Tidewater Renewables cheers Canadian biofuel incentive

Mr. Jeremy Baines reports TIDEWATER RENEWABLES LTD. WELCOMES THE GOVERNMENT OF CANADA'S SUPPORT FOR THE CANADIAN BIOFUELS SECTOR Tidewater Renewables Ltd. has welcomed the government of Canada's announcement of a new biofuel production incentive and support for the Canadian biofuel sector. On Sept. 5, 2025, the government of Canada announced that it intends to introduce a new biofuel production incentive, a time-limited production incentive which will provide over $370-million over two years to support the stability and resiliency of domestic producers of biodiesel and renewable diesel. The biofuel production incentive is expected to be provided on a per-litre basis to eligible Canadian producers of biodiesel and renewable diesel, and is expected to be available from January, 2026, to December, 2027, for up to 300 million litres per facility. Further details about the biofuel production incentive are expected from Natural Resources Canada in the coming weeks. The corporation's renewable diesel refinery in Prince George, B.C., is expected to produce between 150 million and 170 million litres per year during 2026 and 2027. This anticipated production positions the corporation to benefit from the announced program, and is expected to support improved cash flow and returns over the eligible period. The government of Canada also announced its intention to make targeted amendments to the Clean Fuel Regulations and to work with provinces and territories to explore a more complementary approach to ensure the domestic low-carbon-fuel industry thrives now and in the future. "We are grateful for the support from the government of Canada in levelling the playing field for Canadian renewable fuel producers and assisting Canada's canola producers, who are critical feedstock suppliers to the corporation's renewable diesel facility. Once implemented, the measures announced today are expected to help support a competitive future for the Canadian renewable fuels industry and support the corporation's future profitability and liquidity," said Jeremy Baines, chief executive officer of Tidewater Renewables. About Tidewater Renewables Ltd. Tidewater Renewables is a multifaceted energy transition company. The corporation is focused on the production of low carbon fuels, including renewable diesel and sustainable aviation fuel. The corporation was created in response to the growing demand for renewable fuels in North America and to capitalize on its potential to efficiently turn a wide variety of renewable feedstocks (such as canola oil, soybean oil, used cooking oil, distillers corn oil, tallow and other biomasses) into low carbon fuels. Tidewater Renewables' objective is to become a leading Canadian renewable fuel producer. The corporation is pursuing this objective through the ownership, development and operation of clean fuel projects and related infrastructure that utilize existing proven technologies. We seek Safe Harbor.