Prospectus -- subscription receipts offering

Financing type:  underwritten prospectus offering

Gross proceeds:  $350,004,500

Offering:  41,177,000 subscription receipts

Offering price:  $8.50 per subscription receipt

Overallotment option:  The underwriters may purchase up to a maximum of 6,176,550 subscription receipts and/or listed shares for overallotment purposes.

The closing of the offering is scheduled to occur before the market opening on March 12, 2026. It is expected that the gross proceeds of the closing of the offering will be $402,505,175 (47,353,550 subscription receipts), including $52,500,675 (6,176,550 subscription receipts) resulting from the exercise in full of the overallotment option as described above. A further notice will be issued upon receipt of closing confirmation.

Commissions in securities:  not applicable

Disclosure:  For further information, please refer to the company's prospectus supplement dated March 5, 2026, to the short form base shelf prospectus dated Aug. 7, 2025, and the company's news release dated March 3, 2025, which are available under the company's profile on SEADR+.

New listing -- subscription receipts

The subscription receipts will be listed and admitted to trading on the TSX Venture Exchange on the effective dates stated below. The company is classified as a technology company.

Listing date:  at the close of business (5:01 p.m. EST) on March 11, 2026

Commence date:  The subscription receipts will commence trading on the TSX Venture Exchange at the opening of the market on Thursday, March 12, 2026, upon confirmation of closing of the offering.

The closing of the offering is scheduled to occur before the market opening on Thursday, March 12, 2026. A further notice will be issued upon receipt of closing confirmation.

Corporate jurisdiction:  Canada

Capitalization:  47,353,550 subscription receipts will be issued and outstanding, including the full exercise of the overallotment option

Issue price per security:  $8.50 per subscription receipt

Transfer agent and escrow agent:  Computershare Trust Company of Canada

Trading symbol:  PNG.R

Cusip No.:  50077N 12 8

Conversion:  Each subscription receipt will automatically convert, at no additional cost to the holder and without further action required, into one common share of the company. This conversion is contingent upon the satisfaction or waiver of the escrow release conditions detailed in the company's prospectus supplement dated March 5, 2026. These conditions include, but are not limited to, the satisfaction or waiver of the completion conditions for the proposed acquisition by a wholly owned subsidiary of the company of all of the issued and outstanding shares of Covelya Group Ltd., pursuant to the terms of the share purchase agreement dated March 3, 2026, between the company and the seller.

Delisting:  The subscription receipts will be listed and posted for trading until the earlier of: the satisfaction of the release conditions and the delivery of a release notice to the escrow agent, as set out in the subscription receipt agreement; or the occurrence of a termination event and delivery to the escrow agent of a termination notice, as set out in the subscription receipt agreement. A further bulletin will be issued by the TSX Venture Exchange confirming either: (a) the satisfaction of the release conditions; and/or (b) the delisting of the subscription receipts.

The subscription receipts will be governed by the terms of the subscription receipt agreement that will be executed on or prior to the closing date of the offering.

For further information, please refer to the company's prospectus supplement dated March 5, 2026, to the short form base shelf prospectus dated Aug. 7, 2025, and the company's news release dated March 3, 2026, which are available under the company's profile on SEDAR+.