Anfield Energy files updated PEA for uranium and vanadium hub strategy

VANCOUVER, British Columbia, June 18, 2026 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (NASDAQ: AEC; TSX.V: AEC; FRANKFURT: 0AD) (“Anfield” or the “Company”), following its May 4 th news release, is pleased to report that is has filed its combined preliminary economic assessment (“PEA”) titled, “The Shootaring Canyon Mill and Tributary Mines, Utah and Colorado, USA, Preliminary Economic Assessment” on SEDAR+. The PEA incorporates its Utah-based Velvet-Wood uranium and vanadium project (“Velvet-Wood”), its Colorado-based Slick Rock uranium and vanadium project (“Slick Rock”) and six of the nine mines which comprise the West Slope complex (“West Slope Mines”). These eight projects, being Velvet-Wood, Slick Rock and the West Slope Mines, are located proximal to one another within the prolific Uravan Mineral Belt, and within close distance of the Company’s Shootaring Canyon Mill (“Shootaring”) which will act as a centralized mineral processing facility in the PEA.

The PEA was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”). Highlights include: The updated PEA indicates a pre-tax project internal rate of return (“IRR”) of 106% and a net present value (“NPV”) of US$606 million (with a post-tax IRR of 97% and NPV of $533 million), based on a discount rate of 8% and a uranium price of US$100 per pound, along with a vanadium price of US$9 per pound, with an expected mine and mill capex payback period of 1.3 years . Average annual production of approximately 1.3 million pounds of uranium (U 3 O 8 ) and 6.4 million pounds of vanadium (V 2 O 5 ) per year is estimated over the 15-year mine life, including a peak pr