Mr. Corey Dias reports

ANFIELD ENERGY WELCOMES U.S. DESIGNATION OF URANIUM AS CRITICAL MINERAL, UNLOCKING FUNDING AND ACCELERATED DEVELOPMENT FOR DOMESTIC PROJECTS

Anfield Energy Inc. applauds the U.S. Geological Survey's (USGS) finalization of the 2025 List of Critical Minerals, which reinstates uranium as a critical mineral essential for national security, energy independence and economic resilience.

This landmark decision, announced on Nov. 6, 2025, and aligned with Executive Order 14154 (Unleashing American Energy), expands the list from 50 to 60 minerals and recognizes uranium's vital role in powering commercial nuclear reactors, fuelling U.S. Navy submarines and supporting defence applications. As the United States imports over 95 per cent of its uranium -- much of it from foreign adversaries -- the designation addresses a critical supply chain vulnerability and positions domestic sources like Anfield to lead the nuclear renaissance.

The timing of this addition could not be more auspicious, coinciding with Anfield's successful groundbreaking ceremony at the Velvet-Wood uranium-vanadium mine in San Juan county, Utah, held on Nov. 6, 2025. Attended by key stakeholders and featuring the symbolic first dig, the event marked the official launch of construction activities -- including mine reopening, dewatering and development -- following expedited federal and state approvals. This milestone, just weeks after Utah's final construction permit approval, sets the stage for potential first production in 2026 and underscores the alignment between policy advancements and on-the-ground progress in revitalizing America's domestic uranium supply chain.

"This is a transformative moment for both American energy security and Anfield," said Corey Dias, chief executive officer of Anfield. "With uranium now officially classified as a critical mineral, our advanced-stage projects located in both Utah and Colorado potentially stand to benefit from expedited permitting, targeted federal investments and enhanced market access. We've now broken ground at our Velvet-Wood mine, and this policy shift will supercharge our path to near-term production, delivering clean, reliable nuclear fuel to the grid while reducing reliance on overseas suppliers."

Jeff Duncan, Anfield director and former U.S. representative (R-SC), added: "As someone who championed energy independence and nuclear power during my time in Congress, I'm proud to see this administration take decisive action to secure America's uranium supply. Designating uranium as a critical mineral is a national security imperative -- it powers our reactors, strengthens our defence and creates high-paying American jobs. Anfield is at the forefront of this effort, and, with federal support now aligned behind domestic production, we're poised to bring critical assets on line faster than ever."

Key benefits to Anfield Energy

The critical minerals designation unlocks a suite of federal incentives and streamlined processes under the Energy Act of 2020, Bipartisan Infrastructure Law and Inflation Reduction Act, directly supporting Anfield's hub and spoke model centred on its Shootaring Canyon mill -- one of only three conventional uranium mills located in the United States. Specific advantages include:

• Accelerated permitting and project advancement: Anfield's flagship Velvet-Wood uranium-vanadium mine in southeastern Utah was approved for fast-tracked development earlier this year and just completed its groundbreaking on Nov. 6, 2025. The designation prioritizes uranium projects for reduced regulatory timelines, enabling construction and production to commence in 2026 -- potentially ahead of schedule -- and facilitating restarts at nearby assets like Slick Rock and the JD-8 mine, both located in Colorado.
• Access to federal funding and investments: The mine has eligibility for billions in grants, loans and tax credits through programs such as the Defense Production Act and Industrial Base Analysis and Sustainment Program. This includes support for mine development, processing infrastructure and resource recovery, bolstering Anfield's existing resources at Velvet-Wood alone.
• Enhanced economic and market competitiveness: Tax incentives for domestic processing and potential Section 232 tariffs on imports will level the playing field against foreign competitors. With vanadium already a critical mineral, Anfield's dual-commodity projects offer diversified revenue streams, including premiums for strategic materials used in aerospace and defence alloys.
• Strategic positioning for national goals: Anfield's more than 20 uranium assets across the Western United States align with the push for onshoring supply chains, supporting carbon-free nuclear power to meet rising electricity demands from AI (artificial intelligence) data centres and electrification. By leveraging existing infrastructure and low-impact underground mining, the company minimizes environmental footprints while maximizing contributions to energy security.

Anfield is uniquely positioned as one of the few U.S.-focused uranium developers with a permitted mill, enabling a hub and spoke strategy to process materials from multiple nearby mines efficiently. This designation not only derisks the company's operations but also attracts both private and public capital to scale production rapidly.

Velvet-Wood uranium-vanadium mine production decision

The company notes that its decision to advance development of the Velvet-Wood uranium-vanadium mine is not based on a feasibility study of mineral reserves demonstrating economic and technical viability. As a result, there is additional uncertainty and risk related to the economics and viability of development.

About Anfield Energy Inc.

Anfield is a uranium and vanadium development 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 Nasdaq Stock Market (symbol: AEC), the TSX Venture Exchange (symbol: AEC) and the Frankfurt Stock Exchange (symbol: 0AD).

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