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Anfield Energy Welcomes Doug Beahm as Chief Operating Officer to Spearhead the Advancement of its U.S. Uranium Production Projects

VANCOUVER, British Columbia, April 02, 2024 – Anfield Energy, Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “the Company”) is pleased to announce that Doug Beahm, P.E., P.G., has joined the Company as its Chief Operating Officer. Mr. Beahm’s 50 years of extensive uranium-related experience in exploration, project assessment, mine planning and development, permitting, mine and processing facility operation, and mine reclamation is critical to Anfield’s next steps of advancing its assets to become a U.S. uranium producer.

Corey Dias, Anfield CEO states, “We at Anfield are extremely pleased that Doug Beahm has agreed to join Anfield as Chief Operating Officer. Mr. Beahm has been Principal of his engineering firm BRS, Inc. since its formation in 1986, during which time he has provided engineering consulting services to many uranium companies and has played a key role in identifying and delineating resources in a number of sectors, including uranium, as well as conducting Preliminary Economic Assessments and various levels of feasibility studies. His experience related to engineering, procurement, and construction management (EPCM) work is a critical piece of Anfield’s next steps towards uranium production. Mr. Beahm’s familiarity with all of Anfield’s assets, both before and during Anfield’s ownership, will also provide an important level of insight and expertise as we commence refurbishment of the Shootaring Canyon Mill and pursue mine restart at both the Velvet-Wood and Slick Rock mines. As COO of Anfield, Mr. Beahm will lead our next phase of asset advancement toward production. We are excited to have him join our team.

The timing of Mr. Beahm’s inclusion is critical, given that Anfield plans to submit its Shootaring Canyon Mill uranium production restart application with the State of Utah in early April of 2024. This is a milestone event for the Company as it will signal a crucial forward step in Anfield’s plan to move Anfield’s Radioactive Materials License from its current standby status to operational status which, critically, would position Anfield to commence uranium production once refurbishment of Shootaring is completed. The review is expected to take approximately 12 months, during which time Anfield will be able to commence initial refurbishment at the mill. Completion of the refurbishment of the mill is expected to be completed approximately 12 months following the License upgrade, resulting in a 24-month timeframe from restart application submittal to completion of mill refurbishment. In parallel to the mill restartAnfield is in the permitting process on several of its mine assets.”

Mr. Beahm will also continue to serve as the Principal of BRS Inc. and, while BRS will continue to serve other clients, BRS will also bring to Anfield the expertise of its staff which includes 16 professional and technical members of which 5 are Professional Engineers and 4 are Professional Geologists.

About Doug Beahm

Mr. Beahm, PE, PG, an engineering graduate of the Colorado School of Mines, has 50 years of professional and managerial experience in natural resource exploration, mine and mill development, mine and processing facility operations, environmental permitting and mine reclamation. Since graduation, Mr. Beahm has held senior positions with mining companies such as Homestake Mining, Union Carbide Corporation and AGIP, prior to establishing the engineering consulting firm, BRS, Inc. His uranium-related expertise in mine operations and as a consultant to the minerals industry extends to both In Situ Recovery (ISR) projects and hard rock conventional projects in the United States and Paraguay.

About the Uranium Market

The macro view of the nuclear and uranium markets remains strongly positive. With a continued shift away from Russia, the value of European and North American uranium conversion and enrichment has increased significantly as these continents look to not only pivot from Russian-sourced fossil fuels but to also embrace nuclear power. In fact, legislation introduced in U.S. Congress seeks to prohibit the import of enriched uranium from Russia, accelerating the need for increased Western capacity. Moreover, the challenges related to Kazakhstan’s uranium supply chain have already disrupted product flow to the West. As a result, China has taken the opportunity to seek closer ties to Kazakhstan as it continues to build out its extensive nuclear reactor fleet, negatively affecting uranium supplies available to the U.S. and other Western countries.

In the U.S., the National Nuclear Security Administration’s Uranium Reserve awarded five contracts for near-term supply of uranium and the Sprott Physical Uranium Trust purchased millions of pounds of uranium on the spot market, further removing supply from the market. Moreover, the US government’s creation of a 200GW energy roadmap to expand domestic milling and mining operations by 500,000MT per year – 110 million pounds of uranium per year – is a significant catalyst for US-based producers. This is taking place while U.S. uranium production fell to essentially zero in the fourth quarter of 2023.

Significantly, Japan has begun to restart its nuclear reactors – including its largest reactor – and extend the life of others while commissioning additional ones, underscoring Japan’s 180-degree turn regarding nuclear. This decision reflects the worldwide recognition of the need for new reactors to meet population increases, economic growth, electrical intensification and the critical task of meeting carbon emission targets. The requirement for increased baseload supply is sizeable. The worldwide requirement for major new baseload supply is being met with plans in many countries for both large-scale (1GW) reactors and Small Modular Reactors (SMRs). The World Nuclear Association in March 2024 records that there are 61 reactors under construction world-wide and another 105 reactors planned. In short, it remains a story of supply and demand; demand is rapidly growing, while supply is shrinking.

About Anfield

Anfield is a uranium and vanadium 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 assets. Anfield is a publicly traded corporation listed on the TSX Venture Exchange (AEC-V), the OTCQB Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield is focused on its conventional asset centre, as summarized below:

Arizona/Utah/Colorado – Shootaring Canyon Mill

A key asset in Anfield’s portfolio is the Shootaring Canyon Mill in Garfield County, Utah. The Shootaring Canyon Mill is strategically located within one of the historically most prolific uranium production areas in the United States, and is one of only three licensed uranium mills in the United States.

Anfield’s conventional uranium assets consist of mining claims and state leases in southeastern Utah, Colorado, and Arizona, targeting areas where past uranium mining or prospecting occurred. Anfield’s conventional uranium assets include the Velvet-Wood Project, the Slick Rock Project, the West Slope Project, the Frank M Uranium Project, the Findlay Tank breccia pipe as well as an additional 12 U.S. Department of Energy (DoE) leases in Colorado. A combined NI 43-101 PEA has been completed for the Velvet-Wood Project and the Slick Rock Project. The PEA is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment would be realized. All conventional uranium assets are situated within a 200-mile radius of the Shootaring Mill.

See table and footnote below for additions.

Technical Disclosure

Table 1. Anfield’s existing conventional uranium-vanadium project portfolio resources.

ProjectLocationClassificationTons (kt)Uranium
Grade
(% U3O8)
Contained
Uranium

(Mlbs U3O8)
Vanadium
Grade
(% V2O5)
Contained
Vanadium

(Mlbs V2O5)
Velvet-WoodUtahM & I8110.29%4.6
  Inferred870.32%0.60.404%7.3
West SlopeColoradoIndicated1,3670.197%5.4
  Inferred1,3670.984%26.9
  Historic*6300.31%3.91.59%20.0
Slick RockColoradoInferred1,7600.224%7.91.35%47.1
Frank MUtahHistoric*1,1370.101%2.3
Findlay TankArizonaHistoric*2110.226%1.0
Date Creek/Artillery PeakArizonaHistoric*2,6020.054%2.8  
        
Marquez-Juan TafoyaNew MexicoHistoric*7,1000.127%18.1  

* The Company’s Qualified Person has not done sufficient work to classify these historic estimates as current mineral resources and Anfield is not treating such historical resources as current mineral resources.

Velvet-Wood: The PEA for Velvet-Wood/Slick Rock was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS Inc., Harold H. Hutson, P.E., P.G., Carl D. Warren, P.E., P.G., and Terence P. (Terry) McNulty, P.E., D. Sc., of T.P. McNulty and Associates Inc. (May 6, 2023). Mineral resources are not mineral reserves and do not have demonstrated economic viability in accordance with CIM standards. GT cut-off varies by locality from 0.25%-0.50%.

West Slope: NI 43-101 resource estimate for the JD-6, JD-7, JD-8 and JD-9 properties, completed by BRS Inc. (effective March 2022); Historic resource estimate for the SR-11, SR-13A, SM-18 N, SM-18 S, LP-21 and CM-25 properties, completed by Behre Dolbear for Cotter Corporation (August 2007). Indicated and Inferred resources using GT cut-off of 0.1 ft% eU3O8; historic resources using cut-off of 0.05% U3O8.

Slick Rock: The PEA for Velvet-Wood/Slick Rock was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS Inc., Harold H. Hutson, P.E., P.G., Carl D. Warren, P.E., P.G., and Terence P. (Terry) McNulty, P.E., D. Sc., of T.P. McNulty and Associates Inc. (May 6, 2023). Mineral resources are not mineral reserves and do not have demonstrated economic viability in accordance with CIM standards. GT cut-off varies by locality from 0.25%-0.50%.

Frank M: Historic Technical Report for Frank M, prepared for Uranium One Americas, was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer of BRS Inc., and Andrew C. Anderson, P.E., P.G. Senior Engineer/Geologist of BRS Inc., dated June 10, 2008. Frank M historic resource used a GT cut-off of 0.25%.

Findlay Tank: Historic Technical Report for Findlay Tank, prepared for Uranium One Americas, was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer of BRS Inc., dated October 2, 2008. Findlay Tank historic resource used a grade cut-off of 0.05% eU3O8.

Artillery Peak: Artillery Peak Exploration Project, Mohave County, Arizona, 43-101 Technical Report, authored by Dr. Karen Wenrich, October 12, 2010. GT cut-off varies by locality from 0.01%-0.05%.

Marquez-Juan Tafoya: The Historical Technical Report, Preliminary Economic Assessment, for Marquez-Juan Tafoya, prepared for Uranium Energy Corporation, was authored by Douglas L. Beahm, P.E., P.G., Principal Engineer of BRS Inc., and Terence P. McNulty, P.E., PhD, McNulty & Associates, dated June 9, 2021. The mineral resources are reported at a 0.60 GT cut-off.

On behalf of the Board of Directors
ANFIELD ENERGY INC.
Corey Dias, Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact:
Anfield Energy, Inc.
Clive Mostert
Corporate Communications
780-920-5044
contact@anfieldenergy.com
www.anfieldenergy.com

Safe Harbor Statement

THIS NEWS RELEASE CONTAINS “FORWARD-LOOKING STATEMENTS”. STATEMENTS IN THIS NEWS RELEASE THAT ARE NOT PURELY HISTORICAL ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.

EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” “PLAN” OR “EXPECT” OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY’S MOST RECENT ANNUAL AND QUARTERLY REPORTS AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED FUTURE CAPITAL REQUIREMENTS AND THE COMPANY’S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY’S EXPLORATION EFFORTS WILL SUCCEED OR THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY’S PERIODIC REPORTS FILED FROM TIME-TO-TIME.

THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS.

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