Mr. Myke Clark reports

REVOLVE RECEIVES GENERATION PERMIT APPROVAL FOR 130 MW EL 24 WIND PROJECT IN MEXICO

Revolve Renewable Power Corp. has received a final generation permit for its 130-megawatt (MW) El 24 wind project located in the state of Tamaulipas, Mexico, from the Comision Nacional de Energia (CNE), Mexico's federal regulator for the renewable energy sector. The project was one of only five wind projects across the entire country granted a generation permit by CNE. Additionally, the company is pleased to report material progress on the interconnection application process for the project. The issuance of the CNE generation permit represents a critical regulatory milestone and materially advances El 24 toward ready-to-build (RTB) status, positioning the project for advanced commercial discussions, financing and potential monetization.

"Securing the final generation permit for El 24 is a defining value-creation milestone," said chief executive officer Myke Clark. "This is the same stage of development where we have historically unlocked significant shareholder value, including with our Parker and Bouse solar projects that were sold to Engie. By systematically advancing El 24 through late-stage permitting, we are executing a proven strategy that has delivered strong outcomes."

Approval of the generation permit provides regulatory certainty over installed capacity, generation rights and compliance with Mexico's national electricity framework. This approval substantially reduces any remaining development risk and enables the project to progress into final permitting, engineering, procurement and commercial structuring phases. The generation permit enhances bankability, supports advanced interconnection and financing discussions and positions the project for a range of strategic outcomes. The generation permit for El 24, which was approved Dec. 19, 2025, is the key authorization issued by the federal regulator for the electricity sector in Mexico. Without this permit any generation project does not have authorization to generate electricity and/or export to the national electricity grid. The company submitted a generation permit request to CNE in mid-October 2025, and has been working with CNE in the evaluation process since then.

The El 24 wind project is a utility-scale, 130 MW onshore wind development strategically located in Tamaulipas, a region with strong wind resources and established transmission infrastructure. Revolve has completed extensive site control, wind resource assessment, environmental and social studies and interconnection planning in advance of the CNE approval.

With the generation permit secured, Revolve will focus on:

• Completing final engineering and turbine optimization;

• Advancing interconnection agreements and grid integration planning;

• Evaluating commercial pathways, including construction financing, strategic partnerships and potential monetization opportunities;

• RTB targeted for late 2026;

• Commercial operation date targeted for 2028.

The Mexican government has also announced it will launch a further qualification window in 2026 for new projects to participate in the accelerate permitting process. The company intends to evaluate this new qualification window and the potential to register the 400 MW Presa Nueva wind project for evaluation. The company believes that its on-the-ground experience, local relationships and disciplined development execution provide a competitive advantage as regulatory clarity improves.

Regulatory background

On Oct. 17, 2025, the Mexican government announced a comprehensive plan for the growth and expansion of the electricity sector in the country with a specific focus on new renewable energy generation capacity and the role of private sector investment. The plan identified a requirement for capacity totalling 5,970 MW from new wind and solar generation projects that would be delivered between 2026 and 2030 specifically from private generators such as Revolve. This new capacity requirement was then broken down into an initial list of preferred locations where projects in these areas would be considered for priority treatment under the federal plan.

To underpin this plan the government at the same time announced an accelerated or expedited interconnection and permitting process, which would see priority projects being evaluated over a two-month period by both CNE and Centro Nacional de Control de Energia (Cenace), Mexico's independent public agency that manages the national electric system). If successful through this evaluation process private generation projects would be awarded a generation permit by CNE and an interconnection agreement by Cenace based on an agreed commercial operation date for the respective project.

The El 24 wind project is in one of the preferred locations identified under the federal energy plan. On this basis the company registered the project to participate in the accelerated interconnection and permitting process referenced above. This registration application was successful and the company has been working through the evaluation process for the project with CNE and Cenace over the last six weeks.

Interconnection

The company submitted a revised interconnection application for the project in early November and has since received the results of the technical studies from Cenace to support the interconnection of the project to the national electricity grid. These studies included confirmation of the network upgrades and associated costs to interconnect the project, the results of which were in line with the company's expectations. The company has formally accepted these studies and is awaiting the next step of the evaluation process, which is expected to be the issuing of the final interconnection agreement in February, 2026.

"Revolve has a demonstrated history of advancing large renewable projects through late-stage development and monetizing them at optimal points in the value curve. We believe that El 24 benefits from many of the same commercial attributes that drove value in those prior projects. Mexico has implemented expedited permitting and prioritization mechanisms designed to accelerate the integration of new renewable generation capacity into the national electricity system. Revolve's success in securing the El 24 permit reflects both the company's project readiness and its deep familiarity with Mexico's evolving regulatory framework," concluded Mr. Clark.

November, 2025, unit financing note

Further to the company's press release dated Nov. 7, 2025, announcing the closing of its brokered private placement of units for total gross proceeds of $3,039,973 and at the request of the TSX Venture Exchange, the company clarifies that Beacon Securities Ltd., as agent, received a cash commission of $202,648.11 and was issued 1,092,369 compensation options. Each compensation option is exercisable to acquire one common share of the company at an exercise price of 19 cents per common share until Nov. 7, 2027.

About Revolve Renewable Power Corp.

Revolve was formed in 2012 to capitalize on the growing global demand for renewable power. Revolve develops utility-scale wind, solar, hydro and battery storage projects in the United States, Canada and Mexico. Revolve also installs and operates sub-20 MW "behind the meter" distributed generation (DG) assets.

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