Oil Shale Mining

Oil Shale Mining – Red Leaf Resources Inc.

Red Leaf is a private US-based technology company whose principal assets include its patented HCCO® oil-shale processing technology, oil shale mineral leases in the State of Utah, title to over 7,000 acres in the Uintah Basin in the State of Utah and cash and investments of over US$9 million. In December 2025, the Company consolidated its ownership of Red Leaf through an exchange of Red Leaf common shares for Common Shares and the acquisition of the Red Leaf preferred shares.

For 2026, the Company plans to optimize the operations of PX Energy to improve profitability and assess options to demonstrate the Red Leaf technology at scale.

Oil Shale Mining – Jordan

In October 2016, Questerre commissioned an independent assessment of its oil shale resources in Jordan (the “Jordan Resource Assessment”). The Jordan Resource Assessment was conducted by Millcreek Mining Group, an independent qualified reserves evaluator, as defined by NI 51‑101 with an effective date of September 30, 2016. The assessment was prepared in accordance with NI 51‑101 and the COGE Handbook. The assessment indicated a best estimate of discovered petroleum initially in place of between 7.8 billion barrels to 12.2 billion barrels. Given the preliminary nature of the Jordan Resources Assessment, it does not contain any estimates regarding the timing or cost to obtain commercial development nor has the Company finalized the specific technology to be used. For more information, please refer to the Company’s press release dated October 27, 2016 and the Company’s Annual Information Form dated March 24, 2017 available on the Company’s website at www.questerre.com or on SEDAR+ at www.sedarplus.ca.

Questerre intends to utilize the Red Leaf technology for its project in Jordan. Discussions with the Government of Jordan for a demonstration of the technology and the related negotiations for the concession agreement for the project remain ongoing. Through the execution of a new agreement with the Government of Jordan, the Company seeks to renew its exclusive rights to this project that expired in 2025.