Keweenaw Land Association (KEWL) investor relations material

Executive summary

• Transitioned from timberland operations to a mineral rights platform, focusing on partner-funded exploration projects and expanding mineral rights footprint through acquisitions and management agreements.

• Entered three long-term lease and royalty agreements in 2025, targeting distinct mineral systems, with significant minimum work commitments.

• Added 32,138 acres under mineral management agreements, increasing managed and alliance acreage to approximately 250,000 acres.

• Main revenue source is now mineral leases, with key agreements signed for hydrogen, critical minerals, and copper projects.

Financial highlights

• Lease and royalty income rose to $487,001 in 2025 from $372,552 in 2024, a 31% year-over-year increase.

• Net loss of ($49,031) in 2025 compared to net income of $262,499 in 2024, primarily due to lower other income and higher SG&A expenses.

• Interest income was $257,080 in 2025, down from $326,359 in 2024.

• Cash and cash equivalents at year-end were $4,176,235, up slightly from $4,108,252 in the prior year.

• Total assets stood at $14,698,815 as of December 31, 2025.

Outlook and guidance

• Focus remains on expanding and consolidating high-quality mineral acreage, organizing data, securing well-capitalized partners, diversifying mineral exposure, and achieving overhead coverage through recurring mineral revenue.

• Additional agreements are being advanced, with updates expected in the coming months.