Algo8 (CSE: AIOS) is an industrial AI company helping manufacturers and other heavy industries use the data already sitting inside their operations to improve productivity, reduce costs and make better decisions. Its AI operating layer connects existing industrial systems and applies AI across production scheduling, predictive maintenance, yield and energy optimization, and supply-chain planning. Importantly, this is not a pre-revenue AI story. Algo8 is already deployed with major industrial customers and has demonstrated significant ROI, including approximately C$20M in annual savings for a refinery through predictive maintenance and approximately C$25M in annual impact per plant for a tyre manufacturer through AI-driven production scheduling.

Join Adelaide Capital for a webinar featuring Argentina Metals!

Argentina Metals Corp. (TSXV: VLLC) (OTCQB: VLLCF) (FSE: VA5) is a Canadian copper exploration company focused on Mendoza Province, Argentina. The Company holds approximately 146,700 hectares across 26 projects, all 100%-owned on a clean-title basis with no private royalties, NSRs, back-in rights or earn-in obligations, other than royalties payable to the Province of Mendoza. Anchored by its flagship Las Estrellas Project, the Company has built an early position in an underexplored part of the Argentine Andes amid the pro-mining reforms reshaping the country's resource sector. For more information, visit our website at www.argentinametals.com.

Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) is a precious metals producer and exploration company focused on the operation, exploration, and development at its Guitarra mine complex in the Temascaltepec mining district, Mexico. The Guitarra mine is a permitted underground mine, which includes a 500 tpd processing facility that operated until mid-2018 and restarted commercial production in January 2025. In June 2026, Sierra Madre closed the acquisition of the Del Toro silver mine, adding a past-producing, fully permitted asset to its Mexico-focused silver and gold portfolio.

The Company also holds the +2,600 ha Tepic Project, which hosts low-sulphidation epithermal gold and silver mineralization with an existing historic resource. Sierra Madre´s management team has played key roles in managing the exploration and development of silver and gold mineral reserves and mineral resources. Sierra Madre´s team of professionals has collectively raised over $1 billion for mining companies.

Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) is a precious metals producer and exploration company focused on the operation, exploration, and development at its Guitarra mine complex in the Temascaltepec mining district, Mexico. The Guitarra mine is a permitted underground mine, which includes a 500 tpd processing facility that operated until mid-2018 and restarted commercial production in January 2025. In June 2026, Sierra Madre closed the acquisition of the Del Toro silver mine, adding a past-producing, fully permitted asset to its Mexico-focused silver and gold portfolio.

The Company also holds the +2,600 ha Tepic Project, which hosts low-sulphidation epithermal gold and silver mineralization with an existing historic resource. Sierra Madre´s management team has played key roles in managing the exploration and development of silver and gold mineral reserves and mineral resources. Sierra Madre´s team of professionals has collectively raised over $1 billion for mining companies.

Join Adelaide Capital for a webinar featuring Sailfish Royalty!

Sailfish Royalty (TSXV: FISH; OTCQB: SROYF) is a precious metals royalty and streaming company with a strong balance sheet, growing gold-linked cash flow and a shareholder capital return strategy. Importantly, the Company announced a gold-linked quarterly dividend equivalent, on an annual basis, to the value of one ounce of gold for every 18,000 Sailfish shares held. The Board has also approved a one-time US$1.00-per-share special dividend. The Company’s most recent news is the announcement of a non-binding LOI with Mako Mining (TSXV: MKO; NASDAQ: MAKO) of a new 20-year gold purchase agreement. If completed, Sailfish would initially receive 650 ounces of gold per month, increasing over time to 1,000 ounces per month, while paying 25% of the prevailing gold price for each ounce delivered. In exchange for this new stream, Sailfish would issue 70 million shares to Mako at US$5.76 per share, resulting in Mako owning ~48.5% of Sailfish post-closing. Sailfish would receive the contracted gold ounces for 20 years and retain exposure to the remaining 75% of the gold price. In return, Mako would become Sailfish’s top shareholder. The proposed transaction is also designed to translate the increased gold exposure directly into shareholder returns. Upon closing, Sailfish anticipates replacing its current dividend structure with a gold-linked quarterly dividend equivalent, on an annual basis, to the value of one ounce of gold for every 18,000 Sailfish shares held. The Board has also approved a one-time US$1.00-per-share special dividend. This latest news builds on a series of announcements earlier this year, aimed at strengthening Sailfish’s asset base and optimizing its exposure to royalty cash flow. In April 2026, Sailfish closed the US$168 million sale of the Spring Valley and Moonlight royalties in April 2026 (gold assets in Nevada). Following the transaction, Sailfish repaid a US$40 million short-term loan and emerged with a substantial net cash position, with the flexibility to pursue new precious-metals streams and royalties.

Join Adelaide Capital for a webinar featuring Pine Cliff Energy!

Join us for a corporate update and discussion with Philip B. Hodge, President and Chief Executive Officer of Pine Cliff Energy Ltd.

PINE CLIFF ENERGY LTD.

• PNE:TSX / PIFYF:OTCQX

• Shares Outstanding: 358.1 MM

• Market Capitalization: ~$197 MM

• Net Debt: $39.3 MM

• Enterprise Value: ~$236 MM

• Current Production: ~19,700 boe/d

• 2P NPV10%: $548.1 MM

• Tax Pools: $327.8 MM

• Insider Ownership: 17% fully diluted

• Institutional Ownership: >10%

✅ PNE has a low decline asset base of <10% with 79% levered to natural gas. Every $0.10 change in AECO equals $3.3M in cash flow.
✅ The Company is well positioned to benefit from rising natural gas demand, driven by LNG exports and power needs from AI data farms.
✅ We believe the basis differential to NYMEX will narrow in the coming future, as growing demand will outpace supply in the US requiring more supply from Canada. In addition to increasing LNG demand in Canada.
✅ PNE has been very astute with their market diversification strategy. They locked in ~35-40% of 2026 production at $3.00/Mcf.
✅ PNE recently announced a behind-the-fence Data Centre in Central Alberta. PNE will provide 3.2-4.5MMCf/d with pricing tied to NYMEX. Alberta is becoming the data center hub for Canada and one of the top in NA due to ideal climate and an abundance of dry natural gas, with government completely on side.  PNE is perfectly positioned for this boom.
✅ In addition to gas exposure, the company provides oil exposure in the Sundre and Drumheller area. Their first Glauconite well is producing 1150BOEPD with no decline.  They have 37 net locations with 22 booked in 2P reserves. They will spud 1-2 this fall. The company also provides a $0.00125/month dividend.
✅ With multiple catalysts on the horizon, positive tailwinds for natural gas and potential for exponential free cash flow, it is a great time to visit this name.

Algo8 is an industrial AI company helping manufacturers and other heavy industries use the data already sitting inside their operations to improve productivity, reduce costs and make better decisions. Its AI operating layer connects existing industrial systems and applies AI across production scheduling, predictive maintenance, yield and energy optimization, and supply-chain planning. Importantly, this is not a pre-revenue AI story. Algo8 is already deployed with major industrial customers and has demonstrated significant ROI, including approximately C$20M in annual savings for a refinery through predictive maintenance and approximately C$25M in annual impact per plant for a tyre manufacturer through AI-driven production scheduling.

IC Group (TSX-V: ICGH) is a technology-led consumer engagement company helping the world’s leading brands, sports teams, leagues, and live events grow revenue and build stronger customer relationships. With more than 35 years of experience, the company provides an integrated suite of customer engagement, communications, and risk management solutions that help clients attract new customers, sell more products, capture valuable first-party customer data, increase loyalty, and manage operational risk. With solutions delivered in more than 30 countries, IC Group enables organizations to engage consumers at scale while simplifying the complexities of multiple channels, technologies, and local market requirements.

Surge Energy SGY:TSX | SGYEF:OTCQX

Market Cap: $1.11B
Dividend: $0.52 annually, paid monthly

• Strong performance with further potential – Surge shares are up approximately 64% this year, outperforming the XEG, while recent operational improvements may not yet be fully reflected in production growth or financial results.

• Material improvement in Sparky – Recent Sparky wells are expected to deliver approximately 55% higher cumulative oil production over their first two years compared with 2021–2024 wells.

• Attractive well economics – At US$75 WTI, recent Sparky wells are estimated to generate a 2x payout within 2.5 years, placing the play among the top quartile of more than 100 plays tracked by BMO.

• Potential shift to growth – After several years focused on debt reduction and maintaining a meaningful dividend, leverage is approaching just 0.3x debt/EBITDA, providing greater flexibility to accelerate development.

• Waterflood upside – Surge is planning approximately 25 waterflood injectors across its Sparky assets. Early indications from the pilot are encouraging, with the potential for increased productivity as the program expands.

• Valuation and ownership opportunity – Surge trades at one of the larger discounts to its oil-weighted mid-cap peers and remains relatively under-owned, despite a market capitalization now above $1 billion.

Surge Energy SGY:TSX | SGYEF:OTCQX

Market Cap: $1.11B
Dividend: $0.52 annually, paid monthly

• Strong performance with further potential – Surge shares are up approximately 64% this year, outperforming the XEG, while recent operational improvements may not yet be fully reflected in production growth or financial results.

• Material improvement in Sparky – Recent Sparky wells are expected to deliver approximately 55% higher cumulative oil production over their first two years compared with 2021–2024 wells.

• Attractive well economics – At US$75 WTI, recent Sparky wells are estimated to generate a 2x payout within 2.5 years, placing the play among the top quartile of more than 100 plays tracked by BMO.

• Potential shift to growth – After several years focused on debt reduction and maintaining a meaningful dividend, leverage is approaching just 0.3x debt/EBITDA, providing greater flexibility to accelerate development.

• Waterflood upside – Surge is planning approximately 25 waterflood injectors across its Sparky assets. Early indications from the pilot are encouraging, with the potential for increased productivity as the program expands.

• Valuation and ownership opportunity – Surge trades at one of the larger discounts to its oil-weighted mid-cap peers and remains relatively under-owned, despite a market capitalization now above $1 billion.

IC Group (TSX-V: ICGH) is a technology-led consumer engagement company helping the world’s leading brands, sports teams, leagues, and live events grow revenue and build stronger customer relationships. With more than 35 years of experience, the company provides an integrated suite of customer engagement, communications, and risk management solutions that help clients attract new customers, sell more products, capture valuable first-party customer data, increase loyalty, and manage operational risk. With solutions delivered in more than 30 countries, IC Group enables organizations to engage consumers at scale while simplifying the complexities of multiple channels, technologies, and local market requirements.

IC Group (TSX-V: ICGH) is a technology-led consumer engagement company helping the world’s leading brands, sports teams, leagues, and live events grow revenue and build stronger customer relationships. With more than 35 years of experience, the company provides an integrated suite of customer engagement, communications, and risk management solutions that help clients attract new customers, sell more products, capture valuable first-party customer data, increase loyalty, and manage operational risk. With solutions delivered in more than 30 countries, IC Group enables organizations to engage consumers at scale while simplifying the complexities of multiple channels, technologies, and local market requirements.

Parex Resources (TSX: PXT) is the largest independent oil and gas company in Colombia, focusing on sustainable, conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogotá, Colombia.

Market Cap $2.3B

• Successfully transformed into Colombia's largest independent oil & gas producer following the acquisition of Frontera's Colombian assets, significantly increasing the company's scale and diversification.

• Updated reserve reports show a substantial increase in reserves, with PDP and 1P reserves up more than 80%and 2P reserves up 71% compared to year-end 2025.

• Building strong operational momentum with July production averaging approximately 83,500 boe/dand reaffirmed H2 2026 production guidance of 82,000–91,000 boe/d.

• Exploration success at LLA-111 continues to support production growth, with current production exceeding 5,000 bbl/d and additional volumes expected in Q4 2026.

• Generated $191 million in adjusted funds flow during Q2 despite one-time acquisition and hedging costs, demonstrating the strength of the underlying business.

• Maintained strong profitability and cash generation with an operating netback of $45.14/boe, while reducing bank debt by $175 million and ending the quarter with substantial liquidity.

• Continues to deliver meaningful shareholder returns through its quarterly dividend, currently C$0.385 per share (annualized at C$1.54 per share).

• Management can discuss the successful Frontera integration, production growth outlook, reserve expansion, exploration catalysts, capital allocation priorities, and the long-term value creation potential of the combined company

IC Group (TSX-V: ICGH) is a technology-led consumer engagement company helping the world’s leading brands, sports teams, leagues, and live events grow revenue and build stronger customer relationships. With more than 35 years of experience, the company provides an integrated suite of customer engagement, communications, and risk management solutions that help clients attract new customers, sell more products, capture valuable first-party customer data, increase loyalty, and manage operational risk. With solutions delivered in more than 30 countries, IC Group enables organizations to engage consumers at scale while simplifying the complexities of multiple channels, technologies, and local market requirements.

Parex Resources (TSX: PXT) is the largest independent oil and gas company in Colombia, focusing on sustainable, conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogotá, Colombia.

Market Cap $2.3B

• Successfully transformed into Colombia's largest independent oil & gas producer following the acquisition of Frontera's Colombian assets, significantly increasing the company's scale and diversification.

• Updated reserve reports show a substantial increase in reserves, with PDP and 1P reserves up more than 80%and 2P reserves up 71% compared to year-end 2025.

• Building strong operational momentum with July production averaging approximately 83,500 boe/dand reaffirmed H2 2026 production guidance of 82,000–91,000 boe/d.

• Exploration success at LLA-111 continues to support production growth, with current production exceeding 5,000 bbl/d and additional volumes expected in Q4 2026.

• Generated $191 million in adjusted funds flow during Q2 despite one-time acquisition and hedging costs, demonstrating the strength of the underlying business.

• Maintained strong profitability and cash generation with an operating netback of $45.14/boe, while reducing bank debt by $175 million and ending the quarter with substantial liquidity.

• Continues to deliver meaningful shareholder returns through its quarterly dividend, currently C$0.385 per share (annualized at C$1.54 per share).

• Management can discuss the successful Frontera integration, production growth outlook, reserve expansion, exploration catalysts, capital allocation priorities, and the long-term value creation potential of the combined company

Val-d'Or Mining Corporation is a junior natural resource issuer involved in the process of acquiring and exploring its diverse mineral property assets, most of which are situated in the Abitibi Greenstone Belt of NE Ontario and NW Québec. To complement its current property interests, the Company regularly evaluates new opportunities for staking and/or acquisitions. Outside of its principal regional focus in the Abitibi Greenstone Belt, the Company holds several other properties in Northern Québec (Nunavik) covering different geological environments and commodities (Ni-Cu-PGE's).

The Company has expertise in the identification and generation of new projects, and in early-stage exploration. The mineral commodities of interest are broad, and range from gold, copper-zinc-silver, nickel-copper-PGE to industrial and energy minerals. After the initial value creation in the 100%-owned, or majority-owned properties, the Company seeks option/joint venture partners with technical expertise and financial capacity to conduct more advanced exploration projects.

Multiple Emerging Gold Discoveries in the Abitibi

Val-d'Or Mining is a Canadian project generator with an extensive portfolio of properties across the Abitibi Greenstone Belt in Québec and Ontario. The company partners with other mining companies to fund exploration, giving shareholders exposure to discovery upside while limiting VZZ's direct exploration spend.

The story has become particularly interesting following a series of strong drill results from two Eldorado Gold-partnered projects: Perestroika in Québec and Baden in Ontario.

Perestroika: Increasing Scale + Grade
The most recent drilling at Perestroika has materially advanced what was already an emerging gold discovery.

Recent highlights, reported on August 5, 2026, include:

• 84.0 m @ 3.08 g/t Au, including 16.0 m @ 10.70 g/t Au

• Within that interval: 0.70 m @ 149.65 g/t Au and 0.60 m @ 61.07 g/t Au

• 21.3 m @ 3.07 g/t Au, including 8.74 m @ 5.00 g/t Au and 2.70 m @ 11.46 g/t Au

These results build on strong earlier drilling, including:

• 16.3 m @ 4.01 g/t Au, including 0.50 m @ 66.30 g/t Au

• 4.60 m @ 12.35 g/t Au

• 8.60 m @ 4.45 g/t Au

• Historical holes of 2.77 m @ 26.18 g/t Au and 3.05 m @ 20.69 g/t Au

Importantly, the results are beginning to demonstrate more than isolated high-grade veins. Drilling is testing a broad mineralized structural corridor containing stacked gold-bearing quartz-ankerite veins, with mineralization previously demonstrated over approximately 1.5 km of investigated strike and remaining open along strike and at depth.

Eldorado significantly expanded its 2026 program from an originally planned 8,000 metres, providing an important near-term catalyst as additional assays are received.

Baden: New Gold Discovery in Ontario
VZZ has also reported a new high-grade discovery at the Baden Prospect near Matachewan, Ontario.
Maiden drilling, reported June 29, 2026, returned:

• 6.27 g/t Au over 7.40 m, including 71.60 g/t Au over 0.60 m

• A separate interval of 2.44 g/t Au over 4.40 m, including 6.20 g/t Au over 1.10 m

Perhaps most interestingly, the discovery was made approximately 2 km west of the main historical V2-Arbade mineralized trend, opening up an entirely new area for follow-up exploration.

Why VZZ is Interesting Now
VZZ historically offered investors exposure to a large portfolio of early-stage exploration assets through a capital-efficient project-generator model. Recent drilling is beginning to demonstrate meaningful discovery potential within that portfolio.

Perestroika is showing a combination of width, grade, strike extent and repeatability, while maiden drilling at Baden has identified a separate high-grade gold discovery.

Both projects are partnered with Eldorado Gold, allowing VZZ shareholders to participate in exploration upside while a significantly larger mining company provides much of the exploration capital.

With substantial Perestroika assays still to come and multiple discoveries requiring follow-up, VZZ offers leveraged exposure to an evolving Abitibi gold exploration story without relying on a single property for success.

Join Adelaide Capital for a webinar featuring Sierra Madre Gold and Silver!

Join us for an update and discussion on Sierra Madre Gold and Silver Q2 results with Alexander Langer, President and CEO and Ken Scott, CFO. 

 Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) is a precious metals producer and exploration company focused on the operation, exploration, and development at its Guitarra mine complex in the Temascaltepec mining district, Mexico. The Guitarra mine is a permitted underground mine, which includes a 500 tpd processing facility that operated until mid-2018 and restarted commercial production in January 2025. In June 2026, Sierra Madre closed the acquisition of the Del Toro silver mine, adding a past-producing, fully permitted asset to its Mexico-focused silver and gold portfolio. The Company also holds the +2,600 ha Tepic Project, which hosts low-sulphidation epithermal gold and silver mineralization with an existing historic resource.

Join Adelaide Capital for a webinar featuring IC Group Holdings!

Join us for an update and discussion on IC Group’s Q2 2026 financial results with Duncan McCready, CEO, and John Penhale, CFO. IC Group (TSXV: ICGH) is a technology-led consumer engagement company helping the world’s leading brands, sports teams, leagues, and live events grow revenue and build stronger customer relationships. With more than 35 years of experience, the company provides an integrated suite of customer engagement, communications, and risk management solutions that help clients attract new customers, sell more products, capture valuable first-party customer data, increase loyalty, and manage operational risk. With solutions delivered in more than 30 countries, IC Group enables organizations to engage consumers at scale while simplifying the complexities of multiple channels, technologies, and local market requirements.

Join Adelaide Capital for a webinar featuring Santacruz Silver!

Santacruz Silver is engaged in the operation, acquisition, exploration, and development of mineral properties across Latin America. In Bolivia, the Company operates the Bolivar, Porco, and Caballo Blanco mining complexes, with Caballo Blanco comprising the Tres Amigos and Colquechaquita mines. The Reserva mine, whose production is provided to the San Lucas ore sourcing and trading business, is also located in Bolivia. Additionally, the Company oversees the Soracaya exploration project. In Mexico, Santacruz operates the Zimapan mine.

Join Adelaide Capital for a webinar featuring IFABRIC CORP!

Join us for a discussion of iFabric's Q2 2026 results and other recent company milestones.

Hylton Karon, CEO, Hilton Price, CFO, and Giancarlo Beevis, COO, will present. iFabric Corp. (TSX: IFA; OTCQX: IFABF) develops, licenses, and commercializes innovative performance technologies for textiles, apparel, and surface applications. Through its Intelligent Fabric Technologies (North America) division, iFabric partners with global brands, retailers, institutions, and manufacturers to deliver enhanced functionality—ranging from antimicrobial technologies to moisture management, PFAS-free water repellency, and surface-protection solutions—across diverse end uses. For more information, visit iFabric’s website.

Join Adelaide Capital for a webinar featuring SURGE ENERGY!

Surge Energy (TSX: SGY | SGYEF: OTCQX)

Market cap ~$970MM
Shares O/S 98.8MM
Dividend $0.52/annum paid monthly

Surge Energy is a Canadian oil producer focused on generating free cash flow and returning capital to shareholders through a combination of dividends, share buybacks, and debt reduction.

The company operates a high-quality, liquids-weighted asset base concentrated in two of Canada's most economic conventional oil plays. Surge has built a business model focused on disciplined capital allocation, low decline assets, and sustainable free cash flow generation rather than production growth at any cost.

• Forecasting approximately $145 million of free cash flow in 2026 at US$80 WTI.
• Attractive shareholder return model including a dividend currently yielding over 5%, ongoing share buybacks, and continued balance sheet improvement.
• Increased 2026 production guidance to 24,000 boepd while maintaining a strong free cash flow profile.
• Significant leverage to higher oil prices, with approximately $8 million of additional cash flow generated for every US$1 increase in WTI.
• Strong asset backing with independent reserve value well above the current share price and analyst targets averaging approximately $13.40 per share.
• Large drilling inventory providing visibility for long-term production and cash flow growth.
• Experienced management team with a proven track record of building value through disciplined operations and capital allocation.
• Strong financial flexibility, including substantial available liquidity and manageable debt maturities.

For investors seeking exposure to energy, Surge offers a combination of income, buybacks, production growth, free cash flow generation, and oil price upside within a single investment opportunity.

Join Adelaide Capital for a webinar featuring XALI GOLD!

Join us for an update with Joanne Freeze, President & CEO.

Xali Gold (TSXV: XGC) is a gold and silver exploration company focused on advancing opportunities in the Americas. The Company is focused on the exploration and development of Pico Machay, an advanced exploration-stage gold project in Peru with a near-term production goal. Xali Gold maintains some exploration potential as well as two royalty agreements with third parties who have the rights to produce gold and silver from specific areas of the El Oro gold-silver Project in Mexico, a historic district-scale precious metal system with a long history of significant gold and silver production. The Company's approach to community engagement and responsible development is guided by strong governance principles and Board oversight that support long-term stakeholder relationships.

Join Adelaide Capital for a webinar featuring PHOENIX METALS!

Join us for an introduction to Phoenix Metals with Nick Campbell, CEO

Phoenix Metals Corp. is a Canadian mineral exploration company focused on the exploration and development of gold-copper deposits in south-central British Columbia. The Company’s principal asset is the Greenwood Project, comprising the Lexington, Golden Crown, Blue Bell, Phoenix, Tam O’Shanter, and Boundary Falls and Haas Creek properties located between the Towns of Greenwood and Grand Forks, British Columbia, and consisting of 156 active mineral claims, four mining leases, and 211 Crown Granted parcels.

Titiminas Silver Inc. (TSXV: TITI) is a Peru-focused silver developer advancing the past-producing, high-grade Madre Sierra Silver mine in central Peru, one of the world's most prolific mining jurisdictions. The Company is pursuing a multi-asset growth strategy with a clear path to becoming a mid-tier silver producer through project development and strategic M&A, leveraging proprietary deal flow and deep relationships across Peru. Titiminas is led by an experienced team with a proven track record in exploration, development, financings and operations.

Titiminas Silver Inc. (TSXV: TITI) is a Peru-focused silver developer advancing the past-producing, high-grade Madre Sierra Silver mine in central Peru, one of the world's most prolific mining jurisdictions. The Company is pursuing a multi-asset growth strategy with a clear path to becoming a mid-tier silver producer through project development and strategic M&A, leveraging proprietary deal flow and deep relationships across Peru. Titiminas is led by an experienced team with a proven track record in exploration, development, financings and operations.

JOURNEY ENERGY

We are hosting an investor lunch with Alex Verge, President & CEO of Journey Energy with EPG in Houston, Texas.

Market Overview

• Market Cap: ~C$380M

• Production: ~11,200 Boe/d

• Net Debt: ~$50M

• Avg. Daily Volume: ~160K shares

A Cash Flow Story with Multiple Growth Drivers
Delivered +37% cash flow growth in 2025, with further upside expected in 2026 ~($90M). Levered to improving natural gas pricing and higher-margin production.

Core Exposure to the Duvernay – Visible Near-Term Catalysts
Active multi-well drilling program with new production coming online through 2026 with 14 new gross wells to be drilled. Increasing capital allocation reflects strong economics and confidence in returns. Ongoing development provides a steady pipeline of news flow.

Differentiated Power Business (Often Overlooked)
~$55M invested to date building out power generation assets $74.9M PV10 value. Two projects expected online in 2026, creating a new and growing revenue stream. Positions Journey as more than a traditional E&P.

Improving Balance Sheet & Financial Discipline
Net debt reduced by ~16% to ~$50M. Low leverage (~0.7x debt/cash flow) supports ongoing development and flexibility.

Compelling Valuation vs Asset Base
Trading at ~4.7x EV/EBITDA (2026E). Backed by a strong reserve base and growing net asset value TP of $8.21. Opportunity for re-rating as execution continues.

Stable Production with Liquids Weighting

~11,200 Boe/d with ~60% liquids mix. Portfolio optimization improving margins and overall asset quality through non-core disposition.

Journey Energy Inc. is a Canadian exploration and production company focused on oil-weighted operations in Alberta, Canada. Journey’s strategy is to grow its production base by drilling on its existing core lands, implementing secondary and tertiary flood projects on its existing lands, and by executing on accretive acquisitions. In conjunction with its joint venture partner, the Company has recently begun development of its Duvernay light oil resource play. In addition, Journey is continuing with its plans to grow its power generation business through its projects at Gilby and Mazeppa.

JOURNEY ENERGY

We are hosting an investor lunch with Alex Verge, President & CEO of Journey Energy in Dallas, Texas.

Market Overview

• Market Cap: ~C$380M

• Production: ~11,200 Boe/d

• Net Debt: ~$50M

• Avg. Daily Volume: ~160K shares

A Cash Flow Story with Multiple Growth Drivers
Delivered +37% cash flow growth in 2025, with further upside expected in 2026 ~($90M). Levered to improving natural gas pricing and higher-margin production.

Core Exposure to the Duvernay – Visible Near-Term Catalysts
Active multi-well drilling program with new production coming online through 2026 with 14 new gross wells to be drilled. Increasing capital allocation reflects strong economics and confidence in returns. Ongoing development provides a steady pipeline of news flow.

Differentiated Power Business (Often Overlooked)
~$55M invested to date building out power generation assets $74.9M PV10 value. Two projects expected online in 2026, creating a new and growing revenue stream. Positions Journey as more than a traditional E&P.

Improving Balance Sheet & Financial Discipline
Net debt reduced by ~16% to ~$50M. Low leverage (~0.7x debt/cash flow) supports ongoing development and flexibility.

Compelling Valuation vs Asset Base
Trading at ~4.7x EV/EBITDA (2026E). Backed by a strong reserve base and growing net asset value TP of $8.21. Opportunity for re-rating as execution continues.

Stable Production with Liquids Weighting

~11,200 Boe/d with ~60% liquids mix. Portfolio optimization improving margins and overall asset quality through non-core disposition.

Journey Energy Inc. is a Canadian exploration and production company focused on oil-weighted operations in Alberta, Canada. Journey’s strategy is to grow its production base by drilling on its existing core lands, implementing secondary and tertiary flood projects on its existing lands, and by executing on accretive acquisitions. In conjunction with its joint venture partner, the Company has recently begun development of its Duvernay light oil resource play. In addition, Journey is continuing with its plans to grow its power generation business through its projects at Gilby and Mazeppa.

Join Adelaide Capital for a webinar featuring SABLE RESOURCES!

Join us for an update with Ruben Padilla, CEO of Sable Resources.

Sable Resources (TSXV: SAE, OTCQB: SBLRF) is a well-funded junior grassroots explorer focused on the discovery of Tier-One new precious metal and copper projects through systematic exploration in endowed terranes located in favorable, established mining jurisdictions. Sable’s focus is on developing its large portfolio of new Greenfields projects to resource level. Sable is actively exploring the San Juan Regional Program (163,969 ha), incorporating the Don Julio, El Fierro, Cerro Negro, and Zorro projects in San Juan province, Argentina, and the Copper Queen (15,133 ha), Copper Prince (3,980 ha), and Core Mountain (1,925 ha) properties in British Columbia.

Sitka Gold Corp. is a well-funded mineral exploration company headquartered in Canada. The Company is managed by a team of experienced industry professionals and is focused on exploring for economically viable mineral deposits with its primary emphasis on gold, silver and copper mineral properties of merit. Sitka is currently advancing its 100% owned, 447 square kilometre flagship RC Gold Project located within the Tombstone Gold Belt in the Yukon Territory. The Company has also announced plans to spin-out the Alpha Gold Project in Nevada and  the Burro Creek Gold and Silver Project in Arizona into a new discovery-focused exploration company to be named at a later date.

A 60,000 metre diamond drilling program planned for 2026 is currently underway at the Company’s flagship RC Gold Project, located in Yukon Canada, where 4 diamond drill rigs are currently operating.

Journey Energy Inc. - Alex Verge, President & CEO
Market Cap: ~C$380M | Production: ~11,200 Boe/d | Net Debt $50M
Average daily trading volume 160k shares

A Cash Flow Story with Multiple Growth Drivers
Delivered +37% cash flow growth in 2025, with further upside expected in 2026 ~($90M). Levered to improving natural gas pricing and higher-margin production.
Core Exposure to the Duvernay – Visible Near-Term Catalysts
Active multi-well drilling program with new production coming online through 2026 with 8 – 13 new wells to be drilled. Increasing capital allocation reflects strong economics and confidence in returns. Ongoing development provides a steady pipeline of news flow.
Differentiated Power Business (Often Overlooked)
~$55M invested to date building out power generation assets $74.9M PV10 value. Two projects expected online in 2026, creating a new and growing revenue stream. Positions Journey as more than a traditional E&P.
Improving Balance Sheet & Financial Discipline
Net debt reduced by ~16% to ~$50M. Low leverage (~0.7x debt/cash flow) supports ongoing development and flexibility.
Compelling Valuation vs Asset Base
Trading at ~4.7x EV/EBITDA (2026E). Backed by a strong reserve base and growing net asset value TP of $8.21. Opportunity for re-rating as execution continues.
Stable Production with Liquids Weighting
~11,200 Boe/d with ~60% liquids mix. Portfolio optimization improving margins and overall asset quality through non-core disposition.

Journey Energy Inc. is a Canadian exploration and production company focused on oil-weighted operations in Alberta, Canada. Journey’s strategy is to grow its production base by drilling on its existing core lands, implementing secondary and tertiary flood projects on its existing lands, and by executing on accretive acquisitions. In conjunction with its joint venture partner, the Company has recently begun development of its Duvernay light oil resource play. In addition, Journey is continuing with its plans to grow its power generation business through its projects at Gilby and Mazeppa.