Mr. John Wardman, an investor, reports

EARLY WARNING REPORTING FOR SECURITIES OF AE FUELS CORPORATION

John Wardman has acquired securities of AE Fuels Corp., representing more than 10 per cent of the issued and outstanding common shares of the company. Accordingly, Mr. Wardman has triggered the requirement to provide the following early warning disclosure pursuant to National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

On Dec. 19, 2025, Mr. Wardman acquired 400,000 shares and 200,000 common share purchase warrants on conversion of 400,000 subscription receipts issued under the non-brokered private placement of the company completed on Nov. 20, 2025, at a purchase price of 25 cents per subscription receipt for the total cost of $100,000. Each warrant is exercisable by the holder thereof to purchase one share at an exercise price of 35 cents until Dec. 19, 2027. On Dec. 19, 2025, Mr. Wardman acquired 4,883,334 shares in exchange for common shares of Advanced Energy Fuels Inc. pursuant to the company's qualifying transaction at a deemed price of 25 cents per share for the total deemed consideration of $1,220,833.50. On April 17, 2026, Mr. Wardman acquired an additional 100,000 shares through the facilities of the TSX Venture Exchange at price of 16 cents per share the total cost of $16,000.

Immediately prior to the acquisition of shares and warrants described above, Mr. Wardman beneficially owned, and has control and direction over, 400,000 subscription receipts, representing approximately 3.99 per cent of the outstanding shares on a partially diluted basis (assuming the conversion of all the subscription receipts issued in the private placement and including the shares issuable on exercise of the warrants issued to Mr. Wardman). Immediately after the acquisition of shares and warrants described above, Mr. Wardman beneficially owns, and has control and direction over, 5,383,334 shares and 200,000 warrants, representing approximately 12.97 per cent of the outstanding shares on an undiluted basis and approximately 13.39 per cent of the outstanding shares on a partially diluted basis (including the shares issuable on exercise of the warrants owned by Mr. Wardman). Of these securities, 2,483,334 shares and 100,000 warrants are held directly by Mr. Wardman, 1.4 million shares and 100,000 warrants are held by John Wardman & Associates Pty. Ltd., and 1.5 million shares are held by 44 Capital Pty. Ltd. John Wardman & Associates and 44 Capital are companies beneficially owned and controlled by Mr. Wardman.

The shares and warrants were acquired by Mr. Wardman for investment purposes only, and in the future, Mr. Wardman may acquire additional securities of the company, dispose of some or all of the existing securities he holds or will hold, or may continue to hold his current position, depending on market conditions, reformulation of plans and other relevant factors.

An early warning report will be filed by Mr. Wardman pursuant to National Instrument 62-103 on SEDAR+ under the profile of the company. To obtain a copy of the early warning report, please contact the company by telephone at 61-422-880-055. The company's head office is located at care of Suite 1400, 1050 West Pender St., Vancouver, B.C., V6E 3S7.