Mr. Brandon Bonifacio reports

CAVALRY CAPITAL CORP. ANNOUNCES LAUNCH OF PRIVATE PLACEMENT

Cavalry Capital Corp. has launched its non-brokered private placement of subscription receipts, as previously announced in its news release dated July 29, 2025. Cavalry intends to issue 10.5 million subscription receipts at a price of 25 cents per subscription receipt for gross proceeds of $2,625,000. Each subscription receipt will, upon satisfaction of certain escrow release conditions, be converted into one unit, each comprising one postconsolidation (as defined below) Cavalry common share and one-half of one common share purchase warrant. Each Cavalry warrant will be exercisable for a period of 24 months from the escrow release date of the subscription receipts to purchase one postconsolidation Cavalry common share at an exercise price of 35 cents per share.

The securities issued in the private placement will be subject to a four-month hold period from the date of issuance of the subscription receipts in accordance with applicable securities laws. The company may pay a finder's fee to eligible parties in connection with the private placement, subject to the approval of the TSX Venture Exchange and in compliance with applicable securities laws.

The completion of the private placement is a condition to the closing of its business combination with Advanced Energy Fuels Inc., as previously announced by Cavalry on May 16, 2025, and July 29, 2025. Cavalry and Advanced Energy intend to use the proceeds of the private placement to advance the South Woodie Woodie manganese (SWWM) project, located in the Pilbara region of Western Australia, with the intention of advancing a prefeasibility study on the SWWM project. In connection with the transaction, Cavalry will complete a consolidation of its outstanding share capital on the basis of one postconsolidation Cavalry common share for 1.66 preconsolidation Cavalry common shares and the subscribers of the private placement will receive postconsolidation securities of Cavalry upon conversion of the subscription receipts. The transaction is intended to constitute the qualifying transaction of Cavalry, as such a term is defined in Policy 2.4, Capital Pool Companies, of the TSX-V. The transaction, the consolidation and the private placement are subject to the approval of the TSX-V. For further information on the transaction, see the company's news release dated July 29, 2025.

We seek Safe Harbor.