Mr. Broderick Gunning reports

NU E POWER CORP. ANNOUNCES LEADERSHIP TRANSITION, BOARD CHANGES AND CLOSING OF THE ACQUISITION OF 500 MW OF POWER ASSETS FROM ACT MID MARKET LTD. SURPASSES 1 GW MILESTONE WITH GLOBAL HYBRID PORTFOLIO

NU E Power Corp. has successfully closed its previously announced acquisition of approximately 500 megawatts of high-value hybrid power development assets from ACT Mid Market Ltd. With this closing, NU E has officially surpassed its near-term target of one gigawatt of secured global power capacity, instantly transforming the company into one of the fastest-scaling, load-agnostic power platforms serving the explosive demand from AI (artificial intelligence) hyperscalers, bitcoin mining and traditional grid customers.

The acquired ACT portfolio includes strategic hybrid sites across North America, Asia, South America and Africa. A flagship asset is the Dakhan hybrid energy and data complex in Darkhan City, northern Mongolia, a 200-acre site directly traversed by the Power of Siberia 2 pipeline route, featuring:

• Utility-scale solar;
• Natural gas;
• Grid interconnection;
• Battery energy storage;
• On-site data centre.

This site, together with NU E's existing Alberta solar pipeline and ACT's other permitted hybrid projects, delivers a diversified, multicontinental footprint that is uniquely positioned to supply reliable power regardless of the end-use load.

Leadership transition and board appointments

NU E is pleased to announce the following management and board changes with immediate effect.

Broderick Gunning has been appointed president, chief executive officer and director. Mr. Gunning, formerly managing partner of ACT Mid Market, brings two decades of experience scaling energy and digital infrastructure projects across Asia and the Americas.

Frederick Stearman has been appointed chief technology officer, contributing deep expertise in data centre design, immersion cooling and global hardware ecosystems.

Bold Batsukh has been appointed director -- Asia, providing extensive regional relationships and experience in large-scale energy and industrial projects in Mongolia and Southeast Asia.

Devon Sandford remains on the board, and is actively involved in spearheading U.S. operations and construction initiatives, and will continue supporting the company's existing renewable projects and energy contracts.

Samuel Kyler Hardy has resigned from the board. The company thanks Mr. Hardy for his contributions.

Mr. Gunning commented:

"Today marks a defining moment for NU E. We have not only achieved but exceeded our one-gigawatt milestone ahead of schedule -- we now control over one gigawatt of hybrid, permitted capacity in the world's most strategic energy corridors. Whether the customer is a bitcoin miner, an AI hyperscaler, a national utility or a local community, NU E delivers the power. This is just the beginning as we accelerate toward our next target of two gigawatts by 2027."

Completion of the 500-megawatt asset acquisition from ACT Mid Market

Further to the company's news release dated Nov. 3, 2025, NU E has closed the asset purchase agreement to acquire a portfolio of hybrid power development assets from ACT.

The Canadian Securities Exchange has approved the asset purchase agreement and the acquisition.

Key terms include:

• 11 million common shares issued to ACT at a deemed price of 15 cents per share, subject to a voluntary escrow release over 36 months;
• 10 million common share purchase warrants, exercisable at 25 cents, vesting in three equal tranches (March 21, 2026, Nov. 21, 2026, and Nov. 21, 2027);
• A $300,000 cash payment payable upon completion of a financing of at least $1.5-million on or before Feb. 28, 2026, or payable in shares if a financing does not occur issued at a price equal to the 20-day volume-weighted average price of the NU E shares;
• ACT retains the right to nominate one director and has selected Mr. Gunning for appointment at the next shareholders meeting;
• Voting restrictions apply to shares held in escrow and ACT may not exercise warrants if doing so would exceed 19.9-per-cent ownership of NU E.

Early warning requirements

Mr. Gunning acquired, indirectly through ACT, NU E shares in connection with the acquisition requiring disclosure pursuant to the early warning requirements of National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

Immediately prior to the acquisition, Mr. Gunning owned and exercised control over an aggregate of zero NU E shares, representing an interest of approximately 0 per cent of the issued and outstanding voting securities of the company on a diluted and non-diluted basis.

As a result of the acquisition, Mr. Gunning will own and exercise control over an aggregate of 11 million NU E shares and 10 million warrants, representing approximately 14.00 per cent of the issued and outstanding voting securities of the company on a non-diluted basis, and 23.72 per cent of the issued and outstanding securities of the company, assuming exercise of the warrants.

About NU E Power Corp.

NU E is a vertically integrated, load-agnostic power developer, owner and operator with over one gigawatt of secured hybrid capacity spanning four continents. The company delivers reliable, scalable and cost-optimized energy for the digital and traditional economies -- powering AI data centres, bitcoin mining, community microgrids and national transmission systems. NU E does not choose the load. It builds the power that runs everything.

We seek Safe Harbor.