Mr. Bruce Wilcox reports

NXT ENERGY SOLUTIONS SHARES CEO'S AGM COMMENTS

NXT Energy Solutions Inc. is sharing the following remarks, which were delivered by Bruce G. Wilcox, NXT's chief executive officer, during the annual meeting of shareholders held on June 2, 2025.

"Welcome to all present, including our shareholders, staff and service providers. We also welcome our directors participating by phone, including Jeffrey Tilson, Gerry Sheehan and Theodore Patsellis.

"As I think most of you know, I spent nearly four decades as an equity analyst, portfolio manager and CEO of one of the first long/short equity investment firms in New York. What I learnt from this experience is that the primary job of management of a public company is to operate the business in a way that increases the value per share. A secondary responsibility is to convey to the public the steps we are taking to fulfill that primary responsibility so that the market price per share approaches value per share.

"The means to increasing value per share for NXT is to keep our calendar as full as our staff and aircraft can accommodate. In 2025, we have a nearly completely full calendar and we are building out our pipeline for 2026.

"Shortly after my appointment as interim CEO in 2023, I articulated an internal theme of 'frequency, adjacency and repeatability.' In other words, keep the plane and staff busily engaged, exploit opportunities with operators geographically adjacent to where we perform surveys, and develop more consistent repeat business. I am happy to say that we are making significant progress on all of these fronts.

"We are undertaking deeper quantitative analysis of our interpretation methods and delivery mechanisms, which we hope will speed up the interpretation and delivery of our final survey reporting, and make the data more accessible and 'user friendly' for our clients. It is early days and we will communicate progress as this analysis proceeds. We have rehired a former staff member to increase our interpretation capability; we will continue to build out our sensor inventory and streamline our standard operating procedures. All of this gives us the tools to continue to build our annual revenue and earnings potential.

"In terms of conveying our progress to the public, we have been as thorough as we can be in communicating our order book as it is confirmed. One of the limiting factors in affecting our disclosure is that the majority of our clients have competitive reasons not to publicize their data acquisition plans while a survey is in process. However, since the cycle time of our contracts from data acquisition to final report delivery and integration is fairly short, typically four to six months, the results are captured quite quickly in our financial reporting.

"We have been asked from time to time about providing guidance and while I expect that we will ultimately get there, I believe we need to make sure our pipeline and order book are stable.

"What a difference two years make! Along the way, we faced very challenging financial pressures, and we are deeply appreciative of the support we received from existing shareholders and our strategic partner's leader, Dr. Daere Akobo. Our staff have executed superbly in some very trying times. With our recent earnings and the conversion of debentures by our strategic partner, our working capital and overall balance sheet has substantially improved.

"Looking forward, I caution investors against expecting quarter-over-quarter revenue advances but do believe we can and will aspire to show annual progress. As we grow, and only when it makes financial sense, we will begin the early stages of evaluating the need for additional resources like an additional aircraft and staff to support our expanding business.

"Thank you again to everyone for attending today."

About NXT Energy Solutions Inc.

NXT is a Calgary-based technology company, the proprietary airborne SFD survey system of which, applied in numerous basins around the world, uses the principles of quantum mechanics to infer stress anomalies of exploration interest. The method can be used both onshore and offshore to remotely identify areas conducive to fluid entrapment in order to recommend areas with commercial hydrocarbon and/or geothermal potential. The SFD survey system enables the company's clients to focus their exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential. SFD is environmentally friendly and unaffected by ground security issues or difficult terrain, and is the registered trademark of NXT. NXT provides its clients with an effective and reliable method to reduce time, costs and risks related to exploration.

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