Aduro Clean Technologies

This pricing model requires management to make various assumptions and estimates which are susceptible to uncertainty, including the volatility of the share price, expected dividend yield, expected term of the warrant or stock option and expected risk-free interest rate.

SEC original ↗Aduro Clean Technologies — Earnings release (6-K exhibit)EX-99Oct 16, 2026

The derivative financial liability has been recognized at fair value on the date of issuance, being $8,332,321, as calculated using Black-Scholes pricing model, based on the following assumption ranges: Risk-free interest rate From 2.49% to 2.93% Expected life 3 years Expected volatility 58.05% to 63.99% Dividend rate Nil The derivative financial liability is remeasured at fair value at each reporting date, with any changes in fair value recognized in the statements of income (loss) and comprehensive income (loss).

SEC original ↗Aduro Clean Technologies — Earnings release (6-K exhibit)EX-99Oct 16, 2026

Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three months ended August 31, 2026 Expressed in Canadian Dollars The fair value at August 31, 2026 and May 31, 2026 was estimated using the Black-Scholes pricing model, based on the following assumptions: August 31, 2026 May 31, 2026 Risk-free interest rate 3.01% to 3.10% 2.91% to 3.08% Expected life 1.78 to 3.19 years 2.03 to 3.44 years Expected volatility 69.35% to 80.06% 65.68% to 67.91% Dividend rate Nil Nil 10.

SEC original ↗Aduro Clean Technologies — Earnings release (6-K exhibit)EX-99Oct 16, 2026

Notes to the Unaudited Interim Condensed Consolidated Financial Statements For the three months ended August 31, 2026 Expressed in Canadian Dollars The fair value of the stock options granted during the periods ended August 31, 2026 and May 31, 2026 were estimated using the Black-Scholes option pricing model based on the following assumption ranges: August 31, 2026 May 31, 2026 Risk-free interest rate - 2.92% Expected life - 5 years Expected volatility - 66.38% Dividend rate - Nil For the three months ended August 31, 2026, an expense of $487,846 (2025: $1,830,187) was recognized for services provided based on vesting conditions of stock options.

SEC original ↗Aduro Clean Technologies — Earnings release (6-K exhibit)EX-99Oct 16, 2026

The fair value of the warrants issued during the periods ended August 31, 2026 and May 31, 2026 were estimated using the Black-Scholes option pricing model based on the following assumption ranges: August 31, 2026 May 31, 2026 Risk-free interest rate - from 2.91% Expected life - 3 years Expected volatility - 67.91% Dividend rate - Nil Restricted Share Units On July 3, 2025, the Company awarded 100,000 RSUs to a consultant of the company.

SEC original ↗Aduro Clean Technologies — Earnings release (6-K exhibit)EX-99Oct 16, 2026

LEASE LIABILITY August 31, 2026 $ May 31, 2026 $ Gross lease obligations 555,210 585,919 Deferred finance charges (91,084 ) (101,164 ) Total lease liability 464,126 484,755 Less: Current portion 93,420 89,436 Non-current portion 370,706 395,319 Interest on lease liabilities included in finance costs (Note 13) 10,080 13,747 Incremental borrowing rate at initial application date 8.70% 8.70% Total cash outflow for the lease liability 30,709 75,090 The Company's exposure to liquidity risk related to lease liability is disclosed in Note 17.

SEC original ↗Aduro Clean Technologies — Earnings release (6-K exhibit)EX-99Oct 16, 2026

Aduro is an early-stage business focusing on developing environmentally responsible technology for converting end-of-life plastics and tire rubber to specialty chemicals and fuels that replace petroleum, upgrading of heavy crude oils and the transformation of renewable oils into renewable fuels and specialty chemicals.

SEC original ↗Aduro Clean Technologies — Earnings release (6-K exhibit)EX-99Oct 16, 2026

a) Ability to continue as a going concern Evaluation of the ability of the Company to realize its strategy for funding its future needs for working capital involves making judgments.

SEC original ↗Aduro Clean Technologies — Earnings release (6-K exhibit)EX-99Oct 16, 2026

Factors which could indicate impairment exists include: significant underperformance of an asset relative to historical or projected operating results, significant changes in the manner in which an asset is used or in the Company's overall business strategy, the carrying amount of the net assets of the Company being more than its market capitalization or significant negative industry or economic trends.

SEC original ↗Aduro Clean Technologies — Earnings release (6-K exhibit)EX-99Oct 16, 2026

Capital management Management is focused on several objectives while managing the capital structure of the Company, specifically: Ensuring the Company has the financing capacity to execute its business plan and meet its strategic objectives while capitalizing on opportunities that add value for the Company's shareholders; Maintaining a strong capital base; and Safeguarding the Company's ability to continue as a going concern, such that it provides returns for shareholders and benefits for other stakeholders.

SEC original ↗Aduro Clean Technologies — Earnings release (6-K exhibit)EX-99Oct 16, 2026

OPERATING SEGMENTS Reportable Segments The business is in early-stage focusing on developing environmentally responsible technology for converting end-of-life plastics and tire rubber to specialty chemicals and fuels that replace petroleum, upgrading of heavy crude oils and the transformation of renewable oils into renewable fuels and specialty chemicals.

SEC original ↗Aduro Clean Technologies — Earnings release (6-K exhibit)EX-99Oct 16, 2026

This pricing model requires management to make various assumptions and estimates which are susceptible to uncertainty, including the volatility of the share price, expected dividend yield, expected term of the warrant or stock option and expected risk-free interest rate.

SEC original ↗Aduro Clean Technologies — Earnings release (6-K exhibit)EX-99Oct 16, 2026

By their very nature forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements.

SEC original ↗Aduro Clean Technologies — Earnings release (6-K exhibit)EX-99Oct 16, 2026

Geopolitical uncertainties and disruptions in supply-chains have cast uncertainty on each of the underlying assumptions.

SEC original ↗Aduro Clean Technologies — Earnings release (6-K exhibit)EX-99Oct 16, 2026

Forward-looking statements used in this MD&A are subject to various risks, uncertainties, and other factors, most of which are difficult to predict and are generally beyond the control of the Company.

SEC original ↗Aduro Clean Technologies — Earnings release (6-K exhibit)EX-99Oct 16, 2026

These risks, uncertainties and other factors may include, but are not limited to, those set forth under "Risks and Uncertainties" below.

SEC original ↗Aduro Clean Technologies — Earnings release (6-K exhibit)EX-99Oct 16, 2026

Due to risks, uncertainties and other factors, including the risks, uncertainties and other factors identified above and elsewhere in this MD&A, actual events may differ materially from current expectations and projections.

SEC original ↗Aduro Clean Technologies — Earnings release (6-K exhibit)EX-99Oct 16, 2026