Mr. Broderick Gunning reports

NU E POWER CORP. SIGNS LETTER OF INTENT TO ACQUIRE LAND IN THE REGINA AREA

NU E Power Corp. has entered into a non-binding letter of intent dated July 31, 2026, as amended Aug. 7, 2026, with Xbase Farm Partnership, by its nominee, President Life Holdings Ltd., in respect of the acquisition of approximately 29.44 acres of land in the Regina area of Saskatchewan.

The property forms part of the Saskatchewan site over which the company has held development rights since Aug. 25, 2025, as previously disclosed. Under the LOI, the vendor has granted the company access to the property for due diligence purposes and has agreed not to negotiate a sale of the property with any other party until the earlier of Oct. 31, 2026, and the execution of a definitive agreement.

The purchase price for the property is $2.7-million, subject to adjustments and applicable taxes, payable as to a deposit of $500,000 within five business days after acceptance of the LOI by the vendor, $600,000 on closing and the balance of approximately $1.6-million by way of a vendor takeback loan repayable six months after closing. The deposit is refundable to the company in the circumstances set out in the LOI. Separately, the company will pay the vendor a working capital deposit of $100,000, to be applied by the vendor exclusively to zoning, permitting, survey and utility servicing costs in respect of the property, with any unapplied portion refundable to the company.

Closing is expected to occur on the later of Oct. 15, 2026, and the date that is 30 days following satisfaction or waiver of the last of the conditions. Completion is subject to conditions in favour of the company, including satisfactory due diligence, board approval, financing on satisfactory terms and receipt of an exemption order under the farm land ownership provisions of the Saskatchewan Farm Security Act (Saskatchewan) and to a mutual condition that the lands be subdivided and title issued. The parties intend to negotiate a definitive purchase and sale agreement.

Other than the provisions relating to the working capital deposit, confidentiality and exclusivity, the LOI is non-binding. There is no assurance that a definitive agreement will be negotiated or executed, that the conditions will be satisfied or waived, that the required approvals will be obtained, or that the acquisition will be completed on the terms described or at all. The property is not currently zoned or serviced for industrial use, and no rezoning, subdivision, utility servicing or interconnection approval is in place in respect of the property.

The vendor is at arm's length to the company. No finder's fee is payable in connection with the acquisition.

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 other large-load industrial demand.

We seek Safe Harbor.