Strategic Shareholders

PRO-FORMA CAP STRUCTURE (US$M)	~80.8M S/O
MARKET CAPITALIZATION AS OF October 10, 2025; C$3.39/SH)	$195
CURRENT CASH1	$81.5
EQUITIES2	$1
DEBT3	$12.5
ENTERPRISE VALUE	$125

1. Cash balance at the end of August + Debt proceeds of US$12.5M + Equity proceeds from Oct 1 of US$58M ↩︎
2. Relates to the Companies position in Honey Badger ↩︎
3. US$12.5M drawn September 9, 2025 ↩︎