Mr. Corey Dias reports

ANFIELD ENERGY DELIVERS STRONG FIRST-HALF 2026 MOMENTUM WITH EXCEPTIONAL PEA ECONOMICS AND CLEAR PATH TO NEAR-TERM PRODUCTION

Anfield Energy Inc. has provided a corporate update highlighting significant operational, permitting and economic advancements in the first half of 2026. The company is executing on its hub-and-spoke uranium and vanadium strategy, with a clear line of sight to production and robust project economics that position it for potentially substantial value creation.

Shootaring Canyon mill advancement

• Point-of-compliance wells installed: Successfully completed drilling of eight new monitoring wells in May, 2026, near proposed process ponds and the tailings management facility. This key milestone delivers essential baseline groundwater data ahead of resuming full operations at the fully permitted Shootaring Canyon mill.
• Licence renewal and refurbishment progress: Continuing engineering studies and refurbishment work at Shootaring are advancing well. The company remains on track to convert the mill licence from care-and-maintenance to operations, with production targeted for 2027.
• Robust economics confirmed via updated PEA (preliminary economic assessment) (filed June, 2026): The updated preliminary economic assessment (PEA) demonstrates the compelling value of Anfield's integrated hub-and-spoke model. Highlights include:
  • Pretax IRR (internal rate of return) of 106 per cent and NPV (net present value) of $606-million (U.S.) (8-per-cent discount rate); post-tax IRR of 97 per cent and NPV of $533-million (U.S.).
  • Rapid payback period of just 1.3 years on mine and mill capex (capital expenditure).
  • Preproduction capex of approximately $97-million (U.S.) (including contingency) over a 12-month period.
  • Average annual production over 15-year mine life: Approximately 1.3 million pounds U3O8 (triuranium octoxide) and 6.4 million pounds V2O5 (peak year: 1.9 million pounds U3O8 (triuranium octoxide) plus 7.8 Mlb V2O5).
  • Centralized processing at Shootaring (target capacity 1,000 tonnes per day) fed by Velvet-Wood, Slick Rock and six West Slope mines (JD-6, JD-7, JD-8, JD-9, SR-11, SM-18).
  • Includes approximately 250,000 pounds of uranium from existing stockpiles near Shootaring.
  • Significant upside potential from the addition of 13 remaining U.S. Department of Energy (DOE) leases with minimal incremental capex, plus value-added processing technologies to improve grades and throughput.

Mining project advancement

• Velvet-Wood phase one construction completed (June, 2026): Successfully finished phase 1, including topsoil stripping (set aside for reclamation), portal rehabilitation, temporary power installation and road buildout. The project is now advancing to phase two, with production targeted by the end of 2026.
• JD-8 plan of operations: Revised plan of operations submitted to DOE and Colorado Division of Reclamation, Mining and Safety (DRMS) in April, 2026, following agency feedback.
• SM-18 NOI and drilling program: In April, 2026, the company submitted the notice of intent to conduct a drilling program (NOI) at SM-18 designed to verify and potentially expand the existing mineral resources. Following an initial denial by DRMS and a subsequent denial of reconsideration, the company has filed for a hearing with the relevant board. The company is in discussions with DRMS and the Attorney General's office to discuss a potential compromise. The company continues to advance preparations for a comprehensive plan of operations.

Strategic acquisitions and operational readiness

• BRS engineering acquisition (May, 2026): Completed acquisition of B.R.S. Inc., providing dedicated in-house engineering expertise to accelerate Shootaring refurbishment and mining project development.
• Underground haul truck procurement (June, 2026): Received underground haul truck from Young's Machine (Utah manufacturer). This strengthens Anfield's commitment to building a robust American supply chain for domestic uranium production.
• Equipment procurement milestone (June 15, 2026): Additional key equipment procurement advances operational readiness for the hub-and-spoke production model.

U.S. policy support and strategic shareholder backing

• Supportive federal policy environment: Anfield welcomes the U.S. government's continued focus on domestic critical minerals and uranium supply chain security, including the January, 2026, Section 232 proclamation on processed critical minerals. These measures reinforce the strategic importance of Anfield's fully U.S.-based assets and near-term production capability.
• Strategic shareholder alignment: Major shareholder Uranium Energy Corp. (UEC) has increased its stake in Anfield, demonstrating strong confidence in the company's assets, team and execution plan. This partnership provides valuable industry validation and potential synergies as Anfield advances toward production.

Management commentary

"We are very proud of the substantial progress Anfield has delivered in the first half of 2026," said Corey Dias, chief executive officer of Anfield. "From completing critical mill infrastructure milestones and phase one construction at Velvet-Wood, to securing in-house engineering capabilities and advancing our permitting pipeline, we are executing with precision. The updated PEA underscores the exceptional economics of our hub-and-spoke strategy -- 106-per-cent pretax IRR, $606-million (U.S.) NPV and a rapid 1.3-year payback -- positioning Anfield for potentially significant value creation as we move toward production at Velvet-Wood by year-end 2026 and Shootaring in 2027. We are also encouraged by the supportive U.S. policy environment and the confidence shown by strategic shareholders. Anfield is well positioned to contribute meaningfully to America's domestic uranium and vanadium supply and the broader nuclear energy renaissance."

Strategic positioning

This progress aligns with Anfield's hub-and-spoke strategy, leveraging the fully permitted Shootaring in Utah alongside its high-quality uranium-vanadium assets in Utah and Colorado. The company remains focused on creating long-term shareholder value through efficient development, operational excellence, and contribution to U.S. energy security and the global transition to clean, carbon-free power.

Media services engagement

The company has entered into a three-month media services agreement with Goldwyn Media LLC, dated June 23, 2026. Under the media services agreement, Anfield will pay $200,000 (U.S.) for comprehensive marketing and public awareness services aligned with TSX Venture Exchange policies and applicable securities laws, including developing and creating a range of informative and awareness content that aligns with the company's overall marketing and branding strategies. Goldwyn is at arm's length to the company with no other relationship or interest in Anfield securities.

Goldwyn is an independent limited liability company based in Sheridan, Wyo., that provides services for shareholder information and public relations. None of Goldwyn nor its affiliates or associates have any interest directly or indirectly in the company or its securities, or any right or intent to acquire such an interest. Goldwyn will not receive shares or other securities as compensation. The media services agreement is subject to the company's filing requirements with the TSX-V and the approval of the TSX-V.

Technical disclosure

The scientific and technical information in this news release has been prepared under the supervision of and approved by Douglas L. Beahm, PE, PG, a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, and Mr. Beahm has reviewed, verified, and approved such scientific and technical information contained in this news release. No limitations or failures to verify were identified. Mr. Beahm is not independent of the company, as he is the company's chief operating officer.

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 (AEC-Q), the TSX-V (AEC-V) and the Frankfurt Stock Exchange (0AD).

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