PureWave Hydrogen Corp. Announces Grant of Management Cease Trade Order and Default Status Report Under National Policy 12-203

Calgary, Alberta – TheNewswire – January 6, 2026 – PureWave Hydrogen Corp. (TSXV:PWH) (the “Corporation”) is providing this default status report in accordance with National Policy 12-203 Management Cease Trade Orders (“NP 12-203”).  This news release constitutes the Corporation’s bi-weekly default status report under NP 12-203. The Corporation previously announced on December 19, 2025 (the “Default Announcement”) that it anticipated it would be unable to meet the filing deadline for the Required Filings. This default status report is provided to report on developments since the Default Announcement and to satisfy the alternative information guidelines under NP 12-203 while the Required Filings remain outstanding.

On January 2, 2026, the Alberta Securities Commission (the “ASC”) granted a temporary management cease trade order (the “MCTO”) restricting trading in securities of the Corporation by the Director and Interim Chief Executive Officer and Chief Financial Officer of the Corporation (the “Management Parties”) until such time as the Corporation has filed the Required Filings (as defined below) and the ASC has revoked the MCTO. During the period in which the MCTO is effective, the public, who are not insiders of the Corporation, will continue to be able to trade in the Corporation’s listed securities.

As previously disclosed, the Corporation was unable to file its audited financial statements for the year ended August 31, 2025, and the management’s discussion and analysis and related Director and Interim Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, the “Required Filings”) before the December 29, 2025, filing deadline (the “Filing Deadline”). The default is primarily due to delays in the completion of the audit, resulting from the Corporation’s inability to secure sufficient funding to pay audit fees and related professional costs and the Corporation’s current funding shortfall, which has impacted its ability to retain necessary audit and financial reporting resources.  Since the Default Announcement, there have been no changes to the information contained in the Default Announcement that would reasonably be expected to be material to an investor. The Corporation continues to work with its auditors to complete the audit and is pursuing financing and other arrangements intended to fund the completion of the audit and related continuous disclosure filings. Since the Default Announcement, the Corporation has satisfied its stated intentions with respect to complying with the alternative information guidelines under NP 12-203 and there have been no failures by the Corporation in fulfilling those intentions. Since the Default Announcement, the Corporation has satisfied its stated intentions with respect to complying with the alternative information guidelines under NP 12-203 and there have been no failures by the Corporation in fulfilling those intentions.

As of the date of this announcement, the Corporation confirms that it is not subject to any insolvency proceedings. Other than as disclosed above, there is no other material information concerning the affairs of the Corporation that has not been generally disclosed. The Corporation anticipates that it will be in a position to remedy the default by filing the Required Filings on or before February 27, 2026. The MCTO will remain in effect until the ASC has revoked the MCTO.  The Corporation also confirms that it expects it will meet other prescribed continuous disclosure filing deadlines that arise while the Required Filings remain outstanding, and will provide updates regarding any such anticipated subsequent specified defaults in accordance with NP 12-203.

The Corporation intends to satisfy the provisions of the alternative information guidelines under NP 12-203, including by issuing bi-weekly default status reports in the form of news releases for so long as the Required Filings remain outstanding.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

For more information, please contact:

Bruce Nurse

Director and Interim Chief Executive Officer

Email: [email protected]

Phone: +1 (303) 919-2913

Forward Looking Statements

This news release contains forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. Forward-looking statements are based on management’s current expectations and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially. 1.        Forward-looking statements in this news release include statements regarding: (i) the anticipated timing for filing the Required Filings; (ii) the anticipated revocation of the MCTO; and (iii) the Corporation’s ability to remedy the default and comply with its continuous disclosure obligations. 2.        The forward-looking statements are based on certain assumptions, including: (i) the Corporation’s ability to obtain sufficient funding to pay audit fees and related professional costs; (ii) the timely completion of the audit by the Corporation’s auditors; and (iii) the absence of unanticipated delays or regulatory issues impacting the Corporation’s remediation plan. 3.        Risks and uncertainties that could cause actual results to differ materially include: (i) delays in completing the audit and related filings; (ii) the Corporation’s inability to secure necessary financing or resources; (iii) the possibility of additional regulatory actions; and (iv) general economic and market conditions.  The Corporation undertakes no obligation to update forward-looking statements except as required by applicable securities laws. Readers are cautioned not to place undue reliance on forward-looking statements.

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