Badger Infrastructure : Canaccord Growth Conference

Certain statements and information contained in this presentation and other continuous disclosure documents of Badger Infrastructure Solutions Ltd. ("Badger") referenced herein, including statements and information that contain words such as "could", "should", "can", "anticipate", "expect", "believe", "will", "may", "continue to", "maintain", "focus on", "build", "opportunity", "target", "strategy", "potential", "growth", "future" and other similar expressions relating to matters that are not historical facts, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. These statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements and information. Badger believes the expectations reflected in such forward-looking statements and information are reasonable, but no assurance can be given that these expectations will prove to be correct. Such forward-looking statements and information included in this presentation should not be unduly relied upon. These forward-looking statements and information speak only as of the date of this presentation. In particular, forward-looking statements and information in this presentation include, but are not limited to the following:

• Expectations with regards to increased legislation mandating non-destructive excavation in North America;
• The estimated growth potential for the North American market, including growth opportunities in strategic, core and extension markets, and Badger's ability to manage the barriers to entry in those markets;
• Badger's expectation that it will continue to optimize asset utilization and that the current fleet can capture the estimated market growth potential and reduce its cost per unit;
• The strategic, financial and operational priorities pursued by Badger;
• The anticipated impact of Badger's operating model on Badger's ability to realize growth;
• The timing and implementation of Badger's operational, commercial, and financial strategies, and the anticipated impact, if any, of those strategies on Badger's operational and financial targets;
• Expectations related to future non-destructive excavation production and retirement volumes;
• The anticipated impact of Badger's refurbishment program;
• Expectations with respect to the impact of Badger's National Accounts service;
• Badger's anticipated use of its cash, cash equivalents and financial capacity available under its credit facility;
• Expectations that operational performance will generate cash flow to fund both capital investments and expected capital requirements, and that Badger's capital allocation strategy will have the anticipated impacts on its financial, operational and growth targets; and
• Intentions with respect to shareholder returns

The forward-looking information and statements made in this presentation rely on certain expected economic conditions and overall demand for Badger's services and are based on certain assumptions. The assumptions used to generate this forward-looking information and statements are, among other things, that:

• Badger's internal processes, technology, and systems will continue to be effective;

• Badger will maintain its financial position and that financial resources, including credit facilities, will continue to be available to Badger;
• The overall market for Badger's services will not be adversely affected in the long-term by COVID-19, economic disruption, or other factors beyond Badger's control such as weather, natural disasters, global events, legislation changes and technological advances;
• There will be long-term sustained customer demand for non-destructive excavation services from a broad range of end use markets in North America;
• Badger will maintain relationships with current customers and develop successful relationships with new customers;
• Badger will collect customer payments in a timely manner;
• Badger will be able to compete effectively for the demand for its services;
• There will not be significant changes in profit margins due to pricing changes driven by market conditions, competition, regulatory factors or other unforeseen factors;
• Badger will be able to leverage and fully utilize its technology and internal systems; and
• Badger will realize and continue to realize the efficiencies and benefits of strategic and business improvement initiatives;
• Badger will be able to successfully implement its plans, programs, and procedures as expected; and
• Badger will obtain all labour, parts and supplies necessary to complete its planned non-destructive excavation unit builds at the costs and on the timeline expected.

Risk factors and other uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements include, but are not limited to: general political, economic, and market conditions; industry competition; price fluctuations in commodity markets and related products and services; supply chain capacity; Badger's ability to attract and retain key personnel; the availability of future debt and equity financing; changes in laws or regulations, including taxation and environmental regulations; reliance on technology and cybersecurity threats; climate change; extreme weather patterns and natural disasters; fluctuations in foreign exchange or interest rates; inflation; pandemics such as COVID-19 and any resulting legal or social disruption; and global recessionary risk.

Readers are cautioned that the foregoing factors are not exhaustive. Additional information on these and other factors that could affect Badger's operations and financial results is included in reports on file with securities regulatory authorities in Canada and may be accessed through the SEDAR website (www.sedar.com) or at Badger's website. The forward-looking statements and information contained in this presentation are expressly qualified by this cautionary statement. Badger does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

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