Dufferin West Exploration Program Advances as Geophysical Team Mobilizes

Executive Summary

• Refined Energy’s ground geophysical team has mobilized to Dufferin Lake Lodge and will commence drilling later in February as part of the Dufferin West exploration program.
• The planned drill campaign includes at least three holes totaling ~1,200 m to test two identified conductors, with an initial budget of approximately $1.7 million.
• The company terminated its option on the Basin Property to focus resources on the Dufferin Project and announced that a time‑domain EM (TEM) survey and ground gravity program are underway to refine target selection.

Key Details

• Geophysical Mobilization: Ground TEM survey active; data will be inverted and used to create 3‑D Maxwell plates for drill targeting.
• Drill Program Scope: Minimum of three holes, ~1,200 m total depth, designed to test two distinct conductors on the Dufferin West property.
• Budget: Initial exploration budget set at approximately $1.7 million.
• Additional Survey Work: Concurrent ground gravity program to further define drill targets.
• Target Geology: NE‑SW trending structures analogous to known uranium‑bearing systems; proximity (~18 km) to Cameco’s Centennial Deposit (historic hole VR‑031W3 intersected 8.78% U₃O₈ over 33.9 m).
• Strategic Shift: Company terminated its option on the Basin Property to concentrate on Dufferin Project development.
• Qualified Person: Chuck Downie, P.Geo., director of Eagle Plains, reviewed and approved technical disclosure.

Notable Quotes

“This is an exciting period for Refined Energy. The Athabasca Basin region is renowned for its history of exploration, discovery, and development of high‑value uranium mines… With the drill arriving shortly, we will see the culmination of significant work to generate the prospective drill targets to test for high‑grade deposits that characterize the Athabasca Basin.” – Mark Fields, CEO

Materiality Assessment: Non-Material – Positive (operational update indicating progress toward potential resource development but no immediate financial or production impact).