Mr. Corey Dias reports

ANFIELD ENERGY ANNOUNCES CLOSING OF PRIVATE PLACEMENT FINANCING

Anfield Energy Inc. has closed its brokered private placement, in which it issued 81.82 million units of the company at a price of 5.5 cents per unit for aggregate gross proceeds of $4,500,100.

The offering was conducted by a syndicate of agents led by Haywood Securities Inc. and including Red Cloud Securities Inc. Management and directors of Anfield subscribed for an aggregate of 9.08 million units, representing $499,400 of the gross proceeds of the offering.

Each unit comprised one common share in the capital of the company plus one-half share purchase warrant. Each warrant entitles the holder to purchase one additional share at an exercise price of 8.5 cents until July 10, 2025.

In consideration for their services, the agents received a cash commission of $255,024 and were issued an aggregate of 4,636,800 compensation options, with each compensation option entitling the holder to purchase one common share of the company at a price of 5.5 cents per share until July 10, 2025.

The units were sold to purchasers pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106. Other than units issued to insiders of the company, the units will not be subject to resale restrictions, pursuant to applicable Canadian securities laws. All units issued to insiders of the company are subject to restrictions on resale until Nov. 11, 2023, in accordance with the policies of the TSX Venture Exchange.

The net proceeds from the offering will be used to finance the advancement of the company's uranium and vanadium assets in the United States, and for general corporate purposes, including the anticipated acquisition of the Marquez-Juan Tafoya uranium project in New Mexico (as previously announced by the company on June 6, 2023).

The offering included participation by certain directors of the company in the aggregate amount of 9.08 million units. This participation by insiders of the company constitutes a related party transaction within the meaning of TSX-V Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. For their participation in the offering, the company has relied upon the exemption from the formal valuation requirements contained in Section 5.5(a) of MI 61-101, and has relied upon the exemption from the minority shareholder approval requirements contained in Section 5.7(1)(a) of MI 61-101.

About Anfield Energy Inc.

Anfield is a uranium and vanadium development and near-term production company that is committed to becoming a top-tier energy-related fuel supplier by creating value through sustainable, efficient growth in its assets.

A key asset in Anfield's portfolio is the Shootaring Canyon mill in Garfield county, Utah. The Shootaring Canyon mill is strategically located within one of the historically most prolific uranium production areas in the United States, and is one of only three licensed uranium mills in the United States.

Anfield's conventional uranium assets consist of mining claims and state leases in southeastern Utah, Colorado and Arizona, targeting areas where past uranium mining or prospecting occurred. Anfield's conventional uranium assets include: the Velvet-Wood project, the Slick Rock project, the West Slope project, the Frank M uranium project as well as the Findlay Tank breccia pipe.

We seek Safe Harbor.