Tidewater Renewables Ltd. reports that, at approximately 9:00 a.m. (MST) on April 1, 2025, there was a minor fire (the "Incident") in the main renewable diesel process unit at the corporation's renewable diesel refinery (the "HDRD complex") located in Prince George, British Columbia.

The Incident has been extinguished and the impacted area of the HDRD complex has been isolated and stabilized. The corporation confirms that all personnel are accounted for and no injuries have been reported at this time.

The corporation continues to investigate the Incident, both on its own behalf and in cooperation with the applicable regulatory authorities. While the investigation is in its early stages, Tidewater Renewables is encouraged by the seemingly low level of damage resulting from the Incident.

The corporation maintains a full suite of spare parts at the HDRD complex and should be in a position to rectify the damage and complete the appropriate testing and analysis required to safely bring the HDRD complex back online in short order. Given the product inventory levels maintained at the HDRD complex, the outage is not expected to have a material impact on Tidewater Renewables' operating and financial results (assuming the resumption of operations as expected). Tidewater Renewables will provide more information as the investigation into the Incident progresses if any new information comes to light.