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Corporate Presentation 2026 July
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DISCLAIMER Forward-Looking Statements Certain statements contained in this presentation constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities laws relating to, without limitation, expectations, intentions, plans and beliefs, including information as to the future events, results of operations and Source Energy Services Ltd.’s (“Source”) future performance (both operational and financial) and business prospects. In certain cases, forward-looking statements can be identified by the use of words such as “advance”, “approach”, “anticipates”, “ensure”, “expects”, “estimates”, “forecasts”, “intends”, “believes”, “plans”, “seeks”, “should”, “trend”, “projects,” or variations of such words and phrases, or state that certain actions, events or results “may” or “will” be taken, occur or be achieved. To the extent any forward-looking statements in this presentation constitutes “future- oriented financial information” or “financial outlook” within the meaning of applicable Canadian securities laws, and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlook. Future-oriented financial information and financial outlook, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to the risks set out below. Such information is presented for illustrative purposes only and may not be an indication of Source’s actual financial position or results of operations. Such forward-looking statements reflect Source’s beliefs, estimates and opinions regarding its future growth, results of operations, future performance (both operational and financial), and business prospects and opportunities at the time such statements are made, and Source undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or circumstances should change. Forward-looking statements are necessarily based upon a number of estimates and assumptions made by Source that are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Forward-looking statements are not guarantees of future performance. In particular, this presentation contains forward-looking statements pertaining, but not limited, to Source’s growth initiatives; expectations regarding the price of proppants and sensitivity to changes in such prices; changes in proppant demand; drilling activity in the WCSB; trends in the oil and gas industry; targets for percentage of volumes contracted in 2026; expectations regarding Sahara contract terms; opportunities to deploy additional Sahara units; Source’s projected sales, revenues, Adjusted EBITDA and margin, capital expenditures and free cash flow; market expansion in Northeast British Columbia; expectation that Western Canadian LNG projects will drive incremental demand for proppant in the WCSB; Source’s breakdown of capital spending for 2026; and credit metrics and liquidity ratios for Source. By their nature, forward-looking statements involve numerous current assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Source to differ materially from those anticipated by Source and described in the forward-looking statements. The forward-looking statements contained in this presentation are expressly qualified by this cautionary statement. Readers should not place undue reliance on forward-looking statements. These statements speak only as of the date of this presentation. With respect to the forward-looking statements contained in this presentation, assumptions have been made regarding, among other things: the ability of Source to execute on its growth initiatives; proppant market prices; future oil, natural gas and natural gas liquids prices; future global economic and financial conditions; demand for oil and gas and the product mix of such demand; levels of activity in the oil and gas industry in the areas in which Source operates; the continued availability of timely and safe transportation for Source’s products, including without limitation, rail accessibility; the maintenance of Source’s key customers and the financial strength of its key customers; the maintenance of Source’s significant contracts or their replacement with new contracts on substantially similar terms and that contractual counterparties will comply with current contractual terms; operating costs; that the regulatory environment in which Source operates will be maintained in the manner currently anticipated by Source; future exchange and interest rates; geological and engineering estimates in respect of Source’s resources; the recoverability of Source’s resources; and the accuracy and veracity of information and projections sourced from third parties respecting, among other things, future industry conditions and product demand; demand for horizontal drilling and hydraulic fracturing and the maintenance of current techniques and procedures, particularly with respect to the use of proppants; Source’s ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which Source conducts its business and any other jurisdictions in which Source may conduct its business in the future; future capital expenditures to be made by Source; future sources of funding for Source’s capital program; Source’s future debt levels; the impact of competition on Source; and Source’s ability to obtain financing; and, where applicable, each of those assumptions set forth in the footnotes provided herein in respect of particular forward-looking statements. A number of factors, risks and uncertainties could cause results to differ materially from those anticipated and described herein including, among others: the effects of competition and pricing pressures; risks inherent in key customer dependence; effects of fluctuations in the price of proppants; risks related to indebtedness and liquidity, including Source’s leverage, restrictive covenants in Source’s debt instruments and Source’s capital requirements; risks related to interest rate fluctuations and foreign exchange rate fluctuations; changes in general economic, financial, market and business conditions in the markets in which Source operates; changes in the technologies used to drill for and produce oil and natural gas; Source’s ability to obtain, maintain and renew required permits, licenses and approvals from regulatory authorities; the stringent requirements of and potential changes to applicable legislation, regulations and standards; the ability of Source to comply with unexpected costs of government regulations; liabilities resulting from Source’s operations; the results of litigation or regulatory proceedings that may be brought against Source; the ability of Source to successfully bid on new contracts and the loss of significant contracts; uninsured and underinsured losses; risks related to the transportation of Source’s products, including potential rail line interruptions or a reduction in rail car availability; the geographic and customer concentration of Source; the ability of Source to retain and attract qualified management and staff in the markets in which Source operates; labour disputes and work stoppages and risks related to employee health and safety; general risks associated with the oil and natural gas industry, loss of markets, consumer and business spending and borrowing trends; limited, unfavourable, or a lack of access to capital markets; uncertainties inherent in estimating quantities of mineral resources; sand processing problems; and the use and suitability of Source’s accounting estimates and judgments and the impact of information systems and cyber security breaches. Statements relating to Mineral Resources are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the Mineral Resources described exist in the quantities predicted or estimated and that the Mineral Resources described might be able to be profitably produced in the future. Although Source has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in its forward-looking statements, there may be other factors, including those described under the heading “Risk Factors” in Source’s Annual Information Form dated February 26, 2026 (the “AIF”) and those described in Source’s management’s discussion and analysis of the historical financial position and results of Source for the year ended December 31, 2025 (the “MD&A”), each of which are filed under Source’s profile on www.sedarplus.ca, that cause actions, events or results not to be as anticipated, estimated or intended. 2
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DISCLAIMER (CONTINUED) Scientific and Technical Information Certain scientific or technical information regarding Source’s Northern White frac sand mine and related closed-loop wet processing plant located in east-central Barron County near the town of Sumner, Wisconsin (the “Sumner Facility”), Source’s Northern White frac sand mine and related closed-loop wet processing plant, which includes three washing circuits, dry processing plant and unit train capable loadout facility, located near Blair, Wisconsin (the “Blair Facility”) and Source’s Northern White frac sand mine and related closed-loop wet processing plant, dry processing plant and loadout facility located in or around Blair, Wisconsin and all related or associated assets and real property (the “Preston Facility”) in this presentation is summarized or extracted from the following technical reports prepared by APEX Geoscience Ltd., respectively: Sumner Facility: “Technical Report, 2025 Indicated and Inferred Resource Estimates Update due to Conventional Annual Mining: Source Energy Services Ltd.’s Sumner Silica Sand Mine and Property in Wisconsin, United States” dated December 31, 2025 (the “Sumner APEX Report”) prepared by D. Roy Eccles, M.Sc P. Geol, and Robert J. Farmer, BSC., P.Eng.; Blair Facility: “Technical Report, 2025 Indicated and Inferred Resource Estimates Update due to Conventional Annual Mining: Source Energy Service Ltd.’s Blair Silica Sand Mine and Property in Wisconsin, United States” dated December 31, 2025 (the “Blair APEX Report”) prepared by D. Roy Eccles, M.Sc P. Geol, and Robert J. Farmer, BSC., P.Eng.; and Preston Facility: “Technical Report, 2025 Indicated and Inferred Resource Estimates Update due to Conventional Annual Mining: Source Energy Services Ltd.’s Preston Silica Sand Mine and Property in Wisconsin, United States” dated December 31, 2025 (the “Preston APEX Report”), prepared by D. Roy Eccles, M.Sc., P. Geol., and Robert J. Farmer, BSC., P.Eng. The authors of these technical reports are independent of Source and are “Qualified Persons” in accordance with National Instrument 43-101-Standards of Disclosure for Mineral Projects (“NI 43- 101”). Source has not based its production decisions and ongoing mine production on Mineral Reserve estimates, preliminary economic assessments, pre-feasibility studies or feasibility studies. As a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery. Historically projects without any Mineral Reserves have increased uncertainty and risk of failure. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the mineral resources described in this presentation will be converted into a Mineral Reserve. Readers are cautioned not to rely solely on the summary of such information contained in this presentation, but should read the Sumner APEX Report, the Blair APEX Report and the Preston APEX Report which are available for review on Source’s profile on SedarPlus located at www.sedarplus.ca and any future amendments to such reports. Readers are also directed to the cautionary notices and disclaimers contained herein and therein and in the short form prospectus filed with securities regulators in each of the provinces and territories in Canada in connection with the proposed offering. The scientific and technical information in this presentation has been updated with current information, where applicable. Unless otherwise indicated, all Mineral Resource estimates contained in such scientific and technical information have been prepared in accordance with NI 43- 101 and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019) and CIM Definition Standards for Mineral Resources and Mineral Reserves (2014). Without limiting the foregoing, such scientific and technical information uses terms that comply with reporting standards in Canada and certain estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. IFRS and Non-IFRS Measures This presentation refers to certain financial measures that are not determined in accordance with IFRS such as “Free Cash Flow”, “Adjusted EBITDA” and “Adjusted Gross Margin”. See this presentation and the MD&A for a description of these Non-IFRS measures and a reconciliation to the most relevant IFRS measure for the noted periods. These financial measures do not have standardized meanings prescribed by IFRS and Source’s method of calculating these measures may differ from the method used by other entities and, accordingly, they may not be comparable to similar measures presented by other companies. See Slide Notes for further information. Investors are cautioned not to consider these non-IFRS measures in isolation or place undue reliance on ratios or percentages calculated using these non-IFRS measures. These non-IFRS measures should be read in conjunction with Source’s audited consolidated financial statements for the year ended December 31, 2025 and 2024, together with the notes thereto and the MD&A, each of which can be found under Source’s profile at www.sedar.com. United States Securities Law Considerations This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction. 3
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4 SOURCE AT A GLANCE Source is a leading logistics company with a significant infrastructure footprint in Western Canada, a solid base frac sand business, and upside opportunity with business diversification Production: Source has 4.8 mmtpa of Northern White frac sand production capacity across 3 mines The closest Domestic sand mine to the Montney region, ensuring efficiency of supply for our customers, capable of producing 1 mmtpa Terminals: 7 WCSB terminals and storage facilities, including the largest HCL storage facility 4 unit-train capable facilities handle the transportation of up to 100 rail cars directly from our mine to terminals in the WCSB All Source terminals are connected to the extensive CN rail network across North America Provides terminal services for other bulk products including; resin, condensate, pipe, agriculture, etc. Well Site Solutions: The Sahara is Source’s industry-leading proppant storage solution It has the smallest proppant storage footprint in the industry Nearly 4 Million lbs. storage capacity in 12 separate bins is available with the unit Source has 11 Sahara units operating/available across Western Canada, and the US
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THE WCSB’S LEADING ENERGY LOGISTICS COMPANY Source’s infrastructure unlocks efficiencies to match the evolving needs of current and future oilfield operations 5
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CANADIAN LNG PROJECTS LNG Canada continues to ramp shipments into year end (1) (2) 1, 2 – Slide Notes 6
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7 1, 2 – Slide Notes (1) PROPPANT DEMAND FORECAST (2)
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8 LNG INFRASTRUCTURE Source’s infrastructure is ideally placed for the upcoming LNG growth LNG INFASTRUCTURE: 3 - Unit Train Terminals 180K tonnes of Sand Storage Closest supply of Domestic Sand to the Montney
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DOMESTIC SUPPLY The strategic location of our Domestic Sand mine in Peace River provides Source a significant logistical advantage over competing facilities in Western Canada 1 – Slide Notes Proppant Forecast - WCSB(1) 2025 2026E 2027E Montney 5,615,000 5,700,000 5,985,000 Duvernay 1,900,000 1,900,000 1,995,000 Deep Basin 500,000 500,000 525,000 Total 8,015,000 8,100,000 8,505,000 9
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10 Realized sand sales volumes of 831,234 MT, a 24% decrease from the second quarter of 2025 Generated sand revenue of $107.8 million and total revenue of $137.1 million, decreases of 33% and 32%, respectively, compared to the second quarter of 2025 Realized gross margin of $17.4 million and Adjusted Gross Margin (1) of $29.8 million, representing decreases of 53% and 39%, respectively, when compared to the three months ended June 30, 2025 Reported net loss of $5.6 million, a reduction of $19.2 million from the second quarter of 2025 Realized Adjusted EBITDA (1) of $18.5 million, a $16.7 million decrease from the same period in 2025 Achieved 60% utilization across the eleven-unit Sahara fleet, with operating units in the United States achieving 100% utilization during the second quarter Successfully completed Canada’s largest wet sand trial, which pumped over 71,000 MT of proppant for the pad Renewed the Normal Course Issuer Bid through May 28, 2027, and repurchased 57,800 common shares under the program during the second quarter OPERATIONAL & FINANCIAL HIGHLIGHTS Q2 2026 1 – Slide Notes Q2 2026 Q2 2025 YTD 2026 YTD 2025 Sales $137,117 $201,889 $297,340 $410,453 Adjusted Gross Margin /MT (1) $35.85/MT $44.42/MT $38.29/MT $44.39/MT Gross Margin $17,359 $36,736 $39,384 $73,529 Free Cash Flow ($9,337) $11,642 ($13,232) $23,561 Adjusted EBITDA (1) $18,523 $35,208 $44,838 $68,969 Net (Loss) Income ($5,593) $13,568 ($8,891) $37,167
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11 BALANCE SHEET: CREDIT PACKAGE Term Loan Deleveraging remains a strategic goal of the business • 5% annual amortization, spread out in quarterly payments, plus a quarterly excess cash flow sweep Key Terms • Original principal $135 million USD • Principal outstanding at 6/30/2026 $113.5 million USD • Matures December 2029 • Coupon – SOFR + 5.25%, SOFR floor at 4.25% o If the total leverage ratio exceeds 2.00:1 the applicable margin increases by 50 basis points o If the total leverage ratio exceeds 2.50:1 the applicable margin increases by 100 basis points • Covenants – FCCR – 1.20:1, total leverage ratio 3.00:1 declining to 1.75:1 over term of the deal, current ratio 1.25:1 ABL Facility Becomes a true liquidity back stop in the new structure, to support working capital fluctuations Key Terms • Principal $40 million CDN, though can be drawn in $USD • Matures December 2027 • Coupon – can be drawn in many ways, (Prime, Base Rate, CORRA, SOFR) plus margin o As a prime rate loan, margin ranges from 0 to 25 bps, depending on drawn level • Springing FCCR at 1.00:1 if excess availability is less than 10%
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12 BALANCE SHEET Our working capital surplus of $29,932 includes $2,045 of Cash on Hand; Source had availability of $24,948on the ABL (000’s) Working Capital June 30, 2026 June 30, 2025 Total Current Assets $163,534 $212,676(1) Total Current Liabilities <$133,602> <$136,934> $29,932 $75,742 Asset Backed Loan Drawn $15,052 - Available $24,948 $40,000 Long Term Debt Term Loan $161,340(2) $176,385(2) ABL $15,052 - Cash on Hand $2,045 $40,623(1) Net Debt (including Asset Backed Loan) $174,347 $135,762 1,2 – Slide Notes
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6.5 13.3 13 19.1) 40.3 30-40(1,2) 0 5 10 15 20 25 30 35 40 45 50 2021 2022 2023 2024 2025 2026 Total CAPEX $ MM 13 CAPITAL SPENDING & GROWTH OPPORTUNITIES 1,2 – Slide Notes Total Capacity & Growth Potential of Source Assets Terminal Throughput 5.7 mmpta Production Capacity 4.8 mmpta Northern White 1.0 mmpta Domestic sand Sahara Units 11
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14 The increased demand for natural gas, driven by power generation facilities, increased natural gas pipeline export capabilities, and liquefied natural gas exports will drive incremental demand for Source’s services in the WCSB There is increased demand from customers that are primarily focused on the development of natural gas properties in the Montney, Duvernay, and Deep Basin • This trend is consistent with Source’s view that natural gas will be an important transitional fuel that is critical for the successful movement to a less carbon intensive world Source is the only supplier in the WCSB that has Northern White and Domestic Sand supply options Source continues to focus on increasing its involvement in the provision of logistics services for other items needed at the well site in response to customer requests to expand its service offerings and to further utilize its existing Western Canadian terminals to provide additional services INVESTMENT HIGHLIGHTS Source is positioned for long-term, sustainable growth
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CONTACT SOURCE Questions? 1-403-262-1312 Phone investorrelations@sourceenergyservices.com Email
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Slide 6: Canadian LNG Projects 1) Data and chart produced by Rystad Energy research 2) Source: Rystad Energy research and analysis; Rystad Energy ShaleWellCube Slide 7: Proppant Demand Forecast 1) Data and charts produced by Rystad Energy research 2) Source: Rystad Energy research and analysis; Rystad Energy ShaleWellCube Slide 9: Domestic Supply 1) Source: Peters & Co. Limited estimates. Slide 10: Operational & Financial Highlights 1) Adjusted Gross Margin (including on a per MT basis) and Adjusted EBITDA are not defined under IFRS, refer to ‘Non-IFRS Measures’ in the MD&A dated June 30, 2026, available online at www.sedarplus.ca. Slide 12: Balance Sheet 1) Excludes Cash on Hand related to the timing of advances under the Taylor Financing Facilities. 2) US:Canadian exchange rate at June 30, 2026 = 1.421, & June 30, 2025 = 1.3643 Slide 13: Capital Spending & Growth Opportunities 1) Excluding the expenditures on the Taylor Facility which was funded by the Taylor Financing Facility, and the customer-funded equipment. 2) Based on Management’s estimate. NON-IFRS MEASURES In this presentation Source has used the terms Free Cash Flow, Adjusted Gross Margin and Adjusted EBITDA, including per MT, which do not have standardized meanings prescribed by IFRS and Source’s method of calculating these measures may differ from the method used by other entities and, accordingly, they may not be comparable to similar measures presented by other companies. These financial measures should not be considered as an alternative to, or more meaningful than, net income and gross margin, respectively, which represent the most directly comparable measures of financial performance as determined in accordance with IFRS. Reconciliation of Adjusted EBITDA and Free Cash Flow to net (loss) income SLIDE NOTES 16 Three months ended June 30, Six months ended June 30, ($000s) 2026 2025 2026 2025 Net (loss) income (5,593) 13,568 (8,891) 37,167 Add: Income taxes (3,108) 3,062 (4,445) 9,588 Interest expense 6,409 6,308 12,208 12,143 Cost of sales – depreciation 12,444 11,873 25,810 21,275 Depreciation 6,091 5,432 12,844 11,132 (Gain) loss on debt modification (173) 428 (15) (490) Finance expense (excluding interest expense) 1,209 869 2,734 1,898 Share-based compensation (recovery) expense (94) 1,081 (53) (3,878) Loss on asset disposal 264 536 348 540 Loss on sublease — — — 13 Unrealized foreign exchange loss (gain) 948 (8,226) 3,684 (8,195) Other expense (recovery)(1) 126 277 614 (12,224) Adjusted EBITDA 18,523 35,208 44,838 68,969 Financing expense paid (6,766) (6,710) (13,576) (13,516) Capital expenditures, net of proceeds on disposal of property, plant and equipment and reimbursement of capital costs(2) (13,561) (7,623) (29,528) (14,693) Payment of lease obligations (7,533) (6,321) (14,966) (12,595) Income taxes paid — (2,912) — (4,604) Free Cash Flow (9,337) 11,642 (13,232) 23,561 Notes: (1) Includes expenses and recoveries related to the incident at the Fox Creek terminal facility and other one-time expenses. (2) Excludes capital expenditures for the Taylor facility and customer-funded equipment purchases.
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17 Reconciliation of gross margin to Adjusted Gross Margin SLIDE NOTES For additional information regarding non-IFRS measures, including their use to management and investors, their composition and discussion of changes to either their composition or label, if any, please refer to the ‘Non-IFRS Measures’ section of the MD&A, which is incorporated herein by reference. Source’s MD&A is available online at www.sedarplus.ca and through Source’s website at www.sourceenergyservices.com. Three months ended June 30, Six months ended June 30, ($000s) 2026 2025 2026 2025 Gross margin 17,359 36,736 39,384 73,529 Cost of sales – depreciation 12,444 11,873 25,810 21,275 Adjusted Gross Margin 29,803 48,609 65,194 94,804