Big Sky Industrial (BSIN) Noble Capital Markets Virtual Equity Investor Conference summary

Strategic transformation and asset overview

• Pivoted from legacy oil and gas to focus on helium production and carbon management in Montana.

• Owns and controls all land, processing, and infrastructure for a large-scale industrial gas project.

• Asset base includes a legacy oil field valued at $25–$30 million and a new carbon hub.

• Board and insiders hold 27% equity, ensuring strong alignment with shareholders.

• Projected asset life exceeds 50 years, potentially up to 150 years.

Project scale, economics, and revenue streams

• Phase 1 includes 1.3 billion cubic feet of helium, 500 billion cubic feet of CO2, and $115 million NPV.

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

• Three synergistic revenue streams: helium sales, oil production, and carbon credits.

• Section 45Q tax credits from carbon capture expected to generate $130 million in Phase 1.

• Monetization of tax credits will fund future phases, minimizing equity dilution.

Commercialization, contracts, and infrastructure

• Phase 1 construction underway, targeting commercial operations by late Q1 2027.

• Signed a five-year, 100% take-or-pay helium offtake agreement with a major industrial gas company at $285/MCF, CPI-linked.

• Infrastructure benefits from proximity to major interstate, rail, and roads, facilitating market access.

• Fully funded for Phase 1 through equity and project finance debt, with low projected leverage.

• Planning for Phase 2 is underway, with capital sourced from credit monetization.