Early Warning Report Filed in Respect of NXT Energy Solutions Inc.

Calgary, Alberta--(Newsfile Corp. - August 22, 2023) - This release is being made by Ms. Chee Pheng Cheng to report holdings in NXT Energy Solutions Inc. (the "Issuer").

On August 4, 2023, Ms. Cheng acquired beneficial ownership of 11,072,001 common shares of the Issuer ("Common Shares") 11,072,001 Common Shares were transferred to Chee Pheng Cheng pursuant to the settlement of the Estate of George Liszicasz, a former shareholder of NXT, which estate Ms. Cheng is a beneficiary of (the "Estate Transfer"). As a result and as of the date hereof, Ms. Cheng owns or controls 11,072,001 Common Shares representing approximately 14.24% of the issued and outstanding 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. As of the date hereof, Ms. Cheng intends to dispose of 50,000 Common Shares, either on the open market or through privately negotiated agreement(s). The Common Shares of the Issuer owned or controlled by the Estate of George Liszicasz remain subject to distribution in accordance with the terms of the estate and any associated legal proceedings.

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 with its head office at Suite 302, 3320 - 17th Avenue SW, Calgary, Alberta, Canada, T3E 0B4.

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 at www.sedarplus.ca. For further information or to obtain a copy of the Early Warning Report, please contact:

Chee Pheng Cheng
403-689-6220

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/178190

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