Big Sky Industrial (BSIN) Investor presentation summary

Strategic platform and asset overview

• Developing a diversified industrial platform focused on helium production, carbon management, and energy infrastructure, with 27% insider ownership.

• Controls one of the largest industrial gas structures in the U.S., with a wholly owned, contiguous footprint in Northwest Montana.

• Holds 1.3 BCF helium, 444 BCF CO2 resources, and a large proven oil basin, all fully owned and operated.

• First-mover U.S. CCUS project eligible for $85/ton in federal sequestration credits under Section 45Q.

• Three independent revenue streams: helium, carbon management, and oil production, supported by shared infrastructure.

Financials, capital structure, and economics

• $38M deployed for acquisitions, site development, permitting, and production; $15M remaining CapEx expected to be covered without equity dilution.

• Targeting a 40% unlevered return on capital employed at the project level.

• $16.4M liquidity as of August 2026, with 1.0x net leverage on run-rate EBITDA by Q1 2027.

• $130M in expected 45Q credits over 12 years from Phase 1.

• 4.8x EV/2027E EBITDA, trading at a discount to peers (7-10x).

Revenue streams and market positioning

• Helium: 1.3 BCF resource, 50+ year reserve life, contracted offtake at $285/MCF with CPI escalation, 100% take-or-pay for 5 years.

• Carbon management: First-mover in Western U.S., two MRV applications submitted, unique feedstock advantage, and policy-backed cash flows.

• Oil production: 170+ permitted wells for CO2 EOR, ~70 MMbbl recovery potential, low decline rate, and stable OpEx.

• 2027E revenue mix: 50% oil, 35% carbon management, 15% helium.

• Projected sharp revenue and EBITDA growth in 2028 with Phase 2 expansion.