Kelt Exploration (KEL) AGM 2026 summary

Opening remarks and agenda

• Meeting called to order with introductions of directors and officers; roles for secretary and scrutineer assigned.

• Proof of mailing of meeting materials confirmed; quorum established with at least 25% of shares represented.

• Voting procedures and Q&A protocols for both in-person and virtual attendees outlined for orderly conduct.

Financial performance review

• Financial statements and auditor's report for year ended December 31, 2025, presented and annexed to meeting minutes.

• Forecasted revenue for the year is CAD 722 million, up 41% from last year; adjusted funds from operations projected at CAD 375 million, a 43% increase.

• CapEx budget set at CAD 355 million, 8% higher than previous year; debt at year-end expected to be half a year's cash flow.

• Net asset value per share calculated at CAD 15.62, with current trading below NAV due to conservative oil price assumptions.

• Field netback forecasted at CAD 21.89/BOE, with a 14% increase in adjusted funds from operations over last year.

Board and executive committee updates

• Number of directors fixed at six; nominees Jennifer Haskey, William Guinan, Ray Kwan, Neil Sinclair, Janet Vellutini, and David Wilson elected to serve until next AGM.

• Directors and officers own 18% of shares and have participated in every equity issue since inception.