Announcement • Aug 28

Anfield Energy Completes First Underground Blast At Velvet-Wood Mine

Anfield Energy completed the first underground blast at its Velvet-Wood uranium and vanadium project in San Juan County, Utah, following receipt of a blast permit from the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives in June 2026. This is the first underground blast conducted at the project in nearly 40 years and represents another key milestone in the ongoing underground rehabilitation and development program. Anfield has now rehabilitated the first 700 feet of the decline. Rehabilitation work completed to date includes the installation of rock bolts and wire mesh for improved ground support, road building, mucking (removal of waste rock from the decline), surveying, and the installation of mine ventilation and utilities. This includes a primary surface ventilation fan and attendant ducting, an air compressor, air line, water line, electrical power and communication infrastructure. In parallel, construction of the water treatment plant and installation of the dewatering pump is nearly complete. The Company expects to begin testing and sampling of the plant within the coming weeks. After construction is complete, Anfield will undertake a 60-day testing and reporting period to confirm the system’s effectiveness before advancing to the dewatering of the historic workings. The Company expects the remaining portion of the decline to dewater within three weeks of active dewatering, with approximately two to three months required to dewater the existing underground workings. This work supports Anfield’s hub-and-spoke uranium and vanadium strategy, centered on the fully permitted Shootaring Canyon Mill in Utah. Velvet-Wood last produced in 1984. Anfield also recently hosted a site visit attended by representatives of San Juan County, the Utah State Senate, the Governor’s Office of Economic Development, the Utah Division of Oil, Gas and Mining, and the Utah Office of Energy Development. The visit underscores continued strong support within the State of Utah for projects such as Anfield’s Shootaring Canyon Mill and Velvet-Wood Mine. This progress at Velvet-Wood continues against the backdrop of the Trump Administration’s sustained focus on strengthening America’s domestic nuclear fuel supply chain and critical minerals production. Utah’s recent selection as one of five state contenders for Department of Energy nuclear lifecycle campuses further underscores the state’s strategic importance in advancing responsible U.S. uranium and vanadium development.

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