Corey Dias, CEO, Co-Founder, & Director

Mr. Dias is a Co-Founder of Anfield Energy and has a 20-year track record in capital markets. His experience includes institutional equity research at CIBC and sell-side roles at boutique investment firms in Toronto. He also served as Vice President at Fortress Investment Group, where he was involved in managing a $400 million investment portfolio. Mr. Dias holds an MBA from the Richard Ivey School of Business at the University of Western Ontario. He was appointed CEO in February 2013.

Lubica Niemann, Chief Financial Officer

Ms. Niemann was appointed Chief Financial Officer effective 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. She has held senior finance positions, including controller for several TSXV-listed companies such as Kutcho Copper Corporation and MineHub Technologies Inc. Ms. Niemann holds a Bachelor of Technology in Accounting from the British Columbia Institute of Technology and previously provided financial reporting support to Anfield.

Ross McElroy, Director

Mr. McElroy was added to Anfield's board in December 2025. He is recognized as a successful exploration geologist and was a co-founder, President, and CEO of Fission Uranium Corp. Under his leadership as CEO, Fission Uranium Corp. eliminated its debt, raised approximately $200 million in equity finance, and was ultimately sold to Paladin Energy for $1.14 billion in December 2024.

Joshua Bleak, Co-Founder and Director

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

Key Risks to Anfield Energy (AEC)

1. Significant Capital Expenditure Requirements and Dilution Risk: Anfield Energy Inc. faces substantial capital costs for developing its uranium and vanadium projects, including an estimated $112 million for the Velvet-Wood and Slick Rock projects over two years, and for restarting its Shootaring Canyon Mill. These capital needs are significant relative to the company's current market capitalization, leading to a risk of substantial shareholder dilution if the company raises the necessary funds through equity offerings.
2. Operational Ramp-up and Execution Risk: As a company focused on recommissioning the Shootaring Canyon Mill, Anfield Energy is exposed to the inherent risks associated with restarting and operating a processing facility that is not currently at scale. Potential issues include unexpected operational problems, mechanical failures, cost overruns, and extended timelines before reaching steady-state production.
3. Commodity Price Volatility: Anfield Energy's business model is fundamentally tied to the market prices of uranium and vanadium. While the company benefits from a dual-revenue stream that can help smooth earnings, its profitability and the economic viability of its projects remain susceptible to fluctuations in the global prices of these commodities.

Anfield Energy Inc. (AEC) is a Canada-based company focused on the exploration, development, and near-term production of uranium and vanadium, primarily within the United States. The company also engages in gold exploration.

Addressable Markets for Anfield Energy's Main Products and Services:

Uranium Market

The global uranium market was valued at approximately USD 9.3 billion in 2024 and is projected to reach USD 13.59 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of about 4.9% from 2025 to 2032. Other estimates place the global market size at USD 15.57 billion in 2024, poised to grow to USD 21.78 billion by 2033 with a CAGR of 3.8% during 2026–2033. Global uranium requirements are anticipated to reach 390 million pounds by 2040, potentially increasing to 530 million pounds under higher projections.

In the United States, which is a key region for Anfield Energy, civilian nuclear power reactor operators purchased 55.9 million pounds of U3O8e (uranium concentrate equivalent) from domestic and foreign suppliers in 2024. The maximum anticipated market requirements for U.S. civilian owner/operators (including contracted deliveries and unfilled market requirements) are projected to be 418 million pounds of U3O8e over the ten-year period from 2025 to 2034. North America is expected to contribute 37% to the growth of the global uranium market, with the U.S. being the largest consumer in the region, relying significantly on domestic production.

Vanadium Market

The global vanadium market is estimated at USD 54.2 billion in 2025 and is predicted to reach USD 98.0 billion by 2032, exhibiting a CAGR of 9.1% during 2026–2032. Other reports estimate the global market size at USD 3.62 billion in 2025, projected to grow to USD 5.33 billion by 2034 with a CAGR of 4.40%. Another source states the global market was valued at USD 44.72 billion in 2025, expected to reach USD 70.91 billion by 2035, growing at a CAGR of 4.7%.

Within the United States, the vanadium market generated a revenue of USD 188.0 million in 2024 and is expected to reach USD 217.6 million by 2030, growing at a CAGR of 2.6% from 2025 to 2030. The U.S. accounted for 6.9% of the global vanadium market revenue in 2024. In 2023, 94% of vanadium consumption in the U.S. was for steel alloying applications.

Gold Mining Market

The global gold mining market size was valued at approximately USD 213.54 billion in 2025 and is projected to reach USD 304.14 billion by 2035, with a CAGR of 3.6% from 2026 to 2035. Other estimations place the global market size at USD 260.86 billion in 2024, projected to reach USD 710.08 billion by 2033, at a CAGR of 11.0% from 2025 to 2033. Another analysis indicates the global gold mining market was valued at USD 294.81 billion in 2025 and is projected to grow to USD 765.85 billion by 2034, with a CAGR of 11.19%.

For North America, the gold mining market size is expected to grow from USD 43.5 billion in 2024 to USD 63 billion by 2035, with a CAGR of approximately 3.424% during the period of 2025-2035. North America is anticipated to hold more than a 46.1% share of the global gold mining market by 2035. The revenue for the Gold and Silver Ore Mining industry in the U.S. is projected to have increased to $15.3 billion over the five years to 2025.

Here are 3-5 expected drivers of future revenue growth for Anfield Energy (symbol: AEC) over the next 2-3 years:

1. Restart of Production at Velvet-Wood Mine: Anfield Energy has commenced construction activities at its Velvet-Wood Mine in Utah, with initial uranium and vanadium production targeted for 2026. This project is considered the company's most advanced uranium asset and is expected to deliver ore to the Shootaring Canyon Mill.
2. Refurbishment and Restart of Shootaring Canyon Mill: The Shootaring Canyon Mill, one of only three licensed conventional uranium mills in the United States, is undergoing refurbishment to enable a full production restart. This is anticipated to lead to an expanded processing capacity of up to 3 million pounds of uranium per year, with first production from the refurbished mill planned for as early as 2027.
3. Resumption of Production at JD-8 Mine and Development of Other Colorado Projects: Anfield Energy is actively pursuing the restart of its JD-8 Mine in Colorado, with applications submitted and operations targeted for the second half of 2026. Additionally, the company plans to advance the permitting and development of other projects in its portfolio, such as the Slick Rock project, to expand its near-term resource pipeline and feed its "hub-and-spoke" operational model.
4. Increased Demand and Favorable Government Policies for Uranium and Vanadium: The growing global emphasis on clean, carbon-free energy solutions and the "nuclear renaissance" are driving increased demand for uranium. Furthermore, the U.S. government's classification of uranium as a critical mineral and supportive policies aimed at boosting domestic production and energy security are expected to provide tailwinds, potentially leading to expedited permitting, targeted federal investments, and enhanced market access for Anfield Energy.

Share Repurchases

• Anfield Energy 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

• In January 2025, Anfield Energy secured C$15 million through an equity financing where Uranium Energy Corp. (UEC) acquired 107,142,857 shares at C$0.14 per share.
• On December 24, 2025, Anfield Energy announced a financing plan of up to US$10 million, comprising a US$6 million common share offering and a concurrent US$4 million private placement of subscription receipts to Uranium Energy Corp., which closed around January 13, 2026.
• Anfield Energy issued 50,000 bonus common shares and 500,000 bonus common share purchase warrants to Extract Advisors LLC in January 2026, in connection with the acquisition of BRS Inc.

Inbound Investments

• Uranium Energy Corp (UEC) acquired 107,142,857 shares of Anfield Energy for approximately C$15,000,000 in January 2025, and further increased its holdings in June 2025 by acquiring an additional 170,000,000 common shares for C$19,550,000.
• As of March 2, 2026, Anfield Energy shareholders approved Uranium Energy Corp. as a control person and the issuance of 896,861 common shares to UEC Energy Corp. upon conversion of previously sold subscription receipts, solidifying UEC's significant ownership.

Outbound Investments

• Anfield Energy acquired the Shootaring Canyon Mill from Uranium One for US$5 million (cash and shares), which also included over 1,000 historic uranium/vanadium claims and mineral leases.
• In December 2025, Anfield Energy signed an agreement to acquire BRS Inc., a uranium-focused engineering and consulting firm, to enhance its in-house technical capabilities.

Capital Expenditures

• A 2023 Preliminary Economic Assessment (PEA) estimated that US$45–50 million is required to fully refurbish and recommission the Shootaring Canyon Mill, excluding the vanadium circuit.
• A 2025 PEA indicated capital expenditures of US$112 million over two years for the development of the Velvet-Wood and Slick Rock projects, with an additional US$6 million for working capital.
• In November 2025, Anfield Energy completed its first major procurement of specialized underground mining equipment by ordering eight custom-built haul trucks for its Velvet-Wood uranium-vanadium mine.