The TSX Venture Exchange has accepted for filing the qualifying transaction of Cavalry Capital Corp., as described in its filing statement dated Dec. 12, 2025. As a result, effective at the opening on Monday, Dec. 29, 2025, the trading symbol for Cavalry will change from CVY.P to AEF and Cavalry will no longer be considered a capital pool company (CPC). The qualifying transaction includes the following matters, all of which have been accepted by the exchange.

Acquisition of all of the shares of Advanced Energy Fuels Inc.

Pursuant to a share exchange agreement dated July 17, 2025, between Cavalry and Advanced Energy, Cavalry has acquired all of the issued and outstanding common shares of Advanced Energy in exchange for 20,579,938 common shares of the company issued to the shareholders of Advanced Energy on a one-for-one basis. As a result of the transaction, Advanced Energy became a wholly owned subsidiary of Cavalry.

Immediately prior to the completion of the transaction, Advanced Energy exercised the option to indirectly acquire a 100-per-cent interest in the South Woodie Woodie manganese project, located in the Pilbara region of western Australia, and AE Fuels Corp. issued six million postconsolidation common shares of AE Fuels to Trek Metals Ltd., which, when added to the two million postconsolidation shares of AE Fuels issued to Trek pursuant to the share exchange agreement, total eight million postconsolidation shares of AE Fuels.

For more information regarding Advanced Energy, see the filing statement, which is available under Cavalry's profile on SEDAR+.