Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 119

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 119
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 based on the achievement of specific development and commercial milestones. The Company and Evolve jointly control Tent Mountain, with the result that the Company accounts for its interest in the joint venture as an investment using the equity method.

| F39 |     | TransAlta Corporation |     | 2024 Integrated Report |

Notes to the Consolidated Financial Statements Summarized financial information on the results of operations relating to the Company’s pro-ratainterests in Skookumchuck, EMG and Tent Mountain, is as follows:

| Year ended Dec.                     
 31                                  |     | 2024 |   |     | 2023 |   |     | 2022 |   |
|:------------------------------------|:----|-----:|:--|:----|-----:|:--|:----|-----:|:--|
| Results of operations               |     |      |   |     |      |   |     |      |   |
| Revenues and other operating income |     |   28 |   |     |   22 |   |     |   24 |   |
| Expenses                            |     |  (23 | ) |     |  (18 | ) |     |  (15 | ) |
| Proportionate share                 
 of net earnings                     |     |    5 |   |     |    4 |   |     |    9 |   |

Other Investments Energy Impact Partners On May 6, 2022, the Company entered into a commitment to invest US$25 million over the next four years in Energy Impact Partners (EIP) Deep Decarbonization Frontier Fund 1 (the Frontier Fund). The investment in the Frontier Fund provides the Company with a portfolio approach to investing in emerging technologies and the opportunity to identify, pilot, commercialize and bring to market emerging technologies that will facilitate the transition to net-zeroemissions. The investment is accounted for at FVTPL. Ekona Power Inc. On Feb. 1, 2022, the Company made an equity investment of $2 million in Ekona’s Class B Preferred Shares. The investment supports the commercialization of Ekona’s novel methane pyrolysis technology platform, which is being developed to produce cleaner and lower-cost turquoise hydrogen. The Company has irrevocably elected to measure its investment in Ekona at FVTOCI. 10. Interest Expense The components of interest expense are as follows:

|                                                 |     | 2024 |     |   |