Slide 1: Q2 2025 Update
Q2 2025 UPDATE SEPTEMBER 2025
Slide 2: Table of Contents
Table of Contents I. The Opportunity II. 2025 Challenges and Solutions III. Development Plan Preview
Slide 3: I. The Opportunity
I. The Opportunity GREENFIRE RESOURCES
Slide 4: Greenfire has a large reserves base…
Greenfire has a large reserves base… YE 2024 Reserves Report Summary(2) Oil Reserves (MMbbls) NPV10 A-Tax (C$bn)(3) 58-year 2P Reserve Life Index(1) 409 $2.5 $2.0 33-year 1P Reserve Life Index(1) 235 $0.7 7 2024 Production 1P 2P Current Enterprise Value (4) 1P 2P 1) Reserves life index is calculated
Slide 5: …that has been significantly under-capitalized vs. peers
…that has been significantly under-capitalized vs. peers Oil Sands Project Capital Invested vs. Oil Capacity (Cumulative 2018 – 2024 Capex / Facility Capacity) ($ / Bbl)(1) $11.41 $10.41 $9.96 $9.42 $9.16 $8.73 $8.54 Greenfire’s two facilities have historically been $7.44 undercapitalized relative t
Slide 6: Greenfire's cost structure makes investing capital to fill facility capacity attractive
Greenfire’s cost structure makes investing capital to fill facility capacity attractive Operating Leverage Royalty Pools Tax Pools Greenfire Fixed vs. Variable Non-Energy Operating Costs(1) Alberta Oil Sands Royalty Rates(2) Federal Tax Pools as of YE 2024(1) Pre-Payout Post-Payout NCLs (100% Deduct
Slide 7: II. 2025 Challenges and Solutions
II. 2025 Challenges and Solutions
Slide 8: 2025 has been a challenging operational year for three primary reasons
2025 has been a challenging operational year for three primary reasons; Greenfire has made considerable progress to implement permanent solutions Challenge for 2025 Solution for 2025 and Beyond 1 • Description: In February 2025, one of four boilers at the • Boiler repair remains on schedule with ful
Slide 9: Greenfire has overhauled its executive organizational structure
Greenfire has overhauled its executive organizational structure to become leaner, flatter, and more simplified; Greenfire believes it now has the “A-Team” in place New Executive Organization Structure External Hire In 2025 Internal Re-Org In 2025 Adam Waterous, Executive Chairman • Joined GFR: Janua
Slide 10: III. Development Plan Preview
III. Development Plan Preview
Slide 11: Moving forward, Greenfire will concentrate on a "back to basics" strategy
Moving forward, Greenfire will concentrate on a “back to basics” strategy of drilling new well-pairs in undeveloped reservoir Expansion Asset Development Plan • Historically, nearly all Expansion development has been focused in the “B1” region, with JACOS drilling the initial well-pairs in 2017, and
Slide 12: Forward-Looking Statements Advisory
FORWARD-LOOKING STATEMENTS ADVISORY FORWARD-LOOKING STATEMENTS ADVISORY Eastern Europe and the conflict in the Middle East, and other heightened geopolitical risks, including Unless indicated otherwise, production volumes and per unit statistics are presented throughout this imposition of tariffs or