Recent developments highlight governance changes, financing progress, and project updates for Greenbriar's key initiatives.

• Greenbriar appointed Brian Conlan as a member of the Board of Directors and Chairman of its Aviation Housing Committee in December 2025 [N1].
• The company announced commencement of the loan closing process for the USD $40 million Sage Ranch construction facility in December 2025 [N2].
• Greenbriar reported results from its Annual General Meeting and appointed a new director in July 2025 [N3].
• Progress on water rights for Sage Ranch and discussion of the Tehachapi water market were highlighted in June 2025 [N4].
• The company announced governing board approval and submission by PREPA of a settlement pricing agreement to the Puerto Rico Energy Bureau in April 2025 [N5].
• Greenbriar completed a major water acquisition for Sage Ranch in March 2025 [N6].
• The company executed a binding agreement to acquire the 1,361-acre Cordero Ranch project in Cedar City, Utah, in February 2025 [N7].
• An update was provided regarding debt settlement with Captiva Verde Wellness Corp. in December 2024 [N8].

Greenbriar's progress in obtaining regulatory approvals and financing for Sage Ranch supports its potential to develop a large-scale sustainable residential community in a growing California region. The Montalva Solar Project's settlement agreement and ongoing RFP participation could enable the company to capitalize on renewable energy demand and tax incentives. Strategic appointments to the board and partnerships enhance governance and operational capabilities, supporting project execution and value creation.

Greenbriar faces risks from its lack of revenue history and dependence on external financing to fund project development. Delays and litigation related to the Montalva Solar Project create uncertainty around project completion and returns. The low liquidity ratios and negative cash position as of the latest fiscal year end highlight financial constraints. Regulatory approvals, environmental impact assessments, and market conditions could further delay or impair project progress and financial performance.

Greenbriar's moat lies in its advanced-stage sustainable real estate development project with significant municipal approvals and a large landholding in a growing region near Bakersfield and Los Angeles. The company's renewable energy project benefits from a long-term power purchase agreement and settlement with the local utility, positioning it in a niche market for renewable energy in Puerto Rico. The combination of sustainable development focus, regulatory approvals, and strategic partnerships provides barriers to entry for competitors in these specialized markets.

• Financing Risk: The company depends on raising additional capital through debt or equity to fund development; failure to secure financing could impair operations and project completion.
• Project Development Risk: Delays, litigation, or failure to obtain necessary permits and approvals for Sage Ranch and Montalva Solar Project could adversely affect timelines and costs.
• Regulatory and Legal Risk: Ongoing disputes and settlement approvals with Puerto Rico Electric Power Authority and regulatory bodies introduce uncertainty and potential changes to project terms.
• Liquidity Risk: Negative cash and low current ratio as of December 31, 2024, indicate limited liquidity, which may constrain operational flexibility.

• Greenbriar Sustainable Living Inc. is a Canadian company incorporated in British Columbia, with principal offices in Coquitlam, BC, Canada [S1].
• The company changed its name from Greenbriar Capital Corp. to Greenbriar Sustainable Living Inc. effective November 15, 2023 [S1].
• Greenbriar's principal business activities include acquisition, permitting, zoning, management, development, construction, and sale of commercial, industrial, and sustainable residential real estate, as well as development, financing, construction, and operation of renewable energy facilities in North America [S1].
• The company is listed as a Tier 2 issuer on the TSX Venture Exchange under the symbol 'GRB' [S1].
• Greenbriar's most advanced real estate development project is Sage Ranch, a 995-home entry-level sustainable residential community on 138 acres in Tehachapi, California, USA [S1].
• Sage Ranch has received multiple approvals including City Council approval of the Final Master Development Plan and entitlements for 995 homes as of September 12, 2021, and Planning Commission approval of Phase 1 Precise Development Plan on November 13, 2023 [S1].
• The Sage Ranch project is planned to be developed in seven phases over 4 to 7 years, with 144-250 homes per year [S1].
• The company has a joint venture agreement with Captiva Verde Wellness Corp. for a 50% net profits interest in the Sage Ranch property, with Captiva funding development expenditures; the company is repaying Captiva under a settlement agreement [S1].
• Greenbriar has executed a US$40 million senior secured construction loan mandate with Voya Investment Management for Sage Ranch development, with indicative terms provided but no guarantee of financing completion [S1].
• The company is also developing the Montalva Solar Project, a proposed solar and battery photovoltaic renewable energy facility in Guanica and Lajas, Puerto Rico, with a 25-year 80 MW Power Purchase and Operating Agreement (PPOA) with PREPA [S1].
• The Montalva project has experienced delays and litigation with PREPA but reached a settlement agreement executed on October 3, 2023, approved by PREB on April 26, 2025, pending final PPOA approval by PREPA, PREB, and FOMB [S1].
• Greenbriar submitted a proposal for an accelerated RFP process for renewable energy projects in October 2025 to expand Montalva's capacity and improve commercial terms; PREB has approved some projects and reserved the right to approve others including Montalva [S1].
• The company has no history of generating revenue and depends on raising funds through debt or equity issuances; it does not anticipate generating sufficient revenue until Phase 1 of Sage Ranch is complete [S1].
• Financial snapshot as of December 31, 2024: cash and equivalents negative CAD 54,227; current assets CAD 1,793,683; current liabilities CAD 12,637,275; current ratio 0.14; net loss CAD 5,135,576; basic and diluted EPS negative CAD 0.15 [S1].
• The company recorded a net loss of CAD 1,525,965 for the year ended December 31, 2025, a reduction from prior years, with loss per share of CAD 0.04 [S1].
• General and administrative expenses decreased in 2025 compared to prior years, reflecting cost-cutting measures [S1].
• Other income in 2025 included foreign exchange gains, unrealized gains on marketable securities, and fair value gains on derivative liabilities, partially offset by increased interest expense [S1].
• Recent business developments include appointment of Brian Conlan to the Board and as Chairman of Aviation Housing Committee (Dec 2025) [N1], commencement of loan closing process for USD 40 million Sage Ranch construction facility (Dec 2025) [N2], and various project updates on water rights, acquisitions, and governance [N3-N8].