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.

Equity Bottom-Up

<ul><li>• As previously indicated, Valeura has elected to accelerate the Wassana re‑development, bringing first oil forward by roughly two months to early 2Q27.</li><li>• US$20–25 mm of the FY27 capex programme has been pulled into 2026, lifting total 2026 spend to US$220–235 mm.</li><li>• Earlier first oil increases 2027 output by ~0.43 mmbbl (equivalent to ~1.2 mbbl/d) and enhances 2027 cash flow by ~US$20–25 mm, assuming US$80/bbl Brent.</li></ul>

• As previously indicated, Valeura has elected to accelerate the Wassana re‑development, bringing first oil forward by roughly two months to early 2Q27.• US$20–25 mm of the FY27 capex programme has been pulled into 2026, lifting total 2026 spend to US$220–235 mm.• Earlier first oil increases 2027 output by ~0.43 mmbbl (equivalent to ~1.2 mbbl/d) and enhances 2027 cash flow by ~US$20–25 mm, assuming US$80/bbl Brent.

Valeura Energy (TSX: VLE): Accelerating Wassana first oil

<ul><li>• 2Q26 production of 22.3 mbbl/d and the end‑June cash balance of US$317 mm were previously disclosed.</li><li>• FY26 production guidance has been narrowed to 20–22 mbbl/d (from 19.5–22.5 mbbl/d), with capex and opex unchanged.</li><li>• Wassana redevelopment is ahead of schedule, and Valeura is evaluating options to accelerate installation and first oil.</li></ul>

• 2Q26 production of 22.3 mbbl/d and the end‑June cash balance of US$317 mm were previously disclosed.• FY26 production guidance has been narrowed to 20–22 mbbl/d (from 19.5–22.5 mbbl/d), with capex and opex unchanged.• Wassana redevelopment is ahead of schedule, and Valeura is evaluating options to accelerate installation and first oil.

Valeura Energy (TSX: VLE): Re-iterating guidance. Up to ~US$640 mm of fire power to make acquisitions

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ CanCambria Energy (CCEC CN)C: C$6 mm equity raise for Hungary – CamCambria is raising C$6 mm of new equity priced at C$0.30 peer share.</li><li>Participants in the transaction will also receive one warrant for every new share with a strike price of C$0.40 per share.</li><li>See website for full report Helium Evolution (HEVI CN)C; Target price of C$0.45 per share: Production starts at new plant adjacent to HEVI’s lands – North American Helium’s Stewart Valley helium purification facility in southwest Saskatchewan is onstream as of September 20, 2026 and producing at a rate of approximately 73 mmcf/y.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ CanCambria Energy (CCEC CN)C: C$6 mm equity raise for Hungary – CamCambria is raising C$6 mm of new equity priced at C$0.30 peer share.Participants in the transaction will also receive one warrant for every new share with a strike price of C$0.40 per share.See website for full report Helium Evolution (HEVI CN)C; Target price of C$0.45 per share: Production starts at new plant adjacent to HEVI’s lands – North American Helium’s Stewart Valley helium purification facility in southwest Saskatchewan is onstream as of September 20, 2026 and producing at a rate of approximately 73 mmcf/y.

<ul>
<li>2Q26 production averaged 22.3 mbbl/d, essentially unchanged from 1Q26.</li>
<li>2Q26 revenue was ~US$260 mm.</li>
<li>This compares with our expectation of ~US$275 mm, driven by lower‑than‑assumed oil realizations (US$105.8/bbl vs. our US$110/bbl assumption).</li>
</ul>


2Q26 production averaged 22.3 mbbl/d, essentially unchanged from 1Q26.
2Q26 revenue was ~US$260 mm.
This compares with our expectation of ~US$275 mm, driven by lower‑than‑assumed oil realizations (US$105.8/bbl vs. our US$110/bbl assumption).


Valeura Energy (TSX: VLE): ~US$100 mm free cash flow in 2Q26. Bussabong FID on track for 3Q26

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Industry partner for GOLD cluster – Empyrean Energy has signed a binding Heads of Agreement to acquire a 10% economic interest in the GOLD Cluster Area in Austria, in exchange for funding the drilling and testing of the GOLD‑1 well.</li><li>The required investment is EUR 555,400.</li><li>Empyrean will also pay EUR 50,000 (non‑refundable) for an exclusivity period running until 16 October, during which final funding arrangements and documentation will be completed.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Industry partner for GOLD cluster – Empyrean Energy has signed a binding Heads of Agreement to acquire a 10% economic interest in the GOLD Cluster Area in Austria, in exchange for funding the drilling and testing of the GOLD‑1 well.The required investment is EUR 555,400.Empyrean will also pay EUR 50,000 (non‑refundable) for an exclusivity period running until 16 October, during which final funding arrangements and documentation will be completed.

Canada

Valeura Energy Inc. operates as an exploration company. The Company engages in the development and production of petroleum and natural gas. Valeura Energy focuses on growing its resource base and production in the Thrace Basin in Northwest Turkey.

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Valeura Energy Inc (VLE CN)

Valeura Energy (TSX: VLE): Accelerating Wassana first oil

• As previously indicated, Valeura has elected to accelerate the Wassana re‑development, bringing first oil forward by roughly two months to early...

Auctus Advisors

Valeura Energy (TSX: VLE): Re-iterating guidance. Up to ~US$640 mm of fire power to make acquisitions

• 2Q26 production of 22.3 mbbl/d and the end‑June cash balance of US$317 mm were previously disclosed. • FY26 production guidance has been...

Auctus Advisors

AUCTUS ON FRIDAY - 25.09.2026

AUCTUS PUBLICATIONS ________________________________________ CanCambria Energy (CCEC CN)C: C$6 mm equity raise for Hungary – CamCambria is raising...

Auctus Advisors

Valeura Energy (TSX: VLE): ~US$100 mm free cash flow in 2Q26. Bussabong FID on track for 3Q26

This compares with our expectation of ~US$275 mm, driven by lower‑than‑assumed oil realizations (US$105.8/bbl vs. our US$110/bbl assumption).

Auctus Advisors

AUCTUS ON FRIDAY - 18.09.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Industry partner for GOLD...

Auctus Advisors

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Valeura Energy (TSX: VLE): Accelerating Wassana first oil

• As previously indicated, Valeura has elected to accelerate the Wassana re‑development, bringing first oil forward by roughly two months to early...

Auctus Advisors

Valeura Energy (TSX: VLE): Re-iterating guidance. Up to ~US$640 mm of fire power to make acquisitions

• 2Q26 production of 22.3 mbbl/d and the end‑June cash balance of US$317 mm were previously disclosed. • FY26 production guidance has been...

Auctus Advisors

AUCTUS ON FRIDAY - 25.09.2026

AUCTUS PUBLICATIONS ________________________________________ CanCambria Energy (CCEC CN)C: C$6 mm equity raise for Hungary – CamCambria is raising...

Auctus Advisors

Valeura Energy (TSX: VLE): ~US$100 mm free cash flow in 2Q26. Bussabong FID on track for 3Q26

This compares with our expectation of ~US$275 mm, driven by lower‑than‑assumed oil realizations (US$105.8/bbl vs. our US$110/bbl assumption).

Auctus Advisors

AUCTUS ON FRIDAY - 18.09.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Industry partner for GOLD...

Auctus Advisors

This compares with our expectation of ~US$275 mm, driven by lower‑than‑assumed oil realizations (US$105.8/bbl vs. our US$110/bbl assumption).