Anfield Energy Announces $7,000,000 Non-Brokered LIFE Offering of Common Shares and Concurrent $7,000,000 Non-Brokered Private Placement of Subscription Receipts

Anfield Energy Announces $7,000,000 Non-Brokered LIFE Offering of Common

Shares and Concurrent $7,000,000 Non-Brokered Private Placement of

Subscription Receipts

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION

TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC, December 24, 2025 – Anfield Energy Inc. (“Anfield” or the “Company”) (TSX.V:

AEC; NASDAQ: AEC; FRANKFURT: 0AD) is pleased to announce a non-brokered private placement

offering of up to 1,120,000 common shares in the capital of the Company (the “ LIFE Shares”) at

a price of $6.25 per LIFE Share (the “ Issue Price”) for gross proceeds to the Company of up to

$7,000,000 (the “LIFE Offering”), with the LIFE Shares to be issued pursuant to the listed issuer

financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions (“NI

45-106”), as amended by Coordinated Blanket Order 45 -935 – Exemptions from Certain

Conditions of the Listed Issuer Financing Exemption (the “Listed Issuer Financing Exemption”).

The Company also announces that Uranium Energy Corp. (“ Uranium Energy”) has indicated an

intention to subscribe for up to 1,120,000 subscription receipts of the Company (the

“Subscription Receipts”) at the Issue Price in a concurrent non-brokered private placement (the

“Concurrent Offering”, and together with the LIFE Offering, the “Offering”) for gross proceeds to

the Company of up to $ 7,000,000. As a result, the total gross proceeds from the Offering are

expected to be up to $14,000,000.

Each Subscription Receipt will entitle Uranium Energy to receive, upon satisfaction of the Escrow

Release Conditions (as defined below) on or prior to 5:00 p.m. (Vancouver time) on March 31 ,

2026 or such other date as may be agreed to in writing by the Company and Uranium Energy (the

“Escrow Release Deadline”) , one (1) c ommon share in the capital of the Company (each, a

“Common Share”), without payment of additional consideration and without further action on

the part of Uranium Energy . The Company requires the approval of the TSX Venture Exchange

(“TSXV”) of Uranium Energy’s participation in the Concurrent Offering and, pursuant to the

policies of the TSXV, the approval of the disinterested shareholders of the Company of Uranium

Energy as a “Control Person” of the Company (as such term is defined by the policies of the TSXV)

by at least a simple majority of the votes cast at a special meeting of shareholders of the

Company, excluding votes attached to Common Shares held by Uranium Energy and its

“Associates” and “Affiliates” (as such terms are defined by the policies of the TSXV) (the “Escrow

Release Conditions”).

The Company intends to use the net proceeds from the Offering to fund capital commitments to

the West Slope Project, Velvet-Wood Project, the Slick Rock Project, and Shootaring Canyon Mill

and for general corporate purposes and working capital.

The Offering is expected to close on or about December 31, 2025 or such other date as may be

mutually agreed by the Company and Uranium Energy in respect of the Concurrent Offering, and

is subject to customary closing conditions, including receipt of required approvals of the TSXV

and the Nasdaq Capital Market LLC (the “NASDAQ”).

Uranium Energy’s participation in the Concurrent Offering constitutes a “related party

transaction” within the meaning of TSXV Policy 5.9 – Protection of Minority Security Holders in

Special Transactions and Multilateral Instrument 61-101 – Protection of Minority Security Holders

in Special Transactions (“MI 61-101”). The Company intends to rely on the exemptions from the

formal valuation and minority shareholder approval requirements of MI 61 -101 contained in

sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the Concurrent Offering as neither the fair

market value (as determined under MI 61-101) of the subject matter of, nor the fair market value

of the consideration for, the transaction, insofar as it involves the related parties, is expected to

exceed 25% of the Company's market capitalization (as determined under MI 61-101). However,

pursuant to the policies of the TSXV, the Company will seek the approval of the disinterested

shareholders of the Company of Uranium Energy as a “Control Person” of the Company (as such

term is defined by the polici es of the TSXV ) by at least a simple majority of the votes cast at a

special meeting of shareholders of the Company, excluding votes attached to Common Shares

held by Uranium Energy and its “Associates” and “Affiliates” (as such terms are defined by the

policies of the TSXV).

Subject to compliance with applicable regulatory requirements and in accordance with NI 45 -

106, the LIFE Shares will be offered for sale to purchasers resident (i) in each of the provinces and

territories of Canada, except Quebec, pursuant to the Listed Issuer Financing Exemption, and (ii)

in the United States pursuant to available exemptions from the registration requirements of the

United States Securities Act of 193 3, as amended (the “1933 Act”). As the LIFE Offering is being

completed pursuant to the Listed Issuer Financing Exemption, the LIFE Shares issued to Canadian

subscribers pursuant to the LIFE Offering will not be subject to a hold period pursuant to

applicable Canadian securities laws. The Subscription Receipts issued pursuant to the Concurrent

Offering will be subject to a hold period of four months and a day under applicable Canadian

securities laws.

There is an offering document related to the LIFE Offering that can be accessed under the

Company's issuer profile on SEDAR+ at www.sedarplus.ca and on the Company's website at

www.anfieldenergy.com. Prospective investors should read the offering document before

making an investment decision.

The Company may elect to pay finders’ fees to eligible parties who have introduced subscribers

to the Offering and will determine the amount of such fees in negotiation with the eligible parties,

in accordance with the policies of the TSXV.

No U.S. Offering or Registration

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall

there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or

sale would be unlawful, including any of the securitie s in the United States. The securities

described herein have not been, and will not be, registered under the 1933 Act or any state

securities laws and may not be offered or sold within the United States or to, or for account or

benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under

the 1933 Act and applicable state securities laws, or an exemption from such registration

requirements is available.

About Anfield

Anfield is a uranium and vanadium development 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 NASDAQ (AEC-Q), the TSXV (AEC-V)

and the Frankfurt Stock Exchange (0AD).

On behalf of the Board of Directors

ANFIELD ENERGY INC.

Corey Dias, Chief Executive Officer

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the

TSXV) accepts responsibility for the adequacy or accuracy of this release.

Contact:

Anfield Energy, Inc.

Corporate Communications

604-669-5762

contact@anfieldenergy.com

www.anfieldenergy.com

This news release contains forward-looking statements and forward-looking information (together, “forward-looking

statements”) within the meaning of applicable Canadian securities laws. All statements, other than statements of

historical facts, are forward-looking statements. Generally, forward -looking statements can be identified by the use

of terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such

words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be

achieved”. The forward- looking statements contained herein may include, but are not limited to, statements

regarding the Company’s anticipated Offering, the completion of the Offering on the anticipated terms, if at all, the

Escrow Release Conditions, expected sale of the Life Shares and the Subscription Receipts under the Offering,

statements regarding the anticipated benefits and impacts of the Offering and statements regarding the anticipated

use of proceeds from the Offering. Forward- looking statements are based on the Company’s current beliefs and

assumptions as to the outcome and timing of future events, including, but not limited to, that the Company completes

the Offering, that the proceeds of the Offering will be deployed as anticipated, the anticipated benefits and impa cts

of the Offering being realized, that the Company receives the necessary approvals to complete the Offering, including,

without limitation, the approval of the TSXV and NASDAQ and that the Escrow Release Conditions will be satisfied on

or prior to the Escrow Release Deadline. Forward -looking statements involve risks, uncertainties and other factors

that could cause actual results, performance and opportunities to differ material ly from those implied by such

forward-looking statements. Factors that could cause actual results to differ materially from these forward -looking

statements include, among other things: the ability of the Company to successfully complete the Offering, the

anticipated use of proceeds from the Offering, the benefits and impacts of the Offering not being as anticipated, the

risks and uncertainties relating to required approvals for Uranium Energy’s participation in the Offering as a “Control

Person” (as defined in the policies of the TSXV), including the satisfaction of the Escrow Release Conditions on or prior

to the Escrow Release Deadline, the risks and uncertainties relating to exploration and development, the ability of

the Company to obtain additional financing, the need to comply with environmental and governmental regulations

in Canada and the United States, fluctuations in the prices of commodities, operating hazards and risks, competition

and other risks and uncertainties and other such factors as are set forth in the annual information form for the

Company’s most recently completed year end, as well as the management discussion and analysis and other

disclosures of risk factors for the Company, filed on SEDAR+ at www.sedarplus.ca. Although the Company believes

that the information and assumptions used in preparing the forward- looking statements are reasonable, undue

reliance should not be placed on these statements, which only apply as of the date of this news release, and no

assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by

applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement,

whether as a result of new information, future events or otherwise.