BQE Water (BQE) Investor presentation summary

Business profile and scale

• Recurring-revenue portfolio uses proprietary IP to address mining and metallurgical sector needs in regulatory compliance, social acceptability and sustainability.

• 32 treatment plants designed and built globally; 4 technologies commercialized since 2003; 20M m³ of wastewater treated annually.

• Annual recovery and recycling: 4,200+ tons of valuable metals and 1,700+ tons of sodium cyanide; residue eliminated or reduced in 100% of projects.

Technologies and market needs

• Technologies include SART and detox for cyanide, BioSulphide and ChemSulphide for metals, Selen-IX for selenium, and Sulf-IX for sulfate.

• Project portfolio diversification is shown as 33% SART and detox, 33% selenium and 33% other technologies.

• Water access, recycling, stricter regulations, new contaminants, reclamation bonding and community engagement shape mining-sector needs; 90% of mineral processing uses water.

Lifecycle business model

• Services span mines in development, active mines and closed or legacy sites, from permitting and studies to commissioning, operations, optimization and treatment transitions.

• Technical services precede treatment-plant operations; 67% of revenue is non-recurring and leads to future recurring revenue, while 33% recurring revenue supports IP monetization.

• Recurring revenue streams include permitted clean-water production, long-term operating contracts with tolling fees and sales of recovered metals.

• Typical project revenue is $31M over 30 years with contract renewals; phases include ~$4M development and permitting, ~$25M operations and ~$3M closure; 60% of current projects are sole-sourced.