- 81 lode mining claims spanning ~7km strike length across historic fluorspar district.
- Historic production grades reported up to 92% CaF21.
- Early work highlights potential for bulk-tonnage beyond historic high-grade veins.
- Positioned to support US-aligned hydrofluoric acid (HF) and critical mineral supply chains.
- Exploration and metallurgical program to commence to define drill targets and processing pathways.
Vancouver, British Columbia--(Newsfile Corp. - May 12, 2026) - AE Fuels Corporation (TSXV: AEF) (OTCQB: NRGFF) ("AEF" or the "Company") is pleased to provide an update on its 100% owned Fluorite Ridge Project (the "Project"), in New Mexico, USA, including expansion of the Company's land position through additional staking and advancement of exploration activities.
Figure 1: Fluorspar (CaF2) enabling strategic US growth markets
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Fluorite Ridge gives AEF exposure to one of the most strategically important supply chains in advanced manufacturing. Fluorspar is the primary feedstock for hydrofluoric acid (HF), a critical material used in semiconductor fabrication, battery materials, nuclear technologies and defense applications (Figure 1). Why is this important? With the United States heavily reliant on imported fluorspar, AEF believes Fluorite Ridge represents a compelling opportunity to help strengthen domestic supply chains for critical fluorine-based materials.
Gary Lewis, CEO of AEF, commented: "Fluorite Ridge is a rare opportunity to consolidate a historic fluorspar district at a time when domestic supply chains are becoming increasingly important. We believe the Project has the potential to become a strategically important source of US-aligned fluorspar feedstock supporting hydrofluoric acid and advanced manufacturing supply chains."
Fluorite Ridge: historic fluorspar producer with district-scale potential
Fluorite Ridge consists of 81 mining lode claims covering approximately 1,673 acres on lands administered by the U.S. Bureau of Land Management. (Figure 2). The Project contains multiple prospects and at least eight abandoned mines over a strike length of roughly seven kilometers.
The Fluorite Ridge district has a well-documented but underdeveloped history of fluorspar production, commencing in the early 20th century and continuing intermittently through to the 1950s. Peak activity occurred from the 1930s to WW2 in response to strong demand from US steel and chemical industries, with the majority of output sourced from the Sadler and Greenleaf Mines.
Mining activity declined in the mid-20th century due to falling prices rather than resource depletion, and no modern, systematic exploration has been undertaken across much of the district. This historical production profile highlights both the established presence of high-grade fluorite mineralization and the potential for significant untested extensions at depth and along strike.
Figure 2: AE Fuels mining lode claims over Fluorite Ridge, Luna County, NM, USA
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Geologically, the Project is centered on fluorite-bearing jasperoid, silicified fossiliferous limestone, quartz breccia and hematite-rich breccia developed within and adjacent to limestone, sandstone, conglomerate, shale and intrusive rocks.
Soil sampling program
Covering the main Fluorite Ridge, 350 soil samples were collected across eleven soil lines spaced 400m apart. All soil samples were submitted to ALS Geochemistry in Tucson, Arizona for fluorine analysis. Results from the soil program were later used to rank follow-up targets. The follow-up field program selected target areas where clusters of three or more soil samples returned more than 1,000 ppm fluorine (Figure 3).
Figure 3: Soil fluorine anomalies at Fluorite Ridge
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Mapping and channel sampling
A detailed outcrop mapping and channel sampling program was carried out at Fluorite Ridge. Fifteen target sites were identified from the soil results.
Channel lines were oriented to approximately 45° across prospective outcrop and were selected on the basis of jasperoid development, fluorite-bearing veins, accessibility, safety and outcrop continuity. Mapping recorded lithology, alteration and structural observations in detail around each sampled line.
The work showed that fluorite is enriched within jasperoid and silicified features and also occurs in adjacent rocks. The most significant visible fluorite was reported from silicified fossiliferous limestone, while high fluorine values were also recorded in places where fluorite was not obvious in outcrop, suggesting that fine-grained or disseminated fluorite may also be present within jasperoid systems.
Figure 4: Mapping and selected channel sample locations
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Field review and implications
A site visit was undertaken for sample collection, mineralogical and metallurgical characterization, and to determine the next exploration steps. The review confirmed that, fluorite-bearing breccias were identified as the best immediate exploration target. The review highlighted Sites 6, 9 and 9A as the preferred areas for preliminary metallurgical work using coarse assay rejects from prior channel sampling.
Figure 5: Example of breccia mineralization for priority follow-up and metallurgical sampling
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Next steps
The current data supports a focused next phase aimed at advancing Fluorite Ridge toward drill-ready targets and preliminary process validation. Based on the completed work, the Company expects the next steps at Fluorite Ridge to include detailed geological mapping across the broader property, supported by high-resolution drone and / or satellite photogrammetry, hyperspectral imagery and topographic control. Additional surface and channel sampling is warranted at incomplete or revised targets and other prospective ridge positions identified by the soil program. AEF has commissioned Ethos Geological, based in Bozeman, Montana to undertake this work.
Preliminary metallurgical testing on assay rejects is expected to provide the first direct indication of concentrate potential and upgrade options, and selected pulps from mineralized breccias may also be assayed for tungsten.
AEF has prepared a preliminary characterization scope of work for Fluorite Ridge based on approximately 20 kg of selected rock-chip and channel-sample material. The aim is to understand the nature of the fluorite mineralization and to define viable near-term product pathways before larger-scale bulk sampling or drilling. The program is intended to include major- and minor-element head assays; estimates of CaF2, and carbonate content; XRD, petrology and mineral liberation work; staged crushing and size-by-size assays; sink-float density screening; small-scale flotation testing; and a small-scale gravity testwork.
Environmental and Social Impact Program
As part of its planned advancement activities at Fluorite Ridge, AEF is undertaking a comprehensive environmental and social impact assessment program to support responsible project development. The Company expects this work to include baseline environmental studies and stakeholder engagement activities encompassing water resources, biological and ecological considerations, cultural heritage and Tribal consultation, land use, and broader community and social impact considerations. AEF has engaged permitting and ESG specialists to assist in developing a strategic permitting and stakeholder engagement roadmap designed to support transparent, collaborative and environmentally responsible project advancement in accordance with applicable Federal and State regulatory frameworks.
Advance Notice Policy
The Company announces that the board of directors (the "Board") of the Company approved an advance notice policy (the "Advance Notice Policy") on April 28, 2026, with effect as of such date.
The purpose of the Advance Notice Policy is to provide shareholders, directors and management of the Company with a clear framework for nominating directors. The Advance Notice Policy includes, among other things, a provision that requires advance notice be given to the Company in circumstances where nominations of persons for election to the Board are made by shareholders of the Company, other than pursuant to a valid requisition of a meeting or a valid shareholder proposal made in accordance with the provisions of the Business Corporations Act (British Columbia).
The Advance Notice Policy sets a deadline by which holders of record of common shares of the Company must submit director nominations to the Company prior to any annual or special meeting of shareholders, sets forth the information that a shareholder must include in the notice to the Company, and establishes the form in which the shareholder must submit the notice for that notice to be in proper written form.
In the case of an annual meeting of shareholders, notice to the Company must be made not less than 35 days prior to the date of the annual meeting. However, in the event that the annual general meeting is to be held on a date that is less than 50 days after the date (the "Notice Date") on which the first public announcement (as defined in the Advance Notice Policy) of the date of the annual meeting was made, notice by the shareholder may be made not later than the close of business on the 10th day following the Notice Date.
In the case of a special meeting of shareholders (which is not also an annual meeting) called for the purpose of electing directors (whether or not called for other purposes), notice to the Company must be made not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.
Notwithstanding the foregoing, the Board may, in its sole discretion, waive any requirement set out in the Advance Notice Policy.
The Company intends to seek shareholder approval and ratification of the Advance Notice Policy at the Company's next annual general meeting of shareholders. If the Company's shareholders do not approve and ratify the Advance Notice Policy by ordinary resolution at the next annual general meeting, the Advance Notice Policy shall cease to be of any force and effect following the termination of such meeting.
The full text of the Advance Notice Policy is available under the Company's profile on SEDAR+ at www.sedarplus.ca.
Convertible Loan Disclosure
The Company further announces that it plans to enter into convertible loan agreements (the "Convertible Loan Agreements") with Gary Lewis and two arm's-length lenders (collectively, the "Lenders"), pursuant to which the Company may borrow an aggregate principal amount of up to CAD$300,000 under three convertible loans advanced by the Lenders (each, a "Loan" and collectively, the "Loans"), subject to the satisfaction of certain conditions precedent, including the approval of the TSX Venture Exchange (the "Exchange"). The Company intends to use the proceeds of the Loans to advance its Fluorite Ridge project and for general working capital purposes. Each Loan bears interest at a rate of 5% per annum, compounded quarterly, with interest payable in cash on the maturity date, being twelve months from the date of issuance. Subject to the approval of the Exchange, the outstanding principal amount of a Loan may be converted, at the option of the applicable Lender at any time prior to maturity, into common shares of the Company at a conversion price of $0.17 per common share. Any common shares issued upon conversion of a Loan will be subject to a hold period of four months and one day from the date of issuance, expiring on September 14, 2026, in accordance with applicable securities laws and Exchange policies. The Company does not anticipate that entering into the Convertible Loan Agreements will result in a material change in its business, operations or capital that would reasonably be expected to have a significant effect on the market price or value of its securities.
Related Party Transaction Disclosure
Gary Lewis, one of the Lenders, is a related party of the Company by virtue of his position as Chief Executive Officer and a director of the Company, and accordingly, the Loan advanced by Mr. Lewis (the "Lewis Loan") constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 in respect of the Lewis Loan pursuant to sections 5.5(b) and 5.7(1)(a) of MI 61-101, respectively, as no securities of the Company are listed on a specified market for the purposes of MI 61-101 and the fair market value of the Lewis Loan does not exceed 25% of the Company's market capitalization as determined in accordance with MI 61-101. The board of directors of the Company approved the Lewis Loan, with Mr. Lewis declaring his interest in the transaction and abstaining from voting on the approval. No materially contrary view or abstention was expressed or made by any director of the Company in relation thereto.
Qualified Person
John Levings, BSc FAusIMM., Technical Director, AE Fuels Corporation, is the Qualified Person, as defined by National Instrument 43-101, responsible for the scientific and technical information in this news release. Mr. Levings has reviewed, verified, and approved the scientific and technical information in this news release. Mr. Levings is not independent of the Company for the purposes of NI 43-101.
This press release is approved by the board of directors of the Company:
About AE Fuels Corporation
AE Fuels Corporation (TSXV: AEF) (OTCQB: NRGFF) is a US-aligned, critical minerals company focused on battery-grade manganese and fluorspar-hydrofluoric acid (HF) supply chains. The Company's strategy connects allied-country manganese supply (Pilbara, Western Australia) and domestic US fluorspar supply (New Mexico, USA) with US midstream processing and downstream supply chains. Manganese and fluorspar are designated critical minerals in the US, Australia and EU, and essential to multiple high-growth industries including battery materials, semiconductor fabrication and advanced electronics, nuclear fuel processing and clean energy technologies. AEF is advancing development activities aimed at delivering reliable, allied-sourced supply of these materials to reduce foreign dependency and strengthen US industrial base resilience across these key industries.
For further information, please contact:
Gary Lewis, CEO and Director
T +61 422 880 055 E gl@aefuels.com W www.aefuels.com
Susan Assadi, Public Affairs
T +1 347 977 7125 E sa@aefuels.com
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law and may not be offered or sold in the "United States", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This news release contains certain "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding: the scope, timing and results of the pre-feasibility study and environmental baseline studies; the scope, timing and results of metallurgical testwork and process development; the potential production of High-Purity Manganese Sulphate Monohydrate (HPMSM), and/or electrolytic manganese metal (EMM), including suitability for battery and precursor specifications; exploration activities and exploration results; potential changes to mineral resources; and the Company's business objectives and strategy. Forward-looking statements are based on management's expectations, estimates and assumptions as of the date of this news release and are subject to a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things: results of exploration, metallurgical and engineering work; assumptions underlying technical and economic studies; commodity price and market volatility; availability of financing on acceptable terms; permitting and environmental approvals; operating and capital cost assumptions; and general economic, market and business conditions. The Company does not undertake to update forward-looking statements except as required by applicable securities laws. Readers are cautioned not to place undue reliance on forward-looking statements.
1 Historical information referenced in this announcement is derived from archival sources and has not been verified as current mineral resources or mineral reserves. Readers are cautioned that historical figures are not necessarily indicative of the quantity, grade or continuity of mineralization currently present on the Property
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Source: AE Fuels Corporation
