Investor Presentation

Equity research analysts all forecast positive equity returns Analyst(s) Summary Share Price Targets Latest Research Date UGE Share Price Target ($CAD) Premium / (Discount) to Current¹ CORMARK Nicholas Boychuk, CFA Q3 2023 SECURITIES INC. $2.75 206% PI FINANCIAL Devin Schilling, CFA Q3 2023 $1.75 94% experience. driven. × H.C.WAINWRIGHT&CO. Sameer Joshi Amit Dayal Q3 2023 $3.50 289% Average: 1 Based on UGE share price of $0.90 as of 1/31/2024 UGE TSXV: UGE OTCQB: UGEIF $2.67 +196% 20 20

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