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.

• Large resource base: 359,000 Montney acres and 93,000 Charlie Lake acres.

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

Operational overview and assets

• Core operations in Montney and Charlie Lake fairways, with divisions in Oak/Flatrock, Pouce Coupe/Progress, Wembley/Pipestone, and Grande Cache.

• 2026 drilling program targets 38 gross wells (36.5 net), with most activity in Alberta.

• Extensive infrastructure and firm service agreements for gas processing, enabling raw gas processing capacity to double by 2030.

• Diversified gas marketing reduces exposure to single market risk, with significant volumes sold at AECO, Dawn, Station 2, and other hubs.

Financial performance and capital structure

• Market capitalization of $1.9 billion as of May 2026, with 202.5 million common shares outstanding.

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

• 2026 capital expenditures forecast at $375 million, up 14% from 2025.

• Adjusted funds from operations (AFFO) expected to reach $400 million in 2026, a 53% increase from 2025.

• Net debt projected to decrease to $165 million by year-end 2026, with a net debt/AFFO ratio of 0.4x.