Vancouver, British Columbia and Regina, Saskatchewan--(Newsfile Corp. - October 28, 2026) - NUE Power Corp. (CSE: NUE) (OTC Pink: NUEPF) (FSE: NUE1) ("NUE" or the "Company") is pleased to announce that Ranjith ("Ran") Narayanasamy, P.Eng., former Chief Executive Officer of MAX Power Mining Corp. (CSE: MAXX), is expected to be appointed to NUE's Board of Directors following its November 19, 2026 annual general meeting, subject to applicable approval and regulatory requirements. Mr. Narayanasamy has already played an influential role in establishing NUE's presence in Regina, Saskatchewan, including assisting with its acceptance at Innovation Saskatchewan's Collider, and is expected to support the Company's development strategy through strategic relationships, industry experience and board oversight.

MAX Power Track Record During Narayanasamy's Tenure

Mr. Narayanasamy served as MAX Power's Chief Executive Officer from December 1, 2025 to October 13, 2026. During his tenure:

• More than C$70 million in gross proceeds were received through completed private placements and disclosed warrant exercises.

• Equity market capitalization increased from approximately C$76 million on November 28, 2025, the last trading day before his appointment, to more than C$550 million on October 13, 2026, an increase of more than 620%, based on closing share prices and shares outstanding on those dates.

• The closing share price increased from C$0.80 on November 28, 2025 to C$2.85 on October 13, 2026, an increase of approximately 256%.

More Than Two Decades of Energy-Sector Experience

Before MAX Power, Mr. Narayanasamy was President and Chief Executive Officer of the Petroleum Technology Research Centre in Regina, where he led research programs involving carbon capture, utilization and storage, geothermal energy, hydrogen and compressed-air energy storage.

Previously, he spent 17 years at SaskPower, with senior roles across transmission and distribution, project management, hydroelectric development and supply chain.

He holds a Master of Engineering and an MBA from the University of Regina and is a registered Professional Engineer in Saskatchewan. In 2026, he was named a finalist for the Emerging Hydrogen Leader Award at the Canadian Hydrogen Convention.

"Advancing energy infrastructure requires an understanding of grid integration, regulatory frameworks, capital requirements and project execution," said Mr. Narayanasamy. "I have been pleased to assist NUE in establishing its Saskatchewan presence. I look forward to supporting the Company's next phase through strong governance, disciplined capital deployment, strategic relationships and meaningful Indigenous partnership."

"Ran has already made a meaningful contribution to NUE by helping us establish our presence in Saskatchewan," said Broderick Gunning, Chief Executive Officer of NUE. "His experience at SaskPower, the Petroleum Technology Research Centre and MAX Power brings valuable perspective on how to advance energy opportunities, from technical evaluation and industry relationships to financing and commercial execution. We look forward to applying that experience as we move NUE's developments forward."

Strengthening Leadership to Advance NUE's Development Strategy

Mr. Narayanasamy brings experience spanning public utilities, energy research and public-company leadership. His expected appointment comes as NUE establishes a Saskatchewan base to support research and development, build industry relationships and evaluate opportunities alongside its southern Alberta development activities.

Regina Office Establishes NUE's Saskatchewan Base

NUE has been accepted as a tenant at Collider, Innovation Saskatchewan's tech-sector workspace in Regina's Research and Technology Park, following a review of the Company's planned research and development activities in Regina. A list of current tenants is available on Innovation Saskatchewan's website.

The office will serve as NUE's Saskatchewan base, supporting its build out of energy related projects in the region in addition to its research and development work in both natural gas, nuclear (micro / small modular reactors) and hybrid energy programs (renewable/ gas). Mr. Narayanasamy assisted the Company's entry into the province, including its acceptance at Collider.

NUE intends to build relationships and evaluate opportunities across natural gas, renewables and emerging energy technologies.

"Our Regina office gives us a local base to develop our future projects in Saskatchewan and Manitoba," added Mr. Gunning. "Ran's involvement has helped us take that step. Our priority is to build on this foundation through disciplined development work, meaningful partnerships and measurable commercial progress."

The Company expects to provide further updates as material developments occur.

About NUE Power Corp.

NUE Power Corp. (CSE: NUE) (OTC Pink: NUEPF) (FSE: NUE1) is an energy infrastructure development company focused on the origination, development and advancement of integrated power and energy-park opportunities. Operating a develop-to-divest model, the Company emphasizes strategic site positioning, grid access and disciplined stage-gated development across markets serving compute-intensive and large-load industrial demand.

Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Such information includes statements concerning Mr. Narayanasamy's expected appointment, its timing and his anticipated contributions; the Company's Regina office and planned research and development activities; Saskatchewan opportunities; strategic relationships; and the advancement, financing and potential commercialization of development projects.

Forward-looking information is based on management's current expectations and assumptions, including receipt of required regulatory approvals, access to financing, availability of suitable opportunities and counterparties, and the ability to secure necessary land rights, permits, interconnections and commercial agreements.

Actual results may differ materially due to known and unknown risks, including the availability of financing on acceptable terms or at all; failure to obtain required approvals; unsuccessful partner negotiations; land, zoning, permitting and interconnection constraints; natural gas availability; reliance on third parties; market conditions; and other risks described in the Company's continuous disclosure filings available on SEDAR+ at www.sedarplus.ca. Development opportunities may not proceed to construction, commercial operation or sale.

The Company does not currently hold an interest in any nuclear or small modular reactor project. MAX Power's historical financing results, market capitalization and share-price performance do not predict NUE's ability to raise capital or its future financial or share-price performance.

Forward-looking information speaks only as of the date of this release. Readers should not place undue reliance on such information. The Company undertakes no obligation to update it except as required by applicable securities laws.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/321350

Source: NUE Power Corp.