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Corporate Presentation April 2025 TSX-V:ZDC
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DISCLAIMER & FORWARD-LOOKING STATEMENTS 2 TSX-V:ZDC | www.zedcor.com Certain statements and information in this presentation constitute forward-looking statements or forward-looking information relating to Zedcor Inc. (the “Company”) which are based upon the Company’s current internal expectations, estimates, projections, assumptions and beliefs. Forward-looking statements or information can be identified as statements that contain the words “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “budget”, “should”, “project”, “would”, “may”, “will” or similar words or expressions suggesting future outcomes or expectations. Forward-looking statements or information in this presentation include, but are not limited to: management’s expectations for growth, including expected growth of rental fleet and expansion plans into Eastern Canada, expansion into the United States, the performance and characteristics of the Company’s rental fleet, the Company’s forecasted revenues, revenue streams and recurrence, EBITDA, and the Company’s financial performance. Although the Company believes that the expectations implied in such forward-looking statements or information are reasonable, undue reliance should not be placed on these forward-looking statements because the Company can give no assurance that such statements will prove to be correct. Some of the risks and other factors that can cause results to differ from those expressed in the forward-looking statements include, but are not limited to: general economic conditions in Canada and the United States, stock market volatility, competition, availability of skilled personnel, utilization of the Company’s rental equipment fleet and access to capital on acceptable terms. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of assumptions about the future and uncertainties. Although management believes these assumptions are reasonable, there can be no assurance that they will prove to be correct, and actual results will differ materially from those anticipated. For this purpose, any statements herein that are not statements of historical fact may be deemed to be forward-looking statements. The forward-looking statements or information contained in this presentation are made as of the date hereof and the Company assumes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new contrary information, future events or any other reason, unless it is required by any applicable securities laws. The forward-looking statements or information contained in this presentation are expressly qualified by this cautionary statement.
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$7.0 $13.6 $22.1 $24.9 $33.0 $3.0 $4.4 $7.6 $7.6 $12.0 $- $10.0 $20.0 $30.0 $40.0 2020 2021 2022 2023 2024 Revenue (Ms) Adj. EBITDA (Ms) ZEDCOR INC. CORPORATE PROFILE 3 ● Zedcor Inc. (“ZDC”) provides turnkey surveillance solutions to industrial and commercial customers in North America through its fleet of MobileyeZTM security surveillance and monitoring towers ● Zedcor is disrupting the traditional security market by leveraging its existing surveillance platform and adopting innovation; the proven model significantly reduces operating cost and provides better outcomes for customers (reduced theft, liability prevention, etc). ● Headquartered in Calgary, AB with a Live, Verified MonitoringTM center that streams security videos across North America, 24 hours a day, 7 days a week, and is monitored by trained professionals ● Established track record of execution, supported by data from large & diverse blue-chip customers served by a fleet of 1,600+ units across North America 1. Revenue and Adj. EBITDA excludes discontinued energy services operations sold in 2021 for $11.3M. 2. Adj. EBITDA, or Adjusted EBITDA, and CAGR are non-IFRS standard measures employed by management to illustrate financial performance. Please refer to page 22 for additional information on Financial Measures and Non-IFRS Metrics. 47% Revenue CAGR 41% Adj. EBITDA CAGR TSX-V:ZDC | www.zedcor.com 5-Year Historical Revenue & Adj. EBITDA (1)(2) 21% 21% 14% 13% 11% 11% 9% 0% Edmonton, AB Toronto, ON Vancouver, BC Houston, TX Ottawa, ON Calgary, AB Winnipeg, MB Denver, CO MobileyeZTM By Service Center
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CUSTOM SECURITY SOLUTIONS FOR ANY INDUSTRY 4 Construction Mining Energy Sector Industrial, Manufacturing, & Warehousing Automotive Dealerships Office, Commercial, & Retail Pipeline Projects Transportation Centers Residential Areas TSX-V:ZDC | www.zedcor.com Q4 2024 Revenue by Industry 58% 14% 7% 6% 5% 5% 5% Construction Energy Pipeline Retail Industrial Misc. Utilities
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78 156 265 485 825 1337 0 200 400 600 800 1000 1200 1400 1600 2019 2020 2021 2022 2023 2024 THE ZEDCOR PLATFORM 5 ● Hub and spoke model provides reliable and adaptable service to customers across North America ● Industry-leading, local service allows all customers to receive high-quality, tailored, security response without significant cost ● AI-enabled hardware, supported by industry-leading software, empowering scalable monitoring centre 77% CAGR(1) Existing operations Incoming markets TSX-V:ZDC | www.zedcor.com 1. CAGR is a non-IFRS standard measure employed by management to illustrate financial performance. Please refer to page 22 for add itional information on Financial Measures and Non-IFRS Metrics. MobileyeZTM Fleet Size at Period End
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INVESTMENT HIGHLIGHTS 6 Differentiated, Turnkey Solutions with Acute Focus on Innovation; Market Leader in Canada Backed by Strong Reference Contracts1 Established Platform in North America Serving 400+ Customers; Fleet of 1,600+ MobileyeZTM to grow to ~2,600 by YE 20253 Compelling Macro-Economic Backdrop with Large Total Addressable Market >$10B2 Diversified & Recurring Revenue Model Provides Visibility; Further Bolstered by Blue-Chip Customer Base4 Scalable Business Model Supports Strong & Expanding EBITDA(1) Margins (>35% in 2024) with Low Maintenance Capex5 Well-Established Culture Focused on Execution of ESG Plan; Market Leader in Solar-Powered Units with Battery Backup 6 Well-Funded for Growth $30M+ of Credit Facilities; $25.3M Equity Raise in Feb 2025 Strong Insider Ownership ~40% Capital Structure (April 10, 2025) Ticker Symbol ZDC.V Last Price $2.86 Average 3 Month Daily Trading Volume 399,843 Shares Out. Basic (M) 96.1 Shares Out. Diluted (M)(2) 103.4 Diluted Market Cap (M)(3) $295.7 Net Debt (M)(2) $14.4 Enterprise Value (M)(3) $308.2 Analyst Coverage(4) Beacon Securities (PT: $5.00) | Paradigm Capital (PT: $4.40) Cormark Securities (PT: $4.00) | Raymond James (PT: $4.50) Cannacord (PT: $4.25) 1. EBITDA is a non-IFRS standard measure employed by management to illustrate financial performance. Please refer to page 22 for additional information on Financial Measures and Non-IFRS Metrics. 2. Fully diluted share count includes 3.4M options outstanding with exercise prices ranging from $0.15 to $1.25, 2.9M RSUs, and 1M DSUs as of April 10, 2025. Net debt is debt excluding lease liabilities less cash 3. Diluted Market Cap = Last Price x Shares Out. Diluted. Enterprise Value = Diluted Market Cap + Net Debt, less ~$1.9M from imp lied exercise of 3.4M options at mid-point exercise price of $0.55 4. PT's as of April 10, 2025, provided by FactSet TSX-V:ZDC | www.zedcor.com
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MOBILEYEZ PRODUCT PORTFOLIO 7 1 MobileyeZTM Surveillance Product Features Solar Hybrid MobileyeZTM • Standalone unit w/ lithium battery pack charged through solar panels • Diesel backup when solar is unavailable • Lower emissions and operating costs Solar Electric MobileyeZTM • Zero-emission tower powered by solar with battery backup. Electric plugins available for lighting or low-sun areas Electric MobileyeZTM • Zero-emission tower that plugs into any on- site power source or Solar Hybrid or Diesel MobileyeZ unit for power • Diesel backup good for 24+ hours 24/7 Live, Verified MonitoringTM • 25-60% cheaper than security guards • Monitored by security experts from centralized monitoring hub 24/7/365 Completely Tailored to Client Needs • Various power sources and communication through cell or satellite • Client video portals available through Zedcor’s app for live video feed for subsequent review of safety incidents, liability, disputes, etc. Advanced Technology • All cameras equipped with AI at the edge; reducing alarms and improving effectiveness • High-definition display sees up to 500m • Various sensors available, increasing use cases TSX-V:ZDC | www.zedcor.com
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MOBILEYEZ IN ACTION – A PROVEN SECURITY PROCESS 8 1 Motion Alert Threat Assessment Loudspeaker Voice Warning Police / Security Dispatch Occurring from Centralized Monitoring Hub Trained security professionals determine if alert is a false alarm or if further engagement is required Attempt to resolve situation as concisely as possible by alerting intruders / relevant actors of Live, Verified MonitoringTM Utilize relationship with local law enforcement to ensure a rapid response if further de-escalation actions are required Occurring On-Site via MobileyeZTM On-site activity picked up by MobileyeZ towers Alert is triggered at the local monitoring hub for review TSX-V:ZDC | www.zedcor.com
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ZEDCOR DIFFERENTIATORS 9 ✓ Solutions that are supported by empirical data from established blue chip customer contracts across diverse geographies and industries ✓ Advanced AI-driven software that learns and responds to alarm conditions supported by human intelligence; industry leading service levels and response times ✓ North American based 24/7, Live, VerifiedTM video monitoring with local, qualified security personnel supervised by ex-law enforcement, coupled with proprietary monitoring methodology and operated by Zedcor (98% effective at crime deterrence) ✓ Rental equipment that is upgraded to meet latest technology advancements, reducing customer’s capital requirements ✓ Full suite of customized, smart camera options, with AI at the edge, designed to withstand extreme conditions and transmit video feed from any location (cellular or satellite streaming options) ✓ Alarm conditions are responded to by Canadian based monitoring personnel who deploy customized solutions based on client needs ✓ Mobile and fixed security solutions that work seamlessly together; sensors available for added protection 1 TSX-V:ZDC | www.zedcor.com
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COMPELLING MACRO BACKDROP SUPPORTS GROWTH 10 2 ● High inflation, high interest rates, rising construction commodity prices, stressed consumers, etc, leading to record number of security incidences across industries such as construction, retail, auto. ● Retail, auto, and construction theft leading to “unprecedented” financial losses (Sept 2023) (May 2021) TSX-V:ZDC | www.zedcor.com
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$28.4B $83.0B $0.0B $20.0B $40.0B $60.0B $80.0B $100.0B 2020 2030 Global VSaaS Market Size COMPELLING MACRO BACKDROP SUPPORTS GROWTH 11 2 • Zedcor’s integrated Video Surveillance as a Service (“VSaaS”) offering is geography, industry and customer agnostic • Zedcor is one of few companies bundling all aspects of VSaaS to provide customers a turnkey solution that disrupts traditional security service • Increasing number of security incidences is “resulting in the need for stronger security measures”(1) • Increasingly expensive security officer wages makes physical security less attractive / feasible o Security guard hourly wage ranges from $11.50 to $44.56 in Canada (avg. $20 in U.S.)(2)(3) o Rising minimum wage to keep increasing the floor • Remote security monitoring is on the rise: o Lower cost vs physical security guards o Improved security outcomes with the help of AI o Proactive vs reactive security approach o Monitor everywhere, all the time, all at once 1. Financial Post (2023, Aug 10) - Posthaste: Some anti-theft measures a step too far as inflation tempts more Canadians to shoplift: poll 2. Paladin Security (2023, December 17) - HOW MUCH DO SECURITY GUARDS MAKE IN CANADA? 3. Zip Recruiter (2024, April 11) - Live In Security Guard Salary 4. CAGR is a non-IFRS standard measure employed by management to illustrate financial performance. Please refer to page 22 for add itional information on Financial Measures and Non-IFRS Metrics. 10.9% CAGR(4) TSX-V:ZDC | www.zedcor.com
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Success Rate 95%+ crime deterrence supported by case studies with major customers Response Time Ability to serve customers quickly due to network effect and large footprint Leading Technology Superior equipment and applied technology solutions with local monitoring centres Brand Reputation Zedcor continues to build its reputation through new and existing customers CAPTURING GROWTH THROUGHOUT THE VALUE CHAIN 12 2 TSX-V:ZDC | www.zedcor.com Service Service drives everything we do. We make it easier for customers to adopt new VSaaS technology by servicing the hardware and software and bundling it with our in-house 24/7 Live, Verified Video MonitoringTM Software We have licensing agreements with industry-leading security software providers. We have tailored this software to our needs and use it to provide best-in-class customer service Key Value Drivers of VSaaS market Zedcor's Competitive Positioning Hardware We assemble our own proprietary MobileyeZ hardware using cutting edge cameras, weather-proofed communication equipment, and sensors. We upgrade and service our hardware to provide an all-in- one solution to our customers
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564 679 755 825 870 1,003 1,151 1,337 1,100 1,200 1,400 2,000 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 2025 2026 GROWING ALREADY-ESTABLISHED MOBILEYEZ PLATFORM 12 3 ● MobileyeZ fleet is 1,600+ units strong and growing rapidly ● Total customer count exceeds 400 as of Q4 2024 ● Market leadership position in Canada provides solid foundation for successful expansion into U.S. market ● U.S. Expansion Progress: o Represents a >$10B/annum TAM opportunity(2) o Completed: o 367+ MobileyeZ at near 100% utilization o Service centers in Denver, CO, Houston, TX, Dallas, TX, Austin, TX and San Antonio, TX; further expansion into Arizona, Nevada, Tennessee, California and Florida. o Owned manufacturing capacity is ramping o 15-20% reduction in production capital costs and reduced bottlenecks 54% CAGR(3) Range Estimates(1) 1. Management estimates with low and high cases 2. Grand View Research – Control Tower Market Size 2023-2030 3. CAGR is a non-IFRS standard measure employed by management to illustrate financial performance. Please refer to page 22 for add itional information on Financial Measures and Non-IFRS Metrics. TSX-V:ZDC | www.zedcor.com Upside: 4,100 Base: 3,700 Upside: 2,700 Base: 2,500 US Fleet Canada Fleet Range o Go-Forward Plan: o Manufacture an additional 1,200-1,400 towers in 2025 with majority of deployments in the US o Expand to Las Vegas and California by Q3 2025 o Increase MobileyeZ production capacity to 25-30 per week o Continue growing out enterprise-level sales efforts MobileyeZ Towers Outstanding
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NORTH AMERICAN MARKET OPPORTUNITY >$10B / YEAR 14 3 ● North American physical security market is US$35B; 90% of the physical security market is dominated by security guards with the remaining 10% utilizing technology enabled solutions, meaning the industry is in its infancy ● Expansion across the U.S. significantly increases the market opportunity and is supported by manufacturing and National headquarters in Texas ● Annual market opportunity derived by multiplying number of sites by $2,500 monthly fee per year per MobileyeZ security tower >$10B Market Opportunity 100,000+ 100,000+ 76,000+ 100,000+ Municipal & Residential Construction Sites(1) Retail Establishments(2) Auto Dealership Locations(3) Other Infrastructure (e.g. pipelines, etc)(4) 1. ConstructConnect (2024, November 17) - Municipal & Residential Projects 2. Statista - Number of retail establishments in the United States from 2015 to 2022 & Company Estimates 3. IBIS World (2024, April 18) - New Car Dealers in the US - Number of Businesses; New Car Dealers in Canada 4. ConstructConnect (2024, April 18,) - Active power generation, roads/highways, and industrial construction projects TSX-V:ZDC | www.zedcor.com $3.0B $3.0B $2.3B $3.0B Municipal Construction Sites Big Box Retailers Auto Dealerships Other Infrastructure
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DIVERSE RECURRING REVENUE & BLUE-CHIP CUSTOMERS 15 4 Reocurring Revenue Stable Utilization Rates 85%+ Of revenue is reocurring in nature(1) >90% Consistent MobileyeZ utilization rate supported by blue-chip customer base Revenue visibility & predictability Lower risk and uncertainty Esteemed customer references Revenue well-diversified between customers and across industries Enhanced revenue stability Testament to product functionality Diverse Blue-Chip Customers 1. Based on management estimates and revenues with repeat customers TSX-V:ZDC | www.zedcor.com Q4 2024 utilization rates were >90%
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STRONG EBITDA MARGINS & LOW MAINTENANCE CAPEX 16 5 ● 36% Adjusted EBITDA(1) Margin in FY 2024 (39% in Q4 2024) ● Scalable Business Model Supports Margin Expansion: o Pricing Power vs Traditional Security Guards o Converging of pricing gap while maintaining attractive MobileyeZTM value proposition relative to security guards o Pricing that reflects superior service & security outcomes of MobileyeZTM compared to competitors; unmatched service levels create high switching costs which reduce customer churn o General inflation adjustments overtime o Stable Gross Margin and Overhead Cost Structure o MobileyeZTM gross margin stable around ~65% o Relatively fixed SG&A vs revenue growth creates opportunities from additional economies of scale ● Low Maintenance Capex in Steady-State o Growth capital is required to build-out MobileyeZTM fleet, however maintenance capex is minimal (< $500,000 in 2024) o 18 – 24-month payback(1) on new investment; ~22% ROIC(2) TSX-V:ZDC | www.zedcor.com 1. Adj. EBITDA, or Adjusted EBITDA, payback, and ROIC are all non-IFRS standard measures employed by management to illustrate financial performance. Please refer to page 22 for additional information on Financial Measures and Non-IFRS Metrics. 2. ROIC is return on invested capital and is a management estimate of how much the Company makes on the money it invests in the business. 33% 29% 36% 24% 31% 37% 37% 39% 0% 10% 20% 30% 40% 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 Adj. EBITDA(1) Margin – Last 8 Quarters
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ESTABLISHED CULTURE FOCUSED ON EXECUTING ESG PLAN 17 6 Focused on Innovation & Customer Service Market Leader in Low- Emission Solutions Making Our World Secure • Proven track-record of innovation, most recently via the introduction of zero- emission Solar Electric MobileyeZ • Incorporating artificial intelligence and radar capabilities into cameras • Meeting increasingly unique and diverse needs of rapidly expanding customer base • All MobileyeZ designed with low carbon intensity and reliability at the core, reducing operating costs for Zedcor and our customers • Committed to reducing overall footprint of MobileyeZ for new and future customers • As a leader in safety services, we pride ourselves on helping to protect our customers and the surrounding communities in which we operate TSX-V:ZDC | www.zedcor.com
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18 CASE STUDY – THE HOME DEPOT & D.R. HORTON 100% Incident Reduction 50% Theft Reduction • 100% reduction of parking lot incidences in just 3-months using MobileyeZ at a Vancouver Home Depot • 50% reduction of theft due to internal arrest based on MobileyeZ video footage at D.R. Horton Site TSX-V:ZDC | www.zedcor.com
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INVESTMENT HIGHLIGHTS 19 Differentiated, Turnkey Solutions with Acute Focus on Innovation; Market Leader in Canada Backed by Strong Reference Contracts1 Established Platform in North America Serving 400+ Customers; Fleet of 1,600+ MobileyeZTM to grow to ~2,600 by YE 20253 Compelling Macro-Economic Backdrop with Large Total Addressable Market >$10B2 Diversified & Recurring Revenue Model Provides Visibility; Further Bolstered by Blue-Chip Customer Base4 Scalable Business Model Supports Strong & Expanding EBITDA(1) Margins (>35% in 2024) with Low Maintenance Capex5 Well-Established Culture Focused on Execution of ESG Plan; Market Leader in Solar-Powered Units with Battery Backup 6 Well-Funded for Growth $30M+ of Credit Facilities; $25.3M Equity Raise in Feb 2025 Strong Insider Ownership ~40% Capital Structure (April 10, 2025) Ticker Symbol ZDC.V Last Price $2.86 Average 3 Month Daily Trading Volume 399,843 Shares Out. Basic (M) 96.1 Shares Out. Diluted (M)(2) 103.4 Diluted Market Cap (M)(3) $295.7 Net Debt (M)(2) $14.4 Enterprise Value (M)(3) $308.2 Analyst Coverage(4) Beacon Securities (PT: $5.00) | Paradigm Capital (PT: $4.40) Cormark Securities (PT: $4.00) | Raymond James (PT: $4.50) Cannacord (PT: $4.25) 1. EBITDA is a non-IFRS standard measure employed by management to illustrate financial performance. Please refer to page 22 for additional information on Financial Measures and Non-IFRS Metrics. 2. Fully diluted share count includes 3.4M options outstanding with exercise prices ranging from $0.15 to $1.25, 2.9M RSUs, and 1M DSUs as of April 10, 2024. Net debt is debt excluding lease liabilities less cash 3. Diluted Market Cap = Last Price x Shares Out. Diluted. Enterprise Value = Diluted Market Cap + Net Debt, less ~$1.9M from imp lied exercise of 3.4M options at mid-point exercise price of $0.55 4. PT's as of April 10, 2025, provided by FactSet TSX-V:ZDC | www.zedcor.com
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EXPERIENCED MANAGEMENT & BOARD OF DIRECTORS 20 Management Team Board of Directors Todd Ziniuk President & CEO, Director Amin Ladha Chief Financial Officer James Leganchuk President, USA Sales & Operations Tony Ciarla President, CDN Sales & Operations Wade Felesky Chairman TSX-V:ZDC | www.zedcor.com Todd Ziniuk President & CEO, Director Kyle Doenz Chief Technology Officer Dean Swanberg Director Dean Shillington Director Brian McGill Director
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CONTACT US 21 Head Office 300 - 151 Canada Olympic Road SW Calgary, Alberta, Canada T3B 6B7 Investor Relations Todd Ziniuk, CEO Amin Ladha, CFO tziniuk@zedcor.com aladha@zedcor.com (403) 930-5430 (403) 930-5430 General Inquiries info@zedcor.com 1-877-511-9332 www.zedcor.com TSX-V:ZDC | www.zedcor.com
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APPENDIX: FINANCIAL MEASURES AND NON-IFRS METRICS 22 TSX-V:ZDC | www.zedcor.com Zedcor Inc. uses certain measures in this presentation which do not have any standardized meaning as prescribed by International Financial Reporting Standards (“IFRS”). These measures which are derived from information reported in the consolidated statements of operations and comprehensive income may not be comparable to similar measures presented by other reporting issuers. These measures have been described and presented in this presentation in order to provide shareholders and potential investors with additional information regarding the Company. Investors are cautioned that EBITDA, adjusted EBITDA, adjusted EBITDA per share, adjusted EBIT and adjusted free cash flow are not acceptable alternatives to net income or net income per share, a measurement of liquidity, or comparable measures as determined in accordance with IFRS. EBITDA, Adjusted EBITDA, EBITDA Margin, and Adjusted EBITDA Margin EBITDA refers to net income before finance costs, income taxes, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA before costs associated with severance, gains and losses on sale of equipment and stock based compensation. EBITDA margin and Adjusted EBITDA margin represent EBITDA divided by revenue and Adjusted EBITDA divided by Revenue, respectively. These measures do not have a standardized definition prescribed by IFRS and therefore may not be comparable to similar captioned terms presented by other issuers. The Company believes that EBITDA and Adjusted EBITDA are useful measures of performance as they eliminate non-recurring items and the impact of finance and tax structure variables that exist between entities. A reconciliation of net income to Adjusted EBITDA is provided on the following page and in the Company’s MD&A. CAGR, Payback, and ROIC CAGR refers to compound annual growth rate. It is the rate of return that a metric would need to grow every period in order to grow from its beginning balance to its ending balance, over a given time interval. Payback, or payback period, is the amount of time it takes to recover the cost of an investment; it is the length of time an investment reaches a breakeven point. ROIC refers to return on invested capital. It assess the efficiency in allocating capital to profitable investments. It is calculated by dividing net operating profit after tax by invested capital. ROIC gives a sense of how well capital is being used to generate profits.
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APPENDIX: RECONCILIATION OF EBITDA & ADJUSTED EBITDA 23 TSX-V:ZDC | www.zedcor.com A reconciliation of net income to EBITDA to Adjusted EBITDA is provided here:
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APPENDIX: FINANCIAL MEASURES AND NON-IFRS METRICS 24 TSX-V:ZDC | www.zedcor.com Diluted Market Cap, Net Debt and Enterprise Value Diluted Market Cap, or diluted market capitalization, is the April 10, 2024 closing share price of Zedcor’s common shares on the TSX-Venture Exchange of $2.86 multiplied by the Shares Out. Diluted, or diluted common shares outstanding. The Shares Out. Diluted are the 96.1M shares outstanding plus 3.4M common share options outstanding with exercise prices less than $2.86, plus 2.9M RSUs outstanding and 1.0M DSUs outstanding. Net Debt is debt outstanding, excluding lease liabilities, less cash on hand. As at April 10, 2025, net debt outstanding was $14.4M Enterprise Value = Diluted Market Cap + Net Debt, less ~$1.9M from implied cash proceeds on the exercise of 3.4M options with exercise prices less than $2.86. Financial Statements and MD&A Shareholders and potential investors are encouraged to review the Company’s financial statements and MD&A for complete IFRS compliant information on SEDAR+ or the Company’s website at www.zedcor.com