Cavvy Energy Ltd · TSX:CVVY
Cavvy Energy — Q2 2026 Earnings Presentation
43 slides from Cavvy Energy's earnings presentation, Aug 12, 2026
Slide 1: Corporate Presentation
Corporate Presentation August 2026
Slide 2: Cavvy Energy Ltd. – At a Glance
CVVY Mineral Acreage NE BC Cavvy Energy Ltd. – At a Glance Non-Core Area 2026 Guidance Corporate Overview Production 22-23.5 kboe/d Northern Alberta Non-Core Area Sulphur Production 1.0-1.1 kmt/d Cavvy is a TSX listed energy company with upstream and midstream assets Capital Expenditures $52-$57 MM
Slide 3: Cavvy Energy Ltd. – Who We Are
Cavvy Energy Ltd. – Who We Are New name, but a well-established history The word “Cavvy” draws its inspiration from the western ranching tradition, referring to a carefully selected group of working horses chosen for their strength, reliability, and specific capabilities. The name evokes an identity
Slide 4: Why Invest in Cavvy Energy?
Why Invest in Cavvy Energy? A unique and diversified value proposition Robust Upstream Assets Gas Gathering & Processing Important Sulphur Producer • 33,000 boe/d production capability(1) • Own & operate three deep-cut gas • ~10%(1) of Canada’s sulphur production – a • Among the lowest annual base d
Slide 5: Share Price Support
Share Price Support Supportive shareholder base with near-term catalysts 2026 Share Price Support Institutional Ownership • Substantial increase in revenue from strong sulphur • ~57% of common shares pricing (currently > US$1,000/mt) owned by institutions and • Growing fee-based revenue from midstre
Slide 6: Select Peer Comparables
Select Peer Comparables Strong track of execution leading to alignment with peers; Management striving for further upside Capitalization Operational Valuation (2026E) Valuation (2027E) Market Net Enterprise % Gas 2026E 2026E 2027E 2027E EV / EV / Net Debt EV / EV / Net Debt • In 2023 Cavvy shifted C
Slide 7: Diversified Revenue Streams
Diversified Revenue Streams Cash flow supported by multiple revenue streams creates resiliency and differentiation Total Revenue ($MM) (1) 160 Midstream business and exposure to 140 market sulphur pricing solidifies Cavvy as a premiere, diversified energy company 120 • Third-party processing generat
Slide 8: Strategically Located & Available Midstream Capacity
Strategically Located & Available Midstream Capacity Over 80 MMcf/d of excess deep cut gas processing capacity in southern Alberta 3rd Party Processing (2) (MMcf/d) Key Processing Facilities ⚫ Red Deer Jumping Pound Caroline Gas Plant 58 Cond. Yield 20 bbl/MMcf NGL Yield 30 bbl/MMcf 152 Shantz Sulph
Slide 9: Important Contribution of Third-Party Processing
Important Contribution of Third-Party Processing A growing value driver that de-risks the revenue stream Third-Party Processing, Marketing, & Gathering Revenue ($MM) Total Raw Gas Plant Throughput (MMcf/d) (1) 500 Third Party Volumes Cavvy Owners Available Capacity $15 400 $10 300 200 $5 100 - - Q3/
Slide 10: Understanding the Sulphur Market
Understanding the Sulphur Market Sulphur is a vital non-metallic element and plays an integral role in global industries Sulphur 101 Sulphur Uses • Naturally occurring and 16th most abundant element on earth • Agriculture (1,2): Sulphur is an essential plant nutrient and used • Largely produced as a
Slide 11: Sulphur Market Upside Exposure
Sulphur Market Upside Exposure Unprecedented sulphur opportunity reshapes Cavvy’s future; 200,000 mt fixed at US$525/mt for 2027 2026/2027 Sulphur Price Agreement and Historical Sulphur Pricing (US$/mt) 2027 forward sulphur pricing agreement (Jan 1 – Dec 31): $1,250 Transportation, Marketing & Op. C
Slide 12: 2025 Year-End Net Asset Value & Reserves
2025 Year-End Net Asset Value & Reserves Long reserve life with industry low base decline of 5.9% Highlights Net Asset Value EUR (MMBoe) TPP Reserves 2025 2024 Change Current Share Price (1) $/sh. 1.91 300 Common Shares O/S MM 309.4 PDP TP TPP Gas Bcf 1,299 1,228 6% (3) NGLs MMbbl 44 40 11% FD Share
Slide 13: Untapped Drilling Inventory
Untapped Drilling Inventory High impact inventory provides opportunity to grow reserves and shareholder value Identified Gross Unrisked Drilling Opportunity By Tier (TP) (1)(2)(3) 350 Successful execution of the corporate strategy will lead to higher cash 314 300 flow, positioning the Company to ini
Slide 14: Operating & Financial Results, Outlook
Operating & Financial Results, Outlook
Slide 15: Q2 2026 Operating Results
Q2 2026 Operating Results Strong third-party processing and sulphur revenue drives record quarterly netback • Production: 21,497 boe/d (80% gas) and 984 mt/d sulphur Operating Netback (2) (hedged) $80 $25.38 $30 ‒ Planned 3 week downtime at Waterton relating to a non-op sales line outage in June $25
Slide 16: Q2 2026 Financial Results
Q2 2026 Financial Results Strong cash flow with further debt repayments leading to interest savings Key Financial Metrics ($MM) Q2 2026 • $49.6 MM NOI ($25.38/boe, $0.16 per basic and fully diluted share) Sales Revenue $99.8 ‒ $42.8 MM of realized sulphur revenues 3rd Party Processing & Other $12.3
Slide 17: Focus on Debt Reduction
Focus on Debt Reduction Improving financial leverage - reduced debt by $150 MM since end of 2021 Significant Debt Reduction (2) $300 $232 $238 $250 $220 $208 $203 $200 $180 $175 $184 $172 $173 $181 $164 $168 $155 $147 $153 $151 $MM $150 $117 $100 $81 $50 $0 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23
Slide 18: Hydrocarbon Hedge Position
Hydrocarbon Hedge Position Hedges reduce revenue volatility of revenue stream Liquids Hedges Natural Gas Hedges Volumes VolumesHedged Hedged(bbl/d) (bbl/d) 2,500 5.00 Volumes Hedged (GJ/d) 150,000 140 2,500 Weighted Average Hedge Price WTI Forward Curve WTI Forward Curve Weighted Average Floor AECO
Slide 19: Revised 2026 Guidance
Revised 2026 Guidance Strong third-party revenues and record sulphur prices support increased cash flow and debt reduction targets Revised 2026 Previous 2026 2026 Capital Guidance: Guidance Guidance • ~$17 MM increase – $6.8 MM to expand low risk high return well Guidance Measure (Aug-26) (Dec-25) a
Slide 20: Path to Shareholder Value
Path to Shareholder Value Establishing and growing a premier energy company focused in Western Canada ✓ Simplify the business by focusing on western Canadian upstream and midstream assets ✓ Completed strategic pivot culminating in sale of legacy Goldboro LNG assets, new corporate brand ✓ Lower lever
Slide 21: Thank You
Thank You For further information or questions: investors@cavvyenergy.com Cavvy Energy (TSX:CVVY)
Slide 22: Appendix A – Asset Detail
Cayvy" ENERGY Appendix A — Asset Detail
Slide 23: Waterton Core Area Overview
Waterton Core Area Overview Overview Map Upside ▪ Low-risk sour drilling opportunities and sweet gas play delineation, complemented by near-term recompletion and reactivation potential ▪ Condensate-rich development drilling locations provide high netback opportunities over multiple thrust sheets ▪ B
Slide 24: Waterton Core Area – continued
Waterton Core Area – continued Production 5,000 55 Liquids (bbl/d) Gas (MMcf/d) 3,000 35 Liquids Gas 1,000 15 Q3/2025 Q4/2025 Q1/2026 Q2/2026 Other Revenue ($000s) $20,000 Sulphur Revenue 3rd Party Processing & Other Revenue $15,000 $10,000 $5,000 $0 Q3/2025 Q4/2025 Q1/2026 Q2/2026 Waterton Deep Cut
Slide 25: Central AB & Caroline Core Area Overview
Central AB & Caroline Core Area Overview Overview Map Upside ▪ Development upside highlighted by: ▪ Ostracod – low risk, highly productive ▪ Mannville – well established, liquids-rich, highly productive ▪ Horizontal drilling has proven effective by others in all target zones elsewhere in the CAB Foo
Slide 26: Caroline Core Area - continued
Caroline Core Area - continued Production 3,000 24 Liquids Gas Liquids (bbl/d) Gas (MMcf/d) 2,500 2,000 22 1,500 1,000 500 20 Q3/2025 Q4/2025 Q1/2026 Q2/2026 Other Revenue ($000s) $15,000 Sulphur Revenue 3rd Party Processing & Other Revenue $12,500 $10,000 $7,500 $5,000 $2,500 $0 Q3/2025 Q4/2025 Q1/
Slide 27: Jumping Pound Core Area Overview
Jumping Pound Core Area Overview Overview Map Upside ▪ Upside consists of a combination of development and exploration targets: ▪ Infill Turner Valley opportunities offsetting existing fields ▪ Sweet and sour exploration drilling opportunities in the Jumping Pound and Moose Mountain areas Inventory
Slide 28: Jumping Pound Overview - Continued
Jumping Pound Overview - Continued Production 2,000 Liquids Gas 38 Liquids (bbl/d) Gas (MMcf/d) 1,500 36 1,000 500 34 Q3/2025 Q4/2025 Q1/2026 Q2/2026 Other Revenue ($000s) $10,000 Sulphur Revenue 3rd Party Processing & Other Revenue $8,000 $6,000 $4,000 $2,000 $0 Q3/2025 Q4/2025 Q1/2026 Q2/2026 Jump
Slide 29: Northern AB Area Overview
Northern AB Area Overview Overview Map Upside ▪ Combination of traditional vertical multi-zone completions, and horizontal targets in the Dunvegan, Cadotte and Falher ▪ Ojay contains abundant Mannville and Nikanassin reservoirs with up to 100m of cumulative net sand that historically produce comingl
Slide 30: Marketing & Logistics
Marketing & Logistics Natural Gas: Cavvy’s deep cut sour gas plants provide diversified revenue from multiple product streams. • All three facilities are pipeline connected to TC Energy’s Nova System. • Historically, with all liquids stripped by the deep cut processing facilities, Facility Product T
Slide 31: Cavvy Drilling Inventory Classification
Cavvy Drilling Inventory Classification Tier Tier Subdivision Scheme POP (2) 1a Booked undeveloped – wells are captured in reserves report 100% 1b Bookable but not currently captured in the reserves report 90% Short term: development wells that don’t fit reserves criteria. May need technical work, m
Slide 32: ESG - Carbon Emissions Management
ESG - Carbon Emissions Management Cavvy continues to make progress reducing the carbon-intensity of our processing facilities Gross Emissions True-Up Obligations by Plant1 (000s tCO2e) • Prudent carbon emissions management is a top priority, leading 140 Caroline Jumping Pound Waterton to lower carbo
Slide 33: Appendix B – Foothills Geology
Appendix B – Foothills Geology
Slide 34: Introduction to the Canadian Foothills
Introduction to the Canadian Foothills Generalized Lithological Controls on Fold Style and Fracture Development Clastics • Interbed slip (deck of cards) • Can generate intermediate-scale complex folds Detachments in Clastics passively • Thin bedded units can be highly fractured depending on litholog
Slide 35: Foothills Fracture Systems
Foothills Fracture Systems Idealized fold-related fracture systems (Feltham, 2006 Conjugate fracture system in a Type 1 Horizontal wells best exploit fractured reservoirs as shown after Sterns, 1968). Type 1 fractures are oriented orientation in Paleozoic carbonates, Central in this outcrop example
Slide 36: Appendix C – Corporate
Cayvy" ENERGY Appendix C — Corporate
Slide 37: Executive Team
Executive Team Over 130 years of energy industry experience Darcy Reding, P. Eng | President & Chief Executive Officer | Joined Cavvy in 2021 Mr. Reding previously served as the Vice President of Operations & Geoscience at NAL Resources Management until the acquisition by Whitecap Resources in Q1 20
Slide 38: Board of Directors
Board of Directors Patricia McLeod, K.C.| Board Chair Ms. McLeod is an experienced board chair, corporate board director, and a former senior legal executive, privacy, ethics and compliance officer. Ms. McLeod held Vice President and General Counsel roles in energy utilities and electricity retail,
Slide 39: Delivering on Strategic Initiatives
Delivering on Strategic Initiatives Cavvy is a premier energy company in western Canada Breaking out Achieving key milestones to maximize facility utilization, optimize cost structure, and deleverage debt will accelerate profits and fund access to growth opportunities to further grow cash flow per s
Slide 40: Net Operating Income Sensitivity
Net Operating Income Sensitivity Management is focused on operational excellence and mitigation of price risk to reduce NOI volatility Q2 2026 • The NOI Sensitivity chart shows the change in Q2 Net Operating Expense 9% Operating Income from a 10% change in each variable on a hedged basis Sulphur pro
Slide 41: Hedge Position Detail
Hedge Position Detail 2026-2029 Hedge Portfolio(1) Q326 Q426 2026 Q127 Q227 Q327 Q427 2027 Q128 Q228 Q328 Q428 2028 Q129 Q229 Q329 Q429 2029 AECO Natural Gas Sales Total Hedged (GJ/d) 68,340 65,025 71,140 63,340 28,154 - - 22,637 - - - - - - - - - - Avg Hedge Price (C$/GJ) $3.40 $3.41 $3.36 $3.41 $3
Slide 42: Cautionary Statements
Cautionary Statements This presentation is for informational purposes only and does not of the economic and political environment in which Cavvy operates; the Statements relating to “reserves” are forward looking statements due to constitutes an offer or recommendation to purchase, subscribe for, re
Slide 43: Thank You
Head Office 1100, 411 – 1st Street SE Calgary, Alberta, T2G 4Y5 Canada Enquiries: investors@cavvyenergy.com Independent Reserve Evaluator Deloitte LLP Auditors Ernst & Young LLP Transfer Agent Odyssey Trust Thank You For further information or questions: investors@cavvyenergy.com Cavvy Energy (TSX:C