Slides
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PREMIUM, DIFFERENTIATED ENERGY INVESTMENTCORPORATE PRESENTATIONNovember 3, 2025
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TSX:TPZ Topaz Energy Corp. Overview 220%Insider Ownership(15% TOU)(6)153.8 mmShares Outstanding(1)$4.4 BnEnterprise Value(1)$3.8 BnMarket Capitalization(1)TPZ.TOTSX Listed October 2020Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.“GORR” is a Gross Overriding Royalty with interest in land. REVENUE DIVERSIFICATION(7)66%2025e Payout Ratio(2)Total Facility(3)$1.0BnCAPITAL ALLOCATION & LEVERAGE(3)Q3 2025 Available CapacityQ3 2025 Net Debt4% 64% 2025e RevenueMontney & Clearwater18%Montney & Clearwaterproduction growth (4-yr CAGR)Clearwater royalty & infra34%16%50%38%26%24%12%Royalty VolumeTotalRevenueMontney royalty & infraOther royaltyOther infrastructureREVENUE & VOLUME ALLOCATION(2)GROWTH & OPTION VALUEHigh margin, reliable FCF & free option value from Canadian energy royalties and fixed revenueINVESTMENT RETURN PERFORMANCE TOPAZ ASSET AREASStrategically focused on the growth corridor of the WCSBTopaz share of TOU, HWX, TVE acreage and operator capital>90%Operator-funded reserve replacement (5-yr average)(4)130%Operator-funded annual royalty production growth(9)4-7%Self-funded annual acquisition growth(9)3-5% 40% 25% 35% 38% 30% 25% 20% 18%46%45%50%31%37%16%25%25%49%45%$0$100$200$300$400$500$600$0 AECO$55 WTI$1 AECO$65 WTI$1 AECO$85 WTI$5 AECO$65 WTI$5 AECO$85 WTI$0.24 Bn$0.51 BnCrude & heavy oil royaltyLiquids-rich natural gas royaltyHigh-margin infrastructureREVENUE COMPOSITION & SENSITIVITY(7)Current Dividend Yield ($1.36/sh)(1)5.5%Total Shareholder Return (CAGR since Jan 2021)(10)22%Dividend increases to date(70%/sh)(5)9Of equity (post-formative deal) returned in dividends(5) 80%Return on Invested Capital(Q4A EBITDA 5-yr avg)(11)19%2025eTotal RevenueDividend FrameworkIncrease dividend alongside sustainable revenue growth, 60-90% payout to allocate Excess FCF to M&A growthLeverage FrameworkMaintain strong balance sheet, cost of capital and disciplined M&A via counter-cyclical growth opportunities~1.5x2025e D:EBITDA(2)Change in cash flow per $1/Mcf AECO (~US$10 WTI)(8)8%>14 BnBbl OOIP5% Avg GORR>15 Tcf Liquids rich 2P gas reserves(12)3%Avg GORRNEBC MontneyClearwaterRoyaltyVolume
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TSX:TPZ Why Own Topaz 3Diversified, Embedded Growth FCF OpportunityDisciplined M&A GrowthProgressive & Sustainable DividendRefer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”. 23%21%17%16%17%0%5%10%15%20%25%2021 2022 2023 2024 2025e19%5-yr AvgReturn on Invested Capital(11)(Q4A EBITDA/D+Sh Cap)Differentiated Dividend Coverage(8)$mm FCF ReliabilityFCF ResiliencyFCF/sh & FCF Yield Commodity Sensitivity(2)$1.45 (6%)$1.77 (7%)$2.10 (8%)$2.42 (10%)$2.75 (11%)$0 AECO$55 WTI$1 AECO$65 WTI$1 AECO$85 WTI$5 AECO$65 WTI$5 AECO$85 WTIFCF(LTM):EV9%9%7%6%7%90%FCF Margin89%FCFMargin$1.90 FCF/sh$2.00 FCF/sh0%1%2%3%4%5%6%7%8%9%10%0%50%100%150%200%250%H1'23 H2'23 H1'24 H2'24 H1'25Historical Performance(1)FCF/sh (FCF yield)5.5%Dividend Yield(5)70%Dividend growthto date(6)66%2025e Payout Ratio(7)>70%$92 $40$20$209M Dividend$1.36/shInfrastructure Revenue1.5 mbbl/d flat oil prod. under flood ($65 WTI)HedgingTopaz share of TOU, HWX, TVE acreage and operator development capital>90%Topaz royalty volume from Montney & Clearwater(18% total 4-yr CAGR)(9)50%Operator-funded annual royalty production growth(10)4-7%Self-funded annual acquisition growth(10)3-5% 2020-2025Non-TOU39%Initial 2019 TOU27%2020-2025 TOU34%Total Acquisitions Inception to Date$0.4 B/yrAvg Acquisitions completed to date(3)Strong track record of M&A growth with Tourmaline and other Cdn E&P30%5-yr Pre-tax CFPS growth outlook with $150mm/yr self-funded acquisitions(4)
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TSX:TPZ Leading Returns with Embedded Growth 4 Lower volatility energy exposure underpinned by sustainable, growing dividendSept 30Dividend Yield(2)Total Return CAGR(1)TPZ-CATSX-Comp. DividendS&P 500DividendAristocratsTSX-Comp. Low VolatilityS&P GSCI Natural Gas$25$50$75$100$125$150$175$200$225$250$275$300$325$350$375$400 TSX Composite Low Volatility Index (TORGC345)S&P GSCI Natural Gas (SPGSNG)TSX Composite Dividend Index (TORGC343)S&P 500 (SP50)Dividend Aristocrats Index (TORGC255)Topaz (TPZ-CA) 5.4%22%2.8%16%1.4%15%3.5%14%3.4%11%0%-16% Strong investment track record with differentiated dividend yield Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.
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TSX:TPZ Resilient Dividend through Commodity Volatility 5 Reliable FCF provides dividend with growth and enables self-funded M&A$0.80/sh5.9% yield(3)$1.20/sh5.8% yield(3)$1.36/sh5.5% yield(4)AECO$4.48AECO$2.37AECO$0.59WTI$77.43 WTI$73.76WTI$65.74 $- $20 $40 $60 $80 $100 $120 0%20%40%60%80%100%120%140%160% Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25Payout Ratio (%)Annualized Dividend ($/sh) AECO (C$/GJ) WTI (US$/bbl) Topaz Dividend Performance 9Increases alongside growth70% Per share growth to date80% of equity raised post-formativedeal returned in dividends(1)65% Payout Ratio(2) (2) (2)Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.
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TSX:TPZ $0$100$200$300$400$500$600$700$800$90002468101214 Tourmaline Strategic Partnership 6 1,3441,5782,5012,7212,7413,2791,2581,7361,7421,7792,2682,21602004006008001,0001,2001,4001,60001,0002,0003,0004,0005,0006,000Dec. 31, 2019 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2024Tourmaline Reserves Growth(1)Tourmaline NEBC Montney P+P ReservesTourmaline Other P+P ReservesTourmaline PDP Reserves2,602MMBoe2P MMboe051015202530CDN1A1 H1 A3 P3 P4 CDN3CDN4P7 CDN5H320%Tourmaline Montney 2P5-yr CAGRNon-dilutive, “value-forward” GORR sales enabled generational M&A opportunity; Topaz holds 100% alignment to future growth at no costUnconventional inventory-advantaged strategic partner with transparent long-term growth plansTOU Comparative 2P Gas Reserves(1)TOUCanadian PeersPermian PeersHaynesville PeersAppalachia Peers 2P Gas Reserves (Tcf)Topaz NEBC Montney Royalty Growth Outlook Alongside Tourmaline 5-yr Growth Plan(2)5-10%Annual GORR volume growth ‘26-’3112%5-yr CAGRGORR volume ‘20-’25Topaz Royalty MBoe/d C$MPDP MMboe19%TOU PDP 5-yr CAGR5,495MMBoe North Montney Ph 1GroundbirchPh 1West DoeNorth Montney Ph 2GroundbirchPh 2FCF Yield=$41mm2025e GORR revenue (12% 2025e revenue & 37% GORR volume)$124mm2031e GORR revenue 10%/yr growth($3 AECO/US$65 WTI) Topaz NEBC Royalty Revenue ’26-31E (10% Annual Growth)(3)Topaz NEBC Royalty Revenue ’26-31E (5% Annual Growth)(3)Topaz NEBC Royalty Revenue ’20-’25ERefer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.
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TSX:TPZ 01,0002,0003,0004,0005,0006,000 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 20497 Clearwater Secondary Recovery PerformanceWaterflood application enabling increased recovery of the Clearwater’s well-defined >14 Bn Bbl OOIP , multi-zone, contiguous reservoirs - capital-light economics & stabilized decline rates yield superior economics to greenfield SAGDTPZ royalty across >90% of HWX/TVE core Clearwater acreage (15% TPZ production / 35% revenue)Clearwater Heavy Oil + Waterflood $1.3B cumulative Topaz revenue by 2035 (5%/yr growth ‘26-’35, US$65 WTI)(1)45%Higher NPV & 60% Higher EURTopaz value on wedge of base production sustained via lower declines & extended reserve life(4)~30% Lower Operator Sustaining Capital Re-allocatedHWX re-allocation to further delineation ex: Grand Rapids new zone discovery +140 bbl/d GORR since Apr’25(6)TVE re-allocation to 2025 waterflood acceleration >20% production supported(6) 30Yrreserve life19Yrreserve life10Yrlife16%IRR24%IRR28%IRR$0.35Bn NPV$0.52 Bn NPV$0.36BnNPV - 100.00 200.00 300.00 400.00 500.00 600.00 Greenfield ABSAGDClearwaterWaterfloodClearwaterPrimary Clearwater Waterflood vs. SAGDOperator Economics(5)ClearwaterWaterfloodSuperior Economics to Greenfield AB SAGDOperator Waterflood Results(‘21-’24 Average TVE/HWX)8% lower decline(2)~30% lower capitalto sustain base 60 mbbl/d gross production(3)8% - 15% Lower Base DeclineWaterflood value: comparison of 30% (2021) decline rate to 22% (2024) decline rate that further reduces 1%/yr to 15% Topaz Heavy Oil Royalty Production (bbl/d) Over 2.5x total GORR investment ($0.5B) Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.
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TSX:TPZ Illustrative Topaz Outlook(5) 8 Strategically positioned for organic operator-funded growth alongside disciplined acquisitions 202090.1mm shares o/s2025e(1)153.8mm shares o/s1.2x D:EBITDA106%5-yr CFPS growth (2020-2025e) Embedded Growth + Free Option Value5-yr illustrative pre-tax CFPS growth$2.2 Bn-$2.9 Bn/yr operator-funded growth + $150mm/yr self-funded Acquisitions5-yr Growth$2.04/sh>$3.50/sh16% 5-yr Organic Royalty Growth2030iPre-tax CFPSUS$65 WTI/C$3 AECO(3) $0.99/sh2025eInfrastructure CF2020Infrastructure CF2020RoyaltyCash Flow2025eRoyalty CF$2.04/sh80% fixed22.3 Mboe/d 2025e~$1.7 Bn/yr operator-funded capital$150mm/yr self-funded M&A 10-18% yieldInfrastructure CF(1)Royalty CF(1)Acquisition CF(2)5%/yr Organic Royalty Growth3%/yr Organic Royalty Growth7%/yr Organic Royalty Growth 2030i(1)153.8mm shares o/s 5%/yr Organic Royalty Growth3%/yr Organic Royalty Growth7%/yr Organic Royalty Growth 80% fixedInfrastructure CF(1)22.3 Mboe/d 2025e production~$1.7 Bn/yr operator-funded capitalRoyalty CF(1)2030iPre-tax CFPSUS$75 WTI/C$4 AECO(6)+107%>$4.20/sh$150mm/yr self-funded M&A 10-18% yieldAcquisition CF(2) 2030 upside(6)153.8mm shares o/s Estimated 5-yr Avg Ann. Operator DCET Capital(4)7%/yr ~$2.9Bn5%/yr ~$2.5Bn3%/yr ~$2.2Bn+75%5-yr Growth Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.
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TSX:TPZ Strategic assets in leading North American plays focused within WCSB growth corridorPremium Royalty & Infrastructure PortfolioPeace River (Charlie Lake) Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”. 2346789105Topaz Royalty Acreage (>60% undeveloped) Infrastructure Portfolio1. TOU Gundy – 10% WI2. LGN Pouce – 35% WI3. AAV Glacier – 12.5% WI4. TVE Wembley – 49.9% WI5. NVA/CNQ Water – 50% WI6. WCP Musreau – 50% WI7. TOU Musreau – 45% WI8. HWX Gas Gathering – 99% WI9. TOU Banshee – 25% WI10. TOU Brazeau – 45% WI$92M/yr Stable Revenue(3)(80%fixed)Provides dividend protection and post contract term upside optionality92% 2025e Operating Margin(3)1 9 Conventional Heavy Oil FairwayWeyburn Unit CO2Flood Montney34% of Production (90% gas)(1)100% alignment to Tourmaline’s multi-year NEBC Montney build out TOU YE 2024 2P Montney booked reserves 15.2 Tcf natural gas + 2.5 TbblNGLs(5)Peace River5% of Production (50% liquids)(1)Well delineated resource (TOU/TVE) with well utilized infrastructure Deep Basin35% of Production (90% gas)(1)TOU >14,000 identified locations (3.3 Tboe 2P Deep Basin booked reserves YE 2024)(5)Clearwater16% of Production (90% oil)(1)>14 Bn Bbl OOIP, multi-zone, contiguous oil resource(6)>2.5x Topaz value uplift attributed to waterflood applicationOther10% of Production (65% liquids)(1)Ultra-low decline Weyburn Unit Royalty Portfolio8.8mm gross acres(2)22,000 boe/d (70% gas)(3)~$2.5 Bn per yr operator capital(4)Operator-Funded Growth4 - 7%per year>90% of TOU/TVE/HWX core acreage
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TSX:TPZ $25$40$55$70 -1.0 -0.5 - 0.5 1.0 1.5 2.0 2.5Duvernay Kaybob SouthMontney Deep KakwaSK Mississippian Conv.Montney OilMedian Payout 1.3 yrsDeep Basin EdsonMontney WapitiMontney Karr/LatorGlauconitic Rocky Mtn HouseConventional heavy oil multi-lateralDuvernay Kaybob NorthClearwater SouthMontney TownCardium GasSouthern AB Manville OilCardium OilVikingConventional HO single Clearwater Nipisi/West MHDeep Basin Resthaven/KakwaMontney Dawson/SeptimusMontney GundyMontney NigFrobisher Dual LegDeep Basin BrazeauMontney Groundbirch/SunriseMontney Lean GasDeep Basin HintonMontney PipestoneCharlie Lake Commodity Price-Resilient Royalty Portfolio 10Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”. Relative WCSB Payout Period Economics (vs. 1.3 yr Median) at Lower WTI(3)US$50 WTI, US$3.50 NYMEX, C$3.00 AECO Median Payout 1.3 yrsFaster Economic PayoutSlower Economic Payout>1.3 yr payoutAt lower oil pricing, resource economics, operator scale and inventory truly matters<1.3 yr payoutTopaz’s long-term growth profile rests upon commodity price-resilient plays93% of Topaz royalty volume is generated from leading Canadian operators with size, scale and economic resiliency (<US$55 WTI breakeven)(2) Topaz strategic growth royalty area Topaz Growth AreasCanadian E&P WTI Breakeven (Maintenance Capital + Base Dividend)(1)(US$/bbl)Topaz owns 8.9 million royalty acres across the WCSB68%of Topaz royalty acreage is focused in Montney, Deep Basin & Clearwater Cover Maintenance CapitalCover Maintenance Capital + Base Dividend Topaz Strategic Royalty Partner$50$50$53$55
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TSX:TPZ90%$0.40 AECO basis96%$2.38AECO basis93%$1.88AECO basis94%$1.40AECO basis88%$1.10AECO basis88%90%92%94%96%98%100%0510152025302018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035WCSB In-basin demandNGTL East Gate Export CapacityNGTL West Gate Export CapacityAlliance + Westcoast CapacityLNG Export AdditionsWCSB Gas SupplySupply as % of Demand+Egress11 WCSB Natural Gas Supply Demand Overview 0510152025302018 2022 2026 2030Resilient & growing WCSB demand plus new LNG and intra-basin egress are expected to draw inventory / reduce supply pressure and tighten AECO basis Load/Capacity (GW)Alberta Electricity Load vs. Capacity(1) Bcf/dPeak LoadNatural gas-fired supply is critical for energy reliabilityPotential Alberta Data Center Projects(2)>35 data center applications in the AESO process for >21 GWpotential demand (1.8x2025e peak load) 1.2 GW currently allocated under phase 1(10%of 2025e peak load)(1 GW of power generated by gas consumes ~150 MMcf/d) HydroWindSolarOtherGas-firedCogenCoalPeak load excl. future data centers WCSB Natural Gas Supply, Demand & Export Egress(1)01234567LNG CanadaPh 1WoodfibreLNGCedar LNG Ksi LisimsLNGLNG CanadaPh 22.1 Bcf/d2.4 Bcf/d2.8 Bcf/d4.5 Bcf/d6.6 Bcf/d2025/26202720282029/302030+under constructionapprovedBcf/dCanadian LNG Expansion expected to add 6.6 Bcf/d of incremental export capacity out of the WCSB Supply as % of Demand + Egress (%) Topaz Embedded Growth & Option ValueCanadian LNG +6.6 Bcf/d by 2031 and industrial (oil sands growth) & power demand (data centers) expected to increase intra-basin demand nearly 30% by 2031.Alleviated supply pressure will tighten AECO basis differentials and increase the call for WCSB’s differentiated, undeveloped natural gas resources.Topaz royalty (no capital required) across >25 Tcf of liquids-rich natural gas 2P reserves, focused in premium unconventional Montney and Alberta Deep Basin(3). Topaz sensitivity: +/-$1 AECO (basis) is +/-8% cash flow(4)Canadian LNG(1) Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.
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TSX:TPZ25%CF Margin81%CF Margin0%10%20%30%40%50%60%70%80%90%100% Variable throughput, fixed cost, new construction business models20%FCF Margin92%FCF Margin0%10%20%30%40%50%60%70%80%90%100% 12 Unique, Hybrid Business Yields Superior Profit MarginsGross overriding royalty and non-operated infrastructure interestsEstimated Free Cash Flow Margin(1)(% of Estimated Revenue after Estimated Operating, G&A, Interest, Taxes and Capital) Commodity investment generating superior margins relative to E&P businesses Actual Cash Flow Margin(3)(% of Revenue after Operating, Cost of Sales, G&A , Interest and Taxes)Topaz InfrastructureFixed revenue contracts, minimal costs & fees-upon-commissioningbusiness modelRoyalty interests on gross production revenue with no associated capital or operating costsTopaz Royalty2024 Topaz Royalty(2)2024 E&P FCF Margin(1)2025e Topaz Infrastructure(4)2024 Peer Average(3) Fixed revenue model generating superior margins relative to midstream businesses4 Largest Topaz E&P Operators 6 Largest Canadian Midstream/PipeFull cycle capital and operating costs borne by producers Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”. Topaz Infrastructure vs. Midstream CF MarginTopaz Royaltyvs. E&P FCF Margin
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TSX:TPZ Business Plan Execution 13 Disciplined, counter-cyclical M&A growth diversified with other quality assets $2.9 BnTotal Acquisitions58%Revenue returned on total acquisitions to date $0.00$20.00$40.00$60.00$80.00$100.00$120.00$140.00 $0$200$400$600$800$1,000$1,200$1,400$1,600$1,800$2,000 TOU Acq.TOU RevenueWTI ($US/bbl)AECO (C$/GJ)$0.00$20.00$40.00$60.00$80.00$100.00$120.00$140.00 $0$200$400$600$800$1,000$1,200$1,400$1,600$1,800$2,000 Non-TOU Acq.Non-TOU RevWTI ($US/bbl)AECO (C$/GJ)61% Revenue ($1.1 Bn Acq)$18 $1.7 BnRevenue(1)$115WTI$7.20AECO$81 WTITourmaline AcquisitionsRepresent62%of acquisitions to date55%of investment returned to dateNon-Tourmaline AcquisitionsRepresent 38%of acquisitions to date61%of investment returned to date$60WTI$18 WTI$2.36AECO$2.95AECO$115WTI$81 WTI$7.20AECO$60WTI$2.95AECO$2.36AECO$1.0 BTOU Acq.post-form $0.8 B$1.1 BNon-TOUAcq.55% Revenue ($1.8 Bn Acq)Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.
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TSX:TPZ 8%11%12%12%11%15%12%13%12%17%14%17%12%15%17%17%19%21%12%-3%2%7%12%17%22%050100150200250300Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25Other Peace RiverDeep BasinClearwaterNEBC MontneyTopaz share of WCSB activity Embedded Growth From Operator-Funded Capital Activity 14 Reliable, meaningful share of WCSB activity from strategic partners’ long-term plansgross wells drilled Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”. 17.821.021.323.205101520$0.0$1.0$2.0$3.02021 2022 2023 2024Tourmaline Tamarack Valley HeadwaterOther$2.0$2.1$2.3$2.5Operator-Funded Royalty Acreage Development(2)Reliable Operator Drilling Activity & Expanding Market Share(1) $2.2 BnAverage annual operator capital 2021-202488%by strategic partners Annual Operator Capital (C$Bn)net wells drilled
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TSX:TPZ15 High-Margin Growth at No Cost to TopazTopaz Proved + Probable (“P+P”) Developed Reserves(1) 2020 – 2024 Cumulative Volume ChangesPremium assets supported by strategic partnerships & reserves replacement As a royalty entity not responsible for capital development, Topaz’s recorded reserves are limited to proved and developed properties (total proved plus probable developed) and do not include any future development capital attributed to undeveloped royalty acreage. Operator Funded & Acquisition Reserves Growth 23(29)37 28 60YE 2019Production Dev Adds/Tech Rev'ns AcquisitionsYE 2024 Topaz Total Developed Reserve Volume* (Mmboe)010203040506070MmboeMmboeMmboeMmboeMmboe130%5-yr average reserve replacement (operator development > production)(2)2020: 111%2021: 113%2022: 148%2023: 113%2024: 150%$9.9 Bn operator capital since 2020234248486080111122131149 YE 2020 YE 2021 YE 2022 YE 2023 YE 2024Topaz P+P Developed (Mmboe)Topaz Est. 2P (Mmboe) Topaz Reserve Report ExplainedAs a royalty entity (no capital) Topaz’s reported reserves have been limited to proved, developed reserves (no undeveloped). Estimated 2P reserves, inclusive of Topaz’s royalty share of TOU/TVE/HWX Proved Undeveloped and Probable Reserves are illustrated below(3).(Note: excludes consideration of ~15% of “Other” royalty acreage)4-yr CAGR9%P+P (Dev only)17%P+P (Dev/Undev) Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.
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TSX:TPZ NEBC Montney Royalty & Infrastructure AssetsRoyalty & Infrastructure AssetsSignificant ownership in North America’s most economic natural gas play1.6 milliongross acres (~60% undeveloped) across Tourmaline’s NEBC Montney acreage (Canada’s largest natural gas producer “BBB High”) 16 Differentiated WCSB Growth Inventory(2) 0%10%20%30%40%50%60%05101520252010 2014 2018 2022% Montney ProductionNatural Gas production (Bcf/d)Other CdnMontney% MontneyWCSB growth driven by Montney(1)Tourmaline UndevelopedResource(2)Advantageous 75 yr inventory of premium unconventional drilling locations 10% ownership/ 10-yr fixed revenue contract TOU’s NEBC Gundy 400 MMcf/d gas plant100%Topaz holds royalty interests across Tourmaline’s entire NEBC Montney acreage and identified growth projects0100200300400500600TOU NEBC MontneyTOU NEBC Montney Growth60% increase via identified growth projects~320 Mboe/dTOU current NEBC Montney productionMboe/d CONROYLAPRISEBIRLEYAITKENGUNDYSUNRISE / DAWSONSUNDOWNBIRCHBritish Columbia NEBC MONTNEYGUNDY GAS PLANT TOPAZ10% WI Tourmaline is one of the largest & most active BC Montney producers ~320 Mboepd(2)Topaz 2024 acquisition acreageEnbridge pipelineAlliance pipelineTopaz gas plant interestOther Tourmaline facilitiesNGTL mainlineCoastal Gaslink pipeline Montney wellsTopaz royalty acreage MontneyDeep Basin>7,500Drilling Locations>14,500Drilling Locations>2,400Drilling LocationsPRARefer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.
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TSX:TPZ 0501001502002501 13 25 37 49 611X Payout2X Payout3X Payout4X Payout5X PayoutPrimaryWaterflood YearsOil Production (Bbl/d)012345 17 0.00.51.01.52.02.53.03.54.02021 2022 2023 2024 2025eMboepdRoyalty growth2025e / 20217xClearwater Royalty & Infrastructure AssetsSignificant identified oil resource with free option value NIPISIGOLDEN / EVIMARTEN HILLSJARVIEPEAVINEUKALTA >14 BnBbls Oil in Place(1)Across Marten Hills, Nipisi & Jarvie (Topaz GORR ~52% of acreage)(3)>14 BnBbls Oil in Place(1)Across Marten Hills, Nipisi & Jarvie (Topaz GORR ~52% of acreage)(3)(1) MARTEN HILLS WESTInfrastructure$5.5 mm Annual revenueCLEARWATERTopaz Royalty Production Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”. (4) Clearwater secondary recovery results to date:•~30% of production exhibiting low to no decline•~8% lower TVE/HWX avg developed reserves decline•~2-3x improved recovery rates•~30% lower sustaining capital Waterflood enhanced NPV•lower decline rate•higher recovery rate•extended reserve lifeof Topaz’sProduction(6)16%Clearwater OverviewRoyalty & Infrastructure AssetsClearwater Operator Economic Payout(2) 020,00040,00060,000050,000100,000150,000200,000Jan-21Jul-21Jan-22Jul-22Jan-23Jul-23Jan-24Jul-24Jan-25Pre-202120212022202320242025Water Injection (B/d)<2021 = 32%2021= 32%2022= 33%2023= 29%2024= 27%05,00010,00015,00020,00025,00030,00035,000Jan-18Jul-18Jan-19Jul-19Jan-20Jul-20Jan-21Jul-21Jan-22Jul-22Jan-23Jul-23Jan-24Jul-24Jan-25Water InjectionOil - FieldOil - PrimaryWaterflood Oil UpliftOil/Water Injection(5)(Mbbl/d)Oil Production(5)(Mbbl/d)Water Injection(5)(Mbbl/d) 20015010050604020035302520151050 2025 Differentiated economics attributed to technological advancements & well-defined, large OOIP, multi-zone, contiguous reservoirs: •Lower capital (no fracking) and strong IP rates (150-350 bbl/d; 95% oil)•Hz multi-lat drilling with concurrent secondary recovery provides enhanced NPV
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TSX:TPZ Deep Basin & Alberta Montney Royalty & Infrastructure Assets 18 Significant royalty and infrastructure ownership in Alberta’s premium natural gas fieldsRoyalty Assets3.7 million gross acres of multiple-zone stacked pay & multi-decadedrilling inventory(1) Infrastructure AssetsNon-operated ownership interests / other income3 Tourmaline & 1 Whitecap operated facilities, each supported by long-term fixed take-or-pay commitments BANSHEEGAS PLANTTOPAZ 25% WIBRAZEAUGAS PLANTTOPAZ 45% WIELMWORTHKAKWACHINOOKLYNXCUTPICKSMOKYMARSHHINTONMINEHEADLOVETTBRAZEAUEDSONFIRMUSREAUGAS PLANTTOPAZ 45% WI Cardium Dunvegan Viking Mannville/Notikewin Falher Wilrich Bluesky Gething Cadomin Nikinassin DEEP BASIN STACKED PAYNGTL mainlineOther Tourmaline facilitiesTopaz infrastructure asset WITopaz royalty acreage DEEP BASIN& ALBERTA MONTNEY $10-$15 mm/year third party income from other TOU-owned assets WCP MUSREAUFACILITYTOPAZ 50% WI PINE CREEKHOADLEY Topaz 2024 acquisition acreageRefer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.
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TSX:TPZ Peace River & Alberta Montney Royalty & Infrastructure Assets 19 Royalty and infrastructure assets in well-established Alberta light oil plays0.9 million gross acres with strategic partnerships 49.5% non-op interest in two water management facilities 15 year, 100% fixed take-or-pay12.5% non-op interest in Advantage Glacier gas plant 15 year, 100% fixed take-or-pay 49.9% non-op interest in Tamarack Wembley gas plant & oil battery 15 year, 100% fixed take-or-pay AAV GLACIERGAS PLANTTOPAZ 12.5% WINUVISTA WATER FACILITY TOPAZ 49.5% WI CECILVALHALLAWEMBLEYMIRAGEPIPESTONEPOUCE POUCE COUPE Charlie Lake wellsMontney wellsKAPsPembina Peace pipelineNGTL mainlineAlliance pipelineTopaz processing facility WITopaz royalty acreageCDN NATURAL WATER FACILITY TOPAZ 49.5% WITVE WEMBLEYFACILITYTOPAZ 50% WI PEACE RIVER &ALBERTA MONTNEYRoyalty AssetsInfrastructure Assets Topaz water infrastructure WI Topaz January 2025 AcquisitionRefer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”. LGN POUCE COUPEFACILITY(1)TOPAZ 35% WI35% non-op interest in Logan Pouce Coupe gas facility15 year, 100% fixed take-or-pay
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TSX:TPZ Other Royalty Assets 20 Diversified royalty production underpinned by ultra-low decline Weyburn UnitPortfolio of Gross Overriding & Fee Mineral Title Royalties2.1 million gross acres Alberta, SE Saskatchewan, Manitoba & Other •0.5 million gross acres fee mineral title provides future option value through exploitation of other minerals•5% GORR on Whitecap’s interest in the Weyburn CO2Unit(1) •Conventional oil resources well suited for multi-lateral horizontal drilling technological advancements•Internationally recognized CO2sequestration project - stored >40 million tCO2e since 2019(1)•Economically resilient to low oil pricing>70% undeveloped 2.3 Bn bbls OOIP(1)(2)Ultra low decline(1)~700 boe/d reliable royalty production to Topaz Weyburn UnitCO2Enhanced Oil Recovery 2022 2024 Weyburn GORROther Royalty Areas2,178 boe/d77%total liquids1,946 boe/d76%total liquidsTopaz Gross Overriding Royalty AcreageTopaz Fee Mineral Title AcreageMANITOBATopaz Other Areas Royalty ProductionWEYBURN WEYBURN UNITBCSKMBVancouverCalgaryReginaWinnipegAB Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”. OTHER ROYALTY AREASCentralABSESaskatchewan
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TSX:TPZ Strategic Diversification & Growth Total Revenue& Volume by Partner Royalty Commodity Production Weighting Royalty vs. Infrastructure RevenueTotal RevenueDiversification 46% Natural Gas Royalty42%Infrastructure12%Oil & Liquids Royalty 92% TOU8%AAV 59% Royalty41%Infrastructure 93% Natural Gas7%Total Liquids202020202020202023% Natural Gas Royalty24%Infrastructure53%Oil & Liquids Royalty 76% Royalty24%Infrastructure 47% TOU17% TVE12% HWX10% WCP4%AAV10% Other 71% Natural Gas29%Total Liquids20202025e(1)2025e2025e2025e2025e2025e2025e202020202025eTotal Revenue2025eTotal Revenue212020Total Revenue2020Total Revenue 73% TOU10% TVE7% HWX3% WCP7% Other2025eRoyalty Volume2025eRoyalty VolumeRefer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.
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TSX:TPZ Topaz Competitive Advantages 22 Unique characteristics strengthen an advantageous business model that offers the best attributes of both the royalty and infrastructure energy market segmentsDiversified, High Quality Asset PortfolioSelf-Funded Growth Dedicated Operator CapitalHighly ProfitableProgressive & Sustainable Dividend Defensive growth and durable revenue through balanced commodity exposure, strategic partnerships and high-margin, fixed infrastructureReliable track record of operator-funded production replacementExcess FCF enables self-funding growth and financial flexibility 70% dividend growth to date,sustainable to $0 AECO / US$55 WTI>80% royalties received benchmark pricing and direct costs are limited to 5% of revenueRefer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.
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APPENDIXCORPORATE PRESENTATIONNovember 3, 2025
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TSX:TPZ Topaz Executive Team and Board of Directors Board of DirectorsTanya Causgrove*CFO and Managing Director of ARC FinancialSteve Larke**Director of Vermilion Energy Inc. and Headwater Exploration Inc. Mike RoseChairman, President and CEO of Tourmaline John Gordon*Most recently Canadian Managing Partner, Risk Management at KPMGMarty StaplesPresident, CEO andDirector of TopazJim Davidson*Most recently Deputy Chairman of GMP FirstEnergyBrian RobinsonDirector and VP, Finance & CFO of TourmalineDarlene Harris*Most recently Senior Manager at Shell Canada* Indicates independent director, ** Indicates lead independent director Marty StaplesPresident, CEO and Director•President & CEO of Topaz since April 2020 •Instrumental in Topaz’s accretive acquisition growth strategy, generating over $2.8 Bn M&A since inception which has significantly increased and diversified Topaz’s asset portfolio and generated significant EBITDA growth•24 years of experience in the oil and gas industry: leadership, business development, exploration, land and evaluationsCheree StephensonVP Finance and CFO•VP Finance & CFO of Topaz since April 2020•Integral leadership through Topaz’s start-up, transition to a public company, and execution of strategic M&A which has generated rapid revenue and 70% dividend growth for Topaz shareholders•24 years of experience in the oil and gas industry: executive leadership, financial reporting, corporate finance, governance, HR, and compliance 24Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.
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TSX:TPZ Hierarchy of Oil and Gas Interest OwnershipDURATION OF OWNERSHIPRISK EXPOSURE Crown Royalties•Corporations acquire leases and licenses through public auctions to explore for and develop mineral rights owned by the provincial government•E&P companies pay crown royalties on producing wells as a proportion of productionFee Mineral Title Interest•Corporations and individuals own mineral rights in perpetuity•E&P companies pay lessor royalties on producing wells as a proportion of production•Mineral rights owners do not pay operating or capital expenditures to develop the landGross Overriding Royalty Interest (GORR)•Working interest owners pay GORR calculated as a contracted proportion of production•GORR owners do not pay royalties, operating or capital costs•Survive insolvency of working interest owner•Expire with undeveloped land or once wells are decommissionedVolumetric Production Payment•Negotiated contracts for a specific volume of production for a pre-determined period of timeNet Profit Interest•Royalty payments are paid based on profitability of a pre-determined area•Royalty payee is exposed to operating and capital expendituresWorking Interest•Acreage is leased from the Crown or a mineral title owner•Working interest owners bear capital, operating, royalty and decommissioning costs associated with development and production Topaz owns 0.53 million gross fee mineral title acresTopaz owns 0.53 million gross fee mineral title acresTopaz owns GORR on 8.24 million gross acresTopaz owns GORR on 8.24 million gross acres 25Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”. Topaz GORR Acreage Tenure•Significant portion of B.C. Montney GORR encumber leases continued indefinitely under B.C. land plats •Nearly all Clearwater GORR encumber 15-yr oilsands leases •Significant portion of other GORR are held by immediate or nearby production•Overall, 84% of Topaz’s GORR acreage is held by production or continued long-term or indefinitely •16% of Topaz’s GORR acreage is continuously being evaluated by the respective working interest owner and Topaz expects the rights to be maintained and expiries mitigated through land swaps, asset dispositions or drilling to maintain the lease
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TSX:TPZ Hierarchy of Infrastructure OwnershipTHROUGHPUT VARIABILITY Owned and operated infrastructureNon-operated jointly owned infrastructureNon-operated jointly owned infrastructure with long-term fixed commitmentSale leaseback •Infrastructure company acquires or constructs “nameplate” infrastructure which can have long construction lead times during which no investment return is generated•Revenue, overhead, expertise, operating & capital expenditures, legal & environmental obligations are the responsibility of the infrastructure company•Long-term, fixed processing revenue contracts can be negotiated with any of the customers•Risk exposure lies in any variable throughput component •Infrastructure company acquires a non-operated working interest in assets•Revenue, operating and capital expenditures, legal and environmental obligations are the responsibility of the infrastructure company according to their proportionate working interest however no overhead or expertise cost burdens are required•Long-term, fixed fee/volume processing commitments negotiated with any user •Volume variability on variable throughput component only•Infrastructure company acquires a non-operated working interest in assets and negotiates a long-term, fixed fee/volume processing commitment, fees paidirrespective of actual throughput volume. Commitments could apply to total or a portion of the proportionate capacity.•Subsequent to the contract term, infrastructure company retains non-operated working interest ownership and can negotiate new fixed contracts or participate according to their proportionate share•Infrastructure company acquires a producer’s midstream asset and the producer leases it back for a fixed term; paying a fixed processing/financing fee•Producer is responsible for operatorship including all overhead, expertise, operating and capital expenditures, legal and environmental obligations•Upon lease termination, infrastructure company can sell it back or renegotiate a new lease~80% of Topaz’s ownership capacity is fixed under LT take-or-pay26Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.ASSET CONTROL
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TSX:TPZ$0$10$20$30$40$50$60$70$80$90$1000.0%1.0%2.0%3.0%4.0%5.0%6.0%2020 2021 2022 2023 2024G&A Costs2.6% of Revenue (5-year average)$0$2$4$6$8$10607080901001101201301402020 2021 2022 2023 2024Topaz Track Record 27 60%70%80%90%100%2020 2021 2022 2023 2024Cash Flow MarginFree Cash Flow MarginProduction per Share(1)CF & FCF Margin (%)US$/bbl $0.0$1.0$2.0$3.0$4.0$5.02020 2021 2022 2023 2024Market Capitalization(2)Strong track record demonstrating Topaz’s competitive advantages & disciplined growthBoe/d per MM diluted shares outstandingTopaz YE market capitalizationC$Bn17% per share growth since 20201.8x growth over Topaz’s initial 5 years89% CF & 88% FCF Margin (5-year average) $0$10$20$30$40$50$60$70$80$90$100$0$100$200$300$400$500$6002020 2021 2022 2023 2024Infrastructure RevenueRoyalty RevenueAvg WTI (US$/bbl)Avg AECO (C$/GJ)Revenue (C$mm)C$/GJOver 3x growth since 2020 $0.80$0.85$1.10$1.22$1.30$0.0$0.2$0.4$0.6$0.8$1.0$0.60$0.80$1.00$1.20$1.402020 2021 2022 2023 2024Cumulative Dividends PaidDividend/shareDividend History$Bn25% of 5-year average market cap distributed$0$2$4$6$8$10C$/GJAvg AECO (C$/GJ)Avg WTI (US$/bbl)US$/bblTopaz G&A costs as % of Total RevenueRefer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.
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TSX:TPZ Financial DerivativesThree mos. ended Sept 30, 2026Three mos. ended June 30, 2026Three mos. ended Mar. 31, 2026Three mos. ended Dec. 31, 2025Commodity Contracts Outstanding(1)(For subsequent year, as November 3, 2025)30,00030,00017,50028,333Avg Vol (GJ/d)AECO (5A) fixed price contracts$2.95$2.95$3.20$2.90W.A. Price (C$/GJ)15,00015,00015,000-Avg Vol (mmbtu/d)NYMEX-Call Option$4.50$4.50$4.50-W.A. Price (USD$/mmbtu)---1,000Average Vol (bbl/d)WTI CAD Fixed price contracts---$104.03W.A. Price (C$/bbl)---1,000Average Vol (bbl/d)WTI CAD Costless Collar---$106.40W.A. cap (C$/bbl)---$91.25W.A. floor (C$/bbl) 28Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.Total Liquids % Hedged C$/bbl WTIGJ/d (‘000) C$/GJ AECOQ326
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TSX:TPZ Guidance Assumptions & Activity Disclosure 2025e Guidance Estimates(1)Nov 3, 202521,000 – 23,000Annual average royalty production (boe/d)70% - 72%Royalty production natural gas weighting$88.0 - $92.0mmInfrastructure processing revenue and other income$7.0 - $9.0mmCash G&A expenses$7.0 - $9.0mmInfrastructure operating expenses$5.0 - $7.0mmInfrastructure capital expenditures and capitalized G&A (excluding Acquisitions)NilCorporate income tax~$208.0mm2025e dividend ($1.35 per share) 66%Dividend payout ratio (guidance midpoint, before incremental acquisitions)$500.0 - $510.0mmYear end net debt (guidance midpoint, before incremental acquisitions)1.5xYear end net debt to 2025e EBITDA (guidance midpoint, before incremental acquisitions)2025e commodity price assumptions $2.55AECO 5A (CAD$/mcf)$65.00NYMEX WTI (US$/bbl)0.73US$/CAD$ foreign exchangeThree mos. ended Dec. 31, 2023Three mos. ended Mar. 31, 2024Three mos. ended Jun. 30, 2024Three mos. ended Sep. 30, 2024Three mos. ended Dec. 31, 2024Three mos. ended Mar 31, 2025Three mos. ended Jun. 30, 2025Three mos. ended Sep. 30, 2025Topaz Royalty Acreage Drilling Activity(number of gross wells)(6) 14714594216175218125161Spud on Topaz land 6050228769613169Spud and brought on production169122117176231191137184Total brought on production(6) Three mos. ended Dec. 31, 2023Three mos. ended Mar. 31, 2024Three mos. ended Jun. 30, 2024Three mos. ended Sep. 30, 2024Three mos. ended Dec. 31, 2024Three mos. ended Mar. 31, 2025Three mos. ended Jun. 30, 2025Three mos. ended Sep. 30, 2025Topaz Infrastructure Throughput Activity (net mcf/d)Natural gas proc. (avg, net mcf/d) 176,974180,098185,774197,126198,793197,638202,483211,638Ownership under fixed TOP47,22844,12941,68345,63153,45158,69757,34857,593Variable ownership capacity224,202224,227227,457242,757252,244256,335259,831269,231Total ownership capacity224,165222,616227,440242,100251,104252,261252,773266,958Total throughput volume100%99%100%100%100%98%97%99%Total utilization (%)29Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.
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TSX:TPZ30Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”. 2025 Guidance Estimates Sensitivity -8% -6% -4% -2% 0% 2% 4% 6% 8%+/- $6.6 mm+ $2.00 WTI (USD$/bbl)- $2.00 WTI (USD$/bbl)+ 1% Royalty Production- 1% Royalty Production+ 1% CAD/USD- 1% CAD/USD+ $1.00 WCS Diff- $1.00 WCS Diff+/- $2.7 mm+/- $1.9 mm+/- $1.8 mm+ $0.50 AECO (C$/mcf)- $0.50 AECO (C$/mcf)+/- $17.0 mm2025e Royalty Production Revenue(1) -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10%+ $1.00 AECO (C$/mcf)- $1.00 AECO (C$/mcf)+/- $25.0 mm+/- $13.0 mm+ $5.00 WTI (USD$/bbl)- $5.00 WTI (USD$/bbl)+/-$1.00 AECO +/-EV/DACF(2025E)1.0x&+/-FCF Yield (2025E)0.7%(C$/mcf)2025e Cash Flow(1)+/-EV/DACF(2025E)1.0x+/-$5.00 WTI +/-EV/DACF(2025E)0.5x+/-FCF Yield (2025E)0.3%(USD$/bbl)&
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TSX:TPZ Slide Notes 31 Slide 21. As at October 31, 2025: $3.83 billion market capitalization based on 153.8 million shares outstanding and Topazclosing share price on the TSX of $24.90/sh. $4.4 billion enterprise value is calculated as $3.8 billion marketcapitalization plus September 30, 2025 net debt of $0.535 billion. Dividend yield of 5.5% is based on Topaz’s Q32025 dividend of $0.34/sh ($1.36/sh annualized) and the October 31, 2025 closing price on the TSX of$24.90/sh.2. Based on midpoint guidance estimates (refer to Slide 29 “Guidance Assumptions & Activity Disclosure”).3. Topaz’s $700mm syndicated credit facility includes a $300mm accordion feature subject to agent consent. Creditcapacity is total $1.0 Bn capacity less Q3 2025 exit net debt of $535.4 million.4. Refer to Slide 15 “High-Margin Growth at No Cost to Topaz”.5. Refer to Slide 5“Resilient Dividend through Commodity Volatility”.6. TOU reported position as at November 3, 2025 of 23.5mm shares represents 15% of the total 153.8mm sharesoutstanding at November 3, 2025. Total reported insider holdings of 7.3mm shares (excluding Tourmalineholdings), represents 5% of total 153.8 million shares outstanding at November 3, 2025. (Source: FactSet).7. Revenue allocation percentages based the 2025 production guidance estimate midpoint of 22,000 boe/d atC$2.55/mcf AECO & US$65.00/bbl WTI, and the 2025 processing revenue and other income midpoint estimateof $90.0 million. Revenue sensitivities based on Slide 29“Guidance Assumptions & Activity Disclosure”(midpoint).8. Refer to Slide 30, “2025 Guidance Estimates Sensitivity”. +/-$1.00/mcf change in AECO pricing results in a 8%change to cash flow and +/-US$5.00/bbl change in WTI results in a 4% change to cash flow.9. 4-7% operator funded annual royalty production growth range estimate based on partner public disclosure.Refer to“Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-LookingInformation”.3-5% self funded annual acquisition growth based on a range (10-18%) of estimated annual yield onacquisition capital of $0.1 billion relative to 2025e midpoint total estimated revenue.10. Refer to Slide 4 “Leading Returns with Embedded Growth”.11. Refer to slide 3 note 11.12. Source: Tourmaline public disclosure. Refer to Tourmaline December 31, 2024 Annual Information Form.Slide 31. FCF (LTM):EV based on LTM FCF as at June 30 & December 31 for each respective period, as a percentage ofthe respective period ending Enterprise Value (Market Capitalization + Net Debt). FCF/sh based on annualizedfree cash flow per share for each respective half year period. FCF Margin represents Free Cash Flow as apercentage of Revenue for each respective half year period.2. FCF/sh and FCF Yield sensitivities based on Slide 29 “Guidance Assumptions & Activity Disclosure” (midpoint).FCF Yield to 9mo Q3 2025 average share price of $25.15/sh,3. Based on total acquisitions completed by Topaz from 2019 to 2025 of ~$2.9 billion.4. Refer to slide 8 Notes 1 & 2. ~$95mm incremental annual BTAX CF to Topaz in 2030i equates to $0.61/sh,resulting in 30% growth over 2030i base BTAX CF of $2.04/sh.5. Refer to Slide 2“Topaz Energy Corp. Overview”, note 1.6. Refer to Slide 5“Resilient Dividend through Commodity Volatility”.7. Based on midpoint guidance estimates (refer to Slide 29 “Guidance Assumptions & Activity Disclosure”).8. $92.0 million Infrastructure processing revenue and other income based on 2025E guidance estimates (refer toslide 29), $40.0 million revenue from “1.5 mbbl/d flat oil production under waterflood” based on 700 bbl/d lowdecline production from WCP Weyburn Unit CO2 flood at C$75/bbl , and ~800 bbl/d clearwater royaltyproduction supported by waterflood at C$65/bbl, and approximately $20.0 million from Topaz’s 2026 financialderivative AECO (5A) fixed price contracts.9. Based on Q3 YTD 2025 royalty production of which 34% came from the Montney, and 16% from the Clearwater.10. Refer to Slide 2, Note 9.11. Annual adjusted return on invested capital (AROIC) is calculated based on Q4 annualized EBITDA for 2021-2024 (to incorporate annual acquisition activity), each divided by the respective period’s average capitalemployed (average net debt plus average share capital). 2025e based on the midpoint of Topaz’s 2025guidance estimates (refer to Slide 29“Guidance Assumptions & Activity Disclosure”). 19% 5-yr AROICrepresents the average for the years 2021-2025e.Slide 41. Source: FactSet.2. Dividend yield based on FactSet data as at September 30, 2025.Slide 51. Total dividends returned to date (Q4’2020-Q3’2025) of $862.0mm as a percentage of total equity raisedsubsequent to Topaz’s formative November 2019 Tourmaline transation ($1.05B). 2. Source: FactSet.3. Dividend yield based on Topaz’s closing share price on the TSX for each respective period.4. 5.5% Dividend yield based on Topaz’s Q3 2025 dividend of $0.34/sh ($1.36/sh annualized) and the October 31,2025 closing price on the TSX of $24.90/sh.Slide 61. Source: Tourmaline public disclosure. Refer to Tourmaline December 31, 2024 Annual Information Form.2. 5-10% annual royalty production growth forecast and cumulative revenue based on estimated productiongrowth above 2025e royalty production of ~7.7 Mboe/d.3. Cumulative Royalty Revenue estimates calculated under flat commodity pricing: US$65.00/bbl WTI andC$3.00/GJ AECO.Slide 71. $1.3B cumulative revenue to 2035 includes actual revenue from 2021 to Q3 2025, plus estimated revenue forQ4’25 to Q4’35 at C$70.00 WCS per bbl (5% annual growth from 2026E to 2035E).2. 8% reduction to the average of T opaz Clearwater primary partners’ average heavy oil (gross) proveddeveloped reserves decline (or depletion) rate from 30% in 2021 to 22% in 2024 calculated as the average of:TVE and HWX’s respective forward year heavy oil production estimate as a percentage of year end totalproved developed producing and proved developed non-producing gross heavy oil reserves (as per therespective company’s respective Annual Information Form available on sedarplus.ca).3. Approximate 30% reduction to maintenance capital calculated assuming a 30% (2021) and 22% (2024)illustrative decline rate (as per Note 2 above) attributed to the gross operator interest Clearwater heavy oilproduction of ~60 mbbl/d attribution to Topaz’s Clearwater royalty heavy oil production, using an assumedaverage capital efficiency of $20,500/bbl/d (based on Peters & Co Limited assumed capital efficiency for TVE& HWX as at October 27, 2025).4. Approximate 45% higher NPV5 and 60% higher EUR calculated using Topaz’s current base Clearwater heavyoil royalty production of ~3,100 bbl/d under two decline rate scenarios. The first scenario assumes a flat 30%annual decline rate, and the second assumes a 22% decline rate in 2025, reducing by 1% per year to 2032where the decline rate for 2032+ is 15%. Revenue calculated on these two production profiles assumes flatC$70.00/bbl WCS.5. Source: Peters & Co. Limited Research Report dated June 23, 2025“The Economic Case for ClearwaterWaterflooding”.6. Based on the respective public company’s recent Q3 2025 financial results public disclosure.Slide 81. 2025e Base Before Tax (“BTAX”) Cash Flow (“CF”) based on H1 2025 actual financial results, includinginfrastructure CF of $76.8 million or $0.50/share (H1’25 infrastructure CF of $38.4 annualized), and royalty CF of$238.0 million or $1.55/share (H1’25 royalty CF of $119.0 annualized) per the Q2 2025 Financial Statements.2030 illustrative (“2030i”) base royalty and infrastructure CF reflect the H1 2025 annualized results as a proxy for2025e, using commodity prices estimated at US$65 WTI/C$3 AECO.2. Acquisition growth BTAX CF assumes $150mm in annual acquisitions completed from 2026 to 2030 that eachgenerate an estimated 10% - 18% yield, providing a midpoint estimate of $18.9mm of incremental CF per yearand 90% CF Margin, resulting in $95 million of total incremental CF to Topaz in 2030i.3. Incremental total annual CF attributed to royalty production growth at 3%, 5% and 7% annual production growthabove 22.3 Mboe/d is estimated using a Topaz CF netback of $40.00/boe 2026i-2030i (represents both royaltyand infrastructure segments, before tax and hedging, based on commodity pricing of C$3.00/mcf AECO,US$65/bbl WTI & $0.73 CADUSD).4. Estimated total portfolio 5-year annual average operator capital spend on Topaz acreage required for therespective 3%, 5% and 7% annual growth illustrations (assumptions include: 20% decline on base production and30% weighted average decline rate on growth production, 3.4% weighted average royalty rate and$11,000/boepd capital efficiency rate). Estimates are subject to changes in royalty portfolio diversification, timingof completion operations, changes in production in response to commodity price supply/demand factors. Referto“Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-LookingInformation”.5. Five-year BTAX CF is an illustration based on estimates and assumptions noted above. It is provided forillustrative purposes only and is not a prediction of future cash flows as the actual future cash flows may be higheror lower. Refer to“Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.6. 2030 upside total annual CF attributed to royalty production growth at 3%, 5% and 7% annual production growthabove 22.3 Mboe/d is based on a CF netback of $49.00/boe for 2026i-2030i (represents both royalty andinfrastructure segments, before tax and hedging, based on commodity pricing of C$4.00/mcf AECO, US$75/bblWTI & $0.73 CADUSD).
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TSX:TPZ Slide Notes 32 Slide 91. Production percentage by area based on Q3 2025 YTD results.2. As at November 3, 2025.3. Based on midpoint guidance estimates (refer to Slide 29 “Guidance Assumptions & Activity Disclosure”).4. Based on partner public disclosure.5. Based on Tourmaline public disclosure. Refer to Tourmaline December 31, 2024 Annual Information Form.6. Refer to Slide 17, note 1.Slide 101. Source: Peters & Co. Limited March 10, 2025 E&P Overview Tables “E&P Producers – WTI & NYMEX NaturalGas Breakeven Price (2026E)”. Assumes a 15:1 pricing ratio between WTI and NYMEX.2. Refer to slide 21, “Strategic Diversification & Growth”, 2025e royalty volume allocation.3. Source: Peters & Co. Limited Research Report dated April 11, 2025 “Commodity Sensitivity – North AmericanPlays & Potential Asset Values”.Slide 111. Source: Peters & Co. Limited Research Reports“WCSB Natural Gas Update October 10, 2025”, “WCSB GasSupply April 22, 2025” and “Fall 2025 Energy Overview January 2025”.2. Source: Alberta Electric System Operator public disclosure.3. Based on Tourmaline public disclosure. Refer to Tourmaline December 31, 2024 Annual Information Form.4. Refer to Slide 30,“2025 Guidance Estimates Sensitivity”.Slide 121. Average 2024 free cash flow margin for Topaz’s 4 largest royalty partners calculated as 2024 Free Cash Flow asa percentage of 2024 Revenue.2. Calculated as 2024 royalty revenue, less marketing expenses plus hedging gains less 80% of corporateexpenses and capitalized G&A, presented as a percentage of royalty revenue.3. Average 2024 cash flow margin was calculated using the 2024 publicly disclosed financial results for the 6largest Canadian public pipe/midstream companies (ENB, TRP, PPL, ALA, KEY and GEI) based on operatingcash flow, presented as a percentage of revenue for the year ended December 31, 2024, that resulted inaverage margin of 25%.4. 2025e Infrastructure CF margin based on midpoint guidance estimates (refer to slide 29 “GuidanceAssumptions & Activity Disclosure”), calculated as Topaz’s processing revenue and other income less operatingexpenses and 20% of corporate expenses, presented as a percentage of infrastructure revenue and otherincome.Slide 131. Total Revenue from actual financial results from Q4 2019 to Q4 2024, plus 2025e guidance estimates (referto Slide 29“Guidance Assumptions & Activity Disclosure”).Slide 141. Source: Rig Locator, geoSCOUT and Peters & Co. Limited.2. Based on Partner public disclosure.Slide 151. Chart presents Topaz’s cumulative changes in total proved plus probable developed reserves (Mmboe)from 2020 through 2024, as determined by Topaz’s external reserve evaluators. Refer to Topaz’s AnnualInformation Forms for the years presented for additional information.2. Reserve volumes as per Topaz’s annual external, independent reserve evaluation. See note 1 above.Additions to Production ratio represents the cumulative sum of drilling additions and net positive/negativetechnical revisions, divided by Topaz’s total annual royalty production volume, for each respective yearshown as well as on a cumulative basis (represented as a multiple of production for cumulative basis and asa percentage of total annual royalty production volume for each respective year).3. Estimated 2P reserves based on Topaz royalty share of partners publicly disclosed Proved Undevelopedand Probable reserves. Calculated as Topaz proved developed reserves plus royalty share of 90% ofTOU/TVE/HWX proved and probable developed reserves as per their reserves reported in their respectiveAnnual Information Forms for each respective period. Slide 161. Source: Jefferies Securities Inc. “Two for the Montney” research report dated October 10, 2024.2. Source: Tourmaline Oil Corp. Public Disclosure.Slide 171. Original oil-in-place internally estimated using geological analysis and public data. Recovery enhancementobtained from Clearwater public operator disclosure.2. Source: Peters & Co Ltd. “Clearwater Waterflood Update” research report dated February 14, 2025.Clearwater Nipisi/Marten Hills Primary & Primary + Waterflood Payout Profile based on US$70.0/bbl WTI &$75.0/bbl WCS. (Source: Peters & Co 2025 Research Report.)3. Excludes any other development zones within the Clearwater play that continue to be delineated.4. 2025e based on midpoint guidance estimates. Refer to Slide 29“Guidance Assumptions & Activity Disclosure”.5. Source: Peters & Co Ltd. “Clearwater Waterflood Update” research report dated June 6, 2025.6. Based on Q3 2025 YTD royalty production.Slide 181. Per Tourmaline public disclosure. Refer to “Advisories & Cautionary Statements- Future Drilling Inventory,Third Party Information and Forward-Looking Information” .Slide 201. Topaz 5% gross overriding royalty is on Whitecap Resources Inc.’s (“Whitecap Resources”) 65.3% workinginterest. Source: Whitecap Resources public disclosure.2. Reserve estimates according to Whitecap Resources’ independent reserve evaluation by McDaniel &Associates ("McDaniel") effective December 31, 2020.Slide 211. 2025 estimates based on midpoint guidance estimates (refer to Slide 29 “Guidance Assumptions & ActivityDisclosure”).Slide 271. Annual average royalty production per average diluted shares outstanding for each respective year.2. Market capitalization based on common shares outstanding and Topaz’s closing share price at December 31for each respective year.Slide 281. Financial derivative contracts outstanding over the subsequent year, as at November 3, 2025. Refer to Topaz’sMD&A for the three and nine months ended September 30, 2025.2. Forward commodity price estimate as at October 31, 2025.
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TSX:TPZ Slide Notes 33 Slide 291. Management’s assumptions underlying the Company’s 2025 guidance estimates include:i. Being subject to any significant, potential changes to the Company’s key operators’ 2025 capital budgets and/or operational, weather or wildfire-related issues that may impact the 2025 estimated production range;ii. Topaz’s internal estimates regarding development pace and production performance including estimates of operators’ 2025 capital development plans including capital allocated to waterflood and other long-term value-enhancing projects and excluding exploration spending; all of which being subject to key operators’ revisions to 2025 capital budgets and/or operational, weather or wildfire-related issues that may impact 2025 production;iii. Management’s estimates for fixed and variable processing fees based on 95% utilization, third party income, and infrastructure utilization and cost estimates based on historic information and adjusted for inflation;iv. No incremental, (i.e. not previously announced) acquisition activity. 2025e estimates include the previously announced (February 3, 2025) Royalty Interest and Facility Interest acquisitions in the Alberta Montney. The Royalty Interest was acquired January 31, 2025 (2.5% royalty interest over approximately 0.1 million gross acres). The Facility Interest was acquired upon commissioning on May 30, 2025 and is expected to generate $3.5 million of annualized processing revenue. 2025e estimates include the previously announced (September 30, 2025) Royalty Interest acquisition in NEBC Montney; v. Estimated 2025e expenses and expenditures of $7.0-$9.0mm of cash G&A; $7.0-$9.0mm of operating expenses; $5.0-$7.0mm capital expenditures (excluding acquisitions); 1% marketing fee on certain royalty production; estimated annual borrowing and standby interest costs at a rate of 6.5%; and no estimated corporate income tax attributed to the Company’s year-end 2024 tax pools (refer to Topaz’s 2024 Annual Information Form available through the SEDAR+ website (www.sedarplus.ca) or Topaz's website (www.topazenergy.ca). vi. 2025 estimated total dividends of $208.0 million based on 153.8 million shares outstanding at Nov. 3, 2025 ($0.33 per share Q1’25, $0.34 per share Q2-Q4’25). Dividends remain subject to board approval;vii. For supplemental information regarding product types refer to Topaz’s November 3, 2025 news release; viii. Topaz’s outstanding financial derivative contracts included in its most recently filed MD&A; andix. 2025e midpoint guidance royalty production revenue estimate sensitivities are as follows (slide 30):- C$0.50/mcf change in natural gas price +/- $17.0mm (6%);- US$2.00/bbl change in crude oil price +/- $6.6mm (2%);- 1% annual average royalty production change +/- $2.7mm (~1%);- 1% change in CAD/USD foreign exchange +/- $1.9mm (~1%); and- US$1.0/bbl change in WCS differential +/- $1.8mm (~1%).Slide 301. 2025 estimates based on midpoint guidance estimates (refer to Slide 29 “Guidance Assumptions & ActivityDisclosure”).
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TSX:TPZ Advisories and Cautionary StatementsDisclaimerThis Corporate Presentation dated November 3, 2025 (the "Presentation") has been prepared by Topaz EnergyCorp. ("Topaz"), and is based on public information of Topaz, Tourmaline Oil Corp. ("Tourmaline") and otherTopaz counterparties (except for share information provided as at December 31, 2024). This Presentation is forinformation purposes only and is being made available by Topaz to provide information on Topaz and itsbusiness. This Presentation does not constitute an offer to sell to any person, or an offer to the public of, or thesolicitation of an offer to subscribe or purchase, any securities of Topaz, nor shall this Presentation or any part of it,or the fact of its delivery or availability, form the basis of, or be relied upon in connection with, or act as aninducement to enter into any contract or commitment whatsoever with respect to any securities.Any unauthorized use of this Presentation is strictly prohibited. The information contained herein, anypresentation made to the recipient verbally and any other information provided to the recipient (in writing orotherwise) in connection with Topaz and its business (collectively, the "Presentation Materials") is subject toupdating, completion, revision, verification and amendment at any time without notice which may result inmaterial changes. The financial information contained in the Presentation Materials is provided as at September30, 2025 unless otherwise stated. The Presentation Materials are not intended to provide financial, tax, legal,investment, or accounting advice and do not purport to contain all the information relating to Topaz or itsbusiness. Any potential investor should perform and rely on its own investigation and analysis of Topaz and itsbusiness and is advised to seek its own professional advice in respect of any investment. In particular, anyestimates, forecasts, projections or opinions contained herein necessarily involve significant elements ofsubjective judgment, analysis and assumptions and risks and each recipient should satisfy itself in relation to suchmatters. Neither Topaz nor Tourmaline makes any representation or warranty, express or implied, and assumesno responsibility for the accuracy or completeness of the information contained in the Presentation Materials orany other oral or written communication transmitted to the recipient, and nothing contained in the PresentationMaterials is, or shall be relied upon as, a promise or representation by Topaz or Tourmaline as to the past orfuture performance of Topaz or Tourmaline. Topaz does not undertake to provide any additional information tothe recipient.You should assume that the information appearing herein (including the illustrative outlooks, projections,forecasts, estimates and guidance contained herein) is accurate as of the date on the front cover of thisPresentation only. Topaz's business, financial condition, results of operations and prospects may change aftersuch date. Moreover, past performance or historical results are not necessarily indicative of future results andthere can be no assurance that comparable results will be achieved. Any potential target returns on investment,per share growth rates or cash flow levels contained in this Presentation are for illustrative and informationalpurposes only and no assurance, representation, or warranty is made by any person that the target returns oninvestment, per share growth rates or cash flow levels will be achieved.By accessing this Presentation, you will be deemed to acknowledge and agree to the matters set forth above andbelow.Forward-Looking InformationCertain information contained in this Presentation constitutes forward-looking information and statements(collectively, "forward-looking information") within the meaning of applicable securities laws. This informationrelates to future events or Topaz's future performance. All information other than information of historical fact isforward-looking information. The use of any of the words "anticipate", "plan", "contemplate", "continue","estimate", "expect", "intend", "propose", "might", "may", "will", "shall", "project", "should", "could", "would","believe", "predict", "forecast", "pursue", "potential" and "capable" and similar expressions are intended toidentify forward-looking information. This information involves known and unknown risks, uncertainties and otherfactors that may cause actual results or events to differ materially from those anticipated in such forward-lookinginformation. No assurance can be given that these expectations will prove to be correct and such forward-lookinginformation should not be unduly relied upon. This information speaks only as of the date of this Presentation or,if applicable, as of the date specified in those documents specifically referenced herein. In addition, thisPresentation may contain forward-looking information attributed to third-party sources and to Topaz’scounterparties.Without limitation of the foregoing, this Presentation contains forward-looking information pertaining to thefollowing: expectations for Topaz's future financial and operational performance, growth outlook and realizationof future value from its assets including its royalty interests and acreage, working interests in natural gasprocessing plants and gathering infrastructure and other infrastructure including water facilities, contractedinterests in certain third party processing revenues and other acquired or proposed to be acquired assets(collectively, the "Assets"); Topaz's investment strategy and competitive advantages and the benefits to bederived from such strategy; the future investment performance and benefits to be derived from owing Topaz;capital allocation and growth plans; the benefits of the different revenue streams and profit margins of the assets including dividend reliability and excess FCF flexibility; the benefits to be derived from royalty acquisitions andother acquisitions; the expectations of embedded growth from operator-funded capital activity; the anticipatedupside leverage to globalized natural gas pricing and tightening AECO differentials; estimated future revenue,EBITDA and growth opportunities associated with the Assets including royalty production and royalty revenue,processing revenue and other income, free cash flow, excess free cash flow and free cash flow margin, estimatedfuture dividends and dividend policy; growth outlooks (including long-term illustrative cash flow, per sharegrowth and return on investment estimates) and 2025 guidance and beyond; production, cash G&A expenses,dividend levels and payout ratios and net debt estimates for 2025 and beyond; future demand for and prices ofcommodities including natural gas price outlooks; business prospects; expected increases in production fromrecent acquisitions and counterparty capital plans; Tourmaline and other operators’ planned production andanticipated future cash flow; estimated future royalty production, royalty production revenue, EBITDA and growthfrom acquisitions completed since inception and beyond; other expected benefits from recent acquisitionsincluding enhancing Topaz's future growth outlook and providing value enhancing assets that are accretive on aper share basis; the amount of Tourmaline's retained ownership in Topaz; the future scalability of Topaz'sbusiness model; ability to complete potential future acquisitions and other transactions including withTourmaline; anticipated payout ratios, distribution yields, revenue accretion and financial performance andoutlooks; future costs, capital expenditures and debt levels of Topaz; the reserve potential including any originaloil in place estimates of counterparty assets; the anticipated production from counterparty assets and anticipatedfuture cash flows from such assets; counterparty growth strategies and opportunities including potentialacquisitions; counterparty capital exploration and development programs and future capital requirements; theestimated quantity and value of counterparty proved and probable reserves; counterparty environmentalconsiderations; assumptions regarding commodity prices and exposure to commodity price volatility; industryconditions pertaining to the oil and gas industry; potential for increased utilization and volumes and diversifiedsources of revenue; growth strategies and outlooks; corporate, environmental, sustainability, social andgovernance initiatives; the number of drilling rigs to be operated on royalty lands; expected production increasesand capital commitments on the royalty lands; and the geological characteristics and resource potential of theroyalty assets, reserve life index and capital efficiencies.Statements relating to "reserves" are also deemed to be forward-looking information, as they involve the impliedassessment, based on certain estimates and assumptions, that the reserves described exist in the quantitiespredicted or estimated and that the reserves can be profitably produced in the future.Without limitation of the foregoing, future dividend payments, if any, and the level thereof is uncertain, as theCompany's dividend policy and the funds available for the payment of dividends from time to time is dependentupon, among other things, FCF, financial requirements for the Company's operations and the execution of itsgrowth strategy, fluctuations in working capital and the timing and amount of capital expenditures, debt servicerequirements and other factors beyond the Company's control. Further, the ability of Topaz to pay dividends willbe subject to applicable laws (including the satisfaction of the solvency test contained in applicable corporatelegislation) and contractual restrictions contained in the instruments governing its indebtedness, including itscredit facility.With respect to forward-looking information contained in this Presentation, assumptions have been maderegarding, among other things: future crude oil, heavy crude oil, NGL and natural gas prices; future interests ratesand currency exchange rates; Topaz's and its counterparties' ability to obtain and retain qualified staff andequipment in a timely and cost–efficient manner; the regulatory framework governing royalties (including the newroyalty framework in British Columbia and related transition period), taxes and environmental matters; the abilityto market production of oil and natural gas successfully; counterparty future production levels and growthprospects; the applicability of technologies for recovery and production of counterparty reserves; future capitalexpenditures to be made by Topaz and its counterparties; future cash flows from production meeting theexpectations stated in this Presentation; future sources of funding for counterparty capital programs; the impactof competition on Topaz and its counterparties; and Topaz and Tourmaline's ability to obtain financing (equity ordebt) on acceptable terms.The information in this Presentation, including Topaz's actual results, could differ materially from thoseanticipated in the forward-looking information due to a number of factors and risks, including the following: theamount of capital expenditures and the results of operations and development activities by the counterparties onTopaz's royalty interest lands; changes in laws or royalty regimes; credit and other third-party or counterpartyrisks; failure to complete or realize the benefits of recent acquisitions; the Assets not being developed bycounterparties in the manner anticipated by Topaz; the continuance of third party processing and other fees atcompetitive market rates and current demand levels; volatility in the demand, supply and market prices for crude34
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TSX:TPZ Advisories and Cautionary Statementsoil, natural gas and NGL; reliance on Tourmaline and other third parties with respect to annual revenue streams;supply and/or demand disruptions attributed to wars and geopolitical events or conflicts; liabilities inherent inpetroleum and natural gas operations; uncertainties associated with estimating crude oil, heavy crude oil, naturalgas and NGL reserves and future production levels; competition for, among other things, third party capital andacquisitions of royalty interests and infrastructure or other assets; incorrect assessments of the value of the Assetsor recent or future acquisitions; operational matters, including potential hazards inherent in Topaz's operationsand the effectiveness of third-party health, safety, environmental and integrity programs; risks arising from co-ownership of facilities including reliance on third-party operators; risks related to the environment and changingenvironmental laws in relation to the operations conducted on or with respect to the Assets; claims made or legalactions brought or realized against Topaz or its properties or assets; a failure by Topaz to obtain or retain keypersonnel; a decrease or elimination of the payment of dividends by Topaz as a result of a board determination,financial constraints or restrictions under applicable agreements or corporate laws; general economic, marketand business conditions; and changes in tax or environmental laws or royalty or incentive programs relating tothe oil and natural gas industry including uncertainty with respect to the interpretation of omnibus Bill C-59 andthe related amendments to the Competition Act (Canada); trade policy, barriers, disputes or wars (including newtariffs or changes to existing international trade arrangements); and the factors discussed under "Risk Factors" inTopaz's Annual Information Form dated February 24, 2025.Included in this Presentation are estimates of Topaz's long-term cash flow, royalty and infrastructure revenue andother income and EBITDA, in aggregate and with respect to certain individual assets, for 2025 and future years,which are based on the various assumptions included herein and in Tourmaline's current five-year growth planand operator development plans and assume, among other things, commodity price estimates and that thirdparty processing fees and other revenue will continue at competitive market rates and at current volumes andother assumptions. More specifically, included in this presentation are illustrative long-term cash flow estimatesand estimates of the average royalty production range and processing revenue and other income range for theyear ending December 31, 2025 and range of year-end exit net debt and net debt to EBITDA for 2025, which arebased on, among other things, the various assumptions as to production levels and capital expenditures andother assumptions disclosed in this Presentation including under the heading "Guidance Assumptions & ActivityDisclosure" and “Slide Notes” above and are based on the following key assumptions: Topaz's estimated capitalexpenditures (excluding acquisitions) of $5 to $7 million in 2025; the working interest owners’ anticipated 2025capital plans attributable to Topaz’s undeveloped royalty lands; estimated average annual royalty productionrange of 21,000 to 23,000 boe/d in 2025; 2025 average infrastructure ownership capacity utilization of 95%;estimated timing of completion and commissioning of the Alberta Montney natural gas processing facilitytargeted for mid-2025; December 31, 2025 exit net debt range between $500 and $510 million, 2025 averagecommodity prices of: $2.55/mcf (AECO 5A), US$65.00/bbl (NYMEX WTI), US$12.00/bbl (WCS oil differential),US$3.50/bbl (MSW oil differential) and US$/CAD$ foreign exchange 0.73. To the extent such estimates constitutefinancial outlooks, they were approved by management and the board of directors of Topaz on November 3,2025 and are included to provide readers with an understanding of the estimated revenue, net debt and theother metrics described above for the year ending December 31, 2025 based on the assumptions describedherein and readers are cautioned that the information may not be appropriate for other purposes.Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of thedate it is expressed herein or otherwise and neither Topaz nor Tourmaline nor any agent of Topaz or Tourmalineundertakes any obligation to update publicly or revise any forward-looking information, whether as a result ofnew information, future events or otherwise, unless specifically required to do so pursuant to applicable law.Oil and Gas AdvisoriesCertain crude oil and NGL volumes have been converted to millions of cubic feet equivalent ("mmcfe") orthousands of cubic feet equivalent ("mcfe") on the basis of one barrel ("bbl" of crude oil or NGLs to six thousandcubic feet ("mcf") of natural gas. Also, certain natural gas volumes have been converted to barrels of oilequivalent ("boe"), thousands of boe ("mboe") or millions of boe ("mmboe") using the same equivalencymeasure. Such equivalency measures may be misleading, particularly if used in isolation. A conversion ratio ofone bbl to six mcf is based on an energy equivalency conversion method primarily applicable at the burner tipand does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oilbased on the current prices of natural gas and crude oil is significantly different from the energy equivalency of6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.Estimated Drilling InventoryThis presentation may contain estimates of future drilling locations, certain of which may be booked and certainof which may be unbooked. Any unbooked drilling locations are the internal estimates of Tourmaline based onTourmaline's prospective acreage and an assumption as to the number of wells that can be drilled per sectionbased on industry practice and internal Tourmaline's multi-year drilling activities based on evaluation of applicable geologic, seismic, engineering, review. Refer to Tourmaline’s public disclosure.Unbooked locations do not have attributed reserves or resources (including contingent and prospective).Unbooked locations have been identified by Tourmaline's management as an estimation of production andreserves information. There is no certainty that Tourmaline will drill all unbooked drilling locations and if drilledthere is no certainty that such locations will result in additional oil and gas reserves, resources or production. Thedrilling locations on which Tourmaline will drill wells, including the number and timing thereof is ultimatelydependent upon the availability of funding, regulatory approvals, seasonal restrictions, oil and natural gas prices,costs, actual drilling results, additional reservoir information that is obtained and other factors. While a certainnumber of the unbooked drilling locations have been derisked by number and timing thereof is ultimatelydependent upon the availability of funding, regulatory approvals, seasonal restrictions, oil and natural gas prices,costs, actual drilling results, additional reservoir information Tourmaline drilling existing wells in relative closeproximity to such unbooked drilling locations, the majority of other unbooked drilling locations are farther awayfrom existing wells where management of Tourmaline has less information about the characteristics of thereservoir and therefore there is more uncertainty whether wells will be drilled in such locations and if drilled thereis more uncertainty that such wells will result in additional oil and gas reserves, resources or production.Estimated Underlying Production GrowthTopaz estimated underlying production growth rates based on operators’ public disclosure with respect to Topazroyalty acreage based on operator public disclosure/capital development plans comprised of: Clearwaterproduction growth based on working interest owners’ anticipated capital plans attributable to Topaz’sundeveloped royalty lands; Tourmaline growth estimates per Tourmaline public disclosure (five-year E&P plan);and other royalty areas’ production outlook is based on Topaz internal estimates assuming moderate capitaldevelopment is undertaken by operators to maintain relatively consistent production based on 2025 averageproduction. As a royalty holder Topaz is not responsible for capital costs or decommissioning obligations.GeneralSee also "Forward-Looking Statements" and "Non-GAAP and Other Financial Measures" in the most recently filedManagement's Discussion and Analysis and "Forward-Looking Statements" and "Risk Factors" in the AnnualInformation Form.Non-GAAP and Other Financial MeasuresRefer to Topaz’s most recently filed MD&A for tables providing reconciliation of Non-GAAP and Other FinancialMeasures to the nearest GAAP measure, as applicable.Certain financial terms and measures contained in this presentation are "specified financial measures" (as suchterm is defined in National Instrument 52-112 -Non-GAAP and Other Financial Measures Disclosure("NI 52-112")). The specified financial measures referred to in this presentation are comprised of "non-GAAP financialmeasures", "non-GAAP ratios", "capital management measures" and "supplementary financial measures" (as suchterms are defined in NI 52-112). These measures are defined, qualified, and where required, reconciled with thenearest GAAP measure below.Non-GAAP Measures and RatiosThe non-GAAP financial measures used herein do not have a standardized meaning prescribed by GAAP.Accordingly, the Company’s use of these terms may not be comparable to similarly defined measures presentedby other companies. Investors are cautioned that the non-GAAP financial measures should not be considered inisolation nor as an alternative to net income (loss) or other financial information determined in accordance withGAAP, as an indication of the Company’s performance.Non-GAAP Financial MeasuresThis Presentation makes reference to the terms “adjusted net income”, “acquisitions, excludingdecommissioning obligations”, and “operating margin” which are considered non-GAAP financial measuresunder NI 52-112; defined as a financial measure disclosed by an issuer that depicts the historical or expectedfuture financial performance, financial position, or cash flow of an entity, and is not disclosed in the financialstatements of the issuer.35
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TSX:TPZ Advisories and Cautionary StatementsOther Financial MeasuresCapital management measuresCapital management measures are defined as financial measures disclosed by an issuer that are intended toenable an individual to evaluate the entity’s objectives, policies and processes for managing the entity’scapital, are not a component of a line item or a line item on the primary financial statements, and which aredisclosed in the notes to the financial statements. The Company’s capital management measures disclosed inthe Company’s most recently filed MD&A (as at and for the three and nine months ended September 30,2025) include adjusted working capital, net debt (cash), free cash flow (FCF) and Excess FCF.Supplementary financial measuresThis Presentation makes reference to the terms “adjusted net income per basic or diluted share”, “cash flowper basic or diluted share”, “FCF per basic or diluted share”, “Excess FCF per basic or diluted share”, “EBITDAper basic or diluted share”, “FCF margin” “operating margin percentage”, “payout ratio” and “adjusted returnon invested capital (AROIC)” which are all considered supplementary financial measures under NI 52-112;defined as a financial measure disclosed by an issuer that is, or is intended to be, disclosed on a periodicbasis to depict the historical or expected future financial performance, financial position or cash flow of anentity, is not disclosed in the financial statements of the issuer, and is not a non-GAAP financial measure ornon-GAAP financial ratio.The following terms are financial measures as defined under the Company’s Syndicated Credit Facility,presented in note 8 to the Company’s consolidated financial statements as at and for the three and ninemonths ended September 30, 2025 (i) consolidated senior debt, (ii) total debt, (iii) EBITDA and (iv)capitalization.Adjusted net incomeManagement uses adjusted net income for its own performance measure and to provide investors with ameasurement of the Company’s net income prior to the non-cash effects of unrealized gains and losses onfinancial instruments. Adjusted net income is calculated as net income per the consolidated statement of netincome and comprehensive income, less unrealized gains (losses) on financial instruments. Thesupplementary financial measures “adjusted net income per basic or diluted share” is calculated by dividingadjusted net income by the basic or diluted weighted average common shares outstanding during theperiod.Cash flow, FCF, FCF margin, and Excess FCFManagement uses cash flow, FCF, FCF margin and Excess FCF for its own performance measures and toprovide investors with a measurement of the Company’s efficiency and its ability to generate the cashnecessary to fund or increase dividends, fund future growth opportunities and/or to repay debt; andfurthermore, uses per share metrics to provide investors with a measure of the proportion attributable to thebasic or diluted weighted average common shares outstanding.Cash flow is a GAAP measure which is derived of cash from operating activities excluding the change in non-cash working capital and is presented in the consolidated statements of cash flows. FCF is a capitalmanagement measure presented in the notes to the consolidated financial statements and is defined as cashflow, less capital expenditures. The supplementary financial measure “FCF margin”, is defined as FCF dividedby total revenue and other income (expressed as a percentage of total revenue and other income). The non-GAAP financial measure “Excess FCF”, is defined as FCF less dividends paid. The supplementary financialmeasures “cash flow per basic or diluted share” and “FCF per basic or diluted share” are calculated bydividing cash flow and FCF, respectively, by the basic or diluted weighted average common sharesoutstanding during the period.Operating margin and operating margin percentageOperating margin (infrastructure assets) is a non-GAAP financial measure derived from processing revenueand other income, less operating expenses. Operating margin percentage (infrastructure assets) is asupplemental financial measure, calculated as operating margin (infrastructure assets), expressed as apercentage of total processing revenue and other income. Operating margin (royalty assets) is a non-GAAPfinancial measure derived from royalty production revenue, less marketing expenses. Operating marginpercentage (royalty assets) is a supplemental financial measure, calculated as operating margin (royaltyassets), expressed as a percentage of total royalty production revenue. Operating margin and operatingmargin percentage are used by management to analyze the profitability of its infrastructure assets and royaltyassets. Adjusted working capital and net debt (cash)Management uses the terms “adjusted working capital” and “net debt (cash)” to measure the Company’sliquidity position and capital flexibility, as such these terms are considered capital management measures.“Adjusted working capital” is calculated as current assets less current liabilities, adjusted for financialinstruments and work in progress capital costs. “Net debt (cash)” is calculated as total debt outstanding lessadjusted working capital.EBITDA and EBITDA per basic or diluted shareEBITDA, as defined under the Company’s Syndicated Credit Facility and disclosed in the notes to theCompany’s consolidated financial statements as at and for the three and nine months ended September 30,2025, is considered by the Company as a capital management measure which is used to evaluate theCompany’s operating performance and provides investors with a measurement of the Company’s cashgenerated from its operations, before consideration of interest income or expense. “EBITDA” is calculated asconsolidated net income or loss from continuing operations, excluding extraordinary items, plus interestexpense, income taxes, and adjusted for non-cash items and gains or losses on dispositions.EBITDA per basic or diluted share is a supplementary financial measure that is calculated by dividing EBITDAby the basic or diluted weighted average common shares outstanding during the period and providesinvestors with a measure of the proportion of EBITDA attributed to the basic or diluted weighted averagecommon shares outstanding.Payout Ratio“Payout ratio”, a supplementary financial measure, represents dividends paid, expressed as a percentage ofcash flow and provides investors with a measure of the percentage of cash flow that was used during theperiod to fund dividend payments. Payout ratio is calculated as cash flow divided by dividends paid.Acquisitions, excluding decommissioning obligations“Acquisitions, excluding decommissioning obligations”, is considered a non-GAAP financial measure, and iscalculated as: acquisitions (per the consolidated statements of cash flows) plus non-cash acquisitions butexcluding non-cash decommissioning obligations.Adjusted return on invested capital (AROIC)AROIC is considered a supplementary financial measure and is calculated as: fourth quarter annualizedEBITDA, divided by average capital employed during the respective year (average net debt plus averageshare capital).Credit RatingsCredit ratings are intended to provide investors with an independent measure of the credit quality of an issueof securities. Credit ratings are not recommendations to purchase, hold or sell securities and do not addressthe market price or suitability of a specific security for a particular investor. There is no assurance that anyrating will remain in effect for any given period of time or that any rating will not be revised or withdrawnentirely by a rating agency in the future if, in its judgment, circumstances so warrant.Initial production (IP) ratesAny references in this Presentation to initial production (IP) rates are useful in confirming the presence ofhydrocarbons; however, such rates are not determinative of the rates at which such wells will continueproduction and decline thereafter and are not necessarily indicative of long-term performance or ultimaterecovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating theaggregate production. Such rates are based on field estimates and may be based on limited data available atthis time.Topaz’s estimated royalty production is based on the estimated commodity mix; drilling location andcorresponding royalty rate; and capital development activity on Topaz’s royalty acreage by the workinginterest owners, all of which are outside of Topaz’s control.36
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TSX:TPZ Advisories and Cautionary StatementsOil and Gas MetricsThis Presentation contains certain oil and gas metrics which do not have standardized meanings orstandard methods of calculation and therefore such measures may not be comparable to similar measuresused by other companies and should not be used to make comparisons. Such metrics have been includedin this document to provide readers with additional measures to evaluate the Company's performance;however, such measures are not reliable indicators of the Company's future performance and futureperformance may not compare to the Company's performance in previous periods and therefore suchmetrics should not be unduly relied upon. Original oil in place (“OOIP”) means discovered petroleuminitially in place (“DPIIP”). DPIIP is derived by Whitecap Resources’ independent qualified reserveevaluators (“QRE”) and prepared in accordance with National Instrument 51-101 - Standards of Disclosurefor Oil and Gas Activities and the Canadian Oil and Gas Evaluations Handbook (“COGEH”). DPIIP, asdefined in COGEH, is that quantity of petroleum that is estimated, as of a given date, to be contained inknown accumulations prior to production. The recoverable portion of DPIIP includes production, reservesand resources other than reserves (ROTR). OOIP/DPIIP and potential recovery rate estimates are based oncurrent recovery technologies. There is significant uncertainty as to the ultimate recoverability andcommercial viability of any of the resource associated with OOIP/DPIIP, and as such a recovery projectcannot be defined for a volume of OOIP/DPIIP at this time.In particular, this Presentation makes reference to original oil in place ("OOIP") which means discoveredpetroleum initially in place (“DPIIP”). DPIIP is derived by Topaz’s and Whitecap Resources’ internal QualifiedReserve Evaluators (“QRE”) and prepared in accordance with National Instrument 51-101 and the CanadianOil and Gas Evaluations Handbook (“COGEH”). DPIIP, as defined in COGEH, is that quantity of petroleumthat is estimated, as of a given date, to be contained in known accumulations prior to production. Therecoverable portion of DPIIP includes production, reserves and resources other than reserves (ROTR).OOIP/DPIIP and potential recovery rate estimates are based on current recovery technologies. There issignificant uncertainty as to the ultimate recoverability and commercial viability of any of the resourceassociated with OOIP/DPIIP, and as such a recovery project cannot be defined for a volume of OOIP/DPIIPat this time. “Internally estimated” means an estimate that is derived by Topaz’s and Whitecap Resources’internal QRE’s and prepared in accordance with National Instrument 51-101 - Standards of Disclosure forOil and Gas Activities. All internal estimates contained in this presentation have been prepared effective asof December 31, 2024.Information Regarding Public Issuer CounterpartiesCertain information contained in this Presentation relating to the Company's public issuer counterpartieswhich include Tourmaline, Whitecap Resources, Advantage, Headwater, Tamarack Valley and LoganEnergy and the nature of their respective businesses is taken from and based solely upon informationpublished by such issuers. The Company has not independently verified the accuracy or completeness ofany such information.Market, Independent Third-party and Industry DataCertain market, independent third-party and industry data contained in this Presentation is based uponinformation from government or other independent industry publications and reports or based onestimates derived from such publications and reports. Government and industry publications and reportsgenerally indicate that they have obtained their information from sources believed to be reliable, but theCompany has not conducted its own independent verification of such information. This Presentation alsoincludes certain data, including production, well count estimates, capital expenditures and otheroperational results, derived from public filings made by independent third parties. While the Companybelieves this data to be reliable, market and industry data is subject to variations and cannot be verifiedwith complete certainty due to limits on the availability and reliability of raw data, the voluntary nature ofthe data gathering process and other limitations and uncertainties inherent in any statistical survey. TheCompany has not independently verified any of the data from independent third-party sources referred toin this Presentation or ascertained the underlying assumptions relied upon by such sources. 37
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TOPAZ ENERGY CORP .2900, 250 6thAve SWCalgary, AB T2P 3H7www.topazenergy.caT (587) 747-4830E info@topazenergy.ca