For my valuation I am using free cash flow instead of EPS because PetroTal's main issue is whether it can fund its drilling program while still returning cash to shareholders. My base case assumes production recovers to around 20,000 barrels per day with Brent averaging around US$75. At that level I estimate PetroTal could generate around US$185 million of annual cash flow before capital spending. Assuming roughly US$100 million of annual capex would leave around US$85 million of free cash flow. With around 920 million shares outstanding that works out to about US$0.09 of free cash flow per share. Using a 7x multiple gives a value of around US$0.63 per share or roughly C$0.85 per share. Because of this I would put my fair value at around C$0.85 per share. This valuation mainly depends on PetroTal successfully recovering production towards 20,000 barrels per day. If production remains below that level then I would lower my valuation.

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

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