Mr. Corey Dias reports

ANFIELD ENERGY ANNOUNCES $7,000,000 NON-BROKERED LIFE OFFERING OF COMMON SHARES AND CONCURRENT $7,000,000 NON-BROKERED PRIVATE PLACEMENT OF SUBSCRIPTION RECEIPTS

Anfield Energy Inc. has arranged a non-brokered private placement offering of up to 1.12 million common shares in the capital of the company (the LIFE shares) at a price of $6.25 per LIFE share for gross proceeds to the company of up to $7-million, with the LIFE shares to be issued pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 -- Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935 -- Exemptions from Certain Conditions of the Listed Issuer Financing Exemption.

The company also announces that Uranium Energy Corp. has indicated an intention to subscribe for up to 1.12 million subscription receipts of the company at the issue price in a concurrent non-brokered private placement for gross proceeds to the company of up to $7-million. As a result, the total gross proceeds from the offering are expected to be up to $14-million.

Each subscription receipt will entitle Uranium Energy to receive, upon satisfaction of the escrow release conditions (as defined below) on or prior to 5 p.m. (Vancouver time) on March 31, 2026, or such other date as may be agreed to in writing by the company and Uranium Energy, one common share in the capital of the company, without payment of additional consideration and without further action on the part of Uranium Energy. The company requires the approval of the TSX Venture Exchange of Uranium Energy's participation in the concurrent offering and, pursuant to the policies of the TSX-V, the approval of the disinterested shareholders of the company of Uranium Energy as a control person of the company (as such term is defined by the policies of the TSX-V) by at least a simple majority of the votes cast at a special meeting of shareholders of the company, excluding votes attached to common shares held by Uranium Energy and its associates and affiliates (as such terms are defined by the policies of the TSX-V).

The company intends to use the net proceeds from the offering to finance capital commitments to the West Slope project, Velvet-Wood project, the Slick Rock project and Shootaring Canyon mill, and for general corporate purposes and working capital.

The offering is expected to close on or about Dec. 31, 2025, or such other date as may be mutually agreed by the company and Uranium Energy in respect of the concurrent offering, and is subject to customary closing conditions, including receipt of required approvals of the TSX-V and the Nasdaq Capital Market LLC.

Uranium Energy's participation in the concurrent offering constitutes a related party transaction within the meaning of TSX-V Policy 5.9 -- Protection of Minority Security Holders in Special Transactions and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the concurrent offering as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves the related parties, is expected to exceed 25 per cent of the company's market capitalization (as determined under MI 61-101). However, pursuant to the policies of the TSX-V, the company will seek the approval of the disinterested shareholders of the company of Uranium Energy as a control person of the company (as such term is defined by the policies of the TSX-V) by at least a simple majority of the votes cast at a special meeting of shareholders of the company, excluding votes attached to common shares held by Uranium Energy and its associates and affiliates (as such terms are defined by the policies of the TSX-V).

Subject to compliance with applicable regulatory requirements and in accordance with NI 45-106, the LIFE shares will be offered for sale to purchasers resident (i) in each of the provinces and territories of Canada, except Quebec, pursuant to the listed issuer financing exemption, and (ii) in the United States pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended. As the LIFE offering is being completed pursuant to the listed issuer financing exemption, the LIFE shares issued to Canadian subscribers pursuant to the LIFE offering will not be subject to a hold period pursuant to applicable Canadian securities laws. The subscription receipts issued pursuant to the Concurrent offering will be subject to a hold period of four months and a day under applicable Canadian securities laws.

There is an offering document related to the LIFE offering that can be accessed under the company's issuer profile on SEDAR+ and on the company's website. Prospective investors should read the offering document before making an investment decision.

The company may elect to pay finders' fees to eligible parties who have introduced subscribers to the offering and will determine the amount of such fees in negotiation with the eligible parties, in accordance with the policies of the TSX-V.

About Anfield Energy Inc.

Anfield is a uranium and vanadium development 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 Nasdaq, the TSX-V and the Frankfurt Stock Exchange.

We seek Safe Harbor.