First, let me count my blessings. I was invited to an investor presentation with fund managers and investors to meet with $ADUR management this week in Europe. This was Aduro's first time presenting to what I consider front-of-the-line Money Managers in Europe, and after both presentations, I came out with the highest level of conviction I have had in a while. You see, when you are sitting on large paper gains, the temptation to cash out is always there, so I have to say, outside of trading around my core position. I came out more interested in expanding my core position. Now back to the presentation and my key observations for now, which I may add to once I get to Dubai: 1. Everything shared there is publicly available, but when you sit through an hour-and-a-half session and hear the founder and CEO speak, plus the questions that get asked, you realize how rare @AduroCleanTech is. Aduro also made it clear that they are not here to raise capital; they have what they need till closer to the end of the FOAK (my assessment: closer to Q3/4-27) 2. Two fund managers, after realizing how huge the opportunity is, asked management bluntly, " Why are you public. This company should have been a VC-backed company that would go public later in 2028/2029, post the FOAK, and I quote, "5 to 10bn Euros". The answer was equally impressive; Ofer said that when he and Marcus decided to finally go public (after they were poached for a buyout in 2020), it was to preserve their independence and allow Aduro to sprout its multi-vertical platform without being under the gun by a VC or a strategic investor that might have wanted shortcuts or shift the company's focus towards fast-tracking the process. To him, the key learnings from failed multi-billion-dollar pyrolysis companies were the same: he didn't want to skip steps, and he wanted the IP protected, and he wanted to commercialize the technology right. 3. Regarding strategic money and investments, Ofer made it clear that there were attempts by industry players to invest earlier; however, the main pushback was that Aduro did not want to give exclusivity, "being hugged by one company" too early. He believes they are closer than ever to commercial scale in two verticals, each of which could easily be worth multi-billion dollars, so giving exclusivity early could jeopardize the opportunity in the same way outlined in point 2. 3. Ofre's vision is for Aduro to be a worldwide Energy and Sustainability household, and he views that whilst the plastic and paraffinic oil verticals will be the first to go to market, the company is and continues to be focused on expanding its IP to new verticals. 4. The company's HCT platform is now being followed by all the major players in the Energy sector. Ofer made it clear that they don't see any other chemical recycling technologies as competitors, and he said Aduro is in a league of its own. 5. Their IP is iron-clad, with 7 patents issued and 4 pending, and many more in the works, and Mena made it clear that, based on what they know today, their IP is worth way more than the current market cap. 6. Ofer does not believe in shortcuts; the company, relative to the Energy space, is going at rocket speed, but they will not, for the sake of short-term gratification, rush the process. The first recycling commercial unit is set for 2028. However, the paraffinic oil vertical felt like it could be the first to go to market, at least to me. 7. They set up their commercial plan with regard to the plastic vertical that would benefit significantly from the European regulations, which want to protect their chemical industry. Europe is pushing back against imports of cheap products from the Far East, and to protect the industry, it has new mandates that disallow the use of such feedstock without applying a penalty for non-recycled material (a penalty of 160+ Euros per ton). These regulations will tighten by 2030, with demands for recycled materials to reach 30%+ of plastics. Europe produces over 11M tons of waste plastic a year, and that keeps growing. 8. The Parrafinic Oil sets Aduro miles away from anyone else. This vertical can add $ 11 to $25 in value to each barrel produced at the Unita Basin, when energy players are scrambling for cents/barrel. The vision is to get to a place where just the Utah Basin could go from 185k barrels a day to over 1M (clearly will take years to get there), but I suggest you pause here and get your calculator out as I did, and you will realize what Aduro is sitting on with just this vertical alone 9. The world is moving towards energy independence, meaning this is not a Utah matter. Aduro views the same opportunity in Alberta's heavy oil, Venezuela, etc and these are massive opportunities in front of the company, again, in my view, each of which can be a company maker on its own. 10. I spoke with a few of the money managers post both meetings and was positively surprised by how many are keen for follow-ups and for potentially putting the name in front of their investor base. They realize that once this company is known and the FOAK, or the first Parrafinic, moves closer to commercial scale, the window of getting a meaningful alpha may lapse by then My personal view is that if I take a step back and look at $ADUR today as an investment, it is a very compelling/rare one if I am sitting my watch for the next 24-36 months instead of looking in the rearview mirror at when I got lucky in 2021 to find this company. As always, these are my personal views; do your own diligence. This is not financial advice

With Oil Hovering at $100 a Barrel, Recycled Plastic is the Affordability Solution Hiding in Plain Sight morningstar.com/news/accessw… Tailwinds that are working behind the scenes for $ADUR. Wait till the world realizes that they can have both worlds, being able to recycle on economical terms regardless of the price of oil/Naptha and that this is one of the many verticals Aduro has