Mr. Corey Dias reports

ANFIELD ENERGY RECEIVES DRAFT RENEWED RADIOACTIVE MATERIALS LICENSE AND DRAFT GROUNDWATER DISCHARGE PERMIT FOR SHOOTARING CANYON MILL FROM UTAH DWMRC

Anfield Energy Inc. has provided an update on the licence renewal and site preparation activities at its Shootaring Canyon mill in Garfield county, Utah. On Oct. 21, 2026, the Utah Department of Environmental Quality's Division of Waste Management and Radiation Control (DWMRC or the division) provided the company with draft copies of both the proposed renewed radioactive materials licence for the mill and the proposed groundwater discharge permit for the mill. Shootaring is one of only three licenced, permitted and constructed conventional uranium mills in the United States, and remains central to Anfield's hub-and-spoke strategy.

Corey Dias, Anfield chief executive officer, commented: "Receiving both the draft renewed licence and draft groundwater discharge permit from DWMRC is meaningful progress on the Shootaring reactivation pathway and moves us one significant step closer to securing the renewed licence. We appreciate the division's continued work on our application and look forward to the 45-day public comment process potentially commencing by the end of 2026.

"In the interim, our team continues to remove legacy equipment from the mill under our existing licence so that the mill is ready for refurbishment as soon as the renewed licence is received, which we are targeting for the second quarter of 2027. Our goal remains to restore domestic conventional uranium and vanadium milling capacity in the United States."

Licence renewal progress receipt of both the draft licencee and draft permit is an important step in the renewal of the Mill's radioactive materials licence, which the company's wholly owned subsidiary, Anfield Resources Holding Corp., applied for in its application dated April 5, 2024. Anfield has submitted all materials requested by the division in connection with the application, and these materials and additional responses to the division's queries have informed both the draft licensee and draft permit. The company is reviewing both documents and expects to discuss them further with division staff in the coming weeks.

Based on its discussions with division staff to date, the company currently anticipates that the documents will be ready for public notice and comment around the end of 2026, with the 45-day public comment period beginning either in late 2026 or early 2027. The timing of the public comment period is determined by the division and remains subject to change.

Key terms of the draft licencee

As currently drafted, and subject to change before any final decision, the draft licencee would, among other things:

• Authorize the possession of natural uranium and 11e.(2) byproduct material at the Shootaring Canyon uranium milling facility;
• Provide that the mill production rate shall not exceed 1,500 tons -- that is, three million pounds -- of yellowcake per year.

The draft licensee would also require the company to maintain a financial surety and a valid groundwater discharge permit at all times. In addition, it sets out the groundwater monitoring network, compliance monitoring and reporting requirements, and best available technology performance standards for the mill's process ponds, South Cell and decontamination pad.

Planned mill upgrades

Separately from the terms of the draft licensee, the company's refurbishment plans for Shootaring target a throughput capacity of 1,000 tons per day and the addition of a new vanadium circuit, supporting the company's plan to process both uranium and vanadium ore from multiple project sources through Shootaring as the central hub.

Site preparation activities

The company continues site preparation work within the Mill's leach area under its existing licence. This work focuses on removing equipment that Anfield intends to replace as part of the refurbishment, including leach tanks, associated piping, electrical systems, pumps, motors and related infrastructure.

Subject to the issuance of the renewed licence, Anfield is targeting the start of major refurbishment work in the second quarter of 2027. The company expects the site preparation completed under the existing licence to help shorten the overall refurbishment timeline after the renewed licence is issued.

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.

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 licenced, 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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