File: '\\swfile\EmailIn\20251031 145219 Attachment EW Press Release (REC).docx'

Aman Parmar Announces Disposition of Common Shares of Refined Energy Corp.

VANCOUVER, British Columbia, October 31, 2025 - Aman Parmar of 602 - 13737 96 Avenue, Surrey, BC V3V 0C6 announces that today he disposed of ownership and control over 1,300,000 common shares (the "Sale Shares") in the capital of Refined Energy Corp. (the "Company") held by 1428 Investments Inc. (the "Disposition"). The Disposition was undertaken pursuant to a share purchase agreement dated October 30, 2025.

Prior to the Disposition, Mr. Parmar, personally and through 1428 Investments Inc., had ownership and control over 4,036,936 common shares in the capital of the Company ("Common Shares"), representing approximately 10.60% of the issued and outstanding Common Shares, along with 387,500 stock options of the Company (the "Options"), exercisable into Common Shares at a price of $2.80 (as to 62,500 Options), $0.44 (as to 125,000 Options) and $0.10 (as to 200,000 Options) per Common Share, and 1,229,070 warrants of the Company (the "Warrants"), exercisable into Common Shares at a price of 0.13 per Common Share. Prior to the Disposition, assuming the exercise of all of the Options and Warrants for Common Shares, Mr. Parmar, personally and through 1428 Investments Inc., would have had ownership and control over 5,653,506 Common Shares, representing approximately 14.23% of the issued and outstanding Common Shares (taking into account the Common Shares issued upon the exercise of such Options and Warrants).

Following the Disposition, Mr. Parmar, personally and through 1428 Investments Inc. has ownership and control over 2,736,936 Common Shares, representing approximately 7.18% of the currently issued and outstanding Common Shares. Assuming the exercise of all of the Options and Warrants for Common Shares, Mr. Parmar, personally and through 1428 Investments Inc., would have ownership and control over 4,353,506 Common Shares, representing approximately 10.96% of the issued and outstanding Common Shares (taking into account the Common Shares issued upon the exercise of such Options and Warrants).

The Sale Shares were sold in the ordinary course of Mr. Parmar's investment activities. Mr. Parmar continues to hold securities of the Company in the ordinary course of his investment activities and may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold securities of the Company.

1428 Investments Inc. is a corporation organized under the laws of British Columbia which conducts ordinary investment activities, with an address at 602 - 13737 96 Avenue, Surrey, BC V3V 0C6. The head office of the Company is 1930 - 1177 West Hastings Street, Vancouver, British Columbia V6E 2K3.

To obtain a copy of the early warning report filed under applicable Canadian securities laws in connection with the transactions hereunder, please see the Company's SEDAR+ profile at www.sedarplus.ca or contact Eli Dusenbury, CFO of the Company, at 1-604-398-3378.