File: Attachment PRESS Early Warning Reporting of J. Wardman v1 - FINAL.pdf

Early Warning Reporting for Securities of AE Fuels Corporation

May 13, 2026 John Wardman reports that he has acquired securities of AE Fuels Corporation (the "Company") representing more than 10% of the issued and outstanding common shares of the Company (the "Shares"). 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 ("NI 62-103").

On December 19, 2025, Mr. Wardman acquired 400,000 Shares and 200,000 common share purchase warrants (each, a "Warrant") on conversion of 400,000 subscription receipts (each, a "Subscription Receipt") issued under the non-brokered private placement of the Company completed on November 20, 2025, at a purchase price of $0.25 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 $0.35 until December 19, 2027. On December 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 $0.25 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 $0.16 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% 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% of the outstanding Shares on an undiluted basis and approximately 13.39% 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, 1,400,000 Shares and 100,000 Warrants are held by John Wardman & Associates Pty Ltd., and 1,500,000 Shares are held by 44 Capital Pty Ltd. John Wardman & Associates Pty Ltd. and 44 Capital Pty Ltd. 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 NI 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 c/o Suite 1400 - 1050 West Pender Street, Vancouver, BC V6E 3S7.

"John Wardman" JOHN WARDMAN

4 Lansdowne Street, Greenwich, NSW 2065 Australia.