Mr. Broderick Gunning reports

NU E POWER CORP. FILES 2025 YEAR-END RESULTS AND PROVIDES CORPORATE UPDATE

NU E Power Corp. has filed its audited consolidated financial statements and management's discussion and analysis (MD&A) for the year ended Dec. 31, 2025. The annual filings are available under the company's profile on SEDAR+ and on the company's website.

2025 financial highlights

For the year ended Dec. 31, 2025, the company reported no revenue and a net loss of $8,447,490, compared with revenue of $566,583 and a net loss of $3,669,462 in 2024. The absence of revenue in 2025 primarily reflected the continued suspension of the LC NU-Energy development services agreement throughout the year.

NU E's fourth quarter 2025 net loss was $6,968,243. As at Dec. 31, 2025, the company had cash of $755,384 and a working capital deficiency of $2,479,847.

2025 results in context

Management believes that the 2025 results should be read in the context of a transition period for the company. The net loss was driven primarily by acquisition-related charges totalling approximately $5.8-million, with no material cash impact on the company's operations or liquidity position. These charges pertain to expense recognition associated with the Blu Dot Systems Inc. transaction under IFRS (international financial reporting standards), comprising a substantial fourth quarter charge. In connection with the Blu Dot transaction, the company recognized a non-cash share-based expense of $5.31-million, reflecting the accounting characterization of consideration issued in that acquisition. Excluding these acquisition-related items, the company's adjusted operating loss for the year was approximately $2,646,000, which management considers a more representative measure of underlying business performance during the period.

In addition, portions of NU E's Alberta development activities remained constrained during 2025 while the company and its joint venture partner assessed Alberta's evolving renewable project regulatory framework and related financing requirements.

Adjusted earnings figures referred to in this section, including any figures adjusted to remove transaction-related charges, are non-GAAP (generally accepted accounting principles) financial measures, do not have standardized meanings under IFRS and therefore may not be comparable with similar measures disclosed by other issuers.

Subsequent corporate developments

Since year-end, NU E has taken steps to simplify its corporate structure, reframe its strategic approach to project origination and development, and refocus on its current development portfolio. Most notably, the company completed the previously announced rescission and unwind of the Blu Dot acquisition on March 6, 2026, and the 29.5 million common shares issued in connection with the transaction were returned to the company for cancellation. Management believes this subsequent development is important context in understanding NU E's current capital structure relative to the 2025 reporting period.

Recent developments since year-end

Since Dec. 31, 2025, NU E has continued to advance selected portfolio milestones across Alberta and Mongolia through its stage-gating process, including the following:

• In Alberta, the company announced a proposed transaction path for its 503.5-megawatt (gross) (251.75-megawatt (net)) Alberta portfolio and subsequently reported completion of phase 1 due diligence at Lethbridge, along with an extension of site control at Hanna.
• The company also announced a non-binding letter of intent at Lethbridge 2 in respect of a contemplated power purchase and infrastructure arrangement, subject to commercial, technical, regulatory and counterparty conditions.
• In Mongolia, the company entered into a joint development agreement for the proposed Darkhan Energy Park and commenced feasibility work following its first study payment.

Liquidity and capital resources

As discussed in the MD&A, NU E's liquidity position remains constrained. At present, the company does not have sufficient capital resources to meet its anticipated operating requirement for the next 12 months, and additional financing will be required to finance operations and continue advancing development activities.

Current management focus

Management's near-term focus is on disciplined execution across a smaller set of current priorities. These include the continued advancement of milestones for the Alberta portfolio, progression of Darkhan feasibility and permitting work, and continuing capital planning. The company also expects to continue applying a milestone-based approach to public disclosure as project activities advance. The company is working diligently to complete its Q1 (first quarter) financial statements and expects to file them as soon as possible.

Market-making services

NU E has retained Independent Trading Group Inc. (ITG) (address: 420, 33 Yonge St., Toronto, Ont., Canada, M5E 1G4; website: www.itg84.com; contact: Jeff Gamble; e-mail: jeffgamble@itg84.com) to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the company.

The market-making service will be undertaken by ITG in compliance with the applicable policies of the Canadian Securities Exchange and other applicable laws. For its services, the company has agreed to pay ITG $5,500 per month. The agreement may be terminated at any time by the company or ITG. The company and ITG act at arm's length, no securities-based compensation forms part of this engagement, and ITG has no present interest, directly or indirectly, in the company or its securities. The finances and the shares required for the market-making service are provided by ITG and the fee paid by the company to ITG is for services only.

Additional information

Investors are encouraged to review the audited annual financial statements and MD&A in full. These documents are available under the company's profile on SEDAR+ and on the company's website.

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.

We seek Safe Harbor.