Anfield Advances Velvet-Wood Toward Active Dewatering with Utah Concept Approval and Outfall Reactivation Request

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VANCOUVER, British Columbia, Sept. 10, 2026 (GLOBE NEWSWIRE) — Anfield Energy Inc. (“Anfield” or the “Company”) (TSX.V: AEC; NASDAQ: AEC; FRANKFURT: 0AD) today announced two important milestones at its Velvet-Wood uranium and vanadium project in Utah: Concept Approval from the Utah Division of Water Quality (“Division”) for the project’s water treatment plan, and submission of a formal request to reactivate Outfall – the primary or initial designated point of discharge from which a facility releases treated wastewater – under the mine’s active UPDES Permit. Subject to Division approval and confirmation that treated water meets permit limits, Anfield is targeting commencement of treated-water discharge in the second week of November, clearing the path to active dewatering of the historic underground workings.

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These steps follow the Company’s August 27^th announcement of the first underground blast at Velvet-Wood in nearly 40 years and rehabilitation of the first 700 feet of the decline. Construction of the water treatment plant and installation of the dewatering pump have continued in parallel. Once discharge begins, Anfield expects the remaining portion of the decline to dewater within approximately the first month of active pumping, with roughly two to three months required to dewater the existing underground workings.

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Velvet-Wood last produced uranium and vanadium in 1984. Bringing the historic underground workings back into a dry, workable condition is a central step in Anfield’s hub-and-spoke strategy, which centers on the fully permitted Shootaring Canyon Mill in Utah — one of only three licensed, permitted, and constructed conventional uranium mills in the United States.

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Corey Dias, CEO of Anfield, commented: “We are moving Velvet-Wood from restart milestones into an executable dewatering timeline. Utah’s Concept Approval of our water treatment plan, together with our request to reactivate Outfall, puts us on track to begin treated discharge as early as November 7, subject to final Division approval and permit compliance. Combined with the first underground blast in nearly four decades and ongoing decline rehabilitation, Velvet-Wood is advancing as a real near-term contributor to our Shootaring-centered hub-and-spoke platform.”

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About Anfield

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Anfield Energy is a uranium and vanadium development and near-term production company committed to becoming a significant supplier of energy-related fuels through sustainable, efficient growth of its U.S.-based assets. The Company’s flagship asset is the Shootaring Canyon Mill in Utah, one of only three licensed, permitted, and constructed conventional uranium mills in the country. Anfield’s portfolio includes the advanced Velvet-Wood project (Utah) and other conventional uranium-vanadium assets in Utah, Colorado, Arizona, and New Mexico. All of Anfield’s assets are located in the United States, positioning the Company to help meet America’s growing nuclear fuel needs. The U.S. consumes nearly 50 million pounds of uranium annually yet produces only a small fraction domestically.

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

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Contact:
Anfield Energy, Inc.
Corporate Communications
604-669-5762
contact@anfieldenergy.com
www.anfieldenergy.com

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