Good morning, everybody, thanks for joining today's Murray Cod Australia Investor Presentation and ASX webinar. My name is Steven Chaur. I am the Managing Director and Chief Executive of the company. I joined the business on April 20th, 2026. My background, yeah, prior to joining the company was that I was a board director of Murray Cod Australia. I'd been associated with the company for about 14 months. I was asked in January to join the company as its Managing Director and CEO to take the company on a refreshed commercial strategy and to accelerate the company's revenues moving forward. My background is 30+ years in fast-moving consumer goods, particularly with agricultural-facing companies, from paddock to plate, as it were. I've been involved with many food brands in this country, as well as being on the board of Meat & Livestock Australia. I'm very familiar with the agricultural space and also dealing with a wide variety of customer channels, including domestic retailers, food service suppliers, quick service restaurants, and developing international markets, particularly up in Asia. What attracted me to taking this role on was the significant story that's been developed around Aquna Sustainable Murray Cod, which I think is quite unique in the marketplace. It's an excellent quality product. There's relatively high demand for the product in the market. The sustainable credentials of the product, particularly with the infrastructure that we've built in Griffith, I think really position the organization well with some of the geopolitical and government and social license challenges that are occurring in the agriculture space at the minute, positions Murray Cod extremely well. For investors joining online today, questions can be submitted through the portal. I'll be very pleased to address as many of the questions as possible at the conclusion of the meeting today. Without much further ado, turning to the presentation itself. Realistically, the update of the organization is that we're about driving commercial outcomes for the company now. We've spent the last number of years since the pandemic developing our biomass, investing in ponds and infrastructure, and setting ourselves up really to challenge with significant volume, a very large finfish market, both in Australia and internationally. That investment has been significant in terms of building out our ponds and capability. I'm pleased to say that in 2026, that investment has now realized its full potential with the biomass now being fully replenished since the pandemic. That's important to realize because since the pandemic, we've been limiting supply to customers as we try to replenish our ponds, but also complete the building of new ponds. That means now that with that completed, we have got unconstrained supply of biomass to sell. We're now starting to prioritize the commercial engagement of a number of customer channels in the business. In the past, our commercial strategy relied very heavily on developing international markets and also supporting what I would call white tablecloth restaurants, which is working through fish distributors and customers, premium customers to sell a premium product. Whilst that strategy has been very successful, the challenge that we face is that the infrastructure that we've built and have now available in biomass really needs what I term a predictable underlying sales volume to support it. We still wanna service the high-end markets. We still wanna service export, we also need to develop customer channels that will support moving significant volumes of fish on a day-to-day basis to the right customers at the right price point. That's now what we're setting about doing and putting a commercial refocus through the organization to not only build out our sales capability and our organizational capability to engage with these customers but also investing in our processing plant because our processing plant has been largely scaled around supplying fresh fish to the market. As we embark on talking to new customers, we now need to invest in developing capabilities around frozen fillets and various different packaging formats that will allow us to equally have product in Coles and Woolworths and some of the larger food service distributors. From my perspective, we have developed a very premium aquaculture platform. We have got a really nice product, and the product is in high demand. Across that 3,700 tons of biomass, we have been able to develop customer channels for each of the size grades at very attractive prices relative to other species like salmon and barramundi, which is one of the reasons why customers are looking to our product as a sustainably sourced farm product, but also something that won't be commoditized in pricing. We've got business with Woolworths. Woolworths are very keen to develop more business with us, as is the other major retailer in Australia. We are having very meaningful conversations with those customers at the moment to also develop out food service routes to market as well, which I'll talk about shortly. From an operational perspective, we've done a lot of work with the CSIRO over recent years, which has not only helped us with developing appropriate feeding methodologies for the fish, but also working on genetic improvement of the Murray cod that we're growing, and that progeny is now being fed into the new cohorts of fish that are being grown so that we can improve on our growth rates as we accelerate our sales opportunities. The purpose of the meeting today is to talk about capital raising. We're talking about a pro rata accelerated non-renounceable offer to eligible shareholders to raise AUD 18.6 million. Over the last two weeks, we've been working with institutional investors to underwrite this offer, and we've been very pleased with the uptake, and now we're proposing to do a retail offer to our retail customers, which I'll talk a little bit further down in the presentation. The important thing to note about Murray Cod Australia is we're developing a sustainable breeding, growing, and marketing program for our product in the marketplace, and the Aquna brand has really developed a strong positioning with quality and with customers who want a very premium product, particularly around restaurant menus. Chefs really like the product because it's very versatile in terms of how it can be prepared. It's a very high-fat fish, which means that it can be performed well under a pub and club menu with deep-frying, or it can work equally well in a five-star Michelin star type restaurant environment. We can charge a premium for that type of product. It's a vertically integrated business, which means that we are very much about growing our product in our own ponds, being self-contained in our processing, and developing our own route to market with our sales and our customer model going forward. As of today, we have eight farm sites in Griffith, including one processing plant. The fish is very unique to the Murray-Darling Basin, and this is really important because the challenge that we have with a lot of fish species is global supply. If you look at some of the other species that are popular, there are various different sources all over the world that can supply those fish into our markets. Murray cod's very unique in that Murray Cod Australia has set up a very large scale commercial fishery with a native fish species that's indigenous to the Murray-Darling Basin, and we now need to focus on driving that scarcity and that uniqueness with our product to the customer base. You know, we're not necessarily competing against China or some of the other markets that are bringing species like barramundi into the Australian marketplace. Our operations are based in Griffith, which is in the Murray-Darling Basin. It's a, it's an exceptional region to be based in and you might say, "Well, that's a long way from the ocean," but being a farmed fish, it's important to have available land and irrigation, and we've got plenty of that with the Murray Irrigation, Murrumbidgee Irrigation Area available to us. It's also well set up with infrastructure for the wine industry, for the poultry industry, for the rice industry. Lots of infrastructure in terms of electricity, roads, labor, and so we're well-placed to be able to support our future growth ambitions, as we look to commercialize the Murray Cod Australia business moving forward. Now turning to the operational elements of the business, and you can see from this chart, just the significant growth we've had in our investment in ponds over the last, yeah, 10 or so, eight years, from 12 ponds in 2018 up to 128 fully commercialized ponds in March 2026. The benefit of that is we're now well set up for future growth and, in the past, you can see particularly in 2023, 2024, 2025, our volume was quite low and the acceleration of volume as we brought more ponds on, particularly the important Stanbridge site, which came online late last year. We've now got fish in ponds. They're growing. We've got the genetic improvement, the feeding improvement, and the experience gained over recent years to now grow a very good quality fish over a number of different size grades, that can command a premium price in the market. The question would be: Do we need more ponds to grow? At the moment we don't. The infrastructure that we have in place is well-suited to delivering our immediate sales needs. The benefit of providing predictable volume through increased customer channels, it is allows us to better manage our pond inventory and the grow-out cycles as we harvest smaller fish to service customers and larger fish to service customers, that we can utilize those 128 ponds to really provide maximum turnover over the course of the year and subsequent years to be able to supply the volumes that we're looking to supply for our customers. The biomass that we now have really supports an accelerated and unconstrained sales program. You can see on the chart on the right-hand side just how difficult it's been to really drive meaningful sales growth and penetration of Murray cod into the marketplace with small volumes. The volumes we have now at 3,700 tons really allow the opportunity to talk to a broad range of customers with full confidence that we can continue to supply. Even in terms of the restaurant trade, you know, restaurateurs don't take very kindly to having fish supplied one week and not supplied the following week. We can give our customers confidence now that we can not only supply the size grade that they want, but make sure they have it every single week that they order it. That also allows us to now open up alternative channels into the market. Broadly speaking, the 3,700 tons of biomass that we currently have really reflects the AUD 78 million revenue opportunity. What I've done here is just put up a small chart highlighting the various size grades that we talk about internally in the business. And you can see that less than 1 kl- 2 kl sized fish really is the engine room of the company. Yeah, it represents around about 85%-90% of the fish count that we have. Whilst the volume, the value dollar per kilo might be lower than some of the larger sizes, it really represents a great opportunity for stock turn because not only are these fish in high demand for restaurant customers, but some of our more sophisticated food service customers and retail customers are also looking to these smaller size grades to then convert into value-added products into their customer channels. We will of course, continue to push volumes through the larger size grades, the 2.5 to 3 to 3 kl+. They are the premium segment of the market. This is where the chefs really accelerate with buying whole fish. Our export markets are keen on this size as well. This is a more sophisticated user of our product who can take a whole fish and deconstruct it into a size grade that or a size that's suitable for their customer application, and they're prepared to pay a higher price premium. One of the beneficial upsides of developing more customer channels for different size grade fish is it allows us to be a lot more specific about size grading on larger fish so that our customers can get exact specification of size grade, which means that we can command a more premium price moving forward as opposed to providing customers with various different size grades which may not be suitable for their needs. We can take those smaller and odd size fish and put them into value-added and customer channels that will be capable of utilizing those size grades moving forward. The initiative at the moment is very simple: convert biomass into cash. One of the challenges in the business at the moment is that we've relied on a very small customer cohort to deliver a maximum impact to the cost base that we've created. We need to drive revenue, and we need to increase the market penetration that we have for Murray Cod, and being very particular about the type of customers and the way we position our product, but drive that underlying predictable volume that I talked about earlier so that we can convert biomass into revenue, which will support our cash flows and our financial stability going into the future. Without going into too much detail, the strategy very much over the next 12 months is domestic expansion. Not at the extent or the risk of international development, but we're just taking a pause on international for the moment. We still have some very strong customers in Singapore and Hong Kong and Vietnam and other markets, including the U.S. And we'll continue to nurture those customers and develop additional business with them over time. We certainly won't be looking to expanding new customer channels directly under our company's remit. We will work with distributors who can service those markets from Australia and provide them with fish so that they're doing the heavy lifting for us while we develop our domestic market strategy. We've already had strong engagement over the last four weeks with our new sales director and myself with food service, particularly PFD and Bidfood. That customer channel is not currently utilized. Those customers are very keen to take our product as soon as we can supply it, which is very positive. We're working with our existing fish distributors, which are the bulk of our current business, and being selective about developing stronger relationships with our premium fish distributors. Developing mutual growth strategies, volume incentives, and also setting targets around the type of end user customers we want to work with moving forward because whilst it's very important to work with a fish distributor to take your product to market, you also have to have very strong relationships with end users to pull the product through the distributor. That also gives us better insight over pricing strategies, but also volume opportunities with the distributor. Some of the customers that we're engaging with include large venue operators, pubs and club operators, mine sites and aged care facility operators. There's plenty of opportunities we've got to talk to large scale customers that can take our product in volume. Of course, retail, we're in 134 Woolworths stores at the moment with a chilled product. Both Woolworths and Coles are very keen on our discussions to expand our penetration into the retail channel. Both with chilled product and what we call the wet counter, the behind the counter, and also look at frozen product opportunities and the acceleration is very strong into that market, driven by the retailers themselves, because they see Murray cod as being a premium opportunity for their fish business and trading customers up out of other species into a more premium fish like Murray cod. We've got the biomass, we've got the customer intent, we're building a sales team, we're engaging with our customers actively, and we're still maintaining price and driving additional volume. We've got the infrastructure in place to support the growth strategy. We're going to do a little bit more investment in our processing facility to allow us to develop some of the products that a Coles and a Woolworths and a PFD might need. Effectively, as a CEO, where I sit, we're in a good position to be able to move and accelerate our sales growth agenda to convert biomass into cash quickly, without reducing our premium or our brand positioning because we've spent the last couple of years building the infrastructure and the biomass to support it. Now it's about hitting the accelerator and moving the volume. I won't go through this chart in a lot of detail because I know there's a lot of detail on the slide, what I've tried to show investors and shareholders is that we are now taking a multi-channel sales approach. In the past, our focus has been on the bottom two boxes, which is wet fish distributors and export markets. Whilst those two are still very, very important to Murray Cod Australia, we're taking a more selective approach of how we deal with those particular customers and those channels to make sure we're maximizing our volume and maximizing our premium price return into those channels. The real value uplift in the next six to 12 months will come from foodservice and grocery. It's been very encouraging for me to have had the senior level conversations with partners in each of these channels that are talking about price premium, they're talking about trading customers up into Murray Cod, and they're talking about new product development across multiple locations, both in the grocery channels but also with food service and working with Murray Cod Australia to mutually target very large venue operators and customers in partnership to push the Murray Cod product into the marketplace, which is very exciting. From a board and management perspective, we've had a refresh of the board over the last 18 months with the addition of Brett Paton as Non-Executive Chairman. Brett brings significant experience in governance and also capital markets. I've joined the board and now as an executive with significant experience in FMCG and agribusiness and ASX-listed companies. Mathew Ryan, who's one of our founders, is still very actively involved in the business and very excited about the change in strategy, and very supportive, and he continues to be the thought leader in growing our excellent quality product and driving efficiency in how we grow our biomass into future years. Roger Commins has been involved with the business since the outset and a very influential agricultural leader, particularly in the Murray Darling area, and a very great supporter of our business and local community. We've recently had Peter McCluskey join us, who's been a very strong financial experience in corporate restructuring. Peter and I are working very closely on how we improve operational efficiency and taking costs out of the underlying organization to become a world's best practice organization and cost competitive business moving forward. Now turning to the capital raising, I just want to talk very quickly about the offer. The company is looking to do an accelerated non-renounceable entitlement offer to existing shareholders on a one-for-one basis to raise AUD 18.6 million. It is available to eligible shareholders, both institutional and retail, and has been fully underwritten by Ord Minnett and Stralis Capital Partners. We've recently completed our institutional capital raising for circa AUD 10.1 million-AUD 10.5 million. Now today we're opening up the retail component of that offer, which will be available from today to May 20th. We believe that the current price of AUD 0.15 a share represents a significant discount to the last trading of the organization. Based on the strategy that's been put forward and presented today, we expect that the company will continue to improve moving forward as we use these funds to reinvest in the business to provide underlying working capital support as we build the sales revenues over the next six months. Also allow for the additional costs of accelerating our customer strategies with new packaging, new customer entry, and driving the sales agenda and marketing agenda, excuse me, to deliver that sales uplift. There is also some monies allocated to providing some additional capital investment in our processing facility, which will involve buying some freezing capability technology. As well as some money for restructuring activities, with looking at our farming operations, but also our labor costs and our underlying costs of how we run the business, particularly around IT support. The money is being put to good use in terms of supporting our commercial strategy and looking to drive additional incremental value to our underlying profitability and our revenue moving forward. In terms of the timing, as I mentioned, the retail entitlement offer opens today, being May 8th, with communications moving to shareholders today, to look at taking up the offer with a view that the retail entitlement will close on Wednesday May 20th. Plenty of time to consider, but that should be in people's inboxes, if not today, certainly by Monday. That's really all I wanted to cover today in terms of the commercial update for the business and to provide investors an opportunity to, one, understand the nature of the capital raising, but two, the significant changes we've made to the underlying strategy of the business and how we're refocusing now on commercial accelerators that help convert the biomass into revenue and also open up the market potential for Murray cod, which is an excellent quality product. We need to get it into more customers' hands quickly and really show what this product is capable of doing in the market as a very premium offer to our customers. I'll be very pleased to take questions for people that have submitted questions. In fact, I think we've got a number. Yeah, yes, we do. Some of the questions, the first one is pre-submitted. What attracted you as CEO to join the company? Yeah. I think I talked to that a little bit earlier, but I know, what attracts me is that this is a really strong opportunity for a company like Murray Cod Australia to create a very premium space in the aquaculture sector with a very good quality product that is a good eating product that's sustainably farmed. I think sustainably farmed is very important because if you look at what's happening internationally with quotas, with scarcity of fish species, you have a look at other industries and some of the environmental impacts that are currently being challenged, social license. Having an operation like Murray Cod Australia based in Griffith with predictable farm supply of fish, particularly as legislation is changing on July 1st, this year, where restaurants now need to call out country of origin on their menus for seafood, I think it places Murray cod as an Australian sustainably sourced, high quality eating fish in a very good position to drive incremental volume. I think what convinced me to join the company is, talking to our customers prior to taking on the CEO role was, one, the sheer passion for our product by customers and, two, the high demand. Every single customer I've spoken to wants it and they want it now. I think there's a great opportunity to really craft a strong, unique position that's not commoditized with a very good quality eating fish, that is, you know, really got a very good credential behind it with, how we're responsibly farming this product in a world that's increasingly concerned about provenance and traceability. Thank you. Another pre-submitted question, Steven. Which customer channels do you see the most upside potential in? That's a really good question in terms of which customer channels do I see the most upside. I definitely see a lot of upside in our traditional fish distributor market. A number of conversations we've had with existing fish distributors has certainly demonstrated that we can definitely sell more fish to more customers. I think the challenge for us has been actually engaging with end user customers to be able to pull the fish through the distributor. Certainly our approach now under Jerome Joseph, who's our Chief Commercial Officer, and the team that he's building underneath him, is to work with end users, like those big hotel groups, like those big venue catering groups, casinos and the like, to really start talking to customers that can take fish on mass to not just one restaurant or one outlet, but 20 or 30 restaurants or 50 restaurants or venues at a time. That's when we'll see significant uplift with our traditional fish distributors. They're actually very excited about the language that we're using and the way we're approaching the market, which has been very positive. The second market that I see big opportunities with is the food service market, the Bidfood, the PFD. Collectively, those customers have, you know, circa 100,000 end users that they're dealing with on a daily basis. Both Bidfood and PFD have been bought by major retailers, PFD by Woolworths and Bidfood by Metcash. Sorry, Bidfood internationally, Superior by Metcash. Those customers have really strong access to get to a lot more customers than we could ever get to using our own sales team, because they all have their own sales representatives selling fish. They are equally keen, like the retailers, to get a premium species into their, into their sales portfolio that they can talk to customers at a very different level with a good quality eating fish at a premium price. The response from those customers has been very positive and very looking to accelerate those strategies very quickly. Thank you. Another pre-submitted question. Are you planning on building more ponds to support the sales growth strategy? The question is, are we planning on building more ponds to grow, to support the sales strategy? At this point in time, no. We have land available to build more ponds that is ready to go with development approvals. My view is that with the 128 ponds that we currently have in place, including Stanbridge, which is our largest facility with 78 grow-out ponds, stocked with fish, we're now turning our attention to efficiency about how we can better sweat the assets that we have to provide a faster turnaround on the biomass through our various different size grades, and making sure we're managing our ponds more effectively. Realistically, the only way we can do that is to actually sell more fish. Because once we get to economies of scales in selling our fish, we'll have a much better capability than what we've currently got to manage ponds effectively and harvest our fish in a more economical manner. That's not to say that we won't grow more ponds in the future. There is an aspiration, of course, to sell more than 4,000 tons of fish. We'll do that on a steady as she goes basis, and as the volume increases to a level where we feel comfortable we can make new investments, then we'll do that. The immediate investments that I'm looking to do are really about customer-facing strategies. That is investing in our processing plant so that we've got capability to supply fresh, chilled, and frozen product to customers in the product format, shape, and size that they want to be able to accelerate our market penetration and drive sales in a faster way. Thank you. This is a question from Chris Richards. What are the expected capital costs for the new processing and frozen lines? Does the current capital raise meet all these costs? That's a really good question, Chris. Look, the investment allocation within the capital raising is circa AUD 2 million for an investment in plant equipment in the processing plant. The capability that we're looking at in the processing plant is twofold. One is to invest in a small scale but efficient freezing tunnel to be able to allow us to freeze IQF, what they call individually quick frozen fillets, which is really the gold standard in the seafood industry. At the moment, we are doing what we call a Shatter Pack, which is packing fresh fillets into a box and then freezing the entire box. Best practice is to freeze the individual fillets. The capital cost of entry to buy one of those machines is not significant. By the time we buy it, install it, and get it up and running, you know, get a fit for purpose machine would certainly be around that AUD 2 million mark. We've also had significant conversations with other fish processors who've got capability to value add our fish. Currently, we're doing some trials with PFD, who are taking whole fish and processing fish into fillets for us. We've also had conversations with another food service distributor who's equally capable of doing that, but also creating value-added products like crumbed and battered Murray cod, which we don't have the capability to do. Longer term, my intention would be to build a brand-new processing facility up in Griffith. That would be a significant investment and have full capability. Again, we've got to walk before we can run, and we need to build the capability with the customer set first. Then once we've built that predictable volume that I talk about, we can then better scope out what a new processing facility looks like over the next three years to support the in-house production of those products. Thank you. Further to the question from Chris Richards, another question is, what is the expected timeline to implement the ability to provide frozen product to market? You mentioned value add. Will this require further capital? Yeah, it's a good question. We've got the capability now, Chris, to do frozen fillets. As I said, we're doing a Shatter Pack frozen 5 kl product now across various different formats. That product has been going into PFD Food Services. We just need to accelerate that with the customer. Bidfood have already expressed an interest to take that product. On the retail side, we do need to do a little bit more development work but, you know, the retailers are working with us on those strategies. The timeframe is actually relatively quick. We can move significant volume of frozen boxes now. Ideally to be much more efficient, we would need to invest in that freezing line and that's not a significant investment. You can buy those readily available, that equipment. Again, the backstop is that we can also use third-party processors to assist us to accelerate the strategy. I'm feeling very comfortable that we can deliver frozen product into retail and food service within months rather than, you know, a year. We'll be in a position to start accelerating on that very shortly. Thank you. Another question from Jan Howe. For shareholders considering whether to commit additional capital in this entitlement offer, what are the key operation and financial changes that you believe makes the raise different from previous raising? Really good question. What makes this raise different to previous raises and what are the operational drivers? I think what makes this raise different is that we have a really clear sales plan. We have a really clear view that how we're going to deliver the revenue growth, and we now have experienced people in the business who are actively involved in driving those initiatives. You know, I think the strategy in the past has been good, but it's been too reliant on one particular type of customer to drive the volume, and unfortunately I don't believe that that customer has the capability to drive the volume, which is when you're talking about restaurants, it's a very thin end of the wedge. Whilst it might deliver price premiums, it doesn't deliver sustainable volume on a day-to-day basis. What we're doing now in driving food service and retail engagement is providing that underlying predictable volume where we can move significant volumes of Murray cod at the right price, at the right brand positioning to really support the revenue growth, and drive the efficiency in the company that we've never seen at this scale before. And the other side of that is also right-sizing the organization. You know, we've put a lot of cost into our business. We now need to review those costs in terms of what is best in class. I'm targeting some of the high-cost areas like feed costs, labor costs, energy costs. We've had some substantial improvement in energy costs in the last two months with the transition of our Stanbridge site from diesel fuel to grid-based energy, which will save us, you know, in the order of AUD 1 million a year in cost. We're looking at driving efficiency in our labor and our rostering to reduce costs in that area. Also working with our feed supplier on some, you know, alternative strategies of how we might reduce cost in that space, both in terms of how we feed fish, feed conversion ratios, the potential to align on building a feed mill closer to the plant or closer to the operations in Griffith. At the moment the feed is coming up from Tasmania, which is a long way to travel, and costly because we have to carry additional inventory on a risk mitigation strategy. There's lots of things that I'm targeting to try and reduce the cost base while we significantly improve the revenue base as well. I think we've got a really clear plan this time around of how we're going to best utilize that cash. Excuse me. Already we're seeing a substantial improvement week on week in terms of the volumes that the customers are engaging with. This is about getting sales moving. It's not about building more ponds. It's about driving commercial conversion of biomass into cash so that we can improve not only our balance sheet position, but also our ability to turn an operating profit in the next six to 12 months. Thank you. One last question, another one from Jan. Will margins on domestic sales alone be sufficient to build a viable company? Will margins alone be sufficient to build a viable company? I believe yes. Look, there's no doubt that different market channels provide different market opportunities and, having been in a fast-moving consumer goods branded businesses all my life, we know that working with Coles and Woolworths is not the most profitable way to drive business. We also know that driving food service and restaurants and export markets is a much more profitable route to market. I don't see grocery being a substantial part of our market in the future. If anything, I see them probably representing about 10% of our total volume. The significant volume will come from food distributors and fish distributors and restaurants moving forward. That'll still be about 80% of what Murray Cod does, and that's about protecting brand premium and pricing premium. I guess to some degree, whilst we're looking for high volume and predictability, we don't want Murray cod being available, you know, at the local 7-Eleven. We want to still have some scarcity and some premium-ness to the product, and making sure that people who consume Murray cod are feeling special and feeling like they're getting something unique that's not a salmon or a barramundi or something like that. I definitely see from a margin mix perspective, the domestic market is capable of delivering the profitability that the business requires in the next 12 to 18 months, and we'll continue to develop export markets. I do see that once the domestic execution strategy is completed, we will turn our attention back to export markets. Again, part of the challenge with export markets is, shipping fish in styrofoam boxes to international markets is not a cost-effective logistics exercise. The notion that we have to build capability around frozen fillets, which will also support our international trade ambitions, and price margins, will be really important because the bulk of the fish sold internationally and domestically is through a frozen supply chain. I think that has been largely limiting our capability to really drive revenue because not a lot of customers can deal with fresh fish supply chains. The PFDs, the Coles, even some of our fish distributors are looking for frozen product, and it'll be a very different environment where we can fill a 20-foot container of Murray cod frozen fillets up into China, working with distributors in that market as opposed to selling individual boxes of fresh fish on an airplane. These things are important, but I definitely, to answer your question, I think the domestic market can deliver the ambition that we're looking for to turn this company around in short term. Thank you. No further questions. Okay. I don't think there's any further questions, with that I will close the meeting. I thank everybody for their attendance. Importantly, I thank everybody for their support. I know it's been a challenging journey over the course of our history, I really do feel positive that we've got the right building blocks in place now to see this company accelerate and for our product to really achieve the level of credibility and market penetration that it rightly deserves. We've got the right people in place and the right strategies and engagement with our customers, which are already demonstrating strong early results. I thank you for your patience. I thank you for your time, I look forward to continuing to support you as the business moves forward. Thank you