Mr. Corey Dias reports

ANFIELD ENERGY CLOSES C$4.3 MILLION CREDIT FACILITY WITH SHAREHOLDER

Anfield Energy Inc. has closed its previously announced $4.3-million credit facility with existing shareholder Extract Advisors LLC, as agent, on behalf of Extract Capital Master Fund Ltd. (each as lender and collectively, Extract). 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.

Terms of the credit facility

The credit facility has a maturity date of Oct. 6, 2028, and bears a coupon of the secured overnight financing rate (SOFR) plus 5 per cent per annum, payable semi-annually; provided the effective annualized rate of interest does not exceed an agreed limit. Anfield, with written notice, may elect to capitalize the interest payable on the credit 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 issued 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. As additional consideration for arranging the loan, the lender was paid an arrangement fee equal to $100,000.

The credit facility contains 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.

Advisers and legal counsel

Haywood Securities Inc. acted as financial adviser to Anfield. Cassels Brock & Blackwell LLP acted as legal counsel to Anfield. In connection with the closing of the credit facility, Anfield issued 1,158,301 shares to Haywood at a price of 7.77 cents per commission fee share, along with a cash fee of $90,000, for acting as financial adviser to Anfield. Payment of the compensation was made in accordance with TSX Venture Exchange Policy 5.1 -- Loans, Loan Bonuses, Finder's Fees and Commissions and approved by the TSX Venture Exchange.

The facility warrants, any facility warrant shares issued upon exercise of the facility warrants, and the commission fee shares are subject to a hold period which expires on Feb. 7, 2024.

Incentive stock option grant

Anfield also announces that it has granted 36,717,828 incentive stock options to certain directors, officers, employees and consultants of the company. The options vest immediately and are exercisable at a price of 10 cents until Oct. 6, 2028.

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 fuels supplier by creating value through sustainable, efficient growth in its assets. Anfield is a publicly traded corporation listed on the TSX Venture Exchange (AEC-V), the OTCQB Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield is focused on its conventional asset centre.

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