Tidewater Renewables Ltd. ("Tidewater Renewables" or the "Corporation") (TSX: LCFS) is pleased to announce that it has filed its condensed interim consolidated financial statements and Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2022.

FIRST-QUARTER 2022 HIGHLIGHTS

• Tidewater Renewables generated strong Adjusted EBITDA(1) of $12.7 million and net income of $17.5 million during the first quarter of 2022. Net cash provided by operating activities totaled $19.3 million for the first quarter of 2022, with distributable cash flow(1) of $7.9 million.
• The Corporation has reached several important milestones on its 3,000 bbl/d Renewable ‎Diesel & Renewable Hydrogen Complex ("HDRD Complex") with significant construction set to take place during the summer months of 2022. Tidewater Renewables expects production of Renewable Diesel in the first quarter of 2023.
• During the three months ended March 31, 2022, the Corporation was awarded $5.4 million of British Columbia Low Carbon Fuel Standard ("BC LCFS") credits for achieving construction milestones on its HDRD Complex. As at March 31, 2022, the Corporation has forward agreements, with investment-grade counterparties, to sell 150,000 BC LCFS credits at an average price of $434 per credit. The forward agreement proceeds of $65.1 million significantly reduces the Corporation's credit price exposure under the executed Part 3 Agreement with the Government of British Columbia. The Corporation continues to realize higher credit prices than the originally budgeted $375 per credit.
• Subsequent to March 31, 2022, the Corporation announced its investment in two strategic partnerships with Rimrock RNG Inc. and the Rimrock Cattle Company Ltd. aimed to advance the Corporation's Renewable Natural Gas ("RNG") business and secure long-term feedstock supply for both its RNG and renewable fuels businesses. The investment includes the planned construction of the Corporation's first RNG facility which is expected to be backstopped by 10 to 20 year offtake agreements with an investment grade counterparty and opportunity for additional RNG facilities in the future. The partnerships also provide a long-term feedstock supply for the RNG projects as well as access to significant volumes of beef tallow that would meet approximately half the feedstock requirements of the HDRD Complex. Tidewater Renewables continues to see material government support for various future renewable fuel initiatives.
• The Corporation is pleased with the outperformance in its base business and expects continued Adjusted EBITDA(1) growth with 2022 Adjusted EBITDA expected to be in the range of $50 - $55 million. Tidewater Renewables remains confident in its ability to deliver annualized Adjusted EBITDA(1) of $140 – $150 million upon the commissioning of the HDRD Complex in 2023.

(1) Adjusted EBITDA, distributable cash flow, net debt and run rate EBITDA used throughout this press release are non-GAAP financial measures or ratios. See the "Non-GAAP and Other Financial Measures" in this press release and the Corporations MD&A for information on each non-GAAP financial measure or ratio.

For additional information, please see the full press release.

Selected financial and operating information are outlined below and should be read with the Corporation's condensed interim consolidated financial statements and related MD&A for the three months ended March 31, 2022 which are available under the Corporation's profile on SEDAR at www.sedar.com and on its website at www.tidewater-renewables.com.