Ms. Chee Pheng Cheng, a shareholder, reports

EARLY WARNING REPORT FILED IN RESPECT OF NXT ENERGY SOLUTIONS INC.

This news release is being made by Chee Pheng Cheng to report holdings in NXT Energy Solutions Inc.

On Aug. 4, 2023, Ms. Cheng acquired beneficial ownership of 11,072,001 common shares of the issuer as 11,072,001 common shares were transferred to Ms. Cheng pursuant to the settlement of the estate of George Liszicasz, a former shareholder of NXT, which estate Ms. Cheng is a beneficiary of. As a result and as of the date hereof, Ms. Cheng owns or controls 11,072,001 common shares, representing approximately 14.24 per cent of the issued and outstanding common shares.

Ms. Cheng may, depending on market and other conditions, increase or decrease her ownership of common shares or other securities of the issuer, whether in the open market or otherwise by privately negotiated agreement. As of the date hereof, Ms. Cheng intends to dispose of 50,000 common shares, either on the open market or through privately negotiated agreement. The common shares of the issuer owned or controlled by the estate of Mr. Liszicasz remain subject to distribution in accordance with the terms of the estate and any associated legal proceedings.

All securityholding percentages in this news release are based on the issued and outstanding common shares of the issuer set forth in the management's discussion and analysis of the issuer at the applicable time.

The common shares of the issuer are listed on the Toronto Stock Exchange under the symbol SFD. The issuer is a corporation organized under the laws of the Province of Alberta, with its head office at Suite 302, 3320 -- 17th Ave. SW, Calgary, Alta., Canada, T3E 0B4.

An early warning report will be electronically filed with the applicable securities commission in each jurisdiction where the issuer is reporting and will be available on SEDAR. For further information or to obtain a copy of the early warning report, please contact Ms. Cheng at 403-689-6220.