Refined amends Dufferin option, to issue 100,000 shares

Executive Summary

• Refined Energy Corp. signed a further amendment to its option agreement with Eagle Plains Resources Ltd. regarding the Dufferin Project in the Athabasca Basin.
• The amendment extends key financial and exploration milestones, pushing cash payments and exploration expenditure deadlines from late 2024/2025 to April 30, 2026.
• As consideration for the amended agreement, Refined Energy will issue 100,000 common shares to Eagle Plains, subject to CSE approval and standard statutory/contractual hold periods.

Key Details

• Agreement Context: The amendment applies to the option agreement dated Feb. 26, 2024 (previously amended Jan. 30, 2025), granting Refined Energy the right to acquire up to an undivided 75% interest in the Dufferin North and Dufferin West properties.
• Extended Cash Payment: The additional cash payment of $100,000 is extended from Dec. 31, 2025, to April 30, 2026.
• Extended Exploration Expenditures:
  • An additional $350,000 in exploration expenditures is extended from Dec. 31, 2024, to April 30, 2026.
  • An additional $1,000,000 in exploration expenditures is extended from Dec. 31, 2025, to April 30, 2026.
• Share Issuance: Refined Energy shall issue 100,000 common shares to Eagle Plains as consideration for the amended agreement.
• Issuance Conditions: Shares must be issued within 10 business days of receiving Canadian Securities Exchange (CSE) approval.
• Share Restrictions:
  • All shares are subject to a statutory four-month hold period under Canadian securities laws.
  • A contractual resale restriction applies, releasing shares in two tranches: 50% after four months and 50% after eight months.

Notable Quotes

• None provided in the text.