New Risk • Aug 26
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$5.1m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$5.1m free cash flow). Negative equity (-CA$253k). Earnings have declined by 0.06% per year over the past 5 years. Shareholders have been substantially diluted in the past year (108% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$29.2m market cap, or US$21.0m). Announcement • Jul 16
Hillcrest Energy Technologies Ltd. Announces Management Changes Hillcrest Energy Technologies Ltd. announced changes to its Board of Directors and advisory team following the conclusion of the Company's Annual General Meeting held on July 13, 2026. Michael Moskowitz has been appointed Chair of the Board. Mr. Moskowitz is a seasoned technology executive and former leader of Panasonic's North American business operations. His background spans sustainable energy, smart mobility, and consumer technology. He has served as an Independent Director of Hillcrest and now takes on the role of Chair of the Board. David Farrell, who chaired the Board through Hillcrest's formative years, transitioned into a strategic advisory role. Mr. Farrell is a corporate director with over 25 years of corporate and investment banking experience. He has negotiated, structured, and closed more than USD 25 billion in M&A and structured financing transactions across the resource and growth sectors. Raylene Whitford was appointed as a new Independent Director and Chair of the Audit Committee. Ms. Whitford is a Cree-Mtis finance professional and Fellow Chartered Accountant (ICAEW). Her career spans capital markets, professional services, and the energy sector. She is a former equity partner at Deloitte Canada and Chile, previously directed a company listed on the London Stock Exchange, and led a USD 42 billion capital efficiency program for an integrated energy company in the Middle East. Ms. Whitford serves as Chair of First Nations University of Canada, was an inaugural member of the Canadian Sustainability Standards Board. Her work advancing Indigenous rights and interests in corporate governance is directly relevant to CleanPath's structure as an Indigenous-majority entity. She holds an MBA from Aberdeen Business School and is completing an interdisciplinary PhD in Indigenous Studies and Business at the University of Alberta. New Risk • Jul 02
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$88k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Negative equity (-CA$4.3m). Earnings have declined by 8.0% per year over the past 5 years. Shareholders have been substantially diluted in the past year (108% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Significant insider selling over the past 3 months (CA$88k sold). Market cap is less than US$100m (CA$34.4m market cap, or US$24.2m). 
