Mr. Glenn Dudar reports

WESTSHORE TERMINALS ANNOUNCES 2024 ACTUAL VOLUME AND 2025 VOLUME PROJECTION

Westshore Terminals Investment Corp.'s wholly owned subsidiary Westshore Terminals Limited Partnership loaded 26.8 million tonnes of product in the year ended Dec. 31, 2024. Adverse weather conditions in the fourth quarter of 2024 hampered operations to a greater degree than usual. In November and December, the south coast of British Columbia was hit with a series of storms that were more severe than normal in both frequency and duration. In addition, unscheduled maintenance prevented loading at Berth 1 for seven days in mid-November. The average loading rate charged to customers for 2024 as a whole was $13.76 per tonne.

Based on information currently available to Westshore, loading volume for 2025 as a whole is projected to be approximately 26.5 million tonnes, at an average loading rate for the year of $13.55 per tonne.

In late December, 2024, Westshore experienced a fire on part of one of its four stacker-reclaimers. Repair work will require replacement of a structural element of the stacker, which is expected to take approximately two months, including fabrication. With operational adjustments, Westshore is able to function at normal levels with three stacker-reclaimers, and does not anticipate any material impact on productivity as a result of the fourth stacker being unavailable for this duration.

We seek Safe Harbor.