Here are 1-3 brief analogies for Anfield Energy (AEC):

• Like an earlier-stage Cameco, focused on discovering and developing uranium deposits.
• A junior mining company, akin to a gold exploration firm, but primarily for uranium and other critical minerals like vanadium.

• Uranium: Anfield Energy Inc. explores for and develops uranium deposits.
• Vanadium: The company explores for and develops vanadium deposits.
• Copper: Anfield Energy Inc. engages in the exploration for copper deposits.
• Gold: The company holds interests in gold exploration projects.
• Silver: Anfield Energy Inc. holds interests in silver exploration projects.

Based on the provided company description, Anfield Energy Inc. (AEC) is primarily engaged in mineral exploration and development activities for uranium, vanadium, copper, gold, and silver deposits. As an exploration and development company, it is typically focused on identifying, defining, and advancing mineral resources rather than large-scale commercial production and sales of those minerals. Therefore, Anfield Energy Inc. is unlikely to have established major customers generating significant revenue from product sales at its current stage.

However, if Anfield Energy Inc. were to achieve commercial production and sell its extracted minerals, its customers would primarily be other companies (business-to-business). Based on the minerals it explores for, potential major customer categories would include:

• Uranium Customers: These would primarily be nuclear utility companies, uranium converters, enrichers, or specialized commodity trading firms that supply the nuclear fuel cycle for energy generation.
• Vanadium Customers: Industrial companies such as steel manufacturers (where vanadium is used as an alloying agent), chemical producers, and manufacturers of grid-scale energy storage solutions, particularly those using vanadium redox flow batteries.
• Copper, Gold, and Silver Customers: These would typically be metal smelters, refiners, commodity trading houses, and industrial users who process these raw materials for various applications, including manufacturing, electronics, jewelry, and investment products.

Corey Dias, CEO, Co-Founder, & Director

Corey Dias is the Co-Founder and CEO of Anfield Energy, bringing over 20 years of experience in capital markets. He started his career in institutional equity research at CIBC and gained further experience at boutique investment firms in Toronto. Notably, Mr. Dias served as Vice President at Fortress Investment Group, a prominent U.S.-based hedge fund, where he was involved in managing a $400 million investment portfolio. Prior to his capital markets career, he worked as a management consultant for The Monitor Group in Stockholm. Mr. Dias holds an MBA from the Richard Ivey School of Business. He was instrumental in orchestrating Anfield's acquisition of the Shootaring Canyon Mill in 2015 from Uranium One.

Lubica (Luba) Niemann, Chief Financial Officer

Lubica Niemann was appointed Chief Financial Officer on January 1, 2026. She is a seasoned financial professional with fifteen years of experience in accounting and financial reporting, primarily within the public company sector. Ms. Niemann has held senior finance positions, including controller for several TSXV-listed companies, such as Kutcho Copper Corporation and MineHub Technologies Inc. She holds a Bachelor of Technology in Accounting from the British Columbia Institute of Technology.

Ken Mushinski, Chairman

Ken Mushinski brings extensive nuclear-related knowledge and expertise, with a 33-year career at General Atomics Corporation and its subsidiaries. His roles included Vice President of Corporate Planning and Acquisitions at General Atomics, President of uranium producer Quasar Resources, President of uranium developer Cotter Corporation, Vice President of General Atomics Uranium Resources, and President of rare-earth technology developer Synchron. Mr. Mushinski has served as Board Chairman for Cotter Corporation, Diazyme Shanghai, and Miltec Inc., and as a management committee member for the Honeywell/General Atomics ConverDyn partnership. His expertise spans mergers and acquisitions, operational and financial planning for uranium production, regulatory affairs, and governmental interactions.

Douglas Beahm, Chief Operating Officer

Douglas Beahm, 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. He held senior positions with mining companies such as Homestake Mining, Union Carbide Corporation, and AGIP, prior to establishing his engineering consulting firm, BRS, Inc. Anfield Energy acquired BRS, Inc. in December 2025.

Joshua Bleak, Co-Founder and Director

Joshua Bleak is a fourth-generation miner from a reputable Arizona mining family, possessing a deep understanding of resource development. He has extensive experience in developing gold, silver, copper, and uranium projects in the southwestern United States. Mr. Bleak has served as a director for several Canadian junior mining exploration companies and as President of North American Environmental Corp. His expertise includes mining project management, encompassing drilling, transportation, permitting, and land tenure.

The key risks to Anfield Energy Inc. (AEC) are primarily associated with its nature as a junior mineral exploration and development company, particularly in the uranium and vanadium sectors.

1. Funding and Capital Requirements, and Shareholder Dilution: As a pre-revenue company engaged in capital-intensive exploration and development, Anfield Energy faces significant challenges in securing consistent funding. Junior mining companies generally find it difficult to access capital due to the high-risk nature of their projects. Anfield Energy has historically operated at a loss, leading to substantial shareholder dilution as it issues new shares to meet its financial obligations and fund its operations. The company's access to significant equity funding remains uncertain, and its liquidity risk is explicitly acknowledged.

2. Project Execution, Exploration Risk, and Development Delays: The probability of successfully converting exploration efforts into commercially viable producing mines is very low, with industry data suggesting only about 1 in 1,000 exploration programs result in a producing mine. Even projects that reach the development stage face considerable execution risks, including potential cost overruns, delays, or even abandonment. Anfield's valuation is highly sensitive to the successful execution of its projects, meaning delays in mine rehabilitation, dewatering, permitting, infrastructure development, or mill preparation could negatively impact its value. The company has acknowledged that some key development decisions for projects, such as Velvet-Wood, are not yet supported by full feasibility studies, introducing a high degree of uncertainty.

3. Commodity Price Volatility: Anfield Energy's core business revolves around uranium and vanadium. The company's financial prospects are heavily dependent on the fluctuating market prices of these commodities. A downturn in uranium or vanadium prices, particularly during the critical development phase, could render projects uneconomic and force their postponement or abandonment, regardless of the geological potential.

Anfield Energy Inc. is engaged in the exploration and development of uranium, vanadium, copper, gold, and silver deposits. The addressable markets for these commodities are sized as follows:

Uranium

• The global uranium market size is projected to reach between USD 5.3 billion and USD 5.7 billion by 2025. It is expected to grow from US$9.73 billion in 2025 to US$13.59 billion by 2033, with a compound annual growth rate (CAGR) of 4.86% from 2026 to 2033.
• The uranium ore market specifically was valued at USD 0.74 billion in 2025 and is projected to reach USD 0.97 billion by 2030.
• In the United States, civilian nuclear power reactor operators purchased 51.6 million pounds of uranium concentrate in 2023. The U.S. is a major consumer of uranium, with North America being a significant market due to its established nuclear power infrastructure and investments in new nuclear technologies.

Vanadium

• The global vanadium market size was valued at approximately USD 3.62 billion in 2025 and is projected to grow to USD 5.33 billion by 2034, exhibiting a CAGR of 4.40% during the forecast period. Other estimates indicate the global market size was US$3.57 billion in 2025, projected to reach US$5.46 billion by 2034.
• North America is a significant market for vanadium, primarily driven by its extensive steel production sector. In 2023, 94% of vanadium consumption in the U.S. was for steel alloying applications, with total apparent consumption increasing from under 10,000 metric tons to over 14,000 metric tons between 2019 and 2023.

Copper

• The global copper market size was valued at USD 248.2 billion in 2025 and is projected to grow from USD 260.2 billion in 2026 to USD 388.8 billion by 2033, at a CAGR of 5.9%. Another estimate places the global market at USD 265.08 billion in 2026, forecast to expand at a CAGR of 6.8% to reach USD 511.78 billion by 2036.
• The U.S. copper market size was estimated at USD 14.39 billion in 2024 and is projected to reach USD 19.68 billion by 2030, growing at a CAGR of 6.0%. North America accounted for 21% of the global copper market in 2025. The U.S. consumes approximately 2,200 kilotons of refined copper annually. The U.S. copper mining market alone was valued at USD 474.33 million in 2022.

Gold

• The global gold market size in terms of tonnage stood at 4,890.0 tons in 2025 and is expected to grow to 7,424.4 tons by 2034. In terms of value, the global gold market was worth USD 555 billion in 2025 and is projected to reach USD 835 billion by 2031, growing at a CAGR of 7.05%. Another source indicates the global gold market size was valued at USD 249.5 billion in 2025 and is expected to reach USD 263.97 billion by 2026.
• The North American gold market recorded a size of USD 23.22 billion in 2025, projected to reach USD 24.24 billion in 2026. The United States gold bullion market size was valued at USD 23.5 billion in 2024, projected to grow to USD 38.6 billion by 2032.

Silver

• The global silver market size was valued at USD 21.91 billion in 2025 and is anticipated to reach USD 22.64 billion in 2026, further growing to USD 29.37 billion by 2034. In terms of volume, the global silver market is expected to grow from 37.78 kilotons in 2025 to 39.53 kilotons in 2026, reaching 49.54 kilotons by 2031.
• North America was a significant contributor to the global silver market, holding an estimated share of 18.3% in 2024. The U.S. silver market was valued at USD 2.53 billion in 2024 and is projected to reach USD 3.6 billion by 2035.

1. Restart of the Shootaring Canyon Mill: Anfield Energy's flagship asset, the Shootaring Canyon Mill, is one of only three licensed and constructed conventional uranium mills in the United States. The company is actively working towards converting its license from care-and-maintenance to operations, with production targeted for 2027, which is expected to be a significant driver of revenue.
2. Production from the Velvet-Wood Mine: The Velvet-Wood uranium and vanadium project is advancing towards active dewatering and has completed its first underground blast in nearly 40 years. Phase One construction has been completed, with production targeted by the end of 2026.
3. Implementation of the Hub-and-Spoke Production Strategy: Anfield Energy's strategy involves feeding uranium and vanadium ore from multiple deposits, including the Velvet-Wood and West Slope projects, into the central Shootaring Canyon Mill. This "hub-and-spoke" model is designed to increase mill throughput and overall production, leading to significant value creation.
4. Rising Uranium Prices: The company's updated Preliminary Economic Assessment (PEA) incorporates higher uranium price assumptions, specifically $100 per pound, which significantly contributes to the projected economics and Net Present Value (NPV) of its projects. A sustained or increasing uranium price environment would directly enhance revenue from production.
5. Advancement and Integration of Additional Uranium-Vanadium Projects: Anfield Energy is actively expanding its land holdings and advancing permitting for other projects, such as the JD-8, JD-5, and Slick Rock projects in Colorado. These additional projects are expected to feed into the hub-and-spoke model, further increasing the volume of material processed and contributing to revenue growth.

Share Repurchases

• Anfield Energy Inc. announced a share repurchase program on June 3, 2024, authorizing the repurchase of up to 4,361,555 common shares, with the program set to expire on June 6, 2025.

Share Issuance

• On July 31, 2026, Anfield Energy completed an underwritten public offering, issuing 1,715,000 common shares at US$4.00 per share, resulting in aggregate gross proceeds of US$6.9 million.
• The company closed a non-brokered private placement (LIFE Offering) on January 13, 2026, issuing 1,345,292 common shares at US$4.46 each, raising US$6,000,000.
• As part of a US$10,000,000 financing, Anfield also closed a concurrent non-brokered private placement on January 12, 2026, issuing 896,861 Subscription Receipts to UEC (a subsidiary of Uranium Energy Corp.) at US$4.46 per share for US$4,000,000.

Inbound Investments

• Strategic investor Uranium Energy Corp. (UEC) has increased its stake in Anfield Energy, demonstrating confidence in the company. UEC's subsidiary acquired Subscription Receipts for US$4,000,000 in January 2026, leading to a 28.8% non-diluted ownership for Uranium Energy post-offering.

Outbound Investments

• In May 2026, Anfield Energy acquired B.R.S. Inc. (BRS Engineering) to integrate dedicated in-house engineering expertise to accelerate refurbishment of the Shootaring Canyon Mill and mining project development.
• On July 1, 2026, Anfield's wholly-owned subsidiary, Highbury Resources Inc., entered into a Mining Lease Agreement with Gold Eagle Mining Inc. for two additional patented mining claims in southwestern Colorado, expanding land holdings for the JD-5 and Slick Rock projects.

Capital Expenditures

• An updated Preliminary Economic Assessment (PEA) filed in June 2026 estimated pre-production capital expenditures of approximately US$97 million (including contingency) over a 12-month period.
• Mine-related capital expenditures, covering engineering, facilities, equipment, and shaft work at Velvet, Wood, and Slick Rock, are projected to be a combined total of US$37.5 million, including a 10% contingency.
• The net proceeds from the US$6.9 million public offering in July 2026 are intended to fund capital commitments for the Paradox Complex, Velvet-Wood Project, Slick Rock Complex, and the Shootaring Canyon Mill, in addition to working capital and general corporate purposes.