An anonymous director reports

BALLARD FILES BASE SHELF PROSPECTUS TO REPLACE EXISTING SHELF PROSPECTUS

Ballard Power Systems Inc. has filed a final short form base shelf prospectus dated June 11, 2025, in each of the provinces and territories of Canada, together with a corresponding shelf registration statement on Form F-10 with the United States Securities and Exchange Commission (SEC). The prospectus qualifies the issuance of common shares, preferred shares, warrants to purchase common shares, debt securities and units comprising one or more of any of the foregoing securities from time to time over a 25-month period.

Ballard has filed the prospectus and registration statement to maintain financial flexibility but has no present intentions to undertake an offering of securities. There is no certainty any securities will be offered or sold under the prospectus and/or registration statement within the 25-month effective period.

Should Ballard decide to offer securities during the 25-month effective period, terms of future offerings, the intended use of the net proceeds resulting from such offerings and the terms of the securities to be offered, if any, will be established at the time(s) of any such offerings and will be described in a prospectus supplement filed with applicable Canadian securities regulators and/or the SEC, respectively.

The prospectus replaces Ballard's previous short form base shelf prospectus dated May 9, 2023, which expired on June 9, 2025.

Copies of the registration statement and the prospectus contained therein are available at the SEC's website and on SEDAR+, respectively.

About Ballard Power Systems Inc.

Ballard Power Systems' vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission polymer electrolyte membrane fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels and stationary power.

We seek Safe Harbor.