Refined Energy investor Parmar sells 874,000 shares

Mr. Aman Parmar, an investor, reports AMAN PARMAR ANNOUNCES DISPOSITION OF COMMON SHARES OF REFINED ENERGY CORP. Aman Parmar, of 602 -- 13737 96 Ave., Surrey, B.C., V3V 0C6, today disposed of ownership and control over 874,000 common shares in the capital of Refined Energy Corp., held by 1428 Investments Inc. The disposition was undertaken pursuant to a share purchase agreement dated Nov. 5, 2025. Prior to the disposition, Mr. Parmar, personally and through 1428 Investments, had ownership and control over 2,736,936 common shares in the capital of the company, representing approximately 7.18 per cent of the issued and outstanding common shares, along with 387,500 stock options of the company, exercisable into common shares at a price of $2.80 (as to 62,500 options), 44 cents (as to 125,000 options) and 10 cents (as to 200,000 options) per common share, and 1,229,070 warrants of the company, exercisable into common shares at a price of 13 cents per common share. Prior to the disposition, assuming the exercise of all of the options and warrants for common shares, Mr. Parmar, personally and through 1428 Investments, would have had ownership and control over 4,353,506 common shares, representing approximately 10.96 per cent of the issued and outstanding common shares (taking into account the common shares issued upon the exercise of such options and warrants). Following the disposition, Mr. Parmar, personally and through 1428 Investments, has ownership and control over 1,862,936 common shares, representing approximately 4.89 per cent of the currently issued and outstanding common shares. Assuming the exercise of all of the options and warrants for common shares, Mr. Parmar, personally and through 1428 Investments, would have ownership and control over 3,479,506 common shares, representing approximately 8.76 per cent of the issued and outstanding common shares (taking into account the common shares issued upon the exercise of such options and warrants). The sale shares were sold in the ordinary course of Mr. Parmar's investment activities. Mr. Parmar continues to hold securities of the company in the ordinary course of his investment activities, and may from time to time acquire additional securities, dispose of some or all of the existing or additional securities, or may continue to hold securities of the company. 1428 Investments is a corporation organized under the laws of British Columbia that conducts ordinary investment activities, with an address at 602 -- 13737 96 Ave., Surrey, B.C., V3V 0C6. The head office of the company is 1930 -- 1177 West Hastings St., Vancouver, B.C., V6E 2K3. To obtain a copy of the early warning report filed under applicable Canadian securities laws in connection with the transactions hereunder, please see the company's SEDAR+ profile or contact Eli Dusenbury, chief financial officer of the company, at 1-604-398-3378.