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ACE November Corporate Update – November 17, 2021

Updated: Apr 18, 2022

Opening Memorandum Completed

The company is pleased to report that the Offering Memorandum (“OM”) for the $0.10 capital raise has been completed and is attached, along with our updated investor deck, with this corporate update for your review. Please read both of these documents carefully as they contain updated and important information regarding your proposed investment in the company. Also enclosed is a “Notice of Election” package. After reading the OM and the updated Investor Deck you must complete the Notice of Election in accordance with the instructions attached to it. You must either confirm if you wish to proceed with your investment or cancel your investment have your money returned to you. We require this document to be returned to us completed by December 1, 2021. A series of unforeseen incidents led to a delay in the OM’s completion, and we thank investors for their patience in this regard. Should you have any questions regarding the OM, please do not hesitate to contact the company.

The Passing of John Harper, Chairman of ACE

We are saddened to announce the passing of ACE Chairman, John Harper, after a long and valiant battle with cancer. Mr. Harper was a constant and steadfast source of wisdom and experience for our team. His resumè was beyond impressive, from his education at King’s College in London and his ascension up the ranks at The World Bank. Mr. Harper has been a prominent business person in Canada for more than 50 years, particularly in the resource sector. He was part of the team that developed two of Canada’s largest ever gold deposits, Hemlo and Eskay Creek. John always cared a great deal about the environment and his projects reflected that dedication, leading to an international award for his green mining efforts. John was also a dedicated philanthropist, and his generosity was often aimed at children, including a close connection with BC Children’s Hospital. We have all learned invaluable lessons from John, including the values of honesty, accountability, and steadfast loyalty.

"I have known John for more than 12 years and during that time he became like a father to me and to my family,”

added Bold Batsukh, ACE President and co-founder.

“He fought so valiantly to maintain his health for so many years, against the odds. I will always think of him with great admiration and with gratitude to have known him both as my dear friend and business partner.”

John knew a great deal about clean energy and it was his goal to see ACE not only succeed as a business, but also to bring increased prosperity to Mongolia, where John had established deep roots over the years. While his loss is felt on both a professional and personal level, the company is motivated to see out his vision and add a fitting chapter to his legacy. Rest in peace, John.

Developments in Mongolia

With several potential projects in the pipeline, ACE feels it is well-positioned for continuous and lasting growth. The two projects that the company is choosing to focus on in the short to medium term are the Dundgovi Wind & Solar Project (#5 on the map with a full explanation below) and a new project in Selenge Province, close to #4 on the map. The new solar project would come with a completed feasibility study as well as full solar data for the region, expediting the development process. ACE is currently doing thorough due diligence on this new property, which is capable of supporting a 30MW solar project being ACE’s primary short term focus. Other sites on the map remain potential targets for ACE as business develops.

Dundgovi Site (#5)


his 200-hectare land parcel is situated nearby a new 330KV substation, the most advanced in the country. It is close to highway access- a luxury in Mongolia’s Gobi Desert region- and the wind is present 24 hours per day, 365 days per year. Situated on very flat ground with limited foliage, it represents a tremendous opportunity for

both solar and wind power. Like the Choir site, this land parcel is centrally positioned for inclusion in the future Northeast Power Grid, but with its more southerly location and potential for 100 MW capacity

The Dundgovi Project should be highly sought-after by large Chinese corporate off-takers. Key members of the ACE executive team have worked for decades in the Chinese renewable energy space, including projects in the province of Inner Mongolia, directly south of Mongolia (the country). Power lines already installed and leading directly through the proposed land parcel to the nearby substation. The 330Kv Substation is in close proximity to the 200Ha site in Dundgovi Province.

Warmest Regards, Mark Dotto VP of Investor Relations Asia Clean Energy Corp.

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