MMEX Resources Corp

MMEX Resources Corp announced the completion of debt conversion transactions with key consultants, converting approximately $1.38 million of obligations into 27,483,541,015 shares of common stock. Separately, its project affiliate Pecos UltraClean Refining, LLC received Texas Commission on Environmental Quality (TCEQ) approval for the Permit by Rule registration for the proposed UltraClean Refinery North facility. This regulatory milestone, along with prior approval for the South facility, positions the complex for a combined processing capacity of 60,000 barrels per day.

MMEX Resources Corporation reported a net loss of $1,913,301 for the fiscal year ended April 30, 2026, and faces substantial doubt about its ability to continue as a going concern due to continuous losses, an accumulated deficit, and negative cash flows. The company, focused on clean fuels infrastructure projects, has not yet generated revenues and requires significant capital investments. It also settled a legal proceeding for $533,750 during the year.

MMEX Resources Corp's subsidiaries, Pecos UltraClean Refining, LLC and Trans Permian Energy, LLC, have launched a private offering of preferred membership units to accredited investors. The offering aims to raise up to $5.0 million for project financing. As of April 20, 2025, the company had accepted $500,000 in subscriptions. Investors in these preferred units are entitled to a return of capital and an 18% make-whole payment upon the closing of debt or equity placement for project financing, along with a common membership percentage interest in each subsidiary.