SEDAR Interim Financial Statements

Westshore Terminals Investment Corporation Third Quarter Report For the three and nine months ended September 30, 2025 1 Westshore Terminals Investment Corporation (the “Corporation”) was incorporated under the Business Corporations Act (British Columbia) on September 28, 2010 and is domiciled in Canada. The registered and head office of the Corporation is located at Suite 1800, 1067 West Cordova Street, Vancouver, British Columbia V6C 1C7. The Corporation owns all of the limited partnership units of Westshore Terminals Limited Partnership (“Westshore”), a limited partnership established under the laws of British Columbia. The Corporation derives its cash inflows from its investment in Westshore by way of distributions on Westshore’s limited partnership units. Westshore operates a coal storage and unloading/loading terminal at Roberts Bank, British Columbia (the “Terminal”). Westshore’s operating revenues are derived from rates charged for loading coal onto seagoing vessels. Westshore is currently undertaking significant infrastructure additions to the Terminal to allow it to handle potash for BHP Canada Inc., a subsidiary of BHP Group Limited (“BHP”). Westshore’s results are affected by various factors, including the volume of coal shipped by each customer, and their contracted rate per tonne, as well as Westshore’s operating costs. Caution Concerning Forward-Looking Statements This MD&A contains certain forward-looking statements, which reflect the current expectations of the Corporation and Westshore with respect to future events and performance. Forward-looking statements are based on information available at the time they are made, assumptions by management, and management’s good faith belief with respect to future events. They speak only as of the date of this MD&A, and are subject to inherent risks and uncertainties, including those risk factors outlined in the Annual Information Form of the Corporation filed on http://www.sedarplus.ca, that could cause actual performance or results to differ materially from those reflected in the forward-looking statements, historical results or current expectations. Forward-looking information included in this document includes: statements regarding Westshore’s future revenues and the impacts thereon, including anticipated throughput volumes and loading rates, distribution of throughput by customer, the US/CDN dollar exchange rate, anticipated rail performance, and the impact of construction activity at Westshore; statements regarding Westshore’s potash project, including the timing of payment and amount of Westshore’s capital contribution to the project, Westshore’s ability to fund and the sources of funding for Westshore’s capital contribution to the project, the project schedule and expected completion date, and timing of meaningful revenue from handling potash; statements regarding the fire on the shiploader that services Berth 1, including timing to complete the repair work at Berth 1 and the expected insurance recoveries relating to the incident; Westshore continuing to meet annual operating and capital requirements and payment of the dividend and managing variations in working capital without any need for financing except for material capital improvements; the absence of liquidity concerns with respect to the ongoing operations of Westshore; anticipated replacement of the existing operating facility with a larger operating facility, including the size of the new operating facility, abili --- ty and timing to finalize the terms of the new operating facility and that it will provide sufficient liquidity; funding requirements of post-retirement benefit obligations; assumptions in connection with critical accounting estimates; and share repurchases. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at which, such performance or results will be achieved. There is significant risk that estimates, predictions, forecasts, conclusions and projections will not prove to be accurate, that assumptions may not be correct and that actual results may differ materially from such estimates, predictions, forecasts, conclusions or projections. Readers of this MD&A should not place undue reliance on forward-looking statements as a number of risk factors could cause actual results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. Specific risk factors include, among others: Westshore’s dependence on coal shipments, which are in turn affected by global demand and competition in the supply of seaborne coal, the ability of customers to maintain or increase sales or deliver coal to the Terminal and fluctuations in exchange rates; fluctuations in inflation rates; Westshore’s ability to renegotiate key customer contracts in the future on favourable terms or at all; the availability of financing; global changes in climate change initiatives and environmental regulations and policies; and risks related to the construction and operation of the potash project, including cost overruns and delays. See risk factors outlined in the Annual Information Form referred to above. Westshore Terminals Investment Corporation Management’s Discussion & Analysis of Financial Condition and Results of Operations 2 Management’s Discussion & Analysis of Financial Condition and Results of Operations The unaudited financial results along with management’s discussion and analysis contained in this report should be read in conjunction with the Corporation’s unaudited condensed consolidated financial statements for the three and nine-month periods ended September 30, 2025 and annual audited financial statements and management’s discussion and analysis included in the Corporation’s Annual Report for the year ended December 31, 2024. The date of this management’s discussion and analysis and results of operations is November 6, 2025. As of November 6, 2025, the Corporation has 61,769,766 (December 31, 2024 - 61,769,766) issued and outstanding shares. The Corporation renewed its normal course issuer bid (“NCIB”) effective April 15, 2025 which allows the Corporation to purchase for cancellation up to 807,188 Common shares (approximately 2.5% of its “public float” (as defined in the TSX Company Manual)) in the following 12 months. No Common shares have been purchased during 2025 up to and including November 6, 2025. In 2024, a total of 744,909 Common shares were repurchased for a total of $17.7 million. The following table sets out selected consolidated financial information of the Corporation for the three and nine months ended September 30, 2025. (In thousands of Canadian dollars except per share amounts and where noted) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 $ $ $ $ Tonnage (000 tonnes) 5,623 --- 7,179 18,450 20,484 Revenue 75,747 103,496 253,855 293,876 Profit before income tax 18,042 46,624 68,946 114,964 Profit for the period 13,158 34,021 50,291 83,877 Profit per share(1) 0.21 0.55 0.81 1.35 Dividends declared 23,164 23,164 69,491 91,675 Dividends declared per share 0.375 0.375 1.125 1.475 Share volume repurchased (000 shares) - 66 - 745 Cost of shares repurchased - 1,540 - 17,656 (1) Weighted average shares outstanding for the quarter ended September 30, 2025 was 61,769,766 (September 30, 2024 - 61,772,282) and for the year to date was 61,769,766 (2024 - 62,187,416). Westshore Terminals Investment Corporation Management’s Discussion & Analysis of Financial Condition and Results of Operations 3 The following tables set out selected consolidated financial information for the Corporation on a quarterly basis for the last eight quarters. (In thousands of Canadian dollars except per share amounts and Three Months Ended Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 $ $ $ $ Tonnage (000 tonnes) 5,623 6,925 5,902 6,279 Revenue 75,747 95,300 82,808 110,853 Profit before income tax 18,042 35,172 15,732 43,003 Profit for the period 13,158 25,663 11,470 31,375 Profit per share 0.21 0.42 0.19 0.51 Dividends declared 23,164 23,164 23,164 23,164 Dividends declared per share 0.375 0.375 0.375 0.375 (In thousands of Canadian dollars except per share amounts and where noted) Three Months Ended Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 $ $ $ $ Tonnage (000 tonnes) 7,179 7,291 6,014 6,733 Revenue 103,496 105,622 84,758 88,693 Profit before income tax 46,624 47,431 20,909 30,546 Profit for the period 34,021 34,611 15,245 22,282 Profit per share 0.55 0.56 0.24 0.36 Dividends declared 23,163 23,188 45,323 21,880 Dividends declared per share 0.375 0.375 0.725 0.35 Shares repurchased (000 shares) 66 679 - - Cost of shares repurchased 1,540 16,116 - - Westshore Terminals Investment Corporation Management’s Discussion & Analysis of Financial Condition and Results of Operations 4 Results of Operations (In thousands of Canadian dollars) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 $ $ $ $ Revenue: Coal loading 72,659 99,804 241,649 281,796 Other 3,088 3,692 12,206 12,080 75,747 103,496 253,855 293,876 Expenses: Operating 47,128 48,674 159,083 152,658 Administrative 2,955 4,077 10,860 13,077 50,083 52,751 169,943 165,735 Other: Foreign exchange gain (loss) 523 413 2,276 (620) Gain (loss) on disposal of property, plant and equipment (2,766) - (2,758) 1 Net finance costs (5,379) (4,534) (14,484) (12,558) Profit before income tax 18,042 46,624 68,946 114,964 Income tax expense 4,884 12,603 18,655 31,087 Profit for the period 13,158 34,021 50,291 83,877 Other comprehensive income (loss), net of income tax 5,522 (4,220) 12,376 2,672 Total comprehensive income for the period 18,680 29,801 62,667 86,549 Quarterly analysis Tonnage shipped for Q3 2025 was 5.6 million tonnes compared to 7.2 million tonnes for the same period in 2024. Of the tonnes shipped in Q3 2025, 64% was thermal coal and 36% was metallurgical coal, compared to 70% and 30% respectively for the same period in the prior year. The reduction in tonnage shipped during Q3 2025 compared to the same period in 2024 is primarily due to the ongoing outage of Berth 1 to complete the repair work on the shiploader. The fire on the shiploader was previously reported and occurred on August 16, 2025. Coal loading revenue decrea --- sed by 27.2% to $72.7 million for Q3 2025 compared to $99.8 million for the same period in 2024. The average loading rate in Q3 2025 was $12.92 per tonne compared to $13.90 per tonne through the same period in 2024. The decrease in the loading rate resulted from weaker thermal coal prices and the US/CDN dollar exchange rate. Westshore has made a claim under its business interruption insurance and expects that, excluding the lost profits during the applicable 20-day waiting period, it will recover its lost profits resulting from the Berth 1 outage. Westshore Terminals Investment Corporation Management’s Discussion & Analysis of Financial Condition and Results of Operations 5 Operating and administrative expenses decreased by 5.1% to $50.1 million for Q3 2025 compared to $52.8 million for the same period in 2024, reflecting our focus on cost management and due to the timing of maintenance activities and logistics costs. Net finance costs increased to $5.4 million in Q3 2025 from $4.5 million during the same period of 2024, primarily due to less interest income earned in the third quarter of 2025 compared to the third quarter of 2024. Income tax expense decreased to $4.9 million in Q3 2025 from $12.6 million in Q3 2024. Profit in the quarter decreased to $13.2 million in Q3 2025 from $34.0 million during the same period of 2024, primarily as a result of lower coal loading revenue, which was partially offset by lower income tax expenses. Other comprehensive income or loss includes actuarial gains and losses on the defined benefit post-retirement obligations which are primarily impacted by the discount rate used, membership assumptions and the plan asset performance (relative to actuarial expectations). After-tax other comprehensive income (loss) for the quarter increased to income of $5.5 million in Q3 of 2025 from a loss of $4.2 million in Q3 of 2024. The change in the third quarter of 2025 was primarily caused by plan assets performing better than actuarial expectations. The change in the third quarter of 2024 was primarily caused by a 0.5% decrease in the discount rate which increased the post-retirement obligations, which was partially offset by plan assets performing better than actuarial expectations. Year to date analysis Tonnage shipped in 2025 year to date was 18.5 million tonnes compared to 20.5 million tonnes in 2024, down 9.9% year over year. Of the tonnes shipped in 2025, 63% was thermal coal and 37% was metallurgical coal, compared to 67% and 33% respectively for 2024. The reduction in tonnage shipped during the first three quarters of 2025 compared to the same period in 2024 is primarily due to the ongoing outage of Berth 1 to complete the repair work on the shiploader. The fire on the shiploader was previously reported and occurred on August 16, 2025. Year to date coal loading revenue decreased by 14.2% to $241.6 million in 2025 from $281.8 million in 2024. The average loading rate for 2025 to the end of Q3 was $13.10 per tonne compared to $13.76 per tonne for 2024. The decrease in the loading rate resulted from weaker thermal coal prices and the US/CDN dollar exchange rate. Westshore has made a claim under its business interruption insurance and expects that, excluding the lost profits during the applicable 20-day waiting period, it will recover its lost profits resulting from the Berth 1 outage. Year to date other revenue of $12.2 million increased from $12.1 million for the same period in 2024. The amounts for both period --- s primarily consisted of wharfage fees and revenue relating to train and vessel operations. Year to date operating and administrative expenses increased by 2.5% to $169.9 million compared to $165.7 million for the same period in 2024. The increase during the nine-month period ended September 30, 2025 from the comparative period in 2024 is due to higher operating costs driven by inflation, timing of maintenance activities and logistics costs and partially offset by lower administrative costs. Year to date net finance costs increased to $14.5 million in 2025 from $12.6 million in 2024 primarily due to less interest income earned in the first three quarters of 2025 compared to the first three quarters of 2024. Westshore Terminals Investment Corporation Management’s Discussion & Analysis of Financial Condition and Results of Operations 6 Year to date income tax expense decreased to $18.7 million in 2025 from $31.1 million in 2024. Year to date profit decreased to $50.3 million in 2025 from $83.9 million in 2024, primarily as a result of lower coal loading revenue, which was partially offset by lower income tax expenses. Other comprehensive income or loss includes actuarial gains and losses on the defined benefit post-retirement obligations which are primarily impacted by the discount rate used, membership assumptions and the plan asset performance (relative to actuarial expectations). Year to date after tax other comprehensive income increased to $12.4 million in 2025 from $2.7 million in 2024. The change in the nine months ended September 30, 2025 was primarily caused by plan assets performing better than actuarial expectations and changes to membership assumptions. The change in the nine months ended September 30, 2024 was primarily caused by plan assets performing better than actuarial expectations, which was partially offset by a 0.25% decrease in the discount rate which increased the post-retirement obligations. Cash Flows Cash flows from operations are available to the Corporation to fund capital and other expenditures, establish reserves and pay dividends to and repurchase shares from shareholders. (In thousands of Canadian dollars) Nine Months Ended September 30, 2025 September 30, 2024 $ $ Operating cash flows before the below noted items 110,687 158,849 Working capital changes (65,029) 4,419 Long term receivable (11,627) (8,730) Lease obligation interest paid (15,046) (15,059) Long term deferred revenue 232,530 174,604 Income tax paid (34,440) (51,235) Cash flow provided by operations 217,075 262,848 Cash flows used in financing activities (68,072) (103,936) Cash flows used in investing activities (216,729) (176,399) Increase (decrease) in cash and cash equivalents (67,726) (17,487) Operating cash flows before changes in working capital, long term receivable, lease obligation interest payments, long term deferred revenue and income tax payments decreased by 30.3% to $110.7 million in the nine months ended September 30, 2025 from $158.8 million for the same period in 2024. This decrease is primarily the result of the ongoing Berth 1 outage which has negatively impacted the tonnage shipped. Westshore has made a claim under its business interruption insurance and expects that, excluding the lost profits during the applicable 20-day waiting period, it will recover its lost profits resulting from the Berth 1 outage. As at September 30, 2025 Westshore had not received any business interruption insurance proceeds. Working capital changes --- resulted in a $65.0 million Westshore Terminals Investment Corporation Management’s Discussion & Analysis of Financial Condition and Results of Operations 7 outflow in the first three quarters of 2025 compared to a $4.4 million inflow for the same period in 2024, primarily due to changes in accounts receivable and deferred revenue which fluctuate depending on the timing of receipts and payments. The invoicing and payment mechanics under the BHP Agreement relating to reimbursement of construction costs for the potash project are resulting in larger variations in our accounts receivable and accounts payable primarily due to the established timing process for invoicing BHP for amounts invoiced by vendors to Westshore. $232.5 million was invoiced to BHP in the nine months ended September 30, 2025 for the potash project (2024 - $174.6 million), of which $11.6 million will be retained by BHP pursuant to the 5% holdback (2024 - $8.7 million). Income tax payments decreased to $34.4 million for the nine months ended September 30, 2025 from $51.2 million for the same period in 2024. The tax payments in the first three quarters of 2024 included a $16.1 million true-up payment due to instalment underpayments for the 2023 taxation year. No instalment true-up was required in the first three quarters of 2025 for the 2024 taxation year. As a result of these changes, cash flow from operations decreased to $217.1 million in the first three quarters of 2025 from $262.8 million for the same period in 2024. Cash flows used in financing activities decreased to $68.1 million for the nine months ended September 30, 2025 from $103.9 million for the same period in 2024. This decrease is primarily as a result of no special dividend being paid in 2025 (2024 - $21.9 million) and no shares being purchased by the Corporation under its NCIB. During the nine months ended September 30, 2024, the Corporation purchased 744,909 shares under its NCIB for approximately $17.7 million. Cash flows used in investing activities increased to $216.7 million in the first three quarters of 2025 from $176.4 million for the same period in 2024 primarily driven from an increase in capital expenditures. Of the $216.7 million, $200.8 million was related to the potash project. At the end of the period, $152.9 million had been incurred in capital expenditures but was not yet paid for. Liquidity and Capital Resources Meeting annual operating and capital requirements and payment of the dividend, along with managing variations in working capital, are well within Westshore’s financial capacity based solely on revenues less expenses, without any need for financing except for material capital improvements. As a result, the Corporation does not anticipate any liquidity concerns with the ongoing operations of Westshore. Pursuant to the BHP Agreement, BHP is required to reimburse Westshore for construction costs relating to the potash infrastructure additions up to the agreed budget of approximately $1 billion and subject to a 5% holdback on each periodic payment, which is reflected in the balance sheet as a “long term receivable” ($29.8 million as at September 30, 2025), after which costs incurred by Westshore to complete the project will not be reimbursed. Based on the information currently available, Westshore expects to contribute approximately $225 million for such expenditures, and that they will be incurred starting in the second quarter of 2026 and continue until final payments to suppliers --- , which is expected in mid 2027. The Corporation does not anticipate any liquidity concerns resulting from Westshore’s obligation to fund the potash project cost overruns and expects to fund much of this amount through cash reserves, cash flow from operations and funds released under the 5% holdback, with all further requirements being funded by borrowing. As at September 30, 2025, Westshore has commitments related to the potash project of $191.3 million that have not yet been accrued for. Westshore Terminals Investment Corporation Management’s Discussion & Analysis of Financial Condition and Results of Operations 8 Westshore has a $40 million operating facility that is used for a letter of credit related to pension funding and day to day operational liquidity. The facility matures on August 31, 2026 and is secured by a pledge of all the assets of Westshore. The operating facility bears interest at a variable rate plus a margin and no repayments will be required until maturity. As of September 30, 2025 there are no amounts outstanding under this facility. Westshore is negotiating an increase to its existing operating facility, up to $165 million, and expects to finalize the arrangement in late 2025 or early 2026. Westshore continues to monitor its financial obligations and capital needs closely and management believes that the increased facility will provide sufficient liquidity to support its operational requirements and strategic objectives. Westshore has post-retirement benefit obligations under its defined benefit pension plan and other post-retirement benefit plans which it is required to fund each year. Westshore’s cash funding requirements are estimated to be $2.4 million in 2025 (2024 - $2.4 million), which is comprised of nil contributions (2024 - $nil) to the defined benefit pension plan as this plan is currently in a surplus position and $2.4 million (2024 - $2.4 million) for payments for other post-retirement benefits. To date, Westshore has contributed nil (2024 - $nil) and $1.8 million (2024 - $1.9 million) to the defined benefit pension plan and other post-retirement benefit plans respectively. Westshore does not anticipate any issues satisfying its 2025 funding obligations out of current cash flows. The statement of financial position as of September 30, 2025 reflects a net defined benefit pension asset of $49.1 million (December 31, 2024 - $34.2 million) and $66.1 million (December 31, 2024 - $64.6 million) of other post-retirement benefit obligations. The change in 2025 was primarily caused by stronger plan asset performance. This net obligation amount will decline in the future if long term interest rates increase and will increase if such rates fall. Future undiscounted minimum payments under Westshore’s material lease obligations are as follows: (In thousands of Canadian dollars) September 30, 2025 Less than 1 year $ 20,995 Between 1 and 5 years 91,998 More than 5 years 929,487 $ 1,042,480 Under our lease with Vancouver Fraser Port Authority (“VFPA”), annual rent is comprised of two fixed amounts, basic and ancillary rent. The basic rent is fixed until December 31, 2026, and may be revised by VFPA at that time and every three years thereafter. If VFPA increases the basic rent at any such time, Westshore has the right to seek a review of the revised amount. The ancillary rent will escalate annually. Westshore does not have any material other long-term obligations. Outlook The operating cash inflows of the Corporation --- are entirely dependent on Westshore’s operating results. They are affected by the volume and mix of coal shipped through the Terminal, the rates charged to customers for the handling of that coal, and Westshore’s operating, administrative and finance costs. The variance in revenues from 2024 will ultimately be impacted by numerous factors, including total volumes shipped through the Terminal, the distribution of throughput by customers and the US/CDN dollar exchange rate. Westshore Terminals Investment Corporation Management’s Discussion & Analysis of Financial Condition and Results of Operations 9 Based on the most recent information provided by Westshore’s customers, performance year to date, anticipated rail performance, the impact of the Berth 1 outage, and construction activity on site, 2025 throughput volumes are anticipated to be approximately 24.0 to 24.5 million tonnes at an average loading charge of approximately $13.00 per tonne, for the full year. The average loading rate for a period reflects the customer mix and US/CDN exchange rate. For 2026, based on information currently available, volumes are projected to be approximately 25.0 million tonnes. The average loading charge for 2026 is estimated at $13.25 per tonne. The repair work at Berth 1 is proceeding as expected and Westshore expects that it will be operational by mid- November. Westshore carries both property and business interruption insurance and is pursuing recovery from its insurance carriers for its losses relating to the August 16, 2025 fire on the shiploader that services Berth 1. Net of the deductibles and the applicable 20-day waiting period, Westshore expects that its insurance will cover the costs to repair the damaged shiploader and related equipment and its lost profits. Until such time as all the repair work has been completed and Berth 1 is up and running in the ordinary course, the total cost of the incident and the insurance recovery amount will not be known. Westshore’s potash project is expected to be completed in early 2027 and Westshore expects meaningful revenue from potash handling to commence approximately six months after it starts receiving potash. BHP anticipates Jansen Stage 1 first production will be mid-2027. Westshore expects the total cost of the potash project to be approximately $225 million above the original budget, which it will be responsible for funding. Quarterly Distributions On October 15, 2025, shareholders on record as of September 30, 2025 received $0.375 per share representing an aggregate amount of $23,163,662 (September 30, 2024 - $0.375 per share for an aggregate of $23,163,662). The dividend and share repurchase program are subject to periodic review based on factors including operating performance, current and anticipated market conditions, other opportunities that may come before Westshore, and other potential capital upgrade projects. Related Party Transactions Over the past two years, operating management at the Terminal have taken over certain management functions that were previously provided by Westar Management Ltd. (“Westar”) under the management agreement between Westshore and Westar (the “Prior Management Agreement”). As a result, effective as of September 1, 2025, the Corporation, Westshore and Westar replaced the Prior Management Agreement and the administration agreement between the Corporation and Westar (the “Prior Administration Agreement”) with an administration agreement (the “Administration Agreem --- ent”). Pursuant to the Administration Agreement, Westar provides administration services to the Corporation and Westshore. Under the Administration Agreement, the Corporation and Westshore pay, in aggregate, an annual administration fee of $2,500,000 and commencing January 1, 2027 this fee will escalate annually at a rate of 2.5%. The first monthly payment of $208,333 was payable on October 8, 2025. Under the Prior Management Agreement, Westshore paid an annual management fee to Westar and an incentive fee based on a percentage of annual profit above $42 million, subject to a cap of $7.5 million per annum. The annual base management fee for 2025 was $1,957,200 (2024 - $1,900,000). In connection with the replacement of the Prior Management Agreement with the Administration Agreement, in the third quarter of 2025, Westshore paid Westar $1,290,000 in satisfaction of all amounts owing under the Prior Management Agreement, which amount reflects both Westshore Terminals Investment Corporation Management’s Discussion & Analysis of Financial Condition and Results of Operations 10 the outstanding base management fee up to August 31, 2025 and the estimated prorated incentive fee, which otherwise would not have been paid until after year end. As a result, for the nine-month period ended September 30, 2025 Westshore paid aggregate fees of $2.6 million (2024 - $1.4 million) to Westar under the Prior Management Agreement. Under the Prior Administration Agreement, the Corporation paid an annual administration fee in monthly installments. If the Prior Administration Agreement was not replaced with the Administration Agreement, the fees payable for 2025 would have been $652,000 (2024 - $633,000). The Corporation paid $435,000 (2024 - $475,000) to Westar for the nine-month period ended September 30, 2025 under the Prior Administration Agreement. Westar appoints three of the eight directors of the General Partner pursuant to a governance agreement and affiliates of Westar also provides insurance and vehicle leasing services to Westshore. Changes in Accounting Policies The Corporation’s financial statements have been prepared using the material accounting policies and methods of computation consistent with those applied in the Corporation’s Annual Report for the year ended December 31, 2024. There were no new standards effective January 1, 2025 that impacted these unaudited condensed consolidated interim financial statements. Critical Accounting Estimates The preparation of financial statements and related disclosures in accordance with IFRS Accounting Standards requires the Corporation to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and contingencies. These estimates are based on historical experience and on assumptions that are considered at the time to be reasonable under the circumstances. Under different assumptions or conditions, the actual results may differ, potentially materially, from those previously estimated. The following is a discussion of the accounting estimates that are significant in determining the Corporation’s financial results. Property, plant and equipment: Depreciation Property, plant and equipment are stated at cost less accumulated depreciation. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and --- an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. Depreciation is calculated using the straight line method over the estimated useful production life of the assets. The estimated useful lives of property, plant and equipment range from 3 to 35 years and are reviewed annually. A change in the estimated useful lives of property, plant and equipment could result in either a higher or lower depreciation charge to profit for the period. Asset Retirement Obligations Westshore is required to recognize the fair value of an estimated asset retirement obligation when a legal or constructive obligation is present, a reliable estimate of the obligation can be made, and it is probable that Westshore will be required to settle the obligation. At the expiry of the Terminal’s lease, the VFPA has the option to acquire the assets of the Terminal at fair value or require Westshore to return the site to its original condition. Westshore believes Westshore Terminals Investment Corporation Management’s Discussion & Analysis of Financial Condition and Results of Operations 11 that the probability that the VFPA will elect to enforce site restoration is remote. Any change in the estimate of the probability of incurring such costs could have a material impact on the asset retirement obligation. Lease Obligation The lease obligation is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using Westshore’s incremental borrowing rate. The lease liability is measured at amortized cost using the effective interest rate method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in Westshore’s estimate of the amount expected to be payable under a residual value guarantee or if Westshore changes its assessment of whether it will exercise a purchase, extension or termination option. Any change in the incremental borrowing rate of Westshore could have a material impact on future lease obligations. Goodwill Goodwill is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired, by comparing the fair value of Westshore to its carrying value, including goodwill. If the fair value of Westshore is less than its carrying value, a goodwill impairment loss is recognized as the excess of the carrying value of the goodwill over the fair value of the goodwill. The determination of fair value requires management to make assumptions and estimates about future coal loading rates, customer shipments, operating costs, foreign exchange rates and discount rates. Changes in any of these assumptions, such as lower coal loading rates, a decline in customer shipments, an increase in operating costs or an increase in discount rates could result in an impairment of all or a portion of the goodwill carrying value in future periods. Employee Future Benefits Westshore has post-retirement benefit obligations under its pension plans and other post-retirement benefit plans, the costs of which are based on estimates. Actuarial calculations of benefit costs and obligations depend on Westshore’s assumptions about future events. Major estimates and assumptions relate to expected plan investment performance, salary escalation, retirement ages of employees and expec --- ted health care costs, as well as discount rates, withdrawal rates and mortality rates. Disclosure Controls and Procedures and Internal Control over Financial Reporting Management is responsible for establishing and maintaining adequate internal control over financial reporting and disclosure controls and procedures. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. There have been no changes in Westshore’s internal control over financial reporting or disclosure controls and procedures during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to affect, the Corporation’s financial and other reporting. Additional Information Additional information relating to the Corporation, including the Corporation’s latest Annual Report and Annual Information Form, are available on SEDAR+ at http://www.sedarplus.ca and on Westshore’s website at www.westshore.com. 12 WESTSHORE TERMINALS INVESTMENT CORPORATION Unaudited Condensed Consolidated Statements of Financial Position (Expressed in thousands of Canadian dollars) September 30, December 31, Note 2025 2024 Assets Current assets: Cash and cash equivalents $ 68,867 $ 136,593 Accounts receivable 66,766 33,143 Inventories 23,056 18,688 Prepaid expenses 6,587 3,301 Income tax recoverable 9,387 - 174,663 191,725 Property, plant and equipment: 5 At cost 1,452,152 1,187,105 Accumulated depreciation (383,144) (366,552) 1,069,008 820,553 Long term receivable 13 29,792 18,165 Right-of-use assets 14 404,412 411,115 Goodwill 365,541 365,541 Other intangible assets 11,539 9,210 Employee future benefits 10 49,147 34,222 $ 2,104,102 $ 1,850,531 Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 210,968 $ 164,946 Income tax payable - 2,556 Deferred revenue 1,988 16,885 Other liabilities 12 27 2,611 Lease obligation current portion 14 844 550 Dividends payable to shareholders 23,164 23,164 236,991 210,712 Long term deferred revenue 13 595,833 363,303 Deferred income taxes 8 45,909 45,174 Employee future benefits 10 66,134 64,579 Lease obligation 14 440,160 440,864 1,385,027 1,124,632 Shareholders' equity: Share capital 1,419,472 1,419,472 Deficit (700,397) (693,573) 719,075 725,899 $ 2,104,102 $ 1,850,531 Commitments and contingencies (note 15) See accompanying notes to unaudited condensed consolidated financial statements. Approved on behalf of the Board: (Signed) "M. Dallas H. Ross" (Signed) "Glenn Dudar" M. Dallas H. Ross Glenn Dudar Director Director 13 WESTSHORE TERMINALS INVESTMENT CORPORATION Unaudited Condensed Consolidated Statements of Comprehensive Income (Expressed in thousands of Canadian dollars) Three months ended Nine months ended September 30 September 30 Note 2025 2024 2025 2024 Revenue: Coal loading $ 72,659 $ 99,804 $ 241,649 $ 281,796 Other 3,088 3,692 12,206 12,080 75,747 103,496 253,855 293,876 Expenses: 4 Operating 47,128 48,674 159,083 152,658 Administrative 2,955 4,077 10,860 13,077 50,083 52,751 169,943 165,735 Other: Foreign exchange gain (loss) 523 413 2,276 (620) Gain (loss) on disposal of property, plant and equipment (2,766) - (2,758) 1 Net finance costs 6 (5,379) (4,534) (14,484) (12,558) Profit before income tax 18,042 46,624 68,946 114,964 Income tax expense 7 4,884 12,603 --- 18,655 31,087 Profit for the period 13,158 34,021 50,291 83,877 Other comprehensive income (loss): Items that will not be recycled to net income: Defined benefit plan actuarial gains (losses) 7,564 (5,781) 16,953 3,660 Income tax recovery (expense) on other comprehensive loss (2,042) 1,561 (4,577) (988) Other comprehensive income (loss) for the period, net of income tax 5,522 (4,220) 12,376 2,672 Total comprehensive income for the period $ 18,680 $ 29,801 $ 62,667 $ 86,549 Profit per share: Basic and diluted earnings per share 9 $ 0.21 $ 0.55 $ 0.81 $ 1.35 Weighted average number of shares 61,769,766 61,772,282 61,769,766 62,187,416 See accompanying notes to the unaudited condensed consolidated financial statements. 14 WESTSHORE TERMINALS INVESTMENT CORPORATION Unaudited Condensed Consolidated Statements of Changes in Equity (Expressed in thousands of Canadian dollars) Nine months ended September 30, 2025 and 2024 Share capital Deficit Total Balance at January 1, 2024 $ 1,436,587 $ (707,033) $ 729,554 Profit for the period - 83,877 83,877 Other comprehensive loss: Defined benefit plan actuarial losses, net of tax - 2,672 2,672 Total comprehensive income for the period - 86,549 86,549 Distributions to shareholders of the Corporation: Dividends declared to shareholders - (91,675) (91,675) Adjustments due to share repurchases (17,039) (617) (17,656) Balance at September 30, 2024 $ 1,419,548 $ (712,776) $ 706,772 Share capital Deficit Total Balance as at January 1, 2025 $ 1,419,472 $ (693,573) $ 725,899 Profit for the period - 50,291 50,291 Other comprehensive income: Defined benefit plan actuarial gains, net of tax - 12,376 12,376 Total comprehensive income for the period - 62,667 62,667 Distributions to shareholders of the Corporation: Dividends declared to shareholders - (69,491) (69,491) Balance at September 30, 2025 $ 1,419,472 $ (700,397) $ 719,075 See accompanying notes to the unaudited condensed consolidated financial statements. 15 WESTSHORE TERMINALS INVESTMENT CORPORATION Unaudited Condensed Consolidated Statements of Cash Flows (Expressed in thousands of Canadian dollars) Nine months ended September 30, 2025 and 2024 2025 2024 Cash provided by (used in): Operations: Profit for the period $ 50,291 $ 83,877 Adjustments for: Foreign exchange contracts (2,584) 1,148 Depreciation and amortization 24,767 25,450 Employee future benefits 2,316 4,730 Net finance costs 14,484 12,558 Income tax expense 18,655 31,087 Loss (gain) on disposal of property, plant and equipment 2,758 (1) 110,687 158,849 Changes in non-cash operating working capital and other: Accounts receivable (33,623) (1,525) Inventories (4,368) (907) Prepaid expenses (3,286) 1,215 Accounts payable and accrued liabilities (8,855) 4,831 Deferred revenue (14,897) 805 (65,029) 4,419 Long term receivable (11,627) (8,730) Lease obligation interest paid (15,046) (15,059) Long term deferred revenue 232,530 174,604 Income taxes paid (34,440) (51,235) 217,075 262,848 Financing: Interest received 1,829 4,253 Dividends paid to shareholders (69,491) (90,391) Share purchases - (17,656) Lease obligation (410) (142) (68,072) (103,936) Investments: Property, plant and equipment, net (213,669) (175,072) Other intangible assets (3,060) (1,327) (216,729) (176,399) Decrease in cash and cash equivalents (67,726) (17,487) Cash and cash equivalents, beginning of the period 136,593 164,747 Cash and cash equivalents, end of the period $ 68,867 $ 147,260 Supplemental information: Non-cash transaction --- s: Capital expenditures unpaid at period end $ 152,882 $ 111,384 Lease modification - 163,715 See accompanying notes to the unaudited condensed consolidated financial statements. WESTSHORE TERMINALS INVESTMENT CORPORATION Notes to the Unaudited Condensed Consolidated Financial Statements (Tabular amounts expressed in thousands of Canadian dollars, except share amounts) Three and nine-month periods ended September 30, 2025 and 2024 16 1. Reporting entity: Westshore Terminals Investment Corporation was incorporated under the Business Corporation Act (British Columbia) on September 28, 2010 and is domiciled in Canada. The registered and head office is located at Suite 1800, 1067 West Cordova Street, Vancouver, British Columbia, V6C 1C7. These unaudited condensed consolidated interim financial statements as at and for the three and nine-month periods ended September 30, 2025 comprises Westshore Terminals Investment Corporation and its subsidiaries (together referred to as the “Corporation”). The Corporation owns all of the limited partnership units of Westshore Terminals Limited Partnership (“Westshore”), a partnership established under the laws of British Columbia. The Corporation derives its cash inflows from its investment in Westshore by way of distributions on Westshore’s limited partnership units. Westshore operates a coal storage and loading terminal at Roberts Bank, British Columbia (the “Terminal”). Substantially all of Westshore’s operating revenues are derived from rates charged for loading coal onto seagoing vessels. 2. Basis of preparation: (a) Statement of compliance: These unaudited condensed consolidated interim financial statements have been prepared in accordance with IFRS Accounting Standards IAS 34, Interim Financial Reporting (IAS 34). Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Corporation since the last annual consolidated financial statements as at and for the year ended December 31, 2024. These unaudited condensed consolidated interim financial statements do not include all of the information required for full annual financial statements prepared in accordance with IFRS. The consolidated annual financial statements of the Corporation as at and for the year ended December 31, 2024 which were prepared under IFRS are available upon request from the Corporation’s registered office, at www.westshore.com or on SEDAR+ at https://www.sedarplus.ca. These unaudited condensed consolidated interim financial statements were approved by the Board of Directors on November 6, 2025. (b) Basis of measurement: These unaudited condensed consolidated interim financial statements have been prepared on the historical cost basis except for the following material items in the statement of financial position: • derivative financial instruments are measured at fair value; • the defined benefit obligation is recognized as the present value of the defined benefit obligation, measured at fair value, less plan assets at fair value; and • lease obligations are measured at amortized cost using the effective interest rate method. (c) Functional and presentation currency: These unaudited condensed consolidated interim financial statements are presented in Canadian dollars, which is the Corporation’s functional currency. All financial information presented in Canadian dollars have been rounded to the nearest thousand. WES --- TSHORE TERMINALS INVESTMENT CORPORATION Notes to the Unaudited Condensed Consolidated Financial Statements (Tabular amounts expressed in thousands of Canadian dollars, except share amounts) Three and nine-month periods ended September 30, 2025 and 2024 17 (d) Use of estimates and judgments: The preparation of the unaudited condensed consolidated interim financial statements in conformity with IAS 34 requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment relate to the determination of the useful lives of plant and equipment, asset retirement obligations, valuation of goodwill and the measurement of defined benefit obligations. 3. Material accounting policies: The Corporation’s financial statements have been prepared using the material accounting policies and methods of computation consistent with those applied in the Corporation’s Annual Report for the year ended December 31, 2024. 4. Expenses: Recorded in operating and administrative expenses on the unaudited condensed consolidated statements of comprehensive income were the following amounts: Three months ended Nine months ended September 30 September 30 2025 2024 2025 2024 Salaries, wages and benefits $ 23,640 $ 25,341 $ 84,772 $ 82,224 Depreciation and amortization 8,153 8,498 24,767 25,450 Other 18,290 18,912 60,404 58,061 Expenses $ 50,083 $ 52,751 $ 169,943 $ 165,735 5. Plant and equipment: For the nine-month period ended September 30, 2025, $268,553,000 of construction-in-progress was added, of which $256,256,000 related to potash capital improvements. $152,882,000 of construction-in-progress was yet to be paid for at period end which increased by $54,877,000 compared to December 31, 2024. WESTSHORE TERMINALS INVESTMENT CORPORATION Notes to the Unaudited Condensed Consolidated Financial Statements (Tabular amounts expressed in thousands of Canadian dollars, except share amounts) Three and nine-month periods ended September 30, 2025 and 2024 18 6. Net finance costs: Three months ended Nine months ended September 30 September 30 2025 2024 2025 2024 Interest income, net $ (101) $ (1,111) $ (1,829) $ (4,253) Pension interest expense, net 466 626 1,267 1,752 Capital lease interest 5,014 5,019 15,046 15,059 $ 5,379 $ 4,534 $ 14,484 $ 12,558 7. Income tax expense: Three months ended Nine months ended September 30 September 30 2025 2024 2025 2024 Reconciliation of effective tax rate: Profit before income tax $ 18,042 $ 46,624 $ 68,946 $ 114,964 Statutory rate 27.00% 27.00% 27.00% 27.00% Expected income tax expense 4,871 12,588 18,615 31,040 Permanent differences 13 15 40 47 Actual income tax expense $ 4,884 $ 12,603 $ 18,655 $ 31,087 WESTSHORE TERMINALS INVESTMENT CORPORATION Notes to the Unaudited Condensed Consolidated Financial Statements (Tabular amounts expressed in thousands of Canadian dollars, except share amounts) Three and nine-month periods ended September 30, 2025 and 2024 19 8. Deferred tax assets and liabilities: September 30, December 31, 2025 2024 Deferred tax assets: Non-pension defined --- benefits liability $ 17,857 $ 17,436 Foreign exchange contracts 7 705 Lease obligation 119,071 119,182 Long term deferred revenue 160,875 98,092 Total assets 297,810 235,415 Deferred tax liabilities: Property, plant, and equipment (221,258) (160,348) Post-retirement benefits (13,270) (9,240) Right-of-use assets (109,191) (111,001) Total liabilities (343,719) (280,589) Net deferred income tax liabilities $ (45,909) $ (45,174) 9. Profit per share: Basic and diluted earnings per share: Three months ended Nine months ended September 30 September 30 2025 2024 2025 2024 Profit for the period $ 13,158 $ 34,021 $ 50,291 $ 83,877 Weighted average number of Common shares outstanding 61,769,766 61,772,282 61,769,766 62,187,416 Basic and diluted earnings per share $ 0.21 $ 0.55 $ 0.81 $ 1.35 Shares repurchased - 66,124 - 744,909 Total cost of shares repurchased $ - $ 1,540 $ - $ 17,656 The Corporation has no dilutive securities. WESTSHORE TERMINALS INVESTMENT CORPORATION Notes to the Unaudited Condensed Consolidated Financial Statements (Tabular amounts expressed in thousands of Canadian dollars, except share amounts) Three and nine-month periods ended September 30, 2025 and 2024 20 10. Employee future benefits: The Corporation makes contributions to one non-contributory defined benefit plan and one non-contributory defined contribution plan that provide pension benefits for employees upon retirement. The Corporation also provides two non-contributory, other post-retirement benefit plans that provide retiring allowances and other medical benefits after retirement. September 30, December 31, 2025 2024 Fair value of plan assets $ 179,445 $ 169,367 Defined benefit pension obligations (130,298) (135,145) Defined benefit pension asset 49,147 34,222 Other post-retirement benefit obligations $ (66,134) $ (64,579) Profit and Loss: Profit and loss includes the following amounts in respect of post-retirement obligations: Pension obligations expense recognized in profit and loss Three months ended Nine months ended September 30 September 30 2025 2024 2025 2024 Service costs: Current service costs $ 348 $ 328 $ 1,045 $ 1,020 Past service costs - - 1,465 3,961 Non-investment expenses 50 55 160 165 398 383 2,670 5,146 Net interest costs: Interest cost 1,625 1,621 4,860 4,850 Expected return on plan assets (1,948) (1,851) (5,924) (5,620) (323) (230) (1,064) (770) $ 75 $ 153 $ 1,606 $ 4,376 WESTSHORE TERMINALS INVESTMENT CORPORATION Notes to the Unaudited Condensed Consolidated Financial Statements (Tabular amounts expressed in thousands of Canadian dollars, except share amounts) Three and nine-month periods ended September 30, 2025 and 2024 21 Other post-retirement benefits expense recognized in profit and loss Three months ended Nine months ended September 30 September 30 2025 2024 2025 2024 Current service costs $ 494 $ 483 $ 1,480 $ 1,451 Interest costs 789 856 2,331 2,522 $ 1,283 $ 1,339 $ 3,811 $ 3,973 The current and past service costs are recognized in operating expenses and net interest costs are included in net finance costs. 11. Loans and borrowings: The Corporation has a $40 million operating facility that is used for a letter of credit relating to pension funding and day to day operations. In May 2025, the facility was extended to August 31, 2026 and is secured by a pledge of all of the assets of the Corporation. The operating facility bears interest at a variable rate plus a margin and no repayments will be required until maturity. The letter of cre --- dit of $1.3 million (December 31, 2024 - $1.3 million) was released during the period (note 15). Under its credit facility, the Corporation is required to comply with certain financial covenants. At September 30, 2025, the Corporation was in compliance with these financial covenants. 12. Financial instruments: The carrying amounts of financial assets and liabilities reported in the unaudited condensed consolidated statement of financial position approximate their fair values. IFRS 13, Fair Value Measurement, requires classification of financial instruments within a hierarchy that prioritizes the inputs to fair value measurement. The three levels of the fair value hierarchy are: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – Inputs other than quoted prices that are observable for the asset or liability, directly or indirectly; Level 3 – Inputs that are not based on observable market data. Financial instruments carried at fair value, by the levels in the fair value hierarchy, are as follows: Fair Value Hierarchy September 30, December 31, Level 2025 2024 Financial liabilities: Derivative instruments: Foreign exchange contracts Level 2 $ 27 $ 2,611 WESTSHORE TERMINALS INVESTMENT CORPORATION Notes to the Unaudited Condensed Consolidated Financial Statements (Tabular amounts expressed in thousands of Canadian dollars, except share amounts) Three and nine-month periods ended September 30, 2025 and 2024 22 As at September 30, 2025, Westshore has outstanding option collars with notional amounts totaling US$16.5 million with staggered maturity dates to December 31, 2025 (December 31, 2024 – US$66.0 million with staggered maturity dates to December 31, 2025) to exchange U.S. dollars for Canadian dollars if the strike price drops below $1.340 or increases above $1.405 (December 31, 2024 - drops below $1.330 or increases above $1.405). These foreign exchange contracts have not been designated as hedges. The following table summarizes the gains (losses) on foreign exchange contracts for the three and nine-month periods ended September 30, 2025 and 2024: Three months ended Nine months ended September 30 September 30 2025 2024 2025 2024 Foreign exchange contracts $ 32 $ 538 $ 2,584 $ (1,148) The fair value liability is recorded in other liabilities. The unrealized gain (loss) was recorded in foreign exchange gain (loss) in the unaudited condensed consolidated statements of comprehensive income. The carrying amounts of these contracts are equal to fair value, which is based on valuations obtained from the counterparties. The mark-to-market value is determined by the counterparty by multiplying the notional amount of the trade with the difference between the forward rate and the contract rate and discounting the resultant asset or liability by an applicable discount factor. (a) Liquidity Risk Liquidity risk is the risk that the Corporation will not be able to meet its obligations as they become due. The Corporation continually monitors its financial position to ensure that it has sufficient liquidity to discharge its obligations when due. The current financial liabilities of the Corporation, which include accounts payable and accrued liabilities, income tax payable, other liabilities and dividends payable to shareholders, have a contractual maturity of less than 1 year. The Corporation has assessed its liquidity position and future funding requirements in light of its ongoing planned capital improveme --- nts. Based on current forecasts and anticipated cash flow needs in 2026, the Corporation is negotiating an increase to its existing operating facility of up to $165 million and expects to finalize the arrangement in late 2025 or early 2026. The proceeds from this debt facility are intended to fund planned capital improvements critical to the Corporation's strategic growth initiatives. Based on current projections, the Corporation expects to commence drawing on this facility in the first half of 2026 in order to meet these requirements. WESTSHORE TERMINALS INVESTMENT CORPORATION Notes to the Unaudited Condensed Consolidated Financial Statements (Tabular amounts expressed in thousands of Canadian dollars, except share amounts) Three and nine-month periods ended September 30, 2025 and 2024 23 13. BHP Potash Capital Project: During the nine months ended September 30, 2025, the Corporation invoiced $232,530,000 (2024 - $174,604,000) to BHP Canada Inc., a subsidiary of BHP Group (“BHP”) related to the construction of the necessary infrastructure to enable it to handle potash. These nonrefundable upfront fees received from BHP are recorded as deferred revenue and will be recognized when the corresponding future service is provided over the course of the export contract. At September 30, 2025, the total long term deferred revenue related to the BHP project is $595,833,000 (December 31, 2024 - $363,303,000). BHP will retain 5% of all amounts invoiced pursuant to holdback provisions in the agreement with BHP. The 5% holdback is recorded as long term receivable, to be received in stages relating to commissioning and performance objectives. As at September 30, 2025, the holdback amount was $29,792,000 (December 31, 2024 - $18,165,000). 14. Leases: The Corporation is committed to low value, short term leases related to the rental of vehicles and equipment. The Corporation has a land lease with the Vancouver Fraser Port Authority (“VFPA”) which has been identified as a material lease contract. In February 2024, our lease with VFPA was amended, with retroactive effect as of January 1, 2023 (the “Amended Lease”). The term of the Amended Lease is January 1, 2023 to December 31, 2051, with Westshore having further options to extend the term to December 31, 2070. The Amended Lease has been accounted for as a lease modification in 2024, in accordance with IFRS 16 Leases. As a result, the Corporation’s lease liability was remeasured by applying an incremental borrowing rate of 4.60% as the discount rate and assumes the extension of the lease to December 31, 2070. Under the Amended Lease, annual rent is comprised of two fixed amounts, basic rent and ancillary rent. The basic rent is fixed until December 31, 2026, and may be revised by VFPA at that time and every three years thereafter. The ancillary rent will escalate annually by 5% per annum until 2027, and thereafter based on the Consumer Price Index (CPI). Unlike the old lease, the Amended Lease does not provide for an annual participation rental fee based on the volume of coal shipped. Additional information about this lease, including the effects of the modification, is presented below. No other material lease contracts were identified. Right-of-use asset 2024 Balance at January 1 $ 256,337 Adjustment for lease modification 163,715 Depreciation charge for the year (8,937) Balance at December 31 411,115 2025 Balance at January 1 411,115 Depreciation charge for the period (6,703) Balance at September 30 $ --- 404,412 WESTSHORE TERMINALS INVESTMENT CORPORATION Notes to the Unaudited Condensed Consolidated Financial Statements (Tabular amounts expressed in thousands of Canadian dollars, except share amounts) Three and nine-month periods ended September 30, 2025 and 2024 24 Lease obligation 2024 Balance at January 1 $ 277,890 Adjustment for lease modification 163,715 Interest accretion 20,077 Lease payments (20,268) Balance at December 31 441,414 2025 Balance at January 1 441,414 Interest accretion 15,046 Lease payments (15,456) Balance at September 30 $ 441,004 Lease obligation 2025 Maturity analysis – contractual undiscounted cash flows Less than one year $ 20,995 One to five years 91,998 More than five years 929,487 Total undiscounted lease liabilities at period end $ 1,042,480 15. Commitments and Contingencies: The Corporation previously provided a letter of credit of $1,312,000 (December 31, 2024 - $1,312,000) related to pension funding. This letter of credit was discharged during the reporting period. The Corporation continues to enter into contracts with various vendors for the construction of the potash capital improvements. Pursuant to the agreement, BHP is required to fund the capital improvements up to the agreed budget, with Westshore being responsible for all amounts in excess of the agreed budget. As at September 30, 2025, the Corporation has commitments related to this project of $191,337,000 that have not been accrued for. WESTSHORE TERMINALS INVESTMENT CORPORATION Notes to the Unaudited Condensed Consolidated Financial Statements (Tabular amounts expressed in thousands of Canadian dollars, except share amounts) Three and nine-month periods ended September 30, 2025 and 2024 25 16. Related party transactions: Three months ended Nine months ended September 30 September 30 2025 2024 2025 2024 Prior Administration agreement: Westar Management Ltd. $ 108 $ 158 $ 434 $ 475 Pri or Management agreement: Westar Management Ltd. - base fee 255 475 1,233 1,425 Administration agreement: Westar Management Ltd. 208 - 208 - Insurance premiums: Affiliate of Westar Management Ltd. 581 563 1,504 1,519 Vehicle leases: Affiliate of Westar Management Ltd. 59 48 163 147 Director fees: Director fees 222 205 731 617 Effective September 1, 2025, the Corporation, Westshore and Westar replaced the Prior Administration Agreement (between the Corporation and Westar) and the Prior Management Agreement (between Westshore and Westar) with a new administration agreement (the “Administration Agreement”). Pursuant to the Administration Agreement, Westar provides administration services to both the Corporation and Westshore. Corporate Office Westshore Terminals Investment Corporation 1800 – 1067 West Cordova Street Vancouver, British Columbia V6C 1C7 Telephone: 604.488.5295 Facsimile: 604.687.2601 www.westshore.com