PROJECT TERRA FIRMA OF CANADA/PROJET TERRA FIRMA DU CANADA

We continue to work towards the development of critical long-duration water infrastructure and power in Mozambique (MZ). 1. 30-Year Concession Contract Update (Addendum) In 2022 we reached a milestone with the Government of Mozambique and the 'Administração de Infra-Estruturas de Aguas e Saneamento' (AIAS) Mozambique’s water infrastructure agency which approved our 30-year concession contract. To secure global debt financing from agencies like the U.S. International Development Finance Corporation (DFC) we have worked tirelessly with external legal counsel to finalize the 'Addendum' to the Concession. AIAS has not agreed to the final revisions required delaying our ability to secure project debt financing. With presidential elections set for October 9th 2024 and the end of President Nyusi's term discussions have been paused until new government is formed. In the meantime our team remains fully prepared to execute once the Addendum is finalized. In the meantime we are also exploring other private sector partnerships within MZ and considering expanding our efforts to other countries with plans to enter into an agreement in another country by the end of the year. 2. Project Vision & Scale Our vision for the current project remains to build water (and renewable power) infrastructure across 20 sites to deliver clean drinking water to more than 1 000 000 people including approximately 440 000 children under the age of fourteen. Over the next 30 years our projects are projected to provide more than 1.7 billion glasses of clean safe water to the people of Mozambique. We continue active engagement with donors policymakers and private sector partners to advance critical water and power infrastructure in MZ. 3. Debt Financing Finalizing the Addendum will enable us to submit our debt financing request to the DFC. The debt financing will account for up to 80% (US$ 10-15 million) of the total project capex which is typical for a concession agreement for long-dated infrastructure projects.

4. Groundbreaking Given the upcoming elections and pending the delay in finalizing the Addendum we intend to begin construction on three water sites in Q2 2024. Together these sites will serve ~75 000 people. We are committed to close collaboration with AIAS policymakers engineering partners and the local communities we serve. We all recognize the immense pressure to deliver on this humanitarian mission. 5. Engagement In 2023-24 we invested significant resources with board members agencies donors investors engineering partners volunteers universities and associations to raise awareness and secure 3rd-party funding for our project. We sponsored and presented at the Club of Florence 2024 Renewed Humanism (RH) Award to strengthen our global network and our mission – i.e. delivering clean water and renewable power to disadvantaged communities. The 2024 RH Award ceremony brought together key stakeholders including donors investors investment companies and policymakers to discuss the intersection of humanism finance the UN SDGs and the Paris Agreement. We are honored to have been part of these conversations and remain committed to advancing our shared goal of sustainable development.