Pioneering the Future of Advanced Materials

BOET
MATERIALS CORP.

Corporate Presentation | February 2026

TSXV: AUM | OTCQX: AURMF | FSE: 9AUM

www.boetmaterials.com

This presentation contains forward-looking statements within the meaning of applicable securities laws. See Endnotes for important disclosures, cautionary statements, and NI 43-101 compliance information.

Slide 02

Executive Summary

Boet Materials Corp. is a publicly traded advanced materials company positioned to become a premier North American producer of high-purity critical materials. The Company is advancing a portfolio of strategically located assets through a de-risked, phased development pathway toward near-term commercial production.

Key Metrics at a Glance

Production Target (Ph. 1)

20,000 t/yr

Total Resource (M&I)

16.2 Mt

After-Tax NPV₈

US$4.8 B

After-Tax IRR

15.2%

Operating Cost

US$4,230/t

Reserve Life

50+ Years

Gov't Grants Secured

C$37 M

Cash & Available Capital

C$51 M

Core Positioning

Experienced, execution-focused management team with deep industry expertise
Significant resource base ranking among the largest globally in its category
Strategic North American location with established infrastructure and regulatory clarity
Robust project economics validated by independent Pre-Feasibility Study
Strong government backing with over C$37 million in grants secured to date

Slide 03

Macro Opportunity

The global advanced materials market is entering a period of sustained structural growth. Electrification, energy storage deployment, and supply chain reshoring are accelerating demand across every major consuming region.

Demand Growth Drivers

Accelerating EV adoption globally — projected penetration reaching 40%+ of new vehicle sales by 2030
Grid-scale BESS expanding at >35% CAGR through 2035
Government mandates across U.S., Canada, and EU requiring domestic critical minerals sourcing
Defense and aerospace sectors increasing strategic reserve requirements

Supply-Side Constraints

Long development lead times — average 7 to 12 years from discovery to production
Significant capital intensity creating barriers to new supply
Geopolitical concentration of existing production in high-risk jurisdictions
Permitting complexity and ESG scrutiny slowing conventional timelines

Slide 03

Macro Opportunity (cont.)

Global Lithium Demand Forecast (kt LCE)

By end-use segment — IEA Stated Policies Scenario

4,000

3,000

2,000

1,000

EV Batteries Grid Storage (BESS) Portable Electronics Industrial & Other

Source: IEA Global Critical Minerals Outlook 2025; Albemarle; Benchmark Mineral Intelligence

Lithium Carbonate Price History (US$/t)

Battery-grade, annual average — 2018 to 2026 YTD

Source: USGS Mineral Commodity Summaries 2025; Benchmark Mineral Intelligence; Trading Economics

North American demand is forecast to outpace supply by a widening margin through 2040, creating a structural need for domestically sourced, responsibly produced advanced materials.

Slide 04

Market Context

North America is heavily dependent on imported critical materials from geopolitically concentrated sources. This dependency creates systemic vulnerability across EV, energy storage, defense, and advanced manufacturing supply chains.

Supply Chain Vulnerability

Over 80% of global production is concentrated in three countries, creating supply chain fragility
No significant domestic production currently exists in North America at commercial scale
Lead times for new projects exceed 7 years on average, lagging far behind accelerating demand
Conventional extraction methods are capital-intensive, environmentally disruptive, and slow to deploy

Industry Impact

Automotive OEMs face raw material bottleneck risk for battery gigafactory commitments
Government reshoring mandates (IRA, CMIF, EU CRMA) cannot be met without new domestic supply
Strategic industries remain exposed to single-source failure modes
Price volatility persists due to concentrated supply and opaque market structures

The market needs new, reliable, North American sources of critical materials — and it needs them now.

Slide 05

Proprietary Processing Technology

Boet has developed and validated a proprietary advanced extraction process that delivers significant advantages over conventional methods — combining in-house technical innovation with proven third-party components for a low-risk, high-performance commercial solution.

Technology Advantages

Feature	Boet Process	Conventional Methods
Surface Footprint	<10% of traditional	Large, disruptive
Recovery Rate	>95%	40–60%
Processing Time	Hours	Months to years
Water Usage	Closed-loop recycling	Water intensive
Infrastructure	Self-contained	Extensive secondary required
End Product	Battery-grade, market-ready	Requires offsite refining

Slide 05

Proprietary Processing Technology (cont.)

How It Works

Step 1

Extraction

Proprietary sorbent-based technology selectively isolates target compounds

Step 2

Purification

Multi-stage purification delivers high-purity intermediate product

Step 3

Conversion

Final processing produces battery-grade or industrial-grade end product

Step 4

Recycling

Closed-loop system minimizes waste and water consumption

Advanced extraction technology and processing infrastructure

Over a Decade of Development

Proprietary process refined through 10+ years of laboratory and pilot-scale development
Demonstration facility commissioned and operational — produced specification-grade product
Ongoing optimization through rigorous testing of commercially available components
Technical team holds deep domain expertise with backgrounds from leading resource companies

Slide 06

Competitive Landscape

Boet stands apart from its peer group on key dimensions including resource scale, project economics, jurisdictional quality, development stage, and environmental profile.

Peer Comparison Matrix

Company	Resource (M&I)	Opex (US$/t)	NPV (US$ B)	IRR	Jurisdiction	Stage	ESG
BOET MATERIALS	16.2 Mt	$4,230	$4.8	15.2%	Canada (Alberta)	Demo / FS	Best-in-Class
Nexion Resources	11.4 Mt	$5,810	$2.1	11.4%	Argentina	PFS	Moderate
Pinnacle Lithium	8.7 Mt	$6,420	$1.6	9.8%	Chile	DFS	Below Avg
Boreal Minerals	6.2 Mt	$6,380	$1.1	10.5%	Canada (ON)	PEA	Good
Suncrest Mining	9.8 Mt	$5,340	$1.8	12.1%	Australia	FS	Moderate
Voltaic Metals	4.1 Mt	$7,150	$0.7	8.2%	USA (Nevada)	PEA	Good
Cordova Resources	7.5 Mt	$6,880	$1.2	8.9%	Mexico	PFS	Moderate
Northvale Energy	5.3 Mt	$6,950	$0.8	9.2%	Canada (BC)	PEA	Good

Source: Company filings, NI 43-101 reports, Benchmark Mineral Intelligence. All figures represent most recent publicly available estimates.

Key Differentiators vs. Peers

Largest single-asset resource in its category in North America
First-third cost position on the global cash cost curve
Tier-1 jurisdiction with transparent, pro-business regulatory framework
Proprietary technology validated at demonstration scale — not conceptual
Phased development plan that reduces capital at risk and accelerates time to revenue
Multi-decade reserve life (50+ years) provides long-duration investor visibility

Boet combines scale, cost advantage, and jurisdictional quality in a way that few peers can match.

Slide 07

Asset Portfolio / Projects

Boet holds a portfolio of strategically located assets anchored by its flagship development project. The total resource endowment ranks among the largest globally, providing a multi-decade production foundation.

Flagship Project: Clearwater Basin

Location	Alberta, Canada
Stage	Pre-Feasibility / Demonstration
Resource (M&I)	16.2 million tonnes
Reserves (P&P)	9.74 million tonnes
Phase 1 Capacity	20,000 tonnes/year
Full Build-Out	40,000 tonnes/year
Reserve Life	50+ years
After-Tax NPV₈	US$4.8 billion
After-Tax IRR	15.2%
Operating Cost	US$4,230/tonne

Hover over the markers to explore the flagship project site layout

Slide 07

Asset Portfolio (cont.)

Consolidated Resource Summary

District	Reserves (P&P)	Measured	Indicated	M&I Total	Inferred
Clearwater Basin	9.74 Mt	5.18 Mt	8.64 Mt	13.82 Mt	—
Athabasca North	—	0.92 Mt	1.46 Mt	2.38 Mt	3.15 Mt
Total	9.74 Mt	6.10 Mt	10.10 Mt	16.20 Mt	3.15 Mt

The Company’s resource base supports multi-decade operations with clear expansion pathways across the district.

Slide 08

ESG & Sustainability

Boet is committed to industry-leading environmental, social, and governance practices. The Company’s advanced extraction technology inherently delivers a superior environmental profile relative to conventional methods.

Environmental

Minimal surface footprint — <10% of traditional extraction
Closed-loop water system — zero net freshwater consumption
Low carbon intensity — co-gen & carbon capture planned
No tailings — zero long-term waste storage liabilities
Full site reclamation — complete land restoration

Governance

Independent board majority — deep industry oversight
ESG-linked compensation — management aligned with sustainability
Transparent disclosure — annual ESG reporting
Ethical supply chain — responsible sourcing standards
Risk management — comprehensive compliance framework

Slide 08

ESG & Sustainability (cont.)

Performance Metrics

Water Intensity

0.8 m³/t LCE

Boet: 0.8 Conv. Avg: 8.5

▼ 91% below conventional average

CO₂ Emissions

2.1 t CO₂e / t LCE

Boet: 2.1 Conv. Avg: 12.5

▼ 83% below conventional average

Land Disturbance

12 hectares / 20k t capacity

Boet: 12 ha Conv. Avg: 180 ha

▼ 93% smaller footprint

Community Investment

$3.2M committed since 2024

Local hiring: 78% Indigenous partnerships: 4

▶ Exceeds IFC Performance Standards

Boet is building a project that meets the highest environmental and social standards demanded by institutional investors and off-take partners.

Slide 09

Development Roadmap

Boet is executing a disciplined, phased development plan designed to systematically de-risk the project while advancing toward commercial operations.

2024

PFS Complete

Q1 2025

Demo Plant

Q3 2025

Battery-Grade Product

2026

Feasibility & Financing

2027

Construction

2029+

Production

Completed Current Phase Upcoming

Slide 09

Development Roadmap (cont.)

2024

Complete

Project Definition

Pre-Feasibility Study completed
Lab-pilot prototype validated
Resource estimate completed

2025

Complete

De-Risking

Demo facility commissioned
Battery-grade product produced
Drilling campaign completed
Key permits secured
~C$42 million raised

2026

In Progress

Commercialization

Feasibility Study completion
Commercial permit submissions
Strategic partner & off-take
Project financing secured
FEED initiated

2027 — 2029+

Planned

Production

Long-lead equipment procurement
Drilling & pipeline construction
Facility construction & commissioning
Phase 1 commercial ops (20,000 t/yr)
Phase 2 expansion to full capacity

Every milestone is designed to reduce risk, validate economics, and advance the project toward bankable, financeable status.

Slide 10

Financial Overview

The Company’s Pre-Feasibility Study confirms compelling project economics with strong margins, an attractive return profile, and a rapid payback period.

After-Tax NPV₈

US$4.8 B

After-Tax IRR

15.2%

Avg. Annual EBITDA

US$585 M

Payback Period

4.9 Years

CAPEX

US$1,240 M

Pre-Feasibility Study — Key Economics

Metric	Units	Value
Initial Production Capacity	Tonnes/year	20,000
Avg. Production (LOM)	Tonnes/year	32,000
Total Initial Capital (CAPEX)	M US$	1,240
Total Sustaining Capital	M US$	2,180
Annual Operating Cost	M US$	135
Operating Cost (OPEX)	US$/tonne	4,230
Product Price Assumption	US$/tonne	22,500
Avg. Annual EBITDA	M US$	585
IRR (after-tax)	%	15.2
NPV₈ (after-tax)	M US$	4,820
Payback Period	Years	4.9

Sensitivity Analysis — Lithium Price Scenarios

Key economics under varying lithium carbonate price assumptions (base case highlighted).

Lithium Price (US$/t)	After-Tax NPV₈ (US$ B)	After-Tax IRR (%)	Payback (Years)
$15,000	$2.4	8.1%	7.4
$18,000	$3.4	11.3%	6.1
$22,500 (Base Case)	$4.8	15.2%	4.9
$27,000	$6.2	18.8%	4.2
$30,000	$7.2	21.1%	3.7

Source: Company PFS estimates. All other assumptions held constant. NPV calculated at 8% discount rate.

Slide 10

Financial Overview (cont.)

Projected Revenue Growth (US$ M)

Base Case Upside Case

Cost Structure Breakdown

Projected Liabilities (at Construction)

Economic Highlights

First-third cost position on global cash cost curve — resilient across commodity cycles
5-year payback period on initial capital investment
50+ year reserve life provides long-duration cash flow visibility
Phased CAPEX profile reduces front-end capital exposure and enables self-funded expansion
30% ITC eligibility on qualifying capital expenditures provides significant cost offset

Project economics are robust across a wide range of commodity price assumptions, underscoring the quality of the underlying asset.

Slide 11

Capital Structure

Boet maintains a disciplined capital structure with no debt, a well-funded treasury, and growing institutional participation.

Capital Markets Summary

Share Price (TSXV)	C$3.42
52-Week Range	C$1.85 – C$4.12
Market Capitalization	C$482 million
Common Shares Outstanding	141 million
Fully Diluted Shares	158 million
Options & Warrants	17.2 million
Debt	Nil
Working Capital	C$28 million
Insider Ownership (basic)	8.6%
Insider Ownership (fully diluted, incl. options)	12.1%

Capital Summary

Common Shares	141.0 M
Options	9.4 M
Warrants	7.8 M
Fully Diluted	158.2 M
Debt	Nil
Cash & Equivalents	C$28.0 M
Grants Available	C$22.8 M
Total Available Capital	C$50.8 M

Government Funding Secured

Source	Amount	Status
NRCan Critical Minerals Fund	C$8.5 million	Awarded
SIF — Net Zero Accelerator	C$20 million	Awarded
Alberta Innovates — AITF	C$8.5 million	Awarded
Clean Tech Manufacturing ITC	Up to 30% of qualifying capex	Eligible
Total Grants Awarded	C$37.0 million
Grants Deployed to Date	C$14.2 million
Grants Remaining Available	C$22.8 million

Financing Pathway to Construction

The Company’s US$1.24 billion initial CAPEX requirement will be funded through a multi-source financing strategy consistent with large-scale critical minerals projects in Tier-1 jurisdictions.

Funding Source	Indicative Range	Status / Commentary
Project Finance / Senior Debt	US$500–600 M	Targeting 40–50% LTV; PFS economics support bankable structure
Government Grants & ITCs	C$37 M awarded + up to 30% ITC	C$22.8 M remaining; ITC on qualifying capex at construction
Strategic Off-Take Prepayments	US$150–250 M	Advance discussions with Tier-1 battery & OEM counterparties
Export Credit Agency (ECA) Financing	US$100–200 M	Eligible under critical minerals mandates (EDC, US Ex-Im)
Equity Raise (Public & Strategic)	US$200–400 M	Phased raises aligned with de-risking catalysts

Financing strategy is indicative and subject to market conditions, feasibility study outcomes, and board approval. No financing commitments have been secured for commercial-scale construction at this time.

Insider Alignment

Fully diluted insider ownership of 12.1% including management options and performance-based equity awards
12-month lock-up agreements in place for all executive officers and directors following most recent financing
Open-market purchases by the CEO and CFO totaling over C$1.2 million in the trailing twelve months
Performance-linked equity compensation tied to feasibility study completion, permitting milestones, and share price thresholds

Slide 12

Management Team

Boet is led by a seasoned management team with deep expertise spanning resource development, advanced materials processing, capital markets, and large-scale project execution.

Dr. Marcus Eliot, P.Geo., ICD.D

Chief Executive Officer & President

Founder & CEO. Over 20 years in resource development, mineral project advancement, and capital raising. Previously at Teck Resources. Ph.D. in Geoscience.

Catherine Hsu, CFA, CPA

Chief Financial Officer

15+ years in capital markets, corporate finance, and strategic planning in resource & energy sectors. Previously at BMO Capital Markets.

Dr. Raj Venkatesh, P.Eng., Ph.D.

Chief Technology Officer

Leading authority in advanced extraction technology. 18+ years of R&D and commercial-scale development. Multiple patents in selective extraction processes.

James Macleod, P.Eng.

Chief Development Officer

Veteran project development executive with 25+ years delivering large-scale resource and infrastructure projects on time and on budget.

Sarah Fontaine, LL.B.

VP, Government & Stakeholder Engagement

Extensive career spanning law, regulatory affairs, and government relations within the energy and resources sector.

Nadia Kowalski, M.Sc.

Chief Sustainability Officer

12+ years leading environmental strategy and ESG compliance for extractive industries. Former Director of Sustainability at Glencore.

Daniel Tanaka, P.Geo.

VP, Exploration

15+ years in mineral exploration and resource delineation across North America. Previously Senior Geologist at Barrick Gold.

Michael Brennan, MBA

VP, Operations

20+ years in mine operations and process engineering. Managed commercial-scale extraction facilities across three continents. Previously at BHP.

Slide 12

Management Team (cont.)

Board of Directors

Independent board majority (4 of 5 directors) with deep expertise spanning resource development, capital markets, governance, and ESG oversight.

Director	Role	Background
Richard Farnsworth, ICD.D	Chair of the Board	Former SVP, Suncor Energy; 30+ years in resource sector governance
Dr. Amara Osei, P.Eng.	Lead Independent Director	Former VP Engineering, Albemarle Corporation; extraction technology expert
Linda Chen, CPA, CA	Chair, Audit Committee	Managing Partner, Deloitte (retired); public company audit specialist
David Carruthers, MBA	Chair, Compensation & HR	Former CEO, Northland Power; capital markets and ESG leadership
Marie-Claire Pelletier, LL.B.	Chair, Governance Committee	Senior Partner, Stikeman Elliott; securities and regulatory counsel

Decades of combined expertise across advanced materials, resource development, operations, regulatory affairs, and capital markets.

Slide 13

Investment Thesis

Why Boet Materials Corp.

1

World-Class Asset in a Tier-1 Jurisdiction

One of the largest single-asset deposits globally
Canada — low political risk, established regulatory framework
Proven resource reducing geological uncertainty

2

Proprietary Technology, De-Risked at Scale

10+ years of in-house R&D validated at demo scale
Produced specification-grade product — not conceptual
Superior environmental profile enables faster permitting

3

Compelling Project Economics

After-tax NPV₈ of US$4.8 billion with 15.2% IRR
First-third position on global cost curve
50+ year reserve life · 5-year payback

4

Multiple Near-Term Catalysts

Feasibility Study & demo validation (2026)
Strategic off-take agreement(s) (2026)
Construction decision (2027)

5

Government Support & Policy Tailwinds

Over C$37 million in grants secured
Up to 30% refundable ITC on qualifying capex
Aligned with critical minerals reshoring mandates

6

Experienced Team With a Track Record

Consistently met or exceeded milestones
Deep in-house technical & capital markets expertise
Board with decades of relevant industry experience

Slide 13

Investment Thesis (cont.)

Return Potential

Scenario	Implied Valuation	Upside from Current
Current Mkt Cap (US$ equiv.)	US$347 million	—
0.5x NPV₈ (after-tax)	US$2.4 billion	6.9x
1.0x NPV₈ (after-tax)	US$4.8 billion	13.8x
Peer Comparable EV/Resource	US$1.9 billion	5.5x

Boet represents a rare combination of scale, quality, cost position, and near-term catalysts in a market with structural supply shortages.

Slide 14

Endnotes & Additional Reports

Use of Mineral Resources

The mineral reserve and mineral resource estimates contained in this presentation have been prepared in accordance with the Canadian Securities Administrators’ (the “CSA”) National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The SEC’s disclosure requirements and policies for mining properties now more closely align with current industry and global regulatory practices and standards, including NI 43-101; however Canadian issuers that report in the United States using the Multijurisdictional Disclosure System (“MJDS”), such as the Company, may still use NI 43-101 rather than the SEC disclosure requirements when using the SEC’s MJDS registration statement and annual report forms. Accordingly, mineral reserve and mineral resource information contained in this presentation may not be comparable to similar information disclosed by U.S. companies.

Investors are cautioned that while the SEC recognizes “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”, investors should not assume that any part or all of the mineral deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Accordingly, investors are cautioned not to assume that any “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” that the Company reports in this presentation are or will be economically or legally mineable.

Further, “inferred mineral resources” have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that any part or all of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian regulations, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in limited circumstances. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists, or is or will ever be economically or legally mineable.

The mineral reserve and mineral resource data set out in this presentation are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. The Company does not include equivalent gold ounces for by-product metals contained in mineral reserves in its calculation of contained ounces. Mineral reserves are not reported as a subset of mineral resources.

Slide 14

Endnotes & Additional Reports (cont.)

Financials & Additional Investor Documents

Earnings Release

Earnings Release

Quarterly Report

Quarterly Report

Annual Report

Investor Presentation