Cavvy Energy Ltd · TSX:CVVY
Cavvy Energy — Investor Presentation (May 2026)
43 slides from Cavvy Energy's investor presentation, May 2026
Slide 1: Corporate Presentation
Corporate Presentation May 2026
Slide 2: Cavvy Energy Ltd. – At a Glance
CVVY Mineral Acreage Cavvy Energy Ltd. – At a Glance NE BC 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 acquisiti on by Whitecap Resources in Q1 2
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 • ~70% of common shares pricing (currently > US$800/mt) owned by institutions and • Growing fee-based revenue from
Slide 8: Delivering on Strategic Initiatives
Delivering on Strategic Initiatives Cavvy is a premier energy company in western Canada Breaking out Achieving key milestones to maximize facility utilization, optimize cost structure, and deleverage debt will accelerate profits and fund access to growth opportunities to further grow cash flow per s
Slide 9: Diversified Revenue Streams
Diversified Revenue Streams Cash flow supported by multiple revenue streams creates resiliency and differentiation Revenue Composition (1) 100% Midstream business and exposure to 12% 90% market sulphur pricing solidifies Cavvy as 80% a premiere, diversified energy company 34% 70% • Third-party proce
Slide 10: Strategically Located & Available Midstream Capacity
Strategically Located & Available Midstream Capacity Over 110 MMcf/d of excess gas processing capacity in southern Alberta Key Processing Facilities Operated Gas Plant Utilization (Current) (1) Cavvy owns & controls critical deep-cut, sour gas infrastructure with available capacity to 300 Cavvy Othe
Slide 11: Important Contribution of Third-Party Processing
Important Contribution of Third-Party Processing A growing value driver that de-risks the revenue stream 3rd Party Processing, Marketing, & Gathering Revenue ($MM) Total Raw Gas Plant Throughput (MMcf/d) $14 500 Third Party Volumes Cavvy Owners Available Capacity $12 400 $10 $8 300 $6 200 $4 100 $2
Slide 12: Understanding the Sulphur Market
Understanding the Sulphur Market Sulphur is a vital non-metallic element and plays an integral role in global industries Sulphur 101 Sulphur Uses • Naturally occurring and 16th most abundant element on earth • Agriculture: Sulphur is an essential plant nutrient and used • Largely produced as a bypro
Slide 13: Sulphur Market Upside Exposure in 2026+
Sulphur Market Upside Exposure in 2026+ Structured 12-month forward pricing agreement de-risks 2026 cash flow Significant upside with exposure to sulphur Entered into a structured forward sulphur pricing agreement for 2026: market started in January 1, 2026 • 1/3 volume receives a fixed price of US$
Slide 14: 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. 1.51 300 Common Shares O/S MM 309.1 PDP TP TPP Gas Bcf 1,299 1,228 6% (3) NGLs MMbbl 44 40 11% FD Share
Slide 15: 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) 350 314 Successful execution of the corporate strategy will lead to higher cash 300 flow, positioning the Company to ini
Slide 16: Select Peer Comparables
Select Peer Comparables Strong track of execution leading to alignment with peers; Management striving for further upside Capitalization Operational Valuation (2026E) Valuation (2027E) • Since the decision to shift Market Net Enterprise % Gas 2026E 2026E 2027E 2027E EV / EV / Net EV / EV / Net strat
Slide 17: Operating & Financial Results, Outlook
Operating & Financial Results, Outlook
Slide 18: Q1 2026 Operating Results
Q1 2026 Operating Results Strong facility runtimes and continued growth from third-party processing business • Production: 24,655 boe/d (80% gas) and 1,089 mt/d sulphur Operating Netback (hedged) $80 $25 ‒ Achieved 100% runtime at all three operated facilities 18.87 $60 $20 • Operating Costs: $47.8
Slide 19: Q1 2026 Financial Results
Q1 2026 Financial Results Accelerated debt repayments; Simplified capital structure with warrant exercise • $41.9 MM NOI ($18.87/boe, $0.14 per basic share) Key Financial Metrics ($MM) Q1 2026 Sales Revenue $106.5 ‒ $35.3 MM of realized sulphur revenues as a result of exposure to market price 3rd Pa
Slide 20: Focus on Debt Reduction
Focus on Debt Reduction Improving financial leverage - reduced debt by $121 MM since beginning of 2022 Significant Debt Reduction $300 $238 $250 $220 $208 $203 $180 $175 $184 $172 $173 $181 $200 $164 $168 $155 $153 $147 $151 $150 $117 $100 $50 $0 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24
Slide 21: Net Operating Income Sensitivity
Net Operating Income Sensitivity Management is focused on operational excellence and mitigation of price risk to reduce NOI volatility Q1 2026 • The NOI Sensitivity chart shows the change in Q1 Net Operating Expense 11% Operating Income from a 10% change in each variable on a hedged basis Sulphur pr
Slide 22: Hedge Position
Hedge Position Hedges reduce revenue volatility of revenue stream Liquids Hedges Natural Gas Hedges Volumes Hedged (bbl/d) 5.00 Volumes Hedged (GJ/d) Weighted Average Hedge Price 150,000 140 2,500 WTI Forward Curve AECO Forward Curve Weighted Average Floor 125,000 130 4.00 Weighted Average Ceiling 2
Slide 23: 2026 Guidance
2026 Guidance Strong sulphur prices and 3rd party revenues 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) fo
Slide 24: 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 25: Thank You
Thank You For further information or questions: investors@cavvyenergy.com Cavvy Energy (TSX:CVVY)
Slide 26: Appendix A – Asset Detail
Cayvys ENERGY Appendix A — Asset Detail
Slide 27: 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 28: Waterton Core Area – continued
Waterton Core Area – continued Production 5,000 55 Liquids (bbl/d) Gas (MMcf/d) 3,000 35 Liquids Gas 1,000 15 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Other Revenue ($000s) $20,000 Sulphur Revenue 3rd Party Processing & Other Revenue $15,000 $10,000 $5,000 $0 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Waterton Deep Cut
Slide 29: 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 30: Caroline Core Area - continued
Caroline Core Area - continued Production 3,000 Liquids Gas 24 Liquids (bbl/d) Gas (MMcf/d) 2,500 2,000 23 1,500 22 1,000 500 21 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Other Revenue ($000s) $15,000 Sulphur Revenue 3rd Party Processing & Other Revenue $12,500 $10,000 $7,500 $5,000 $2,500 $0 Q2/2025 Q3/2025
Slide 31: 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 32: Jumping Pound Overview - Continued
Jumping Pound Overview - Continued Production 2,000 Liquids Gas 40 Liquids (bbl/d) Gas (MMcf/d) 1,500 38 1,000 36 500 34 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Other Revenue ($000s) $8,000 Sulphur Revenue 3rd Party Processing & Other Revenue $6,000 $4,000 $2,000 $0 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Jumping P
Slide 33: 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 34: 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 35: 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 36: ESG - Carbon Emissions Management
ESG - Carbon Emissions Management Cavvy continues to make progress reducing the carbon-intensity of our processing facilities Gross Emissions True-Up Obligations by Plant1 (000s tCO2e) • Prudent carbon emissions management is a top priority, leading 140 Caroline Jumping Pound Waterton to lower carbo
Slide 37: Appendix B – Foothills Geology
Appendix B – Foothills Geology
Slide 38: 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 39: 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 40: Appendix C – Corporate
Cayvys ENERGY Appendix C — Corporate
Slide 41: Hedge Position Detail
Hedge Position Detail 2026-2029 Hedge Portfolio (1) 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) 71,854 68,340 65,025 68,394 63,340 28,154 - - 22,637 - - - - - - - - - - Avg Hedge Price (C$/GJ) $3.34 $3.40 $
Slide 42: 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 43: 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