Topaz Energy Corp · TSX:TPZ
Topaz Energy — Q2 2026 Earnings Presentation
34 slides from Topaz Energy's earnings presentation, Jul 28, 2026
Slide 1: Premium, Differentiated Energy Investment
PREMIUM, DIFFERENTIATED ENERGY INVESTMENT CORPORATE PRESENTATION July 27, 2026
Slide 2: Topaz Energy Corp. Overview
Topaz Energy Corp. Overview Canadian energy portfolio of high margin free cash flow & option value ROYALTY PORTFOLIO 2026e ROYALTY PRODUCTION(2) 2026e OUTLOOK 90%: Tourmaline, Headwater & Tamarack Valley Guidance(2) 10%: Diversified WCSB 24,100 $93mm 36% Royalty (Boe/d) Fixed Revenue NEBC Montney NE
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 2026e 2026e FCF Sensitivity(1) Updated Guidance(1) $0.4 Bn FCF $500 $3.50 AECO / US$90 WTI $450 $0.3 Bn FCF $0.2 Bn FY26 Avg: Excess FCF $1.90AECO / US$80 WTI $400 $0.1 Bn Excess FCF $350 $0.2 Bn FCF $0 AECO /
Slide 4: Leading Shareholder Returns
Leading Shareholder Returns Embedded growth and progressive dividend $350 Total Current Return Dividend $325 CAGR(1) Yield(2) TPZ-CA 23% 4.3% $300 Topaz provides a lower-risk, reliable return hedged against $275 operational inflation $250 TSX Composite 17% 2.2% Index TSX Dividend $225 16% 3.6% Arist
Slide 5: Sustained Dividend Growth
Sustained Dividend Growth >80% FCF margin provides reliable, sustainable growth 120% 115% 110% Dividend & Excess FCF 105% Q4 2020 (IPO) to Q2 2026 100% 2.00 Performance 95% Quarterly $0.35/sh 90% 85% 4.3% current yield(1) 80% Resilient FCF for dividend and M&A growth 10 Increases $1.40 75% 1.50 11%
Slide 6: Superior FCF Conversion Across all Revenue Streams
Superior FCF Conversion Across all Revenue Streams Topaz infrastructure assets generate royalty-like economics FCF Margin (% of Revenue) 2020-2025 6-yr Average Capital-Light Topaz ~5x Business Model Operator funded Royalty (1) 92% higher vs. E&P development Free option value Fixed revenue backstop T
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 Commodity Sensitivity(4) $800.0 ~100% Up to 10%/yr M&A Growth(3) +$10 WTI Topaz-Funded $700.0 70-80% +$1 AECO 2030i EBITDA 4-7%/yr Royalty Growth(2) +$150mm +C$1.00/mcf Operator-Funded per year 2030i or
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) 24.1 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: Operator-Funded Development & Royalty Option Value
Operator-Funded Development & Royalty Option Value 250 Power of Royalty Topaz Developed Reserves(1) Option Value 2020 – 2025 (Mmboe) 220 Mmboe 1.3x 90 Annual Reserve Replacement 117 25 (6-yr average, operator-funded) 25 200 Mmboe Topaz share of TOU/TVE/HWX 4.1x Booked Future Undeveloped 146% 20 Rese
Slide 11: 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 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) 22% 300 21% 19% 19% 20% 17% % share of WCSB activity 250 17% 17% 17% 15% 14% 15% 13% 14% gross we
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 1.9 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 3.6 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 0.8 million gross acres PEACE RIVER & with strategic partnerships ALBERTA MONTNEY CECIL Infrastructure Assets LGN POUCE COUPE FACILITY TOPAZ 35%
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 >60% Revenue returned on total acquisitions to date $3.0 Bn Total Acquisitions $1.9 Bn Revenue (1) $2,000 Tourmaline Acquisitions $160.00 $2,000 Non-Tourmaline Acquisitions $160.00 62% of acquisiti
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 July 27, 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) May 5, 2026 July 27, 2026 Annual average royalty production (boe/d) 23,900 23,900 – 24,300 Infrastructure processing revenue and other income $93.0 mm $93.0 mm 2026e dividend ($1.39 per share) ~$215.0 mm ~$215.0 mm Dividend payout ratio
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) Sept. 30, Dec. 31, Mar. 31, Jun. 30, (For subsequent year, as July 27, 2026) 2026 2026 2027 2027 AECO (5A) fixed price contracts Avg Vol (GJ/d) 30,000 16
Slide 28: Slide Notes
Slide 2 Slide Notes 1. As at July 24, 2026: $5.1 Bn market capitalization based on 154.851mm shares outstanding and Topaz closing 6. “Maintenance Capital” for Midstream and E&P peer group averages are based on public disclosure for each share price on the TSX of $32.68/sh. $5.6Bn enterprise value is
Slide 29: Slide Notes
Slide Notes Slide 11 Slide 25 1. Source: Peters & Co. Limited Research Reports “WCSB Natural Gas Update October 10, 2025”, “WCSB Gas 1. During Q4 2025, the Company voluntarily changed its depletion policy (retrospectively) to more closely Supply April 22, 2025” and “Fall 2025 Energy Overview January
Slide 30: Advisories and Cautionary Statements
Disclaimer Advisories and Cautionary Statements This Corporate Presentation dated July 27, 2026 (the "Presentation") has been prepared by Topaz Energy Corp. including dividend reliability and excess FCF flexibility; the benefits to be derived from royalty acquisitions and ("Topaz"), and is based on
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