Business Description

NOTE 1 – BACKGROUND, ORGANIZATION AND BASIS OF PRESENTATION MMEX Resources Corporation (the “Company” or “MMEX”) was formed as a Nevada corporation in 2005. The current management team led an acquisition of the Company (then named Management Energy, Inc.) through a reverse merger completed on September 23, 2010 and changed the Company’s name to MMEX Mining Corporation on February 11, 2011 and to MMEX Resources Corporation on April 6, 2016. Since 2021 MMEX has expanded its focus to the development, financing, construction and operation of clean fuels infrastructure projects powered by renewable energy. The accompanying consolidated financial statements include the accounts of the following entities, all of which the Company maintains control through a majority ownership or through common ownership: Name of Entity % Form of Entity State of Incorporation Relationship MMEX Resources Corporation (“MMEX”) - Corporation Nevada Parent Pecos UltraClean Refining, LLC (formerly Pecos Refining & Transport, LLC and Pecos Clean Fuels & Transport, LLC) 89.55 % LLC Texas Subsidiary Trans Permian Energy, LLC (formerly Trans Permian H2Hub, LLC) 89.55 % LLC Texas Subsidiary MMEX Solar Resources, LLC 100 % LLC Texas Subsidiary Hydrogen Global, LLC 100 % LLC Texas Subsidiary MMEX USA Holdings, LLC 100 % LLC Texas Subsidiary MMEX Argentina USA, LLC 100 % LLC Texas Subsidiary Pecos H2, LLC 100 % LLC Texas Subsidiary All significant inter-company transactions have been eliminated in the preparation of the consolidated financial statements. The Company has adopted a fiscal year end of April 30.