NUE Power Corp. CEO Provides Corporate Update Outlining Priorities Under New Leadership Team
The update combines Canadian project priorities with share issuance to settle accrued fees and cash obligations for settlement and investor awareness.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
NUE Power (NUEPF) outlined its Canadian development priorities, Alberta project portfolio and settlement obligations following changes to its leadership team.
Its Alberta portfolio totals 512.25 MWac gross / 253.94 MWac net, including one operating solar asset and three development projects. The development projects are covered by a non-binding acquisition and development letter of intent with Green Harbor Partners. NUE is pursuing power and renewable-credit buyers and prioritizing Canadian projects, including the proposed approximately 145 MWac Hays acquisition. Environmental and feasibility work continues at Mongolia’s Darkhan Energy Park.
NUE will settle $210,000 in accrued CEO fees with 1,400,000 shares at $0.15 each, subject to Canadian Securities Exchange requirements, and make a final $70,000 Blu Dot payment. A 12-month investor-awareness engagement adds a $100,000 cash obligation.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate point. Forward-looking: it has not happened yet and may not happen.$210,000 in accrued CEO fees will be settled through shares issued to Redhill. 2.5% of market cap
- Minor pointLethbridge One has operated commercially since December 2024; NUE holds 25%, representing 2.19 MWac net.
- Minor pointLethbridge Three has Alberta Utilities Commission approval; NUE’s 50% interest represents 77.5 MWac net.
- Minor point. Forward-looking: it has not happened yet and may not happen.Canadian projects are NUE’s capital priority, including Alberta solar and storage developments.
- Minor pointSaskatchewan projects have advanced; NUE is investigating opportunities in Manitoba.
3 minor points
- Minor pointOfftake discussions with prospective power and renewable-credit buyers are underway alongside Green Harbor Partners.
- Minor pointDarkhan Energy Park environmental and feasibility work is underway for proposed generation and storage.
- Minor pointReleases from Redhill, Blu Dot and Devon Sandford have been provided in NUE’s favour.
Negative
- Moderate pointGreen Harbor letter of intent for Lethbridge Two, Lethbridge Three and Hanna remains non-binding.
- Moderate pointHays acquisition remains proposed under a non-binding letter of intent for a 100% interest.
- Moderate point. Forward-looking: it has not happened yet and may not happen.1,400,000 settlement shares at $0.15 per share will dilute holders, subject to Canadian Securities Exchange requirements.
- Minor pointLethbridge Two remains at interconnection stage; NUE’s 50% interest represents 6.25 MWac net.
- Minor pointHanna remains in pre-development; NUE’s 50% interest represents 168 MWac net.
3 minor points
- Minor point. Forward-looking: it has not happened yet and may not happen.Darkhan ownership would fall from 100% to 60% if Tsegtskharaa satisfies permitting earn-in conditions.
- Minor point. Forward-looking: it has not happened yet and may not happen.$70,000 final cash payment to Blu Dot will bring aggregate side-letter payments to $320,000.
- Minor point. Forward-looking: it has not happened yet and may not happen.$100,000 cash fee for Market One’s 12-month engagement is payable within 30 days of signing.
Details
News Market Reaction – NUEPF
On Oct 7, the day this news came out, NUEPF closed 1.72% above the previous close.
Data tracked by StockTitan Argus for the Oct 7 session.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Calgary, Alberta and Vancouver, British Columbia--(Newsfile Corp. - October 7, 2026) - NUE Power Corp. (CSE: NUE) (OTC Pink: NUEPF) (FSE: NUE1) ("NUE" or the "Company") provides a corporate update from its Chief Executive Officer, Broderick Gunning, on the Company's priorities following a period of leadership transition, its focus in Canada, including its Alberta development portfolio, and recent corporate matters.
Message from the CEO
"Over the past year we've rebuilt NUE's leadership, board, and finance function to further position the Company to capitalize on a market with significant growth and opportunity," said Mr. Gunning. "A priority this year has been building NUE into an institutional company, and that meant bringing in key people. In August, John Windsor joined as Chief Operating Officer. John brings more than 20 years of senior operating experience at Canadian power companies, including Algonquin Power & Utilities, Northland Power and Emera, and has managed a portfolio of 3,200 MW across eleven power markets. In early September, Peter Espig joined our board. Peter has served as President, Chief Executive Officer and a director of Nicola Mining Inc. since 2013, previously held Vice President roles at Goldman Sachs Japan and Olympus Capital, and has structured more than C
"It has been nearly one year since I joined NUE, together with several of our current directors, at the end of November 2025. Over that period we have grown the business, resolved a number of legacy matters, reduced the share count and completed two financings. This release addresses remaining housekeeping items from the past 11 months, including the shares for debt settlement described below, and provides an update on our current portfolio of assets as we advance them toward definitive agreements and offtake.
"With this new leadership function in place, we are united in our focus on execution. Across Canada, and particularly in Alberta and across the Prairies, large new users of energy are increasingly expected to bring their own power. That puts the value in the work that comes before construction: securing the site, establishing a path to power, and lining up customers. That is NUE's business. We are an energy infrastructure developer, and our customers can include both established and emerging users of power, such as utilities, industry, and data centres.
"Federal policy since 2025 has placed a clear emphasis on building major energy and infrastructure projects in Canada. That shift has allowed NUE to consider new markets and opportunities beyond Alberta, where the majority of our portfolio is located. Over the past several months we have committed more time and resources to Saskatchewan and advanced a number of projects there. More recently, we have been investigating opportunities in Manitoba, a market we first assessed for power and data centre opportunities in early 2025.
"Bring your own power is gaining traction in power markets around the world, and it has been a central topic in our discussions across the Prairie provinces. Alongside it, we are seeing significant growth in new forms of generation, including hybrid power that combines solar, battery storage and natural gas. Nuclear has also become a prominent part of the conversation in a number of markets, including Saskatchewan.
"Data centres tend to develop in clusters, where power, land and connectivity come together. To be clear on our role: NUE is a power generation developer, not a data centre developer. Our work, in Saskatchewan and elsewhere, is to develop the power that large loads require.
"Through all of this, our focus remains on aligning power offtakers with our projects in Alberta and across Canada. Offtake is the milestone our shareholders are watching most closely, and it is where much of our team's time is spent. Together with Green Harbor Partners Corp., we are working to secure the right offtake partners for both the power and the renewable energy credits generated by our Alberta solar and storage projects. We are in discussions with prospective offtakers and are moving as quickly as we can, while making sure the terms we accept are in the best interest of the Company and its shareholders. We are not prepared to contract our power at prices that undervalue these assets.
"We are directing our capital to our most advanced Canadian projects. In Alberta, that includes our solar and storage projects near Lethbridge and Hanna, which total 503.5 MWac (gross) / 251.75 MWac (net), and the proposed acquisition of the 145 MWac Hays project. Progress here in Canada is a key part of our strategic execution plan, and each project has to earn its next dollar of capital, so we will measure our progress by definitive agreements and work on the ground. This is our number one priority, and we are confident in the calibre and experience of our newly formed leadership team. We believe the companies that control buildable, powered sites will set the pace in this market, and that is where NUE intends to be."
Alberta Development Portfolio
The Company's Alberta portfolio comprises one operating solar asset and three solar and storage projects in development, totalling 512.25 MWac (gross) / 253.94 MWac (net). Capacity is stated on a gross basis and on a net working interest basis.
Lethbridge One: 8.75 MWac (gross) / 2.19 MWac (net), a
Lethbridge Two: 12.5 MWac (gross) / 6.25 MWac (net), a
Lethbridge Three: 155 MWac (gross) / 77.5 MWac (net), a
Hanna (Prairie Solar): 336 MWac (gross) / 168 MWac (net), a
Lethbridge Two, Lethbridge Three and Hanna, together 503.5 MWac (gross) / 251.75 MWac (net), are the subject of a non-binding letter of intent with Green Harbor Partners Corp. for their proposed acquisition and development.
On August 24, 2026, the Company announced a non-binding letter of intent with Proteus Power Developments LLC to acquire a
International Development Portfolio
Darkhan Energy Park (Mongolia): On April 15, 2026, the Company announced a joint development agreement with Tsegtskharaa LLC for the proposed Darkhan Energy Park in Mongolia, comprising 600 MW of high-efficiency, low-emissions (HELE) coal-fired generation and 100 MW of battery storage. The Company currently holds
The Company received observer accreditation for the 17th session of the Conference of the Parties to the United Nations Convention to Combat Desertification (UNCCD COP17), held in Ulaanbaatar, Mongolia from August 17 to 28, 2026. Mr. Gunning attended COP17 on behalf of the Company and spoke on a panel on energy.
Other Corporate Matters
Shares for Debt Settlement
The Company has entered into a settlement and release agreement executed on September 23, 2026 (the "Settlement Agreement") with Redhill Capital Corp. ("Redhill"), Blu Dot Systems Inc. ("Blu Dot") and Devon Sandford, the Company's former Chief Executive Officer and a former director. Redhill and Blu Dot are companies controlled by Mr. Sandford.
Under the Settlement Agreement, the Company will settle
The Settlement Agreement was approved by the Board of Directors on September 28, 2026. The Settlement Shares are expected to be issued within 20 business days of execution of the Settlement Agreement, subject to the requirements of the Canadian Securities Exchange, and will be subject to a hold period of four months and one day from the date of issuance. Following issuance, Redhill will hold 2,427,456 common shares of the Company.
Investor Awareness Engagement
The Company has engaged Market One Media Group ("Market One"), of 320-440 West Hastings Street, Vancouver, British Columbia, to provide digital marketing, paid media distribution, video and investor awareness services under an agreement dated October 6, 2026 (the "Market One Agreement"). The Market One Agreement has a term of 12 months beginning October 6, 2026, and the Company will pay Market One
Annual General Meeting
As previously announced, the Company's annual general meeting of shareholders will be held on November 19, 2026 at 10:00 a.m. (Pacific Time) at the offices of Dentons Canada LLP in Vancouver. Meeting materials will be filed on SEDAR+ at www.sedarplus.ca and mailed to shareholders in accordance with applicable securities laws.
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.
For more information, please contact:
| Broderick Gunning, Chief Executive Officer E-mail: brodie@nu-energy.ca | John Meekison, Chief Financial Officer E-mail: john@nu-energy.ca |
Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian securities laws, including statements regarding the Company's strategy and priorities, its plans and activities in Alberta, the development, proposed acquisition and potential sale of its Alberta projects, the proposed acquisition of the Hays project, the development of the Darkhan Energy Park, the completion of the settlement, the issuance of the Settlement Shares and the final cash payment, the services to be provided under the Market One Agreement, receipt of Canadian Securities Exchange acceptances, and the annual general meeting. Forward-looking information is based on management's current expectations and is subject to risks and uncertainties, including the Company's need for additional financing to fund its operations and development activities and the availability of that financing on acceptable terms or at all, regulatory, utility and interconnection approvals, land and partner arrangements, and market conditions. The Hays letter of intent is non-binding, there is no assurance that a definitive agreement will be entered into, and the Company has not secured an executed interconnection agreement, offtake agreements or project financing for the Hays project or its other Alberta development projects. The Green Harbor letter of intent is also non-binding, and there is no assurance that it will result in a definitive agreement. The Darkhan Energy Park is at an early stage of development, and there is no assurance that it will proceed to construction or commercial operation. Actual results may differ materially.
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, which may contain "forward-looking statements", being statements about the future based on current expectations or beliefs. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/317835
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is included in NUE Power’s Alberta project portfolio?
NUE’s Alberta portfolio totals 512.25 MWac gross / 253.94 MWac net across Lethbridge One, Lethbridge Two, Lethbridge Three and Hanna. Lethbridge One is operating; the other three are development projects. The proposed Hays acquisition comprises approximately 145 MWac of solar and proposed battery storage.
What is NUE Power’s ownership arrangement for Darkhan Energy Park?
NUE currently holds 100% of the proposed project, but Tsegtskharaa can earn an interest by satisfying certain permitting conditions. NUE would then hold 60%, representing 420 MW net of 700 MW gross. The project comprises 600 MW of coal-fired generation and 100 MW of battery storage.