Northstar Clean Technologies (ROOF) Lytham Partners Fall 2026 Investor Conference summary

Circular model and market

• Reprocesses asphalt shingles into aggregate, limestone and fiberglass, and asphalt; shingles comprise ~50% aggregate, ~25% limestone and fiberglass, and ~25% asphalt.

• North American shingle waste sent to landfills totals 16.5 million tons annually: 1.5 million in Canada and 15 million in the U.S.; ~1 million tons can be used in roads.

• Shingle waste contains more than 20 million barrels of oil annually; manufacturers target diverting 50% of waste from landfills by 2035 and 100% by 2050.

• Revenue mix: 35% tipping fees and 65% product sales; asphalt accounts for ~95% of product revenue and could be priced at CAD 600–700/ton at current oil prices.

Economics and industry fundamentals

• Tipping fees are viewed as an inflation hedge, supported by rising landfill use and difficulty permitting new landfills; crude prices underpin asphalt pricing.

• Asphalt supply has declined by 2 million tons/year in the U.S. and ~3 million tons in Europe, with further reductions expected as refineries shift to biofuels or close.

• Estimated facility CapEx is CAD 25 million; a 40,000-ton facility is projected to generate ~CAD 10 million revenue and ~CAD 5 million EBITDA annually.

• Running the same facility on two shifts to process 80,000 tons/year is projected to generate ~CAD 20 million revenue and just over CAD 10 million EBITDA, without additional CapEx.

Calgary validation and operations

• Calgary is constructed and operating; front-to-back production now processes shingles into asphalt after plant issues and material-handling bottlenecks were addressed.

• Calgary has five-year arrangements for landfill-collected shingles, with tipping fees, and asphalt offtake with McAsphalt.

• TAMKO validated that recovered asphalt can be used in shingle manufacturing; it holds ~20% ownership and has supported financing through equity and debentures.

• Emissions Reduction Alberta approved and paid the fourth operational milestone in July; Calgary cash-flow breakeven is a focus for end-2026, with EBITDA-positive performance targeted by end-2027.