Mr. Corey Dias reports

ANFIELD PROVIDES UPDATE ON ACQUISITION OF ADDITIONAL DOE LEASES IN COLORADO

Anfield Energy Inc. is finalizing the acquisition of 12 Department of Energy leases (the DoE leases) located in various counties in Colorado, along with any associated data. The acquisition is being completed pursuant to an asset transfer agreement previously entered into by Highbury Resources Inc., a wholly owned subsidiary of the company, and Gold Eagle Mining Inc. and Golden Eagle Uranium LLC (collectively, the vendors), and which was subsequently amended.

Pursuant to the amended transfer agreement, the company's consideration for the acquisition consists of the following share issuance and payments:

• $400,000 (U.S.) in cash (paid), and 12,729,464 common shares of the company, the consideration shares representing a value of $1.25-million (U.S.) based upon a deemed price of 14 cents per consideration share and a deemed exchange rate of $1.00 (U.S.) to $1.4257;
• $750,000 (U.S.) in cash at the one-year anniversary of closing, with an option to extend by two subsequent 90-day periods;
• $1-million (U.S.) in cash at the two-year anniversary of closing;
• $1-million (U.S.) in cash at the three-year anniversary of closing;
• $1.5-million (U.S.) in cash at the four-year anniversary of closing.

As stated in the company's news release of Jan. 3, 2024, the acquisition meets Anfield's strategic objective of securing additional uranium and vanadium prospects as the company prepares for an increase in production capacity throughput at Shootaring to 1,000 tons per day from 750 tons per day as part of its mill restart plan. Crucially, it provides Anfield with control over 21 of the 31 DOE leases in existence in Colorado, further strengthening the company's long-term strategic production position in the state.

For further information concerning the DoE leases, readers are encouraged to review the news release issued by the company on Jan. 3, 2024.

The company is at arm's-length from the vendors. Completion of the acquisition, and the issuance of the consideration shares, remains subject to the approval of the TSX Venture Exchange. Following issuance, the consideration shares will be subject to statutory restrictions on resale for a period of four months and one day in accordance with applicable securities laws. No finders' fees or commissions are payable by the company in connection with the acquisition.

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. Anfield is a publicly traded corporation listed on the TSX Venture Exchange, the OTCQB Marketplace and the Frankfurt Stock Exchange.

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