An anonymous representative of MCAPM reports

EARLY WARNING REPORT ISSUED PURSUANT TO NATIONAL INSTRUMENT 62-103 IN CONNECTION WITH THE ACQUISITION OF COMMON SHARES OF NXT ENERGY SOLUTIONS INC.

MCAPM LP has filed an early warning report under National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, in connection with its subscription for 7,050,500 common shares in the capital of NXT Energy Solutions Inc. in a non-brokered private placement at a price of 40 cents per common share for total consideration of $2,820,200. The private placement closed on November 24, 2025. Prior to completion of the private placement, MCAPM owned 30,526,321 common shares (approximately 27.94 per cent of the then issued and outstanding common shares on a non-diluted basis). After completion of the private placement, MCAPM owns 37,576,821 common shares, representing approximately 32.30 per cent of the issued and outstanding common shares on a non-diluted basis.

A copy of the early warning report will be available under NXT's profile on SEDAR+ or may be obtained by contacting MCAPM at 707-431-1057.

The head office address of NXT is Suite 302, 3320 17th Ave. SW, Calgary, Alta., Canada, T3E 0B4. The head office of MCAPM is 132 Mill St., Suite 204, Healdsburg, Calif., 95448.

MCAPM is acquiring the common shares for investment purposes. MCAPM may, from time to time, acquire additional common shares or other securities of NXT or dispose of some or all of the common shares or other securities of NXT that it owns at such time. MCAPM currently has no other plans or intentions that relate to or would result in any of the actions listed above, but depending on market conditions, general economic and industry conditions, trading prices of NXT's securities, NXT's business, financial condition and prospects, and/or other relevant factors, MCAPM may develop such plans or intentions in the future.

We seek Safe Harbor.