StorageVault Announces Normal Course Issuer Bids for Common Shares and Debentures

Executive Summary

• StorageVault Canada Inc. received conditional acceptance from the TSX to commence a new NCIB, allowing the purchase and cancellation of up to 5% of its outstanding common shares and each class of senior unsecured hybrid/debentures.
• The program runs for 12 months starting March 23 2026 and will terminate on March 22 2027, unless the maximum amounts are reached earlier.
• Purchases will be funded from available cash, with National Bank Financial Inc. acting as the NCIB agent; daily purchase limits are tied to 25% of average daily trading volume for each security class.

Key Details

• Maximum Repurchase Amounts
• Common Shares: up to 18,265,484 shares (≈ 5 % of 365,309,695 outstanding).
• 2021 Debentures (5.50 % hybrid): up to $2,873,750 principal (≈ 5 % of $57,475,000 outstanding).
• 2023 Debentures (5.00 % convertible): up to $7,491,850 principal (≈ 5 % of $149,837,000 outstanding).

• 2025 Debentures (5.60 % hybrid): up to $2,875,000 principal (≈ 5 % of $57,500,000 outstanding).

• Program Duration & Termination

• Starts: March 23 2026

• Ends: March 22 2027 (or earlier if caps are reached or StorageVault gives notice).

• Daily Purchase Limits (25 % of average daily trading volume, Sep 1 2025 – Feb 28 2026)

• Common Shares: ≤ 65,861 shares per day (average volume 263,447).
• 2021 Debentures: ≤ $12,848 per day (average volume $51,395).
• 2023 Debentures: ≤ $38,173 per day (average volume $152,693).

• 2025 Debentures: ≤ $56,629 per day (average volume $226,516).

• Pricing & Funding

• Purchase price will be the prevailing market price on the TSX at the time of each transaction, subject to securities‑law pricing rules.

• All purchases will be funded from StorageVault’s available cash balances.

• NCIB Agent – National Bank Financial Inc.

• Board Rationale – The Board believes current market prices do not fully reflect intrinsic value and views the repurchase as an appropriate use of funds to create shareholder value.

• Insider Participation – No director, senior officer or insider currently intends to sell shares/debentures under the NCIB, though future sales remain possible if personal circumstances change.

• Historical Context

• Prior NCIB (ended Mar 20 2026) allowed repurchase of up to 18,314,775 common shares and certain debentures; only 1,288,375 shares were bought at a VWAP of $3.91 per share. No debentures were purchased in that prior program.

• Security Symbols – Common Shares: SVI, 2021 Debentures: SVI.DB.B, 2023 Debentures: SVI.DB.C, 2025 Debentures: SVI.DB.D.

Notable Quotes

(No direct quotes were provided in the release.)