MEREN ANNOUNCES RENEWAL OF SHARE BUYBACK PROGRAM

Executive Summary

• Meren Energy Inc. announced the approval and commencement of a new Normal Course Issuer Bid (NCIB) to repurchase up to 21,636,913 common shares for a maximum aggregate consideration of US$35 million (≈5% of its public float).
• The buy‑back program runs from December 8, 2025 through December 7, 2026 (or earlier if the share limit is reached or the NCIB is terminated).
• An Automatic Share Purchase Plan (ASPP) has been put in place to allow purchases during blackout periods, and daily purchase limits are set for both Nasdaq Stockholm (25% of average daily volume) and TSX (25% of average daily volume, capped at 189,891 shares).

Key Details

• Authorized Repurchase Amount: Up to 21,636,913 common shares, total US$35 million.
• Percentage of Public Float: Approximately 5% of the 432,738,277‑share public float (as of 24 Nov 2025).
• Program Period: Commences 8 Dec 2025; terminates on the earlier of 7 Dec 2026, full share limit reached, or NCIB termination.
• Daily Purchase Limits:
• Nasdaq Stockholm – up to 25% of average daily volume over the prior 20 trading days (subject to block‑purchase exceptions).
• TSX – capped at 189,891 shares per day (25% of average daily TSX volume of 759,567 shares for the six months ended 30 Nov 2025), with similar block‑purchase exemptions.
• Automatic Share Purchase Plan (ASPP): Pre‑cleared by the TSX; enables broker‑executed purchases during regulatory blackout periods based on parameters set by Meren.
• Purchase Method: All repurchases will be made on open market via TSX, Nasdaq Stockholm, or alternative Canadian trading systems at prevailing market prices; purchased shares will be cancelled.
• Historical Context: Prior NCIB (12 Dec 2024 – 5 Dec 2025) authorized 18,362,364 shares; Meren had already repurchased 8,438,153 shares at a VWAP of C$1.9329.
• Purpose Statement: Management believes the share cancellation is an effective use of capital and returns value to shareholders.

Notable Quotes

(No direct quotes were provided in the release.)