Cavvy Energy Ltd · TSX:CVVY
Cavvy Energy — Investor Presentation (March 2026)
45 slides from Cavvy Energy's investor presentation, March 2026
Slide 1: Corporate Presentation March 2026
Corporate Presentation March 2026
Slide 2: Cavvy Energy Ltd. – At a Glance
CVVY Mineral Acreage NE BC Cavvy Energy Ltd. – At a Glance Non-Core Area 2026 Guidance Corporate Overview Production 22-24.5 kboe/d Northern Alberta Non-Core Area Sulphur Production 1-1.15 kmt/d Cavvy is a TSX listed energy company with upstream and midstream assets Capital Expenditures $35-$40 MM c
Slide 3: Cavvy Energy Ltd. – Who We Are
Cavvy Energy Ltd. – Who We Are New name, but a well-established history The word “Cavvy” draws its inspiration from the western ranching tradition, referring to a carefully selected group of working horses chosen for their strength, reliability, and specific capabilities. The name evokes an identity
Slide 4: Executive Team
Executive Team Over 130 years of energy industry experience Darcy Reding, P. Eng | President & Chief Executive Officer | Joined Cavvy in 2021 Mr. Reding previously served as the Vice President of Operations & Geoscience at NAL Resources Management until the acquisition by Whitecap Resources in Q1 20
Slide 5: Board of Directors
Board of Directors Patricia McLeod, K.C.| Board Chair Ms. McLeod is an experienced board chair, corporate board director, and a former senior legal executive, privacy, ethics and compliance officer. Ms. McLeod held Vice President and General Counsel roles in energy utilities and electricity retail,
Slide 6: Why Invest in Cavvy Energy?
Why Invest in Cavvy Energy? A unique and diversified value proposition Robust Upstream Assets Gas Gathering & Processing Important Sulphur Producer • 33,000 boe/d production capability1 • Own & operate three deep-cut gas • ~10% of Canada’s sulphur production – a • Among the lowest annual base declin
Slide 7: Share Price Catalysts
Share Price Catalysts Supportive shareholder base with several near-term catalysts 2026 Share Price Catalysts Supportive Ownership • Substantial increase in revenue from strong sulphur • ~69% of common shares pricing (currently > US$500/mt) owned by institutions and • Growing fee-based revenue from
Slide 8: Delivering on Strategic Initiatives
Delivering on Strategic Initiatives Cavvy is a premier energy company in western Canada Breaking out Achieving key milestones to maximize facility utilization, optimize cost structure, and deleverage debt will accelerate profits and fund access to growth opportunities to further grow cash flow per s
Slide 9: Strategically Located & Available Midstream Capacity
Strategically Located & Available Midstream Capacity Over 110 MMcf/d of excess gas processing capacity in southern Alberta Key Processing Facilities Operated Gas Plant Utilization (Current) (1) Cavvy owns & controls critical deep-cut, sour gas infrastructure with available capacity to 300 Cavvy Othe
Slide 10: Important Contribution of Third-Party Processing
Important Contribution of Third-Party Processing A growing value driver that de-risks the revenue stream 3rd Party Processing, Marketing, & Gathering Revenue(1) ($MM) Total Raw Gas Plant Throughput (MMcf/d) $12 500 Third Party Volumes Cavvy Owners Available Capacity $10 400 $8 300 $6 200 $4 $2 100 -
Slide 11: Understanding the Sulphur Market
Understanding the Sulphur Market Sulphur is a vital non-metallic element and plays an integral role in global industries Sulphur 101 Sulphur Uses • Naturally occurring and 16th most abundant element on earth • Agriculture: Sulphur is an essential plant nutrient and used • Largely produced as a bypro
Slide 12: Sulphur Market Upside Exposure in 2026+
Sulphur Market Upside Exposure in 2026+ New structured 12-month forward pricing agreement de-risks 2026 cash flow Significant upside with exposure to sulphur Entered into a structured forward sulphur pricing agreement for 2026: market started in January 1, 2026 • 1/3 volume receives a fixed price of
Slide 13: 2025 Year-End Net Asset Value & Reserves
2025 Year-End Net Asset Value & Reserves Long reserve life with industry low base decline of 5.9% Highlights Net Asset Value EUR (MMBoe) TPP Reserves 2025 2024 Change Current Share Price (1) $/sh. 1.25 300 Common Shares O/S MM 296.0 PDP TP TPP Gas Bcf 1,299 1,228 6% (3) NGLs MMbbl 44 40 11% FD Share
Slide 14: Untapped Drilling Inventory
Untapped Drilling Inventory High impact inventory provides opportunity to grow reserves and shareholder value Identified Gross Unrisked Drilling Opportunity By Tier (TP) (1)(2)(3) 350 Successful execution of the corporate strategy will lead to higher cash 314 300 flow, positioning the Company to ini
Slide 15: Select Peer Comparables
Select Peer Comparables Cavvy trades at a discount to gas weighted peers despite improving fundamentals Capitalization Operational Valuation (2026E) 1) 1 Leverage has weighed upon share price for several Market Net Enterprise % 2026E 2026E EV / EV / Net Debt / years, but focused debt repayment conti
Slide 16: ESG - Carbon Emissions Management
ESG - Carbon Emissions Management Cavvy continues to make progress reducing the carbon-intensity of our processing facilities Gross Emissions Obligations by Plant (000s tCO2e) • Prudent carbon emissions management is a top priority, leading 140 Caroline Jumping Pound Waterton to lower carbon emissio
Slide 17: Operating & Financial Results, Outlook
Operating & Financial Results, Outlook
Slide 18: Q4 2025 Operating Results
Q4 2025 Operating Results Continued growth in third-party business and production impacts from restarts and turnarounds • Production: 23,003 boe/d (81% gas) and 989 mt/d sulphur Operating Netback (hedged) $80 $25 ‒ ~2,770 mcf/d of production in NEBC was restarted at the end of Q4 as AECO broke above
Slide 19: Q4 2025 Financial Results
Q4 2025 Financial Results Higher capital quarter due to scheduled turnaround and abandonment spend but cashflow still robust Key Financial Metrics ($MM) Q4 2025 FY 2025 • $20.8 MM NOI ($9.82/boe, $0.07 per basic share) Sales Revenue $48.9 $184.8 • $13.5 MM Funds Flow from Operations ($0.05 per basic
Slide 20: FY 2025 Operating Results
FY 2025 Operating Results Results reflect cost structure reduction and 3rd party processing business development initiatives • Production: 23,904 boe/d (80% gas) & 1,078 mt/d sulphur Operating Netback (hedged) $140 $25 ‒ Voluntary shut-in of uneconomic dry natural gas production impacted ~8,700 boe/
Slide 21: FY 2025 Financial Results
FY 2025 Financial Results Strong year-over-year increase in funds flow and reduction in net debt Key Financial Metrics ($MM) FY 2025 FY 2024 • $110.5 MM NOI ($12.66/boe, $0.38 per basic share) Sales Revenue $184.8 $195.4 • $62.6 MM Funds Flow from Operations ($0.22 per basic share) 3rd Party Process
Slide 22: Focus on Debt Reduction
Focus on Debt Reduction Improving financial leverage - reduced net debt by $100MM since beginning of 2022 Significant Net Debt Reduction $300 $250 $200 $273 $254 $249 $150 $215 $202 $206 $204 $210 $219 $207 $182 $198 $185 $167 $164 $171 $100 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/2
Slide 23: Net Operating Income Sensitivity
Net Operating Income Sensitivity Operating expense significantly impacts NOI, highlighting importance of cost structure reduction FY 2025 Q4 2025 Operating Expense 13% Operating Expense 20% NGL & Condensate Production 7% Natural gas production 12% WTI price 4% NGL & Condensate Production 8% US$/C$ E
Slide 24: Hedge Position
Hedge Position Hedges underpin revenue stream • Commodity hedges continue to reduce revenue volatility • Rolling hedges may be added as market opportunities arise Liquids Hedges Natural Gas Hedges 130 2,500 Volumes Hedged (bbl/d) 5.00 Volumes Hedged (GJ/d) Weighted Average Hedge Price 150,000 125 WT
Slide 25: 2026 Guidance
2026 Guidance Strong sulphur and 3rd party processing support robust cash flow and debt reduction targets for 2026 2026 Guidance • 2026 Guidance includes downtime at Caroline for Q3 maintenance Guidance Measure (Dec-25) turnaround (~6 weeks) and downtime at Waterton in Q2 (~2 Low High weeks) for mai
Slide 26: Path to Shareholder Value
Path to Shareholder Value Establishing and growing a premier energy company focused in Western Canada • Simplify the business by focusing on western Canadian upstream and midstream assets ‒ Completed strategic pivot culminating in sale of legacy Goldboro LNG assets, new corporate brand • Lower lever
Slide 27: Thank You
Thank You For further information or questions: investors@cavvyenergy.com Cavvy Energy (TSX:CVVY)
Slide 28: Appendix A – Asset Detail
Cayvy" ENERGY Appendix A — Asset Detail
Slide 29: Waterton Core Area Overview
Waterton Core Area Overview Overview Map Upside ▪ Low-risk sour drilling opportunities and sweet gas play delineation, complemented by near-term recompletion and reactivation potential ▪ Condensate-rich development drilling locations provide high netback opportunities over multiple thrust sheets ▪ B
Slide 30: Waterton Core Area – continued
Waterton Core Area – continued Production 3,000 40 Liquids (bbl/d) Gas (MMcf/d) 2,000 30 1,000 Liquids Gas - 20 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Other Revenue ($000s) $2,000 Sulphur Revenue 3rd Party Processing & Other Revenue $1,000 $0 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Waterton Deep Cut Sour Gas Proce
Slide 31: Central AB & Caroline Core Area Overview
Central AB & Caroline Core Area Overview Overview Map Upside ▪ Development upside highlighted by: ▪ Ostracod – low risk, highly productive ▪ Mannville – well established, liquids-rich, highly productive ▪ Horizontal drilling has proven effective by others in all target zones elsewhere in the CAB Foo
Slide 32: Caroline Core Area - continued
Caroline Core Area - continued Production 3,000 24 Liquids Gas Liquids (bbl/d) Gas (MMcf/d) 2,500 2,000 23 1,500 1,000 500 22 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Other Revenue ($000s) $6,000 Sulphur Revenue 3rd Party Processing & Other Revenue $4,000 $2,000 $0 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Caroline De
Slide 33: Jumping Pound Core Area Overview
Jumping Pound Core Area Overview Overview Map Upside ▪ Upside consists of a combination of development and exploration targets: ▪ Infill Turner Valley opportunities offsetting existing fields ▪ Sweet and sour exploration drilling opportunities in the Jumping Pound and Moose Mountain areas Inventory
Slide 34: Jumping Pound Overview - Continued
Jumping Pound Overview - Continued Production 2,000 Liquids Gas 50 Liquids (bbl/d) Gas (MMcf/d) 1,500 40 30 1,000 20 500 10 - - Q4/2024 Q1/2025 Q2/2025 Q3/2025 Other Revenue ($000s) $4,000 Sulphur Revenue 3rd Party Processing & Other Revenue $3,000 $2,000 $1,000 $0 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Ju
Slide 35: Northern AB Area Overview
Northern AB Area Overview Overview Map Upside ▪ Combination of traditional vertical multi-zone completions, and horizontal targets in the Dunvegan, Cadotte and Falher ▪ Ojay contains abundant Mannville and Nikanassin reservoirs with up to 100m of cumulative net sand that historically produce comingl
Slide 36: Marketing & Logistics
Marketing & Logistics Natural Gas: Cavvy’s deep cut sour gas plants provide diversified revenue from multiple product streams. • All three facilities are pipeline connected to TC Energy’s Nova System. • Historically, with all liquids stripped by the deep cut processing facilities, Facility Product T
Slide 37: Cavvy Drilling Inventory Classification
Cavvy Drilling Inventory Classification Tier Tier Subdivision Scheme POP (2) 1a Booked undeveloped – wells are captured in reserves report 100% 1b Bookable but not currently captured in the reserves report 90% Short term: development wells that don’t fit reserves criteria. May need technical work, m
Slide 38: Caroline Gas Plant: A Beacon Gas Processing Hub
Caroline Gas Plant: A Beacon Gas Processing Hub Renewed customer service focus creates ‘facility of choice’ for area producers • Significant 3rd party liquids-rich natural gas drilling in surrounding area, primarily focused in the Mannville Glauconitic and Ellerslie formations • The Caroline Gas Pla
Slide 39: Appendix B – Foothills Geology
Appendix B – Foothills Geology
Slide 40: Introduction to the Canadian Foothills
Introduction to the Canadian Foothills Generalized Lithological Controls on Fold Style and Fracture Development Clastics • Interbed slip (deck of cards) • Can generate intermediate-scale complex folds Detachments in Clastics passively • Thin bedded units can be highly fractured depending on litholog
Slide 41: Foothills Fracture Systems
Foothills Fracture Systems Idealized fold-related fracture systems (Feltham, 2006 Conjugate fracture system in a Type 1 Horizontal wells best exploit fractured reservoirs as shown after Sterns, 1968). Type 1 fractures are oriented orientation in Paleozoic carbonates, Central in this outcrop example
Slide 42: Appendix C – Corporate
Cayvy" ENERGY Appendix C — Corporate
Slide 43: Hedge Position Detail
Hedge Position Detail 2026-2029 Hedge Portfolio(1) Q126 Q226 Q326 Q426 2026 Q127 Q227 Q327 Q427 2027 Q128 Q228 Q328 Q428 2028 Q129 Q229 Q329 Q429 2029 AECO Natural Gas Sales Total Hedged (GJ/d) 79,533 71,854 68,340 65,025 71,140 63,340 28,154 - - 22,637 - - - - - - - - - - Avg Hedge Price (C$/GJ) $3
Slide 44: Cautionary Statements
Cautionary Statements This presentation is for informational purposes only and does not of the economic and political environment in which Cavvy operates; the Statements relating to “reserves” are forward looking statements due to constitutes an offer or recommendation to purchase, subscribe for, re
Slide 45: Thank You
Head Office 1100, 411 – 1st Street SE Calgary, Alberta, T2G 4Y5 Canada Enquiries: investors@cavvyenergy.com Independent Reserve Evaluator Deloitte LLP Auditors Ernst & Young LLP Transfer Agent Odyssey Trust Thank You For further information or questions: investors@cavvyenergy.com Cavvy Energy (TSX:C