File: Attachment 2026 October Extension MOI.pdf

OCEANIC WIND ENERGY ANNOUNCES EXTENSION OF MOU WITH MING YANG SMART ENERGY

VANCOUVER, BRITISH COLUMBIA October 19, 2026 Oceanic Wind Energy Inc. ("Oceanic Wind" or the "Company") is pleased to announce the extension of its Memorandum of Understanding ("MOU") with Ming Yang Smart Energy Group Limited ("Ming Yang") regarding a proposed C$120 million investment in Oceanic Wind's Hecate Strait offshore wind project in British Columbia.

The extension reflects the parties' continued interest in evaluating a potential strategic partnership to advance the Hecate Strait project, which has the potential to make a significant contribution to British Columbia's future clean electricity supply.

Proposed C$120 Million Strategic Investment

Under the MOU, Ming Yang is evaluating potential participation through equity or debt financing, a strategic partnership, project-level financing, or a joint venture. The proposed C$120 million investment represents a potential opportunity to support the development of the Hecate Strait offshore wind project.

The parties intend to continue discussions and due diligence as they assess the project's technical, environmental and commercial parameters and potential investment structure.

Michael O'Connor, President and Chief Executive Officer of Oceanic Wind Energy Inc., commented:

"We are pleased to extend our MOU with Ming Yang Smart Energy and continue advancing discussions regarding a proposed C$120 million investment in our Hecate Strait offshore wind project.

"Hecate Strait offers an exceptional offshore wind resource, with years of wind-measurement data confirming average wind speeds exceeding 10 meters per second. Of particular importance to British Columbia, the project is expected to achieve a winter capacity factor of approximately 65%, during the season when BC Hydro's need for electricity is greatest.

"We believe that combining this outstanding natural resource with Ming Yang's expertise in wind energy technology and project development presents a compelling opportunity to advance offshore wind energy in British Columbia. We look forward to continuing our discussions as we work toward realizing the potential of this important project."

The project is being evaluated for phased development; the first phase being approximately 600 MW; with the potential to provide approximately 1.5 to 2.0 gigawatts (GW) of generating capacity, subject to further engineering, environmental assessment, regulatory approvals and project development.

Advancing Offshore Wind Energy in British Columbia

The Hecate Strait offshore wind project is being advanced by Oceanic Wind Energy Inc. in collaboration with Coast Tsimshian Enterprises (CTE), which is owned by the Metlakatla and Lax Kw'alaams First Nations.

The project represents a significant opportunity to develop British Columbia's offshore wind resources, support the province's growing demand for clean electricity, and create potential economic and employment opportunities through the development of a new renewable energy industry on the North Coast. 2

The MOU is non-binding, except for its confidentiality provisions. The proposed investment is not committed financing, and any potential transaction remains subject to due diligence, negotiation and execution of definitive agreements, and any applicable approvals. There can be no assurance that a transaction will be completed.

On Behalf of the Board of Directors Oceanic Wind Energy Inc.

Signed: Michael O'Connor, President

For further information, please contact: Michael O'Connor, P.Eng. President and Chief Executive Officer Oceanic Wind Energy Inc. Email: moconnor@oceanicwind.ca

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