Mr. Corey Dias reports

UTAH LEGISLATORS TO TOUR ANFIELD ENERGY'S VELVET-WOOD CRITICAL MINERALS PROJECT

The Utah Division of Oil, Gas and Mining (DOGM) is hosting an informational tour of Anfield Energy Inc.'s Velvet-Wood uranium-vanadium project in San Juan county, Utah, for a delegation of approximately 20 members of the Utah Legislature on Aug. 12, 2026.

The tour will give legislators a firsthand view of the active project site and include presentations on development progress, construction milestones, and the measurable impact of supportive legislative and regulatory frameworks at both the state and federal levels. The delegation is particularly interested in understanding how these initiatives have enabled rapid advancement of the project and how continued policy support can further strengthen Utah's role in America's critical minerals supply chain.

"We are honoured to partner with DOGM on this important educational tour and to welcome Utah's legislators to Velvet-Wood," said Corey Dias, chief executive officer of Anfield. "This project exemplifies what is possible when federal and state governments align behind clear national priorities -- securing domestic supplies of uranium and vanadium that power clean energy, supporting medical and defence applications, and reducing reliance on foreign adversaries. The expedited permitting path established under the Trump Administration's energy emergency declaration, followed by swift state approval from DOGM, has translated directly into on-the-ground progress at Velvet-Wood. We look forward to showing lawmakers the results and discussing how ongoing legislative leadership can keep Utah at the forefront of responsible critical minerals development."

Policy milestones driving project momentum

• May, 2025: Under President Trump's national energy emergency declaration and the administration's directive to accelerate domestic critical minerals production, the U.S. Department of the Interior (DOI) selected Velvet-Wood for expedited permitting. This included a groundbreaking accelerated environmental review process (announced May 13, 2025, with approval following on May 27, 2025), completing what was among the first such fast-track reviews for a uranium project. The approval featured minimal new surface disturbance (approximately three acres) while reopening and expanding an existing underground mine.
• Oct. 7, 2025: Building directly on the federal momentum, DOGM granted formal approval for Anfield to advance Velvet-Wood to construction. This key state permit completed the primary regulatory pathway and enabled groundbreaking in November 2025.

These aligned actions have allowed Anfield to complete phase 1 surface construction in 2026 (including road improvements, topsoil management, power installation and decline rehabilitation) and move into phase 2 underground development and dewatering. The project remains on track for first production by the end of 2026 as part of Anfield's integrated hub-and-spoke strategy centered on the fully permitted Shootaring Canyon mill -- one of only three conventional uranium mills in the United States.

Velvet-Wood is a past-producing mine with a proven record (historical output of approximately four million pounds of U3O8 (triuranium octoxide) and five million pounds of V2O5 (vanadium pentoxide)). Current mineral resources support a compelling development case with a small environmental footprint and strong reclamation planning. The project is expected to deliver meaningful economic benefits to rural San Juan county through direct employment, local contracting and tax/royalty contributions while advancing U.S. goals for energy security and critical minerals independence.

About Anfield Energy Inc.

Anfield Energy is a uranium and vanadium development and near-term production company committed to becoming a significant supplier of energy-related fuels through sustainable, efficient growth of its U.S.-based assets. The company's flagship asset is the Shootaring Canyon mill in Utah, one of only three licensed, permitted and constructed conventional uranium mills in the country. Anfield's portfolio includes the advanced Velvet-Wood project (Utah) and other conventional uranium-vanadium assets in Utah, Colorado, Arizona and New Mexico. All of Anfield's assets are located in the United States, positioning the company to help meet America's growing nuclear fuel needs. The U.S. consumes nearly 50 million pounds of uranium annually yet produces only a small fraction domestically.

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