Mr. Broderick Gunning reports

NU E POWER CORP. APPOINTS PETER ESPIG TO BOARD OF DIRECTORS

NU E Power Corp. has appointed Peter Espig to its board of directors, effective Sept. 1, 2026, subject to acceptance by the Canadian Securities Exchange.

Mr. Espig has served as president, chief executive officer and a director of Nicola Mining Inc. since November, 2013. He was previously a vice-president at Goldman Sachs Japan and at Olympus Capital in New York.

The appointment is the second addition to NU E's leadership in recent weeks, following the appointment of John Windsor as chief operating officer. Mr. Espig brings public company leadership and structured and cross-border transaction experience as the company advances its projects toward financing and monetization.

Background

Mr. Espig joined Nicola Mining in November, 2013, and led the company through a restructuring under the Companies' Creditors Arrangement Act, which it exited in November, 2014. Nicola trades on the TSX Venture Exchange and completed a Nasdaq listing in April, 2026.

Before Nicola, Mr. Espig was a vice-president at Goldman Sachs Japan in the principal finance and securitization group and in the Asia Special Situations Group, and vice-president at Olympus Capital, a New York-based private equity firm, where he worked on corporate restructurings and international financings. He has structured more than $2.0-billion in private equity and preinitial public offering transactions, and has completed more than $1.0-billion in special purpose acquisition company transactions.

"Peter has taken a public company through a restructuring and out the other side," said Broderick Gunning, president and chief executive officer of NU E. "As our projects continue to move toward financing and monetization, the questions in front of this company are capital markets questions: how a transaction is structured, how it is funded and what an institutional counterparty needs to see before it commits. Peter has a proven track record of successful execution on the other side of the table."

Mr. Espig holds a bachelor of arts from the University of British Columbia and a master of business administration from Columbia Business School, where he was a Chazen International Scholar.

"What particularly interests me about NUE is the opportunity to participate at an early stage of asset development within a clearly articulated strategic framework," said Mr. Espig. "In power development, substantial value can be created well in advance of construction, with successful execution requiring disciplined capital allocation and a rigorous assessment of which assets to retain, which to monetize and at what point in their development cycle. Much of my career has been focused on complex structured and cross-border transactions, and I look forward to applying that experience to NUE's international strategy, capital formation, and long-term value creation."

About NUE Power Corp.

NUE Power is an energy infrastructure development company focused on the origination, development, and advancement of integrated power and energy-park opportunities. Operating a develop-to-divest model, the company emphasizes strategic site positioning, grid access and disciplined stage-gated development across markets serving compute-intensive and large-load industrial demand.

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