Echo IQ has rapidly built a compelling US commercial position, securing strategic investment and distribution from Pro Medicus and Mayo Clinic, with the FDA clearance decision for its Heart Failure product imminent. Approval may unlock immediate enterprise scale revenue across a US$65B+ addressable market and represent a significant near term re-rating catalyst.

Institutional placement of approximately 69.0 million New Shares to institutional, professional and sophisticated investors to raise gross proceeds of approximately A$100.0 million.

Discount

The New Shares will be issued at A$1.45 per New Share, which represents a discount of:

• 8.8% discount to the last closing price of A$1.59 on 26 June 2026
• 6.1% discount to the 5-day VWAP of $1.544 up to, and including, 26 June 2026

Echo IQ uses AI-driven technology and proprietary software to improve decision making in cardiology, leading to more accurate diagnoses for structural heart disease. The Company's EchoSolv™ platform is a decision support tool which assists in heart disease detection via two main solutions: Aortic Stenosis and Heart Failure.

• EchoSolv AS is an AI solution designed to improve detection of aortic stenosis, the most common form of heart valve disease.
• Received FDA 510(k) clearance in October 2024, enabling commercialisation across the US.
• Deployed at leading US hospital systems, including Beth Israel Deaconess Medical Center (Harvard), which performs ~30,000 echocardiograms annually and validated EchoSolv AS on a 31,000-patient cohort, as well as Mount Sinai Health System.
• In April 2025, signed partnerships with ScImage and MedAxiom, enabling initial deployment across 36 US hospitals and cardiology practices, with potential expansion to ~1,200 users on ScImage's PICOM365 platform.
• Reimbursement strategy progressing, with a miscellaneous CPT code already secured and a Category III CPT code under review by CMS to support broader commercial adoption.

• EchoSolv HF is an AI solution designed to improve detection of heart failure, the leading cause of hospitalisation for people aged 65+.
• Completed a 17,000-patient clinical validation study with the Mayo Clinic Platform in November 2025.
• Achieved 99.5% sensitivity and 91.0% specificity, successfully meeting the study's primary endpoint.
• Submitted its FDA 510(k) market clearance application in December 2025.
• Expanded its partnership with the Mayo Clinic Platform in March 2026, enabling future distribution through Solutions Studio, providing access to Mayo hospitals, its health system network, and 80+ partner hospitals, subject to FDA clearance.
• Announced a strategic investment and commercial partnership with Pro Medicus (ASX: PME) in June 2026, supporting future commercial rollout (subject to conditions).

Dual FDA Clearance Pathway – Largest Heart Disease Markets in Sight

• EchoSolv AS FDA-cleared (October 2024) and now live across 36 US cardiology networks; processed echocardiograms at fully integrated US sites up 153% in Q3 2025
• Commercial footprint includes Mount Sinai Health System – ranked #1 in New York and #2 nationally for Cardiology
• EchoSolv HF FDA 510(k) submitted (December 2025); FDA clearance decision imminent, representing the company's largest near-term catalyst

Pro Medicus & Mayo Clinic – Tier-1 Partners, US Distribution Locked In

• Pro Medicus to invest up to A$20 million and act as reseller of EchoSolv HF across its network of leading US health systems, academic medical centres, and enterprise healthcare customers
• Mayo Clinic agreement provides distribution access across Mayo hospitals and 80+ external partner hospitals via the Mayo Clinic Platform – Solutions Studio, with terms running for up to six years
• Distribution infrastructure is already in place, allowing immediate revenue generation following FDA clearance

Platform Expanding Beyond Cardiology

• New Mayo Clinic research collaboration targeting cardio-oncology, evaluating EchoSolv's AI for cardiac risk stratification in cancer patients
• Dr Vinod Thourani, a globally recognised structural heart specialist, appointed Clinical Advisor (June 2026) to support US adoption and FDA engagement

Two Revenue Streams, Sizeable Addressable Market

• Reimbursement: US$150 per use for Aortic Stenosis and US$250 per use for Heart Failure
• Licensing / Reseller: Pro Medicus provides enterprise-scale US distribution, with additional licensing discussions underway with global medtech and pharmaceutical companies
• Targeting the US$65 billion+ heart failure market, where only ~50% of cases are accurately diagnosed, alongside the US$10 billion+ aortic stenosis market already in commercial deployment.