Ann: OIL March 2023 Quarterly Report and Appendix 4C, page-2

Quarterly not too bad outside the FDA glitch which is in hand.

Probably the highlight is.

Breast Cancer Imaging Study
The current phase of the ex vivo Breast Cancer Surgical Margin Assessment Study has been concluded and
analysis is underway correlating the digital images with traditional histopathology. An interim readout is planned
in Q2 2023 in preparation for approval to undertake a larger in vivo clinical study. The Company has continued
to meet with interested parties in the Breast Cancer space as it prepares for its in vivo clinical study in
anticipation of early encouraging results to date.

Possibility for some sort of deal here re which would involve money !!

The other more mundane positive is the alignment as far as possible cost to revenue, essential in view of the bank balance.
Cash flow from orders is becoming more consistent and is on an upward trend so if a money deal can be arrived at with breast we could be looking at a good 2023/24FY

Corporate Update & Outlook
In the March Quarter, the Company received $670k from its customers, which is more than double when
compared to the previous two quarters. This includes the sale of a ViewnVivo® research device to a large
American pharmaceutical company. The outlook in the United States is positive following this sale and the
expansion of the Company’s operational presence in Minnesota.
Despite increased commercialization activities such as expansion to the United States, net cash outflows for the
Quarter of ($886k) and year to date are overall less compared to last year, due to management’s prudent cost
control. As management continues to align costs with its strategy, cash spent on administration, staff and
research and development decreased by $272k compared to last quarter. Due to anticipated sales orders in
the coming year, cash incurred for product manufacturing and operations increased to $437k.

No need to abandon ship!