Anfield Completes Acquisition of Uranium Project with Historical Indicated Uranium Resource of 18.1 Million Pounds

VANCOUVER, British Columbia, July 20, 2023 – Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or the “Company”) is pleased to announce, further to its news release of June 6, that it has completed the acquisition (the “Transaction”) of Neutron Energy, Inc. (“Neutron”), a wholly-owned subsidiary of enCore Energy Corp. (NYSE American: EU; TSXV: EU) (“ enCore”), which holds the Marquez-Juan Tafoya uranium project (“Juan Tafoya”) located in the Grants Uranium Mineral District, 50 miles west-northwest of Albuquerque, New Mexico.

Corey Dias, Anfield’s CEO commented: “We are pleased to complete the acquisition of the Marquez-Juan Tafoya Uranium Project as it both reinforces our acquisition strategy whereby we pursue advanced uranium and or vanadium projects. Moreover, the addition of Marquez-Juan Tafoya – now our largest-single uranium project, in terms of resource size – significantly expands our uranium resource base.

“With a global nuclear renaissance underway, we believe that our pursuit of advanced uranium deposits that will facilitate near-term uranium production is critical at this time as the global uranium supply deficit continues to grow. As Kazakhstan pivots East to support China in its robust nuclear growth plans, an important piece of US utility uranium supply is increasingly at risk. This scenario highlights an unquestionable opportunity for uranium producers in the US.

“To that end, we will continue to advance both our near-term strategy, which centers on our advanced Utah and Colorado uranium and vanadium projects – Velvet Wood, West Slope and Slick Rock – underpinned by our wholly-owned Shootaring Canyon mill, one of only three licensed conventional mills in the U.S. and our longer-term production strategy, which includes the acquisition of complementary assets with potential to feed additional uranium and vanadium resource to our Shootaring Canyon mill. We believe that Marquez-Juan Tafoya will both complement our existing portfolio of assets and serve as part of our longer-term uranium production strategy.”

As consideration for the acquisition of Neutron, the Company has issued 185,000,000 common shares (the “Consideration Shares”) to enCore and has agreed to pay C$5,000,000 in cash (the “Consideration Payment”). Pursuant to an agreement reached with enCore, C$4,000,000 of the Consideration Payment was made at closing, with the balance due and owing on or before September 25, 2023. The Company has also granted enCore the right to nominate one director to the board of the Company, to serve so long as enCore continues to hold at least 10% of the outstanding shares of the Company. During this time, enCore has agreed to vote the Consideration Shares in support of any decisions made by management of the Company. Eugene Spiering has been appointed to the board of directors of the Company as the initial nominee of enCore.

The Company is at arms-length from enCore and Neutron. The Consideration Shares are subject to statutory restrictions on resale until November 20, 2023 in accordance with applicable securities laws. No finders’ fees or commissions are owing by the Company in connection with the Transaction. For further information regarding Juan Tafoya, readers are encouraged to review the news release issued by the Company on June 6, 2023.

About Anfield

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. Anfield is a publicly traded corporation listed on the TSX-Venture Exchange (AEC-V), the OTCQB Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield is focused on its conventional asset centre, as summarized below:

Arizona/Utah/Colorado – Shootaring Canyon Mill

A key asset in Anfield’s portfolio is the Shootaring Canyon Mill in Garfield County, Utah. The Shootaring Canyon Mill is strategically located within one of the historically most prolific uranium production areas in the United States, and is one of only three licensed uranium mills in the United States.

Anfield’s conventional uranium assets consist of mining claims and state leases in southeastern Utah, Colorado, and Arizona, targeting areas where past uranium mining or prospecting occurred. Anfield’s conventional uranium assets include the Velvet-Wood Project, the Slick Rock Project, the West Slope Project, the Frank M Uranium Project, as well as the Findlay Tank breccia pipe. A combined NI 43-101 PEA has been completed for the Velvet-Wood and Slick Rock Projects. The PEA is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves and, resultantly, there is no certainty that the included preliminary economic assessment would be realized. All conventional uranium assets are situated within a 200-mile radius of the Shootaring Mill.

Technical Disclosure

Table 1. Anfield’s existing conventional uranium-vanadium project portfolio resources.

* The Company’s Qualified Person has not done sufficient work to classify these historic estimates as current mineral resources and Anfield is not treating such historical resources as current mineral resources.

Velvet-Wood: The PEA for Velvet-Wood/Slick Rock was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS Inc., Harold H. Hutson, P.E., P.G., Carl D. Warren, P.E., P.G., and Terence P. (Terry) McNulty, P.E., D. Sc., of T.P. McNulty and Associates Inc. (May 6, 2023). Mineral resources are not mineral reserves and do not have demonstrated economic viability in accordance with CIM standards. GT cut-off varies by locality from 0.25%-0.50%.

West Slope: NI 43-101 resource estimate for the JD-6, JD-7, JD-8 and JD-9 properties, completed by BRS Inc. (effective March 2022); Historic resource estimate for the SR-11, SR-13A, SM-18 N, SM-18 S, LP-21 and CM-25 properties, completed by Behre Dolbear for Cotter Corporation (August 2007). Indicated and Inferred resources using GT cut-off of 0.1 ft% eU₃O₈; historic resources using cut-off of 0.05% U₃O₈.

Slick Rock: The PEA for Velvet-Wood/Slick Rock was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS Inc., Harold H. Hutson, P.E., P.G., Carl D. Warren, P.E., P.G., and Terence P. (Terry) McNulty, P.E., D. Sc., of T.P. McNulty and Associates Inc. (May 6, 2023). Mineral resources are not mineral reserves and do not have demonstrated economic viability in accordance with CIM standards. GT cut-off varies by locality from 0.25%-0.50%.

Frank M: Historic Technical Report for Frank M, prepared for Uranium One Americas, was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer of BRS Inc., and Andrew C. Anderson, P.E., P.G. Senior Engineer/Geologist of BRS Inc., dated June 10, 2008. Frank M historic resource used a GT cut-off of 0.25%.

Findlay Tank: Historic Technical Report for Findlay Tank, prepared for Uranium One Americas, was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer of BRS Inc., dated October 2, 2008. Findlay Tank historic resource used a grade cut-off of 0.05% eU₃O₈.

Artillery Peak: Artillery Peak Exploration Project, Mohave County, Arizona, 43-101 Technical Report, authored by Dr. Karen Wenrich, October 12, 2010. GT cut-off varies by locality from 0.01%-0.05%.

Marquez-Juan Tafoya: The Historical Technical Report, Preliminary Economic Assessment, for Marquez-Juan Tafoya, prepared for Uranium Energy Corporation, was authored by Douglas L. Beahm, P.E., P.G., Principal Engineer of BRS Inc., and Terence P. McNulty, P.E., PhD, McNulty & Associates, dated June 9, 2021. The mineral resources are reported at a 0.60 GT cut-off.

On behalf of the Board of Directors
ANFIELD ENERGY INC.
Corey Dias, Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact:
Anfield Energy, Inc.
Clive Mostert
Corporate Communications
780-920-5044
[email protected]
www.anfieldenergy.com

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