Kelt Exploration (KEL) AGM 2025 summary

Opening remarks and agenda

• Meeting called to order with all directors present virtually; roles for secretary and scrutineer assigned.

• Proof of mailing of meeting materials confirmed; quorum established for business transactions.

• Voting conducted electronically, with instructions for Q&A and orderly conduct provided.

Financial performance review

• 2024 financial statements and auditor's report presented and annexed to meeting minutes.

• 2025 CapEx budget set at CAD 328 million, slightly below prior year, focused on drilling and facilities.

• Forecasted 2025 sales of CAD 671 million, a 43% increase, and adjusted funds from operations of CAD 345 million, up 55%.

• Net debt expected at CAD 110 million by year-end 2025, with a strong balance sheet and low leverage.

• 2025 production guidance set at 44,000–48,000 BOEs/day, a 40% increase over 2024.

Board and executive committee updates

• Number of directors fixed at six; all nominated directors elected for the ensuing year.

• Directors and officers own 18% of stock outright, 20% on a diluted basis, and have actively participated in equity financings.