Investor Presentation

Equity research analysts all forecast positive equity returns Analyst(s) CORMARK Nicholas Boychuk, CFA SECURITIES INC. PI FINANCIAL Summary Share Price Targets Latest Research Date UGE Share Price Target ($CAD) Premium (Discount) to Current¹ 8/28/2023 $3.00 92% experience. driven. Devin Schilling, CFA 8/28/2023 $2.25 44% iAm Naji Baydoun, CFA 8/28/2023 $3.00 92% Capital Markets ☑H.C.WAINWRIGHT&CO. Average: 1 Based on UGE share price of $1.56 as of 10/31/2023 UGE Sameer Joshi Amit Dayal 8/28/2023 $3.50 124% TSXV: UGE OTCQB: UGEIF $2.94 +88% 21

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