Refined Energy Corp. adds Ken Wheatley to Board of Directors and Amends Simard Property Option Agreement

Rhea-AI Summary

Refined Energy (CSE: RUU | OTC: RRUUF) announced on Dec 2, 2025 the appointment of veteran uranium explorer Ken Wheatley to its Board and a fourth amendment to its Simard property option with Geomap Exploration dated Oct 10, 2025.

Wheatley brings >44 years of uranium exploration experience and has led or contributed to multiple notable discoveries in Saskatchewan and Nunavut. The Fourth Amending Agreement defers certain payment, share-issuance, and exploration obligations, reduces the claim package from 96 to 61 mining claims and the land area from 5,571 ha to 3,539 ha, and provides for issuance of 50,000 shares to Geomap, subject to CSE approval and a statutory four-month hold.

Positive

• Board hire: Ken Wheatley with >44 years uranium exploration experience
• Retained option: Exclusive right to acquire up to 100% of the amended Simard claims
• Land package: Continued control of 61 mining claims covering 3,539 hectares

Negative

• Claim reduction: Mining claims reduced from 96 to 61
• Deferred obligations: Payment, share issuance, and exploration obligations deferred
• Share issuance: Company agreed to issue 50,000 shares to Geomap, subject to CSE approval

Key Figures

Share price $0.3217 Pre-news level in latest session

Daily move 15.51% 24h price change prior to article context

52-week range high $0.504 52-week high before this news

52-week range low $0.10 52-week low before this news

Simard mining claims 61 claims Reduced from 96 under Fourth Amending Agreement

Simard land area 3,539 hectares Reduced from 5,571 hectares in amended option

Consideration shares 50,000 shares To be issued to Geomap, subject to CSE approval and hold period

Optioned interest 100% interest Exclusive right and option in Simard claims under agreement

Market Reality Check

$0.4200 Last Close

Volume Volume 12,726 is below 20-day average 16,223 (relative 0.78x) normal

Technical Price 0.3217 is trading above 200-day MA 0.20 and below 52-week high 0.504

Peers on Argus

RRUUF gained 15.51% while key peers like GURFF (-3.01%) and ORESF (-12%) were down or flat, indicating a stock-specific reaction rather than a sector-wide move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 08	Drill proposal	Positive	-3.7%	Formal drill program proposal and surveys for Dufferin Phase I program.
Dec 02	Board & property	Positive	-18.9%	Ken Wheatley joins Board and Simard option terms amended and deferred.
Nov 10	Corporate update	Positive	+11.4%	Corporate update, $2M financing, and Q1 2026 drill plans for key projects.
Jun 30	Technical report	Positive	+0.0%	NI 43-101 report filed with recommended 1,250 m drill program at Dufferin.

Pattern Detected

Recent history shows mostly positive operational news with mixed to negative immediate price reactions, suggesting a tendency for shares to underreact or sell off on good developments.

Recent Company History

This announcement adds an experienced uranium explorer to the Board and further amends the Simard option, continuing a 2025 trend of advancing exploration assets. Earlier in Nov 2025, the company closed a $2 million equity financing and outlined Q1 2026 drill plans. A June 30, 2025 NI 43-101 report recommended a funded drill program at Dufferin. Despite these steps, prior positive updates sometimes saw flat or negative price moves, making today’s strength notable against that backdrop.

Market Pulse Summary

The stock dropped -18.9% in the session following this news. A negative reaction despite positive management and property news would fit a recent pattern where constructive updates did not consistently translate into immediate gains. Several earlier positive catalysts, including technical and drilling milestones, saw flat or negative 24-hour moves. In that context, a sharp decline could highlight lingering concerns around execution, prior financings, or sector sentiment rather than this announcement alone, and might underscore how sensitive the shares have been to broader risk appetite in the small-cap resource space.

Key Terms

professional geoscientist technical

"Mr. Wheatley is a Professional Geoscientist registered with the Association..."

A professional geoscientist is a licensed or certified expert who studies Earth's materials and processes—such as rocks, soils, groundwater and seismic activity—and provides authoritative assessments used in exploration, environmental work and engineering. Investors rely on their reports because these experts evaluate the size and reliability of mineral or oil resources, contamination risks and regulatory compliance, much like a building inspector certifies a property’s condition before a purchase.

mineral property option agreement financial

"...amending the mineral property option agreement dated December 20, 2022..."

A mineral property option agreement is a contract that gives one party the right to earn ownership or control of a mining claim or mineral rights by making scheduled payments, funding exploration work, or meeting other milestones over time. Think of it like a rent-to-buy deal for a piece of land with minerals: it lets a company test and develop the asset before fully committing, while the owner gets cash, activity on the property, and possible future payments. Investors care because these agreements shape a company’s future asset base, near-term cash obligations, potential dilution, and the chance to add valuable resources without an immediate large purchase.

common share issuance financial

"...deferred certain of the Company’s payment, common share issuance, and exploration..."

Issuing common shares means a company creates and sells additional ordinary ownership shares that carry voting rights and may receive dividends. For investors this matters because it increases the total number of shares outstanding, reducing each existing owner’s percentage stake and potentially lowering per-share earnings and market price, while providing the company with cash to pay debt, expand operations, or fund projects — like slicing a cake into more pieces but adding money to the baker.

statutory four-month hold period regulatory

"...and will be subject to a statutory four-month hold period in accordance..."

A statutory four-month hold period is a legally required waiting time after securities are issued or transferred during which the holder cannot publicly resell them without meeting registration or exemption rules. It matters to investors because it limits how quickly they can convert those shares into cash and can reduce market liquidity and short-term demand, much like a temporary lock on a newly purchased item that prevents immediate resale.

AI-generated analysis. Not financial advice.

VANCOUVER, British Columbia, Dec. 02, 2025 (GLOBE NEWSWIRE) -- Refined Energy Corp. (CSE: RUU | OTC: RRUUF | FRA: CWA0) ("Refined” or the "Company") is pleased to announce the appointment of veteran uranium explorer Ken Wheatley to its Board of Directors.

Mr. Wheatley is a Professional Geoscientist registered with the Association of Professional Engineers and Geoscientists of Saskatchewan and brings more than 44 years of uranium exploration expertise across Canada’s premier mining jurisdictions. Since beginning his career in 1980, he has played increasingly key roles in the discovery of multiple notable deposits, including:

• Cluff Lake: Dominique and South Dominique Janine (Amok Ltd.)
• McClean Lake: Sue C, D and E deposits (Minatco)
• Key Lake: BV and P-Patch occurrences (Uranerz Exploration and Mining Ltd.)
• Midwest A (Orano), where he led the exploration team responsible for its discovery and delineation

Most recently, as Vice President of Exploration for Forum Energy Metals Corp., Mr. Wheatley discovered the Opie, Barney, and Otis West uranium showings at Northwest Athabasca. His extensive career also includes uranium exploration in Nunavut around the Kiggavik deposits, as well as copper exploration at Janice Lake and nickel–platinum–palladium exploration at Love Lake. He holds an H.B.Sc. from Laurentian University (1980) and an M.Sc. from the University of Saskatchewan (1985).

“I am excited to join Refined," said Mr. Wheatley. “The Company has assembled an interesting land package in Saskatchewan, and I look forward to contributing to its efforts as it advances exploration for new uranium discoveries.”

“Ken has already delivered tremendous insight on our Dufferin Project,” added Mark Field. “Bringing him onto the Board is a natural next step, and his depth of knowledge in Saskatchewan’s uranium districts will be a major catalyst for the Company’s momentum moving forward.”

The Company also announces that it has entered into a fourth property option amendment agreement with Geomap Exploration Inc. ("Geomap") dated October 10, 2025 (the “Fourth Amending Agreement”) amending the mineral property option agreement dated December 20, 2022, as previously amended November 14, 2023, February 28, 2024 and April 24, 2025, pursuant to which Geomap had granted the Company the exclusive right and option to acquire up to a 100%) interest in and to 96 mining claims covering approximately 5,571 hectares of land, located in the Lac Simard region of Quebec.

Pursuant to the Fourth Amending Agreement, the Company and Geomap have further deferred certain of the Company’s payment, common share issuance, and exploration expenditure obligations and reduced the number of mining claims from 96 to 61, covering approximately 3,539 hectares of land thereunder.

As consideration for the Fourth Amending Agreement, the Company has agreed to issue 50,000 Shares (the “Fourth Amendment Consideration Shares”) to Geomap, upon receipt of the approval of the Canadian Securities Exchange (the “CSE”).

All Shares to be issued to Geomap pursuant to the Fourth Amending Agreement, including the Fourth Amendment Consideration Shares, are subject to approval by the CSE and will be subject to a statutory four-month hold period in accordance with applicable Canadian securities legislation.

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% 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.

For further information, please contact
Eli Dusenbury
Chief Financial Officer
+1 (604) 398-3378
info@refinedenergy.com

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current beliefs or assumptions as to the outcome and timing of such future events. In particular, this press release contains forward-looking information relating to, among other things, the Fourth Amending Agreement, including all future transactions contemplated thereunder, and the receipt of all necessary regulatory and other approvals.

Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information, including, in respect of the forward-looking information included in this press release, the assumption that the Company will obtain the necessary approvals to proceed with the transactions contemplated by the Fourth Amending Agreement.

Although forward-looking information is based on the reasonable assumptions of the Company’s management, there can be no assurance that any forward-looking information will prove to be accurate. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include the risk that the Company may be unable to obtain the approvals necessary to proceed with the transactions contemplated by the Fourth Amending Agreement.

The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.

FAQ

Who is Ken Wheatley and why did Refined Energy (RRUUF) add him to the board on Dec 2, 2025?

Ken Wheatley is a professional geoscientist with >44 years of uranium exploration experience and multiple discovery credits; he was appointed to advise on Saskatchewan exploration.

What changed under the Simard property option amendment dated Oct 10, 2025 for Refined Energy (RRUUF)?

The Fourth Amending Agreement deferred certain payment, share-issuance and exploration obligations and reduced the claim count from 96 to 61 covering 3,539 hectares.

How many shares will Refined Energy (RRUUF) issue to Geomap under the amendment?

The company agreed to issue 50,000 shares to Geomap as consideration, subject to Canadian Securities Exchange approval and a four-month hold.

Does Refined Energy (RRUUF) still hold an option to acquire the Simard property after the amendment?

Yes; the amendment preserves the company’s exclusive right and option to acquire up to a 100% interest in the amended Simard claim package.

What approvals are required for the shares issued to Geomap under the Oct 10, 2025 amendment?

All shares to be issued to Geomap require approval from the Canadian Securities Exchange and will be subject to a statutory four-month hold period.