Kelt Exploration (KEL) investor relations material

Strategic focus and value creation

• Emphasizes long-term shareholder value through low-cost land accumulation in resource plays with high return potential and rapid drilling inventory growth.

• Management and board alignment with shareholders via significant equity ownership and history of value-adding asset monetizations.

• Large, focused resource base: 359,000 Montney acres and 93,000 Charlie Lake acres.

• Achieved a 1.7x recycle ratio over 13 years on a proved plus probable reserve basis.

Capital structure and insider commitment

• Market capitalization of $1.9 billion with 202.2 million common shares outstanding and 209.8 million diluted shares.

• Directors and officers own 18% of shares (20% diluted), demonstrating strong insider alignment.

• Insiders have invested $149.9 million in equity and hold 37 million shares, representing 18% of outstanding shares.

Operational overview and assets

• Core operations in Montney and Charlie Lake fairways, with divisions in Oak/Flatrock, Pouce Coupe/Progress, Wembley/Pipestone, and Grande Cache.

• 2026 forecasted capital expenditures of $355 million, up 8% from 2025, with a focus on drilling and completions.

• 34 gross wells planned for 2026, with a balanced program across Alberta and British Columbia.

• Extensive infrastructure and firm service agreements for gas processing, enabling capacity growth to 382 MMcf/d by 2030.