Anfield submits notice of intent for SM-18 drilling

Executive Summary

• Anfield Energy Inc. has submitted a Notice of Intent (NOI) to regulatory authorities to commence an underground drilling program at its SM-18 uranium-vanadium project in Colorado.
• The drilling campaign aims to verify and potentially expand mineral resources at SM-18, which will serve as the company's fourth flagship mine under its hub-and-spoke production model.
• The company is simultaneously advancing plans to expand the Shootaring Canyon mill's capacity to 1,000 tons per day with a licensed annual production capacity of 3 million pounds of U3O8, supporting scaled uranium and vanadium output.

Key Details

• Drilling Program: Submitted NOI for underground drilling at SM-18 to verify/expand mineral resources; comprehensive plan of operations targeted for completion later this year.
• Mine Infrastructure: Underground workings at SM-18 remain in good condition with well-preserved historic infrastructure, facilitating efficient access and drilling activities.
• Hub-and-Spoke Strategy: SM-18 will become the fourth flagship mine, joining Velvet-Wood (Utah), Slick Rock (Colorado), and JD-8 (Colorado), all feeding into the centralized Shootaring Canyon mill.
• Mill Expansion: Upgrading Shootaring Canyon mill throughput from 750 tons/day to 1,000 tons/day; licensed annual production capacity of 3 million pounds of U3O8.
• Regulatory Status: Mill reactivation and expansion currently under review by the Utah Department of Environmental Quality (UDEQ).
• Development Targets: Company targets opening two mines per year from holdings in the Lisbon Valley (Utah) and Uravan mineral belt (Colorado) districts.
• Operational Readiness: All necessary mining equipment for the four planned mines has been acquired; operations will be managed by an in-house team leveraging historical production data and assets located within a 200-mile radius of the mill.
• Technical Verification: Douglas L. Beahm, PE, PG (Chief Operating Officer), serves as the Qualified Person under NI 43-101 and has verified all scientific and technical information.

Notable Quotes

• Corey Dias, CEO: "Submitting the NOI for SM-18 marks a meaningful milestone as we build out our production pipeline across the Uravan mineral belt. This underground drilling will help to both confirm and, potentially, increase resources at the project, while the associated plan of operations work sets the stage for SM-18 to become a key producing asset."
• Corey Dias, CEO: "Our brownfield development strategy has positioned Anfield to become a fast-growing U.S. uranium company, with a target of opening two mines per year from our rich portfolio of holdings within two of the most prolific U.S. uranium mining districts -- Lisbon Valley in southeastern Utah and the Uravan mineral belt in southwestern Colorado."
• Corey Dias, CEO: "Expanding the Shootaring Canyon mill from 750 tonnes per day to 1,000 tonnes per day of throughput capacity and three million pounds of licensed annual production capacity will give us the scale needed to capitalize on today's strong uranium market and assist in addressing America's burgeoning energy needs and strategic requirements."