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Investor Presentation

Capitalization Capitalization (all figures CAD) Share Price & Volume Chart (Past 2Y)³ Share Price (as of 04/30/2023) ($) $1.25 $CAD/Share Latest (as of 04/30/2023): $1.25 Basic Shares Outstanding 52-Week High: $1.78 (M) 36.5 $3.50 000's Shares Traded 1,200 52-Week Low: $0.72 $3.25 3-month Average Daily Volume: 19,536 Dilutive Options & Warrants (M) 3.6 $3.00 1,000 Fully Diluted Shares Outstanding (M) 40.1 $2.75 $2.50 Fully Diluted Equity Value ($M) $50.1 800 $2.25 Less: Cash1 ($M) $2.5 $2.00 Plus: Debt¹ $1.75 600 ($M) $6.5 $1.50 Enterprise Value ($M) $54.1 $1.25 400 $1.00 $0.75 Management & Insider Ownership Total Projects in Development² Note: All financial data as of Q4 2022 filings/MD&A, unless noted (1) Pro-forma for $1.7mm of Green Bonds closed during Q1 2023 (2) Q1 2023 (2023.03.31) 33% 200 $0.50 $0.25 788 MW May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 3 Source: Bloomberg CUGE TSXV: UGE | OTCQB: UGEIF 17
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