Big Sky Industrial (BSIN) Investor presentation summary

Strategic platform and assets

• Pivot from legacy E&P toward an integrated industrial gas and carbon management platform, combining helium, CO₂ and oil production with shared infrastructure.

• Phase 1 resource: 1.3 BCF helium and 444 BCF CO₂; wholly owned and operated footprint with a 50+ year reserve life.

• Kevin Dome Carbon Hub spans 110,000 acres; gas concentration is 0.5% helium and 87.5% CO₂.

• Legacy oil assets include 1.4 MMBOE proved reserves, $22.6 million proved PV-10 and 240 BOPD current production.

Revenue model and economics

• Three revenue streams: helium sales, policy-backed carbon management and low-decline oil production; shared infrastructure supports margin across the value chain.

• 2027E revenue mix: oil 50% at $75/bbl, carbon management 35% at $85/ton and helium 15% at $285/Mcf.

• Phase 1 targets a 40% unlevered project return; estimated net leverage is 1.0x on Phase 1 run-rate EBITDA.

• Management estimates 4.9x EV/2027E EBITDA and a 48% discount to Phase 1 NAV; Phase 1 CO₂ credits estimated at ~$130 million over 12 years.

• Illustrative Phase 2 adds a second plant for $60 million capex, with combined throughput of 24,000 Mcf/d; Plant 2 modeled online March 1, 2028.

Helium offtake and market

• Five-year helium offtake begins Q1 2027 at $285/Mcf ex-works; 14.4 MMCF annual commitment with 100% take-or-pay and CPI escalation from March 2028.

• Offtake monthly maximum of 1,200 MCF aligns with plant capacity; presentation cites an investment-grade buyer with global distribution.

• 2025E global helium production is 6.7 BCF; 42% of supply is described as sanctioned, disrupted or export-banned.

• U.S. helium demand is 2.9 BCF/year today and forecast to reach 4.2 BCF by 2031, led by semiconductor and aerospace demand.

• Proved helium reserves of 1.3 BCF are presented as the largest U.S.-based reserve in the junior peer group, at the lowest enterprise value per Mcf.