Questerre Energy (QEC) Corporate presentation summary

Strategic positioning and asset base

• Produces 5,200 boe/d, with 4,000 boe/d from oil shale using next-gen technology and 1,200 boe/d from conventional assets.

• Holds multi-billion barrel oil shale resources and a giant gas discovery in Quebec.

• Operates integrated oil shale mining and refining in Brazil, with additional projects in Utah, Jordan, and Western Canada.

• Dual class share structure: preferred shares tied to Quebec assets, common shares to all other assets.

Financial and operational performance

• Q2 2026 production averaged 5,694 boe/d, up from 5,530 boe/d last quarter.

• Adjusted funds flow from operations was $18.3 million; net income reached $27.8 million.

• Working capital deficit reduced to $19.1 million, with $44 million in cash.

• Sale of Kakwa Central assets for $23.5 million in cash.

• Secured debt of $114 million ring-fenced to Brazil, with no parent company recourse.

Oil shale operations and technology

• PX Energy acquisition consolidates integrated oil shale platform with $100 million revenue over two years.

• Red Leaf technology aims for capex/opex under US$30/bbl, with embedded carbon capture and no external water or energy required.

• HCCO technology tested at PX Energy to reduce internal fuel usage and improve efficiency.

• Cost-cutting initiatives targeting C$11 million in 2026 and another C$11 million in 2027.