On December 19, 2025, AE Fuels Corporation (previously, Cavalry Capital Corp.) (“AE Fuels”) announced that it completed the acquisition (the “Transaction”) of the privately-held Advanced Energy Fuels, Inc. (“Advanced Energy”). In accordance with the terms of the Transaction, AE Fuels acquired all of the issued and outstanding common shares of Advanced Energy in exchange for 20,579,938 common shares of AE Fuels issued to the shareholders of Advanced Energy on a one-for-one basis, in accordance with the terms and conditions of the share exchange agreement dated July 17, 2025 between AE Fuels, Advanced Energy and the shareholders of Advanced Energy. As a result of the Transaction, Advanced Energy became a wholly-owned subsidiary of AE Fuels. The Transaction constituted the “Qualifying Transaction” of AE Fuels, as such a term is defined in Policy 2.4 – Capital Pool Companies of the TSX Venture Exchange (the “TSXV”). AE Fuels commenced trading on the TSXV under the trading symbol “AEF” on December 29, 2025 as a Tier 2 mining issuer.

In connection with the Transaction, AE Fuels changed its name from “Cavalry Capital Corp.” to “Advanced Energy Corporation” and consolidated its common shares on the basis of 1.66 pre-consolidation common shares for each post-consolidated common share of AE Fuels.

Immediately prior to the completion of the Transaction, Advanced Energy exercised the option to indirectly acquire a 100% interest in the South Woodie Woodie Manganese Project located in the Pilbara Region, Australia and AE Fuels issued 6,000,000 common shares to Trek Metals Limited (ASX:TKM) (“Trek”), which when added to the 2,000,000 common shares issued to Trek pursuant to the Transaction, total 8,000,000 common shares.

On November 20, 2025, AE Fuels completed a non-brokered private placement of 10,960,468 subscription receipts (each, a “Subscription Receipt”) at a price of $0.25 per Subscription Receipt for gross proceeds of $2,740,117. On the closing of the Transaction, each Subscription Receipt was converted into one unit, each comprised of one common share of AE Fuels and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable by the holder thereof to purchase one common share of AE Fuels at an exercise price of $0.35 per share until December 19, 2027. The gross proceeds of the private placement less certain deductions were released from escrow to AE Fuels concurrently with the completion of the Transaction.

AE Fuels is a battery materials company focused on the extraction and purification of minerals critical for the batteries that power electrification and energy storage.

Further details regarding the Transaction and AE Fuels can be found on AE Fuels’s website.