NU E Power Corp. Update on Power Capacity Disclosure

• Date: May 7, 2026
• Headline: Update on Power Capacity Disclosure
• Core Content: The company clarified its power capacity figures, distinguishing between gross (1,112.25 MW) and net working interest (613.94 MW).
• Project Status:
  • Lethbridge One: 8.75 MW Gross / 2.19 MW Net; Commercial Operation Date (COD) achieved December 2024.
  • Lethbridge Two & Three, Hanna Solar, Darkhan Energy Park: Pre-development status with varying net interests (50%-60%).
• Regulatory Timeline: AESO Cluster 3 System Access Service Request (SASR) submissions anticipated by August 6, 2026.
• Darkhan Energy Park: Company does not currently own the asset but is progressing via a Joint Development Agreement (JDA).

• News Impact: The release provides operational clarity but does not introduce new capital, assets, or revenue streams. It confirms Lethbridge One has reached COD, which validates project execution capability.
• Contextual Risk: This update occurs while the company is in default of continuous disclosure obligations (MCTO applied April 2026) with an audit only 60% complete as of late April. The operational progress does not mitigate the regulatory filing risk.
• Valuation Implication: Net capacity figures are lower than gross, reducing immediate asset valuation assumptions compared to prior announcements that may have implied full ownership. This is a conservative clarification rather than a value accretive surprise.
• Market Reaction: Given the recent price correction from $0.26 (Jan 2026) to current levels ($0.14), this news is likely priced in as routine operational maintenance amidst governance concerns.

• Business Model: Merchant-banking focused energy company transitioning from project aggregation to active development of renewable/hybrid power sites globally (Canada, Mongolia, Malaysia, etc.).
• Flagship Projects:
  • Lethbridge Portfolio (Alberta): 167.5 MW Gross capacity; Lethbridge One is COD, others pre-development. Fully permitted by Alberta Utilities Commission.
  • Darkhan Energy Park (Mongolia): 600 MW HELE coal-fired + BESS via JDA with Tsegtskharaa LLC. High-risk jurisdiction but targets AI/Data Center offtake.
• Strategy: Focus on power-constrained markets serving data centers and industrial processors; aiming for 2 GW secured capacity by 2027.