Mr. Broderick Gunning reports

A LETTER FROM THE CEO: THE PAST ELEVEN MONTHS, OUR PATH FORWARD AND THE ROAD TO MONETIZATION

Dear fellow shareholders,

As we near the midway point of fourth quarter, I want to look back on our business over the past 11 months, set out our path forward, and explain how we are working toward monetization, including how our projects compare with recent market transactions and how our business is designed to generate revenue.

Recent Alberta transactions as a reference point

Shareholders often ask how our Alberta projects compare with similar projects that have been sold. To help answer that question, we have applied the prices from two recent, publicly disclosed Alberta solar transactions, at stages of development similar to ours, to our 50-per-cent interest in Lethbridge Two, Lethbridge Three and Hanna, the three projects that make up our Alberta Energy Park. For context, we have invested approximately $3.6-million in these projects to date.

Applied to our interest, the upfront prices total approximately $4.4-million. Including milestone payments, which may never be paid, the implied sale value is approximately $20.4-million, or about 2.4 times our market capitalization on Nov. 6, 2026.

These are comparisons only, not an estimate of what our projects are worth or what we would receive if we sold them. The projects and transactions also differ in stage, regulatory status, size and terms.

Two points matter in reading these figures. First, they compare amounts derived from other companies' transactions with the market value of NU E as a whole. Second, they reflect our projects at their current stage of development and make no assumption about whether or when they will advance.

Only a definitive agreement will set what a buyer will pay for our projects, and there is no assurance we will reach one on comparable terms. The notes at the end of this letter explain how we arrived at these figures.

How NU E makes money

We develop megawatt-hours the way a real estate developer develops square footage. A real estate developer takes land through zoning, permits and servicing, and then exits by selling the entitled asset or building it out. We take sites with existing or emerging demand through permitting, grid position and offtake, and then exit by selling, partnering or keeping a carried interest.

Our approach comes down to five steps: originate early, control the site, hold the grid position, gate the capital and divest at value while retaining a royalty where we can.

A ready-to-build project, with its site, permits, interconnection and offtake in place, can create value in three ways:

• Sell at ready to build: selling all or most of the project once it is permitted and contracted. This is typically the highest-margin point, and the proceeds go back into the next origination.
• Sell down at financial close: selling a majority of the equity to a construction partner, recovering our development spend and earning construction management fees.
• Retain a royalty: keeping a minority stake or a management role at commercial operation, with asset management and oversight fees.

The three are not exclusive, and a single energy park can be structured across more than one of them. Whatever the technology, offtake is the gating item on every asset, and each project has to clear one gate before the next round of capital goes in.

Key progress so far in 2026:

• Lethbridge One: our 8.75-megawatt-with-alternating-current solar facility, in which we hold a 25-per-cent working interest, has been generating since January, 2025;
• Alberta Energy Park: 503.5 MWac across three Alberta projects, Lethbridge Two, Lethbridge Three and Hanna, advanced to a non-binding letter of intent for sale with Green Harbor Partners Corp. in January;
• Darkhan: in April, we signed a joint development agreement with Tsegtskharaa LLC for the proposed Darkhan Energy Park in Mongolia; the project has been in environmental and feasibility studies since earlier this year, and that work continues;
• Hays: in August, we signed a non-binding letter of intent to acquire the approximately 145 MWac Hays project in Southern Alberta;
• Board and leadership: in October, we appointed Tony Clement to our board and announced that Ranjith (Ran) Narayanasamy, former chief executive officer of Max Power Mining Corp., is expected to join the board following our Nov. 19 annual general meeting; that is alongside other key leadership updates, including adding John Windsor as chief operating officer, as well as Peter Espig to our board, earlier this year;
• Saskatchewan: in October, we were accepted as a tenant at Collider, Innovation Saskatchewan's tech-sector workspace in Regina's Research and Technology Park; the office serves as our Saskatchewan base for the buildout of energy-related projects in the region and our planned research and development work in natural gas, nuclear (micro and small modular reactors), hybrid renewable and gas programs. Mr. Narayanasamy is a former president and chief executive officer of the Petroleum Technology Research Centre and a former senior leader at SaskPower; together with our Regina office, his expected addition to the board strengthens our position in the Saskatchewan market; we expect to provide further updates as material developments occur.

Market conditions and our active discussions

On Nov. 3, U.S. voters elected Democratic majorities in both the House of Representatives and the Senate. We view this outcome as supportive of renewable energy development. Separate from the Green Harbor process, we are in a number of active discussions with potential partners on offtake and on acquisitions.

We are also seeing the data centre market cool and change, with closer scrutiny of AI spending. Over the past year, we have been clear with investors that NU E is a power company first. That positioning was deliberate: We believe it puts us in a stronger position against the potential headwinds from an AI investment bubble because our projects are designed to serve data centre operators and broader power users alike. We continue to see interest in offtake from both though no offtake agreements have been signed yet.

We are also working through development discussions in Saskatchewan, Manitoba and Washington State. We will update shareholders as and when any of these discussions reach a stage that warrants disclosure.

Our near-term priorities:

• Alberta sale: working to convert the Green Harbor letter of intent into a definitive agreement. Our team will be in South Korea on Nov. 24 to advance those discussions. We also continue to advance the proposed acquisition of the Hays project.
• Alberta projects: working to secure long-term offtake with data centre operators and large industrial users and to advance the projects toward ready to build.
• Saskatchewan: building industry relationships from our Regina base and evaluating natural gas development opportunities in the province, alongside renewables and emerging energy technologies.
• Manitoba: evaluating a natural gas development opportunity in southeastern Manitoba as a further development asset.

Thank you for your support. I look forward to updating you on our progress.

Sincerely,

Broderick Gunning,

Chief executive officer

We seek Safe Harbor.