Topaz Energy Corp · TSX:TPZ
Topaz Energy — Q4 2025 Earnings Presentation
34 slides from Topaz Energy's earnings presentation, Feb 25, 2026
Slide 1: Premium, Differentiated Energy Investment
PREMIUM, DIFFERENTIATED ENERGY INVESTMENT CORPORATE PRESENTATION February 24, 2026
Slide 2: Topaz Energy Corp. Overview
Topaz Energy Corp. Overview High margin free cash flow and option value from Canadian energy portfolio ROYALTY PORTFOLIO REVENUE & VOLUME(2) 2026e OUTLOOK 90%: Tourmaline, Headwater & Tamarack Valley Total Guidance Midpoint(2) 30% 10%: Diversified WCSB Revenue 23,700 $93mm Royalty (Boe/d) Fixed Reve
Slide 3: Why Own Topaz
Why Own Topaz Durable Free Cash Flow $1.4 Bn FCF and $0.5 Bn Excess FCF over past 5 years $500 2026e Guidance 2026e FCF Sensitivity(1) $0.4 Bn FCF $3.50 AECO / US$75 WTI $450 $0.16 Bn Excess FCF $400 $0.3 Bn FCF $2.25 AECO / US$65 WTI $350 $0.1 Bn Excess FCF $300 $0.2 Bn FCF C$ million $0.00 AECO /
Slide 4: Leading Shareholder Returns
Leading Shareholder Returns Embedded growth and progressive dividend Total Dec 31 Return Dividend $300 CAGR(1) Yield(2) TPZ-CA 23% 4.9% $275 $250 Topaz provides a lower-risk, reliable return hedged against operational inflation TSX Composite $225 17% 2.8% Index TSX Dividend 15% 3.5% Aristocrats $200
Slide 5: Sustained Dividend Growth
Sustained Dividend Growth >80% FCF margin provides reliable, sustainable growth 120% Dividend & Excess FCF 115% Performance 110% Q4 2020 (IPO) to Q4 2025 Quarterly $0.34/sh 105% 100% 2.00 4.5% current yield(1) 95% 9 Increases 90% 11% CAGR (2020-2025)(2) 85% Resilient FCF for dividend and M&A growth
Slide 6: Topaz 'P+P' Developed Reserves
Operator-Funded Development & Royalty Option Value 250 Power of Royalty Topaz Developed Reserves(1) Option Value 2020 – 2025 (Mmboe) 1.3x 90 Annual Reserve Replacement 25 (6-yr average, operator-funded) >193 Mmboe 25 200 >90 Mmboe 146% 20 20 Topaz share of Topaz Total Developed Reserve Volume* (Mmbo
Slide 7: Great Plays Get Better
Great Plays Get Better Premium plays attract continuous enhancement & development Clearwater Heavy Oil NEBC Montney Enhanced Recovery Phenom World-Class LNG Supply 14 Enhanced Capture of Significant Resource(2) Transparent Growth Outlook ~8.0 Bn bbl OOIP (400mm bbl Topaz net) Tourmaline 5-yr Growth
Slide 8: Topaz Outlook
Topaz Outlook(5) Strategically positioned for operator-funded growth and disciplined acquisitions $800.0 Commodity Sensitivity(4) >100% Up to +$10 WTI 10%/yr M&A Growth(3) 2030i $700.0 Topaz-Funded 70-80% EBITDA +$1 AECO 2030i Price $600.0 4-7%/yr Royalty Growth(2) +$150mm per year EBITDA +C$1.00/mc
Slide 9: Premium Royalty & Infrastructure Portfolio
Premium Royalty & Infrastructure Portfolio Strategic assets in leading North American plays focused within WCSB growth corridor Royalty Portfolio 9 million gross acres(2) 23.7 Mboe/d (70% gas)(3) >$2.5 Bn annual operator capital(4) Montney Operator-Funded Growth Peace River 4 - 7% per year 34% of Pr
Slide 10: WCSB Natural Gas Supply Demand Overview
WCSB Natural Gas Supply Demand Overview 7 Incremental 5-yr WCSB Gas Demand(3) >6.5Bcf/d by 2030 Data Center Projects in AESO Queue(2) Incremental Oilsands Demand 6 Datacenter Demand 5 Woodfibre LNG 42 21GW Cedar LNG Applications Total Load Tilbury LNG Exp. Bcf/d 4 Summit Lake LNG 3 Ksi Lisims LNG LN
Slide 11: Unique, Hybrid Business Yields Superior Profit Margins
Unique, Hybrid Business Yields Superior Profit Margins Gross overriding royalty and non-operated infrastructure interests Topaz Royalty Topaz Infrastructure vs. E&P FCF Margin vs. Midstream CF Margin Commodity investment generating superior margins Fixed revenue model generating superior margins rel
Slide 12: Embedded Growth From Operator-Funded Capital Activity
Embedded Growth From Operator-Funded Capital Activity Reliable, meaningful share of WCSB activity from strategic partners’ long-term plans Reliable Operator Drilling Activity & Expanding Market Share(1) 1000 20% 17% 15% 15% % share of WCSB activity 750 15% gross wells drilled 12% 11% 500 10% 250 5%
Slide 13: NEBC Montney Royalty & Infrastructure Assets
NEBC Montney Royalty & Infrastructure Assets Significant ownership in North America’s most economic natural gas play Royalty & Infrastructure Assets NEBC MONTNEY 1.7 million CONROY gross acres (~65% undeveloped) across Tourmaline’s NEBC Montney acreage (Canada’s largest natural gas producer “BBB Hig
Slide 14: Clearwater Royalty & Infrastructure Assets
Clearwater Royalty & Infrastructure Assets Significant identified oil resource with free option value Royalty & Infrastructure Assets 2025 Clearwater Reserves Performance Topaz Royalty Production 4.5 4.0 3.5 8x Royalty growth 16% 3.0x(6) 2.0x(7) ~1.0 Bn(2) 3.0 of Topaz’s Higher RLI Bbl additional 20
Slide 15: Deep Basin & Alberta Montney Royalty & Infrastructure Assets
Deep Basin & Alberta Montney Royalty & Infrastructure Assets Significant royalty and infrastructure ownership in Alberta’s premium natural gas fields Royalty Assets 3.7 million gross acres ELMWORTH WCP MUSREAU FACILITY DEEP BASIN & TOPAZ 50% WI multiple-zone stacked pay ALBERTA MONTNEY multi-decade
Slide 16: Peace River & Alberta Montney Royalty & Infrastructure Assets
Peace River & Alberta Montney Royalty & Infrastructure Assets Royalty and infrastructure assets in well-established Alberta light oil plays Royalty Assets 0.9 million gross acres PEACE RIVER & with strategic partnerships ALBERTA MONTNEY CECIL Infrastructure Assets LGN POUCE COUPE FACILITY(1) TOPAZ 3
Slide 17: Other Royalty Assets
Other Royalty Assets Diversified royalty production underpinned by ultra-low decline Weyburn Unit Portfolio of Gross Overriding & Fee Mineral Title Royalties 2.1 million gross acres OTHER ROYALTY AREAS Alberta, SE Saskatchewan, Manitoba & Other • 0.5mm gross acres fee mineral title provides BC futur
Slide 18: Business Plan Execution
Business Plan Execution Disciplined, counter-cyclical M&A growth diversified with other quality assets 58% Revenue returned on total acquisitions to date $2.9 Bn Total Acquisitions $1.7 Bn Revenue (1) $2,000 Tourmaline Acquisitions $140.00 $2,000 Non-Tourmaline Acquisitions $140.00 62% of acquisitio
Slide 19: Strategic Diversification
Strategic Diversification(1) Royalty Royalty Volume by Revenue by Operator Operator 24% TVE 15% HWX 11% TVE 9% 6% WCP 73% HWX TOU 3% WCP 11% 7% Other Other 40% TOU Infrastructure Revenue Total Revenue by Operator by Operator 15% 18% WCP TVE 14% 53% AAV 44% 13% TOU HWX TOU 8% HWX 11% WCP 10% 4% TVE +
Slide 20: Topaz Competitive Advantages
Topaz Competitive Advantages Unique characteristics Durable Free Dedicated Operator within advantageous Cash Flow Capital business model Resilient, capital free revenue streams Reliable track record of operator-funded reserve replacement Progressive & Sustainable Highly Self-Funded Dividend Profitab
Slide 21: Appendix
APPENDIX CORPORATE PRESENTATION February 24, 2026
Slide 22: Topaz Executive Team and Board of Directors
Topaz Executive Team and Board of Directors Marty Staples Cheree Stephenson President, CEO and Director VP Finance and CFO • President & CEO of Topaz since April 2020 • VP Finance & CFO of Topaz since April 2020 • Instrumental in Topaz’s accretive acquisition • Integral leadership through Topaz’s st
Slide 23: Hierarchy of Oil and Gas Interest Ownership
Hierarchy of Oil and Gas Interest Ownership Topaz GORR Acreage Tenure • Significant portion of B.C. Montney GORR encumber leases continued indefinitely under B.C. land plats Topaz owns • Nearly all Clearwater GORR encumber 15-yr oilsands leases Crown 0.53mm • Significant portion of other GORR are he
Slide 24: Hierarchy of Infrastructure Ownership
Hierarchy of Infrastructure Ownership • Infrastructure company acquires or constructs “nameplate” infrastructure which can have long construction lead times during which no investment return is generated Owned and • Revenue, overhead, expertise, operating & capital expenditures, legal & operated env
Slide 25: Financial History
Financial History Impact of Q4 2025 Voluntary Change in Accounting Policy Earnings per Share(1) DD&A Expense(1) PP&E Net Book Value(1) $ per share $000s $Bn $0.90 $500 $2.5 $0.80 $450 $400 $2.0 $0.70 $350 $0.60 $300 $1.5 $0.50 $250 $0.40 $200 $1.0 $0.30 $150 $0.20 $100 $0.5 $0.10 $50 $- $- $- 2023 2
Slide 26: Guidance Assumptions & Sensitivity
Guidance Assumptions & Sensitivity 2026e Guidance Estimates(1) February 24, 2026 Annual average royalty production (boe/d) 23,500 – 23,900 Infrastructure processing revenue and other income $92.0 - $94.0 mm 2026e dividend ($1.36 per share) ~$210.0 mm Dividend payout ratio (guidance midpoint, before
Slide 27: Financial Derivatives & Activity Disclosure
Financial Derivatives & Activity Disclosure Three mos. ended Three mos. ended Three mos. ended Three mos. ended Commodity Contracts Outstanding(1) Mar. 31, June 30, Sept. 30, Dec. 31, 2026 2026 2026 2026 (For subsequent year, as February 24, 2026) AECO (5A) fixed price contracts Avg Vol (GJ/d) 17,50
Slide 28: Slide Notes
Slide Notes Slide 2 1. As at February 20, 2026: $4.6Bn market capitalization based on 154.6mm shares outstanding and Topaz closing 2. Topaz’s royalty share (~5%) of ~8.0 Bn bbls original oil in place (OOIP) at YE 2025 based on internal share price on the TSX of $29.96/sh. $5.1Bn enterprise value is
Slide 29: Slide Notes
Slide Notes Slide 12 Slide 26 1. Source: Rig Locator, geoSCOUT and Peters & Co. Limited. 1. Management’s assumptions underlying the Company’s 2026 guidance estimates include: 2. Based on partner public disclosure. i. Topaz’s internal estimates regarding development pace and production performance in
Slide 30: Advisories and Cautionary Statements
Disclaimer Advisories and Cautionary Statements This Corporate Presentation dated February 24, 2026 (the "Presentation") has been prepared by Topaz Energy including dividend reliability and excess FCF flexibility; the benefits to be derived from royalty acquisitions and Corp. ("Topaz"), and is based
Slide 31: Advisories and Cautionary Statements
Advisories and Cautionary Statements oil, natural gas and NGL; reliance on Tourmaline and other third parties with respect to annual revenue streams; Tourmaline's prospective acreage and an assumption as to the number of wells that can be drilled per section supply and/or demand disruptions attribut
Slide 32: Advisories and Cautionary Statements
Advisories and Cautionary Statements Other Financial Measures Adjusted working capital and net debt (cash) Capital management measures Management uses the terms “adjusted working capital” and “net debt (cash)” to measure the Company’s liquidity position and capital flexibility, as such these terms a
Slide 33: Advisories and Cautionary Statements
Advisories and Cautionary Statements Oil and Gas Metrics Information Regarding Public Issuer Counterparties This Presentation contains certain oil and gas metrics which do not have standardized meanings or Certain information contained in this Presentation relating to the Company's public issuer cou
Slide 34: Topaz Energy Corp.
TOPAZ ENERGY CORP. 2900, 250 6th Ave SW Calgary, AB T2P 3H7 www.topazenergy.ca T (587) 747-4830 E info@topazenergy.ca