Mr. Corey Dias reports

ANFIELD ENERGY ANNOUNCES C$4.3 MILLION CREDIT FACILITY WITH SHAREHOLDER

Anfield Energy Inc. has entered into a credit agreement with existing shareholder Extract Advisors LLC as agent, on behalf of Extract Capital Master Fund Ltd., for a credit facility of $4.3-million. The credit facility, in addition to the company's recent equity financing, will support the company's asset transaction strategy, including the Marquez-Juan Tafoya transaction and continuing work programs in pursuit of the Shootaring Canyon mill reactivation.

Corey Dias, Anfield's chief executive officer, commented: "We are pleased to have executed this dual-pronged financing plan, facilitated with Extract, a shareholder of the company. The facility offers us repayment flexibility and moderated against what would have been larger share dilution on the recent equity financing. The funds not only help to advance the Shootaring Canyon mill -- which represents only one of three licensed, permitted and constructed conventional uranium mills in the United States -- but will also provide Anfield with additional financial flexibility as we continue to advance and grow our strategic U.S.-based uranium and vanadium portfolio."

The credit facility

Under the terms of the credit agreement, Extract shall provide Anfield with a single-draw, secured loan for $4.3-million. The credit facility will have a maturity date which is five years from the closing date, which is anticipated to be completed on or before Sept. 30, 2023.

The credit facility will bear a coupon of the secured overnight financing rate (SOFR) plus 5 per cent per annum, payable semi-annually. Anfield, with written notice, may elect to capitalize the interest payable on the facility semi-annually, in arrears, at a rate of SOFR plus 7 per cent. The credit facility will have an original issue discount of 7 per cent.

In connection with the credit facility, Anfield will issue 42,105,263 warrants to Extract, with each warrant entitling the holder to acquire one common share of the company at an exercise price of 9.5 cents per warrant for a period ending on the maturity date. For so long as the credit facility remains outstanding, all proceeds from the exercise of the facility warrants by the lender shall be used to repay the principal amount of the credit facility.

The credit facility will contain a voluntary prepayment option, allowing Anfield to prepay the credit facility at any time after the 12-month anniversary of the closing date by paying a prepayment fee equal to 3 per cent of the outstanding amount of the credit facility. The credit facility is secured by a corporate guarantee and share pledge from each of the subsidiaries of Anfield, and contains certain other customary provisions, including certain covenants and default conditions in favour of Extract. Closing of the credit facility and the issuance of the facility warrants remain subject to the TSX Venture Exchange.

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. Anfield is focused on its conventional asset centre, as summarized below.

Arizona/Utah/Colorado -- Shootaring Canyon mill

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. A combined National Instrument 43-101 preliminary economic assessment (PEA) has been completed for the Velvet-Wood and Slick Rock projects. All conventional uranium assets are situated within a 200-mile radius of the Shootaring mill.

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