AEF Assembles District-Scale Fluorspar Position at Fluorite Ridge in New Mexico, Expands Footprint 81 lode mining claims spanning ~7km strike length across historic fluorspar district. Historic production grades reported up to 92% CaF2
AEF Assembles District-Scale Fluorspar
Position at Fluorite Ridge in New Mexico,
Expands Footprint
81 lode mining claims spanning ~7km strike length across historic fluorspar district.
Historic production grades reported up to 92% CaF2
1
.
Early work highlights potential for bulk-tonnage beyond historic high-grade veins.
Positioned to support US-aligned hydrofluoric acid (HF) and critical mineral supply
chains.
Exploration and metallurgical program to commence to define drill targets and
processing pathways.
Vancouver, British Columbia--(Newsfile Corp. - May 12, 2026) -
AE Fuels Corporation
(TSXV: AEF)
(OTCQB: NRGFF) ("
AEF
" or the "
Company
") is pleased to provide an update on its 100% owned
Fluorite Ridge Project (the "Project"), in New Mexico, USA, including expansion of the Company's land
position through additional staking and advancement of exploration activities.
Figure 1: Fluorspar (CaF
2
) enabling strategic US growth markets
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11811/297034_f0ee5e2134892b9b_004full.jpg
Fluorite Ridge gives AEF exposure to one of the most strategically important supply chains in advanced
manufacturing. Fluorspar is the primary feedstock for hydrofluoric acid (HF), a critical material used in
semiconductor fabrication, battery materials, nuclear technologies and defense applications (Figure 1).
Why is this important?
With the United States heavily reliant on imported fluorspar, AEF believes
Fluorite Ridge represents a compelling opportunity to help strengthen domestic supply chains for critical
fluorine-based materials.
Gary Lewis, CEO of AEF, commented: "Fluorite Ridge is a rare opportunity to consolidate a historic
fluorspar district at a time when domestic supply chains are becoming increasingly important. We
believe the Project has the potential to become a strategically important source of US-aligned fluorspar
feedstock supporting hydrofluoric acid and advanced manufacturing supply chains."
Fluorite Ridge: historic fluorspar producer with district-scale potential
Fluorite Ridge consists of 81 mining lode claims covering approximately 1,673 acres on lands
administered by the U.S. Bureau of Land Management. (Figure 2). The Project contains multiple
prospects and at least eight abandoned mines over a strike length of roughly seven kilometers.
The Fluorite Ridge district has a well-documented but underdeveloped history of fluorspar production,
commencing in the early 20
th
century and continuing intermittently through to the 1950s. Peak activity
occurred from the 1930s to WW2 in response to strong demand from US steel and chemical industries,
with the majority of output sourced from the Sadler and Greenleaf Mines.
Mining activity declined in the mid-20th century due to falling prices rather than resource depletion, and
no modern, systematic exploration has been undertaken across much of the district. This historical
production profile highlights both the established presence of high-grade fluorite mineralization and the
potential for significant untested extensions at depth and along strike.
Figure 2: AE Fuels mining lode claims over Fluorite Ridge, Luna County, NM, USA
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11811/297034_aef-figure2.jpg
Geologically, the Project is centered on fluorite-bearing jasperoid, silicified fossiliferous limestone,
quartz breccia and hematite-rich breccia developed within and adjacent to limestone, sandstone,
conglomerate, shale and intrusive rocks.
Soil sampling program
Covering the main Fluorite Ridge, 350 soil samples were collected across eleven soil lines spaced
400m apart. All soil samples were submitted to ALS Geochemistry in Tucson, Arizona for fluorine
analysis. Results from the soil program were later used to rank follow-up targets. The follow-up field
program selected target areas where clusters of three or more soil samples returned more than 1,000
ppm fluorine (Figure 3).
Figure 3: Soil fluorine anomalies at Fluorite Ridge
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11811/297034_f0ee5e2134892b9b_006full.jpg
Mapping and channel sampling
A detailed outcrop mapping and channel sampling program was carried out at Fluorite Ridge. Fifteen
target sites were identified from the soil results.
Channel lines were oriented to approximately 45° across prospective outcrop and were selected on the
basis of jasperoid development, fluorite-bearing veins, accessibility, safety and outcrop continuity.
Mapping recorded lithology, alteration and structural observations in detail around each sampled line.
The work showed that fluorite is enriched within jasperoid and silicified features and also occurs in
adjacent rocks. The most significant visible fluorite was reported from silicified fossiliferous limestone,
while high fluorine values were also recorded in places where fluorite was not obvious in outcrop,
suggesting that fine-grained or disseminated fluorite may also be present within jasperoid systems.
Figure 4: Mapping and selected channel sample locations
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11811/297034_aef-figure4.jpg
Field review and implications
A site visit was undertaken for sample collection, mineralogical and metallurgical characterization, and to
determine the next exploration steps. The review confirmed that, fluorite-bearing breccias were identified
as the best immediate exploration target. The review highlighted Sites 6, 9 and 9A as the preferred
areas for preliminary metallurgical work using coarse assay rejects from prior channel sampling.
Figure 5: Example of breccia mineralization for priority follow-up and metallurgical sampling
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11811/297034_f0ee5e2134892b9b_009full.jpg
Next steps
The current data supports a focused next phase aimed at advancing Fluorite Ridge toward drill-ready
targets and preliminary process validation. Based on the completed work, the Company expects the next
steps at Fluorite Ridge to include detailed geological mapping across the broader property, supported
by high-resolution drone and / or satellite photogrammetry, hyperspectral imagery and topographic
control. Additional surface and channel sampling is warranted at incomplete or revised targets and other
prospective ridge positions identified by the soil program. AEF has commissioned Ethos Geological,
based in Bozeman, Montana to undertake this work.
Preliminary metallurgical testing on assay rejects is expected to provide the first direct indication of
concentrate potential and upgrade options, and selected pulps from mineralized breccias may also be
assayed for tungsten.
AEF has prepared a preliminary characterization scope of work for Fluorite Ridge based on
approximately 20 kg of selected rock-chip and channel-sample material. The aim is to understand the
nature of the fluorite mineralization and to define viable near-term product pathways before larger-scale
bulk sampling or drilling. The program is intended to include major- and minor-element head assays;
estimates of CaF
2
, and carbonate content; XRD, petrology and mineral liberation work; staged crushing
and size-by-size assays; sink-float density screening; small-scale flotation testing; and a small-scale
gravity testwork.
Environmental and Social Impact Program
As part of its planned advancement activities at Fluorite Ridge, AEF is undertaking a comprehensive
environmental and social impact assessment program to support responsible project development. The
Company expects this work to include baseline environmental studies and stakeholder engagement
activities encompassing water resources, biological and ecological considerations, cultural heritage and
Tribal consultation, land use, and broader community and social impact considerations. AEF has
engaged permitting and ESG specialists to assist in developing a strategic permitting and stakeholder
engagement roadmap designed to support transparent, collaborative and environmentally responsible
project advancement in accordance with applicable Federal and State regulatory frameworks.
Advance Notice Policy
The Company announces that the board of directors (the "Board") of the Company approved an
advance notice policy (the "Advance Notice Policy") on April 28, 2026, with effect as of such date.
The purpose of the Advance Notice Policy is to provide shareholders, directors and management of the
Company with a clear framework for nominating directors. The Advance Notice Policy includes, among
other things, a provision that requires advance notice be given to the Company in circumstances where
nominations of persons for election to the Board are made by shareholders of the Company, other than
pursuant to a valid requisition of a meeting or a valid shareholder proposal made in accordance with the
provisions of the Business Corporations Act (British Columbia).
The Advance Notice Policy sets a deadline by which holders of record of common shares of the
Company must submit director nominations to the Company prior to any annual or special meeting of
shareholders, sets forth the information that a shareholder must include in the notice to the Company,
and establishes the form in which the shareholder must submit the notice for that notice to be in proper
written form.
In the case of an annual meeting of shareholders, notice to the Company must be made not less than 35
days prior to the date of the annual meeting. However, in the event that the annual general meeting is to
be held on a date that is less than 50 days after the date (the "Notice Date") on which the first public
announcement (as defined in the Advance Notice Policy) of the date of the annual meeting was made,
notice by the shareholder may be made not later than the close of business on the 10th day following the
Notice Date.
In the case of a special meeting of shareholders (which is not also an annual meeting) called for the
purpose of electing directors (whether or not called for other purposes), notice to the Company must be
made not later than the close of business on the 15th day following the day on which the first public
announcement of the date of the special meeting was made.
Notwithstanding the foregoing, the Board may, in its sole discretion, waive any requirement set out in the
Advance Notice Policy.
The Company intends to seek shareholder approval and ratification of the Advance Notice Policy at the
Company's next annual general meeting of shareholders. If the Company's shareholders do not approve
and ratify the Advance Notice Policy by ordinary resolution at the next annual general meeting, the
Advance Notice Policy shall cease to be of any force and effect following the termination of such
meeting.
The full text of the Advance Notice Policy is available under the Company's profile on SEDAR+ at
www.sedarplus.ca
.
Convertible Loan Disclosure
The Company further announces that it plans to enter into convertible loan agreements (the "
Convertible
Loan Agreements
") with Gary Lewis and two arm's-length lenders (collectively, the "
Lenders
"),
pursuant to which the Company may borrow an aggregate principal amount of up to CAD$300,000
under three convertible loans advanced by the Lenders (each, a "
Loan
" and collectively, the "
Loans
"),
subject to the satisfaction of certain conditions precedent, including the approval of the TSX Venture
Exchange (the "
Exchange
"). The Company intends to use the proceeds of the Loans to advance its
Fluorite Ridge project and for general working capital purposes. Each Loan bears interest at a rate of
5% per annum, compounded quarterly, with interest payable in cash on the maturity date, being twelve
months from the date of issuance. Subject to the approval of the Exchange, the outstanding principal
amount of a Loan may be converted, at the option of the applicable Lender at any time prior to maturity,
into common shares of the Company at a conversion price of $0.17 per common share. Any common
shares issued upon conversion of a Loan will be subject to a hold period of four months and one day
from the date of issuance, expiring on September 14, 2026, in accordance with applicable securities
laws and Exchange policies. The Company does not anticipate that entering into the Convertible Loan
Agreements will result in a material change in its business, operations or capital that would reasonably
be expected to have a significant effect on the market price or value of its securities.
Related Party Transaction Disclosure
Gary Lewis, one of the Lenders, is a related party of the Company by virtue of his position as Chief
Executive Officer and a director of the Company, and accordingly, the Loan advanced by Mr. Lewis (the
"
Lewis Loan
") constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-
101 -
Protection of Minority Security Holders in Special Transactions
("
MI 61-101
"). The Company is
relying on exemptions from the formal valuation and minority shareholder approval requirements of MI
61-101 in respect of the Lewis Loan pursuant to sections 5.5(b) and 5.7(1)(a) of MI 61-101, respectively,
as no securities of the Company are listed on a specified market for the purposes of MI 61-101 and the
fair market value of the Lewis Loan does not exceed 25% of the Company's market capitalization as
determined in accordance with MI 61-101. The board of directors of the Company approved the Lewis
Loan, with Mr. Lewis declaring his interest in the transaction and abstaining from voting on the approval.
No materially contrary view or abstention was expressed or made by any director of the Company in
relation thereto.
Qualified Person
John Levings, BSc FAusIMM., Technical Director, AE Fuels Corporation, is the Qualified Person, as
defined by National Instrument 43-101, responsible for the scientific and technical information in this
news release. Mr. Levings has reviewed, verified, and approved the scientific and technical information
in this news release. Mr. Levings is not independent of the Company for the purposes of NI 43-101.
This press release is approved by the board of directors of the Company:
About AE Fuels Corporation
AE Fuels Corporation (TSXV: AEF) (OTCQB: NRGFF) is a US-aligned, critical minerals company
focused on battery-grade manganese and fluorspar-hydrofluoric acid (HF) supply chains. The
Company's strategy connects allied-country manganese supply (Pilbara, Western Australia) and
domestic US fluorspar supply (New Mexico, USA) with US midstream processing and downstream
supply chains. Manganese and fluorspar are designated critical minerals in the US, Australia and EU,
and essential to multiple high-growth industries including battery materials, semiconductor fabrication
and advanced electronics, nuclear fuel processing and clean energy technologies. AEF is advancing
development activities aimed at delivering reliable, allied-sourced supply of these materials to reduce
foreign dependency and strengthen US industrial base resilience across these key industries.
For further information, please contact:
Gary Lewis, CEO and Director
T
+61 422 880 055
E
W
www.aefuels.com
Susan Assadi, Public Affairs
T
+1 347 977 7125
E
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities described herein in the United States. The securities described herein have not been
registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or
any state securities law and may not be offered or sold in the "United States", as such term is defined in
Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act
and applicable state securities laws or an exemption from such registration requirements is available.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This news release contains certain "forward-looking statements" and "forward-looking information"
within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are
not limited to, statements regarding: the scope, timing and results of the pre-feasibility study and
environmental baseline studies; the scope, timing and results of metallurgical testwork and process
development; the potential production of High-Purity Manganese Sulphate Monohydrate (HPMSM),
and/or electrolytic manganese metal (EMM), including suitability for battery and precursor specifications;
exploration activities and exploration results; potential changes to mineral resources; and the Company's
business objectives and strategy. Forward-looking statements are based on management's
expectations, estimates and assumptions as of the date of this news release and are subject to a
number of risks and uncertainties that may cause actual results to differ materially from those expressed
or implied by such forward-looking statements. These risks and uncertainties include, among other
things: results of exploration, metallurgical and engineering work; assumptions underlying technical and
economic studies; commodity price and market volatility; availability of financing on acceptable terms;
permitting and environmental approvals; operating and capital cost assumptions; and general economic,
market and business conditions. The Company does not undertake to update forward-looking
statements except as required by applicable securities laws. Readers are cautioned not to place undue
reliance on forward-looking statements.
1
Historical information referenced in this announcement is derived from archival sources and has not been verified as current mineral resources or
mineral reserves. Readers are cautioned that historical figures are not necessarily indicative of the quantity, grade or continuity of mineralization
currently present on the Property
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/297034