AEC · Anfield Energy Inc. Common Shares

Anfield Energy's updated PEA integrates its Velvet-Wood, Slick Rock, and six West Slope Mines into a hub-and-spoke model centered on the Shootaring Canyon Mill, demonstrating robust economics with a pre-tax IRR of 106% and NPV of US$606 million at base prices of US$100 per pound uranium and US$9 per pound vanadium. Post-tax figures remain strong at 97% IRR and $533 million NPV. The assessment projects average annual output of 1.3 million pounds U3O8 and 6.4 million pounds V2O5 over a 15-year life, peaking at 1.9 million pounds uranium and 7.8 million pounds vanadium in one year. Capital expenditures total approximately US$97 million for the 12-month pre-production phase, covering permitting, mine development, mill refurbishment including a new vanadium circuit, and tailings upgrades, with an additional US$20 million in the first production year and life-of-mine costs of US$173 million. Payback occurs in 1.3 years, underscoring low-risk economics. Mill capex at Shootaring is US$80.1 million (with 20% contingency), while mine development costs US$37.5 million (10% contingency), partially offset by US$23.2 million from processing stockpiled uranium. Sensitivity analysis shows NPV varying by +/- US$136 million pre-tax for 10% price changes, with IRR shifting by ~20%. CEO Corey Dias highlighted the model's upside from adding 13 DOE leases and potential toll-milling, positioning Shootaring as one of only two operational U.S. mills. The PEA, compliant with NI 43-101, uses existing mineral resource estimates and will be filed on SEDAR+ within 45 days, providing a clear path to commercial development amid rising uranium demand.