Mr. Corey Dias reports

ANFIELD ENERGY PROVIDES 2023 CORPORATE REVIEW AND OUTLINES PLANS FOR 2024

Anfield Energy Inc. has provided a corporate review of 2023 and is discussing its 2024 plans. Anfield continues its advance toward United States-based uranium and vanadium production, and is poised to benefit from the escalating worldwide demand for uranium.

Corey Dias, Anfield's chief executive officer, states: "We at Anfield are very proud of our transformational 2023 accomplishments to meet our production goals. Given our 2023 accomplishments and continued furtherance of our two-fold production strategy -- underpinned by the licensed, permitted and constructed Shootaring Canyon mill -- we expect to see the valuation gap between Anfield and other producing and near-producing peers narrow significantly in 2024.

"Significant accomplishments were made throughout 2023 which will propel the company forward in 2024. Notably, we established the viability of our asset portfolio by both finalizing and issuing the first preliminary economic assessment of our core assets. It provided us with a baseline from which to pursue additional spokes in our hub-and-spoke production strategy -- while expanding our potential capacity -- and to incorporate additional internal and external uranium and vanadium projects into our production road map. Moreover, our ability to raise sufficient funds to both advance our existing asset portfolio and acquire complementary assets proved an important step in progressing our strategy.

"To Anfield's advantage, in the last decade and a half the timing has never been better for entering into the production and sale of uranium. At the same time, however, barriers for new companies to enter into production are steep. Uniquely, Anfield is in the right place at the right time with the right assets -- and has cleared major hurdles for a production decision."

Highlights of the company's 2023 achievements

Shootaring Canyon mill and core asset advancement:

• Received a preliminary economic assessment for the company's hub-and-spoke production plan, which incorporated the Shootaring Canyon mill, and the core Velvet-Wood and the Slick Rock projects:
  • The company commissioned BRS Inc., an engineering firm, to complete a preliminary economic assessment for its hub-and-spoke uranium and vanadium production plan, which incorporated Anfield's Shootaring Canyon mill, and the core Velvet-Wood and Slick Rock assets. The PEA returned a net present value (NPV) of $238-million (U.S.) using a discount rate of 8 per cent, a uranium price of $70 per pound (U.S.) (the current spot price is over $100 (U.S.) per pound) and a vanadium price of $12 (U.S.) per pound.
• Widened the scope of its Precision Systems Engineering engagement to incorporate an increase in Shootaring's mill throughput and output:
  • In November, 2022, Anfield announced that it had commissioned Precision Systems Engineering (PSE), a Utah-based engineering firm, to complete a reactivation proposal for the Shootaring Canyon mill. In 2023, following the completion of the reactivation proposal, the company widened the scope of its engagement of PSE to incorporate -- in an updated plan for the company's licence upgrade submittal -- an increase to the Shootaring Canyon mill's throughput to 1,000 tons per day from 750 tons per day and, separately, expanding Shootaring's licensed uranium production capacity to three million pounds per year from its current one million pounds per year.
• Applied for a drill program permit for its Slick Rock uranium and vanadium project in Colorado:
  • The company, through BRS, submitted an application to the United States Bureau of Land Management (BLM) for a drilling permit to conduct a 20-hole drill program at its Slick Rock project in Colorado. This drilling will allow Anfield to further develop its mine plan as it advances Slick Rock to production-ready status.

Pipeline for secondary production:

• Acquired the Marquez-Juan Tafoya uranium project in New Mexico, now the largest single uranium resource in Anfield's portfolio:
  • Anfield acquired the Marquez-Juan Tafoya uranium project in New Mexico. The project was purchased with a combination of cash and equity, resulting in enCore Energy becoming Anfield's largest single shareholder. Marquez-Juan Tafoya is the anchor asset for Anfield's secondary production plan, which primarily consists of this asset, and the company's Arizona and Utah holdings (see below).
• Acquired and expanded Arizona-based Artillery Peak claims to complement Anfield's existing Date Creek basin holdings:
  • The company acquired a 100-per-cent interest in 50 unpatented mining claims and staked an additional 54 claims in the uranium-rich Artillery Peak project area, which are adjacent to Anfield's current properties in Date Creek basin. This combined project will form part of Anfield's two-fold strategy as it represents an important piece of the company's secondary production pipeline to complement Anfield's core production assets.
• Acquired the Dripping Springs quartzite project in Arizona:
  • In 2023, Anfield acquired the Dripping Springs quartzite project in Arizona, a project that lies within a region in which eight past-producing mines are located. It also sits close to both Anfield's other Arizona holdings and the Workman Creek project held by another uranium company.
• Acquired Calf Mesa and Marysvale projects in Utah, increasing Anfield's secondary asset pool:
  • In 2023, Anfield acquired the Calf Mesa and Maryvale uranium projects in Utah. These projects form part of Anfield's secondary production plan and are located in close proximity to the Shootaring Canyon mill.
• Acquired additional claims in Utah:
  • Anfield acquired an additional 175 claims in Utah in close proximity to the Shootaring Canyon mill.

Equity and debt capital raises:

• Raised approximately $12-million in a combination of equity and debt to finance both acquisitions and asset advancement:
  • Anfield raised approximately $12-million through a combination of both equity and debt, which provided the company with sufficient funds to both acquire the Marquez-Juan Tafoya uranium project in New Mexico, and finance the advancement of its uranium and vanadium assets.

Catalysts for 2024:

• Submittal of Shootaring Canyon mill uranium production restart application with the State of Utah in Q1 2024:
  • Anfield plans to submit its Shootaring Canyon mill uranium production restart application with the State of Utah in Q1 2024. This is a milestone event for the company, as it will move Anfield's current radioactive materials licence from its current standby status to operational status which, critically, would position Anfield to commence uranium production once refurbishment of Shootaring is completed. The review is expected to take approximately 12 months, during which time Anfield will be able to commence initial refurbishment at the mill. Completion of the refurbishment of the mill is expected to be completed approximately 12 months following the licence upgrade, resulting in a 24-month time frame from restart application submittal to completion of mill refurbishment.
• Acquisition of 12 additional Department of Energy leases to strengthen Anfield's primary uranium and vanadium production pipeline:
  • Anfield recently reached an agreement to acquire an additional 12 DoE leases in Colorado to complement the nine leases acquired via the company's acquisition of the West Slope properties from Cotter Corp. in 2018. Anfield now holds 21 of the 31 DoE leases in Colorado, underscoring the company's commitment to the pursuit of uranium and vanadium production in this state. The assets are considered as part of Anfield's production pipeline, providing additional flexibility in terms of economies of scale and the opportunity to initially focus on the most prospective leases within the DoE lease portfolio.
• Updated preliminary economic assessment, which will include additional uranium and vanadium projects already held within Anfield's asset portfolio:
  • Anfield expects to issue an updated preliminary economic assessment (PEA) for Shootaring, Velvet Wood and Slick Rock, given the improvement in the uranium price since the publication of the initial PEA. In addition, an updated PEA will likely include additional uranium and vanadium assets from within Anfield's portfolio, potentially including both the recent transaction by which Anfield acquired 12 Department of Energy (DoE) leases in Colorado and the West Slope project. This PEA is important to Anfield's hub-and-spoke strategy, as the company expects it to underscore the significant inherent value and attractiveness of the company's uranium and vanadium production assets under an expanded production scenario.
• Acquisition of additional uranium and vanadium assets:
  • The company continues to seek out additional uranium and vanadium projects to buttress both its primary hub-and-spoke production pipeline and secondary resources in order to create a long-term production portfolio underpinned by the Shootaring Canyon mill.
• Increasing world demand for nuclear energy and uranium supplies:
  • The macro view of the nuclear and uranium markets is strongly positive. With a shift away from Russia, the value of European and North American uranium conversion and enrichment has increased significantly as these continents look to not only pivot from Russian-sourced fossil fuels but to also embrace nuclear power. In fact, legislation introduced in U.S. Congress seeks to prohibit the import of enriched uranium from Russia, accelerating the need for increased Western capacity. Moreover, the challenges related to Kazakhstan's uranium supply chain have already disrupted product flow to the West. As a result, China has taken the opportunity to seek closer ties to Kazakhstan as it continues to build out its extensive nuclear reactor fleet, negatively affecting uranium supplies available to the United States and other Western countries.
  • At the same time, product flow from the West to the East is increasing. Cameco signed a contract to sell uranium to China Nuclear International Corp. for first loads in new reactors and for supplying existing reactors. In addition, Cameco has signed a long-term contract with Ukraine's Energoatom to supply it with uranium hexafluoride (consisting of uranium and conversion services) through 2035. Finally, Cameco's acquisition of 49 per cent of the nuclear giant Westinghouse, to become a worldwide full-service nuclear business, has presented further prospects for a stronger market.
  • In the U.S., the National Nuclear Security Administration's uranium reserve awarded five contracts for near-term supply of uranium, and the Sprott Physical Uranium Trust purchased millions of pounds of uranium on the spot market, further removing supply from the market. Moreover, the U.S. government's creation of a 200 GW (gigawatt) energy road map to expand domestic milling and mining operations by 500,000 Mt (million tonnes) per year -- 110 million pounds of uranium per year -- is a significant catalyst for U.S.-based producers. This is taking place while U.S. uranium production fell to essentially zero in the fourth quarter of 2023.
  • Significantly, Japan has begun to restart its nuclear reactors, extend the life of others and commission additional ones, underscoring Japan's 180-degree turn regarding nuclear. This decision reflects the worldwide recognition of the need for new reactors to meet population increases, economic growth, electrical intensification and the critical task of meeting carbon emission targets. The requirement for increased baseload supply is sizable. In fact, Ontario's Independent System Operator (IESO) projects that electricity demand in Ontario could more than double in the next 26 years. The worldwide requirement for major new baseload supply is being met with plans in many countries for both large-scale (one GW) reactors and small modular reactors (SMRs). The World Nuclear Association, currently in January, 2024, records that there are 61 reactors under construction world-wide and another 113 reactors planned. In short, it is a story of supply and demand -- demand is rapidly growing, while supply is shrinking.

Qualified persons

Douglas L. Beahm, PE, PG, principal engineer at BRS, is a qualified person as defined in National Instrument 43-101, and has reviewed and approved the technical content of this news release.

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 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, the Findlay Tank breccia pipe as well as an additional 12 U.S. Department of Energy leases in Colorado. A combined NI 43-101 PEA has been completed for the Velvet-Wood project and the Slick Rock project. The PEA is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment would be realized. All conventional uranium assets are situated within a 200-mile radius of the Shootaring mill.

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