01 — PLATFORM ARCHITECTURE

One HoldCo. One SPV for every contract signed.

Carbotura Inc. is not a project. It is an origination and ownership engine, structured exactly as a Solar Independent Power Producer platform is: the parent holds the technology, the IP Tech Maintenance Fee entitlement and 100% of the equity, and every executed 30-year Circular Supply Agreement (CSA) instantiates a separate, bankruptcy-remote SPV owning one plant, one contract and one non-recourse debt stack.

CARBOTURA INC. — HOLDCO

Regenesis™ Protocol IP · 7% IP Tech Maintenance Fee · 100% of every SPV

SPV 1

York County, PA

CSA SIGNED

400 → 2,000 TPD

$240M CapEx

$75 / ton contracted

SPV 2

Miami-Dade, FL

UNDER NEGOTIATION

500 → 3,000 TPD

$300M → $1.80bn CapEx

$100 / ton target

SPV 3

Hillsborough, FL

UNDER NEGOTIATION

500 → 2,000 TPD

$300M → $1.20bn CapEx

$100 / ton target

SPV 4+

US pipeline

EARLY DISCUSSION

44,700 TPD

$26.82bn CapEx

Unrisked, uncontracted

SPV n

Next CSA

REPEAT, UNCHANGED

Scaled to site

$600K / TPD CapEx

Same template

Each SPV ring-fences: the 30-year CSA · the plant · non-recourse project debt · its own cash flows

CAPITAL RECYCLING INSIDE EVERY SPV — 4 × 100 TPD TRANCHES TO CONTRACTED CAPACITY

Actual structured financing solution may differ from that presented here and subject to market conditions.

TRANCHE 1 · YR 1

$75M parent equity

First 100 TPD plus the one-time horizontal works

TRANCHE 2 · YR 2

$55M bond takeout

+100 TPD · prior equity released

TRANCHE 3 · YR 3

$55M bond takeout

+100 TPD · no new equity

TRANCHE 4 · YR 4

$55M bond takeout

+100 TPD · 400 TPD reached

$600K / TPD

Deployed CapEx per ton of daily capacity

$240M – $1.80bn

Deployed CapEx range per SPV at contracted capacity

$75M

Peak HoldCo equity at risk per SPV

3,900 TPD

Contracted maximum across three SPVs

44,700 TPD

Early-stage US pipeline

CARBOTURA INC. · CONFIDENTIAL · ACCREDITED INVESTORS ONLY

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02 — SPV 1 ECONOMICS · YORK COUNTY, PENNSYLVANIA · CONTRACTED

York County, Pennsylvania — 400 TPD

Three streams per SPV. Two carry the base case with circular materials at an average 50% price discount.

York County is contracted at 400 TPD across the 30-year term at the contracted rate of $75/ton. Figures are the attached August 2026 baseline model as run — including the four-year modular ramp — at Business Baseline pricing.

STREAM 01

Contracted CSA

$481M

Beneficiation Fee (TMC Fee) received, 30 yrs

Fee rate, escalating 2.5%/yr

$75 / ton

Contracted volume, 30 years

146,000 tpy

Urban Reserve, carrying value

$616.9M

Urban Reserve, gross reserve value

$4,259.3M

A feedstock security instrument, not a margin line. It fixes 4.38M tons of input for three decades, which is what perfects the Urban Reserve and makes Streams 02 and 03 bankable.

STREAM 02

Circular Materials sales

$4,439.9M

91.2% of baseline revenue

Battery-grade graphite

$2,800.7M

Advanced carbon products

$574.5M

Refined DI water

$454.6M

Five remaining product lines

$610.1M

Graphite alone is 57% of 30-year revenue — the largest single price exposure in the SPV. Hydrogen is consumed on-site in PEM fuel cells and is not sold.

STREAM 03

Environmental credits

$0 to $731.9M

Carried at zero; upside if qualified and banked

Model toggle, pending contracting

OFF

If qualified and banked

$731.9M

§48E ITC, monetised at 92c

$110.4M

Equity value with credits on

$822.3M

45Q, 45V, RINs, RECs, voluntary carbon and plastics circularity are all modelled and all switched off. The $346.3M valuation carries none of them.

$4.87bn

30-yr revenue

$2.67bn

30-yr EBITDA (54.7%)

$1.75bn

30-yr free cash flow

73.0%

Project IRR

2.7 yrs

Payback

4.6x

MOIC on equity at risk

Yr 24

Debt-free

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SECTION TWO

New Business on Horizon (2027)

Everything to this point is contracted. What follows is not: two projects in origination and a wider US pipeline, each shown on its own terms and none of it in the contracted base case.

Miami-Dade County, Florida

Under negotiation · 500 TPD scaling to a 3,000 TPD contracted maximum · nothing executed

Hillsborough County, Florida

Under negotiation · 500 TPD · nothing executed

US early-stage pipeline

44,700 TPD in discussion · unrisked and uncontracted

CARBOTURA INC. · CONFIDENTIAL · ACCREDITED INVESTORS ONLY

03 — SPV 2 · MIAMI-DADE COUNTY, FLORIDA · UNDER NEGOTIATION

Miami-Dade County, Florida — 500 TPD scaling to 3,000 TPD.

Shown as a range across the contracted build: the low end is the 500 TPD entry phase, the high end the 3,000 TPD contracted maximum. Both underwritten at the $100/ton target Beneficiation Fee with 2.5% annual escalation over 30 years, scaled from the attached 400 TPD model on throughput. Credits at zero.

STREAM 01

Contracted CSA

$718.1M → $4,308.8M

Beneficiation Fee received, 30 yrs · 500 → 3,000 TPD

Fee rate, esc. 2.5%/yr

$100 / ton

Volume, tpy

182,500 → 1,095,000

Reserve, carrying value

$771.1M → $4,626.9M

Reserve, gross value

$5,324.1M → $31,944.7M

A feedstock security instrument, not a margin line. The fee perfects title to between 5.47M and 32.85M tons over the term.

STREAM 02

Circular Materials sales

$5,549.9M → $33,299.2M

88.5% of baseline revenue at either end

Battery-grade graphite

$3,500.9M → $21,005.5M

Advanced carbon products

$718.1M → $4,308.8M

Refined DI water

$568.2M → $3,409.4M

Five remaining lines

$762.6M → $4,575.5M

Product mix and the 50% merchant pricing overlay are identical at both ends — everything scales linearly on throughput. Hydrogen is consumed on-site in PEM fuel cells and is not sold.

STREAM 03

Environmental credits

$0 → $914.9M / $5,489.2M

Zero in the case presented; upside if qualified and banked

Model toggle

OFF

If qualified and banked

$914.9M → $5,489.2M

§48E ITC at 92c

$138.0M → $828.0M

Term basis applied

45Q 12y · 45V 10y

45Q, 45V, RINs, RECs, voluntary carbon and plastics circularity are all modelled and all switched off. Every other figure on this slide carries none of them.

500 → 3,000

TPD entry phase to contracted max

$6.27 → $37.61bn

30-yr revenue from operations

$2.83 → $17.00bn

30-yr cost of goods sold

$3.44 → $20.61bn

30-yr gross profit

54.8%

Gross margin, both ends

$0.91 → $5.49bn

Credit upside if banked

CARBOTURA INC. · CONFIDENTIAL · ACCREDITED INVESTORS ONLY

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04 — SPV 3 · HILLSBOROUGH COUNTY, FLORIDA · UNDER NEGOTIATION

Hillsborough County, Florida — 500 TPD at $100/ton.

The same commercial template at 500 TPD, which is also the contracted maximum here — no ceiling has been agreed above it. Underwritten at the $100/ton target Beneficiation Fee with 2.5% escalation over 30 years, on the same model-scaled basis as slide 03. Credits at zero.

STREAM 01

Contracted CSA

$718.1M

Beneficiation Fee received, 30 yrs

Fee rate, escalating 2.5%/yr

$100 / ton

Contracted volume at maximum

182,500 tpy

Urban Reserve, carrying value

$771.1M

Urban Reserve, gross reserve value

$5,324.1M

Identical mechanics to Miami-Dade at a sixth of the scale, securing 5.47M tons of contracted feedstock.

STREAM 02

Circular Materials sales

$5,549.9M

88.5% of baseline revenue

Battery-grade graphite

$3,500.9M

Advanced carbon products

$718.1M

Refined DI water

$568.2M

Five remaining product lines

$762.6M

Same product mix and same 50% merchant pricing overlay as every other site. Hydrogen is consumed on-site in PEM fuel cells and is not sold.

STREAM 03

Environmental credits

$0 to $914.9M

Carried at zero; upside if qualified and banked

Model toggle, pending contracting

OFF

If qualified and banked

$914.9M

§48E ITC, monetised at 92c

$138.0M

Term basis applied

45Q 12y · 45V 10y

Shown at zero. The banked figure applies statutory term limits. Several credits in the stack may reduce or lapse before qualification.

500 TPD

Entry phase and contracted max

$6.27bn

30-yr revenue from operations

$2.83bn

30-yr cost of goods sold

$3.44bn

30-yr gross profit

54.8%

Gross margin

$914.9M

Credit upside if banked

CARBOTURA INC. · CONFIDENTIAL · ACCREDITED INVESTORS ONLY

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05 — PORTFOLIO P&L AND ASSET BASE

Three SPVs, one consolidated P&L. 55% gross margin.

30-year and nominal. Revenue from operations is the Beneficiation Fee plus gross Circular Materials sales, with environmental credits excluded entirely. COGS is line-for-line from the attached baseline model, scaled on throughput.

SPV 1 · York County, PA

CSA SIGNED · 400 TPD · $75/TON

SPV 2 · Miami-Dade, FL

UNDER NEG. · 3,000 TPD · $100/TON

SPV 3 · Hillsborough, FL

UNDER NEG. · 500 TPD · $100/TON

Subtotal · two new SPVs

3,500 TPD

Total · all three SPVs

3,900 TPD

Beneficiation Fee (TMC Fee)

$430.9M

$4,308.8M

$718.1M

$5,027.0M

$5,457.8M

Circular Materials sales, gross

$4,439.9M

$33,299.2M

$5,549.9M

$38,849.1M

$43,289.0M

Revenue from operations

$4,870.8M

$37,608.1M

$6,268.0M

$43,876.1M

$48,746.9M

Total cost of goods sold

($2,058.2M)

($16,997.9M)

($2,833.0M)

($19,830.8M)

($21,889.1M)

Gross profit

$2,812.6M

$20,610.2M

$3,435.0M

$24,045.2M

$26,857.8M

Gross margin

57.7%

54.8%

54.8%

54.8%

55.1%

ASSETS — DEPLOYED PLANT AND URVS-PERFECTED INTANGIBLES, THREE SPVs CONSOLIDATED

Intangibles are recognised carrying value, not gross reserve value. Depreciation, amortisation, G&A, interest and tax sit below this cut; environmental credits are excluded from every figure above.

CARBOTURA INC. · CONFIDENTIAL · ACCREDITED INVESTORS ONLY

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PP&E gross — deployed CapEx at $600K / TPD

Intangible — Urban Reserve (URVS-perfected)

Intangible — CSA contracted revenue

Intangible — IP and licence value

Total intangible assets

Total assets, three SPVs

$2.34bn

$6.01bn

$2.21bn

$0.47bn

$8.70bn

$11.04bn

NOT INCLUDED IN ANY FIGURE ON THIS PAGE: Gross Reserve Value (GRV): $41.5bn, three SPVs, 30 yrs, per URVS 1.0 — a scale measure, not a valuation. Environmental credits: up to ~$7.1bn if qualified and banked.

09 — CONTACT

Next steps and contact.

Questions on the model, the contracted position or the reserve methodology are best directed to either of the below. Diligence materials beyond this presentation are released under NDA only.

CAPITAL MARKETS

Paul Camp

EVP, Capital Markets

Carbotura Inc.

[email protected]

INVESTOR LIAISON

Shannon Law

Investor Liaison

Carbotura Inc.

[email protected]

CONFIDENTIALITY

This presentation is strictly private and confidential and is not an offer to sell or a solicitation of an offer to buy any security. It has been prepared for the recipient only and may not be reproduced, forwarded or distributed without written consent. Figures are unaudited management estimates derived from an internal model and are subject to change.

CARBOTURA INC. · CONFIDENTIAL · ACCREDITED INVESTORS ONLY

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