On March 22, 2022, Ortelius Advisors, L.P. delivered an open letter to stockholders of Trecora Resources. In the letter, Ortelius Advisors stated that it has actively tried to engage with the Company's Board to reach constructive outcomes that would strengthen the Company for the benefit of all stockholders. Ortelius Advisors added that it has included its proposal to add individuals with focused industry and capital markets experience to the Board, with a plan to improve operating and financial performance, optimize the capital structure, enhance stockholder communications, and assess a full range of strategic alternatives.

Ortelius Advisors expressed its views that there are multiple paths to building and unlocking intrinsic value over the near- and long-term, and that its director nominees are qualified to assess the options and opportunities available to the Company with a fresh perspective, and without the biases that exist on the current Board.