Slides
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PREMIUM, DIFFERENTIATED ENERGY INVESTMENTCORPORATE PRESENTATIONFebruary 24, 2026
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TSX:TPZ 30%28%31%11%TotalRevenueTopaz Energy Corp. Overview 220%Insider Ownership(6)154.6 mmShares Outstanding(1)$5.1 BnEnterprise Value(1)$4.6 BnMarket Capitalization(1)TPZ.TOTSX October 2020Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.REVENUE DIVERSIFICATION(7)$0.5 BnAvailable credit capacity(3)Total Facility(3)$1.0 BnCAPITAL ALLOCATION(3)Q4 2025 Available CapacityQ4 2025 Net Debt 23,700Royalty (Boe/d)Clearwater royalty & infra34%16%50%Montney royalty & infraOther royaltyOther infrastructureREVENUE & VOLUME(2)2026e OUTLOOKHigh margin free cash flow and option value from Canadian energy portfolioINVESTMENT PERFORMANCE ROYALTY PORTFOLIO90%: Tourmaline, Headwater & Tamarack Valley10%: Diversified WCSB 42% 25% 33% 36% 25% 17%50%42%39%14%33%44%$0$100$200$300$400$500$600$0.00 AECO / $55 WTI $2.25 AECO / $65 WTI $5.00 AECO / $85 WTICrude & heavy oil royaltyLiquids-rich natural gas royaltyHigh-margin infrastructureREVENUE SENSITIVITY(5)Total Shareholder Return (CAGR since Jan 2021)(8)Dividend growth(11% 5-yr CAGR)(7)Return on Capital(Q4 EBITDA 5-yr avg)(9)60-90% Payout RatioExcess FCF for dividend and M&A growth<2.0x LeverageLeverage threshold for disciplined M&A66%2026e Payout Ratio(2)NEBC MontneyClearwaterRoyaltyVolume23%70%18% NEBC Montney & Clearwater~1.2x2026e D:EBITDA(2)6% 2026e Royalty Growth(4)4.5%Dividend Yield(1)2% - 10% M&A Growth(4) $93mmFixed RevenueGuidance Midpoint(2)50% volume58% revenue
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TSX:TPZ$0$50$100$150$200$250$300$350$400$450$500 G&AOp/MktgInterest/Tax/HedgingCapitalDividendExcess FCF $2.25 AECO / US$65 WTI 3 Why Own Topaz Durable Free Cash Flow$0.16 BnExcess FCF$0.4 Bn FCF$0.2 Bn FCF$0.3 Bn FCF2026e FCF Sensitivity(1)$1.4 Bn FCF and $0.5 Bn Excess FCF over past 5 years$0.00 AECO / US$55 WTI$3.50 AECO / US$75 WTI$0.1 BnExcess FCF$0.2 BnDividend$0.2 BnDividend82%FCF Margin83%FCF Margin86%FCF MarginEnhanced margin via fixed revenue and hedging$0.2 BnDividend2026e GuidanceC$ million
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TSX:TPZ$75$100$125$150$175$200$225$250$275$300S&P 5001.4%14%TSX DividendAristocrats 3.5%15%TSX Low Volatility3.4%12%2.8%17%TSX Composite IndexLeading Shareholder Returns 4 Embedded growth and progressive dividendDec 31Dividend Yield(2)Total Return CAGR(1)4.9%23% Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”. Topaz provides a lower-risk, reliable return hedged againstoperational inflationTPZ-CA
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TSX:TPZ Sustained Dividend Growth 5 >80% FCF margin provides reliable, sustainable growth $0.80per share$1.36per share0.000.501.001.502.00 0%5%10%15%20%25%30%35%40%45%50%55%60%65%70%75%80%85%90%95%100%105%110%115%120% Excess FCF (% of CF)Capex (% of CF)Payout Ratio (% of CF)Annualized Dividend ($/sh)65%Payout RatioRefer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”. $0.9 Bn Paid55% of Revenue (2020-2025)(3)9 Increases11% CAGR (2020-2025)(2)Dividend & Excess FCFQ4 2020 (IPO) to Q4 2025Quarterly $0.34/sh4.5% current yield(1)Resilient FCF for dividend and M&A growthPerformanceCoverage$0 AECO/ $55 WTI95% Payout Ratio(5)44% Infrastructure revenue(4)68%2026e Payout Ratio(5)
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TSX:TPZ050100150200250 66 Operator-Funded Development & Royalty Option ValuePower of Royalty Option Value90 0510152025 0510152025 2019 2020 2021 2022 2023 2024 2025Topaz ‘P+P’ Developed Reserves (Mmboe)3.6xReserves returnedincl. booked future undeveloped(3)MmboeDeveloped Reserves Acquired(2019-2025)5437MmboeReserve VolumeProduced(2020-2025)66MmboeTopaz YE 2025 Developed Reserves>90MmboeTopaz share of TOU/TVE/HWX Booked Future Undeveloped Reserves(at YE 2024)(3)Topaz Developed Reserves(1)2020 – 2025 (Mmboe)1.3xAnnual Reserve Replacement(6-yr average, operator-funded)104%114%148%113%150%146% Reserve AcquisitionsOperator Funded Reserve AdditionsTopaz Royalty Production >193 Mmboe Topaz Total Developed Reserve Volume* (Mmboe)1.9xDevelopedreserves returned to date(2)Reserve Replacement%
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TSX:TPZ7 Great Plays Get BetterPremium plays attract continuous enhancement & development Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”. 02468101214NEBC MontneyWorld-Class LNG Supply North Montney Ph 1GroundbirchPh 1West DoeNorth Montney Ph 2GroundbirchPh 212%5-yr CAGR8-10%Annual growth(1) 0%5%10%15%20%25%30%35%40%45%50% - 50.00 100.00 150.00 200.00 250.00 300.00 350.00 2023 2024 20255%Recovery Factor6%Recovery Factor8%Recovery Factor20%30%40%30mmBbl21mmBbl17.5mmBbl 400mmBbl350mmBbl350mmBblClearwater Heavy Oil Enhanced Recovery PhenomEnhanced Capture of Significant Resource(2)2x higherproduction under waterflood47% lowerdecline rate30% lower maintenance capital60% higherrecovery factor12.5mm bblIncremental(Oil EUR) net to TopazUltimate Recovery (EUR Bbl) (Topaz net) Oil in Place (OOIP Bbl) (Topaz net)Royalty production under waterfloodNEBC Royalty Production (Mboe/d)Transparent Growth Outlook Tourmaline 5-yr Growth Plan(1)~8.0 Bn bbl OOIP (400mm bbl Topaz net)2023-2025 Waterflood Results(3)
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TSX:TPZ$0.0$100.0$200.0$300.0$400.0$500.0$600.0$700.0$800.0Topaz Outlook(5) 8 Strategically positioned for operator-funded growth and disciplined acquisitions Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.2026e(1)EBITDA$2.25 AECO$65 WTIClearwater 8-10%/yrNEBC Montney8-10%/yrOtherWCSB0-4%/yr4-7%/yr Royalty Growth(2)Operator-Funded2030i EBITDARoyalty growthUp to 10%/yr M&A Growth(3)Topaz-FundedCommodity Sensitivity(4)2030i EBITDAM&A +Royalty growth2030i EBITDAPrice Upside +M&A +Royalty growth+$1 AECO+$10 WTI$150mmper year+$150mmper year20-30%70-80%>100% NEBC Montney Production 8-10% annual growth Tourmaline 5-yr planClearwater Production8-10% annual growth50% under waterfloodDiversified WCSB ProductionUpside Optionality$150mm/yr Acquisitions~1.0x D:CF 2030i$300mm/yr Total Acquisitions< 2.0x D:CF 2030i+C$1.00/mcf or +US$10/bbl+8.0% increase to 2030i EBITDA$2.25 AECO$65 WTI$2.25 AECO$65 WTI$3.25 AECO$75 WTI
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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. OVV/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$93mm/yr Stable Revenue(3)(80%fixed)Dividend coverage & post take-or-pay upside optionality93% 2025 Operating Margin(2)1 9Conventional Heavy Oil FairwayMontney34% 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 River6% of Production (50% liquids)(1)Well delineated resource (TOU/TVE) with well utilized infrastructure Deep Basin37% 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)8 Bn Bbl OOIP, multi-zone, contiguous oil resource(6)>2.5x Topaz value uplift attributed to waterflood applicationOther7% of Production (65% liquids)(1)Ultra-low decline Weyburn Unit Weyburn Unit CO2Flood Royalty Portfolio9 million gross acres(2)23.7 Mboe/d (70% gas)(3)>$2.5 Bn annual operator capital(4)Operator-Funded Growth4 - 7%per year>90% of TOU/TVE/HWX core acreage
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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+Egress10 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-critical for energy reliability Data Center Projects in AESO Queue(2) HydroWindSolarOtherGas-firedCogenCoalPeak load excl. future data centers WCSB Natural Gas Supply, Demand & Export Egress(1)Supply as % of Demand + Egress (%)Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”. 42Applications21GWTotal Load1 GW ~ 150 Mmcf/dgas demand1.2GWPhase 1 Allocation012345672026 2027 2028 2029 2030Incremental Oilsands DemandDatacenter DemandWoodfibre LNGCedar LNGTilbury LNG Exp.Summit Lake LNGKsi Lisims LNGLNG Canada Ph2Incremental 5-yr WCSB Gas Demand(3) Bcf/d>6.5Bcf/d by 2030~1.1Bcf/d
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TSX:TPZ25%CF Margin85%CF Margin0%10%20%30%40%50%60%70%80%90%100% Variable throughput, fixed cost, new construction business models20%FCF Margin96%FCF Margin0%10%20%30%40%50%60%70%80%90%100% 11 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 Royalty2025 Topaz Royalty(2)2024 E&P FCF Margin(1)2025 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:TPZ17.821.021.323.225.3-41611162126$0.0$1.0$2.0$3.02021 2022 2023 2024 2025 11%12%15%15%17%0%5%10%15%20%025050075010002021 2022 2023 2024 2025OtherPeace RiverDeep BasinClearwaterNEBC MontneyAB MontneyTopaz Share of WCSB Activity Embedded Growth From Operator-Funded Capital Activity 12 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”.Operator-Funded Royalty Acreage Development(2)Reliable Operator Drilling Activity & Expanding Market Share(1) $2.4 BnAverage annual operator capital 2021-202586%by strategic partners Annual Operator Capital (C$Bn)net wells drilled % share of WCSB activity $2.0$2.1$2.3$2.5$2.8TourmalineTamarack ValleyHeadwaterOther
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TSX:TPZ NEBC Montney Royalty & Infrastructure AssetsRoyalty & Infrastructure AssetsSignificant ownership in North America’s most economic natural gas play1.7 milliongross acres (~65% undeveloped) across Tourmaline’s NEBC Montney acreage (Canada’s largest natural gas producer “BBB High”) 13 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/dCONROYLAPRISEBIRLEYAITKENGUNDYSUNRISE / DAWSONSUNDOWNBIRCHBritish Columbia NEBC MONTNEYGUNDY GAS PLANT TOPAZ10% WI Tourmaline is one of the largest & most active BC Montney producers ~320 Mboe/d(2) Topaz royalty acreageEnbridge pipelineAlliance pipelineTopaz gas plant interestOther Tourmaline facilitiesNGTL mainlineCoastal Gaslink pipeline MontneyDeep Basin>7,500Drilling Locations>14,000Drilling 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 14 0.00.51.01.52.02.53.03.54.04.52021 2022 2023 2024 2025 2026eMboepdRoyalty growth2026e / 20218xClearwater Royalty & Infrastructure AssetsSignificant identified oil resource with free option value NIPISINIPISIGOLDEN / EVIMARTEN HILLSMARTEN HILLSJARVIEJARVIEPEAVINEUKALTA >15 BnBbls Oil in Place(2)Across Marten Hills, Nipisi & Jarvie (Topaz GORR ~52% of acreage)(3)>15 BnBbls Oil in Place(2)Across Marten Hills, Nipisi & Jarvie (Topaz GORR ~52% of acreage)(3)(1)MARTEN HILLS WESTMARTEN HILLS WESTInfrastructure$5.5mm Annual revenueInfrastructure$5.5mm Annual revenueCLEARWATERTopaz Royalty Production Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”. of Topaz’sProduction(1)16%Royalty & Infrastructure Assets 01,0002,0003,0004,0005,0006,0007,000Topaz Clearwater Royalty Production (boe/d)(8)~30% Lower Sustaining Capital Increases Option Value(5)47%Lower decline 17% 2025 vs. 32% 2023(4)2.0xHigher production under waterflood2.0x(7)Higher RLI vs. 2023~1.0 Bn(2)Bbl additionalOOIP 2025 Clearwater Reserves Performance3.0x(6)2025 reservereplacement Industry Leased LandTopaz royalty acreageRangeland PipelinePlains PipelinePembina Nipisi Pipeline (1)
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TSX:TPZ Deep Basin & Alberta Montney Royalty & Infrastructure Assets 15 Significant royalty and infrastructure ownership in Alberta’s premium natural gas fieldsRoyalty Assets3.7 milliongross acres 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% WIELMWORTHELMWORTHKAKWAKAKWACHINOOKCHINOOKLYNXLYNXCUTPICKCUTPICKSMOKYSMOKYMARSHMARSHHINTONHINTONMINEHEADMINEHEADLOVETTLOVETTBRAZEAUBRAZEAUEDSONEDSONFIRFIRMUSREAUGAS PLANTTOPAZ 45% WI Cardium Dunvegan Viking Mannville/Notikewin Falher Wilrich Bluesky Gething Cadomin Nikinassin DEEP BASIN STACKED PAYDEEP BASIN &ALBERTA MONTNEY $10-$15mm annual third party income from other TOU-owned assets WCP MUSREAUFACILITYTOPAZ 50% WI PINE CREEKPINE CREEKHOADLEYHOADLEY NGTL mainlineOther Tourmaline facilitiesTopaz infrastructure asset WITopaz royalty acreage Refer 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 16 Royalty and infrastructure assets in well-established Alberta light oil plays0.9 milliongross 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 CECILCECILVALHALLAVALHALLAWEMBLEYWEMBLEYMIRAGEMIRAGEPIPESTONEPIPESTONEPOUCE COUPEPOUCE COUPE KAPsPembina 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 Refer 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 17 Diversified royalty production underpinned by ultra-low decline Weyburn UnitPortfolio of Gross Overriding & Fee Mineral Title Royalties2.1 milliongross acres Alberta, SE Saskatchewan, Manitoba & Other •0.5mm 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 >40M 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 RecoveryTopaz Gross Overriding Royalty AcreageTopaz Fee Mineral Title AcreageMANITOBAWEYBURN 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 Business Plan Execution 18 Disciplined, counter-cyclical M&A growth diversified with other quality assets $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% Returned $18 WTI $2.9 BnTotal Acquisitions58%Revenue returned on total acquisitions to date$1.7 BnRevenue(1)$115WTI$7.20AECO$81 WTITourmaline Acquisitions62%of acquisitions to date55%returned in revenueNon-Tourmaline Acquisitions38%of acquisitions to date61%returned in revenue$60WTI$18 WTI$2.36AECO$2.95AECO$115WTI$81 WTI$7.20AECO$60WTI$2.95AECO$2.36AECO$1.8 BnTOU Acq.$1.1 BnNon-TOU Acq.55% ReturnedRefer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.
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TSX:TPZ Strategic Diversification(1)Royalty Volume by OperatorInfrastructure Revenue by Operator Royalty Revenue by Operator Total Revenue by Operator19Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”. 44% TOU18% TVE13% HWX11% WCP4%AAV10% Other 73% TOU11% TVE6% HWX3% WCP7% Other 40% TOU24% TVE15% HWX9% WCP11% Other 53% TOU15% WCP14% AAV8% HWX10%TVE + LGN + H2O
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TSX:TPZ Topaz Competitive Advantages 20 Unique characteristics within advantageous business modelDurable Free Cash FlowSelf-Funded Growth Dedicated Operator CapitalHighly ProfitableProgressive & Sustainable Dividend Resilient, capital free revenue streamsReliable track record of operator-funded reserve replacementExcess FCF enables self-funded M&A growth70% dividend growth to date,sustainable to $0 AECO / US$55 WTILow cost, high-margin energy exposureRefer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.
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APPENDIXCORPORATE PRESENTATIONFebruary 24, 2026
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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 approximately $3.0 Bn M&A since inception which has significantly increased and diversified Topaz’s asset portfolio and generated significant EBITDA growth•25 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•25 years of experience in the oil and gas industry: executive leadership, financial reporting, corporate finance, governance, HR, and compliance 22Refer 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 0.53mm gross fee mineral title acresTopaz owns 0.53mm gross fee mineral title acresTopaz owns GORR on 8.24mm gross acresTopaz owns GORR on 8.24mm gross acres 23Refer 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-pay24Refer 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 Financial History 25 Earnings per Share(1)$ per shareImpact of Q4 2025 Voluntary Change in Accounting Policy Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”. $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 2023 2024 2025EPS (Pre-Adjustment)EPS (Adjusted) DD&A Expense(1)$000s $- $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 2023 2024 2025DD&A Expense (Pre-Adjustment)DD&A Expense (Adjusted) $- $0.5 $1.0 $1.5 $2.0 $2.5 2023 2024 2025PP&E NBV (Pre-Adjustment)PP&E NBV (Adjusted) PP&E Net Book Value(1)$Bn
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TSX:TPZ Guidance Assumptions & Sensitivity 2026e Guidance Estimates(1)February 24, 202623,500 – 23,900Annual average royalty production (boe/d)$92.0 - $94.0 mmInfrastructure processing revenue and other income~$210.0 mm2026e dividend ($1.36 per share) 68%Dividend payout ratio (guidance midpoint, before incremental acquisitions)$420.0 - $425.0 mmYear end net debt (guidance midpoint, before incremental acquisitions)1.2xYear end net debt to 2026e EBITDA (guidance midpoint, before incremental acquisitions)2026e commodity price assumptions $2.25AECO 5A (CAD$/mcf)$65.00NYMEX WTI (US$/bbl)0.73US$/CAD$ foreign exchange 26Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”.13.2%12.9%1.0%0.7%7.8%8.3%0.7%0.5%0.0%5.0%10.0%15.0%+/- $1.00 AECO (C$/mcf) +/- $10.00 WTI (US$/bbl) +/- $0.01 FX +/- $1.00 WCS Diff (US$/bbl)Impact to 2026 EBITDAImpact to 2026 Royalty Revenue2026 Guidance Sensitivity(2)
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TSX:TPZ Financial Derivatives & Activity DisclosureThree mos. ended Dec. 31, 2026Three mos. ended Sept. 30, 2026Three mos. ended June 30, 2026Three mos. ended Mar. 31, 2026Commodity Contracts Outstanding(1)(For subsequent year, as February 24, 2026)16,66730,00030,00017,500Avg Vol (GJ/d)AECO (5A) fixed price contracts$3.06$2.95$2.95$3.20W.A. Price (C$/GJ)15,00015,00015,00015,000Avg Vol (mmbtu/d)NYMEX-Call Option$4.50$4.50$4.50$4.50W.A. Price (USD$/mmbtu)1,0001,0001,000333Average Vol (bbl/d)WTI CAD Fixed price contracts$67.68$67.68$67.68$67.68W.A. Price (USD$/bbl)1,0001,0001,000333Average Vol (bbl/d)NYMEX-Call Option$70.00$70.00$70.00$70.00W.A. Price (USD$/bbl) 27Refer to “Slide Notes”and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-Looking Information”. Three 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, 2025Three mos. ended Dec. 31, 2025Topaz Royalty Acreage Drilling Activity(number of gross wells)14594216175218125161190Spud on Topaz land 5022876961316996Spud and brought on production122117176231191137184248Total brought on production Three 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, 2025Three mos. ended Dec. 31, 2025Topaz Infrastructure Throughput Activity (net mcf/d)Natural gas proc. (avg, net mcf/d) 180,098185,774197,126198,793197,638202,483211,638211,638Ownership under fixed TOP44,12941,68345,63153,45158,69757,34857,59361,679Variable ownership capacity224,227227,457242,757252,244256,335259,831269,231273,317Total ownership capacity222,616227,440242,100251,104252,261252,773266,958269,800Total throughput volume99%100%100%100%98%97%99%99%Total utilization (%)
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TSX:TPZ Slide Notes 28 Slide 21. As at February 20, 2026: $4.6Bn market capitalization based on 154.6mm shares outstanding and Topaz closingshare price on the TSX of $29.96/sh. $5.1Bn enterprise value is calculated as $4.6Bn market capitalization plusDecember 31, 2025 net debt of $0.5Bn. Dividend yield of 4.5% is based on Topaz’s Q4 2025 dividend of$0.34/sh ($1.36/sh annualized) and the February 20, 2026 closing price on the TSX of $29.96/sh.2. Based on midpoint guidance estimates for 2026e. Refer to Slide 26 “Guidance Assumptions & Sensitivity”.3. Topaz’s $700mm Syndicated Credit Facility includes a $300mm accordion feature subject to agent consent.Available credit capacity ($1.0Bn) less Q4 2025 exit net debt of $0.5Bn.4. 6% royalty growth outlook (2026e guidance midpoint 23,700 Boe/d vs. 2025 average production 22,417 Boe/d).Refer to“Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-LookingInformation” and Slide 26 “Guidance Assumptions & Sensitivity”. 2-10% M&A growth represents estimatedEBITDA growth assuming $150mm - $400mm acquisitions completed (generating 10-14% yield) in 2026e usingExcess FCF and availability under Topaz’s Syndicated Credit Facility.5. Revenue composition and sensitivity use 2026e guidance midpoint estimates and commodity pricing(C$2.25/mcf AECO & US$65.00/bbl WTI). Refer to Slide 26“Guidance Assumptions & Sensitivity”.6. Tourmaline 25.3mm shares and total insider 7.5mm shares (excluding Tourmaline) as at February 20, 2026represents 15% and 5%, respectively of 154.6mmmmshares outstanding at February 20, 2026. (Source: FactSet).7. Refer to Slide 5“Sustained Dividend Growth” (Note 2).8. Refer to Slide 4 “Leading Shareholder Returns”.9. For each year, adjusted return on invested capital (AROIC) is Q4 annualized EBITDA (to incorporateacquisition activity), divided by the sum of average net debt and average share capital. 18% 5-yr AROICrepresents the average for 2021-2025.Slide 31. FCF estimates and sensitivities based on midpoint guidance estimates for 2026e (refer to Slide 26 “GuidanceAssumptions & Sensitivity”) and stated commodity price assumptions.Slide 41. Total annualized return for the period January 1, 2021 to February 20, 2026. Source: FactSet.2. Dividend yield based on FactSet data as at December 31, 2025.Slide 51. Current dividend yield of 4.5% based on Topaz’s Q1 2026 dividend of $0.34/sh ($1.36/sh annualized) and theFebruary 20, 2026 closing price on the TSX of $29.96/sh.2. 9 dividend increases from $0.20/sh Q4 2020 to $0.34/sh Q4 2025 represents 70% total growth on a per sharebasis or 11% 5-year CAGR per share.3. Total dividends paid $914.3mm as a percentage of $1,651.4mm total revenue 2020 to 2025.4. Topaz’s estimated 2026e infrastructure processing revenue and other income of $92.0mm - $94.0mm isapproximately 44% of the $210.0mm 2026e dividend. Refer to Slide 26 “Guidance Assumptions & Sensitivity”.5. Based on midpoint guidance estimates for 2026e. Refer to Slide 26 “Guidance Assumptions & Sensitivity”.Slide 61. All figures derived from Topaz’s Annual Information Form for the respective year based on Total Proved plusProbable Developed Reserves (mmboe), which excludes any future undeveloped reserves. “OperatorFunded Reserve Additions” is the sum of the Discoveries, Extensions & Improved Recovery, TechnicalRevisions, and Economic Factors. “Reserve Replacement” is Operator Funded Reserve Additions divided byTopaz Royalty Production.2. 1.9x developed reserves returned to date is 103 Mmboe (37 Mmboe production plus 66 Mmboe developedreserves as at December 31, 2025) divided by total developed reserves acquired to date 54 Mmboe.3. Calculated as Topaz’s estimated royalty share of ~90% of TOU/TVE/HWX proved undeveloped reserves asper the respective 2024 Annual Information Forms (total 90 Mmboe). 3.6x reserves returned (includingbooked future undeveloped) calculated as 193 Mmboe (37MMboe production plus 66 Mmboe developedreserves as at December 31, 2025 plus 90 Mmboe (noted above)) divided by total reserves acquired of 54Mmboe.Slide 71. Tourmaline 5-yr growth plan based on public disclosure. Topaz NEBC Montney royalty production 2026e-2031i provided as illustrative outlook. Refer to Slide 8 and“Advisories & Cautionary Statements – Non-GAAPand Other Financial Measures and Forward-Looking Information”. 2. Topaz’s royalty share (~5%) of ~8.0 Bn bbls original oil in place (OOIP) at YE 2025 based on internalgeological evaluation including 1.0 Bn bbls additional OOIP identified across new zones in 2025 (~7.0 Bnbbls OOIP YE 2023 & YE2024). Topaz’s royalty share of estimated ultimate recovery (EUR) for the respectiveyear is the Topaz net share of OOIP multiplied by the estimated recovery factor (as determined by third partyindependent reserve evaluators in respect of Topaz’s Clearwater royalty acreage and associated proved plusprobable developed reserves).3. Topaz royalty production under waterflood estimated based on 2025 independent reserve evaluation andClearwater operators’ public disclosure. 47% reduction to decline rate represents the change from 32% in2023 to 17% in 2025 calculated as Topaz’s respective year’s Q4 annualized Clearwater royalty production as apercentage of year end total proved plus probable developed Clearwater reserves (mmboe).Slide 81. 2026e EBITDA based on midpoint guidance estimates. Refer to Slide 26 “Guidance Assumptions & Sensitivity”.2. 4-7% annual organic operator funded growth assumes 8-10% annual growth in both the Clearwater and NEBCMontney, and 0-4% annual growth in Topaz’s remaining diversified royalty portfolio. Refer to Slide 26 “GuidanceAssumptions & Sensitivity” and “Advisories & Cautionary Statements – Non-GAAP and Other Financial Measuresand Forward-Looking Information”.3. 10% annual acquisition-related EBITDA growth is based on $300mm annual acquisitions completed from 2026to 2030 that each generate an illustrative 10% - 14% yield, whereby each $150mm in annual acquisitionsprovides a midpoint estimate of $18.9mm of incremental EBITDA. Illustration assumes acquisitions are fundedwith Topaz’s Excess FCF and available capacity under Topaz’s Syndicated Credit Facility.4. Estimated EBITDA sensitivity attributable to C$1.00/mcf AECO and US$10/bbl WTI incremental commoditypricing in respect of total illustrative 2030 EBITDA inclusive of organic royalty growth and acquisitions growth.Refer to Slide 26 “Guidance Assumptions & Sensitivity” and “Advisories & Cautionary Statements – Non-GAAP andOther Financial Measures and Forward-Looking Information”.5. Five-year EBITDA is an illustration based on estimates and assumptions noted above. It is provided for illustrativepurposes only and is not a prediction of future EBITDA as the actual future EBITDA may be higher or lower. Referto“Advisories & Cautionary Statements – Non-GAAP and Other Financial Measures and Forward-LookingInformation”.Slide 91. Production percentage by area based on 2025 results.2. As at December 31, 2025.3. Based on midpoint 2026e guidance estimates. Refer to Slide 26 “Guidance Assumptions & Sensitivity”.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 14, note 2.Slide 101. 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. Source: TD Cowen research report“Shell LNG Canada – Implications of a Potential Stake Sale February 1, 2026”.Slide 111. Average 2024 free cash flow margin for Topaz’s 4 largest royalty partners calculated as 2024 Free Cash Flow as apercentage of 2024 Revenue.2. Calculated as 2025 royalty revenue, less marketing expenses plus hedging gains less 80% of corporate expensesand 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 6 largestCanadian public pipe/midstream companies (ENB, TRP, PPL, ALA, KEY and GEI) based on operating cash flow,presented as a percentage of revenue for the year ended December 31, 2024, that resulted in average margin of25%.4. 2025 Infrastructure CF margin 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.
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TSX:TPZ Slide Notes 29 Slide 121. Source: Rig Locator, geoSCOUT and Peters & Co. Limited.2. Based on partner public disclosure.Slide 131. Source: Jefferies Securities Inc.“Two for the Montney”research report dated October 10, 2024.2. Source: Tourmaline Oil Corp. public disclosure.Slide 141. 2026e based on midpoint guidance estimates. Refer to Slide 26“Guidance Assumptions & Sensitivity”.2. Original oil-in-place (OOIP) internally estimated using geological analysis and public data (including 1.0 Bnbbl OOIP identified across incremental zones during 2025. Recovery enhancement derived fromClearwater public operator disclosure.3. Excludes any other development zones within the Clearwater play that continue to be delineated.4. 47% reduction to decline rate represents the change from 32% in 2023 to 17% in 2025 calculated as Topaz’srespective year’s Q4 annualized Clearwater royalty production as a percentage of year end total provedplus probable developed Clearwater reserves (mmboe).5. Approximate 30% reduction to operator maintenance capital calculated assuming a 32% decline ratereducing to 17% attributed to Topaz’s Clearwater royalty production (refer to note 4 above).6. Clearwater area reserve replacement is calculated as the sum of Extensions & Improved Recovery, TechnicalRevisions and Economic Factors, divided by the Annual Production; all of which derived from Topaz’sDecember 31, 2025 independent reserve report.7. Reserve life index (“RLI”) is used as a measure of how long reserves are expected to produce at the currentrate of production and is calculated as total year end reserves (boe) divided by annualized fourth quarterproduction (boe/d). From year end 2023 to 2025, Topaz’s Clearwater RLI has increased from 3 to 6 years(approximately 2.0 times increase).8. Clearwater heavy oil production growth presented for illustrative purposes assuming 10% annual growthfrom 2026e-2030i, and 5% growth from 2031i to 2035i. Refer to“Advisories & Cautionary Statements- FutureDrilling Inventory, Third Party Information and Forward-Looking Information”.Slide 151. Per Tourmaline public disclosure. Refer to“Advisories & Cautionary Statements- Future Drilling Inventory,Third Party Information and Forward-Looking Information” .Slide 171. Topaz 5% gross overriding royalty is on Whitecap Resources Inc.’s (“Whitecap Resources”) 65.3% workinginterest. Source: Whitecap Resources public disclosure.2. WCP Weyburn OOIP internally estimated using geological analysis and public data.Slide 181. Total revenue from Q4 2019 to Q4 2025.Slide 191. Royalty production volume, royalty production revenue, processing revenue and other income, and totalrevenue (each by operator) are based on 2025 financial results.Slide 251. During Q4 2025, the Company voluntarily changed its depletion policy (retrospectively) to more closelyalign depletion expense with the correlated underlying reserves as Topaz does not record undevelopedreserves due royalty interests not being responsible for capital. There is no change to the depletion ratio(production to developed-only reserves) under the new policy, however royalty asset value is nowsegregated between costs attributed to developed and undeveloped reserves, whereby the portion ofvalue attributable to undeveloped reserves is then transferred into the depletion calculation asdevelopment occurs. The policy change impacts prior period depletion expense, deferred tax expense, netincome, and classification of Topaz’s royalty assets. It has no impact on current or prior period cash flow orcash expenses. Refer to the Financial Statements and MD&A for the period ended December 31, 2025 (see“Voluntary Change in Accounting Policy”). Slide 261. Management’s assumptions underlying the Company’s 2026 guidance estimates include:i. Topaz’s internal estimates regarding development pace and production performance including estimates of operators’ 2026 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 2026 capital budgets and/or operational, weather or wildfire-related issues that may impact the 2026 estimated royalty production range;ii. 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;iii. No incremental, (i.e. not previously announced) acquisition activity. iv. Estimated 2026e expenses and expenditures of $8.0mm cash G&A; $7.0mm of operating expenses; $4.0-$5.0mm capital expenditures (excluding acquisitions); 1% marketing fee on certain royalty production; estimated annual borrowing and standby interest costs at a combined rate of 4.75%; and $25.0 to $30.0 million estimated corporate income tax;v. 2026 estimated total dividends of $210.0 million based on 154.6 million shares outstanding at February 24, 2026 and current dividend of $0.34/sh ($1.36/sh annualized). Dividends remain subject to board approval;vi. For supplemental information regarding product types refer to Topaz’s February 24, 2026 news release; andvii. Topaz’s outstanding financial derivative contracts included in the most recently filed MD&A.2. 2026 estimates used in Guidance sensitivity based on midpoint guidance estimates and assumptions referred to above.Slide 271. Financial derivative contracts outstanding over the subsequent year, as at February 24, 2026. Refer toTopaz’s MD&A for the three months and year ended December 31, 2025.
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TSX:TPZ Advisories and Cautionary StatementsDisclaimerThis Corporate Presentation dated February 24, 2026 (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, 2025). 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 December31, 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 potential (illustrative) value from its assets including its royalty interests and acreage, working interests innatural gas processing plants and gathering infrastructure and other infrastructure including water facilities,contracted interests in certain third party processing revenues and other acquired or proposed to be acquiredassets (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 EBITDA and acquisitionestimates) and 2026 guidance and beyond; production, cash G&A expenses, dividend levels and payout ratiosand net debt estimates for 2026 and beyond; future demand for and prices of commodities including natural gasprice outlooks; business prospects; expected increases in production from recent acquisitions and counterpartycapital plans; Tourmaline and other operators’ planned production and anticipated future cash flow; estimatedfuture royalty production, royalty production revenue, EBITDA and growth from acquisitions completed sinceinception and beyond; other expected benefits from recent acquisitions including enhancing Topaz's futuregrowth outlook and providing value enhancing assets that are accretive on a per share basis; the amount ofTourmaline's retained ownership in Topaz; the future scalability of Topaz's business model; ability to completepotential future acquisitions and other transactions including with Tourmaline; anticipated payout ratios,distribution yields, revenue accretion and financial performance and outlooks; future costs, capital expendituresand debt levels of Topaz; the recoverable reserve potential including any original oil in place estimates ofcounterparty assets; the anticipated production from counterparty assets and anticipated future cash flows fromsuch assets; counterparty growth strategies and opportunities including potential acquisitions; counterpartycapital exploration and development programs and future capital requirements; the estimated quantity and valueof counterparty proved and probable reserves; counterparty environmental considerations; assumptionsregarding commodity prices and exposure to commodity price volatility; industry conditions pertaining to the oiland gas industry; potential for increased utilization and volumes and diversified sources of revenue; growthstrategies and outlooks; corporate, environmental, sustainability, social and governance initiatives; the number ofdrilling rigs to be operated on royalty lands; expected production increases and capital commitments on theroyalty lands; and the geological characteristics and resource potential of the royalty assets, reserve life index andcapital 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 crude30
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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" inin Topaz's Annual Information Form dated February 24, 2026.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 2026 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, 2026 and range of year-end exit net debt and net debt to EBITDA for 2026, 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 $4.0 to $5.0 million in 2026; estimated G&A expense of $8.0 million;estimated operating expense of $7.0 million; estimated annual borrowing and standby interest cost of 4.75%;estimated corporate income tax between $25.0 and $30.0 million; the working interest owners’ anticipated 2026capital plans attributable to Topaz’s undeveloped royalty lands; estimated average annual royalty productionrange of 23,500 to 23,900 boe/d in 2026; 2026 average infrastructure ownership capacity utilization of 95%;;December 31, 2026 exit net debt range between $420.0 and $425.0 million, 2026 average commodity prices of:$2.25/mcf (AECO 5A), US$65.00/bbl (NYMEX WTI), US$12.00/bbl (WCS oil differential), US$3.50/bbl (MSW oildifferential) and US$/CAD$ foreign exchange 0.73. To the extent such estimates constitute financial outlooks,they were approved by management and the board of directors of Topaz on February 24, 2026 and are includedto provide readers with an understanding of the estimated revenue, net debt and the other metrics describedabove for the year ending December 31, 2026 based on the assumptions described herein and readers arecautioned 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 on Tourmaline'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 ofapplicable 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.31
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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 months and year ended December 31,2025) 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 the notes to the Company’s consolidated financial statements as at and for the three months andyear ended December 31, 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 months and year ended December 31,2025, 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.32
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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, 2025.Information Regarding Public Issuer CounterpartiesCertain information contained in this Presentation relating to the Company's public issuer counterpartieswhich include Tourmaline, Whitecap Resources, Advantage Energy, Headwater Exploration, TamarackValley and Logan Energy and the nature of their respective businesses is taken from and based solely uponinformation published by such issuers. The Company has not independently verified the accuracy orcompleteness of any 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. 33
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TOPAZ ENERGY CORP .2900, 250 6thAve SWCalgary, AB T2P 3H7www.topazenergy.caT (587) 747-4830E info@topazenergy.ca