Mr. Corey Dias reports

ANFIELD COMMENCES DRILL PROGRAM AT SLICK ROCK

Anfield Energy Inc. has begun a 20-hole, 20,000-foot rotary drill program at its Slick Rock uranium-vanadium project, located in San Miguel county, Colorado. Anfield has engaged Tri Park Corp., a local drilling contractor, to conduct the drill program, with Wyoming-based Hawkins CBM Logging to provide the down-hole geophysical logging and ore grade analysis. Once the drill program is complete, Anfield plans to both secure a large mine permit for the project and use the drill results to upgrade its uranium and vanadium resource for Slick Rock as found in its existing preliminary economic assessment.

Corey Dias, Anfield's chief executive officer, commented: "We are very pleased to have engaged Tri Park Corp., a local contractor operating out of Nucla, Colo., to provide drilling services to facilitate the advancement of our Slick Rock project. We have also engaged Hawkins CBM Logging, a company operating out of Cody, Wyo., to provide down-hole geophysical logging and ore grade analysis. We expect that this program will both help to confirm existing historical results and provide an updated uranium and vanadium resource. Our intent remains to align the development timelines of both the Slick Rock and Velvet-Wood mines. Our aim is to have both ready for production prior to the restart of the Shootaring Canyon mill, with initial feed ready for transport once the mill is ready to receive it.

"We have seen significant advancement of our assets over the last few months: the submittal of the mill restart application in April; the submittal of a plan of operations for the Velvet-Wood mine in May; the receipt of approval for a drill program at Slick Rock in June; and the confirmation of the completeness review of the Shootaring mill restart application in July. The commencement of drilling at Slick Rock will achieve another important step in our hub-and-spoke strategy. It also underscores our commitment to advancing to near-term uranium and vanadium production and participating in the renaissance of the uranium industry.

"With 439 nuclear reactors operating worldwide, 64 under construction and another 88 planned, it is clear that the nuclear renaissance is well under way -- while risks to the availability of adequate supply of uranium are becoming greater. Some of the supply issues include: production cutbacks in Kazakhstan; the pivot of its largest producer, Kazatomprom, to primarily supply customers in Asia; political instability in producing countries such as Niger; and the prospect of a U.S. import ban on Russian fuel. This means that there is an increasing need for a robust U.S. domestic uranium supply as it is critical to energy independence and stability. Anfield is well positioned to see the benefits of this emerging reality -- with the right assets, at the right time, in the right place."

CanaCom Group

The company has terminated its existing engagement with 2686362 Ontario Corp., doing business as CanaCom Group, which was previously announced by the company in its news release dated June 3, 2024. The company previously engaged CanaCom Group to produce articles and video content for the company for a 12-month term which commenced Dec. 14, 2023. In connection with the engagement, CanaCom Group participated in a private placement completed by the company on Dec. 20, 2023, in the amount of $110,000. The engagement of CanaCom Group has not been accepted by the TSX Venture Exchange, as it does not meet the requirements prescribed by exchange Policy 3.4, which require that promotional activities be compensated on a cash basis. Termination of the engagement is effective Aug. 14, 2024, and CanaCom Group has agreed that the company will have an available credit for the remaining four months of the original engagement.

Qualified person

Douglas L. Beahm, PE, PG, principal engineer at BRS Inc., is a qualified person as defined in National Instrument 43-101 and has reviewed and approved the technical content of this news release.

About Anfield Energy Inc.

Anfield is a uranium and vanadium development and near-term production company that is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its assets.

We seek Safe Harbor.