Big Sky Industrial (BSIN) investor relations material

Strategic transformation and asset overview

• Transitioned from traditional oil and gas to focus on industrial gases, especially helium and carbon management.

• Operates significant oil assets in Montana, producing 200–250 barrels per day with a PV-10 of ~$20 million.

• Owns two major Montana assets: Cut Bank oil field and Big Sky Carbon Hub, with a helium resource of 1.3 billion cu ft and a CO2 deposit near 0.5 trillion cu ft.

• Carbon management business will capture and sequester 125,000 metric tons of CO2 annually, starting Q1 next year.

• Assets are fully owned and operated, with minimal third-party dependencies and a 50+ year production horizon.

Business model, revenue streams, and financial structure

• Revenue generated from helium sales, oil production, and carbon management via 45Q tax credits.

• Helium offtake agreement with the world's largest industrial gas company, at $285/Mcf, 100% take-or-pay, escalated with CPI.

• Carbon credits yield $85/ton, escalating 3% annually over 12 years, totaling ~$130 million for phase I.

• Raised $17 million in equity and secured a $20 million project finance debt facility, maintaining low leverage (~1x).

• Plans to monetize 45Q credits for $70–80 million upfront, funding future expansion non-dilutively.

Execution, milestones, and outlook

• All major operational hurdles cleared; wells drilled, gathering system laid, and processing plant two-thirds complete.

• Awaiting final MRV permit approval, expected by year-end, to unlock carbon management revenue.

• Phase I expected to generate ~$15 million EBITDA annually, with phase II planned at 2–3x capacity.

• Market undervalues current NAV; management expects a re-rating as milestones are achieved and business scales.

• Long-term vision is to become the leading U.S. listed company for critical supply of helium and carbon management.