Announcement • Jul 04
Refined Energy Corp. Receives Final Analytical Results for Winter 2026 Drill Program At Dufferin West Refined Energy Corp. has received final analytical results for its maiden Winter 2026 drill program at Eagle Plains Resources 100% owned Dufferin West Property, located in Saskatchewan’s Athabasca Basin uranium district. Refined holds the exclusive option to acquire up to a 75% interest in the project. The Dufferin Project consists of 10,140 hectares and is comprised of the North and West Dufferin. The 2026 drill program tested targets identified through the interpretation of electromagnetic, gravity and magnetic geophysical surveys. A total of 975 metres of drilling in three holes was completed. Drillholes DW26-001 and DW26-003 successfully intersected the Athabasca unconformity, with DW26-002 terminated prior to reaching target depth. The program was completed on budget for approximately $1.7 million and was managed by TerraLogic Exploration Inc. of Cranbrook, BC. A total of 87 samples from DW26-001 and DW26-003 were submitted to ALS Canada Ltd. for geochemical analyses. Ten samples returned weakly anomalous uranium values, with the highest assay returning 5 ppm uranium from DW26-001 immediately below the unconformity. A detailed review of the geochemical results (incorporating U/Th and Pb-isotope ratios and alteration indicator elements including boron) identified ten anomalous sample intervals, including uranium enrichment relative to thorium immediately below the unconformity. The results provide additional geological and geochemical information that will assist in the Company’s ongoing evaluation of the Dufferin West property. Drill hole DW26-001 intersected the targeted graphitic conductor at 381 metres with associated brecciation (unconformity depth 332 m). Drill hole DW26-003 reached the unconformity at 312 metres and intersected two brecciated fault zones; one in the sandstone at 104 to 120 m with associated bleaching, and one in the basement from 323.7 to 327.1 m with brecciation and clay gouges. DW26-003 tested a ground gravity low complemented by a partially overlapping magnetic low and bounded to the east by a magnetic high. All intersections are listed with respect to hole depth, not depth from surface. Drill hole DW26-001 targeted an electromagnetic (EM) conductor defined by a moving loop EM survey. Drill hole DW26-002 was designed to test the conductor along strike in conjunction with a coincident weak gravity low anomaly; however, the hole was terminated early to allow completion of drill hole DW26-003 within the planned program budget. Drill hole DW26-003 targeted the central portion of a pronounced gravity low coincident with a magnetic low and bounded to the east by a magnetic high, interpreted to represent Archean granite–gneiss basement rocks. The Dufferin Project is located on or in close proximity to the known trace of the Virgin River Shear Zone and related structural splays. C. C. (Chuck) Downie, P.Geo., a “qualified person” for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and Vice President for Eagle Plains, the operator of the project, has reviewed and approved the scientific and technical disclosure in this news release. For a discussion of the Company’s QA/QC and data verification processes and procedures, please see its most recently-filed technical report, a copy of which is available under the Company’s profile at www.sedarplus.ca. New Risk • Jun 04
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.05m (US$9.33m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$2.5m free cash flow). Share price has been highly volatile over the past 3 months (30% average weekly change). Shareholders have been substantially diluted in the past year (39% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (€8.05m market cap, or US$9.33m). New Risk • May 31
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$2.5m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$2.5m free cash flow). Share price has been highly volatile over the past 3 months (27% average weekly change). Shareholders have been substantially diluted in the past year (39% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (€11.2m market cap, or US$13.1m). Announcement • May 27
Refined Energy Corp Announces Resignation of Ken Wheatley from Director, Effective May 25, 2026 Refined Energy Corp. announced that Mr. Ken Wheatley had resigned from the Board of Directors of the Company effective May 25, 2026, pursuant to notice provided to the Company on May 20, 2026. Announcement • Apr 02
Refined Energy Corp. Completes Maiden Drill Program at Dufferin West Refined Energy Corp. completed its maiden drill program at the Dufferin West property, located in Saskatchewan’s Athabasca Basin uranium district. Drill hole DW26-001 intersected the targeted graphitic conductor at 381 metres with associated brecciation (unconformity depth was at 332 m). Drill hole DW26-003 reached the unconformity at 312 metres and intersected two brecciated fault zones; one in the sandstone at 104 to 120 m with associated bleaching, and one in the basement from 323.7 to 327.1 m with brecciation and clay gouges. DW26-003 tested a significant ground gravity low complemented by a partially overlapping magnetic low and bounded to the east by a magnetic high. Initial drill program totaled 975 metres. Detailed sampling for geochemical analysis was completed over the fault /breccia zones to aid in determining their potential for mineralization. The program was completed on budget for approximately $1.7 million. Both drill hole DW26-003 and DW26-001 successfully intersected the unconformity. The Company elected to advance drill hole DW26-003 in place of the originally planned DW26-002 following observations from DW26-001, which indicated similar structural characteristics. This adjustment was made to maximize coverage of priority gravity geophysical targets within the program. Core logging and sampling are complete, with samples submitted to an accredited laboratory for detailed geochemical analysis and assay results. The Company has commissioned rush analysis on select samples from key intervals to expedite evaluation of alteration and potential mineralization vectors. The maiden drill program was designed to test multiple high-priority geophysical and structural targets across the Dufferin West property, integrating EM conductors, gravity lows, and magnetic features. Refined holds the exclusive option to acquire up to a 75% interest in the 10,140-hectare Dufferin Project from Eagle Plains Resources Ltd. through a combination of cash payments, share issuances and exploration expenditures. Drill hole DW26-001 targeted an electromagnetic (EM) conductor defined by a moving loop EM survey. Drill hole DW26-002 was designed to test the conductor along strike in conjunction with a coincident weak gravity low anomaly; however, the hole was terminated early based on geological observations from DW26-001 and to allow completion of drill hole DW26-003 within the planned program budget. Announcement • Mar 18
Refined Energy Corp. Announces the First Drill Hole of Its Maiden Drill Program Refined Energy Corp. announced that the first drill hole of its maiden drill program has successfully reached target depth beyond the unconformity at the Dufferin West property, located in Saskatchewan’s Athabasca Basin uranium district. Maiden drill hole (DW26-001) successfully reached targeted unconformity depth at 332 metres, validating the Company’s geological model. Second drill hole (DW26-002) now underway testing the same high-priority EM conductor and associated structural target. Ground gravity survey completed to further refine structural drill targets. Initial drill program planned for a minimum of three holes totaling approximately 1,200 metres. Drill hole DW26-001 intersected the unconformity at a depth of 332 metres and was completed in basement rock at 432 metres. Core logging and sampling are underway, with samples to be submitted to an accredited laboratory for detailed analysis and assay results. MWH Geo-Surveys recently completed a ground gravity survey across the target area. A total of 817 unique stations in a 50m by 100m grid were surveyed covering approximately 530ha. Preliminary results have been incorporated into the targeting of the second drill hole and will be further utilized for targeting the planned third drill hole. The second drill hole, DW26-002, is now underway, located approximately 100 metres south of the first hole. The hole is designed to further evaluate the same electromagnetic (“EM”) conductor defined by previous airborne VTEM data and refined by a recently completed time-domain moving loop EM (TEM) ground geophysical program. The second hole is also designed to test the interpreted intersection of the EM conductor with a gravity low, believed to represent a cross-cutting N70 structural fault - a structural setting commonly associated with potential Athabasca Basin mineralization. Refined holds the exclusive option to acquire up to a 75% interest in the 10,140-hectare Dufferin Project from Eagle Plains Resources Ltd. through a combination of cash payments, share issuances and exploration expenditures. The maiden drill program is designed to test multiple high-priority geophysical and structural targets and is planned to consist of a minimum of three drill holes totalling approximately 1,200 metres, with oriented core collection to provide critical geological and structural information. The initial budget is approximately $1.7 million. 
