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SUPPL 1 d147830dsuppl.htm SUPPL SUPPL

Filed Pursuant to General Instruction II.L of Form F-10
File No. 333-291078

No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.

This prospectus supplement, together with the accompanying short form base shelf prospectus dated October 31, 2025 to which it relates, as amended or supplemented, and each document incorporated or deemed to be incorporated by reference into this prospectus supplement and the accompanying short form base shelf prospectus, as amended or supplemented, constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities. See “Plan of Distribution”.

Information has been incorporated by reference in this prospectus supplement and the accompanying short form base shelf prospectus to which it relates from documents filed with securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate Secretary of Anfield Energy Inc. at 2005—4390 Grange Street, Burnaby, British Columbia, V5H 1P6, telephone (604) 669-5762, e-mail: timelinefiling@gmail.com, and are also available electronically at www.sedarplus.ca and www.sec.gov.

PROSPECTUS SUPPLEMENT

dated July 30, 2026

to the Short Form Base Shelf Prospectus dated October 31, 2025


New Issue				July 30, 2026

LOGO

ANFIELD ENERGY INC.

US$5,965,220

1,491,305 Common Shares

This prospectus supplement (this “Prospectus Supplement”) of Anfield Energy Inc. (the “Company” or “Anfield”), together with the accompanying short form base shelf prospectus dated October 31, 2025, as may be amended or supplemented (the “Shelf Prospectus” and together with the Prospectus Supplement, the “Prospectus”) qualifies for the distribution (the “Offering”) of 1,491,305 Common Shares (as defined below) in the capital of the Company (the “Offered Shares”) at a price of US$4.00 per Offered Share (the “Offering Price”).

The Offering is being made pursuant to an underwriting agreement (the “Underwriting Agreement”) dated July 30, 2026 among the Company and Northland Securities, Inc. (“Northland”) and Roth Capital Partners, LLC (“Roth”), as the representatives of the several underwriters named therein (the “Representatives”). The Offering is being made concurrently in Canada under the terms of this Prospectus Supplement and in the United States under the terms of the Company’s registration statement on Form F-10 (File No. 333-291078), as amended (the “Registration Statement”), filed with the United States Securities and Exchange Commission (the “SEC”) under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) of which this Prospectus Supplement forms a part. See “Plan of Distribution”. The Offered Shares are being offered in each of the provinces and territories of Canada, other than in the province of Quebec, by Roth Canada, Inc. (the “Canadian Underwriter”) and the Offered Shares are being offered in the United States by Northland and Roth (the “U.S. Underwriters”, and together with the Canadian Underwriter, the “Underwriters”). The terms of the Offering, including the Offering Price, were determined by arm’s length negotiation between the Company and the Representatives, with reference to the prevailing market price of the Common Shares.


	Price to the Public	Underwriters’ Fee⁽¹⁾	Net Proceeds to the Company ⁽²⁾
Per Offered Share	US$4.00	US$0.24	US$3.76
Total ⁽³⁾	US$5,965,220	US$357,913.20	US$5,607,306.80

Notes:

(1)

The Company has agreed to pay the Underwriters a cash fee equal to % of the gross proceeds from the Offered Shares sold under the Offering, including in respect of any gross proceeds raised on the exercise of the Over-Allotment Option (as defined below) (the “Underwriters’ Fee”), other than gross proceeds on any sales made to “President’s List” purchasers, on which no fees shall be paid to the Underwriters in respect of such gross proceeds. The “President’s List” includes Uranium Energy (as defined below) and other purchasers introduced by the Company’s management to the Underwriters. The Underwriters’ Fee assumes no sales to “President’s List” purchasers. See “Plan of Distribution”.

(2)	After deducting the Underwriters’ Fee (assuming no sales to “President’s List” purchasers) but before deducting the expenses of the Offering, which are estimated to be US$325,000, which will be paid by the Company from the proceeds of the Offering.

(3)	Based on 1,491,305 Offered Shares being issued at closing of the Offering.

The Company has granted to the Underwriters an option (the “Over-Allotment Option”) to purchase up to an additional 223,695 Offered Shares (the “Over-Allotment Shares”) at the Offering Price for additional gross proceeds of up to US$894,780. The Over-Allotment Option may be exercised by the Underwriters in whole or in part to acquire Over-Allotment Shares at the Offering Price at any time for a period of 30 days after the date of the Underwriting Agreement (the “Over-Allotment Option Exercise Period”). See “Plan of Distribution”. If the Over-Allotment Option is exercised in full, the total “Price to the Public”, “Underwriters’ Fee” (assuming no sales to “President’s List” purchasers) and “Net Proceeds to the Company” will be US$6,860,000, US$411,600 and US$6,448,400, respectively. This Prospectus qualifies the grant of the Over-Allotment Option and the distribution of the Over-Allotment Shares issuable upon exercise of the Over-Allotment Option, as applicable. A purchaser who acquires securities forming part of the Underwriters’ over-allocation position acquires these securities under this Prospectus, regardless of whether the over-allocation position is ultimately filled through the exercise of the Over-Allotment Option or secondary market purchases. See “Plan of Distribution”.

The following table sets out the maximum number of Over-Allotment Shares that may be issued by the Company pursuant to the Over-Allotment Option:


Underwriters’ Position	Number of Additional Common Shares Available	Exercise Period	Exercise Price
Over-Allotment Option	Up to 223,695 Over-Allotment Shares	Up to 30 days following the date of the Underwriting Agreement	US$4.00 per Over-Allotment Share

Unless the context otherwise requires, all references to the “Offering” and the “Offered Shares” in this Prospectus Supplement shall include all Over-Allotment Shares issuable assuming the exercise of the Over-Allotment Option. See “Plan of Distribution”.

The issued and outstanding common shares of the Company (the “Common Shares”) are listed and posted for trading on the TSX Venture Exchange (the “TSXV”) and on the Nasdaq Capital Market (the “Nasdaq”) under the trading symbol “AEC” and in Germany on the Frankfurt Stock Exchange (“FSE”) under the trading symbol “0AD”. On July 29, 2026, the last trading day prior to the date of this Prospectus Supplement, the closing price per Common Share on the TSXV was C$5.86, on the Nasdaq was US$4.23 and on the FSE was €3.56. The TSXV has conditionally approved the listing of the Offered Shares, including any Offered Shares issuable upon exercise of the Over-Allotment Option, on the TSXV. Listing is subject to the Company fulfilling all of the requirements of the TSXV.

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The Company is permitted, under the multijurisdictional disclosure system adopted by the United States and Canada (the “MJDS”), to prepare this Prospectus Supplement and the accompanying Shelf Prospectus in accordance with Canadian disclosure requirements. Prospective investors should be aware that such requirements are different from those of the United States. Annual consolidated financial statements included or incorporated herein by reference have been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board (“IFRS”), and the interim financial statements included or incorporated by reference herein have been prepared in accordance with IFRS as applicable to interim financial reporting, including IAS 34, Interim Financial Reporting (“IAS 34”), and thus may not be comparable to financial statements of United States companies.

Investing in securities of the Company is speculative and involves a high degree of risk and should only be made by persons who can afford the total loss of their investment. A prospective purchaser should therefore review this Prospectus Supplement and the accompanying Shelf Prospectus, as amended or supplemented, and the documents incorporated by reference herein and therein, as amended or supplemented, in their entirety and carefully consider the risk factors described or referenced under “Risk Factors” herein, in the accompanying Shelf Prospectus and the documents incorporated by reference herein and therein prior to investing in any Offered Shares offered hereby. See “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements”.

Prospective investors should be aware that the acquisition, holding or disposition of the Offered Shares may have tax consequences both in Canada and the United States. Such consequences for investors who are resident in, or citizens of, the United States or who are resident in Canada may not be described fully herein. Prospective investors should read the tax discussion contained in this Prospectus Supplement and consult their own tax advisors with respect to their own particular circumstances. See “Certain Canadian Federal Income Tax Considerations”, “Certain U.S. Federal Income Tax Considerations for U.S. Holders” and “Risk Factors”.

Subject to applicable laws, the Underwriters may, in connection with the Offering, over-allot or effect transactions intended to stabilize or maintain the market price of the Common Shares at levels other than those which might otherwise prevail in the open market. Such transactions, if commenced, may be discontinued at any time. The Underwriters propose to offer the Offered Shares initially at the Offering Price. After a reasonable effort has been made to sell all of the Offered Shares at the price specified, the Underwriters may reduce the selling price to purchasers from time to time in order to sell any of the Offered Shares remaining unsold. Any such reduction will not affect the proceeds received by the Company. See “Plan of Distribution”.

The Underwriters, as principals, conditionally offer the Offered Shares subject to prior sale on a commercially reasonable efforts basis, if as and when issued by the Company, and accepted by the Underwriters, in accordance with the conditions contained in the Underwriting Agreement described under “Plan of Distribution” and subject to the approval of certain legal matters on behalf of the Company by Cassels Brock & Blackwell LLP, with respect to matters of Canadian law, and Dorsey & Whitney LLP, with respect to matters of U.S. law, and on behalf of the Underwriters by Stikeman Elliott LLP, with respect to matters of Canadian law, and Faegre Drinker Biddle & Reath LLP, with respect to matters of U.S. law.

Subscriptions for the Offered Shares will be received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books at any time without notice. The closing of the Offering is expected to take place on or about July 31, 2026, or such other date as the Company and the Underwriters may agree (the “Closing Date”). It is anticipated that the Offered Shares will be registered in such names and in such denominations as the Representatives shall request. The Offered Shares shall be delivered to the Representatives on the Closing Date for the respective accounts of the several Underwriters. See “Plan of Distribution”. The Underwriters expect to deliver the Offered Shares through the book-entry facilities of CDS Clearing and Depository Services Inc. (“CDS”), The Depository Trust Company (“DTC”), or by such other means as permitted by the Underwriting Agreement on or about July 31, 2026, subject to customary closing conditions. A

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purchaser of Offered Shares will receive only a customer confirmation from the registered dealer through which the Offered Shares are purchased. Notwithstanding anything to the contrary herein, the distribution of the Offered Shares hereunder shall terminate upon expiration of the Over-Allotment Option Exercise Period.

The U.S. Underwriters are not registered dealers in any Canadian jurisdiction and, accordingly, are not permitted to and will not, directly or indirectly, advertise or solicit offers to purchase any of the Common Shares offered hereby in Canada. The Canadian Underwriter will solicit offers to purchase the Common Shares offered hereby in Canada. See “Plan of Distribution”.

The enforcement by investors of civil liabilities under United States federal securities laws may be affected adversely by the fact that the Company is incorporated under the laws of the Province of British Columbia, that all but one of the Company’s officers and all but five of the Company’s directors are not residents of the United States, that some of the Underwriters or experts named in this Prospectus Supplement and in the accompanying Shelf Prospectus are not residents of the United States, and that certain of the Company’s assets and all or a substantial portion of the assets of such persons are located outside of the United States. See “Enforceability of Civil Liabilities”.

NO CANADIAN SECURITIES REGULATOR HAS APPROVED OR DISAPPROVED THE OFFERED SHARES NOR PASSED UPON THE ACCURACY OR ADEQUACY OF THE SHELF PROSPECTUS AND THIS PROSPECTUS SUPPLEMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.

NEITHER THE SEC NOR ANY STATE SECURITIES REGULATOR HAS APPROVED OR DISAPPROVED THE OFFERED SHARES NOR PASSED UPON THE ACCURACY OR ADEQUACY OF THE SHELF PROSPECTUS AND THIS PROSPECTUS SUPPLEMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.

Ken Mushinski, John Eckersley, Jeff Duncan, Joshua D. Bleak and Stephen S. Lunsford, each a director of the Company, and Douglas L. Beahm, the Chief Operating Officer of the Company, reside outside of Canada. Ken Mushinski, John Eckersley, Jeff Duncan, Joshua D. Bleak and Stephen S. Lunsford, each a director of the Company, and Douglas L. Beahm, the Chief Operating Officer of the Company, have appointed Cassels Brock & Blackwell LLP, Suite 3100, 666 Burrard Street, Vancouver, British Columbia, V6C 2X8 as agent for service of process in Canada.

Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person that resides outside of Canada, even if the party has appointed an agent for service of process. See “Enforceability of Civil Liabilities”.

The Company’s head office and its registered and records offices are located at 2005—4390 Grange Street, Burnaby, British Columbia, Canada V5H 1P6. The Company also has project offices in Mesa, Arizona, U.S. and Nucla, Colorado, U.S.

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TABLE OF CONTENTS

PROSPECTUS SUPPLEMENT


	Page
ABOUT THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING SHELF PROSPECTUS		S-1
FINANCIAL INFORMATION AND CURRENCY		S-1
MARKET AND INDUSTRY DATA		S-2
NON-IFRS MEASURES		S-2
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		S-2
CAUTIONARY NOTE TO UNITED STATES INVESTORS		S-5
DOCUMENTS INCORPORATED BY REFERENCE		S-6
SUMMARY OF THE OFFERING		S-8
THE COMPANY		S-9
TECHNICAL INFORMATION CONCERNING MATERIAL MINERAL PROJECTS		S-11
DESCRIPTION OF SECURITIES BEING DISTRIBUTED		S-78
CONSOLIDATED CAPITALIZATION		S-79
USE OF PROCEEDS		S-80
PLAN OF DISTRIBUTION		S-82
CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS		S-91
CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR U.S. HOLDERS		S-95
PRIOR SALES		S-104
TRADING PRICE AND VOLUME		S-105
RISK FACTORS		S-106
LEGAL MATTERS		S-110
DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT		S-110
WHERE YOU CAN FIND MORE INFORMATION		S-110
ENFORCEABILITY OF CIVIL LIABILITIES		S-111
INTEREST OF EXPERTS		S-111
AUDITORS, TRANSFER AGENTS AND REGISTRARS		S-112

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TABLE OF CONTENTS

SHORT FORM BASE SHELF PROSPECTUS


ABOUT THIS PROSPECTUS			1
FORWARD-LOOKING INFORMATION			1
NOTICE REGARDING REPRESENTATION OF MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES			3
PRESENTATION OF FINANCIAL INFORMATION			4
CURRENCY AND EXCHANGE RATE INFORMATION			4
DOCUMENTS INCORPORATED BY REFERENCE			4
AVAILABLE INFORMATION			6
DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT			7
ENFORCEABILITY OF CERTAIN CIVIL LIABILITIES AND AGENT FOR SERVICE OF PROCESS			7
THE COMPANY			8
BUSINESS OF THE COMPANY			8
CONSOLIDATED CAPITALIZATION			10
EARNINGS COVERAGE RATIOS			11
DESCRIPTION OF COMMON SHARES			11
DESCRIPTION OF DEBT SECURITIES			11
DESCRIPTION OF SUBSCRIPTION RECEIPTS			13
DESCRIPTION OF WARRANTS			14
DESCRIPTION OF UNITS			16
PLAN OF DISTRIBUTION			16
USE OF PROCEEDS			18
TRADING PRICE AND VOLUME			18
PRIOR SALES			18
CERTAIN INCOME TAX CONSIDERATIONS			19
RISK FACTORS			19
LEGAL MATTERS			23
AUDITORS, TRANSFER AGENT AND REGISTRAR			23
INTERESTS OF EXPERTS			23
GLOSSARY OF TERMS			25

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ABOUT THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING SHELF PROSPECTUS

This document is in two parts. The first part is this Prospectus Supplement, which describes the specific terms of the Offering and adds to and updates certain information contained in the accompanying Shelf Prospectus and the documents incorporated by reference into the Shelf Prospectus. The second part is the Shelf Prospectus, which provides more general information, some of which may not apply to the Offering. If the information differs or varies between this Prospectus Supplement and the Shelf Prospectus, the information in this Prospectus Supplement supersedes the information in the Shelf Prospectus. The Shelf Prospectus and this Prospectus Supplement together comprise the Prospectus for purposes of qualifying the securities offered pursuant to the Offering.

An investor should rely only on the information contained in this Prospectus Supplement and the Shelf Prospectus and on the other information in the Registration Statement, of which this Prospectus Supplement and the Prospectus form a part, (including the documents incorporated by reference herein and therein) and is not entitled to rely on parts of the information contained in this Prospectus Supplement or the Shelf Prospectus (including the documents incorporated by reference herein or therein) to the exclusion of others. The Company and the Underwriters have not authorized anyone to provide investors with additional or different information. The Company and the Underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give readers of this Prospectus Supplement. Information contained on, or otherwise accessed through, the Company’s website shall not be deemed to be a part of this Prospectus Supplement or the accompanying Shelf Prospectus and such information is not incorporated by reference herein or therein, and the Company disclaims any such incorporation by reference.

The Company and the Underwriters are not offering to sell the Offered Shares in any jurisdictions where the offer or sale of the Offered Shares is not permitted. The information contained in this Prospectus Supplement and the Shelf Prospectus (including the documents incorporated by reference herein and therein) is accurate only as of the date of this Prospectus Supplement or Shelf Prospectus or as of the date as otherwise set out herein or therein (or as of the date of the document incorporated by reference herein or therein or as of the date as otherwise set out in the document incorporated by reference herein or therein, as applicable), regardless of the time of delivery of this Prospectus Supplement or any sale of the Offered Shares. The business, capital, financial condition, results of operations and prospects of the Company may have changed since those dates. The Company does not undertake to update the information contained or incorporated by reference herein, except as required by applicable Canadian and U.S. securities laws.

This Prospectus Supplement shall not be used by anyone for any purpose other than in connection with the Offering.

The documents incorporated or deemed to be incorporated by reference herein or in the Prospectus contain meaningful and material information relating to the Company and readers of this Prospectus Supplement should review all information contained in this Prospectus Supplement, the Shelf Prospectus and the documents incorporated or deemed to be incorporated by reference herein and therein, as amended or supplemented.

FINANCIAL INFORMATION AND CURRENCY

All currency amounts in this Prospectus Supplement are expressed in United States dollars, unless otherwise indicated. References to dollars, “$” or “US$” are to United States currency, unless otherwise indicated. All references to “C$” refer to Canadian dollars.

The following table sets forth for each period indicated (i) the high and low exchange rates for one United States dollar during such periods; (ii) the average exchange rates for one United States dollar for such period; and

S-1

(iii) the exchange rates in effect as at the end of the period, for one United States dollar, each expressed in Canadian dollars as quoted by the Bank of Canada.


	Three Months Ended March 31,				Year Ended December 31,
	2026		2025		2025		2024
	(C$)		(C$)		(C$)		(C$)
High		1.3939		1.4603		1.4603		1.4416
Low		1.3515		1.4166		1.3558		1.3316
Average		1.3717		1.4352		1.3978		1.3698
Period End		1.3939		1.4376		1.3706		1.4389

On July 29, 2026, the daily average exchange rate for the conversion of United States dollars into Canadian dollars, expressed in Canadian dollars, as quoted by the Bank of Canada, was US$1.00 = C$1.4083.

MARKET AND INDUSTRY DATA

Unless otherwise indicated, the market and industry data contained or incorporated by reference in this Prospectus Supplement and the accompanying Shelf Prospectus is based upon information from independent industry publications, market research, analyst reports and surveys and other publicly available sources. Although the Company believes these sources to be generally reliable, market and industry data is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any survey. Actual outcomes may vary materially from those forecast in such reports, surveys or publications, and the prospect for material variation can be expected to increase as the length of the forecast period increases. While the Company believes such third party information to be generally reliable, the Company has not independently verified any of the data from third party sources referred to or incorporated by reference in this Prospectus Supplement and the accompanying Shelf Prospectus and accordingly, the accuracy and completeness of such data is not guaranteed.

NON-IFRS MEASURES

The annual consolidated financial statements of the Company are prepared in accordance with IFRS. Additionally, the Company utilizes certain non-IFRS measures such as working capital (calculated as current assets less current liabilities). The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Prospectus Supplement, the accompanying Shelf Prospectus and the documents incorporated by reference herein and therein contain “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995 (collectively referred to herein as “forward-looking information” or “forward-looking statements”). Forward-looking statements are included to provide information about management’s current expectations and plans that allows investors and others to get a better understanding of the Company’s operating environment, business operations and financial performance and condition.

S-2

Forward-looking statements include, but are not limited to, statements relating to: the business and future activities of, and developments related to, the Company after the date of this Prospectus Supplement or the Shelf Prospectus, as applicable; expectations of the use by the Company of the net proceeds raised from the Offering, including as to achieving the related business objectives and milestones described herein; the sufficiency of net proceeds of the Offering to achieve the business objectives and milestones described herein; expectations of the timing, size and completion of the Offering and the listing of the Offered Shares on the TSXV and the Nasdaq; receipt of the required approvals, including, but not limited to, the approval of the TSXV of the Offering; capital expenditure programs; estimates of the quality and quantity of the mineral resources at its mineral properties; development of mineral resources; accuracy and success of exploration programs; whether mineral resources will ever be developed into mineral reserves, and information underlying assumptions related thereto; plans and expectations including anticipated expenditures relating to exploration, development, pre-extraction, extraction and reclamation activities; costs and timing of the development of new deposits; success of exploration activities and permitting timelines; fluctuations in the prices of uranium and vanadium; commodity price changes; currency fluctuations; budget estimates and expenditures to be made by the Company on its properties; planned exploration and development programs and expenditures (including, but not limited to, plans and expectations regarding advancement of the Velvet-Wood Project (as defined below), the Shootaring Canyon Mill (as defined below), the Slick Rock Complex (as defined below) and the Paradox Complex (as defined below)); the Company’s intention to focus its business activity in the near term on advancing its conventional uranium and vanadium portfolio to production, including updating its Radioactive Materials License (as defined below) at the Shootaring Canyon Mill, determining economics and completing permitting application requirements for its Paradox Complex, commencing construction activities for the Velvet-Wood Project and advancing the Slick Rock Complex; the development, operational and economic results of the 2026 PEA (as defined below), including capital expenditures, NPV (as defined below) projections, IRR (as defined below) projections, development costs and sustaining capital; the renegotiation of royalty terms with applicable governmental authorities for the DOE Lease (as defined below) renewal process and the renegotiation of the royalty terms with Cotter (as defined below); continued access to mineral properties or infrastructure; payments and share issuances pursuant to property agreements; performance of the Company’s business and operations; changes in exploration costs and government regulation in Canada and the United States; competition for, among other things, capital, acquisitions, undeveloped lands and skilled personnel; treatment under governmental and taxation regimes; belief and expectations including the possible impact of any legal proceedings, arbitration or regulatory actions against the Company; the reliability of third party information; inflation; changes in trade relationships; tariffs and trade barriers; the Company’s funding requirements and ability to raise capital; geopolitical instability; the Company’s overall strategy, objectives, plans and expectations for the fiscal year ending December 31, 2025 and beyond; and work plans to be conducted by the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “expects”, “is expected”, “anticipates”, “seeks”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential”, “possible” or variations thereof or stating that certain actions, events, conditions or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of fact and may be forward-looking statements.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, if untrue, could cause actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such statements. Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause the Company’s actual financial results, performance, or achievements to be materially different from those expressed or implied herein. With respect to forward-looking statements listed above and contained in the AIF (as defined below), the Company has made assumptions regarding, among other things: uncertainties relating to receiving mining, exploration, environmental and other permits or approvals; unpredictable changes to the market prices for uranium and vanadium; pricing and demand for uranium and vanadium; anticipated results of exploration and development activities for the Velvet-Wood Project, the Shootaring Canyon Mill, the Slick Rock

S-3

Complex and Paradox Complex; exploration and development costs for the Velvet-Wood Project, the Shootaring Canyon Mill, the Slick Rock Complex and Paradox Complex; availability of additional financing; ability to remain in compliance with the terms of the Company’s indebtedness; the Company’s ability to obtain additional financing on satisfactory terms; the ability to achieve production at any of the Company’s mineral exploration and development properties; the ability to fund, advance and develop the Company’s properties; the Company’s ability to operate in a safe and effective manner; impact of increasing competition; commodity prices, exchange rates, tariffs, trade barriers, currency rates, interest rates, trade relationships and general economic conditions; the legislative, regulatory and community environments in the jurisdictions where the Company operates; current technological trends; impact of unknown financial contingencies; budgets and estimates of capital and operating costs; estimates of mineral resources and mineral reserves; reliability of technical data; the ability to negotiate access agreements on commercially reasonable terms; and the anticipated timing and results of operations.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events, performance or results to differ from those expressed or implied. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth below and elsewhere in this Prospectus, including the following: risks related to the Company’s discretion in the use of proceeds from the Offering; risks that the market price of Common Shares may be depressed by substantial sales of the Common Shares; risk that an entire investment in the Offered Shares may be lost; risks that the market for the Common Shares may not be active and liquid; risks related to the Company’s PFIC (as defined below) status; risks that the proposed legislation in the U.S. Congress, including changes in U.S. tax law, may adversely impact the Company and the value of the Offered Shares; risks related to U.S. federal income taxes for U.S. persons treated as owning at least 10% of the Company’s Offered Shares; risks that the forward-looking statements may prove to be inaccurate; mining operations risks, including without limitation, the decisions to advance development of the Velvet-Wood Project, the Slick Rock Complex and Paradox Complex are not based on feasibility studies of mineral reserves demonstrating economic and technical viability; risks associated with development and industry competitiveness; risks related to mineral resource and mineral reserve uncertainties; risks in obtaining and maintaining all necessary licenses and permits for operations; delays in obtaining governmental approvals of financing or in the completion of development or construction activities; risks relating to rights of ownership of mineral properties; risks in maintaining interest in the Company’s mineral properties; risks that the development, operational and economic results of the 2026 PEA may diﬀer from projections; risks that the Company may not be able to renegotiate the royalty terms for the DOE Leases applicable governmental authorities or with Cotter as contemplated, or at all; risks resulting from future environmental legislation, regulations and actions; risks related to environmental liabilities inherent in mining operations; uninsurable risks related to mineral properties; construction project expenditure risks; foreign operations risks; cost estimate risks; risks related to negative operating cash flows; dilution risks; risks related to not issuing dividends; financial risks; credit risks with respect to the Company’s cash and cash equivalents; risks arising from changes in foreign currency fluctuations; liquidity risks; risks related to capital resources; risks related to the Company’s capability to continue as a going concern; risks related to the market prices of uranium and vanadium; risks related to commodity prices; risks related to Uranium Energy Corp. (together with its subsidiaries, “Uranium Energy”) having significant influence over the Company; risks related to political and regulatory effects on the uranium and vanadium industries; political uncertainty risks; risks related to war and international conflict; risks resulting from adverse economic conditions in Canada, the United States and globally; risks relating to tariffs or the imposition of other restrictions on trade; risks related to the integration of acquisitions; risks related to potential joint venture operations; actual results of current exploration and development activities; conclusions of economic evaluations; uncertainties in estimating capital and operating costs, cash flows and other economics; changes in project parameters as plans continue to be refined; future prices of metals; failure of plant, equipment or processes; risks related to geological, technical and drilling issues; unanticipated operating events; health and safety risks; risks related to accidents; unanticipated weather conditions; labour disputes and other risks of the mining industry; risks related to climate change; intellectual property risks; decommissioning and reclamation risks; risks related to the Company’s capability to attract and maintain qualified key management personnel; risks related to conflicts of interest; risks related to litigation,

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arbitration, disputes and judgments; risks related to enforcing judgements; risks related to anti-corruption; risks related to Indigenous peoples; inflationary pressure risks; information systems risks; risks related to new technology and generative artificial intelligence; risks related to tax law changes and incentive programs with respect to the mining industry; risks related to share price volatility; risks related to future issuances of shares; risks related to obtaining additional financing satisfactory to the Company; and risks related to continued listing requirements for the TSXV and the Nasdaq, as well as those factors discussed in the section entitled “Risk Factors” in the Prospectus and in the Company’s public filings available at the Company’s profile on the Canadian System for Electronic Data Analysis and Retrieval + (“SEDAR+”) at www.sedarplus.ca and the SEC’s Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”) at www.sec.gov. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. Although the Company believes its expectations are based upon reasonable assumptions and have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. See the section entitled “Risk Factors” below, the section entitled “Risk Factors” in the Shelf Prospectus and the section entitled “Risk Factors” in the Company’s annual information form for the year ended December 31, 2025, dated March 30, 2026 (the “AIF”), and incorporated by reference herein, for additional risk factors that could cause results to differ materially from forward-looking statements.

The forward-looking information and forward-looking statements contained in this Prospectus Supplement and the Shelf Prospectus represent the Company’s views and expectations respectively as of the date of this Prospectus Supplement and the Shelf Prospectus, unless otherwise indicated in such documents, and forward-looking information and forward-looking statements contained in the documents incorporated by reference herein and therein represent the Company’s views and expectations as of the date of such documents, unless otherwise indicated in such documents. The Company disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. Investors are urged to read the Company’s filings with Canadian securities regulatory agencies, which can be viewed online under the SEDAR+ profile of the Company or under the EDGAR profile of the Company at the website of the SEC at www.sec.gov.

CAUTIONARY NOTE TO UNITED STATES INVESTORS

The Company is permitted under the MJDS adopted by the securities regulatory authorities in Canada and the United States to prepare this Prospectus Supplement and the accompanying Shelf Prospectus in accordance with Canadian disclosure requirements. Prospective investors should be aware that such requirements are different from those of the United States. Annual consolidated financial statements included or incorporated herein by reference have been prepared in accordance with IFRS and the interim financial statements included or incorporated by reference herein have been prepared in accordance with IFRS as applicable to interim financial reporting, including IAS 34, and thus may not be comparable to financial statements of United States companies.

Technical disclosure in this Prospectus Supplement, the accompanying Shelf Prospectus and the documents incorporated by reference herein and therein have been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. Such technical disclosure includes mineral reserves and mineral resources classification terms made in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). NI 43-101,

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as developed by the Canadian Securities Administrators, establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the SEC applicable to domestic United States reporting companies under subpart 1300 of Regulation S-K (“Regulation S-K 1300”). The Company is not required to provide disclosure on its mineral properties under Regulation S-K 1300 and provides disclosure under NI 43-101 and the CIM Definition Standards. Accordingly, technical disclosure in this Prospectus Supplement, the accompanying Shelf Prospectus and the documents incorporated herein and therein by reference that describes the Company’s mineral reserves and mineral resources estimates may differ with information made public by United States companies under Regulation S-K 1300.

DOCUMENTS INCORPORATED BY REFERENCE

Information has been incorporated by reference in this Prospectus Supplement and the Shelf Prospectus from documents filed with the securities commissions or similar regulatory authorities in each of the provinces and territories of Canada, which have been filed with, or furnished to, the SEC. Copies of the documents incorporated by reference herein may be obtained on request without charge from the Corporate Secretary of Anfield Energy Inc. at 2005—4390 Grange Street, Burnaby, British Columbia, V5H 1P6, telephone (604) 669-5762, e-mail: timelinefiling@gmail.com, and are also available electronically under the SEDAR+ profile of the Company at www.sedarplus.ca or under the EDGAR profile of the Company at the website of the SEC at www.sec.gov. The filings of the Company available on SEDAR+ and EDGAR are not incorporated by reference in this Prospectus Supplement except as specifically set out herein.

This Prospectus Supplement is deemed to be incorporated by reference into the Shelf Prospectus as of the date hereof and only for the purposes of the distribution of the Offered Shares. Other documents are also incorporated or deemed to be incorporated by reference into the Shelf Prospectus and reference should be made to the Shelf Prospectus for full details.

As of the date hereof, the following documents, filed by the Company with the securities commissions or similar authorities in each of the provinces and territories of Canada and filed with, or furnished to, the SEC, are specifically incorporated by reference into, and form an integral part of, the Prospectus, provided that such documents are not incorporated by reference to the extent that their contents are modified or superseded by a statement contained in this Prospectus Supplement, the Shelf Prospectus or in any other subsequently filed document that is also incorporated by reference in this Prospectus Supplement, as further described below:

(a)

the AIF;

(b)	the audited consolidated financial statements of the Company for the fiscal years ended December 31, 2025 and December 31, 2024, together with the notes thereto and the auditor’s report thereon;

(c)	the management’s discussion and analysis of the results of operations and financial condition of the Company for the fiscal year ended December 31, 2025;

(d)	the unaudited condensed consolidated interim financial statements of the Company for the three months ended March 31, 2026 and 2025, together with the notes thereto (the “Interim Financial Statements”);

(e)	the management’s discussion and analysis of the results of operations and financial condition of the Company for the three months ended March 31, 2026 (the “Interim MD&A”);

(f)	the management information circular of the Company dated February 20, 2025 prepared in connection with the special meeting of the Company’s shareholders held on March 31, 2025;

(g)	the management information circular of the Company dated January 27, 2026 prepared in connection with the special meeting of the Company’s shareholders held on February 27, 2026;

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(h)	the management information circular of the Company dated June 3, 2026 prepared in connection with the annual general and special meeting of the Company’s shareholders held on July 10, 2026 (the “Meeting”); and

(i)

the material change report of the Company dated January 16, 2026, in respect of the closing of the Company’s non-brokered private placement of 1,345,292 Common Shares issued pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106—Prospectus Exemptions (the “LIFE Offering”) and the closing of its non-brokered private placement of 896,861 subscription receipts of the Company issued to UEC Energy Corp., a subsidiary of Uranium Energy (the “Concurrent Offering”).

Any document (other than confidential material change reports, if any) of the type referred to in section 11.1 of Form 44-101F1 of National Instrument 44-101 – Short Form Prospectus Distributions filed by the Company with the securities commissions or similar regulatory authorities in each of the provinces and territories of Canada after the date of this Prospectus Supplement and prior to the completion or withdrawal of the Offering shall be deemed to be incorporated by reference in this Prospectus Supplement and the Shelf Prospectus for the purposes of the Offering. The documents incorporated or deemed to be incorporated herein by reference contain meaningful and material information relating to the Company and readers should review all information contained in this Prospectus Supplement, the Shelf Prospectus and the documents incorporated or deemed to be incorporated by reference herein and therein.

In addition, to the extent that any document or information incorporated by reference into this Prospectus Supplement is filed with, or furnished to, the SEC pursuant to the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”) after the date of this Prospectus Supplement and prior to the termination or completion of the Offering, such document or information will be deemed to be incorporated by reference as an exhibit to the Registration Statement of which this Prospectus Supplement forms a part (and in the case of a report on Form 6-K, only if and to the extent expressly provided therein).

Any statement contained in this Prospectus Supplement, the Shelf Prospectus or in a document incorporated or deemed to be incorporated by reference herein or in the Shelf Prospectus shall be deemed to be modified or superseded, for purposes of this Prospectus Supplement and the Shelf Prospectus, to the extent that a statement contained herein or in any other subsequently filed document that also is, or is deemed to be, incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Prospectus Supplement or the Shelf Prospectus. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made. Any statement so modified or superseded shall thereafter neither constitute, nor be deemed to constitute, a part of this Prospectus Supplement or the Shelf Prospectus, except as so modified or superseded.

When the Company files a new annual information form, audited consolidated financial statements and related management’s discussion and analysis and, where required, they are accepted by the applicable securities regulatory authorities during the time that this Prospectus Supplement is valid, the previous annual information form, the previous audited consolidated financial statements and related management’s discussion and analysis and all unaudited interim condensed consolidated financial statements and related management’s discussion and analysis for such periods, all material change reports and any business acquisition report filed prior to the commencement of the Company’s financial year in which the new annual information form is filed will be deemed no longer to be incorporated by reference in this Prospectus Supplement for purposes of future offers and sales of Offered Shares offered under this Prospectus Supplement. Upon new unaudited interim condensed

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consolidated financial statements and related management’s discussion and analysis being filed by the Company with the applicable securities regulatory authorities during the term of this Prospectus Supplement, all unaudited interim condensed consolidated financial statements and related management’s discussion and analysis filed prior to the filing of the new unaudited interim condensed consolidated financial statements shall be deemed no longer to be incorporated by reference into this Prospectus Supplement for purposes of future offers and sales of securities hereunder.

MARKETING MATERIALS

Any “template version” of any “marketing materials” (each as defined in National Instrument 41-101 – General Prospectus Requirements) pertaining to the Offering that has been, or will be, filed on SEDAR+ at www.sedarplus.ca and www.sec.gov before the termination of the distribution under the Offering (including any amendments to, or an amended version of, any template version of any marketing materials) is deemed to be incorporated by reference into this Prospectus Supplement and the accompanying Shelf Prospectus solely for the purposes of the Offering.

SUMMARY OF THE OFFERING

The following is a summary of the principal features of the Offering and should be read together with the more detailed information and financial data and statements contained or incorporated by reference elsewhere in this Prospectus Supplement.



Issuer		Anfield Energy Inc.

Offered Securities		Common Shares.

Public Offering Price		US$4.00

Underwriters’ Fee		6.0% of the gross proceeds from the sale of the Offered Shares (including in respect of any gross proceeds raised on the exercise of the Over-Allotment Option), other than gross proceeds on any sales made to “President’s List” purchasers, on which no fees shall be paid to the Underwriters in respect of such gross proceeds. The “President’s List” includes Uranium Energy and other purchasers introduced by the Company’s management to the Underwriters. The Company has also agreed to reimburse the Underwriters for certain expenses. See “Plan of Distribution”.

Description of the Offering		Sales of the Offered Shares under the Prospectus are anticipated to be made pursuant to an Underwriting Agreement. In addition, the Company will grant the Underwriters the Over-Allotment Option to purchase up to an additional 223,695 Offered Shares at the Offering Price to cover over-allotments, if any, and for market stabilization purposes. The Offering will be made concurrently in each of the provinces and territories of Canada, other than in the province of Quebec, and in the United States pursuant to the Registration Statement.

Common Shares Outstanding		As at July 29, 2026, without giving effect to the Offering: 18,234,976 Common Shares. See “Consolidated Capitalization” and “Plan of Distribution”.

Business of the Company		The Company is an energy metals exploration, 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 energy metals assets. The Company is focused on the acquisition and development of uranium and vanadium assets in the United States. The Company intends to focus its business activity in the near term on advancing its conventional uranium and vanadium portfolio closer to production. See “The Company”.

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Use of Proceeds		The Company intends to use the net proceeds from the Offering to advance the Company’s uranium and vanadium assets in the United States, namely the Paradox Complex, the Velvet-Wood Project, the Slick Rock Complex and the Shootaring Canyon Mill, and for working capital and general corporate purposes.

Risk Factors		Prospective purchasers of the Offered Shares should carefully consider the information set forth under the heading “Risk Factors” and the other information included in this Prospectus Supplement, the accompanying Shelf Prospectus and the documents incorporated by reference herein and therein, as amended or supplemented, in their entirety, before deciding to invest. Investing in securities of the Company is speculative and involves a high degree of risk and should only be made by persons who can afford the total loss of their investment. See “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements”.

THE COMPANY

The following description of the Company does not contain all of the information about the Company and its assets and business that you should consider before investing in the Offered Shares. You should carefully read this entire Prospectus Supplement and the Shelf Prospectus, including the sections entitled “Risk Factors”, and the AIF, as well as the documents incorporated by reference herein and in the Shelf Prospectus before making an investment decision.

The Company is an energy metals exploration, development and near-term production company. The Company is focused on the acquisition and development of uranium and vanadium assets in the United States. The Common Shares are listed on the TSXV and the Nasdaq under the symbol “AEC” and on the FSE under the symbol “0AD”.

Anfield’s assets include: (i) the Paradox mine complex, located in Montrose County, Colorado (formerly known as the West Slope project) (the “Paradox Complex”); (ii) the Velvet-Wood uranium and vanadium project, located in San Juan County, Utah (the “Velvet-Wood Project”); (iii) the Slick Rock mine complex, located in San Miguel County, Colorado (the “Slick Rock Complex”); and (iv) the Shootaring Canyon mill, located in Henry Mountain District, Utah (the “Shootaring Canyon Mill”).

Management of the Company considers the Paradox Complex, Velvet-Wood Project, Slick Rock Complex and the Shootaring Canyon Mill to be the material mineral properties of the Company.

The Company intends to focus its business activity in the near term on advancing its conventional uranium and vanadium portfolio closer to production. This includes updating its radioactive materials license at the Shootaring Canyon Mill (the “Radioactive Materials License”), determining economics for its Paradox Complex and, uranium price permitting, advancing both its Velvet-Wood Project and Slick Rock Complex.

Recent Developments

On April 1, 2026, the Company announced that it revised the terms of the previously announced amending and consent agreement with Extract Advisors LLC (“Extract”) to amend the terms of its credit facility with Extract. Pursuant to the amending and consent agreement, Extract consented (the “Extract Consent”) to the Company’s proposed acquisition of B.R.S., Inc. (“BRS”). In consideration for the Extract Consent, the Company agreed to issue 50,000 Common Shares (the “Bonus Shares”) and 180,085 Common Share purchase warrants (the “Bonus Warrants”) to Extract, in accordance with TSXV Policy 5.1 – Loans, Loan Bonuses, Finder’s Fees and Commission. Each Bonus Warrant entitles the holder thereof to acquire one Common Share at an exercise price

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of C$8.11 per Bonus Warrant until September 26, 2028. The Extract Consent was conditional upon the Company’s issuance of the Bonus Shares and Bonus Warrants to Extract. On April 14, 2026, upon the issuance of Bonus Shares and Bonus Warrants, the Extract Consent was made effective.

On April 2, 2026, the Company announced that it submitted a notice of intent to the relevant regulatory authorities in preparation for an underground drilling program at the SM-18 uranium and vanadium project in Colorado (the “SM-18 Project”).

On April 8, 2026, the Company announced that, following receipt of comments regarding the Company’s submission of a plan of operations from the DOE (as defined below) and the DRMS (as defined below), the Company had addressed all outstanding comments and submitted a permit amendment for the restart of its JD-8 mine at the Paradox Complex.

On May 4, 2026, the Company announced the results of the 2026 PEA.

On May 8, 2026, the Company announced that it had closed the acquisition of BRS. In consideration of the acquisition of BRS, the Company was required to complete a series of cash payments to its founder and the Company’s Chief Operating Officer, Douglas L. Beahm, totaling US$5,000,000. In connection with the acquisition of BRS, the Company has paid Mr. Beahm US$1,500,000, with a further US$1,500,000 payable on the first anniversary of the closing and a further US$2,000,000 on the second anniversary of the closing.

On May 13, 2026, the Company announced that it had completed monitoring well drilling programs at the Shootaring Canyon Mill and Slick Rock Complex.

On June 1, 2026, the Company announced the completion of phase one surface construction at the Velvet-Wood Project.

On June 8, 2026, the Company announced an operational update on the renewal and reactivation of its Radioactive Materials License. The Company announced that it had initiated preparatory refurbishment work at the Shootaring Canyon Mill. The Company also announced that it had entered into an investor relations agreement with CorProminence LLC for public relations and investor relations services, and an agreement with Generation IACP Inc. for market-making services. Both agreements are subject to the Company’s filing requirements with the TSXV and TSXV approval.

On June 15, 2026, the Company announced that it had received its first custom-built underground haul truck from Young’s Machine Company (“Young’s”) production line from the Company’s order for specialized mining equipment. The Company reached a further agreement with Young’s, under which Young’s will supplement underground loaders to support the Company’s mining operations.

On June 18, 2026, the Company announced that it filed the 2026 PEA on SEDAR+.

On June 24, 2026, the Company announced its corporate update discussing the Company’s operational, permitting and economic advancements for the first half of 2026. The Company also announced that it had entered into a media services agreement with Goldwyn Media LLC for comprehensive marketing and public awareness services. The media services agreement is subject to the Company’s filing requirements with the TSXV and TSXV approval.

On June 30, 2026, the Company announced that the DOGM (as defined below) is hosting an informational tour of the Velvet-Wood Project with members of the Utah Legislature on August 12, 2026.

On July 7, 2026, the Company announced that it had received its blasting permits from the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives for its mines in both Utah and Colorado.

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On July 9, 2026, the Company announced that its subsidiary, Highbury Resources Inc., entered into a mining lease agreement with Gold Eagle Mining Inc. (“GEMI”) for two additional patented mining claims in Southwestern Colorado.

On July 21, 2026, the Company announced the results from the Meeting. All matters put forward before the Company’s shareholders for consideration and approval were approved by the requisite majority of votes cast at the Meeting.

TECHNICAL INFORMATION CONCERNING MATERIAL MINERAL PROJECTS

The Paradox Complex, Shootaring Canyon Mill, Velvet-Wood Project and Slick Rock Complex

The combined Paradox Complex, Velvet-Wood Project, Slick Rock Complex and Shootaring Canyon Mill preliminary economic assessment entitled “The Shootaring Canyon Mill and Tributary Mines, Utah and Colorado, USA Preliminary Economic Assessment National Instrument 43-101” and dated effective May 4, 2026 (the “2026 PEA”), was authored by Terence P. (Terry) McNulty, P.E., D. Sc., of T.P. McNulty and Associates Inc. as author with Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS as principal co-author. Terence P. (Terry) McNulty was the independent qualified person for the purposes of NI 43-101 at the time the 2026 PEA was prepared. The effective date of the resource estimation and cost modeling contained in the 2026 PEA is May 2, 2026.

The below is a summary of the 2026 PEA as qualified by full text of the 2026 PEA. The 2026 PEA is available on the Company’s SEDAR+ profile at www.sedarplus.ca. Capitalized terms used but not defined in the following summary have the meanings ascribed thereto in the 2026 PEA. The 2026 PEA is not and shall not be deemed to be incorporated by reference in this Prospectus Supplement.

Where appropriate, certain information contained in this Prospectus Supplement updates information derived from the 2026 PEA. Any updates to the technical information derived from the 2026 PEA were prepared by or under the supervision of principal author Terry McNulty, P.E., D. Sc., of T.P. McNulty & Associates and co-author Douglas L. Beahm, P.E, P.G., the Company’s Chief Operating Officer, and a qualified person within the meaning of NI 43-101. Readers should be cautioned that the Company’s decision to advance the Velvet-Wood Project, the Slick Rock Complex and Paradox Complex is not based on a feasibility study of mineral reserves demonstrating economic and technical viability. As a result, there is additional uncertainty and risk related to the economics and viability of development.

Readers are cautioned that the 2026 PEA is preliminary in nature and includes a portion of the inferred mineral resources as reported herein and in the 2026 PEA. Mineral resources are not mineral reserves and do not have demonstrated economic viability in accordance with CIM Definition Standards, and as such there is no guarantee the project economics described herein will be achieved. Inferred mineral resources are too speculative, geologically, to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the outcomes estimated in the 2026 PEA will be realized. Mineral reserves are not estimated in the 2026 PEA. Mineral resource estimates may be materially aﬀected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties and other factors, as more particularly described in the 2026 PEA and herein.

Project Overview

The properties addressed in the 2026 PEA can be divided into four districts based on location: 1) The Lisbon Valley District is in San Juan County, Utah and contains the Velvet-Wood Project; 2) The Slick Rock District is in San Miguel County, Colorado and contains both the Slick Rock Complex and the SR-11 project (the “SR-11 Project”); 3) The Uravan District in Montrose County, Colorado which encompasses the Paradox Complex and the SM-18 Project; and 4) The Henry Mountain District, Utah, contains the Shootaring Canyon Mill. The overall location of these districts is shown in Figure 1.1.1 below.

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The mineral rights of these properties consist of four different types of rights; at each property these are singular or in combination. The four different types of mineral rights are: 1) State lease; 2) Bureau of Land Management (BLM) lode claims; 3) Department of Energy (DOE) leases; and 4) patented/private claims.

For the purposes of the 2026 PEA, it is assumed that mineral processing will take place at Anfield’s mineral processing facility, the Shootaring Canyon Mill. Multiple mines from each of the major districts are planned to operate simultaneously providing a feed stock of mined material to the Shootaring Canyon Mill over a currently planned period of 15 years.

Figure 1.1.1—Overall Project Location Map

LOGO

Anfield controls 21 of the 29 active DOE lease tracts in Colorado (the “DOE Leases”). Anfield refers to the DOE Leases as mine complexes named by geographic areas as summarized in Table 6.1.1 in the 2026 PEA. The locations of the DOE Lease are shown in Figure 6.1.1 of the 2026 PEA. For completeness and due to their commonality, a general discussion of the history of all Anfield’s DOE Leases is included below. The DOE and, where applicable, the Cotter Corporation (“Cotter”) mine production royalties listed in Table 6.1.1 of the 2026 PEA and discussed subsequently for the 6 leases included in the 2026 PEA, are considered excessive. Further discussion of royalties and their cost implications is provided below in “Capital and Operating Costs” and in Section 21 of the 2026 PEA under the discussion of operating costs.

Of the 21 DOE Leases held by Anfield, 6 are included in the 2026 PEA as mineral resources including:

•

Paradox Mine Complex: JD-6, JD-7, JD-8, JD-9.

•

Uravan Mine Complex: SM-18.

•

Slick Rock Complex: SR-11.

Specific details of the DOE Leases included in the 2026 PEA are provided in the discussion of mine complexes.

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The Lisbon Valley District is made up of BLM lode claims and a State of Utah mineral lease. The Slick Rock District has a combination of BLM lode claims and DOE Leases. DOE Leases make up the bulk of the mineral rights in the Uravan District, but there are also patented/private claims.

Each type of mineral right has annual encumbrances. The State lease requires annual payments to State of Utah for lease ML 49377. BLM lode claims have claim maintenance fees of $200 per claim that are due by September 1 of each year. DOE Leases have annual advance royalty payments, and the patented/private claims have property taxes to be paid annually.

Project Description and Ownership

Velvet-Wood Project Description and Ownership

The Velvet-Wood Project area is located in San Juan County, Utah, approximately 31 miles from Monticello, Utah in Township 31 South, Range 25 East, Sections 2, 3, 4 and 10, at Latitude 38^o 07’ 00” North and Longitude 109º 09’ 00” West. The Wood area is located in Township 31 South, Range 26 East, Sections 6 and 7 and Township 31 South, Range 25 East, Sections 1, 11, and 12 at Latitude 38^o 08’ 00” North and Longitude 109^o 06’ 00” West. In total the mineral holdings within the Velvet-Wood Project area comprise approximately 2,140 acres. The ownership of the Velvet-Wood Project includes unpatented mining claims and a State of Utah mineral lease related to the Velvet and Wood mine areas as shown on Figure 4.1.1 of the 2026 PEA.

Access

Portions of the Velvet deposit were previously mined. Mineralization was accessed via a portal and decline. The mine entrance was closed by backfill but was reopened in November 2025 and the mine portal re-established. The Velvet portal is accessible by good quality roads beginning with the Big Indian Road, a hard surface road that exits U.S. Highway 191 about 19 miles north of Monticello, Utah or 34 miles south of Moab, Utah (See Figure 5.1.1 of the 2026 PEA).

The Big Indian Road extends eastward and loops into the Lisbon Road to serve properties in the Lisbon Valley area. A gravel road, San Juan County Road 112 (Williams Fork) exits the Big Indian Road about 5.5 miles east of its intersection with Highway 191. A private access road connects with County Road 112 about 6 miles southeast of its intersection with the Big Indian Road. The Velvet mine portal is about one mile northeast along this road. The site, as described above, is accessible via 2-wheel drive on existing county and/or two-track roads. The project is located approximately 10 miles south of La Sal, Utah. Most transport will occur via over-the-road commercial trucks. Access to exploration drill sites and vent locations are provided by existing roads connecting to the main access at the Velvet portal and the Lisbon Road.

The Wood area is located about 3 miles east of Velvet along County Road 112 and is also accessible from the east via the Lisbon Valley Road and County Road 112.

Mineral Tenure

Unpatented mining claims, both lode and placer, are under the authority of the Mining Law of 1872 on federal lands administered by the BLM. Under the Mining Law, the locator has the right to explore, develop, and mine on unpatented mining claims without paying production royalties to the federal government. Claim maintenance fees of $200 per claim are due by September 1 of each year. Unpatented federal lode mining claims are designated in the field by four corner posts, two end-center posts, and a location monument. Claim location notices for each unpatented claim are recorded in the county recorder’s office of the county in which the claims are located and then filed with the BLM State office.

In addition to the mining lode claims, three quarters of Section 2 is a State of Utah lease ML 54557 OBA. To maintain these mineral rights Anfield must comply with the state lease provisions including annual payments to State of Utah for leases ML 54557 OBA and BLM and San Juan County, Utah filing and/or annual payment requirements to maintain the validity of the unpatented mining lode claims.

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Permitting

Permitting for Velvet-Wood Project mining operations required various approvals from the DOGM and the BLM. The Velvet-Wood Project mines have been permitted through the state of Utah and BLM. The mine portal at Velvet has been opened and work is progressing to rehabilitate the decline.

Environmental Liabilities

Financial assurance instruments are required by Utah for mine and exploration permits. The current bond for the Velvet-Wood mine complex is $539,000.

No other outstanding environmental liabilities are known to the authors.

Taxes and Royalties

Uranium mining in Utah is subject to Mineral Production Tax. Mineral Production Tax Withholding was increased from 4% to its current level of 5% effective July 1, 1993. (Refer to Utah Senate Bill 180, 1993). On the Section 2 State of Utah lease, an 8% royalty is levied on uranium, and a 4% royalty applies to vanadium production or other minerals. Additional state taxes would include property and sales taxes. At the federal level, profit from mining ventures is taxable at corporate income tax rates. However, for mineral properties, depletion tax credits are available on a cost or percentage basis, whichever is greater. For uranium, the percentage depletion tax credit is 22%, among the highest for mineral commodities.

The estate of Mr. Jim Butt holds a 2.5% gross production royalty on all uranium and vanadium recovered at the Shootaring Canyon Mill from material mined from the Velvet 1-9 claims. Mr. Kelly Dearth holds a 1% gross royalty for all uranium mined from the Wood claims, including UT 31-38, 41-44, 48, 50, 52, 54-72, and 129, a total of 37 claims.

Encumbrances and Risks

The Velvet and Wood mines have been permitted by the State of Utah and BLM. To the authors’ knowledge there are no other significant factors that may affect access, title, or the right or ability to perform work on the property if the aforementioned requirements, payments, and notifications are met.

Slick Rock District Description and Ownership

Slick Rock Complex

The Slick Rock Complex is located in San Miguel County, Southwest Colorado, approximately 24 miles north of the town of Dove Creek and east of the Dolores River. The Slick Rock Complex lode claims are located in Township 44 North, Range 18 West, Sections 15, 16, 19 to 30, 30, 32, 33, and 34 and in Township 43 North, Range 18 West, Sections 3, 4, and 5. DOE Lease SR-13 is located in Township 44 North, Range 18 West, Sections 29 to 33. DOE Lease SR-13A is located in Township 44 North, Range 18 West, Sections 19 and 30 and in Township 44 North, Range 19 West Sections 24 and 25. The approximate geographic center of the Slick Rock Complex is Latitude 38° 02’ 54.7” North, Longitude 108° 51’ 50.8” West. In total the mineral holdings within the Slick Rock Complex area comprise approximately 6,473 acres as shown on Figure 4.2.1 of the 2026 PEA.

Access

The Slick Rock Complex can be accessed via Colorado State Highway 141, County Road CR-T11, and numerous historic drill roads and trails (See Figure 5.2.1 of the 2026 PEA). To access the site: from the post office in Dove Creek, Colorado, drive 2.0 miles west-northwest on State Highway 491; turn right (north) onto State Highway 141; continue for 23.7 miles to County Road CR-T11, and then turn left onto the well-maintained gravel road.

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Mineral Tenure

Figure 4.2.1 of the 2026 PEA shows the approximate location of the BLM lode claims on the Slick Rock Complex. The Slick Rock Complex contains four claim blocks. The Burro claim block consists of 76 claims. The SR claim block consists of 131 claims, of which 109 were included in the study area for the 2026 PEA, with the remainder located outside of the Slick Rock Complex area. The TAN claim block consists of 27 claims. The MCT claim block consists of 56 claims. The MCT and TAN claims are leased from UR Energy. A total of 268 mineral lode claims and two DOE Leases were utilized for the Slick Rock Complex mineral resource estimate in the 2026 PEA. The claims encompass an area of approximately 4,976 acres or 7.8 square miles while the SR-13 and SR-13A DOE Leases have an area of approximately 1,077 and 420 acres respectively. Anfield acquired the DOE Lease SR-13 from GEMI and the SR-13A DOE Lease from Cotter in 2024 and 2020, respectively.

To maintain these mineral rights, Anfield must comply with the BLM and San Miguel County, Colorado filing and/or annual payment requirements to maintain the validity of the unpatented mining lode claims. For the DOE Leases, Anfield must pay the annual royalty to DOE at the beginning of each lease year during the term of this lease.

Permitting

Exploration and mining activities for the mining claims of the Slick Rock Complex are administrated by the Durango, Colorado BLM field office. Exploration drilling and associated activities require an exploration permit and a reclamation bond that must be posted with the State of Colorado, Department of Natural Resources Division of Reclamation, Mining, and Safety. At the time of the 2026 PEA, Anfield does possess an exploration permit (NOI) with the Colorado Division of Reclamation, Mining and Safety (DRMS). The current reclamation bond held by the DRMS is $81,313.00. DOE Leases SR-13 and SR-13A were previously mined and have mine permits for reclamation through the DRMS. Future mining would require new mine permits.

Environmental Liabilities

The DOE Leases SR-13 and SR-13A have current mine permit bonds for US$31,282.00 and US$6,000.00 respectively. Reclamation of these sites was completed in 2025, but the bonds have not been released. Anfield is unaware of any additional significant environmental liabilities on the property. DOE also maintains a legacy site within the property boundary.

Taxes and Royalties

Uranium mining in Colorado is subject to Minerals Severance Tax of 2.25% after the first $19 million of gross product. In addition, two claim blocks are associated with royalties of 1% related to the Holley BC claims and 3% associated with the MCT claims. At the federal level, profit from mining ventures is taxable at corporate income tax rates. Pre and post tax economic analyses are provided below in “Economic Analysis” and in Section 22 of the 2026 PEA.

The DOE Leases SR-13 and SR-13A pay royalties to the DOE annually and this amount will be credited against royalty bid payments. The royalties are US$13,200.00 for SR-13 and US$10,200.00 for SR-13A. These annual royalties will not be refunded if the lease is cancelled, relinquished, or expires. The royalty bid payment is per dry ton of processed ore and is 15.52% for SR-13 and 29.50% for SR-13A. Cotter retained a royalty in the amount of 15% on uranium and vanadium produced from the properties. Refer to Table 6.1.1 of the 2026 PEA.

Encumbrances and Risks

To the authors’ knowledge there are no other forms of encumbrance related to the Slick Rock Complex.

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The Slick Rock Complex does have some risks similar in nature to other mining projects in general and uranium mining projects specifically, i.e., risks common to mining projects as discussed below. In addition, the Slick Rock Complex is located in San Miguel County, Colorado. The county has passed its own mining regulations which are being challenged on a preemptory basis, as by law, regulation of mining in the US is reserved to the Federal and State governments, in this case BLM and DRMS. Some level of public resistance to mining is likely in this area.

To the authors’ knowledge there are no other significant factors that may affect access, title, or the right or ability to perform work on the property if the aforementioned requirements, payments, and notifications are met.

SR-11 Project

The SR-11 Project is located in San Miguel County, Colorado approximately 5 miles southwest of the Slick Rock Complex and 27 miles west of Naturita. This DOE Lease is located in Township 43 North and Range 19 West, Sections 8, 17, and 18. The approximate geographic center of the SR-11 Project is Latitude 38° 59’ 31.6” North, Longitude 108° 59’ 33.5” West. Refer to Figure 4.2.2 of the 2026 PEA.

Access

The SR-11 Project is reached by Colorado State Highway 141, a paved 2 lane highway. From Highway 141, gravel county roads (S8 to Q1 to Q4) and existing dirt and two-track roads provide secondary access to the site.

Mineral Tenure

Anfield acquired the DOE Lease SR-11 from Cotter in 2019. For DOE Leases, Anfield must pay the annual advance royalty to DOE at the beginning of each lease year during the term of this lease.

Permitting

The SR-11 lease has had past mining and has a previous mining permit through the DRMS. The SR-11 lease consists of approximately 1,303 acres, and the DRMS reclamation permit for the lease applies to 11.3 acres of the lease tract.

Environmental Liabilities

The DOE Lease SR-11 has a current mine permit bond for US$94,400.00. Anfield is unaware of any additional significant environmental liabilities on the property.

Taxes and Royalties

Uranium mining in Colorado is subject to Minerals Severance Tax of 2.25% after the first $19 million of gross product. At the federal level, profit from mining ventures is taxable at corporate income tax rates. However, for mineral properties depletion tax credits are available on a cost or percentage basis whichever is greater. For uranium, the percentage depletion tax credit is 22%, among the highest for mineral commodities.

For DOE Leases including SR-11, Anfield pays royalties to the DOE annually and this amount will be credited against royalty bid payments. The advance royalty amount is US$24,900.00 per year. These annual royalties will not be refunded if the lease is cancelled, relinquished, or expires. The royalty bid payment is per dry ton of ore and is 13.73%. Cotter retained a royalty in the amount of 15% on uranium and vanadium produced from the properties. Refer to Table 6.1.1 of the 2026 PEA.

Encumbrances and Risks

To the authors’ knowledge there are no other forms of encumbrance related to the SR-11 Project.

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The SR-11 Project does have some risks similar in nature to other mining projects in general and uranium mining projects specifically, i.e., risks common to mining projects as discussed below. In addition, the SR-11 Project is located in San Miguel County, Colorado. The county has passed its own mining regulations which are being challenged on a preemptory basis, as by law, regulation of mining in the US is reserved to the Federal and State governments, in this case BLM and the DRMS. Some level of public resistance to mining is likely in this area.

The SR-11 DOE Lease tract has been mined in the past and is a brownfield site. Current environmental and cultural studies have been completed for the project as part of National Environmental Policy Act (NEPA) environmental clearances required by DOE for current reclamation obligations. The existing mine portal and associated infrastructure are in place. A new mine permit is required for the resumption of mining. Some level of public resistance to mining is likely in this area.

Uravan District Description and Ownership

The Uravan District is located in Montrose County, Colorado within 20 miles of Naturita, Colorado. Included in the 2026 PEA within the district are the Paradox Complex, JD-6, JD-7, JD-8, JD-9, and the Uravan mine complex, SM-18. Mineral tenure consists of DOE Leases and adjacent mining claims as described below. Refer to Figure 4.3.1 and Figure 4.3.2 of the 2026 PEA, respectively for location and mineral ownership.

Paradox Complex

The Paradox Complex is located within the Uravan District of southwestern Colorado, approximately 10 miles west of Naturita, Colorado (see Figure 4.3.1 of the 2026 PEA), within Township 46 North and Range 17 West, Sections 16 to 22, 29, and 30 in Montrose County, Colorado. The approximate geographic center of the Paradox Complex is Latitude 38° 13’ 27.1” North, Longitude 108° 46’ 11.8” West. The Paradox Complex consists of four adjacent DOE Leases, JD-6, JD-7, JD-8, and JD-9, that were previously developed and mined by Cotter from the late 1970s to early 2000s. All four leases experienced underground mining activity over the 30-year period. In addition, the JD-7 lease had significant open pit stripping performed to within 100 feet of the top of mineralization. The total area is approximately 3,014 acres. Refer to Figure 4.3.1 of the 2026 PEA.

The DOE Leases can be reached by taking Colorado Highway 141 west approximately 1.5 miles from Naturita, turning south on State Highway 90, and then proceeding approximately 9 miles west. There, heading south on a maintained gravel road to Monogram Mesa accesses the JD-6, JD-8, and JD-9 lease tracts. The JD-7 lease is accessed by another gravel road, which heads south from State Highway 90, approximately 1.5 miles west from the Monogram Mesa access road. Refer to Figure 5.3.1 of the 2026 PEA.

Mineral Tenure

The JD-6, JD-7, JD-8, and JD-9 leases were acquired by Anfield in 2020 from Cotter. Anfield must pay the annual advance royalty to DOE at the beginning of each lease year during the term of the lease.

Permitting

Each of the sites within the Paradox Complex have had past mining and each have previous mining permits through the DRMS. The DOE Lease tracts have been mined in the past and are brownfield sites. Current environmental and cultural studies have been completed for the project as part of the environmental protection plan required by DOE. Existing mine portals and associated infrastructure are in place. A new mine permit is required for the resumption of mining.

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A new mine permit for the JD-8 mine has been filed with the DRMS and DOE, has been accepted as complete by the DRMS and is under review and public comment. With the original filing a public

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notice and comment period was required. Public comment will be complete and a decision from the DRMS is due on July 28, 2026.

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The JD-6 lease consists of 325 acres, and the DRMS reclamation permit for the lease applies to 2.48 acres of the lease tract.

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The JD-7 lease consists of 320 acres on the DOE mining lease and 120 acres on the JD-7A lease, which is used for overburden placement from the open-pit mine. The DRMS reclamation permit for the JD-7 mine specifies an area of no greater than 650 acres of the lease tract may be disturbed.

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The JD-8 lease consists of 813 acres, and the DRMS reclamation permit applies to 20.96 acres of the lease tract.

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The JD-9 lease consists of 897 acres, and the DRMS reclamation permit applies to 11.1 acres of the lease tract.

Environmental Liabilities

Current mine permit bonds are US$2.64 million. Future development, whether mining or mineral processing, would require adequate decommissioning and reclamation bonds for the life of the planned operations.

Taxes and Royalties

Mineral severance taxes in Colorado are at a rate of 2.38% of gross value.

On March 1, 2019, Anfield reported the acquisition of nine past-producing uranium and vanadium properties in southwestern Colorado, and the Charlie in-situ project in northeastern Wyoming. The subject DOE Leases of the 2026 PEA, JD-6, 7, 8, and 9, were included in this transaction. Cotter received 11,051,775 Common Shares of Anfield. Cotter retained a royalty in the amount of 15% on uranium and vanadium produced from the properties. Refer to Table 6.1.1 of the 2026 PEA.

DOE royalties vary by lease and require annual advance payment. The annual advance royalty payments shall be credited against the royalty bid payments upon successful mineral extraction from the individual leases. Refer to Table 6.1.1 of the 2026 PEA.

DOE Leases included in the 2026 PEA within the Uravan District include the Paradox Complex, (JD-6, JD-7, JD-8, and JD-9) on Monogram Mesa, and the SM-18 Project adjacent to Uravan. Each of these leases has had past mining and has a previous mining permit through the DRMS. Future mining would require new mine permits. A new mine permit for the JD-8 mine has been filed with the DRMS and DOE and has been deemed complete.

Encumbrances and Risks

To the authors’ knowledge there are no other forms of encumbrance related to the Paradox Complex. All of the DOE Leases in the Paradox Complex have been mined in the past. The JD-8 permit has been filed, accepted as complete and is under review and public comment.

SM-18 Project

The SM-18 Project is located in Montrose County, Colorado and is approximately 15 miles northwest of Naturita. SM-18 is located in Township 48 North and Range 17 West, Sections 22, 26, and 27. The approximate geographic center of the SM-18 Project is Latitude 38° 23’ 19.7” North, Longitude 108° 43’ 57.8” West. Refer to Figure 4.3.2 of the 2026 PEA.

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Access

The SM-18 Project is adjacent to Colorado State Highway 141, a paved 2 lane highway providing major access to the site. From Highway 141, gravel county roads and existing dirt and two-track roads provide secondary access to the site.

Mineral Tenure

The SM-18 DOE Lease was acquired by Anfield in 2019 from Cotter as part of the West Slope acquisition. Anfield must pay the annual advance royalty to DOE at the beginning of each lease year during the term of this lease.

Permitting

The SM-18 Project has had past mining and has a previous mining permit through the DRMS. The SM-18 DOE lease consists of approximately 1,181 acres, and the DRMS reclamation permit for the lease applies to 14.9 acres of the lease tract. The SM-18 DOE Lease tract has been mined in the past and is a brownfield site. Current environmental and cultural studies have been completed for the project as part of the environmental protection plan required by DOE. The existing mine portal and associated infrastructure are in place. A new mine permit is required for the resumption of mining.

Environmental Liabilities

The DOE Lease SM-18 has a current mine permit bond for US$63,900.00. Anfield is unaware of any additional significant environmental liabilities on the property.

Taxes and Royalties

Uranium mining in Colorado is subject to Minerals Severance Tax of 2.25% after the first US$19 million of gross product. At the federal level, profit from mining ventures is taxable at corporate income tax rates. However, for mineral properties depletion tax credits are available on a cost or percentage basis whichever is greater. For uranium, the percentage depletion tax credit is 22%, among the highest for mineral commodities.

Anfield pays royalties to the DOE annually for the SM-18 DOE Lease, and this amount will be credited against royalty bid payments. The royalty amount is US$37,700.00. These annual royalties will not be refunded if the lease is cancelled, relinquished, or expires. The royalty bid payment is per dry ton of ore and is 16.08%. Cotter retained a royalty in the amount of 15% on uranium and vanadium produced from the properties. Refer to Table 6.1.1 of the 2026 PEA.

Encumbrances and Risks

To the authors’ knowledge there are no other forms of encumbrance related to the SM-18 Project. The SM-18 DOE Lease tract has been mined in the past. A new mine permit will be required for mining.

To the authors’ knowledge there are no other significant factors that may affect access, title, or the right or ability to perform work on the property if the requirements, payments, and notifications are met.

Shootaring Canyon Mill Description and Ownership

The Shootaring Canyon Mill is located in Garfield County Utah approximately 52 miles south of Hanksville, Utah in Township 36 South, Range 11 East, Sections 3 and 4 and Township 35 South, Range 11 East, Sections 33 and 34 at approximate Latitude 37^o 43’ 00” North and Longitude 110^o 41’ 00” West.

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Access

The Shootaring Canyon Mill is located approximately 2 miles west of Utah Highway 276 and approximately 3 miles north of Ticaboo, Utah as shown in Figure 1.1.1. By road it is approximately 180 miles from the mill to the Velvet mine area. Access to the mill is via paved highways with the exception of the 2-mile gravel road from the mill to Highway 276.

Mineral Tenure

The Shootaring Canyon Mill is located on lands which are split estate as shown on Figure 4.4.1 of the 2026 PEA. The surface estate is fee land held by Anfield, and the mineral estate is Utah State Trust Land held by Anfield through two mineral leases as follows.

Surface Ownership:

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Township 35 South, Range 11 East, SLB&M, Section 33: S/2SW/4SE/4, SE/4SE/4, Section 34: SW/4SW/4, W/2SE/4SW/4.

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Township 36 South, Range 11 East, SLB&M, Section 3: Lot 4, Section 4: Lots 1, 2, N/2S/2NE/4.

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Approximately 264.52 Acres.

Mineral Ownership:

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State of Utah Lease ML 53604, Township 36 South, Range 11 East, Section 3: Lot 4, Section 4: Lots 1, 2, N/2S/2NE/4.

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Approximately 144.5 Acres

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State of Utah Lease ML 49310, Township 35 South, Range 11 East, Section 32: All, Section 33: S/2SW/4SE/4, SE/4SE/4, Section 34: SW/4SW/4, W/2SE/4SW/4.

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Approximately 760 Acres.

To maintain these mineral rights, Anfield must comply with the state lease provisions including annual payments with respect to State of Utah leases ML 49310, and ML 53604.

Permitting

The Shootaring Canyon Mill has the existing Radioactive Materials License. The Radioactive Materials License was originally issued by the US Nuclear Regulatory Commission (USNRC). When Utah became an agreement state it assumed regulatory jurisdiction over the Radioactive Materials License through the Utah Division of Waste Management and Radiation Control (DWMRC). Anfield submitted a license renewal application to convert the existing Radioactive Materials License from care-and-maintenance to operational status on April 5, 2024. Anfield has been conducting by-monthly meetings with DWMRC during the license renewal process. DWMRC completed its initial review of the license amendment and provided its Requests for Additional Information (RAIs). Anfield completed responses to all RAIs in April 2026, and they are under review by DWMRC. As additional questions arise, they are discussed at the bi-monthly meetings. It is anticipated that the licensing process, including a public comment period, will be completed by Q4 2026.

Environmental Liabilities

The current surety bond for the Shootaring Canyon Mill totals $12,294,452.00.

No other outstanding environmental liabilities are known to the authors.

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Taxes and Royalties

The Shootaring Canyon Mill is subject to property taxes at a mill levy rate of 0.01. The current annual cost is approximately $115,000.00 per year. As improvements are made, the assessed value will increase as will the property tax.

Encumbrances and Risks

To the authors’ knowledge there are no other forms of encumbrance related to the Shootaring Canyon Mill. Shootaring Canyon Mill has the Radioactive Materials License and the Shootaring Canyon Mill has operated in the past. The site produced limited waste as it processed less than 6,000 tons of material. Containment and remediation requirements are included in the aforementioned surety bond.

History

Velvet-Wood Project History

The Velvet-Wood Project mineral holdings have gone through a succession of ownership. Anfield purchased the Velvet-Wood Project mines along with other conventional uranium assets from Uranium One including the Velvet-Wood Project in August 2015.

The Velvet-Wood Project, as discussed in the 2026 PEA, consists of two areas which were historically held by separate companies. The Velvet area was held by Atlas Minerals who mined portions of the mineralized material. The Wood area was held during a similar time frame by Uranerz. Uranerz drilled 120 rotary holes from 1985 through 1991 and outlined the current Wood mineral resource area. The exploration resulted in the discovery of three mineralized zones in the Cutler Formation. The most important of these, the Wood mineralized body, was outlined in 14 holes that intercepted high grade material. The Wood area described in the 2026 PEA was drilled but not mined. Atlas Minerals completed feasibility studies for mining the Section 2 mineral resources including hoisting and haulage of mined products to their Moab mill for processing in 1980. These plans were never executed due to low uranium prices in the 1980s, and the Section 2 property was sold by Atlas Minerals as they were experiencing an economic downturn. The Velvet mine was closed in 1984.

A historic mineral resource estimate for the Velvet area within Section 2 was completed by MRC using a polygonal method. A similar historical mineral resource estimate for the Velvet area within Section 3 was completed by Price, 1987. Mineral resources related to the Wood area, located in T31S, R26E, Section 7, is referenced in the literature. However, the original source and basis of this estimate is not known and thus cannot be stated herein.

The Velvet mine operated into the early 1980s. Due to continued low uranium prices, Atlas Minerals closed all of its mines and mill, which included the Velvet mine in southeastern Lisbon Valley in March 1984. When the Velvet mine was closed it had produced approximately 400,000 tons of ore which graded 0.46 percent U₃O₈ and 0.64 percent V₂O₅ with total production estimated at 4.2 million pounds of U₃O₈.

Slick Rock District History

Surficial to shallow uranium/vanadium mineralization has been known in the Slick Rock Complex area since the early 1900s (then called the McIntyre district). First mined for radium and minor uranium until 1923, numerous companies sporadically operated small-scale mining and processing facilities along the Dolores River. In 1931, a mill was constructed by Shattuck Chemical Co. to process vanadium ore. In 1944, the area was worked by the Union Mines Development Corp. for uranium/vanadium ore.

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Between November 1948 and March 1956, the United States Geological Survey (USGS) drilled 2,641 holes in the Slick Rock District to explore for uranium- and vanadium-bearing deposits. The drilling was part of an exploration program OFR70-348 conducted for the U.S. Atomic Energy Commission (USAEC). Fifty-two of these drill holes were located within the boundary of Anfield’s Slick Rock Complex area. The first phase of the USGS’s exploration was to obtain geological data and delineate areas of favorable ground. This widely spaced drilling program was done on approximately 1,000 foot centers. The second phase was drilled with more moderate spacing (100-300 foot centers) to discover ore deposits. The third phase was drilled on more closely spaced intervals (50-100 foot centers) to extend and outline any deposits discovered by earlier drilling. At this time, private industry was also actively exploring the area. By 1954, an estimated 212,000 feet of drilling was completed district wide.

By December of 1955, Union Carbide Nuclear Corp. (UCNC) had drilled out a sufficient resource on the north side of Burro Canyon and began sinking three shafts. In December 1957, the shaft sinking was complete on the Burro No. 3, 5, and 7 mines to total depths of 408 feet, 414 feet, and 474 feet, respectively. In the same year, initial ore shipments were made to UCNC’s concentrating mill at the Slick Rock Complex.

The Slick Rock Complex has received more recent interest by the exploration activities of United States Enrichment Corporation (USEC) Energy Fuels, and Homeland Uranium. In 2006, USEC drilled 17 boreholes. All boreholes were completed to target depth, except one borehole SR-1011 which was abandoned.

In 2007, Energy Fuels drilled five boreholes on the extreme northern portion of the project. Four of the boreholes were oxidized and barren. The fifth borehole was abandoned due to excessive water encountered in the Burro Canyon Formation and the upper Salt Wash Member of the Morrison Formation.

In 2008, Homeland Uranium drilled four boreholes in an effort to twin the mineralized boreholes drilled by the USAEC in the 1950s. All boreholes were completed to target depth.

Uranium Energy began acquiring mineral interests in the Slick Rock Complex area beginning in December of 2010 by staking areas where the previous owner had allowed the mining claims to lapse. Uranium Energy then held 293 mineral lode claims encompassing an area of approximately 4,858.5 acres. Uranium Energy also began leasing additional claims from UR Energy on November 30, 2011.

Anfield entered into a definitive agreement to acquire the Slick Rock Complex property from Uranium Energy in an asset swap transaction on April 21, 2022, which subsequently closed on June 8, 2022.

There are no historical mineral resource estimates for the Slick Rock Complex known to the authors.

In 1971, the final year that the USAEC reported production figures, the Burro mines had produced 404,804 tons of ore at an average grade of 0.25% U₃O₈yielding 1,992,898 lbs U₃O₈, and 1.5% average grade V₂O₅ yielding 12,149,659 lbs V₂O₅. According to the Colorado Bureau of Mines’ annual reports, the Burro mines produced an additional 243,825 lbs U₃O₈ at an average grade of 0.20% and 1,791,798 lbs V₂O₅ at an average grade of 1.4% up until 1983 when depressed uranium prices forced an end to mining activities. The total production of the Burro mines was 2,236,723 lbs U₃O₈ and 13,941,457 lbs V₂O₅ as summarized in Table 6.3.1 of the 2026 PEA.

DOE Leases History

DOE Leases are managed by the DOE Legacy Management Program (LM). LM currently manages the Uranium Leasing Program (ULP) and continues to administer 31 lease tracts, all located within the Uravan Mineral Belt in southwestern Colorado. Of these lease tracts, 29 of these lease tracts are actively held under lease and two have been placed in inactive status indefinitely. Anfield controls 21 of the 29 active DOE Lease tracts. Anfield refers to the DOE Leases as mine complexes named by geographic areas as summarized in Table 6.1.1 of the 2026 PEA. The locations of the DOE Leases are shown on Figure 6.1.1 of the 2026 PEA.

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For completeness and due to their commonality, a general discussion of all Anfield’s DOE Leases is included in the 2026 PEA. Of the 21 DOE Leases held by Anfield, 6 are included in the 2026 PEA as mineral resources including:

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Paradox Mine Complex; JD-6, JD-7, JD-8, JD-9.

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Uravan Mine Complex; SM-18.

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Slick Rock Complex; SR-11.

Nine of the leases were obtained by Cotter who extensively explored them by surface drilling methods. Mineralized deposits were delineated, and underground mining was completed on each of the leases from the late 1970s to the early 2000s. The JD-7 lease also underwent surface mining, with preliminary stripping of an open-pit completed to within 100 feet of the top of mineralization. In addition, 12 of the leases were obtained by GEMI and Golden Eagle Uranium (GEU). These leases, like those controlled by Cotter, had historic underground mine production. The current 10-year lease agreements were executed in 2020.

Anfield purchased the Cotter leases in March 2019 and the GEU/GEMI leases in January 2024.

In the DOE ULP Annual Status and Activities Report for Calendar Year 2024, March 2025, LM states it has begun preparing updates to the lease agreements to be issued in the future. DOE has verbally stated it intends to re-issue the leases to current lessees for an additional 10-year period so long as conditions of the leases are being met.

Eleven of the leases have existing permits with reclamation plans and respective bonds as discussed above. These reclamation plans can be superseded with new mine permits.

As part of the DOE leasing program’s Programmatic Environmental Impact Statement (PEIS), issued in March 2014, DOE estimated the remaining uranium resources for the lease tracts, see Table 6.2.1 of the 2026 PEA. The method and resource classification for this estimate was not provided.

Past production is reported on 17 of the 21 DOE Leases controlled by Anfield as shown on Table 6.3.2 of the 2026 PEA. Note past production is reported for all the DOE Leases controlled by Anfield.

Shootaring Canyon Mill History

The Shootaring Canyon Mill was licensed and constructed by Plateau Resources and has had a succession of owners including US Energy and Uranium One prior to Anfield’s acquisition. The Shootaring Canyon Mill was constructed by Plateau Resources and operated briefly in 1982. The Shootaring Canyon Mill processed less than 6,000 tons and produced and sold 27,825 pounds of U₃O₈. The Shootaring Canyon Mill has not been decommissioned and has been under care and maintenance since cessation of operations. The Shootaring Canyon Mill and the Radioactive Materials License have been maintained.

Anfield purchased the Shootaring Canyon Mill along with other conventional uranium assets from Uranium One including the Velvet-Wood Project in August 2015.

Geology and Mineralization

Regional Geology

The Colorado Plateau is a regional geologic feature characterized by high elevation mesas and deeply incised canyons in southwestern Colorado and much of eastern Utah. The sedimentary units which dominate the Colorado Plateau were deposited during a period of tectonic stability beginning in the early Paleozoic and running through the Mesozoic Eras. During this time, a stable shelf depositional environment allowed thick

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accumulations of clastic, carbonate, and evaporitic sediments. Beginning approximately 6 million years ago, the entire Colorado Plateau was subject to epeirogenic uplift of 4,000-6,000 feet. This geologically rapid uplift caused the existing rivers and streams to aggressively downcut resulting in the canyon lands topography of today. The Velvet-Wood, Slick Rock, and Uravan Districts are situated in the central portion of the Colorado Plateau. The Velvet-Wood Project lies along the western flank of the Lisbon Valley anticline in the Lisbon Valley Utah while the Slick Rock Complex and SR-11 Project are located along the spine of the Disappointment syncline in the Paradox Basin of Colorado.

Sedimentary strata within the Colorado Plateau hosts numerous uranium/vanadium deposits. Uranium deposits are hosted by the Pennsylvanian Hermosa Formation, the Permian Cutler Formation, the Triassic Chinle Formation, and the Jurassic Morrison Formation as shown on the stratigraphic description in Table 7.0.1 of the 2026 PEA. During the Jurassic, rising salt domes, which caused anticlinal and synclinal folding, were the positive topographic features that dictated the direction of river systems flowing from the highlands to the southwest. This resulted in a pattern of high sandstone to mudstone ratios in synclinal valleys that flanked the elongated salt domes at the time. The high ratio of sandstone to mudstone allowed for increased permeability and porosity. This permitted increased fluid flow, which later influenced the formation of the uranium and vanadium deposits. Thicker sequences of sandstone were generally more conducive for development of the mineralized zones of uranium and vanadium.

The Lisbon Valley anticline along which the Velvet-Wood Project is located is the most productive uranium producing area in Utah. Among the rock units exposed along the Lisbon Valley anticline, those that contain documented uranium mineralization are the Permian Cutler Formation, the Triassic Chinle Formation (Moss Back Member) and the Morrison Formation (Salt Wash Member).

The majority of the uranium production in the Colorado Plateau was from the Morrison Formation, specifically the Salt Wash Member. In the Salt Wash Member, deposits are concentrated along a thin, one to several mile-wide arcuate belt that extends from the Gateway district through the Uravan District and south to the Slick Rock District. This concentration of deposits was termed the Uravan Mineral Belt as shown on Figure 7.0.1 of the 2026 PEA. This crescent-shaped area in the Jurassic Morrison Formation has closely spaced, larger-sized, and higher-grade uranium deposits than the adjoining areas.

The Paradox Complex and the SM-18 Project are located within the northern half of the Uravan Mineral Belt, while the Slick Rock Complex and the SR-11 Project lie within the southern half. The Uravan Mineral Belt has been a historically significant producer of uranium and vanadium since the early 20th century. All projects have significant adjacent and adjoining uranium and vanadium production histories, as discussed above.

Local Velvet-Wood Project Geology

The dominant feature in the Velvet-Wood Project area is the Lisbon Valley anticline. The Lisbon Valley anticline is a northwest/southeast feature about 20 miles long that was formed when salt in the Paradox Formation was mobilized. The up-warping and subsequent erosion of the anticline has exposed Pennsylvanian to Cretaceous age rocks along the length of the anticline. Consolidated rocks that crop out in the Lisbon Valley area range in age from Late Pennsylvanian to early Pleistocene. The oldest, the Pennsylvanian Honaker Trail Formation, is exposed in the interior of the anticline with successively younger rocks exposed in the faces of three mesas along the flanks of the anticline. In the Velvet-Wood Project area, the mesa recedes southward stepwise away from the center of the anticline and is known as Three Step Hill. The surficial geology of the Velvet-Wood Project is shown on Figure 7.1.1 of the 2026 PEA and the Regional Cross Section in Figure 7.1.2 of the 2026 PEA.

Three Step Hill is a mesa composed of three benches, each progressively higher than the last. The Velvet-Wood Project deposit is under the lowest bench and on the margin of the second. The top of the mesa is a dip slope primarily on the top of the Wingate Sandstone. Low mesas of Kayenta Formation rocks are preserved near the southern base of the dip slope. The dip slope of the middle bench is composed of resistant sandstone units of the

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Salt Wash Member of the Morrison Formation. The Brushy Basin Member has been stripped off the plateau but is exposed near the base of the slope of the third mesa. The highest mesa is capped by the Burro Canyon Formation. Some remnants of Dakota Sandstone are exposed on the upper plateau. The dips of the rocks are progressively shallower toward the south. The dips on the lower plateau are about 6 to 8 degrees and dips on the upper plateau are about 3 to 5 degrees.

Locally, uranium mineralization is found in the Permian Cutler Formation. The Cutler formation in Lisbon Valley is composed predominantly of fluvial arkosic sandstones, siltstones, shales, and mudstones that were deposited by meandering streams that flowed across a flood plain and tidal flat. This flood plain was occasionally transgressed by a shallow sea from the west, resulting in the deposition of several thin limestones and marine sandstones. Wind transported sand along the shoreline of the shallow sea, forming dunes. The marine and eolian sandstones are usually finer grained, better sorted, and cleaner than the fluvial arkosic sandstones. The fluvial sandstones are medium to very coarse grained and have abundant feldspar and biotite. The sandstone units are usually red-brown to purple red in color. Some of the sandstones have been bleached tan to gray-white. The top of the Cutler is truncated by a regional unconformity that has removed in excess of two hundred feet of the formation in the northern part of Lisbon Valley.

The unconformity at the top of the Cutler has truncated the southward dipping Cutler beds, the mineralized sandstone bed at the Velvet-Wood Project deposit is stratigraphically a few hundred feet above that at the Big Buck mine in the northern end of Lisbon Valley. The purple-red fluvial sandstones occur in large lenticular bodies that are hundreds of meters long and range in thickness from less than 3 to over 75 feet. Laterally these lenses thin and grade into the shale, mudstone, and siltstone sequences.

The fluvial sandstones are composed of medium to coarse-grained quartz, feldspar, and rock fragments in sub equal amounts. These arkosic sandstone units’ source of sediment was the Uncompahgre highland northeast of the Velvet-Wood Project area on the Utah/Colorado border. The cementing agent in the Cutler fluvial sandstones is either calcite or secondary overgrowth on the quartz grains. All of the known mineralized fluvial sandstone units were bleached light tan-pink or gray-white.

The upper portion of the Cutler Formation, which is the primary host of known uranium mineralization in the Velvet-Wood Project area, is composed of intervals of siltstone interbedded with thin-bedded, fine-grained sandstone. In places there are thicker, more resistant sandstone beds up to 47 feet thick. The thickness and frequency of sandstone beds increases downward, and siltstone is less common. Thick mudstone intervals separate the sandstone beds. A few limestone and conglomerate beds occur in the bottom third of the formation. The rocks are mostly greenish-gray, reddish-brown, or reddish-orange. The limestone beds are usually olive-gray.

Faulting and folding are the major structural features of the Velvet-Wood Project area. There are two major faults in the Velvet-Wood Project area. The faults are northeastward dipping normal faults with displacement ranging from a few feet to as much as 700 feet. The rock units between the two faults are folded downward to the northeast. The sandstones in the Velvet-Wood Project area exhibit jointing parallel to the Lisbon Valley anticline and are thought to be tensional joints. The host rocks of the Velvet-Wood Project area are truncated by the faulting on the southwest side of the Lisbon Valley graben. The mineralization of the Velvet-Wood Project deposit appears to be fault bounded on the northeast side of the deposit.

Deposit type

Uranium mineralization in the Velvet and Wood areas is found in sandstone units within the Cutler Formation. The sandstones are fluvial arkose that has been bleached. The mineral deposits are irregular tabular bodies located at the base, at the top, or close to pinch-outs of the sandstone bodies. The major producing zone in the Cutler occurs near the unconformity between the Cutler and the overlying Chinle Formation. The mineralization may extend a short distance into the sandstone of the Moss Back above. The uranium-bearing sandstones are

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petrologically very similar to other Cutler fluvial sandstones but contain less calcite and more clay and are slightly coarser grained. Uraninite is the principal uranium mineral encountered in the reduced zones of the Velvet area. In areas where the mineralization lies above groundwater levels, oxidized uranium minerals such as carnotite and tyuyamunite may occur. Uranium mineralization within the Colorado Plateau of Southwestern Colorado and Southeastern Utah have been described as tabular-blanket type deposits that are sub-parallel to bedding planes and/or features such as unconformities. Mineralization is often confined to paleochannels and controlled by lithology, permeability, porosity, and the presence of a chemical reductant, often carbonaceous material. A similar depositional morphology is observed at the Wood mine.

Uranium mineral resources within and in the vicinity of the project are found in the upper Permian Cutler formation. Many of the other mines in the district are located in the basal Moss Back Member of the Triassic Age Chinle Formation overlying the Cutler Formation. As shown on Figure 8.1.1 of the 2026 PEA, the Velvet-Wood Project Stratigraphic Column, there is an erosional unconformity between the Permian and Triassic aged beds where the Triassic Moenkopi formation was eroded away before the placement of the Moss Back Member of the Chinle Formation. Observations from the 2007 and 2008 coring program on the Velvet-Wood Project have developed the model that mineralization in both formations is related to the unconformity, although the location of mineralization with respect to the contact varies from location to location within the district. Most of the mineral resources in the Cutler occur within six feet of the unconformity.

Much of the historic mining in the vicinity such as the Bardon, Divide, School Section, Pats, and Service Berry mines are pre-1960 except for the Velvet mine (1979-1984). With the exception of the Velvet and Bardon mines, most of these are in the Chinle formation and were mined prior to 1941. The discovery of mineralization in the Cutler formation was late, therefore the Cutler is largely unexplored. Most of the earlier drilling stopped at the base of the Chinle. Further to the east, the discovery of the Wood deposit was reported by Uranerz in 1987 in T31S, R26E, Section 7. The Bardon, Velvet and Wood areas are oriented along a common trend beginning in the northwest at the Bardon mine and proceeding to the southeast through the Velvet mine to the Wood area along a trend of more than 6 miles. Limited exploration has been conducted between the Velvet mine and Wood area, and the Bardon mine and the Velvet mine, but these areas remain largely unexplored. The reader is cautioned that additional drilling may or may not result in discovery of additional mineral resources on the Velvet-Wood Project.

Local Slick Rock District Geology

The Slick Rock District lies in the Paradox Basin at the southern edge of the salt anticline region also called the Paradox Fold and Fault Belt. The district, which covers approximately 570 square miles of the Colorado Plateau, is underlain by about 13,000 feet of sedimentary strata which lies on metamorphic and igneous rocks of a Precambrian basement. The sedimentary formations range in age from Cambrian to Late Cretaceous. See Figures 7.2.1a and 7.2.1b of the 2026 PEA.

The Slick Rock District is located in the proximal Disappointment Valley syncline. The syncline plunges gently to the southeast and lies between the collapsed Gypsum Valley anticline to the northeast and the Dolores anticline to the southwest. Sedimentary rocks that outcrop in the Slick Rock District range from the Permian Cutler Formation up to the late Cretaceous Mancos Formation with a maximum thickness of approximately 4,700 feet. The Jurassic Morrison Formation is the host of uranium/vanadium deposits in the Slick Rock District. It is widely recognized as an aggrading, terrigeneous clastic, fan-shaped fluvial sequence of sediments. While the precise location of the sediment source is unknown due to erosion, most authors agree that the sediment source area for the fan is the modern-day south-central Utah and north-central Arizona area. The proximal fan is dominated by a high percentage of coarse clastics in braided stream sediments. The energy of the depositional environment decreases distally, as does the grain size of the sediments. The Slick Rock District occupies the medial fan facies. From the apex of the fan, the stream flow was in a northern, northeastern, and eastern direction. In the Slick Rock District, the direction of stream flow was generally to the northeast while local paleo topography controlled the flow direction.

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The salt anticlines were the positive topographic highs during Jurassic time that diverted Morrison distributary systems to courses along their flanks. This allowed for thick accumulations of high sandstone/mudstone ratio sediments in valleys that flanked the elongated salt domes of Jurassic time. High sandstone/mudstone ratios increase permeability (the ability of sediments to transmit fluids) and porosity (available void space). Such conditions are favorable for increased fluid flow and may largely control ore formation. The thick accumulation of sediments in major channels occurred along the southern margin of the Gypsum Valley anticline in the Slick Rock District and across Anfield’s Slick Rock Complex area.

Major folds in the Slick Rock District are broad, open, and trend about north 55 degrees west, and are parallel to the collapsed Gypsum Valley salt anticline which bounds the northeast edge of the district. The Dolores anticline lies about ten miles southwest of the Gypsum Valley anticline. The Disappointment syncline lies between the two anticlines. See Figure 7.2.2 of the 2026 PEA.

Within the Slick Rock District area, the Morrison is divided into two Members: the upper Brushy Basin Member and the lower Salt Wash Member. The Salt Wash Member is composed of fluvial sandstone and mudstone averaging about 350 feet thick, and is further divided into three parts: the top and bottom units that are composed of fairly continuous layers of sandstone interbedded with thin layers of mudstone, and a middle unit that is primarily mudstone but contains scattered discontinuous lenses of sandstone. The major host sandstone for uranium and vanadium is the upper unit of the Salt Wash Member.

The Slick Rock District lays in an area where only the Salt Wash and Brushy Basin Members of the Morrison Formation are present. The Morrison Formation attains its maximum thickness in these members and stream-type deposits (lenticular cross-bedded sandstones) have their greatest aggregate thickness and maximum lateral continuity.

As discussed above, the USGS on behalf of the Raw Materials Division of the USAEC, conducted extensive exploration throughout the Uravan Mineral Belt. As early as 1952, the USGS had determined that the following four geologic characteristics were indicative of favorable grounds for a uranium deposit:

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Most mineralized deposits are in or near thicker, central parts of sandstone lenses and, in general, the thickness of the sandstone decreases moving away from the mineralized deposits. Sandstone less than 40 feet thick is generally not favorable for large ore bodies.

•

Sandstone in the vicinity of the mineralized deposit is colored light brown, but moving away from the mineralized deposit an increasing proportion of sandstone has a reddish color, which is indicative of unfavorable ground.

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The mudstone in the mineralized sandstone near and immediately below the deposit changes from a red to gray color. The amount of altered mudstone decreases further outward from the deposit.

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Sandstone in the immediate vicinity of the deposit contains more carbonized plant fossils than similar beds further away from the mineralized zone. This suggests that mineralization is localized in the vicinity of abundant carbonaceous material.

Results from USGS’s 1948-1956 drilling indicate that within the Slick Rock Complex area the Salt Wash is greater than 40 feet thick, contains abundant carbonaceous material, is tan to gray in color, and is in contact with a reduced mudstone over a significant portion of the Slick Rock Complex area.

Deposit Type

There has been much discussion and debate regarding ore forming mechanisms in the Slick Rock Complex area, but there is good agreement on several contributing factors:

The Brushy Basin and Salt Wash Members contain significant concentrations of detrital volcanic debris which is strongly suspected as the source of uranium and vanadium.

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Compaction and de-watering during burial of these sediments allowed for the transport mechanism along preferential pathways dictated by permeability and porosity within transmissive sand units of the Morrison Formation.

The uranium and vanadium in solution within a transmissive sand unit encountered a reduced environment locally caused by abundant plant remains and evidenced by reduced green mudstone found within the Salt Wash sandstones. This environment favored precipitation of uranium along a solution interface between the uranium in an oxidized alkaline solution and a strongly reduced acidic environment.

The physical expressions of the deposits formed at the solution interface have a variety of shapes and volumes. In the following, Shawe provides an excellent summary of the deposit morphology in the Slick Rock District:

“Two general forms of ore bodies are common in the Morrison Formation in the district, one tabular and the other so-called “roll”. Some deposits consist mainly of tabular ore bodies and others are dominantly roll bodies, although both types display elements of the other, and in many places tabular bodies are continuous with roll bodies. Some deposits have both types significantly developed. The two types were deposited by the same general process and at the same time; differences in their forms were dictated by local differences in the lithology of the host sandstone units that controlled fluid movement”.

In the Slick Rock District, uranium/vanadium deposits of the Morrison are mainly tabular to lenticular and elongate parallel to sedimentary trends. Tabular trends are localized in massive sandstones where clay and mudstone are interstitial, in scattered and streaked gall and pebble accumulations, and are found in discontinuous lenses. Conversely, roll deposits are narrow, elongate, and curve sharply across bedding and appear to be confined to sandstone where clay and mudstone are well indurated within interconnected layers. Mineralization in either case, tabular or roll deposits, averages about 0.25% U₃O₈ and 1.5% V₂O₅ within the mineralized sandstone. The mineralized bodies have an average thickness of 2 to 4 feet and range in size from a few feet wide to several hundred feet wide. These deposits can contain a few tons of ore to several thousand tons in the larger ore bodies.

Details of the forms of roll ore bodies related to lithologic differences and mineral distribution within rolls (calcium-carbonate, titanium oxides, barite, and iron oxides) provide strong evidence that the deposition of the mineralized bodies occurred at an interface between two chemically differing solutions (one that is oxidized and one that is reduced). The interface interpretation was first proposed by Fischer in 1942. Continuity of the roll ore bodies with tabular bodies indicate that the tabular bodies also formed at a solution interface. It is important to note that the term “roll” was coined by local miners to describe the geometry of ore bodies that cut across sedimentary bedding and does not imply similarity to the geochemical process involved in forming the “roll” deposits of Wyoming and South Texas uranium provinces, as illustrated in Figures 8.2.1a and 8.2.1b of the 2026 PEA.

The uranium- and vanadium-bearing minerals occur as fine-grained coatings in detrital grains; they fill pore spaces between the sand grains and replace carbonaceous material and some detrital grains. The primary uranium minerals are uraninite (UO₂) with minor amounts of coffinite (USiO₄OH). Montroseite (VOOH) is the primary vanadium mineral, along with vanadium clays and hydromica. Metal sulfides occur in trace amounts. Secondary minerals: calcium uranyl vanadate (Tyuyamunite) (Ca(UO₂)₂(VO₄)₂^.(5-8)H₂O) and potassium uranyl vanadate (Carnotite) (K₂(UO₂)₂(VO₄)₂ ^.1-3H₂O) occur in shallow oxidized areas and on outcrop. Figure 8.2.2 of the 2026 PEA shows a typical specimen of oxidized uranium/vanadium minerals collected underground in the vicinity of the Burro No. 3 shaft and the scintillometer.

Uravan District Geology

The uranium and vanadium mineralization in the Uravan District is hosted within the Jurassic Morrison Formation. The Morrison Formation is separated into two members: the upper Brushy Basin Member and the

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lower Salt Wash Member. The Brushy Basin Member consists of reddish-brown and greenish-gray mudstone, siltstone, sandstone, and conglomerate. The Salt Wash Member is the primary host for known mineralization of uranium and vanadium in the district, and is composed of fluvial sandstone and mudstone, averaging 350 feet thick. The Salt Wash Member is further sub-divided into three parts, the upper, middle, and lower units. The upper and lower units are composed of nearly continuous layers of sandstone interbedded with thin layers of mudstone, and the middle unit is primarily mudstone and siltstone, with discontinuous lenses of sandstone. Refer to Figure 7.3.1 and 7.3.2 of the 2026 PEA.

The geologic structure in the Uravan District varies, depending on location. On the eastern flank of Monogram Mesa (JD-6, JD-7, JD-8) there are numerous synthetic and antithetic faults striking NW-SE that drop down mostly to the east, toward the basin center of Paradox Valley. Small horst blocks were also developed between opposing faults. Atop Monogram Mesa and on its western side (JD-9), the bedding is mostly flat to very shallow dipping. Uranium/vanadium mineralization pre-dates the structural history that created the numerous small faults, and in the mineralization at the JD-7 lease, faulting can be observed to cut across mineralized zones.

The surficial geology of the Uravan District is quite variable, depending on topography and location along the flank of Monogram Mesa. Extensive light-red sandy, silty wind-blown, and reworked material mantles the mesa tops. The flanks of the leases near JD-6 and JD-7 are comprised of talus slopes of varying rock types, and landslide deposits predominantly from the Brushy Basin mudstone. In the valley bottom of Paradox Basin, the wind-blown materials are intermixed with disintegrated slope wash deposits.

The uranium and vanadium bearing minerals occur as fine-grained coatings in detrital grains. These minerals fill pore spaces between the grains and replace carbonaceous material and some detrital grains. The primary uranium mineral is uraninite, with minor amounts of coffinite. Montroseite is the primary vanadium mineral, along with vanadium clays and hydromica. Metal sulfides occur in trace amounts. The mineralization typically occurs in the tabular to lenticular bodies within sedimentary bedding but may also cut across sedimentary bedding to form highly irregular shapes (see Figures 8.2.1a and 8.2.1b in the 2026 PEA). The mineralized bodies have an average thickness of 2 to 4-ft, and range in size from a few feet wide to several hundred feet wide. The length of the deposits varies from several feet to hundreds of feet.

Deposit Type

There has been much debate concerning the formation of mineralized deposits in the Uravan District, but there is general agreement in the literature of several contributing factors. The Brushy Basin and Salt Wash Members contain significant concentrations of detrital volcanic materials, which are strongly suspected as the source of uranium and vanadium. Compaction and dewatering of the host sediments during their burial created permeability and porosity conditions in the transmissive sand units of the Morrison Formation forming preferential pathways for groundwater. Uranium and vanadium in solution encountered a reduced environment, locally caused by an abundance of plant remains identified in the reduced green mudstone found within the Salt Wash Member. This environment favored precipitation of uranium along an interface between oxidized alkaline solutions and a strongly reduced acidic environment.

The physical expressions of the deposits formed at the solution interface have a variety of shapes and sizes. In the following excerpt from page 19 of USGS Professional Paper 576-F, D. R. Shawe provides an excellent summary of deposit morphology in the Uravan Mineral Belt, of which the Uravan District is a part. See Figures 8.3.1a and 8.3.1b of the 2026 PEA. The summary is reflective of the mineralized deposits and setting at the Paradox Complex:

“Two general forms of mineralization are common in the Morrison Formation in the district, one tabular, and the other so-called “roll”. Some deposits are tabular and others are dominantly of roll bodies, though both forms display elements of the other. In many places tabular bodies are continuous with roll bodies. Some deposits have both types significantly developed. The two types were deposited by the same general process and at the same time. The differences in their forms were dictated by the local differences in the lithology that controlled fluid movement [in the host sandstone].”

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The term “roll” was used locally by miners to describe how the mineralization cuts across sedimentary bedding boundaries. The term does not imply a similar geochemical process involved in forming “roll-front” deposits indicative of Wyoming and south Texas uranium districts.

In the Uravan District, the uranium/vanadium deposits of the Morrison Formation are mainly tabular to lenticular, and elongate parallel to sedimentary trends. Tabular trends are localized in massive sandstones where clay and mudstone are interstitial and found in discontinuous lenses. The roll deposits are typically narrow, elongate, and curve shaped. The roll deposits usually cross bedding planes and appear to be confined to sandstone where clay and mudstone are well indurated. Mineralization in either case, tabular or roll deposits, averages about 0.25% eU₃O₈and 1.5% V₂O₅ within the host sandstones. The mineralized bodies are typically 2 to 4-feet thick and range in size from a few feet to several hundred feet in width and length.

Exploration

In the late 1940s and through the 1950s, extensive exploration was conducted by the USAEC and private parties throughout the region during the Manhattan Project. These programs consisted of geologic mapping, ground and aerial radiometric surveys, trenching, and rock and sediment sampling. Subsequently exploration has been primarily limited to drilling.

Anfield has not conducted exploration activities other than drilling, as discussed below on any of the properties included in the 2026 PEA.

Drilling

Anfield has acquired drilling data from previous operators across its several prospective mining properties. In addition to the data acquired from previous operators, Anfield recently conducted drilling on the Slick Rock Complex in 2024 and the JD-7 mine in 2025.

Velvet-Wood Project Drilling

A summary of drill data acquired by Anfield at the Velvet-Wood Project from previous operators follows. Anfield has not conducted drilling on the Velvet-Wood Project.

Atlas and MRC conducted extensive rotary and limited core drilling on the Velvet mine area that was included in the acquisition of the property, including the delineation of 4 mineralized areas with drilling on a rough grid approximating 100-foot centers.

The available drill data for the Velvet mine area includes radiometric data from some 173 drill holes completed on the property. From 1985 through 1991, Uranerz completed a total of 120 known historic vertical rotary drill holes in the Wood mine area. There are geophysical logs available for 96 of those historic drill holes. Of the 96 logs, 95 of the historic geophysical logs typically consist of natural gamma, resistivity, spontaneous potential, half foot radiometric grade of uranium measured in weight percent U₃O₈, and vertical deviation data which were matched with a northing and easting collar location and collar elevation from available drill hole maps. All geophysical logging was performed by Century Geophysical Corporation (Century Geophysical) for Uranerz. Industry standard practice for Century Geophysical logging trucks included calibration of the logging trucks routinely at DOE facilities.

Drilling averaged a depth of 1,538 feet and ranged from 1,240 feet to 1,870 feet. All of the holes were surveyed for down-hole deviation, and deviation data was available from the geophysical logs. Drift at the mineralization horizon ranged from 5 feet to over 258 feet and averaged 63 feet to the northeast, or up dip. The dip of the host formation is approximately 8 degrees to the southeast. Drilling was conducted vertically although virtually all drill holes drifted up dip. The average vertical declination was approximately 2.3 degrees from vertical. Because this declination opposed the dip of the formation, the effect of dip on true thickness is diminished. Considering the effect of the actual drill hole declination from vertical, the correction to true thickness would be less. This means that a 10-foot thickness interpreted from the geophysical log would actually be 9.99 feet. At this level, the

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data correction would be less than the accuracy of the original data, which is interpreted down to one foot. As a result, no correction is necessary from the log thickness to true thickness.

Additional exploration drilling was conducted by Uranium One in 2008, generally focused between the areas of known mineralization at Velvet and Wood. The drilling showed low grade mineralization but did not encounter significant mineralization. In total, Uranium One completed 43 drill holes at Velvet and 14 drill holes at Wood. Drilling results for the Velvet-Wood Project are summarized in Tables 10.1.1 through 10.1.3 which follow. Locations of all known drill holes are shown on Figure 10.1.1 of the 2026 PEA. Note values are expressed as Grade Thickness (GT), the product of average grade (%eU₃O₈) x thickness (feet).

Table 10.1.1 Historic Drill Results Velvet Area*


Barren	Trace < 0.1 GT			Mineralized 0.1–0.25 GT			Mineralized 0.25-0.5 GT			Mineralized > 0.5 GT			TOTAL
6		30			29			24			84			173
3.5%		17.3	%		16.8	%		13.9	%		48.6	%

Table 10.1.2 Historic Drill Results Wood Area*


Incomplete	Barren			Trace < 0.1 GT			Mineralized 0.1–0.25 GT			Mineralized 0.25-0.5 GT			Mineralized > 0.5 GT			TOTAL
1		20			40			7			6			21			95
1.1%		21.1	%		42.1	%		7.4	%		6.3	%		22.1	%

*The historic data available for Velvet was limited to data from the previous MRC mineral holdings. The historic data available for Wood was from the previous Uranerz mineral holdings.

Table 10.1.3 2007/2008 Drill Results Velvet-Wood


Incomplete	Barren			Trace < 0.1 GT			Mineralized 0.1–0.25 GT			Mineralized 0.25-0.5 GT			Mineralized > 0.5 GT			TOTAL
3		15			20			6			7			6			57
5%		26	%		35	%		11	%		12	%		11	%

Slick Rock Drilling

Anfield possesses drilling data from previous operators for the Slick Rock claim group as well as the SR-13, SR-13A, and SR-11 lease tracts. Anfield completed a verification drilling project at the Slick Rock claim group in 2024.

Slick Rock Claim Group Drill Data

Anfield has obtained radiometric and chemical assays from the USAEC exploration program OFR70-348 for vanadium and uranium values, respectively, from those holes drilled by the USGS on behalf of the Raw Materials Division of the USAEC. Logs for boreholes drilled by USEC and Energy Fuels were obtained by claim acquisition, and the uranium intercept values from the logs for boreholes drilled by Homeland Uranium were available in the public domain.

A total of 312 holes are known to be located within or proximal to the Slick Rock Complex area. Of that total, 27 of these holes had locations but no other data, leaving 285 drill holes upon which to build a database. Of the 285 holes in the database used for resource estimation, 207 were drilled by UCNC, 53 by the USGS, 17 by USEC and 4 each by Energy Fuels and Homeland Uranium. Within the 285 drill holes, data was available on 346 discrete intercepts distributed between 3 stratigraphically distinct zones.

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Mineralization at the Slick Rock Complex occurs within three stratigraphic horizons of the Jurassic Morison Formation. Three-dimensional plotting and correlation of the Slick Rock Complex intercepts demonstrated three vertically distinct mineralized zones running along dipping bedding. The A zone is stratigraphically the youngest and highest in the section, followed by the B zone and then the deepest C zone. A summary of drill results follows in Table 10.2.1. An image from the drilling is shown in Figure 10.2.1 of the 2026 PEA. Drill hole locations are shown on Figure 10.2.2 of the 2026 PEA. Representative cross-sectional views of the drill data are shown on Figure 10.2.3 of the 2026 PEA.

Table 10.2.1 Slick Rock Drill Hole Intercepts by Zone

SR-13 Lease Tract Drill Data

A database consisting of drill hole locations and intercepts on lease tract SR-13 was obtained by Anfield from the previous operator of the tract, GEMI. A limited number of USAEC drill hole assay values were obtained as part of the open file report detailed in the 2026 PEA.

The SR-13 database contains data for 398 drill holes. Data for 375 drill holes was obtained from the GEMI dataset. Data for 23 of the drill holes was obtained from the USAEC open file report. The 398 drill hole dataset contains 122 drill holes with composite intercept values meeting or exceeding a 0.1 GT cutoff with a minimum grade cutoff of 0.02 % eU₃O₈. Mineralization at SR-13 is interpreted as one stratigraphic zone that correlates with zone B at the Slick Rock claim group.

Drill hole locations are shown on Figure 10.2.2 of the 2026 PEA. Drill holes are assumed to be vertical.

SR-13A Lease Tract Drilling Data from Previous Operators

A database consisting of drill hole locations and intercepts was obtained by Anfield from the previous operator of the lease tract, Cotter. Original geophysical drill hole logs were obtained from the Cotter office to support the database information. The most recent drill holes in the Cotter dataset were completed in 1997. A limited number of USAEC drill hole assay values were obtained as part of the open file report detailed under the Slick Rock claim group section above.

The SR-13A database contains data for 332 drill holes. Data for 243 drill holes was obtained from the Cotter dataset. The USAEC open file report contained data for 89 drill holes. Of the combined 332 drill hole dataset, 62 drill holes contained composited intercept values meeting or exceeding a 0.1 GT cutoff with a minimum grade cutoff of 0.02 % eU₃O₈. Mineralization at SR-13 is interpreted as one stratigraphic zone that correlates with zone B at the Slick Rock claim group.

Drill hole locations are shown on Figure 10.2.2 of the 2026 PEA. Drill holes are assumed to be vertical.

SR-11 Lease Tract Drilling Data from Previous Operators

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The SR-11 database contains collar locations for 741 drill holes. Of those 741 collars, data is available for 605 drill holes. Of the 605 drill holes with data, Cotter possessed geophysical logs for 130 of the holes. Within the 605 drill hole dataset, 320 drill holes contained intercept values meeting a minimum grade cutoff of 0.02 % eU₃O₈. 219 of those drill holes with intercepts contained a composited intercept value meeting or exceeding a 0.1 GT cutoff.

Drill hole locations are shown on Figure 10.2.2 of the 2026 PEA. Drill holes are assumed to be vertical.

Slick Rock Claim Group Drilling Data from Anfield

Anfield completed a 14-hole, 14,100-foot verification drilling program at its Slick Rock Complex in San Miguel County, Colorado, between September 22 and November 12, 2024. The drilling program utilized standard circulation rotary drilling techniques (air, foam, or mud depending on conditions), with all holes drilled vertically. Downhole deviation was measured and remained minimal, <3 degrees from vertical. Lithological samples were collected at 5-foot intervals and logged by site geological staff. All holes were geophysically logged with a calibrated gamma-ray sonde to determine equivalent uranium (eU₃O₈) grades. All logging was performed by Hawkins CBM Logging using a sonde calibrated at the DOE’s Casper, Wyoming test pits.

Drill hole locations were designed to offset historical drill targets. Gamma-ray logging results confirmed the presence of uranium mineralization with a minimum grade of 0.02% eU₃O₈ in 7 of the 14 holes, with depths and grades generally consistent with the historical dataset. GT values above a minimum 0.1 GT cutoff were encountered in 4 of the drill holes. The drill hole collar locations are shown on Figure 10.2.2 of the 2026 PEA. Representative cross-sectional views of the drill data are provided on Figure 10.2.3 of the 2026 PEA.

The depths and grades of mineralization encountered in this drilling program were consistent with the historical depths and grades of mineralization contained in the historical drilling data. Variance between the historical drill hole intercepts and the verification holes was experienced, with some intercepts yielding greater or lesser values. Variances are to be expected due to the distances between the historical collars and offset holes and the variable downhole drift of the drill holes. The verification holes demonstrated close stratigraphic correlation and a prevalence of mineralization of similar tenor and character to the historical intercepts, placing a high level of confidence in the quality and validity of the historical drill hole data. The drilling results are summarized below:

LOGO

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Intercepts are reported at a 0.02 (200 ppm) eU₃O₈% grade cut-off. All grades were calculated from gamma-ray logs measured by an experienced commercial independent logging contractor, Hawkins CBM Logging of Cody, Wyoming. Hawkins CBM’s downhole sonde was calibrated at the DOE’S Casper, Wyoming logging test pits prior to deployment to the field. The calibrated downhole sonde is used to measure natural gamma emission from the rock formation down the borehole. The recorded natural gamma data was used in creating the geophysical well log and calculate “equivalent” (e) grades of U₃O₈.

The drill holes were vertical in orientation and all drill holes were measured for downhole drift with the geophysical probe. Drift values for each drill hole are listed above and in the most extreme cases, the drill hole deviation value was less than 3 degrees from vertical. The geologic units hosting the mineralization are generally flat lying, therefore reported thicknesses are apparent true thicknesses.

Uravan District Drilling

Anfield possesses a large database of drilling data generated by the previous operators of the DOE Lease projects. A confirmation drilling program was completed at the JD-7 lease tract in 2025.

JD Leases Drilling Data from Previous Operators

The main operator of DOE Leases was Cotter, following limited exploration drilling in the 1950s by the USGS on behalf of the USAEC.

All the drilling was vertical and utilized truck-mounted rotary drill rigs. Upon completion the holes were logged with a geophysical tool that recorded spontaneous potential, resistivity, and natural gamma. The holes were also logged to determine the extent and direction of drift during drilling of the hole. Natural gamma logs were calibrated using the standard DOE (Formerly USAEC) calibration facilities in Grand Junction, Colorado. The data used for the estimation of uranium mineral resources is based on the equivalent uranium grade and thickness interpolated from the downhole geophysical logging.

The authors have reviewed the original geophysical logs. They are complete with standard calibration factors. The interpolation of the logs has been verified as discussed below in “Data Verification” and in Section 12 of the 2026 PEA.

Vanadium was sampled and assayed to a limited extent. The estimation of vanadium mineral resources is based on the observed ratios of vanadium to uranium from mining on the project and in the region.

Drill data was available for 2,198 drill holes, totaling approximately 1,250,370 feet drilled.

The drill hole database consists of:

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JD-6 lease; 403 drill holes in total of which 188 were barren.

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JD-7 lease; 705 drill holes in total of which 214 were barren.

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JD-8 lease; 537 drill holes in total of which 245 were barren.

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JD-9 lease; 553 drill holes in total of which 259 were barren.

The locations of the drill holes are shown on Figures 10.3.1 through 10.3.4 of the 2026 PEA for the JD-6, JD-7, JD-8, and JD-9 leases, respectively. Cross sectional representations of the drill data are provided on Figures 10.3.5 to 10.3.9 of the 2026 PEA for the JD-6, JD-7, JD-8, and JD-9 leases, respectively. The authors consider the available drill data suitable for the estimation of mineral resource for the purposes of the 2026 PEA.

Anfield completed a confirmation drilling program at the JD-7 lease tract between September 15 and October 9, 2025. The program consisted of 23 holes totaling 7,564 feet.

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Drilling was primarily conducted using air rotary methods, with 149 feet of split barrel coring completed in five holes to recover core through the mineralized zones for chemical assay, vanadium-to-uranium ratio determination, radiometric equilibrium assessment, and metallurgical/mineralogical testing.

The primary objectives of the confirmation drilling were to:

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Verify the presence, depth, and tenor of uranium mineralization against the historical drilling database at the JD-7 mine.

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Support upgrading and increasing confidence in the current mineral resource estimate for uranium and vanadium.

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Provide data to refine the geological model, delineate mineralization boundaries, and assist with future mine planning for the Paradox Complex.

Downhole geophysical logging (gamma ray) was performed on all holes to determine equivalent uranium grades (eU₃O₈) and GT values. A minimum cut-off of 0.02% eU₃O₈ (200 ppm eU₃O₈) with a minimum GT of 0.2 was applied. Elevated uranium mineralization above cut-off was intersected in 15 of the 23 holes, with 11 holes returning GT > 0.5.

Core samples from the mineralized intervals were submitted to Pace Analytical (Sheridan, Wyoming) and Hazen Research Inc. (Golden, Colorado) for chemical uranium and vanadium assays. These results, once received, will be correlated with the downhole gamma logs to assess radiometric equilibrium and validate the vanadium-to-uranium ratio.

The drill hole collar locations are shown on Figure 10.3.2 of the 2026 PEA. Representative cross-sectional views of the drill data are provided on Figure 10.3.6 of the 2026 PEA.

Drill hole results including Depth, Thickness and Grade, as determined by downhole geophysical logging, are shown below. Uranium grade is reported as equivalent weight per cent. For sandstone hosted uranium the GT is commonly used as an indication of the intensity of mineralization. Gamma ray logging results indicate elevated uranium mineralization exceeding the typical minimum cutoff grade of 0.02 %eU₃O₈ (200 ppm) eU₃O₈ and minimum GT of 0.2 in 15 of the 23 drill holes completed. These findings verify the presence of uranium mineralization at depths and locations consistent with the historical drilling dataset for the JD-7 mine.

The drilling results demonstrate robust uranium mineralization across the targeted areas, with eleven holes yielding a GT over 0.5, indicating high-potential zones; six holes showing GT values between 0.1 and 0.5, reflecting moderate mineralization; five holes containing only trace mineralization, and one drill hole containing no mineralization over the 0.02% eU₃O₈ grade cutoff. The lower-strength intercepts are associated with the program’s objective to delineate the outer boundaries of the mineralization, providing valuable data for refining resource models and supporting future mine planning and development at JD-7.

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The drilling results are summarized below:

LOGO

Split barrel core intervals were obtained from 5 of the 23 drill holes at 5 of the 20 planned drilling locations. These corings will be employed to provide physical samples of mineralized material. Cored intervals were completed using split-barrel core aimed at drilling through the mineralized zones. Four of the five cored locations intercepted mineralization above the minimum grade cutoff.

SM-18 Lease Tract Drilling Data from Previous Operators

A database consisting of drill hole locations and intercepts was obtained by Anfield from the previous operator of the lease tract, Cotter. Original geophysical drill hole logs were obtained from the Cotter office to support the database information. The most recent drill holes in the Cotter dataset were completed in 1997. Several of the drill holes in the Cotter database were completed by DOE Lease operators prior to Cotter.

The SM-18 database contains collar locations for 681 drill holes. Of those 681 collars, data is available for 672 drill holes. Of the 672 drill holes with data, Cotter possessed geophysical logs for 227 of the holes. Within the 672 drill hole dataset, 366 drill holes contained intercept values meeting a minimum grade cutoff of 0.02 % eU₃O₈. 192 of those drill holes with intercepts contained a composited intercept value meeting or exceeding a 0.1 GT cutoff.

Drill hole locations are shown on Figure 10.3.9 of the 2026 PEA. Drill holes are assumed to be vertical.

Sampling

Velvet-Wood Sampling

The Velvet-Wood Project was initially drilled during the 1970s and 1980s with the principal exploration work and drilling completed by Gulf and Uranerz for the Velvet and Wood properties, respectively. The data is considered accurate and reliable for the purposes of completing a mineral resource estimate for the property.

Core drilling completed during the 2007/2008 drilling program was directly supervised by BRS and Uranium One personnel including Douglas Beahm and personnel under his direct supervision. On site personnel

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completed lithologic logging of rotary and core samples. Upon completion of drilling, geophysical logs of the drill holes were completed by a commercial provider of such services, Century Geophysical. The loggers were contractually required to provide Uranium One with calibration data and the k-factor for their probes and completed onsite calibration for each hole.

With respect to QA/QC for equivalent uranium measurements (eU₃O₈) by downhole geophysical logging, the DOE maintains standard calibration pits located in Grand Junction, Colorado for use by the US uranium industry for instrument calibration. For Velvet and Wood, the original log files contain a record of the geophysical probes which show the instruments were calibrated at the DOE standard calibration pits located in Grand Junction, Colorado prior to the drilling program. For example, the geophysical logging unit which measured eU₃O₈ for core holes DW14T-08 and SLV-8883T-08, completed on 10/02/2008 and 9/25/2008, respectively were calibrated at the Grand Junction DOE facility on 9/22/2008.

Drill core was placed in protective plastic sleeves at the drill site and packaged into core boxes. Mineralized core was subsequently split for analysis and metallurgical testing with half of the core retained. The core splits were delivered to the testing laboratory and testing facility, Hazen Research Inc. (Hazen Research), by the author, and a chain of custody established. In addition, select core samples were chosen for geotechnical testing. Chemical assays were completed by the following methods:

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Uranium by fluorometric assay.

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Vanadium, molybdenum, arsenic, iron, magnesium, aluminum, calcium, thorium, zinc, copper, nickel, cobalt, and manganese by semi-quantitative x-ray fluorescence (XRF).

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Uranium equivalent (eU₃O₈) by gamma spectroscopy.

Hazen Research is located at 4601 Indiana Street, Golden, Colorado, USA 80403. Hazen Research has provided analytical services for the uranium mining and processing industries since the early 1960s. An outgrowth of this activity has been the Radiochemistry Laboratory, which specializes in the determination of the long half-life radionuclides of the uranium and thorium decay series and radionuclides produced from nuclear power generation. These isotopes emit alpha, beta, and gamma radiation. Hazen Research holds a variety of state and federal certifications to perform radiochemical testing on drinking water from domestic and foreign sources, including NELAC Certification by the State of New York. Typical parameters include gross alpha/beta, gross gamma, radium-226, radium-228, radon in water, thorium, tritium, strontium, cesium, and uranium. In addition, Hazen Analytical Laboratory holds certifications from various state regulatory agencies and from the US Environmental Protection Agency.

It is the authors’ opinion that the sample preparation, security, and analytical procedures were in keeping with industry practice and are adequate for the purposes of the 2026 PEA.

Slick Rock Sampling

The only chemical assay values are historical and were generated by the USAEC laboratories. Later operators (USEC, UCNC, Homeland Uranium, Energy Fuels, and Uranium Energy) relied on radiometric values and did not perform chemical assays.

Samples were prepared by the USGS on behalf of the Raw Materials Division of the USAEC. USGS geologists conducted diamond drilling and radiometrically logged the holes, described the lithology, and scanned the cores for radiometric anomalies using a Geiger counter. Within Anfield’s Slick Rock Complex area, 51 of the 52 core samples were retrieved with greater than an 80% recovery rate. Only borehole DV-88 was less than 80% at a 65% recovery rate (OFR70-348).

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Sample intervals with radiometric anomalies greater than 0.045% eU₃O₈ were shipped to the USAEC labs in Washington, D.C., Denver, CO, or Grand Junction, CO for chemical determination of uranium and vanadium content. The precise chain of custody of these samples is unknown. The USAEC laboratories determined uranium values using fluorometric, colorimetric, volumetric, polargraphic, coulometric, radioactivation, X-ray spectrometric, and nuclear photographic plate techniques. The choice of method is determined by many factors such as the concentration of uranium in the sample, its chemical complexity, the accuracy sought, the speed required, and the availability of the instrumentation. USAEC laboratories determined vanadium content via wet chemical digestion and volumetric determination by using a prescribed method developed by Claude W. Sill, U.S. Bureau of Mines, Salt Lake City, Utah and compiled and edited by R. W. Langridge in USAEC publication, RMO-3001. The certifications held by the USAEC laboratories are unknown.

The samples were collected and processed according to strict protocols developed by the USAEC and other U.S. government agencies. The results are consistent with later industry analyses. The authors believe the determinations of grade are sufficiently accurate and precise to support the estimation of mineral resources.

In 2024, Anfield conducted drilling activities at the Slick Rock Complex to verify the presence of mineralization inferred by historic data. A total of 14 rotary holes were drilled on 14 locations in the central portion of the Slick Rock Complex claims and in proximity to historic drill hole collar coordinates. Lithological samples were collected at 5-foot intervals and logged by site geological staff. All holes were geophysically logged with a calibrated gamma-ray sonde to determine eU₃O₈ grades. All logging was performed by Hawkins CBM Logging using a sonde calibrated at the DOE’S Casper, Wyoming test pits.

Uravan District Sampling

Anfield possesses a large database of drilling data generated by the previous operators of the DOE Lease projects. A confirmation verification drilling program was completed at the JD-7 lease tract in 2025.

In 2025, Anfield conducted drilling activities at the JD-7 project to verify the presence of mineralization indicated by data generated by the historic operator, Cotter. The Cotter database includes drilling conducted both before and after overburden stripping in the JD-7 pit was performed. In 2025, A total of 22 holes were drilled on 20 locations in the JD-7 pit floor and in proximity to historic drill hole collar coordinates. Four holes were core in the anticipated mineralized zones. Only 2 of the core holes had adequate core recovery to be used for evaluation of radiometric equilibrium.

All core intervals were logged in the field by site geologists (BRS staff) and stored in core boxes. After drilling the core was transported BRS’s core storage and logging facility in Riverton, Wyoming. The cores were logged in detail including scanning with a handheld XRF. Based on comparison of the geophysical logs, the sample lithology and XRF scans, sample intervals were selected for laboratory analyses. Samples for lab assay were split vertically with half of the core preserved and half sealed and packaged for shipment to the lab, with Chain of Custody forms used. The samples were assayed at a certified lab, Pace Analytical, in Sheridan, Wyoming by ICP methods.

Assay results and sample rejects were returned to BRS and have been preserved with the exception of samples prepared and sent to Hazen Research for metallurgical testing.

Data Verification

Velvet-Wood Data Verification

The primary assay data for the Velvet-Wood Project is downhole geophysical log data. A comparison of downhole radiometric geophysical data to chemical core assays was also completed to evaluate radiometric equilibrium conditions.

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Ten of the 96 Velvet-Wood Project logs were chosen at random and reviewed for data entry errors. In one instance half foot uranium grade data from a printout was compared to half foot grade data that was scaled from a histogram. The two data sets varied by less than 0.002 %eU₃O₈. This amount of variance is insignificant. No grade data entry errors were found. Five drift data entry errors were corrected. Due to the preliminary amount of drift data entry errors, all drift data entries were checked and corrected if necessary. One hundred percent of the log data entry was reviewed after entry and corrected where necessary. Multiple maps were rectified, and point locations and rectifications were checked for consistency and any data entry errors.

Historic drill data for each drill hole consisting of radiometric data was posted on drill maps including collar elevation, elevation to the bottom of the mineralized intercept, thickness of mineralization, grade of mineralization, and elevation of the bottom of the hole. Data entry was checked and confirmed. Drill hole locations were digitized from the drill maps to create a coordinate listing and then plotted. The resultant drill maps were then checked and confirmed by overlaying with the original maps.

2008 drill data included collar elevation, collar location, grade and elevation of mineralized intercepts, and elevation of bottom of hole. New drill hole locations were taken from field surveys using modern survey grade GPS equipment. All historic coordinates were converted to match the Utah State Plane NAD83 coordinate system. This conversion included the re-surveying of a limited number of historic survey monuments and rectification of the historic coordinate system to the Utah State Plane NAD83 coordinate system. With this rectification, historic drill holes could be located in the field with an estimated error of approximately 15 feet. Further field surveys should be completed to increase the accuracy of historic drill hole coordinates.

A comparison was completed of historic drill hole Sum GT data with 2008 Uranium One drill hole Sum GT data for three holes completed which were intended to twin holes SLV-8806, SLV-8803, and DW-14. The closest of the 2008 core holes to historic data was SLV-8806T-08 which is approximately 23 feet to the southeast of SLV-8806 at mineralization. SLV-8806T-08 had an 8.28 GT as compared to SLV-8806 with a 6.12 GT. Drill hole SLV-8803T-08 deviated approximately 25 feet to the west from SLV-8803 at mineralization. SLV-8803T-08 had a 2.08 GT as compared to SLV-8803 which had a 9.36 GT. No deviation data is available for the historic drill hole DW-14 so the distance to the intended twin drill hole is not known at depth. The 2008 drill hole DW-14T-08 did not intercept mineralization above cutoff grade as compared to DW-14 with a 1.65 GT.

Although the GT values of holes SLV-8803T-08 and DW-14T-08 are less than the intended twin holes, the drill holes show mineralization at the same elevation, in the same host rock, and with approximately the same mineralized thicknesses. The drill holes therefore confirm the continuity of the host formation but indicate that variations in grade should be expected, as seen historically at Atlas’ nearby Velvet mine.

Slick Rock Data Verification

Slick Rock Complex

In 2024, Anfield conducted drilling activities on the Slick Rock mining claim portion of the project to verify data generated by the USGS and subsequent operators. A total of 14 holes were drilled in the proximity of historic drill holes.

The drill holes showed mineralization within the same stratigraphic units and a close correlation with expected depths. A variance both in grades and thicknesses was encountered, with many duplicate holes showing either weaker or stronger results. This is likely due to the difficulty in locating the precise location of the historic collars and differences in downhole deviation. The historical drilling does not include deviation data, and all drill holes are assumed to be vertical based on the collar location. The effects of downhole deviation can vary significantly hole to hole and be affected by drill tooling and methods. For the 14 drill holes in 2024, downhole deviation averaged 3.6%, ranging from 11.4—50.9 feet horizontally from the collar location, trending generally West-Northwest, up-dip.

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Given the difficulty in replicating the exact conditions of the historic drill holes, the agreement in stratigraphy, mineralization depth, and mineralization tenor sufficiently validates the general quality of the historical data.

In addition to the verification drilling, Anfield conducted ground surveys to check the historical locations of previous drill collars. The historical drilling was conducted between the late 1940s through 2007 by a variety of operators. It is common for evidence of drill sites to disappear over the course of several years, particularly when modern reclamation practices are used. Many of the older sites were more evident that the sites drilled in the early 2000s.

The ground survey team visited 77 historic drill sites across the property. Evidence of drilling ranged from open drill holes and marked standpipes to apparent drill cuttings, driller waste, and small piles of discarded core. In many cases the evidence was subtle, but some showed no definitive signs of past activity. For those non-evident sites, a clean drilling operation, a plugged drill hole below the surface, and decades of vegetative regrowth could have eliminated signs of past drilling activities. Ultimately, 78% of the visited sites were either clearly drilled or showed some evidence of past drilling activity. 22% of the surveyed sites showed no concrete evidence of past drilling activity.

SR-13 Lease Tract

Anfield has not conducted any drilling activities at the SR-13 lease tract to verify data generated by the USGS or subsequent operators. Anfield has obtained radiometric and chemical assays from USAEC’s exploration program OFR70-348 for vanadium and uranium values, respectively, from those holes drilled by the USGS on behalf of the Raw Materials Division of the USAEC. An additional database was obtained from GEMI as part of the purchase arrangement for the property.

Geophysical logs were not available for the SR-13 lease tract dataset. Given the track record of consistency of the results from government and private industry drilling in this district, the authors believe the sample data are sufficiently accurate to generate an Inferred Mineral Resource estimate as described herein and in the 2026 PEA.

SR-13A Lease Tract

A subset of 9 mineralized drill holes, 7 trace mineralized drill holes, and 14 barren drill holes were randomly selected to validate geophysical logs against the digital Cotter database.

The geophysical gamma logs for the selected mineralized and trace mineralized holes were reinterpreted for depths and eU₃O₈% grades on half foot intervals using the K factor and Deadtime information included with the logs. The barren logs were verified to not contain elevated gamma values.

A comparison between the database GT values and interpreted GT values from the geophysical logs is graphed in Figure 12.2.3 of the 2026 PEA.

SR-11 Lease Tract Data Verification

A subset of 32 mineralized drill holes ranging from slightly mineralized with a GT of 0.06 to strongly mineralized with a GT of 4.4 were randomly selected to validate geophysical logs against the di