Mr. Eli Dusenbury reports

REFINED ENERGY CORP. CLOSES C$1,500,000 CHARITY FLOW-THROUGH PRIVATE PLACEMENT

Refined Energy Corp. has closed the previously announced non-brokered charity flow-through private placement (the CFT private placement) of units in the capital of the company. Pursuant to the CFT private placement, the company issued 1,428,572 units at a price of $1.05 per unit for gross proceeds of $1,500,000.60.

Each unit consists of one flow-through common share in the capital of the company and one common share purchase warrant, with each warrant entitling the holder thereof to purchase one common share in the capital of the company at a price of $1.05 until Feb. 13, 2028, provided that the warrants are subject to a hold period until April 14, 2026, during which time they may not be exercised.

The FT shares and warrants comprising the units will qualify as flow-through shares within the meaning of the Income Tax Act (Canada) and as eligible flow-through shares as defined in The Mineral Exploration Tax Credit Regulations, 2014 (Saskatchewan). Upon exercise of the warrants, the underlying common shares will not be issued as flow-through shares within the meaning of the tax act.

The gross proceeds from the sale of the units will be used by the company to incur eligible Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures, as such terms are defined in the tax act, and to incur eligible flow-through mining expenditures pursuant to the SK regulations, at the company's Dufferin project, including to finance the expenditures of the company's phase 1 exploration program at the Dufferin project, which is expected to commence in the first quarter of 2026. All qualifying expenditures will be renounced in favour of the subscribers of the units effective on or before Dec. 31, 2026.

The CFT private placement was completed in reliance on the listed issuer financing exemption from the prospectus requirements under Part 5A.2 of NI 45-106 National Instrument 45-106 -- Prospectus Exemptions and the Coordinated Blanket Order 45-935 -- Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. Because the CFT private placement was completed pursuant to the LIFE, the securities issued pursuant to the CFT private placement are not subject to a hold period in accordance with applicable Canadian securities laws.

There is an offering document dated Jan. 20, 2026, related to the CFT private placement that can be accessed under the company's profile at SEDAR+ and on the company's website. This offering document contains additional detail regarding the CFT private placement, including additional detail regarding the expected use of proceeds from the CFT private placement.

About Refined Energy Corp.

Refined is a junior mining company dedicated to identifying, evaluating and acquiring interests in mineral properties in North America. The Dufferin project in the Athabasca basin is the flagship project of Refined and a drill program is planned for 2026. Refined also has an option to earn up to a 100-per-cent interest in the Basin and Milner uranium properties in Saskatchewan. The company continues to review other mineral properties in North America for possible acquisition in the future.

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