Murray Cod Australia (MCA) investor relations material

Strategic direction and commercial focus

• New leadership is driving a refreshed commercial strategy to accelerate revenue and market penetration, focusing on converting biomass into cash and expanding customer channels beyond premium restaurants and exports.

• Emphasis is on predictable, high-volume sales through food service, retail, and large venue operators, while maintaining premium positioning and selective export growth.

• Multi-channel approach targets food distributors, retail (Woolworths, Coles), and large-scale customers, with ongoing investment in processing capabilities for fresh, chilled, and frozen products.

• Focus on customer-led growth, commercial discipline, and operational efficiency to drive near-term revenue opportunities.

Operational and infrastructure updates

• Biomass has been fully replenished post-pandemic, with 3,700 tons now available, supporting unconstrained supply and AUD 78 million revenue potential.

• Infrastructure includes 128 commercial ponds and a processing plant, with no immediate need for further pond expansion; focus is on maximizing current assets.

• Genetic and feeding improvements, developed with CSIRO, are enhancing fish quality and growth rates.

Financial and capital initiatives

• Launching an AUD 18.6 million accelerated non-renounceable entitlement offer, fully underwritten, with AUD 2 million allocated for processing plant upgrades, especially freezing technology.

• Raised $10.1 million through the institutional entitlement offer at $0.15 per share, issuing about 67.2 million new shares, with a 67.59% take-up rate among eligible institutional shareholders.

• Retail entitlement offer opens 8 May 2026 and closes 20 May 2026, available to eligible shareholders in Australia and New Zealand, matching institutional offer terms.

• Funds will support working capital, sales and marketing acceleration, new packaging, and operational restructuring to drive profitability.

• Recent cost-saving measures include transitioning energy sources and targeting feed, labor, and IT costs for further efficiency.