Mr. Chee Pheng Cheng reports

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

This release has been made by Chee Pheng Cheng to report holdings in NXT Energy Solutions Inc.

On March 5, 2024, Ms. Cheng acquired beneficial ownership of two million common shares of the issuer pursuant to the settlement of the estate of George Liszicasz, a former shareholder of NXT Energy, of which estate Ms. Cheng is a beneficiary. As a result of this settlement and certain other purchases and sales of common shares made by Ms. Cheng, as of March 5, 2024, Ms. Cheng owned or controlled 12,677,328 common shares, representing approximately 16.23 per cent of the current issued and outstanding common shares.

On March 6, 2024, Ms. Cheng disposed of 54,606 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.

All securityholding percentages in this press 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.

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.