Investor Presentation

Equity Research Analyst Coverage Summary Share Price Targets ¡Ani Capital Markets H PI FINANCIAL experience. driven. CORMARK SECURITIES INC. ☑H.C.WAINWRIGHT&CO. Average: Analyst Naji Baydoun, CFA / Gabriel 04/28/2023 Moreau Latest Research Date UGE Share Price Premium (Discount) Target ($CAD) to Current¹ $3.00 140% Devin Schilling, CFA 04/25/2023 $3.00 140% Nicholas Boychuk, CFA 04/10/2023 $4.00 220% Naji Baydoun, CFA / Gabriel Moreau 04/06/2023 $3.50 180% 1 "Current" utilizes closing UGE (TSXV) share price of $1.25 as of 04/30/2023 UGE TSXV: UGE | OTCQB: UGEIF $3.38 170% 18

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