ADURO CLEAN TECHNOLOGIES INC.

The current governmental regulatory landscape in which the Company operates is highly dynamic and continuing to develop. Key areas and trends relating to the regulatory landscape include the following:

• Increased general acceptance and regulatory framework supporting chemical recycling. For many years, only mechanical recycling had been considered as proper recycling because it left the polymer intact. However, in the end, only about 25% of all plastic waste can be treated this way, not only because the remainder is too dirty to recycle, but also because standards for new plastic goods related to safety (food packaging as an example) or performance (like high-performance automotive parts) effectively block the use of mechanically recycled material. Upcoming regulations in the European Union, for instance, are now recognizing the complementary nature of mechanical and chemical recycling.

• Increased general acceptance and regulatory framework around the use of mass-balance in recycling. This is about being able to label a part of a chemical factory's output as recycled, based on the amount of recycled feedstock taken in. If a mixture of recycled and non-recycled feedstock is used, it is impossible to distinguish on a molecular level, and failure to apply a mass balance approach will restrict chemical recycling. Mass balance has already been accepted as a viable approach in industry and is now increasingly being accepted in regulatory frameworks as well.

• Increased general acceptance and regulatory framework around "minimal recycled content" requirements. This kind of regulation will create a market for recycled materials even in circumstances where recycling pathways have difficulty to compete financially with material based on virgin mineral oil (which benefits from more than 100 years of optimization and scaling of its technologies).

• Increased regulatory framework around Extended Producer Responsibility regulation. These regulations make the party that puts plastic articles in the market financially responsible for its collection and safe recycling. This regulation makes for instance consumer good companies like supermarkets, brand owners that market anything from shampoo to peanut butter, and car producers, pay cash for every ton of plastic they use, typically to a body that subsequently contracts separate collection and waste management. Extended Producer Responsibility regulation is already in place in much of Europe and Canada and is likely to become a cornerstone of United Nations policies to reduce plastic waste globally.

All of these regulatory developments (and the overview above is not intended to provide an exhaustive list) are developing in directions which are generally favorable for chemical recycling and the Company, although the speed and details of regulatory changes vary from country to country.

There may be a negative effect on the Company's business by the developing regulatory environment, however, no such negative effect is immediately foreseen by the Company as of the date hereof. The Company's technology operates at relatively mild conditions with non-hazardous auxiliary chemicals and waste streams that do not present any risks uncommon to the chemical industry. Furthermore, given the nature of the Company's technology platform applications, the Company believes that future regulation related to emissions of GHGs, waste management, microplastics and circularity will increase the demand for technological solutions such as ours.

3.2 Summary of Current Projects** **

Brightlands and CHILL

On November 2, 2021, the Company announced that it has entered into discussions with Brightlands, an international shared innovation community located in Limburg, the Netherlands, to partner and develop the Hydrochemolytic technology for the chemical recycling of waste plastic.

The collaboration's likely objective will be to initiate a project to complete an installation that applies the HCT to demonstrate, on a tons-per-day scale, the conversion of a mixture of waste plastics to useful feedstock for chemical processes. Interest in this project by Brightlands is a result of its comprehensive review of Aduro HCT, which identified the possibility that HCT provides distinct advantages over traditional pyrolysis for transforming mixtures of waste plastics into valuable, high-purity products, such as value-added chemicals or feedstock for the production of virgin polymers.

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Aduro and Brightlands continue to engage in discussions and Aduro provides regular updates on its operational progress. Both organizations continue to evaluate the optimal strategy and timeline for the potential partnership and related project based on Aduro's strategic goals.

On March 2, 2023, the Company announced that it entered a partnership with CHILL for an experimentation program at the Brightlands, the purpose being to support optimization of NGP and to accelerate commercialization. The Company provides financial support to CHILL through a Platinum Partnership and in return receives access to skilled researchers, specialized equipment for testing and analysis of data, and additional services including access to CHILL partner events and public relations campaigns. This project was completed in December 2024 and the data generated by the project was combined with other Aduro research programs to support its strategic goals.

On January 29, 2026, the Company announced that it has selected Chemelot Industrial Park in Sittard-Geleen, Netherlands, located within the Chemelot chemical site, as the location for its planned industrial scale-up facility. The facility will host the FOAK industrial plant deploying HCT for the chemical recycling of waste plastics, building on prior pilot scale validation, and previously referred to in the Company's public disclosures as the Demonstration Plant. Brightlands is located at Chemelot and serves as an open-innovation and scale-up ecosystem for the chemical and materials industries.

Joint Research in Partnership with Western University

On October 27, 2022, the Company announced that its joint research project in partnership with Western University has been awarded $1.15 million in non-repayable funds by the National Sciences and Engineering Research Council Alliance and Mitacs Accelerate Grants Program. Additionally, over the duration of the project, Aduro will contribute an additional amount of $382,500, for a total project budget of $1.53 million.

The technical objective of this research project is to evaluate the effects of intrinsic and extrinsic contaminants present in plastic feedstocks including food, organic waste, plasticizers, and fillers, under varying conditions to maximize output, quality, and yield. The project also aims to improve pre- and post-processing techniques. This supports Aduro's commercial objective of developing optimal strategies to minimize costs for pre-processing systems that sort and separate waste plastic feedstocks. The project is expected to advance and further augment the implementation of Hydrochemolytic technology for chemical recycling of mixed post-consumer industrial and consumer plastics. All intellectual property generated from the project, which includes know-how, right to protect with patents, and patents themselves, will be owned by Aduro. The project will employ up to 18 professionals all dedicated to Aduro commercialization efforts with Aduro communicating on a bi-weekly basis with the Western University team.

This project continues to advance with ongoing experiments supporting the refinement of feedstock preparation protocols; it remains active and is expected to be completed in calendar year 2026, consistent with its funding timeline.

Zeton

On November 19, 2024, the Company announced that it has engaged Zeton to lead the design and fabrication of its NGP pilot plant. Zeton is a globally recognized leader in the design and fabrication of pilot plants, demonstration plants, and small-scale commercial units. With over 800 projects delivered across 45+ countries, the company brings significant expertise and scale to the industry.

Zeton has worked closely with Aduro to translate laboratory and bench-scale learnings into a modular system capable of supporting customer engagements and internal development at an increased scale. In parallel, Aduro undertook significant facility upgrades at its London, Ontario laboratory to prepare for installation. These activities ensured that the laboratory infrastructure is aligned with the requirements of the new facility.

The modular process skids fabricated by Zeton completed Factory Acceptance Testing (FAT) prior to shipment and were delivered to the London Ontario site in October 2025. After completion and delivery of the modular process skids, Zeton remained actively engaged during integration and commissioning.

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NexGen

On March 13, 2025, the Company announced its memorandum of understanding with NexGen, a leading supplier and broker of virgin and recycled polymers with over 30 years of experience in polymer supply chain management, infrastructure, and logistics. NexGen specializes in securing, storing, and distributing polymer feedstocks through its extensive logistics network, which includes warehousing, rail, and truck infrastructure. The memorandum of understanding details the proposed collaboration to develop a demonstration-scale HCT plant including securing feedstock supply, potential site selection, and plant operations to optimize data generation for the future development of configurable commercial solutions.

This engagement will apply NexGen expertise to support key operational requirements for the planned facility to demonstrate Aduro technology. The memorandum of understanding and respective collaboration with NexGen align with Aduro strategic goals, ensuring its scale-up program is progressing efficiently by securing the long lead items necessary for the deployment of the demonstration plant concurrently with the buildout of its NGP plant. The memorandum of understanding is comprised of three stage-gated phases. Phases two and three of the memorandum of understanding are non-binding and outline a framework for the execution of a potential joint venture agreement including collaboration on the commissioning and operations of a demonstration plant. The technology, including any improvements or modifications made during the proposed joint venture, will be the sole and exclusive property of Aduro. Phase one is binding between Aduro and NexGen and outlines activities where the parties will collaborate on critical feasibility factors that lay the groundwork for the demonstration plant, including: feedstock brokerage services, site selection and preparation, site permitting and approvals, preliminary engineering, and business model development.

On August 14, 2025, the Company announced that feedstock preparation for its NGP pilot plant was underway, in collaboration with NexGen, to secure and qualify representative waste-plastic streams, catalyst, and other process inputs for its planned start-up and operations. This follows several months of work with NexGen to evaluate a range of potential waste plastic feedstocks to the NGP pilot plant.

Siemens

On May 1, 2025, the Company announced a strategic collaboration with Siemens, a leader in industrial automation and digitalization, to supply advanced control systems and engineering services for the Company's NGP pilot plant. Siemens' role is centered on the integration of advanced automation and control systems to ensure reliable operation of the facility and the generation of high-quality process data by providing automation and controls scope for the pilot plant being built by Zeton, to ensure seamless system integration and efficient commissioning.

Siemens installed the NGP plant's automation and control systems in October 2025 and supported calibration and validation to ensure reliable process performance and proper data acquisition. These coordinated efforts provided the framework for a safe and efficient start-up.

Delphi

On May 21, 2025, the Company announced that it has engaged Delphi, a leading Canadian sustainability consultancy, to conduct a life cycle assessment of the Company's HCT for waste plastic processing. The project will begin with a screening-level life cycle assessment focused on GHG emissions and energy use, associated with implementation of HCT. This assessment, based on pre-pilot-scale performance data and forward-looking design parameters, will follow ISO 14040 and 14044 frameworks to provide directional insights into the HCT environmental profile. Subsequent phases of the life cycle assessment will incorporate operational data from the Company's NGP pilot plant, which is currently under construction. A final phase is anticipated to support a comparative life cycle assessment, benchmarking the Hydrochemolytic process against other chemical recycling approaches as the NGP pilot plant will be fully commissioned.

Confidential Independent International Commodities Trading Company

On March 12, 2026, the Company announced that it has signed a non-binding letter of intent with a leading independent international commodities trading company active in the sourcing, logistics, and marketing of naphtha and certified circular hydrocarbon streams. The letter of intent establishes a framework to evaluate and qualify Hydrochemolytic oil produced by the Company for future offtake agreements. The letter of intent includes a committed offtake arrangement for the initial production parcel tied to the Company's FOAK industrial plant planned for construction at Chemelot Industrial Park in Geleen, Netherlands. It establishes a structured Pilot-to-FOAK validation program intended to determine product value, confirm specification alignment, and evaluate the reproducibility of Hydrochemolytic oil while supporting downstream market positioning as part of the circular hydrocarbon markets. Under Phase 1 of the engagement, the Issuer will provide samples of Hydrochemolytic oil produced at its NGP pilot plant. Phase 2 establishes a commercial validation step upon commissioning of the FOAK industrial plant.

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Confidential Global Engineering, Procurement, and Construction ("GEPC") Company

On March 19, 2026, the Company announced that its wholly owned subsidiary, Aduro Energy Inc., has signed a non-binding memorandum of understanding with a leading GEPC company to jointly develop a comprehensive commercial licensing package for HCT for the chemical recycling of mixed and contaminated post-consumer plastic waste that is not suitable for mechanical recycling to support deployment across multiple markets. The memorandum of understanding establishes a framework and stage-gated activities to support the development of the technology and of a commercial licensing model for HCT. The memorandum of understanding is non-binding and does not create any obligation on either party to proceed with any particular transaction and any work under the framework will be subject to mutually agreed scopes of work. The development of the Licence Package and any Licence Business will be subject to technical results, financing, completion of definitive agreements, and the approvals of the parties' respective governance bodies.

Ebert HERA

On April 9, 2026, the Company announced that it awarded the contract to lead the permitting process for its FOAK industrial facility at Chemelot Industrial Park, Netherlands to Ebert HERA. Ebert HERA was selected based on its established reputation and role within the Chemelot ecosystem and its experience coordinating permitting processes across multiple regulatory bodies in the Netherlands.

Under the contract, Ebert HERA will lead the preparation and coordination of civil and environmental permit applications, including safety, health, and environmental assessments, and will manage engagement with the relevant regulatory agencies. This work is expected to define the regulatory pathway for the FOAK facility. The current permitting scope is being developed to also accommodate potential future capacity expansion as part of the Company's long-term plan to develop the FOAK facility into a commercial-scale site.

Ortessa

On June 17, 2026, the Company announced that ACTE, the Company's European subsidiary, has signed a non-binding memorandum of understanding with Ortessa, a Dutch group of enterprising waste companies, to evaluate the development of a feedstock logistics center to support the Aduro FOAK industrial site at Chemelot Industrial Park in Sittard-Geleen, the Netherlands. The potential collaboration with Ortessa is intended to support secure, reliable, and efficient storage and delivery of suitable, specification-ready post-use feedstock. ACTE and Ortessa will evaluate a feedstock preparation and logistics pathway, including the potential use of one or more Ortessa sites to host and manage suitable post-use feedstock for the Chemelot project. This work may include the identification and aggregation of suitable post-use feedstock streams, assessment of cleaning, drying, agglomeration or other pre-treatment requirements, and development of the inventory management, quality-control, documentation, material coding, storage, hosting, and logistics systems needed to support reliable feedstock supply for start-up, operation, and future expansion.

Uinta Basin Feedstock Supply and Development Program

On July 30, 2026, the Company announced progress in its paraffinic crude development program through the securing of yellow and black paraffinic crude feedstocks from multiple Uinta Basin sources; the completion of a dedicated continuous-flow unit; and the expansion of its London facility to support ongoing development activities. As part of a broader consolidation of operations, the Company relocated equipment and operating activities in Ontario from Sarnia to London and expanded its research, engineering, and operations teams. These initiatives are intended to support extended continuous-flow testing, process development and optimization, and the advancement of HCT applications for paraffinic crude upgrading.

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Saipem S.p.A

On August 19, 2026, the Company announced the selection of Saipem S.p.A (“Saipem”) for Early Works and Services supporting the development of Aduro’s FOAK HCT Facility at Chemelot in the Netherlands. Saipem, a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, both offshore and onshore, is recognized globally for delivering complex industrial and energy infrastructure projects and brings extensive experience in process engineering, modular project execution, downstream facilities, and industrial-scale technology deployment. The initial phase of the collaboration focuses on early engineering and procurement activities, including the review of the Process Design Package, optimization of critical equipment packages, preliminary utility integration, and capital cost refinement. These activities are intended to mature the project definition while incorporating operating data generated through Aduro’s NGP Pilot Plant. Subject to successful completion of each development stage, the parties’ continued evaluation of the project, and the execution of definitive agreements, the collaboration is expected to progress through front-end engineering design, detailed engineering, procurement, construction, commissioning, and start-up.

Participants in Customer Engagement Program

Shell Gamechanger Program

On November 3, 2022, the Company announced its successful selection and acceptance into the Shell GameChanger Program to apply Aduro's HCT for producing sustainable naphtha cracker feedstock from polyethylene, polypropylene, and polystyrene, individually or on a mixed-feed basis. Shell GameChanger is an accelerator program designed to partner with businesses to deliver innovative solutions that have the potential to drastically impact the future of energy and the transition to net-zero emissions.

To support the project, Shell contributes non-dilutive funding with the contribution payments being spread over six project phases, each phase and its associated payment being contingent on meeting the objectives of the previous phase. In addition, Shell will provide technical expertise to help Aduro develop reliable process designs and optimize HCT for commercial implementation. Shell GameChanger will also mentor Aduro in developing its commercial strategy and market position.

On September 5, 2023, the Company announced that it had passed the project midpoint as part of the Shell GameChanger program and is underway with the tasks outlined for phase four. The tasks outlined for the first three phases involved evaluating the performance of HCT using pure and mixed plastic feeds, measuring the impact of HCT when contaminants are present, and understanding and optimizing the key additives in the process for effectiveness and economics. All three phases achieved results that met defined performance targets. During phase four, Aduro will demonstrate HCT efficiency in continuous-flow operation with emphasis on operability and product quality. Additionally, Aduro will examine process transitions from batch to continuous-flow and evaluate 'tunability' to maximize naphtha cracker feed yield.

On December 16, 2025, the Company announced its successful graduation from the Shell GameChanger Program.

TotalEnergies SE

On October 11, 2023, the Company announced the addition of a new participant to its CEP. The confidential participant is a large global petrochemical leader with significant influence in the chemicals and plastics sector that extends into the global energy market. As part of the paid engagement, the participant will contribute funding to support the work being conducted by Aduro while also providing the opportunity for Aduro to perform analysis and experimentation using diverse waste polymers sourced from different locations and businesses across the world, each with varying compositions and contaminant levels.

On November 30, 2023, the Company announced the expansion beyond the initial testing with the CEP participant mentioned above, which includes testing a more diverse range of waste plastic materials, specifically targeting those with higher concentrations of PET, polyurethane, metals, and other challenging contaminants. This testing expansion indicated the participant's interest in assessing the broader capabilities of our technology. The expanded scope provides important data that will support our development and scale-up program as well as increase the respective project funding committed for phase one testing.

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On July 30, 2024, the Company announced it entered into a Research and Development (R&D) strategic collaboration with the previously confidential CEP participant, TotalEnergies SE. This collaboration follows technical evaluations announced previously and underscores the growing interest in the Company's HCT. The collaboration, which is expected to span over twelve months, will focus on a more diverse range of waste plastic materials, particularly those with higher concentrations of polyolefins, polyurethane, metals, and other challenging contaminants. The project aims to establish process parameters to manage these variable, hard-to-recycle feedstocks, optimize the process design and operating conditions, and lay the groundwork for commercial scale-up. TotalEnergies SE will provide both financial and in-kind support, including access to technical resources. This collaboration aims to lay the groundwork for a commercial process, as well as to generate valuable data to assist the Company's technology development. The collaboration remains active and in its final stage, nearing completion.

Confidential Petrochemical Company

On October 11, 2023, the Company announced the addition of another participant to its CEP. The participant is a major global petrochemical company with significant market presence in the Americas and worldwide. As part of the paid engagement, the participant has contributed funding to support the work being conducted by Aduro.

Since joining, the participant has provided multiple representative feedstocks for testing under HCT conditions. These feedstocks have been evaluated at Aduro facilities and through analysis conducted independently by the participant. Results of these studies have been encouraging, with the participant expressing particular interest in the quality of the product generated. This engagement remains active.

Multinational Food Packaging Company

On March 5, 2024, the Company announced the onboarding of a leading, global MFP Company to its CEP. MFP Company operates in over 15 countries and is a prominent player in the global food processing and distribution sector, boasting a portfolio of well‐known brands. At the core of its operations, MFP Company integrates environmental, social, and governance principles, focusing on innovation and efficiency. The MFP Company is dedicated to recycling or recovering 90% of its solid waste and aims to reduce plastic use, increase the use of biodegradable and recycled materials, and minimize the use of virgin plastic. The technical evaluation project is focused on assessing the potential of HCT for recycling the MFP Company's plastic waste from food packaging. Through this project, the Company is conducting direct tests of HCT on the specific types of plastic waste produced by MFP Company with the objective of showcasing the technology's effectiveness and gaining a deeper understanding of the unique waste management challenges faced by the food industry. The goal is to highlight the advantages of HCT to MFP Company and develop a customized chemical recycling solution to meet the specific needs for recycling food packaging plastic waste and position HCT as a viable solution for advanced recycling in the food industry. This engagement remains active.

• GF Building Flow Solutions Americas*

On March 27, 2024, the Company announced the onboarding of a leading, multinational building materials company ("MBM Company") to its CEP. MBM Company has extensive manufacturing operations across over 20 countries and a global distribution reach. MBM Company is recognized for its vast range of building materials and is dedicated to promoting sustainability through material circularity, emphasizing the recycling and reuse of materials across its product lines covering infrastructure, energy systems, municipal sewer, ventilation, and water treatment. The engagement will begin with a technical evaluation project focused on assessing the potential of HCT for recycling cross-linked polymers, a key material in the client's product portfolio. Test samples will be sourced from waste streams at the client's production facilities.

On November 12, 2024, the Company announced its entry into a memorandum of understanding with GF Building Flow Solutions Americas ("GF"), a leader in sustainable building solutions and global provider of Uponor-branded products. GF is one of the leading international producers of pipes used to move water for buildings and infrastructure, including pipes made of PEX, which are commonly used in energy-efficient heating and safe plumbing due to their robustness, temperature resistance and longevity.

GF previously participated in the Aduro CEP to conduct a phase 1 technical evaluation focused on assessing the potential of HCT for recycling cross-linked polymers. Initial results from this technical evaluation demonstrated that Aduro HCT has the unique ability to break down cross-linked polyethylene to raw material for the manufacture of ethylene. The memorandum of understanding marks an important step as the two companies explore a pathway to a formal, structured collaboration to enhancing the ongoing GF effort to convert byproduct from Uponor production of PEX into valuable raw materials. This engagement remains active.

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