Mr. Corey Dias reports

ANFIELD ENERGY CLOSES US$6.9 MILLION UNDERWRITTEN PUBLIC OFFERING

Anfield Energy Inc. has closed its previously announced underwritten public offering of 1,715,000 common shares, including the full exercise of the underwriters' option to purchase an additional 233,695 common shares, at a price of $4 (U.S.) per common share for aggregate gross proceeds to the company of $6.9-million (U.S.).

The offering was conducted through a syndicate of underwriters led by Northland Capital Markets and Roth Capital Partners as joint bookrunners, pursuant to an underwriting agreement dated July 30, 2026, by and among the company and the underwriters. The offering includes participation from existing strategic investor Uranium Energy Corp. through its wholly owned subsidiary, UEC Energy Corp.

The company intends to use the net proceeds from the offering to finance capital commitments to the Paradox complex, the Velvet-Wood project, the Slick Rock complex and the Shootaring Canyon mill, for working capital, and for general corporate purposes.

The underwriters received underwriter discounts and commissions totalling approximately $261,600 in respect of the gross proceeds from the sale of the common shares in the offering.

In connection with the offering, the company filed, with the securities commissions in all of the provinces and territories of Canada, a final prospectus supplement to the company's existing base shelf prospectus filed with the securities commissions in each of the provinces and territories of Canada, and filed a final prospectus supplement in the United States to the company's existing base shelf prospectus forming part of an effective registration statement on Form F-10 (file No. 333-291078) filed with the U.S. Securities and Exchange Commission (SEC) under the U.S./Canada multijurisdictional disclosure system.

The offering was made in the United States and in each of the provinces and territories of Canada, except Quebec. The prospectus supplements, the base shelf prospectuses and the registration statement contain important information about the company and the offering. Prospective investors should read the prospectus supplements, the base shelf prospectuses and the registration statement, and the documents incorporated by reference therein, before making an investment decision. The prospectus supplement (together with the related base shelf prospectus) is available on SEDAR+. The U.S. prospectus supplement is available on the SEC's website. Alternatively, an electronic or paper copy of the prospectus supplement (together with the related base shelf prospectus) may be obtained, upon request and without charge by contacting Roth Canada Inc., attention: capital markets, 1921 130 King St. W, Toronto, Ont., M5X 2A2, or by e-mail at ECM@rothcanada.ca, and the U.S. prospectus supplement (together with the related U.S. base shelf Prospectus, forming part of the registration statement) may be obtained, upon request by contacting Northland Securities Inc., 150 South Fifth St., Suite 3300, Minneapolis, Minn., 55402, attention: Valencia Day, by telephone at 612-851-4917. Delivery of the prospectus supplement and the base shelf prospectus, and any amendment thereto, will be satisfied in accordance with the access equals delivery provisions of applicable securities legislation.

Uranium Energy's participation in the offering, through its wholly owned subsidiary, UEC, for 625,000 common shares and gross proceeds of $2.5-million (U.S.), constitutes a related party transaction within the meaning of TSX Venture Exchange Policy 5.9, Protection of Minority Security Holders in Special Transactions, and Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is relying on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the offering as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves Uranium Energy, exceeds 25 per cent of the company's market capitalization. The company did not file a material change report at least 21 days in advance of the closing of the offering as the participation of Uranium Energy, through its wholly owned subsidiary, UEC, in the offering had not been confirmed at that time.

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 United States-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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