Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional exploration acreage in Italy – ADX has submitted a third exploration permit application in the Sicily Channel, further expanding its position within the Terravecchia biogenic gas play.</li><li>The new 517 km² d 370 C.R-.AU application is located adjacent to ADX’s existing C.R 150.AU Exploration Permit and the two additional permit applications announced in August.</li><li>Together, ADX’s existing permit and three new application areas cover approximately 1,650 km² in the Sicily Channel.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional exploration acreage in Italy – ADX has submitted a third exploration permit application in the Sicily Channel, further expanding its position within the Terravecchia biogenic gas play.The new 517 km² d 370 C.R-.AU application is located adjacent to ADX’s existing C.R 150.AU Exploration Permit and the two additional permit applications announced in August.Together, ADX’s existing permit and three new application areas cover approximately 1,650 km² in the Sicily Channel.

Equity Bottom-Up

<ul>
<li>Criterium has doubled its 2P reserves versus YE24, booking approximately 24 bcf for the SE‑MGH and N‑MGH developments, where first gas is expected from SE-MGH in 2Q26.</li>
<li>The reserves increase reflects not only the conversion of 14.9 bcf of 2C resources into 2P, but also: (1) a reassessment of reservoir properties informed by the extended well test at SEM‑01 (+6 bcf), and (2) the successful test of MGH‑20 (+3 bcf).</li>
<li>At Macan Gedang, the probability of development has risen to 70%, corresponding to 12.6 bcf of contingent resources.</li>
</ul>


Criterium has doubled its 2P reserves versus YE24, booking approximately 24 bcf for the SE‑MGH and N‑MGH developments, where first gas is expected from SE-MGH in 2Q26.
The reserves increase reflects not only the conversion of 14.9 bcf of 2C resources into 2P, but also: (1) a reassessment of reservoir properties informed by the extended well test at SEM‑01 (+6 bcf), and (2) the successful test of MGH‑20 (+3 bcf).
At Macan Gedang, the probability of development has risen to 70%, corresponding to 12.6 bcf of contingent resources.


Criterium Energy Ltd (TSX-V: CEQ): Large Reserves and Resources increase

<ul>
<li>The contract for the construction of a new 21 km gas pipeline (previously 14 km) for the SE‑MGH 5–7 mmcf/d development was signed in early January.</li>
<li>Site preparation is already underway, with first gas expected in 2Q26.</li>
<li>Project capex is now estimated at US$2 mm (vs. prior guidance of US$2–3 mm), of which US$1.9 mm has already been incurred.</li>
</ul>


The contract for the construction of a new 21 km gas pipeline (previously 14 km) for the SE‑MGH 5–7 mmcf/d development was signed in early January.
Site preparation is already underway, with first gas expected in 2Q26.
Project capex is now estimated at US$2 mm (vs. prior guidance of US$2–3 mm), of which US$1.9 mm has already been incurred.


Criterium Energy Ltd (TSX-V: CEQ): First Gas in 2Q26 with a Likely Upgrade to Discovered Gas Resources

<ul>
<li>Pipeline construction for the SE-MGH 5–7 mmcf/d development is scheduled to begin in early 2026, with first gas expected in 1H26.</li>
<li>Capex has been reduced further to US$2–3 mm (from US$2.5–4 mm), of which US$1.7 mm has already been spent.</li>
<li>The subsequent North MGH development (incremental capex of ~US$1 mm) would lift total production to 7–10 mmcf/d.</li>
</ul>


Pipeline construction for the SE-MGH 5–7 mmcf/d development is scheduled to begin in early 2026, with first gas expected in 1H26.
Capex has been reduced further to US$2–3 mm (from US$2.5–4 mm), of which US$1.7 mm has already been spent.
The subsequent North MGH development (incremental capex of ~US$1 mm) would lift total production to 7–10 mmcf/d.


Criterium Energy Ltd (TSX-V: CEQ): Gas development on track. Capex to first gas guidance reduced again

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.40 per share: First gas confirmed for 3Q26.</li><li>Encouraging results at Lemat – Criterium continues to target first gas in 3Q26.</li><li>The company received a gas allocation letter from SKK MIGAS in June, a critical milestone toward finalizing the binding Gas Sales Agreement.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.40 per share: First gas confirmed for 3Q26.Encouraging results at Lemat – Criterium continues to target first gas in 3Q26.The company received a gas allocation letter from SKK MIGAS in June, a critical milestone toward finalizing the binding Gas Sales Agreement.

Canada

Criterium Energy Ltd. is a mineral exploration and mining company. The Company mines for oil and gas in southern Turkey. Criterium Energy also mines for diamonds, gold, and base metals in Greenland.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Criterium Energy (CEQ CN)

AUCTUS ON FRIDAY - 04.09.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional exploration...

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): Large Reserves and Resources increase

Criterium has doubled its 2P reserves versus YE24, booking approximately 24 bcf for the SE‑MGH and N‑MGH developments, where first gas is expected...

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): First Gas in 2Q26 with a Likely Upgrade to Discovered Gas Resources

The contract for the construction of a new 21 km gas pipeline (previously 14 km) for the SE‑MGH 5–7 mmcf/d development was signed in early January.

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): Gas development on track. Capex to first gas guidance reduced again

Pipeline construction for the SE-MGH 5–7 mmcf/d development is scheduled to begin in early 2026, with first gas expected in 1H26.

Auctus Advisors

AUCTUS ON FRIDAY - 31.07.2026

AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.40 per share: First gas confirmed for...

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

AUCTUS ON FRIDAY - 04.09.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional exploration...

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): Large Reserves and Resources increase

Criterium has doubled its 2P reserves versus YE24, booking approximately 24 bcf for the SE‑MGH and N‑MGH developments, where first gas is expected...

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): First Gas in 2Q26 with a Likely Upgrade to Discovered Gas Resources

The contract for the construction of a new 21 km gas pipeline (previously 14 km) for the SE‑MGH 5–7 mmcf/d development was signed in early January.

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): Gas development on track. Capex to first gas guidance reduced again

Pipeline construction for the SE-MGH 5–7 mmcf/d development is scheduled to begin in early 2026, with first gas expected in 1H26.

Auctus Advisors

AUCTUS ON FRIDAY - 31.07.2026

AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.40 per share: First gas confirmed for...

Auctus Advisors

Criterium has doubled its 2P reserves versus YE24, booking approximately 24 bcf for the SE‑MGH and N‑MGH developments, where first gas is expected...

The contract for the construction of a new 21 km gas pipeline (previously 14 km) for the SE‑MGH 5–7 mmcf/d development was signed in early January.