FLINT Corp. — Interim / Quarterly Report 2025

Aug 1, 2025

FLINT™

flintcorp.com

SECOND QUARTER 2025

FINANCIAL STATEMENTS

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FLINT
Second Quarter 2025
flintcorp.com

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS OF
FLINT CORP.
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(UNAUDITED)

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FLINT

Second Quarter 2025

flintcorp.com

Consolidated Interim Balance Sheets

(In thousands of Canadian dollars)

(Unaudited)

	Notes	June 30, 2025	December 31, 2024
Assets
Cash	6	$ 48,342	$ 10,957
Accounts receivable	6	113,675	162,158
Inventories		2,984	3,978
Prepaid expenses		5,055	3,536
Total current assets		170,056	180,629
Property, plant and equipment	2	49,028	52,765
Intangible assets		1,060	1,189
Long-term investments		799	655
Total assets		$ 220,943	$ 235,238
Liabilities and shareholders’ deficit
Accounts payable and accrued liabilities		$ 56,359	$ 64,261
Current portion of lease liabilities		9,899	10,015
Current portion of long-term incentive plan liability		3,073	2,874
Current portion of other secured borrowings	3	539	539
Total current liabilities		69,870	77,689
Long-term incentive plan liability		2,132	3,333
Term loan facility	3	40,355	40,324
Lease liabilities		19,639	22,577
Other secured borrowings	3	10,321	10,586
Senior secured debentures	3	134,731	134,593
Total liabilities		277,048	289,102
Common shares	5	462,057	462,057
Preferred shares	5	141,930	141,930
Contributed surplus		20,679	20,679
Deficit		(680,771)	(678,530)
Total shareholders’ deficit		(56,105)	(53,864)
Total liabilities and shareholders’ deficit		$ 220,943	$ 235,238

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

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FLINT

Second Quarter 2025

flintcorp.com

Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss)

(In thousands of Canadian dollars)

(Unaudited)

	Notes	Three months ended June 30,		Six months ended June 30,
		2025	2024	2025	2024
Revenue		$ 148,302	$ 164,922	$ 286,183	$ 311,785
Cost of revenue		(129,794)	(146,944)	(253,274)	(280,797)
Gross profit		18,508	17,978	32,909	30,988
Selling, general and administrative expenses	4	(9,416)	(10,181)	(18,777)	(20,237)
Long-term incentive plan expense		(900)	(775)	(1,900)	(1,375)
Amortization of intangible assets		(64)	(67)	(129)	(135)
Depreciation expense	2	(2,635)	(2,715)	(5,400)	(5,332)
Income from long-term investments		73	106	144	144
Interest expense		(4,715)	(4,733)	(9,244)	(9,315)
Restructuring expenses		(314)	(581)	(868)	(976)
Gain on sale of property, plant and equipment		398	274	712	443
Other income		171	106	327	421
Income (loss) from continuing operations		1,106	(588)	(2,226)	(5,374)
Loss from discontinued operations (net of income taxes)		(6)	(18)	(15)	(244)
Net income (loss) and comprehensive income (loss)		$ 1,100	$ (606)	$ (2,241)	$ (5,618)
Net income (loss) per share (dollars)
Basic and diluted:
Continuing operations		$ 0.01	$ 0.00	$ (0.02)	$ (0.05)
Discontinued operations		$ 0.00	$ 0.00	$ 0.00	$ 0.00
Net income (loss)		$ 0.01	$ 0.00	$ (0.02)	$ (0.05)

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

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FLINT

Second Quarter 2025

flintcorp.com

Consolidated Interim Statements of Shareholders' Deficit

(In thousands of Canadian dollars, except number of shares)

(Unaudited)

	Number of Common Shares	Common Shares	Preferred Shares	Contributed Surplus	Deficit	Total Shareholders' Deficit
December 31, 2024	110,001,239	$ 462,057	$ 141,930	$ 20,679	$ (678,530)	$ (53,864)
Net loss	—	—	—	—	(2,241)	$ (2,241)
At June 30, 2025	110,001,239	$ 462,057	$ 141,930	$ 20,679	$ (680,771)	$ (56,105)
	Number of Common Shares	Common Shares	Preferred Shares	Contributed Surplus	Deficit	Total Shareholders' Deficit
---	---	---	---	---	---	---
December 31, 2023	110,001,239	$ 462,057	$ 141,930	$ 20,679	$ (679,802)	$ (55,136)
Net loss	—	—	—	—	(5,618)	(5,618)
At June 30, 2024	110,001,239	$ 462,057	$ 141,930	$ 20,679	$ (685,420)	$ (60,754)

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

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FLINT

Second Quarter 2025

flintcorp.com

Consolidated Interim Statements of Cash Flows

(In thousands of Canadian dollars)

(Unaudited)

For the six months ended June 30,	Notes	2025	2024
Operating activities:
Net loss		$ (2,241)	$ (5,618)
Adjustments for:
Amortization of intangible assets		129	135
Depreciation expense	2	5,400	5,332
Income from long-term investment		(144)	(144)
Accretion expense		142	132
Non-cash interest expense		—	5,205
Amortization of deferred financing costs	3	96	167
Gain on sale of property, plant and equipment	2	(712)	(443)
Other income		68	37
Changes in non-cash working capital		38,989	(16,214)
Cash flow provided by (used in) operating activities		41,727	(11,411)
Investing activities:
Purchase of property, plant and equipment	2	(271)	(1,595)
Proceeds on disposal of property, plant and equipment	2	1,312	2,643
Dividend proceeds from equity investment		—	250
Cash flow provided by investing activities		1,041	1,298
Financing activities:
Repayment of other secured borrowings	3	(270)	(1,162)
Increase in ABL facility	3	—	7,661
Refinancing fees	3	—	(186)
Repayment of lease liabilities		(5,113)	(4,990)
Cash flow (used in) provided by financing activities		(5,383)	1,323
Increase (decrease) in cash		37,385	(8,790)
Cash, beginning of the period		10,957	9,696
Cash, end of the period		$ 48,342	$ 906

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

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FLINT

Second Quarter 2025

flintcorp.com

Notes to Condensed Consolidated Interim Financial Statements

(In thousands of Canadian dollars)

(Unaudited)

Reporting entity

FLINT Corp. ("FLINT" or the "Company") is a corporation formed pursuant to the Business Corporations Act (Alberta). The head office is located at Bow Valley Square 2, Suite 3500, 205 - 5th Avenue S.W., Calgary, Alberta T2P 2V7. FLINT's services include maintenance and turnarounds, facility construction, fabrication, modularization and machining, wear technologies and weld overlays, pipeline installation and integrity, electrical and instrumentation, workforce supply, heavy equipment operators, and environmental services. FLINT is a leading provider of these services to energy and industrial markets, including oil and gas (upstream, midstream and downstream), petrochemical, mining, power, agriculture, forestry, infrastructure and water treatment.

These unaudited condensed consolidated interim financial statements ("interim financial statements") were authorized for issuance in accordance with a resolution of the Board of Directors of FLINT passed on July 31, 2025.

1. Material accounting policies

a. Basis of presentation

These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board ("IASB"). Accordingly, certain information normally disclosed in annual consolidated financial statements has been omitted or condensed. The interim financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto for the year ended December 31, 2024. There have been no significant changes in accounting policies compared to those described in the most recent annual consolidated financial statements. Certain amounts in the previous periods presented herein have been reclassified from prior year to conform to the current presentation.

These interim financial statements have been prepared on an historical cost basis and presented in Canadian dollars rounded to the nearest thousand unless otherwise indicated.

b. Seasonality of operations

FLINT's revenues are somewhat seasonal, in that its customers typically schedule shutdown turnaround projects in the spring and fall which increase revenues over and above the standard maintenance and operational support services. This typically results in higher activity levels and revenues for FLINT in the second and third quarters of the year.

c. New standards, interpretations and amendments adopted by the Company

The accounting policies utilized in the preparation of the interim financial statements are consistent with those followed in the preparation of the Company's annual consolidated financial statements for the year ended December 31, 2024, except for the adoption of new standards effective as of January 1, 2025, as described below.

(i) IAS 21 The Effects of Changes in Foreign Exchange Rates has been amended to impact a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. Under the amendments, new disclosures, such as the spot exchange rate used, must be provided to help users assess the impact of using an estimated exchange rate on the financial statements.

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FLINT

Second Quarter 2025

flintcorp.com

The adoption of these amendments had no impact on the Company's interim financial statements.

d. Standards issued but not yet effective

The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the financial statements are disclosed below. The Company intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.

(i) IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures have been amended to clarify that financial liabilities are derecognized on the settlement date, which is the date the obligation is discharged, canceled, or expired. The amendments also introduce an optional accounting policy that allows entities to derecognized financial liabilities settled through electronic payment systems before the settlement date, provided specific conditions are met.

Further, the amendments to IFRS 9 and IFRS 7 introduce new disclosure requirements for financial assets and liabilities with contractual terms that can change cash flows due to contingent events not directly related to basic lending risks. Once in effect, entities must disclose a qualitative description of the contingent event, quantitative information on possible changes to the entity's contractual cash flows, and the gross carrying amount or amortized cost of affected financial instruments.

These amendments are effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted. The amendments are to be applied retrospectively, but entities are not required to restate comparative periods.

The Company is currently assessing the impact of these amendments on its financial statements.

(ii) IFRS 18 Presentation and Disclosures in Financial Statements replacing IAS 1 Presentation of Financial Statements introduces new requirements for presentation within the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss), including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations.

It also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified 'roles' of the primary financial statements ("PFS") and the notes. In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from 'profit or loss' to 'operating profit or loss' and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards.

IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after January 1, 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively.

The Company is currently assessing the impact of this standard and related amendments on its financial statements.

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FLINT

Second Quarter 2025

flintcorp.com

1. Property, plant and equipment

	Land and buildings	Furniture, tools and other assets	Right-of-use assets	Automotive and heavy equipment	Total
Cost
As at December 31, 2024	$ 16,760	$ 24,110	$ 62,198	$ 38,331	$ 141,399
Additions	—	271	—	—	271
Remeasurement	—	—	1,992	—	1,992
Disposals	—	(181)	(91)	(3,420)	(3,692)
Asset class transfer	—	—	(1,940)	1,940	—
As at June 30, 2025	$ 16,760	$ 24,200	$ 62,159	$ 36,851	$ 139,970
Accumulated depreciation
As at December 31, 2024	$ 3,207	$ 15,944	$ 37,547	$ 31,936	$ 88,634
Depreciation	232	885	3,693	590	$ 5,400
Disposals	—	(180)	(39)	(2,873)	$ (3,092)
Asset class transfer	—	—	(1,536)	1,536	$ —
As at June 30, 2025	$ 3,439	$ 16,649	$ 39,665	$ 31,189	$ 90,942
Net book value
As at December 31, 2024	$ 13,553	$ 8,166	$ 24,651	$ 6,395	$ 52,765
As at June 30, 2025	$ 13,321	$ 7,551	$ 22,494	$ 5,662	$ 49,028

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FLINT

Second Quarter 2025

flintcorp.com

Right-of-use assets consist of the following:

	Land and buildings	Automotive and heavy equipment	Total
Cost
As at December 31, 2024	$ 40,612	$ 21,586	$ 62,198
Disposals	—	(91)	(91)
Remeasurement	2,001	(9)	1,992
Asset class transfer	—	(1,940)	(1,940)
As at June 30, 2025	$ 42,613	$ 19,546	$ 62,159
Accumulated depreciation
As at December 31, 2024	$ 29,421	$ 8,126	$ 37,547
Asset class transfer	—	(1,536)	(1,536)
Depreciation	1,851	1,842	3,693
Disposals	—	(39)	(39)
As at June 30, 2025	$ 31,272	$ 8,393	$ 39,665
Net book value
As at December 31, 2024	$ 11,191	$ 13,460	$ 24,651
As at June 30, 2025	$ 11,341	$ 11,153	$ 22,494

Remeasurement

During the second quarter of 2025, the Company amended one lease agreement to extend the lease term and the Company terminated one lease. As the amendment to the lease represents a lease modification under IFRS 16, the related lease liability and right-of-use asset were remeasured during the quarter. This, along with several amendments during the first quarter of 2025, resulted in an increase of $2,001 to both the lease liability and right-of-use asset. Apart from the lease term extensions as of the six months ended June 30, 2025, one lease modification includes a scheduled rent increase that will impact future cash flows, with fixed payments increasing from $27 to $29 per month beginning in the fourth quarter of 2025. No other changes were made to the lease agreements.

3. ABL Facility, Term Loan Facility and Other Borrowings

a. ABL Facility

FLINT has a $50,000 asset-based revolving credit facility (the "ABL Facility") maturing on April 14, 2027. The amount available under the ABL Facility will vary from time to time based on the borrowing base determined with reference to the accounts receivable of the Company. The ABL Facility borrowing base as at June 30, 2025 was $50,000 (December 31, 2024 - $50,000). The obligations under the ABL Facility are secured by, among other things, a first ranking lien on all of the existing and after acquired accounts receivable of the Company and the other guarantors, being certain of the Company's direct subsidiaries. The interest rate on the ABL Facility is the Lender's prime rate plus 1.75% (December 31, 2024 - Lender's prime rate plus 1.75%).

As at June 30, 2025, nil (December 31, 2024 - nil) was drawn on the ABL Facility, and there were $100 (December 31, 2024 - $400) of letters of credit reducing the amount available to be drawn. As at June 30, 2025, the net amount of deferred financing costs was $239 (December 31, 2024 - $304).

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FLINT

Second Quarter 2025

flintcorp.com

The financial covenants applicable under the ABL Facility are as follows:

• The Company must maintain a fixed charge coverage ratio equal to or greater than 1.00:1.00 for each twelve month period calculated and tested as of the last day of each fiscal quarter; and
• For each fiscal year, the Company must not expend or become obligated for (i) any capital expenditures in an aggregate amount exceeding $20,000 and (ii) any non-financed capital expenditures in an aggregate amount exceeding $8,000.

As at June 30, 2025, FLINT was in compliance with all financial covenants under the ABL Facility.

b. Term Loan Facility

FLINT has a term loan facility providing for maximum borrowings of up to $40,500 (the "Term Loan Facility") with Canso Investment Counsel Ltd., in its capacity as portfolio manager for and on behalf of certain accounts that it manages ("Canso"). The Term Loan Facility matures on the earlier of (a) the date that is 180 days following the maturity date of the ABL Facility and (b) October 14, 2027.

As at June 30, 2025, $40,500 (December 31, 2024 - $40,500) was outstanding under the Term Loan Facility. The Term Loan Facility is required to be used for specific purposes and cannot be redrawn once repaid. The interest rate on the Term Loan Facility is a fixed rate of 8.0% (December 31, 2024 - fixed rate of 8.0%). The net amount of deferred financing costs was $145 as at June 30, 2025 (December 31, 2024 - $176).

c. Other Secured Borrowings

On June 26, 2019, the Company received a secured loan with the Business Development Bank of Canada ("BDC") as a partial source of funds for the acquisition of certain assets of the production services division of AECOM Production Services Ltd. (the "AECOM PSD Business").

The loan has monthly principal payments of $45, with the final payment to occur on October 2, 2045. The interest rate on the loan is the BDC Floating Base Rate less 1.0%. Interest accrues and is payable monthly. The Company allocated $195 in deferred financing costs to this loan that will be amortized over the life of the loan.

The loan is secured by a first security interest on the real property and equipment acquired through the acquisition of the AECOM PSD Business and a security interest in all other present and future property, subject to the priorities granted to existing lenders under the ABL Facility, the Term Loan Facility, the senior secured debentures and other existing commitments.

The loan agreement with BDC requires the Company to maintain a fixed charge coverage ratio equal to or greater than 1.00:1.00 for each twelve month period calculated and tested as of the last day of each fiscal year.

As at June 30, 2025, FLINT was in compliance with all financial covenants under the loan agreement with BDC.

d. Senior Secured Debentures

Balance as at December 31, 2023	$ 129,171
Accretion	217
Debentures issued to settle interest	5,205
Balance as at December 31, 2024	$ 134,593
Accretion	138
Balance as at June 30, 2025	$ 134,731

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FLINT

Second Quarter 2025

flintcorp.com

On March 23, 2016, the Company issued 8.0% senior secured debentures due March 23, 2026 (the "Senior Secured Debentures") pursuant to a trust indenture between FLINT, as issuer, and BNY Trust Company of Canada, as debenture trustee, as amended and supplemented (the "Senior Secured Indenture"), on a private placement basis to Canso. On June 2, 2020, the debenture trustee was changed to Computershare Trust Company of Canada. On May 31, 2024, the maturity date of the Senior Secured Debentures was extended to October 14, 2027.

The Senior Secured Debentures bear interest at an annual rate of 8.0% payable in arrears on June 30 and December 31 of each year. The Senior Secured Debentures are redeemable at the option of the Company and, in certain circumstances, are mandatorily redeemable. The Senior Secured Debentures are secured by first-ranking liens over all of the property of the Company and its guarantor subsidiaries, other than certain limited classes of collateral over which the Company has granted a prior-ranking lien in favour of the ABL Facility, the Term Loan Facility and the other secured loans.

The Senior Secured Debentures provide for certain events of default and covenants of the Company, including financial and reporting covenants and restrictive covenants limiting the ability of the Company and its subsidiaries to make certain distributions and dispositions, incur indebtedness, grant liens and limitations with respect to acquisitions, mergers, investments, non-arm's length transactions, reorganizations and hedging arrangements (subject to certain exceptions).

On June 30, 2024, Canso, in its capacity as portfolio manager for and on behalf of certain accounts that it manages and sole holder of the Senior Secured Debentures, agreed to accept the issuance of Senior Secured Debentures on June 30, 2024 with a principal amount of $5,205 in order to satisfy the interest that would otherwise become due and payable on such date.

4. Selling, general and administrative expenses

	Three months ended June 30,		Six months ended June 30,
	2025	2024	2025	2024
Salaries and benefits	$ 5,783	$ 7,125	$ 12,364	$ 13,867
Occupancy and office costs	1,261	1,195	2,490	2,264
Professional fees	1,517	974	2,302	2,327
Travel and advertising	474	422	858	915
Insurance	381	465	763	864
Total	$ 9,416	$ 10,181	$ 18,777	$ 20,237

5. Share capital and loss per share

The authorized share capital of the Company consists of: (i) an unlimited number of Common Shares, and (ii) Preferred Shares issuable in series to be limited in number to an amount equal to not more than one half of the issued and outstanding Common Shares at the time of issuance of such Preferred Shares.

The following table summarizes the number of Preferred and Common Shares outstanding:

	Preferred Shares		Common Shares
	Series 1	Series 2
Balance as at December 31, 2024	127,732	40,100	110,001,239
Balance as at June 30, 2025	127,732	40,100	110,001,239

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FLINT

Second Quarter 2025

flintcorp.com

The Series 1 and Series 2 Preferred Shares have a 10.0% fixed cumulative preferential cash dividend payable when the Company shall have sufficient monies to be able to do so, including under the provisions of applicable law and contracts affecting the Company. The Board of Directors of the Company does not intend to declare or pay any cash dividends until the Company's balance sheet and liquidity position supports the payment. Any accrued and unpaid dividends are convertible in certain circumstances at the option of the holder into additional Series 1 and Series 2 Preferred Shares.

As at June 30, 2025, the accrued and unpaid dividends on the Series 1 and Series 2 Preferred Shares totaled $118,556 (December 31, 2024 - $110,234). Assuming that the holders of the Preferred Shares exercise the right to convert such accrued and unpaid dividends into additional Preferred Shares and then convert such Preferred Shares into Common Shares, approximately 510,809,736 (December 31, 2024 - 472,827,081) Common Shares would be issued, which represents approximately 464.4% (December 31, 2024 - 429.8%) of the Common Shares outstanding as at June 30, 2025.

In addition, holders of the Series 1 and Series 2 Preferred Shares have the right, at their option, to convert their Preferred Shares into Common Shares at a price of $0.35 and $0.10 per Common Share, respectively, subject to adjustment in certain circumstances. During the three and six months ended June 30, 2025, and year ended December 31, 2024 no Series 1 or Series 2 Preferred Shares were converted into Common Shares.

The Series 1 and Series 2 Preferred Shares are redeemable by the Company for cash at 110% of the purchase price for such shares, plus accrued but unpaid dividends, once all of the outstanding Senior Secured Debentures have been repaid and are subject to repayment in the event of certain change of control transactions.

Based upon the conversion rights of the Series 1 and Series 2 Preferred Shares there could be significant dilution to the current holders of Common Shares. Up to approximately 765,948,571 (December 31, 2024 - 765,948,571) additional Common Shares would be issuable upon conversion of the face amount of the Preferred Shares into Common Shares, representing approximately 696.3% (December 31, 2024 - 696.3%) of the Common Shares outstanding as at June 30, 2025.

The only potentially dilutive securities as at June 30, 2025 were the Preferred Shares. All potentially dilutive securities were anti-dilutive for the three and six months ended June 30, 2025, and therefore were not included in the calculation of diluted earnings per share.

6. Financial instruments and risk management

Financial instruments consist of cash, accounts receivable, accounts payable and accrued liabilities, the ABL Facility, the Term Loan Facility, the Senior Secured Debentures and other secured borrowings.

a. Risk management

FLINT's Board of Directors has overall responsibility for the establishment and oversight of FLINT's risk management framework. FLINT has exposure to credit risk, interest rate risk, customer concentration risk, and liquidity risk.

(i) Credit risk

The Company has exposure to credit risk, which is the risk of financial loss to FLINT if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from FLINT's accounts receivable. The following table outlines FLINT's maximum exposure to credit risk:

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FLINT

Second Quarter 2025

flintcorp.com

	June 30, 2025	December 31, 2024
Cash	$ 48,342	$ 10,957
Accounts receivable	113,675	162,158
Total	$ 162,017	$ 173,115

Cash is held at a Canadian Schedule 1 Bank and is therefore considered low credit risk.

FLINT has a credit policy under which each new customer is analyzed individually for creditworthiness before standard payment terms and conditions are offered. FLINT's exposure to credit risk with its customers is influenced mainly by the individual characteristics of each customer. When available, FLINT reviews credit bureau ratings, bank accounts and financial information for each new customer. FLINT's customers are primarily Canadian companies operating in energy and industrial markets, all of which have strong creditworthiness.

Of the total balance of accounts receivable at June 30, 2025, $77,421 (December 31, 2024 - $111,283) related to trade receivables and $36,254 (December 31, 2024 - $50,875) related to accrued revenue and other (i.e., for work performed but not yet invoiced). $29,474 of the accrued revenue and other as at June 30, 2025, represents an unconditional right to consideration (December 31, 2024 - $43,353).

Trade receivables are non-interest bearing and are generally due on 30-90 day terms. As at June 30, 2025, approximately $5,458 of FLINT's trade receivables had been outstanding longer than 90 days (December 31, 2024 - $9,721). Management has fully evaluated the outstanding receivables as at June 30, 2025 and has determined that the lifetime expected credit losses of the trade receivables is immaterial at this time.

(ii) Interest rate risk

Interest rate risk arises from the possibility of the future cash flows of a financial instrument fluctuating as a result of changes in the market rates of interest. FLINT is subject to interest rate risk on its ABL Facility and other secured borrowings. The required cash flow to service certain credit facilities will fluctuate as a result of changes in market rates.

There were no material changes to interest rate risk for the three and six months ended June 30, 2025.

(iii) Customer concentration risk

There were no material changes to customer concentration for the three and six months ended June 30, 2025.

(iv) Liquidity risk

Liquidity risk is the risk that FLINT will not be able to meet its financial obligations as they come due. FLINT's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to its reputation.

FLINT's strategy is that long-term debt should always form part of its capital structure, assuming an appropriate cost. As existing debt approaches maturity, FLINT will replace it with new debt, convert it into equity or refinance or restructure, depending on the state of the capital markets at the time.

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FLINT
Second Quarter 2025
flintcorp.com

FLINT manages its liquidity risk by continuously monitoring forecast and actual gross profit and cash flows from operations. The Company anticipates that its liquidity (cash on hand and available credit facilities) and cash flows from operations will be sufficient to meet its short-term contractual obligations and to maintain compliance with its financial covenants through June 30, 2026. To maintain compliance with its financial covenants through June 30, 2026, the Company can request approval from the holder of the Senior Secured Debentures to pay interest on the Senior Secured Debentures in kind (see Note 3).

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FLINT

Second Quarter 2025

flintcorp.com

CORPORATE INFORMATION

BOARD OF DIRECTORS

Sean McMaster (1) (2)
Chair of the Board

Barry Card
Director

H. Fraser Clarke (1) (2)
Director

Katrisha Gibson (1) (3)
Director

Karl Johannson (2) (3)
Director

Dean MacDonald (3)
Director

Notes:
(1) Member of the Audit Committee
(2) Member of the Corporate Governance and Compensation Committee
(3) Member of the Health, Safety and Environment Committee

HEAD OFFICE

FLINT Corp.
Bow Valley Square 2
3500, 205 – 5th Avenue S.W.
Calgary, Alberta T2P 2V7
T: 587-318-0997
F: 587-475-2181
www.flintcorp.com

BANKER

TD Canada Trust

LEGAL COUNSEL

Blake, Cassels & Graydon LLP
McCarthy Tetrault LLP

AUDITORS

Ernst & Young LLP

OFFICERS

Barry Card
Chief Executive Officer

Jennifer Stubbs
Chief Financial Officer

Neil Wotton
Chief Operating Officer

Kent Chicilo
Senior Vice President, Legal

James Healey
Vice President, Finance and Corporate Controlling

Deloris Rushton
Vice President, Human Resources and Marketing

Herb Thomas
Vice President, Maintenance and Construction

Angela Thompson
Vice President, Commercial and Environmental Services

Clint Tisnic
Vice President, Operational Finance

TRANSFER AGENT

Computershare Investor Services Inc.

EXCHANGE LISTING

Toronto Stock Exchange
Symbol: FLNT

PAGE 15

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FLINT™

CORPORATE OFFICE

• flintcorp.com
• InvestorRelations@flintcorp.com

• 587-318-0997

• Suite 3500

• Bow Valley Square 2
• 205 - 5 Avenue SW
• Calgary, AB T2P 2V7

Helping customers bring their resources to our world. We will be the service company of choice for our stakeholders.

flintcorp.com