Slide 1: Q4 2025 Update
GREENFIRE RESOURCES Q4 2025 UPDATE March 2026
Slide 2: Corporate Snapshot
Corporate Snapshot Athabasca Oil Sands Regional Map Capitalization as of December 31, 2025 Firebag Basic Shares Outstanding 125,407,497 MacKay River Sunrise Market Capitalization @ C$6.55 / Share C$821mm Telephone Creek Net Debt / (Cash)(1) (C$42mm) McKay River Fort MacKay River McMurray Enterprise
Slide 3: I. The Opportunity
I. The Opportunity GREENFIRE RESOURCES
Slide 4: Greenfire has a large reserves base…
Greenfire has a large reserves base… YE 2025 Reserves Report Summary(2) Oil Reserves (MMbbls) NPV10 A-Tax (C$bn)(3) 69-year 2P Reserve Life Index(1) 409 $2.0 $1.6 39-year 1P Reserve Life Index(1) 232 $0.8 6 2025 2024 Production 1P 2P Current Enterprise Value (4) 1P 2P 1) Reserves life index is calcu
Slide 5: …that has been significantly under-capitalized vs. peers
…that has been significantly under-capitalized vs. peers Oil Sands Project Capital Invested vs. Oil Capacity (Cumulative 2018 – 2024 Capex / Facility Capacity) ($ / 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 2025(1) Pre-Payout Post-Payout NCLs (100% Deduct
Slide 7: II. Development Plan Preview
II. Development Plan Preview
Slide 8: Near-term development plan targets NE region before SE region
Greenfire’s near-term development plan targets resource located most proximate to the central processing facility; afterwards, Greenfire intends to develop the SE region, which contains the largest volume of 2P reserves at the company NE Regional Development Plan Preview Expansion Asset Net Pay Map
Slide 9: Forward-Looking Statements Advisory
FORWARD-LOOKING STATEMENTS ADVISORY FORWARD-LOOKING STATEMENTS ADVISORY supply of Greenfire's products; the continued impact, or further deterioration, in global economic and Unless indicated otherwise, production volumes and per unit statistics are presented throughout this market conditions, inclu