• Biomass in grow-out increased to 2,481t, up 18% over March 2025 and 298% year-on-year
• Significant biomass became available for sale, with customer receipts up 33.5% over previous corresponding period
• Processed fresh fish sales increased by 32.3% over previous corresponding period

Murray Cod Australia Ltd (MCA) has provided its Quarterly Cash Flow Report and Quarterly Activities Report for the quarter ended 30 June 2025 (Q4 FY25). Highlights include: Biomass in grow-out increased to 2,481t, up 18% over March 2025 and 298% year-on-year. Significant biomass became available for sale at the end of May 2025, with customer receipts for Q4 up 33.5% over the previous corresponding period (pcp), and receipts for June 2025 up 46.6% over June 2024 - highlighting a positive sales trend for Q1 FY26. Processed fresh fish sales increased by 32.3% over pcp. Larger distribution and secured offtake discussions are underway to expand MCA's sales footprint through secured sales arrangements (both domestically and internationally) expected in Q1 FY26. Halal and BAP sustainability certification remains underway, with BAP audit expected in Q1 FY26. The management and board continue to be pleased with the successful execution of the long-term biomass growth strategy and the commencement of the sales rollout. With the biomass at historic levels and momentum in all key sales metrics, the board remains positive on the outlook for FY26 and the longer-term direction of the Company.

MCA estimates approximately 1,000t is required to be harvested by end of January 2026 to accommodate the current biomass growth rate and to continue fully utilising MCA's existing infrastructure.

Management and the board will continue to employ prudent capital management measures and remain focused on the sales rollout in H1 FY26 through growing existing long-term relationships, securing new sales channels, distributor arrangements and corporate partners.