Mr. Broderick Gunning reports

NU E POWER CORP. ENTERS JOINT DEVELOPMENT AGREEMENT FOR DARKHAN ENERGY PARK AND COMMENCES FEASIBILITY STUDIES

NU E Power Corp. has entered into a joint development agreement with Mongolian partner Tsegtskharaa LLC to advance the proposed Darkhan Energy Park, a 600 megawatt hybrid generation facility combining 600 megawatts of high-efficiency, low-emissions (HELE) coal-fired generation with an additional planned 100 megawatts of battery storage (battery energy storage systems).

NU E has completed preliminary grid access assessments, confirmed site selection, and made its first payment toward the environmental and feasibility program required to secure the facility permit. Studies are now under way, with completion anticipated within three months. NU E currently owns 100 per cent of the equity in the project; Tsegtskharaa is expected to earn-in once certain future permitting conditions have been met. If obtained, offtake is anticipated to be through a U.S.-dollar-denominated power purchase agreement with the Mongolia electric grid -- targeting potential demand from large-load power users including data centres, AI (artificial intelligence) infrastructure, industrial processing and residential consumers.

The proposed Darkhan Energy Park is intended to provide a pathway toward energy security and reliability in Mongolia's power market. The early-stage thermal project is designed to support Mongolia in addressing energy infrastructure constraints -- allowing NU E to pursue site control and plan for grid access while retaining optionality to adjust the project as market conditions evolve.

In August, 2026, Mongolia will host the United Nations Convention to Combat Desertification (UNCCD) COP17 in Ulan Bator under the theme "Restoring Land, Restoring Hope," with 197 parties convening to address desertification and land degradation. NU E has submitted its application for Civil Society Organization (CSO) accreditation with the UNCCD. If granted, accreditation would allow the company to participate in the COP17 process as a recognized civil society organization. There is no assurance that accreditation will be granted.

About the joint development agreement

Under the joint development agreement, the parties will establish a Mongolian project company, with Tsegtskharaa contributing long-term land rights and local regulatory and government relations support. Governance will vest in a board of directors, with specified major decisions subject to supermajority approval.

About NU E Power Corp.

NU E Power is an energy infrastructure company focused on the origination, development and advancement of integrated power and energy park opportunities. The company emphasizes strategic site positioning, grid access and disciplined stage-gated project development across selected markets serving compute-intensive and large-load industrial demand.

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