BQE Water (BQE) Planet MicroCap Showcase: TORONTO 2025 summary

Business model and intellectual property

• Focuses on recurring revenue from clean water production in mining, leveraging strong intellectual property in water treatment technologies.

• Built 32 treatment plants, commercialized four core technologies, and treats over 20 million cubic meters of wastewater annually.

• Recovers valuable metals and recycles sodium cyanide, with a leading position in cyanide recycling and unique non-biological selenium treatment.

• Operations and technical services are key revenue streams, with innovation driven by real-world plant operations.

Market positioning and sector trends

• Mining water treatment is distinct from municipal water, with increasing regulatory and social pressures for clean effluent.

• Projects have long development and operational lifecycles, often spanning decades, providing stable, long-term revenue opportunities.

• Shift in closed mine management from government to mining companies, increasing future opportunities for service providers.

• Global presence with offices in North America, Chile, and China, and recognized for innovation and sustainability.

Financial performance and growth

• Revenue split is roughly one-third technical services (non-recurring) and two-thirds recurring from operations, with recurring revenue growing significantly.

• From 2021-2025, recurring revenue increased 6x, technical services doubled, market cap quadrupled, and working capital grew 7x.

• High margins and decreasing G&A as a percentage of revenue, with strong compounded annual growth rates in key metrics.

• Healthy project pipeline expected to accelerate with favorable commodity cycles and sector consolidation.