It’s a luxury food – not a commodity Land-based Production • Aquna Sustainable Murray Cod is one of the rarest fine dining fish in the world; Biosecurity – allows for better control. • Each pond can be isolated, with dedicated piping, wiring and catchment zone; • Is na
Slide 31: Stages / Timing of Production Cycle
STAGES / TIMING OF PRODUCTION CYCLE In summary a fish can spend from 26 - 38 months to go from egg to plate Spend 6 - 9 months in Nursery To Nursery To Grow- out 31
Slide 32: Fillet Yield Motivates Us to Grow Larger Fish
FILLET YIELD MOTIVATES US TO GROW LARGER FISH The Economics • Fillet yield = weight of fillets total weight of fish • Larger fish have better fillet yield than smaller fish • This means fillets need to be priced differently to achieve same price per kg of whole fish For Example: • 3kg fish can yield
Slide 33: Sustainability & Social Report
SUSTAINABILITY & SOCIAL REPORT At Murray Cod Australia, we’re challenging ourselves to continually improve our sustainability performance for our planet and our people. Refining our approach as we learn, innovate and grow. As stewards of sustainability, here are our key strengths: Feeding our fish W
Slide 34: Appendix 2: Murray Cod Market and Distribution
APPENDIX 2: MURRAY COD MARKET AND DISTRIBUTION 34
Slide 35: MCA Competitive Advantage
MCA COMPETITIVE ADVANTAGE MCA’s competitive advantage is changing Market Fundamentals MCA’s Natural Advantage • Growing consumption driving demand: Australian per capita seafood • Native species thriving: Murray Cod is perfectly adapted to Australian consumption has reached 20.7kg annually (up from
Slide 36: Top Seafood Importers Who Could Afford Aquna
TOP SEAFOOD IMPORTERS WHO COULD AFFORD AQUNA • US$ 7.52 billion imported fish fillets Imported US$26.6B of seafood • Major suppliers: Chile, China, Norway, Vietnam & Indonesia United States • 4.5 million tons imported China Imported US$22.4B of seafood • Fresh Atlantic Salmon- 92,851 tons imported •
Slide 37: Murray Cod Price Growth
MURRAY COD PRICE GROWTH Processed Murray Cod Prices 26 24.00 25.30 24 24.70 22.00 22 20 Avg. MCA Price 19.00 18.00 Avg. Market Price 17.74 18 16 14 2017 2018 2019 2020 2021 2022 2023 2024 2025 In terms of culinary quality, anecdotes by chefs rate Aquna Sustainable Murray Cod between Coral Trout and
Slide 38: Market Dynamics
MARKET DYNAMICS Overfishing is real, and pushing up prices Global White Fish Quotas Five centuries of Cod catches in Eastern Canada Estimated UK Turbot Prices (2002- 2024) 38
Slide 39: Distribution Channels
DISTRIBUTION CHANNELS • Currently export customers pay their own air freight • But freight will be a major consideration as volume grows • Moving from whole round fresh fish to a frozen fillet will dramatically change logistics • Cost of frozen sea freight is between 5 and 15 times lower than air fr
Slide 40: Appendix 2: Key Risks
APPENDIX 2: KEY RISKS 40
Slide 41: Key Risks
KEY RISKS Specific Risks Labour Risks and Reliance on Key Personnel Murray Cod Australia Limited (“MCA”) believes that it has, in general, good relations with its employees and contractors. However, there can be no assurance that MCA’s operations or those of its contractors will not be affected by l
Slide 42: Key Risks
KEY RISKS Prices and competition The financial performance of MCA can be influenced by variations in the domestic and international Murray Cod prices which may be linked to the price of seafood in general. Major factors that can influence demand and supply in the Murray Cod market and, therefore, th
Slide 43: Key Risks
KEY RISKS Environmental regulations and licenses National and local environmental laws and regulations affect nearly all of MCA's operations. Whilst MCA endeavours to ensure that its operations and activities comply with applicable environmental laws, there is a risk that failure to comply with such
Slide 44: Key Risks
Key Risks Force Majeure The Company now or in the future may be adversely affected by risks outside the control of the Company, including labour unrest, war, subversive activities or sabotage, fires, floods or other catastrophes, epidemics or quarantine restrictions. Insurance risks The Company inte
Slide 45: Appendix 3: International Offer Jurisdictions
APPENDIX 3: INTERNATIONAL OFFER JURISDICTIONS 45
Slide 46: International Offer Restrictions
INTERNATIONAL OFFER RESTRICTIONS This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any
Slide 47: International Offer Restrictions
INTERNATIONAL OFFER RESTRICTIONS United Kingdom Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 20
Slide 48: Murray Cod Australia Limited
Murray Cod Australia Limited 2 – 4 Lasscock Road, Griffith NSW 2680 Email: info@aquna.com Phone:+61 2 6962 5470 Website: www.aquna.com