Questerre Energy (QEC) Corporate presentation summary

Strategic positioning and asset overview

• Integrated oil shale operations produce over 6,500 boe/d, with 4,500 boe/d from oil shale using next-gen technology and 2,000+ boe/d from conventional assets.

• Assets span Brazil, Utah, Jordan, Western Canada, and Quebec, targeting over 8 billion barrels in place across projects.

• Dual class share structure: Preferred shareholders own Quebec assets, common shareholders own all other assets listed on Oslo Bors and TSX.

• Realizing value from a major gas discovery in Quebec while pursuing business and legal solutions.

Financial and operational performance

• For the nine months ended September 30, 2025: funds flow from operations was $11.4M, capital expenditures $21.2M, and working capital deficit $40.3M.

• Market capitalization as of Feb 20, 2026 was $120M, with enterprise value at $242M.

• Production averaged 2,587 boe/d with 54% oil/liquids weighting and revenue of $49/boe.

• Operating netback was $21.84/boe; credit facility of $16M remains undrawn.

Oil shale technology and growth strategy

• Red Leaf technology enables capex and opex below US$30/bbl, with integrated carbon capture and no external water or energy required.

• PX Energy acquisition consolidates mining, production, and refining, generating ~$100M revenue over two years.

• Cost-cutting initiatives target $8M in 2026 and another $8M in 2027, aiming for profitability at US$55/bbl Brent.

• Near-term growth includes monetizing limestone byproducts, expanding oil sludge processing, and potential joint ventures.