SUPPLEMENTAL SLIDES YEAR END 2025 RESULTS February 11, 2026 LEGAL DISCLAIMER Forward-Looking Statements This presentation contains "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements include, but are not limited to, statements concerning our financial guidance, plans, strategies, objectives, expected performanc ...

Core Viewpoint - BP is facing significant financial challenges, leading to the cancellation of a $750 million shareholder payout and the suspension of its share buyback program as it aims to reduce its $22 billion debt burden [1][2]. Financial Performance - BP reported a $3.4 billion loss for the three months ending in December, a stark contrast to a $1.2 billion profit in the previous quarter, attributed to weaker crude oil prices [5]. - The company's underlying replacement costs profit decreased from $8.9 billion to $7.5 billion for the year, with a 16% decline over the quarter [5]. - An impairment charge of $4 billion was recorded in its "low carbon energy" division, part of a broader write-down related to BP's net zero commitments [6]. Leadership Changes - The sudden exit of CEO Murray Auchincloss has prompted BP to appoint Meg O'Neill, the first female CEO in the company's history, to lead the organization [2][3]. - Interim CEO Carol Howle has expressed a commitment to improving performance and shareholder returns [4]. Strategic Shifts - BP has abandoned its previous strategy focused on renewables and green energy transition, which was introduced in 2020, in response to shareholder backlash [8]. - The company is now increasing investments in oil and gas and is in the process of selling $20 billion in assets [10]. Market Conditions - BP had anticipated an oil price of around $76 per barrel for the year, but it is currently trading at approximately $69, adding financial pressure [1][7].

Core Viewpoint - ILC Critical Minerals Ltd. is conducting a non-brokered private placement to raise up to CAD$2,500,000 by issuing 100,000,000 common shares at CAD$0.025 per share, with proceeds aimed at expanding operations in Southern Africa and Canada, as well as general working capital [1][2]. Use of Proceeds - The proceeds from the private placement will be allocated as follows if the full amount is raised: - Final payment for acquiring Lepidico Mauritius (if option exercised): CAD$450,000 (18%) - Exploration expenditure in Namibia and Canada: CAD$950,000 (38%) - Management fees to non-arms length parties: CAD$440,000 (17.6%) - Working capital: CAD$660,000 (26.4%) [3]. Company Operations and Strategy - ILC Critical Minerals Ltd. focuses on exploration activities in Ontario, Canada, and aims to expand into Southern Africa, particularly through the Karibib project in Namibia, which contains lithium, rubidium, and cesium [7][9]. - The company is strategically positioned to benefit from the increasing demand for critical minerals driven by the transition to electric vehicles and renewable energy [8][9]. - The primary focus for the next decade is to generate revenue from lithium and rubidium while contributing to environmental sustainability [10][16]. Project Highlights - The Raleigh Lake Project in Ontario is the most significant project, covering 32,900 hectares, with a Preliminary Economic Assessment indicating a post-tax NPV of CAD$342.9 million and a post-tax IRR of 44.3% based on a spodumene price of US$2,350 per tonne [14]. - The company has also applied for Exploration Permits in Zimbabwe, indicating a commitment to expanding its portfolio in Southern Africa [11][13]. Market Context - The demand for lithium and other critical minerals is expected to rise due to the growth of high-tech rechargeable batteries and the push for a greener economy [16]. - ILC aims to position itself as a preferred developer of lithium and critical minerals, capitalizing on the increasing global focus on self-sufficiency in critical mineral supplies [9][16].

Core Viewpoint - The article emphasizes the need for India to develop its own domestic supply chain in clean energy sectors, particularly in areas currently dominated by China, to achieve energy independence and meet net-zero targets [1][2]. Group 1: India's Clean Energy Supply Chain - The Indian government aims to establish a domestic supply chain for wind turbines and solar panels, utilizing tariffs and buy-local rules to limit Chinese competition [2][3]. - Sumant Sinha predicts that within a decade, India will have a complete domestic supply chain covering polysilicon, wafers, cells, and panels, where China currently holds over 70% of the global market share [3]. Group 2: Competitive Landscape - India's output in clean energy is expected to be less price-competitive compared to China's due to Chinese subsidies, scale, and research advantages [4]. - Sinha suggests that paying 15% to 20% more to reduce dependency on China is a worthwhile investment for India [4]. Group 3: International Collaboration and Challenges - Discussions are ongoing with companies in the European Union about establishing a supply chain with India, but EU companies prefer sourcing supplies within the bloc, which may be more expensive [6]. - The lack of clarity on future protections makes it difficult for companies to set up manufacturing in Europe, leading them to consider importing from India as a viable alternative [7].

Core Viewpoint - Business leaders at the World Economic Forum are advocating for continued commitment to climate action, arguing against the backlash to Europe's green transition as an "aberration" [1][2][6] Group 1: Business Leaders' Perspectives - Allianz CEO Oliver Bäte emphasized the importance of maintaining energy transition targets and criticized short-term thinking regarding net zero, labeling it as "bulls---" [2][3] - Bäte stated that Allianz has reduced its energy consumption by over 40% and advocates for setting realistic targets rather than rigid deadlines [3] - Andrew Forrest, founder of Fortescue, suggested moving towards "real zero" by 2040 instead of net zero, arguing that the focus should be on stopping fossil fuel use entirely [7][9] Group 2: Political and Economic Context - Concerns are rising that businesses are retreating from climate action in favor of competitiveness, with political support for net zero appearing to wane [6][15] - EU Climate Commissioner Wopke Hoekstra acknowledged that there are increasing pockets of skepticism regarding net zero policies, although he stressed the importance of addressing CO2 emissions [15][16] - Joe Kaeser, chairman of Siemens Energy, highlighted the need for collaboration with customers to develop pathways to achieve net zero, focusing on technology and innovation rather than regulation [18][19] Group 3: Global Perspectives on Energy Transition - Bäte pointed to China as a role model for balancing investments in both renewable and fossil fuel technologies [2] - Forrest criticized the U.S. approach to fossil fuels under the Trump administration, advocating for a more balanced investment strategy in energy technologies [10][13] - The trend towards renewable energy is seen as increasingly favorable, with Forrest asserting that renewable energy is becoming more cost-effective compared to fossil fuels [12][13]

Core Insights - Silver has unexpectedly emerged as a significant market story in 2026, with the iShares Silver Trust (SLV) showing year-to-date gains of approximately 16%–17%, outperforming traditional hedges [1] - In contrast, broader tech indices like Invesco QQQ Trust (QQQ) and SPDR S&P 500 ETF (SPY) have shown minimal positive returns, while gold's SPDR Gold Shares (GLD) has only seen single-digit gains [2] Market Dynamics - Silver was previously overlooked in favor of sectors like AI and semiconductors, but has recently experienced a breakout as prices surpassed multi-year ceilings, driven by increased industrial demand [3] - The supply of silver has not kept pace with rising demand, as most silver is produced as a by-product of other mining operations, leading to a structural deficit due to tight inventories and broadening demand across various industries [4] Broader Implications - Silver's role in renewable technology contributes to the Net Zero narrative, but the current rally is also influenced by macroeconomic factors such as easing rate expectations, geopolitical tensions, and a shift towards hard assets [5] - If the current momentum continues, silver may surprise markets further as both an industrial bellwether and a safe haven asset, although high volatility and rigid supply could lead to potential reversions [6] Investment Perspective - Silver is transitioning from a niche hedge to a strategic and tactical asset, with SLV's performance outpacing that of GLD, QQQ, and SPY, indicating that ignoring this shift could result in missing a standout investment opportunity [7]

Thematic Investing - Q1 2026 Summary Industry and Company Overview - **Industry Focus**: The report centers on thematic investing across various sectors, highlighting trends and companies that are positioned to benefit from these themes. - **Key Companies Mentioned**: - WeRide (L4 autonomous vehicles) - Klarna (buy now pay later, fintech) - BETA (electric aviation) - DEWA (UAE's largest electricity & water provider) - Chery Auto (China EVs) - Others include Masimo, Scholar Rock, and more [2][14] Core Insights and Arguments - **Thematic Additions**: New companies added to the thematic stock list include WeRide, Klarna, InnoScience, BETA, and DEWA, indicating a focus on innovation in autonomous vehicles, fintech, and renewable energy [2][15]. - **Private Capital Growth**: The report notes that if private capital AUM were a country, it would be the world's second-largest economy, with a combined valuation of $1.5 trillion from 16 transformative companies, representing over 1% of global GDP [3]. - **Investment Themes**: The report categorizes various investment themes such as: - **Energy Efficiency**: Projected investments of $8-14 trillion over the next 20 years across multiple sectors [9]. - **Future Mobility**: A $1.5 trillion market opportunity by 2030 in electric, autonomous, connected, and shared mobility [9]. - **Climate Change**: Emphasizes the transition to net zero and the associated investment opportunities [9]. Important but Overlooked Content - **Thematic Exposure**: Companies are characterized based on their exposure to themes, categorized as Low, Medium, or High, which impacts their growth potential [11][13]. - **Market Dynamics**: The report highlights the importance of tracking theme-related exposure as a long-term growth driver, despite the challenges in linking thematic exposure directly to share price performance [11]. - **Additions and Deletions**: The report provides a detailed list of companies added and removed from the thematic stock list, indicating shifts in market focus and investment strategies [14][15]. Conclusion - The Q1 2026 thematic investing report provides a comprehensive overview of emerging trends and companies that are expected to drive significant growth in various sectors. The focus on innovative technologies and sustainable practices reflects broader market shifts towards a more transformative economic landscape.

Core Viewpoint - International Lithium Corp. (ILC) is optimistic about the recovery in lithium prices and its implications for the Raleigh Lake project, highlighting significant price increases since June 2025 [1][2]. Price Recovery - Lithium Carbonate prices have surged from USD 8,535 per tonne in June 2025 to USD 19,747 per tonne by January 8, 2026, marking a 131% increase. Spodumene Concentrate (SC6) prices rose from USD 630 to USD 1,800 per tonne, a 185% increase [2]. - The current SC6 price in CAD is CAD$2,498.40 per tonne, based on an exchange rate of USD=CAD 1.3880 [2]. Economic Projections for Raleigh Lake - The Preliminary Economic Assessment (PEA) for the Raleigh Lake project indicates a Net Present Value (NPV) of CAD$223.1 million (pre-tax) and CAD$215.1 million (post-tax) at the current SC6 price of CAD$2,498.40 per tonne, with an Internal Rate of Return (IRR) of 33.1% (pre-tax) and 32.7% (post-tax) [4]. - Sensitivity analysis from the PEA shows that at a SC6 price of CAD$2,100 per tonne, the NPV would drop to CAD$122.3 million (pre-tax) and CAD$120.1 million (post-tax) with an IRR of 23.2% (pre-tax) and 23.0% (post-tax) [5]. Project Development and Strategic Focus - ILC is in the process of converting mining claims at Raleigh Lake into a mining lease and is planning further work at the site, including a PEA for rubidium [7]. - The Raleigh Lake project covers 32,900 hectares and is ILC's most significant project in Canada, with excellent access to infrastructure [13][14]. - The company aims to optimize the value of its existing projects while exploring new opportunities, particularly in Southern Africa and Zimbabwe [12][16]. Industry Context - The demand for lithium is driven by the increasing need for high-tech rechargeable batteries, electric vehicles, and energy storage solutions, positioning lithium as a critical resource in the transition to a sustainable economy [10][16]. - ILC's projects are strategically aligned with the growing demand for critical metals, supported by political initiatives in major economies to secure supplies [10].

Core Insights - AirJoule Technologies Corporation has officially launched its participation in the Net Zero Innovation Hub for Data Centers, marking a significant step in the commercial deployment of its AirJoule™ water-from-air systems [1][3] - The company is collaborating with major global data center operators and infrastructure providers, including Microsoft and Google, to develop sustainable solutions for data center operations [2][4] - The Innovation Hub program aims to refine product-market fit and achieve commercial alignment, with expectations for significant milestones in commercialization by summer 2026 [3][5] Group 1: Company Overview - AirJoule Technologies is the only US-based company focused on water solutions selected for the Innovation Hub, highlighting its unique value proposition in addressing sustainability challenges in data centers [1][5] - The AirJoule platform utilizes waste heat from data centers to produce distilled water, addressing critical water sustainability issues in the rapidly growing data center industry [4][6] Group 2: Market Opportunity - Data centers consume millions of gallons of water daily for cooling, with over 40% of planned U.S. data centers located in areas facing high water stress [5] - The collaboration with the Innovation Hub is expected to validate AirJoule's technology for broader industrial applications beyond data centers, including advanced manufacturing and food and beverage sectors [7][8] Group 3: Strategic Partnerships - The company is leveraging partnerships with industry leaders such as GE Vernova and Carrier Global Corporation to enhance its commercial pipeline and deliver transformative water solutions [8] - The Innovation Hub provides a platform for AirJoule to scale its technology in collaboration with organizations shaping the future of data center infrastructure [7]

Core Viewpoint - Energys Group Limited has received a Determination Letter from Nasdaq indicating non-compliance with the minimum market value listing requirement of $35 million, with the company having a market value below this threshold for the past 30 consecutive business days [1][2]. Group 1: Compliance and Listing Status - The company has until June 29, 2026, to regain compliance with Nasdaq's listing rule, which requires the market value of listed securities to be at least $35 million for a minimum of ten consecutive business days [2]. - If the company fails to meet this requirement within the compliance period, it will receive a notification from Nasdaq regarding potential delisting, but it has the option to appeal this decision [2]. Group 2: Company Background and Vision - Energys Group, founded in 1998, has evolved from an energy conservation consultancy to a provider of energy efficiency and decarbonization solutions for the built environment, serving both private and public sectors, including schools and hospitals primarily in the UK [4]. - The company's vision focuses on delivering innovative solutions that reduce carbon emissions, lower costs, and support the Net Zero agenda while enhancing the wellbeing of building users [4]. Group 3: Management's Commitment - The CEO of Energys Group has expressed the importance of maintaining the company's listing on Nasdaq for shareholder value, emphasizing the commitment to improving performance to meet continued listing standards [3].