Mr. Geoff Clark reports

ACCELEWARE AWARDED $2 MILLION IN NON-DILUTIVE FUNDING

Acceleware Ltd. has been awarded up to $2-million in non-dilutive grant funding from the Clean Resource Innovation Network under its accelerating cleantech innovation competition. The grant will support deployment of RF XL 2.0 in a heavy oil reservoir in the Saskatchewan Mannville stack with funding applied to eligible project costs from Jan. 1, 2026, to Sept. 30, 2027. The program is funded by Canada's Strategic Innovation Fund. Funding is conditional on execution of an ultimate recipient agreement with CRIN and securing the remaining project funding.

The objective of the project is to demonstrate that RF XL 2.0 can help unlock bypassed heavy oil resources in Canada, by effectively and economically heating a heavy oil reservoir and materially increasing production relative to primary conventional production. As an all-electric heating technology, RF XL 2.0 has the potential to produce heavy oil that is too viscous to produce conventionally, and it can also be a low emission alternative to other methods. The project builds on learnings from Acceleware's previous RF XL deployment at Marwayne, Alta., guiding both the technical approach and execution strategy.

"We greatly appreciate CRIN's continued support for the technology as we deploy RF XL 2.0. Proving commerciality of RF XL 2.0 is the goal of Acceleware's next project, and this funding is critical to getting us there," said Geoff Clark, Acceleware chief executive officer. "RF XL 2.0 opens a category of heavy oil resource that the industry had effectively written off. Stranded and bypassed reservoirs that were never considered economically viable are now back on the table, and that could have major implications for Canada's long-term energy future."

"CRIN is proud to continue supporting Acceleware's RF XL 2.0 project," said Bryan Helfenbaum, CRIN's chief operating officer. "This next phase exemplifies how innovative clean technologies can drive environmental and economic benefits. We are excited to see the advancements this project could bring to convert Canada's hydrocarbon resources into viable low-emissions reserves."

RF XL 2.0 is the first of several electrification of industrial heating applications that Acceleware is commercializing with CTI, including mineral processing and carbon capture.

About Acceleware Ltd.

Acceleware is an advanced electromagnetic heating technology company offering proprietary radio frequency power-to-heat solutions that increase production, reduce energy consumption and lower operating costs in large-scale industrial heating.

Its core innovation, the Clean Tech Inverter, is field proved through an initial commercial-scale pilot of RF XL, Acceleware's thermal enhanced oil recovery technology designed to increase heavy oil production.

Acceleware is leveraging CTI expertise across sectors, with three mining projects under way for major operators and an amine regeneration project intended to dramatically reduce energy and costs also in progress.

Acceleware is publicly listed on the TSX Venture Exchange under the symbol AXE.

We seek Safe Harbor.