What you need to know: • BQE’s contract at the Eagle Gold Mine has been extended to October 2025, with operations expected to wind down in Q3. • BQE discharged 600,000m3 of treated water at the mine under emergency response after Victoria Gold’s heap leach failure. • The Company’s success reinforces its technical leadership and strengthens its reputation as a trusted partner for complex water treatment. • For Q2, we are expecting proportional revenue of $7.2M (+19% YoY) and adjusted EBITDA of $2.2M (30% margin, +64% YoY). Yesterday after market close, BQE Water (BQE:TSXV, BTQNF:OTC) announced that under contract with the court-appointed Receiver of Victoria Gold Corp. for emergency treatment at the Eagle Gold Mine, it has discharged over 600,000m3 of treated water into the environment. BQE developed and implemented an emergency water treatment response that successfully addressed multiple water sources, including cyanide heap leach solution, contact water, and groundwater from interception wells. Effluent water quality has been continuously monitored using KPIs developed by BQE's team using analytical tools available on site, and effluent quality is further verified by third-party accredited laboratories. This comprehensive and adaptive approach speaks to the strength of BQE’s technical leadership and reinforces our conviction in its ability to deliver in complex environments. We believe this reinforces BQE’s reputation in the Yukon, having also worked with the province’s Department of Energy and Hecla’s Keno Hill mine, leading to potential future clients. We are maintaining our BUY rating and $80.00/share target price on BQE Water. Eagle Gold Mine We remind readers that in June 2024, Victoria Gold’s Eagle Gold Mine in Yukon experienced a catastrophic heap leach pad failure, releasing 4Mt of cyanide-laced ore and ~300,000m3 of contaminated solution into Dublin Gulch and Haggart Creek. The incident halted operations, led to mass layoffs, and resulted in government intervention, with PwC appointed as receiver to manage cleanup and stabilization. In September 2024, BQE was contracted as water treatment consultants after the existing plant was unable to safely treat the cyanide solution (read more about this here). The Company designed and executed a fit-for-purpose emergency system, integrating rental equipment and new infrastructure to ensure safe treatment and discharge. BQE’s contract has been extended to October 31st, with operations expected to conclude by the end of Q3 as the contaminated water inventory declines and the emergency response system is no longer needed. The Company will also prepare a decommissioning plan and a winterization plan for all water treatment infrastructure that will remain on site over the winter. Subject to approval, BQE will then implement these plans prior to demobilizing from the site.