Slide 1: Corporate Presentation May 2026
Corporate Presentation May 2026
Slide 2: Disclaimer: Forward-Looking Statements
DISCLAIMER Forward-Looking Statements Certain statements contained in this presentation constitute “forward-looking information” or the accuracy and veracity of information and projections sourced from third parties respecting, “forward-looking statements” (collectively, “forward-looking statements”
Slide 3: Disclaimer (Continued)
DISCLAIMER (CONTINUED) Scientific and Technical Information Certain scientific or technical information regarding Source’s Northern White frac sand mine and The scientific and technical information in this presentation has been updated with current related closed-loop wet processing plant located in
Slide 4: Source at a Glance
SOURCE AT A GLANCE Source is a leading logistics company with a significant infrastructure footprint in Western Canada, a solid base frac sand business, and upside opportunity with business diversification Production: ▪ Source has 4.8 mmtpa of Northern White frac sand production capacity across 3 mi
Slide 5: The WCSB's Leading Energy Logistics Company
THE WCSB’S LEADING ENERGY LOGISTICS COMPANY Source’s infrastructure unlocks efficiencies to match the evolving needs of current and future oilfield operations 5
Slide 6: Canadian LNG Projects
CANADIAN LNG PROJECTS (1) LNG Canada continues to ramp shipments into year end (2) 1, 2 – Slide Notes
Slide 7: Proppant Demand Forecast
(1) PROPPANT DEMAND FORECAST (2) 1, 2 – Slide Notes 7
Slide 8: LNG Infrastructure
LNG INFRASTRUCTURE Source’s infrastructure is ideally placed for the upcoming LNG growth LNG INFASTRUCTURE: ▪ 3 - Unit Train Terminals ▪ 180K tonnes of Sand Storage ▪ Closest supply of Domestic Sand to the Montney 8
Slide 9: Domestic Supply
DOMESTIC SUPPLY The strategic location of our Domestic Sand mine in Peace River provides Source a significant logistical advantage over competing facilities in Western Canada Proppant Forecast - WCSB(1) 2025 2026E 2027E Montney 5,615,000 5,700,000 5,985,000 1 – Slide Notes Duvernay 1,900,000 1,900,0
Slide 10: Operational & Financial Highlights
OPERATIONAL & FINANCIAL HIGHLIGHTS Q1 2026 ▪ Realized sand sales volumes of 871,581 MT and sand revenue of $125.8 million, a decrease of 23% compared Q1 2026 Q1 2025 to the first quarter of 2025 ▪ Generated total revenue of $160.2 million, a $48.3 million decrease from the first quarter of 2025 Sale
Slide 11: Balance Sheet: Credit Package
BALANCE SHEET: CREDIT PACKAGE Term Loan ABL Facility ▪ Deleveraging remains a strategic goal of the business ▪ Becomes a true liquidity back stop in the new structure, • 5% annual amortization, spread out in quarterly to support working capital fluctuations payments, plus a quarterly excess cash flo
Slide 12: Balance Sheet
BALANCE SHEET Our working capital surplus of $51,890 includes $5,011 of Cash on Hand; Source had availability of $23,587 on the ABL (000’s) Working Capital March 31, 2026 March 31, 2025 Total Current Assets $189,358 $197,772(1) Total Current Liabilities <$137,468> <$110,105> $51,890 $87,667 Asset Ba
Slide 13: Capital Spending & Growth Opportunities
CAPITAL SPENDING & GROWTH OPPORTUNITIES Total CAPEX 50 45 40 40.3 Total Capacity & 30-40(1,2) Growth Potential of Source Assets 35 Terminal Throughput 5.7 mmpta 4.8 mmpta 30 Northern White Production Capacity 1.0 mmpta $ MM 25 Domestic sand 20 19.1 Sahara Units 11 ) 15 13.3 13 10 6.5 5 1,2 – Slide N
Slide 14: Investment Highlights
INVESTMENT HIGHLIGHTS Source is positioned for long-term, sustainable growth ▪ The increased demand for natural gas, driven by power generation facilities, increased natural gas pipeline export capabilities, and liquefied natural gas exports will drive incremental demand for Source’s services in the
Slide 15: Contact Source – Questions?
CONTACT SOURCE Questions? Phone 1-403-262-1312 Email investorrelations@sourceenergyservices.com
Slide 16: Slide Notes: Non-IFRS Measures
SLIDE NOTES NON-IFRS MEASURES In this presentation Source release Source has used the terms Free Cash Flow, Adjusted Gross Margin and Adjusted EBITDA, including per MT, which do not have standardized meanings prescribed by IFRS and Source’s method of calculating these measures may differ from the me
Slide 17: Slide Notes: Gross Margin Reconciliation
SLIDE NOTES Reconciliation of gross margin to Adjusted Gross Margin Three months ended March 31, ($000’s) 2026 2025 Gross margin 22,025 36,793 Cost of sales – depreciation 13,366 9,402 Adjusted Gross Margin 35,391 46,195 For additional information regarding non-IFRS measures, including their use to