Author: Atrium Research November 04, 2026
Ben Pirie | Equity Research Analyst | [email protected] | 647-688-9661
Nicholas Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314
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What you need to know:
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AEF holds two 100%-owned critical minerals projects: South Woodie Woodie (SWW) in Western Australia (11.3Mt at 15.0% Mn), and Fluorite Ridge, a brownfield fluorspar district in New Mexico.
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Mini-pilot-scale solvent extraction (SX) testing achieved 95-99% Mn recovery and produced battery-grade HPMSM crystals.
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Resource growth potential at SWW is underscored by 44 high-priority drill targets identified by gravity surveys.
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Consolidating historic fluorspar mines in New Mexico, with geological processing and permitting work underway.
AE Fuels Corp. (AEF:TSXV, NRGFF:OTCQB) is an early-stage critical minerals developer building a western supply chain for battery-grade manganese and fluorspar, two minerals on which the US is 100% import-reliant. Its flagship SWW Manganese Project is ~70km south of the producing Woodie Woodie manganese mine and hosts a shallow, high-grade 15.0% Mn inferred resource that was successfully upgraded to a 30–35% Mn concentrate through simple dense media separation and converted into high-purity manganese sulphate monohydrate (HPMSM) that met battery-grade impurity limits at mini-pilot scale. With 44 drill-ready targets outside the resource, a PFS targeted for 2027, and new memberships in the US Defense Industrial Base Consortium (DIBC) and Australia’s A$53M CMCI CRC, we believe AE Fuels is an overlooked story valued at a fraction of its real potential because of its limited listing history. We are initiating coverage on AE Fuels Corp. with a BUY rating and target price of $0.40/share.
Investment Thesis Summary
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High-Grade Mn Project in Tier-One District. SWW’s 15.0% Mn grade is ~49% above the ~10.1% Mn average of its Pilbara peers. Mineralization is shallow (within ~10m at the Contact deposit) and parallel to the ground, making the deposit highly mineable, supported by regional infrastructure that includes a sealed haul road running from the producing Woodie Woodie mine to the bulk port at Port Hedland.
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Battery-Grade Product Already Demonstrated. Beneficiation, including simple crushing, scrubbing and dense media separation (DMS) upgraded feed to a 30-35% Mn concentrate with 54-68% recoveries. Further, calcination and acid leaching on the concentrate resulted in up to 94% Mn extraction. Recent mini-pilot testing by Australia’s CSIRO, using a synthetic pregnant leach solution based on demonstrated SWW chemistry, achieved 95–99% Mn recovery and produced HPMSM crystals meeting the battery-grade impurity limits assessed.
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Blue-sky Resource Growth Potential. The current MRE only covers 2.5% of the tenement. Gravity surveys at SWW identified 44 priority targets along a 3.5km high-grade trend at the Pearana and Pothole targets, north of the current resource area. A 44-hole (3,280m) RC drill program is planned to follow up on these targets.
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Domestic US Fluorspar Opportunity at Fluorite Ridge. AEF is consolidating historic fluorspar mines in NM, with geological, processing and permitting work underway at Fluorite Ridge. The project targets domestic supply for semiconductor, battery, and nuclear markets, complementing AEF’s manganese portfolio.
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Proven Management Team. AEF is led by CEO Gary Lewis, who brings 30+ years of experience in financing and development resource companies, including Electric Metals’ North Star (Emily) Project that trades at an EV/t multiple ~2.8x that of AEF.
Catalysts
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Financing – Q4/26 – Q1/27
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RC drilling at SWW’s Pearana and Pothole targets – 2027
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SWW PFS – 2027
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Atrium Research Ratings System
BUY: The stock is expected to generate returns of over 20% over the next 24 months.
HOLD: The stock is expected to generate returns of 0-20% over the next 24 months.
SELL: The stock is expected to generate negative returns over the next 24 months.
NOT RATED (N/R): Atrium does not provide research coverage on the respective company.
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