April 21, 2026
SaskWorks Venture Fund Inc. Provides Update on Steel Reef Investment
Regina, Saskatchewan – SaskWorks Venture Fund Inc. (“SaskWorks” or the “Fund“) is providing an update regarding its previously disclosed plans to facilitate an orderly disposition of SaskWorks’ minority investment (the “Steel Reef Interest”) in Steel Reef Infrastructure Corp. (“Steel Reef”). On February 17, 2026, SaskWorks announced that a following constructive engagement with applicable regulators, SaskWorks had received a short administrative accommodation to evaluate an alternative path that could achieve the objectives of an orderly disposition by SaskWorks of the Steel Reef Interest without the complexity and cost of the previously proposed restructuring (the “Proposed Steel Reef Transaction”) between SaskWorks and SRIC Holdings Inc. (“Newco”). The Proposed Steel Reef Transaction and its rationale are described in more detail in the management proxy circular of SaskWorks dated November 7, 2025 and in the amended and restated preliminary prospectus of Newco dated April





