Asphalt Ridge: Growing production on a multi-decade asset

Regional Excellence

• Measured regional play; Utah has on the order of 25 discrete tar sand deposits containing an estimated 14-25 Bn bbls
• Resources at Asphalt Ridge are estimated to exceed 1 Bn bbl, underlying 29,000 acres 1
• Petroteq has over 2,500 acres2 at Asphalt Ridge
• Excellent existing regional infrastructure

Rich Oil Sands Deposits

• Asphalt Ridge’s oil sands deposits are estimated to be some of the richest in the US from 100 to over 300 bbl/acre-ft 1
• Deposits average 6% - 15% oil by weight of 13º-14º API oil; ultra low sulfur content from 0.19-0.40%
• 10,000 bbl of high-diesel fractionation oil has been produced to date using the pilot facility at Asphalt Ridge.

Expanding a Multi-Decade Asset

• Facility upgrade completed in April 2021 to deliver up to 4-500 bpd in Q2 2021 to demonstrate technology
• Staggered addition of 2 X 5,000 bpd production trains to achieve 5,000 bpd in 2023 and 10,000 bpd by 2024 3
• Expected resource life >20 years 3

Petroteq’s key asset, Asphalt Ridge, is located within Utah’s prime oil sands play

(1) Department of Energy, U.S. Government. (2) Please refer to the notice on slide 2 of this presentation for information regarding contingent resources. (3) Based on Managements plans in conjunction with Chapman Petroleum Engineering, Ltd., September 1, 2018 and subject to financing.

Planned Expansion Phases

500 bpd

5,000 bpd

10,000 bpd

2021

2023

2024

PHASE 1

PHASE 2

PHASE 3