Mr. Corey Dias reports

ANFIELD ENERGY RECEIVES POSITIVE COLORADO DRMS DECISION COMPLETING STATE REVIEW OF JD-8 URANIUM-VANADIUM MINE

The Colorado Division of Reclamation, Mining and Safety (DRMS) has concluded its review of the 112d-1 hard-rock reclamation permit application for Anfield Energy Inc.'s past-producing JD-8 uranium and vanadium mine in Montrose county, Colorado, filed by Anfield's operating subsidiary, Highbury Resources Inc., under file No. M-2025-056. By a decision letter dated Sept. 29, 2026, the division approved a permit area and affected area of 28.30 acres and set the required financial warranty (reclamation surety) at $620,000 (U.S.). The reclamation permit will be issued once the division receives and verifies Highbury's financial and performance warranty.

With the division's review complete, the focus turns to federal review under the U.S. Department of Energy (DOE) uranium leasing program, which is currently advancing. On Sept. 29, 2026, the DOE notified the company that it had reviewed Highbury's draft environmental assessment (EA) template for the JD-8 mine plan and found it acceptable, allowing the National Environmental Policy Act (NEPA) review of the JD-8 mine plan to proceed. Subject to permit issuance, DOE mine plan approval and remaining operational readiness work, Anfield continues to target a restart of uranium and vanadium production at JD-8 by the end of the second quarter of 2027.

Separately, Anfield has responded to the U.S. National Nuclear Security Administration (NNSA) request for information regarding the potential acquisition of approximately four million pounds of unobligated domestic uranium per annum to support national-security fuel-cycle requirements.

Ken Mushinski, Anfield's chairman, commented: "This is a major step toward restarting Anfield's production in 2027, and it is especially meaningful for me personally, as a former president of Cotter Corp., the previous owner of this significant resource. Given my first-hand knowledge of and experience with the JD-8 resource, legacy mining and permitting preservation, I have genuine confidence in the current permitting and restart work being accomplished by Anfield today. We look forward to becoming a major contributor to U.S. uranium and vanadium production, and this decision is another significant step toward that goal."

Corey Dias, Anfield's chief executive officer, stated: "The completion of the division's review is a defining milestone for JD-8 and for our Colorado strategy. We now have a clear, defined path to permit issuance, and DOE's acceptance of our environmental assessment template shows the federal process is also poised for progress. JD-8 is a past-producing mine with existing underground workings and is intended to be another spoke feeding Shootaring, similar to Velvet-Wood. With term uranium prices at nominal record levels, we believe that advancing a permitted, U.S. conventional mine toward production will allow Anfield to take full advantage of current market conditions."

Once the DRMS permit is issued and DOE approval is received, the company expects to proceed with mobilization, underground rehabilitation and restart activities. The existing JD-7 mine infrastructure will be used as the operations base for the Monogram Mesa mine complex, which includes the JD-8 mine.

Because the application is no longer contested, the division proceeded to its decision, and the JD-8 application will not be on the agenda for the Colorado Mined Land Reclamation Board's regular Oct. 14 to Oct. 15, 2026, meeting.

JD-8 in Anfield's hub and spoke strategy

JD-8 is located approximately 11 miles west of Naturita, Colo., on approximately 28.3 acres within DOE uranium leasing program lease tracts. It is a past-producing conventional underground uranium and vanadium mine and a key asset within Anfield's Monogram Mesa mine complex. JD-8 was the last of the historic Cotter mines to suspend operations, in 2006, due to market conditions. The restart plan uses conventional underground mining methods and leverages the existing underground workings.

Anfield's PEA (preliminary economic assessment) contemplates the Shootaring Canyon mill as a central processing hub with a target capacity of 1,000 tonnes per day, fed by Velvet-Wood (Utah), Slick Rock (Colorado) and six West Slope mines, including JD-8. The PEA estimates average annual production of approximately 1.3 million pounds of U3O8 (triuranium octoxide) and 6.4 million pounds of V2O5 (vanadium pentoxide) over a 15-year mine life, with a pretax net present value (8-per-cent discount) of $606-million (U.S.) and pretax internal rate of return of 106 per cent (after-tax net present value of $533-million (U.S.) and an internal rate of return of 97 per cent), based on $100 (U.S.) per pound uranium and $9 (U.S.) per pound vanadium. Velvet-Wood remains the company's first mine advancing toward production; JD-8 and Slick Rock are intended to be the next mines in the hub and spoke model. The potential future addition of some, or all, of the company's 15 DOE lease tracts not included in the PEA represents upside to the production pipeline. Following JD-8, Anfield intends to advance permitting at JD-7 and Slick Rock.

Uranium market

Uranium markets remain strong. According to industry-average prices published by Cameco Corp. (based on UxC and TradeTech data), the long-term uranium price closed August, 2026, at $96.50 per (U.S.) pound, above its 2007 peak in nominal terms, and the month-end spot price was $89.68 (U.S.) per pound. The United States consumes nearly 50 million pounds of uranium annually yet produces only a small fraction domestically. Anfield believes that permitted, past-producing conventional mines that can feed a licensed U.S. mill are well placed in this market.

Growing U.S. government demand for domestic, unobligated uranium. Consistent with that view, Anfield submitted a response to a request for information (RFI) titled "NNSA Uranium Acquisition" (notice No. 89233126RNA000332), for which responses were due Sept. 15, 2026. In the RFI, the NNSA (National Nuclear Security Administration) described a long-term, steady-state requirement of approximately four million pounds per year of unobligated U.S.-origin U3O8 (approximately 1,500 metric tonnes of uranium as UF6 (uranium hexafluoride)), identified 2030 as the earliest opportunity to begin defence mission-specific procurements, and stated that it intends to procure from the domestic uranium recovery industry, including conventional uranium mills. The RFI is market research and not a solicitation or commitment to purchase. Separately, on Aug. 26, 2026, the U.S. Army announced that it expects more than 20 nuclear microreactors to be built and operated at U.S. military installations under its Janus program. Anfield believes that its U.S. conventional mines, including JD-8, together with its licensed Shootaring Canyon mill, are well positioned to help meet growing demand for domestic, U.S.-origin uranium.

Qualified person

Douglas L. Beahm, PE, PG, is the company's qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has reviewed, verified and approved the scientific and technical information contained in this news release. Mr. Beahm is not independent of the company as he is the company's chief operating officer.

Mineral resources and PEA cautionary statement

Mineral resources are not mineral reserves and do not have demonstrated economic viability. The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized. The JD mines mineral resource estimate is set out in the technical report titled "U.S. DOE Uranium/Vanadium Leases JD-6, JD-7, JD-8 and JD-9, Montrose County, Colorado, USA, Mineral Resource Technical Report, National Instrument 43-101," dated effective April 10, 2022, which the PEA's qualified persons reviewed and deemed to remain valid and effective.

Production decision

The company's decision to advance development and permitting of the JD-8 uranium and vanadium mine is based on historical production data and analysis of available technical information and not on a feasibility study of mineral reserves demonstrating economic and technical viability. As a result, there is increased uncertainty and a higher risk of economic or technical failure associated with that decision.

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.

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