My fair value is based on a recovery scenario rather than an aggressive growth case. I assume Zoomd’s revenue recovers toward roughly US$60M to US$70M over the next 3 to 5 years, which is close to its previous revenue level before the Q1 2026 disruption. I then assume the company can return to around US$15M in profit if revenue stabilizes and the recent cost cuts flow through. To avoid using an overly aggressive valuation, I apply an 8x earnings multiple to US$15M of future profit, giving a future equity value of about US$120M. I then discount that value back to today to reflect execution risk, customer concentration risk, and uncertainty around whether the lost revenue fully returns. After converting to CAD and dividing by the current share count, this gives me a fair value of approximately CA$1.21 per share. This valuation depends on revenue recovering and margins improving. If the customer disruption is permanent, or if advertising demand does not improve, the fair value would be much lower. Valuation Inputs Revenue in 3 years: around US$60M to US$65M Earnings in 3 years: around US$12M to US$15M Future P/E: around 8x to 10x

My fair value of CA$8.10 is based on an earnings-multiple approach. MAI reported about US$0.10 in EPS in Q1 2026. If that level of profitability is roughly repeatable, it implies about US$0.40 in annual EPS. Converting that to Canadian dollars gives approximately CA$0.54 in annual EPS. I then apply a 15x earnings multiple, which gives a fair value of about CA$8.10 per share. This is a bullish valuation because it assumes Q1 was not just a one-off quarter, but I think it is reasonable if gold prices remain strong, Pan continues producing near guidance, and the market begins valuing MAI as a profitable gold producer rather than only a junior development story. US$0.10 quarterly EPS × 4 = US$0.40 annual EPS US$0.40 × 1.35 CAD/USD = CA$0.54 EPS CA$0.54 × 15 P/E = CA$8.10 fair value