Phased growth plan to 10,000 bpd by 2023

PHASE 1

PHASE 2

PHASE 3

Target 5,000 bpd in 2023

Target 10,000 bpd during 2024

Upgrade Asphalt Ridge to 4-500 bpd

• New build 5,000 bpd plant based on lessons learned from demo plant
• $100 mm of Project Financing required
• FEED due to complete Q2 2021
• Est. EBITDA of $37.95 mm at 5,000 bpd1

• Operational beginning April 2021
• Peak capacity of up to 500 bpd
• 500 bpd plant is proof-of-technology for additional, larger capacity plants; operating data used to inform design of 5,000 bpd “standard” production train

Petroteq’s extraction technology has been evaluated by reputable, independent consulting firm, Chapman Petroleum Engineering, who concluded that the process is scalable, commercially viable & cost effective

• Construction of additional 5,000 bpd plant projected for further production increase in 2024
• Phase 3 est. capex of $90 mm / train
• Est. EBITDA of $82.5 mm at 10,000 bpd1

Note: See slide 17 of this presentation for details on assumptions to achieve est. EBITDA