Mr. Broderick Gunning reports

NUE POWER CORP. CEO PROVIDES CORPORATE UPDATE OUTLINING PRIORITIES UNDER NEW LEADERSHIP TEAM

NU E Power Corp. has provided a corporate update from its chief executive officer, Broderick Gunning, on the company's priorities following a period of leadership transition, its focus in Canada, including its Alberta development portfolio, and recent corporate matters.

Message from the CEO

"Over the past year, we've rebuilt NU E's leadership, board and finance function to further position the company to capitalize on a market with significant growth and opportunity," said Mr. Gunning. "A priority this year has been building NU E into an institutional company and that meant bringing in key people. In August, John Windsor joined as chief operating officer. John brings more than 20 years of senior operating experience at Canadian power companies, including Algonquin Power & Utilities, Northland Power, and Emera, and has managed a portfolio of 3,200 megawatts across eleven power markets. In early September, Peter Espig joined our board. Peter has served as president, chief executive officer and a director of Nicola Mining Inc. since 2013, previously held vice-president roles at Goldman Sachs Japan and Olympus Capital, and has structured more than $2.0-billion (Canadian) in private equity and pre-IPO transactions. We restated our portfolio on a net basis, brought our filings current and are settling obligations from the company's earlier period. These are necessary foundations to clear the way for our path forward and this release completes that work.

"It has been nearly one year since I joined NU E, together with several of our current directors, at the end of November, 2025. Over that period we have grown the business, resolved a number of legacy matters, reduced the share count and completed two financings. This release addresses remaining housekeeping items from the past 11 months, including the shares-for-debt settlement described below, and provides an update on our current portfolio of assets as we advance them toward definitive agreements and offtake.

"With this new leadership function in place, we are united in our focus on execution. Across Canada, and particularly in Alberta and across the Prairies, large new users of energy are increasingly expected to bring their own power. That puts the value in the work that comes before construction: securing the site, establishing a path to power and lining up customers. That is NU E's business. We are an energy infrastructure developer, and our customers can include both established and emerging users of power, such as utilities, industry and data centres.

"Federal policy since 2025 has placed a clear emphasis on building major energy and infrastructure projects in Canada. That shift has allowed NU E to consider new markets and opportunities beyond Alberta, where the majority of our portfolio is located. Over the past several months, we have committed more time and resources to Saskatchewan and advanced a number of projects there. More recently, we have been investigating opportunities in Manitoba, a market we first assessed for power and data centre opportunities in early 2025.

"Bring your own power is gaining traction in power markets around the world and it has been a central topic in our discussions across the Prairie provinces. Alongside it, we are seeing significant growth in new forms of generation, including hybrid power that combines solar, battery storage and natural gas. Nuclear has also become a prominent part of the conversation in a number of markets, including Saskatchewan.

"Data centres tend to develop in clusters, where power, land and connectivity come together. To be clear on our role: NU E is a power generation developer, not a data centre developer. Our work, in Saskatchewan and elsewhere, is to develop the power that large loads require.

"Through all of this, our focus remains on aligning power offtakers with our projects in Alberta and across Canada. Offtake is the milestone our shareholders are watching most closely and it is where much of our team's time is spent. Together with Green Harbor Partners Corp., we are working to secure the right offtake partners for both the power and the renewable energy credits generated by our Alberta solar and storage projects. We are in discussions with prospective offtakers and are moving as quickly as we can, while making sure the terms we accept are in the best interest of the company and its shareholders. We are not prepared to contract our power at prices that undervalue these assets.

"We are directing our capital to our most advanced Canadian projects. In Alberta, that includes our solar and storage projects near Lethbridge and Hanna, which total 503.5 MWac (gross)/251.75 MWac (net), and the proposed acquisition of the 145 MWac Hays project. Progress here in Canada is a key part of our strategic execution plan and each project has to earn its next dollar of capital, so we will measure our progress by definitive agreements and work on the ground. This is our No. 1 priority, and we are confident in the calibre and experience of our newly formed leadership team. We believe the companies that control buildable, powered sites will set the pace in this market and that is where NU E intends to be."

Alberta development portfolio

The company's Alberta portfolio comprises one operating solar asset and three solar and storage projects in development, totalling 512.25 megawatt alternating current (MWac) (gross)/253.94 MWac (net). Capacity is stated on a gross basis and on a net working interest basis:

• Lethbridge One: 8.75 MWac (gross)/2.19 MWac (net), a 25-per-cent working interest in a solar facility near Lethbridge, in commercial operation since December, 2024;
• Lethbridge Two: 12.5 MWac (gross)/6.25 MWac (net), a 50-per-cent working interest in a solar project near Lethbridge, at the interconnection stage;
• Lethbridge Three: 155 MWac (gross)/77.5 MWac (net), a 50-per-cent working interest in a solar project near Lethbridge, which has received approval from the Alberta Utilities Commission;
• Hanna (Prairie Solar): 336 MWac (gross)/168 MWac (net), a 50-per-cent working interest in a solar project near Hanna, in predevelopment.

Lethbridge Two, Lethbridge Three and Hanna, together 503.5 MWac (gross)/251.75 MWac (net), are the subject of a non-binding letter of intent with Green Harbor Partners Corp. for their proposed acquisition and development.

On Aug. 24, 2026, the company announced a non-binding letter of intent with Proteus Power Developments LLC to acquire a 100-per-cent interest in the Hays project near Taber and Hays, Alta., comprising approximately 145 MWac of solar and proposed battery storage.

International development portfolio

Darkhan Energy Park (Mongolia): On April 15, 2026, the company announced a joint development agreement with Tsegtskharaa LLC for the proposed Darkhan Energy Park in Mongolia, comprising 600 megawatts (MW) of high-efficiency, low-emissions (HELE) coal-fired generation and 100 MW of battery storage. The company currently holds 100 per cent of the equity in the project. Tsegtskharaa LLC has the right to earn in upon satisfaction of certain permitting conditions, following which the company's interest in the project company would be 60 per cent, representing 420 MW (net) of the 700 MW (gross). Environmental and feasibility work on the project is under way. The project is not included in the Alberta portfolio figures above.

The company received observer accreditation for the 17th session of the Conference of the Parties to the United Nations Convention to Combat Desertification (UNCCD COP17), held in Ulaanbaatar, Mongolia, from Aug. 17, 2026, to Aug. 28, 2026. Mr. Gunning attended COP17 on behalf of the company and spoke on a panel on energy.

Other corporate matters

Share-for-debt settlement

The company has entered into a settlement and release agreement, executed on Sept. 23, 2026, with Redhill Capital Corp., Blu Dot Systems Inc. and Devon Sandford, the company's former chief executive officer and a former director. Redhill and Blu Dot are companies controlled by Mr. Sandford.

Under the settlement agreement, the company will settle $210,000 of chief executive officer fees accrued from March, 2025, through September, 2025, under an executive consulting agreement with Redhill and Mr. Sandford by issuing 1.4 million common shares of the company to Redhill at a deemed price of 15 cents per share. The company will also make a final cash payment of $70,000 to Blu Dot, bringing the aggregate cash paid under the side letter dated March 6, 2026, relating to the rescission of the company's acquisition of Blu Dot to $320,000, in full and final settlement of all amounts owing under that side letter. Redhill, Blu Dot and Mr. Sandford have provided releases in favour of the company.

The settlement agreement was approved by the board of directors on Sept. 28, 2026. The settlement shares are expected to be issued within 20 business days of execution of the settlement agreement, subject to the requirements of the Canadian Securities Exchange, and will be subject to a hold period of four months and one day from the date of issuance. Following issuance, Redhill will hold 2,427,456 common shares of the company.

Investor awareness engagement

The company has engaged Market One Media Group, of Suite 320, 440 West Hastings St., Vancouver, B.C., to provide digital marketing, paid media distribution, video and investor awareness services under an agreement dated Oct. 6, 2026. The Market One agreement has a term of 12 months Oct. 6, 2026, and the company will pay Market One $100,000 in cash, payable within 30 days of signing the agreement. No securities have been or will be issued to Market One as compensation. Market One is at arm's length to the company and, to the company's knowledge, does not hold any securities of the company. Market One's contact information is as follows: e-mail at info@marketone.ca; telephone at 604-428-2125.

Annual general meeting

As previously announced, the company's annual general meeting of shareholders will be held on Nov. 19, 2026, at 10 a.m. Pacific Time, at the offices of Dentons Canada LLP in Vancouver. Meeting materials will be filed on SEDAR+ and mailed to shareholders in accordance with applicable securities laws.

About NU E Power Corp.

NU E 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.

We seek Safe Harbor.