The global shift toward electrification and advanced battery technologies has intensified demand for secure supplies of critical minerals, particularly manganese, which is emerging as a key component in next-generation energy‑storage chemistries.
In this landscape, a pre-development stage company has experienced a transformative restructuring and asset expansion, positioning itself to become a meaningful participant in the manganese supply chain while maintaining its exposure to fluorspar in the United States.
Recent corporate transactions, project acquisitions and capital‑raising initiatives have reshaped the company’s portfolio and governance, setting the foundation for its next phase of growth.
Battery materials company AE Fuels Corporation (TSXV:AEF) has entered 2026 as a newly strengthened critical‑minerals company with a sharpened focus on manganese—a material that continues to gain strategic significance in global energy‑transition supply chains. While manganese now anchors the company’s portfolio following its recent acquisition activity, AE Fuels also maintains exposure to fluorspar through a project in
New Mexico, providing investors with diversified leverage to two minerals increasingly recognized as vital to manufacturing, electrification, and clean‑technology growth.
This article is disseminated in partnership with AE Fuels Corp. It is intended to inform investors and should not be taken as a recommendation or financial advice.
Completing the Advanced Energy Fuels transaction
In late December 2025, AE Fuels Corp. (previously Cavalry Capital Corp.) completed its combination with US-based Advanced Energy Fuels Inc. Under the terms of the share exchange agreement, AE Fuels acquired all issued and outstanding shares of Advanced Energy in exchange for 20,579,938 AE Fuels common shares on a one‑for‑one basis. With the closing of this transaction, Advanced Energy became a wholly owned subsidiary of AE Fuels, expanding the company’s project base and positioning it for accelerated growth in the critical‑minerals sector.
Advanced Energy Fuels and the South Woodie Woodie Manganese Project
Under an Option and Acquisition Agreement signed in September 2024, Advanced Energy Fuels exercised its option with Trek Metals Ltd to acquire a 100 per cent ownership interest in the South Woodie Woodie Manganese Project in Western Australia’s Pilbara region. The terms included:
- A$500,000 in cash
- Issuance of 8,000,000 AEF shares
South Woodie Woodie comprises nine contiguous mineral exploration licenses covering 517.5 km². The project hosts the Contact and Contact North manganese deposits, alongside a suite of high-grade regional prospects with strong exploration potential.
Key highlights:
- Historical drilling: 418 holes totalling 39,920 metres
- NI 43‑101 inferred resource: 11.3 million tonnes grading 15.0 per cent Mn at a 10.1 per cent Mn cut-off
- Grades up to 50.0% Mn recorded in resource drilling
Advanced Energy has completed an initial assessment of mining, processing, and infrastructure considerations to guide technical work and prioritize value drivers. The company is advancing a staged, fully integrated development plan targeting production of High-Purity Manganese Sulphate Monohydrate (HPMSM) and Electrolytic Manganese Metal (EMM) for battery applications.
“Exercising the option and securing 100 per cent ownership of South Woodie Woodie is a key step for AEF. We now have a defined resource base and a clear pipeline of technical work to de-risk the Project, from beneficiation through to purification and HPMSM crystallization,” Gary Lewis, the company’s president and CEO, explained in a media statement. “In 2026, our priorities are to progress the PFS and environmental baseline studies, complete the next stages of metallurgical testwork, and advance the project toward commercialization and production of battery-grade manganese products. This work will also include progressing our discussions with government and potential supply chain partners.”
Technical progress and 2026 workstreams
AEF has already completed structured metallurgical testwork and continues to advance programs focused on:
- Pyrometallurgical reduction, leaching, and impurity removal on concentrate samples
- Solvent extraction (SX) and crystallization from purified leach liquor to produce battery-grade HPMSM
- Engineering studies to refine project definition and support funding decisions
With the South Woodie Woodie acquisition complete, AE Fuels now controls a highly prospective manganese asset at a time when manganese’s role in next-generation battery chemistry—particularly high‑manganese cathode formulations—is drawing increasing attention from automakers, energy‑storage developers, and governments.
Concurrent financing strengthens growth platform
On November 20, 2025, AE Fuels completed a non‑brokered private placement of 10,960,468 subscription receipts, priced at $0.25, for gross proceeds of C$2,740,117. Upon completion of the Advanced Energy transaction:
- Each subscription receipt converted into one AE Fuels share
- One‑half of one warrant (each full warrant exercisable at $0.35 until December 19, 2027)
Proceeds (less deductions) were released from escrow concurrently with the closing and will be deployed as outlined in the company’s filing statement. The financing remains subject to final TSXV approval.
This capital injection strengthens AE Fuels’ ability to advance both the South Woodie Woodie manganese project and its US fluorspar assets.
Board and leadership reconstitution
Following the acquisition, AE Fuels reconstituted its board to guide the company’s expanded strategy and operational scope. The new board comprises:
- Gary Lewis
- Melissa Sanderson
- Mitchell Smith
- Derek Marshall
- Brandon Bonifacio
Executive leadership now includes:
- Gary Lewis, CEO and president
- Melissa Sanderson, chair
- Jack Cartmel, CFO and corporate secretary
The company’s leadership team brings deep experience across mining, capital markets, and critical minerals project development—credentials that will support the advancement of AE Fuels’ assets through exploration, de-risking, and value creation.
Trek Metals: Early warning disclosure
As disclosed under National Instrument 62‑103, Trek Metals now beneficially owns 8,000,000 AE Fuels shares, representing approximately 19.31 per cent of AE Fuels on an undiluted basis. Trek’s position reflects a strategic investment in AE Fuels’ manganese direction. Trek may increase, reduce, or maintain its position depending on market conditions and corporate strategy, with certain securities subject to escrow under Form 5D.
Ongoing exposure to fluorspar in New Mexico
In addition to its pivot toward manganese, AE Fuels continues to maintain a fluorspar project in New Mexico. Fluorspar (fluorite) is designated as a critical mineral in the U.S. due to its importance in batteries, chemical manufacturing, refrigerants, specialty polymers, and metallurgical applications.
This project provides AE Fuels with optionality in an additional emerging supply‑chain segment, balancing its portfolio with exposure to two minerals increasingly targeted for domestic and allied‑nation production.
Manganese strategy: Building a global battery minerals business
AEF’s long-term strategy centres on delivering high-purity manganese products into North American battery and technology markets. Manganese ranks among the highest U.S. net import reliance of any critical mineral and plays a dominant role in lifecycle-extending battery chemistries, including:
- NMC (Nickel Manganese Cobalt)
- LMFP (Lithium Manganese Iron Phosphate)
- LM-R (Lithium Manganese Rich)
- Emerging solid-state and sodium-ion batteries
These manganese-based chemistries are essential for electric vehicles (EVs) and energy storage systems (ESS), enabling integration of intermittent renewable energy sources such as wind and solar.
With supply chain concentration and geopolitical risk accelerating the push for onshoring, AEF is strongly positioned to become a reliable, competitive supplier to North American battery and technology markets. The company expects to update investors on project milestones supported by integrated technical, commercial, and financing workstreams.
Positioned for growth in the critical minerals economy
With its corporate restructuring complete, AE Fuels enters 2026 with:
- A 100 per cent‑owned, strategically located manganese project in the Pilbara
- A strengthened treasury from the recent financing
- A broadened board and executive leadership team
- A major new strategic investor in Trek Metals
- A continuing foothold in the fluorspar market
For investors seeking exposure to future-facing commodities — particularly manganese, which is rising in prominence due to evolving battery chemistries — AE Fuels Corporation. represents an emerging opportunity supported by recent strategic consolidation and financing momentum.
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