Introductory Disclaimer
All projects described below are early-stage evaluations only. Each initiative is pre-construction, pre-financing, and contingent on third-party factors, including regulatory approvals, utility infrastructure availability, and financing. There is no assurance that any project or initiative will advance beyond the current evaluation or planning stage.
Anza, California – Solar Energy Project (Early-Stage Evaluation)
Location and Description
The Company is evaluating the potential development of an approximately 10 MW AC solar energy project on a 20-acre vacant land parcel owned by the Company in Anza, Riverside County, California. The Company has also conducted preliminary evaluations of a possible hybrid configuration incorporating vertical-axis wind turbines; however, no commitments or development decisions have been made with respect to any wind component.
Agreements
In 2023, the Company entered into a non-binding letter of intent with Anza Electric Cooperative Inc. and Wind Harvest International. The letter of intent contemplates cooperation on preliminary permitting and interconnection studies only and does not create binding development, financing, or construction obligations.
Current Status
The project remains at a pre-construction and pre-financing stage. Advancement is dependent on Anza Electric Cooperative completing required substation and transmission upgrades. No timeline or commitment has been provided, and there is currently no certainty regarding interconnection feasibility.
Coronation, Alberta – Solar Energy Project (Early-Stage Evaluation)
Location and Description
The Company is evaluating the potential development of a 12 MW DC ground-mounted solar energy project on approximately 50–60 acres of land in the Palliser Region of Alberta.
Agreements
The Company has entered into a 40-year ground lease with the Town of Coronation for the solar project lands. References in prior disclosures to an “option agreement” relate to this same arrangement. A separate Land Use Agreement dated January 30, 2025 applies to a distinct 25-acre parcel for potential non-solar uses and is not part of the solar project.
Current Status
The project is at a pre-construction stage and cannot proceed without confirmation of transmission capacity and interconnection feasibility from ATCO Electric. No formal approvals, commitments, or timelines have been provided.
Other Initiatives in the Palliser Region (Preliminary Planning Only)
The Company is conducting preliminary assessments of potential non-solar development concepts in the Palliser Region pursuant to the January 30, 2025 Land Use Agreement with the Town of Coronation. No development activities have commenced.
On November 6, 2024, the Company announced a non-binding joint venture framework with Green Castle Environmental Ltd. to evaluate a potential zero-emission affordable housing concept. This initiative remains at an early planning stage only, with no permits, financing, construction schedule, or binding commitments in place.
Important Notes and Risk Considerations
All projects and initiatives are subject to material risks and uncertainties, including:
- Dependence on third-party utility infrastructure upgrades
- Regulatory, permitting, and environmental approval risks
- Financing availability and market conditions
- Execution and partnership risks
- Absence of binding development or financing agreements
There is no assurance that any project or initiative will advance beyond the current evaluation or planning stage or generate revenues.
For complete and current disclosure, readers should refer to the Company’s filings available on SEDAR+ at www.sedarplus.ca.
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