Significant Milestone Achieved To Recommence Uranium Production At Shootaring

VANCOUVER - Anfield Energy, Inc. has submitted its production reactivation plan for the Shootaring Canyon mill to the State of Utah’s Department of Environmental Quality (UDEQ). This major milestone is critical to restarting uranium production at Shootaring. The plan addresses the updating the mill’s radioactive materials license from its current standby status to operational status and the increasing of both throughput capacity and the tripling of licensed production capacity. Following approval of the reactivation plan and mill refurbishment, Anfield will be able to both recommence uranium production and start vanadium production in 2026 -- joining a select group of North American and U.S. uranium producers meeting the resurgence in uranium demand.

The plan outlines an increase in mill throughput capacity to 1,000 tons per day from 750 tons per day and an increase in annual uranium production capacity to 3 million pounds from 1 million pounds. The Shootaring mill – one of only 3 licensed, permitted and constructed conventional uranium mills in the U.S. -- is a significant differentiator between Anfield and its peers.

Corey Dias, CEO, states, “We at Anfield are very proud of achieving the important milestone of submitting the production restart application for Shootaring. This is an achievement which has taken close to 18 months of engineering and design input to complete and caps a decade of methodical and strategic progression in asset development. Since acquiring the Shootaring Canyon mill in 2015, we have maintained the facility, waiting for the right market conditions to return the mill to production status. With uranium reaching highs of greater than US$100 per pound earlier this year, and a global environment in which demand is expected to continue outstripping supply, we believe this is the ideal time to advance our uranium assets to production.

“We believe that it is important to highlight the challenges related to starting this process from a greenfield position to reaching Anfield’s current production position. For example, a company with no existing radioactive materials license or mill site would need: 1) to secure an appropriate site for mill construction and tailings buildout; 2) to complete baseline environmental studies regarding potential environmental impacts of mill operations to satisfy NEPA requirements (typically a two to three-year undertaking); 3) access to infrastructure – roads and power; and 4) the radioactive materials license itself, which requires the submittal of a comprehensive application that incorporates not only the previous items, but also a mill facility and tailings construction, operation and reclamation and decommissioning plan, including confirmatory studies outlining emissions related to mill operations, as well as other ancillary permits.

Finally, the installation of Doug Beahm as Chief Operating Officer (COO), bringing with him a wealth of experience in progressing assets to production, means Anfield will have the right permitted assets in the right place, at the right time, with the right production-focused leadership. The uprating of Anfield's status to production-ready will also be a strong case for an uprating in Anfield’s valuation and share price to be much more in line with Anfield’s peers.”