Anfield Energy Inc. reported the results of a combined preliminary economic assessment for both its Utah-based Velvet-Wood Uranium and Vanadium Project and its Colorado-based Slick Rock Uranium and Vanadium Project ("Slick Rock"). The PEA titled, The Shootaring Canyon Mill and Velvet-Wood and Slick Rock Uranium Projects, Preliminary Economic Assessment ("PEA, 2023), will be published on SEDAR within 45 days. These two projects are located proximal to one another within the prolific Uravan Mineral Belt, and within close distance of the Company's [permitted] Shootaring Canyon Mill ("Shick Rock") which will act as a centralized mineral processing facility in the PEA.

The independent PEA was prepared in accordance with National Instrument 43-101 standards of disclosure for mineral properties. Highlights include: The PEA indicates a pre-tax project internal rate of return (" IRR") of 40% and a net present value ("NPV") of USD238 million, based on a discount rate of 8% and a uranium price of USD 70 per pound, along with a vanadium price of USD 12 per pound. Average annual production of approximately 750,000 pounds of uranium and 2.5 million pounds of vanadium per year is estimated over the 15-year mine life; The combined feed of the Velvet-Wood and Slick rock mines is designed to meet the existing tonnage capacity at Shootaring of 750 tons per day.

Additional tonnage capacity would be available after year 8 of the plan. Estimated mill-related capital expenditures at Shootaring, including 25% contingency amount for each item, of: 1) USD 31.4 million for general upgrades; 2) USD 13.4 million to install a modern vanadium circuit; and 3) USD 20 million to update the tailings management facility. Estimated mine-related capital expenditures, including engineering and design, mine facilities, mine equipment, and the reopening of the Velvet decline and the sinking of two production shafts at Slick Rock with a 25% contingency, of: USD 15.3 million for Velvet-Wood; and 2) USD 27.2.