Mr. Broderick Gunning reports

NU E POWER CORP. FILES 2026 SECOND QUARTER RESULTS

NU E Power Corp. has filed its unaudited interim condensed consolidated financial statements and management's discussion and analysis (MD&A) for the second quarter of 2026 on Aug. 28, 2026. The interim filings are available under the company's profile on SEDAR+ and on the company's website.

Subsequent to the quarter, the company closed a non-brokered private placement, as previously announced, for aggregate gross proceeds of $3,860,053. During the second quarter, the company also completed and filed its outstanding continuous disclosure documents, resulting in the revocation of the Alberta Securities Commission's management cease trade order, advanced its Alberta development portfolio toward submission into the AESO Cluster 3 process, commenced feasibility work at the Darkhan Energy Park, entered into its first proposed offtake arrangement, and restated its power capacity disclosure on a net working interest basis.

Corporate and financing highlights:

• Closed, subsequent to the quarter and as previously announced, a non-brokered private placement for aggregate gross proceeds of $3,860,053, upsized from the $3.0-million originally announced on June 23, 2026;
• Cured the company's continuous disclosure defaults by filing its 2025 annual financial statements and MD&A on June 2, 2026, and its Q1 (first quarter) 2026 interim filings on June 12, 2026, resulting in the Alberta Securities Commission's revocation of the management cease trade order on June 19, 2026;
• Continued advancement of the Alberta development portfolio, the Darkhan feasibility and permitting program, and evaluation of additional growth opportunities.

Q2 (second quarter) 2026 financial results:

• Revenue of nil for the quarter, compared with nil in the prior-year period;
• Net loss of $1,413,536 for the quarter, compared with $331,460 in the prior-year period;
• Total operating expenses of $1,407,320 for the quarter, compared with $310,131 in the prior-year period;
• Cash position of $13,602 as at June 30, 2026; subsequent to the quarter, the company strengthened its cash position through the private placement described above;
• Working capital deficiency of $2,210,208 as at June 30, 2026, compared with a working capital deficiency of $1.19-million as at March 31, 2026.

Q2 results in context

Subsequent to the quarter-end, the company closed the private placement announced on June 23, 2026, in two tranches, on July 8, 2026, and Aug. 12, 2026, issuing an aggregate 25,733,686 units at 15 cents per unit for gross proceeds of $3,860,053. Net proceeds are to be applied to advancement of the project portfolio, acquisition and evaluation of additional power infrastructure opportunities, and working capital, as disclosed in the MD&A.

The company filed its 2025 annual filings on June 2, 2026, and its 2026 first quarter interim filings on June 12, 2026, curing both continuous disclosure defaults. The Alberta Securities Commission revoked the management cease trade order on June 19, 2026, and the company was removed from the reporting issuer default list.

In Alberta, the company completed phase 1 due diligence at Lethbridge together with associated financial and technical modelling, and extended site control at Hanna, supporting an Alberta portfolio of 503.5 megawatts alternating current (MWac) gross and 251.75 MWac net. Applications for these projects were submitted into the AESO Cluster 3 process in August, 2026.

On May 27, 2026, the company signed a letter of intent with Digital Asset Solutions, contemplating a power purchase and infrastructure partnership of up to 17 megawatts (MW) at Lethbridge 2, representing the company's first proposed offtake arrangement. The letter of intent is non-binding and remains subject to a number of conditions, including the consent of the company's joint venture partner.

In Mongolia, the company entered into a joint development agreement on April 15, 2026, to advance the Darkhan Energy Park, and commenced its environmental and feasibility program.

On May 7, 2026, the company restated its power capacity disclosure on a net working interest basis, reporting a portfolio of 1,112.25 MW gross and 613.94 MW net across its Alberta and Mongolia projects, and cautioned investors not to place undue reliance on previously disclosed aggregate gross capacity figures.

Management commentary

"During the second quarter, we brought the company's filings fully current, placed our capacity disclosure on a consistent net working interest basis and continued to advance the Alberta portfolio toward interconnection," said Broderick Gunning, chief executive officer. "Much of the quarter was necessarily administrative and our second quarter costs largely reflect that work. It is now complete, the company has been removed from the reporting issuer default list and the financing announced in June closed after quarter-end for gross proceeds of $3.86-million.

"With that foundation in place, we have moved from remediation to development. Since quarter-end, we have signed letters of intent to acquire the Hays solar and storage project in Alberta and land in the Regina area, and made targeted additions to the management team, including the appointment of a chief operating officer, so that the company is resourced for its next phase of growth. Our focus is on converting those letters of intent into definitive agreements, and advancing the portfolio to serve growing industrial and compute-intensive power demand," stated Mr. Gunning.

Additional information

Investors are encouraged to review the unaudited interim financial statements and MD&A for Q2 2026 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.