Black Diamond Group Limited Announces Closing of Royal Camp Services Acquisition

Press Release

CALGARY, Alberta, Nov. 12, 2025 Black Diamond Group Limited (“Black Diamond”, or the “Company”) (TSX: BDI), a leading provider of space rentals and workforce accommodation solutions, is pleased to announce the successful closing of the previously announced strategic acquisition (the “Acquisition”) of Royal Camp Services Ltd. (“Royal”).

Pursuant to the terms and conditions of the Acquisition, Black Diamond acquired all the issued and outstanding shares of Royal from the shareholders of Royal for an aggregate purchase price of approximately $165.8 million, as adjusted, comprised of approximately $150 million in cash and 1,377,911 common shares in the capital of Black Diamond (the “Consideration Shares”), at a deemed price of $12.08 per Consideration Share. The Consideration Shares issued pursuant to the Acquisition are expected to be listed on the Toronto Stock Exchange (the “TSX”) on or about November 14, 2025, upon receipt of TSX final approval.

“We are pleased to announce that our acquisition of Royal has been successfully completed. We will now work to effectively combine these two best-in-class teams to best serve our customers and continue to bring value to all stakeholders – partners, employees, and shareowners” said Trevor Haynes, Chairman & CEO of Black Diamond. “We welcome the entire Royal team. Together, we are exceptionally well-positioned to meet the current and rising demand for turnkey workforce accommodations solutions across Canada.”

This strategic transaction directly aligns with Black Diamond’s long term growth strategies and is expected to be highly accretive with valuation based on the mid-point of a three-year Adjusted EBITDA range for Royal of $31 to $41 million, excluding anticipated synergies. Following the combination of Black Diamond and Royal pursuant to the Acquisition, Black Diamond becomes a premier integrated workforce accommodations and catering business with nearly 12,000 rooms of capacity across Canada.

“Over the years, Royal has built a very successful business focused on delivering an unmatched level of service and quality to our customers – and we look forward to continuing to build on that legacy, now as part of the broader Black Diamond team,” said Jon Warren, President of Royal. “The Royal team is very excited about the market opportunities ahead for the combined workforce accommodations Canadian business.”

About Black Diamond

Black Diamond is a specialty rentals and industrial services company with two operating business units, MSS and WFS, operating in Canada, the United States, and Australia.

MSS through its principal brands, BOXX Modular, CLM, MPA Systems, and Schiavi, owns a large rental fleet of modular buildings of various types and sizes. Its network of local branches rent, sell, service, and provide ancillary products and services to a diverse customer base in the construction, industrial, education, financial, and government sectors.

WFS owns a large rental fleet of modular accommodation assets of various types. Its regional operating terminals rent, sell, service, and provide ancillary products and services including turnkey operated camps to a wide array of customers in the resource, infrastructure, construction, disaster recovery, and education sectors.

In addition, WFS includes LodgeLink, which operates a digital marketplace for business-to-business crew accommodation, travel, and logistics in North America and Australia. The LodgeLink proprietary digital platform enables customers to efficiently find, book, and manage their crew travel and accommodation needs through a rapidly growing network of hotels, remote lodges, and travel partners.

Learn more at www.blackdiamondgroup.com

About Royal Camp

Since 1991, Royal Camp has been Western Canada’s premier remote accommodation and catering solution. It offers its customers modern structures, turnkey solutions, world-class catering and unsurpassed amenities.

Summit Camps, a wholly owned subsidiary of Royal Camp, delivers integrated camp services in very remote regions, often with complex logistics, primarily in British Columbia and the Yukon Territory.

Further, Royal Camp’s partnership with Primco Dene of the Cold Lake First Nations, jointly operates numerous camps in the Cold Lake and Christina Lake areas under the name Primco Dene Royal Camp Services LP. This successful relationship has grown over 20 continuous years of commitment and cooperation by both partners.

Learn more at www.royalcamp.com

For investor inquiries, please contact Emma Covenden at 403-718-5062 or investor@blackdiamondgroup.com.

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