Refined Energy investor Parmar sells 874,000 shares

Executive Summary

• Investor Aman Parmar disposed of 874,000 Refined Energy Corp. common shares under a share purchase agreement dated Nov. 5 2025.
• The disposition reduces Parmar’s direct and indirect ownership from ~7.18% to ~4.89% of the outstanding common shares (or ~8.76% on a fully‑diluted basis).
• Parmar retains a substantial block of shares, options and warrants and may continue to buy or sell securities in the future.

Key Details

• Disposition amount: 874,000 common shares sold.
• Pre‑disposition holdings: 2,736,936 common shares (≈7.18% of outstanding) plus 387,500 stock options (exercise prices: $2.80 for 62,500 options; $0.44 for 125,000 options; $0.10 for 200,000 options) and 1,229,070 warrants ($0.13 exercise price).
• Fully‑diluted pre‑disposition ownership: 4,353,506 common shares (≈10.96% of outstanding on a fully‑diluted basis).
• Post‑disposition holdings: 1,862,936 common shares (≈4.89% of outstanding).
• Fully‑diluted post‑disposition ownership: 3,479,506 common shares (≈8.76% on a fully‑diluted basis).
• Transaction nature: Sale conducted in the ordinary course of Parmar’s investment activities; no indication of a control change or strategic shift for Refined Energy Corp.
• Entity involved: 1428 Investments Inc., a British Columbia corporation, acting as Parmar’s investment vehicle.
• Contact for further information: Eli Dusenbury, Chief Financial Officer, Refined Energy Corp., 1‑604‑398‑3378; early warning report available on SEDAR+.

Notable Quotes

(No executive quotes provided in the release.)