Elmworth

Elmworth is a large, contiguous 100% working-interest Montney land position located south of Birchcliff's Greater Pouce assets. As of December 31, 2025 the asset comprises approximately 145 net sections of Montney lands and remains largely unbooked on a reserves basis - providing significant drilling inventory and a major potential future growth area. The proposed 100%-owned and operated Goodfare Gas Plant supports Elmworth development. Preliminary front-end engineering for the gas plant was completed in 2025; first phase processing capacity is targeted at 100 MMcf/d with optionality to expand through additional phases. Birchcliff is targeting a final investment decision on the Goodfare plant construction in late 2026 or early 2027. 2026 capex includes approximately $25 million directed towards progressing Elmworth development.