Investor Presentation

UGE has a clean capitalization table with significant upside Capitalization (all figures CAD) Share Price & Volume Chart (Past 2Y)4 Share Price (as of 10/31/2023) ($) $1.56 $CAD/Share Basic Shares Outstanding (M) 33.0 $3.50 Latest (as of 10/31/2023) 52-Week High: $1.56 $1.98 52-Week Low: $1.08 Dilutive Options & Warrants (M) 3.3 $3.25 3-month Average Daily Volume 35,185 $3.00 Fully Diluted Shares Outstanding (M) 36.3 $2.75 Fully Diluted Equity Value ($M) $56.6 $2.50 $2.25 Less: Cash¹ ($M) $11.9 $2.00 $1.75 Plus: Operating Debt² ($M) $4.0 $1.50 Enterprise Value ($M) $48.7 $1.25 $1.00 $0.75 Management & Insider Ownership 33% $0.50 Project Backlog³ 348 MW $0.25 Note: All financial data as of Q2 2023 filings/MD&A, unless noted 1 Includes proceeds of $5.75MM USD from August 2023 Green Bond offering 2 Does not include Project Debt of $40.4MM USD (~$53.9MM CAD) 3 As of August 2023; Refers to projects in Stage 3.1-5 UGE Oct-21 Jan-22 Apr-22 Jul-22 4 Source: Yahoo Finance TSXV: UGE | OTCQB: UGEIF Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 000's Shares Traded 1,200 1,000 800 600 400 200 5

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