Kelt Exploration (KEL) Corporate presentation summary

Strategic focus and value creation

• Emphasizes long-term shareholder value through low-cost land accumulation in resource plays with high return potential and rapid drilling inventory growth.

• Management and board have significant equity ownership, aligning interests with shareholders.

• History of value creation via timely asset monetizations, including major sales in 2013, 2017, and 2020.

• Holds a large, focused resource base in the Montney and Charlie Lake fairways, totaling over 450,000 acres.

• Achieved a recycle ratio of 1.7x over 13 years on a proved plus probable reserve basis.

Operational overview and asset base

• Core operating divisions include Oak/Flatrock (liquids-rich gas), Pouce Coupe/Progress (light oil and gas), Wembley/Pipestone (light oil/condensate-rich gas), and Grande Cache (gas).

• Montney rights cover 359,000 acres and Charlie Lake rights cover 93,000 acres.

• Extensive infrastructure and firm service agreements for gas processing at multiple midstream facilities.

• Drilling inventory includes 854 un-risked locations at Wembley Montney, 576 at Oak Montney, and 46 at Charlie Lake (Spirit River/Progress).

• Well costs range from $4.8M to $7.4M, with high liquids content in key areas.

Financial performance and capital structure

• Market capitalization of $1.8 billion as of June 30, 2026, with 202.8 million common shares outstanding.

• Directors and officers own 18% of shares (20% diluted), demonstrating strong insider commitment.

• Capital expenditures forecasted at $375M in 2026, up 14% from 2025.

• Adjusted funds from operations (AFFO) expected to reach $400M in 2026, with a net debt/AFFO ratio of 0.4x.

• Net asset value per share estimated at $15.62 (diluted) at year-end 2025.