Eric Nuttall

Highlights from my testimony to the House of Commons’ Standing Committee on Natural Resources - opening statement

Let's take a step back: global production ⬇️ 9-10MM Bbl/d right now, flows down more. Demand for now resilient. Offshore "glut" has been cut in half in 2 weeks, totally gone in another 2. Inevitable onshore draws + strategic hoarding ➡️rebalancing demand with supply via ⬆️ price.

Before the pitchforks come out, let's remember: 🛢️Canadian oil companies are price-takers, both in good times and bad 🛢️existing infrastructure is largely full, disallowing industry to increase production in the near-term 🛢️the energy sector has for years pleaded for new pipelines yet Government created legislation that made that impossible - don't blame us! 🛢️rising gasoline prices in the East are largely based on our importation of foreign oil which is now trading at a large premium to domestic pricing (hello Energy East!) 🛢️there is already a windfall profits tax in the form of sliding royalties - as the oil price rises so too does the percentage of government take newswire.ca/news-releases/…

Feel euphoric when you fill up at the pump! The ETF series of the Ninepoint Energy Fund trades under the ticker "NNRG." Disclaimer: bit.ly/2ukaOCr All returns and fund details are a) based on Series F shares; b) net of fees; c) annualized if period is greater than one year; d) as at 2/28/2026. Where applicable, all figures are annualized and based on monthly returns since inception. Inception date is 4/16/2004. The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the investment fund or returns on investment in the investment fund. In each taxation year, the Fund will distribute to its investors a sufficient amount of the Fund’s net income and net realized capital gains so that the Fund will not pay any income tax. The net income and the net realized capital gains of the Fund will be distributed annually in December. The Fund is generally exposed to the following risks: Active management risk; Concentration risk; Credit risk; Currency risk; Cybersecurity risk; Derivatives risk; Energy risk; Exchange traded funds risk; Foreign investment risk; Inflation risk; Interest rate risk; Liquidity risk; Market risk; Performance fee risk; Regulatory risk; Rule 144A and other exempted securities risk; Securities lending, repurchase and reverse repurchase transactions risk; Series risk; Short selling risk; Small capitalization natural resource company risk; Specific issuer risk; Tax risk; Absence of an active market for ETF Series risk; Halted trading of ETF Series risk; Trading price of ETF Series risk. Ninepoint Partners LP is the investment manager to a number of funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The indicated rates of return for series F units of the Funds for the period ended 2/28/2026 are based on the historical annual compounded total returns including changes in unit value and reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. This communication does not constitute an offer to sell or solicitation to purchase securities of the Funds. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not a resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

The 2026/2027 WTI strip is now ~$80, a price level where we see very compelling upside in select energy stocks:

Global oil production is now down 9mm bbl/d and flows down ~15mm bbl/d. Oil at $95 does not come remotely close to reflecting this reality, and things are getting exponentially worse with each passing day. Is there an “invisible hand” at play?

Varcoe: 'All hat and no cattle': Canada is promising more oil and it has big reserves – but the reality it can't get much more crude to strained global markets today calgaryherald.com/opinion/column… #ableg #cdnpoli #yyc #yeg

The 6-month WTI strip is $89.55. At $90WTI the average North American oil company will generate enough free cashflow to buy back 8% of their shares outstanding.

We continue to face the worst energy crisis in history. Global production has fallen by ~7mm bbl/d while flows have fallen by ~15mm bbl/d. Even when the Strait eventually opens, the impacts will be enduring. Lifting of Russian sanctions have killed the “glut” narrative as sanctioned floating barrels will be quickly absorbed resetting balances. We expect at least a $10/bbl political risk premium to remain in place for some time raising the floor price to ~$70. When the market’s focus eventually shifts from geopolitics to fundamentals, the structural bull market that we have long championed will we believe become the new oil narrative later in the year, ultimately leading to all-time highs. Given all this, we view Canadian oil stocks to be in many cases severely mispriced.

We have neither a strategic oil reserve nor meaningful incremental pipeline capacity to “do our part.” There’s a solution to this…and something that would benefit all Canadians. Is this finally our wake up call???

The sweet spot for energy stocks to grind higher? $80-$90. Much higher, especially on a geopolitical spike and no one wants to buy worried of a sudden rug pull. Oil companies are minting it at current levels and the “glut narrative” is dead. We remain bullish! ™️

That was a day to remember!

$100WTI.

If the Strait of Hormuz remains "closed" (🚢 down ~84%) I believe WTI could reach $100/bbl by Wednesday and make all-time highs 1-2 weeks thereafter. Every day the situation gets exponentially worse. We are positioned in oil producers and a $100/$110 WTI call spread accordingly.

"Some disruption." Like uh, at least 15MM Bbl/d, 3X larger than the Arab Oil Embargo of '73. VZ growth of what, 0.2-0.3MM Bbl/d this year? Don't stress it though, it's not like Iraq and Kuwait are now shutting in production and the Qatari Energy Minister is calling for $150 oil.

Amber Kanwar is the best in the business and I was happy to join her podcast to explain what the US attacking Iran means for oil and how the Ninepoint Energy Fund is seeking to maximize returns in what we believe is a "multi-year bull market" for oil. youtube.com/watch?v=cXYEfI…

I've now spoken to 4 of my favourite global energy advisors. To summarize, as one said, "this is the big one." The closure of the Strait of Hormuz was never thought possible, but here we are. The gravity is so huge most cannot comprehend it...yet. Complacency = opportunity.

Complacency = opportunity

The ETF series of the Ninepoint Energy Fund trades under the ticker "NNRG." Disclaimer: bit.ly/2ukaOCr All returns and fund details are a) based on Series F shares; b) net of fees; c) annualized if period is greater than one year; d) as at 2/28/2026. Where applicable, all figures are annualized and based on monthly returns since inception. Inception date is 4/16/2004. The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the investment fund or returns on investment in the investment fund. In each taxation year, the Fund will distribute to its investors a sufficient amount of the Fund’s net income and net realized capital gains so that the Fund will not pay any income tax. The net income and the net realized capital gains of the Fund will be distributed annually in December. The Fund is generally exposed to the following risks: Active management risk; Concentration risk; Credit risk; Currency risk; Cybersecurity risk; Derivatives risk; Energy risk; Exchange traded funds risk; Foreign investment risk; Inflation risk; Interest rate risk; Liquidity risk; Market risk; Performance fee risk; Regulatory risk; Rule 144A and other exempted securities risk; Securities lending, repurchase and reverse repurchase transactions risk; Series risk; Short selling risk; Small capitalization natural resource company risk; Specific issuer risk; Tax risk; Absence of an active market for ETF Series risk; Halted trading of ETF Series risk; Trading price of ETF Series risk. Ninepoint Partners LP is the investment manager to a number of funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The indicated rates of return for series F units of the Funds for the period ended 2/28/2026 are based on the historical annual compounded total returns including changes in unit value and reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. This communication does not constitute an offer to sell or solicitation to purchase securities of the Funds. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not a resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

If the Strait remains closed we are losing ~450MM Bbls per month. That exceeds the entirety of the US Strategic Petroleum Reserve. This is not some small supply interruption...this is historic in magnitude and consequence.

We are experiencing the largest loss of oil supply in history (3X bigger than the 1973 Arab oil embargo). The level of complacency to me is staggering. Prior playbooks do not apply!