Cavvy Energy Ltd · TSX:CVVY
Cavvy Energy — Investor Presentation (November 2026)
42 slides from Cavvy Energy's investor presentation, November 2026
Slide 1: Corporate Presentation
Corporate Presentation November 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-$57 MM
Slide 3: Why Invest in Cavvy Energy?
Why Invest in Cavvy Energy? A unique and diversified value proposition Robust Upstream Assets Gas Gathering & Processing Important Sulphur Producer • 33,000 boe/d production capability(1) • Own & operate three deep-cut gas • ~6-10%(1) of Canada’s sulphur production – • Among the lowest annual base d
Slide 4: Diversified Revenue Streams
Diversified Revenue Streams Cash flow supported by multiple revenue streams creates resiliency and differentiation Total Revenue ($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 5: 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 Jumping Pound Pound Caroline Gas Plant 5859 Cond. Yield 20 bbl/MMcf NGL Yield 30 bbl/MMcf
Slide 6: 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) $14 500 Third Party Volumes Cavvy Owners Available Capacity $12 400 $10 $8 300 $6 200 $4 1
Slide 7: 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 8: Global Sulphur Trade Flows
Global Sulphur Trade Flows Middle Eastern Instability Puts Significant Source of Sulphur Supply at Risk Russia Canada Top Producers (1) Kazakhstan 1 China 16% 5 Europe (other) 2 Saudi Arabia 11% 1 South Korea 3 United States 10% Japan 4 UAE 10% Morocco C. Asia (other) 3 5 Russia 6% United States 6 K
Slide 9: 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 10: 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. 2.52 300 Common Shares O/S 310.0 PDP TP TPP Gas Bcf 1,299 1,228 6% MM (3) NGLs MMbbl 44 40 11% FD Share
Slide 11: Select Peer Comparables
Select Peer Comparables Recent outperformance; Market still assessing Cavvy and Sulphur upside Capitalization Q2/26A 2026E 2027E Mkt. Net EV % Gas Prod. Op. Prod. EBITDA Prod. EBITDA • Successfully executed long-term plans to strengthen Company Ticker Price Cap. (1) (3) Debt Netback fundamentals aft
Slide 12: 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 13: Operating & Financial Results, Outlook
Operating & Financial Results, Outlook
Slide 14: Q3 2026 Operating Results
Q3 2026 Operating Results Strong quarterly operating netback; Production outages concentrated in the quarter • Production: 17,482 boe/d (81% gas); 753 mt/d sulphur Operating Netback (2) (hedged) $80 $23.86 $30 ‒ Turnaround at Caroline (52 days); Unscheduled outage at Waterton to repair leak in low $
Slide 15: Q3 2026 Financial Results
Q3 2026 Financial Results Strong cash flow supported by sulphur revenue and lower interest cost • $38.4 MM NOI ($23.86/boe, $0.12 per basic and fully diluted share) Key Financial Metrics ($MM) Q3 2026 Sales Revenue (2) $80.3 ‒ $46.2 MM of sulphur revenues(2) , $8.8 MM 3rd party proc, $7.7 MM financi
Slide 16: Focus on Debt Reduction
Focus on Debt Reduction Reduced total debt by $152 MM since end of 2021; Expect to reach target leverage in next year Significant Debt Reduction (1) $300 $232 $238 $250 $220 $208 $203 $200 $180 $175 $184 $172 $173 $181 $164 $168 $155 $147 $153 $151 $150 $117 $100 $81 $80 $50 $0 Q4/21 Q1/22 Q2/22 Q3/
Slide 17: Hydrocarbon Hedge Position
Hydrocarbon Hedge Position Hedges reduce revenue volatility of revenue stream Liquids (C5+) Hedges Natural Gas Hedges Volumes Volumes HedgedHedged (bbl/d)(bbl/d) 5.00 Volumes Hedged (GJ/d) 150,000 140 140 2,5002,500 WTI Forward WTI Forward Curve Curve Weighted Average Hedge Price Weighted Weighted A
Slide 18: 2026 Guidance
2026 Guidance Guidance remains unchanged, operations expected to normalize in Q4 Guidance Measure 2026 Guidance 2026 Guidance Remains Unchanged: Low High • Production – NEBC production fully online from Oct until year-end Production (boe/d) 22,000 23,500 (~800 boe/d) Sulphur Production (mt/d) 1,000
Slide 19: 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 FOCUS ✓ Lower
Slide 20: Thank You
Thank You For further information or questions: investors@cavvyenergy.com Cavvy Energy (TSX:CVVY)
Slide 21: Appendix A – Asset Detail
Cayvy" ENERGY Appendix A — Asset Detail
Slide 22: 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 23: 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 Q4/2025 Q1/2026 Q2/2026 Q3/2026 Other Revenue ($000s) $35,000 Sulphur Revenue 3rd Party Processing & Other Revenue $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 Q4/2025 Q1/2026 Q2/2026 Q
Slide 24: 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 25: Caroline Core Area - continued
Caroline Core Area - continued Production 2,800 40 Liquids Gas Liquids (bbl/d) Gas (MMcf/d) 2,300 1,800 20 1,300 800 300 - Q4/2025 Q1/2026 Q2/2026 Q3/2026 Other Revenue ($000s) $15,000 Sulphur Revenue 3rd Party Processing & Other Revenue $12,500 $10,000 $7,500 $5,000 $2,500 $0 Q4/2025 Q1/2026 Q2/202
Slide 26: 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 27: Jumping Pound Overview - Continued
Jumping Pound Overview - Continued Production 2,000 Liquids Gas 40 Liquids (bbl/d) Gas (MMcf/d) 1,500 1,000 500 30 Q4/2025 Q1/2026 Q2/2026 Q3/2026 Other Revenue ($000s) $12,000 Sulphur Revenue 3rd Party Processing & Other Revenue $10,000 $8,000 $6,000 $4,000 $2,000 $0 Q4/2025 Q1/2026 Q2/2026 Q3/2026
Slide 28: 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 29: 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 30: 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 31: 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 32: Appendix B – Foothills Geology
Appendix B – Foothills Geology
Slide 33: 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 34: 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 35: Appendix C – Corporate
Cayvy" ENERGY Appendix C — Corporate
Slide 36: 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 37: 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 38: 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 39: Net Operating Income Sensitivity
Net Operating Income Sensitivity Management is focused on operational excellence and mitigation of price risk to reduce NOI volatility Q3 2026 • The NOI Sensitivity chart shows the change in Q3 Net Operating Expense 12% Operating Income from a 10% change in each variable on a hedged basis Sulphur pr
Slide 40: Hedge Position Detail
Hedge Position Detail 2026-2029 Hedge Portfolio(1) 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) 65,025 65,025 63,340 28,154 - - 22,637 - - - - - - - - - - Avg Hedge Price (C$/GJ) $3.41 $3.41 $3.41 $3.40 - - $3.41 - -
Slide 41: 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 42: 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