AE Fuels holder Wardman owns 5.38 million shares

• Insider Ownership Disclosure: John Wardman triggered an early warning report (NI 62-103) after acquiring a position representing more than 10% of issued and outstanding common shares.
• Current Holdings: Mr. Wardman holds 5,383,334 shares and 200,000 warrants as of April 17, 2026 (reported May 13).
• Ownership Breakdown: Direct holdings include 2,483,334 shares; held via John Wardman & Associates Pty. Ltd. (1.4M shares); and 44 Capital Pty. Ltd. (1.5M shares).
• Acquisition Method: Holdings increased from ~3.99% to ~12.97% undiluted through conversion of subscription receipts, a qualifying transaction share exchange, and open market purchases ($16,000 on April 17).
• Warrant Terms: 200,000 warrants exercisable at $0.35 per share, expiring December 19, 2027.
• Contextual News (May 12): AE Fuels expanded its Fluorite Ridge land position to 81 claims in New Mexico with soil sampling showing >1,000 ppm fluorine anomalies.
• Contextual News (April 14): Manganese project at Pearana showed peak results of 51.8% Mn over a 3.5 km strike; gravity survey commissioned to support Pre-Feasibility Study (PFS) target in 2027.

• Significance: The disclosure confirms significant insider accumulation by John Wardman, indicating strong conviction in the company's long-term strategy and asset base.
• Capital Impact: No new cash capital was raised in this specific release; the increase stems from previous transactions (Qualifying Transaction and Subscription Receipt conversions).
• Market Sentiment: Positive signal regarding shareholder alignment, but does not alter the fundamental valuation thesis as no new revenue or production milestones were announced.
• Comparison to Expectations: The accumulation was likely anticipated given Wardman's involvement in the Qualifying Transaction (Dec 2025) and Advanced Energy Fuels Inc. acquisition; therefore, it is priced in rather than a surprise catalyst.
• Risk Mitigation: High insider ownership (>10%) reduces the risk of hostile takeovers or sudden sell-offs by major shareholders in the near term.

• Strategy: Vertically integrated critical minerals business focused on extraction and mid-stream processing of manganese and fluorspar for North American supply chains.
• Flagship Project 1 (Manganese): South Woodie Woodie Manganese Project in Western Australia; NI 43-101 Inferred Resource of 11.3 Mt at 15% Mn; targeting PFS by mid-2027.
• Flagship Project 2 (Fluorspar): Fluorite Ridge Project in New Mexico, USA; 81 mining lode claims covering 1,673 acres; historic production with recent soil sampling identifying >1,000 ppm fluorine anomalies.
• Processing: Focus on high-purity manganese sulphate monohydrate (HPMSM) and electrolytic manganese metal (EMM); fluorspar targeting hydrofluoric acid feedstock.
• Management: Led by CEO Gary Lewis; Board includes independent directors with mining/finance expertise; Advisory Board formed in March 2026 to drive project development.