Trading Activity Continues to Improve

Research evidence excerpt

Trading Activity Continues to Improve

Abaxx Technologies - Block Summary Model

Income Statement 2025A 2026E 2027E

Revenues $1 $19 $149

Operating Income (Loss) (59) (55) 57 Valuation

Net Income (44) (60) 51 Our target price is based on a probability-weighted

discounted cash flow methodology valuing Abaxx Balance Sheet 2025A 2026E 2027E

Exchange's operations. Our base case assumes Abaxx

Cash 62 47 129 Exchange reaches 350K+ in average daily volumes by 2033.

Investments 30 27 27

Upside Scenario $140.00

Other Assets 33 32 32

Abaxx Exchanges reaches 1M in average daily volumes by

Total Assets 125 106 188 2033, broadly consistent with management's long-term

goal. Liabilities 42 49 49

Shareholders' Equity 83 58 139 Downside Scenario $5.00

Cash Flow Statement 2025A 2026E 2027E Abaxx Exchanges reaches ~45K in average daily volumes

by 2033, representing ~10% of our base case estimate with Cash Flow From Operations (43) (40) 84

limited uptake from market participants.

Cash Flow From Financing 82 24 (2) in CAD

Cash Flow From Investing (1) 0 0

-91% +28% +159%

Source: BMO Capital Markets, Company Reports

Downside Current Target Upside

Scenario Price Price Scenario

5.00 54.00 69.00 140.00

Key Catalysts

Rising volume activity on Abaxx Exchange underpinned

by improving liquidity, the addition of market participants,

broader product offering, and market recognition. Lower-

than-expected equity issuances until Abaxx becomes

cash flow positive.

Company Description

Abaxx operates a commodity futures exchange and

clearinghouse designed to support the energy transition

through transparent and efficient trading. Abaxx Exchange

offers physically settled futures in LNG, Gold, Battery

Materials and Environmental markets, serving the price

discovery, risk management, and collateral needs of