# EDGAR Filing Document

**Accession Number:** 0001519469
**File Stem:** 0000950123-25-006444
**Filing Date:** 2025-7
**Character Count:** 1792695
**Document Hash:** ceea986c1371701e3bc1ae5ae9d2aa4c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950123-25-006444.hdr.sgml**: 20250819

**ACCESSION NUMBER**: 0000950123-25-006444

**CONFORMED SUBMISSION TYPE**: DRS/A

**PUBLIC DOCUMENT COUNT**: 97

**FILED AS OF DATE**: 20250718

**DATE AS OF CHANGE**: 20250717

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ANFIELD ENERGY INC.
- **CENTRAL INDEX KEY:** 0001519469
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DRS/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-07923
- **FILM NUMBER:** 251132043

**BUSINESS ADDRESS:**
- **STREET 1:** 4390 GRANGE STREET #2005
- **CITY:** BURNABY
- **STATE:** A1
- **ZIP:** V5H 1P6
- **BUSINESS PHONE:** 604-669-5762

**MAIL ADDRESS:**
- **STREET 1:** 4390 GRANGE STREET #2005
- **CITY:** BURNABY
- **STATE:** A1
- **ZIP:** V5H 1P6

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ANFIELD RESOURCES INC
- **DATE OF NAME CHANGE:** 20160922

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EQUINOX COPPER CORP
- **DATE OF NAME CHANGE:** 20130422

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EQUINOX EXPLORATION CORP
- **DATE OF NAME CHANGE:** 20110429

##### [**Table of Contents**](#toc)
**This draft registration statement has not been publicly filed with the Securities and Exchange Commission and all information herein remains strictly confidential. As confidentially submitted to the Securities and Exchange Commission on July 17, 2025.** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM 20-F** 

---

| | |
|:---|:---|
| ☑ | **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934**  |

---

**OR** 

☐ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended<u> </u>** 

**OR** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the transition period from<u> </u> to** 

**OR** 

☐ **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**Commission file number:** 

## Anfield Energy Inc.
**(Exact name of Registrant as specified in its charter)** 

**British Columbia** 

**(Jurisdiction of incorporation or organization)** 

**2005-4390 Grange Street, Burnaby, British Columbia, Canada, V5H 1P6** 

**(Address of principal executive offices)** 

**Corey Dias** 

**2005-4390 Grange Street, Burnaby, British Columbia, Canada, V5H 1P6** 

**604-669-5762** 

**(Name, Telephone, E-Mail and/or Facsimile number and Address of Company Contact Person)** 

**Securities registered or to be registered pursuant to Section 12(b) of the Act:** 

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| **Common Shares, no par value** | **AEC** | **Nasdaq Capital Market (proposed)** |

---

**Securities registered or to be registered pursuant to Section 12(g) of the Act: N/A** 

**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None** 

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: Not applicable.

Indicate by check mark if the Company is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☑

If this report is an annual or transition report, indicate by check mark if the Company is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐ No ☐

Indicate by check mark whether the Company (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the Company was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☑

Indicate by check mark whether the Company has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Company was required to submit and post such files). Yes ☐ No ☐

Indicate by check mark whether the Company is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☑ | Emerging growth company | ☑ |

---

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

Indicate by check mark which basis of accounting the Company has used to prepare the financial statements included in this filing:

U.S. GAAP ☐ International Financial Reporting Standards as issued<br>By the International Accounting Standards Board ☑ Other ☐

If "Other" has been checked in response to previous question, indicate by check mark which financial statement item the Company has elected to follow. Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the Company is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☐

------

##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  [INTRODUCTION](#tx870247_1) | [INTRODUCTION](#tx870247_1) | 1 |
|  [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#tx870247_2) | [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#tx870247_2) | 1 |
|  ITEM 1. | [IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#tx870247_3) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | [Directors and Senior Management](#tx870247_3a) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | [Advisers](#tx870247_3b) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | [Auditors](#tx870247_3c) | 4 |
|  ITEM 2. | [OFFER STATISTICS AND EXPECTED TIMETABLE](#tx870247_4) | 4 |
|  ITEM 3. | [KEY INFORMATION](#tx870247_5) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | [Reserved](#tx870247_6) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | [Capitalization and Indebtedness](#tx870247_7) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | [Reasons for the Offer and Use of Proceeds](#tx870247_8) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. | [Risk Factors](#tx870247_9) | 5 |
|  ITEM 4. | [INFORMATION ON THE COMPANY](#tx870247_10) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | [History and Development of the Company](#tx870247_11) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | [Business Overview](#tx870247_12) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | [Organizational Structure](#tx870247_13) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. | [Property, Plants and Equipment](#tx870247_14) | 17 |
|  ITEM 4A. | [UNRESOLVED STAFF COMMENTS](#tx870247_15) | 53 |
|  ITEM 5. | [OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#tx870247_16) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | [Operating Results](#tx870247_17) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | [Liquidity and Capital Resources](#tx870247_18) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | [Research and Development, Patents and Licences, etc.](#tx870247_19) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. | [Trend Information](#tx870247_20) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. | [Critical Accounting Estimates](#tx870247_21) | 59 |
|  ITEM 6. | [DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#tx870247_22) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | [Directors and Senior Management](#tx870247_23) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | [Compensation](#tx870247_24) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | [Board Practices](#tx870247_25) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. | [Employees](#tx870247_26) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. | [Share Ownership](#tx870247_27) | 65 |
|  ITEM 7. | [MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#tx870247_28) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | [Major Shareholders](#tx870247_29) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | [Related Party Transactions](#tx870247_30) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | [Interests of Experts and Counsel](#tx870247_31) | 67 |
|  ITEM 8. | [FINANCIAL INFORMATION](#tx870247_32) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | [Consolidated Statements and Other Financial Information](#tx870247_33) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | [Significant Changes](#tx870247_34) | 67 |
|  ITEM 9. | [THE OFFER AND LISTING](#tx870247_35) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | [Offer and Listing Details](#tx870247_36) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | [Plan of Distribution](#tx870247_37) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | [Markets](#tx870247_38) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. | [Selling Shareholders](#tx870247_39) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. | [Dilution](#tx870247_40) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. | [Expenses of the Issue](#tx870247_41) | 68 |
|  ITEM 10. | [ADDITIONAL INFORMATION](#tx870247_42) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | [Share Capital](#tx870247_43) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | [Memorandum and Articles of Association](#tx870247_44) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | [Material Contracts](#tx870247_45) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. | [Exchange Controls](#tx870247_46) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. | [Taxation](#tx870247_47) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. | [Dividends and Paying Agents](#tx870247_48) | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. | [Statement by Experts](#tx870247_49) | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. | [Documents on Display](#tx870247_50) | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. | [Subsidiary Information](#tx870247_51) | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. | [Annual Report to Security Holders](#tx870247_52) | 77 |
|  ITEM 11. | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#tx870247_53) | 77 |
|  ITEM 12. | [DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#tx870247_54) | 77 |
|  ITEM 13. | [DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#tx870247_55) | 77 |
|  ITEM 14. | [MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#tx870247_56) | 77 |
|  ITEM 15. | [CONTROLS AND PROCEDURES](#tx870247_57) | 77 |

---

i

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##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
|  ITEM 16A. | [AUDIT COMMITTEE FINANCIAL EXPERT](#tx870247_58) | 77 |
|  ITEM 16B. | [CODE OF ETHICS](#tx870247_59) | 78 |
|  ITEM 16C. | [PRINCIPAL ACCOUNTANT FEES AND SERVICES](#tx870247_60) | 78 |
|  ITEM 16D. | [EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#tx870247_61) | 78 |
|  ITEM 16E. | [PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#tx870247_62) | 78 |
|  ITEM 16F. | [CHANGE IN COMPANY'S CERTIFYING ACCOUNTANT](#tx870247_63) | 78 |
|  ITEM 16G. | [CORPORATE GOVERNANCE](#tx870247_64) | 78 |
|  ITEM 16H. | [MINE SAFETY DISCLOSURE](#tx870247_65) | 78 |
|  ITEM 16I. | [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#tx870247_66) | 78 |
|  ITEM 16J. | [INSIDER TRADING POLICIES](#tx870247_67) | 78 |
|  ITEM 16K. | [CYBERSECURITY](#tx870247_68) | 78 |
|  ITEM 17. | [FINANCIAL STATEMENTS](#tx870247_69) | 78 |
|  ITEM 18. | [FINANCIAL STATEMENTS](#tx870247_70) | 78 |
|  ITEM 19. | [EXHIBITS](#tx870247_71) | 78 |

---

ii

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##### [**Table of Contents**](#toc)
**INTRODUCTION** 

Anfield Energy Inc. (the "**Company**") was incorporated under the *Business Corporations Act (British Columbia)* (the "**BCBCA**") on July 12, 1989. The Company is a uranium and vanadium exploration, development and near-term production company that is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its uranium and vanadium assets (see Item 4 — *Information on the Company* for more details).

The Company's common shares (the "**Common Shares**" and each, a "**Common Share**") are listed for trading on the TSX Venture Exchange (the "**TSXV**") under the trading symbol "AEC.V" and quoted on the OTCQB<sup>®</sup> Venture Market (the "**OTCQB**") under the stock symbol of "ANLDF" and listed on the Frankfurt Stock Exchange under the stock symbol of "0AD". Following our planned listing of the Common Shares on the Nasdaq Capital Market (the "**Nasdaq**"), our Common Shares will no longer be quoted on the OTCQB.

As used in this Registration Statement, the terms "we," "us", "our" "the Company" and "Anfield" mean Anfield Energy Inc. (and its subsidiaries, where applicable).

The Company is a "foreign private issuer" as defined in Rule 3b-4 under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"). As a result, we are eligible to file this Registration Statement pursuant to Section 12(b) of the Exchange Act on Form 20-F and to file interim reports on Form 6-K.

Statements made in this Registration Statement concerning the contents of any contract, agreement or other document are summaries of such contracts, agreements or documents and are not complete descriptions of all of their terms. If we file any of these documents as an exhibit to this Registration Statement, you may read the document itself for a complete description of its terms.

Unless otherwise indicated, all references in this Registration Statement to "**dollars**" or "**CAD**" or "**$**" are to Canadian dollars and all references to "**USD**" or "**US$**" or "**USD$**" are to United States dollars.

The following table sets forth the rate of exchange for the Canadian dollar, expressed in United States dollars in effect at various times.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Canadian Dollars to U.S. Dollars** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2023** | **Year Ended<br>December 31, 2023** |
|  High for period |  | **0.7510** |  | **0.7617** |
|  Low for period |  | **0.6937** |  | **0.7207** |
|  Average rate for period |  | **0.7302** |  | **0.7410** |
|  Rate at end of period |  | **0.6950** |  | **0.7383** |

---

The daily average exchange rate on July 16, 2025 as reported by the Bank of Canada for the conversion of USD into CAD was USD$1.00 equals CAD$1.3712.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

This Registration Statement contains "forward-looking statements" and "forward-looking information" within the meaning of United States and Canadian securities laws (collectively, "**forward-looking statements**"). Such forward-looking statements include, but are not limited to, information with respect to our objectives and our strategies to achieve these objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates and intentions. These forward-looking statements may be identified by the use of terms and phrases such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", or "continue", the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking statements contain these terms and phrases. Forward-looking statements are provided for the purposes of assisting the reader in understanding us, our business, operations, prospects and risks at a point in time in the context of historical and possible future developments and therefore the reader is cautioned that such information may not be appropriate for other purposes.

Forward-looking statements relating to us include, among other things, statements relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding our business, financial condition and results of operations;

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the future state of the legislative and regulatory regimes, both domestic and foreign, in which we conduct
business and may conduct business in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expansion into domestic and international markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to attract customers and clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our marketing and business plans and short-term objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to obtain and retain the licenses and personnel we require to undertake our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to deliver under contracts with customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anticipated revenue from professional service contracts with customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our strategic relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our anticipated trends and challenges in the markets in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governance of us as a public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our having sufficient working capital and be able to secure additional funding necessary for the continued
exploration of our property interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expectations regarding the potential mineralization, geological merit and economic feasibility of our projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mineral exploration and exploration program cost estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expectations regarding any environmental issues that may affect planned or future exploration programs and the
potential impact of complying with existing and proposed environmental laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receipt and timing of exploration permits and other third-party approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• government regulation of mineral exploration and development operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations for future commodity prices; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expectations regarding any social or local community issues that may affected planned or future exploration and
development programs.

Forward-looking statements are based upon a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the following risk factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited operating history;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to realize growth strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to complete transactions or realize anticipated benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reliance on key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in laws, regulations and guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expansion to other jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• damage to our reputation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operating risk and insurance coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negative operating cash flow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• management of growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product recalls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental regulations and risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ownership and protection of intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constraints on marketing products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reliance on management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fraudulent or illegal activity by our employees, contractors and consultants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• breaches of security at our facilities or in respect of electronic documents and data storage and risks related
to breaches of applicable privacy laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• government regulations regarding public or employee health and safety regulations, including public health
measures in the event of pandemics or epidemics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory or agency proceedings, investigations and audits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional capital requirements to support our operations and growth plans, leading to further dilution to
shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to United States' and other international activities, including regional conflicts that may
impact our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to security clearances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks relating to the ownership of our securities, such as potential extreme volatility in the price of our
securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to our foreign private issuer status; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to registration with the United States Securities and Exchange Commission (the
" **SEC**") and listing of our Common Shares on Nasdaq.

Although the forward-looking statements contained herein are based upon what we believe are reasonable assumptions, investors are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking statements. Certain assumptions were made in preparing the forward-looking statements concerning availability of capital resources, business performance, market conditions and customer demand.

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Consequently, all of the forward-looking statements contained herein are qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking statements contained herein are provided as of the date hereof, and we do not undertake to update or amend such forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.

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**PART I** 

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| | |
|:---|:---|
| **ITEM 1.** | **IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Directors and Senior Management** 

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| | | |
|:---|:---|:---|
| **Name** | **Position** | **Business Address** |
| Ken Mushinski | Chairman and Director | Suite 2200, RBC Place, 885 West Georgia St. Vancouver, British Columbia, Canada, V6C 3E8 |
| Corey A. Dias | Chief Executive Officer and Director | Suite 2200, RBC Place, 885 West Georgia St. Vancouver, British Columbia, Canada, V6C 3E8 |
| Laara Shaffer | Chief Financial Officer and Director | Suite 2200, RBC Place, 885 West Georgia St. Vancouver, British Columbia, Canada, V6C 3E8 |
| Douglas Beahm | Chief Operating Officer | Suite 2200, RBC Place, 885 West Georgia St. Vancouver, British Columbia, Canada, V6C 3E8 |
| Joshua D. Bleak | Director | Suite 2200, RBC Place, 885 West Georgia St. Vancouver, British Columbia, Canada, V6C 3E8 |
| Stephen Lunsford | Director | Suite 2200, RBC Place, 885 West Georgia St. Vancouver, British Columbia, Canada, V6C 3E8 |
| Don Falconer | Director | Suite 2200, RBC Place, 885 West Georgia St. Vancouver, British Columbia, Canada, V6C 3E8 |
| John Eckersley | Director | Suite 2200, RBC Place, 885 West Georgia St. Vancouver, British Columbia, Canada, V6C 3E8 |
| Ross McElroy | Director | Suite 2200, RBC Place, 885 West Georgia St. Vancouver, British Columbia, Canada, V6C 3E8 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Advisers** 

Our United States legal counsel is Dorsey & Whitney LLP, with a business address at 66 Wellington St. W, Suite 3400, Toronto, ON M5K 1G8.

Our Canadian legal counsel is Cassels Brock & Blackwell LLP, with a business address at RBC Place, 885 West Georgia St., Suite 2200 Vancouver, BC V6C 3E8.

Our Canadian investment banker is Haywood Securities, Inc., with a business address at 200 Burrard Street, Suite 700, Vancouver, BC V6C 3L6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Auditors** 

Dale Matheson Carr-Hilton LaBonte LLP, Chartered Professional Accountants ("**DMCL**"), are currently and have been our independent auditors since August 2008. DMCL audited our consolidated financial statements as at and for the years ended December 31, 2024 and 2023. The business address of DMCL is 1140 W Pender St. #1500, Vancouver, BC V6E 4G1. DMCL is registered with both the Canadian Public Accountability Board and the United States Public Company Accounting Oversight Board.

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| | |
|:---|:---|
| **ITEM 2.** | **OFFER STATISTICS AND EXPECTED TIMETABLE**  |

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Not applicable.

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|:---|:---|
| **ITEM 3.** | **KEY INFORMATION**  |

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**A.** **Reserved.** 

**B.** **Capitalization and Indebtedness** 

The table below presents our capitalization and indebtedness as of March 31, 2025, in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("**IFRS**"). You should read this table in conjunction with Item 5 — *Operating and Financial Review and Prospects*, Item 17 — *Financial Statements*, related notes and other financial information contained elsewhere in this Registration Statement.

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| | |
|:---|:---|
|  | March 31, 2025 |
|  **Debt:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts Payable and Accrued Liabilities | $654022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Related Parties | 179997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Retirement Obligations | 24191130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Portion of Loans Payable | 11213334 |
|  Total debt<sup>(1)</sup> | 36238483 |
|  **Equity:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share Capital | $125528937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock Option Reserve | 6991160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrant Reserve | 7944755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Exchange Reserve | 4401372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deficit | (87312505) |
|  Total equity | 57553719 |
|  **Total capitalization (debt and equity)** | $93792202 |

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<sup>(1)</sup> Pursuant to the Credit Facility (as defined herein), Extract Capital Master Fund Ltd. has a general security interest over all of the Company's assets. See Item 4 — *Information on the Company* for more information regarding the Credit Facility. Other than the Credit Facility, the Company's indebtedness is unguaranteed and unsecured. 

**C.** **Reasons for the Offer and Use of Proceeds** 

Not applicable.

**D.** **Risk Factors** 

The Company's operations and financial performance are subject to the normal risks of its industry and are subject to various factors which are beyond the control of the Company. Certain of these risk factors are described below. The risks described below are not the only ones facing the Company. Additional risks not currently known to the Company, or that it currently considers immaterial, may also adversely impact the Company's business, operations, financial results or prospects, should any such other events occur.

**<u>Risks Relating to the Business</u>**

***Unfavorable developments may adversely affect our business, liquidity, cash, financial condition, and overall results of operations.***

Our financial instruments consist of cash, deposits and accounts payable. The carrying values of cash, deposits, and accounts payable and accrued liabilities approximate their fair values due to the relatively short period to maturity of those financial instruments.

We are exposed to credit risk with respect to our cash. Cash has been placed on deposit with a major Canadian financial institution.

Foreign exchange risk is the risk arising from changes in foreign currency fluctuations. We do not use any derivative instruments to reduce our exposure to fluctuations in foreign currency rates.

Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices, other than those arising from interest rate risk or currency risk. We are not exposed to significant other price risk.

Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. We manage liquidity by maintaining adequate cash balances to meet liabilities as they become due. Our expected source of cash flow in the upcoming year will be through equity financings.

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***We have a history of losses and may never achieve or sustain profitability.***

We have no history of earnings and no source of operating cash flow and, due to the nature of our business, there can be no assurance that we will be profitable. We have paid no dividends on our shares since incorporation and do not anticipate doing so in the foreseeable future. The only present source of funds available to us is through the sale of our equity shares. Even if the results of development are encouraging, we may not have sufficient funds to conduct the further development that may be necessary to determine whether or not a commercially mineable deposit exists. While we may generate additional working capital through further equity offerings or through the sale or possible syndication of our property, there is no assurance that any such funds will be available. If available, future equity financings may result in substantial dilution to purchasers under an offering. At present it is impossible to determine what amounts of additional funds, if any, may be required.

***There is substantial doubt regarding our ability to continue as a going concern.***

Our capability to continue as a going concern is dependent upon our ability to obtain additional debt or equity financing to meet our obligations as they come due. If we are unable to continue as a going concern, then significant adjustments would be required to the carrying value of assets and liabilities, and to the balance sheet classifications currently used.

We have no history of profitable operations and our present business is at a relatively early stage. As such, we are subject to many risks common to other companies in the same business, including under-capitalization, cash shortages, and limitations with respect to personnel, financial and other resources and the lack of revenues.

We may consider plans to obtain financing in the future primarily through further equity financing or debt financing, as well as through joint venturing and/or optioning out our properties to qualified mineral development or production companies. There can be no assurance that we will succeed in obtaining additional financing, now or in the future. Failure to raise additional financing on a timely basis could cause us to suspend our operations and eventually to forfeit or sell our interests in our mineral properties.

However, subsequent to December 31, 2024, the Company completed an equity financing for gross proceeds of $15,000,000 and amended an existing credit facility to provide an additional US$6,000,000 of capital which is expected to cover operational costs and mineral option agreement commitments for the next 12 months and beyond. In addition, management has initiated a strict cost control program to effectively control expenditures. We have deferred capital expenditures, such as: 1) the acquisition of new mill parts and the removal of antiquated items/equipment at the mill until we have greater clarity on the timing of the approval of our Radioactive Mill License renewal; and 2) mine capital expenditures related to advancing/drilling both our West Slope leases and the additional 12 Department of Energy ("**DOE**") leases. We are currently prioritizing our capital expenditures as much as we can, primarily, to our Velvet-Wood mine and, secondarily, to the Slick Rock mine (based on order of expected completion of permitting and, ultimately, production).

As a result of these cost control measures, it is expected that the current cash position will be sufficient to fund our needs for the 2025 fiscal year. Management will review several funding options including equity financing and seeking joint venture partners to further our mineral property interests at the appropriate time. While we have been successful in raising funds in the past, there are no assurances that additional funding and/or suitable joint venture agreements will be obtained.

**<u>Risks Relating to Our Industry</u>**

***The mining industry is competitive and there can be no assurance that a profitable market will exist for the mining and sale of our Uranium.***

The mining industry in general is intensely competitive and there is no assurance that, even if commercial quantities of ore are discovered, a profitable market may exist for the sale of the uranium we produce. Factors beyond our control may affect the marketability of any substances discovered. Uranium prices have been depressed in recent years, but there has been recent improvement. The marketability of uranium is also affected by numerous other factors beyond our control. These other factors include government regulations relating to price, royalties, allowable production and importing and exporting of uranium.

***There may be development risks related to our uranium or vanadium which we cannot accurately predict.***

The marketability of any uranium or vanadium which may be acquired or discovered by us may be affected by numerous factors which are beyond our control and which cannot be accurately predicted, such as market fluctuations, the proximity and capacity of milling facilities, mineral markets and processing equipment, and such other factors as government regulations, including regulations relating to royalties, allowable production, importing and exporting of uranium or vanadium, and environmental protection.

***Developing mines involves a high degree of risk and there can be no assurance that we will discover minerals in sufficient quantities to justify commercial operations or that we can obtain the funds required for development on a timely basis.***

The business of developing mines involves a high degree of risk. Few properties that are explored are ultimately developed into producing mines. Unusual or unexpected formations, formation pressures, fires, power outages, labour disruptions, flooding, explorations, cave-ins, landslides and the inability to obtain suitable, adequate machinery, equipment or labour are other risks involved in the operation of mines and the conduct of exploration programs. We have relied on and may continue to rely upon consultants and others for development expertise. Substantial expenditures are required to establish ore reserves through drilling, to develop processes to extract the metal from the ore and, in the case of new properties, to develop the mining and processing facilities and infrastructure at any site chosen for mining. Although substantial benefits may be derived from the discovery of a major mineral deposit, no assurance can be given that minerals will be discovered in sufficient quantities to justify commercial operations or that funds required for development can be obtained on a timely basis. The economics of developing uranium and vanadium properties is affected by many factors including the cost of operations, variations in the grade of ore mined, fluctuations in metal markets, costs of processing equipment and such other factors as government regulations, including regulations relating to royalties, allowable production, importing and exporting of minerals and environmental protection. We have no producing mines at this time. Most exploration projects do not result in the discovery of commercially mineable deposits of ore.

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***We may be unable to maintain interest in our mineral properties and fund ongoing development costs which may result in the dilution or loss of interest in our mining properties.***

Our ability to maintain our interests in our mineral properties and to fund ongoing development costs will be entirely dependent on our ability to raise additional funds by equity or debt financings. If we are unable to raise such funds, we may suffer dilution or loss of our interest in our mineral properties. The amounts attributed to our interests in mineral properties in our financial statements represent acquisition and exploration costs, and should not be taken to reflect realizable value.

***The nature of mineral exploration and production activities involves a high degree of risk and the possibility of losses.***

In the course of exploration, development and production of mineral properties, certain risks, and in particular, unexpected or unusual geological operating conditions including rock bursts, cave-ins, fires, flooding and earthquakes may occur. It is not always possible to fully insure against such risks and we may decide not to take out insurance against such risks as a result of high premiums or other reasons. Should such liabilities arise, they could reduce or eliminate any future profitability and result in increasing costs and a decline in the value of our securities.

***Our ability to exploit mining properties is subject to environmental approvals and other regulatory requirements and there is no assurance that we can obtain the required approvals in a timely manner.***

Existing and possible future environmental legislation, regulations and actions could cause significant expense, capital expenditures, restrictions and delays in our activities, the extent of which cannot be predicted and which may well be beyond our capacity to fund. Our right to exploit the mining properties is subject to various reporting requirements and to obtaining certain government approvals and there is no assurance that such approvals, including environmental approvals, will be obtained without inordinate delay or at all.

***There can be no assurance that other parties will not dispute title to the mining properties in which we have an interest.***

We have investigated rights of ownership of all of the mineral properties in which we have an interest and, to the best of our knowledge, all agreements relating to such ownership rights are in good standing. However, all properties may be subject to prior claims or agreement transfers, and rights of ownership may be affected by undetected defects. While to the best of our knowledge, title to all properties in which we have the right to acquire an interest is in good standing, this should not be construed as a guarantee of title. Other parties may dispute title to the mining properties in which we have the right to acquire an interest. The properties may be subject to prior unregistered agreements or transfers or native land claims and title may be affected by undetected defects or the statutes referred to above.

***We may require licenses and permits in connection with our operations and there can be no assurances that we will be able to obtain the permits and licenses required for our business.***

Our operations may require licenses and permits from various governmental authorities. There can be no assurance that we will be able to obtain or maintain all necessary licenses and permits that may be required to carry out exploration, development and mining operations of our projects.

***We may be unable to meet cost contribution requirements under various agreements which may results in the loss of our rights to acquire interests in the properties subject to such agreements.***

We may, in the future, be unable to meet our share of costs incurred under agreements to which we are a party and we may as a result, be subject to loss of our rights to acquire interests in the properties subject to such agreements.

***We depend on key personnel, the loss of which could have a material adverse effect on our business.***

The nature of the business of our operations, our ability to continue our development activities and to thereby develop a competitive edge in the marketplace depends, in a large part, on our ability to attract and maintain qualified key management personnel. Competition for such personnel is intense, and there can be no assurance that we will be able to attract and retain such personnel. Our development now and in the future, will depend on the efforts of key management figures, the loss of whom could have a material adverse effect on us. We do not currently maintain key-man life insurance on any of the key management employees.

**<u>Risks Relating to the Ownership of our Securities</u>**

***An investment in our securities involves significant risks.***

Additional risks and uncertainties not presently known to us or that we currently consider immaterial may also impair our business and operations and cause the trading price of our securities to decline. If any of the following or other risks occur, our business, prospects, financial condition, results of operations and cash flows could be materially adversely impacted. In that event, the trading price of our securities could decline and security holders could lose all or part of their investment. There is no assurance that risk management steps taken will avoid future loss due to the occurrence of the risks described below or other unforeseen risks.

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***Our Common Shares may experience extreme stock price volatility unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our common shares.***

Recently, there have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with a number of recent initial public offerings, especially among companies with relatively smaller public floats. As a relatively small-capitalization company with relatively small public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity than large-capitalization companies. In particular, our Common Shares may be subject to rapid and substantial price volatility, low volumes of trades and large spreads in bid and ask prices. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Common Shares.

In addition, if the trading volumes of our Common Shares are low, persons buying or selling in relatively small quantities may easily influence prices of our Common Shares. This low volume of trades could also cause the price of our Common Shares to fluctuate greatly, with large percentage changes in price occurring in any trading day session. Holders of our Common Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. If high spreads between the bid and ask prices of our Common Shares exist at the time of a purchase, the stock would have to appreciate substantially on a relative percentage basis for an investor to recoup their investment. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Common Shares.

As a result of this volatility, investors may experience losses on their investment in our Common Shares. A volatile market price of our Common Shares also could adversely affect our ability to issue additional shares of Common Shares or other securities and our ability to obtain additional financing in the future.

***The market price of our securities may be volatile.***

The market price for our securities may be volatile and subject to wide fluctuations in response to numerous factors, many of which are beyond our control, including, but not limited to, the following: (i) actual or anticipated fluctuations in our quarterly results of operations; (ii) recommendations by securities research analysts; (iii) changes in the economic performance or market valuations of other issuers that investors deem comparable to us; (iv) departure of executive officers or other key personnel; (v) issuances or anticipated issuances of additional Common Shares; (vi) significant acquisitions or business combinations, strategic partnerships, joint ventures or capital commitments by or involving us or our competitors; and (vii) news reports relating to trends, concerns, technological or competitive developments, regulatory changes and other related issues in our industry or target markets.

Financial markets have historically experienced significant price and volume fluctuations that have particularly affected the market prices of equity securities of public entities and that have, in many cases, been unrelated to the operating performance, underlying asset values or prospects of such entities. Accordingly, the market price of our securities may decline even if our operating results, underlying asset values or prospects have not changed. Additionally, these factors, as well as other related factors, may cause decreases in asset values that are deemed to be other than temporary, which may result in impairment losses. There can be no assurance that continuing fluctuations in price and volume will not occur. If such increased levels of volatility and market turmoil continue for a protracted period of time, the trading price of the Common Shares may be materially adversely affected.

***There can be no assurance of active market for the Common Shares.***

The Common Shares are listed on the TSXV under the symbol "AEC", the OTCQB Marketplace under the symbol "ANLDF" and the Frankfurt Stock Exchange under the symbol "0AD". However, there can be no assurance an active and liquid market for the Common Shares will be maintained.

***If we are unable to satisfy the requirements of Sarbanes-Oxley or our internal controls over financial reporting are not effective, the reliability of our financial statements may be questioned.***

We will become subject to the requirements of Sarbanes-Oxley Act of 2002, as amended ("**Sarbanes-Oxley**") if this Registration Statement is declared effective by the SEC. Section 404 of Sarbanes-Oxley ("**Section 404**") requires companies subject to the reporting requirements of United States securities laws to complete a comprehensive evaluation of their internal controls over financial reporting. To comply with this statute, we will be required to document and test our internal control procedures and our management will be required to assess and issue a report concerning our internal controls over financial reporting. Pursuant to the Jumpstart Our Business Startups Act of 2012, as amended ("**JOBS Act**"), we will be classified as an "emerging growth company." Under the JOBS Act, emerging growth companies are exempt from certain reporting requirements, including the independent auditor attestation requirements of Section 404(b) of Sarbanes-Oxley. Under this exemption, our independent auditor will not be required to attest to and report on management's assessment of our internal controls over financial reporting during a five-year transition period, except in the event this is accelerated if we lose our status as an "emerging growth company". We will need to prepare for compliance with Section 404 by strengthening, assessing and testing our system of internal controls to provide the basis for our report. However, the continuous process of strengthening our internal controls and complying with Section 404 is complicated and time-consuming. Furthermore, we believe that our business will grow both domestically and internationally, organically and through acquisitions, in which case our internal controls will become more complex and will require significantly more resources and attention to ensure our internal controls remain effective overall. During the course of our testing, management may identify material weaknesses or significant deficiencies, which may not be remedied in a timely manner to meet the deadline imposed by Sarbanes-Oxley. If management cannot favorably assess the effectiveness of our internal controls over financial reporting, or our independent registered public accounting firm identifies material weaknesses in our internal controls, investor confidence in our financial results may weaken, and the market price of our securities may suffer.

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***In connection with a potential Nasdaq listing of the Common Shares, as a foreign private issuer, we intend to follow certain home country corporate governance practices instead of certain Nasdaq corporate governance requirements applicable to United States domestic companies.***

As a foreign private issuer, we will have the option to follow certain home country corporate governance practices rather than those of the Nasdaq, provided that we disclose the requirements we are not following and describe the home country practices we are following. Currently, we intend to follow certain home country corporate governance practices instead of those otherwise required under the Nasdaq rules for U.S. issuers, including practices in lieu of the Nasdaq requirements to (i) adopt a majority independent board of directors, (ii) adopt formal audit committee, compensation committee and nomination committee charters, (iii) adopt one or more codes of conduct, (iv) hold regularly scheduled meetings at which only independent directors are present and (v) have by-laws providing for a quorum of at least 33 1/3 percent of the outstanding Common Shares.

Any foreign private issuer exemptions we avail ourselves of in the future may reduce the scope of information and protection to which you are otherwise entitled as an investor. As result, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the Nasdaq corporate governance requirements.

***We will incur significantly increased costs and devote substantial management time as a result of operating as a United States public company.***

As a United States public company, we will incur significant legal, accounting and other expenses that we did not incur as a private company or as a Canadian public company. For example, we will be subject to the reporting requirements of the Exchange Act, and will be required to comply with the applicable requirements of Sarbanes-Oxley and the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as rules and regulations subsequently implemented by the SEC and the including the establishment and maintenance of effective disclosure and financial controls and changes in corporate governance practices. We expect that compliance with these requirements will increase our legal and financial compliance costs and will make some activities more time consuming and costly. In addition, we expect that management and other personnel will need to divert attention from operational and other business matters to devote substantial time to these public company requirements. In particular, we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404, which involve annual assessments of a company's internal controls over financial reporting. We plan to hire additional accounting and financial staff with appropriate public company experience and technical accounting knowledge and may need to establish an internal audit function. Furthermore, we expect the premium for director & officer insurance will increase significantly due to a more litigious environment in the United States. At this time, we cannot reasonably predict or estimate the amount of additional costs that we may incur as a result of becoming a United States public company or the timing of such costs.

***Our status as an "emerging growth company."***

We will be an "emerging growth company" as defined in section 3(a) of the Exchange Act (as amended by the JOBS Act), and will continue to qualify as an emerging growth company until the earliest to occur of: (a) the last day of the fiscal year during which we have total annual gross revenues of US$1,070,000,000 (as such amount is indexed for inflation every five years by the SEC) or more; (b) the last day of our fiscal year following the fifth anniversary of the date of the first sale of common equity securities pursuant to an effective registration statement under the United States Securities Act of 1933, as amended; (c) the date on which we have, during the previous three-year period, issued more than US$1,000,000,000 in non-convertible debt; and (d) the date on which we are deemed to be a "large accelerated filer", as defined in Rule 12b-2 under the Exchange Act. We will qualify as a large accelerated filer (and would cease to be an emerging growth company) at such time when on the last business day of our second fiscal quarter of such year the aggregate worldwide market value of our common equity held by non-affiliates is US$700 million or more.

For so long as we remain an emerging growth company, we are permitted to, and intend to, rely upon exemptions from certain disclosure requirements that are applicable to other public companies that are not emerging growth companies. These exemptions include not being required to comply with the auditor attestation requirements of Section 404. We cannot predict whether investors will find the Common Shares less attractive because we rely upon certain of these exemptions. If some investors find the Common Shares less attractive as a result, there may be a less active trading market for the Common Shares and the price of the Common Shares may be more volatile. On the other hand, if we no longer qualify as an emerging growth company, we would be required to divert additional management time and attention from development and other business activities and incur increased legal and financial costs to comply with the additional associated reporting requirements, which could negatively impact our business, financial condition and results of operations.

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***We may lose foreign private issuer status in the future, which could result in significant additional costs and expenses.***

We may in the future lose foreign private issuer status if a majority of the Common Shares are held in the United States and if we fail to meet the additional requirements necessary to avoid loss of foreign private issuer status, such as if: (i) a majority of the directors or executive officers are United States citizens or residents; (ii) a majority of assets are located in the United States; or (iii) the business is administered principally in the United States. The regulatory and compliance costs to us under United States securities laws as a United States domestic issuer will be significantly more than the costs incurred as an SEC foreign private issuer. If we are not a foreign private issuer, we would be required to file periodic and current reports and registration statements on United States domestic issuer forms with the SEC, which are generally more detailed and extensive than the forms available to foreign private issuers. In addition, we may lose the ability to rely upon exemptions from corporate governance requirements that are available to foreign private issuers.

***We expect that we will be considered a passive foreign investment company or "PFIC", which may result in adverse tax consequences for U.S. taxpayers.***

Holders of Common Shares that are U.S. taxpayers should be aware that we believe we were a "passive foreign investment company" (a "**PFIC**") during our most recently completed tax year and, due to the nature of our assets and the income that we expect to generate, we expect to be a PFIC for the current tax year, and may be a PFIC in subsequent tax years. Whether we will be a PFIC for the current tax year or any future tax year will depend on our assets and income over the course of each such taxable year and, as a result, cannot be predicted with certainty as of the date of this document. Accordingly, there can be no assurance that the Internal Revenue Service will not challenge the determination made by us concerning our PFIC status for any tax year. If we are a PFIC for any year during a U.S. taxpayer's holding period of the Common Shares, then such U.S. taxpayer generally will be required to treat any gain realized upon a disposition of its Common Shares, or any "excess distribution" received on its Common Shares, as ordinary income, and to pay an interest charge on a portion of such gain or distribution. In certain circumstances, the sum of the tax and the interest charge may exceed the total amount of proceeds realized on the disposition, or the amount of excess distribution received, by the U.S. taxpayer. Subject to certain limitations, these adverse tax consequences may be mitigated if the U.S. taxpayer makes a timely and effective "qualified electing fund" election ("**QEF Election**") or a "mark-to-market" election with respect to the Common Shares. A U.S. taxpayer who makes a QEF Election generally must report on a current basis its share of our net capital gain and ordinary earnings for any year in which we are a PFIC, whether or not we distribute any amounts to our shareholders. A U.S. taxpayer who makes a mark-to-market election generally must include as ordinary income each year the excess of the fair market value of the Common Shares over the taxpayer's adjusted tax basis therein. Holders of Common Shares should consult their own tax advisors regarding the ownership and disposition of our Common Shares. This paragraph is qualified in its entirety by the section below entitled "*Certain United States Federal Income Tax Considerations*".

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|:---|:---|
| **ITEM 4.** | **INFORMATION ON THE COMPANY**  |

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**A.** **History and Development of the Company** 

**<u>Name, Address and Incorporation</u>**

Anfield is a company incorporated under the BCBCA on July 12, 1989. During the year ended December 31, 2013, the Company changed its name from Equinox Exploration Corp. to Equinox Copper Corp. and then to Anfield Resources Inc. On December 27, 2018, the Company changed its name to Anfield Energy Inc. The Company is a uranium and vanadium development and near-term production company that is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its uranium and vanadium assets.

The Company's head office is located at 2005-4390 Grange Street, Burnaby, BC V5H 1P6 and its registered and records office is located at RBC Place, 885 West Georgia St., Suite 2200, Vancouver, BC V6C 3E8. The Company also has project offices in both Nucla, Colorado and Apache Junction, Arizona, United States.

The Company's Common Shares are listed for trading on the TSXV under the trading symbol "AEC.V", quoted on the OTCQB under the stock symbol of "ANLDF" and listed on the Frankfurt Stock Exchange under the stock symbol of "0AD". Following our planned listing of the Common Shares on Nasdaq, our Common Shares will no longer be quoted on the OTCQB.

The SEC maintains an internet site at http://www.sec.gov/edgar that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Our internet site is https://anfieldenergy.com; our telephone number is (604)-669-5762.

**<u>Events in the Development of the Business</u>**

***Fiscal 2022***

On February 2, 2022, Anfield announced that it had engaged BRS, Inc. to complete a resource report for four of its nine uranium and vanadium mines held within its West Slope project in Colorado.

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On February 23, 2022, the Company closed the first tranche of its private placement through the issuance of 18,039,480 Units at a price of $0.085 per Unit for total gross proceeds of $1,533,356. Each Unit consisted of one Share and one Share purchase warrant, with each warrant entitling the holder to purchase an additional Share at a price of $0.13 for a period of 24 months.

On March 7, 2022, the Company closed the final tranche of its private placement through the issuance of 71,920,520 Units at a price of $0.085 per Unit for total gross proceeds of $6,116,644. Each Unit consisted of one Share and one Share purchase warrant, with each warrant entitling the holder to purchase an additional Share at a price of $0.13 for a period of twenty-four months.

On March 23, 2022, Anfield commenced a comprehensive review of its conventional uranium assets, including the Shootaring Canyon mill, the Velvet-Wood mine and the West Slope properties, in order to identify and advance an optimal long-term conventional uranium and vanadium production plan through the utilization of these assets.

On March 30, 2022, the Company announced that BRS, Inc. had completed a mineral resource estimate for four of the nine uranium and vanadium mines held within its West Slope project, located in Colorado.

On April 6, 2022, the Company engaged BRS, Inc. and Wright Environmental Services to restart the permit application process with regard to Anfield's Velvet-Wood uranium and vanadium project in Utah.

On April 21, 2022, the Company announced transactions to both eliminate US$18.34 million of existing debt and to swap its Wyoming ISR uranium portfolio for Uranium Energy Corporation's ("**UEC**") Colorado-based Slick Rock conventional uranium and vanadium project. The $18.34 million of indebtedness to UEC is to be settled for US$9.17 million in cash and US$9.17 million in securities of Anfield.

On May 12, 2022, the Company announced the closing of a bought deal private placement offering of 125,000,000 subscription receipts of the Company at a price of $0.12 per subscription receipt, for gross proceeds of $15,000,000.

On June 6, 2022, the Company announced the closing of the transaction with UEC and the conversion of the Subscription Receipts into units whereby each holder was entitled to one common share and one warrant, with each warrant entitling the holder to acquire a common share of Anfield at a price of $0.18 until May 12, 2027.

On September 20, 2022, the Company announced that Mr. Kenneth Mushinski had agreed to join the Board of Directors of Anfield as non-Executive Chairman.

On November 14, 2022, the Company announced that it had entered into a Definitive Agreement with Wayne Minerals to acquire a 100% interest in 50 unpatented mining claims in the Artillery Peak project area in Arizona.

On November 17, 2022, the Company announced that it had entered into a royalty purchase agreement with Uranium Royalty Corporation to sell its uranium royalty portfolio for US$1,500,000.

On November 21, 2022, the Company announced that it had expanded its claim holdings in the Artillery Peak project area through the staking of 54 additional claims. The Company also announced that it had commissioned BRS, Inc. to complete a uranium resource technical report for its combined Date Creek/Artillery Peak projects.

On November 29, 2022, the Company announced that it had commissioned Precision Systems Engineering ("**PSE**") to complete a reactivation proposal for the Shootaring Canyon Mill by the end of Q2/23.

***Fiscal 2023***

On January 3, 2023, the Company announced that it had entered into a definitive agreement with Nedeel LLC & BBL-2 LLC to acquire a 100% interest in 65 unpatented mining claims and historical data of the Marysvale uranium project, located in Beaver County, Utah, and 100% interest in 26 unpatented mining claims and historical data of the Calf Mesa uranium project, located in Emery County, Utah.

On January 9, 2023, the Company provided a corporate review of 2022.

On January 16, 2023, the Company announced that it had entered into a definitive agreement with LiVada Corporation to acquire a 100% interest in 119 unpatented mining claims and historical data to further consolidate its Artillery Peak project area, located in Mohave County, Arizona.

On January 31, 2023, the Company announced that BRS, Inc. had begun a Preliminary Economic Assessment ("**PEA**") for the Company's Slick Rock uranium and vanadium project.

On February 13, 2023, the Company announced that it had entered into a definitive agreement with ACCO Resources to acquire a 100% interest in 115 unpatented mining claims and associated data covering more than 2,300 acres of the Dripping Springs Quartzite uranium project, located in Gila County, Arizona.

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On March 30, 2023, the Company reported the results of a combined PEA for both its Utah-based Velvet-Wood Uranium and Vanadium Project and its Colorado-based Slick Rock Uranium and Vanadium Project.

On April 5, 2023, the Company provided an update with regard to PSE's progress on its reactivation report.

On May 14, 2023, 54,967,555 warrants with an exercise price of $0.13 expired unexercised.

On May 15, 2023, the Company announced that it had filed its PEA titled, "The Shootaring Canyon Mill and Velvet-Wood and Slick Rock Uranium Projects, Preliminary Economic Assessment" on SEDAR+.*"*

On July 10, 2023, the Company closed its brokered private placement in which it issued 81,820,000 units of the Company at a price of $0.055 per unit, for aggregate gross proceeds of $4,500,100. Each unit was comprised of one common share of the Company and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase one additional share of the Company at an exercise price of $0.085 per share until July 10, 2025. In connection with the private placement, the Company paid a cash commission of $255,024 and issued 4,636,800 compensation options with an exercise price of $0.055 per share and expiry date of July 10, 2025.

On July 20, 2023, the Company completed the acquisition of Neutron Energy, Inc. ("**Neutron**"), a wholly-owned subsidiary of enCore Energy Corp. ("**enCore**"), which holds the Marquez-Juan Tafoya uranium project located in the Grants Uranium Merial District, Albuquerque, New Mexico. As consideration for the acquisition of Neutron, the Company issued 185,000,000 common shares to enCore and agreed to pay $5,000,000 in cash. At closing, the Company made a payment of $4,000,000 and the balance was paid on September 25, 2023.

On July 20, 2023, 19,975,212 warrants with an exercise price of $0.40 per share expired unexercised.

On August 8, 2023, 3,717,000 options with an exercise price of $0.10 per share expired unexercised.

On September 26, 2023, the Company closed a $4.3 million credit facility (the "**Credit Facility**") with existing shareholder Extract Advisors LLC, as agent, on behalf of Extract Capital Master Fund Ltd. The Credit Facility has a maturity date of September 26, 2028 and bears a coupon of the Secured Overnight Financing Rate (as defined in the Credit Facility) plus 5% per annum, payable semi-annually, provided the effective annualized rate of interest does not exceed an agreed limit.

On October 6, 2023, the Company granted 36,717,828 options to certain directors, officers, employees and consultants of the Company. The options vest immediately and are exercisable at a price of $0.10 per share until October 6, 2028.

On October 19, 2023, the Company entered into a definitive agreement with Nolan Holdings, Inc. to acquire 100% interest in 175 federal unpatented uranium mining claims, located in San Juan and Grand Counties in Utah. As consideration for the claims and associated data, the Company paid US$85,000 in cash and issued 15,000,000 Shares.

On October 20, 2023, the Company repaid a US$525,000 loan to a director of the Company.

On December 20, 2023, the Company issued 800,000 units with a fair value of $52,000 to settle $52,000 of legal fees owing to a director of the Company. Each unit consisted of one Share and one Share purchase warrant with each warrant entitling the holder to purchase an additional Share at a price of $0.10 until December 21, 2025.

On December 21, 2023, the Company completed a private placement in which it issued 38,462,100 units at $0.065 per unit for gross proceeds of $2,500,037. Each unit was comprised of one common share of the Company and one share purchase warrant. Each share purchase warrant entitles the holder to purchase one additional share at an exercise price of $0.10 per share until December 21, 2025. In connection with the private placement, the Company incurred $138,505 of share issuance costs. The Company also issued 1,966,170 broker warrants with a fair value of $85,968, exercisable until December 21, 2025, at an exercise price of $0.10 per share.

On December 21, 2023, the Company issued 8,500,000 units with a fair value of $552,500 to settle management bonus issued during the year. Each unit consisted of one common share of the Company and one share purchase warrant with each warrant entitling the holder to purchase an additional common share at a price of $0.10 until December 21, 2025.

There were favorable changes in the market conditions for uranium production, as well as other factors, which indicated the impairment loss recognized in prior periods in relation to the Shootaring mill no longer exists. On December 31, 2023, the Company determined that the fair value less cost of disposal of the asset was higher than the carrying value of the mill if no impairment loss had been recognized in prior periods. As a result, the Company reversed the total impairment of $21,986,159 (US$16,576,438) along with the changes to the Asset Retirement Obligation ("**ARO**") estimates for the period between the impairment and December 31, 2023.

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***Fiscal Year 2024***

On January 2, 2024, Highbury Resources, Inc., a subsidiary of the Company entered into a definitive agreement with Gold Eagle Mining Inc. and Golden Eagle Uranium LLC to acquire a 100% interest in twelve Department of Energy leases ("**DOE Leases**") and associated data in various counties in Colorado. The agreement was subsequently amended on September 28, 2024 – with consideration of US$100,000 paid – and again amended on February 20, 2025. Pursuant to the amended agreement, the Company agreed to pay the following consideration for the DOE Leases and associated dates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At closing, US$400,000 in cash and US$1,250,000 in common shares of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$750,000 in cash at the one-year anniversary of closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$1,000,000 in cash at the two-year anniversary of closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$1,000,000 in cash at the three-year anniversary of closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$1,500,000 in cash at the four-year anniversary of closing.

On January 5, 2024, the Company issued 15,000,000 common shares to acquire 100% interest in 175 federal unpatented uranium mining claims, located in San Juan and Grand Counties in Utah.

On January 18, 2024, the Company issued 674,800 common shares upon exercise of 674,800 broker warrants with an exercise price of $0.055.

On January 31, 2024, the Company issued 1,860,885 common shares upon exercise of 1,860,885 broker warrants with an exercise price of $0.055.

On February 2, 2024, the Company issued 42,150 common shares upon the exercise of 42,150 broker warrants with an exercise price of $0.055.

On February 23, 2024, a total of 18,188,672 warrants with an exercise price of $0.13 per share expired unexercised.

On March 7, 2024, a total of 76,182,151 warrants with an exercise price of $0.13 per share expired unexercised.

On April 2, 2024, the Company announced that it had hired Mr. Douglas Beahm as its Chief Operating Officer.

On April 9, 2024, the Company announced that it had submitted its production reactivation plan for its Shootaring Canyon Mill to the State of Utah's Department of Environmental Quality ("**UDEQ**").

On April 10, 2024, the Company issued 3,000,000 common shares upon the exercise of 3,000,000 warrants with an exercise price of $0.085.

On April 15, 2024, the Company entered into a waiver and second amending agreement to the Credit Facility with Extract Advisors LLC and Extract Capital Master Fund Ltd., whereby: (a) the lender agreed to waive a covenant breach related to lender's consent which was not obtained prior to the acquisition of the **DOE Leases** on January 2, 2024; (b) the Credit Facility was amended by reducing the minimum working capital requirement to $250,000; and (c) the Credit Facility was amended by requiring written consent of the agent prior to taking any corporate action to effect a share consolidation or stock split, unless the market price exceeds $0.12 per share for 20 consecutive trading days. In consideration for entering into the waiver and second amending agreement, the Company issued the lender 4,000,000 share purchase warrants with an exercise price of $0.095 exercisable until September 26, 2028.

On April 17, 2024, the Company issued 3,500,000 common shares upon the exercise of 3,500,000 warrants with an exercise price of $0.085 per share.

On May 1, 2024, the Company submitted its Plan of Operations ("**PoO**") for its Velvet-Wood Mine to both the State of Utah and the U.S. Bureau of Land Management.

On May 6, 2024, the Company announced that as a result of a delay in filing its annual financial statements, accompanying management's discussion and analysis and related officer certifications for the financial year ended December 31, 2023, the British Columbia Securities Commission had issued a cease trade order.

On May 12, 2024, a total of 7,500,000 warrants with an exercise price of $0.12 per share expired unexercised.

On June 3, 2024, the Company announced that it has filed its annual financial statements, accompanying management's discussion and analysis and related officer certifications for the financial year ended December 31, 2023. Following completion of the filings, the British Columbia Securities Commission revoked the previously issued cease trade order and the Shares resumed trading on June 5, 2024.

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On June 17, 2024, the Company announced that it had received approval for its Slick Rock drill program permit application to conduct a 20-hole drill campaign.

On July 12, 2024, a total of 3,100,000 options with an exercise price of $0.20 per share expired unexercised.

On July 18, 2024, the Company announced that it had received an affirmative completeness review from the State of Utah with regard to its Shootaring Mill production restart application.

On August 2, 2024, the Company entered into a loan agreement with a director of the Company (the "**Lender**") for $1,650,000 (the "**Note**"). The loan is non-interest bearing and due on August 2, 2025 (the "**Maturity Date**") and reflects an original issue discount of 10%. The Lender may demand repayment of the principal amount of the Note prior to the Maturity Date on providing five business days' notice following the date that the Company secures additional funding, whether in the form of an equity financing or debt financing, in an amount exceeding $5,000,000. The Company shall not incur or assume additional indebtedness until full repayment of this Note, that ranks senior to or *pari passu* with this loan or create, assume or permit to exist any lien or encumbrance on any assets or property of the Company or its subsidiaries that secures indebtedness, without the written consent of the Lender. The Note was repaid in full in connection with the announcement of the Transaction.

On August 2, 2024, the Company announced that it had engaged BRS, Inc. to prepare an updated uranium and vanadium resource with regard to the Company's Slick Rock project.

On September 24, 2024, the Company announced the commencement of its drill program at Slick Rock.

On October 1, 2024, the Company and IsoEnergy Ltd. ("**IsoEnergy**") entered into an arrangement agreement (the "**Arrangement Agreement**") pursuant to which IsoEnergy will acquire all of the issued and outstanding Shares by way of a court-approved plan of arrangement under Division 5 of Part 9 of the BCBCA (the "**Transaction**"). Under the terms of the Transaction, the Company shareholders will receive 0.031 of a common share of IsoEnergy (each whole share, an "**IsoEnergy Share**") for each Share held. Upon closing of the Transaction, existing shareholders of IsoEnergy and the Company will own approximately 83.8% and 16.2% of the IsoEnergy Shares on a fully-diluted in the-money basis, respectively, in each case based on the number of securities of IsoEnergy and Anfield issued and outstanding as of October 1, 2024.

**<u>Recent Developments</u>**

On January 14, 2025, the Company announced that it had entered into a subscription agreement with UEC whereby UEC agreed to acquire 107,142,857 shares of Anfield at a price of $0.14 per share for total gross proceeds of $15,000,000. The Company also announced the termination of its proposed Plan of Arrangement with IsoEnergy.

On January 15, 2025, the Company announced the closing of the $15,000,000 equity financing with UEC.

On January 29, 2025, the Company announced that it had completed a 14-hole, 14,100-foot rotary drill program at its Slick Rock uranium and vanadium project, located in San Miguel County, Colorado.

On March 10, 2025, the Company announced that it had filed notice to convene a Special Shareholder Meeting to seek approval for a share consolidation of the Company's Common Shares on the basis of one new Share for up to 200 currently issued and outstanding common shares, or some lesser ratio as Directors may deem appropriate.

On March 18, 2025, the Company announced that it had entered into an amending agreement with Extract Advisors LLC for the extension of an additional US$6,000,000 increase to the existing credit facility dated September 26, 2023, in connection with the indicative term sheet as previously announced by the Company on January 14, 2025.

On April 2, 2025, the Company appointed Ross McElroy to its Board of Directors and announced that shareholder approval was received for a consolidation of the Company's common shares on the basis of one new share for up to 200 currently issued and outstanding shares. Completion of the consolidation remains subject to the Board of Directors determining a final ratio, the satisfaction of applicable public distribution requirements and the approval of the TSX Venture Exchange.

On April 22, 2025, the Company announced that it had submitted both its listing application to the Nasdaq Stock Market LLC and the accompanying Form 20-F Registration Statement to the Securities Exchange Commission.

On May 6, 2025, the Company issued 12,729,464 common shares pursuant to the agreement the Company entered into with Gold Eagle Mining Inc.

**<u>Principal Capital Expenditures and Divestitures</u>**

We made the following capital expenditures and divestitures over the last three financial years.

*Fiscal 2024* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In January, 2024, the Company announced that its subsidiary, Highbury Resources, Inc.
(" **Highbury**") has entered into a definitive agreement with Gold Eagle Mining Inc. ()"**GEM**") and Golden Eagle Uranium LLC ()"**GEU**") (collectively, "**the Sellers**") to acquire a 100%
interest in twelve DOE Leases and associated data in various Counties in Colorado. Total consideration of US$6,000,000 – with US$4,750,000 to be paid in cash over five years and US$1,250,000 paid in shares at Closing (February 21, 2025) –
will be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$100,000 in cash in September 2024 (paid)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$400,000 in cash in February 2025 (paid)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$1,250,000 in common shares of Anfield at an implied price of $0.14 per share in April 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$750,000 on the first anniversary of Closing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$1,000,000 on the second anniversary of Closing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$1,000,000 on the third anniversary of Closing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$1,500,000 on the fourth anniversary of Closing

*Fiscal 2023* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 3, 2023, the Company announced that it had entered into a definitive agreement with Nedeel
LLC & BBL-2 LLC to acquire a 100% interest in 65 unpatented mining claims and historical data of the Marysvale uranium project, located in Beaver County, Utah, and 100% interest in 26 unpatented
mining claims and historical data of the Calf Mesa uranium project, located in Emery County, Utah. The Company paid US$60,000 and issued 9,000,000 common shares of Anfield as consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 16, 2023, the Company announced that it had entered into a definitive agreement with LiVada
Corporation to acquire a 100% interest in 119 unpatented mining claims and historical data to further consolidate its Artillery Peak project area, located in Mohave County, Arizona. The Company paid US$50,000 and issued 6,000,000 common shares of
Anfield as consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In February 2023, the Company completed the sale of its Royalty Portfolio, previously announced in November 2022.
The transaction realized US$1.5 million in operating cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 13, 2023, the Company announced that it had entered into a definitive agreement with ACCO
Resources to acquire a 100% interest in 115 unpatented mining claims and associated data covering more than 2,300 acres of the Dripping Springs Quartzite uranium project, located in Gila County, Arizona. The Company paid US$50,000 and issued
15,000,000 common shares of Anfield as consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 10, 2023, the Company closed its brokered private placement in which it issued 81,820,000 units of
the Company at a price of $0.055 per unit, for aggregate gross proceeds of $4,500,100. Each unit was comprised of one common share of the Company and one-half of one share purchase warrant. Each whole warrant
entitles the holder to purchase one additional share of the Company at an exercise price of $0.085 per share until July 10, 2025. In connection with the private placement, the Company paid a cash commission of $255,024 and issued 4,636,800
compensation options with an exercise price of $0.055 per share and expiry date of July 10, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 20, 2023, the Company completed the acquisition of Neutron, a wholly-owned subsidiary of enCore,
which holds the Marquez-Juan Tafoya uranium project located in the Grants Uranium Merial District, Albuquerque, New Mexico. As consideration for the acquisition of Neutron, the Company issued 185,000,000 common shares to enCore and agreed to pay
$5,000,000 in cash. At closing, the Company made a payment of $4,000,000 and the balance was paid on September 25, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 6, 2023, the Company closed a $4.3 million credit facility with existing shareholder Extract
Advisors LLC, as agent, on behalf of Extract Capital Master Fund Ltd. The Credit Facility has a maturity date of October 6, 2028 and bears a coupon of the Secured Overnight Financing Rate (as defined in the Credit Facility) plus 5% per annum,
payable semi-annually, provided the effective annualized rate of interest does not exceed an agreed limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 19, 2023, the Company entered into a definitive agreement with Nolan Holdings, Inc. to acquire
100% interest in 175 federal unpatented uranium mining claims, located in San Juan and Grand Counties in Utah. As consideration for the claims and associated data, the Company paid US$85,000 in cash and issued 15,000,000 Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 21, 2023, the Company completed a private placement in which it issued 38,462,100 units at
$0.065 per unit for gross proceeds of $2,500,037. Each unit was comprised of one common share of the Company and one share purchase warrant. Each share purchase warrant entitles the holder to purchase one additional share at an exercise price
of $0.10 per share until December 21, 2025. In connection with the private placement, the Company incurred $138,505 of share issuance costs. The Company also issued 1,966,170 broker warrants with a fair value of $85,968, exercisable until
December 21, 2025, at an exercise price of $0.10 per share.

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*Fiscal 2022:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On March 8, 2022, the Company announced the closing of the final tranche of a non-brokered private placement announced on January 11, 2022. The final tranche consisted of 71,920,520 Units at a price of $0.085 per Unit for gross proceeds of $6,116,644. Each Unit consisted of one
common share of the Company plus one common share purchase warrant, with each warrant entitling the holder thereof to acquire one common share at a price of C$0.13 until March 7, 2024. The initial tranche of the non-brokered private placement, closed on February 23, 2022, consisted of 18,039,480 Units for gross proceeds of $1,533,356. Each Unit consisted of one common share of the Company plus one common share
purchase warrant, with each warrant entitling the holder thereof to acquire one common share at a price of $0.13 until February 23, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 21, 2022, the Company announced a $15,000,000 bought deal consisting of 125,000,000 Subscription
Receipts at a price of $0.12 per Subscription Receipt. Each Subscription Receipt consisted of one common share of the Company plus one common share purchase warrant, with each warrant entitling the holder thereof to acquire one common share at a
price of $0.18 until May 12, 2027. All precedent conditions related to the conversion of the Subscription Receipts into Units were satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On June 8, 2022, the Company announced that it had completed the settlement of US$18,340,000 of indebtedness
which was owed to UEC. The indebtedness was fully settled through the payment to UEC of US$9,170,000 in cash from net proceeds of the offering announced on April 21, 2022 and the issuance to UEC of 96,272,918 Anfield Energy Units which were
issued at a deemed aggregate value of approximately US$9.17 million or US$0.095 (C$0.12) per Unit. Each Unit consisted of one common share of the Company plus one common share purchase warrant, with each warrant entitling the holder thereof to
acquire one common share at a price of C$0.18 until May 12, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On November 14, 2022, the Company entered into a definite agreement with Wayne Minerals Inc. to acquire a
100% interest in 50 unpatented mining claims in the uranium-rich Artillery Peak project area, located in Mohave County, Arizona, USA. The Company paid US$150,000 ($199,665) cash and issued 25,000,000 common
shares with a fair value of $2,000,000. The Seller retained a 3% Net Smelter Returns royalty ()"**NSR**") which can be bought back for US$450,000 at US$150,000 per percentage point. During the year ended December 31, 2023, the
Company bought back 3% NSR with US$450,000.

**B.** **Business Overview** 

**<u>General Development of the Business</u>**

Anfield Energy is a uranium and vanadium development company which holds all of its mining assets in the United States. The Company plans to focus on advancing certain of its assets – the Velvet-Wood project, the Slick Rock project and the Shootaring Canyon mill – to production within the next two to three years.

In the next twelve months, Anfield aims to:

1) secure a large mine permit for Velvet-Wood in 2025;

2) submit its PoO for Slick Rock to the DOE;

3) determine the most prospective of its DOE Leases through data review and preliminary drilling (where necessary); and

4) commence clean-up work at the Shootaring Canyon mill site while awaiting approval of its mill reactivation plan, which was submitted to the UDEQ in April of 2024. Discussions between Anfield and the UDEQ regarding the plan are continuing, and a site visit to Shootaring was undertaken by the UDEQ's Section Manager of Uranium Recovery in April of 2025. 

Anfield's twelve-month budget is approximately $8.5 million, and the Company currently has $13.9 million in cash on its balance sheet.

The Company holds mining claims and leases in Utah, Colorado, New Mexico and Arizona.

The Company has five subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anfield Energy Inc. – Parent (British Columbia)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anfield Resources Holding Corp. – Subsidiary, 100% owned by the Company (Utah)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ARH Wyoming Corp. – Subsidiary, 100% owned by the Company (Wyoming)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Highbury Resources Inc. – Subsidiary, 100% owned by the Company (Wyoming)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anfield Precious Metals Inc. – Subsidiary, 100% owned by the Company (South Dakota)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Neutron Energy, Inc. – Subsidiary, 100% owned by the Company (Nevada)

**<u>Principal Products and Services</u>**

The Company is in the exploration and development stage of operations and is in the process of advancing its assets towards production. The Company does not currently have any products available to sell.

**<u>Principal Markets</u>**

Not applicable.

**<u>Seasonality</u>**

The Company is currently in the exploration and development stage, and so its activities could be curtailed by harsh weather in the states in which it operates. Federal and/or State government regulations may also prohibit mining activities at certain times of the year due to bird migration and the like.

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**<u>Manufacturing and Availability of Raw Materials</u>**

Not applicable.

**<u>Marketing Plans and Strategies</u>**

Not applicable.

**<u>Proprietary Protection</u>**

The Company is dependent on its Radioactive Materials License (RML), an item which allows for the processing of radioactive material such as uranium. The RML is a scarce item within the United States, with only four U.S. uranium mills currently in existence according to a May 2024 domestic uranium production report released by the U.S. Energy Information Administration.

**<u>Competitive Position</u>**

Not applicable.

**<u>Government Regulations</u>**

The DOE has granted mining leases in Colorado to the Company for the purpose of uranium and vanadium mining extraction and production. The leases include both a pre-production royalty and production royalty obligation.

The State of Utah is responsible for the oversight of the Company's Radioactive Materials License.

**C.** **Organizational Structure** 

The corporate structure of Anfield, its material subsidiaries, the jurisdiction of incorporation of such corporations and the percentage of equity ownership are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anfield Energy Inc. – Parent (British Columbia)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anfield Resources Holding Corp. – Subsidiary, 100% owned by the Company (Utah)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ARH Wyoming Corp. – Subsidiary, 100% owned by the Company (Wyoming)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Highbury Resources Inc. – Subsidiary, 100% owned by the Company (Wyoming)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anfield Precious Metals Inc. – Subsidiary, 100% owned by the Company (South Dakota)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Neutron Energy, Inc. – Subsidiary, 100% owned by the Company (Nevada)

**D.** **Property, Plants and Equipment**

<br> **<u>Overview</u>**

The Company is a uranium and vanadium exploration company. All of the Company's mineral properties are in either an exploration or development stage and are located in the United States. The Company's material properties are the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% owned Velvet Wood Project in Utah;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% owned Slick Rock Uranium Project in Colorado; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% owned West Slope Uranium Project in Colorado.

The Company's additional processing facilities include the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% owned Shootaring Canyon Mill in Utah.

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In addition to the above properties, the below table summarizes our additional DOE leases and non-material projects:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Centroid<br>Location<br> (WGS 84) |  |  | |  |  | |
| Project | State | County | Northing | Easting | Ownership | No.<br>Claims | No.<br>Leases | Lease<br>Type | Acreage |
| ***Additional DOE Leases*** |  |  |  |  |  |  |  |  |  |
|  C-JD-5 | Colorado | Montrose | 38° 13' 36" | 108° 44' 16" | 100% ANF | 0 | 1 | DOE | 150.7 |
|  C-JD-5A | Colorado | Montrose | 38° 13' 29" | 108° 43' 27" | 100% ANF | 0 | 1 | DOE | 24.5 |
|  C-SR-10 | Colorado | San Miguel | 37° 57' 19" | 108° 58' 32" | 100% ANF | 0 | 1 | DOE | 637.6 |
|  C-SR-11 | Colorado | San Miguel | 37° 59' 16" | 108° 59' 30" | 100% ANF | 0 | 1 | DOE | 1303.2 |
|  C-SR-11A | Colorado | San Miguel | 37° 58' 07" | 109° 01' 08" | 100% ANF | 0 | 1 | DOE | 1296.8 |
|  C-SR-13 | Colorado | San Miguel | 38° 02' 11" | 108° 52' 50" | 100% ANF | 0 | 1 | DOE | 1077.3 |
|  C-SR-13A | Colorado | San Miguel | 38° 03' 03 | 108° 53' 59 | 100% ANF | 0 | 1 | DOE | 419.7 |
|  C-SR-15 | Colorado | San Miguel | 38° 03' 16" | 108° 55' 49" | 100% ANF | 0 | 1 | DOE | 349.8 |
|  C-SR-15A | Colorado | San Miguel | 38° 03' 19" | 108° 56' 37" | 100% ANF | 0 | 1 | DOE | 172.3 |
|  C-SR-16 | Colorado | San Miguel | 37° 59' 33" | 108° 56' 45" | 100% ANF | 0 | 1 | DOE | 1790.4 |
|  C-SM-18 | Colorado | Montrose | 38° 23' 15" | 108° 44' 35" | 100% ANF | 15 | 1 | DOE | 1492.3 |
|  C-LP-21 | Colorado | Montrose | 38° 18' 01" | 108° 44' 08" | 100% ANF | 0 | 1 | DOE | 650.7 |
|  C-LP-22 | Colorado | Montrose | 38° 18' 24" | 108° 45' 03" | 100% ANF | 0 | 1 | DOE | 224.3 |
|  C-LP-22A | Colorado | Montrose | 38° 18' 59" | 108° 45' 41" | 100% ANF | 0 | 1 | DOE | 409.2 |
|  C-LP-23 | Colorado | Montrose | 38° 16' 32" | 108° 42' 14" | 100% ANF | 0 | 1 | DOE | 596 |
|  C-WM-17 | Colorado | San Miguel/ Montrose | 38° 09' 13" | 108° 49' 43" | 100% ANF | 0 | 1 | DOE | 475 |
|  C-CM-25 | Colorado | Montrose | 38° 21' 18" | 108° 46' 45 | 100% ANF | 0 | 1 | DOE | 639.2 |
| ***Additional Projects*** |  |  |  |  |  |  |  |  |  |
|  Newsboy | Arizona | Maricopa | 33d 50' 55" | -112d 40' 33" | 100% ANF | 35 | 4 | State | 2243 |
| Findlay Tank | Arizona | Mohave | 36d 41' 45" | -112d 40' 40" | 100% ANF | 7 | 0 | N/A | 144 |
| Date Creek-Artillery Peak | Arizona | Mohave | 34d 24' 06" | -113d 35' 05" | 100% ANF | 205 | 0 | N/A | 2800 |
| Marquez-Juan Tafoya | New Mexico | McKinley/ Sandoval | 35d 18' 00" | -107d 18' 00" | 100% ANF | 0 | 26 | Private | 18712 |
|  Marysville | Utah | Beaver | 38d 22' | -112d 32 | 100% ANF | 65 | 0 | N/A | 1340 |
|  Frank M | Utah | Garfield | 37d 47' 31" | -110d 40' 23" | 100% ANF | 45 | 2 | State | 23970 |
|  Mi Vida | Utah | San Juan | 38d 11' 29.5" | -109d 15' 23.4" | 100% ANF | 12 | 0 | N/A | 236.6 |
|  Papoose | Utah | San Juan | 38d 13' 9" | -109d 14' 28" | 100% ANF | 0 | 1 | State | 360 |

---

Table 1 – Non-Material Anfield Properties

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![LOGO](g870247g0526185246897.jpg)

<u>Figure 1 – Project Location Map – Arizona</u> 

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![LOGO](g870247g0526185247619.jpg)

<u>Figure 2 – Project Location Map – Colorado</u> 

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![LOGO](g870247g0526185248084.jpg)

<u>Figure 3 – Project Location Map – New Mexico</u> 

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![LOGO](g870247g0526185248527.jpg)

<u>Figure 4 – Project Location Map – Utah</u> 

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***Shootaring Canyon Mill***

The Shootaring Canyon Mill was licensed and constructed by Plateau Resources and operated in 1982. U.S. Energy and Uranium One were also previous owners of the Shootaring Mill. The mill has not been decommissioned and has been under care and maintenance since cessation of operations. The mill license has been maintained and Anfield has submitted its production reactivation plan for the Shootaring Canyon mill to UDEQ. The plan addresses the updating the mill's radioactive materials license from its current standby status to operational status and the increasing of both throughput capacity and the tripling of licensed production capacity.

Early-stage refurbishment of Shootaring will take place during the review of the restart application, preparing the Company to complete refurbishment as soon as the restart application is approved. The Company is targeting the mill restart in 2027. The Company estimates the Shootaring Canyon mill uranium circuit refurbishment will cost US$31.4 million, based on existing tonnage capacity of 750 tons per day. The Company is currently evaluating an expansion of throughput in the uranium circuit in connection with the refurbishment. In the event the Company decides to proceed with a concurrent expansion, it is expected that initial capital costs will increase beyond the initial estimate.

With the application submitted to the UDEQ, the Company can prepare for uranium mill and tailings refurbishment and vanadium circuit construction. Steps include: the rough grading of the tailings pond cell area in advance of cell design approval; the moving of ore stockpiles and remediation of sections of the restricted area to establish a new radiation control boundary; the building of a new ore dump wall and transportation roads, along with a truck wash station; the demolition of all infrastructure to be replaced (e.g., electrical, controls, leach tanks); the installation of new generators, acid tanks and fuel tanks; the construction of the vanadium circuit building and counter-current decantation circuit footers; the building of new ore pads where Velvet-Wood ore can be stockpiled in anticipation of mill restart; and the ordering of tanks and vessels needed for processing circuits, having equipment onsite and ready to install once the license is approved. The Company estimates the vanadium circuit construction and the tailings facility refurbishment will cost US$13.4 million and US$20 million, respectively.

In July 2024, the Company received an affirmative completeness review from the UDEQ with respect to its Shootaring Mill production restart application. This affirmation allows for the detailed technical review of the mill application to proceed, which represents a critical step towards the restart of uranium production at Shootaring. The comprehensive application is designed to both update the mill's radioactive materials license from its current standby status to operational status and increase both throughput capacity and licensed output capacity at the mill.

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**Summary Tables of Mineral Resource Estimates** 

<u>Table 2 : Resource Summary Table - Uranium</u> 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Measured | Measured | Measured | Indicated | Indicated | Indicated | Measured and Indicated | Measured and Indicated | Measured and Indicated | Inferred | Inferred | Inferred |
| State | Project | GT Cutoff | Tons<br>('000's) | Grade<br>(%eU<sub>3</sub>O<sub>8</sub>) | Pounds<br>('000's) | Tons<br>('000's) | Grade<br>(%eU<sub>3</sub>O<sub>8</sub>) | Pounds<br>('000's) | Tons<br>('000's) | Grade<br>(%eU<sub>3</sub>O<sub>8</sub>) | Pounds<br>('000's) | Tons<br>('000's) | Grade<br>(%eU<sub>3</sub>O<sub>8</sub>) | Pounds<br>('000's) |
|  Utah | Velvet-Wood | 0.5 GT (4ft of 0.125% eU<sub>3</sub>O<sub>8</sub>) | 283 | 0.32 | 1836 | 346 | 0.36 | 2488 | 629 | 0.34 | 4324 | 87 | 0.32 | 552 |
| **Subtotal Utah** |  |  | 283 | 0.32 | 1836 | 346 | 0.36 | 2488 | 629 | 0.34 | 4324 | 87 | 0.32 | 552 |
|  Colorado | Slick Rock | 0.4 GT (4ft of 0.10% eU<sub>3</sub>O<sub>8</sub>) |  |  |  |  |  |  |  |  |  | 1749 | 0.23 | 7858 |
|  | JD-6 Lease | 0.5 GT (4ft of 0.125% eU<sub>3</sub>O<sub>8</sub>) |  |  |  | 31 | 0.27 | 171 | 31 | 0.27 | 171 |  |  |  |
|  | JD-6 Lease | 0.5 GT (4ft of 0.125% eU<sub>3</sub>O<sub>8</sub>) |  |  |  | 722 | 0.21 | 3083 | 722 | 0.21 | 3083 |  |  |  |
|  | JD-6 Lease | 0.5 GT (4ft of 0.125% eU<sub>3</sub>O<sub>8</sub>) |  |  |  | 199 | 0.24 | 960 | 199 | 0.24 | 960 |  |  |  |
|  | JD-6 Lease | 0.5 GT (4ft of 0.125% eU<sub>3</sub>O<sub>8</sub>) |  |  |  | 108 | 0.21 | 453 | 108 | 0.21 | 453 |  |  |  |
| **Subtotal Colorado** |  |  |  |  |  | 1060 | 0.22 | 4667 | 1060 | 0.22 | 4667 | 1749 | 0.23 | 7858 |
|  **Total** |  |  | **283** | **0.32** | **1836** | **1406** | **0.25** | **7155** | **1689** | **0.27** | **8991** | **1836** | **0.23** | **8410** |

---

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources.

2: Resources are estimated In Situ.

3: Mineral Resources are estimated using a long-term uranium price of US$70 per pound. Mineral Resources are estimated using a long-term vanadium price of US$12 per pound. As stated in each of the SK-1300 reports under subheading Commodity Price: "vanadium prices are more transparent than uranium prices. Vanadium pentoxide price ranged from $5.45 to $16.40 per pound in the period from 2019 through 2024. The lowest price occurred in 2024 and the highest price in 2019 according to the U.S. Geological Survey. As recently as August 9, 2022, Energy Fuels Inc. announced their Q2-2022 results which states: 'as a result of strengthening vanadium markets, during the six months ended June 30, 2022, the Company sold approximately 575,000 pounds of V2O5 at a gross weighted average price of $13.44 per pound of V2O5.' This private sale in the U.S. was well above the world average and is considered by the authors as more representative of domestic sales expected for U.S. production." Based on the preceding information, a price of $12.00 per pound for vanadium pentoxide is recommended. See Commodity Pricing Estimates below for further discussion on the Company's expectations for pricing of U.S. produced vanadium.

4: Bulk density is 0.07 tons/ft3 (14.5 ft3/ton).

5: Metallurgical Recovery 92%.

6: Estimated grades are based on underground mining and reflect mine dilution.

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

8: Numbers may not add due to rounding.

9: Pounds and tons as reported are rounded to the nearest 1,000.

10: "GT cutoff" is a marginal cutoff grade and is based on costs for mining, haulage, mineral processing, and taxes and royalties but does not include, reclamation and capital expenditure write-off as these costs are borne by the primary mined material.

<u>Table 3 : Resource Summary Table - Vanadium</u> 

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Measured | Measured | Measured | Indicated | Indicated | Indicated | Measured and Indicated | Measured and Indicated | Measured and Indicated | Inferred | Inferred | Inferred |
| State | Project | Uranium<br>GT Cutoff | Tons<br>('000's) | Grade<br>(%eU<sub>3</sub>O<sub>8</sub>) | Pounds<br>('000's) | Tons<br>('000's) | Grade<br>(%eU<sub>3</sub>O<sub>8</sub>) | Pounds<br>('000's) | Tons<br>('000's) | Grade<br>(%eU<sub>3</sub>O<sub>8</sub>) | Pounds<br>('000's) | Tons<br>('000's) | Grade<br>(%eU<sub>3</sub>O<sub>8</sub>) | Pounds<br>('000's) |
|  Utah | Velvet-Wood | 0.5 GT (4ft of 0.125% eU<sub>3</sub>O<sub>8</sub>) |  |  |  |  |  |  |  |  |  | 716 | 0.48 | 6826 |
| **Subtotal Utah** |  |  |  |  |  |  |  |  |  |  |  | 716 | 0.48 | 6826 |
|  Colorado | Slick Rock | 0.4 GT (4ft of 0.10% eU<sub>3</sub>O<sub>8</sub>) |  |  |  |  |  |  |  |  |  | 1749 | 1.35 | 47148 |
|  | JD-6 Lease | 0.5 GT (4ft of 0.125% eU<sub>3</sub>O<sub>8</sub>) |  |  |  |  |  |  |  |  |  | 31 | 1.38 | 855 |
|  | JD-6 Lease | 0.5 GT (4ft of 0.125% eU<sub>3</sub>O<sub>8</sub>) |  |  |  |  |  |  |  |  |  | 722 | 1.07 | 15415 |
|  | JD-6 Lease | 0.5 GT (4ft of 0.125% eU<sub>3</sub>O<sub>8</sub>) |  |  |  |  |  |  |  |  |  | 199 | 1.54 | 4800 |
|  | JD-6 Lease | 0.5 GT (4ft of 0.125% eU<sub>3</sub>O<sub>8</sub>) |  |  |  |  |  |  |  |  |  | 108 | 1.05 | 2265 |
| **Subtotal Colorado** |  |  |  |  |  |  |  |  |  |  |  | 2809 | 1.28 | 70483 |
|  **Total** |  |  |  |  |  |  |  |  |  |  |  | 3525 | 1.1 | 77309 |

---

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources.

2: Resources are estimated In Situ.

3: Mineral Resources are estimated using a long-term uranium price of US$70 per pound. Mineral Resources are estimated using a long-term vanadium price of US$12 per pound. As stated in each of the SK-1300 reports under subheading Commodity Price: "vanadium prices are more transparent than uranium prices. Vanadium pentoxide price ranged from $5.45 to $16.40 per pound in the period from 2019 through 2024. The lowest price occurred in 2024 and the highest price in 2019 according to the U.S. Geological Survey. As recently as August 9, 2022, Energy Fuels Inc. announced their Q2-2022 results which states: 'as a result of strengthening vanadium markets, during the six months ended June 30, 2022, the Company sold approximately 575,000 pounds of V2O5 at a gross weighted average price of $13.44 per pound of V2O5.' This private sale in the U.S. was well above the world average and is considered by the authors as more representative of domestic sales expected for U.S. production." Based on the preceding information, a price of $12.00 per pound for vanadium pentoxide is recommended. See Commodity Pricing Estimates below for further discussion on the Company's expectations for pricing of U.S. produced vanadium.

4: Bulk density is 0.07 tons/ft3 (14.5 ft3/ton).

5: Metallurgical Recovery 75%.

6: Estimated grades are based on underground mining and reflect mine dilution. Pounds of Vanadium were estimated using documented mine production vanadium : uranium ratios and comparative review of the limited number of intercepts assayed for both uranium and vanadium. Vanadium mineral resources are reported as inferred mineral resources due to limited current assays to verify reported mine production vanadium : uranium ratios. When mineral resources were first reported on these and similar projects by the author under NI 43-101 circa 2008, TSX regulators required a reduced mineral resource categorization as the estimated grade for vanadium was based on the V:U ratio from mine production records supported by limited current vanadium assays

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

8: Numbers may not add due to rounding.

9: Pounds and tons as reported are rounded to the nearest 1,000.

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##### [**Table of Contents**](#toc)
*Commodity Pricing Estimates* 

When determining commodity prices and cut-offs to use for mineral estimates, the Company reviewed current analyst forecasts for commodity prices for uranium and vanadium, including those in Table 4 below.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Date** | **2025** | **2026** | **2027** | **2028** | **2029** | **LT** |
| B. Riley Securities | 01-Feb-24 | $97.65 | $101.38 | $104.89 | $107.97 | $80.00 | $80.00 |
|  Bank of America | 08-Jan-24 | $115.00 | $85.00 | $75.00 | $65.00 | $55.00 | $55.00 |
|  BMO | 25-Jun-24 | $88.00 | $85.00 | $85.00 | $90.00 | $75.00 | $75.00 |
|  Bell Potter | 17-Feb-25 | $82.00 | $113.00 | $125.00 | $105.00 | $90.00 | $90.00 |
|  Beacon | 21-Jan-25 | $75.00 | $75.00 | $75.00 | $75.00 | $75.00 | $75.00 |
|  Canaccord | 4-Feb-25 | $82.50 | $110.00 | $90.00 | $90.00 | $90.00 | $90.00 |
|  Cantor | 2-Feb-24 | $130.00 | $140.00 | $145.00 | $150.00 | $150.00 | $150.00 |
|  CIBC | 5-Feb-25 | $90.00 | $95.00 | $80.00 | $80.00 | $80.00 | $80.00 |
|  Citigroup | 4-Jun-24 | $110.00 | $110.00 | $115.00 | $115.00 | $115.00 | $115.00 |
|  Cormark | 9-Feb-24 | $80.00 | $80.00 | $80.00 | $80.00 | $90.00 | $90.00 |
|  Eight Capital | 22-Apr-24 | $110.00 | $120.00 | $110.00 | $75.00 | $75.00 | $75.00 |
|  Goldman Sachs | 01-Apr-24 | $90.00 | $90.00 | $90.00 | $90.00 | $90.00 | $90.00 |
|  Haywood | 15-Feb-24 | $110.00 | $110.00 | $95.00 | $85.00 | $85.00 | $85.00 |
|  HC Wainwright | 7-Mar-24 | $90.00 | $90.00 | $90.00 | $90.00 | $90.00 | $90.00 |
|  Jeffries | 8-Apr-24 | $123.00 | $110.00 | $90.00 | $74.00 | $65.00 | $65.00 |
|  Macquarie | 25-Jan-24 | $90.00 | $90.00 | $76.30 | $76.30 | $76.30 | $76.30 |
|  National Bank | 16-Dec-24 | $91.00 | $103.00 | $103.00 | $90.00 | $85.00 | $85.00 |
|  Ventum | 11-Feb-25 | $75.00 | $85.00 | $85.00 | $85.00 | $85.00 | $85.00 |
|  Raymond James | 5-Feb-25 | $79.53 | $83.83 | $85.00 | $85.00 | $85.00 | $85.00 |
|  RBC | 5-Dec-24 | $85.00 | $95.00 | $90.00 | $85.00 | $100.00 | $100.00 |
|  Red Cloud | 10-Jan-25 | $85.00 | $90.00 | $90.00 | $90.00 | $90.00 | $90.00 |
|  Roth Capital | 23-Oct-24 | $97.50 | $100.00 | $90.00 | $90.00 | $90.00 | $90.00 |
|  Scotia | 5-Feb-25 | $80.00 | $90.00 | $95.00 | $100.00 | $75.00 | $75.00 |
|  Shaw & Partners | 16-Oct-24 | $124.00 | $150.00 | $150.00 | $140.00 | $120.00 | $100.00 |
|  SCP | 23-Feb-24 | $120.00 | $100.00 | $100.00 | $80.00 | $80.00 | $80.00 |
|  TD | 5-Feb-25 | $83.00 | $100.00 | $100.00 | $100.00 | $80.00 | $80.00 |
|  UBS | 12-Dec-24 | $78.00 | $80.00 | $82.50 | $82.50 | $82.50 | $82.50 |
|  **Analyst Consensus - All (27 Firms)** |  | $**94.86** | $**99.30** | $**96.17** | $**91.70** | $**87.18** | $**86.44** |
|  **Analyst Consensus - T6M (14 Firms)** |  | $**86.25** | $**97.85** | $**95.75** | $**92.68** | $**87.68** | $**86.25** |
| **Company** | **Date** | **2025** | **2026** | **2027** | **2028** | **2029** | **LT** |
|  Alliance Global Partners | 13-Jan-25 |  |  |  |  |  | $8.00 |
|  H.C.Wainwright | 12-Feb-25 | $5.25 | $5.25 | $5.25 | $5.25 | $5.25 | $5.25 |
|  RBC | 19-Nov-24 | $7.00 | $8.00 | $8.00 | $8.00 | $8.00 | $8.00 |
|  Red Cloud | 07-Jan-25 | $6.00 | $8.00 | $8.00 | $8.00 | $8.00 | $8.00 |
|  **Average** |  | $**6.08** | $**7.08** | $**7.08** | $**7.08** | $**7.08** | $**7.31** |

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<u>Table 4 – Analyst Forecasts for Uranium Prices (above) and Vanadium Prices (below) presented in USD</u> 

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Future prices for uranium are projected by analysts to be greater than $70 per pound used in the determination of cutoff criteria. Future prices for vanadium, as stated in Table 4 reflect the world market and are lower than $12 per pound used in the determination of cutoff criteria. Future prices for U.S. produced vanadium will depend on supply and demand. World vanadium supply in 2024 was driven by Russia, China, South Africa, and Australia. No production in the U.S. was reported for 2023 or 2024 according to the U.S. Geological Survey. With respect to supply, Russia does not provide vanadium to the U.S. and U.S. trade negotiations with China may affect supply. With respect to demand, new Chinese standards for rebar and increased use of vanadium redox flow batteries are expected to increase demand. Historically, vanadium prices have risen dramatically during periods of high demand and restricted supply. The Company believes that these factors, among others, may increase the price for U.S. produced vanadium in future years and has therefore used a using a long-term vanadium price of US$12 per pound.

The Company also notes that applying the analyst projected long-term commodity prices for uranium and vanadium, Table 4, to gross valuation of the mined material used in the evaluation of cutoff criterion, the variation in gross value diminished by a 5% for the Slick Rock, 2% for West Slope, and increased by 13% for Velvet-Wood. Such variances do not materially affect the cutoff determinations and criterion used in the mineral resource estimates.

**Reasonable Prospects of Economic Extraction and Cutoff Determination** 

For the material properties, Velvet-Wood, Slick Rock, and the West Slope (DOE leases JD6, JD7, JD8, and JD9) underground mining using a random room and pillar configuration has been assumed. Mined material would be hauled to and processed at Anfield's Shootaring Canyon mill. The random room and pilar mining method is commonly used for similar projects throughout the Colorado Plateau.

Conceptual CAPEX and OPEX estimates have been completed for the Velvet-Wood and Slick Rock uranium projects with mineral processing via the Shootaring Canyon Mill (Mill) and were publicly disclosed in a previous NI 43-101 report titled "The Shootaring Canyon Mill and Velvet-Wood and Slick Rock Uranium Projects, Preliminary Economic Assessment, NATIONAL INSTRUMENT 43-101", dated May 6, 2023 (Beahm, et al 2023). CAPEX estimates for underground mine equipment, pre-production expenditures, and surface facilities were based on InfoMine<sup>™</sup> cost data. Mine OPEX was based on InfoMine<sup>™</sup> cost data, Bureau of Labor Statistics for Utah and Colorado (through 2021), and haulage costs to the Mill based on use of existing roads and highways and data from the American Transportation Research Institute (ATRI) and the Energy Information Administration (EIA). CAPEX and OPEX for the Mill were based on an updated evaluation by the authors of a pre-feasibility study for refurbishing the uranium mill by Lyntek completed in 2008, and the addition of a vanadium circuit.

Estimated Capital Expenditures (CAPEX) include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-production expenses related to engineering design, metallurgical testing, and permitting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mine facilities and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct processing plant refurbishing costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tailings related costs.

Estimated Operating Expenditures (OPEX) include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct mining costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Haulage and handling costs for delivery of mined and stockpiled material to the Mill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct mineral processing costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reclamation and bonding costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Royalties and taxes.

The Cutoff criterion for estimation of mineral resources considers minimum grade, minimum thickness and the combination of these criteria as the grade thickness product (GT). In addition to the cutoff criterion applied, individual areas of mineralization were evaluated for economic extractability based on the costs of driving a 10ft x 10 ft drift into the mineral from the closest adjacent area of grade. Isolating pods not meeting break-even returns were excluded from the mineral resource estimate.

In practice, due to the configuration and variability of the deposits, minimum mining thickness and width, and restraints on mining selectivity, mineralized material will be removed from the mine which will not meet grade for immediate haulage and processing. However, this material has future economic value if it meets or exceeds marginal forward costs and will be stockpiled at the mine site for future haulage and processing. Whereas mining costs will be allocated to the mined material meeting grade for immediate haulage and processing, the value of the stockpiled lower grade material and/or lower grade material left in the mine is based on the price of the recovered products, less the any additional mining or handling costs, haulage costs, processing costs, and other direct costs including royalites and taxes but would not include write-off of CAPEX, reclamation costs.

Minimum GT cutoff and cutoff calculations for the Material Properties follow:

<u>Velvet-Wood:</u> 

The minimum GT cutoff used in the mineral resource estimate varied by area from 0.25 to 0.50 GT. At the diluted 4-foot thickness this equates to a minimum grade of 0.0625 to 0.125% eU3O8. Applying the minimum GT criterion and additional economic restraints, discussed herein, the estimated average mine grade for the Velvet-Wood project is 0.29 %eU<sub>3</sub>O<sub>8</sub>.

<u>**Velvet-Wood Cutoff Calculation**</u> 

---

| | | |
|:---|:---|:---|
| **<u>OPEX</u>** | **Marginal Forward Cost<br>$/ton** | **Fully Loaded Costs $/ton** |
|  Mining | $80.00 | $80.00 |
|  Haulage | $20.70 | $20.70 |
|  Mineral Processing | $69.70 | $69.70 |
|  Reclamation Mine |  | $2.94 |
|  Other tax, royalty, bonding | $10.83 | $50.00 |
|  Total OPEX | $181.23 | $223.34 |
|  **<u>CAPEX</u>** |  |  |
|  Individual mines $29,930 m USD |  | $21.64 |
|  Mill ($64,800 m USD/3,756 m tons total\*) | $- | $17.25 |
|  Total CAPEX | $- | $38.89 |
|  **<u>Total Cost per Ton</u>** | $181.23 | $262.22 |
|  Value at minimum GT | $192.50 |  |
|  Value at average mined grade |  | $446.60 |
|  <u>**Difference - Value Less Cost**</u> | $11.27 | $184.38 |

---

Notes:

4 ft minimum thickness

$70 Uranium, 92% recovery

$12 Vanadium, 75% recovery

Minimum Grade at 0.5 GT, 0.125% U<sub>3</sub>O<sub>8</sub>, V:U ratio 1.4, Average Grade 0.34% U<sub>3</sub>O<sub>8</sub>, V:U ratio 1.4

Calculation of mineral value: Value = (U (lbs/ton)\*Recovery\*Price) + (V (lbs/ton)\*Recovery\*Price)

\*Total tons include West Slope, Velvet-Wood, and Slick Rock mines feeding the Mill

<u>Slick Rock:</u>

The minimum GT cutoff used in the mineral resource estimate was 0.40 GT. At a diluted 4-foot thickness this equates to an average grade of 0.10 %eU<sub>3</sub>O<sub>8</sub>. Applying the minimum GT criterion and additional economic restraints the estimated average mine grade for the Slick Rock project is 0.23 %eU<sub>3</sub>O<sub>8</sub>.

<u>**Slick Rock Cutoff Calculation**</u> 

---

| | | |
|:---|:---|:---|
| **<u>OPEX</u>** | **Marginal Forward Cost** | **Fully Loaded Costs $/ton** |
|  Mining | $124.00 | $124.00 |
|  Haulage | $23.00 | $23.00 |
|  Mineral Processing | $69.70 | $69.70 |
|  Reclamation Mine |  | $9.69 |
|  Taxes and Royalties | $21.74 | $50.00 |
|  Total OPEX | $238.44 | $276.39 |
|  **<u>CAPEX</u>** |  |  |
|  Individual mine ($25,300 m USD) |  | $15.21 |
|  Mill ($64,800 m USD/3,756 m tons total\*) | $- | $17.25 |
|  Total CAPEX | $- | $32.47 |
|  <u>**Total Cost per Ton**</u> | $113.08 | $308.86 |
|  Value at minimum GT | $236.80 |  |
|  Value at average mined grade |  | $544.64 |
|  **<u>Difference - Value less Cost</u>** | $(1.64) | $235.78 |

---

Notes:

4 ft minimum thickness

$70 Uranium, 92% recovery

$12 Vanadium, 75% recovery

Minimum GT 0.4 = Grade 0.10% U<sub>3</sub>O<sub>8</sub>, Average Grade 0.23% U<sub>3</sub>O<sub>8</sub>, V:U ratio 6

Calculation of mineral value: Value = (U (lbs/ton)\*Recovery\*Price) + (V (lbs/ton)\*Recovery\*Price)

\*Total tons includes West Slope, Velvet-Wood, and Slick Rock mines feeding the Mill

<u>West Slope (DOE leases JD6, JD7, JD8, and JD9)</u>:

The minimum GT cutoff used in the mineral resource estimate was 0.50 GT. At the diluted 4-foot thickness this equates to a minimum grade of 0.125 %eU<sub>3</sub>O<sub>8</sub>. Applying the minimum GT criterion and additional economic restraints, discussed herein, the estimated average mine grade for the West Slope project is 0.23 %eU<sub>3</sub>O<sub>8</sub>.

<u>**West Slope Cutoff Calculation**</u> 

---

| | | |
|:---|:---|:---|
| **<u>OPEX</u>** | **Marginal Forward Cost $/ton** | **Fully Loaded Costs $/ton** |
|  Mining | $80.00 | $80.00 |
|  Haulage | $28.75 | $28.75 |
|  Mineral Processing | $69.70 | $69.70 |
|  Reclamation Mine |  | $4.93 |
|  Other tax, royalty, bonding | $52.50 | $140.00 |
|  **Total OPEX** | $**230.95** | $**323.38** |
|  <u>**CAPEX**</u> |  |  |
|  Individual mines |  | $23.06 |
|  $29,930 m USD |  |  |
|  Mill $64,800 m USD | $- | $17.25 |
|  3,756 m tons total\* |  |  |
|  **Total CAPEX** | $**-** | $**48.35** |
|  <u>**Total Cost per Ton**</u> | $**230.95** | $**371.73** |
|  **Value at minimum GT** | $273.50 |  |
|  **Value at average mined grade** |  | $437.60 |
|  <u>**Difference - Value Less Cost**</u> | $**42.55** | $**65.87** |

---

Notes:

4 ft minimum thickness

$70 Uranium, 92% recovery

$12 Vanadium, 75% recovery

Minimum Grade at 0.5 GT, 0.125 % U<sub>3</sub>O<sub>8</sub>, V:U ratio 5, Average Grade 0.20 % U3O8, V:U ratio 5

Calculation of mineral value: Value = (U (lbs/ton)\*Recovery\*Price) + (V (lbs/ton)\*Recovery\*Price)

\*Total tons includes West Slope, Velvet-Wood, and Slick Rock mines feeding the Mill

**Summary of Regulatory Status for Required Permits and Licenses** 

The below table provides a summary of the permits and licenses required to operate our material properties and the status of these permits and licenses and criterion used in the mineral resource estimates.

---

| | | | |
|:---|:---|:---|:---|
| **Permits/Licenses** | **Lead Agency/Cooperating<br>Agency** | **Purpose** | **Status 2025** |
| **Shootaring Canyon Mill** | **Shootaring Canyon Mill** | **Shootaring Canyon Mill** | **Shootaring Canyon Mill** |
| Radioactive Material License | UDEQ-DWMRC | License to possess and process uranium ores and associated wastes | In timely renewal, partial submittal, submittal completion in process |
| Bond | UDEQ-DWMRC | Reclamation Surety | In place for current facility reclamation, updated bond required for return to operational status |
| Dam Permit | UDNR-DWR/SEO | Tailings Impoundment Embankment permit | In place, updated submittal pending approval of Radioactive Materials License |
| Air Authorization Order (minor source) | UDEQ-AQD | Air quality | In process |
| Groundwater Discharge Permit | UDEQ-WQD | Groundwater protection from water treatment | In timely renewal, approval pending |
| State Well Permits | UDEQ-DWMRC/SEO | Permitting groundwater wells for mill process water supply and environmental monitoring | Water supply wells in place and permitted. New wells proposed for new tailings impoundment, permitting new wells pending DWMRC approval of Groundwater Discharge Permit renewal application |
| Water Rights | UDEQ-DWMRC/SEO | Mill processing water supply | Transfer from previous owner in process. |
| **Velvet-Wood Mine** | **Velvet-Wood Mine** | **Velvet-Wood Mine** | **Velvet-Wood Mine** |
| Large Mine Permit | UDNR-DOGM/BLM | Mining permit | Existing, Update in Progress |
| UPDES Permit | UDNR-DOGM | Discharge of treated mine water | Approved in 2024 |
| Groundwater Discharge Permit | UDNR-DOGM/UDEQ-WQD | Groundwater protection from water treatment | Approved in 2024 |
| Air Authorization Order (minor source) | UDNR-DOGM/UDEQ-AQD | Air quality | Approved in 2008, expired, renewal in progress |
| County Septic System | San Juan County | Mine surface operations septic system | Pending application |
| Source Material License | UDEQ-DWMRC/UDNR-DOGM/BLM | Management or radioactive solid material generated from mine water treatment | Pending application |
| State Well Permits | UDNR-DOGM/SEO | Permitting groundwater wells for environmental monitoring | Complete |
| Water Rights | UDEQ-DWMRC/SEO | Mine operations water supply | 10yr Appropriated Water Right 2024-2034 |
| **Slick Rock Mine** | **Slick Rock Mine** | **Slick Rock Mine** | **Slick Rock Mine** |
| Large Mine Permit | CDRMS/BLM | Mining permit | Pending application |
| Stormwater Discharge Permit | CDHPE | Discharge of treated mine water | Pending application |
| Groundwater Discharge Permit | CDHPE | Groundwater protection from water treatment | Pending application |
| Air Permit (minor source) | CDHPE | Air quality | Pending application |
| County Septic System | San Miguel County | Mine Surface Ops Septic system | Pending application |
| Source Material License | CDHPE | Management or radioactive solid material generated from mine water treatment | Pending application |
| State Well Permits | CDWR | Permitting groundwater wells for environmental monitoring | Pending application |
| Water Rights | CDWR | Mine operations water supply | Transfer from previous owner in process. |

---

<u>Table 5 – Summary of Regulatory Status for Required Permits and Licenses</u> 

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**Summary of Environmental Data and Studies** 

The below table provides a overview of the environmental studies undertaken in connection with operating our material properties and the current status of those studies.

---

| | | |
|:---|:---|:---|
| **Environmental Data/Studies** | **Lead Agency/Cooperating Agency** | **Status** |
| **Shootaring Canyon Mill** | **Shootaring Canyon Mill** | **Shootaring Canyon Mill** |
| Geology and Soil | UDEQ-DWMRC | Complete |
| Groundwater | UDEQ-DWMRC-WQD | Complete |
| Surface Water | UDEQ-DWMRC-WQD | Complete |
| Ecological Resources | UDEQ-DWMRC | Complete |
| Air Quality and Meteorology | UDEQ-DWMRC-AQD | Update in progress |
| Cultural Resources | UDEQ-DWMRC-SHPO | Complete |
| **Velvet Wood Mine** | **Velvet Wood Mine** | **Velvet Wood Mine** |
| Geology and Soil | DOGM/BLM | Complete/Historical Data |
| Groundwater | DOGM/BLM | Update study in progress |
| Surface Water | DOGM/BLM | Complete/Historical Data |
| Ecological Resources | DOGM/BLM | Complete |
| Air Quality and Meteorology | DOGM/BLM | Complete/Historical Data |
| Cultural Resources | DOGM/BLM | Complete |
| **Slick Rock Mine** | **Slick Rock Mine** | **Slick Rock Mine** |
| Geology and Soil | CDRMS /BLM | Complete/Historical Data |
| Groundwater | CDRMS /BLM | New study required |
| Surface Water | CDRMS /BLM | New study required |
| Ecological Resources | CDRMS /BLM | New study required |
| Air Quality and Meteorology | CDRMS /BLM | New study required |
| Cultural Resources | CDRMS /BLM | New study required |

---

<u>Table 6 – Summary of Environmental Data and Studies</u> 

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**Material Properties** 

***Velvet Wood***

The following technical and scientific description of the exploration stage Velvet Wood Project is based in part on the report titled "*VELVET WOOD PROJECT INITIAL ASSESSMENT, US SEC Subpart 1300 Regulation S-K Report, San Juan County, Utah, USA*", dated April 15, 2025, prepared by Messrs. Beahm and Warren (the "**Velvet Wood Technical Report Summary**"). The Velvet Wood Technical Report Summary was prepared in accordance with S-K 1300 and attached hereto as Exhibit 96.3.

The Velvet-Wood project is proposed and permitted as an underground mining project. The Velvet Wood area is located in San Juan County, Utah, approximately 31 miles from Monticello, Utah in Township 31 South, Range 25 East, Sections 2, 3, 4 and 10, at Latitude 38<sup>o</sup> 07' 00" North and Longitude 109º 09' 00" West. The Wood area is located in Township 31 South, Range 26 East, Sections 6 and 7 and Township 31 South, Range 25 East, Sections 1, 11, and 12 at Latitude 38<sup>o</sup> 08' 00" North and Longitude 109<sup>o</sup> 06' 00" West.

In total the mineral holdings within the Project area comprise 86 mining lode claims and one state lease over approximately 2,140 acres. The below Velvet-Wood Mineral Ownership and Claim Map, shows the approximate location of the state lease and the unpatented mining lode claims that are part of the Velvet Wood Project.

![LOGO](g870247dsp307.jpg)

<u>Figure 5 – Velvet-Wood Ownership and Claim Map</u> 

Figure 5 shows the approximate location of unpatented mining lode claims and state leases that are part of the Velvet Wood Project. Copies of recent claim filings with the Bureau of Land Management ("**BLM**") for unpatented mining lode claims were provided by Anfield.

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##### [**Table of Contents**](#toc)
*Mineral Rights* 

Unpatented mining claims, both lode and placer, are under the authority of the Mining Law of 1872 on federal lands administered by the BLM. Under the Mining Law, the locator has the right to explore, develop, and mine on unpatented mining claims without paying production royalties to the federal government. Claim maintenance fees of $165 per claim are due by September 1st of each year. Unpatented federal lode mining claims are designated in the field by four corner posts, two end-center posts, and a location monument. Claim location notices for each unpatented claim are recorded in the county recorder's office of the county in which the claims are located, and then filed with the BLM state office.

In addition to the mining lode claims, three quarters of Section 2 is a State of Utah lease ML 49377. To maintain these mineral rights Anfield must comply with the state lease provisions including annual payments to State of Utah for leases ML 49377 and BLM and San Juan County, Utah filing and/or annual payment requirements to maintain the validity of the unpatented mining lode claims. The total annual payment required to maintain all interests in the project is approximately $20,000.

*Surface Rights* 

The Velvet-Wood mining claims are on public lands; the surface and mineral rights are administered by the BLM. The Mining Law of 1872 provides for surface rights associated with mining claims provided the use and occupancy of the public lands in association with the development of locatable mineral deposits is reasonably incident including prospecting, mining, or processing operations and is approved by the appropriate BLM Field Office. The state lease has similar provisions for surface use.

*Significant Encumbrances* 

Permitting for Velvet-Wood Underground mining operations requires various approvals from the state of Utah DOGM and the US Bureau of Land Management. There is an existing Large Mine permit for the Velvet Mine. This existing permit is in the process of being revised to add the state lease to the Velvet Mine Area as well as the Wood Area while updating the clearance and bonding to meet the current State of Utah and federal regulations. The Velvet-Wood PoO has been submitted to both Utah DOGM and BLM comments have been received and are being responded to. Calculations for the reclamation surety are ongoing. Once the permit revision is accepted the mine permit will need to be bonded and kept active with quarterly and annual monitoring and reporting.

Financial assurance instruments are required by Utah for mining and exploration permits. There are currently two bonds in place for the Velvet-Wood Project. The first is associated with the Large Mining Operation Permit in the amount of $52,274.20 relating to the Velvet Mine. The second is associated with a Notice of Intent to Conduct Exploration in the amount of $17,770.00 related to the combined Velvet-Wood Project.

Uranium mining in Utah is subject to Mineral Production Tax. Mineral Production Tax Withholding was increased from 4% to its current level of 5% effective July 1, 1993. On the Section 2 State of Utah lease, an 8% gross value royalty is levied on uranium, and a 4% gross value royalty applies to vanadium production or other minerals. Additional state taxes would include property and sales taxes. At the federal level, profit from mining ventures is taxable at corporate income tax rates. However, for mineral properties depletion tax credits are available on a cost or percentage basis, whichever is greater. For uranium, the percentage depletion tax credit is 22%, among the highest for mineral commodities.

The estate of Mr. Jim Butt holds a 2.5% gross production royalty on all uranium and vanadium recovered at the Shootaring Canyon Mill from material mined from the Velvet 1-9 claims. Mr. Kelly Dearth holds a 1% gross royalty for all uranium mined from the Wood claims, including UT 31-38, 41-44, 48, 50, 52, 54-72, and 129, a total of 37 claims.

To the authors' knowledge there are no other forms of encumbrance related to the Project. The Velvet project has an existing mine permit. The mine has operated in the past. There are existing reclamation/closure requirements and bonds associated with these permits and licenses. The Project does have some risks similar in nature to other mining projects in general and uranium mining projects.

*Physiography* 

The Velvet-Wood Uranium Project is located within the Lisbon Valley physiographic province in San Juan County, Utah. The project area is located primarily on a dipping bench above the Lisbon Valley, with elevations averaging 6,750 feet above sea level. Nearly 500 feet of elevation differential exists between the highest and lowest drill hole collars on the property. The site is located overlooking the Lisbon Valley. The Lisbon Valley drains through the Little Indian Canyon into Colorado where it joins the Dolores River, which enters the Colorado River northeast of Moab.

All of the project areas are arid or semi-arid areas with little to no vegetation. Vegetation at Velvet-Wood is characteristically pinion, cedar, and juniper forest, with some ponderosas in the higher areas. Bare rock with sparse vegetation such as yucca is common, and sagebrush is thick in drainages where soil forms. Common mammals include the desert cottontail, squirrels, and mule deer. Common birds include jays, ravens, golden eagles, and hawks. There are also a variety of reptiles including lizards and snakes. The Velvet-Wood project area is generally used for livestock grazing and recreational uses such as hunting

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*Accessibility* 

Portions of the Velvet deposit were previously mined. Mineralization was accessed via a portal and decline. The mine entrance has been closed by backfill. However, in the authors' opinion the decline could be re-opened. The Velvet portal is accessible by good quality roads beginning with the Big Indian Road, a hard surface road that exits U.S. Highway 191 about 19 miles north of Monticello, Utah or 34 miles south of Moab, Utah.

The Big Indian Road extends eastward and loops into the Lisbon Road to serve properties in the Lisbon Valley area. A gravel road, San Juan County Road 112 (Williams Fork) exits the Big Indian Road about 5.5 miles east of its intersection with Highway 191. A private access road connects with County Road 112 about 6 miles southeast of its intersection with the Big Indian Road. The Velvet Mine portal is about one mile northeast along this road. The site, as described above, is accessible via 2-wheel drive on existing county and/or two-track roads. The project is located approximately 10 miles south of La Sal, Utah. Most transport will occur via over-the-road commercial trucks. Access to exploratory drill sites and vent locations are provided by existing roads connecting to the main access at the Velvet portal and the Lisbon Road.

The Wood mine area is located about 3 miles east of Velvet along County Road 112 and is also accessible from the east via the Lisbon Valley Road and County Road 112.

![LOGO](g870247dsp309a.jpg)

<u>Figure 6 – Velvet-Wood Access Map</u> 

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*Climate* 

The climate is semi-arid. Average temperatures in July range from a high of 85ºF and a low of 56ºF. The average temperatures in January range from a high of 36ºF and a low of 16ºF. The average annual precipitation is thirteen inches. Winters are generally mild, and the length of the operating season should not be affected by the climate.

![LOGO](g870247dsp309b.jpg)

<u>Figure 7 – Velvet-Wood Climate Summary</u> 

*Infrastructure and Local Resources* 

The Velvet-Wood Mine is located between Monticello, Moab, and La Sal, Utah. In addition to access roads, some infrastructure is present on the Velvet-Wood site. The site is accessible over the multiple historic drill trails covering the area. An active copper mine, Lisbon Valley Copper Mine, is located 3 air miles north of the property. The presence of the copper mine and other industrial facilities in the area is significant in context of mine permitting, in that the Velvet-Wood Mine will be compatible with current land use. A power line terminates within 1 mile of the old Velvet Mine portal, which is located in the SE <sup>1</sup>⁄<sub>4</sub> of Section 3, T31S, R25E, however, the current planning is to use on-site generators. Water for industrial use has been permitted by Anfield. Two of the previous underground mine ventilation shafts have been capped with access for water sampling retained. A third vent shaft has been reclaimed at the surface.

*History* 

The original locator of the Velvet area of the project was Gulf Minerals Corporation ("**Gulf**"). The Velvet Mine Uranium Project was initially drilled during the 1970s with the principal exploratory work and drilling completed by Gulf.

The Wood mineralization was discovered in 1975 by Atlas in Section 6, Township 31 South, Range 26 East. Uranerz U.S.A. Inc. ("**Uranerz**") later controlled the Wood area of the project during the 1980s when most of the initial exploration took place. A total of 120 known historic rotary drill holes were completed by Uranerz from 1985 through 1991. The exploration resulted in the discovery of three mineralized zones in the Cutler Formation. The most important of these, the Wood mineralized body, was outlined in 14 holes that intercepted high grade material. Sometime in the 1990s, Uranerz's mining claims were allowed to lapse.

Gulf sold the Velvet property to Atlas in the late 1970s. Atlas' Velvet Mine commenced operations in 1979 in Section 3 and advanced to the property line with Section 2. Atlas completed feasibility studies for mining the Section 2 mineral resources including hoisting and haulage of mined product to their Moab mill for processing in 1980. These plans were never executed due to low uranium prices in the 1980s, and the Section 2 property was sold by Atlas Minerals as they were experiencing an economic downturn. The Velvet Mine was closed in 1984. Subsequent changes in ownership include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Velvet Mine property was acquired by Umetco Minerals Corp. in 1989.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Umetco held the Section 3 property until the mid-1990s at which time
the property was transferred to US Energy ()"**USE** ").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. William Sheriff secured the Section 2 state lease by competitive bid and staked the adjoining
mining claims. The property was then transferred to Energy Metals Corporation ()"**EMC** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In 2004, EMC staked new mining claims over the Wood area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Uranium One gained control of the Velvet-Wood property through the purchase of EMC in 2007.

Anfield purchased the Velvet-Wood Uranium Project and other conventional uranium assets including the Shootaring Canyon Mill located near Ticaboo, Utah from Uranium One in August 2015.

The Velvet Mine operated into the early 1980s. According to Chenowith, due to continued low uranium prices, Atlas Minerals closed all of their mines and mill, which included the Velvet in southeastern Lisbon Valley in March 1984. When the Velvet mine was closed it had produced approximately 400,000 tons of ore which graded 0.46 percent U<sub>3</sub>O<sub>8</sub> and 0.64 percent V<sub>2</sub>O<sub>5</sub> with total production estimated at 4.2 million pounds of U<sub>3</sub>O<sub>8.</sub>

*Geological Setting* 

The Colorado Plateau is a regional geologic feature characterized by high elevation mesas and deeply incised canyons in southwestern Colorado and much of eastern Utah. The sedimentary units which dominate the Colorado Plateau were deposited during a period of tectonic stability beginning in the early Paleozoic and running through the Mesozoic Eras. During this time, a stable shelf depositional environment allowed thick accumulations of clastic, carbonate, and evaporitic sediments. Beginning approximately 6 million years ago, the entire Colorado Plateau was subject to epeirogenic uplift of 4,000-6,000 feet. This geologically rapid uplift caused the existing rivers and streams to aggressively downcut resulting in the canyon lands topography of today. The Velvet-Wood project is situated in the central portion of the Colorado Plateau. The Velvet-Wood lies along the western flank of the Lisbon Valley anticline in the Lisbon Valley, Utah.

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The dominant feature in the Velvet-Wood area is the Lisbon Valley Anticline. The Lisbon Valley Anticline is a northwest/southeast feature about 20 miles long that was formed when salt in the Paradox Formation was mobilized. The up-warping and subsequent erosion of the anticline has exposed Pennsylvanian to Cretaceous age rocks along the length of the anticline. Consolidated rocks that crop out in the Lisbon Valley area range in age from Late Pennsylvanian to early Pleistocene. The oldest, the Pennsylvanian Honaker Trail Formation, is exposed in the interior of the anticline with successively younger rocks exposed in the faces of three mesas along the flanks of the anticline. In the Velvet-Wood area the mesa recedes southward stepwise away from the center of the anticline and is known as Three Step Hill. The surficial geology of Velvet-Wood is shown on Figure 8.

![LOGO](g870247dsp311.jpg)

<u>Figure 8 – Uravan Mineral Belt</u> 

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![LOGO](g870247dsp312.jpg)

<u>Figure 9 – Velvet-Wood Project Local Geologic Map</u> 

Sedimentary strata within the Colorado Plateau hosts numerous uranium/vanadium deposits. The majority of the uranium production in the Colorado Plateau was from the Morrison Formation, specifically the Salt Wash Member. In the Salt Wash Member, deposits are concentrated along a thin, one to several mile-wide arcuate belt that extends from the Gateway district through the Uravan district and south to the Slick Rock district. This crescent-shaped area in the Jurassic Morrison formation has closely spaced, larger-sized, and higher-grade uranium deposits than the adjoining areas.

The Lisbon Valley anticline along which the Velvet-Wood project is located is the most productive uranium producing area in Utah. Among the rock units exposed along the Lisbon Valley Anticline, those that contain documented uranium mineralization are the Permian Cutler Formation, the Triassic Chinle Formation (Moss Back Member) and the Morrison Formation (Salt Wash Member). Velvet-Wood has had a significant adjacent and adjoining uranium and vanadium production history.

Three Step Hill is composed of three mesas, each progressively higher than the last. The Velvet-Wood Deposit is under the lowest mesa and on the margin of the second. The top of the mesa is a dip slope primarily on the top of the Wingate Sandstone. Low mesas of Kayenta Formation rocks are preserved near the southern base of the dip slope. The dip slope of the middle mesa is composed of resistant sandstone units of the Salt Wash Member of the Morrison Formation. The Brushy Basin Member has been stripped off the plateau but is exposed near the base of the slope of the third mesa. The highest mesa is capped by the Burro Canyon Formation. Some remnants of Dakota Sandstone are exposed on the upper plateau. The dips of the rocks are progressively shallower toward the south. The dips on the lower plateau are about 6 to 8 degrees and dips on the upper plateau are about 3 to 5 degrees.

Locally, uranium mineralization is found in the Permian Cutler Formation. The Cutler formation in Lisbon Valley is composed predominantly of fluvial arkosic sandstones, siltstones, shales, and mudstones that were deposited by meandering streams that flowed across a flood plain and tidal flat. This flood plain was occasionally transgressed by a shallow sea from the west, resulting in the deposition of several thin limestones and marine sandstones. Wind transported sand along the shoreline of the shallow sea, forming dunes. The marine and eolian sandstones are usually finer grained, better sorted,

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and cleaner than the fluvial arkosic sandstones. The fluvial sandstones are medium to very coarse grained and have abundant feldspar and biotite. The sandstone units are usually red-brown to purple red in color. Some of the sandstones have been bleached tan to gray-white. The top of the Cutler is truncated by a regional unconformity that has removed in excess of two hundred feet of the formation in the northern part of Lisbon Valley.

The unconformity at the top of the Cutler has truncated the southward dipping Cutler beds, the mineralized sandstone bed at the Velvet-Wood Deposit is stratigraphically a few hundred feet above that at the Big Buck Mine in the northern end of Lisbon Valley. The purple-red fluvial sandstones occur in large lenticular bodies that are hundreds of meters long and range in thickness from less than 3 to over 75 feet. Laterally these lenses thin and grade into the shale, mudstone, and siltstone sequences.

The fluvial sandstones are composed of medium to coarse-grained quartz, feldspar, and rock fragments in sub equal amounts. These arkosic sandstone units' source of sediment was the Uncompahgre highland northeast of the Velvet-Wood area on the Utah/Colorado border. The cementing agent in the Cutler fluvial sandstones is either calcite or secondary overgrowth on the quartz grains. All of the known mineralized fluvial sandstone units were bleached light tan-pink or gray-white.

The upper portion of the Cutler Formation, which is the primary host of known uranium mineralization in the Velvet-Wood Area, is composed of intervals of siltstone interbedded with thin-bedded, fine-grained sandstone. In places there are thicker, more resistant sandstone beds up to 47 feet thick. The thickness and frequency of sandstone beds increases downward, and siltstone is less common. Thick mudstone intervals separate the sandstone beds. A few limestone and conglomerate beds occur in the bottom third of the formation. The rocks are mostly greenish-gray, reddish-brown, or reddish-orange. The limestone beds are usually olive-gray.

Faulting and folding are the major structural features of the Velvet-Wood area. There are two major faults in the Velvet-Wood area. The faults are northeastward dipping normal faults with displacement ranging from a few feet to as much as 700 feet. The rock units between the two faults are folded downward to the northeast. The sandstones in the Velvet-Wood area exhibit jointing parallel to the Lisbon Valley anticline and are thought to be tensional joints. The host rocks of the Velvet-Wood Area are truncated by the faulting on the southwest side of the Lisbon Valley graben. The mineralization of the Velvet-Wood Deposit appears to be fault bounded on the northeast side of the deposit.

*Mineralization* 

Uranium mineralization in the Velvet and Wood areas is found in sandstone units within the Cutler Formation. The sandstones are fluvial arkose that has been bleached. The mineral deposits are irregular tabular bodies located at the base, at the top, or close to pinch-outs of the sandstone bodies. The major producing zone in the Cutler occurs near the unconformity between the Cutler and the overlying Chinle Formation. The mineralization may extend a short distance into the sandstone of the Moss Back above. The uranium-bearing sandstones are petrologically very similar to other Cutler fluvial sandstones but contain less calcite and more clay and are slightly coarser grained. Uraninite is the principal uranium mineral encountered in the reduced zones of the Velvet Area. In areas where the mineralization lies above groundwater levels, oxidized uranium minerals such as carnotite and tyuyamunite may occur. Uranium mineralization within the Colorado Plateau of Southwestern Colorado and Southeastern Utah have been described as tabular-blanket type deposits that are sub-parallel to bedding planes and/or features such as unconformities. Mineralization is often confined to paleochannels and controlled by lithology, permeability, porosity, and the presence of a chemical reductant, often carbonaceous material. A similar depositional morphology is observed at the Wood Mine.

*Exploration Activity* 

Anfield has not conducted exploration within or near the Velvet-Wood mine area.

Gulf, Atlas and MRC conducted extensive rotary and limited core drilling on the Velvet Mine area that is included in the acquisition including the delineation of 4 mineralized areas with drilling on a rough grid approximating 100' centers. Drilling averaged a depth of 1,100 ft and ranged from 814 feet to 1,400 feet. All of the holes were surveyed for down hole deviation and were posted as collar and bottom of hole on the historic mine maps. Drift ranged from 10 to over 150 ft and averaged 70ft to the northwest, or up dip. The dip of the host formation is approximately 8 degrees. Drilling was conducted vertically although virtually all drill holes drifted up dip. The average vertical declination was approximately 4 degrees from vertical. Because this declination opposed the dip of the formation the effect of dip on true thickness is diminished. Considering the effect of the actual drill hole declination from vertical the correction to true thickness would be less. This means that a 10 foot thickness interpreted from the geophysical log would actually be 9.99 feet. At this level, data correction would be less than the accuracy of the original data, which is interpreted down to one foot, no correction is necessary from the log thickness to true thickness.

The available historic data for the Velvet Mine project area includes radiometric data from some 173 drill holes completed on the property. In addition, verification and exploratory rotary and core drilling including radiometric and chemical assay data from some 15 drill holes completed in 2007 and 2008 by Uranium One within known areas of mineralization. The author and/or BRS staff under his direct supervision were on site during this drilling program.

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From 1985 through 1991 Uranerz completed a total of 120 historic known vertical rotary drill holes in the Wood Mine project area. There are geophysical logs available for 96 of those historic drill holes. Of the 96 logs, 95 of the historic geophysical logs typically consist of natural gamma, resistivity, SP (Spontaneous Potential), half foot radiometric grade of uranium measured in weight percent U<sub>3</sub>O<sub>8</sub>, and vertical deviation data which were matched with a Northing, Easting, and collar elevation from available drill hole maps.

All geophysical logging was performed by Century Geophysical Corporation for Uranerz. Industry standard practice for Century Geophysical logging trucks included calibration of the logging trucks routinely at DOE facilities.

Three drill holes on the Wood property were twined by Uranium One in 2008 as confirmation of the previous drilling. Geophysical logs were provided by Strata Data. Strata Data's probes were calibrated at the DOE test pits in Grand Junction, Colorado. Mineralization in all cores was noted in the upper portion of the Cutler Formation sandstone which lies in contact with the unconformity and beneath the Mossback Member of the Chinle. The first hole SLV-8803T-08 had a 9.0 ft. mineralized intercept with a grade of 0.238% eU<sub>3</sub>O<sub>8</sub>. The second hole DW-14T-08 had 2.5 ft. of 0.02% eU<sub>3</sub>O<sub>8</sub>. The third hole SLV-8806T-08 had a 10 ft mineralized intercept with a grade of 0.828% eU<sub>3</sub>O<sub>8</sub>. The holes were drilled by Carroll Drilling ltd. under the supervision of Uranium One geologists.

Six rotary drill holes were completed to the north and west of known mineralization on the Wood property in 2008 by Uranium One. As described above geophysical logs were provided by Strata Data. The holes were drilled by Carroll Drilling ltd. under the supervision of Uranium One geologists. Five of the holes only showed barren to trace mineralization. The closest drill hole to known mineralization, UZ-12-08, had a 4 ft mineralized intercept with a grade of 0.157% eU<sub>3</sub>O<sub>8</sub>.

Drilling averaged a depth of 1,538 ft and ranged from 1,240 feet to 1,870 feet. All of the holes were surveyed for down hole deviation and deviation data was available from the geophysical logs. Drift at the mineralization horizon ranged from 5 ft to over 258 ft and averaged 63 ft to the northeast, or up dip. The dip of the host formation is approximately 8 degrees. Drilling was conducted vertically although virtually all drill holes drifted up dip. The average vertical declination was approximately 2.3 degrees from vertical. Because this declination opposed the dip of the formation the effect of dip on true thickness is diminished. Considering the effect of the actual drill hole declination from vertical the correction to true thickness would be less. This means that a 10 foot thickness interpreted from the geophysical log would actually be 9.99 feet. At this level, data correction would be less than the accuracy of the original data, which is interpreted down to one foot, no correction is necessary from the log thickness to true thickness.

Additional exploration drilling was conducted by Uranium One in 2008 generally focused on the known mineralization at Velvet and Wood. The drilling showed low grade mineralization but did not encounter significant mineralization. In total, Uranium One completed 43 drill holes at Velvet and 14 drill holes at Wood.

This is the Company's inaugural statement of mineral resource estimates in accordance with S-K 1300. Accordingly, the Company has omitted a year-to-year comparison of mineral resources. The total book value of the Velvet Wood Project as of December 31, 2023 was US$199,266.

*Environmental Compliance and Permitting* 

The Velvet Mine has an existing mine permit through the Utah DOGM. The mine permit has been amended to include updated NEPA studies and evaluations and to include the Wood Mine which will be a connected action. The Mine permit was submitted to DOGM and as a PoO to the Utah DOGM and BLM in May 2024 along with associated permits including an industrial water use and NPDES permit which have been granted. The mine permit and PoO have been reviewed and Requests for Additional Information ("**RAIs**") received. Responses to the RAIs were due at the end of March.

The mine sites are located in San Juan County Utah and are consistent with local land use planning. Similar mining projects are and have been permitted in the area, including an operating copper mine less than 10 miles from the Velvet mine. The Velvet Wood mine is a brownfield site and is expected to receive a mixture of local support and objections from NGOs.

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***Slick Rock***

The following technical and scientific description of the exploration stage Slick Rock Project is based in part on the report titled "*SLICK ROCK URANIUM PROJECT INITIAL ASSESSMENT, US SEC Subpart 1300 Regulation S-K Report, San Miguel County, Colorado, USA*", dated April 15, 2025, prepared by Messrs. Beahm and Warren (the "**Slick Rock Technical Report Summary**"). The Slick Rock Technical Report Summary was prepared in accordance with S-K 1300 and attached hereto as Exhibit 96.2.

The Slick Rock project is located in San Miguel County, Southwest Colorado, approximately 24 miles north of the town of Dove Creek and east of the Dolores River in the Slick Rock District of the Uravan mineral belt. The Slick Rock project is located in Township 44 North, Range 18 West, Sections 15, 16, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 32, 33, and 34 and in Township 43 North, Range 18 West, Sections 3, 4, and 5 New Mexico Principal Meridian. The approximate geographic center of the property is Latitude 38° 2' 51.7" North, Longitude 108° 51' 42.3" West. In total the mineral holdings within the Project area comprise approximately 4,976 acres as shown in the below ownership and claim map.

![LOGO](g870247dsp315.jpg)

<u>Figure 10 – Slick Rock Ownership and Claim Map</u> 

The Slick Rock project is bordered to the west by DOE uranium lease tracts C-SR-13 and C-SR-13A; to the southwest by DOE uranium lease tract C-SR-14; and to the north and northeast by Energy Fuels' recently acquired Sunday-Carnation-Topaz-St. Jude mine complex, formerly operated by Denison Mines Corp.

*Mineral Rights* 

Figure 10 shows the approximate location of the unpatented mining claims on the project. The project contains four claim blocks. The Burro claim block consists of 76 claims. The SR claim block consists of 131 claims, of which 109 were included in the study area for this report, with the remainder located outside of the project area. The TAN claim block consists of 27 claims. The MCT claim block consists of 56 claims. The MCT and TAN claims are leased from UR Energy. A total of 268 mineral lode claims were utilized for the Slick Rock mineral resource estimate in this report, encompassing an area of approximately 4,976 acres or 7.8 square miles.

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To maintain these mineral rights Anfield must comply with the BLM and San Miguel County, Colorado filing and/or annual payment requirements to maintain the validity of the unpatented mining lode claims.

Uranium mining in Colorado is subject to Minerals Severance Tax of 2.25% after the first $19 million of gross product. In addition, two claim blocks are associated with royalties of 1% related to the Holley BC claims and 3% associated with the MCT claims. At the federal level, profit from mining ventures is taxable at corporate income tax rates. However, for mineral properties depletion tax credits are available on a cost or percentage basis whichever is greater. For uranium, the percentage depletion tax credit is 22%, among the highest for mineral commodities.

*Surface Rights* 

The 1872 Mining Law grants certain surface rights to mineral claimants along with the right to mine provided the surface use is incident to the mine operations. In order to exercise those rights, the operator must comply with a variety of State and Federal regulations (refer to section 17 of the Slick Rock Technical Report Summary). For the mine operations the author of the Slick Rock Technical Report Summary concludes that Anfield has and/or can obtain sufficient surface rights for the planned operations through permitting and licensing of site activities.

*Physiography* 

The Slick Rock property is located in the southern end of the Uravan mineral belt of the Colorado Plateau physiographic province. It is located in the southeastern edge of the Paradox fold and fault belt in the proximal Disappointment syncline. Elevations within the project area range from approximately 5,500 feet to 6,250 feet above sea level. The majority of the project area lies within the broad Disappointment Valley floor. It is bounded on the west by the Dolores River and incised to the west and south by Burro Canyon, Joe Davis Canyon, and Nicholas Wash. To the north is a dip-slope of an escarpment formed from erosion of the northern limb of the Disappointment Valley syncline.

*Accessibility* 

The Slick Rock project can be accessed via Colorado State Highway 141, County Road CR-T11, and numerous historic drill roads and trails (See Figure 11). To access the site: from the post office in Dove Creek, Colorado, drive 2.0 miles west-northwest on State Highway 491; turn right (north) onto State Highway 141; continue for 23.7 miles to County Road CR-T11, and then turn left onto the well-maintained gravel road.

![LOGO](g870247dsp316.jpg)

<u>Figure 11 – Slick Rock Access Map</u> 

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*Climate* 

The climate is semi-arid and is characterized by mild winters with moderate snowfalls which are seldom heavy enough to cause access problems. The summers are warm with temperatures occasionally reaching 100°F. Annual precipitation for the area averages approximately 12 inches occurring mostly during summer thunderstorms; the remaining precipitation comes from winter snow and spring rain. Climate is only a minimally limiting factor for year-round mining operations. Vegetation in the area is sparse and consists of junipers and pinion pines in rocky soils along with sage and other brush, forbs, grasses, and cacti typical of a semi-arid climate. The project can be accessed and operated year-round.

![LOGO](g870247dsp317.jpg)

<u>Figure 12 – Slick Rock Climate Summary</u> 

*Infrastructure and Local Resources* 

Cortez, Colorado (population 8,500) is the nearest major community, located approximately 57 miles south-southeast of the Slick Rock project area. It has sufficient services, fuel, accommodations, and supplies to serve as a staging area for any future exploration program.

The Slick Rock Project area has multiple access roads in addition to overhead power lines and a buried natural gas line. A ventilation shaft exists on site to the Burro underground mine which has portal entries in the SR-13 DOE Lease adjacent to the Slick Rock load claim blocks. The shaft has been grated and is open. The Burro portal and underground mine workings are open. Ground conditions are wet but stable on the adjacent properties containing the DOE Leases SR-13 and SR-13A. It is possible to access the Slick Rock mineralization from the existing Burro underground mine. In addition, dewatering the Burro workings could provide a water source for the Slick Rock operations. For all near-term exploration activities private water sources may be found in Nucla and/or Naturita.

*History* 

Surficial to shallow uranium/vanadium mineralization has been known in the Slick Rock area since the early 1900s, originally known as the McIntyre district. First mined for radium and minor uranium until 1923, numerous companies sporadically operated small scale mining and processing facilities along the Dolores River. In 1931, a mill was constructed by Shattuck Chemical Co. to process vanadium ore. Beginning in 1944, the area was worked by Union Mines Development Corp. for uranium/vanadium ore. The uranium was used to develop and construct the first atomic bombs. This sparked intensive exploration efforts throughout the Uravan mineral belt.

Between November 1948 and March 1956, the USGS drilled 2,641 holes in the Slick Rock district to explore for uranium- and vanadium-bearing deposits. The drilling was part of an exploration program conducted for the U.S. Atomic Energy Commission (OFR70-348). Fifty-two of these drill holes were located within the boundary of Anfield's Slick Rock project area. The first phase of the USGS's exploration was to obtain geological data and delineate areas of favorable ground. This widely spaced drilling program was done on approximately 1,000 foot centers. The second phase was drilled with more moderate spacing (100-300 foot centers) to discover ore deposits. The third phase was drilled on more closely spaced intervals (50-100 foot centers) to extend and outline any deposits discovered by earlier drilling. At this time, private industry was also actively exploring the area. By 1954, an estimated 212,000 feet of drilling was completed district wide.

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By December 1955, Union Carbide Nuclear Corp. ("**UCNC**") had drilled out a sufficient resource on the north side of Burro Canyon and began sinking three shafts. In December 1957, the shaft sinking was complete on the Burro No. 3, 5, and 7 mines to total depths of 408 feet, 414 feet, and 474 feet, respectively. In the same year, initial ore shipments to UCNC's concentrating mill at Slick Rock were also made. The concentrated ore was processed at the UCNC mill in Rifle, Colorado until the mid-1960s when a vanadium circuit was constructed at the Uravan mill site.

The Anfield Slick Rock project has received more recent interest by the exploration activities of USEC, Energy Fuels, and Homeland Uranium. In 2006, USEC drilled 17 boreholes. All boreholes were completed to target depth, except one borehole SR-1011 which was abandoned.

In 2007, Energy Fuels drilled five boreholes on the extreme northern portion of the project. Four of the boreholes were oxidized and barren. The fifth borehole was abandoned due to excessive water encountered in the Burro Canyon Formation and the upper Salt Wash Member of the Morrison Formation.

In 2008, Homeland Uranium drilled four boreholes in an attempt to twin the mineralized boreholes drilled by the US Atomic Energy Commission ("**AEC**") in the 1950s. All boreholes were completed to target depth.

Anfield initiated a drilling program in 2024 and plans to complete the program in the second half of 2025. As the drilling program is not complete the results were not incorporated in the current study.

![LOGO](g870247dsp318.jpg)

<u>Figure 13 – 2006-2008 Borehole Map</u> 

UEC began acquiring mineral interests in the Slick Rock project area beginning in December of 2010 by staking areas where the previous owner had allowed the mining claims to lapse. UEC then held 293 mineral lode claims encompassing an area of approximately 4,858.5 acres. UEC also began leasing additional claims from UR Energy on November 30, 2011. Anfield acquired all of UEC's Slickrock holdings including claims and claims leases on April 12, 2022, as part of an overall acquisition agreement.

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In 1971, the final year that the Atomic Energy Commission reported production figures, the Burro mines had produced 404,804 tons of ore at an average grade of 0.25% U<sub>3</sub>O<sub>8</sub> yielding 1,992,898 lbs U<sub>3</sub>O<sub>8</sub>, and 1.5% average grade V<sub>2</sub>O<sub>5</sub> yielding 12,149,659 lbs V2O5. According to the Colorado Bureau of Mines' annual reports, the Burro mines produced an additional 243,825 lbs U<sub>3</sub>O<sub>8</sub> at an average grade of 0.20% and 1,791,798 lbs V<sub>2</sub>O<sub>5</sub> at an average grade of 1.4% up until 1983 when depressed uranium prices forced an end to mining activities. The total production of the Burro mines was 2,236,723 lbs U<sub>3</sub>O<sub>8</sub> and 13,941,457 lbs V<sub>2</sub>O<sub>5</sub> as summarized in Table 7.

<u>Table 7: Slick Rock District Total Production</u> 

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| | | |
|:---|:---|:---|
| **Production Years** | **U<sub>3</sub>O<sub>8</sub> (lbs)** | **V<sub>2</sub>O<sub>5</sub> (lbs)** |
| 1957-1971 | 1992898 | 12149659 |
| 1971-1983 | 243825 | 1791798 |
|  Total | 2236723 | 13941457 |

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*Geological Setting* 

The Colorado Plateau is a regional geologic feature characterized by high elevation mesas and deeply incised canyons in southwestern Colorado and much of eastern Utah. The sedimentary units which dominate the Colorado Plateau were deposited during a period of tectonic stability beginning in the early Paleozoic and running through the Mesozoic Eras. During this time, a stable shelf depositional environment allowed thick accumulations of clastic, carbonate, and evaporitic sediments. Beginning approximately 6 million years ago, the entire Colorado Plateau was subject to epeirogenic uplift of 4,000-6,000 feet. This geologically rapid uplift caused the existing rivers and streams to aggressively downcut resulting in the canyon lands topography of today. The Slick Rock project is situated in the central portion of the Colorado Plateau. The Slick Rock Project is located along the spine of the Disappointment syncline in the Paradox Basin of Colorado.

Major folds in the Slick Rock district are broad, open, and trend about north 55 degrees west, and are parallel to the collapsed Gypsum Valley salt anticline which bounds the northeast edge of the district. The Dolores anticline lies about ten miles southwest of the Gypsum Valley anticline. The Disappointment syncline lies between the two anticlines. See Figure 14.

Within the Slick Rock project area, the Morrison is divided into two Members: the upper Brushy Basin Member and the lower Salt Wash Member. The Salt Wash Member is composed of fluvial sandstone and mudstone averaging about 350 feet thick and is further divided into three parts: the top and bottom units that are composed of fairly continuous layers of sandstone interbedded with thin layers of mudstone, and a middle unit that is primarily mudstone but contains scattered discontinuous lenses of sandstone.

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The Slick Rock district lays in an area where only the Salt Wash and Brushy Basin Members of the Morrison Formation are present. The Morrison Formation attains its maximum thickness in these members and stream-type deposits (lenticular cross-bedded sandstones) have their greatest aggregate thickness and maximum lateral continuity.

![LOGO](g870247dsp319.jpg)

<u>Figure 14: Slick Rock Structural Geology Map</u> 

Sedimentary strata within the Colorado Plateau hosts numerous uranium/vanadium deposits. Uranium deposits are hosted by the Pennsylvanian Hermosa Formation, the Permian Cutler Formation, the Triassic Chinle Formation, and the Jurassic Morrison Formation. The majority of the uranium production in the Colorado Plateau was from the Morrison Formation, specifically the Salt Wash Member. In the Salt Wash Member, deposits are concentrated along a thin, one to several mile-wide arcuate belt that extends from the Gateway district through the Uravan district and south to the Slick Rock district. This concentration of deposits was termed the Uravan mineral belt as shown on Figure 15. This crescent-shaped area in the Jurassic Morrison formation has closely spaced, larger-sized, and higher-grade uranium deposits than the adjoining areas.

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Slick Rock lies within the southern half of Uravan Mineral Belt which has been a historically significant producer of uranium and vanadium since the early 20th century. The Project has significant adjacent and adjoining uranium and vanadium production histories, as discussed in *History* above.

![LOGO](g870247dsp320.jpg)

<u>Figure 15: Uravan Mineral Belt</u> 

*Mineralization* 

There has been much discussion and debate regarding ore forming mechanisms in the Slick Rock area, but there is good agreement on several contributing factors:

The Brushy Basin and Salt Wash members contain significant concentrations of detrital volcanic debris which is strongly suspected as the source of uranium and vanadium.

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Compaction and de-watering during burial of these sediments allowed for the transport mechanism along preferential pathways dictated by permeability and porosity within transmissive sand units of the Morrison Formation.

The uranium and vanadium in solution within a transmissive sand unit encountered a reduced environment locally caused by abundant plant remains and evidenced by reduced green mudstone found within the Salt Wash sandstones. This environment favored precipitation of uranium along a solution interface between the uranium in an oxidized alkaline solution and a strongly reduced acidic environment.

The physical expressions of the deposits formed at the solution interface have a variety of shapes and volumes. Two general forms of ore bodies are common in the Morrison Formation in the district, one tabular and the other so-called "roll". Some deposits consist mainly of tabular ore bodies and others are dominantly roll bodies, although both types display elements of the other, and in many places tabular bodies are continuous with roll bodies. In some deposits both types are significantly developed. The two types were deposited by the same general process and at the same time; differences in their forms were dictated by local differences in the lithology of the host sandstone units that controlled fluid movement.

In the Slick Rock district, uranium/vanadium deposits of the Morrison are mainly tabular to lenticular and elongate parallel to sedimentary trends. Tabular trends are localized in massive sandstones where clay and mudstone are interstitial, in scattered and streaked gall and pebble accumulations, and are found in discontinuous lenses. Conversely, roll deposits are narrow, elongate, and curve sharply across bedding and appear to be confined to sandstone where clay and mudstone are well indurated within interconnected layers. Mineralization in either case, tabular or roll deposits, averages about 0.25% U<sub>3</sub>O<sub>8</sub> and 1.5% V<sub>2</sub>O<sub>5</sub> within the mineralized sandstone. The mineralized bodies have an average thickness of 2 to 4 feet and range in size from a few feet wide to several hundred feet wide. These deposits can contain a few tons of ore to several thousand tons in the larger ore bodies.

Details of the forms of roll ore bodies related to lithologic differences and mineral distribution within rolls (calcium-carbonate, titanium oxides, barite, and iron oxides) provide strong evidence that the deposition of the mineralized bodies occurred at an interface between two chemically differing solutions (one that is oxidized and one that is reduced). The interface interpretation was first proposed by Fischer in 1942. Continuity of the roll ore bodies with tabular bodies indicate that the tabular bodies also formed at a solution interface. It is important to note that the term "roll" was coined by local miners to describe the geometry of ore bodies that cut across sedimentary bedding and does not imply similarity to the geochemical process involved in forming the "roll" deposits of Wyoming and South Texas uranium provinces, as illustrated in Figures 16 and 17.

![LOGO](g870247dsp321.jpg)

<u>Figure 16 – Uranium/Vanadium Deposits of the Slick Rock District, Colorado Perspective Geologic Cross Section of Roll Ore Bodies</u> 

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![LOGO](g870247dsp322a.jpg)

<u>Figure 17 – Uranium/Vanadium Deposits of the Slick Rock District, Colorado Perspective Geologic Cross Section of Tabular Ore Bodies</u> 

The uranium- and vanadium-bearing minerals occur as fine-grained coatings in detrital grains; they fill pore spaces between the sand grains and replace carbonaceous material and some detrital grains. The primary uranium minerals are uraninite (UO<sub>2</sub>) with minor amounts of coffinite (USiO<sub>4</sub>OH). Montroseite (VOOH) is the primary vanadium mineral, along with vanadium clays and hydromica. Metal sulfides occur in trace amounts. Secondary minerals: calcium uranyl vanadate (Tyuyamunite) (Ca(UO<sub>2</sub>)<sub>2</sub>(VO<sub>4</sub>)<sub>2 </sub>**<sup>.</sup>** (5-8)H<sub>2</sub>O) and potassium uranyl vanadate (Carnotite) (K<sub>2</sub>(UO<sub>2</sub>)<sub>2</sub>(VO<sub>4</sub>)<sub>2</sub> **<sup>.</sup>** 1-3H<sub>2</sub>O) occur in shallow oxidized areas and on outcrop. Figure 18 shows a typical specimen of oxidized uranium/vanadium minerals collected underground in the vicinity of the Burro No. 3 shaft and the scintillometer.

![LOGO](g870247dsp322b.jpg)

<u>Figure 18 – Slick Rock Sample and Scintillometer</u> 

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*Exploration Activity* 

Anfield permitted a 20 hole drilling program on the project in early 2024 and initiated drilling in the later half of 2024. Of the permitted and bonded 20 holes 14 were completed in 2024. All drill holes were completed to target depths and geophysically assayed for equivalent uranium oxide values (eU<sub>3</sub>O<sub>8</sub>). Follow-up drilling of diamond drill core and conversions of a subset of drill holes to monitoring wells is planned in the near term under the existing permit in 2025. As the current drilling program is not complete the information was not included in this evaluation. Year 2024 drilling results were publicly disclosed in a press release on January 29, 2025. The drilling project is ongoing with additional work in 2025 at which time Anfield intends to update the mineral resources and as appropriate the SK-1300 and NI 43-101 reports.

In the late 1940s and through the 1950s, extensive exploration was conducted by the AEC and private parties throughout the region during the Manhattan Project. These programs consisted of geologic mapping, ground and aerial radiometric surveys, trenching, and rock and sediment sampling. Subsequently exploration has been primarily limited to drilling.

Anfield has obtained radiometric and chemical assays from the U.S. Atomic Energy Commission's exploration program OFR70-348 for vanadium and uranium values, respectively, from those holes drilled by the USGS on behalf of the Raw Materials Division of the AEC. Logs for boreholes drilled by USEC and Energy Fuels were obtained by claim acquisition, and the uranium intercept values from the logs for boreholes drilled by Homeland Uranium were available in the public domain.

A total of 312 holes are known to be within or proximal to the Slick Rock project area. Of that total, 27 of these holes had locations but no other data leaving 285 drill holes upon which to build a database. Of the 285 holes in the database used for resource estimation, 207 were drilled by Union Carbide, 53 by the USGS, 17 by USEC and 4 each by Energy Fuels and Homeland Uranium. Within the 285 drill holes data was available on 346 discrete intercepts distributed between 3 stratigraphically distinct zones.

Mineralization at Slick Rock occurs within three stratigraphic horizons of the Jurassic Morison Formation. Three-Dimensional Plotting and correlation of the Slick Rock intercept demonstrated three vertically distinct mineralized zones running along dipping bedding. The A zone is stratigraphically the youngest and highest in the section, followed by the B zone and then the deepest C zone. A summary of drill results follows in Table 8. Drill hole locations are shown on Figure 19.

This is the Company's inaugural statement of mineral resource estimates in accordance with S-K 1300. Accordingly, the Company has omitted a year-to-year comparison of mineral resources. The total book value of the Slick Rock Project as of December 31, 2024 was US$4,789,252.

<u>Table 8 - Slick Rock Drill Hole Intercepts by Zone</u> 

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| | | | |
|:---|:---|:---|:---|
|  | **Intercepts in<br>database** | **Composited<br>Intercepts** | **Composited<br>Intercepts<br>above 0.02 %<br>eU<sub>3</sub>O<sub>8</sub>** |
|  Zone A | 109 | 46 | 13 |
|  Zone B | 214 | 129 | 67 |
|  Zone C | 23 | 6 | 3 |

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![LOGO](g870247dsp323.jpg)

<u>Figure 19 – Slick Rock Drill Hole Map</u> 

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*Environmental Compliance and Permitting* 

Slick Rock will require a new mine permit for mine operations from Colorado Division of Reclamation, Mining, and Safety and BLM.

Slick Rock is located in the "West End" of San Miguel County. Mining in the "West End" is consistent with County land use plan. Similar mining projects in the area have met with a mixture of local support and objections from NGOs.

***The West Slope Project***

The Project is located within the Uravan Mineral District of southwestern Colorado, approximately 10 miles west of Naturita, Colorado, Township 46 North, Range 17 West, 6th Principal Meridian, Montrose County, Colorado. The approximate geographic center of the project is Latitude 38.224629° North, Longitude 108.760915° West. The Project consists of four adjacent US DOE 10-year Mineral Leases, JD-6, JD-7, JD-8, and JD-9, that were previously developed and mined by Cotter Corporation from the late 1970s to early 2000s. All of the four leases experienced underground mining activity over the 30-year period. Meanwhile the JD-7 lease also had significant open pit stripping performed to within 100 feet of the top of mineralization.

The current Project includes four contiguous US DOE leases: JD-6, JD-7, JD-8, and JD-9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JD-6 Lease (DE-RO01-19LM0254: effective July 6, 2020). Consists of 530 acres, located within Sections 21 and 22, T46N, R17W, 6th P.M. (Approximate Centroid: UTM 12S 697356.17 m E, 4232873.70 m N).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JD-7 Lease (DE-RO01-19LM0255: effective July 6, 2020). Consists of 493 acres of the main mineable lease and an adjacent lease, JD-7A, which is intended for placement of overburden extracted from the open-pit. The Lease is located within Sections 16, 17, 21, and 22, T46N, R17W, 6 P.M. (Approximate Centroid: UTM 12S 696937.91 m E, 4234331.66 m N).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JD-8 Lease (DE-RO01-19LM0256: effective July 6, 2020). Consists of 955 acres, located within Sections 18, 19, and 20, T46N, R17W, 6th P.M. (Approximate Centroid: UTM 12S 694578.23 m E, 4233344.81 m N).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JD-9 Lease (DE-RO01-19LM0257: effective July 6, 2020). Consists of 1,036 acres, located within Sections 19, 29, and 30, T46N, R17W, 6th P.M. (Approximate Centroid: UTM 12S 693806.67 m E, 4231832.63 m N).

![LOGO](g870247dsp324.jpg)

<u>Figure 20 – West Slope Project Location Map</u> 

The following technical and scientific description of the exploration stage West Slope Project is based in part on the report titled "*WEST SLOPE PROJECT INITIAL ASSESSMENT, US SEC Subpart 1300 Regulation S-K Report, Montrose County, Colorado, USA*", dated April 15, 2025, prepared by Messrs. Beahm and Warren (the "**West Slope Technical Report Summary**"). The West Slope Technical Report Summary was prepared in accordance with S-K 1300 and attached hereto as Exhibit 96.1.

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##### [**Table of Contents**](#toc)
*Mineral Rights* 

On March 1, 2019, Anfield reported the acquisition of nine past-producing uranium and vanadium properties in southwestern Colorado, and the Charlie in-situ project in northeastern Wyoming. The subject US DOE Leases of this report, JD-6, 7, 8, and 9, were included in this transaction. Cotter received 11,051,775 common shares of Anfield Energy. Cotter retained a gross value royalty in the amount of 15% on uranium and vanadium produced from the properties.

On February 20, 2020, Anfield signed a binding agreement with Cotter, whereby Cotter issued a Letter of Credit as required by applicable Government entities to facilitate Anfield obtaining Replacement Surety Bonds (Bonds) for US$2,400,000 (Principal) in connection to the US DOE leases (including 6 others in the greater area). On or before the one-year anniversary of the agreement date, Anfield was required to pledge sufficient security under the Bonds to obtain the release of the Letter of Credit and pay US$360,000, equal to 15% of the principal owed to Cotter. During the six months ended June 30, 2021, Anfield lifted the Letter of Credit issued by Cotter by making a cash collateral payment of US$1,200,000 to cover the entirety of the reclamation bond amount and US$360,000 payment for the Replacement Fee.

In addition to the overriding royalty to Cotter, a yearly royalty, and a production royalty of mined material (per dry ton), is payable to the US DOE and varies by lease as follows:

<u>Table 8: DOE Lease Royalties</u> 

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| | | | |
|:---|:---|:---|:---|
| **Lease No.** | **Yearly<br>Advance<br>Royalty<br>Payment<br>($ per year)** | **Royalty<br>payments<br>due upon<br>mining<br>(fair market<br>value)** | **Cotter<br>royalty<br>(gross value)** |
|  JD-6 (DE-RO01-19LM70254) | $28300 | 19.92% | 15% |
|  JD-7 (DE-RO01-19LM70255) | $87100 | 16.86% | 15% |
|  JD-8 (DE-RO01-19LM70256) | $13600 | 15.02% | 15% |
|  JD-9 (DE-RO01-19LM70257) | $21800 | 16.26% | 15% |

---

The annual royalty payments shall be credited against the royalty bid payments upon successful mineral extraction from the individual leases.

*Surface Rights* 

The surface rights to the four lease tracts are controlled by the US DOE. Adjacent lands are controlled by the US Bureau of Land Management or are other US DOE lease tracts.

*Physiography* 

The Project area is typical of the mesa and canyon topography of southwest Colorado. Monogram Mesa dominates the setting, lying immediately south of Paradox Basin. The four lease tracts are located along the flanks of Monogram Mesa. The elevation varies from about 5,700 to 7,100 ft above sea level in the Project area.

Vegetation is typical of a semi-arid, southern climate and generally sparse to fair. Flora consists of juniper and piñon pines along with sage and other brush, forbs, grasses, and cacti typical of a semi-arid, southern climate.

*Accessibility* 

The US DOE Leases can be reached by taking Colorado Highway 141 west approximately 1.5 miles from Naturita, turning south on State Highway 90, and then proceeding approximately 9 miles west. There, heading south on a maintained gravel road to Monogram Mesa accesses the JD-6, JD-8, and JD-9 Lease tracts. The JD-7 Lease is accessed by another gravel road, which heads south from State Highway 90, approximately 1.5 miles west from the Monogram Mesa access road.

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##### [**Table of Contents**](#toc)
*Climate* 

The Property climate is semi-arid to arid and receives annual precipitation of 7-12 inches with most precipitation falling in the form of spring rains and late autumn to early spring snows. The summer months are usually hot, dry, and clear except for infrequent, monsoonal rains. Due to the dry climate, all streams in the area are ephemeral to low flow, fed by storm runoff and the occasional groundwater seep. Temperatures range from approximately 70 to 90°F in the summer season, and 10 to 40°F in the winter season.

The Project can be accessed and operated year-round.

*Infrastructure and Local Resources* 

Although there are no sources of goods and services in the immediate vicinity of the project, there are adequate supplies of equipment, services, and work force at the city of Grand Junction, approximately 90 miles to the north. The nearby towns of Naturita and Nucla provide limited goods and services for exploration drilling activities. Skilled labor for mining and mining contractors are available in the area. The sites have been previously mined and there are sources of water (wells), electrical power, and access roads to each site.

*History* 

Beginning in the 1950s, the leases were explored by the US Atomic Energy Commission (US AEC, now US DOE). Later, the leases were obtained by Cotter Corporation which extensively explored them by surface drilling methods. Extensive mineralized deposits were delineated, and underground mining was completed on each of the leases from the late 1970s to early 2000s. The JD-7 Lease also underwent surface mining, with preliminary stripping of an open-pit completed to within 100 feet of the top of mineralization.

BRS staff has evaluated the quality and quantity of the historical assay data for the project and has prepared an updated mineral resource estimate for the four US DOE leases, as discussed in Section 11 of this report

Each of the four lease tracts were the subject of underground mining. Lease JD-7 was also partially developed by open-pit mining. However, overburden stripping ceased within 100 feet of the top of mineralized materials and no open-pit mineral production was completed.

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##### [**Table of Contents**](#toc)
*Geological Setting* 

The Project is in the Uravan Mineral Belt of the Colorado Plateau which is a physiographic province spanning southwestern Colorado and southeastern Utah. The Colorado Plateau is a block of continental crust that has been tectonically stable since the early Paleozoic. This extended period of stability allowed for thick deposition of clastic, carbonate, and evaporitic sediments. Beginning approximately 25-30 million years ago, the Plateau was subjected to extensive uplift of 4,000 to 6,000 feet. The uplift was related to changing plate motions and stress directions due to basin and range development to the west of the Colorado Plateau in central Utah and Nevada. Over the past 6-9 million years, rapid uplift caused extensive downcutting by streams, resulting in the canyonlands topography of today.

Sedimentary strata within the Plateau hosts numerous uranium and vanadium deposits. Most of these mineralized deposits are within the Pennsylvanian Hermosa Formation, the Permian Cutler Formation, the Triassic Chinle Formation, and the Jurassic Morrison Formation; the latter being the host rock of mineralization at the Project. The overwhelming majority of past uranium and vanadium production in the Uravan district was from the Saltwash member of the Morrison Formation.

The Morrison Formation is recognized as an aggrading, terrigenous, fan-shaped fluvial sequence of sediments. The provenance of the sediments was likely from uplifted terrane in the present- day areas of south-central Utah and north-central Arizona.

During the Jurassic, rising salt domes, which caused anticlinal and synclinal folding, were the positive topographic features that dictated the direction of river systems flowing from the highlands to the southwest. This resulted in a pattern of high sandstone to mudstone ratios in synclinal valleys that flanked the elongated salt domes at the time. The high ratio of sandstone to mudstone allowed for increased permeability and porosity. This permitted increased fluid flow, which later influenced the formation of the uranium and vanadium deposits. Thicker sequences of sandstone were generally more conducive for development of the mineralized zones of uranium and vanadium.

The geologic structure in the Project area varies, depending on location. On the eastern flank of Monogram Mesa (JD-6, JD-7, JD-8) there are numerous synthetic and antithetic faults striking NW-SE that drop down mostly to the east, toward the basin center of Paradox Valley. Small horst blocks were also developed between opposing faults. Atop Monogram Mesa and on its western side (JD-9), the bedding is mostly flat to very shallow dipping. The uranium/vanadium mineralization pre-dates the structural history that created the numerous small faults, and in the mineralization at the JD-7 Lease, faulting can be observed to cut across mineralized zones.

The surficial geology of the Project area is quite variable, depending on topography and location along the flank of Monogram Mesa. Extensive light-red sandy, silty wind-blown, and reworked material mantles the mesa tops. The flanks of the leases near JD-6 and JD-7 are comprised of talus slopes of varying rock types, and landslide deposits predominantly from the Brushy Basin mudstone. In the valley bottom of Paradox Basin, the wind-blown materials are intermixed with disintegrated slope wash deposits.

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*Mineralization* 

The uranium and vanadium bearing minerals occur as fine-grained coatings in detrital grains. These minerals fill pore spaces between the grains and replace carbonaceous material and some detrital grains.

The primary uranium mineral is uraninite, with minor amounts of coffinite. Montroseite is the primary vanadium mineral, along with vanadium clays and hydromica. Metal sulfides occur in trace amounts. Mineralization typically occurs in the tabular to lenticular bodies within sedimentary bedding but may also cut across sedimentary bedding to form highly irregular shapes. The mineralized bodies have an average thickness of 2 to 4-ft, and range in size from a few feet wide to several hundred feet wide. The length of the deposits varies from several feet to hundreds of feet.

*Exploration Activity* 

Anfield has not carried out any exploration activities or drilling at the Project to define or otherwise evaluate the uranium deposits outlined by the previous operators of the US DOE Lease project. The most recent exploration drilling occurred in the early 2000s, by Cotter Corporation.

The subsequent table summarizes the phases of the historical exploration on the project. As described in the West Slope Technical Report Summary, historical production occurred on the properties from 1977-2006.

<u>Table 9: Previous Exploration Activities</u> 

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| | | |
|:---|:---|:---|
| **Company** | **Period** | **Exploration Activities** |
| AEC | 1950s | Limited aerial radiometric surveying, Ground prospecting |
| Cotter Corporation | Late 1970s–early 2000s | Metallurgical testing, Exploration drilling with 2,198 drill holes, Feasibility studies |

---

The main operator of the Leases was Cotter Corporation, following limited exploration drilling in the 1950s by the USGS on behalf of the US AEC.

All the drilling was vertical and utilized truck-mounted rotary drill rigs. Upon completion the holes were logged with a geophysical tool that recorded spontaneous potential, resistivity, and natural gamma. The holes were also logged to determine the extent and direction of drift during drilling of the hole.

Vanadium was sampled and assayed to a limited extent. The estimation of vanadium mineral resources is based on the observed ratio of vanadium to uranium from the limited drilling assays and mining on the Project and in the region.

This is the Company's inaugural statement of mineral resource estimates in accordance with S-K 1300. Accordingly, the Company has omitted a year-to-year comparison of mineral resources. The total book value of the West Slope Project as of December 31, 2024 was US$3,177,244.

*Environmental Compliance and Permitting* 

Each of the mine sites has an existing mine permit, bonding and reclamation responsibilities. The existing mine permits address reclamation of the sites. New permits for mine operations will need to be filed with the Colorado Division of Reclamation, Mining, and Safety. These are brownfield sites and baseline environmental studies are current.

The mine sites are located in Montrose County and are consistent with local land use planning. Similar mining projects in the area have met with a mixture of local support and objections from NGOs.

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##### [**Table of Contents**](#toc)
**Exploration Plans and Cost Estimates** 

The following recommendations relate to potential improvement and/or advancement of the Slick Rock project and fall within two categories; recommendations to potentially enhance the resource base and recommendations to advance the Slick Rock project towards development. Both may be conducted contemporaneously.

All areas of inferred resource will require exploration to delineate the potential resource and upgrade the estimated quantities in those areas.

*Phase 1* 

The Slick Rock project will require a Phase 1 verification drilling program to confirm the existing database and upgrade the resource category. This would be followed by Phase 2 work, including delineation drilling, updating resource model, and preparation of a PEA update or PFS.

The Velvet mine does not require an initial phase of verification and would be included along with Slick Rock in Phase 2.

Based on the successful completion of the Phase 1 verification drilling program as shown in Table 10 below and a decision to move the Slick Rock project forward to production, Phase 2 would be recommended. Only the Phase 1 verification drilling program is recommended currently for the Slick Rock Project. These activities were initiated in 2024 and are expected to conclude in 2025. A public press release disclosing the 2024 preliminary findings was made on January 29, 2025. The drilling project is ongoing with additional work in 2025 at which time Anfield intends to update the mineral resources and as appropriate the SK-1300 and NI 43-101 reports.

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| | |
|:---|:---|
| **Item** | **Cost (USD)** |
|  Permitting and Reclamation | $20000 |
|  20 Conventional Mud Holes (1,200ft average 24,000 ft total) | $450000 |
|  Site Supervision Including Geological Services | $40000 |
|  Geophysical Logging 20 Holes | $30000 |
|  Road Maintenance | $10000 |
|  Total Phase 1 Cost Estimate | $550000 |

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<u>Table 10 – Slick Rock Phase 1: Verification Drilling Cost Estimate</u> 

*Phase 2* 

The Velvet Mine Area and resources are well delineated in the west and fairly well delineated in the east. The eastern portion of the Velvet mine resource will need to be drilled from the underground workings during any future development to classify resources into the measured and/or reserve categories ahead of mining extraction operations. The Wood resource area is less well delineated and will require additional surface and/or underground drilling to better define and quantify the resource prior to development.

The Phase 2 recommendations and cost estimates for the Velvet-Wood project are provided in Table 11. The Phase 2 recommendations and cost estimates for the Slick Rock Project are provided in Table 12. The total Phase 2 cost is estimated at $4.5 million USD.

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| | |
|:---|:---|
| **Item** | **Cost (USD)** |
|  Permitting and reclamation | $150000 |
|  10 Air Rotary Collars for DDC Tails (1,200 ft average, 12,000 ft total) | $180000 |
|  10 Diamond Core Tails (400 ft average, 4,000 ft total) | $400000 |
|  20 Conventional Mud Holes (1,500 ft average 60,000 ft total) | $600000 |
|  Site Supervision Including Geological Services | $200000 |
|  Geophysical Logging 50 Holes (1,500 ft average) | $120000 |
|  Assay of Core and Drill Chips (2,000 samples by ICP-MS) | $200000 |
|  Resource Model Update, Reporting and Preparation of PFS | $300000 |
|  Road Maintenance | $50000 |
|  Total | $2200000 |

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<u>Table 11 – Velvet-Wood Exploration Drilling Cost Estimate</u> 

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| | |
|:---|:---|
| **Item** | **Cost (USD)** |
|  Permitting and Reclamation | $150000 |
|  10 Air Rotary Collars for DDC Tails (800 ft average, 8,000 ft total) | $120000 |
|  10 Diamond Core Tails (200 ft average, 2,000 ft total) | $200000 |
|  40 Conventional Mud Holes (900 ft average 36,000 ft total) | $720000 |
|  Site Supervision Including Geological Services | $200000 |
|  Geophysical Logging 50 Holes (850 ft average) | $120000 |
|  Assay of Core and Drill Chips (2,000 samples by ICP-MS) | $200000 |
|  Metallurgical Heap Leach Testing | $240000 |
|  Resource Model Update, Reporting and Preparation of PFS | $300000 |
|  Road Maintenance | $50000 |
|  Total | $2300000 |

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<u>Table 12 – Slick Rock Exploration Drilling Cost Estimate</u> 

**Non-Material Properties** 

See Item 4.D. — *Information on the Company — Property, Plants and Equipment — Overview* for a description of our non-material properties.

**Internal Controls Over Mineral Resources and Reserve Estimates** 

The Company has internal controls for reviewing and documenting the information supporting the mineral resource and mineral reserve estimates, describing the methods used, and ensuring the validity of the estimates.

Information that is used to compile mineral resources and reserves is prepared and certified by appropriately qualified persons at the project sites and is subject to our internal review process which includes review by appropriate management and a qualified person employed by the Company.

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| | |
|:---|:---|
| **ITEM 4A.** | **UNRESOLVED STAFF COMMENTS**  |

---

Not applicable.

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| | |
|:---|:---|
| **ITEM 5.** | **OPERATING AND FINANCIAL REVIEW AND PROSPECTS**  |

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The following Operating and Financial Review and Prospects section is intended to help the reader understand the factors that have affected the Company's financial condition and results of operations for the historical period covered by the financial statements and management's assessment of factors and trends which are anticipated to have a material effect on the Company's financial condition and results in future periods. This section is provided as a supplement to, and should be read in conjunction with, our Consolidated Financial Statements and the other financial information contained elsewhere in this document. Our Consolidated Financial Statements have been prepared in accordance with IFRS. Our discussion contains forward-looking statements based on current expectations that involve risks and uncertainties, such as our plans, objectives and intentions. Our actual results may differ from those indicated in such forward-looking statements.

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**A. Operating Results** 

The following exploration and evaluation expenditures were included in comprehensive loss for the year ended December 31, 2024 and 2023 are as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Uranium<br>Properties** | **Highbury** | **Newsboy** | **Artillery**<br>**Peak** | **Clay<br>Borrow** | **Total** |
|  Consulting | $357528 | $815011 | $**—** | $**—** | $**—** | $1172539 |
|  Sundry field | 102537 | 7391 |  |  |  | 109928 |
|  Sampling, assaying | 173935 | 2962 |  |  |  | 176897 |
|  License, filing and insurance | 1548060 | 126270 | 32727 | 55710 | 13402 | 1776169 |
|  Royalty | 462489 | 560000 |  |  |  | 1022489 |
|  Property tax | 8006 | 41149 |  |  | 51184 | 100339 |
|  Drilling |  | 691309 |  |  |  | 691309 |
|  Termination of acquisition agreement | 225608 |  |  |  |  | 225608 |
|  **Total for the year ended December 31, 2024** | $**2878163** | $**2244092** | $**32727** | $**55710** | $**64586** | $**5275278** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Uranium<br>Properties** | **Highbury** | **Newsboy**<br>**Gold** | **Artillery**<br>**Peak** | **Clay<br>Borrow** | **Total** |
|  Consulting | $1413552 | $429124 | $11260 | $18223 | $7966 | $1880125 |
|  Sundry field | 59744 | (2656) |  |  |  | 57088 |
|  Sampling, assaying | 190805 | 5617 |  |  |  | 196422 |
|  License, filing and insurance | 1003534 | 57426 | 51966 | 106228 | 6519 | 1225673 |
|  Lease and royalty | 120153 | 191182 |  |  |  | 311335 |
|  Property tax | 58552 | 37510 |  |  |  | 96062 |
|  **Total for the year ended December 31, 2023** | $**2846340** | $**718203** | $**63226** | $**124451** | $**14485** | $**3766705** |

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*Comparison between the year ended December 31, 2024 and 2023* 

---

| | | |
|:---|:---|:---|
|  | **2024** | 2023 |
|  Depreciation | $**3877** | $3819 |
|  Exploration and evaluation expenditures | **5275278** | 3766705 |
| (Gain) loss on foreign exchange | **(620196)** | 51258 |
|  General and administrative | **4957926** | 3719444 |
|  Shareholder communications | **195943** | 105948 |
|  Share-based compensation | **—** | 2382195 |
|  **Total operating expenses** | $**9812828** | $10029369 |

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Exploration and evaluation expenditures increased by $1,508,573 mainly due to an increase of $550,496 in license, filing and insurance expense, an increase of $711,154 related to lease and royalty payments, an increase of $691,309 in drilling expense, an increase of $52,840 in sundry expense and offsetting by a decrease of $19,525 in sampling expense, a decrease in $707,586 in consulting fees as the various engineering studies relating to re-evaluating certain properties and a report on the re-start of the Shootaring mill have been completed in Q4 of 2023. The Company also terminated an acquisition agreement resulting in a loss of $225,608 of deposit and other related costs.

General and administrative expenses increased by $1,238,482 mainly due to an increase of $217,039 in office expense, an increase of $225,039 in accounting and audit fees, an increase of $1,052,358 in legal fees, and offsetting by a decrease of $85,601 in professional fees, a decrease of $64,459 in filing fees and a decrease of $112,783 in consulting fees.

Shareholder communications increased by $89,995 as a result of increased investor engagement.

The foreign exchange amounts arose from the restating of US dollar-denominated cash, payables and loan balances due to the fluctuation of the Canadian dollar.

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*Comparison between the year ended December 31, 2024 and 2023* 

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| | | |
|:---|:---|:---|
| **Other items** | **2024** | **2023** |
|  Accretion expense of discount and interest expense on loans payable | $**(861123)** | $(140882) |
|  Accretion expense for asset retirement obligations | **(920583)** | (837691) |
|  Change in asset retirement obligation estimates | **—** | (411042) |
|  Gain on sale of royalty portfolio | **—** | 1954128 |
|  Impairment of exploration and evaluation assets | **(378605)** |  |
|  Interest income | **513693** | 637812 |
|  Other income | **24670** |  |
|  Reversal of impairment of property and equipment | **—** | 21986159 |
|  Unrealized loss on marketable securities | **(10943)** | (2243) |
|  Write-off of accounts payable | **67** | 18845 |
|  **Net income (loss)** | $**(11445652)** | $13175717 |

---

Accretion expense of discount and interest expense on loans payable increased by $720,241 mainly due to the recognition of accretion expense for the full year in fiscal year 2024 as opposed to 3 months in fiscal year 2023 for the Credit Facility the Company entered into on September 26, 2023. In addition, during the year ended December 31, 2024, the Credit Facility was amended and the Company issued 4,000,000 share purchase warrants with a fair value of $250,109 in connection with the amendment. The fair value of $250,109 was added to the liability and is being amortized over the term of the modified liability.

Accretion expense for asset retirement obligations increased by $82,892 mainly due to fluctuations of the foreign currency as the accretion expense is U.S. dollar-dominated and translated into Canadian dollars.

Change in asset retirement obligation estimates of $411,042 during the year ended December 31, 2023 was related to the Shootaring mill due to changes in interest rate and estimated reclamation cost.

Gain on sale of royalty portfolio of $1,954,128 recognized during the year ended December 31, 2023 was the result of the Company disposing its uranium royalty portfolio.

Impairment of exploration and evaluation assets of $378,605 recognized during the year ended December 31, 2024 was related to the Dripping Springs Quartzite Project as 34 of the 115 mining claims were forfeited during the year.

Interest income consists of interest earned less interest incurred during the year. During the year ended December 31, 2024, the Company earned interest of $748,163 (2023 - $638,488) from its reclamation bond deposits and incurred interest expense of $234,470 (2023 - $675), resulting in an overall decrease of $124,119 in interest income during the year ended December 31, 2024. The increase in interest expense incurred in fiscal 2024 is due to the promissory note the Company entered into on October 1, 2024 for $6,020,000, of which the Company received proceeds of $4,249,864. The promissory notes bears interest at 15% per annum.

The reversal of impairment of property and equipment in the fiscal year ended December 31, 2023 was related to the Shootaring mill. During the year ended December 31, 2023, there were favorable changes in the market conditions for uranium production, as well as other factors, which indicated the impairment loss recognized in prior periods no longer exists. As a result, the Company reversed the total impairment of $21,986,159 along with the changes to the ARO estimates for the period between the impairment and December 31, 2023.

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The following exploration and evaluation expenditures were included in comprehensive loss for the three months ended March 31, 2025 and 2024 are as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Uranium**<br>**Properties** | **Highbury** | **Newsboy** | **Artillery**<br>**Peak** | **Clay**<br>**Borrow** | **Total** |
|  Consulting | $65609 | $138320 | $— | $— | $— | $203929 |
|  Sundry field | 18941 | 3440 |  |  |  | 22381 |
|  Sampling, assaying | 35053 | 1709 |  |  |  | 36762 |
|  License, filing and insurance | 447429 | 108748 | 9694 |  | 297 | 566168 |
|  Royalty | 161362 | 147709 |  |  |  | 309071 |
|  Property tax |  | 45466 |  |  |  | 45466 |
|  Drilling | 93464 | 12095 |  |  |  | 105559 |
|  **Total for the three months ended March 31, 2025** | $821858 | $457487 | $9694 | $— | $297 | $1289336 |
|  | **Uranium**<br>**Properties** | **Highbury** | **Newsboy**<br>**Gold** | **Artillery**<br>**Peak** | **Clay**<br>**Borrow** | **Total** |
|  Consulting | $116630 | $138499 | $— | $319 | $— | $255448 |
|  Sundry field | 18024 | 782 |  | 163 |  | 18969 |
|  Sampling, assaying | 35797 |  |  |  |  | 35797 |
|  License, filing and insurance | 464935 | 26517 | 7510 | 20528 | 4863 | 524353 |
|  Lease and royalty | 80127 | 136066 |  |  |  | 216193 |
|  Property tax | (77) |  |  |  |  | (77) |
|  **Total for the three months ended March 31, 2024** | $715436 | $301864 | $7510 | $21010 | $4863 | $1050683 |

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Comparison between the three months ended March 31, 2025 and 2024

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  Depreciation | $**1015** | $954 |
|  Exploration and evaluation expenditures | **1289336** | 1050683 |
|  Loss (Gain) on foreign exchange | **24158** | (89273) |
|  General and administrative | **999596** | 933600 |
|  Shareholder communications | **37159** | 50636 |
|  **Total operating expenses** | $**2351264** | $1946600 |

---

Exploration and evaluation expenditures increased by $238,653 mainly due to an increase of $105,559 in drilling expense, an increase of $45,543 in property tax, an increase of $92,878 in lease and royalty payments, an increase of $41,815 in license, filing and insurance expense, an increase of $965 in sampling expense and an increase of $965 in sundry expense, and offset by a decrease in $51,519 in consulting expense.

General and administrative expenses increased by $65,996 mainly due to an increase of $179,637 in legal fees, an increase of $34,579 in listing expense, an increase of $20,000 in accounting and audit fees, an increase of $44,195 in indemnification support fee, an increase of $52,500 in director's fees and offset by a decrease of $33,546 in marketing expense, a decrease of $217,413 in consulting fees and a decrease of $11,181 in filing fees.

Shareholder communications decreased by $13,477 as a result of decreased investor engagement.

The foreign exchange amounts arose from the restating of US dollar-denominated cash, payables and loan balances due to the fluctuation of the Canadian dollar.

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##### [**Table of Contents**](#toc)
Comparison between the three months ended March 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| **Other items** | **2025** | **2024** |
|  Accretion expense of discount and interest expense on loans payable | $**(265540**) | $(221941) |
|  Accretion expense for asset retirement obligations | **(251579**) | (155210) |
|  Interest income | **117718** | 185812 |
|  Other income | **6379** |  |
|  Unrealized loss on marketable securities | **(23552**) | (14565) |
|  Write-off of accounts payable | **—** | 66 |
|  **Net income (loss)** | $**(2767838**) | $2152438 |

---

Accretion expense of discount and interest expense on loans payable increased by $43,599 mainly due to the capitalization of interest in April and October 2024 thereby increasing the principal. In addition, the Company received an additional US$6,000,000 to Credit Facility in March 2025. In the 2nd quarter of the fiscal year 2024, the Credit Facility was amended and the Company issued 4,000,000 share purchase warrants with a fair value of $250,109 in connection with the amendment. The fair value of $250,109 was added to the liability and is being amortized over the term of the modified liability.

Accretion expense for asset retirement obligations increased by $96,369 mainly due to changes in interest rate and estimates and fluctuations of the foreign currency as the accretion expense is U.S. dollar-dominated and translated into Canadian dollars.

Interest income consists of interest earned less interest incurred during the three months ended March 31, 2025. During the three months ended March 31, 2025, the Company earned interest of $167,522 (2024 - $186,567) from its reclamation bond deposits and incurred interest expense of $49,804 (2024 - $nil), resulting in an overall decrease of $68,094 in interest income during the three months ended March 31, 2025. The increase in interest expense incurred during the three months ended March 31, 2025 is due to the promissory note the Company entered into on October 1, 2024 for $6,020,000, of which the Company received proceeds of $4,249,864. The promissory notes bears interest at 15% per annum.

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##### [**Table of Contents**](#toc)
**B.** **Liquidity and Capital Resources** 

During the year ended December 31, 2024, we used cash of $8,107,200 in operating activities compared to $7,263,435 in the year ended December 31, 2023. The increase of $843,765 in cash used in the operating activities was related to various exploration and evaluation expenditures and legal fees incurred during the year ended December 31, 2024. The various exploration and evaluation activities occurred during the year ended December 31, 2024 include the preparation and submission of the production reactivation plan for the Shootaring Canyon mill to the UDEQ in April 2024, the preparation and submission of the Plan of Operation for its Velvet-Wood mine to the State of Utah and BLM in May 2025. The drill program at Slick Rock was also commenced in September 2024. The increase in legal fees was related to the Arrangement Agreement the Company entered with IsoEnergy Ltd. on October 1, 2024 which was terminated in January 2025.

Cash flows used in investing activities were $938,377 for the year ended December 31, 2024 compared to $4,642,811 in the year ended December 31, 2023. During the year ended December 31, 2024, the Company acquired mining claims in San Juan and Grand County, Utah, for $113,334 (US$85,000) of cash which was paid during the year ended December 31, 2023 and recorded as deferred acquisition costs at December 31, 2023. The Company also paid cash of $136,633 as partial payment for 12 DOE leases and associated data in various Counties in Colorado during the year ended December 31, 2024. During the year ended December 31, 2023, the Company paid cash of $214,523 related to the acquisition of mineral claims in Emery County, Gila County and Mohave County and paid cash of $5,038,544 for the Marquez-Juan Tafoya uranium project acquired via acquisition of Neutron. The Company also bought back 3% NSR for its Artillery Peak project for cash of $613,541. During the year ended December 31, 2024, the Company increased its reclamation bond deposit by $801,744 (2023 - $651,838). During the year ended December 31, 2023, the Company received proceeds of $2,015,243 from the sale of its uranium royalty portfolio.

Cash flows provided by financing activities were $7,784,707 for the year ended December 31, 2024 compared to $10,199,978 in the year ended December 31, 2023. During the year ended December 31, 2024, the Company received proceeds from loans of $5,899,864 (2023 - $3,702,410), net of share issuance costs of $nil (2023 - $197,590). During the year ended December 31, 2024, the Company received proceeds of $nil (2023 - $6,497,568) from issuance of units and $2,026,937 (2023 - $nil) from exercise of warrants. During the year ended December 31, 2024, the Company received proceeds from related party loan in the amount of $1,485,000, net of original issue discount of $165,000 and repaid related party loan of $1,650,000.

At December 31, 2024, the Company had working capital deficit of $5,304,666 as compared working capital of $3,623,231 at December 31, 2023.

During the three months ended March 31, 2025, we used cash of $2,937,527 in operating activities compared to $1,328,055 for the three months ended March 31, 2024. The increase of $1,609,472 in cash used in the operating activities was mainly related to payment of various accounts payable and accrued liabilities related to exploration and evaluation expenditures and general and administrative expenses incurred during the year ended December 31, 2024 and the three months ended March 31, 2025. Payments of general and administrative expenses include legal fee incurred during the fourth quarter of 2024 in relation to the Arrangement Agreement the Company entered with IsoEnergy Ltd., legal fees related to equity financing and amendment to the Credit Facility during the three months ended March 31, 2025, advisory fees owing at December 31, 2024 in the amount of $393,750 and prepayment of consulting fees in the amount of US$150,000. During the three months ended March 31, 2025, the Company also paid director's fees of $52,500 (2024 - $nil) and indemnification support fees of $44,195 (2024 - $nil).

Cash flows used in investing activities were $1,487,250 for the three months ended March 31, 2025 compared to $220,972 for the three months ended March 31, 2024. During the three months ended March 31, 2025, the Company paid cash of $568,136 as partial payment for 12 DOE leases and associated data in various Counties in Colorado. During the three months ended March 31, 2025, the Company increased its reclamation bond deposit by $751,592 (2024 - $34,405) and reinvested $167,522 (2024 - $186,567) of dividend and interest income from reclamation bond.

Cash flows provided by financing activities were $17,050,686 for the three months ended March 31, 2025 compared to $141,781 for the three months ended March 31, 2024. During the three months ended March 31, 2025, the Company received proceeds from loans of $8,212,407 (2024 - $nil), net of debt issuance costs of $89,948 (2024 - $nil). During the three months ended March 31, 2025, the Company received proceeds of $15,000,000 (2024 - $nil) from issuance of common shares and $nil (2024 - $141,781) from exercise of warrants. During the three months ended March 31, 2025, the Company repaid loan and accrued interest of $6,161,721.

At March 31, 2025, the Company had working capital of $14,181,256 as compared working capital deficit of $5,304,666 at December 31, 2024. The Company plans to focus on advancing certain of its assets – the Velvet-Wood project, the Slick Rock project and the Shootaring Canyon mill - to production within the next two to three years.

In the next twelve months, the Company aims to:

1) secure a large mine permit for Velvet-Wood in 2025;

2) submit its PoO for Slick Rock to the U.S. DOE;

3) determine the most prospective of its DOE Leases through data review and preliminary drilling (where necessary);

4) commence clean-up work at the Shootaring Canyon mill site while awaiting approval of its mill reactivation plan, which was submitted to the State of Utah in April of 2024.

The Company's 12-month budget is approximately $8.5 million. Subsequent to December 31, 2024 the Company completed an equity financing for gross proceeds of $15,000,000 and amended an existing credit facility to provide an additional US$6,000,000 of capital. Management intends to finance operating costs and expenditures over the next twelve months with the proceeds from the debt and equity financing. It is expected that the current cash position will be sufficient to fund our needs for the 2025 fiscal year.

**C.** **Research and Development, Patents and Licences, etc.** 

Not applicable.

**D.** **Trend Information** 

The Company does not currently have any production, sales or inventory and therefore there are no known trends that are applicable to the Company's reported financial results. For information on the Company's most recently reports operating results and recent events that had a material effect on the Company's liquidity and capital resources, Item 5.A — *Operating and Financial Review and Prospects — Operating Results* and Item 5.B — *Operating and Financial Review and Prospects — Liquidity and Capital Resources*, respectively.

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**E.** **Critical Accounting Estimates.** 

Significant areas requiring the use of critical accounting estimates include the recoverability of the carrying value of property and equipment and exploration and evaluation assets, fair value measurements for financial instruments and share-based compensation and other equity-based payments, the recognition and valuation of provisions for restoration and environmental liabilities, purchase price allocation and the recoverability and measurement of deferred tax assets and liabilities. Actual results may differ from those estimates and judgments.

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| | |
|:---|:---|
| **ITEM 6.** | **DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES**  |

---

**A.** **Directors and Senior Management** 

The following table sets forth the name of each of our directors and executive officers, as well as such individual's place of residence, position with us, principal business activities performed outside those with us and period of service as a director (if applicable).

**Directors and Executive Officers** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Position With**<br> **Anfield** | **Age** | **Principal Business Activity**<br> **Outside Anfield** | **Director/Officer Since** |
| Ken Mushinski,<br> *Texas, USA* | Chairman and Director | 62 | President, CEO and Director of Rare Element Resources Ltd. | September 20, 2022 |
| Corey A. Dias <br>*Ontario*, *Canada* | Chief Executive Officer and Director | 54 | N/A | November 5, 2012 |
| Laara Shaffer<br> *British Columbia, Canada* | Chief Financial Officer and Director | 77 | N/A | June 24, 2020<sup>(1)</sup> |
| Douglas Beahm<br> *Wyoming, USA* | Chief Operating Officer | 72 | Owner and President of BRS, Inc., an engineering consulting firm | March 20, 2024 |
| Joshua D. Bleak<br> *Arizona, USA* | Director | 44 | President of North American Environmental Corporation, a consulting company specializing in mining project management, permitting, lobbying and land tenure | December 15, 2010 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Stephen Lunsford<br> *Wyoming, USA* | Director | 78.0 | Independent businessman and consulting geologist. Previously Senior Geologist at Cameco Resources Inc. | May 23, 2018 |
| Don Falconer<br> *Ontario, Canada* | Director | 81.0 | Independent businessman and director of public companies. From 2012 until 2014, Director of AusAmerica Mining | June 11, 2014 |
| John Eckersley<br> *Utah, USA* | Director | 66.0 | Independent attorney for 30 years, with 10 years of experience with publicly-traded companies | July 19, 2019 |
| Ross McElroy<br> *Saskatchewan, Canada* | Director | 62.0 | Exploration geologist with more than 38 years of experience in mineral exploration and senior-level project management | April 1, 2025 |
| <br> **Notes:** |  |  |  |  |

---

(1) Date on which Ms. Shaffer became a director of Anfield. Ms. Shaffer became a director of the Company
on May 15, 2023.

The following are brief biographies of our directors and executive officers.

***Ken Mushinski, Chairman and Director***

Mr. Mushinski brings extensive nuclear-related knowledge and expertise to the Board, with an exemplary career spanning 33 years at General Atomics Corporation and its subsidiaries. In his roles as Vice President of Corporate Planning and Acquisitions, 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, he has contributed significantly to the industry.

Throughout his career, Mr. Mushinski has demonstrated exceptional leadership, serving as Board Chairman for Cotter Corporation, Diazyme Shanghai (a technology developer), and Miltec Inc. (a chemical manufacturer). He has also played a vital role as a management committee member for the Honeywell/General Atomics ConverDyn partnership.

His skillset encompasses a wide range of areas, including mergers and acquisitions, operational and financial planning for uranium production operations, regulatory affairs, and governmental interactions. Mr. Mushinski's educational background includes a Master of Business Administration and a Bachelor of Science in Mechanical Engineering, Summa Cum Laude, from San Diego State University.

***Corey A. Dias, Chief Executive Officer and Director***

Mr. Dias is the Co-Founder and CEO of Anfield Energy, bringing with him an impressive 20-year track record in capital markets. His journey began in institutional equity research at CIBC, gaining further sell-side experience with other 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 time in the capital markets sphere, Mr. Dias worked in Stockholm as a management consultant for The Monitor Group, a leading strategy consulting firm based in the United States. During this time, he gained invaluable insights into addressing complex challenges faced by executive management in multinational corporations across diverse industries.

Mr. Dias holds an MBA from the prestigious Richard Ivey School of Business at the University of Western Ontario, which provides an academic foundation to complement his extensive practical expertise. As the Co-Founder and CEO of Anfield, he is dedicated to driving the company's success and shaping the future of carbon-free, sustainable clean energy solutions.

***Laara Shaffer, Chief Financial Officer and Director***

Laara Shaffer has worked with publicly-traded companies in regulatory compliance, administration and accounting for over 35 years. Ms. Shaffer was also CEO and director of Oronova Resources Ltd., a director of Foran Mining Corporation and Passport Potash Inc. and she also served as corporate secretary for Voyageur Gold Explorers Inc.

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##### [**Table of Contents**](#toc)
***Douglas Beahm, Chief Operating Officer***

Mr. Beahm, PE, PG, 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. Since graduation, Mr. Beahm has held senior positions with mining companies such as Homestake Mining, Union Carbide Corporation and AGIP, prior to establishing the engineering consulting firm, BRS, Inc. His uranium-related expertise in mine operations and as a consultant to the minerals industry extends to both In Situ Recovery (ISR) projects and hard rock conventional projects in the United States and Paraguay.

***Joshua D. Bleak, Director***

As a fourth-generation miner from a reputable Arizona mining family, Mr. Bleak possesses a deep-rooted understanding of resource development. He has extensive experience in developing gold, silver, copper, and uranium projects in the southwestern United States. Mr. Bleak's expertise extends to serving as a director for several Canadian junior mining exploration companies and as the President of North American Environmental Corp. His knowledge in mining project management – including drilling, transportation, permitting and land tenure – adds valuable insights to Anfield Energy.

***Stephen Lunsford, Director***

With an impressive career spanning four decades, Mr. Lunsford has established himself as a highly skilled geologist in the uranium sector. He has worked in senior roles with esteemed entities including Cameco Resources, American Nuclear Corp., and Power Resources, gaining invaluable experience in mine exploration and development. Notably, Mr. Lunsford contributed to a feasibility study for the Charlie project in Wyoming – previously owned by Anfield – during his time with Power Resources. His extensive geological expertise strengthens Anfield's capabilities in identifying and unlocking uranium resources.

***Don Falconer, Director***

Mr. Falconer brings over 35 years of experience in the uranium and nuclear utility sectors. He has held prominent positions – including senior executive roles – in notable uranium companies such as Uranium One, Southern Cross Resources, Uranium One and Aurora Energy, specializing in uranium marketing and sales. With over 16 years of board experience in publicly traded companies, including Energy Fuels and AusAmerican Mining, Mr. Falconer possesses a strong understanding of corporate governance. Furthermore, his seven-year tenure with Ontario Hydro's Nuclear Division adds valuable operational insights to his expertise in the industry.

***John Eckersley, Director***

Mr. Eckersley is a seasoned attorney with over two decades of experience. His legal practice focuses on securities compliance, corporate governance, and estate planning. He has held significant roles in various companies, including Executive Vice President and Corporate Counsel of Passport Potash Inc., director of Silver Horn Mining Ltd., and CEO, CFO, President, Corporate Secretary, and director of Scorpion Resources Inc. Mr. Eckersley obtained his B.S. and Juris Doctorate from the University of Utah, solidifying his educational background and expertise in the field.

***Ross McElroy, Director***

Mr. McElroy is a professional geologist bringing more than 38 years of mining industry experience both in operation and corporate capacities, involved with major, mid-tier and junior mining and exploration companies. As a very successful exploration geologist, he has been a key member in the discoveries of numerous world-class uranium and gold orebodies, several of which have been advanced to development and mining operations.

**B.** **Compensation** 

The overall objective of the Company's compensation strategy is to offer medium term and long term compensation components to ensure that the Company has in place programs to attract, retain and develop management of the highest caliber and has in place a process to provide for the orderly succession of management, including receipt on an annual basis of any recommendations of the CEO, if any, in this regard. The Company currently has medium term and long term compensation components in place, and intends to further develop these compensation components. The objectives of the Company's compensation policies and procedures are to align the interests of the Company's employees with the interests of the Company's shareholders. Therefore, a significant portion of the total compensation is based upon overall corporate performance.

The Company has a Compensation Committee in place. All tasks related to developing and monitoring the Company's approach to the compensation of officers of the Company and to developing and monitoring the Company's approach to the nomination of directors to the Board are performed by the members of the Board. The compensation of the named executive officers and the Company's employees is reviewed, recommended and approved by the independent directors of the Company.

The Company chooses to grant stock options to named executive officers to satisfy the long term compensation component. The Board may consider, on an annual basis, an award of bonuses to key executives and senior management. The amount and award of such bonuses is discretionary, depending on, among other factors, the financial performance of the Company and the position of a participant. The Board considers that the payment of such discretionary annual cash bonuses satisfies the medium-term compensation component.

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In the future, the Board may also consider the grant of options to purchase common shares of the Company with longer future vesting dates to satisfy the long-term compensation component.

The Board has assessed the Company's compensation plans and programs for its executive officers to ensure alignment with the Company's business plan and to evaluate the potential risks associated with those plans and programs. The Board has concluded that the compensation policies and practices do not create any risks that are reasonably likely to have a material adverse effect on the Company. The Board considers the risks associated with executive compensation and corporate incentive plans when designing and reviewing such plans and programs.

The Company has not adopted a policy restricting its executive officers or directors from purchasing financial instruments that are designated to hedge or offset a decrease in market value of equity securities granted as compensation or held, directly or indirectly, by its executive officers or directors. To the knowledge of the Company, none of the executive officers or directors have purchased such financial instruments.

***Summary Compensation Table – Named Executive Officers***

Particulars of compensation paid to each executive officer during the financial years ended December 31, 2024, 2023 and 2022 is set out in the summary compensation table below and expressed in Canadian dollars, unless otherwise noted:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Non-equity Incentive<br>Plan Compensation <sup>(1)</sup>** | **Non-equity Incentive<br>Plan Compensation <sup>(1)</sup>** | | | |
| **Name and Principal Position** |<br>**Year** |<br>**Salary <sup>(2)</sup><br>($)** |<br>**Share-<br>based<br>Awards <sup>(3)</sup><br>($)** |<br>**Option-<br>based<br>Awards <sup>(4)</sup><br>($)** | **Annual<br>Incentive<br>Plans<br>($)** | **Long -<br>term<br>Incentive<br>Plans<br>($)** |<br>**Pension<br>Value<br>($)** |<br>**All Other<br>Compensation <sup>(5)</sup><br>($)** |<br>**Total<br>Compensation<br>($)** |
|  Ken Mushinski, Chairman | 2024 | 342601 | Nil | Nil | Nil | Nil | Nil | Nil | 342601 |
|  | 2023 | 202657 | Nil | 422861 | Nil | Nil | Nil | Nil | 625518 |
|  | 2022 | 84650 | Nil | 511565 | Nil | Nil | Nil | 135440 | 731655 |
|  Corey Dias, CEO | 2024 | 375000 | Nil | Nil | Nil | Nil | Nil | Nil | 375000 |
|  | 2023 | 300000 | Nil | 422861 | Nil | Nil | Nil | 305000 | 1027861 |
|  | 2022 | 300000 | Nil | 447620 | Nil | Nil | Nil | 681867 | 1429487 |
|  Joshua Bleak, Director<sup>(6)</sup> | 2024 | 337500 | Nil | Nil | Nil | Nil | Nil | Nil | 337500 |
|  | 2023 | 270000 | Nil | 422861 | Nil | Nil | Nil | 307196 | 1000057 |
|  | 2022 | 270000 | Nil | 447620 | Nil | Nil | Nil | 681867 | 1399487 |
|  Laara Shaffer, CFO | 2024 | 51600 | Nil | Nil | Nil | Nil | Nil | Nil | 51600 |
|  | 2023 | 51600 | Nil | 113847 | Nil | Nil | Nil | 84800 | 250247 |
|  | 2022 | 51600 | Nil | 127891 | Nil | Nil | Nil | 51000 | 233342 |
|  Douglas Beahm, COO<sup>(7)</sup> | 2024 | 204514 | Nil | Nil | Nil | Nil | Nil | Nil | 204514 |
|  | 2023 | Ni | Ni | Ni | Ni | Ni | Ni | Ni | Ni |
|  | 2022 | Ni | Ni | Ni | Ni | Ni | Ni | Ni | Ni |

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Notes:

<sup>(1)</sup> "Non-equity Incentive Plan Compensation" includes all compensation under an incentive plan or portion of an incentive plan that is not an equity incentive plan.

<sup>(2)</sup> The value of perquisites including property or other personal benefits provided to an NEO that are generally available to all employees, and that in the aggregate are worth less than $50,000, or are worth less than 10% of an NEO's total salary for the financial year are not reported herein. 

<sup>(3)</sup> "Share-based Awards" means an award under an equity incentive plan of equity-based instruments that do not have option-like features, including, for greater certainty, common shares, restricted shares, restricted share units, deferred share units, phantom shares, phantom share units, common share equivalent units, and stock. 

<sup>(4)</sup> "Option-based Awards" means an award under an equity incentive plan of options, including, for greater certainty, share options, share appreciation rights, and similar instruments that have option-like features. The grant date value of the option-based award was determined using the Black-Scholes option-pricing model, with the following assumptions: Expected dividend yield 0%; Volatility 118% - 154%; risk free interest rate 3.39% - 4.31% and Expected life 5 years. 

<sup>(5)</sup> Represents bonuses paid.

<sup>(6)</sup> Joshua Bleak was reimbursed for auto expenses of $49,338 (2023 - $29,338) and for office rent of $8,223 (2023 - $6,000). 

<sup>(7)</sup> During the year ended December 31, 2024, the Company paid consulting fees of $1,156,303 to a company controlled by the COO of the Company. 

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##### [**Table of Contents**](#toc)
*Summary Compensation Table – Directors* 

The following table sets forth the details of compensation provided to the directors of the Company who are not named executive officers during the Company's financial years of December 31, 2024 and 2023:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Year** | **Fees<br>Earned<br>($)** | **Share-based<br>Awards<br>($)** | **Option-based<br>Awards <sup>(1)</sup><br>($)** | **Non-Equity<br>Incentive Plan<br>Compensation<br>($)** | **Pension<br>Value<br>($)** | **All Other<br>Compensation<br>($)** | **Total<br>($)** |
|  Don Falconer | 2024 | Nil | Nil | Nil | Nil | Nil | Nil | Nil |
|  | 2023 | Nil | Nil | 113847 | Nil | Nil | Nil | 113947 |
|  Stephen Lunsford | 2024 | Nil | Nil | Nil | Nil | Nil | Nil | Nil |
|  | 2023 | Nil | Nil | 113847 | Nil | Nil | Nil | 133847 |
|  John Eckersley<sup>(2)</sup> | 2024 | 246688 | Nil | Nil | Nil | Nil | Nil | 246688 |
|  | 2023 | 229549 | Nil | 113847 | Nil | Nil | Nil | 343396 |

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Notes:

<sup>(1)</sup> The value of the option-based award was determined using the Black-Scholes option-pricing model using the following assumptions: Expected dividend yield 0%; Volatility 118%; risk free interest rate 4.31% and Expected life 5 years. 

<sup>(2)</sup> John Eckersley's compensation was for legal fees related to the U.S. subsidiaries.

***Outstanding Share-Based Awards and Option-Based Awards***

During the year ended ****December 31, 2024 options were granted to directors or officers:

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| | | | |
|:---|:---|:---|:---|
|  | **Option-based Awards** | **Option-based Awards** | **Option-based Awards** |
| **Name** | **Number of securities<br>underlying<br>unexercised options<br>(#)** | **Option exercise<br>price<br>($)** | **Option expiration<br>date (M/D/Y)** |
|  Joshua D. Bleak | 6500000<br> 6125000<br> 2625000 | 0.10<br> 0.10<br> 0.12 | Oct. 6, 2028<br>Sept. 20, 2027<br>Aug. 27, 2026 Nil<br>Nil<br>Nil |
|  Joshua D. Bleak | 1750000 | $0.10 | Aug. 28, 2025 Nil |
|  Joshua D. Bleak | 975000 | $0.20 | July 12, 2024 Nil |
|  Don Falconer | 1750000<br> 1750000 | 0.10<br> 0.10 | Oct. 6, 2028<br>Sept. 20, 2027 Nil<br>Nil |
|  | 1000000 | $0.12 | Aug. 27, 2026 Nil |
|  | 500000 | $0.10 | Aug. 28, 2025 Nil |
|  | 175000 | $0.20 | July 12, 2024 Nil |
|  John Eckersley | 1750000<br> 1750000 | 0.10<br> 0.10 | Oct. 6, 2028<br>Sept. 20, 2027 Nil<br>Nil |
|  | 1000000 | $0.12 | Aug. 27, 2026 Nil |
|  | 500000 | $0.10 | Aug. 28, 2025 Nil |
|  | 175000 | $0.20 | July 12, 2024 Nil |
|  Stephen Lunsford | 1750000<br> 1750000 | 0.10<br> 0.10 | Oct. 6, 2028<br>Sept. 20, 2027 Nil<br>Nil |
|  | 1000000 | $0.12 | Aug. 27, 2026 Nil |
|  | 500000 | $0.10 | Aug. 28, 2025 Nil |
|  | 175000 | $0.20 | July 12, 2024 Nil |
|  Eugene Spiering | 1750000 | $0.10 | Oct. 6, 2028 Nil |
|  Ken Mushinski | 6500000<br>7000000 | 0.10<br> 0.10 | Oct. 6, 2028<br>Sept. 20, 2027<br> Nil<br>Nil |
|  Corey Dias | 6500000<br>6125000<br>2625000<br>1750000<br>975000 | 0.10<br>0.10<br>0.12<br>0.10<br>0.20 | Oct. 6, 2028<br>Sept. 20, 2027<br>August 27, 2026<br>August 28, 2025<br>July 14, 2024<br> Nil<br> Nil<br> Nil<br> Nil<br> Nil |
|  Laara Shaffer | 1750000 | $0.10 | Oct. 6, 2028 Nil |
|  | 1750000 | $0.10 | Sept. 20, 2027 Nil |
|  | 1000000<br>500000<br>175000 | 0.10<br>0.12<br>0.10 | August 27, 2026<br>August 28, 2025<br>July 14, 2024 Nil<br> Nil<br> Nil |

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Notes:

<sup>(1)</sup> The value of unexercised "in-the-money options" at the financial year-end is the difference between the option exercise price and the market value of the underlying common shares on the Exchange on December 31, 2024. The closing price of the common shares on December 31, 2024 year end was $0.09. 

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The Company does not have a pension plan that provides for payments or benefits to the named executive officers at, following, or in connection with retirement.

**C.** **Board Practices** 

Each of our directors will hold office until the next annual general meeting of our shareholders or until his or her office is earlier vacated, in accordance with our Articles of Incorporation (the "**Articles**") and the BCBCA. Each of our officers serves at the pleasure of our Board. Please also refer to *Directors and Senior Management* above for further details regarding the periods of service of each of our current directors and officers.

As of April 15, 2025, we did not have any service contracts with any of our independent directors.

**<u>Audit Committee Disclosure</u>**

***The Audit Committee's Charter***

Our directors have adopted a Charter for the Audit Committee, which sets out the Audit Committee's mandate, organization, powers and responsibilities. The full text of our Audit Committee Charter is available on request from us.

***Composition of the Audit Committee***

The members of the Audit Committee are Joshua Bleak (Chairman), Corey Dias, and Stephen Lunsford. Stephen Lunsford is independent (as determined under Exchange Act Rule 10A-3 and as defined in National Instrument 52-110—Audit Committees ("**NI 52-110**") adopted by the Canadian Securities Administrators), and all members are financially literate (as defined in NI 52-110). The Audit Committee meets regularly on at least a quarterly basis. The members of the Audit Committee do not have fixed terms and are appointed and replaced from time to time by resolution of the Board.

The Board has determined that Corey Dias qualifies as a financial expert (as defined in Item 407(d)(5)(ii) of Regulation S-K under the Exchange Act). Corey Dias is not independent (as determined under Exchange Act Rule 10A-3).

***Relevant Education and Experience***

All of the Audit Committee members are senior-level professionals with experience in financial matters; each has a broad understanding of accounting principles used to prepare financial statements and varied experience as to general application of such accounting principles.

For further relevant education and experience of Messrs. Bleak, Dias and Lunsford, refer to their respective biographies in *Directors, Senior Management and Employees*.

***Audit Committee Oversight***

At no time during this past fiscal year have any recommendations by the Audit Committee respecting the appointment and/or compensation of our external auditors not been adopted by the Board.

***Pre-Approval Policies and Procedures***

Under its charter, the Audit Committee is required to pre-approve all non-audit services to be performed by the external auditors in relation to us, together with approval of the engagement letter for such non-audit services and estimated fees thereof. The pre-approval process for non-audit services will also involve a consideration of the potential impact of such services on the independence of the external auditors.

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**D.** **Employees** 

The following table sets forth the number of employees we had at the end of each fiscal period:

---

| | | | |
|:---|:---|:---|:---|
| **Year** | **Full Time** | **Part Time** | **Total** |
|  Fiscal 2022 | 5 | 0 | 5 |
|  Fiscal 2023 | 5 | 0 | 5 |
|  Fiscal 2024 | 5 | 0 | 5 |

---

None of our employees are members in a labor union.

**E.** **Share Ownership** 

As of April 1, 2025, the current directors and executive officers named in this Registration Statement, as a group, beneficially owned a total of 44,845,610 Common Shares, representing beneficial ownership of approximately 3.9% of the Common Shares outstanding.

The table below sets forth the number of Common Shares beneficially owned by the current directors and executive officers named in this Registration Statement as of April 1, 2025. The persons listed below are deemed to be the beneficial owners of Common Shares underlying options and warrants that are exercisable within 60 days from the above date, including "out-of-the money" options. The percentages shown below are based on 1,141,372,490 outstanding Common Shares as of April 1, 2025, plus 91,467,828 Common Shares underlying options and 397,947,202 warrants that are exercisable within 60 days for the indicated beneficial owner for an aggregate total of 1,630,787,520.

***Shareholdings of Directors and Executive Officers***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Beneficial Owner** | **Common<br>Shares held** | **Exercisable<br>Options** | **Exercisable<br>Warrants** | **Number of<br>Common<br>Shares<br>Beneficially<br>Owned** | **Percent of<br>Outstanding<br>Common<br>Shares** |
|  Ken Mushinski | 2380000 | 13500000 | 1190000 | 2380000 | Less than 1% |
|  Corey A. Dias | 19204240 | 17000000 | 9000000 | 19204240 | 1.68% |
|  Laara Shaffer | 0 | 5000000 | 1432500 | 0 | 0% |
|  Douglas Beahm | 0 | 0 | 0 | 0 | 0% |
|  Joshua D. Bleak | 20944208 | 16512500 | 9000000 | 20944208 | 1.84% |
|  Stephen Lunsford | 100000 | 5000000 | 0 | 100000 | Less than 1% |
|  Don Falconer | 25000 | 5000000 | 0 | 25000 | Less than 1% |
|  John Eckersley | 1692162 | 1915000 | 1900000 | 1692162 | Less than 1% |
|  Ross McElroy | 500000 | 0 | 0 | 500000 | Less than 1% |
|  **Total** | 44845610 | 63927500 | 22522500 | 44845610 | 3.93% |

---

Refer to section titled, *Compensation*, for the details of the options held by our directors and executive officers as at April 1, 2025. We have since not granted any further options.

---

| | |
|:---|:---|
| **ITEM 7.** | **MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS**  |

---

**A.** **Major Shareholders** 

To our best knowledge, the following are our only shareholders that beneficially own, directly or indirectly, or exercise control over, shares carrying more than 5% of the outstanding voting rights attached to our Common Shares as at April 1, 2025.

---

| | | |
|:---|:---|:---|
| **Name of Shareholder** | **Number of Common<br>Shares** | **Percentage of<br>Common Shares** |
|  Uranium Energy Corporation  | 203415775 | 17.82% |
|  enCore Energy, Inc.  | 170000000 | 14.89% |
|  Extract Advisors LLC  | 127308797 | 11.15% |

---

In the last three years, UEC and Extract Advisors LLC increased their share ownership in the Company, in connection with separate transactions with the Company. See Item 4.A — *Information on the Company* — *History and Development of the Business* for details regarding those transactions.

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##### [**Table of Contents**](#toc)
At May 23, 2025, there were a total of 2,059 reported record holders of our Common Shares, of which 29 record holders were resident in the United States, holding a total of 181,713,187 Common Shares, based on available information. This number represents approximately 30.8% of our total issued and outstanding Common Shares at that date.

We are a publicly owned company, and our Common Shares are owned by Canadian residents, United States residents, and residents of other countries. To our knowledge, we are not directly owned or controlled by another corporation, any foreign government or any other natural or legal person(s), whether severally or jointly. We are not aware of any arrangement, the operation of which may result in a change of control of us.

**B.** **Related Party Transactions** 

As at December 31, 2024, an amount of $223,489 (2023 - $101,441) was owed to related parties. These amounts are unsecured, non-interest bearing and have no fixed terms of repayment.

As at December 31, 2024, an amount of $4,515 (2023 - $nil) was recorded in prepaid expenses for advances to a company controlled by the Chief Financial Officer of the Company for future consulting fees.

As at December 31, 2024, an amount of $14 (2023 - $12,700) was recorded in prepaid expenses for advances to a director of the Company for future property expenditures.

On August 2, 2024, the Company entered into a loan agreement with a director of the Company for $1,650,000. The Company received proceeds of $1,485,000, net of original issue discount of $165,000. The loan is unsecured, non-interest bearing and due on August 2, 2025. The carrying value of the loan was accreted using the effective interest rate method over the term of the loan. The effective interest rate was estimated at 10.66%. On October 1, 2024, the loan was repaid through proceeds from the IsoEnergy loan.

The Company incurred the following transactions with companies that are controlled or managed by directors of the Company:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | 2023 | 2022 |
|  Consulting fees and management bonus (i) | $**51600** | $133600 | $102600 |
|  Consulting and professional fee (ii) | **1156303** |  |  |
|  Share issue cost | **—** | 2300 |  |
|  | $**1207903** | $135900 | $102600 |

---

The Company has identified its directors and certain senior officers as its key management. Key management compensation during the years ended December 31, 2024, 2023 and 2022, are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | 2023 | 2022 |
|  Consulting fees and management bonus (i) | $**1259615** | $1452412 | $2221167 |
|  Share issue cost | **—** | **—** | 2850 |
|  Legal fees (i) | **246688** | 229549 | 152132 |
|  Auto and rent expense (ii) | **57561** | 35339 | **—** |
|  Share based compensation | **—** | 2089445 | 1918369 |
|  | $**1563864** | $3806745 | $4294518 |

---

(i) These expenses are included in general and administrative expenses in the consolidated statements of
comprehensive loss.

(ii) These expenses are included in exploration and evaluation expenditures in the consolidated statements of
comprehensive loss.

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##### [**Table of Contents**](#toc)
During the year ended December 31, 2023, the Company issued a total of 6,500,000 common shares with a fair value of $422,500 as bonuses to directors and an officer of the Company and a company controlled by an officer of the Company.

During the year ended December 31, 2023, the Company issued 800,000 common shares with a fair value of $52,000 to settle debt of $52,000 with a director of the Company.

As at March 31, 2025, an amount of $179,997 (December 31, 2024 - $223,489) was owed to related parties. These amounts are unsecured, non-interest bearing and have no fixed terms of repayment.

As at March 31, 2025, an amount of $4,515 (December 31, 2024 - $4,515) was recorded in prepaid expenses for advances to a company controlled by the Chief Financial Officer of the Company for future consulting fees.

As at March 31, 2025, an amount of $21,571 (December 31, 2024 - $14) was recorded in prepaid expenses for advances to a director of the Company for future consulting fees and property expenditures.

The Company incurred the following transactions with companies that are controlled or managed by directors of the Company:

---

| | | |
|:---|:---|:---|
|  | **For the three months<br>ended March 31,** | **For the three months<br>ended March 31,** |
|  | **2025** | **2024** |
|  Consulting fees and management bonus (i) | $**12900** | $12900 |
|  Consulting and professional fee (ii) | **167587** |  |
|  | $**180487** | $12900 |

---

The Company has identified its directors and certain senior officers as its key management. Key management compensation during the three months ended March 31, 2025, and 2024, are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the three months<br>ended March 31,** | **For the three months<br>ended March 31,** |
|  | **2025** | **2024** |
|  Consulting fees and management bonus (i) | $**340163** | $228825 |
|  Director's fees (i) | **52500** |  |
|  Legal fees (i) | **64624** | 60690 |
|  Auto and rent expense (ii) | **15079** | 12138 |
|  | $**472366** | $301653 |

---

(i) These expenses are included in general and administrative expenses in the condensed interim consolidated
statements of comprehensive loss.

(ii) These expenses are included in exploration and evaluation expenditures in the condensed interim consolidated
statements of comprehensive loss.

**C.** **Interests of Experts and Counsel** 

Not applicable.

---

| | |
|:---|:---|
| **ITEM 8.** | **FINANCIAL INFORMATION**  |

---

**A.** **Consolidated Statements and Other Financial Information** 

**<u>Financial Statements</u>**

This Registration Statement contains the Company's our audited consolidated financial statements as at and for the years ended December 31, 2024 and 2023 and our unaudited condensed interim consolidated financial statements as at March 31, 2025 and for the three months ended March 31, 2025 and 2024. The audit reports of DMCL are included therein.

**<u>Legal Proceedings</u>**

We are not and have not been a party to any legal proceedings and are not aware of any such proceedings known to be contemplated.

**<u>Dividend Policy</u>**

We have not, for any of the three most recently completed fiscal years or our current fiscal year, declared or paid any dividends on our Common Shares, and do not currently have a policy with respect to the payment of dividends. For the foreseeable future, we anticipate that we will not pay dividends but will retain future earnings and other cash resources for the operation and development of our business. The payment of dividends in the future will depend on our earnings, if any, our financial condition, and such other factors as our directors consider appropriate.

**B.** **Significant Changes** 

Except as otherwise disclosed in this Registration Statement, there have been no significant changes in our financial condition since the most recent audited consolidated financial statements for the year ended December 31, 2024.

---

| | |
|:---|:---|
| **ITEM 9.** | **THE OFFER AND LISTING**  |

---

**A.** **Offer and Listing Details** 

Our Common Shares are listed and posted for trading on the TSXV under the trading symbol "AEC.V," are quoted on the OTCQB under the symbol "ANLDF" and listed on the Frankfurt Stock Exchange under the stock symbol of "0AD". We have applied to list our Common Shares on Nasdaq. Such listing is dependent upon this Registration Statement being declared effective as well as our meeting all the necessary listing requirements of Nasdaq.

As of April 1, 2025, our authorized capital consisted of an unlimited number of Common Shares and consisted of 1,141,372,490 Common Shares outstanding. Our Common Shares are issued in registered form and the transfer of our Common Shares is managed by our transfer agent, Computershare Trust Company of Canada located at its principal offices in Vancouver, British Columbia.

For additional details regarding our Common Shares, see Item 10.A *— Additional Information — Share Capital*.

**B.** **Plan of Distribution** 

Not applicable.

**C.** **Markets** 

See Item 9.A *— The Offering and Listing — Offer and Listing Details*.

**D.** **Selling Shareholders** 

Not applicable.

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**E.** **Dilution** 

Not applicable.

**F.** **Expenses of the Issue** 

Not applicable.

---

| | |
|:---|:---|
| **ITEM 10.** | **ADDITIONAL INFORMATION**  |

---

**A.** **Share Capital** 

**<u>Authorized Capital</u>**

We are authorized to issue an unlimited number of Common Shares, without par value. As of April 1, 2025, there were 1,141,372,490 Common Shares outstanding. Refer to Item 4.A — *Information on the Company — History and Development of the Company*, for the equity offerings we have made over the last three financial years.

We also have disclosed the rights, preferences and restrictions attached to our Common Shares under Item 10.B — *Additional Information — Memorandum and Articles of Association*.

**<u>Stock Options</u>**

As of April 1, 2025, there were options outstanding to purchase a total of 91,467,828 of Common Shares, which have been issued to our directors, officers, employees, and consultants pursuant to the terms and conditions of our LTIP, which is described in detail under Item 6.B — *Directors, Senior Management and Employees — Compensation — Equity Compensation Plan*. The number of options, expiry date and exercise prices of options granted to our directors and officers are presented in Item 6.E *— Directors, Senior Management and Employees* — *Share Ownership*.

**B.** **Memorandum and Articles of Association** 

**<u>Incorporation</u>**

See Item 4.A *— Information on the Company — History and Development of the Company — Name, Address and Incorporation.*

**<u>Objects and Purposes</u>**

The Articles do not contain a limitation on objects and purposes.

**<u>Directors</u>**

Our board of directors currently consists of eight directors. Our board of directors may exercise all the powers of our Company to borrow money. A director is not required to hold any shares in our company by way of qualification, and there is no requirement for a director to retire at any age limit.

A director or senior officer who holds any office or possesses any property, right or interest that could result, directly or indirectly, in the creation of a duty or interest that materially conflicts with that individual's duty or interest as a director or senior officer, must disclose the nature and extent of the conflict as required by the BCBCA. Pursuant to the BCBCA, a director does not have a disclosable interest in a contract or transaction merely because the contract or transaction relates to the remuneration of the director in that person's capacity as a director of the Company.

A director who holds a disclosable interest in a contract or transaction into which we have entered or propose to enter is not entitled to vote on any directors' resolution to approve that contract or transaction, unless all the directors have a disclosable interest in that contract or transaction, in which case any or all of those directors may vote on such resolution.

**<u>Rights, Preference and Restrictions</u>**

Our Articles provide the following rights, privileges, restrictions and conditions attaching to our common shares:

Each holder of Common Shares is entitled to receive notice of and to attend all meetings of shareholders. At such meetings attended by holders of Common Shares, each holder of Common Shares is entitled to one vote in respect of each Common Share held by the holder. Holders are entitled to elect all nominees to our board of directors.

Holders of Common Shares are also entitled to receive on a pro rata basis such dividends, if any, as and when declared by the Board at its discretion from funds legally available therefor and upon the liquidation, dissolution, or winding up of the Company are entitled to receive on a pro rata basis, the net assets of the Company after payment of debts and other liabilities, in each case subject to the rights, privileges, restrictions, and conditions attaching to any other series or class of shares ranking senior in priority.

Common Shares do not carry any pre-emptive, subscription, redemption, conversion rights, sinking fund provisions, liability to further capital calls by the Company, or provisions discriminating against any existing or prospective holder of Common Shares as a result of such shareholder owning a substantial number of Common Shares.

The rights of shareholders of the Company may be altered only with the approval of the holders of two thirds or more of the Common Shares voted at a meeting of the Company's shareholders called and held in accordance with the Articles and applicable law.

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**<u>Shareholder Meetings</u>**

The BCBCA provides that: (i) a general meeting of shareholders must be held in the Province of British Columbia, unless otherwise provided in the Company's Articles or as approved by ordinary resolution of shareholders; (ii) the Company must hold an annual general meeting of shareholders not later than 15 months after the last preceding annual general meeting and once in every calendar year; (iii) for the purpose of determining shareholders entitled to receive notice of or vote at a meeting of shareholders, the directors may set a date as the record date for that determination, provided that such date shall not precede by more than 2 months (or, in the case of a general meeting requisitioned by shareholders under the BCBCA, by more than 4 months) or be less than 21 days before the date on which the meeting is to be held; (iv) a quorum for the transaction of business at a meeting of shareholders of the Company is the quorum established by the Articles (Article 11.3 of the Articles provide that the quorum for the transaction of business at a meeting of shareholders is two persons who are, or who represent by proxy, shareholders who, in the aggregate, hold at least 5% of Common Shares entitled to vote at the meeting, are present in person; (v) the holders of not less than 5% of the issued shares entitled to vote at a meeting may requisition the directors to call a meeting of shareholders for the purpose of transacting any business that may be transacted at a general meeting; and (vi) the Court may, on its own motion or on the application of the Company, upon the application of a director or the application of a shareholder entitled to vote at the meeting: (a) order that a meeting of shareholders be called, held and conducted in a manner that the Court considers appropriate; and (b) give directions it considers necessary as to the call, holding and conduct of the meeting.

**<u>Limitations on Ownership of Securities</u>**

Except as provided in the *Investment Canada Act*, there are no limitations specific to the rights of non-Canadians to hold or vote the Common Shares under the laws of Canada or the Province of British Columbia or in the Company's constating documents.

**<u>Change in Control</u>**

There are no provisions in the Company's constating documents that would have an effect of delaying, deferring or preventing a change in control of the Company and that would operate only with respect to a merger, acquisition or corporate restructuring involving the Company (or any of its subsidiaries).

**<u>Ownership Threshold</u>**

There are no provisions in the Company's constating documents or under applicable corporate law requiring share ownership to be disclosed. Securities legislation in Canada requires that shareholder ownership (as well as ownership of an interest in, or right or obligation associated with, a related financial instrument of a security of the Company) must be disclosed once a person beneficially owns or has control or direction over, directly or indirectly, securities of a reporting issuer carrying more than 10% of the voting rights attached to all the reporting issuer's outstanding voting securities. This threshold is higher than the 5% threshold under U.S. securities legislation at which stockholders must report their share ownership.

**<u>Changes to Capital</u>**

There are no conditions imposed by the Articles governing changes in the capital where such conditions are more significant than under the BCBCA for as long as the Company is a public company.

**<u>Description of Capital Structure</u>**

Our authorized share structure consists of an unlimited number of Common Shares without par value, of which 1,141,372,490 Common Shares were issued and outstanding as of April 1, 2025. All of the issued Common Shares are fully paid and non-assessable common shares in the capital of the Company.

**C.** **Material Contracts** 

We are a party to the following contracts which management currently considers to be material to the Company and our assets and operations.

**Extract Credit Agreement** 

On September 26, 2023, the Company entered into a credit agreement with Extract Advisors, LLC, as agent, on behalf of Extract Capital Master Fund Ltd with respect to the Credit Facility. The credit facility was amended on October 6, 2023, April 15, 2024 and March 17, 2025. The Credit Facility has a maturity date of September 26, 2028. The Credit Facility, and subsequent amendment, are attached hereto as Exhibits 4.1 and 4.2, respectively.

**D.** **Exchange Controls** 

Canada has no system of exchange controls. There are no Canadian governmental laws, decrees, or regulations relating to restrictions on the repatriation of capital or earnings of the Company to non-resident investors. There are no laws in Canada or exchange control restrictions affecting the remittance of dividends or other payments made by the Company in the ordinary course to non-resident holders of the Common Shares by virtue of their ownership of such Common Shares, except as discussed below in Item 10.E —*Additional Information* — *Taxation* — *Certain United States Federal Income Tax Considerations*.

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There are no limitations under the laws of Canada or in the organizing documents of the Company on the right of foreigners to hold or vote securities of the Company, except that the *Investment Canada Act* may require that a "non-Canadian" not acquire "control" of the Company without prior review and approval by the Minister of Innovation, Science and Economic Development, where applicable thresholds are exceeded. The acquisition of one-third or more of the voting shares of the Company would give rise a rebuttable presumption of an acquisition of control, and the acquisition of more than fifty percent of the voting shares of the Company would be deemed to be an acquisition of control. In addition, the *Investment Canada Act* provides the Canadian government with broad discretionary powers in relation to national security to review and potentially prohibit, condition or require the divestiture of, any investment in the Company by a non-Canadian, including non-control level investments. "Non-Canadian" generally means an individual who is neither a Canadian citizen nor a permanent resident of Canada within the meaning of the *Immigration and Refugee Protection Act* (Canada) who has been ordinarily resident in Canada for not more than one year after the time at which he or she first became eligible to apply for Canadian citizenship, or a corporation, partnership, trust or joint venture that is ultimately controlled by non-Canadians.

**E.** **Taxation** 

**<u>Certain United States Federal Income Tax Considerations</u>**

The following is a general summary of certain material U.S. federal income tax considerations applicable to a U.S. Holder (as defined below) arising from and relating to the ownership and disposition of Common Shares.

This summary is for general information purposes only and does not purport to be a complete analysis or listing of all potential U.S. federal income tax considerations that may apply to a U.S. Holder arising from and relating to the ownership and disposition of Common Shares. In addition, this summary does not take into account the individual facts and circumstances of any particular U.S. Holder that may affect the U.S. federal income tax consequences to such U.S. Holder, including without limitation specific tax consequences to a U.S. Holder under an applicable income tax treaty. Accordingly, this summary is not intended to be, and should not be construed as, legal or U.S. federal income tax advice with respect to any particular U.S. Holder. This summary does not address the U.S. federal net investment income tax, U.S. federal alternative minimum tax, U.S. federal estate and gift tax, U.S. state and local tax, and non-U.S. tax consequences to U.S. Holders of the ownership and disposition of Common Shares. In addition, except as specifically set forth below, this summary does not discuss applicable tax reporting requirements. Each U.S. Holder should consult its own tax advisor regarding the U.S. federal, U.S. state and local, and non-U.S. tax consequences relating to the ownership and disposition of Common Shares.

No legal opinion from U.S. legal counsel or ruling from the Internal Revenue Service (the "**IRS**") has been requested, or will be obtained, regarding the U.S. federal income tax considerations applicable to a U.S. Holder arising from or relating to the ownership and disposition of Common Shares. This summary is not binding on the IRS, and the IRS is not precluded from taking a position that is different from, and contrary to, the positions taken in this summary. In addition, because the authorities on which this summary is based are subject to various interpretations, the IRS and the U.S. courts could disagree with one or more of the conclusions described in this summary.

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| | |
|:---|:---|
| **Scope** | **of this Summary**  |

---

<u>Authorities</u> 

This summary is based on the United States Internal Revenue Code of 1986, as amended (the "**Code**"), Treasury Regulations (whether final, temporary, or proposed) promulgated thereunder, published rulings of the IRS, published administrative positions of the IRS, the Convention between the United States and Canada with respect to taxes on income and on capital of 1980, as amended (the "**Canada-U.S. Tax Convention**"), and U.S. court decisions that are applicable and, in each case, as in effect and available, as of the date of this document. Any of the authorities on which this summary is based could be changed in a material and adverse manner at any time, and any such change could be applied on a retroactive or prospective basis which could affect the U.S. federal income tax considerations described in this summary. This summary does not discuss the potential effects, whether adverse or beneficial, of any proposed legislation that, if enacted, could be applied on a retroactive, current or prospective basis.

<u>U.S. Holders</u> 

For purposes of this summary, the term "**U.S. Holder**" means a beneficial owner of Common Shares that is for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized under the
laws of the U.S., any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate whose income is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (1) is subject to the primary supervision of a court within the U.S. and the control of one or
more U.S. persons for all substantial decisions or (2) has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

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<u>Non-U.S. Holders</u> 

For purposes of this summary, a "**non-U.S. Holder**" is a beneficial owner of Common Shares that is not a U.S. Holder or is a partnership. This summary does not address the U.S. federal income tax considerations to non-U.S. Holders arising from and relating to the ownership and disposition of Common Shares. Accordingly, a non-U.S. Holder should consult its own tax advisors regarding the U.S. federal, U.S. state and local, and non-U.S. tax consequences (including the potential application of, and operation of, any income tax treaties) relating to the ownership and disposition of Common Shares.

<u>U.S. Holders Subject to Special U.S. Federal Income Tax Rules Not Addressed</u>

This summary does not address the U.S. federal income tax considerations applicable to U.S. Holders that are subject to special provisions under the Code, including, but not limited to, U.S. Holders that: (a) are tax-exempt organizations, qualified retirement plans, individual retirement accounts, or other tax-deferred accounts; (b) are financial institutions, underwriters, insurance companies, real estate investment trusts, or regulated investment companies; (c) are broker-dealers, dealers, or traders in securities or currencies that elect to apply a mark-to-market accounting method; (d) have a "functional currency" other than the U.S. dollar; (e) own Common Shares as part of a straddle, hedging transaction, conversion transaction, constructive sale, or other integrated transaction; (f) acquire Common Shares in connection with the exercise of employee stock options or otherwise as compensation for services; (g) hold Common Shares other than as a capital asset within the meaning of Section 1221 of the Code (generally, property held for investment purposes); (h) are partnerships and other pass-through entities (and investors in such partnerships and entities); (i) are S corporations (and shareholders or investors in such S corporations); (j) own, have owned or will own (directly, indirectly, or by attribution) 10% or more of the total combined voting power or value of the outstanding shares of the Company; (k) U.S. expatriates or former long-term residents of the U.S., (l) hold Common Shares in connection with a trade or business, permanent establishment, or fixed base outside the United States, (m) are subject to special tax accounting rules with respect to Common Shares, or (n) are subject to the alternative minimum tax. U.S. Holders that are subject to special provisions under the Code, including, but not limited to, U.S. Holders described immediately above, should consult their own tax advisor regarding the U.S. federal, U.S. state and local, and non-U.S. tax consequences relating to the ownership and disposition of Common Shares.

If an entity or arrangement that is classified as a partnership (or other "pass-through" entity) for U.S. federal income tax purposes holds Common Shares, the U.S. federal income tax consequences to such entity and the partners (or other owners) of such entity generally will depend on the activities of the entity and the status of such partners (or owners). This summary does not address the tax consequences to any such owner. Partners (or other owners) of entities or arrangements that are classified as partnerships or as "pass-through" entities for U.S. federal income tax purposes should consult their own tax advisors regarding the U.S. federal, U.S. state and local, and non-U.S. tax consequences arising from and relating to the ownership and disposition of Common Shares.

<u>Passive Foreign Investment Company Rules</u> 

If the Company were to constitute a "passive foreign investment company" under the meaning of Section 1297 of the Code (a "**PFIC**") for any year during a U.S. Holder's holding period, then certain potentially adverse rules will affect the U.S. federal income tax consequences to a U.S. Holder resulting from the ownership and disposition of Common Shares. The Company believes that it was classified as a PFIC during its most recently completed tax year, and due to the nature of the Company's assets and the income that the Company expects to generate, the Company expects to be a PFIC for its current tax year and may be a PFIC in subsequent tax years. No opinion of legal counsel or ruling from the IRS concerning the status of the Company as a PFIC has been obtained or is currently planned to be requested. The determination of whether any corporation was, or will be, a PFIC for a tax year depends, in part, on the application of complex U.S. federal income tax rules, which are subject to differing interpretations. In addition, whether any corporation will be a PFIC for any tax year depends on the assets and income of such corporation over the course of each such tax year and, as a result, the PFIC status of the Company and any subsidiary of the Company cannot be predicted with certainty as of the date of this document. Accordingly, there can be no assurance that the IRS will not challenge any determination made by the Company (or any subsidiary of the Company) concerning its PFIC status. Each U.S. Holder should consult its own tax advisor regarding the PFIC status of the Company and any subsidiary of the Company.

In addition, in any year in which the Company is classified as a PFIC, a U.S. Holder will be required to file an annual report with the IRS containing such information as Treasury Regulations and/or other IRS guidance may require. In addition to penalties, a failure to satisfy such reporting requirements may result in an extension of the time period during which the IRS can assess a tax. U.S. Holders should consult their own tax advisors regarding the requirements of filing such information returns under these rules, including the requirement to file an IRS Form 8621 annually.

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The Company generally will be a PFIC if, for a tax year, (a) 75% or more of the gross income of the Company is passive income (the "**income test**") or (b) 50% or more of the value of the Company's assets either produce passive income or are held for the production of passive income, based on the quarterly average of the fair market value of such assets (the "**asset test**"). "Gross income" generally includes all sales revenues less the cost of goods sold, plus income from investments and from incidental or outside operations or sources, and "passive income" generally includes, for example, dividends, interest, certain rents and royalties, certain gains from the sale of stock and securities, and certain gains from commodities transactions. Active business gains arising from the sale of commodities generally are excluded from passive income if substantially all of a foreign corporation's commodities are stock in trade or inventory, depreciable property used in a trade or business or supplies regularly used or consumed in a trade or business and certain other requirements are satisfied.

For purposes of the PFIC income test and asset test described above, if the Company owns, directly or indirectly, 25% or more of the total value of the outstanding shares of another corporation, the Company will be treated as if it (a) held a proportionate share of the assets of such other corporation and (b) received directly a proportionate share of the income of such other corporation. In addition, for purposes of the PFIC income test and asset test described above, and assuming certain other requirements are met, "passive income" does not include certain interest, dividends, rents, or royalties that are received or accrued by the Company from certain "related persons" (as defined in Section 954(d)(3) of the Code), to the extent such items are properly allocable to the income of such related person that is not passive income.

Under certain attribution rules, if the Company is a PFIC, U.S. Holders will generally be deemed to own their proportionate share of the Company's direct or indirect equity interest in any company that is also a PFIC (a "**Subsidiary PFIC**"), and will be subject to U.S. federal income tax under the *"Default PFIC Rules under Section 1291 of the Code"* discussed below on their proportionate share of (a) any "excess distributions," as described below, on the stock of a Subsidiary PFIC and (b) a disposition or deemed disposition of the stock of a Subsidiary PFIC by the Company or another Subsidiary PFIC, both as if such U.S. Holders directly held the shares of such Subsidiary PFIC. In addition, U.S. Holders may be subject to U.S. federal income tax on any indirect gain realized on the stock of a Subsidiary PFIC on the sale or disposition of Common Shares. Accordingly, U.S. Holders should be aware that they could be subject to tax under the PFIC rules even if no distributions are received and no redemptions or other dispositions of Common Shares are made.

<u>Default PFIC Rules Under Section 1291 of the Code</u> 

If the Company is a PFIC for any tax year during which a U.S. Holder owns Common Shares, the U.S. federal income tax consequences to such U.S. Holder of the ownership and disposition of Common Shares will depend on whether and when such U.S. Holder makes an election to treat the Company and each Subsidiary PFIC, if any, as a "qualified electing fund" or "QEF" under Section 1295 of the Code (a "**QEF Election**") or makes a mark-to-market election under Section 1296 of the Code (a "**Mark-to-Market Election**"). A U.S. Holder that does not make either a QEF Election or a Mark-to-Market Election will be referred to in this summary as a "**Non-Electing U.S. Holder**".

A Non-Electing U.S. Holder will be subject to the rules of Section 1291 of the Code (described below) with respect to (a) any gain recognized on the sale or other taxable disposition of Common Shares and (b) any excess distribution received on the Common Shares. A distribution generally will be an "excess distribution" to the extent that such distribution (together with all other distributions received in the current tax year) exceeds 125% of the average distributions received during the three preceding tax years (or during a U.S. Holder's holding period for the Common Shares, if shorter).

Under Section 1291 of the Code, any gain recognized on the sale or other taxable disposition of Common Shares (including an indirect disposition of the stock of any Subsidiary PFIC), and any "excess distribution" received on Common Shares or with respect to the stock of a Subsidiary PFIC, must be ratably allocated to each day in a Non-Electing U.S. Holder's holding period for the respective Common Shares. The amount of any such gain or excess distribution allocated to the tax year of disposition or distribution of the excess distribution and to years before the entity became a PFIC, if any, would be taxed as ordinary income. The amounts allocated to any other tax year would be subject to U.S. federal income tax at the highest tax rate applicable to ordinary income (and not eligible for certain preferential tax rates, as discussed below) in each such year, and an interest charge would be imposed on the tax liability for each such year, calculated as if such tax liability had been due in each such year. A Non-Electing U.S. Holder that is not a corporation must treat any such interest paid as "personal interest," which is not deductible.

If the Company is a PFIC for any tax year during which a Non-Electing U.S. Holder holds Common Shares, the Company will continue to be treated as a PFIC with respect to such Non-Electing U.S. Holder, regardless of whether the Company ceases to be a PFIC in one or more subsequent tax years. If the Company ceases to be a PFIC, a Non-Electing U.S. Holder may terminate this deemed PFIC status by electing to recognize gain (which will be taxed under the rules of Section 1291 of the Code discussed above), but not loss, as if such Common Shares were sold on the last day of the last tax year for which the Company was a PFIC.

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<u>QEF Election</u> 

A U.S. Holder that makes a timely and effective QEF Election for the first tax year in which its holding period of its Common Shares begins generally will not be subject to the rules of Section 1291 of the Code discussed above with respect to its Common Shares. A U.S. Holder that makes a timely and effective QEF Election will be subject to U.S. federal income tax on such U.S. Holder's pro rata share of (a) the net capital gain of the Company, which will be taxed as long-term capital gain to such U.S. Holder, and (b) the ordinary earnings of the Company, which will be taxed as ordinary income to such U.S. Holder. Generally, "net capital gain" is the excess of (i) net long-term capital gain over (ii) net short-term capital loss, and "ordinary earnings" are the excess of (x) "earnings and profits" over (y) net capital gain. A U.S. Holder that makes a QEF Election will be subject to U.S. federal income tax on such amounts for each tax year in which the Company is a PFIC, regardless of whether such amounts are actually distributed to such U.S. Holder by the Company. However, for any tax year in which the Company is a PFIC and has no net income or gain, U.S. Holders that have made a QEF Election would not have any income inclusions as a result of the QEF Election. If a U.S. Holder that made a QEF Election has an income inclusion, such a U.S. Holder may, subject to certain limitations, elect to defer payment of current U.S. federal income tax on such amounts, subject to an interest charge. If such U.S. Holder is not a corporation, any such interest paid will be treated as "personal interest," which is not deductible.

A U.S. Holder that makes a timely and effective QEF Election with respect to the Company generally (a) may receive a tax-free distribution from the Company to the extent that such distribution represents "earnings and profits" of the Company that were previously included in income by the U.S. Holder because of such QEF Election and (b) will adjust such U.S. Holder's tax basis in the Common Shares to reflect the amount included in income or allowed as a tax-free distribution because of such QEF Election. In addition, a U.S. Holder that makes a QEF Election generally will recognize capital gain or loss on the sale or other taxable disposition of Common Shares.

The procedure for making a QEF Election, and the U.S. federal income tax consequences of making a QEF Election, will depend on whether such QEF Election is timely. A QEF Election will be treated as "timely" if such QEF Election is made for the first year in the U.S. Holder's holding period for the Common Shares in which the Company was a PFIC. A U.S. Holder may make a timely QEF Election by filing the appropriate QEF Election documents at the time such U.S. Holder files a U.S. federal income tax return for such year. If a U.S. Holder does not make a timely and effective QEF Election for the first year in the U.S. Holder's holding period for the Common Shares, the U.S. Holder may still be able to make a timely and effective QEF Election in a subsequent year if such U.S. Holder meets certain requirements and makes a "purging" election to recognize gain (which will be taxed under the rules of Section 1291 of the Code discussed above) as if such Common Shares were sold for their fair market value on the day the QEF Election is effective. If a U.S. Holder owns PFIC stock indirectly through another PFIC, separate QEF Elections must be made for the PFIC in which the U.S. Holder is a direct shareholder and the Subsidiary PFIC for the QEF rules to apply to both PFICs.

A QEF Election will apply to the tax year for which such QEF Election is timely made and to all subsequent tax years, unless such QEF Election is invalidated or terminated or the IRS consents to revocation of such QEF Election. If a U.S. Holder makes a QEF Election and, in a subsequent tax year, the Company ceases to be a PFIC, the QEF Election will remain in effect (although it will not be applicable) during those tax years in which the Company is not a PFIC. Accordingly, if the Company becomes a PFIC in another subsequent tax year, the QEF Election will be effective and the U.S. Holder will be subject to the QEF rules described above during any subsequent tax year in which the Company qualifies as a PFIC.

U.S. Holders should be aware that there can be no assurances that the Company will satisfy the record keeping requirements that apply to a QEF, or that the Company will supply U.S. Holders with a PFIC Annual Information Statement or other information that such U.S. Holders are required to report under the QEF rules, in the event that the Company is a PFIC. Thus, U.S. Holders may not be able to make a QEF Election with respect to the Company or any subsidiary of the Company. Each U.S. Holder should consult its own tax advisor regarding the availability of, and procedure for making, a QEF Election.

A U.S. Holder makes a QEF Election by attaching a completed IRS Form 8621, including a PFIC Annual Information Statement, to a timely filed United States federal income tax return. However, if the Company cannot provide the required information with regard to the Company or any of its Subsidiary PFICs, U.S. Holders will not be able to make a QEF Election for such entity and will continue to be subject to the rules discussed above that apply to Non-Electing U.S. Holders with respect to the taxation of gains and excess distributions.

<u>Mark-to-Market Election</u> 

A U.S. Holder may make a Mark-to-Market Election only if the Common Shares are marketable stock. The Common Shares generally will be "marketable stock" if the Common Shares are regularly traded on (a) a national securities exchange that is registered with the SEC, (b) the national market system established pursuant to Section 11A of the U.S. Exchange Act, or (c) a foreign securities exchange that is regulated or supervised by a governmental authority of the country in which the market is located, provided that (i) such foreign exchange has trading volume, listing, financial disclosure, and surveillance requirements, and meets other requirements and the laws of the country in which such foreign exchange is located, together with the rules of such foreign exchange, ensure that such requirements are actually enforced and (ii) the rules of such foreign exchange effectively promote active trading of listed stocks. If such stock is traded on such a qualified exchange or other market, such stock generally will be "regularly traded" for any calendar year during which such stock is traded, other than in de minimis quantities, on at least 15 days during each calendar quarter. U.S. Holders should consult their own tax advisors regarding the marketable stock rules.

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A U.S. Holder that makes a Mark-to-Market Election with respect to its Common Shares generally will not be subject to the rules of Section 1291 of the Code discussed above with respect to such Common Shares. However, if a U.S. Holder does not make a Mark-to-Market Election beginning in the first tax year of such U.S. Holder's holding period for the Common Shares for which the Company is a PFIC or such U.S. Holder has not made a timely QEF Election, the rules of Section 1291 of the Code discussed above will apply to certain dispositions of, and distributions on, the Common Shares.

A U.S. Holder that makes a Mark-to-Market Election will include in ordinary income, for each tax year in which the Company is a PFIC, an amount equal to the excess, if any, of (a) the fair market value of the Common Shares, as of the close of such tax year over (b) such U.S. Holder's adjusted tax basis in such Common Shares. A U.S. Holder that makes a Mark-to-Market Election will be allowed a deduction in an amount equal to the excess, if any, of (a) such U.S. Holder's adjusted tax basis in the Common Shares, over (b) the fair market value of such Common Shares (but only to the extent of the net amount of previously included income as a result of the Mark-to-Market Election for prior tax years).

A U.S. Holder that makes a Mark-to-Market Election generally also will adjust such U.S. Holder's tax basis in the Common Shares to reflect the amount included in gross income or allowed as a deduction because of such Mark-to-Market Election. In addition, upon a sale or other taxable disposition of Common Shares, a U.S. Holder that makes a Mark-to-Market Election will recognize ordinary income or ordinary loss (not to exceed the excess, if any, of (a) the amount included in ordinary income because of such Mark-to-Market Election for prior tax years over (b) the amount allowed as a deduction because of such Mark-to-Market Election for prior tax years). Losses that exceed this limitation are subject to the rules generally applicable to losses provided in the Code and Treasury Regulations.

A Mark-to-Market Election applies to the tax year in which such Mark-to-Market Election is made and to each subsequent tax year, unless the Common Shares cease to be "marketable stock" or the IRS consents to revocation of such election. Each U.S. Holder should consult its own tax advisor regarding the availability of, and procedure for making, a Mark-to-Market Election.

A U.S. Holder makes a Mark-to-Market Election by attaching a completed IRS Form 8621 to a timely filed U.S. federal income tax return. A timely Mark-to-Market Election applies to the tax year in which such Mark-to-Market Election is made and to each subsequent tax year, unless the Common Shares cease to be "marketable stock" or the IRS consents to revocation of such election. Each U.S. Holder should consult its own tax advisor regarding the availability of, and procedure for making, a Mark-to-Market Election.

Although a U.S. Holder may be eligible to make a Mark-to-Market Election with respect to the Common Shares, no such election may be made with respect to the stock of any Subsidiary PFIC that a U.S. Holder is treated as owning because such stock is not marketable stock. Hence, the Mark-to-Market Election will not be effective to eliminate the interest charge and other income rules described above with respect to deemed dispositions of Subsidiary PFIC stock or distributions from a Subsidiary PFIC to its shareholder.

<u>Other PFIC Rules</u> 

Under Section 1291(f) of the Code, the IRS has issued proposed Treasury Regulations that, subject to certain exceptions, would cause a U.S. Holder that had not made a timely QEF Election to recognize gain (but not loss) upon certain transfers of Common Shares that would otherwise be tax-deferred (e.g., gifts and exchanges pursuant to corporate reorganizations). However, the specific U.S. federal income tax consequences to a U.S. Holder may vary based on the manner in which Common Shares are transferred.

If finalized in their current form, the proposed Treasury Regulations applicable to PFICs would be effective for transactions occurring on or after April 1, 1992. Because the proposed Treasury Regulations have not yet been adopted in final form, they are not currently effective, and there is no assurance that they will be adopted in the form and with the effective date proposed. Nevertheless, the IRS has announced that, in the absence of final Treasury Regulations, taxpayers may apply reasonable interpretations of the Code provisions applicable to PFICs and that it considers the rules set forth in the proposed Treasury Regulations to be reasonable interpretations of those Code provisions. The PFIC rules are complex, and the implementation of certain aspects of the PFIC rules requires the issuance of Treasury Regulations which in many instances have not been promulgated and which, when promulgated, may have retroactive effect. U.S. Holders should consult their own tax advisors about the potential applicability of the proposed Treasury Regulations.

Certain additional adverse rules may apply with respect to a U.S. Holder if the Company is a PFIC, regardless of whether such U.S. Holder makes a QEF Election. For example, under Section 1298(b)(6) of the Code, a U.S. Holder that uses Common Shares as security for a loan will, except as may be provided in Treasury Regulations, be treated as having made a taxable disposition of such Common Shares.

In addition, a U.S. Holder who acquires Common Shares from a decedent will not receive a "step up" in tax basis of such Common Shares to fair market value.

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Special rules also apply to the amount of foreign tax credit that a U.S. Holder may claim on a distribution from a PFIC. Subject to such special rules, foreign taxes paid with respect to any distribution in respect of stock in a PFIC are generally eligible for the foreign tax credit. The rules relating to distributions by a PFIC and their eligibility for the foreign tax credit are complicated, and a U.S. Holder should consult with its own tax advisor regarding the availability of the foreign tax credit with respect to distributions by a PFIC.

The PFIC rules are complex, and each U.S. Holder should consult its own tax advisors regarding the PFIC rules (including the applicability and advisability of a QEF Election or Mark-to-Market Election) and how the PFIC rules may affect the U.S. federal income tax consequences of the ownership and disposition of Common Shares.

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| **Ownership** | **and Disposition of Common Shares**  |

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The following discussion is subject in its entirety to the rules described above under the heading *"Passive Foreign Investment Company Rules."*

<u>Distributions on Common Shares</u> 

A U.S. Holder that receives a distribution, including a constructive distribution, with respect to a Common Share will be required to include the amount of such distribution in gross income as a dividend (without reduction for any Canadian income tax withheld from such distribution) to the extent of the current or accumulated "earnings and profits" of the Company, as computed for U.S. federal income tax purposes. A dividend generally will be taxed to a U.S. Holder at ordinary income tax rates if the Company is a PFIC for the tax year of such distribution or the preceding tax year. To the extent that a distribution exceeds the current and accumulated "earnings and profits" of the Company, such distribution will be treated first as a tax-free return of capital to the extent of a U.S. Holder's tax basis in the Common Shares and thereafter as gain from the sale or exchange of such Common Shares. (See *"Sale or Other Taxable Disposition of Common Shares"* below). However, the Company may not maintain the calculations of earnings and profits in accordance with U.S. federal income tax principles, and each U.S. Holder should therefore assume that any distribution by the Company with respect to the Common Shares will constitute ordinary dividend income. Dividends received on Common Shares generally will not be eligible for the "dividends received deduction" generally applicable to corporations. Subject to applicable limitations and provided the Company is eligible for the benefits of the Canada-U.S. Tax Convention or the Common Shares are readily tradable on a United States securities market, dividends paid by the Company to non-corporate U.S. Holders, including individuals, generally will be eligible for the preferential tax rates applicable to long-term capital gains for dividends, provided certain holding period and other conditions are satisfied, including that the Company not be classified as a PFIC in the tax year of distribution or in the preceding tax year. The dividend rules are complex, and each U.S. Holder should consult its own tax advisor regarding the application of such rules.

<u>Sale or Other Taxable Disposition of Common Shares</u> 

Upon the sale or other taxable disposition of Common Shares, a U.S. Holder generally will recognize capital gain or loss in an amount equal to the difference between the U.S. dollar value of cash received plus the fair market value of any property received and such U.S. Holder's tax basis in such Common Shares sold or otherwise disposed of. A U.S. Holder's tax basis in Common Shares generally will be such holder's U.S. dollar cost for such Common Shares. Gain or loss recognized on such sale or other disposition generally will be long-term capital gain or loss if, at the time of the sale or other disposition, the Common Shares have been held for more than one year.

Preferential tax rates currently apply to long-term capital gain of a U.S. Holder that is an individual, estate, or trust. There are currently no preferential tax rates for long-term capital gain of a U.S. Holder that is a corporation. Deductions for capital losses are subject to significant limitations under the Code.

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| **Additional** | **Considerations**  |

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<u>Receipt of Foreign Currency</u> 

The amount of any distribution paid to a U.S. Holder in foreign currency, or payment received on the sale, exchange or other taxable disposition of Common Shares, generally will be equal to the USD value of such foreign currency based on the exchange rate applicable on the date of receipt or, if applicable, the date of settlement if the Common Shares are traded on an established securities market (regardless of whether such foreign currency is converted into USD at that time). A U.S. Holder will have a basis in the foreign currency equal to its USD value on the date of receipt. Any U.S. Holder who converts or otherwise disposes of the foreign currency after the date of receipt may have a foreign currency exchange gain or loss that would be treated as ordinary income or loss, and generally will be U.S. source income or loss for foreign tax credit purposes. Different rules apply to U.S. Holders who use the accrual method with respect to foreign currency received upon the sale, exchange or other taxable disposition of the Common Shares. Each U.S. Holder should consult its own U.S. tax advisor regarding the U.S. federal income tax consequences of receiving, owning, and disposing of foreign currency.

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<u>Foreign Tax Credit</u> 

Dividends paid on the Common Shares will be treated as foreign-source income, and generally will be treated as "passive category income" or "general category income" for U.S. foreign tax credit purposes. Any gain or loss recognized on a sale or other disposition of Common Shares generally will be United States source gain or loss. Certain U.S. Holders that are eligible for the benefits of Canada-U.S. Tax Convention may elect to treat such gain or loss as Canadian source gain or loss for U.S. foreign tax credit purposes. The Code applies various complex limitations on the amount of foreign taxes that may be claimed as a credit by U.S. taxpayers. In addition, Treasury Regulations that apply to taxes paid or accrued (the "**Foreign Tax Credit Regulations**") impose additional requirements for Canadian withholding taxes to be eligible for a foreign tax credit, and there can be no assurance that those requirements will be satisfied. The Treasury Department has released guidance temporarily pausing the application of certain of the Foreign Tax Credit Regulations.

Subject to the PFIC rules and the Foreign Tax Credit Regulations, each as discussed above, a U.S. Holder that pays (whether directly or through withholding) Canadian income tax with respect to dividends paid on the Common Shares generally will be entitled, at the election of such U.S. Holder, to receive either a deduction or a credit for such Canadian income tax. Generally, a credit will reduce a U.S. Holder's U.S. federal income tax liability on a dollar-for-dollar basis, whereas a deduction will reduce a U.S. Holder's income that is subject to U.S. federal income tax. This election is made on a year-by-year basis and applies to all foreign taxes paid (whether directly or through withholding) by a U.S. Holder during a year. The foreign tax credit rules are complex and involve the application of rules that depend on a U.S. Holder's particular circumstances. Accordingly, each U.S. Holder should consult its own U.S. tax advisor regarding the foreign tax credit rules.

<u>Backup Withholding and Information Reporting</u> 

Under U.S. federal income tax law and Treasury Regulations, certain categories of U.S. Holders must file information returns with respect to their investment in, or involvement in, a foreign corporation. For example, U.S. return disclosure obligations (and related penalties) are imposed on individuals who are U.S. Holders that hold certain specified foreign financial assets in excess of certain threshold amounts. The definition of specified foreign financial assets includes not only financial accounts maintained in foreign financial institutions, but also, unless held in accounts maintained by a financial institution, any stock or security issued by a non-U.S. person, any financial instrument or contract held for investment that has an issuer or counterparty other than a U.S. person and any interest in a foreign entity. U.S. Holders may be subject to these reporting requirements unless their Common Shares are held in an account at certain financial institutions. Penalties for failure to file certain of these information returns are substantial. U.S. Holders should consult their own tax advisors regarding the requirements of filing information returns, including the requirement to file an IRS Form 8938.

Payments made within the U.S. or by a U.S. payor or U.S. middleman, of dividends on, and proceeds arising from the sale or other taxable disposition of, Common Shares will generally be subject to information reporting and backup withholding tax, currently at the rate of 24%, if a U.S. Holder (a) fails to furnish such U.S. Holder's correct U.S. taxpayer identification number (generally on IRS Form W-9), (b) furnishes an incorrect U.S. taxpayer identification number, (c) is notified by the IRS that such U.S. Holder has previously failed to properly report items subject to backup withholding tax, or (d) fails to certify, under penalty of perjury, that such U.S. Holder has furnished its correct U.S. taxpayer identification number and that the IRS has not notified such U.S. Holder that it is subject to backup withholding tax. However, certain exempt persons generally are excluded from these information reporting and backup withholding rules. Backup withholding is not an additional tax. Any amounts withheld under the U.S. backup withholding tax rules will be allowed as a credit against a U.S. Holder's U.S. federal income tax liability, if any, or will be refunded, if such U.S. Holder furnishes required information to the IRS in a timely manner.

The discussion of reporting requirements set forth above is not intended to constitute a complete description of all reporting requirements that may apply to a U.S. Holder. A failure to satisfy certain reporting requirements may result in an extension of the time period during which the IRS can assess a tax, and under certain circumstances, such an extension may apply to assessments of amounts unrelated to any unsatisfied reporting requirement. Each U.S. Holder should consult its own tax advisor regarding the information reporting and backup withholding rules.

**THE ABOVE SUMMARY IS NOT INTENDED TO CONSTITUTE A COMPLETE ANALYSIS OF ALL TAX CONSIDERATIONS APPLICABLE TO U.S. HOLDERS WITH RESPECT TO THE OWNERSHIP AND DISPOSITION OF COMMON SHARES. U.S. HOLDERS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE TAX CONSIDERATIONS APPLICABLE TO THEM IN LIGHT OF THEIR OWN PARTICULAR CIRCUMSTANCES.** 

**F.** **Dividends and Paying Agents** 

Not applicable

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**G.** **Statement by Experts** 

DMCL, our current independent auditor, has consented to the inclusion of its report with respect to the Company's consolidated financial statements as at and for the years ended December 31, 2024 and 2023 in this Registration Statement, in the form and context in which they are included, and has authorized the contents of that part of the Registration Statement. Further information regarding DMCL is provided in Item 1.C — *Identity of Directors, Senior Management and Advisers — Auditors*.

The disclosure of exploration results contained in this registration statement is based on and accurately reflects information and supporting documentation prepared by a qualified person, within the meaning of Item 1300 of Regulation S-K. Unless otherwise indicated, the scientific and technical information contained in this registration statement relating to the Company's mineral properties is based on and accurately reflects documentation prepared by, or reviewed and approved by, Douglas Beahm, Chief Operating Officer of the Company, and Carl D. Warren, Senior Project Engineer of BRS Engineering, who are both qualified persons within the meaning of Item 1300 of Regulation S-K.

**H.** **Documents on Display** 

This Registration Statement and the related exhibits are available for viewing at the offices of Anfield Energy Inc., 2005-4390 Grange Street, Burnaby, British Columbia, Canada, V5H 1P6, telephone: (604)-669-5762.

Additional information relating to us may be found on the Company's SEDAR+ profile at <u>www.sedarplus.ca</u>. Upon effectiveness of this Registration Statement, we will be subject to the informational requirements of the Exchange Act and we will thereafter file reports and other information with the SEC. Reports filed with, and other information furnished to, the SEC are available from the SEC's Electronic Data Gathering and Retrieval System (EDGAR) at <u>www.sec.gov</u>.

Copies of our material contracts are kept at our registered office.

**I.** **Subsidiary Information** 

Not applicable.

**J.** **Annual Report to Security Holders** 

Not applicable.

---

| | |
|:---|:---|
| **ITEM 11.** | **QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**  |

---

We are exposed to a number of financial risks arising through the normal course of business, including interest rate risk, foreign currency risk, credit risk and liquidity risk. Refer to Note 18 of our audited consolidated financial statements for Fiscal 2024 (for the years ended December 31, 2024 and 2023).

---

| | |
|:---|:---|
| **ITEM 12.** | **DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES**  |

---

Not applicable.

**PART II** 

---

| | |
|:---|:---|
| **ITEM 13.** | **DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES**  |

---

There has not been a material default in the payment of principal, interest, a sinking or purchase fund installment, or any other material default not cured within thirty days, relating to indebtedness of the Company or any of its significant subsidiaries. There are no payments of dividends by the Company in arrears, nor has there been any other material delinquency relating to any class of preference shares of the Company.

---

| | |
|:---|:---|
| **ITEM 14.** | **MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS**  |

---

**A. to D.** 

None.

**E.** **Use of Proceeds** 

Not applicable.

---

| | |
|:---|:---|
| **ITEM 15.** | **CONTROLS AND PROCEDURES**  |

---

Not Applicable.

---

| | |
|:---|:---|
| **ITEM 16A.** | **AUDIT COMMITTEE FINANCIAL EXPERT**  |

---

Not Applicable.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **ITEM 16B.** | **CODE OF ETHICS**  |

---

Not Applicable.

---

| | |
|:---|:---|
| **ITEM 16C.** | **PRINCIPAL ACCOUNTANT FEES AND SERVICES**  |

---

Not Applicable.

---

| | |
|:---|:---|
| **ITEM 16D.** | **EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES**  |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 16E.** | **PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS**  |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 16F.** | **CHANGE IN COMPANY'S CERTIFYING ACCOUNTANT**  |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 16G.** | **CORPORATE GOVERNANCE**  |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 16H.** | **MINE SAFETY DISCLOSURE**  |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 16I.** | **DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**  |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 16J.** | **INSIDER TRADING POLICIES**  |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 16K.** | **CYBERSECURITY**  |

---

Not applicable.

**PART III** 

---

| | |
|:---|:---|
| **ITEM 17.** | **FINANCIAL STATEMENTS**  |

---

Our consolidated financial statements are stated in Canadian dollars and are prepared in accordance with IFRS, as issued by the IASB. The following financial statements, as required under this Item 17, are attached hereto and found immediately following the text of this Registration Statement.

---

| | |
|:---|:---|
| **ITEM 18.** | **FINANCIAL STATEMENTS**  |

---

We have elected to provide financial statements pursuant to Item 17 *— Financial Statements*.

---

| | |
|:---|:---|
| **ITEM 19.** | **EXHIBITS**  |

---

***Financial Statements***

---

| | |
|:---|:---|
| **Description** | **Page** |
|  [Consolidated Financial Statements and Notes For the Years Ended December 31, 2024 and 2023](#fin870247_1) | F1- F35 |
|  [Condensed Interim Consolidated Financial Statements for the Three Months ended March 31, 2025 and 2024](#tx870247_405) | F-41 |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Exhibit<br>No. Item** | **Description of Exhibit** |
| 1.1 | Amended Articles of Anfield Energy Inc. |
| 1.2 | Certificate of Name Change |
| 1.3 | Notice of Articles |
| 4.1† | Credit Agreement by and among Anfield Energy Inc., Extract Advisors LLC, Extract Capital Master Fund Ltd. and certain guarantors party thereto, dated September 26, 2023 |
| 4.2† | First Amending Agreement by and among Anfield Energy Inc., Extract Advisors LLC, Extract Capital Master Fund Ltd. and certain guarantors party thereto, dated October 6, 2023 |
| 4.3 | Consent, Waiver and Second Amending Agreement, by and among Anfield Energy Inc., Extract Advisors LLC, Extract Capital Master Fund Ltd. and certain guarantors party thereto, dated April 15, 2024 |
| 4.4 | Consent, Waiver and Third Amending Agreement, by and among Anfield Energy Inc., Extract Advisors LLC, Extract Capital Master Fund Ltd. and certain guarantors party thereto, dated October 1, 2024 |
| 4.5† | Fourth Amendment to Credit Agreement and Omnibus Amendment to Certain Guarantees, by and among Anfield Energy Inc., Extract Advisors LLC, Extract Capital Master Fund Ltd. and certain guarantors party thereto, dated March 17, 2025 |
| 8.1 | List of Subsidiaries of Anfield Energy Inc. |
| 15.1\* | Consent of Dale Matheson Carr-Hilton LaBonte LLP, Chartered Professional Accountants |
| 15.2\* | Consent of Cassels, Brock and Blackwell LLP |
| 15.3\* | Consent of Dorsey & Whitney LLP |
| 15.4 | Consent of Douglas L. Beahm, P.E. |
| 15.5 | Consent of Carl D. Warren, P.E., P.G. |
| 96.1 | Technical Report on the West Slope Uranium Project, Montrose County, Colorado, USA, dated June 12, 2025 |
| 96.2 | Technical Report on the Slick Rock Uranium Project, San Miguel County, Colorado, USA, dated June 12, 2025 |
| 96.3 | Technical Report on the Velvet Wood Project, San Juan County, Utah, USA, dated June 12, 2025 |

---

\* To be filed via amendment.

† Certain identified information has been omitted pursuant to Item 601(b)(10) of Regulation S-K because such
information is both (i) not material and (ii) of the type that the Registrant customarily and actually treats as private or confidential. The Registrant hereby undertakes to furnish supplemental copies of the unredacted exhibit upon request by the
SEC.

------

##### [**Table of Contents**](#toc)
**SIGNATURES** 

The Registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Registration Statement on its behalf.

---

| | | |
|:---|:---|:---|
|  | **ANFIELD ENERGY INC.** | **ANFIELD ENERGY INC.** |
| Date: July 17, 2025 | By: | /s/ Corey Dias |
|  | Name: Corey Dias | Name: Corey Dias |
|  | Title: Chief Executive Officer | Title: Chief Executive Officer |

---

------

##### [**Table of Contents**](#toc)
![LOGO](g870247dsp001.jpg)

**Anfield Energy Inc.** 

**CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023** 

**(Expressed in Canadian Dollars)** 

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| ![LOGO](g870247dsp002a.jpg)  | **dmcl.ca** |

---

**DALE MATHESON CARR-HILTON LABONTE LLP** 

CHARTERED PROFESSIONAL ACCOUNTANTS

## Report of Independent Registered Public

## Accounting Firm
To the shareholders and the board of directors of Anfield Energy Inc.

**Opinion on the Consolidated Financial Statements** 

We have audited the accompanying consolidated statements of financial position of Anfield Energy Inc. (the "Company") as of December 31, 2024 and 2023, the related consolidated statements of comprehensive income (loss), changes in equity and cash flows, for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and its financial performance and its cash flows for the years then ended, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

**Going Concern** 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has not advanced its properties to commercial production and is not able to finance day to day activities through operations, has incurred losses in developing its business, and further losses are anticipated. The Company requires additional funds to meet its obligations and the costs of its operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in this regard are described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion** 

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting in accordance with the standards of the PCAOB. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose

![LOGO](g870247dsp02bb.jpg)

------

##### [**Table of Contents**](#toc)
of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion in accordance with the standards of the PCAOB.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

DALE MATHESON CARR-HILTON LABONTE LLP

CHARTERED PROFESSIONAL ACCOUNTANTS

We have served as the Company's auditor since 2008

Vancouver, Canada

*{Date]*

------

##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Consolidated Statements of Financial Position** 

**(Expressed in Canadian Dollars)** 

---

| | | | |
|:---|:---|:---|:---|
| | <br> Notes | <br> **December 31, 2024** | December 31, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Current Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  | $**1350411** | $2611281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables |  | **49685** | 43488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaids and deposits | 9 | **1035439** | 1583731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketable securities | 5 | **34563** | 42443 |
|  |  | **2470098** | 4280943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-current Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance premium | 7 | **372736** | 343287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclamation bond | 67 | **16087691** | 14078254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment | 6 | **22438706** | 22008669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition costs |  | **–** | 112740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exploration and evaluation assets | 7 | **38639788** | 34449558 |
|  |  | **77538921** | 70992508 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** |  | $**80009019** | $75273451 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | 8 | $**1651411** | $556271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to related parties | 9 | **223489** | 101441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans payable | 11 | **5899864** |  |
|  |  | **7774764** | 657712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligations | 10 | **23975931** | 22315783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans payable | 11 | **3383929** | 2703154 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** |  | **35134624** | 25676649 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share capital | 12 | $**110528937** | $107194133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock option reserve | 12 | **6991160** | 7443544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrant reserve | 12 | **7411788** | 7396640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange reserve | 12 | **4487177** | 1113884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deficit |  | **(84544667)** | (73551399) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | **44874395** | 49596802 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity and Liabilities** |  | $**80009019** | $75273451 |

---

**Going concern (Note 1)** 

**Subsequent events (Note 19)** 

**Approved and authorized on April 4, 2025, on behalf of the Board of Directors:** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;***"Corey Dias"*** |  ***"Laara Shaffer"*** |
| **Chief Executive Officer** | **Chief Financial Officer** |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Consolidated Statements of Comprehensive Income (Loss)** 

**(Expressed in Canadian Dollars)** 

---

| | | | |
|:---|:---|:---|:---|
|  | | **For the year ended**<br>**December 31,** | **For the year ended**<br>**December 31,** |
| | <br>Notes | **2024** | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 6 | $**3877** | $3819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exploration and evaluation expenditures | 79 | **5275278** | 3766705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) Loss on foreign exchange |  | **(620196)** | 51258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 9 | **4957926** | 3719444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder communications |  | **195943** | 105948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation |  | **–** | 2382195 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** |  | **9812828** | 10029369 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net loss before other items** |  | **(9812828)** | (10029369) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other items** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accretion expense of discount and interest expense on loans payable | 911 | **(861123)** | (140882) |
| &nbsp;&nbsp;&nbsp;&nbsp; Accretion expense for asset retirement obligations | 10 | **(920583)** | (837691) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in asset retirement obligation estimates | 10 | **–** | (411042) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of royalty portfolio | 7 | **–** | 1954128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impairment of exploration and evaluation assets | 7 | **(378605)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income |  | **513693** | 637812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income |  | **24670** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reversal of impairment of property and equipment | 6 | **–** | 21986159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized loss on marketable securities | 5 | **(10943)** | (2243) |
| &nbsp;&nbsp;&nbsp;&nbsp; Write-off of accounts payable |  | **67** | 18845 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net income (loss)** |  | **(11445652)** | 13175717 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other comprehensive income (loss)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) that may be reclassified to profit or loss: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange differences on translating foreign operations |  | **3373293** | (52034) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total comprehensive income (loss)** |  | $**(8072359)** | $13123683 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Earnings (Loss) per share – basic and diluted** |  | $(0.01) | $0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Weighted average shares outstanding - Basic** |  | **1019470008** | 800028104 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Weighted average shares outstanding - Diluted** |  | **1019470008** | 801085597 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

------

##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Consolidated Statements of Changes in Equity** 

**(Expressed in Canadian Dollars)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Notes** | **Number of**<br>**shares** | **Amount** | **Stock**<br>**option**<br>**reserve** | **Warrant**<br>**reserve** | **Foreign**<br>**exchange**<br>**reserve** | **Deficit** | **Total equity** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance, December 31, 2022** |  | **648858283** | $**89255223** | $**7036812** | $**5939526** | $**1165918** | $**(88702579)** | $**14694900** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued for exploration and evaluation assets | 712 | 30000000 | 2126000 |  |  |  |  | 2126000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued for acquisition of Neutron Energy, Inc. | 312 | 185000000 | 9250000 |  |  |  |  | 9250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued - private placement, net of share issue costs | 12 | 120282100 | 5868410 |  | 629158 |  |  | 6497568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units issued for bonuses | 912 | 8500000 | 552500 |  |  |  |  | 552500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units issued to settle amounts due to related party | 912 | 800000 | 52000 |  |  |  |  | 52000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued for debt issuance costs | 1112 | 1158301 | 90000 |  |  |  |  | 90000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants issued in connection with Credit Facility | 1112 |  |  |  | 827956 |  |  | 827956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 912 |  |  | 2382195 |  |  |  | 2382195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock options expired unexercised | 12 |  |  | (1975463) |  |  | 1975463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Comprehensive income for the year |  |  |  |  |  | (52034) | 13175717 | 13123683 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance, December 31, 2023** |  | **994598684** | $**107194133** | $**7443544** | $**7396640** | $**1113884** | $**(73551399)** | $**49596802** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued for exploration and evaluation assets | 712 | 15000000 | 1050000 |  |  |  |  | 1050000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued upon exercise of warrants | 12 | 24630949 | 2261898 |  | (234961) |  |  | 2026937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants issued upon modification of Credit Facility | 1112 |  |  |  | 250109 |  |  | 250109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refund of share issuance costs related to private placement in prior fiscal year |  |  | 22906 |  |  |  |  | 22906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock options expired unexercised | 12 |  |  | (452384) |  |  | 452384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Comprehensive loss for the year |  |  |  |  |  | 3373293 | (11445652) | (8072359) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance, December 31, 2024** |  | **1034229633** | $**110528937** | $**6991160** | $**7411788** | $**4487177** | $**(84544667)** | **44874395** |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Consolidated Statement of Cash Flows** 

**(Expressed in Canadian Dollars)** 

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br>**December 31,** | **For the year ended**<br>**December 31,** |
| | **2024** | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash Flows from Operating Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net loss | $**(11445652)** | $13175717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments for non-cash items: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion of asset retirement obligations | **920583** | 837691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion of discount and interest expense on loans payable | **861123** | 140882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in asset retirement obligation estimates | **–** | 411042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | **3877** | 3819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | **(1173049)** | (123536) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of royalty portfolio | **–** | (1954128) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of exploration and evaluation assets | **378605** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of impairment of property and equipment | **–** | (21986159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | **–** | 2382195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Units issued for bonuses | **–** | 552500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized loss on marketable securities | **10943** | 2243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write-off of accounts payable | **(67)** | (18845) |
| &nbsp;&nbsp;&nbsp;&nbsp; Changes in non-cash working capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables | **(6197)** | (34394) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaids and deposits | **518843** | (1138471) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | **1701743** | 530093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to related parties | **122048** | (44084) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net cash flows used in operating activities** | **(8107200)** | (7263435) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash Flows from Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of exploration and evaluation assets | **(136633)** | (5866608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of property and equipment | **–** | (26868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition costs | **–** | (112740) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclamation deposit | **(801744)** | (651838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of royalty portfolio | **–** | 2015243 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net cash flow used in investing activities** | **(938377)** | (4642811) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from loan payable, net of issuance costs | **5899864** | 3702410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from share issuances, net of issuance costs | **–** | 6497568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from exercise of warrants | **2026937** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from related party loan payable | **1485000** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of related party loan payable | **(1650000)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refund of share issuance costs | **22906** | – |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net cash flow provided by financing activities** | **7784707** | 10199978 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Decrease in cash** | **(1260870)** | (1706268) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash, beginning** | **2611281** | 4317549 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash, ending** | $**1350411** | $2611281 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Supplemental Cash Flow Information (Note 17)** 

*The accompanying notes are an integral part of these consolidated financial statements.*

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**1.** **CORPORATE INFORMATION AND GOING CONCERN** 

Anfield Energy Inc. (the "Company") is a publicly listed company incorporated in British Columbia on July 12, 1989. The Company's shares are listed on the TSX Venture Exchange ("TSX.V") under the symbol "AEC", the OTCQB Marketplace under the symbol "ANLDF", and the Frankfurt Stock Exchange under the symbol "OAD". On September 16, 2022, 125,000,000 warrants of the Company commenced trading on TSX.V under the symbol "AEC.WT". The Company is engaged in mineral development and production. The Company's head office and its registered and records offices are located at Suite 2005, 4390 Grange Street, Burnaby, British Columbia, V5H 1P6.

These consolidated financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. As at December 31, 2024 the Company had not advanced its properties to commercial production and is not able to finance day to day activities through operations. The Company incurred a net loss of $11,445,652 during the year ended December 31, 2024, and had an accumulated deficit of $84,544,667 as at December 31, 2024. The Company's continuation as a going concern is dependent upon the successful results from its mineral property exploration and development activities and its ability to attain profitable operations and generate funds therefrom and or raise equity capital or borrowings sufficient to meet current and future obligations. While these factors indicate the existence of a material uncertainty that casts significant doubt about the Company's ability to continue as a going concern, subsequent to December 31, 2024 the Company completed an equity financing for gross proceeds of $15,000,000 and amended an existing credit facility to provide an additional US$6,000,000 of capital (Note 19). Management intends to continue to finance operating costs and expenditures over the next twelve months with private placements of common shares or the issuance of debt. Should the Company be unable to continue as a going concern, the net realizable value of its assets may be materially less than the amounts on its consolidated statement of financial position. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Such adjustments could be material.

**2.** **MATERIAL ACCOUNTING POLICY INFORMATION AND BASIS OF PRESENTATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE** 

These consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and interpretations of the International Financial Reporting Interpretations Committee ("IFRIC").

The consolidated financial statements of the Company have been prepared on an accrual basis are based on historical costs except for financial instruments as discussed below. The consolidated financial statements are presented in Canadian dollars, which is the Parent's functional currency.

The policies set out below were consistently applied to all periods presented unless otherwise noted below. Theses consolidated financial statements have been prepared on a historical cost basis except for financial instruments carried at fair value.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**2.** **MATERIAL ACCOUNTING POLICIES AND BASIS OF PRESENTATION (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **BASIS OF CONSOLIDATION** 

These consolidated financial statements comprise the accounts of the Company and its wholly-owned subsidiaries incorporated in the United States which include Equinox Exploration Holding Corp. ("EQX US"), Anfield Resources Holding Corp. ('ARHC"), ARH Wyoming Corp. ("ARHW"), Highbury Resources Inc. ("HRI"), Anfield Precious Metals Inc. ("APMI") and Neutron Energy, Inc. ("NEI") (Note 3). All inter-company transactions, balances, income and expenses are eliminated on consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **SIGNIFICANT MANAGEMENT JUDGEMENT AND ESTIMATES IN APPLYING ACCOUNTING POLICIES** 

***Significant estimates and assumptions***

The preparation of financial statements in accordance with IFRS requires the Company to make estimates and assumptions concerning the future. The Company's management reviews these estimates and underlying assumptions on an ongoing basis, based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates are adjusted for prospectively in the period in which the estimates are revised.

Areas requiring a significant degree of estimation and judgment relate to the determination of the recoverability of the carrying value of property and equipment, and exploration and evaluation assets, fair value measurements for financial instruments and share-based compensation and other equity-based payments, the recognition and valuation of provisions for restoration and environmental liabilities, purchase price allocation and the recoverability and measurement of deferred tax assets and liabilities. Actual results may differ from those estimates and judgments.

***Significant judgments***

The preparation of financial statements in accordance with IFRS requires the Company to make judgments, apart from those involving estimates, in applying accounting policies. The most significant judgments in applying the Company's consolidated financial statements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The assessment of the Company's ability to continue as a going concern and whether there are events or conditions
that may give rise to significant uncertainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether there are indicators of impairment or impairment reversal of the Company's property and equipment and
exploration and evaluation assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The determination of future unfulfilled conditions or other contingencies which may result in a liability.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**2.** **MATERIAL ACCOUNTING POLICY INFORMATION AND BASIS OF PREPARATION (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d)** **CASH AND CASH EQUIVALENTS** 

Cash and cash equivalents comprise cash on hand, deposits held on call with banks, highly liquid investments that are readily convertible into known amount of cash and which are subject to insignificant risk of changes in value. Cash and cash equivalents have a term to maturity of three months or less from the date of acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e)** **FINANCIAL INSTRUMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Classification</u> 

The Company classifies its financial instruments in the following categories: at fair value through profit and loss ("FVTPL"), at fair value through other comprehensive income ("FVTOCI") or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company's business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL.

---

| | |
|:---|:---|
| Financial assets/liabilities | Classification |
| Cash | FVTPL |
| Marketable securities | FVTPL |
| Reclamation bonds | Amortized cost |
| Accounts payable | Amortized cost |
| Due to related parties | Amortized cost |
| Loan payable | Amortized cost |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Measurement</u> 

<u>Financial assets and liabilities at amortized cost</u>

Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment.

<u>Financial assets and liabilities at FVTPL</u>

Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the statements of comprehensive income (loss). Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the statements of comprehensive income (loss) in the period in which they arise.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**2.** **MATERIAL ACCOUNTING POLICY INFORMATION AND BASIS OF PREPARATION (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e)** **FINANCIAL INSTRUMENTS (CONT 'D)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Derecognition</u> 

<u>Financial assets</u>

The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity.

<u>Financial liabilities</u>

The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Company also derecognizes a financial liability when the terms of the liability are modified such that the terms and / or cash flows of the modified instrument are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. Gains and losses on derecognition are generally recognized in profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f)** **SHARE - BASED PAYMENTS** 

Share-based payments to employees are measured at the fair value of the instruments issued and amortized over the vesting periods. Share-based payments to non-employees are measured at the fair value of goods or services received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably measured, and are recorded at the date the goods or services are received. The corresponding amount is recorded to the option reserve. The fair value of options is determined using the Black–Scholes Option Pricing Model. The number of shares and options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount recognized for services received as consideration for the equity instruments granted shall be based on the number of equity instruments that eventually vest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g)** **PROPERTY AND EQUIPMENT** 

Property and equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of a significant replaced part is derecognized. All other repairs and maintenance are charged to the consolidated statement and comprehensive income (loss) during the financial period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in profit or loss.

The Company's property and equipment consists of a vehicle and the Shootaring Mill. Depreciation of the vehicle is calculated on a straight-line method to charge the cost, less residual value, over the estimated useful life of 7 years. Certain items of property, plant and equipment including the Shootaring Mill and its related assets are amortized over the estimated life of the mine using the units-of-production ("UOP") method based on the recoverable ounces from the indicated resources. As at December 31, 2024, the Shootaring Mill is not yet in operation.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**2.** **M ATERIAL A CCOUNTING P OLICY I NFORMATION AND B ASIS OF P REPARATION (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h)** **EVALUATION AND EXPLORATION ASSETS** 

Costs incurred before the Company has obtained the legal rights to explore an area are expensed as incurred.

Exploration and evaluation expenditures include the direct costs related to the acquisition of exploration and evaluation assets. Option payments are considered acquisition costs provided that the Company has the intention of exercising the underlying option.

Property option agreements are exercisable entirely at the option of the optionee. Therefore, option payments (or recoveries) are recorded when payment is made (or received) and are not accrued.

Acquisition costs, which include asset retirement obligations assumed on acquisition, are capitalized. Exploration and evaluation expenditures, other than acquisition costs, incurred prior to the establishment of technical feasibility and commercial viability of extracting mineral resources and a decision to proceed with development are charged to operations as incurred.

Exploration and evaluation assets are tested for impairment if facts or circumstances indicate that impairment exists. Examples of such facts and circumstances are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the period for which the Company has the right to explore in the specific area has expired during the period or will
expire in the near future, and is not expected to be renewed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither
budgeted nor planned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exploration and evaluation of mineral resources in the specific area have not led to the discovery of commercially
viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sufficient data exist to indicate that, although a development in the specific area is likely to proceed, the carrying
amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale.

After technical feasibility and commercial viability of extracting a mineral resource are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to mining property and development assets within property, plant and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i)** **IMPAIRMENT OF NON -F INANCIAL ASSETS** 

The carrying amount of the Company's assets (which include property and equipment and exploration and evaluation assets) is reviewed at each reporting date to determine whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. An impairment loss is recognized whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. Impairment losses are recognized in the statement of comprehensive income (loss).

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**2.** **M ATERIAL A CCOUNTING P OLICY I NFORMATION AND B ASIS OF P REPARATION (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i)** **IMPAIRMENT OF NON -F INANCIAL ASSETS (CONT 'D)** 

The recoverable amount of assets is the greater of an asset's fair value less cost to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs. An impairment loss is only reversed if there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount. Any reversal of impairment cannot increase the carrying value of the asset to an amount higher than the carrying amount that would have been determined had no impairment loss been recognized in previous years. Assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**j)** **FOREIGN CURRENCY TRANSLATION** 

The functional currency of each entity is measured using the currency of the primary economic environment in which that entity operates. The consolidated financial statements are presented in Canadian dollars which is the parent company's functional and presentation currency. The functional currency of EQX US, ARHC, ARHW, HRI, APMI and NEI is the US dollar. The functional currency determinations were conducted through an analysis of the consideration factors identified in IAS 21, *the Effects of Changes in Foreign Exchange Rates*.

***Transactions and balances***

Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the period-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined.

Exchange differences arising on the translation of monetary items or on settlement of monetary items are recognized in the statement of comprehensive income (loss) in the period in which they arise, except where deferred in equity as a qualifying cash flow or net investment hedge.

Exchange differences arising on the translation of non-monetary items are recognized in other comprehensive income in to the extent that gains and losses arising on those non-monetary items are also recognized in other comprehensive income. Where the non-monetary gain or loss is recognized in profit or loss, the exchange component is also recognized in profit or loss.

***Foreign operations***

The financial results and position of foreign operations whose functional currency is different from the Company's presentation currency are translated as follows:

- assets and liabilities are translated at period-end exchange rates prevailing at that reporting date; and

- income and expenses are translated at average exchange rates for the period.

Exchange differences arising on translation of foreign operations are recognized in other comprehensive income and recorded in the Company's foreign currency translation reserve in equity. These differences are recognized in the profit or loss in the period in which the operation is disposed.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**2.** **M ATERIAL A CCOUNTING P OLICY I NFORMATION AND B ASIS OF P REPARATION (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**k)** **RESTORATION AND ENVIRONMENTAL OBLIGATIONS** 

The Company recognizes liabilities for statutory, contractual, constructive or legal obligations associated with the retirement of long-term assets, when those obligations result from the acquisition, construction, development or normal operation of the assets. The net present value of future restoration cost estimates arising from the decommissioning of plant and other site preparation work is capitalized to exploration and evaluation assets along with a corresponding increase in the restoration provision in the period incurred. Discount rates using a pre-tax rate that reflect the time value of money are used to calculate the net present value. The restoration asset will be depreciated on the same basis as other mining assets.

The Company's estimates of restoration costs could change as a result of changes in regulatory requirements. These changes are recorded directly to mining assets with a corresponding entry to the restoration provision. The Company's estimates are reviewed annually for changes in regulatory requirements, discount rates, effects of inflation and changes in estimates.

Changes in the net present value, excluding changes in the Company's estimates of reclamation costs, are charged to profit or loss for the period. The net present value of restoration costs arising from subsequent site damage that is incurred on an ongoing basis during production are charged to profit or loss in the period incurred.

The costs of restoration projects that were included in the provision are recorded against the provision as incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**l)** **INCOME (LOSS) PER SHARE** 

Basic income (loss) per share is computed by dividing the net loss by the weighted average number of outstanding shares issued during the reporting period. Diluted income (loss) per share is calculated by the treasury stock method. Under the treasury stock method, the weighted average number of common shares outstanding for the calculation of diluted income (loss) per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the period. In a loss reporting period, potentially dilutive common shares are excluded from the loss per share calculation as the effect would be antidilutive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**m)** **ACCOUNTING STANDARDS** 

***Accounting standards effective January 1, 2024***

In January 2020, the IASB issued *Classification of Liabilities as Current or Non-current* (Amendments to IAS 1), which amended IAS 1 to clarify the requirements for presenting liabilities in the statement of financial position. The amendments specify that the Company must have the right to defer settlement of a liability for at least 12 months after the reporting period for the liability to be classified as non-current.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**2.** **M ATERIAL A CCOUNTING P OLICY I NFORMATION AND B ASIS OF P REPARATION (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**m)** **ACCOUNTING STANDARDS (CONT 'D)** 

In addition, the amendments clarify that: (a) the Company's right to defer settlement must exist at the end of the reporting period; (b) classification is unaffected by management's intentions or expectations about whether the Company will exercise its right to defer settlement; (c) if the Company's right to defer settlement is subject to the Company complying with specified conditions, the right exists at the end of the reporting period only if the Company complies with those conditions at the end of the reporting period, even if the lender does not test compliance until a later date; and (d) the term settlement includes the transfer of the Company's own equity instruments to the counterparty that results in the extinguishment of the liability, except when the settlement of the liability with the Company transferring its own equity instruments is at the option of the counterparty and such option has been classified as an equity instrument, separate from the host liability.

In October 2022, the IASB issued *Non-current Liabilities with Covenants*, which amended IAS 1 to clarify that if the Company's right to defer settlement of a liability for at least 12 months is subject to the Company complying with covenants after the reporting period, those covenants would not affect whether the Company's right to defer settlement exists at the end of the reporting period for the purposes of classifying a liability as current or non-current. The amendments also increased the disclosure requirement relating to such covenants to include: (i) the nature of the covenants and the date by which the Company must comply with the covenants; (ii) whether the Company would comply with the covenants based on its circumstances at the reporting date; and (iii) whether and how the Company expects to comply with the covenants by the date on which they are contractually required to be tested. The above amendments are effective for the Company's annual reporting period beginning on January 1, 2024. As disclosed in Note 11, the Company's Credit Facility is subject to certain covenants.

At December 31, 2024, the Company was in compliance with all covenants. The impacts of initial application of the amendments on the Company's consolidated financial statements for the year ending December 31, 2024 and for future periods will depend on the Company's right to defer settlement of its liabilities at the end of such reporting period and can include increased disclosure in respect of its compliance with related covenants.

***Accounting standards not yet effective***

In April 2024, the IASB issues IFRS 18 Presentation and Disclosure in Financial Statements ("IFRS 18"), which will replace IAS 1 and includes requirements for all entities applying IFRS Accounting Standards for the presentation and disclosure of information in the financial statements. IFRS 18 will introduce new totals, subtotals, and categories for income and expenses I the statement of income, as well as requiring disclosure about management-defined performance measures and additional requirements regarding the aggregation and disaggregation of certain information. It will be effective on January 1, 2027, with earlier adoption permitted, and it must be adopted on a retrospective basis. The Company is currently evaluating the impact on its financial statements.

Other accounting standards or amendments to existing accounting standards that have been issued but have future effective dates are either not applicable or are not expected to have a significant impact on the Company's financial statements.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**3.** **ACQUISITION OF NEUTRON ENERGY** 

On July 20, 2023, the Company completed the acquisition of Neutron Energy, Inc. ("NEI"), a wholly-owned subsidiary of enCore Energy Corp. ("enCore"), which holds the Marquez-Juan Tafoya uranium project located in the Grants Uranium Merial District, Albuquerque, New Mexico. As consideration for the acquisition of NEI, the Company issued 185,000,000 common shares with a fair value of $9,250,000 to enCore and paid $5,000,000 in cash. The acquisition has been accounted for as an asset acquisition and the consideration transferred is allocated as follows:

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| | |
|:---|:---|
|  Asset Acquired: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exploration and evaluation assets | $14288544 |

---

The Company incurred acquisition-related transaction costs of $38,544 in relation to this transaction which were allocated to the asset acquired.

**4.** **ARRANGEMENT AGREEMENT WITH ISOENERGY LTD .** 

On October 1, 2024, the Company entered into an Arrangement Agreement with IsoEnergy Ltd. ("IsoEnergy") pursuant to which IsoEnergy was expected to acquire all of the issued and outstanding common shares of the Company by way of a court-approved plan of arrangement (the "Transaction"). Subsequent to the year ended December 31, 2024, the Company terminated the proposed plan of arrangement with IsoEnergy (Note 19).

**5.** **MARKETABLE SECURITIES** 

Marketable securities consist of 4,000,000 shares of GTI Resources Limited ("GTRIF"), an Australian company listed on the Australian Securities Exchange and OTC Markets in the United States.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31,<br>2023**<br> **fair value** | **Unrealized<br>loss** | **Foreign<br>exchange<br>translation** | **December 31,<br>2024**<br> **fair value** |
|  GTI Resources Limited | $42443 | $(10943) | $3063 | $34563 |
|  | **$42443** | **$(10943)** | **$3063** | **$34563** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31,<br>2022**<br> **fair value** | **Unrealized<br>loss** | **Foreign<br>exchange<br>translation** | **December 31,<br>2023**<br> **fair value** |
|  GTI Resources Limited | $45508 | $(2243) | $(822) | $42443 |
|  | **$45508** | **$(2243)** | **$(822)** | **$42443** |

---

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**6.** **P ROPERTY AND E QUIPMENT** 

---

| | | | |
|:---|:---|:---|:---|
| | **Vehicle** | **Shootaring<br>Mill** | **Total** |
|  **COST** |  |  |  |
|  **Balance, December 31, 2022** | $**–** | $**–** | $**–** |
| &nbsp;&nbsp;&nbsp;&nbsp; Additions | 26868 |  | 26868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reversal of impairment |  | 21986159 | 21986159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange translation | (606) | – | (606) |
|  **Balance, December 31, 2023** | **26262** | **21986159** | **22012421** |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in ARO estimates |  | (1453888) | (1453888) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange translation | 2253 | 1886067 | 1888320 |
|  **Balance, December 31, 2024** | **28515** | **22418338** | **22446853** |
|  **DEPRECIATION** |  |  |  |
|  **Balance, December 31, 2022** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 3819 |  | 3819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange translation | (67) | – | (67) |
|  **Balance, December 31, 2023** | **3752** | **–** | **3752** |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 3877 |  | 3877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange translation | 518 | – | 518 |
|  **Balance, December 31, 2024** | **8147** | **–** | **8147** |
|  **CARRYING AMOUNTS** |  |  |  |
|  **Balance, December 31, 2023** | $**22510** | $**21986159** | $**22008669** |
|  **Balance, December 31, 2024** | $**20368** | $**22418338** | $**22438706** |

---

There were favorable changes in the market conditions for uranium production, as well as other factors, including the significant increase in uranium prices during the year, the receipt by the Company of IsoEnergy's non-binding offer to acquire 100% of the Company's shares and the Company's decision to apply to move the Shootaring mill's status from standby to operational, which indicated the impairment loss recognized in prior periods in relation to the Shootaring mill no longer exists. On December 31, 2023, the Company determined that the fair value less cost of disposal of the asset was higher than the carrying value of the mill if no impairment loss had been recognized in prior periods. As a result, the Company reversed the total impairment of $21,986,159 (US$16,576,438) along with the changes to the ARO estimates for the period between the impairment and December 31, 2023. In determining the fair value less cost of disposal, the Company concluded that the replacement cost method was the most appropriate basis. The replacement cost method was based on the cost of similar assets recently constructed and adjusted for the cost of additional equipment required to bring the assets to a comparable level to the Shootaring mill. This included items such as ore handling and grinding equipment, and an ore leaching area. The key assumptions used to determine the replacement cost included the inflation rates used to bring certain costs related to the construction to equivalent levels as well as the type of equipment required to make the assets comparable. This resulted in a recoverable amount of $30,221,000. The recoverable amount is categorized as level 3 in the fair value hierarchy. It would take an increase of over 64.68% in the estimate of the cost of the equipment required to make the assets comparable to result in the recoverable amount of the Shootaring mill to fall below the carrying amount. Reasonably possible changes in other key assumptions, including inflation, would not cause the recoverable amount of the Shootaring mill to fall below the carrying value.

*Reclamation Bonds* 

The Company is required to obtain replacement bonds to meet reclamation requirements in connection with the Shootaring Mill.

During the year ended December 31, 2024, the Company recorded a bond premium of US$470,857 (2023 - US$370,702) as insurance, which would create an obligation for the surety company to cover the difference between the bond requirement and the cash collateral. The bond premium is amortized over one year. During the year ended December 31, 2024, the Company recorded $567,670 (2023 –$493,443) as insurance expense and at December 31, 2024, $372,736 (2023 – $343,287) was recorded in prepaid insurance premium for the reclamation bond requirements.

As at December 31, 2024, the Company recorded the cash collateral of US$11,129,593 ($16,028,060) (2023 – US$10,583,683 ($14,037,668)) as a reclamation bond.

------

##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**7.** **EXPLORATION AND EVALUATION ASSETS** 

As at December 31, 2024, the Company held interests in uranium exploration properties in Utah, Arizona and New Mexico ("Uranium Properties"); uranium/vanadium properties in Colorado (Highbury and Slick Rock Project) and in Arizona (Artillery Project); and a gold project in Arizona also known as Newsboy Project.

A continuity of exploration and evaluation assets is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Colorado Properties** | **Colorado Properties** | **Arizona Properties** | **Arizona Properties** | |
| |<br>**Uranium<br>Properties** | **Highbury** | **Slick Rock** | **Newsboy<br>Gold** | **Artillery<br>Peak** |<br>**Total** |
|  **Balance, December 31, 2022** | $**898860** | $**5088501** | $**6486563** | $**2456574** | $**2208490** | $**17138988** |
|  Acquisitions cost | 14926643 |  |  |  | 2317846 | 17244489 |
|  Change in ARO estimates |  | 445721 |  |  |  | 445721 |
|  Disposition | (61610) |  |  |  |  | (61610) |
|  Foreign exchange | 64706 | (105383) | (134339) | (50876) | (92138) | (318030) |
|  **Balance, December 31, 2023** | **15828599** | **5428839** | **6352224** | **2405698** | **4434198** | **34449558** |
|  Acquisitions cost | 1163334 | 136633 |  |  |  | 1299967 |
|  Change in ARO estimates |  | 232329 |  |  |  | 232329 |
|  Foreign exchange | 1451013 | 473089 | 544921 | 206371 | 361145 | 3036539 |
|  Impairment | – | – | – | – | (378605) | (378605) |
|  **Balance, December 31, 2024** | $**18442946** | $**6270890** | $**6897145** | $**2612069** | $**4416738** | $**38639788** |
|  <br> The following exploration and evaluation expenditures included in comprehensive loss for years ended December 31, 2024 and 2023 are as follows: | <br> The following exploration and evaluation expenditures included in comprehensive loss for years ended December 31, 2024 and 2023 are as follows: | <br> The following exploration and evaluation expenditures included in comprehensive loss for years ended December 31, 2024 and 2023 are as follows: | <br> The following exploration and evaluation expenditures included in comprehensive loss for years ended December 31, 2024 and 2023 are as follows: | <br> The following exploration and evaluation expenditures included in comprehensive loss for years ended December 31, 2024 and 2023 are as follows: | <br> The following exploration and evaluation expenditures included in comprehensive loss for years ended December 31, 2024 and 2023 are as follows: | <br> The following exploration and evaluation expenditures included in comprehensive loss for years ended December 31, 2024 and 2023 are as follows: |
|  | **Uranium<br>Properties** | **Highbury** | **Newsboy** | **Artillery<br>Peak** | **Clay**<br> **Borrow** | **Total** |
|  Consulting | $357528 | $815011 | $– | $– | $– | $1172539 |
|  Sundry field | 102537 | 7391 |  |  |  | 109928 |
|  Sampling, assaying | 173935 | 2962 |  |  |  | 176897 |
|  License, filing and insurance | 1548060 | 126270 | 32727 | 55710 | 13402 | 1776169 |
|  Royalty | 462489 | 560000 |  |  |  | 1022489 |
|  Property tax | 8006 | 41149 |  |  | 51184 | 100339 |
|  Drilling |  | 691309 |  |  |  | 691309 |
|  Termination of acquisition<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;agreement | 225608 | – | – | – | – | 225608 |
|  **Total for the year ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | $**2878163** | $**2244092** | $**32727** | $**55710** | $**64586** | $**5275278** |

---

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**7.** **EXPLORATION AND EVALUATION ASSETS (CONTINUED)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Uranium** | | **Newsboy** | **Artillery** | **Clay** | |
|  | **Properties** | **Highbury** | **Gold** | **Peak** | **Borrow** | **Total** |
| &nbsp;&nbsp; Consulting | $1413552 | $429124 | $11260 | $18223 | $7966 | $1880125 |
| &nbsp;&nbsp; Sundry field | 59744 | (2656) |  |  |  | 57088 |
| &nbsp;&nbsp; Sampling, assaying | 190805 | 5617 |  |  |  | 196422 |
| &nbsp;&nbsp; License, filing and insurance | 1003534 | 57426 | 51966 | 106228 | 6519 | 1225673 |
| &nbsp;&nbsp; Lease and royalty | 120153 | 191182 |  |  |  | 311335 |
| &nbsp;&nbsp; Property tax | 58552 | 37510 |  |  |  | 96062 |
| &nbsp;&nbsp; **Total for the year ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2023** | $**2846340** | $**718203** | $**63226** | $**124451** | $**14485** | $**3766705** |

---

**<u>URANIUM PROPERTIES</u>**

*Shootaring Mill Project* 

On August 27, 2015, as amended November 23, 2017, the Company closed an Asset Purchase Agreement and amendments, with Uranium One Americas Inc. ("Uranium One") to acquire the Shootaring Canyon uranium mill (the "Shootaring Mill") located in Utah, and a portfolio of conventional uranium assets including: Shootaring Mill, Velvet-Wood Project, Frank M Project, Wate and Findlay Tank Breccia Pipes, royalty portfolio and surface stockpiles.

*Calf Mesa Uranium Project* 

In January 2023, the Company acquired 100% interest in 65 unpatented mining claims of the Marysvale uranium project located in Beaver County, Utah, USA and 100% interest in 26 unpatented mining claims of the Calf Mesa project located in Emery County, Utah, USA. The Company paid cash of US$60,000 ($80,618) and issued 9,000,000 common shares with a fair value of $555,600 (Note 12).

*Marquez-Juan Tafoya Uranium Project* 

In July 2023, the Company acquired the Marquez-Juan Tafoya Uranium Marquez-Juan Tafoya uranium project located in the Grants Uranium Merial District, Albuquerque, New Mexico, USA (Note 3).

*Other Utah Properties* 

On October 18, 2023, the Company entered into a definitive agreement with Nolan Holdings, Inc. to acquire 100% interest in 175 federal unpatented uranium mining claims, located in San Juan and Grand Counties in Utah. As consideration for the claims and associated data, the Company paid US$85,000 in cash, issued 15,000,000 common shares (Note 12) and reimbursed all costs and expenses incurred in connection with the transaction including staking, filing and recording fees related to the claims. During the year ended December 31, 2023, the Company paid the cash consideration of $112,740 (US$85,000) which was recognized as deferred acquisition costs at December 31, 2023. The Company also reimbursed expenses of $119,537 (US$90,125) which was recognized as exploration and evaluation expenditures during the year ended December 31, 2023.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**7.** **E XPLORATION AND E VALUATION A SSETS (CONTINUED)** 

**<u>URANIUM PROPERTIES (CONT'D)</u>**

On June 11, 2024, the Company entered into a Uranium Mining Lease Agreement with Wayne Minerals Inc. to obtain mining rights on 127 unpatented mining claims in California and Utah for 5 years. The Company agreed to pay an annual lease payment of US$100,000. A production royalty of 3% will be paid on the total value of all minerals recovered and sold from the leased land. An advance royalty of US$50,000 is due annually beginning on May 30, 2029 and will be credited against production royalty until it has been fully recouped. The Company was also granted the sole and exclusive right and option to earn a 100% undivided interest in the leased land free and clear of all charges, royalties and encumbrances upon terms to be agreed between the lessor and the Company, at any time prior to the expiration of the 5-year term.

*Royalty Portfolio Sale* 

In February 2023, the Company disposed of its uranium royalty portfolio for cash of $2,015,243 (US$1,500,000) reducing the carrying value of the exploration and evaluation asset to $61,115 (US$45,489), resulting in a gain of $1,954,128 (US$1,454,511) upon sale.

**<u>COLORADO PROPERTIES</u>**

**HIGHBURY PROJECT** 

The Highbury Project consists of nine past-producing uranium/vanadium properties in Colorado, collectively known as the West Slope Project. It also includes the Papoose Quarry property, which is not core to the Company's current operations.

**SLICK ROCK PROJECT** 

On June 6, 2022, the Company completed an asset swap to exchange certain uranium properties and the Charlie Leasehold in Wyoming for Slick Rock Project in Colorado. The Company recorded it at $6,017,216 (US$4,789,252), which was the carrying value of the certain uranium properties and Charlie Leasehold which were exchanged.

During the year ended December 31, 2024, the Company paid US$25,406 for a reclamation bond held by the regulatory authorities and will be released to the Company on satisfactory restoration of the property. The reclamation bond balance was $36,588 (US$25,406) as at December 31, 2024 (2023 – $nil).

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**7.** **E XPLORATION AND E VALUATION A SSETS (CONTINUED)** 

**GOLDEN EAGLE PROJECT** 

On January 2, 2024, HRI entered into a definitive agreement with Gold Eagle Mining Inc. ("GEM") and Golden Eagle Uranium LLC ("GEU") (collectively, "the Sellers") to acquire a 100% interest in twelve Department of Energy ("DOE") leases ("DOE Leases") and associated data in various Counties in Colorado. On September 28, 2024, the agreement was amended and pursuant to the amendment the Company agreed to pay the following consideration for the DOE Leases and associated dates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At closing, US$500,000 in cash with US$100,000 to be paid on or before October 16, 2024 (paid) and US$400,000 to be paid by December 31, 2024 (unpaid);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issuance of US$1,250,000 worth of common shares by December 31, 2024 (not issued);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$750,000 in cash at the one-year anniversary of closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$1,000,000 in cash at the two-year anniversary of closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$1,000,000 in cash at the three-year anniversary of closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$1,500,000 in cash at the four-year anniversary of closing.

On December 31, 2024, the agreement was amended to remove the due date for the US$400,000 cash payment and the issuance of US$1,250,000 worth of common shares which were originally due on December 31, 2024. On February 20, 2025, the agreement was further amended (Note 19).

**<u>ARIZONA PROPERTIES</u>**

**NEWSBOY GOLD PROJECT** 

On November 30, 2020, the Company entered into a Leases and Claims Transfer Agreement to acquire the Newsboy Gold Project ("Newsboy Project") located in Arizona, USA. The Company issued 5,000,000 common shares (issued), made cash payments of US$625,000, was to incur exploration expenditures of US$3,000,000 and bring the Newsboy Project into production within 48 months of closing. The closing date of the transaction was June 10, 2021. The Newsboy Project is subject to a 2% net smelter returns royalty on commercial production. The Company incurred $50,000 of cash transaction cost.

In March 2022, the Company entered into a settlement agreement and an amendment agreement for the Newsboy project. Upon a cash payment of US$750,000 to transferor, 1% of the NSR royalty was bought back by the Company, and the Company's work commitments, resource milestones, and production milestone requirements were waived.

The Company has a US$12,000 reclamation bond held by the regulatory authorities and will be released to the Company on satisfactory restoration of the property. The reclamation bond balance was $17,282 as at December 31, 2024 (2023 – $15,916).

**ARTILLERY PEAK PROJECT** 

The Artillery Peak Project consists of 50 unpatented mining claims in the uranium-rich Artillery Peak project area, located in Mohave County, Arizona, USA.

During the year ended December 31, 2023, the Company bought back the 3% NSR in consideration for $613,541 (US$450,000).

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**7.** **E XPLORATION AND E VALUATION A SSETS (CONTINUED)** 

*LiVada Claims* 

In January 2023, the Company acquired a 100% interest in 119 unpatented mining claims and historical data in the Artillery Peak area, located in Mohave County, Arizona, USA, from LiVada Corporation. During the year ended December 31, 2023, the Company paid $67,148 (US$50,000) cash and issued 6,000,000 common shares with a fair value of $370,400 (Note 12).

*Dripping Springs Quartzite Project* 

In February 2023, the Company acquired 100% in 115 unpatented mining claims of the Dripping Springs Quartzite uranium project located in Gila County, Arizona, USA. During the year ended December 31, 2023, the Company paid $66,758 (US$50,000) cash and issued 15,000,000 common shares with a fair value of $1,200,000 (Note 12). During the year ended December 31, 2024, the Company recognized an impairment of $378,605 (US$276,256) as 34 of the 115 mining claims were forfeited during the year.

**<u>OTHER PROPERTIES</u>**

**CLAY BORROW PROJECT, UTAH** 

On March 1, 2023, the Company entered into a clay mineral lease agreement with the School and Institutional Trust Lands Administration to lease 620.88 acres of land located in Garfield County, Utah, for a term of 10 years. Pursuant to the agreement, the Company agreed to pay an annual rent of a minimum US$500 or at the rate of US$2 for each acre and fractional acre situated within the boundaries of the property.

Commencing on the 10th anniversary of the agreement and until the lease terminates, the Company agreed to pay in advance an annual minimum royalty equal to six times the annual rent. In addition, the Company agreed to pay a production royalty equal to the greater of: (i) 10% of the gross value of the clay minerals sold under an arm's length transaction, or (ii) US$1 per short ton of the clay minerals.

During the year ended December 31, 2023, the Company paid US$18,600 for a reclamation bond held by the regulatory authorities and will be released to the Company on satisfactory restoration of the property. During the year ended December 31, 2024, the Company received a refund of US$14,600. The reclamation bond balance was $5,761 (US$4,000) as at December 31, 2024 (2023 – $24,670 (US$18,600)).

**8.** **ACCOUNTS PAYABLE AND ACCRUED LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;December 31, |
|  | **2024** | 2023 |
| &nbsp;&nbsp; Trade payables | $**760631** | $306805 |
| &nbsp;&nbsp; Accrued liabilities | **890780** | 249466 |
|  | $**1651411** | $556271 |

---

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**9.** **RELATED PARTY TRANSACTIONS AND BALANCES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Related Party Balances** 

As at December 31, 2024, an amount of $223,489 (2023 - $101,441) was owed to related parties. These amounts are unsecured, non-interest bearing and have no fixed terms of repayment.

As at December 31, 2024, an amount of $4,515 (2023 - $nil) was recorded in prepaid expenses for advances to a company controlled by the Chief Financial Officer of the Company for future consulting fees.

As at December 31, 2024, an amount of $14 (2023 - $12,700) was recorded in prepaid expenses for advances to a director of the Company for future property expenditures.

On August 2, 2024, the Company entered into a loan agreement with a director of the Company for $1,650,000. The Company received proceeds of $1,485,000, net of original issue discount of $165,000. The loan is unsecured, non-interest bearing and due on August 2, 2025. The carrying value of the loan was accreted using the effective interest rate method over the term of the loan. The effective interest rate was estimated at 10.66%. On October 1, 2024, the loan was repaid through proceeds from the IsoEnergy Ltd. loan (Note 11).

---

| | |
|:---|:---|
|  | **Loan Payable**  |
| &nbsp;&nbsp; **Balance, December 31, 2022 and 2023** | $**–** |
| &nbsp;&nbsp; Addition | 1650000 |
| &nbsp;&nbsp; Original issue discount | (165000) |
| &nbsp;&nbsp; Accretion of discount on loan payable | 165000 |
| &nbsp;&nbsp; Repayment | (1650000) |
| &nbsp;&nbsp; **Balance, December 31, 2024** | $**–** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Related Party Transactions** 

The Company incurred the following transactions with companies that are controlled or managed by officers and directors of the Company:

---

| | | |
|:---|:---|:---|
|  | **For the years ended** | **For the years ended** |
|  | **December 31,** | **December 31,** |
|  | **2024** | 2023 |
| &nbsp;&nbsp; Consulting fees and management bonus (i) | $**51600** | $133600 |
| &nbsp;&nbsp; Consulting and professional fees (ii) | **1156303** | **–** |
| &nbsp;&nbsp; Share issuance cost | **–** | 2300 |
|  | $**1207903** | $135900 |

---

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**9.** **RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Related Party Transactions (continued)** 

The Company has identified its directors and certain senior officers as its key management. Key management compensation during the years ended December 31, 2024 and 2023, are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended** | **For the years ended** |
|  | **December 31,** | **December 31,** |
|  | **2024** | 2023 |
| &nbsp;&nbsp; Consulting fees and management bonus (i) | $**1259615** | $1452412 |
| &nbsp;&nbsp; Legal fees (i) | **246688** | 229549 |
| &nbsp;&nbsp; Auto and rent expense (ii) | **57561** | 35339 |
| &nbsp;&nbsp; Share based compensation | **–** | 2089445 |
|  | $**1563864** | $3806745 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) These expenses are included in general and administrative expenses in the consolidated statements of comprehensive
loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) These expenses are included in exploration and evaluation expenditures in the consolidated statements of comprehensive
loss.

During the year ended December 31, 2023, the Company issued a total of 6,500,000 common shares with a fair value of $422,500 as bonuses to directors and an officer of the Company and a company controlled by an officer of the Company.

During the year ended December 31, 2023, the Company issued 800,000 common shares with a fair value of $52,000 to settle debt of $52,000 with a director of the Company.

**10.** **ASSET RETIREMENT OBLIGATIONS** 

Laws and regulations concerning environmental protection affect the Company's exploration and operations. Under current regulations, the Company is required to meet performance standards to minimize environmental impact from its activities and to perform site restoration and other closure activities. The Company's provision for future site closure and reclamation costs is based on known requirements.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**10.** **ASSET RETIREMENT OBLIGATIONS (CONTINUED)** 

A continuity of the Company's provision for site reclamation and closure is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shootaring** |  |  |  |
|  | **Mill** | **West Slope** | **Papoose** | **Totals** |
| &nbsp;&nbsp; **Balance December 31, 2022** | $**16956868** | $**3839628** | $**276103** | $**21072599** |
| &nbsp;&nbsp; Accretion | 673510 | 153501 | 10680 | 837691 |
| &nbsp;&nbsp; Change in interest rate and estimates | 411042 | 427925 | 17796 | 856763 |
| &nbsp;&nbsp; Foreign exchange | (363121) | (82241) | (5908) | (451270) |
| &nbsp;&nbsp; **Balance December 31, 2023** | $**17678299** | $**4338813** | $**298671** | $**22315783** |
| &nbsp;&nbsp; Accretion | 728372 | 180204 | 12007 | 920583 |
| &nbsp;&nbsp; Change in interest rate and estimates | (1453888) | 248553 | (16224) | (1221559) |
| &nbsp;&nbsp; Foreign exchange | 1553534 | 381359 | 26231 | 1961124 |
| &nbsp;&nbsp; **Balance December 31, 2024** | $**18506317** | $**5148929** | $**320685** | $**23975931** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **SHOOTARING MILL** 

During the year ended December 31, 2024, the Company reassessed the asset retirement costs for the Shootaring Mill and recorded a change in estimate for $1,453,888 (US$1,009,553) (2023 - $411,042 (US$309,904)). The change in estimate for the year ended December 31, 2024 was recorded as a decrease (2023 – increase) to property and equipment and as a decrease (2023 – increase) to asset retirement obligation.

The Company's estimate of the environmental rehabilitation provision arising from the Shootaring Mill (Notes 6 and 7) at December 31, 2024, was $18,506,317 (US$12,850,451) (2023 – $17,678,299 (US$13,328,534)). This estimate was based upon an undiscounted risk-adjusted future cost of $23,991,550 (US$16,659,642) (2023 - $21,571,288 (US$16,263,647)), an annual inflation rate of 2.40% (2023 – 2.40%) and discount rate of 4.64% (2023 – 3.98%). The closure and reclamation expenditure is expected to be incurred in 2036.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **WEST SLOPE PROJECT** 

During the year ended December 31, 2024, the Company reassessed the asset retirement obligation costs for the West Slope Project and recorded a change in estimate for $248,553 (US$172,591) (2023 - $427,925 (US$322,634)). The change in estimate for the year ended December 31, 2024 was recorded as an increase (2023 - an increase) to exploration and evaluation assets and increase (2023 – increase) to asset retirement obligation.

The Company's estimate of the environmental rehabilitation provision arising from the West Slope Project (Note 7) at December 31, 2024, was $5,148,929 (US$3,575,323) (2023 – $4,338,813 (US$3,271,243)). This estimate was based upon an undiscounted risk-adjusted future cost of $5,686,932 (US$3,948,902) (2023 - $5,399,003 (US$4,070,572)), an annual inflation rate of 2.40% (2023 – 2.40%) and a discount rate of 4.39% (2023 – 4.01%). The closure and reclamation expenditure is expected to be incurred in 2030.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**10.** **A SSET R ETIREMENT O BLIGATIONS (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **PAPOOSE PROPERTY** 

During the year ended December 31, 2024, the Company reassessed the asset retirement obligation costs for the Papoose Property and recorded a change in estimate for $16,224 (US$11,266) (2023 - $17,796 (US$13,417)). The change in estimate was recorded as a decrease (2023 - an increase) to exploration and evaluation assets and decrease (2023 – increase) to asset retirement obligation.

The Company's estimate of the environmental rehabilitation provision arising from the Papoose property (Note 7) at December 31, 2024, was $320,685 (US$222,679) (2023 – $298,671 (US$225,183)). This estimate was based upon an undiscounted risk-adjusted future cost of $337,716 (US$262,279) (2023 - $339,951 (US$256,306)), an annual inflation rate of 2.40% (2023 – 2.40%) and risk adjusted discount rate of 4.51% (2023 – 3.88%). The closure and reclamation expenditure is expected to be incurred in 2032.

**11.** **LOANS PAYABLE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **CREDIT FACILITY** 

On September 26, 2023, the Company entered into a loan agreement (the "Loan Agreement") for a non-revolving term credit facility (the "Credit Facility") with Extract Advisors LLC as agent (the "Agent") for Extract Capital Master Fund Ltd. (the "Lender"). The Credit Facility of $4,300,000 matures on September 26, 2028, bears a coupon of the Secured Overnight Financing Rate ("SOFR") plus 5.0% per annum, payable semi-annually in U.S. dollars. The SOFR is equal to the secured overnight financing rate published by the Federal Reserve Bank of New York on the website of the Federal Reserve Bank of New York. The Company, with written notice, may elect to capitalize the interest payable on the Credit Facility semi-annually, in arrears, at a rate of SOFR plus 7.0%. On October 6, 2023, the terms of the Loan Agreement were amended to add the fixed repayment amount of US$3,203,961. Interest shall be calculated based on the repayment amount of US$3,203,961 and on the basis of a year of 360 days. The Credit Facility has an original issue discount of $300,000.

In connection with the Loan Agreement, the Company issued 42,105,263 warrants to the Lender, with each warrant entitling the holder to acquire one common share of the Company at an exercise price of $0.095 per warrant for a period ending on the maturity date. For so long as the Credit Facility remains outstanding, all proceeds from the exercise of the warrants by the Lender shall be used to repay the principal amount of the Credit Facility. As additional consideration for arranging the Loan, the Company paid an arrangement fee of $100,000 to the Lender and reimbursed expenses of $32,678 to the Agent. The Company also incurred other financing costs of $254,162 which included a success fee of $180,500 paid to Haywood Securities Inc. ($90,500 in cash and issuance of 1,158,301 common shares of the Company with a fair value of $90,000), legal expenses of $66,312 and filing fees of $7,350.

On October 6, 2023, the Company received proceeds of US$2,839,875, net of the original issue discount of US$218,452 ($300,000), arrangement fee of US$72,817 ($100,000) and an initial foreign exchange loss of US$72,817.

The Credit Facility contains a voluntary prepayment option, allowing the Company to prepay the Credit Facility at any time after the twelve-month anniversary of the closing date by paying a prepayment fee equal to 3% of the outstanding amount of the Credit Facility.

------

##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**11.** **LOAN PAYABLE (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **CREDIT FACILITY (CONTINUED)** 

The Credit Facility contains a mandatory prepayment clause where the Company must pay certain amount of proceeds from sale of secured assets, debt financings, or royalty sale transactions, to the Agent.

The Credit Facility is secured by a corporate guarantee and share pledge from each of the subsidiaries of the Company and contains certain other customary provisions, including certain covenants and default conditions in favour of the Lender.

The Credit Facility is a compound financial instrument which consists of two components: the loan (a financial liability) and the warrants (an equity instrument). The Company assessed each of the components separately and allocated the proceeds from the Credit Facility and financing costs as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | | **Credit Facility (net of** |
|  | **Credit Facility** | **Financing costs** | **financing costs)** |
|  | **(USD)** | **(USD)** | **(USD)** |
| &nbsp;&nbsp; Financial liability | $2188982 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161418 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027564 |
| &nbsp;&nbsp; Warrants | 650893 | 47998 | 602895 |
| &nbsp;&nbsp; **Total** | $**2839875** | $**209416** | $**2630459** |

---

The initial carrying amount of the financial liability was determined by discounting the estimated future interest and principal payments at a discount rate of 20.5%.

The carrying amounts of the equity component (the warrants) was established using the residual fair value approach, which takes the difference between the principal amount received from the Credit Facility (US$2,839,875) less the fair value of the loan. The value of the warrants of $827,956 (US$602,895), net of financing cost of $65,915 (US$47,998) is recorded within warrant reserves on the statement of financial position.

The carrying value of the loan will be accreted using the effective interest rate method over the term of the Credit Facility. The effective interest rate is estimated at 23.74%.

---

| | | |
|:---|:---|:---|
|  | **Loan Payable** | **Loan Payable** |
| &nbsp;&nbsp; **Balance, December 31, 2022** | $— | **–** |
| &nbsp;&nbsp; Proceeds, net of original issue discount and arrangement fee |  | 3900000 |
| &nbsp;&nbsp; Debt issuance costs allocated to liability component |  | (221672) |
| &nbsp;&nbsp; Residual value allocated to equity component |  | (827956) |
| &nbsp;&nbsp; Accretion of discount on loan payable |  | 14262 |
| &nbsp;&nbsp; Interest expense |  | 126620 |
| &nbsp;&nbsp; Foreign exchange impact |  | (288100) |
| &nbsp;&nbsp; **Balance, December 31, 2023** |  | **2703154** |
| &nbsp;&nbsp; Accretion of discount on loan payable |  | 109080 |
| &nbsp;&nbsp; Interest expense |  | 587043 |
| &nbsp;&nbsp; Debt modification cost |  | (250109) |
| &nbsp;&nbsp; Foreign exchange impact |  | 234761 |
| &nbsp;&nbsp; **Balance, December 31, 2024** | $— | **3383929** |

---

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**11.** **L OAN P AYABLE (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **C REDIT F ACILITY (CONTINUED)** 

On March 27, 2024, the Company elected to capitalize the first interest payment of $292,809 (US$203,321) on the Credit Facility, effective April 5, 2024. On October 4, 2024, the Company elected to capitalize the second interest payment of $313,727 (US$217,846) on the Credit Facility.

On April 15, 2024, the Company entered into a waiver and second amending agreement to the Loan Agreement with Extract Advisors LLC and Extract Capital Master Fund Ltd., whereby: (a) the lender agreed to waive application of a covenant in order to permit the acquisition of the DOE Leases by the Company on January 2, 2024; (b) the Credit Facility was amended by reducing the minimum working capital requirement to $250,000; and (c) the Credit Facility was amended by requiring written consent of the agent prior to taking any corporate action to effect a share consolidation or stock split, unless the market price exceeds $0.12 per share for 20 consecutive trading days. In consideration for entering into the waiver and second amending agreement, on June 26, 2024, the Company issued the lender 4,000,000 share purchase warrants with a fair value of $250,109. The share purchase warrants are exercisable at a price of $0.095 per warrant until September 26, 2028. The fair value of $250,109 which was incurred as part of the modification was added to the liability and will be amortized over the term of the modified liability.

During the year ended December 31, 2024, the Company recognized accretion expense of $696,123 (2023 - $14,262) which includes interest expense of $587,043 (2023 – $126,620). As at December 31, 2024, a total of $3,338,929 (US$2,351,747) (2023 – $2,703,154 (US$2,038,040)) of principal is outstanding, net of an unamortized discount of $1,836,728 (US$1,273,382) (2023 – $1,546,420 (US$1,165,921)). As at December 31, 2024, $152,427 (US$105,843) (2023 – $123,356 (US$93,004)) is outstanding for interest which is included in accounts payable and accrued liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **PROMISSORY NOTE** 

On October 1, 2024, the Company entered into a promissory note with IsoEnergy Ltd. for $6,020,000, which is secured, bears interest at 15% per annum and matures on April 1, 2025. On October 1, IsoEnergy advanced $4,249,864 to the Company and repaid a related party loan in the amount of $1,650,000 on behalf of the Company. As at December 31, 2024, $5,899,864 of principal is outstanding and $220,639 of interest is outstanding and included in accounts payable and accrued liabilities. On January 20, 2025, the Company repaid the outstanding principal of $5,899,864 and accrued interest.

**12.** **SHARE CAPITAL** 

**AUTHORIZED SHARE CAPITAL** 

Unlimited number of common shares without par value.

**ISSUED SHARE CAPITAL** 

As at December 31, 2024, the Company had 1,034,229,633 (2023 – 994,598,684) issued and fully paid common shares.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**12.** **SHARE CAPITAL (CONTINUED)** 

**SHARES FOR EXPLORATION AND EVALUATION ASSETS** 

<u>During the year ended December</u> <u>31, 2024</u>

On January 5, 2024, the Company issued 15,000,000 common shares with a fair value of $1,050,000 pursuant to the acquisition of 175 federal unpatented uranium mining claims, located in San Juan and Grand Counties in Utah (Note 7).

<u>During the year ended December</u> <u>31, 2023</u>

On January 20, 2023, the Company issued 9,000,000 common shares with a fair value of $555,600 pursuant to the Calf Mesa Uranium Project acquisition (Note 7).

On January 27, 2023, the Company issued 6,000,000 common shares with a fair value of $370,400 pursuant to the acquisition of claims in the Artillery Peak Project area (Note 7).

On February 23, 2023, the Company issued 15,000,000 common shares with a fair value of $1,200,000 pursuant to the Dripping Springs Quartzite Project acquisition (Note 7).

On July 20, 2023, the Company issued 185,000,000 common shares with a fair value of $9,250,000 pursuant to the acquisition of Neutron Energy Inc. (Note 3).

**PRIVATE PLACEMENTS** 

<u>During the year ended December</u> <u>31, 2024</u>

The Company did not complete any private placement during the year ended December 31, 2024.

<u>During the year ended December</u> <u>31, 2023</u>

On July 10, 2023, the Company issued 81,820,000 units at $0.055 per unit for gross proceeds of $4,500,100. Each unit is comprised of one common share of the Company and one-half of one share purchase warrant. Each whole share purchase warrant entitles the holder to purchase one additional share at an exercise price of $0.085 per share until July 10, 2025. $409,100 of the proceeds was allocated to warrants using the residual method. In connection with the private placement, the Company incurred $364,064 of share issuance costs. The Company also issued 4,636,800 compensation options with a fair value of $134,090, exercisable until July 10, 2025, at an exercise price of $0.055 per share. The fair value was determined using the Black-Scholes Option Pricing Model with the following assumptions: Risk free rate of 4.74%; Expected life of 2 years; Expected volatility of 114% and dividend yield of $Nil.

On December 21, 2023, the Company issued 38,462,100 units at $0.065 per unit for gross proceeds of $2,500,037. Each unit is comprised of one common share of the Company and one share purchase warrant. Each share purchase warrant entitles the holder to purchase one additional share at an exercise price of $0.10 per share until December 21, 2025. In connection with the private placement, the Company incurred $138,505 of share issuance costs. The Company also issued 1,966,170 broker warrants with a fair value of $85,968, exercisable until December 21, 2025, at an exercise price of $0.10 per share. The fair value was determined using the Black-Scholes Option Pricing Model with the following assumptions: Risk free rate of 3.94%; Expected life of 2 years; Expected volatility of 113% and dividend yield of $Nil.

**SHARES ISSUED FOR THE EXERCISE OF WARRANTS** 

<u>During the year ended December</u> <u>31, 2024</u>

During the year ended December 31, 2024, the Company issued 4,527,005 common shares upon exercise of 4,527,005 warrants with an exercise price of $0.055 per share for gross proceeds of $248,985.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**12.** **S HARE C APITAL (CONTINUED)** 

**SHARES ISSUED FOR THE EXERCISE OF WARRANTS (CONTINUED)** 

During the year ended December 31, 2024, the Company issued 15,496,150 common shares upon the exercise of 15,496,150 warrants with an exercise price of $0.085 per share for gross proceeds of $1,317,173.

During the year ended December 31, 2024, the Company issued 4,607,794 common shares upon the exercise of 4,607,794 warrants with an exercise price of $0.10 per share for gross proceeds of $460,779.

Upon exercise, the original fair value of the warrants totalling $234,961 was transferred from warrant reserve to share capital.

<u>During the year ended December</u> <u>31, 2023</u>

None exercised during the year ended December 31, 2023.

**SHARES FOR BONUS** 

<u>During the year ended December</u> <u>31, 2024</u>

None issued during the year ended December 31, 2024.

<u>During the year ended December</u> <u>31, 2023</u>

On December 21, 2023, the Company issued 8,500,000 private placement units with a fair value of $552,500 to settle management bonus issued during the year. Each unit consisted of one common share of the Company and one share purchase warrant with each warrant entitling the holder to purchase an additional common share at a price of $0.10 until December 21, 2025. $Nil proceeds was allocated to warrants using the residual method.

**SHARES FOR DEBT AND DEBT ISSUANCE COSTS** 

<u>During the year ended December</u> <u>31, 2024</u>

None issued during the year ended December 31, 2024.

<u>During the year ended December</u> <u>31, 2023</u>

On October 6, 2023, the Company issued 1,158,301 common shares with a fair value of $90,000 as a success fee pursuant to the Company's Loan Agreement (Note 11).

On December 20, 2023, the Company issued 800,000 private placement units with a fair value of $52,000 to settle $52,000 of legal fees owing to a director of the Company. Each unit consisted of one common share of the Company and one share purchase warrant with each warrant entitling the holder to purchase an additional common share at a price of $0.10 until December 21, 2025. $Nil proceeds were allocated to warrants using the residual method.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**12.** **S HARE C APITAL (CONTINUED)** 

**WARRANTS** 

Warrant activity is summarized as follows:

---

| | | |
|:---|:---|:---|
| | <br> **Number**<br>**of warrants** | <br> **Weighted average** <br>**exercise price**  |
|  **Balance at December 31, 2022** | **398086508** | **$0.17** |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants granted | 137380333 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants expired | (74942767) | 0.20 |
|  **Balance at December 31, 2023** | **460524074** | **$0.14** |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants granted | 4000000 | 0.095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants exercised | (24630949) | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants expired | (101870923) | 0.13 |
|  **Balance at December 31, 2024** | **338022202** | **$0.15** |

---

During the year ended December 31, 2024, the weighted average share price on the date of warrants exercised was $0.11 (2023 - $nil).

Outstanding warrants are summarized as follows:

---

| | | |
|:---|:---|:---|
| **Number of warrants outstanding** | **Exercise price** | **Expiry** |
| 109795  | $0.055 | July 10, 2025 |
| 25413850  | $0.085 | July 10, 2025 |
| 45120476  | $0.10 | December 21, 2025 |
| 221272918  | $0.18 | May 12, 2027 |
| 46105263  | $0.095 | September 26, 2028 |
| **338022202**  |  |  |

---

At December 31, 2024, the weighted average life of warrants was 2.16 (2023 – 2.46) years.

**OPTIONS** 

The Company has adopted an incentive stock option plan, which provides that the Board of Directors of the Company may from time to time, in its discretion, and in accordance with the TSX.V requirements, grant to directors, officers, employees and technical consultants to the Company, non-transferable stock options to purchase common shares, provided that the number of common shares reserved for issuance will not exceed 10% of the Company's issued and outstanding common shares. Such options will be exercisable for a period of up to a maximum of five years from the date of grant.

In connection with the foregoing, the number of common shares reserved for issuance to any one optionee will not exceed five percent (5%) of the issued and outstanding common shares and the number of common shares reserved for issuance to all investor relation activities and consultants will not exceed two percent (2%) of the issued and outstanding common shares. Options may be exercised no later than 90 days following cessation of the optionee's position with the Company or 30 days following cessation of an optionee conducting investor relations activities' position. With the exception of options granted for investor relations, all options granted typically vest on the grant date.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**12.** **S HARE C APITAL (CONTINUED)** 

**OPTIONS (CONTINUED)** 

The following table summarizes the continuity of the Company's stock options:

---

| | | |
|:---|:---|:---|
| | <br> **Number of<br>options** | <br> **Weighted average <br>exercise price**  |
|  **Balance December 31, 2022** | **62385828** | **$0.11** |
| &nbsp;&nbsp; Granted | 36617828 | 0.10 |
| &nbsp;&nbsp; Expired | (3717000) | 0.10 |
| &nbsp;&nbsp; Forfeited | (718828) | 0.12 |
|  **Balance December 31, 2023** | **94567828** | **$0.11** |
| &nbsp;&nbsp; Expired | (3100000) | 0.20 |
|  **Balance December 31, 2024** | **91467828** | **$0.10** |

---

The weighted average remaining life of the outstanding options at December 31, 2024 was 2.85 (2023 – 3.75) years.

Details of options outstanding, issued and exercisable, as at December 31, 2024 are as follows:

---

| | | |
|:---|:---|:---|
| **Number of options outstanding and exercisable** | **Exercise** | **Expiry** |
| 5250000  | $0.10 | August 28, 2025 |
| 14500000  | $0.12 | August 27, 2026 |
| 35100000  | $0.10 | September 20, 2027 |
| 36617828  | $0.10 | October 6, 2028 |
| **91467828**  |  |  |

---

<u>During the year ended December</u> <u>31, 2024</u>

None granted during the year ended December 31, 2024.

<u>During the year ended December</u> <u>31, 2023</u>

On October 6, 2023, the Company granted 36,717,828 incentive stock options to certain directors, officers, employees and consultants of the Company exercisable at $0.10 per share until October 6, 2028. The options vested immediately. The fair value ascribed to the options was determined to be $2,382,195 using the Black-Scholes Option Pricing Model and was included in the statement of comprehensive loss during the year ended December 31, 2023. The following assumptions were used: Risk free rate of 4.31%; Expected life of 5 years; Expected volatility of 118% and dividend yield of $Nil.

**RESERVES** 

**Stock option reserve** 

The stock option reserve includes items recognized as share-based payments expense until such time that the stock options are exercised, at which time the corresponding amount will be transferred to share capital. If the options expire unexercised, forfeited or are cancelled, the amount recorded is transferred to deficit. During the year ended December 31, 2024, $452,384 (2023 – $1,975,463) was transferred to deficit for options expired unexercised or forfeited.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**12.** **S HARE C APITAL (CONTINUED)** 

**RESERVES (CONTINUED)** 

**Warrants reserve** 

The warrants reserve includes the fair value of the warrants issued for services or issued as part of private placement units until such time that the warrants are exercised, at which time the corresponding amount will be transferred to share capital. If the warrants expire unexercised or are cancelled, the amount recorded remains in the warrants reserve.

**Foreign exchange reserve** 

The foreign exchange reserve recognizes the foreign exchange differences resulting from translation of group entities to the presentation currency that have a different functional currency than the presentation currency.

**13.** **INCOME TAX** 

A reconciliation of the expected income tax recovery to the actual income tax recovery is as follows:

---

| | | |
|:---|:---|:---|
| | **December 31,<br>2024** | **December 31, <br>2023** |
|  Income (Loss) before income taxes | $(11445652) | $13175717 |
|  Statutory tax rate | 27% | 27% |
|  Expected tax expense (recovery) | (3090326) | 3557444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-deductible expenses and other | 2392797 | (2197509) |
| &nbsp;&nbsp;&nbsp;&nbsp; Temporary differences |  | (213343) |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of foreign exchange | (317069) | 85533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of foreign tax rate | 361612 | (1115018) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in valuation allowance | 652986 | (117112) |
|  | $– | $– |

---

Significant components of the Company's deferred tax assets as of December 31, 2024 and 2023 are as follows:

---

| | | |
|:---|:---|:---|
| | **December 31,<br>2024** | **December 31, <br>2023** |
|  **Deferred income tax assets:** |  |  |
|  Non-capital losses | $12393800 | $10281023 |
|  Exploration and evaluation assets | 5068587 | 6373874 |
|  Property and equipment | (4603539) | (4633105) |
|  Share issuance costs | 366816 | 550886 |
|  | **$13225664** | **$12572678** |

---

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**13.** **INCOME TAX (CONTINUED)** 

The tax pools relating to these deductible temporary difference expire as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | <br> **Canadian**<br>**non-capital**<br>**losses** | <br> **Canadian**<br>**resource**<br>**pools** | <br> **United States**<br>**tax**<br>**losses** | <br> **United States**<br>**resource**<br>**pools** | **Property and**<br>**equipment** | **Share issue** <br>**costs**  |
| 2032 | $583364 | $- | $- | $- | $- | $- |
| 2033 | 717523 |  | 251919 |  |  |  |
| 2034 | 1566222 |  | 1350152 |  |  |  |
| 2035 | 1049578 |  | 3999460 |  |  |  |
| 2036 | 1121278 |  | 605326 |  |  |  |
| 2037 | 2591686 |  | 247292 |  |  |  |
| 2038 | 3814238 |  | 1240143 |  |  |  |
| 2039 | 1495165 |  | 2285910 |  |  |  |
| 2040 | 2179304 |  | 2662485 |  |  |  |
| 2041 | 2525063 |  | 2589839 |  |  |  |
| 2042 | 5429508 |  | 1178971 |  |  |  |
| 2043 | 3582932 |  | 343802 |  |  |  |
| 2044 | 5228464 |  | 1268663 |  |  |  |
|  No expiry | - | 2271762 | - | 54430912 | 24237 | 1358578 |
|  | $31884325 | $2271762 | $18023962 | $54430912 | $24237 | $1358578 |

---

**14.** **SEGMENTED INFORMATION** 

The Company's property and equipment, exploration and evaluation assets and its related reclamation bonds and insurance, by geographical areas as at December 31, 2024 and 2023, were all located in USA.

**15.** **CAPITAL MANAGEMENT** 

The Company's objectives when managing capital are to safeguard its ability to continue as a going concern in order to pursue the evaluation and exploration of its mineral exploration properties and to maintain a flexible capital structure, which optimizes the costs of capital at an acceptable risk. In the management of capital, the Company includes the components of share capital as well as cash. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust its capital structure, the Company may issue new shares, acquire or dispose of assets, or adjust the amount of cash and cash equivalents and short-term investments. In order to maximize ongoing development efforts, the Company does not pay out dividends. The Company is not subject to any externally imposed capital requirements. There were no changes during the year to management's approach to capital management. The Company's investment policy is to invest its excess cash in highly liquid investments that are readily convertible into cash with maturities of three months or less from the original date of acquisition or when it is needed, selected with regards to the expected timing of expenditures from continuing operations.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**16.** **F INANCIAL I NSTRUMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **FAIR VALUE** 

The carrying values of cash, accounts payable, due to related parties and loan payable approximate their fair values due to the relatively short period to maturity of those financial instruments. The carrying value of the long-term debt approximates its fair value due to the floating rate interest charged under the credit facility. Financial instruments recorded at fair value on the statements of financial position are classified using a fair value hierarchy.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of the fair value hierarchy are as follows:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly (i.e., as prices) or indirectly (i.e., derived from prices); and

Level 3: Inputs that are not based on observable market data.

As at December 31, 2024, the financial instruments recorded at fair value on the statement of financial position are cash and marketable securities which are measured using Level 1, and the financial instruments recorded at amortized cost are reclamation bonds.

The following are the contractual maturities of financial liabilities as at December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | <1 Year | 1-2 Years | 3-5 Years |
| &nbsp;&nbsp; Accounts payable | $760631 | $– | $– |
| &nbsp;&nbsp; Due to related parties | 223489 | – | – |
| &nbsp;&nbsp; Loans payable | 5899864 | – | 3625128 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **CLASSIFICATION OF FINANCIAL INSTRUMENTS** 

Financial assets included in the statement of financial position are as follows:

---

| | | |
|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2023** |
|  Fair value through profit and loss: |  |  |
|  Cash | $1350411 | $2611281 |
|  Marketable securities | 34563 | 42443 |
|  <br> Amortized cost: |  |  |
|  Reclamation bonds | 16087691 | 14078254 |
| <br> Financial liabilities included in the statement of financial position are as follows: | <br> Financial liabilities included in the statement of financial position are as follows: | <br> Financial liabilities included in the statement of financial position are as follows: |
|  | **December 31, 2024** | **December 31, 2023** |
|  Non-derivative financial liabilities: |  |  |
|  Accounts payable | $760631 | $306805 |
|  Due to related parties | 223489 | 101441 |
|  Loans payable | 9283793 | 2703154 |

---

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**17.** **SUPPLEMENTAL CASH FLOW DISCLOSURES** 

---

| | | |
|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** |
| | **2024** | 2023 |
|  <br> Fair value of compensation options | **$–** | $134090 |
|  Fair value of finders' warrants | **–** | 85968 |
|  Fair value of warrants issued upon modification of Credit Facility | **250109** |  |
|  Shares issued for asset acquisition of Neutron Energy, Inc. | **–** | 9250000 |
|  Shares issued for exploration and evaluation assets | **1050000** | 2126000 |
|  Shares issued to settle amounts due to related party | **–** | 52000 |
|  Shares issued to settle bonuses | **–** | 552500 |
|  Stock options expired unexercised | **-** | 1975463 |

---

**18.** **FINANCIAL RISK MANAGEMENT** 

**FINANCIAL RISK MANAGEMENT** 

***CREDIT RISK***

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company's primary exposure to credit risk is on its cash held in bank accounts. The majority of cash is deposited in bank accounts held with major banks in Canada. As the Company's cash is held by one bank there is a concentration of credit risk. This risk is managed by using a major bank that is high credit quality financial institutions as determined by rating agencies. The Company has secondary exposure to credit risk on its receivables. The receivables consist of refundable goods and services tax from the government. Credit risk is assessed as low.

***LIQUIDITY RISK***

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company has a planning and budgeting process in place to help determine the funds required to support the Company's normal operating requirements on an ongoing basis. The Company ensures that there are sufficient funds to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash. Historically, the Company's sole source of funding has been the issuance of equity securities for cash, primarily through private placements. The Company's access to financing is always uncertain. There can be no assurance of continued access to significant equity funding. Liquidity risk is assessed as high.

The Company's current liabilities are due on demand or have a term of less than a year. The Company's long-term liabilities consist of a credit facility which is due on September 26, 2028.

***INTEREST RATE RISK***

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. As at December 31, 2024, the Company's loan payable of US$3,625,128 is subject to interest rate risk. The loan payable incurs interest based on the SOFR plus 5.0% per annum, payable semi-annually in U.S. dollars. The Company, with written notice, may elect to capitalize the interest payable on the Credit Facility semi-annually, in arrears, at a rate of SOFR plus 7.0%. If interest rates on the Company's credit facility increased (decreased) by 100 basis points with all other variables held constant, finance costs on the credit facility would increase (decreased) by $52,207 (2023 - $42,496).

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**18.** **FINANCIAL RISK MANAGEMENT (CONTINUED)** 

***FOREIGN CURRENCY RISK***

Foreign currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the respective functional currency. The foreign currency risk for the Company is low as the foreign currencies held are in the functional currency of the entities.

***COMMODITY RISK***

Commodity risk is the risk that the value of future cash flows and profits will fluctuate based on the prices of commodities. The Company is exposed to changes in the price of commodities. Changes in the price of commodities will impact the Company's ability to obtain financing to explore its exploration and evaluation assets.

As at December 31, 2024, the Company has no contracts or agreements in place to mitigate these price risks.

**19.** **SUBSEQUENT EVENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) On January 14, 2025, the Company terminated the Arrangement Agreement dated October 2, 2024 as discussed in
Note 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) On January 15, 2025, the Company issued 107,142,857 common shares at $0.14 per share to Uranium Energy Corp.
("UEC") pursuant to a subscription agreement entered with UEC on January 14, 2025 for gross proceeds of $15,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) On January 20, 2025, the Company repaid the IsoEnergy promissory note and accrued interest as discussed in Note
11. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) On February 20, 2025, the Company entered into an Indemnification Support Agreement with UEC whereby UEC will
provide indemnification support limited to US$3,000,000 (the "Support Amount") in connection with certain bonding requirements relating to Shootaring Canyon Mill. In consideration for the provision of the indemnity, the Company agrees to
pay to UEC a cash support fee equal to the Support Amount multiplied by the secured overnight financing rate ("SOFR") as administered by the CME Group Benchmark Administration Limited plus 5% per annum, which fee shall be calculated
monthly and paid in US dollars in arrears on the first day of each calendar month. The Company also agreed to granted UEC the right (the "Pre-Emptive Rights"), to subscribe for and to be issued up to
such number of the Company's common shares that will allow UEC to maintain its percentage ownership interest in the Company.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Consolidated Financial Statements** 

**For years ended December 31, 2024 and 2023** 

**(Expressed in Canadian Dollars)** 

**19.** **SUBSEQUENT EVENTS (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) On February 20, 2025, the Golden Eagle Asset Transfer Agreement as discussed in Note 7 was amended and pursuant
to the amendment the Company agreed to pay the following consideration for the DOE Leases and associated dates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$400,000 in cash paid on or before February 21, 2025 (paid);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issuance of US$1,250,000 worth of common shares on or before February 21, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$750,000 in cash at the one-year anniversary of closing (the "One-Year Anniversary Payment") with the option to extend for two subsequent 90-day periods (the "Extension Options"), subject to the following condition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Extension Options shall be at the sole discretion of the Company and may only be exercised in the event that the
Company's application for a NASDAQ listing and subsequent financing are delayed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The Company shall pay US$100,000 for each Extension Option that is exercise, with the Extension Option payments to be
deducted from the One-Year Anniversary Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$1,000,000 in cash at the two-year anniversary of closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$1,000,000 in cash at the three-year anniversary of closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$1,500,000 in cash at the four-year anniversary of closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) On March 11, 2025, HRI increased its performance bonds for reclamation with the U.S. Department of Energy to
US$2,799,900.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) On March 17, 2025, the Company entered into an amending agreement (the "Amending Agreement") with
Extract Advisors LLC ("Extract") for the extension of an additional US$6,000,000 increase to the existing credit facility dated September 26, 2023 (the "Credit Facility"). In connection with the Amending Agreement, the
Company issued 59,925,000 share purchase warrants to Extract (the "Facility Warrants"), with each such Facility Warrant entitling the holder thereof to acquire one common share of the Company at an exercise price of $0.15 per share for a
period ending on September 26, 2028. In addition, the Company paid an arrangement fee of $200,000 in consideration for the amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) On April 2, 2025, the Company appointed Ross McElroy to its Board of Directors and announced that shareholder approval
was received for a consolidation of the Company's common shares on the basis of one new share for up to 200 currently issued and outstanding shares. Completion of the consolidation remains subject to the Board of Directors determining a final
ratio, the satisfaction of applicable public distribution requirements and the approval of the TSX Venture Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On April 22, 2025, the Company announced that it had submitted both its listing application to the Nasdaq Stock Market
LLC and the accompanying Form 20-F Registration Statement to the Securities Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) On May 6, 2025, the Company issued 12,729,464 common shares pursuant to the agreement the Company entered into with
Gold Eagle Mining Inc.

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##### [**Table of Contents**](#toc)
![LOGO](g870247g52j02.jpg)

**Anfield Energy Inc.** 

**CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS** 

**FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024** 

**(Unaudited)** 

**(Expressed in Canadian Dollars)** 

 

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Condensed Interim Consolidated Statements of Financial Position** 

**(Expressed in Canadian Dollars)** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| | <br> Notes | <br> **March 31, 2025** | <br> December 31, 2024  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Current Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  | $**13976320** | $1350411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables |  | **50056** | 49685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaids and deposits | 3 | **977977** | 1035439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketable securities | 4 | **10922** | 34563 |
|  |  | **15015275** | 2470098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-current Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance premium | 6 | **280312** | 372736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclamation bonds | 56 | **16973019** | 16087691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment | 5 | **22390401** | 22438706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exploration and evaluation assets | 6 | **39133195** | 38639788 |
|  |  | **78776927** | **77538921** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** |  | $**93792202** | $80009019 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | 7 | $**654022** | $1651411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to related parties | 8 | **179997** | 223489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans payable | 10 | **–** | 5899864 |
|  |  | **834019** | 7774764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Long-term liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligations | 9 | **24191130** | 23975931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan payable | 10 | **11213334** | 3383929 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** |  | **36238483** | 35134624 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share capital | 11 | $**125528937** | $110528937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock option reserve | 11 | **6991160** | 6991160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrant reserve | 11 | **7944755** | 7411788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange reserve | 11 | **4401372** | 4487177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deficit |  | **(87312505)** | (84544667) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | **57553719** | 44874395 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity and Liabilities** |  | $**93792202** | $80009019 |

---

**Subsequent events (Note 15)** 

**Approved and authorized on May<u> </u>, 2025, on behalf of the Board of Directors:** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;***"Corey Dias"***<br>|  ***"Laara Shaffer"***<br>|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**Chief Executive Officer** | <br> **Chief Financial Officer** |

---

*The accompanying notes are an integral part of these condensed interim consolidated financial statements.*

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Condensed Interim Consolidated Statements of Comprehensive Loss** 

**(Expressed in Canadian Dollars)** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | | **For the three months ended**<br>**March 31,** | **For the three months ended**<br>**March 31,** |
| | <br>Notes | **2025** | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 5 | $**1015** | $954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exploration and evaluation expenditures | 6 | **1289336** | 1050683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 8 | **999596** | 933600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder communications |  | **37159** | 50636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss (gain) on foreign exchange |  | **24158** | (89273) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** |  | **2351264** | 1946600 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net loss before other items** |  | **(2351264)** | (1946600) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other items** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accretion expense for asset retirement obligations | 9 | **(265540)** | (221941) |
| &nbsp;&nbsp;&nbsp;&nbsp; Accretion of discount and interest expense on loan payable | 10 | **(251579)** | (155210) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income |  | **117718** | 185812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income |  | **6379** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized loss on marketable securities | 4 | **(23552)** | (14565) |
| &nbsp;&nbsp;&nbsp;&nbsp; Write-off of accounts payable |  | **–** | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net loss** |  | **(2767838)** | (2152438) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other comprehensive loss** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive loss that may be reclassified to profit or loss: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange differences on translating foreign operations |  | **(85805)** | 894276 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total comprehensive loss** |  | $**(2853643)** | $(1258162) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Loss per share – basic and diluted** |  | $**(0.00)** | $(0.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Weighted average shares outstanding - Basic** |  | **1123515347** | 1010569653 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Weighted average shares outstanding - Diluted** |  | **1123515347** | 1010569653 |

---

*The accompanying notes are an integral part of these condensed interim consolidated financial statements.*

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Condensed Interim Consolidated Statements of Changes in Equity** 

**(Expressed in Canadian Dollars)** 

**(Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Number of**<br>**shares** | **Amount** | **Stock option**<br>**reserve** | **Warrant**<br>**reserve** | **Foreign**<br>**exchange**<br>**reserve** | **Deficit** | **Total equity** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance, December 31, 2023** | **994598684** | $**107194133** | $**7443544** | $**7396640** | $**1113884** | $**(73551399)** | $**49596802** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued for exploration and evaluation assets | 15000000 | 1050000 |  |  |  |  | 1050000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued upon exercise of warrants | 2577835 | 216331 |  | (74550) |  |  | 141781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comprehensive loss for the period |  |  |  |  | 894276 | (2152438) | (1258162) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance, March 31, 2024** | **1012176519** | $**108460464** | $**7443544** | $**7322090** | $**2008160** | $**(75703837)** | $**49530421** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance, December 31, 2024** | **1034229633** | $**110528937** | $**6991160** | $**7411788** | $**4487177** | $**(84544667)** | $**44874395** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued for cash | 107142857 | 15000000 |  |  |  |  | 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants issued for Credit Facility |  |  |  | 532967 |  |  | 532967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comprehensive loss for the period |  |  |  |  | (85805) | (2767838) | (2853643) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance, March 31, 2025** | **1141372490** | $**125528937** | $**6991160** | $**7944755** | $**4401372** | $**(87312505)** | $**57553719** |

---

*The accompanying notes are an integral part of these condensed interim consolidated financial statements.*

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Condensed Interim Consolidated Statements of Cash Flows** 

**(Expressed in Canadian Dollars)** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **For the three months ended**<br>**March 31,** | **For the three months ended**<br>**March 31,** |
| | **2025** | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash Flows from Operating Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net loss | $**(2767838)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2152438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments for non-cash items: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion of asset retirement obligations | **265540** | 221941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion of discount and interest expense on loan payable | **251579** | 155210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | **1015** | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | **(81866)** | (208147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized loss on marketable securities | **23552** | 14565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write-off of accounts payable | **–** | (66) |
| &nbsp;&nbsp;&nbsp;&nbsp; Changes in non-cash working capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables | **(371)** | 24910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaids and deposits | **149886** | 557751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | **(735532)** | 41345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to related parties | **(43492)** | 15920 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net cash flows used in operating activities** | **(2937527)** | (1328055) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash Flows from Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of exploration and evaluation assets | **(568136)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclamation deposit | **(751592)** | (34405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income from reclamation bond reinvested | **(167522)** | (186567) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net cash flows used in investing activities** | **(1487250)** | (220972) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from share issuances | **15000000** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from exercise of warrants | **–** | 141781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from loan payable, net | **8212407** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of loan payable and interest | **(6161721)** | – |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net cash flows from financing activities** | **17050686** | 141781 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in cash** | **12625909** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1407246) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash, beginning** | **1350411** | 2611281 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash, ending** | $**13976320** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1204035 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Non-cash Investing and Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair value of finders' warrants reclassified to share capital upon exercise | $**–** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$74550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair value of warrants issued for Credit Facility | **532967** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued for exploration and evaluation assets | **–** | 1050000 |

---

*The accompanying notes are an integral part of these condensed interim consolidated financial statements.*

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to the Condensed Interim Consolidated Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

**(Unaudited – Expressed in Canadian Dollars)** 

**1.** **NATURE OF OPERATIONS** 

Anfield Energy Inc. (the "Company") is a publicly listed company incorporated in British Columbia on July 12, 1989. The Company's shares are listed on the TSX Venture Exchange ("TSX.V") under the symbol "AEC", the OTCQB Marketplace under the symbol "ANLDF", and the Frankfurt Stock Exchange under the symbol "OAD". On September 16, 2022, 125,000,000 warrants of the Company commenced trading on TSX.V under the symbol "AEC.WT". The Company is engaged in mineral development and production. The Company's head office and its registered and records offices are located at Suite 2005, 4390 Grange Street, Burnaby, British Columbia, V5H 1P6.

**2.** **M ATERIAL A CCOUNTING P OLICY I NFORMATION AND B ASIS OF P RESENTATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE** 

These unaudited condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34, "*Interim Financial Reporting*" of the IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB"). These condensed interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements as at and for the year ended December 31, 2024 as some disclosures from the annual consolidated financial statements have been condensed or omitted.

These condensed interim consolidated financial statements have been prepared on a historical cost basis except for financial instruments measured at fair value.

These condensed interim consolidated financial statements comprise the accounts of the Company and its wholly-owned subsidiaries incorporated in the United States which include Equinox Exploration Holding Corp. ("EQX US"), Anfield Resources Holding Corp. ('ARHC"), ARH Wyoming Corp. ("ARHW"), Highbury Resources Inc. ("HRI"), Anfield Precious Metals Inc. ("APMI") and Neutron Energy, Inc. ("NEI"). All inter-company transactions, balances, income and expenses are eliminated on consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **SIGNIFICANT MANAGEMENT JUDGEMENT AND ESTIMATES IN APPLYING ACCOUNTING POLICIES** 

***Significant estimates and assumptions***

The timely preparation of the condensed interim consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingencies, if any, as at the date of the interim consolidated financial statements and the reported amounts of expenses during the period. By their nature, estimates are subject to measurement uncertainty and changes in such estimates in future years could require a material change in the condensed interim consolidated financial statements.

These condensed interim consolidated financial statements were prepared using accounting policies consistent with those in the audited consolidated financial statements as at and for the year ended December 31, 2024.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Condensed Interim Consolidated Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

**(Expressed in Canadian Dollars)** 

**2.** **MATERIAL ACCOUNTING POLICY INFORMATION AND BASIS OF PRESENTATION (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C)** **ACCOUNTING STANDARDS NOT YET EFFECTIVE** 

In April 2024, the IASB issues IFRS 18 *Presentation and Disclosure in Financial Statements* ("IFRS 18"), which will replace IAS 1 and includes requirements for all entities applying IFRS Accounting Standards for the presentation and disclosure of information in the financial statements. IFRS 18 will introduce new totals, subtotals, and categories for income and expenses I the statement of income, as well as requiring disclosure about management-defined performance measures and additional requirements regarding the aggregation and disaggregation of certain information. It will be effective on January 1, 2027, with earlier adoption permitted, and it must be adopted on a retrospective basis. The Company is currently evaluating the impact on its financial statements.

Other accounting standards or amendments to existing accounting standards that have been issued but have future effective dates are either not applicable or are not expected to have a significant impact on the Company's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D)** **RECLASSIFICATION** 

Certain balances on the previously issued cash flow statement have been reclassified to be consistent with the current period presentation. The reclassification had no impact on total financial position, net loss, or shareholders' equity.

**3.** **PREPAIDS AND DEPOSITS** 

---

| | | |
|:---|:---|:---|
| | **March 31,**<br> **2025** | December 31,<br> 2024 |
|  Prepaid exploration and evaluation expenditures | **$696568** | $966833 |
|  Other prepaid expenses | **281409** | 68606 |
|  | **$977977** | $1035439 |

---

**4.** **M ARKETABLE S ECURITIES** 

Marketable securities consist of 4,000,000 shares of GTI Resources Limited ("GTRIF"), an Australian company listed on the Australian Securities Exchange and OTC Markets in the United States.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31,<br>2024**<br> **fair value** | **Unrealized<br>loss** | **Foreign<br>exchange<br>translation** | **March 31,**<br> **2025**<br> **fair value** |
|  GTI Resources Limited | $34563 | $(23552) | $(89) | $10922 |
|  | **$34563** | **$(23552)** | **$(89)** | **$10922** |

---

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Condensed Interim Consolidated Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

**(Expressed in Canadian Dollars)** 

**5.** **P ROPERTY AND E QUIPMENT** 

---

| | | | |
|:---|:---|:---|:---|
| | **Vehicle** | **Shootaring**<br> **Mill** | **Total** |
|  **COST** |  |  |  |
|  **Balance, December 31, 2023** | $**26262** | $**21986159** | $**22012421** |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in ARO estimates |  | (1453888) | (1453888) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange translation | 2253 | 1886067 | 1888320 |
|  **Balance, December 31, 2024** | **28515** | **22418338** | **22446853** |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange translation | (60) | (47245) | (47305) |
|  **Balance, March 31, 2025** | **28455** | **22371093** | **22399548** |
|  **DEPRECIATION** |  |  |  |
|  **Balance, December 31, 2023** | **3752** | **–** | **3752** |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 3877 |  | 3877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange translation | 518 | – | 518 |
|  **Balance, December 31, 2024** | **8147** | **–** | **8147** |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 1015 |  | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange translation | (15) | – | (15) |
|  **Balance, March 31, 2025** | **9147** | **–** | **9147** |
|  **CARRYING AMOUNTS** |  |  |  |
|  **Balance, December 31, 2024** | $**20368** | $**22418338** | $**22438706** |
|  **Balance, March 31, 2025** | $**19308** | $**22371093** | $**22390401** |

---

*Reclamation Bonds* 

The Company is required to hold replacement bonds to meet reclamation requirements in connection with the Shootaring Mill.

On February 20, 2025, the Company entered into an Indemnification Support Agreement with Uranium Energy Corp. ("UEC") whereby UEC will provide indemnification support limited to US$3,000,000 (the "Support Amount") in connection with certain bonding requirements relating to Shootaring Canyon Mill. In consideration for the provision of the indemnity, the Company agrees to pay to UEC a cash support fee equal to the Support Amount multiplied by the secured overnight financing rate ("SOFR") as administered by the CME Group Benchmark Administration Limited plus 5% per annum, which fee shall be calculated monthly and paid in US dollars in arrears on the first day of each calendar month. The Company also agreed to granted UEC the right (the "Pre-Emptive Rights"), to subscribe for and to be issued up to such number of the Company's common shares that will allow UEC to maintain its percentage ownership interest in the Company.

During the year ended December 31, 2024, the Company recorded a bond premium of US$470,857 as insurance, which would create an obligation for the surety company to cover the difference between the bond requirement and the cash collateral. The bond premium is amortized over one year. During the three months ended March 31, 2025, the Company recorded $173,051 (2024 - $132,411) as insurance expense and at March 31, 2025, $280,312 (December 31, 2024 - $372,736) was recorded in prepaid insurance premium for the reclamation bond requirements.

At March 31, 2025, the Company recorded the cash collateral of US$11,769,240 ($16,913,515) (December 31, 2024 – US$11,129,593 ($16,028,060)) as a reclamation bond.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Condensed Interim Consolidated Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

**(Expressed in Canadian Dollars)** 

**6.** **E XPLORATION AND E VALUATION A SSETS** 

As at March 31, 2025, the Company held interests in uranium exploration properties in Utah, Arizona and New Mexico ("Uranium Properties"); uranium/vanadium properties in Colorado (Highbury and Slick Rock Project) and in Arizona (Artillery Project); and a gold project in Arizona also known as Newsboy Project.

A continuity of exploration and evaluation assets is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Colorado Properties** | **Colorado Properties** | **Arizona Properties** | **Arizona Properties** | |
| |<br>**Uranium<br>Properties** | **Highbury** | **Slick Rock** | **Newsboy<br>Gold** | **Artillery<br>Peak** |<br>**Total** |
| &nbsp;&nbsp; **Balance, December 31, 2024** | $**18442946** | $**6270890** | $**6897145** | $**2612069** | $**4416738** | $**38639788** |
| &nbsp;&nbsp; Acquisitions cost |  | 568136 |  |  |  | 568136 |
| &nbsp;&nbsp; Foreign exchange | (38867) | (6514) | (14535) | (5505) | (9308) | (74729) |
| &nbsp;&nbsp; **Balance, March 31, 2025** | $**18404079** | $**6832512** | $**6882610** | $**2606564** | $**4407430** | $**39133195** |

---

The following exploration and evaluation expenditures were included in comprehensive loss for the three months ended March 31, 2025, and 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Uranium<br>Properties** | **Highbury** | **Newsboy<br>Gold** | **Artillery**<br> **Peak** | **Clay<br>Borrow** | **Total** |
| &nbsp;&nbsp; Consulting | $65609 | $138320 | $**–** | $**–** | $**–** | $203929 |
| &nbsp;&nbsp; Sundry field | 18941 | 3440 |  |  |  | 22381 |
| &nbsp;&nbsp; Sampling, assaying | 35053 | 1709 |  |  |  | 36762 |
| &nbsp;&nbsp; License, filing and insurance | 447429 | 108748 | 9694 |  | 297 | 566168 |
| &nbsp;&nbsp; Lease and royalty | 161362 | 147709 |  |  |  | 309071 |
| &nbsp;&nbsp; Property tax |  | 45466 |  |  |  | 45466 |
| &nbsp;&nbsp; Drilling | 93464 | 12095 |  |  |  | 105559 |
| &nbsp;&nbsp; **Total for the three months**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ended March 31, 2025** | $**821858** | $**457487** | $**9694** | $**–** | $**297** | $**1289336** |
|  | **Uranium<br>Properties** | **Highbury** | **Newsboy<br>Gold** | **Artillery**<br> **Peak** | **Clay<br>Borrow** | **Total** |
| &nbsp;&nbsp; Consulting | $116630 | $138499 | $**–** | $319 | $**–** | $255448 |
| &nbsp;&nbsp; Sundry field | 18024 | 782 |  | 163 |  | 18969 |
| &nbsp;&nbsp; Sampling, assaying | 35797 |  |  |  |  | 35797 |
| &nbsp;&nbsp; License, filing and insurance | 464935 | 26517 | 7510 | 20528 | 4863 | 524353 |
| &nbsp;&nbsp; Lease and royalty | 80127 | 136066 |  |  |  | 216193 |
| &nbsp;&nbsp; Property tax | (77) |  |  |  |  | (77) |
| &nbsp;&nbsp; **Total for the three months**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ended March 31, 2024** | $**715436** | $**301864** | $**7510** | $**21010** | $**4863** | $**1050683** |

---

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Condensed Interim Consolidated Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

**(Expressed in Canadian Dollars)** 

**6.** **EXPLORATION AND EVALUATION ASSETS (CONTINUED)** 

**<u>URANIUM PROPERTIES</u>** 

*Shootaring Mill Project* 

On August 27, 2015, as amended November 23, 2017, the Company closed an Asset Purchase Agreement and amendments, with Uranium One Americas Inc. ("Uranium One") to acquire the Shootaring Canyon uranium mill (the "Shootaring Mill") located in Utah, and a portfolio of conventional uranium assets including: Shootaring Mill, Velvet-Wood Project, Frank M Project, Wate and Findlay Tank Breccia Pipes, royalty portfolio and surface stockpiles.

*Marysvale Uranium Project* 

In January 2023, the Company acquired 100% interest in 65 unpatented mining claims of the Marysvale uranium project located in Beaver County, Utah, USA and 100% interest in 26 unpatented mining claims of the Calf Mesa project located in Emery County, Utah, USA.

*Marquez-Juan Tafoya Uranium Project* 

In July 2023, the Company acquired the Marquez-Juan Tafoya Uranium Marquez-Juan Tafoya uranium project located in the Grants Uranium Merial District, Albuquerque, New Mexico, USA.

*Other Utah Properties* 

On October 18, 2023, the Company entered into a definitive agreement with Nolan Holdings, Inc. to acquire 100% interest in 175 federal unpatented uranium mining claims, located in San Juan and Grand Counties in Utah.

On June 11, 2024, the Company entered into a Uranium Mining Lease Agreement with Wayne Minerals Inc. to obtain mining rights on 127 unpatented mining claims in California and Utah for 5 years. The Company agreed to pay an annual lease payment of US$100,000. A production royalty of 3% will be paid on the total value of all minerals recovered and sold from the leased land. An advance royalty of US$50,000 is due annually beginning on May 30, 2029 and will be credited against production royalty until it has been fully recouped. The Company was also granted the sole and exclusive right and option to earn a 100% undivided interest in the leased land free and clear of all charges, royalties and encumbrances upon terms to be agreed between the lessor and the Company, at any time prior to the expiration of the 5-year term.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Condensed Interim Consolidated Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

**(Expressed in Canadian Dollars)** 

**6.** **E XPLORATION AND E VALUATION A SSETS (C ONTINUED)** 

**<u>COLORADO PROPERTIES</u>** 

**HIGHBURY PROJECT** 

The Highbury Project consists of nine past-producing uranium/vanadium properties in Colorado, collectively known as the West Slope Project. It also includes the Papoose Quarry property, which is not core to the Company's current operations.

**SLICK ROCK PROJECT** 

The Slick Rock project is located in San Miguel County, Southwest Colorado, approximately 24 miles north of the town of Dove Creek and east of the Dolores River in the Slick Rock District of the Uravan mineral belt. The Slick Rock project comprises 268 mineral lode claims and encompasses an area of approximately 4,976 acres or 7.8 square miles. Certain claims within the block are subject to 1% to 3% royalties of net uranium and vanadium production.

During the year ended December 31, 2024, the Company paid US$25,406 for a reclamation bond held by the regulatory authorities and will be released to the Company on satisfactory restoration of the property. The reclamation bond balance was $36,511 (US$25,406) as at March 31, 2025 (December 31, 2024 – $36,588 (US$25,406)).

**GOLDEN EAGLE PROJECT** 

On January 2, 2024, HRI entered into a definitive agreement with Gold Eagle Mining Inc. ("GEM") and Golden Eagle Uranium LLC ("GEU") (collectively, "the Sellers") to acquire a 100% interest in twelve Department of Energy ("DOE") leases ("DOE Leases") and associated data in various Counties in Colorado. The transaction was closed on July 3, 2024. Pursuant to the last amendment on February 20, 2025, the Company agreed to pay the following consideration for the DOE Leases and associated dates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At closing, US$500,000 in cash with US$100,000 to be paid on or before October 16, 2024 (paid) and US$400,000 to be paid on or before February 21, 2025 (paid);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issuance of 12,729,464 common shares representing a value of US$1,250,000 on or before February 21, 2025 (issued on May 6, 2025);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$750,000 in cash at the one-year anniversary of closing (the "One-Year Anniversary Payment") with the option to extend for two subsequent 90-day periods (the "Extension Options"), subject to the following condition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Extension Options shall be at the sole discretion of the Company and may only be exercised in the event that the
Company's application for a NASDAQ listing and subsequent financing are delayed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The Company shall pay US$100,000 for each Extension Option that is exercised, with the Extension Option payments to be
deducted from the One-Year Anniversary Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$1,000,000 in cash at the two-year anniversary of closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$1,000,000 in cash at the three-year anniversary of closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US$1,500,000 in cash at the four-year anniversary of closing.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Condensed Interim Consolidated Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

**(Expressed in Canadian Dollars)** 

**6.** **E XPLORATION AND E VALUATION A SSETS (C ONTINUED)** 

**<u>ARIZONA PROPERTIES</u>** 

**NEWSBOY GOLD PROJECT** 

On November 30, 2020, the Company entered into a Leases and Claims Transfer Agreement to acquire the Newsboy Gold Project ("Newsboy Project") located in Arizona, USA. The Newsboy Project is subject to a 2% net smelter returns royalty on commercial production. In March 2022, 1% of the NSR royalty was bought back by the Company, and the Company's work commitments, resource milestones, and production milestone requirements were waived.

The Company has a US$12,000 reclamation bond held by the regulatory authorities and will be released to the Company on satisfactory restoration of the property. The reclamation bond balance was $17,245 as at March 31, 2025 (December 31, 2024 – $17,282).

**ARTILLERY PEAK PROJECT** 

The Artillery Peak consists of 50 unpatented mining claims in the uranium-rich Artillery Peak project area, located in Mohave County, Arizona, USA.

During the year ended December 31, 2023, the Company bought back the 3% NSR in consideration for $613,541 (US$450,000).

*LiVada Claims* 

In January 2023, the Company acquired a 100% interest in 119 unpatented mining claims and historical data in the Artillery Peak area, located in Mohave County, Arizona, USA, from LiVada Corporation.

*Dripping Springs Quartzite Project* 

In February 2023, the Company acquired 100% in 115 unpatented mining claims of the Dripping Springs Quartzite uranium project located in Gila County, Arizona, USA. During the year ended December 31, 2024, the Company recognized an impairment of $378,605 (US$276,256) as 34 of the 115 mining claims were forfeited during the year.

**<u>OTHER PROPERTIES</u>** 

**CLAY BORROW PROJECT, UTAH** 

On March 1, 2023, the Company entered into a clay mineral lease agreement with the School and Institutional Trust Lands Administration to lease 620.88 acres of land located in Garfield County, Utah, for a term of 10 years. Pursuant to the agreement, the Company agreed to pay an annual rent of a minimum US$500 or at the rate of US$2 for each acre and fractional acre situated within the boundaries of the property.

Commencing on the 10th anniversary of the agreement and until the lease terminates, the Company agreed to pay in advance an annual minimum royalty equal to three times the annual rent. In addition, the Company agreed to pay a production royalty equal to the greater of: (i) 10% of the gross value of the clay minerals sold under an arm's length transaction, or (ii) US$1 per short ton of the clay minerals.

During the year ended December 31, 2023, the Company paid US$18,600 for a reclamation bond held by the regulatory authorities and will be released to the Company on satisfactory restoration of the property. During the year ended December 31, 2024, the Company received a refund of US$14,600. The reclamation bond balance was $5,748 (US$4,000) as at March 31, 2025 (December 31, 2024 – $5,761 (US$4,000)).

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Condensed Interim Consolidated Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

**(Expressed in Canadian Dollars)** 

**7.** **A CCOUNTS P AYABLE AND A CCRUED L IABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **March 31,** | December 31, |
|  | **2025** | 2024 |
| &nbsp;&nbsp; Trade payables | $**180539** | $760631 |
| &nbsp;&nbsp; Accrued liabilities | **473483** | 890780 |
|  | $**654022** | $1651411 |

---

**8.** **R ELATED P ARTY T RANSACTIONS AND B ALANCES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Related Party Balances** 

As at March 31, 2025, an amount of $179,997 (December 31, 2024 - $223,489) was owed to related parties. These amounts are unsecured, non-interest bearing and have no fixed terms of repayment.

As at March 31, 2025, an amount of $4,515 (December 31, 2024 - $4,515) was recorded in prepaid expenses for advances to a company controlled by the Chief Financial Officer of the Company for future consulting fees.

As at March 31, 2025, an amount of $21,571 (December 31, 2024 - $14) was recorded in prepaid expenses for advances to a director of the Company for future consulting fees and property expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Related Party Transactions** 

The Company incurred the following transactions with companies that are controlled or managed by directors of the Company:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** |
|  | **March 31,** | **March 31,** |
|  | **2025** | 2024 |
| &nbsp;&nbsp; Consulting fees and management bonus (i) | $**12900** | $12900 |
| &nbsp;&nbsp; Consulting and professional fees (ii) | **167587** |  |
|  | $**180487** | $12900 |

---

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Condensed Interim Consolidated Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

**(Expressed in Canadian Dollars)** 

**8.** **R ELATED P ARTY T RANSACTIONS AND B ALANCES (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Related Party Transactions (continued)** 

The Company has identified its directors and certain senior officers as its key management. Key management and director compensation during the three months ended March 31, 2025, and 2024, are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** |
|  | **March 31,** | **March 31,** |
|  | **2025** | 2024 |
| &nbsp;&nbsp; Consulting fees and management bonus (i) | $**340163** | $228825 |
| &nbsp;&nbsp; Director's fees (i) | **52500** |  |
| &nbsp;&nbsp; Legal fees (i) | **64624** | 60690 |
| &nbsp;&nbsp; Auto and rent expense (ii) | **15079** | 12138 |
|  | $**472366** | $301653 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) These expenses are included in general and administrative expenses in the condensed interim consolidated statements of
comprehensive loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) These expenses are included in exploration and evaluation expenditures in the condensed interim consolidated
statements of comprehensive loss.

**9.** **A SSET R ETIREMENT O BLIGATIONS** 

Laws and regulations concerning environmental protection affect the Company's exploration and operations. Under current regulations, the Company is required to meet performance standards to minimize environmental impact from its activities and to perform site restoration and other closure activities. The Company's provision for future site closure and reclamation costs is based on known requirements.

A continuity of the Company's provision for site reclamation and closure is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shootaring<br>Mill** | **West Slope** | **Papoose** | **Totals** |
| &nbsp;&nbsp; **Balance December 31, 2024** | $**18506317** | $**5148929** | $**320685** | $**23975931** |
| &nbsp;&nbsp; Accretion | 207378 | 54662 | 3500 | 265540 |
| &nbsp;&nbsp; Foreign exchange | (38855) | (10813) | (673) | (50341) |
| &nbsp;&nbsp; **Balance March 31, 2025** | $**18674840** | $**5192778** | $**323512** | $**24191130** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **S HOOTARING M ILL** 

The Company's estimate of the environmental rehabilitation provision arising from the Shootaring Mill (Note 5) at March 31, 2025, was $18,674,843 (US$12,994,856) (December 31, 2024 – $18,506,317 (US$12,850,451)). This estimate was based upon an undiscounted risk-adjusted future cost of $23,941,488 (US$16,659,642) (December 31, 2024 – $23,991,550 (US$16,659,642)), an annual inflation rate of 2.40% and discount rate of 4.64%. The closure and reclamation expenditure is expected to be incurred in 2036.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Condensed Interim Consolidated Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

**(Expressed in Canadian Dollars)** 

**9.** **A SSET R ETIREMENT O BLIGATIONS (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **W EST S LOPE P ROJECT** 

The Company's estimate of the environmental rehabilitation provision arising from the West Slope Project (Note 6) at March 31, 2025, was $5,192,780 (US$3,613,387) (December 31, 2024 – $5,148,929 (US$3,575,323)). This estimate was based upon an undiscounted risk-adjusted future cost of $5,674,947 (US$3,948,902) (December 31, 2024 – $5,686,932 (US$3,948,902)), an annual inflation rate of 2.4% and a discount rate of 4.39%. The closure and reclamation expenditure is expected to be incurred in 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **P APOOSE P ROPERTY** 

The Company's estimate of the environmental rehabilitation provision arising from the Papoose property (Note 6) at March 31, 2025, was $323,512 (US$225,116) (December 31, 2024 – $320,685 (US$222,679)). This estimate was based upon an undiscounted risk-adjusted future cost of $376,920 (US$262,279) (December 31, 2024 – $337,716 (US$262,279)), an annual inflation rate of 2.40% and risk adjusted discount rate of 4.51%. The closure and reclamation expenditure is expected to be incurred in 2032.

**10.** **LOAN PAYABLE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **C REDIT F ACILITY** 

On September 26, 2023, the Company entered into a loan agreement (the "Loan Agreement") for a non-revolving term credit facility (the "Credit Facility") with Extract Advisors LLC as agent (the "Agent") for Extract Capital Master Fund Ltd. (the "Lender"). The Credit Facility of $4,300,000 ("2023 tranche") matures on September 26, 2028, bears a coupon of the Secured Overnight Financing Rate ("SOFR") plus 5.0% per annum, payable semi-annually in U.S. dollars. The SOFR is equal to the secured overnight financing rate published by the Federal Reserve Bank of New York on the website of the Federal Reserve Bank of New York. The Company, with written notice, may elect to capitalize the interest payable on the Credit Facility semi-annually, in arrears, at a rate of SOFR plus 7.0%. On October 6, 2023, the terms of the Loan Agreement were amended to add the fixed repayment amount of US$3,203,961. Interest shall be calculated based on the repayment amount of US$3,203,961 and on the basis of a year of 360 days. The Credit Facility has an original issue discount of $300,000.

In connection with the Loan Agreement, the Company issued 42,105,263 warrants to the Lender, with each warrant entitling the holder to acquire one common share of the Company at an exercise price of $0.095 per warrant for a period ending on the maturity date. For so long as the Credit Facility remains outstanding, all proceeds from the exercise of the warrants by the Lender shall be used to repay the principal amount of the Credit Facility. As additional consideration for arranging the Loan, the Company paid an arrangement fee of $100,000 to the Lender and reimbursed expenses of $32,678 to the Agent. The Company also incurred other financing costs of $254,162 which included a success fee of $180,500 paid to Haywood Securities Inc. ($90,500 in cash and issuance of 1,158,301 common shares of the Company with a fair value of $90,000), legal expenses of $66,312 and filing fees of $7,350.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Condensed Interim Consolidated Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

**(Expressed in Canadian Dollars)** 

**10.** **L OAN P AYABLE (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **C REDIT F ACILITY (CONTINUED)** 

On October 6, 2023, the Company received proceeds of US$2,839,875, net of the original issue discount of US$218,452 ($300,000), arrangement fee of US$72,817 ($100,000) and an initial foreign exchange loss of US$72,817.

The Credit Facility contains a mandatory prepayment clause where the Company must pay certain amount of proceeds from sale of secured assets, debt financings, or royalty sale transactions, to the Agent.

The Credit Facility is secured by a corporate guarantee and share pledge from each of the subsidiaries of the Company and contains certain other customary provisions, including certain covenants and default conditions in favour of the Lender.

The Credit Facility is a compound financial instrument which consists of two components: the loan (a financial liability) and the warrants (an equity instrument). The Company assessed each of the components separately and allocated the proceeds from the Credit Facility and financing costs as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Credit Facility**<br> **(USD)** | **Financing costs**<br> **(USD)** | **Credit Facility (net of<br>financing costs)**<br> **(USD)** |
|  Financial liability | $2188982 | $161418 | $2027564 |
|  Warrants | 650893 | 47998 | 602895 |
|  **Total** | $**2839875** | **$209416** | **$2630459** |

---

The initial carrying amount of the financial liability was determined by discounting the estimated future interest and principal payments at a discount rate of 20.5%.

The carrying amounts of the equity component (the warrants) was established using the residual fair value approach, which takes the difference between the principal amount received from the Credit Facility (US$2,839,875) less the fair value of the loan. The value of the warrants of $827,956 (US$602,895), net of financing cost of $65,915 (US$47,998) is recorded within warrant reserves on the statement of financial position.

On March 27, 2024, the Company elected to capitalize the first interest payment of $292,809 (US$203,321) on the Credit Facility, effective April 5, 2024. On October 4, 2024, the Company elected to capitalize the second interest payment of $313,727 (US$217,846) on the Credit Facility.

------

##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Condensed Interim Consolidated Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

**(Expressed in Canadian Dollars)** 

**10.** **L OAN P AYABLE (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **C REDIT F ACILITY (CONTINUED)** 

On April 15, 2024, the Company entered into a waiver and second amending agreement to the Loan Agreement with Extract Advisors LLC and Extract Capital Master Fund Ltd., whereby: (a) the lender agreed to waive application of a covenant in order to permit the acquisition of the DOE Leases by the Company on January 2, 2024; (b) the Credit Facility was amended by reducing the minimum working capital requirement to $250,000; and (c) the Credit Facility was amended by requiring written consent of the agent prior to taking any corporate action to effect a share consolidation or stock split, unless the market price exceeds $0.12 per share for 20 consecutive trading days. In consideration for entering into the waiver and second amending agreement, on June 26, 2024, the Company issued the lender 4,000,000 share purchase warrants with a fair value of $250,109. The share purchase warrants are exercisable at a price of $0.095 per warrant until September 26, 2028. The fair value of $250,109 which was incurred as part of the modification was added to the liability and will be amortized over the term of the modified liability.

On March 17, 2025, the Company entered into an amending agreement (the "Amending Agreement") with Extract Advisors LLC ("Extract") for the extension of an additional US$6,000,000 increase to the existing Credit Facility. In connection with the Amending Agreement, the Company issued 59,925,000 share purchase warrants to Extract (the "Facility Warrants"), with each such Facility Warrant entitling the holder thereof to acquire one common share of the Company at an exercise price of $0.15 per share for a period ending on September 26, 2028. In addition, the Company paid an arrangement fee of $200,000 in consideration for the amendment and incurred legal fees of $96,247.

The additional US$6,000,000 loan ("2025 tranche") is a compound financial instrument which consists of two components: the loan (a financial liability) and the warrants (an equity instrument). The Company assessed each of the components separately and allocated the proceeds from the 2025 tranche and financing costs as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Credit Facility**<br> **(USD)** | **Financing costs**<br> **(USD)** | **Credit Facility (net of<br>financing costs)**<br> **(USD)** |
|  Financial liability | $5619447 | $204613 | $5414834 |
|  Warrants | 380553 | 4445 | 376108 |
|  **Total** | $**6000000** | **$209058** | **$5790942** |

---

The initial carrying amount of the financial liability was determined by discounting the estimated future interest and principal payments at a discount rate of 15%.

The carrying amounts of the equity component (the warrants) was established using the residual fair value approach, which takes the difference between the principal amount received from the Credit Facility (US$6,000,000) less the fair value of the loan. The value of the warrants of $539,266 (US$380,553), net of financing cost of $6,299 (US$4,445) is recorded within warrant reserves on the statement of financial position.

The carrying value of the loans will be accreted using the effective interest rate method over the term of the Credit Facility. The effective interest rate for the 2023 tranche and 2025 tranche is estimated at 23.74% and 15.10%, respectively.

------

##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Condensed Interim Consolidated Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

**(Expressed in Canadian Dollars)** 

**10.** **L OAN P AYABLE (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **C REDIT F ACILITY (CONTINUED)** 

---

| | |
|:---|:---|
|  | **Loan Payable** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance, December 31, 2024** | $**3383929** |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds, net of arrangement fee | 8302355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Debt issuance costs allocated to liability component | (89948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Residual value allocated to equity component | (532967) |
| &nbsp;&nbsp;&nbsp;&nbsp; Accretion of discount on loan payable | 51973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 199606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange impact | (101614) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance, March 31, 2025** | $**11213334** |

---

During the three months ended March 31, 2025, the Company recognized accretion expense of $251,579 (2024 - $140,882) which includes interest expense of $199,606 (2024 - $126,620). As at March 31, 2025, a total of $11,213,334 (US$7,802,778) (December 31, 2024 - $3,338,929 (US$2,351,747)) of principal is outstanding, net of an unamortized discount of $2,618,891 (US$1,822,350) (December 31, 2024 - $1,836,728 (US$1,273,382)). As at March 31, 2025, $351,915 (US$244,880) (December 31, 2024 - $152,427 (US$105,843)) is outstanding for interest which is included in accounts payable and accrued liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **P ROMISSORY N OTE** 

On October 1, 2024, the Company entered into a promissory note with IsoEnergy Ltd. for $6,020,000, which was secured, bore interest at 15% per annum and was set to mature on April 1, 2025. On October 1, IsoEnergy advanced $4,249,864 to the Company and repaid a related party loan in the amount of $1,650,000 on behalf of the Company. On January 20, 2025, the Company repaid the outstanding principal of $5,899,864 and accrued interest of $261,857.

**11.** **S HARE C APITAL** 

**AUTHORIZED SHARE CAPITAL** 

Unlimited number of common shares without par value.

**ISSUED SHARE CAPITAL** 

As at March 31, 2025, the Company had 1,141,372,490 (December 31, 2024 – 1,034,229,633) issued and fully paid common shares.

**SHARES FOR CASH** 

<u>During the three months ended March 31, 2025</u>

On January 15, 2025, the Company issued 107,142,857 common shares at $0.14 per share for gross proceeds of $15,000,000.

<u>During the three months ended March 31, 2024</u>

None issued during the three months ended March 31, 2024.

------

##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Condensed Interim Consolidated Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

**(Expressed in Canadian Dollars)** 

**11.** **S HARE C APITAL (CONTINUED)** 

**SHARES FOR EXPLORATION AND EVALUATION ASSETS** 

<u>During the three months ended March 31, 2025</u>

The Company did not issue any shares for exploration and evaluation assets.

<u>During the three months ended March 31, 2024</u>

On January 5, 2024, the Company issued 15,000,000 common shares with a fair value of $1,050,000 pursuant to the acquisition of 175 federal unpatented uranium mining claims, located in San Juan and Grand Counties in Utah (Note 5).

**SHARES ISSUED FOR THE EXERCISE OF WARRANTS** 

<u>During the three months ended March 31, 2025</u>

The Company did not issue any shares for the exercise of warrants.

<u>During the three months ended March 31, 2024</u>

On January 18, 2024, the Company issued 674,800 common shares upon exercise of 674,800 warrants with an exercise price of $0.055 for gross proceeds of $37,114.

On January 31, 2024, the Company issued 1,860,885 common shares upon exercise of 1,860,885 warrants with an exercise price of $0.055 for gross proceeds of $102,349.

On February 2, 2024, the Company issued 42,150 common shares upon the exercise of 42,150 warrants with an exercise price of $0.055 for gross proceeds of $2,318.

**WARRANTS** 

Warrant activity is summarized as follows:

---

| | | |
|:---|:---|:---|
| | <br> **Number**<br>**of warrants** | <br> **Weighted average** <br>**exercise price**  |
|  **Balance at December 31, 2024** | **338022202** | **$0.15** |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants issued | 59925000 | 0.15 |
|  **Balance at March 31, 2025** | **397947202** | **$0.15** |

---

During the three months ended March 31, 2025, the weighted average share price on the date of warrants exercised was $nil (2024 - $0.10).

Outstanding warrants are summarized as follows:

---

| | | |
|:---|:---|:---|
| **Number of warrants outstanding** | **Exercise price** | **Expiry** |
| 109695  | $0.055 | July 10, 2025 |
| 25413850  | $0.085 | July 10, 2025 |
| 45120476  | $0.10 | December 21, 2025 |
| 221272918  | $0.18 | May 12, 2027 |
| 46105263  | $0.095 | September 26, 2028 |
| 59925000  | $0.15 | September 26, 2028 |
| **397947202**  |  |  |

---

At March 31, 2025, the weighted average life of warrants was 2.21 (December 31, 2024 – 2.16) years.

------

##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Condensed Interim Consolidated Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

**(Expressed in Canadian Dollars)** 

**11.** **S HARE C APITAL (CONTINUED)** 

**OPTIONS** 

The Company has adopted an incentive stock option plan, which provides that the Board of Directors of the Company may from time to time, in its discretion, and in accordance with the TSX.V requirements, grant to directors, officers, employees and technical consultants to the Company, non-transferable stock options to purchase common shares, provided that the number of common shares reserved for issuance will not exceed 10% of the Company's issued and outstanding common shares. Such options will be exercisable for a period of up to a maximum of five years from the date of grant.

In connection with the foregoing, the number of common shares reserved for issuance to any one optionee will not exceed five percent (5%) of the issued and outstanding common shares and the number of common shares reserved for issuance to all investor relation activities and consultants will not exceed two percent (2%) of the issued and outstanding common shares. Options may be exercised no later than 90 days following cessation of the optionee's position with the Company or 30 days following cessation of an optionee conducting investor relations activities' position. With the exception of options granted for investor relations, all options granted typically vest on the grant date.

The following table summarizes the continuity of the Company's stock options:

---

| | | |
|:---|:---|:---|
| | <br> **Number of**<br>**options** | <br> **Weighted average** <br>**exercise price**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance December 31, 2024 and March 31, 2025** | **91467828** | **$0.10** |

---

The weighted average remaining life of the outstanding options at March 31, 2025 was 2.61 (December 31, 2024 – 2.85) years.

Details of options outstanding, issued and exercisable, as at March 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| **Number of options outstanding and exercisable** | **Exercise price** | **Expiry** |
| 5250000  | $0.10 | August 28, 2025 |
| 14500000  | $0.12 | August 27, 2026 |
| 35100000  | $0.10 | September 20, 2027 |
| 36617828  | $0.10 | October 6, 2028 |
| **91467828**  |  |  |

---

**12.** **S EGMENTED I NFORMATION** 

The Company's property and equipment, exploration and evaluation assets and its related reclamation bonds and insurance, by geographical areas as at March 31, 2025, and December 31, 2024, were all located in USA.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Condensed Interim Consolidated Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

**(Expressed in Canadian Dollars)** 

**13.** **C APITAL M ANAGEMENT** 

The Company's objectives when managing capital are to safeguard its ability to pursue the evaluation and exploration of its mineral exploration properties and to maintain a flexible capital structure, which optimizes the costs of capital at an acceptable risk. In the management of capital, the Company includes the components of share capital as well as cash. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust its capital structure, the Company may issue new shares, acquire or dispose of assets, or adjust the amount of cash and cash equivalents and short-term investments. In order to maximize ongoing development efforts, the Company does not pay out dividends. The Company is not subject to any externally imposed capital requirements. There were no changes during the year to management's approach to capital management. The Company's investment policy is to invest its excess cash in highly liquid investments that are readily convertible into cash with maturities of three months or less from the original date of acquisition or when it is needed, selected with regards to the expected timing of expenditures from continuing operations.

**14.** **F INANCIAL I NSTRUMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **FAIR VALUE** 

The carrying values of cash, accounts payable, due to related parties and loan payable approximate their fair values due to the relatively short period to maturity of those financial instruments. The carrying value of the long-term debt approximates its fair value due to the floating rate interest charged under the credit facility. Financial instruments recorded at fair value on the statements of financial position are classified using a fair value hierarchy.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of the fair value hierarchy are as follows:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly (i.e., as prices) or indirectly (i.e., derived from prices); and

Level 3: Inputs that are not based on observable market data.

As at March 31, 2025, the financial instruments recorded at fair value on the statement of financial position are cash and marketable securities which are measured using Level 1, and the financial instruments recorded at amortized cost are reclamation bonds.

The following are the contractual maturities of financial liabilities as at March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | <1 Year | 1-2 Years | 3-5 Years |
| &nbsp;&nbsp; Accounts payable | $180539 | $– | $– |
| &nbsp;&nbsp; Due to related parties | 179997 | – | – |
| &nbsp;&nbsp; Loan payable | – | – | 11213334 |

---

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Condensed Interim Consolidated Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

**(Expressed in Canadian Dollars)** 

**14.** **FINANCIAL INSTRUMENTS (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **C LASSIFICATION OF FINANCIAL INSTRUMENTS** 

Financial assets included in the statement of financial position are as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair value through profit and loss: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | $13976320 | $1350411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marketable securities | 10922 | 34563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortized cost: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclamation bonds | 16973019 | 16087691 |

---

Financial liabilities included in the statement of financial position are as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-derivative financial liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $180539 | $760631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to related parties | 179997 | 223489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan payable | 11213334 | 9283793 |

---

**15.** **F INANCIAL R ISK M ANAGEMENT** 

**FINANCIAL RISK MANAGEMENT** 

***CREDIT RISK***

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company's primary exposure to credit risk is on its cash held in bank accounts. The majority of cash is deposited in bank accounts held with major banks in Canada. As the Company's cash is held by one bank there is a concentration of credit risk. This risk is managed by using a major bank that is high credit quality financial institutions as determined by rating agencies. The Company has secondary exposure to credit risk on its receivables. The receivables consist of refundable goods and services tax from the government. Credit risk is assessed as low.

***LIQUIDITY RISK***

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company has a planning and budgeting process in place to help determine the funds required to support the Company's normal operating requirements on an ongoing basis. The Company ensures that there are sufficient funds to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash. Historically, the Company's sole source of funding has been the issuance of equity securities for cash, primarily through private placements. The Company's access to financing is always uncertain. There can be no assurance of continued access to significant equity funding. Liquidity risk is assessed as low.

The Company's current liabilities are due on demand or have a term of less than a year. The Company's long-term liabilities consist of a credit facility which is due on September 26, 2028.

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##### [**Table of Contents**](#toc)
**Anfield Energy Inc.** 

**Notes to Condensed Interim Consolidated Financial Statements** 

**For the three months ended March 31, 2025 and 2024** 

**(Expressed in Canadian Dollars)** 

**15.** **F INANCIAL R ISK M ANAGEMENT (CONTINUED)** 

**FINANCIAL RISK MANAGEMENT (CONTINUED)** 

***INTEREST RATE RISK***

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. As at March 31, 2025, the Company loan payable of US$9,625,129 is subject to interest rate risk. The loan payable incurs interest based on the SOFR plus 5.0% per annum, payable semi-annually in U.S. dollars. The Company, with written notice, may elect to capitalize the interest payable on the Credit Facility semi-annually, in arrears, at a rate of SOFR plus 7.0%. If interest rates on the Company's credit facility increased (decreased) by 100 basis points with all other variables held constant, finance costs on the credit facility would increase (decreased) by $138,322.

***FOREIGN CURRENCY RISK***

Foreign currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the respective functional currency. The foreign currency risk for the Company is low as the foreign currencies held are in the functional currency of the entities. A 10% change in the US dollar will affect profit/loss by approximately $1,947,286.

***COMMODITY RISK***

Commodity risk is the risk that the value of future cash flows and profits will fluctuate based on the prices of commodities. The Company is exposed to changes in the price of commodities. Changes in the price of commodities will impact the Company's ability to obtain financing to explore its exploration and evaluation assets.

As at March 31, 2025, the Company has no contracts or agreements in place to mitigate these price risks.

**16.** **S UBSEQUENT E VENTS** 

On April 2, 2025, the Company appointed Ross McElroy to its Board of Directors and announced that shareholder approval was received for a consolidation of the Company's common shares on the basis of one new share for up to 200 currently issued and outstanding shares. Completion of the consolidation remains subject to the Board of Directors determining a final ratio, the satisfaction of applicable public distribution requirements and the approval of the TSX Venture Exchange.

On April 22, 2025, the Company announced that it had submitted both its listing application to the Nasdaq Stock Market LLC and the accompanying Form 20-F Registration Statement to the Securities Exchange Commission.

On May 6, 2025, the Company issued 12,729,464 common shares pursuant to the agreement the Company entered into with Gold Eagle Mining Inc. as discussed in Note 6.

## Exhibit 1.1

**Exhibit 1.1** 

ANFIELD ENERGY INC.

ANFIELD RESOURCES INC.

**EQUINOX COPPER CORP.** 

**(the "Company")** 

**COPY FROM THE MINUTES OF THE ANNUAL GENERAL AND SPECIAL** 

**MEETING OF THE SHAREHODLERS OF THE COMPANY HELD ON** 

**SEPTEMBER 11, 2013 AT 10:00 AM AND RECEIVED FOR DEPOSIT AT THE** 

**RECORDS OFFICE ON SEPTEMBER 11, 2013** 

**Amendment to Articles** 

"**BE IT RESOLVED** as an ordinary resolution that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Articles of the Company be altered by adding the text substantially as set forth in Schedule "A"
to the Proxy Statement as and at Article 14.12 of the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Company be authorized to revoke this ordinary resolution and abandon or terminate the alteration of the
Articles if the Board deems it appropriate and in the best interest of the Company to do so without further confirmation, ratification or approval of the shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any one director or officer of the Company be and is hereby authorized and directed to do all such acts and
things and to execute and deliver, under the corporate seal of the Company or otherwise, all such deeds, documents, instruments and assurances as in his or her opinion may be necessary or desirable to give effect to the foregoing resolutions."

------

ANFIELD ENERGY INC.

ANFIELD RESOURCES INC.

**EQUINOX COPPER CORP.** 

**EQUINOX EXPLORATION CORP.** 

**(the "Company")** 

**COPIES OF SPECIAL RESOLUTIONS FROM THE ANNUAL AND SPECIAL GENERAL MEETING OF THE SHAREHOLDERS HELD ON February 27, 2009. MEETING MINUTES AND ARTICLES DEPOSITED AT THE RECORDS OFFICE ON MARCH 13, 2009 AT 9:00 AM PST. FORM 11 NOTICE OF ALTERATION ELECTRONICALLY-FILED WITH THE B.C. REGISTRAR OF COMPANIES ON March 13, 2009 AT 1:15 PM PACIFIC TIME.** 

**Pre-Existing Company Provisions** 

Upon motion duly made it was resolved as a special resolution that:

(1) the Pre-Existing Company Provisions set forth in Part 16 of the Regulations to the *Business Corporations Act* (British Columbia) be removed and no longer be applied to the Company;

(2) the President or any one director of the Company be authorized to instruct its agents to file a notice of
Alteration to a Notice of Articles with the Registrar of Companies along with all other necessary documents and take such further action that may be necessary to effect the amendment;

(3) the Notice of Alteration shall not be filed with the Registrar of Companies unless and until this resolution
has been received for deposit at the Company's record office; and

(4) the directors of the Company be authorized at any time in its absolute discretion, to determine whether or not
to proceed with the above resolution without further approval, ratification or confirmation by the shareholders.

**Adoption of New Articles** 

Upon motion duly made it was resolved as a special resolution that the Company adopt a new form of Articles in compliance with the *Business Corporations Act* (British Columbia) and substantially in the form as tabled at the Meeting, with such non-material amendments as the directors may approve prior to the filing of the Notice of Articles, and that the new form of Articles not take effect until the Notice of Articles is filed with the Registrar of Companies for British Columbia.

**Change of Name** 

Upon motion duly made it was resolved as a special resolution that:

(1) the Notice of Articles of the Company be altered by changing the name of the Company from "Consolidated
Dencam Development Corporation" to "Equinox Exploration Corp." or such other name as may be approved by the Board and acceptable to the Registrar of Companies and the TSX Venture Exchange;

(2) The Board be authorized to revoke the special resolution approving the change of name before it is acted on
without further approval of the shareholders; and

(3) The above special resolution, if passed, becomes effective immediately upon the implementation by the Board and
upon receipt of approval of the TSXV Venture Exchange.

**Consolidation of Share Capital** 

Upon motion duly made it was resolved as a special resolution that:

(1) the authorized share structure of the Company be altered by consolidating all of the 20,000,000 Common shares
without par value, of which 6,844,035 Common Shares are issued, on the basis of a one (l) post-consolidated Common share for each three (3) pre-consolidated Common shares;

(2) any fractional shares resulting from the consolidation of the Common shares shall be converted such that each
fractional Common share remaining after conversion that is less than one-half of a Common share be cancelled and each fractional Common share that is at least one-half of a Common share be changed to one whole Common share pursuant to the provisions
of Section 83 of the *Business Corporations Act* (British Columbia); and

(3) the board of directors of the Company is hereby authorized, at any time in its absolute discretion, to
determine whether or not to proceed with the above consolidation without further approval, ratification or confirmation by the shareholders.

**Increase of Authorized Capital** 

Upon motion duly made it was resolved as a special resolution that:

(1) the maximum number of shares that the Company is authorized to issued be eliminated by providing that the
Company is authorized to issue an unlimited number of Common Shares without par value;

(2) the Notice of Articles of the Company be altered accordingly; and

(3) the directors of the Company be authorized to revoke the resolution to issue an unlimited number of Common
Shares without par value before it is acted on without further approval of the shareholders.

------

***BUSINESS CORPORATIONS ACT***

**ARTICLES** 

**OF** 

**Equinox Exploration Corp.** 

**CONSOLIDATED DENCAM DEVELOPMENT CORPORATION** 

(the "Company")

EQUINOX COPPER CORP.

ANFIELD RESOURCES INC.

ANFIELD ENERGY INC.

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  PART 1 INTERPRETATION | 1 |
|  PART 2 SHARES AND SHARE CERTIFICATES | 2 |
|  PART 3 ISSUE OF SHARES | 3 |
|  PART 4 SHARE REGISTERS | 4 |
|  PART 5 SHARE TRANSFERS | 5 |
|  PART 6 TRANSMISSION OF SHARES | 6 |
|  PART 7 PURCHASE, REDEEM OR OTHERWISE ACQUIRE SHARES | 7 |
|  PART 8 BORROWING POWERS | 8 |
|  PART 9 ALTERATIONS | 8 |
|  PART 10 MEETINGS OF SHAREHOLDERS | 10 |
|  PART 11 PROCEEDINGS AT MEETINGS OF SHAREHOLDERS | 12 |
|  PART 12 VOTES OF SHAREHOLDERS | 16 |
|  PART 13 DIRECTORS | 20 |
|  PART 14 ELECTION AND REMOVAL OF DIRECTORS | 22 |
|  PART 15 ALTERNATE DIRECTORS | 24 |
|  PART 16 POWERS AND DUTIES OF DIRECTORS | 26 |
|  PART 17 INTERESTS OF DIRECTORS AND OFFICERS | 27 |
|  PART 18 PROCEEDINGS OF DIRECTORS | 28 |
|  PART 19 EXECUTIVE AND OTHER COMMITTEES | 31 |
|  PART 20 OFFICERS | 32 |
|  PART 21 INDEMNIFICATION | 33 |
|  PART 22 DIVIDENDS | 35 |
|  PART 23 ACCOUNTING RECORDS AND AUDITOR | 37 |
|  PART 24 NOTICES | 37 |
|  PART 25 SEAL | 39 |

---

Articles adopted at Special General Meeting of the Shareholders held on February 27, 2009. Signed minutes along with Articles deposited at the registered and records office on March 13, 2009 at 9:00 AM.

------

***BUSINESS CORPORATIONS ACT***

**ARTICLES** 

**OF** 

Equinox Exploration Corp.

**CONSOLIDATED DENCAM DEVELOPMENT CORPORATION** 

(the "Company")

EQUINOX COPPER CORP.

ANFIELD RESOURCES INC. Number: BC0314605

ANFIELD ENERGY INC.

**PART 1** 

**INTERPRETATION** 

**Definitions** 

1.1 In these Articles, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Act**" means the *Business Corporations Act* (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**board of directors**", "**directors**" and "**board**" mean the directors or sole director of the Company for the time being;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Interpretation Act**" means the *Interpretation Act* (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**legal personal representative**" means the personal or other legal representative of the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**registered address**" of a shareholder means the shareholder's address as recorded in the central securities register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**seal**" means the seal of the Company, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**share**" means a share in the share structure of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**special majority**" means the majority of votes described in §11.2 which is required to pass a special resolution.

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**Act and Interpretation Act Definitions Applicable** 

1.2 The definitions in the Act and the definitions and rules of construction in the Interpretation Act, with the necessary changes, so far as applicable, and except as the context requires otherwise, apply to these Articles as if they were an enactment. If there is a conflict between a definition in the Act and a definition or rule in the Interpretation Act relating to a term used in these Articles, the definition in the Act will prevail. If there is a conflict or inconsistency between these Articles and the Act, the Act will prevail.

**PART 2** 

**SHARES AND SHARE CERTIFICATES** 

**Authorized Share Structure** 

2.1 The authorized share structure of the Company consists of shares of the class or classes and series, if any, described in the Notice of Articles of the Company.

**Form of Share Certificate** 

2.2 Each share certificate issued by the Company must comply with, and be signed as required by, the Act.

**Shareholder Entitled to Certificate or Acknowledgment** 

2.3 Each shareholder is entitled, without charge, to (a) one share certificate representing the shares of each class or series of shares registered in the shareholder's name or (b) a non-transferable written acknowledgment of the shareholder's right to obtain such a share certificate, provided that in respect of a share held jointly by several persons, the Company is not bound to issue more than one share certificate or acknowledgment and delivery of a share certificate or an acknowledgment to one of several joint shareholders or to a duly authorized agent of one of the joint shareholders will be sufficient delivery to all.

**Delivery by Mail** 

2.4 Any share certificate or non-transferable written acknowledgment of a shareholder's right to obtain a share certificate may be sent to the shareholder by mail at the shareholder's registered address and neither the Company nor any director, officer or agent of the Company is liable for any loss to the shareholder because the share certificate or acknowledgement is lost in the mail or stolen.

**Replacement of Worn Out or Defaced Certificate or Acknowledgement** 

2.5 If a share certificate or a non-transferable written acknowledgment of the shareholder's right to obtain a share certificate is worn out or defaced, the Company must, on production of the share certificate or acknowledgment, as the case may be, and on such other terms, if any, as are deemed fit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel the share certificate or acknowledgment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue a replacement share certificate or acknowledgment.

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**Replacement of Lost, Stolen or Destroyed Certificate or Acknowledgment** 

2.6 If a share certificate or a non-transferable written acknowledgment of a shareholder's right to obtain a share certificate is lost, stolen or destroyed, the Company must issue a replacement share certificate or acknowledgment, as the case may be, to the person entitled to that share certificate or acknowledgment, if it receives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) proof satisfactory to it of the loss, theft or destruction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any indemnity the directors consider adequate.

**Splitting Share Certificates** 

2.7 If a shareholder surrenders a share certificate to the Company with a written request that the Company issue in the shareholder's name two or more share certificates, each representing a specified number of shares and in the aggregate representing the same number of shares as the share certificate so surrendered, the Company must cancel the surrendered share certificate and issue replacement share certificates in accordance with that request.

**Certificate Fee** 

2.8 There must be paid to the Company, in relation to the issue of any share certificate under §2.5, §2.6 or §2.7, the amount, if any, not exceeding the amount prescribed under the Act, determined by the directors.

**Recognition of Trusts** 

2.9 Except as required by law or statute or these Articles, no person will be recognized by the Company as holding any share upon any trust, and the Company is not bound by or compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or partial interest in any share or fraction of a share or (except as required by law or statute or these Articles or as ordered by a court of competent jurisdiction) any other rights in respect of any share except an absolute right to the entirety thereof in the shareholder.

**PART 3** 

**ISSUE OF SHARES** 

**Directors Authorized** 

3.1 Subject to the Act and the rights, if any, of the holders of issued shares of the Company, the Company may allot, issue, sell or otherwise dispose of the unissued shares, and issued shares held by the Company, at the times, to the persons, including directors, in the manner, on the terms and conditions and for the consideration (including any premium at which shares with par value may be issued) that the directors may determine. The issue price for a share with par value must be equal to or greater than the par value of the share.

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**Commissions and Discounts** 

3.2 The Company may at any time pay a reasonable commission or allow a reasonable discount to any person in consideration of that person's purchase or agreement to purchase shares of the Company from the Company or any other person's procurement or agreement to procure purchasers for shares of the Company.

**Brokerage** 

3.3 The Company may pay such brokerage fee or other consideration as may be lawful for or in connection with the sale or placement of its securities.

**Conditions of Issue** 

3.4 Except as provided for by the Act, no share may be issued until it is fully paid. A share is fully paid when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consideration is provided to the Company for the issue of the share by one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) past services performed for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) money; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the value of the consideration received by the Company equals or exceeds the issue price set for the share under §3.1.

**Share Purchase Warrants and Rights** 

**PART 4** 

**SHARE REGISTERS** 

**Central Securities Register** 

4.1 As required by and subject to the Act, the Company must maintain in British Columbia a central securities register and may appoint an agent to maintain such register. The directors may appoint one or more agents, including the agent appointed to keep the central securities register, as transfer agent for shares or any class or series of shares and the same or another agent as registrar for shares or such class or series of shares, as the case may be. The directors may terminate such appointment of any agent at any time and may appoint another agent in its place.

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**PART 5** 

**SHARE TRANSFERS** 

**Registering Transfers** 

5.1 A transfer of a share must not be registered unless the Company or the transfer agent or registrar for the class or series of shares to be transferred has received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) except as exempted by the Act, a duly signed proper instrument of transfer in respect of the share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a share certificate has been issued by the Company in respect of the share to be transferred, that share certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if a non-transferable written acknowledgment of the shareholder's right to obtain a share certificate has been issued by the Company in respect of the share to be transferred, that acknowledgment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other evidence, if any, as the Company or the transfer agent or registrar for the class or series of share to be transferred may require to prove the title of the transferor or the transferor's right to transfer the share, the due signing of the instrument of transfer and the right of the transferee to have the transfer registered.

**Form of Instrument of Transfer** 

5.2 The instrument of transfer in respect of any share of the Company must be either in the form, if any, on the back of the Company's share certificates of that class or series or in some other form that may be approved by the directors.

**Transferor Remains Shareholder** 

5.3 Except to the extent that the Act otherwise provides, the transferor of a share is deemed to remain the holder of it until the name of the transferee is entered in a securities register of the Company in respect of the transfer.

**Signing of Instrument of Transfer** 

5.4 If a shareholder, or the shareholder's duly authorized attorney, signs an instrument of transfer in respect of shares registered in the name of the shareholder, the signed instrument of transfer constitutes a complete and sufficient authority to the Company and its directors, officers and agents to register the number of shares specified in the instrument of transfer or specified in any other manner, or, if no number is specified, all the shares represented by the share certificates or set out in the written acknowledgments deposited with the instrument of transfer:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the name of the person named as transferee in that instrument of transfer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no person is named as transferee in that instrument of transfer, in the name of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered.

**Enquiry as to Title Not Required** 

5.5 Neither the Company nor any director, officer or agent of the Company is bound to inquire into the title of the person named in the instrument of transfer as transferee or, if no person is named as transferee in the instrument of transfer, of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered or is liable for any claim related to registering the transfer by the shareholder or by any intermediate owner or holder of the shares transferred, of any interest in such shares, of any share certificate representing such shares or of any written acknowledgment of a right to obtain a share certificate for such shares.

**Transfer Fee** 

5.6 There must be paid to the Company, in relation to the registration of a transfer, the amount, if any, determined by the directors.

**PART 6** 

**TRANSMISSION OF SHARES** 

**Legal Personal Representative Recognized on Death** 

6.1 In case of the death of a shareholder, the legal personal representative of the shareholder, or in the case of shares registered in the shareholder's name and the name of another person in joint tenancy, the surviving joint holder, will be the only person recognized by the Company as having any title to the shareholder's interest in the shares. Before recognizing a person as a legal personal representative of a shareholder, the Company shall receive the documentation required by the Act.

**Rights of Legal Personal Representative** 

6.2 The legal personal representative of a shareholder has the same rights, privileges and obligations that attach to the shares held by the shareholder, including the right to transfer the shares in accordance with these Articles, provided the documents required by the Act and the directors have been deposited with the Company. This §6.2 does not apply in the case of the death of a shareholder with respect to shares registered in the name of the shareholder and the name of another person in joint tenancy.

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**PART 7** 

**PURCHASE, REDEEM OR OTHERWISE ACQUIRE SHARES** 

**Company Authorized to Purchase, Redeem or Otherwise Acquire Shares** 

7.1 Subject to §7.2, the special rights or restrictions attached to the shares of any class or series and the Act, the Company may, if authorized by the directors, purchase, redeem or otherwise acquire any of its shares at the price and upon the terms determined by the directors.

**Purchase When Insolvent** 

7.2 The Company must not make a payment or provide any other consideration to purchase, redeem or otherwise acquire any of its shares if there are reasonable grounds for believing that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company is insolvent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) making the payment or providing the consideration would render the Company insolvent.

**Sale and Voting of Purchased, Redeemed or Otherwise Acquired Shares** 

7.3 If the Company retains a share redeemed, purchased or otherwise acquired by it, the Company may sell, gift or otherwise dispose of the share, but, while such share is held by the Company, it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is not entitled to vote the share at a meeting of its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) must not pay a dividend in respect of the share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) must not make any other distribution in respect of the share.

**Company Entitled to Purchase, Redeem or Otherwise Acquire Share Fractions** 

7.4 The Company may, without prior notice to the holders, purchase, redeem or otherwise acquire for fair value any and all outstanding share fractions of any class or kind of shares in its authorized share structure as may exist at any time and from time to time. Upon the Company delivering the purchase funds and confirmation of purchase or redemption of the share fractions to the holders' registered or last known address, or if the Company has a transfer agent then to such agent for the benefit of and forwarding to such holders, the Company shall thereupon amend its central securities register to reflect the purchase or redemption of such share fractions and if the Company has a transfer agent, shall direct the transfer agent to amend the central securities register accordingly. Any holder of a share fraction, who upon receipt of the funds and confirmation of purchase or redemption of same, disputes the fair value paid for the fraction, shall have the right to apply to the court to request that it set the price and terms of payment and make consequential orders and give directions the court considers appropriate, as if the Company were the "acquiring person" as contemplated by Division 6, Compulsory Acquisitions, under the Act and the holder were an "offeree" subject to the provisions contained in such Division, *mutatis mutandis.*

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**PART 8** 

**BORROWING POWERS** 

8.1 The Company, if authorized by the directors, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) borrow money in the manner and amount, on the security, from the sources and on the terms and conditions that they consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue bonds, debentures and other debt obligations either outright or as security for any liability or obligation of the Company or any other person and at such discounts or premiums and on such other terms as the directors consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) guarantee the repayment of money by any other person or the performance of any obligation of any other person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) mortgage, charge, whether by way of specific or floating charge, grant a security interest in, or give other security on, the whole or any part of the present and future assets and undertaking of the Company.

8.2 The powers conferred under this Part 8 shall be deemed to include the powers conferred on a company by Division VII of the *Special Corporations Powers Act* being chapter P-16 of the Revised Statutes of Quebec, 1988, and every statutory provision that may be substituted therefor or for any provision therein.

**PART 9** 

**ALTERATIONS** 

**Alteration of Authorized Share Structure** 

9.1 Subject to §9.2 and the Act, the Company may by ordinary resolution (or a resolution of the directors in the case of §9.1(c) or §9.1(f)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) create one or more classes or series of shares or, if none of the shares of a class or series of shares are allotted or issued, eliminate that class or series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) increase, reduce or eliminate the maximum number of shares that the Company is authorized to issue out of any class or series of shares or establish a maximum number of shares that the Company is authorized to issue out of any class or series of shares for which no maximum is established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subdivide or consolidate all or any of its unissued, or fully paid issued, shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the Company is authorized to issue shares of a class of shares with par value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) decrease the par value of those shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if none of the shares of that class of shares are allotted or issued, increase the par value of those shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) change all or any of its unissued, or fully paid issued, shares with par value into shares without par value or any of its unissued shares without par value into shares with par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) alter the identifying name of any of its shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) otherwise alter its shares or authorized share structure when required or permitted to do so by the Act where it does not specify by a special resolution;

and, if applicable, alter its Notice of Articles and Articles accordingly.

**Special Rights or Restrictions** 

9.2 Subject to the Act and in particular those provisions of the Act relating to the rights of holders of outstanding shares to vote if their rights are prejudiced or interfered with, the Company may by ordinary resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) create special rights or restrictions for, and attach those special rights or restrictions to, the shares of any class or series of shares, whether or not any or all of those shares have been issued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) vary or delete any special rights or restrictions attached to the shares of any class or series of shares, whether or not any or all of those shares have been issued,

and alter its Notice of Articles and Articles accordingly.

**Change of Name** 

9.3 The Company may by resolution of the directors authorize an alteration to its Notice of Articles in order to change its name or adopt or change any translation of that name.

**Other Alterations** 

9.4 If the Act does not specify the type of resolution and these Articles do not specify another type of resolution, the Company may by ordinary resolution alter these Articles.

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**PART 10** 

**MEETINGS OF SHAREHOLDERS** 

**Annual General Meetings** 

10.1 Unless an annual general meeting is deferred or waived in accordance with the Act, the Company must hold its first annual general meeting within 18 months after the date on which it was incorporated or otherwise recognized, and after that must hold an annual general meeting at least once in each calendar year and not more than 15 months after the last annual reference date at such time and place as may be determined by the directors.

**Resolution Instead of Annual General Meeting** 

10.2 If all the shareholders who are entitled to vote at an annual general meeting consent in writing by a unanimous resolution to all of the business that is required to be transacted at that annual general meeting, the annual general meeting is deemed to have been held on the date of the unanimous resolution. The shareholders must, in any unanimous resolution passed under this §10.2, select as the Company's annual reference date a date that would be appropriate for the holding of the applicable annual general meeting.

**Calling of Meetings of Shareholders** 

10.3 The directors may, at any time, call a meeting of shareholders.

**Notice for Meetings of Shareholders** 

10.4 The Company must send notice of the date, time and location of any meeting of shareholders (including, without limitation, any notice specifying the intention to propose a resolution as an exceptional resolution, a special resolution or a special separate resolution, and any notice to consider approving an amalgamation into a foreign jurisdiction, an arrangement or the adoption of an amalgamation agreement, and any notice of a general meeting, class meeting or series meeting), in the manner provided in these Articles, or in such other manner, if any, as may be prescribed by ordinary resolution (whether previous notice of the resolution has been given or not), to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless these Articles otherwise provide, at least the following number of days before the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Company is a public company, 21 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, 10 days.

**Record Date for Notice** 

10.5 The directors may set a date as the record date for the purpose of determining shareholders entitled to notice of any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Act, by more than four months. The record date must not precede the date on which the meeting is held by fewer than:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Company is a public company, 21 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, 10 days.

If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

**Record Date for Voting** 

10.6 The directors may set a date as the record date for the purpose of determining shareholders entitled to vote at any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Act, by more than four months. If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

**Failure to Give Notice and Waiver of Notice** 

10.7 The accidental omission to send notice of any meeting of shareholders to, or the non-receipt of any notice by, any of the persons entitled to notice does not invalidate any proceedings at that meeting. Any person entitled to notice of a meeting of shareholders may, in writing or otherwise, waive that entitlement or may agree to reduce the period of that notice. Attendance of a person at a meeting of shareholders is a waiver of entitlement to notice of the meeting unless that person attends the meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called.

**Notice of Special Business at Meetings of Shareholders** 

10.8 If a meeting of shareholders is to consider special business within the meaning of §11.1, the notice of meeting must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) state the general nature of the special business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the special business includes considering, approving, ratifying, adopting or authorizing any document or the signing of or giving of effect to any document, have attached to it a copy of the document or state that a copy of the document will be available for inspection by shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the Company's records office, or at such other reasonably accessible location in British Columbia as is specified in the notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during statutory business hours on any one or more specified days before the day set for the holding of the meeting.

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**Place of Meetings** 

10.9 In addition to any location in British Columbia, any general meeting may be held in any location outside British Columbia approved by a resolution of the directors.

**PART 11** 

**PROCEEDINGS AT MEETINGS OF SHAREHOLDERS** 

**Special Business** 

11.1 At a meeting of shareholders, the following business is special business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at a meeting of shareholders that is not an annual general meeting, all business is special business except business relating to the conduct of or voting at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at an annual general meeting, all business is special business except for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) business relating to the conduct of or voting at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consideration of any financial statements of the Company presented to the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consideration of any reports of the directors or auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the setting or changing of the number of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the election or appointment of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the appointment of an auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the setting of the remuneration of an auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) business arising out of a report of the directors not requiring the passing of a special resolution or an exceptional resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any other business which, under these Articles or the Act, may be transacted at a meeting of shareholders without prior notice of the business being given to the shareholders.

**Special Majority** 

11.2 The majority of votes required for the Company to pass a special resolution at a general meeting of shareholders is two-thirds of the votes cast on the resolution.

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**Quorum** 

11.3 Subject to the special rights or restrictions attached to the shares of any class or series of shares, and to §11.4, the quorum for the transaction of business at a meeting of shareholders is at least one person who is, or who represents by proxy, one or more shareholders who, in the aggregate, hold at least five percent of the issued shares entitled to be voted at the meeting.

**One Shareholder May Constitute Quorum** 

11.4 If there is only one shareholder entitled to vote at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the quorum is one person who is, or who represents by proxy, that shareholder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that shareholder, present in person or by proxy, may constitute the meeting.

**Persons Entitled to Attend Meeting** 

11.5 In addition to those persons who are entitled to vote at a meeting of shareholders, the only other persons entitled to be present at the meeting are the directors, the president (if any), the secretary (if any), the assistant secretary (if any), any lawyer for the Company, the auditor of the Company, any persons invited to be present at the meeting by the directors or by the chair of the meeting and any persons entitled or required under the Act or these Articles to be present at the meeting; but if any of those persons does attend the meeting, that person is not to be counted in the quorum and is not entitled to vote at the meeting unless that person is a shareholder or proxy holder entitled to vote at the meeting.

**Requirement of Quorum** 

11.6 No business, other than the election of a chair of the meeting and the adjournment of the meeting, may be transacted at any meeting of shareholders unless a quorum of shareholders entitled to vote is present at the commencement of the meeting, but such quorum need not be present throughout the meeting.

**Lack of Quorum** 

11.7 If, within one-half hour from the time set for the holding of a meeting of shareholders, a quorum is not
present:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a general meeting requisitioned by shareholders, the meeting is dissolved, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any other meeting of shareholders, the meeting stands adjourned to the same day in the next week at the same time and place.

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**Lack of Quorum at Succeeding Meeting** 

11.8 If, at the meeting to which the meeting referred to in §11.7(b) was adjourned, a quorum is not present within one-half hour from the time set for the holding of the meeting, the person or persons present and being, or representing by proxy, two or more shareholders entitled to attend and vote at the meeting shall be deemed to constitute a quorum.

**Chair** 

11.9 The following individual is entitled to preside as chair at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the chair of the board, if any; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the chair of the board is absent or unwilling to act as chair of the meeting, the president, if any.

**Selection of Alternate Chair** 

11.10 If, at any meeting of shareholders, there is no chair of the board or president present within 15 minutes after the time set for holding the meeting, or if the chair of the board and the president are unwilling to act as chair of the meeting, or if the chair of the board and the president have advised the secretary, if any, or any director present at the meeting, that they will not be present at the meeting, the directors present may choose either one of their number or the solicitor of the Company to be chair of the meeting. If all of the directors present decline to take the chair or fail to so choose or if no director is present or the solicitor of the Company declines to take the chair, the shareholders entitled to vote at the meeting who are present in person or by proxy may choose any person present at the meeting to chair the meeting.

**Adjournments** 

11.11 The chair of a meeting of shareholders may, and if so directed by the meeting must, adjourn the meeting from time to time and from place to place, but no business may be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.

**Notice of Adjourned Meeting** 

11.12 It is not necessary to give any notice of an adjourned meeting of shareholders or of the business to be transacted at an adjourned meeting of shareholders except that, when a meeting is adjourned for 30 days or more, notice of the adjourned meeting must be given as in the case of the original meeting.

**Decisions by Show of Hands or Poll** 

11.13 Subject to the Act, every motion put to a vote at a meeting of shareholders will be decided on a show of hands unless a poll, before or on the declaration of the result of the vote by show of hands, is directed by the chair or demanded by any shareholder entitled to vote who is present in person or by proxy.

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**Declaration of Result** 

11.14 The chair of a meeting of shareholders must declare to the meeting the decision on every question in accordance with the result of the show of hands or the poll, as the case may be, and that decision must be entered in the minutes of the meeting. A declaration of the chair that a resolution is carried by the necessary majority or is defeated is, unless a poll is directed by the chair or demanded under §11.13, conclusive evidence without proof of the number or proportion of the votes recorded in favour of or against the resolution.

**Motion Need Not be Seconded** 

11.15 No motion proposed at a meeting of shareholders need be seconded unless the chair of the meeting rules otherwise, and the chair of any meeting of shareholders is entitled to propose or second a motion.

**Casting Vote** 

11.16 In case of an equality of votes, the chair of a meeting of shareholders does not, either on a show of hands or on a poll, have a second or casting vote in addition to the vote or votes to which the chair may be entitled as a shareholder.

**Manner of Taking Poll** 

11.17 Subject to §11.18, if a poll is duly demanded at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the poll must be taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the meeting, or within seven days after the date of the meeting, as the chair of the meeting directs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the manner, at the time and at the place that the chair of the meeting directs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the result of the poll is deemed to be the decision of the meeting at which the poll is demanded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the demand for the poll may be withdrawn by the person who demanded it.

**Demand for Poll on Adjournment** 

11.18 A poll demanded at a meeting of shareholders on a question of adjournment must be taken immediately at the meeting.

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**Chair Must Resolve Dispute** 

11.19 In the case of any dispute as to the admission or rejection of a vote given on a poll, the chair of the meeting must determine the dispute, and the determination of the chair made in good faith is final and conclusive.

**Casting of Votes** 

11.20 On a poll, a shareholder entitled to more than one vote need not cast all the votes in the same way.

**No Demand for Poll on Election of Chair** 

11.21 No poll may be demanded in respect of the vote by which a chair of a meeting of shareholders is elected.

**Demand for Poll Not to Prevent Continuance of Meeting** 

11.22 The demand for a poll at a meeting of shareholders does not, unless the chair of the meeting so rules, prevent the continuation of a meeting for the transaction of any business other than the question on which a poll has been demanded.

**Retention of Ballots and Proxies** 

11.23 The Company must, for at least three months after a meeting of shareholders, keep each ballot cast on a poll and each proxy voted at the meeting, and, during that period, make them available for inspection during normal business hours by any shareholder or proxyholder entitled to vote at the meeting. At the end of such three month period, the Company may destroy such ballots and proxies.

**PART 12** 

**VOTES OF SHAREHOLDERS** 

**Number of Votes by Shareholder or by Shares** 

12.1 Subject to any special rights or restrictions attached to any shares and to the restrictions imposed on joint shareholders under §12.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on a vote by show of hands, every person present who is a shareholder or proxy holder and entitled to vote on the matter has one vote; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on a poll, every shareholder entitled to vote on the matter has one vote in respect of each share entitled to be voted on the matter and held by that shareholder and may exercise that vote either in person or by proxy.

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**Votes of Persons in Representative Capacity** 

12.2 A person who is not a shareholder may vote at a meeting of shareholders, whether on a show of hands or on a poll, and may appoint a proxy holder to act at the meeting, if, before doing so, the person satisfies the chair of the meeting, or the directors, that the person is a legal personal representative or a trustee in bankruptcy for a shareholder who is entitled to vote at the meeting.

**Votes by Joint Holders** 

12.3 If there are joint shareholders registered in respect of any share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any one of the joint shareholders may vote at any meeting of shareholders, personally or by proxy, in respect of the share as if that joint shareholder were solely entitled to it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if more than one of the joint shareholders is present at any meeting of shareholders, personally or by proxy, and more than one of them votes in respect of that share, then only the vote of the joint shareholder present whose name stands first on the central securities register in respect of the share will be counted.

**Legal Personal Representatives as Joint Shareholders** 

12.4 Two or more legal personal representatives of a shareholder in whose sole name any share is registered are, for the purposes of §12.3, deemed to be joint shareholders registered in respect of that share.

**Representative of a Corporate Shareholder** 

12.5 If a corporation, that is not a subsidiary of the Company, is a shareholder, that corporation may appoint a person to act as its representative at any meeting of shareholders of the Company, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for that purpose, the instrument appointing a representative must be received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice for the receipt of proxies, or if no number of days is specified, two business days before the day set for the holding of the meeting or any adjourned meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the meeting or any adjourned meeting, by the chair of the meeting or adjourned meeting or by a person designated by the chair of the meeting or adjourned meeting;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a representative is appointed under this §12.5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the representative is entitled to exercise in respect of and at that meeting the same rights on behalf of the corporation that the representative represents as that corporation could exercise if it were a shareholder who is an individual, including, without limitation, the right to appoint a proxy holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the representative, if present at the meeting, is to be counted for the purpose of forming a quorum and is deemed to be a shareholder present in person at the meeting.

Evidence of the appointment of any such representative may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages.

**Proxy Provisions Do Not Apply to All Companies** 

12.6 If and for so long as the Company is a public company or a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply, then §12.7 to §12.15 are not mandatory, however the directors of the Company are authorized to apply all or part of such sections or to adopt alternative procedures for proxy form, deposit and revocation procedures to the extent that the directors deem necessary in order to comply with securities laws applicable to the Company.

**Appointment of Proxy Holders** 

12.7 Every shareholder of the Company entitled to vote at a meeting of shareholders may, by proxy, appoint one or more (but not more than two) proxy holders to attend and act at the meeting in the manner, to the extent and with the powers conferred by the proxy.

**Alternate Proxy Holders** 

12.8 A shareholder may appoint one or more alternate proxy holders to act in the place of an absent proxy holder.

**Proxy Holder Need Not Be Shareholder** 

12.9 A proxy holder need not be a shareholder of the Company.

**Deposit of Proxy** 

12.10 A proxy for a meeting of shareholders must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be received at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice, or if no number of days is specified, two business days before the day set for the holding of the meeting or any adjourned meeting; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless the notice provides otherwise, be received, at the meeting or any adjourned meeting, by the chair of the meeting or adjourned meeting or by a person designated by the chair of the meeting or adjourned meeting.

A proxy may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages, including through Internet or telephone voting or by email, if permitted by the notice calling the meeting or the information circular for the meeting.

**Validity of Proxy Vote** 

12.11 A vote given in accordance with the terms of a proxy is valid notwithstanding the death or incapacity of the shareholder giving the proxy and despite the revocation of the proxy or the revocation of the authority under which the proxy is given, unless notice in writing of that death, incapacity or revocation is received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the registered office of the Company, at any time up to and including the last business day before the day set for the holding of the meeting or any adjourned meeting at which the proxy is to be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the meeting or any adjourned meeting by the chair of the meeting or adjourned meeting, before any vote in respect of which the proxy has been given has been taken.

**Form of Proxy** 

12.12 A proxy, whether for a specified meeting or otherwise, must be either in the following form or in any other form approved by the directors or the chair of the meeting:

[name of company]

(the "Company")

The undersigned, being a shareholder of the Company, hereby appoints [name] or, failing that person, [name], as proxy holder for the undersigned to attend, act and vote for and on behalf of the undersigned at the meeting of shareholders of the Company to be held on [month, day, year] and at any adjournment of that meeting.

Number of shares in respect of which this proxy is given (if no number is specified, then this proxy if given in respect of all shares registered in the name of the undersigned):<u> </u>

---

| |
|:---|
| Signed [month, day, year] |
| [Signature of shareholder] |
| [Name of shareholder-printed] |

---

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**Revocation of Proxy** 

12.13 Subject to §12.14, every proxy may be revoked by an instrument in writing that is received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the registered office of the Company at any time up to and including the last business day before the day set for the holding of the meeting or any adjourned meeting at which the proxy is to be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the meeting or any adjourned meeting, by the chair of the meeting or adjourned meeting, before any vote in respect of which the proxy has been given has been taken.

**Revocation of Proxy Must Be Signed** 

12.14 An instrument referred to in §12.13 must be signed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the shareholder for whom the proxy holder is appointed is an individual, the instrument must be signed by the shareholder or the shareholder's legal personal representative or trustee in bankruptcy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the shareholder for whom the proxy holder is appointed is a corporation, the instrument must be signed by the corporation or by a representative appointed for the corporation under §12.5.

**Production of Evidence of Authority to Vote** 

12.15 The chair of any meeting of shareholders may, but need not, inquire into the authority of any person to vote at the meeting and may, but need not, demand from that person production of evidence as to the existence of the authority to vote.

**PART 13** 

**DIRECTORS** 

**First Directors; Number of Directors** 

13.1 The first directors are the persons designated as directors of the Company in the Notice of Articles that applies to the Company when it is recognized under the Act. The number of directors, excluding additional directors appointed under §14.8, is set at:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to §(b) and §(c), the number of directors that is equal to the number of the Company's first directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company is a public company, the greater of three and the most recently set of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the number of directors set by a resolution of the directors (whether or not previous notice of the resolution was given); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number of directors in office pursuant to §14.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company is not a public company, the most recently set of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the number of directors set by a resolution of the directors (whether or not previous notice of the resolution was given); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number of directors in office pursuant to §14.4.

**Change in Number of Directors** 

13.2 If the number of directors is set under §13.1(b)(i) or §13.1(c)(i):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the shareholders may elect or appoint the directors needed to fill any vacancies in the board of directors up to that number; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the shareholders do not elect or appoint the directors needed to fill any vacancies in the board of directors up to that number then the directors, subject to §14.8, may appoint directors to fill those vacancies.

**Directors' Acts Valid Despite Vacancy** 

13.3 An act or proceeding of the directors is not invalid merely because fewer than the number of directors set or otherwise required under these Articles is in office.

**Qualifications of Directors** 

13.4 A director is not required to hold a share as qualification for his or her office but must be qualified as required by the Act to become, act or continue to act as a director.

**Remuneration of Directors** 

13.5 The directors are entitled to the remuneration for acting as directors, if any, as the directors may from time to time determine. If the directors so decide, the remuneration of the directors, if any, will be determined by the shareholders.

**Reimbursement of Expenses of Directors** 

13.6 The Company must reimburse each director for the reasonable expenses that he or she may incur in and about the business of the Company.

**Special Remuneration for Directors** 

13.7 If any director performs any professional or other services for the Company that in the opinion of the directors are outside the ordinary duties of a director, he or she may be paid remuneration fixed by the directors, or at the option of the directors, fixed by ordinary resolution, and such remuneration will be in addition to any other remuneration that he or she may be entitled to receive.

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**Gratuity, Pension or Allowance on Retirement of Director** 

13.8 Unless otherwise determined by ordinary resolution, the directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any director who has held any salaried office or place of profit with the Company or to his or her spouse or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

**PART 14** 

**ELECTION AND REMOVAL OF DIRECTORS** 

**Election at Annual General Meeting** 

14.1 At every annual general meeting and in every unanimous resolution contemplated by §10.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the shareholders entitled to vote at the annual general meeting for the election of directors must elect, or in the unanimous resolution appoint, a board of directors consisting of the number of directors for the time being set under these Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all the directors cease to hold office immediately before the election or appointment of directors under §(a), but are eligible for re-election or re-appointment.

**Consent to be a Director** 

14.2 No election, appointment or designation of an individual as a director is valid unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that individual consents to be a director in the manner provided for in the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that individual is elected or appointed at a meeting at which the individual is present and the individual does not refuse, at the meeting, to be a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to first directors, the designation is otherwise valid under the Act.

**Failure to Elect or Appoint Directors** 

14.3 If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company fails to hold an annual general meeting, and all the shareholders who are entitled to vote at an annual general meeting fail to pass the unanimous resolution contemplated by §1 0.2, on or before the date by which the annual general meeting is required to be held under the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the shareholders fail, at the annual general meeting or in the unanimous resolution contemplated by §10.2, to elect or appoint any directors;

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then each director then in office continues to hold office until the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) when his or her successor is elected or appointed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) when he or she otherwise ceases to hold office under the Act or these Articles.

**Places of Retiring Directors Not Filled** 

14.4 If, at any meeting of shareholders at which there should be an election of directors, the places of any of the retiring directors are not filled by that election, those retiring directors who are not re-elected and who are asked by the newly elected directors to continue in office will, if willing to do so, continue in office to complete the number of directors for the time being set pursuant to these Articles but their term of office shall expire when new directors are elected at a meeting of shareholders convened for that purpose. If any such election or continuance of directors does not result in the election or continuance of the number of directors for the time being set pursuant to these Articles, the number of directors of the Company is deemed to be set at the number of directors actually elected or continued in office.

**Directors May Fill Casual Vacancies** 

14.5 Any casual vacancy occurring in the board of directors may be filled by the directors.

**Remaining Directors Power to Act** 

14.6 The directors may act notwithstanding any vacancy in the board of directors, but if the Company has fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the directors may only act for the purpose of appointing directors up to that number or of calling a meeting of shareholders for the purpose of filling any vacancies on the board of directors or, subject to the Act, for any other purpose.

**Shareholders May Fill Vacancies** 

14.7 If the Company has no directors or fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the shareholders may elect or appoint directors to fill any vacancies on the board of directors.

**Additional Directors** 

14.8 Notwithstanding §13.1 and §13.2, between annual general meetings or by unanimous resolutions contemplated by §10.2, the directors may appoint one or more additional directors, but the number of additional directors appointed under this §14.8 must not at any time exceed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one-third of the number of first directors, if, at the time of the appointments, one or more of the first directors have not yet completed their first term of office; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other case, one-third of the number of the current directors who were elected or appointed as directors other than under this §14.8.

Any director so appointed ceases to hold office immediately before the next election or appointment of directors under §14.1(a), but is eligible for re-election or re-appointment.

**Ceasing to be a Director** 

14.9 A director ceases to be a director when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the term of office of the director expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the director dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the director resigns as a director by notice in writing provided to the Company or a lawyer for the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the director is removed from office pursuant to §14.10 or §14.11.

**Removal of Director by Shareholders** 

14.10 The Company may remove any director before the expiration of his or her term of office by special resolution. In that event, the shareholders may elect, or appoint by ordinary resolution, a director to fill the resulting vacancy. If the shareholders do not elect or appoint a director to fill the resulting vacancy contemporaneously with the removal, then the directors may appoint or the shareholders may elect, or appoint by ordinary resolution, a director to fill that vacancy.

**Removal of Director by Directors** 

14.11 The directors may remove any director before the expiration of his or her term of office if the director is convicted of an indictable offence, or if the director ceases to be qualified to act as a director of a company and does not promptly resign, and the directors may appoint a director to fill the resulting vacancy.

Article 14. 12 added to the Articles as approved at the Annual General and Special Meeting of Shareholders held on September 11, 2013 and deposited at the records office on September 11, 2013. See pages 24a - 24e attached.

**PART 15** 

**ALTERNATE DIRECTORS** 

**Appointment of Alternate Director** 

15.1 Any director (an "appointor") may by notice in writing received by the Company appoint any person (an "appointee") who is qualified to act as a director to be his or her alternate to act in his or her place at meetings of the directors or committees of the directors at which the appointor is not present unless (in the case of an appointee who is not a director) the directors have reasonably disapproved the appointment of such person as an alternate director and have

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Article 14.12 added to the Articles as approved at the Annual General and Special Meeting of Shareholders held on September 11, 2013 and deposited at the records office on September 11, 2013. See pages 24a - 24e attached

**Nomination of Directors** 

14.12 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject only to the Act, only persons who are nominated in accordance with the following procedures shall be eligible for election as directors of the Company. Nominations of persons for election to the board may be made at any annual meeting of shareholders, or at any special meeting of shareholders (but only if the election of directors is a matter specified in the notice of meeting given by or at the direction of the person calling such special meeting):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by or at the direction of the board or an authorized officer of the Company, including pursuant to a notice of meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by or at the direction or request of one or more shareholders pursuant to a proposal made in accordance with the provisions of the Act or a requisition of the shareholders made in accordance with the provisions of the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by any person (a **"Nominating Shareholder")** (A) who, at the close of business on the date of the giving of the notice provided for below in this §14.12 and on the record date for notice of such meeting, is entered in the securities register as a holder of one or more shares carrying the right to vote at such meeting or who beneficially owns shares that are entitled to be voted at such meeting and (B) who complies with the notice procedures set forth below in this §14.12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to any other applicable requirements, for a nomination to be made by a Nominating Shareholder, such person must have given (i) timely notice thereof in proper written form to the Corporate Secretary of the Company at the principal executive offices of the Company in accordance with this §14.12 and (ii) the representation and agreement with respect to each candidate for nomination as required by, and within the time period specified in §14.12(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To be timely under §14.12(b)(i), a Nominating Shareholder's notice to the Corporate Secretary of the Company must be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of an annual meeting of shareholders, not less than 30 nor more than 65 days prior to the date of the annual meeting of shareholders; provided, however, that in the event that the annual meeting of shareholders is called for a date that is less than 40 days after the date (the **"Notice Date")** on which the first public announcement of the date of the annual meeting was made, notice by the Nominating Shareholder may be made not later than the tenth (10th) day following the Notice Date; and

- 24a -

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of a special meeting (which is not also an annual meeting) of shareholders called for the purpose of electing directors (whether or not called for other purposes), not later than the fifteenth (15th) day following the day on which the first public announcement of the date of the special meeting of shareholders was made.

Notwithstanding the foregoing, the board may, in its sole discretion, waive any requirement in this §14.12(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To be in proper written form, a Nominating Shareholder's notice to the Corporate Secretary of the Company, under §14.12(b)(i) must set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as to each person whom the Nominating Shareholder proposes to nominate for election as a director (A) the name, age, business address and residence address of the person, (B) the principal occupation or employment of the person, (C) the class or series and number of shares in the capital of the Company which are controlled or which are owned beneficially or of record by the person as of the record date for the Meeting of Shareholders (if such date shall then have been made publicly available and shall have occurred) and as of the date of such notice, (D) a statement as to whether such person would be "independent" of the Company (within the meaning of sections 1.4 and 1.5 of National Instrument 52- 11 0- *Audit Committees* of the Canadian Securities Administrators, as such provisions may be amended from time to time) if elected as a director at such meeting and the reasons and basis for such determination and (E) any other information relating to the person that would be required to be disclosed in a dissident's proxy circular in connection with solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as to the Nominating Shareholder giving the notice, (A) any information relating to such Nominating Shareholder that would be required to be made in a dissident's proxy circular in connection with solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws, and (B) the class or series and number of shares in the capital of the Company which are controlled or which are owned beneficially or of record by the Nominating Shareholder as of the record date for the Meeting of Shareholders (if such date shall then have been made publicly available and shall have occurred) and as of the date of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To be eligible to be a candidate for election as a director of the Company and to be duly nominated, a candidate must be nominated in the manner prescribed in this §14.12 and the candidate for nomination, whether nominated by the board or otherwise, must have previously delivered to the Corporate Secretary of the Company at the principal executive offices of the Company, not less than 5 days prior to the date of the Meeting of Shareholders, a written representation and agreement (in form provided by the Company) that such candidate for nomination, if elected as a director of the Company, will comply with all applicable corporate governance, conflict of interest, confidentiality, share ownership, majority voting and insider trading policies and other policies and guidelines of the Company applicable to directors and in effect during such person's term in office as a director (and, if requested by any candidate for nomination, the Corporate Secretary of the Company shall provide to such candidate for nomination all such policies and guidelines then in effect).

- 24b -

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No person shall be eligible for election as a director of the Company unless nominated in accordance with the provisions of this §14.12; provided, however, that nothing in this §14.12 shall be deemed to preclude discussion by a shareholder (as distinct from nominating directors) at a meeting of shareholders of any matter in respect of which it would have been entitled to submit a proposal pursuant to the provisions of the Act. The chair of the meeting shall have the power and duty to determine whether a nomination was made in accordance with the procedures set forth in the foregoing provisions and, if any proposed nomination is not in compliance with such foregoing provisions, to declare that such defective nomination shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For purposes of this §14.12:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **"Affiliate"**, when used to indicate a relationship with a person, shall mean a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such specified person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **"Applicable Securities Laws"** means the *Securities Act* (British Columbia) and the equivalent legislation in the other provinces and in the territories of Canada, as amended from time to time, the rules, regulations and forms made or promulgated under any such statute and the published national instruments, multilateral instruments, policies, bulletins and notices of the securities commissions and similar regulatory authorities of each of the applicable provinces and territories of Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **"Associate"**, when used to indicate a relationship with a specified person, shall mean (A) any corporation or trust of which such person owns beneficially, directly or indirectly, voting securities carrying more than 10% of the voting rights attached to all voting securities of such corporation or trust for the time being outstanding, (B) any partner of that person, (C) any trust or estate in which such person has a substantial beneficial interest or as to which such person serves as trustee or in a similar capacity, (D) a spouse of such specified person, (E) any person of either sex with whom such specified person is living in conjugal relationship outside marriage or (F) any relative of such specified person or of a person mentioned in clauses (D) or (E) of this definition if that relative has the same residence as the specified person;

- 24c -

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **"Derivatives Contract"** shall mean a contract between two parties (the "Receiving Party" and the "Counterparty") that is designed to expose the Receiving Party to economic benefits and risks that correspond substantially to the ownership by the Receiving Party of a number of shares in the capital of the Company or securities convertible into such shares specified or referenced in such contract (the number corresponding to such economic benefits and risks, the "Notional Securities"), regardless of whether obligations under such contract are required or permitted to be settled through the delivery of cash, shares in the capital of the Company or securities convertible into such shares or other property, without regard to any short position under the same or any other Derivatives Contract. For the avoidance of doubt, interests in broad-based index options, broad-based index futures and broad-based publicly traded market baskets of stocks approved for trading by the appropriate governmental authority shall not be deemed to be Derivatives Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **"Meeting of Shareholders"** shall mean such annual shareholders meeting or special shareholders meeting, whether general or not, at which one or more persons are nominated for election to the board by a Nominating Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) **"owned beneficially"** or **"owns beneficially"** means, in connection with the ownership of shares in the capital of the Company by a person, (A) any such shares as to which such person or any of such person's Affiliates or Associates owns at law or in equity, or has the right to acquire or become the owner at law or in equity, where such right is exercisable immediately or after the passage of time and whether or not on condition or the happening of any contingency or the making of any payment, upon the exercise of any conversion right, exchange right or purchase right attaching to any securities, or pursuant to any agreement, arrangement, pledge or understanding whether or not in writing; (B) any such shares as to which such person or any of such person's Affiliates or Associates has the right to vote, or the right to direct the voting, where such right is exercisable immediately or after the passage of time and whether or not on condition or the happening of any contingency or the making of any payment, pursuant to any agreement, arrangement, pledge or understanding whether or not in writing; (C) any such shares which are beneficially owned, directly or indirectly, by a Counterparty (or any of such Counterparty's Affiliates or Associates) under any Derivatives Contract (without regard to any short or similar position under the same or any other Derivatives Contract) to which such person or any of such person's Affiliates or Associates is a Receiving Party; provided, however that the number of shares that a person owns beneficially pursuant to this clause (C) in connection with a particular Derivatives Contract shall not exceed the number of Notional Securities with respect to such Derivatives Contract; provided, further, that the number of securities owned beneficially by each Counterparty (including their respective Affiliates and Associates) under a Derivatives Contract shall for purposes of this clause be deemed to include all securities that are owned beneficially, directly or indirectly, by any other Counterparty (or any of such other Counterparty's Affiliates or Associates) under any Derivatives Contract to which such first Counterparty (or any of such first Counterparty's Affiliates or Associates) is a Receiving Party and this proviso shall be applied to successive Counterparties as appropriate; and (D) any such shares which are owned beneficially within the meaning of this definition by any other person with whom such person is acting jointly or in concert with respect to the Company or any of its securities; and

- 24d -

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) **"public announcement"** shall mean disclosure in a press release reported by a national news service in Canada, or in a document publicly filed by the Company or its agents under its profile on the System of Electronic Document Analysis and Retrieval at www.sedar.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding any other provision to this §14.12, notice or any delivery given to the Corporate Secretary of the Company pursuant to this §14.12 may only be given by personal delivery, facsimile transmission or by email (provided that the Corporate Secretary of the Company has stipulated an email address for purposes of this notice, at such email address as stipulated from time to time), and shall be deemed to have been given and made only at the time it is served by personal delivery, email (at the address as aforesaid) or sent by facsimile transmission (provided that receipt of confirmation of such transmission has been received) to the Corporate Secretary at the address of the principal executive offices of the Company; provided that if such delivery or electronic communication is made on a day which is a not a business day or later than 5:00 p.m. (Vancouver time) on a day which is a business day, then such delivery or electronic communication shall be deemed to have been made on the subsequent day that is a business day.

(i) In no event shall any adjournment or postponement of a Meeting of Shareholders or the announcement thereof commence a new time period for the giving of a Nominating Shareholder's notice as described in §14.12(c) or the delivery of a representation and agreement as described in §14.12(e).

given notice to that effect to his or her appointor within a reasonable time after the notice of appointment is received by the Company.

- 24e -

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**Notice of Meetings** 

15.2 Every alternate director so appointed is entitled to notice of meetings of the directors and of committees of the directors of which his or her appointor is a member and to attend and vote as a director at any such meetings at which his or her appointor is not present.

**Alternate for More than One Director Attending Meetings** 

15.3 A person may be appointed as an alternate director by more than one director, and an alternate director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will be counted in determining the quorum for a meeting of directors once for each of his or her appointors and, in the case of an appointee who is also a director, once more in that capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has a separate vote at a meeting of directors for each of his or her appointors and, in the case of an appointee who is also a director, an additional vote in that capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) will be counted in determining the quorum for a meeting of a committee of directors once for each of his or her appointors who is a member of that committee and, in the case of an appointee who is also a member of that committee as a directors, once more in that capacity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) has a separate vote at a meeting of a committee of directors for each of his or her appointors who is a member of that committee and, in the case of an appointee who is also a member of that committee as a director, an additional vote in that capacity.

**Consent Resolutions** 

15.4 Every alternate director, if authorized by the notice appointing him or her, may sign in place of his or her appointor any resolutions to be consented to in writing.

**Alternate Director an Agent** 

15.5 Every alternate director is deemed to be the agent of his or her appointor.

**Revocation or Amendment of Appointment of Alternate Director** 

15.6 An appointor may at any time, by notice in writing received by the Company, revoke or amend the terms of the appointment of an alternate director appointed by him or her.

**Ceasing to be an Alternate Director** 

15.7 The appointment of an alternate director ceases when:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his or her appointor ceases to be a director and is not promptly re-elected or re-appointed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the alternate director dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the alternate director resigns as an alternate director by notice in writing provided to the Company or a
lawyer for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the alternate director ceases to be qualified to act as a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the term of his appointment expires, or his or her appointor revokes the appointment of the alternate
directors.

**Remuneration and Expenses of Alternate Director** 

15.8 The Company may reimburse an alternate director for the reasonable expenses that would be properly reimbursed if he or she were a director, and the alternate director is entitled to receive from the Company such proportion, if any, of the remuneration otherwise payable to the appointor as the appointor may from time to time direct.

**PART 16** 

**POWERS AND DUTIES OF DIRECTORS** 

**Powers of Management** 

16.1 The directors must, subject to the Act and these Articles, manage or supervise the management of the business and affairs of the Company and have the authority to exercise all such powers of the Company as are not, by the Act or by these Articles, required to be exercised by the shareholders of the Company. Notwithstanding the generality of the foregoing, the directors may set the remuneration of the auditor of the Company.

**Appointment of Attorney of Company** 

16.2 The directors may from time to time, by power of attorney or other instrument, under seal if so required by law, appoint any person to be the attorney of the Company for such purposes, and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the directors under these Articles and excepting the power to fill vacancies in the board of directors, to remove a director, to change the membership of, or fill vacancies in, any committee of the directors, to appoint or remove officers appointed by the directors and to declare dividends) and for such period, and with such remuneration and subject to such conditions as the directors may think fit. Any such power of attorney may contain such provisions for the protection or convenience of persons dealing with such attorney as the directors think fit. Any such attorney may be authorized by the directors to sub-delegate all or any of the powers, authorities and discretions for the time being vested in him or her.

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**PART 17** 

**INTERESTS OF DIRECTORS AND OFFICERS** 

**Obligation to Account for Profits** 

17.1 A director or senior officer who holds a disclosable interest (as that term is used in the Act) in a contract or transaction into which the Company has entered or proposes to enter is liable to account to the Company for any profit that accrues to the director or senior officer under or as a result of the contract or transaction only if and to the extent provided in the Act.

**Restrictions on Voting by Reason of Interest** 

17.2 A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter is not entitled to vote on any directors' resolution to approve that contract or transaction, unless all the directors have a disclosable interest in that contract or transaction, in which case any or all of those directors may vote on such resolution.

**Interested Director Counted in Quorum** 

17.3 A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter and who is present at the meeting of directors at which the contract or transaction is considered for approval may be counted in the quorum at the meeting whether or not the director votes on any or all of the resolutions considered at the meeting.

**Disclosure of Conflict of Interest or Property** 

17.4 A director or senior officer who holds any office or possesses any property, right or interest that could result, directly or indirectly, in the creation of a duty or interest that materially conflicts with that individual's duty or interest as a director or senior officer, must disclose the nature and extent of the conflict as required by the Act.

**Director Holding Other Office in the Company** 

17.5 A director may hold any office or place of profit with the Company, other than the office of auditor of the Company, in addition to his or her office of director for the period and on the terms (as to remuneration or otherwise) that the directors may determine.

**No Disqualification** 

17.6 No director or intended director is disqualified by his or her office from contracting with the Company either with regard to the holding of any office or place of profit the director holds with the Company or as vendor, purchaser or otherwise, and no contract or transaction entered into by or on behalf of the Company in which a director is in any way interested is liable to be voided for that reason.

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**Professional Services by Director or Officer** 

17.7 Subject to the Act, a director or officer, or any person in which a director or officer has an interest, may act in a professional capacity for the Company, except as auditor of the Company, and the director or officer or such person is entitled to remuneration for professional services as if that director or officer were not a director or officer.

**Director or Officer in Other Corporations** 

17.8 A director or officer may be or become a director, officer or employee of, or otherwise interested in, any person in which the Company may be interested as a shareholder or otherwise, and, subject to the Act, the director or officer is not accountable to the Company for any remuneration or other benefits received by him or her as director, officer or employee of, or from his or her interest in, such other person.

**PART 18** 

**PROCEEDINGS OF DIRECTORS** 

**Meetings of Directors** 

18.1 The directors may meet together for the conduct of business, adjourn and otherwise regulate their meetings as they think fit, and meetings of the directors held at regular intervals may be held at the place, at the time and on the notice, if any, as the directors may from time to time determine.

**Voting at Meetings** 

18.2 Questions arising at any meeting of directors are to be decided by a majority of votes and, in the case of an equality of votes, the chair of the meeting has a second or casting vote.

**Chair of Meetings** 

18.3 The following individual is entitled to preside as chair at a meeting of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the chair of the board, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the absence of the chair of the board, the president, if any, if the president is a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other director chosen by the directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) neither the chair of the board nor the president, if a director, is present at the meeting within 15 minutes after the time set for holding the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the chair of the board nor the president, if a director, is willing to chair the meeting; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the chair of the board and the president, if a director, have advised the secretary, if any, or any other director, that they will not be present at the meeting.

**Meetings by Telephone or Other Communications Medium** 

18.4 A director may participate in a meeting of the directors or of any committee of the directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by telephone or by other communications medium if all directors participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other.

A director who participates in a meeting in a manner contemplated by this §18.4 is deemed for all purposes of the Act and these Articles to be present at the meeting and to have agreed to participate in that manner.

**Calling of Meetings** 

18.5 A director may, and the secretary or an assistant secretary of the Company, if any, on the request of a director must, call a meeting of the directors at any time.

**Notice of Meetings** 

18.6 Other than for meetings held at regular intervals as determined by the directors pursuant to §18.1, 48 hours' notice or such lesser notice as the Chairman in his discretion determines, acting reasonably, is appropriate in any unusual circumstances of each meeting of the directors, specifying the place, day and time of that meeting must be given to each of the directors by any method set out in §24.1 or orally or by telephone.

**When Notice Not Required** 

18.7 It is not necessary to give notice of a meeting of the directors to a director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the meeting is to be held immediately following a meeting of shareholders at which that director was elected or appointed, or is the meeting of the directors at which that director is appointed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the director has waived notice of the meeting.

**Meeting Valid Despite Failure to Give Notice** 

18.8 The accidental omission to give notice of any meeting of directors to, or the non-receipt of any notice by, any director, does not invalidate any proceedings at that meeting.

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**Waiver of Notice of Meetings** 

18.9 Any director may send to the Company a document signed by him or her waiving notice of any past, present or future meeting or meetings of the directors and may at any time withdraw that waiver with respect to meetings held after that withdrawal. After sending a waiver with respect to all future meetings and until that waiver is withdrawn, no notice of any meeting of the directors need be given to that director and all meetings of the directors so held are deemed not to be improperly called or constituted by reason of notice not having been given to such director. Attendance of a director or alternate director at a meeting of the directors is a waiver of notice of the meeting unless that director or alternate director attends the meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called.

**Quorum** 

18.10 The quorum necessary for the transaction of the business of the directors may be set by the directors and, if not so set, is deemed to be a majority of the directors or, if the number of directors is set at one, is deemed to be set at one director, and that director may constitute a meeting.

**Validity of Acts Where Appointment Defective** 

18.11 Subject to the Act, an act of a director or officer is not invalid merely because of an irregularity in the election or appointment or a defect in the qualification of that director or officer.

**Consent Resolutions in Writing** 

18.12 A resolution of the directors or of any committee of the directors may be passed without a meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in all cases, if each of the directors entitled to vote on the resolution consents to it in writing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a resolution to approve a contract or transaction in respect of which a director has disclosed that he or she has or may have a disclosable interest, if each of the other directors who have not made such a disclosure consents in writing to the resolution.

A consent in writing under this §18.12 may be by signed document, fax, email or any other method of transmitting legibly recorded messages. A consent in writing may be in two or more counterparts which together are deemed to constitute one consent in writing. A resolution of the directors or of any committee of the directors passed in accordance with this §18.12 is effective on the date stated in the consent in writing or on the latest date stated on any counterpart and is deemed to be a proceeding at a meeting of directors or of the committee of the directors and to be as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors that satisfies all the requirements of the Act and all the requirements of these Articles relating to meetings of the directors or of a committee of the directors.

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**PART 19** 

**EXECUTIVE AND OTHER COMMITTEES** 

**Appointment and Powers of Executive Committee** 

19.1 The directors may, by resolution, appoint an executive committee consisting of the director or directors that they consider appropriate, and this committee has, during the intervals between meetings of the board of directors, all of the directors' powers, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the power to fill vacancies in the board of directors; (b) the power to remove a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the power to change the membership of, or fill vacancies in, any committee of the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other powers, if any, as may be set out in the resolution or any subsequent directors' resolution.

**Appointment and Powers of Other Committees** 

19.2 The directors may, by resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) appoint one or more committees (other than the executive committee) consisting of the director or directors that they consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) delegate to a committee appointed under §(a) any of the directors' powers, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the power to fill vacancies in the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the power to remove a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the power to change the membership of, or fill vacancies in, any committee of the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the power to appoint or remove officers appointed by the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make any delegation referred to in §(b) subject to the conditions set out in the resolution or any subsequent directors' resolution.

**Obligations of Committees** 

19.3 Any committee appointed under §19.1 or §19.2, in the exercise of the powers delegated to it, must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) conform to any rules that may from time to time be imposed on it by the directors; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) report every act or thing done in exercise of those powers at such times as the directors may require.

**Powers of Board** 

19.4 The directors may, at any time, with respect to a committee appointed under §19.1 or §19.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) revoke or alter the authority given to the committee, or override a decision made by the committee, except as to acts done before such revocation, alteration or overriding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) terminate the appointment of, or change the membership of, the committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) fill vacancies in the committee.

**Committee Meetings** 

19.5 Subject to §19.3(a) and unless the directors otherwise provide in the resolution appointing the committee or in any subsequent resolution, with respect to a committee appointed under §19.1 or §19.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the committee may meet and adjourn as it thinks proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the committee may elect a chair of its meetings but, if no chair of a meeting is elected, or if at a meeting the chair of the meeting is not present within 15 minutes after the time set for holding the meeting, the directors present who are members of the committee may choose one of their number to chair the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a majority of the members of the committee constitutes a quorum of the committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) questions arising at any meeting of the committee are determined by a majority of votes of the members present, and in case of an equality of votes, the chair of the meeting does not have a second or casting vote.

**PART 20** 

**OFFICERS** 

**Directors May Appoint Officers** 

20.1 The directors may, from time to time, appoint such officers, if any, as the directors determine and the directors may, at any time, terminate any such appointment.

**Functions, Duties and Powers of Officers** 

20.2 The directors may, for each officer:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determine the functions and duties of the officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) entrust to and confer on the officer any of the powers exercisable by the directors on such terms and conditions and with such restrictions as the directors think fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) revoke, withdraw, alter or vary all or any of the functions, duties and powers of the officer.

**Qualifications** 

20.3 No person may be appointed as an officer unless that person is qualified in accordance with the Act. One person may hold more than one position as an officer of the Company. Any person appointed as the chair of the board or as a managing director must be a director. Any other officer need not be a director.

**Remuneration and Terms of Appointment** 

20.4 All appointments of officers are to be made on the terms and conditions and at the remuneration (whether by way of salary, fee, commission, participation in profits or otherwise) that the directors thinks fit and are subject to termination at the pleasure of the directors, and an officer may in addition to such remuneration be entitled to receive, after he or she ceases to hold such office or leaves the employment of the Company, a pension or gratuity.

**PART 21** 

**INDEMNIFICATION** 

**Definitions** 

21.1 In this Part 21:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **"eligible party",** in relation to a company, means an individual who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is or was a director, alternate director or officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or was a director, alternate director or officer of another corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) at a time when the corporation is or was an affiliate of the Company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) at the request of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at the request of the Company, is or was, or holds or held a position equivalent to that of, a director, alternate director or officer of a partnership, trust, joint venture or other unincorporated entity;

and includes, except in the definition of "eligible proceeding", and §163(1)(c) and (d) and §165 of the Act, the heirs and personal or other legal representatives of that individual;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **"eligible penalty"** means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, an eligible proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **"eligible proceeding"** means a proceeding in which an eligible party or any of the heirs and personal or other legal representatives of the eligible party, by reason of the eligible party being or having been a director, alternate director or officer of, or holding or having held a position equivalent to that of a director, alternate director or officer of, the Company or an associated corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is or may be joined as a party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **"expenses"** has the meaning set out in the Act and includes costs, charges and expenses, including legal and other fees, but does not include judgments, penalties, fines or amounts paid in settlement of a proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **"proceeding"** includes any legal proceeding or investigative action, whether current, threatened, pending or completed.

**Mandatory Indemnification of Eligible Parties** 

21.2 Subject to the Act, the Company must indemnify each eligible party and the heirs and legal personal representatives of each eligible party against all eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each eligible party is deemed to have contracted with the Company on the terms of the indemnity contained in this §21.2.

**Indemnification of Other Persons** 

21.3 Subject to any restrictions in the Act, the Company may agree to indemnify and may indemnify any person (including an eligible party) against eligible penalties and pay expenses incurred in connection with the performance of services by that person for the Company.

**Authority to Advance Expenses** 

21.4 The Company may advance expenses to an eligible party to the extent permitted by and in accordance with the Act.

**Non-Compliance with Act** 

21.5 Subject to the Act, the failure of an eligible party of the Company to comply with the Act or these Articles or, if applicable, any former *Companies Act* or former Articles does not, of itself, invalidate any indemnity to which he or she is entitled under this Part 21.

------

**Company May Purchase Insurance** 

21.6 The Company may purchase and maintain insurance for the benefit of any eligible party (or the heirs or legal personal representatives of any eligible party) against any liability incurred by any eligible party.

**PART 22** 

**DIVIDENDS** 

**Payment of Dividends Subject to Special Rights** 

22.1 The provisions of this Part 22 are subject to the rights, if any, of shareholders holding shares with special rights as to dividends.

**Declaration of Dividends** 

22.2 Subject to the Act, the directors may from time to time declare and authorize payment of such dividends as they may deem advisable.

**No Notice Required** 

22.3 The directors need not give notice to any shareholder of any declaration under §22.2.

**Record Date** 

22.4 The directors must set a date as the record date for the purpose of determining shareholders entitled to receive payment of a dividend. The record date must not precede the date on which the dividend is to be paid by more than two months.

**Manner of Paying Dividend** 

22.5 A resolution declaring a dividend may direct payment of the dividend wholly or partly in money or by the distribution of specific assets or of fully paid shares or of bonds, debentures or other securities of the Company or any other corporation, or in any one or more of those ways.

**Settlement of Difficulties** 

22.6 If any difficulty arises in regard to a distribution under §22.5, the directors may settle the difficulty as they deem advisable, and, in particular, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) set the value for distribution of specific assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) determine that money in substitution for all or any part of the specific assets to which any shareholders are entitled may be paid to any shareholders on the basis of the value so fixed in order to adjust the rights of all parties; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest any such specific assets in trustees for the persons entitled to the dividend.

**When Dividend Payable** 

22.7 Any dividend may be made payable on such date as is fixed by the directors.

**Dividends to be Paid in Accordance with Number of Shares** 

22.8 All dividends on shares of any class or series of shares must be declared and paid according to the number of such shares held.

**Receipt by Joint Shareholders** 

22.9 If several persons are joint shareholders of any share, any one of them may give an effective receipt for any dividend, bonus or other money payable in respect of the share.

**Dividend Bears No Interest** 

22.10 No dividend bears interest against the Company.

**Fractional Dividends** 

22.11 If a dividend to which a shareholder is entitled includes a fraction of the smallest monetary unit of the currency of the dividend, that fraction may be disregarded in making payment of the dividend and that payment represents full payment of the dividend.

**Payment of Dividends** 

22.12 Any dividend or other distribution payable in money in respect of shares may be paid by cheque, made payable to the order of the person to whom it is sent, and mailed to the registered address of the shareholder, or in the case of joint shareholders, to the registered address of the joint shareholder who is first named on the central securities register, or to the person and to the address the shareholder or joint shareholders may direct in writing. The mailing of such cheque will, to the extent of the sum represented by the cheque (plus the amount of the tax required by law to be deducted), discharge all liability for the dividend unless such cheque is not paid on presentation or the amount of tax so deducted is not paid to the appropriate taxing authority.

**Capitalization of Retained Earnings or Surplus** 

22.13 Notwithstanding anything contained in these Articles, the directors may from time to time capitalize any retained earnings or surplus of the Company and may from time to time issue, as fully paid, shares or any bonds, debentures or other securities of the Company as a dividend representing the retained earnings or surplus so capitalized or any part thereof.

------

**PART 23** 

**ACCOUNTING RECORDS AND AUDITOR** 

**Recording of Financial Affairs** 

23.1 The directors must cause adequate accounting records to be kept to record properly the financial affairs and condition of the Company and to comply with the Act.

**Inspection of Accounting Records** 

23.2 Unless the directors determine otherwise, or unless otherwise determined by ordinary resolution, no shareholder of the Company is entitled to inspect or obtain a copy of any accounting records of the Company.

**PART 24** 

**NOTICES** 

**Method of Giving Notice** 

24.1 Unless the Act or these Articles provide otherwise, a notice, statement, report or other record required or permitted by the Act or these Articles to be sent by or to a person may be sent by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mail addressed to the person at the applicable address for that person as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for a record mailed to a shareholder, the shareholder's registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for a record mailed to a director or officer, the prescribed address for mailing shown for the director or officer in the records kept by the Company or the mailing address provided by the recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any other case, the mailing address of the intended recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) delivery at the applicable address for that person as follows, addressed to the person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for a record delivered to a shareholder, the shareholder's registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for a record delivered to a director or officer, the prescribed address for delivery shown for the director or officer in the records kept by the Company or the delivery address provided by the recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any other case, the delivery address of the intended recipient;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sending the record by fax to the fax number provided by the intended recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sending the record by email to the email address provided by the intended recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) physical delivery to the intended recipient.

**Deemed Receipt of Mailing** 

24.2 A notice, statement, report or other record that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mailed to a person by ordinary mail to the applicable address for that person referred to in §24.1 is deemed to be received by the person to whom it was mailed on the day (Saturdays, Sundays and holidays excepted) following the date of mailing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) faxed to a person to the fax number provided by that person referred to in §24.1 is deemed to be received by the person to whom it was faxed on the day it was faxed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) emailed to a person to the e-mail address provided by that person referred to in §24.1 is deemed to be received by the person to whom it was e-mailed on the day that it was emailed.

**Certificate of Sending** 

24.3 A certificate signed by the secretary, if any, or other officer of the Company or of any other corporation acting in that capacity on behalf of the Company stating that a notice, statement, report or other record was sent in accordance with §24.1 is conclusive evidence of that fact.

**Notice to Joint Shareholders** 

24.4 A notice, statement, report or other record may be provided by the Company to the joint shareholders of a share by providing such record to the joint shareholder first named in the central securities register in respect of the share.

**Notice to Legal Personal Representatives and Trustees** 

24.5 A notice, statement, report or other record may be provided by the Company to the persons entitled to a share in consequence of the death, bankruptcy or incapacity of a shareholder by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mailing the record, addressed to them:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by name, by the title of the legal personal representative of the deceased or incapacitated shareholder, by the title of trustee of the bankrupt shareholder or by any similar description; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the address, if any, supplied to the Company for that purpose by the persons claiming to be so entitled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if an address referred to in §(a)(ii) has not been supplied to the Company, by giving the notice in a manner in which it might have been given if the death, bankruptcy or incapacity had not occurred.

**Undelivered Notices** 

24.6 If on two consecutive occasions, a notice, statement, report or other record is sent to a shareholder pursuant to §24.1 and on each of those occasions any such record is returned because the shareholder cannot be located, the Company shall not be required to send any further records to the shareholder until the shareholder informs the Company in writing of his or her new address.

**PART 25** 

**SEAL** 

**Who May Attest Seal** 

25.1 Except as provided in §25.2 and §25.3, the Company's seal, if any, must not be impressed on any record except when that impression is attested by the signatures of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any two directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any officer, together with any director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company only has one director, that director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any one or more directors or officers or persons as may be determined by the directors.

**Sealing Copies** 

25.2 For the purpose of certifying under seal a certificate of incumbency of the directors or officers of the Company or a true copy of any resolution or other document, despite §25.1, the impression of the seal may be attested by the signature of any director or officer or the signature of any other person as may be determined by the directors.

------

**Mechanical Reproduction of Seal** 

25.3 The directors may authorize the seal to be impressed by third parties on share certificates or bonds, debentures or other securities of the Company as they may determine appropriate from time to time. To enable the seal to be impressed on any share certificates or bonds, debentures or other securities of the Company, whether in definitive or interim form, on which facsimiles of any of the signatures of the directors or officers of the Company are, in accordance with the Act or these Articles, printed or otherwise mechanically reproduced, there may be delivered to the person employed to engrave, lithograph or print such definitive or interim share certificates or bonds, debentures or other securities one or more unmounted dies reproducing the seal and such persons as are authorized under §25.1 to attest the Company's seal may in writing authorize such person to cause the seal to be impressed on such definitive or interim share certificates or bonds, debentures or other securities by the use of such dies. Share certificates or bonds, debentures or other securities to which the seal has been so impressed are for all purposes deemed to be under and to bear the seal impressed on them.

## Exhibit 1.2

**Exhibit 1.2** 

---

| | |
|:---|:---|
| ![LOGO](g870247snap1.jpg) | Number: BC0314605 |

---

**CERTIFICATE** 

**OF** 

**CHANGE OF NAME** 

*BUSINESS CORPORATIONS ACT* 

I Hereby Certify that ANFIELD RESOURCES INC. changed its name to ANFIELD ENERGY INC. on December 27, 2017 at 12:01 AM Pacific Time.

---

| | |
|:---|:---|
| ![LOGO](g870247snap3.jpg) | *Issued under my hand at Victoria, British Columbia*<br> *On December 27, 2017*<br>![LOGO](g870247snap2.jpg) <br>**CAROL PREST**<br> *Registrar of Companies*<br> Province of British Columbia Canada |

---

## Exhibit 1.3

**Exhibit 1.3** 

---

| | | |
|:---|:---|:---|
| ![LOGO](g870247g0417114953229.jpg)  | Mailing Address: | Location: |
| ![LOGO](g870247g0417114953229.jpg)  | PO Box 9431 Stn Prov Govt | 2nd Floor -940 Blanshard Street |
| ![LOGO](g870247g0417114953229.jpg)  | Victoria BC V8W 9V3 | Victoria BC |
| ![LOGO](g870247g0417114953229.jpg)  | www.corporateonline.gov.bc.ca | 1 877 526-1526 |

---

---

| | |
|:---|:---|
|  | **CERTIFIED COPY**<br> Of a Document filed with the Province of<br> British Columbia Registrar of Companies |
| <br> **Notice of Articles**<br>*BUSINESS CORPORATIONS ACT* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g870247g0417114953574.jpg) <br> T.K. SPARKS |

---

*This Notice of Articles was issued by the Registrar on: March 18, 2025 03:51 PM Pacific Time* 

*Incorporation Number:* **BC0314605**

*Recognition Date: Incorporated on September 12, 1986* 

**NOTICE OF ARTICLES** 

---

| |
|:---|
| **Name of Company:** |
| ANFIELD ENERGY INC. |

---

**REGISTERED OFFICE INFORMATION** 

---

| | |
|:---|:---|
| **Mailing Address:**<br> 2200 HSBC BUILDING<br> 885 WEST GEORGIA STREET<br> VANCOUVER BC V6C 3E8<br> CANADA | **Delivery Address:**<br> 2200 HSBC BUILDING<br> 885 WEST GEORGIA STREET<br> VANCOUVER BC V6C 3E8<br> CANADA |

---

**RECORDS OFFICE INFORMATION** 

---

| | |
|:---|:---|
| **Mailing Address:**<br> 2200 HSBC BUILDING<br> 885 WEST GEORGIA STREET<br> VANCOUVER BC V6C 3E8<br> CANADA | **Delivery Address:**<br> 2200 HSBC BUILDING<br> 885 WEST GEORGIA STREET<br> VANCOUVER BC V6C 3E8<br> CANADA |

---

Page: 1 of 3

------

**DIRECTOR INFORMATION** 

---

| | |
|:---|:---|
| **Last Name, First Name, Middle Name:**<br> Lunsford, Stephen |  |
| **Mailing Address:**<br> 1505 BELLAIRE DRIVE<br> CASPER WY 82604<br> UNITED STATES | **Delivery Address:**<br> 1505 BELLAIRE DRIVE<br> CASPER WY 82604<br> UNITED STATES |

---

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| | |
|:---|:---|
| **Last Name, First Name, Middle Name:**<br> Eckersley, John |  |
| **Mailing Address:**<br> 1473 E. BOB LANE<br> SANDY UT 84092<br> UNITED STATES | **Delivery Address:**<br> 1473 E. BOB LANE<br> SANDY UT 84092<br> UNITED STATES |

---

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| | |
|:---|:---|
| **Last Name, First Name, Middle Name:**<br> Dias, Corey |  |
| **Mailing Address:**<br> 802 - 160 FREDERICK STREET<br> TORONTO ON M5A 4H9<br> CANADA | **Delivery Address:**<br> 802 - 160 FREDERICK STREET<br> TORONTO ON M5A 4H9<br> CANADA |

---

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| | |
|:---|:---|
| **Last Name, First Name, Middle Name:**<br> Falconer, Don |  |
| **Mailing Address:**<br> 9 BOARDWALK DRIVE, UNIT 221<br> TORONTO ON M4L 6T1<br> CANADA | **Delivery Address:**<br> 9 BOARDWALK DRIVE, UNIT 221<br> TORONTO ON M4L 6T1<br> CANADA |

---

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| | |
|:---|:---|
| **Last Name, First Name, Middle Name:**<br> Bleak, Joshua |  |
| **Mailing Address:**<br> 3616 EAST OMEGA CIRCLE<br> MESA AZ 85215<br> UNITED STATES | **Delivery Address:**<br> 3616 EAST OMEGA CIRCLE<br> MESA AZ 85215<br> UNITED STATES |

---

---

| | |
|:---|:---|
| **Last Name, First Name, Middle Name:**<br> Mushinski, Ken |  |
| **Mailing Address:**<br> 6520 FM 839 ST.<br> HENDERSON TX 75654<br> UNITED STATES | **Delivery Address:**<br> 6520 FM 839 ST.<br> HENDERSON TX 75654<br> UNITED STATES |

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Page: 2 of 3

------

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| | |
|:---|:---|
| **Last Name, First Name, Middle Name:**<br> Shaffer, Laara |  |
| **Mailing Address:**<br> 4390 GRANGE STREET<br> SUITE 2005<br> BURNABY BC V5H 1P6<br> CANADA | **Delivery Address:**<br> 4390 GRANGE STREET<br> SUITE 2005<br> BURNABY BC V5H 1P6<br> CANADA |

---

**AUTHORIZED SHARE STRUCTURE** 

---

| | | |
|:---|:---|:---|
| 1.No Maximum | Common Shares | Without Par Value |
|  |  | Without Special Rights or<br> Restrictions attached |

---

Page: 3 of 3

## Exhibit 4.1

**Exhibit 4.1** 

**Certain identified information has been excluded from this exhibit because it is (i) not material and (ii) the type that the company treats as private or confidential. Such omitted information is indicated by brackets ("[\*\*\*]") in this exhibit.** 

**CREDIT AGREEMENT** 

**DATED AS OF SEPTEMBER 26, 2023** 

between

**ANFIELD ENERGY INC.** 

as Borrower

- and -

**NEUTRON ENERGY, INC.,** 

**ANFIELD PRECIOUS METALS INC.,** 

**ANFIELD RESOURCES HOLDING CORP.,** 

**ARH WYOMING CORP.,** 

**HIGHBURY RESOURCES INC.** 

and each of the other guarantors from time to time party thereto,

as Guarantors

- and -

**EXTRACT CAPITAL MASTER FUND LTD.** 

and each of the other lenders from time to time party thereto

as Lenders

- and -

**EXTRACT ADVISORS LLC**,

as Agent

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  ARTICLE 1 INTERPRETATION | ARTICLE 1 INTERPRETATION | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | Subdivisions, **Table of Contents** and Headings | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | References to Bodies Corporate, Statutes, Contracts | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | Currency | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | Use of the Words "Best Knowledge" | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | Governing Law | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | Paramountcy | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | Interpretation | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | Time of Essence | 19 |
|  ARTICLE 2 THE FACILITY | ARTICLE 2 THE FACILITY | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | The Facility | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Non-Revolving Facility | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Term | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Use of Proceeds of the Facility | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | Interest | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | Computations | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | No Set-off | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | Arrangement Fee Shares, Facility Warrants and Facility Warrant Shares | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | Administrative Matters Re: Payments | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | Time and Place of Payments | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | Evidence of Indebtedness | 22 |
|  ARTICLE 3 PREPAYMENT, REPAYMENT AND REDUCTIONS | ARTICLE 3 PREPAYMENT, REPAYMENT AND REDUCTIONS | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Voluntary Prepayment | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Mandatory Prepayment | 23 |
|  ARTICLE 4 SECURITY | ARTICLE 4 SECURITY | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Security Documents | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Registration, Filing and Recordation of the Security | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | After Acquired Property and Further Assurances | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 | Additional Guarantors | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 | Additional Security | 25 |

---

i

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---

| | | |
|:---|:---|:---|
|  ARTICLE 5 CONDITIONS PRECEDENT | ARTICLE 5 CONDITIONS PRECEDENT | 25 |
| 5.1 | Conditions Precedent to the Advance of the Facility | 25 |
| 5.2 | Waiver | 27 |
|  ARTICLE 6 REPRESENTATIONS AND WARRANTIES | ARTICLE 6 REPRESENTATIONS AND WARRANTIES | 27 |
| 6.1 | Representations and Warranties of the Credit Parties | 27 |
| 6.2 | Representations and Warranties of the Agent and Lenders | 37 |
| 6.3 | Reliance and Repetition | 38 |
| 6.4 | Survival and Inclusion | 38 |
| 6.5 | Consent to Disclosure of Certain Information | 39 |
|  ARTICLE 7 COVENANTS OF THE CREDIT PARTIES | ARTICLE 7 COVENANTS OF THE CREDIT PARTIES | 39 |
| 7.1 | Positive Covenants | 39 |
| 7.2 | Negative Covenants | 44 |
| 7.3 | Reimbursement of Expenses | 47 |
| 7.4 | Agent May Perform Covenants | 47 |
|  ARTICLE 8 DEFAULT AND ENFORCEMENT | ARTICLE 8 DEFAULT AND ENFORCEMENT | 47 |
| 8.1 | Events of Default | 47 |
| 8.2 | Acceleration on Event of Default | 50 |
| 8.3 | Waiver of Default | 51 |
| 8.4 | Enforcement by the Agent | 51 |
| 8.5 | Set-Off | 51 |
| 8.6 | Agent Appointed Attorney | 52 |
| 8.7 | Remedies Cumulative | 52 |
|  ARTICLE 9 AGENT | ARTICLE 9 AGENT | 52 |
| 9.1 | Appointment and Authorization of Agent | 52 |
| 9.2 | Interest Holders | 52 |
| 9.3 | Consultations with Counsel | 53 |
| 9.4 | Documents | 53 |
| 9.5 | Responsibility of Agent | 53 |
| 9.6 | Action by Agent | 53 |
| 9.7 | Notice of Events of Default | 53 |
| 9.8 | Responsibility Disclaimed | 54 |
| 9.9 | Indemnification | 54 |

---

ii

------

---

| | | |
|:---|:---|:---|
| 9.10 | Credit Decisions | 54 |
| 9.11 | Successor Agent | 55 |
| 9.12 | Delegation by Agent | 55 |
| 9.13 | Waivers and Amendments | 55 |
| 9.14 | Delegation by Agent Conclusive and Binding | 56 |
| 9.15 | Adjustments among Lenders after Acceleration | 56 |
| 9.16 | Redistribution of Payment | 57 |
| 9.17 | Distribution of Notices | 57 |
| 9.18 | Other Security Not Permitted | 58 |
| 9.19 | Discharge of Security | 58 |
| 9.20 | Decision to Enforce Security | 58 |
| 9.21 | Enforcement | 58 |
| 9.22 | Application of Cash Proceeds to Realization | 58 |
| 9.23 | Collective Action of Lenders | 59 |
| 9.24 | Survival | 59 |
| ARTICLE 10 NOTICES | ARTICLE 10 NOTICES | 60 |
| 10.1 | Notice to the Borrower | 60 |
| 10.2 | Notice to the Agent | 60 |
| 10.3 | Waiver of Notice | 60 |
| ARTICLE 11 INDEMNITIES, TAXES, CHANGES IN CIRCUMSTANCES | ARTICLE 11 INDEMNITIES, TAXES, CHANGES IN CIRCUMSTANCES | 60 |
| 11.1 | General Indemnity | 60 |
| 11.2 | Environmental Indemnity | 61 |
| 11.3 | Action by Agent to Protect Interests | 62 |
| 11.4 | Currency Indemnity | 62 |
| 11.5 | Payments Free and Clear of Taxes | 63 |
| 11.6 | Change of Circumstances | 65 |
|  ARTICLE 12 MISCELLANEOUS | ARTICLE 12 MISCELLANEOUS | 66 |
| 12.1 | No Waiver; Remedies Cumulative | 66 |
| 12.2 | Survival | 67 |
| 12.3 | Benefits of Agreement | 67 |
| 12.4 | Binding Effect; Assignment | 67 |
| 12.5 | Maximum Return | 67 |
| 12.6 | Entire Agreement | 68 |
| 12.7 | Severability | 68 |
| 12.8 | Counterparts and Facsimile | 68 |

---

iii

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---

| | |
|:---|:---|
| SCHEDULE A | THE AGENT AND THE LENDERS |
| SCHEDULE B | SECURITY DOCUMENTS |
| SCHEDULE C | EQUITY INTERESTS OF CREDIT PARTIES |
| SCHEDULE D | FORM OF FACILITY WARRANT |
| SCHEDULE E | CERTIFICATION OF ACCREDITED INVESTOR STATUS |

---

iv

------

**CREDIT AGREEMENT** 

**THIS AGREEMENT** is made as of September 26, 2023

**BETWEEN:** 

**ANFIELD ENERGY INC.**, a corporation organized and existing under the laws of the Province of British Columbia

(the "**Borrower**")

**AND**:

**NEUTRON ENERGY, INC.**, a corporation organized and existing under the laws of the State of Nevada, **ANFIELD PRECIOUS METALS INC.**, a corporation organized and existing under the laws of the State of South Dakota, **ANFIELD RESOURCES HOLDING CORP.**, a corporation organized and existing under the laws of the State of Utah, **ARH WYOMING CORP.**, a corporation organized and existing under the laws of the State of Wyoming and **HIGHBURY RESOURCES INC.**, a corporation organized and existing under the laws of the State of Wyoming

(together with each of the other guarantors from time to time party hereto, collectively, the **"Guarantors**")

**AND:** 

**EXTRACT ADVISORS LLC**, a limited liability company organized and existing under the laws of the State of Delaware, as agent for the Lenders

(together with its successors and assigns, the "**Agent**")

**AND:** 

**EXTRACT CAPITAL MASTER FUND LTD.**, a corporation organized and existing under the laws of the Cayman Islands

(together with each of the other lenders from time to time party hereto, and their respective successors and assigns, collectively, the "**Lenders**")

**WHEREAS** the Borrower has requested, and the Lenders have agreed to establish, a credit facility with a funding amount of C$4,000,000 against a face value and principal amount of C$4,300,000 on and subject to the terms and conditions herein set forth.

**NOW THEREFORE** for good and valuable consideration, the receipt and sufficiency of which are acknowledged, each of the parties agrees with each of the others as follows:

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**ARTICLE 1** 

**INTERPRETATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **Definitions** 

In this Agreement, unless there is something in the context inconsistent therewith:

"**Advance**" means the advance of the Facility as contemplated herein;

"**Affiliate**" has the meaning attributed to that term in the *Business Corporations Act* (British Columbia);

"**Affiliate Transaction**" has the meaning attributed to that term in Section 7.2(j);

"**Agent**" means Extract Advisors LLC, in its capacity as agent for and on behalf of the Lenders, as contemplated by this Agreement, and any successor thereto pursuant to Section 9.11;

"**Agreement**", "**this Agreement**", "**hereto**", "**hereby**", "**hereunder**", "**hereof**", "**herein**" and similar expressions refer to this credit agreement and not to any particular article, section, subsection, paragraph, clause, subdivision or other portion hereof, and include any and every supplemental agreement; and the expressions "**Article**", "**Section**", "**subsection**" and "**paragraph**" followed by a number mean and refer to the specified Article, section, subsection or paragraph of this Agreement;

"**Applicable Law**" means, at any time, with respect to any Person, property, transaction, event or other matter, as applicable, all laws, rules, statutes, regulations, treaties, orders, judgments and decrees, and all official requests, directives, rules, guidelines, orders, policies, practices and other requirements of any Governmental Authority and which in each case have the force of law relating or applicable at such time to such Person, property, transaction, event or other matter, and also includes any interpretation thereof having the force of law by any Person having jurisdiction over it or charged with its administration or interpretation;

"**Applicable Margin**" means, with respect to an Advance, (i) where the Borrower elects to capitalize an interest payment in accordance with Section 2.5(c)(i), the rate of 7.0% per annum, and (ii) where the Borrower elects to make an interest payment in cash in accordance with Section 2.5(c)(ii), the rate of 5.0% per annum;

"**Applicable Securities Legislation**" means all applicable securities laws of each of the Reporting Jurisdictions and the respective rules and regulations under such laws together with applicable published fee schedules, prescribed forms, policy statements, national or multilateral instruments, orders, blanket rulings and other applicable regulatory instruments of the securities regulatory authorities in any of the Reporting Jurisdictions and such other jurisdictions as may be agreed to between the Borrower and the Agent;

"**Arrangement Fee Shares**" has the meaning attributed to such term in Section 2.8(a)(i);

"**Authorization**" means any authorization, consent, permit, certificate, approval, resolution, licence, exemption, filing, notarization or registration;

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"**Benefit Arrangement**" means, at any time, an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a Pension Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by any Credit Party or ERISA Affiliate;

**"Business Day"** means any day other than (i) a Saturday, Sunday, or other day on which commercial banks in Toronto, Ontario and Vancouver, British Columbia are authorized or required by law to be closed for business, or (ii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities;

"**Canadian Defined Benefit Plan**" means a Canadian Pension Plan that contains a "defined benefit provision", as defined in Section 147.1(1) of the *Income Tax Act* (Canada), as amended from time to time;

"**Canadian Pension Plan**" means a "registered pension plan" as that term is defined in the *Income Tax Act* (Canada), and any other pension plan maintained or contributed to by, or to which there is or may be an obligation to contribute by the Borrower or any of its Subsidiaries, in respect of its Canadian employees or former employees, excluding, for greater certainty, a Multiemployer Plan;

"**Canadian Pension Plan Event**" means (a) the termination or wind-up in whole or in part of a Canadian Pension Plan, (b) the occurrence of any circumstance or event that would provide any basis for a Governmental Authority to take steps to cause the termination or wind-up, in whole or in part, of any Canadian Defined Benefit Plan, the issuance of a notice (or a notice of intent to issue such a notice) to terminate in whole or in part any Canadian Defined Benefit Plan or the receipt of a notice of intent from a Governmental Authority to require the termination in whole or in part of any Canadian Defined Benefit Plan, revoking the registration of same or appointing a new administrator of such a plan, and (c) the failure to remit by the Borrower or any of its Subsidiaries any contribution to a Canadian Pension Plan when due;

"**Capital Lease**" means, with respect to a Person, a lease or other arrangement in respect of real or personal property that is required to be classified and accounted for as a capital lease obligation on a balance sheet of the Person in accordance with IFRS;

"**Capital Lease Obligation**" means, with respect to a Person, the obligation of the Person to pay rent or other amounts under a Capital Lease and for the purposes of this definition, the amount of such obligation at any date shall be the capitalized amount of such obligation at such date as determined in accordance with IFRS;

"**Cash Proceeds of Realization**" means the aggregate of (a) all Proceeds of Realization in the form of cash, and (b) all cash proceeds of the sale or disposition of non-cash Proceeds of Realization, in each case expressed in U.S. Dollars;

"**Change of Control**" means the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Person, directly or indirectly, acquires beneficial ownership of, or the power to exercise control or
direction over, or securities convertible into, any Voting Shares of the Borrower, that together with such Person's securities in relation to the Voting Shares of the Borrower, would constitute Voting Shares of the Borrower representing more
than 50% of the total voting power attached to all Voting Shares of the Borrower then outstanding;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there is consummated any amalgamation, consolidation, statutory arrangement (involving a business combination)
or merger of the Borrower (1) in which the Borrower is not the continuing or surviving corporation, or (2) pursuant to which any Voting Shares of the Borrower would be reclassified, changed or converted into or exchanged for cash,
securities or other property, other than (in each case) an amalgamation, consolidation, statutory arrangement or merger of the Borrower in which the holders of the Voting Shares of the Borrower immediately prior to the amalgamation, consolidation,
statutory arrangement or merger have, directly or indirectly, more than 50% of the Voting Shares of the continuing or surviving corporation immediately after such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Person or group of Persons, acting jointly or in concert, shall succeed in having a sufficient number of
its nominees elected as Directors of the Borrower such that such nominees, when added to any existing Directors after such election who was a nominee of or is an Affiliate or related Person of such Person or group of Persons, will constitute a
majority of the Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Guarantor shall cease to be a wholly owned Subsidiary of the Borrower;

"**Closing Date**" means the date upon which the conditions specified in Section 5.1 are satisfied;

"**Code**" means the United States Internal Revenue Code of 1986, as amended from time to time;

"**Commitment**" means the aggregate funding amount of C$4,000,000 against a face value and principal amount of C$4,300,000, which the Lenders have severally agreed to make available to the Borrower in U.S. Dollars, on and subject to the terms hereof, as such amount may be amended from time to time in accordance herewith;

"**Common Shares**" means the common shares in the capital of the Borrower as such common shares exist at the close of business on the date of execution and delivery of this Agreement;

"**Connection Income Taxes**" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profit Taxes;

"**Constating Documents**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to a corporation, its certificate and articles of incorporation, amalgamation or continuance or
other similar documents and its by-laws or other similar documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any other Person which is an artificial body or entity, whether with or without legal
personality, the organization and governance documents of such Person,

in each case as amended or supplemented from time to time;

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"**Contingent Liabilities**" means, with respect to a Person, any agreement, undertaking or arrangement by which the Person guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or other, to provide funds for payment, to supply funds to, or otherwise to invest in a debtor, or otherwise to assure a creditor against loss) the obligation, debt or other liability of any other Person or guarantees the payment of dividends or other distributions upon the shares (or other ownership interests) of any Person. The amount of any contingent liability will, subject to any limitation contained therein, be deemed to be the outstanding principal amount (or maximum principal amount, if larger) of the obligation, debt or other liability to which the contingent liability is related;

"**Cotter Corporation**" means Cotter Corporation No Stockholders' Liability, a New Mexico corporation;

"**Cotter Encumbrances**" means the (i) Mortgage, Security Agreement and Financing Statement dated February 28, 2019, pursuant to which Highbury Resources Inc. granted Cotter Corporation a lien and security interest in certain property interests in connection with the Charlie Leasehold (as defined therein) in Wyoming, and all uranium and other minerals produced from such properties in order to secure Cotter Corporation's right to receive certain minerals from such properties as further described in an asset purchase agreement among Cotter Corporation, Highbury Resources Inc. and the Borrower dated December 28, 2018 and a mineral supply agreement among Cotter Corporation, Highbury Resources Inc. and the Borrower dated February 28, 2019; and (ii) Mortgage, Security Agreement and Financing Statement dated February 28, 2019, pursuant to which Highbury Resources Inc. granted Cotter Corporation a lien and security interest in certain property interests, in connection with the West Slope Properties (as defined therein) in Colorado, and all uranium, vanadium, and other minerals produced from such properties in order to secure Cotter Corporation's right to receive certain minerals from such properties as further described in an asset purchase agreement among Cotter Corporation, Highbury Resources Inc. and the Borrower dated December 28, 2018 and a mineral supply agreement among Cotter Corporation, Highbury Resources Inc. and the Borrower dated February 28, 2019;

"**Credit Parties**" means, collectively, the Borrower and the Guarantors and "**Credit Party**" means any one of them;

"**Default**" means any event or circumstance which would (with the expiry of a grace period, the giving of notice, the making of any determination or any combination of any of the foregoing) constitute an Event of Default;

"**Default Notice**" has the meaning attributed to such term in Section 8.2;

"**Director**" means a director of the Borrower for the time being and "**Directors**" means the board of directors of the Borrower or, whenever duly empowered, a committee of the board of directors of the Borrower, and reference to action by the Directors means action by the directors as a board or action by such a committee of the board as a committee;

"**Disclosure Record**" means all filings and reports filed by or on behalf of the Borrower with securities regulatory authorities in each Reporting Jurisdiction pursuant to the requirements of Applicable Securities Legislation and available on SEDAR+ under the Borrower's SEDAR+ profile, in each case on or during the 12 months preceding the date hereof;

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"**Drawdown Date**" means the date specified in a Notice of Borrowing as the date on which a borrowing or credit of funds will occur by way of an Advance and which date shall be a Business Day;

"**Enforcement Date**" means the date on which the Agent notifies the Borrower, pursuant to Section 8.2, that the entire unpaid principal amount of the Facility is forthwith due and payable or on which such indebtedness automatically becomes due and payable pursuant to such section, whichever occurs first;

"**Environmental Laws**" means all federal (of whatever country), provincial, state, municipal, county, local and other laws including statutes, codes, ordinances, by-laws, rules, regulations, policies, guidelines, directions, standards, judgments, orders and other Authorizations, as well as common law, civil laws and other jurisprudence or authority, in each case, domestic or foreign, having the force of law at any time relating in whole or in part to any Environmental Matters;

"**Environmental Matters**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any condition, any activity, or substance, heat, energy, sound, vibration, radiation, odour or other pollution
that either (1) may affect ambient or indoor air, water, soils, land, groundwater or other sub-surface strata or affect human health, including workplace safety, or any plant, animal or other living organism or (2) may give rise to any
violation of, liability or any claim under any Environmental Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any use, generation, distribution, disposal, storage, transportation, processing, management, handling,
manufacture, treatment, release, spilling, emitting, leaching, migrating or discharge of any Hazardous Material or other pollution on, at or into ambient or indoor air, water, soils, land, groundwater or other sub-surface strata or any other
location from which any such Hazardous Material or pollution may enter any ambient or indoor air, water, soils, land, groundwater or other sub-surface strata;

"**Equity Account**" means the Borrower's securities accounts maintained with Haywood Securities Inc.;

"**ERISA**" means the United States Employee Retirement Income Security Act of 1974;

"**ERISA Affiliate**" means any trade or business (whether or not incorporated) under common control with a Credit Party within the meaning of Section 414(b), (c), (m) and (o) of the Code;

"**ERISA Event**" means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by a Credit Party or any ERISA Affiliate from a Multiemployer Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal, within the meaning of Section 4203 or 4205 of ERISA by a Credit Party or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate a Pension Plan under Section 4041 of ERISA, the treatment of a Plan amendment as a termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the imposition of any Liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon a Credit Party or any ERISA Affiliate; or (g) any other event or condition with respect to a Plan or a Multiemployer Plan that could reasonably be expected to result in Liability to a Credit Party or ERISA Affiliate;

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"**Event of Default**" has the meaning attributed to such term in Section 8.1 hereof;

"**Exchange**" means the TSX Venture Exchange and each successor thereto;

"**Exchange Approvals**" means each approval of the Exchange that is required in connection with the transactions contemplated in the Facility Documents, including: (i) the issuance and listing on the Exchange of the Facility Warrant Shares and the Arrangement Fee Shares, and (ii) the issuance of the Facility Warrants;

"**Excluded Taxes**" means, in the case of the Agent, each Lender and each Tax-Related Person (i) Taxes imposed on or measured by its respective overall net income (however denominated), or any alternative minimum or franchise Taxes imposed on it in lieu thereof, and branch profits Taxes, in each case (a) imposed on it by the respective jurisdiction under the laws of which such Tax-Related Person, Lender or the Agent is incorporated or is organized or in which its principal executive office is located or, in the case of a Lender, in which such Lender's applicable lending office is located or (b) that are Other Connection Taxes;

"**Exposure**" means, at any particular time with respect to a particular Lender, the ratio of the Facility Indebtedness owing to such Lender at such time to the aggregate of the Facility Indebtedness owing to all of the Lenders at such time;

"**Facility**" has the meaning attributed to such term in Section 2.1 hereof;

"**Facility Documents**" means this Agreement, the Security Documents, any third party consents and acknowledgements required by the Agent, acting reasonably (in respect of the Security Interests provided for in such Security Documents) which are listed in Schedule B hereto, the Arrangement Fee Shares, the Facility Warrants, the Facility Warrant Shares, and all other agreements, certificates, instruments and other documents delivered or to be delivered by the Borrower or any other Credit Party hereunder or thereunder in connection with the foregoing or the Advance, each as amended, modified, supplemented, restated or replaced from time to time, and any other document that the parties designate as a Facility Document;

"**Facility Indebtedness**" means all present and future debts, liabilities and obligations of the Borrower and each other Credit Party to the Agent and the Lenders under or in connection with this Agreement and the Security Documents, including all amounts payable and all fees and other money payable or owing from time to time pursuant to the terms of this Agreement/or and any of the other Security Documents;

"**Facility Warrant Shares**" has the meaning attributed to that term in Section 2.8(a)(ii);

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"**Facility Warrants**" has the meaning attributed to that term in Section 2.8(a)(ii);

"**Financial Instrument Obligations**" means, with respect to any Person, obligations arising under:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) interest rate swap agreements, forward rate agreements, floor, cap or collar agreements, futures or options,
insurance or other similar agreements or arrangements, or any combination thereof, entered into or guaranteed by the Person where the subject matter thereof is interest rates or the price, value or amount payable thereunder is dependent or based
upon interest rates or fluctuations in interest rates in effect from time to time (but excluding non-speculative conventional floating rate Indebtedness);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) currency swap agreements, cross-currency agreements, forward agreements, floor, cap or collar agreements,
futures or options, insurance or other similar agreements or arrangements, or any combination thereof, entered into or guaranteed by the Person where the subject matter thereof is currency exchange rates or the price, value or amount payable
thereunder is dependent or based upon currency exchange rates or fluctuations in currency exchange rates in effect from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any agreement for the making or taking of any commodity (including but not limited to minerals, gold, silver,
coal, natural gas, oil and electricity), swap agreement, floor, cap or collar agreement or commodity future or option or other similar agreement or arrangement, or any combination thereof, entered into or guaranteed by the Person where the subject
matter thereof is any commodity or the price, value or amount payable thereunder is dependent or based upon the price or fluctuations in the price of any commodity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) or any other similar transaction, including any option to enter into any of the foregoing, or any combination
of the foregoing, in each case to the extent of the net amount due or accruing due by the Person under the obligations determined by marking the obligations to market in accordance with their terms;

"**Governmental Authority**" means each national (of whatever country), state, provincial, county, municipal or other such governmental, legislative, regulatory or other public authority (whether domestic or foreign), including their authorized administrative bodies, boards, tribunals, courts, commissions and agencies which has legal jurisdiction over a Person or a matter relevant to this Agreement;

"**Guarantors**" means, collectively, Neutron Energy, Inc. (a Nevada corporation), Anfield Precious Metals Inc. (a South Dakota corporation), Anfield Resources Holding Corp. (a Utah corporation), ARH Wyoming Corp. (a Wyoming corporation), Highbury Resources Inc. (a Wyoming corporation), and the other guarantors from time to time party hereto, and their respective successors and permitted assigns;

"**Hazardous Material**" means any material, substance or waste that is: (i) listed, classified or regulated by or pursuant to any applicable Environmental Law as a "hazardous waste," "hazardous substance," "toxic substance" or "source material," (ii) any petroleum product or by-product, asbestos or asbestos-containing materials, pollutants, contaminants, radioactive materials, urea formaldehyde insulation or polychlorinated biphenyls, or (iii) with respect to which liability or standards of conduct are imposed under any Environmental Law;

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"**IFRS**" means International Financial Reporting Standards, as issued by the International Accounting Standards Board;

"**Indebtedness**" means, with respect to a Person, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all obligations of the Person for borrowed money, including debentures, notes or similar instruments and other
financial instruments and obligations with respect to bankers' acceptances and contingent reimbursement obligations relating to letters of credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Financial Instrument Obligations of the Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Capital Lease Obligations and Purchase Money Obligations of the Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all obligations to pay the deferred and unpaid purchase price of property or services, which purchase price is
due and payable more than six months after the date of placing such property or service or taking delivery at the completion of such services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all indebtedness of any other Person secured by a Security Interest on any asset of the Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all obligations to repurchase or redeem any Common Shares or any other shares of the Borrower prior to the
Maturity Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all Contingent Liabilities of the Person with respect to obligations of another Person if such obligations are
of the type referred to in paragraphs (a) to (f) above;

"**Indemnified Parties**" has the meaning attributed to such term in Section 11.1 hereof;

"**Indemnified Taxes**" means Taxes imposed on or with respect to any payment made by or on account of any obligation of any Credit Party under any Facility Document, other than Excluded Taxes;

"**Individual Commitment**" means, in respect of any Lender, its obligation to make the Advance to the Borrower in the maximum amount set forth as its "Individual Commitment" opposite such Lender's name in Schedule A, or in any assignment agreement by a Lender which is permitted hereunder, in each case, as such amount may be amended from time to time in accordance herewith;

"**Interest Payment Date**" means the Maturity Date, and the respective dates that fall every six (6) months after the beginning of each Interest Period, and on the last day of each Interest Period;

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"**Interest Period**" means the period commencing on the Drawdown Date and ending on the date that is six (6) months thereafter (in each case, subject to the availability thereof), provided that, in any case, (i) the last day of each Interest Period shall also be the first day of the next Interest Period, (ii) if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month, in which event such Interest Period shall end on the immediately preceding Business Day, (iii) no Interest Period shall extend beyond the Maturity Date, (iv) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month;

"**International Trade Laws**" has the meaning attributed to such term in Section 6.1(tt);

"**IRS**" means the United States Internal Revenue Service and each successor thereto;

"**Lenders**" means the Persons listed on the signature pages hereto as lenders and any other Person who becomes party to this Agreement pursuant to an assignment agreement by a Lender which is permitted hereunder, in each case, in its capacity as a lender hereunder, and "**Lender**" means any one of them;

"**Lenders' Counsel**" means Wildeboer Dellelce LLP and, at any time, any other legal counsel retained by the Agent for and on behalf of itself and the Lenders, in the Relevant Jurisdiction to the matter in question;

"**Liability**" or "**Liabilities**" means any Indebtedness, obligation, or liability of any nature (whether known or unknown, whether asserted or unasserted, whether absolute or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, and whether due or to become due) including, without limitation, any liability for Taxes;

"**Material Adverse Effect**" means any change, effect, event or occurrence that, individually or in the aggregate, is or would reasonably be expected to be material and adverse to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business, operations, results of operations, assets, liabilities or condition (financial or otherwise) of
any of the Projects or any of the Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the ability of any of the Credit Parties to observe or perform its obligations under this Agreement or any of
the other Facility Documents in accordance with the terms hereof and thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the validity or enforceability of this Agreement or any other Facility Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any rights or remedies of the Agent or the Lenders under this Agreement or any other Facility Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the priority or ranking of any Security Interest granted pursuant to the Security Documents or any of the
rights or remedies of the Agent thereunder;

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<u>other than</u> any change, effect, event, occurrence, circumstance or state of facts (i) relating to general political, economic or financial conditions, including in Canada or the United States (including change relating to foreign currency exchange rates), (ii) relating to the state of securities or financial markets in general, including any reduction in United States, Canadian, or other market indices, (iii) relating to the uranium industry, vanadium industry or mining industry in general, (iv) relating to changes in Applicable Law or the interpretation, application, non-application of Applicable Law by any Governmental Authority or any change in applicable generally accepted accounting principles; (v) resulting from any natural disaster, epidemic or pandemic, including the COVID-19 pandemic, or (vi) resulting from any hostilities, acts of war or terrorism or any material escalation of any hostilities, acts of war or terrorism, <u>provided however</u>, that such change, effect, event or occurrence referred to in paragraphs (i) to (vi) above does not primarily relate to (or have the effect of primarily relating to) any of the Credit Parties, or disproportionately adversely affect any of the Credit Parties, compared to other companies of similar size operating in the mining industry;

"**Material Project Documents**" means (i) each present and future Project Document which contains terms and conditions which, upon breach, termination, non-renewal or non-performance, would result in or could reasonably be expected to result in a Material Adverse Effect, and (ii) any other agreement to which a Credit Party is a party that is, in the reasonable opinion of the Agent, material to the development or operation of the Projects;

"**Maturity Date**" means September 26, 2028, or such earlier date that the principal, interest or any other amounts owing hereunder may become due as a result of any acceleration thereof pursuant to this Agreement;

"**Money Laundering Laws**" has the meaning attributed to such term in Section 6.1(kk);

"**Multiemployer Plan**" means (i) any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, and (ii) any multi-employer plan, as defined in the regulations under the *Income Tax Act* (Canada); to which a Credit Party or any ERISA Affiliate makes or is obligated to make any contribution, or during the preceding five plan years, has made or been obligated to make any contribution;

"**Multiple Employer Plan**" shall mean a Pension Plan which has two or more contributing sponsors (one of which must be a Credit Party or any ERISA Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4063 or 4064 of ERISA;

"**Obligations**" means, without duplication, with respect to a Person, all items which, in accordance with IFRS, would be included as liabilities on the liability side of the balance sheet of the Person and all Contingent Liabilities of the Person;

"**OFAC**" has the meaning attributed to such term in Section 6.1(kk);

"**Other Connection Taxes**" means, with respect to a Lender or Tax-Related Person, Taxes imposed as a result of a present or former connection between such Person and the jurisdiction imposing such Tax (other than connections arising from such Person having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Facility Document, or sold or assigned an interest in the Facility or Facility Document);

"**Other Taxes**" has the meaning attributed to such term in Section 11.1(b);

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"**PBGC**" means the United States Pension Benefit Guaranty Corporation;

"**Pension Funding Rules**" means the rules of the Code and ERISA regarding minimum required contributions (including any installment payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Protection Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Protection Act and, thereafter, Section 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA;

"**Pension Plan**" means any "employee pension benefit plan" (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan (but including a Multiple Employer Plan), that is subject to Title IV of ERISA or is subject to the minimum funding standards under Section 412, 430 or 436 of the Code and either (i) is sponsored or maintained by a Credit Party or any ERISA Affiliate or to which a Credit Party or any ERISA Affiliate contributes or has any obligation to contribute or (ii) at any time within the preceding five years has been maintained or to which contributions have been required by a Credit Party or an ERISA Affiliate;

"**Pension Protection Act**" means the United States Pension Protection Act of 2006, as amended;

"**Permitted Encumbrances**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Security Interest granted pursuant to the Security Documents,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Security Interest or deposit under workers' compensation, social security or similar legislation or in
connection with bids, tenders, leases, contracts or expropriation proceedings or to secure related public or statutory obligations, surety and appeal bonds or costs of litigation where required by Applicable Law,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Security Interest imposed pursuant to statute such as builders', mechanics', materialman's,
carriers', warehousemen's and landlords' liens and privileges, in each case, which relate to obligations not yet due or delinquent or, if due or delinquent, which the Credit Party is contesting in good faith if such contest will
involve no material risk of loss of any material part of the property of any Credit Party,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Security Interest or privilege arising out of judgments or awards in an amount less than [\*\*\*] with respect
to which, at the time an appeal or proceedings for review is being prosecuted and with respect to which a stay of execution has been secured pending such appeal or proceedings for review,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Security Interest for Taxes, assessments, unpaid wages or governmental charges or levies for the then
current year, or not at the time due and delinquent or the validity of which is being contested at the time in good faith and for which adequate reserves have been set aside on such Person's books and records in accordance with IFRS,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any undetermined or inchoate Security Interest or privilege incidental to current operations that has not been
filed pursuant to law against any Credit Party, or that relates to obligations not due or delinquent,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the deposit of cash or securities in connection with any Security Interest or privilege referred to in
paragraph (c) (d), (e) and (f),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any right reserved to or vested in any Governmental Authority by the terms of any lease, licence, franchise,
grant, claim, bond or permit held or acquired by any Credit Party, or by any statutory provision, to terminate the lease, licence, franchise, grant, claim, bond or permit or to purchase assets used in connection therewith or to require annual or
other periodic payments as a condition of the continuance thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (x) any Security Interest created or assumed by any Credit Party in favour of a public utility or Governmental
Authority which encumbers specific near-cash collateral, only as security for performance/reclamation bond obligations; and (y) any other Security Interest created or assumed by any Credit Party in favour of a public utility or Governmental
Authority for Permitted Indebtedness in connection with the operation of the business of such Credit Party or the ownership of the assets of such Credit Party, in each case, to the extent required by Applicable Law, and provided that such Security
Interests do not in the aggregate materially detract from the value of any of the assets of such Credit Party or materially impair their use in the operation of the business of such Credit Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any reservations, limitations, provisos and conditions expressed in original grants or authorizations from any
Governmental Authority,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any encumbrance, such as easements, rights-of-way, servitudes or other similar rights in land granted to or
reserved by other Persons, rights-of-way for sewers, electric lines, telegraph and telephone lines, oil and natural gas pipelines and other similar purposes, or zoning or other restrictions applicable to the use of real property by any Credit Party,
or title defects, encroachments or irregularities, that do not in the aggregate materially detract from the value of the property or materially impair its use in the operation of the business of any Credit Party,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any purchase money security interests and capital lease obligations in respect of Indebtedness permitted under
paragraph (b) of "Permitted Indebtedness",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any Security Interests over assets other than Secured Assets which secure Indebtedness permitted under
paragraph (c) of "Permitted Indebtedness" only,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any Security Interest which secures Permitted Indebtedness only and is permitted pursuant to an intercreditor
agreement, in form and substance satisfactory to the Agent and the Lenders, executed and delivered by the third party secured party in favour of the Agent,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Cotter Encumbrances;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any other Security Interest which the Agent agrees in writing is a Permitted Encumbrance for the purposes of
this Agreement, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any extension, renewal or replacement of any of the foregoing;

"**Permitted Indebtedness**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indebtedness under this Agreement or refinancing thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Indebtedness in an aggregate amount at any time for all Credit Parties of up to [\*\*\*] in respect of Purchase
Money Obligations and Capital Lease Obligations acquired by a Credit Party after the date hereof, provided that the Security Interests for any such obligation are limited to the particular financed/leased equipment and proceeds thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Indebtedness which is subordinated to the Facility Indebtedness on such terms as the Agent (in accordance with
the instructions of the Lenders) may agree in writing, pursuant to an intercreditor agreement, in form and substance satisfactory to the Agent and the Lenders, executed and delivered by the third party creditor in favour of the Agent,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indebtedness comprised of amounts owed to trade creditors and accruals in the ordinary course of business, in
each case (i) outstanding less than 60 days, or (ii) which do not exceed [\*\*\*] in the aggregate for all Credit Parties and are being disputed in good faith, provided that reasonable reserves have been established,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (x) any Indebtedness of any Credit Party in favour of a public utility or Governmental Authority in respect of
performance/reclamation bond obligations only (which includes the Shootaring Canyon Mill Surety Bond); and (y) any other Indebtedness of a Credit Party in favour of a public utility or Governmental Authority, to the extent required by
Applicable Law,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any other Indebtedness which the Agent (in accordance with the instructions of the Lenders) agrees in writing
is Permitted Indebtedness for the purposes of this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Indebtedness of (x) the Borrower to any Guarantor or (y) any Subsidiary to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Indebtedness related to the Cotter Encumbrances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) guarantees or other contingent obligations incurred in the ordinary course of business of a Credit Party or in
respect of Indebtedness permitted by (a) to (h) hereof;

"**Permitted Investments**" means any investment by a Credit Party (w) in another Credit Party, (x) in cash and cash equivalents, (y) investments by way of acquisition which are permitted by this Agreement and (z) investments in equity in public companies held in the Equity Account, which account shall not at any time be permitted to have a book value in excess of [\*\*\*];

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"**Person**" means any individual, partnership, limited partnership, joint venture, syndicate, sole proprietorship, company, corporation or limited liability company with or without share capital, body corporate, unincorporated association, trust, trustee, executor, administrator or other legal personal representative, government or Governmental Authority or entity, however designated or constituted;

"**Plan**" means any "employee benefit plan" (as such term is defined in Section 3(3) of ERISA) established or maintained by a Credit Party or any ERISA Affiliate, or to which the Credit Party or any ERISA Affiliate has an obligation to make any contribution;

"**Pro Rata Share**" means, at any particular time with respect to a particular Lender, the ratio of the Individual Commitment of such Lender at such time to the aggregate of the Individual Commitments of all of the Lenders at such time;

"**Proceeds of Realization**" means all cash and non-cash proceeds derived from any sale, disposition or other realization of the Secured Assets or received from a Guarantor pursuant to a guarantee (a) after any notice being sent by the Agent to the Borrower pursuant to Section 8.2 declaring all indebtedness of the Borrower hereunder to be immediately due and payable, (b) upon any dissolution, liquidation, winding-up, reorganization, bankruptcy, insolvency or receivership of any Credit Party (or any other arrangement or marshalling of the Secured Assets that is similar thereto), or (c) upon the enforcement of, or any action taken with respect to, a guarantee or other Security Document. For greater certainty, insurance proceeds derived as a result of the loss or destruction of any of the Secured Assets or cash or non-cash proceeds derived from any expropriation or other condemnation of any of the Secured Assets shall not constitute Proceeds of Realization prior to the Enforcement Date;

"**Project Document**" means, in respect of each Project, any agreement, contract, instrument, lease, easement or other Authorization or document which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) deals with or is related to the construction, operation or development of the Project or any part thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is executed from time to time by or on behalf of or is otherwise made or issued in favour of any Credit Party;

"**Project Financing**" means any loan facility or other financing arrangement for Indebtedness in favour of the Borrower or any other Credit Party, the proceeds of which are used to develop, expand, construct or operate a Project, including any refinancing thereof;

"**Projects**" means, collectively, (i) the West Slope project located in Colorado, (ii) the Velvet-Wood project located in Utah, (iii) the Shootaring Canyon Mill located in Utah, (iv) the Slick Rock project located in Colorado, (v) the Marquez-Juan Tafoya uranium project located in New Mexico and (vi) the Frank M project located in Utah;

"**Purchase Money Obligation**" means, with respect to a Person, Indebtedness of the Person issued, incurred or assumed to finance all or part of the purchase price of any asset or property acquired by such Person;

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"**Relevant Jurisdiction**" means, from time to time, any jurisdiction in which any of the Credit Parties have material properties or assets, including for the avoidance of doubt the Projects, or in which they carry on any material business or are otherwise "doing" or "transacting" business under Applicable Law;

"**Reportable Event**" means any of the events set forth in Section 4043(c) of ERISA, other than events for which any notice requirement has been waived;

"**Reporting Jurisdictions**" means all of the jurisdictions in Canada in which the Borrower is a "reporting issuer" or equivalent (being, as of the date hereof, British Columbia and Alberta);

"**Secured Assets**" means all of the assets now owned or hereafter acquired by the Credit Parties that are now or hereafter charged or intended to be charged by or in which a lien, security interest, mortgage deed of trust or other encumbrance is granted or created under any of the Security Documents;

"**Securities**" means, collectively, the Arrangement Fee Shares, the Facility Warrants and any Facility Warrant Shares issuable upon exercise of the Facility Warrants;

"**Security Documents**" means, collectively, the security and other agreements and documents listed in Schedule B hereto under the heading "Security Documents" and delivered pursuant to Article 4 of this Agreement and any other document or agreement which creates a Security Interest and is given in favour of the Agent in connection with the Facility Documents;

"**Security Interest**" means any security interest, assignment by way of security, mortgage, charge (whether fixed or floating), hypothec, deposit arrangement, pledge, lien, encumbrance, preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, and any financing lease having substantially the same economic effect as any of the foregoing).

"**Shootaring Canyon Mill Surety Bond**" means the US$12,294,452 bond surety issued by the Shootaring Surety in relation to closure liability and rehabilitation costs related to Shootaring Canyon Mill, which shall be increased to approximately US$13,915,406 subject to confirmation and approval from the State of Utah, and all documentation relating thereto, including without limitation, a general agreement of indemnity dated February 4, 2020 between the Shootaring Surety, and the Borrower, Anfield Resources Holding Corp. and Highbury Resources Corp., as indemnitors, and each renewal, amendment, alternation, continuation, extension, supplementation and substitution of such documentation;

"**Shootaring Surety**" means any one or more bonding companies, including Endurance Assurance Corporation, Endurance American Insurance Company, Lexon Insurance Company or Bond Safeguard Insurance Company, that has executed an agreement for the issuance, renewal, continuation, substitution or amendment of any surety, undertaking, guaranty or other contractual obligation on behalf of or at the request of any applicable indemnitor Creditor Party in connection with the Shootaring Canyon Mill Surety Bond, either before or after the Closing Date;

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"**SOFR**" means a rate per annum equal to the secured overnight financing rate for such Business Day published by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org (or any successor source for the secured overnight financing rate identified as such by the Term SOFR Administrator from time to time);

"**Subsidiary**" means, in respect of any Person, any subsidiary, as such term is defined in the *Business Corporations Act* **(British Columbia);** 

"**Tax-Related Person**" means any Person (including a beneficial owner of an interest in a pass-through entity) who is required to include in income amounts realized (whether or not distributed) by the Agent, a Lender or any Tax-Related Person of any of the foregoing;

"**Taxes**" means all present or future taxes, assessments, rates, levies, imposts, deductions, withholdings (including backup withholding), dues, duties, fees and other charges of any nature, including any interest, fines, penalties or other liabilities with respect thereto, imposed, levied, collected, withheld or assessed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto, and whether disputed or not;

"**Term Sheet**" means term sheet dated August 25, 2023 between the Borrower and the Agent;

"**Term SOFR**" means, for any Interest Period, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "**Periodic Term SOFR Determination Day**") that is two (2) Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however, if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day, the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding Business Day is not more than three (3) Business Days prior to such Periodic Term SOFR Determination Day, <u>provided that</u>, if Term SOFR determined as provided above shall ever be less than 4.0% per annum for any Interest Period, then Term SOFR shall be deemed to be 4.0% for such Interest Period;

"**Term SOFR Administrator**" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Agent in its reasonable discretion);

"**Term SOFR Reference Rate**" means, for the applicable corresponding Interest Period, the forward-looking term rate based on SOFR;

"**Unfunded Liabilities**" means, with respect to any Plan at any time, the amount (if any) by which (i) the value of all benefit liabilities under such Plan, determined on a plan termination basis using the assumptions prescribed by the PBGC for purposes of Section 4044 of ERISA, exceeds (ii) the fair market value of all Plan assets allocable to such liabilities under Title IV of ERISA (excluding any accrued but unpaid contributions), all determined as of the then most recent valuation date for such Plan, but only to the extent that such excess represents a potential liability of a Credit Party or ERISA Affiliate to the PBGC or any other person under Title IV of ERISA;

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"**United States**" means United States of America, its territories and possessions, any state of the United States and the District of Columbia; and

"**Voting Shares**" means shares of capital stock of any class of any corporation carrying voting rights under all circumstances, provided that for the purposes of such definition, shares which only carry the right to vote conditionally on the happening of any event shall not be considered Voting Shares, whether or not such event shall have occurred, nor shall any shares be deemed to cease to be Voting Shares solely by reason of a right to vote accruing to shares of another class or classes by reason of the happening of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Subdivisions, **Table of Contents** and Headings** 

The division of this Agreement into articles, sections, subsections and paragraphs, the provision of a table of contents and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **References to Bodies Corporate, Statutes, Contracts** 

Any reference in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any body corporate shall include successors thereto, whether by way of amalgamation, merger or otherwise;
provided that transfers and assignments by the parties and corporate and other reorganizations shall nonetheless be undertaken only in accordance with any restrictions imposed by the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any statute, enactment or legislation of any country or to any section or provision thereof shall include a
reference to any order, ordinance, regulation, rule or by-law or proclamation made under or pursuant to that statute, enactment or legislation and all amendments, modifications, consolidations, re-enactments or replacements thereof or substitutions
therefor from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any agreement, instrument, Authorization or other document shall include reference to such agreement,
instrument, Authorization or other document as the same may from time to time be amended, supplemented, replaced or restated, irrespective of whether particular reference shall have been made to some (but not all) amendments, supplements,
replacements or restatements thereof; provided that transfers, amendments, supplements, replacements and restatements shall nonetheless be undertaken only in accordance with any restrictions imposed by the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** **Currency** 

Any reference in this Agreement to "**U.S. Dollars**", "**USD**", "**US$**", "**dollars**" or "**$**" shall be deemed to be a reference to lawful money of the United States and any reference to any payments to be made by the Borrower shall be deemed to be a reference to payments made in lawful money of the United States. Any reference in this Agreement to "**CAD Dollars**", "**CAD**" or "**C$**", shall be deemed to be a reference to lawful money of Canada.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** **Use of the Words "Best Knowledge"** 

The words "**best knowledge**", "**to the best of the Borrower's knowledge**", "**to the knowledge of**" or "**of which they are aware**" or other similar expressions limiting the scope of any representation, warranty, acknowledgement, covenant or statement by the Borrower or any of the other Credit Parties will be understood to be made on the basis of the actual knowledge of any of the executive officers of the Borrower or such other applicable Credit Party, in each case, after due inquiry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** **Governing Law** 

This Agreement shall be governed by the laws of the Province of British Columbia and the federal laws of Canada applicable therein and shall be treated in all respects as a British Columbia contract. The parties hereby irrevocably attorn and consent to the non-exclusive jurisdiction of the courts of the Province of British Columbia and irrevocably waive any claim that such forum is not convenient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** **Paramountcy** 

In the event of any inconsistency between the provisions of this Agreement and the provisions of any other Facility Document, the provisions of this Agreement shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** **Interpretation** 

In this Agreement and each other Facility Document, unless the context otherwise requires, words importing the singular include the plural and vice versa and words importing gender include all genders. The words "**including**" and "**includes**" mean "**including**" (or "**includes**") without limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9** **Time of Essence** 

Time shall be of the essence in all respects of this Agreement.

**ARTICLE 2** 

**THE FACILITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **The Facility** 

Subject to the terms and conditions hereof, the Lenders hereby establish in favour of the Borrower a non-revolving, single advance, term credit facility (the "**Facility**") in an amount equal to the Commitment, which shall be made available to the Borrower, or as the Borrower may direct, by way of a single U.S. dollar denominated Advance in on the Closing Date, in accordance with this Agreement.

Subject to the terms and conditions hereof, the Lenders severally agree to extend credit to the Borrower under the Facility from time to time, provided that the aggregate amount of credit outstanding under the Facility shall not at any time exceed the Commitment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Non-Revolving Facility** 

The Facility is a non-revolving facility, and any repayment under the Facility shall not be re-borrowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Term** 

The outstanding principal amount of the Facility, together with all accrued but unpaid interest, fees, bonus and other costs, fees or charges payable hereunder from time to time, will be immediately due and payable by the Borrower to the Agent on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Use of Proceeds of the Facility** 

Proceeds from the Facility shall be used only (i) to pay for any fees, costs and expenses under or associated with this Agreement, including, for avoidance of doubt, any fees owing to the Lenders and commissions owing to Haywood Securities Inc. in connection therewith, (ii) to fund the Shootaring Canyon Mill Surety Bond, (iii) to fund engineering expenses for the Projects, and (iv) for general working capital purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5** **Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest shall accrue on the outstanding principal of the Facility from the Drawdown Date at a rate per annum
equal to Term SOFR for the Interest Period applicable to the Advance, plus the Applicable Margin. Interest shall be calculated daily, compounded monthly, and payable in arrears to the Agent on each Interest Payment Date, in U.S. Dollars, commencing
on the first Interest Payment Date to occur after the Drawdown Date, all before as well as after each of maturity, default and judgment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Event of Default shall occur and be continuing, (i) interest shall accrue on the outstanding
principal of the Facility and all interest, fees, costs, and other amounts payable hereunder at an additional 13% per annum, calculated daily and compounded monthly, before as well as after maturity, default and judgment, and (ii) a premium 10% of
the principal of the Advance outstanding as of the date of such Event of Default shall be payable by the Borrower to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Five (5) Business Days prior to each Interest Payment Date, the Borrower shall provide the Agent with
notice of whether it elects to pay accrued interest for such Interest Payment Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in kind, by adding the amount of accrued interest to the outstanding principal amount of the Facility, in which
case, the Applicable Margin shall be the rate of 7.0% per annum; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in cash, payable on the Interest Payment Date, in which case, the Applicable Margin shall be the rate of
5.0% per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent that the Borrower does not provide the notice required by Section 2.5(c), it shall be deemed
to have elected to pay accrued interest for the applicable Interest Payment Date in cash, as set out in Subsection 2.5(c)(c)(ii).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6** **Computations** 

The rates of interest under this Agreement are nominal rates, and not effective rates or yields. Unless otherwise stated, wherever in this Agreement reference is made to a rate of interest "per annum" or a similar expression is used, such interest shall be calculated on the basis of a year of 360 days for the actual number of days occurring in the period for which any such interest is payable. For the purposes of the *Interest Act* (Canada) and disclosure thereunder, whenever any interest to be paid hereunder or in connection herewith is to be calculated on the basis of a 360-day year, the yearly rate of interest to which the rate used in such calculation is equivalent is the rate so used multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360.

The Borrower and each other Credit Party confirms that it fully understands and is able to calculate the rate of interest applicable to the Facility based on the methodology for calculating per annum rates provided for in this Agreement. The Agent agrees that, if requested in writing by the Borrower, it shall calculate the nominal and effective per annum rate of interest on the Advance outstanding at any time and provide such information to the Borrower promptly following such request; provided that any error in any such calculation, or any failure to provide such information on request, shall not relieve the Borrower or any other Credit Party of any of its obligations under this Agreement or any other Facility Document, nor result in any liability to the Agent or any Lender. Each Credit Party hereby irrevocably agrees not to plead or assert, whether by way of defence or otherwise, in any proceeding relating to the Facility Documents, that the interest payable under the Facility Documents and the calculation thereof has not been adequately disclosed to the Credit Parties, whether pursuant to Section 4 of the *Interest Act* (Canada) or any other Applicable Law or legal principle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7** **No Set-off** 

All payments required to be made by the Borrower or any other Credit Party pursuant to the provisions hereof or any other Facility Document shall be made in immediately available funds and without any set-off, deduction, withholding or counter-claim or cross-claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8** **Arrangement Fee Shares, Facility Warrants and Facility Warrant Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As partial consideration of the Lenders entering into this Agreement and making the Facility available to the
Borrower pursuant to the terms hereof, the Borrower shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the election of the Borrower, in its sole discretion, either: (1) pay to the Lenders (or as each
applicable Lender may direct) on the Closing Date, in their respective Pro Rata Share, C$100,000 in cash; or (2) create and issue to the Lenders (or as each applicable Lender may direct) on the Closing Date, in their respective Pro Rata Share,
2,105,263 Common Shares of the Borrower (the "**Arrangement Fee Shares** "), having a value equivalent to C$200,000 as of the Closing Date, which Arrangement Fee Shares shall be delivered by the Borrower to the Lenders, in their
respective Pro Rata Share, provided that the Arrangement Fee Shares will be subject to resale restrictions, including applicable hold periods, under Applicable Securities Legislation; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) create and issue to the Lenders (or as each applicable Lender may direct) on the Closing Date, in their
respective Pro Rata Share, 42,105,263 non-transferable warrants of the Borrower (the "**Facility Warrants**") with each warrant being exercisable for one Common Share (collectively, the "**Facility Warrant Shares**") at an
exercise price equal to C$0.095 per Common Share and for an exercise period of five (5) years from the Closing Date and including customary anti-dilution provisions, all subject to the Borrower obtaining the requisite and prior approvals by the
Exchange and other securities regulatory authorities as applicable. The certificates representing the Facility Warrants shall be in the form attached as Schedule D. The Facility Warrants and any Facility Warrant Shares will be subject to resale
restrictions, including applicable hold periods, under Applicable Securities Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9** **Administrative Matters Re: Payments** 

All amounts payable hereunder shall be made payable in lawful money of the United States, unless otherwise specified herein or by the Agent. If the date for payment of any amount payable hereunder is not a Business Day then such payment shall be made on the next day which is a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10** **Time and Place of Payments** 

The Borrower covenants and agrees to establish and maintain throughout the term of the Facility a pre-authorized electronic debit arrangement with a financial institution on terms satisfactory to the Agent, pursuant to which all payments coming due to the Agent in respect of payment of fees and repayment of principal, interest and other amounts coming due under this Agreement shall be made. All payments made by the Borrower pursuant to this Agreement or pursuant to any other Facility Document shall be made before 4:00 p.m. (Toronto time) on the day specified for payment and the Agent shall be entitled to withdraw the amount of any payment due to it hereunder from such account on the day specified for payment. Any payment received after 4:00 p.m. (Toronto time) on the day specified for such payment shall be deemed to have been received before 4:00 p.m. (Toronto time) on the immediately following Business Day. All payments shall be made to the place of payment specified for the Agent in Schedule A hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11** **Evidence of Indebtedness** 

The Agent and each Lender shall maintain accounts wherein it shall record the amount of credit outstanding and owed to it hereunder, each payment of principal and interest to it on account of the Advance, and all other amounts becoming due to and being paid to it hereunder. Each Lender's accounts shall constitute, in the absence of manifest error, *prima facie* evidence of the Facility Indebtedness of the Borrower to that Lender pursuant to this Agreement. The failure of the Agent or any Lender to correctly record any such amount or date shall not, however, adversely affect the obligation of the Borrower to pay the Facility Indebtedness in accordance with this Agreement.

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**ARTICLE 3** 

**PREPAYMENT, REPAYMENT AND REDUCTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Voluntary Prepayment** 

The Borrower shall not be permitted to prepay any of the principal amount outstanding under the Facility during the twelve (12) month period following the Closing Date, after which time the Borrower may prepay any amount outstanding under the Facility in whole or in part at any time, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower also pays to the Agent all unpaid interest, fees, costs and other amounts owing under the Facility
in respect of the principal amount of the Facility being repaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower also pays to the Agent a prepayment fee equal to 3% of the principal amount repaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any such prepayment may only be made on a day that is a Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Borrower shall have provided the Agent with at least ten (10) Business Days prior written notice of
its intention to prepay the Facility, in whole or in part.

For greater certainty, (i) any prepayment made in accordance with this Section 3.1 shall have no effect on the maturity date of the Facility Warrants, and (ii) any prepayment made from the proceeds of the exercise of the Facility Warrants by the Lenders shall not be subject to the prepayment conditions set out in this Section 3.1.

Notwithstanding anything to the contrary in this Agreement, to the extent that (x) the Agent does not consent to any Project Financing or (y) the Agent, on one hand, and the project financier, on the other hand, cannot come to an agreement on any required subordination, priority, intercreditor agreement with respect to any Project Financing after using commercially reasonable efforts, the Borrower may prepay the amount outstanding under the Facility in accordance with this Section 3.1, provided that the prepayment fee in 3.1(b) shall not apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Mandatory Prepayment** 

If after the Advance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with the prior written consent of the Agent or as otherwise permitted by this Agreement, any Credit Party shall
sell or otherwise dispose of any Secured Assets outside of the ordinary course of business, then such Credit Party shall pay or cause to be paid [\*\*\*], to the Agent, forthwith, to be applied on account of the outstanding principal amount and all
accrued but unpaid interest, bonus and other costs, fees or charges payable hereunder from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the prior written consent of the Agent, any Credit Party closes one or more debt financings (other than in
connection with Permitted Indebtedness), or royalty sale transactions, then such Credit Party shall pay [\*\*\*]% of the proceeds of such financings and royalty sales, net of reasonable costs (including without limitation, finders fees, commissions,
legal and audit costs) to the Agent forthwith on closing such financings, to be applied on account of the outstanding principal amount and all accrued but unpaid interest, bonus and other costs, fees or charges payable hereunder from time to time;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) unless the Agent provides prior written consent to such Change of Control, if a Change of Control occurs with
respect to the Borrower, then the Borrower shall within ten (10) Business Days of the closing and culmination of the Change of Control, pay or cause to be paid all outstanding Facility Indebtedness.

**ARTICLE 4** 

**SECURITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Security Documents** 

To secure the due payment of all Indebtedness of the Borrower to the Agent and the Lenders in respect of the Facility and the payment and performance of all other Facility Indebtedness, whether now existing or hereafter arising or incurred the Borrower shall, and shall cause each of the Guarantors to, execute and deliver to the Agent, the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Registration, Filing and Recordation of the Security** 

The Borrower shall, and shall cause each of the Guarantors to, at the Borrower's expense, register, file, record and give notice of (or cause to be registered, filed, recorded and given notice of) the Security Documents in all offices the Agent, acting reasonably, advise that such registration, filing, recording or giving notice is necessary or desirable for the perfection of the Security Interests constituted thereby and to ensure that such Security Interests are first ranking, subject only to Permitted Encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **After Acquired Property and Further Assurances** 

The Borrower shall, at its expense, and shall cause each of the Guarantors to, from time to time, promptly execute and deliver all such further deeds or other instruments of conveyance, assignment, transfer, mortgage, pledge or charge as may be necessary or desirable to ensure that any additional interests in the Secured Assets acquired after the date hereof are subject to the Security Interests created pursuant to the Security Documents (and in the case of any such real property, with such title opinions or commitments, including title insurance policies as are reasonably requested by the Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Additional Guarantors** 

If at any time and from time to time the Borrower acquires any additional Subsidiaries that are not already Guarantors under this Agreement, the Borrower shall, promptly execute any deliver all such pledge agreements and security documents (substantially similar to the Security Documents contemplated in Schedule B), and shall cause each such Subsidiary to execute a joinder to this Agreement and guarantee (substantially similar to the Security Documents contemplated in Schedule B) as may be necessary or desirable to ensure that all shares or other ownership interests in such Subsidiary are subject to the Security Interests created pursuant to the Security Documents and secure the Facility Indebtedness

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** **Additional Security** 

In the event that the Agent, in its sole discretion, determines at any time following the Closing Date that, in order to more fully protect the interests of the Lenders under this Agreement, the Guarantors shall be required to grant to the Agent security for their respective obligations under the Facility Documents, then each Guarantor hereby agrees, upon receipt of written notice from the Lender thereof, to provide such security within sixty (60) days, or such longer period as the Agent may permit in its sole discretion, for nominal consideration, and customary legal opinions in relation thereto. The security to be granted by the Guarantors shall be in form and substance satisfactory to the Agent, acting reasonably, and the Guarantors shall cooperate fully and promptly to effectuate the creation and perfection of such security interest in favours of the Agent, for and on behalf of the Lenders.

**ARTICLE 5** 

**CONDITIONS PRECEDENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Conditions Precedent to the Advance of the Facility** 

The obligation of the Lenders to make the Advance of the Facility under this Agreement is subject to and conditional upon the following conditions precedent being satisfied, fulfilled or otherwise met to the satisfaction of the Agent and the Lenders on or before the Drawdown Date (or such other date as is mutually agreed to in writing between the Borrower and the Agent), or waived by the Agent in accordance with Section 9.13:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) receipt by the Agent of the following documents, each in full force and effect, and in form and substance
satisfactory to the Agent and the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) executed copies of all Facility Documents, including, without limitation, this Agreement, the Security
Documents, the Arrangement Fee Shares, and the warrant certificate in respect of the Facility Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) certificates of good standing or other similar type of evidence for each of the Credit Parties from all
Relevant Jurisdictions in relation to each Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) certified copies of the Constating Documents of each of the Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) certified copies of the directors' resolutions of each of the Credit Parties with respect to its
authorization, execution and delivery of the Facility Documents to which it is a party, together with incumbency certificates with respect to all officers executing Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) certificates of an officer or secretary of each of the Credit Parties as to corporate matters and certifying
that (A) all of the representations and warranties of each of the Credit Parties contained herein and in each other Facility Document are true and correct as if made on and as of the Closing Date (except to the extent that such representations
and warranties speak as of an earlier date, in which event such representations and warranties shall be true and correct as of such earlier date), and (B) no Default or Event of Default has occurred and is continuing;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all regulatory approvals, including the Exchange Approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) releases and discharges (or, if acceptable to the Agent, postponements or appropriate undertakings to
discharge), in registrable form where appropriate, covering all Security Interests or other encumbrances affecting the Secured Assets which are not Permitted Encumbrances, if any, or arrangements satisfactory to the Agent have been made to ensure
that such documents will be provided promptly following the Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) an irrevocable direction to pay with respect to the Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) opinions of the counsel to the Borrower relating to, among other things, the subsistence of the Borrower, and
the due authorization, execution, delivery and enforceability by the Borrower of the Facility Documents to which the Borrower is a party and the creation and perfection of all Security Interests on all collateral securing the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) certificates representing all shares and other securities in the Subsidiaries pledged by the Borrower, together
with corresponding share transfer powers duly executed in blank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) satisfactory searches in respect of the Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) a copy of all documentation and reports that provide an estimate of the current reclamation costs related to
the Shootaring Canyon uranium mill site and the required amount of the Shootaring Canyon Mill Surety Bond, and documentation showing all historical changes in relation thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) such other documents, certificates, opinions and agreements which the Agent or the Lenders may reasonably
require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent and the Lenders shall have completed and be satisfied with its financial, business, environmental,
tax, legal and other due diligence review of the Credit Parties, the Projects, the Shootaring Canyon Mill Surety Bond, and each part thereof, including without limitation, their review of all feasibility studies, processing plant plans, budgets, pro
forma financial statements, and other documents in respect of each Project and each part thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evidence that all Security Interests created pursuant to the Security Documents have been duly perfected and
registered, filed and recorded (as applicable) in all Relevant Jurisdictions and any other relevant jurisdiction as required by the Agent and the Lenders' Counsel;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Agent and the Lenders shall have received payment of all fees and reimbursable expenses in connection with
this Agreement, including those fees described in Section 7.3, which are payable by the Credit Parties to the Lenders and the Agent on or prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) as at the Closing Date, the Agent and the Lenders shall be satisfied that no Default or Event of Default shall
have occurred and be continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) neither the Agent nor any Lender shall have become aware of any new or inconsistent information or other matter
not previously disclosed to it relating to any Credit Party or the contemplated transactions which in any event the Agent or any of the Lenders, in its reasonable judgment, deems material and adverse relative to the information or other matters
previously disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) as at the Closing Date, the Agent and the Lenders shall be satisfied that no event or circumstance shall have
occurred or exist that (in the reasonable opinion of the Agent and the Lenders, in their sole discretion) has resulted in or could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Agent must have received (i) evidence that all Indebtedness of the Credit Parties that is not
Permitted Indebtedness will be paid and performed in full concurrently with the Advance, and (ii) releases and discharges (in registrable form where appropriate) covering all Security Interests or other liens or encumbrances that are not
Permitted Encumbrances, or undertakings of the holders of the liens to deliver releases and discharges promptly after the Advance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there shall be no other Security Interest or other liens or encumbrances whatsoever, which rank equal to or in
priority to the Agent's Security Interests granted pursuant to the Security Documents, other than Permitted Encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **Waiver** 

The conditions in Sections 5.1 are inserted for the sole benefit of the Agent and the Lenders and may be waived by the Agent (in accordance with the instructions of the Lenders) in whole or in part, with or without conditions, as the Agent and the Lenders may determine in their sole and absolute discretion.

**ARTICLE 6** 

**REPRESENTATIONS AND WARRANTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Representations and Warranties of the Credit Parties** 

Each of the Credit Parties, as applicable, hereby represents and warrants to the Agent and the Lenders as of the date hereof, and as of the date of the Advance, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each of the Credit Parties has been duly incorporated and organized under the laws of its jurisdiction of
incorporation and is validly existing and is current and up-to-date with all material filings, consents and authorizations in all cases required to be made, obtained and maintained, under the laws of its jurisdiction of incorporation and in all
other applicable jurisdictions where such filings, consents and authorizations are required under Applicable Law, and has all requisite corporate power and authority to carry on its business as now conducted as presently proposed to be conducted and
to own, lease or operate its property, and no steps or proceedings have been taken by any Person, voluntary or otherwise, requiring or authorizing its dissolution or winding up;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of the Credit Parties has full power and authority to enter into each of the Facility Documents to which
it is a party and to do all acts and things and execute and deliver all documents as are required hereunder or thereunder to be done, observed, performed or executed and delivered by it in accordance with the terms hereof and thereof, and when
entered into, the Facility Documents will create valid and legally binding obligations of the Credit Parties party thereto enforceable against the Credit Parties party thereto in accordance with their respective terms, except as enforceability may
be limited by applicable bankruptcy, insolvency, reorganization, arrangement, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by proceedings
in equity or at law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each of the Credit Parties has taken all corporate steps necessary to duly authorize all matters in connection
with this Agreement, including, without limitation, (i) the execution and delivery of the Facility Documents to which it is party and such other agreements and instruments as contemplated herein and which are relevant to such Credit Party; and
(ii) as it relates to the Borrower, the creation, allotment and issuance of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except as set forth in Schedule C and any interest held in any Equity Account, none of the Credit Parties own,
beneficially or of record, or exercise control or direction over, any shares (or other ownership interests) of any Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) none of the Credit Parties has committed any act of bankruptcy or is insolvent, or proposed a compromise or
arrangement to its creditors generally, had a petition or receiving order in bankruptcy filed against it, made a voluntary assignment in bankruptcy, taken any proceedings with respect to a compromise or arrangement, taken any proceedings to have a
receiver appointed for any of its property or had any execution or distress become enforceable or become levied upon any of its property;

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|:---|:---|
| (f) (i) | each of the Credit Parties is (x) licensed, registered or qualified and in good standing in all jurisdictions where the character of the property or assets thereof owned or leased or the nature of the activities conducted by it make licensing, registration or qualification necessary and (y) carrying on the business thereof in material compliance with all Applicable Law, rules and regulations of each such jurisdiction;  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) none of the Credit Parties has Secured Assets in any jurisdiction other than the Province of British Columbia,
and the States of Arizona, South Dakota, Colorado, New Mexico, Utah and Wyoming, excluding Secured Assets which are goods in transit or otherwise ordinarily used in more than one jurisdiction, and excluding certificates representing shares in the
Subsidiaries pledged by the Borrower in favour of the Agent, which may be held by the Agent outside of the jurisdictions listed in this paragraph; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all personal property located at, on or about any of the Projects or any part of any Project or used or
acquired for use primarily in connection with, primarily related to, or produced from any of the Projects or any part of any Project or any business or operations thereat, and all proceeds thereof, is held by the Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Borrower is authorized to issue an unlimited number of Common Shares, of which 945,678,283 Common Shares
were issued and outstanding as fully paid and non-assessable shares in the capital of the Borrower on the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) excepting only as set out in the Disclosure Record, no Person has any agreement, option, right or privilege
(whether pre-emptive, contractual or otherwise) capable of becoming an agreement, for the purchase, acquisition, subscription for or issue of any of the unissued shares or other securities of any of the Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) none of the Credit Parties has made any loans to or guaranteed the obligations of any Person excepting only
(i) the Facility, (ii) the Shootaring Canyon Mill Surety Bond, loan between the Borrower and its Subsidiaries, and (iv) Permitted Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Borrower is a reporting issuer or the equivalent only in the Reporting Jurisdictions and is in compliance
with its obligations under the Applicable Securities Legislation of such Reporting Jurisdictions and of the Exchange in all material respects and is not included in any list of defaulting reporting issuers maintained by the securities commission of
such Reporting Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the outstanding Common Shares of the Borrower are listed and posted for trading on the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Borrower has the power and authority to create, issue and deliver the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) upon the issuance thereof, the Arrangement Fee Shares and any Facility Warrant Shares will be validly issued as
fully paid and non-assessable Common Shares in the capital of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Borrower has complied with all Applicable Securities Legislation in connection with the issuance of the
Securities, in each case including, but not limited to, receiving the approvals of the Exchange, as required, in respect of the listing of the Arrangement Fee Shares and Facility Warrant Shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) none of the execution and delivery of the Facility Documents, the compliance by the Credit Parties with the
provisions of the Facility Documents to which they are party or the consummation of the transactions contemplated herein and the issue of the Securities, for the consideration and upon the terms and conditions set forth herein, does or will:
(i) require the consent, approval, Authorization, order or agreement of, or registration or qualification with, any Governmental Authority, or any other, body or authority, court, stock exchange, securities regulatory authority or other Person,
except such as have been obtained (or, in the case of approval by the Exchange of the listing application for the Securities, as will be obtained prior to the issuance thereof); (ii) materially conflict with or result in any material breach or
violation of any of the provisions of, or constitute a default under, or require consent under (except such consents as have been obtained), any indenture, mortgage, deed of trust, lease or other agreement or instrument to which any of the Credit
Parties is a party or by which it or any of its properties or assets is bound; or (iii) conflict with or result in any breach or violation of any provisions of, or constitute a default under the Constating Documents of any of the Credit Parties or
any resolution passed by the directors (or any committee thereof) or shareholders (or members) of any of the Credit Parties, or any statute or any judgment, decree, order, rule, policy or regulation of any court, Governmental Authority, any
arbitrator, stock exchange or securities regulatory authority applicable to any of the Credit Parties or any of the properties or assets thereof which has resulted in or could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) there is no material change, as defined in Applicable Securities Legislation, relating to any of the Credit
Parties, or any change in any material fact, as defined in Applicable Securities Legislation, relating to the Common Shares, which has not been or will not be (prior to the Closing Date) fully disclosed in accordance with the requirements of
Applicable Securities Legislation and the policies of the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) to the knowledge of the Credit Parties, no order or ruling suspending the sale or ceasing the trading in any
securities (including the Common Shares) of any of the Credit Parties or prohibiting the sale of such securities has been issued by any securities regulatory authority and no such order or ruling is outstanding against any of the Credit Parties or
their directors, officers or promoters or against any other companies that have common directors, officers or promoters and no investigations or proceedings for such purposes have been threatened or, to the best of the Credit Parties'
knowledge, are pending or contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) except as qualified by the disclosure in the Disclosure Record, each of the Credit Parties is the beneficial
owner of the properties, business and assets referred to as being owned by it in the Disclosure Record and the same are owned free and clear of all liens, security interests, claims and encumbrances, other than Permitted Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) except as qualified by the disclosure in the Disclosure Record, all material agreements by which the Credit
Parties hold an interest in property, business or assets are in good standing according to their terms and the material properties in which the Credit Parties hold an interest are in good standing under all Applicable Law of the jurisdictions in
which they are situated;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) other than as disclosed in the Disclosure Record, the Credit Parties have not approved entering into any
agreement in respect of, nor have any knowledge of: (i) the purchase of any property or interest therein outside of the ordinary course of business for an amount greater than [\*\*\*] (in the aggregate for all Credit Parties), or the sale,
transfer or other disposition of any property or assets or interest therein outside of the ordinary course of business having a value in excess of [\*\*\*] currently owned, directly or indirectly, by the Credit Parties, whether by asset sale, transfer
of shares (or other ownership interests) or otherwise; or (ii) any Change of Control (by sale or transfer of shares (or other ownership interests) or sale of all or substantially all of the property and assets of any of the Credit Parties) of
any of the Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) the Borrower has complied, in all material respects, with all continuous disclosure obligations under
Applicable Securities Legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Credit Parties (taken as a whole) have no material liabilities, fixed or contingent, that are not reflected
and accurately accounted for in the most recent consolidated financial statements of the Borrower contained in the Disclosure Record, in the notes thereto or otherwise disclosed in writing to the Agent, other than liabilities arising in the ordinary
course of business or otherwise disclosed to the Agent since the date of such financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) all material federal, state, local and other Taxes and all material liabilities with respect thereto including
any penalty and interest payable with respect thereto due and payable by the Credit Parties have been paid. Except as disclosed in the Disclosure Record, all federal, state and other material tax returns, declarations, remittances and filings
required to be filed by the Credit Parties have been filed with all appropriate Governmental Authorities and all such returns, declarations, remittances and filings are complete and accurate and no material fact or facts have been omitted therefrom
which would make any of them misleading. Except as disclosed in writing to the Agent, to the knowledge of the Borrower, no examination of any tax return of the Credit Parties is currently in progress and there are no issues or disputes outstanding
with any Governmental Authority respecting any Taxes that have been paid, or may be payable, by the Credit Parties, in any case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) (i) to the knowledge of the Credit Parties, none of the Credit Parties are in material violation of any
Environmental Law; (ii) the Credit Parties have obtained all material Authorizations required under Environmental Laws other than those that are not required at the current stage of each Project but that are reasonably expected to be obtained
in the ordinary course and the Credit Parties are in material compliance with such Authorizations; (iii) the Credit Parties have timely filed accurate and complete applications for issuance or, as appropriate, renewals for all material
Authorizations required under any applicable Environmental Laws at the current stage of each Project; (iv) other than as set out in the Disclosure Record, there are no pending or, to the knowledge of the Credit Parties, threatened (in writing)
appeals, challenges, disputes or claims asserted under any Applicable Law with respect to any material Authorization required under Environmental Laws that has been issued in draft or final form for any of the Projects; and (v) none of the
Credit Parties has any material liability under, and there are no events or circumstances that would reasonably be expected to form the basis of, an order for investigation, clean-up, monitoring, natural resource damages, or remediation, or other
mandatory or prohibitory obligation, or an action, suit or proceeding by any private party or governmental body or agency, against or affecting any of the Credit Parties relating to or arising under any Environmental Laws;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) except as disclosed in the Disclosure Record, to the knowledge of the Credit Parties, none of the directors or
officers of the Credit Parties or any employee, associate or affiliate of any of the foregoing, had or has any material interest, direct or indirect, in any transaction or proposed transaction with the Credit Parties which, as the case may be,
materially affects, is material to or will materially affect the Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) none of the Credit Parties is in violation of any term of its Constating Documents in any material respect.
None of the Credit Parties is in violation of any term or provision of any agreement, indenture or other instrument applicable to it which has resulted in or could reasonably be expected to result in any Material Adverse Effect and none of the
Credit Parties is in default in the payment of any obligation owed by it which is now due which, either in any single case or in the aggregate, has resulted in or could reasonably be expected to result in any Material Adverse Effect and there is no
action, suit, proceeding or investigation commenced, pending or, to the best of the Borrower's knowledge, threatened which, either in any single case or in the aggregate, has resulted in or could reasonably be expected to result in any Material
Adverse Effect or which places, or could reasonably be expected to place in question, the validity or enforceability of this Agreement or any other Facility Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) all of the agreements and other documents and instruments pursuant to which the Credit Parties hold any
material interest in any of the Projects or any material part of any Project are valid and subsisting agreements, documents or instruments in full force and effect, enforceable in accordance with their terms (except as enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, arrangement, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity
or at law)) and neither the Credit Parties, nor to the knowledge of the Credit Parties, any other party thereto, is in default nor has default been alleged of any of the material provisions of any such agreements, documents or instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) none of the Credit Parties is in default of any material term, covenant or condition under or in respect of any
judgment, order, agreement or instrument to which it is a party or to which it or any of its property or assets are or may be subject, and no event has occurred and is continuing, and no circumstance exists which has not been waived, which
constitutes a default in respect of any commitment, agreement, document or other instrument to which any of the Credit Parties is a party or by which it is otherwise bound entitling any other party thereto to accelerate the maturity of any amount
owing thereunder or which has resulted in or could reasonably be expected to result in a Material Adverse Effect;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) there are no actions, suits, proceedings, inquiries or investigations existing, pending or, to the best of the
Borrower's knowledge, threatened against or adversely affecting any of the Credit Parties or to which any of their property or assets is subject, at law or equity, or before or by any court, federal, provincial, state, municipal or other
Governmental Authority, commission, board, bureau, agency or instrumentality, domestic or foreign, which has resulted in or could reasonably be expected to result in a Material Adverse Effect and no Credit Party is subject to any judgment, order,
writ, injunction, decree, award, rule, policy or regulation of any Governmental Authority, which, either separately or in the aggregate, has resulted in or could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) no Credit Party nor any ERISA Affiliate has failed to make any contribution or payment to any Plan or
Multiemployer Plan or in respect of any Benefit Arrangement required to date, or made any amendment to any Plan or Benefit Arrangement, which has resulted or could result in the imposition of a Security Interest or the posting of a bond or other
security under ERISA, or incurred any liability under Title IV of ERISA with respect to any Pension Plan (other than a liability to the PBGC for premiums under Section 4007 of ERISA) that has resulted in or could reasonably be expected to
result in a Material Adverse Effect and there are no premium payments which have become due which are unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) no Credit Party maintains or contributes to, or has in the past maintained or contributed to, any Canadian
Pension Plan or Canadian Defined Benefit Plan, and and no Credit Party has an interest, or has in the past had an interest, in any Person who sponsors, maintains or contributes to, or has any liability in respect of, any Canadian Pension Plan or
Canadian Defined Benefit Plan. No Canadian Pension Plan Event has occurred or is reasonably expected to occur which could result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) no Credit Party, and to the best of the Borrower's knowledge, no director, officer, agent, employee or
other Person acting on behalf of any Credit Party has, in the course of its actions for, or on behalf of, any Credit Party (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to
political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act
of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) each applicable Credit Party holds or owns all mineral rights, surface rights and personal property, as
applicable, required to conduct the business and operations of each Project and each part of each Project, in each case free and clear of all encumbrances other than Permitted Encumbrances, and no other property rights are necessary for the
operation of any of the Projects or any part of any Project as currently operated (given its current stage of development and operation). Except as disclosed in the Disclosure Record: (i) there is no claim asserted or any known basis for any
claim that might or could adversely and materially affect the rights of the Credit Parties to use, transfer or otherwise exploit such property rights; and (ii) no Credit Party has any responsibility or obligation to pay any commission, royalty,
licence fee or similar payment to any Person with respect to the property rights thereof, except for such royalty and other payments as may be provided in the applicable lease or deed or may be have been conveyed or reserved in transactions prior to
acquisition by the Borrower;

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| | |
|:---|:---|
| (hh) (A) | each applicable Credit Party holds either fee title, valid, subsisting and enforceable leases, or other conventional property, proprietary or contractual interests or rights, in respect of the minerals and other mineral deposits located therein and rights of ingress and egress to properties in which it has an interest as described in the Disclosure Record under valid, subsisting and enforceable title documents or other recognized and enforceable agreements or instruments, sufficient to permit the relevant Credit Parties to explore the minerals and constituent minerals relating thereto. All applicable bonus, royalty and other payments due in connection with such property, leases or claims and all property, leases or claims in which a Credit Party has an interest or right have been properly paid and all such property, leases or claims have been validly located and recorded in accordance with all Applicable Law; and  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each Credit Party has all necessary surface rights, access rights and other necessary rights and interests
relating to the properties in which it has an interest as described in the Disclosure Record granting it the right and ability to explore for minerals and constituent minerals for development purposes as are appropriate in view of the rights and
interest therein of such Credit Party, with only such exceptions as do not materially interfere with the use made by it of the rights or interests so held. Each of the proprietary interests or rights and each of the documents, agreements and
instruments and obligations relating to those rights and interests is currently in good standing in the name of the relevant Credit Party. Each Credit Party has good right and full power to lease and to convey the property rights and interests
described in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Material Project Documents are valid and subsisting agreements, documents or instruments in full force and
effect, enforceable in accordance with the terms thereof (as applicable), except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting the rights of creditors generally
and except as limited by the application of equitable principles when equitable remedies are sought, and by the fact that rights to indemnity, contribution and waiver, and the ability to sever unenforceable terms, may be limited by Applicable Law.
No Credit Party is in default of any of the material provisions of any such Material Project Document nor has any such default been alleged, and no circumstance exists under any such Material Project Document which with the giving of notice or the
passage of time or both would give rise to such a default, and all such properties and assets held pursuant thereto are in good standing under the laws of the Relevant Jurisdictions. All Material Project Documents pursuant to which any Credit Party
derives the interests thereof in such property and assets are in good standing and there has been no material default thereunder and all Taxes required to be paid with respect to such properties and assets to the date hereof have been paid, except
where such Taxes are being disputed in good faith and with respect to which adequate reserves have been provided on the books of the relevant Credit Party. No Project nor any part of any Project is subject to any right of first refusal, or purchase
or acquisition right;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) each Credit Party owns or has the right to use under license, sub-license or otherwise all material
intellectual property used by it in its business, including copyrights, industrial designs, trade-marks, trade secrets, know-how and proprietary rights, free and clear of any and all encumbrances, other than Permitted Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) the operations of each Credit Party are and have been conducted at all times in compliance in all material
respects with applicable financial recordkeeping and reporting requirements of money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or
enforced by any Governmental Authority, including without limitation the United States Department of the Treasury Office of Foreign Assets Control ()"**OFAC** "), (collectively, the "**Money Laundering Laws**") and no action,
suit, sanction or proceeding by or before any court or Governmental Authority, agency or body or any arbitrator involving any Credit Party with respect to the Money Laundering Laws is pending, or to the best of the Borrower's knowledge,
threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) no Credit Party or ERISA Affiliate has failed to make any contribution or payment to any Plan or Multiemployer
Plan or in respect of any Benefit Arrangement, or made any amendment to any Plan or Benefit Arrangement, which has resulted or could result in the imposition of a Security Interest or the posting of a bond or other security under ERISA or the Code,
or incurred any liability under Title IV of ERISA (other than a liability to the PBGC for premiums under Section 4007 of ERISA) that has resulted in or could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) no Pension Plan is "at risk" or has been "at risk" for the preceding four years and no
Multiemployer Plan is in "endangered status" or "critical status," as determined under Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA, and no Credit Party or ERISA Affiliate knows of any facts or
circumstances that could reasonably be expected to cause any Pension Plan to become "at risk" or any Multiemployer Plan to be in "endangered status" or "critical status;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) each Plan which is intended to be a qualified Plan under Section 401(a) of the Code has received a current
favorable determination letter from the IRS to the effect that the form of such Plan, as currently in effect, is qualified under Section 401(a) of the Code and the trust related thereto has been determined by the IRS to be exempt from federal
income tax under Section 501(a) of the Code, an application for such a letter is currently being processed by the IRS, or the remedial amendment period for applying for any such determination letter has not yet expired or such letter has been
issued to the prototype sponsor of the Plan. To the best knowledge of the Credit Party and its ERISA Affiliates, nothing has occurred that would prevent or cause the loss of such tax-qualified status;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) there has been no prohibited transaction (as that term is defined in Section 4975 of the Code) or any
breach of the responsibilities, obligations or duties imposed by ERISA with respect to any Pension Plan or Multiemployer Plan that has resulted in or could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) no Credit Party or ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or
Section 4212(c) of ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) no Pension Plan has been terminated by the plan administrator thereof, the plan sponsor thereof nor by the
PBGC, and no event or circumstance has occurred or exists that could reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) no ERISA Event has occurred with respect to any Pension Plan or Multiemployer Plan. Each Plan has been
maintained, operated, and administered in material compliance with its terms and any related documents or agreements and in material compliance with the applicable provisions of ERISA, the Code and all Applicable Laws. Each Credit Party and each
ERISA Affiliate is in compliance with ERISA with respect to each Pension Plan in all material respects. Each Credit Party and ERISA Affiliate has met all applicable requirements under the Pension Funding Rules in respect of each Pension Plan,
(ii) no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained with respect to any Pension Plan, and (iii) the current value of the accumulated benefit obligation of each Pension Plan does
not exceed the current value of the assets of such Pension Plan available for the payment of such benefits by more than US$100,000. Neither a Credit Party nor any ERISA Affiliate has incurred any Liability with respect to any Plan for any excise tax
arising under Section 4971, 4972 or 4980B of the Code, and neither the Credit Party nor any ERISA Affiliate is aware of any facts which could give rise to any such Liability. Neither a Credit Party nor any ERISA Affiliate maintains or is
required to contribute to any Plan which provides health, accident or life insurance benefits to former employees, their spouses or dependents, other than in accordance with Section 4980B of the Code or other Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) except for contracts disclosed in the Disclosure Record and in effect on the date hereof and contracts
hereafter disclosed in writing to the Agent (with respect to all of which contracts the Borrower represents that it or the applicable Credit Party is or will be, as applicable, receiving a price for all production sold thereunder which is computed
substantially in accordance with the terms of the relevant contract and is not having deliveries curtailed substantially below the subject property's delivery capacity), no material agreements exist for the sale of production from the Credit
Parties' mineral leases (including, without limitation, calls on or other rights to purchase production, whether or not the same are currently being exercised) that (a) pertain to the sale of production at a fixed price and (b) have a
maturity or expiry date of longer than six (6) months from the date thereof, which agreements are not cancelable on 60 days' notice or less without penalty or detriment;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) the Borrower and its Subsidiaries are not currently engaging in, and in the last five years have not engaged
in, conduct that violates any laws and regulations administered by (i) OFAC pertaining to economic and trade sanctions; (ii) the Bureau of Industry and Security of the Department of Commerce or the Directorate of Defense Trade Controls of
the United States Department of State pertaining to export controls; (iii) the United States Department of Commerce or the IRS pertaining to anti-boycott; (iv) the Bureau of Customs and Border Protection of the United States Department of
Homeland Security pertaining to importations; or (v) the Census Bureau of the United States Department of Commerce pertaining to export and import reporting (such laws and regulations, collectively, the "**International Trade Laws** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) Equinox Exploration Holding Corp. does not (i) engage in any business activities or conduct any
operations, other than maintaining its corporate existence, (ii) own any assets, (iii) have any Subsidiaries, or (iv) have or incur any liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) to the best of the Credit Parties' knowledge, the estimated amount required for the Shootaring Canyon Mill
Surety Bond which is contained in the April 17, 2023 report from Engineering Analytics, Inc. reflects the total liability of the Credit Parties for the reclamation costs relating to the Shootaring Canyon uranium mill site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Representations and Warranties of the Agent and Lenders** 

Each of the Lenders and the Agent, as applicable, hereby represents and warrants to the Borrower as of the date hereof, and as of the date of the Advance, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each of the Lenders and the Agent has been duly incorporated and organized under the laws of its jurisdiction
of incorporation and is validly existing and is current and up-to-date with all material filings, consents and authorizations in all cases required to be made, obtained and maintained, under the laws of its jurisdiction of incorporation and in all
other applicable jurisdictions where such filings, consents and authorizations are required under Applicable Law, and has all requisite corporate power and authority to carry on its business as now conducted and as presently proposed to be
conducted, and no steps or proceedings have been taken by any Person, voluntary or otherwise, requiring or authorizing its dissolution or winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of the Lenders and the Agent has full power and authority to enter into each of the Facility Documents to
which it is party and to do all acts and things and execute and deliver all documents as are required hereunder or thereunder to be done, observed, performed or executed and delivered by it in accordance with the terms hereof and thereof and when
entered into, the Facility Documents to which it is party will create valid and legally binding obligations of the Lenders and the Agent enforceable against the Lenders and the Agent in accordance with their respective terms, except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, arrangement, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is
sought by proceedings in equity or at law);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each of the Lenders and the Agent has taken all corporate steps necessary to duly authorize all matters in
connection with this Agreement, including, without limitation, the execution and delivery of the Facility Documents to which it is party and such other agreements and instruments as contemplated herein and which are relevant to such Lender and the
Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each of the Lenders understands and acknowledges there are risks associated with an investment in the
Securities, being speculative investments involving a substantial degree of risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) each of the Lenders understands and acknowledges there are restrictions on such Lender's ability to trade
the Securities and it is the responsibility of such Lender to find out what those restrictions are and to comply with them before trading any of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) each of the Lenders is capable by reason of knowledge and experience in financial and business matters in
general, and investments in particular, of assessing and evaluating the merits and risks of an investment in the Securities, and is and will be able to bear the economic loss of its entire investment of the Securities and can otherwise be reasonably
assumed to have the capacity to protect its own interest in connection with the investment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) each of the Lenders (or their respective nominee) is a person described in section 2.3 of National Instrument
45-106 – *Prospectus Exemptions* by virtue of being an "accredited investor" as defined in National Instrument 45-106 – *Prospectus Exemptions*, and provided that it is not a person that is or has been created or used
solely to purchase or hold securities as an "accredited investor" as described in paragraph (m) of the definition of "accredited investor" in National Instrument 45-106 – *Prospectus Exemptions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Reliance and Repetition** 

The Borrower acknowledges that the Agent and the Lenders are relying upon the representations and warranties in this Article 6 in making the Facility available to the Borrower and that such representations and warranties shall be deemed to be restated in every respect effective on the date each Advance is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **Survival and Inclusion** 

The representations and warranties in this Article 6 will survive until this Agreement has been terminated.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5** **Consent to Disclosure of Certain Information** 

Each of the Lenders acknowledges and consents to the release by the Borrower of information regarding such Lender's participation in the transactions contemplated hereby including its name, address, telephone number, e-mail address and the number of Securities acquired, if required to comply with Applicable Securities Legislation, and waives to the extent lawful, its rights under any privacy legislation. Without limiting the generality of the foregoing, each of the Lenders, to the extent resident in or otherwise subject to the securities laws of the Province of British Columbia or the Province of Alberta acknowledges that it has been notified by the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the delivery of personal information to the British Columbia Securities Commission and the Alberta
Securities Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that personal information is being collected indirectly by the British Columbia Securities Commission and
Alberta Securities Commission under the authority granted to each in Applicable Securities Legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that personal information is being collected for the purposes of the administration and enforcement of the
securities legislation in British Columbia and Alberta;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that such Lender can contact: (i) the Manager, Financial and Insider Reporting at the British Columbia
Securities Commission at P.O. Box 10142, Pacific Centre, 701 West Georgia Street, Vancouver, BC V7Y 1L2, or by telephone at (604) 899- 6730 or (ii) FOIP Coordinator at the Alberta Securities Commission at Suite 600, 250 – 5th Street
SW Calgary, Alberta T2P 0R4 or by telephone at (403-297-6454) for information regarding the collection and use of personal information by the British Columbia Securities Commission; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that such Lender, and any beneficial purchaser for whom it is contracting hereunder, hereby authorizes the
indirect collection of personal information by the British Columbia Securities Commission and the Alberta Securities Commission.

**ARTICLE 7** 

**COVENANTS OF THE CREDIT PARTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Positive Covenants** 

While any Facility Indebtedness is outstanding or the Facility remains available to the Borrower, each Credit Party will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) duly and punctually pay or cause to be paid to the Agent and the Lenders all amounts payable hereunder, on the
dates, at the places, in the currency and in the manner mentioned herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide to the Agent (with sufficient copies for the Lenders) quarterly financial reports and such other
summaries as may be requested by the Agent from time to time, which reports will include the balance sheet, income statement, statement of aged trade payables, and costs incurred, together with any other reports that the Agent may require from time
to time, all in form and substance satisfactory to the Agent, in its reasonable discretion, provided that public disclosure of such reports shall constitute compliance with this covenant;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) permit the Agent to directly contact and communicate during regular business hours with any and all officers of
the Borrower from time to time by letter, telephone, email or in person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) timely file all documents that must be publicly filed or sent to its shareholders pursuant to Applicable
Securities Legislation within the time prescribed by such Applicable Securities Legislation and will make such documents available on the System for Electronic Document Analysis and Retrieval+ within such prescribed time period, and in the event
that the Borrower is not at any time subject to Applicable Securities Legislation, the Borrower will continue to provide to the Agent (with sufficient copies for the Lenders): (i) within 90 days after the end of each fiscal year, copies of its
audited annual financial statements, (ii) within 45 days after the end of each of the first three fiscal quarters of each fiscal year, interim financial statements which shall, at a minimum, contain such information required to be provided in
interim financial reports by a "reporting issuer" (as such term is defined in such Applicable Securities Legislation) under the Applicable Securities Legislation, together with all such operational and other reports as the Agent (in
accordance with the instructions of the Lenders) may require from time to time. Each of the reports referred to in the foregoing sentence will be prepared in accordance with disclosure requirements of Applicable Securities Legislation and IFRS as
applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) take all reasonable steps and actions as may be required: (i) to maintain the listing and posting for
trading of the Common Shares on the Exchange, provided that the Borrower may move its listing to any other stock exchange or market as is acceptable to the Agent (in accordance with the instructions of the Lenders, acting reasonably); and
(ii) to maintain its status as a "reporting issuer", or the equivalent thereof in compliance with the requirements of the Applicable Securities Legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) comply with all Applicable Securities Legislation, including, but not limited to, obtaining the approvals of
the Exchange, as required, in respect of the listing thereof; and forthwith after the issuance of the Securities, the Borrower will file such forms and documents as may be required under Applicable Securities Legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) continue to comply, in all material respects, with continuous disclosure obligations under Applicable
Securities Legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) promptly notify the Agent in writing upon becoming aware of: (i) any Default or Event of Default,
(ii) any material suit, proceeding or governmental investigation pending or, to the Borrower's knowledge, threatened in writing or any notification of any challenge to the validity of any Authorization, relating to the Borrower, any
Guarantor, any Project or any part of any Project or any of the Secured Assets or any of the Credit Parties' other material assets, (iii) any *force majeure* event under any document relating to any Project or any part of any Project
or any of the Secured Assets or any of the Credit Parties' other material assets, (iv) any suit, proceeding, demand, claim or governmental investigation or communication pending or, to the Borrower's knowledge, threatened, relating to
any Project or any part of any Project, and (v) any notice of default received in respect of any Material Project Document; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) take all reasonable steps and actions as may be required to maintain its corporate existence, obtain and
maintain all material Authorizations required or necessary in connection with its business, the Projects and each material part of each Project and the Secured Assets, and carry on and conduct its business in a reasonably proper and efficient
manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) keep or cause to be kept proper books of account and make or cause to be made therein true and complete entries
of all of its dealings and transactions in relation to its business in accordance with IFRS, and at all reasonable times will furnish or cause to be furnished to the Agent or its duly authorized agent or attorney such information relating to its
operations as the Agent (in accordance with the instructions of the Lenders) may request and such books of account shall be open for inspection by the Agent or such agent or attorney upon reasonable request during business hours and upon reasonable
prior notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) use the proceeds of the Facility only for the purposes set out in Section 2.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) ensure that each of the Security Documents to which it is a party will at all times constitute valid and
perfected first ranking security on all the Secured Assets, subject only to Permitted Encumbrances, and at all times take all actions necessary or reasonably requested to create, perfect and maintain the Security Interests granted pursuant to the
Security Documents as perfected first ranking security over the Secured Assets, subject only to Permitted Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) duly and punctually perform and carry out all of the covenants and acts or things to be done by it as provided
in this Agreement and each of the other Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) obtain, maintain and, as required, timely renew all required material governmental Authorizations and third
party approvals and consents for development and operation of each of the Projects and each part of each Project (as may be required for the then current state of development or operation of each Project), including but not limited to all
Authorizations required under applicable Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) comply in all material respects with all Applicable Law, including Environmental Laws and Applicable Securities
Legislation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) ensure that, at all times, the Credit Parties hold all present and after-acquired personal property now or
hereafter located at, on or about any of the Projects or any part of any Project or now or hereafter used or acquired for use primarily in connection with, primarily related to, or produced from any of the Projects or any part of any Project or any
business or operations thereat, and all proceeds thereof, except for (x) certain equipment currently owned or leased by the Credit Parties which is specifically described in a schedule to one of the Security Documents executed by the Borrower,
and (y) certain other equipment now or hereafter held by the Borrower which has a fair market value not exceeding [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) maintain or cause to be maintained the Secured Assets in good condition in accordance with industry standards,
ordinary wear and tear excepted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) pay and discharge or cause to be paid and discharged, promptly when due, all Taxes imposed upon it or in
respect of any of its assets or upon the income or profits therefrom as well as all claims of any kind (including claims for labour, materials, supplies and rent) which, if unpaid, might become a lien thereupon; provided however, that it shall not
be required to pay or cause to be paid any such Tax or claim if the amount, applicability or validity thereof shall concurrently be contested in good faith by appropriate proceedings diligently conducted with appropriate reserves in accordance with
IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) promptly pay or make provisions satisfactory to the Agent (in accordance with the instructions of the Lenders)
for the payment of any additional amounts, including Taxes and charges which may be imposed on the Borrower or any Guarantor by the laws of Canada or the United States or any state, province, territory or other jurisdiction thereof (except income
tax or security transfer tax, if any), which shall be payable with respect to the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) cause all necessary and proper steps to be taken diligently to protect and defend the Secured Assets and the
proceeds thereof against any material adverse claim or demand (other than Permitted Encumbrances), including without limitation, the employment or use of counsel for the prosecution or defence of litigation and the contest, settlement, release or
discharge of any such claim or demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) as may be required by the Agent (in accordance with the instructions of the Lenders) from time to time, execute
and deliver such further and other documents and do all matters and things which are necessary to carry out the intention and provisions of this Agreement, all at the cost of the Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) promptly provide to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the event a Credit Party or ERISA Affiliate gives or is required to give notice to the PBGC of any
Reportable Event with respect to any Plan, or knows that the plan administrator of any Plan has given or is required to give notice of any such Reportable Event, a copy of the notice of such Reportable Event given or required to be given to the
PBGC;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event a Credit Party or ERISA Affiliate receives notice of complete or partial withdrawal liability
under Title IV of ERISA or notice that any Multiemployer Plan is in reorganization, is insolvent or has been terminated, a copy of such notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event a Credit Party or ERISA Affiliate receives notice from the PBGC under Title IV of ERISA of an
intent to terminate, impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or appoint a trustee to administer, any Plan, a copy of such notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the event a Credit Party or ERISA Affiliate applies for a waiver of the minimum funding standard under the
Pension Funding Rules, a copy of such application;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the event a Credit Party or ERISA Affiliate gives notice of intent to terminate any Plan under
Section 4041(c) of ERISA or withdraw from any Plan pursuant to Section 4063 of ERISA, a copy of such notice and other information filed with the PBGC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) upon the occurrence of any ERISA Event or in the event a Credit Party or ERISA Affiliate fails to make any
payment or contribution to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement or makes any amendment to any Plan or Benefit Arrangement which has resulted or could result in the imposition of a Security Interest or the posting
of a bond or other security, a certificate of the chief financial officer or the chief accounting officer of the Credit Party setting forth details as to such occurrence and action, if any, which the Credit Party or ERISA Affiliate is required or
proposes to take; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) in the event a Credit Party or ERISA Affiliate determines that any Pension Plan is considered an at-risk plan
or a plan in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA, a certification of funding status from the enrolled actuary for the Pension Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) without limiting the generality of Section 7.1(l) or the provisions of any Security Document to which any
Credit Party is, from time to time, party, deliver such further security documents as the Agent may from time to time reasonably request with respect to any of the Secured Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Borrower and its Subsidiaries will at all times comply with all International Trade Laws in all respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the Credit Parties, on a consolidated basis, shall at all times during the term of this Agreement, maintain
minimum working capital of [\*\*\*], calculated as (i) the sum of cash on hand and trade receivables outstanding for less than 30 days, less (ii) trade payables, and the Borrower shall provide the Agent with evidence thereof upon written
request;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) in connection with the Shootaring Canyon Mill Surety Bond, the applicable Credit Parties shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) inform the Agent immediately of any change to the estimated reclamation costs related to the Shootaring Canyon
uranium mill site, or the requisite value of the Shootaring Canyon Mill Surety Bond, or of the receipt of any notice from Utah Division of WM & Radiation Control in connection with the Shootaring Canyon Mill Surety Bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ensure that the Shootaring Canyon Mill Surety Bond remains in effect and in good standing and meets all
requirements of the Utah Division of WM & Radiation Control and all Applicable Laws, and inform the Agent immediately of any breach of the terms of the general agreement of indemnity, or any other agreement, between any Shootaring Surety
and a Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ensure that the deposit and security required by the Shootaring Surety has been provided by the applicable
Credit Parties and is in good standing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) pay all indebtedness and liabilities required to be paid by such Credit Parties to the Shootaring Surety when
due, including all premiums; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) promptly notify the Agent of any event of default under any agreement for Indebtedness with an outstanding
principal amount greater than [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Negative Covenants** 

Each Credit Party hereby covenants and agrees with the Agent and the Lenders that, except with the prior written consent of the Agent, it will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) directly or indirectly issue, incur, assume or otherwise become liable for or in respect of any Indebtedness
other than Permitted Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) directly or indirectly create, incur, assume, permit or suffer to exist any Security Interest or other
encumbrances whatsoever against any of its properties or assets other than Permitted Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convey, sell, lease, assign, transfer or otherwise dispose of any Secured Assets outside of the ordinary course
of business without the prior written consent of the Agent, except that it may, without the Agent's consent, dispose of any obsolete or surplus equipment, vehicles and other assets, provided that the fair market value of such obsolete or
surplus equipment, vehicles and other assets, when aggregated with the fair market value of all other Secured Assets conveyed sold, leased, assigned, transferred or otherwise disposed of outside of the ordinary course of business since the date of
this Agreement, does not exceed an aggregate of [\*\*\*] for the Credit Parties taken as a whole;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) allow any Secured Assets to be located outside of the Province of British Columbia or the States of Arizona,
South Dakota, Colorado, New Mexico, Utah and Wyoming, or Secured Assets which are goods in transit or otherwise ordinarily used in more than one jurisdiction and excluding certificates representing shares in the Subsidiaries pledged by the Borrower
in favour of the Agent, which may be held by the Agent outside of the jurisdictions listed in this paragraph;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) enter into any scheme for the reconstruction or reorganization of such Credit Party or for the consolidation,
amalgamation, merger or similar transaction of it with or into any other Person without the prior written consent of the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) take any corporate action to effect a share consolidation or stock split, without the prior written consent of
the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) make any prepayment on, purchase, defease, redeem, prepay, decrease or otherwise acquire or retire for value
(except for any scheduled final maturity payment, scheduled repayment or scheduled sinking fund payment or other mandatory payment, in each case when due) any Indebtedness other than (unless otherwise restricted by this Agreement or any
subordination, postponement or intercreditor agreement to which the Agent or Lenders are party with respect to the Credit Parties) any Permitted Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) purchase, redeem, retire or otherwise acquire for cash any securities (equity or other), or purchase or
otherwise acquire all or substantially all of the assets of any other Person (other than a Credit Party) or of a division or unit of any such Person without the prior written consent of the Agent (in accordance with the instructions of the Lenders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have outstanding or make any loan or advance to, or have or make any Investment in, any other Person, except
Permitted Investments, or suffer to exist any such loan, advance or Investment, or any obligation to make such loan, advance or Investment, except (i) the Facility, (ii) loans between the Borrower and its Subsidiaries and
(iii) Permitted Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or
purchase assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Borrower (an "**Affiliate Transaction** "), other
than;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an Affiliate Transaction on terms that are no less favourable than those that would have been obtained in a
comparable arm's-length transaction with a Person who is not a "related person", as such term is defined in the *Bankruptcy and Insolvency Act* (Canada);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any payments by a Subsidiary to the Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Affiliate Transaction between any Credit Parties;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) make any payments to management or employees that is inconsistent with historical practices with respect to
compensation or existing contractual obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) make any material amendment to any of its Constating Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) change its name, its fiscal year or its jurisdiction of formation or incorporation, as applicable, without
first providing fifteen (15) Business Days notice to the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) declare or provide for any dividends, distributions or other payments based on share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) make any disbursements with respect to Indebtedness that is not Permitted Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) make any material payments to shareholders (or members or partners), affiliates or executives other than, for
avoidance of doubt, any Credit Party, other than commercially reasonable salaries, consulting fees and employment bonuses that are consistent with past company practices, without the prior written consent of the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) guarantee the obligations of any other Person, directly or indirectly, other than obligations of the Credit
Parties permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) enter into or become party or subject to any dissolution, winding-up, reorganization or similar transaction or
proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) engage in the conduct of any business other than the business of the Credit Parties as existing on the date of
this Agreement or in businesses reasonably related thereto on a basis consistent with the conduct of such business as conducted on the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) establish, participate in, or incur any additional obligation in respect of, a Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) incur any obligation to contribute to any Multiemployer Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) maintain, administer, contribute or have any liability in respect of any Canadian Pension Plan (including
Canadian Defined Benefit Plan) or acquire an interest in any Person if such Person sponsors, maintains, administers or contributes to, or has any liability in respect of, any Canadian Pension Plan or Canadian Defined Benefit Plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) allow Equinox Exploration Holding Corp. to (i) engage in any business activities or conduct any
operations, other than maintaining its corporate existence, (ii) own any assets, (iii) have any Subsidiaries, or (iv) have or incur any liabilities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** **Reimbursement of Expenses** 

The Borrower will pay for the Agent's reasonable and documented out-of-pocket legal fees (on a solicitor and own client basis) and all other reasonable and documented out-of-pocket costs, charges and expenses (including all due diligence expenses) of and incidental to the preparation, execution and completion of this Agreement and all other Facility Documents, all as may be reasonably required by the Agent, to complete this transaction (and regardless of whether the Advance is made), and will also pay for the reasonable expenses of the Agent (previously paid by the Lenders). The Borrower further covenants and agrees to pay all of the Agent's and the Lenders' reasonable and document out-of-pocket legal fees (on a solicitor and own client basis) and all other costs, charges and expenses of and incidental to the recovery of all amounts owing hereunder and under the other Facility Documents and to otherwise enforce the Agent's and the Lenders' rights and to collect all amounts due and to realize on the collateral under the Facility Documents, including but not limited to the enforcement of the Security Documents granted hereunder or which otherwise secures repayment of the Facility. All amounts will be payable upon presentment of an invoice. If not paid within 30 days of presentment of an invoice, such amounts will be added to and form part of the principal amount of the Facility and shall accrue interest from the date of presentment of the invoice as if it had been advanced by the Lenders (according to their Pro Rata Shares) to the Borrower hereunder on such date. The Borrower has deposited with the Agent a retainer of C$40,000. All such retainer monies will be refundable if and to the extent not required to pay the amounts payable pursuant to the first sentence of this Section 7.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4** **Agent May Perform Covenants** 

If the Borrower or any other Credit Party shall fail to perform any of its respective covenants contained in this Agreement or any of the other Facility Documents, the Agent, upon becoming aware of such failure, may (in accordance with the instructions of the Lenders), but need not, itself perform any of such covenants capable of being performed by it, but is under no obligation to do so. All reasonable sums so required to be paid by the Agent in connection with the Agent's performance of any covenant will be added to and form part of the principal amount of the Facility and shall accrue interest from the date so paid by the Agent as if the same had been advanced by the Lenders (in their respective Pro Rata Shares) to the Borrower hereunder on such date. No such performance by the Agent of any such covenant or payment or expenditure by the Borrower of any sums advanced or borrowed by the Agent pursuant to the foregoing provisions shall be deemed to relieve the Borrower from any default hereunder or its continuing obligations hereunder.

**ARTICLE 8**

**DEFAULT AND ENFORCEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Events of Default** 

The occurrence of any one or more of the following events shall constitute an "**Event of Default**" hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Borrower defaults in payment of any amount payable hereunder, and such default continues for a period of
two (2) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Borrower or any Guarantor defaults in observing or performing any covenant or condition of this
Agreement or any other Facility Document on its part to be observed or performed (other than a covenant or condition whose breach or default in performance is specifically dealt with elsewhere in this Section 8.1) and, with respect to such
covenants or conditions which are capable of rectification, if such default continues for a period of twenty (20) days after notice in writing has been given to the Borrower by the Agent specifying such default and requiring the Borrower to
rectify the same;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if any one or more of the Facility Documents ceases to be in full force and effect or if any Security Document
ceases to constitute a valid and perfected first priority perfected Security Interest (subject only to Permitted Encumbrances) upon all the Secured Assets it purports to charge or encumber, in favour of the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any act of expropriation, nationalization or other similar event or circumstance affecting any of the Secured
Assets that (in the reasonable opinion of the Agent) results in or could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in connection with the Shootaring Canyon Mill Surety Bond, (i) the issuance of any notice of default
deficiency, or termination, demand for payment, threat of litigation, suit, writ, judgment or any other form of notice claim or demand, that results in or could reasonably be expected to result in a Material Adverse Effect is issued, or
(ii) failure to maintain the Shootaring Canyon Mill Surety Bond in good standing or to materially comply with the Credit Parties' obligations to the Shootaring Surety in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the institution by the Borrower or any Guarantor of proceedings to be adjudicated a bankrupt or insolvent or
any similar proceedings or the consent by it to the institution of bankruptcy or insolvency proceedings or any similar proceedings against it or the filing by it of a petition or answer or consent seeking liquidation, reorganization or relief under
any applicable federal, provincial or state law relating to bankruptcy, insolvency, reorganization or relief of debtors, or the consent by it to the filing of any such petition or to the appointment under any such law of a receiver,
receiver-manager, liquidator, assignee, trustee, sequestrator or other similar official of the Borrower or any Guarantor or of all or substantially all of its property (unless the same is being contested actively and diligently in good faith by
appropriate and timely proceedings and is dismissed, vacated or permanently stayed within thirty (30) days), or the making by it of a general assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its
debts generally as they become due or anything analogous in a Relevant Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the entry of a decree or order by a court having jurisdiction adjudging the Borrower or any Guarantor a
bankrupt or insolvent or approving as properly filed an application or a petition seeking liquidation, reorganization, arrangement or adjustment of or in respect of the Borrower or any Guarantor under any Applicable Law relating to bankruptcy,
insolvency, reorganization or relief of debtors, or appointing under any such law a receiver, receiver-manager, liquidator, assignee, trustee, sequestrator or other similar official of the Borrower or any Guarantor or of all or substantially all of
its property, or ordering pursuant to any such law the winding-up or liquidation of its affairs, and the continuance of any such decree or order unvacated and unstayed and in effect for a period of 30 consecutive days or anything analogous in a
Relevant Jurisdiction;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any proceedings are commenced for the bankruptcy, insolvency, reorganization, winding-up, liquidation or
dissolution or any similar proceedings of the Borrower or any Guarantor or any decree, order or approval for such bankruptcy, insolvency, reorganization, winding-up, liquidation or dissolution is issued or entered, unless the Borrower or such
Guarantor in good faith actively and diligently contests such proceedings, decree, order or approval, resulting in a dismissal or stay thereof within 30 days of commencement or anything analogous in a Relevant Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a resolution is passed for the winding-up, dissolution or liquidation of the Borrower or any Guarantor or any
of the same occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) this Agreement or any other Facility Document shall for any reason, or is claimed by the Borrower or any
Guarantor to, cease in whole or in any part to be a legal, valid, binding and enforceable obligation of the Borrower or such Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Borrower or any Guarantor defaults on any of its Indebtedness with a principal amount greater than [\*\*\*],
the effect of which is to accelerate such Indebtedness, or to cause such Indebtedness to be declared to be due and payable prior to its stated maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any representation or warranty given by the Borrower or any Guarantor in this Agreement or any other Facility
Document shall prove to be incorrect or misleading in any material respect as at the date on which it was made and, if the circumstances giving rise to the incorrect or misleading misrepresentation or warranty are capable of modification or
rectification (such that, thereafter the representation or warranty would be correct and not misleading), the representation or warranty remains incorrect or misleading at the end of a period of 30 days from the date the Borrower or such Guarantor
becomes aware of such incorrect or misleading misrepresentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the occurrence or existence of any event or circumstance which has or could reasonably be expected to have a
Material Adverse Effect (in the reasonable opinion of the Agent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any destruction or abandonment of any of the Projects or any material part of any Project which destruction or
abandonment causes any material reduction in the valuation thereof or material delay of its development or the achievement of commercial production, other than the relinquishment or abandonment of a part of a Project to the extent required by
Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) one or more final judgments or decrees for the payment of money in excess of [\*\*\*], are rendered against the
Credit Parties or any of them by a court of competent jurisdiction, and the same is not paid in full when due;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any Credit Party or ERISA Affiliate shall fail to pay when due an amount or amounts aggregating in excess of
[\*\*\*] which it shall have become liable to pay under Title IV of ERISA; notice of intent to terminate a Plan or Plans having aggregate Unfunded Liabilities in excess of [\*\*\*] shall be filed under Title IV of ERISA by any Credit Party or ERISA
Affiliate, any plan administrator or any combination of the foregoing; the PBGC shall institute proceedings under Title IV of ERISA to terminate, to impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or to
cause a trustee to be appointed to administer, any Plan or Plans having aggregate Unfunded Liabilities in excess of [\*\*\*]; or a condition shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Plan or
Plans having aggregate Unfunded Liabilities in excess of [\*\*\*] must be terminated; any Pension Plan is considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303,
304 and 305 of ERISA; there occurs a complete or partial withdrawal from, or a default, within the meaning of Section 4219(c)(5) of ERISA, with respect to, one or more Multiemployer Plans, which could cause one or more Credit Party or ERISA
Affiliate to incur a current payment; any ERISA Event occurs with respect to any Pension Plan or any Multiemployer Plan and the then current value of the accumulated benefit obligation of such Pension Plan or Multiemployer Plan exceeds the then
current value of the assets of such Pension Plan or Multiemployer Plan available for the payment of such benefit liabilities by more than [\*\*\*] (or in the case of an ERISA Event involving the withdrawal of a substantial employer, the withdrawing
employer's proportionate share of such excess exceeds such amount); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) (i) any Authorization required under Environmental Laws which is a Material Project Document has been
terminated or surrendered by any Credit Party, or (ii) any Authorization required under Environmental Laws which is a Material Project Document is either (1) terminated, voided, vacated, rejected or otherwise invalidated by any
Governmental Authority or (2) to the extent that such action would have a Material Adverse Effect, is modified, limited, or partially terminated, voided, vacated, rejected or otherwise invalidated by any Governmental Authority, and any such
terminating, voiding, vacating, rejecting, invalidating, modifying, or limiting in the case of either (1) or (2) is either (i) not subject to any further appeal on terms that would allow the Credit Parties to continue to operate any
of the Projects or relevant part of any Project pending appeal, according to the terms of the Authorization as issued or (ii) the Credit Parties fail to preserve and pursue any such appeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Acceleration on Event of Default** 

If any Event of Default shall occur and be continuing, the Agent (in accordance with the instructions of the Lenders) may (i) by notice (a "**Default Notice**") to the Borrower, (A) declare the Lenders' commitments to advance any unadvanced portion of the Facility to be terminated, whereupon the same shall forthwith terminate, and (B) declare the entire unpaid principal amount of the Facility, all interest accrued and unpaid thereon and all other fees, charges and costs hereunder to be forthwith due and payable, whereupon the Facility, all such accrued interest and all other fees, charges and costs hereunder shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower, provided that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the *Bankruptcy and Insolvency Act* (Canada), the *Companies Creditors Arrangement Act* (Canada) or the *Winding-up and Restructuring Act* (Canada), or any substantially similar legislation under the laws of the United States (including, without limitation, the United States Bankruptcy Code), providing for any form of creditor protection, the result of which would otherwise occur only upon giving of notice by the Agent to the Borrower under this Section 8.2, shall occur automatically without the giving of any such notice; and (ii) whether or not the actions referred to in paragraph (i) have been taken, (Y) exercise any or all of the Agent's rights and remedies under the Security Documents, and (Z) proceed to enforce all other rights and remedies available to the Agent under this Agreement, the other Facility Documents and Applicable Law; provided, further, however, for the avoidance of doubt, no Default Notice is required in order for the Agent to take any action described herein if the Event of Default arises out of any of the events described in paragraphs 8.1(f), (g), (h) or (i).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3** **Waiver of Default** 

If a Default or an Event of Default shall have occurred, the Agent (in accordance with the instructions of the Lenders), so long as it has not become bound to institute any proceedings hereunder, shall have the power to waive any such Default or Event of Default hereunder if, in the opinion of the Lenders, the same shall have been cured or adequate provision made therefor, upon such terms and conditions as the Lenders may consider advisable, provided that no delay or omission of the Agent (or of the Lenders to provide instructions with respect to the same) to exercise any right or power accruing upon any Default or Event of Default shall impair any such right or power or shall be construed to be a waiver of any such Default or Event of Default or acquiescence therein and provided further that no act or omission of the Agent (or of the Lenders) shall extend to or be taken in any manner whatsoever to affect any subsequent Default or Event of Default hereunder or the rights resulting therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4** **Enforcement by the Agent** 

If an Event of Default shall have occurred, and while it is continuing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent may (in accordance with the instructions of the Lenders) proceed to enforce, and to instruct any
other Person to enforce, the rights of the Agent and the Lenders by any action, suit, remedy or proceeding authorized or permitted by this Agreement or any of the other Facility Documents or by law or equity; and may file such proofs of claim and
other papers or documents as may be necessary or advisable in order to have the claims of the Agent and the Lenders proven in any bankruptcy, insolvency, winding-up or other judicial proceedings relating to the Borrower and the other Credit Parties;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no such remedy for the enforcement of the rights of the Agent and the Lenders shall be exclusive of or
dependent on any other such remedy but any one or more of such remedies may from time to time be exercised independently or in combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5** **Set-Off** 

In addition to any rights now or hereafter granted under Applicable Law, and not by way of limitation of any such rights, the Agent and each Lender is authorized, at any time that an Event of Default has occurred and is continuing without notice to the Credit Parties or to any other Person, any such notice being expressly waived by the Credit Parties, to set off, appropriate and apply any and all deposits, matured or unmatured, general or special, and any other indebtedness at any time held by or owing by the Agent or such Lender, as the case may be, to or for the credit of or the account of any of the Credit Parties against and on account of the obligations and liabilities of the Borrower which are due and payable to the Agent or such Lender, as the case may be, under the Facility Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6** **Agent Appointed Attorney** 

To the extent permitted by Applicable Law, each Credit Party irrevocably appoints the Agent to be the attorney of such Credit Party in the name and on behalf of such Credit Party to execute any instruments and do any things which such Credit Party ought to execute and do, and has not executed or done, under the covenants and provisions contained in this Agreement and generally to use the name of such Credit Party in the exercise of all or any of the powers hereby conferred on the Agent with full powers of substitution and revocation. Such power of attorney, being coupled with an interest, is irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7** **Remedies Cumulative** 

No remedy herein conferred upon or reserved to Agent or the Lenders is intended to be exclusive of any other remedy, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or under any other Facility Document or now or hereafter existing by law or by statute.

**ARTICLE 9** 

**AGENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Appointment and Authorization of Agent** 

Each Lender hereby appoints and authorizes, and hereby agrees that it will require any assignee of any of its interests in the Facility Documents (other than the holder of a participation in its interests herein or therein) to appoint and authorize, the Agent to take such actions as agent on its behalf and to exercise such powers under the Facility Documents as are delegated to the Agent by such Lender by the terms hereof, together with such powers as are reasonably incidental thereto. Neither the Agent nor any of its directors, officers, employees or agents shall be liable to any of the Lenders for any action taken or omitted to be taken by it or them hereunder or thereunder or in connection herewith or therewith, except for its own gross negligence or willful misconduct and each Lender hereby acknowledges that the Agent is entering into the provisions of this Section 9.1 on its own behalf and as agent and trustee for its directors, officers, employees and agents. The Agent holds each Security Document for the benefit of each Lender from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Interest Holders** 

The Agent may treat each Lender set forth in Schedule A hereto or the Person designated in the last notice delivered to it under Article 10 as the holder of all of the interests of such Lender under the Facility Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3** **Consultations with Counsel** 

The Agent may consult with Lenders' Counsel and shall not be liable for any action taken or not taken or suffered by it in good faith and in accordance with the advice and opinion of such counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4** **Documents** 

The Agent shall not be under any duty to the Lenders to examine, enquire into or pass upon the validity, effectiveness or genuineness of the Facility Documents or any instrument, document or communication furnished pursuant to or in connection with the Facility Documents and the Agent shall, as regards the Lenders, be entitled to assume that the same are valid, effective and genuine, have been signed or sent by the proper parties and are what they purport to be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5** **Responsibility of Agent** 

The duties and obligations of the Agent to the Lenders under the Facility Documents are only those expressly set forth herein. The Agent shall not have any duty to the Lenders to investigate whether a Default or an Event of Default has occurred. The Agent shall, as regards the Lenders, be entitled to assume that no Default or Event of Default has occurred and is continuing unless the Agent has actual knowledge or has been notified by a Credit Party of such fact or has been notified by a Lender that such Lender considers that a Default or Event of Default has occurred and is continuing, such notification to specify in detail the nature thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.6** **Action by Agent** 

The Agent shall be entitled to use its discretion with respect to exercising or refraining from exercising any rights which may be vested in it on behalf of the Lenders by and under this Agreement; provided, however, that the Agent shall not exercise any rights under Section 8.2 or under any guarantee or other Security Documents or expressed to be on behalf of or with the consent or approval of or in accordance with the instructions of the Lenders without the request, consent or instructions of the Lenders. Furthermore, any rights of the Agent expressed to be on behalf of or with the consent or approval of or in accordance with the instructions of the Lenders shall be exercised by the Agent upon the request or instructions of the Lenders. The Agent shall incur no liability to the Lenders under or in respect of any of the Facility Documents with respect to anything which it may do or refrain from doing in the reasonable exercise of its judgment or which may seem to it to be necessary or desirable in the circumstances, except for its gross negligence or willful misconduct. The Agent shall in all cases be fully protected in acting or refraining from acting under any of the Facility Documents in accordance with the instructions of the Lenders and any action taken or failure to act pursuant to such instructions shall be binding on all Lenders. In respect of any notice by or action taken by the Agent hereunder, no Credit Party shall at any time be obliged to enquire as to the right or authority of the Agent to so notify or act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7** **Notice of Events of Default** 

In the event that the Agent shall acquire actual knowledge or shall have been notified of any Default or Event of Default, the Agent shall promptly notify the Lenders and shall take such action and assert such rights under Section 8.2 of this Agreement and under the other Facility Documents as the Lenders shall request in writing and the Agent shall not be subject to any liability by reason of its acting pursuant to any such request. If the Lenders shall fail for five Business Days after receipt of the notice of any Default or Event of Default to request the Agent to take such action or to assert such rights under any of the Facility Documents in respect of such Default or Event of Default, the Agent may, but shall not be required to, and subject to subsequent specific instructions from the Lenders, take such action or assert such rights (other than rights under Section 8.2 of this Agreement or under the other Facility Documents and other than giving an express waiver of any Default or any Event of Default) as it deems in its discretion to be advisable for the protection of the Lenders except that, if the Lenders have instructed the Agent not to take such action or assert such rights, in no event shall the Agent act contrary to such instructions unless required by law to do so.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.8** **Responsibility Disclaimed** 

The Agent shall be under no liability or responsibility whatsoever as agent hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any Credit Party or any other Person as a consequence of any failure or delay in the performance by, or any
breach by, any Lender or Lenders of any of its or their obligations under any of the Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any Lender or Lenders as a consequence of any failure or delay in performance by, or any breach by, any
Credit Party of any of its obligations under any of the Facility Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any Lender or Lenders for any statements, representations or warranties in any of the Facility Documents or
in any other documents contemplated hereby or thereby or in any other information provided pursuant to any of the Facility Documents or any other documents contemplated hereby or thereby or for the validity, effectiveness, enforceability or
sufficiency of any of the Facility Documents or any other document contemplated hereby or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.9** **Indemnification** 

The Lenders agree to indemnify the Agent (to the extent not reimbursed by the Credit Parties), pro rata based on their respective Exposures, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any nature whatsoever which may be imposed on, incurred by or asserted against the Agent in any way relating to or arising out of any of the Facility Documents or any other document contemplated hereby or thereby or any action taken or omitted by the Agent under any of the Facility Documents or any document contemplated hereby or thereby, except that no Lender shall be liable to the Agent for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the gross negligence or willful misconduct of the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.10** **Credit Decisions** 

Each Lender represents and warrants to the Agent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in making its decision to enter into this Agreement and to make its Pro Rata Share of the Facility available to
the Borrower, it is independently taking whatever steps it considers necessary to evaluate the financial condition and affairs of the Credit Parties and that it has made an independent credit judgment without reliance upon any information furnished
by the Agent; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) so long as any portion of the Facility is being utilized by the Borrower, it will continue to make its own
independent evaluation of the financial condition and affairs of the Credit Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11** **Successor Agent** 

Subject to the appointment and acceptance of a successor Agent as provided below, the Agent may resign at any time by giving 30 days written notice thereof to the Borrower and the Lenders. Upon any such resignation, the Lenders, with the prior written consent of the Borrower (which consent shall not be required (a) if the successor Agent is an Affiliate or Subsidiary of the Agent on the date hereof or (b) for so long as an Event of Default has occurred and is continuing), shall have the right to appoint a successor Agent who shall be one of the Lenders unless none of the Lenders wishes to accept such appointment. If no successor Agent shall have been so appointed and shall have accepted such appointment by the time of such resignation, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent. Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges, duties and obligations of the retiring Agent (in its capacity as Agent but not in its capacity as a Lender) and the retiring Agent shall be discharged from its duties and obligations hereunder (in its capacity as Agent but not in its capacity as a Lender). After any retiring Agent's resignation hereunder as the Agent, provisions of this Article 9 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.12** **Delegation by Agent** 

The Agent shall have the right to delegate any of its duties or obligations hereunder as Agent to any Affiliate of the Agent so long as the Agent shall not thereby be relieved of such duties or obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.13** **Waivers and Amendments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Sections 9.13(b) and (c), any term, covenant or condition of any of the Facility Documents may only
be amended with the prior consent of the Credit Parties party thereto and the Lenders or compliance therewith may be waived (either generally or in a particular instance and either retroactively or prospectively) by the Agent with the consent of the
Lenders and in any such event the failure to observe, perform or discharge any such covenant, condition or obligation, so amended or waived (whether such amendment is executed or such consent or waiver is given before or after such failure), shall
not be construed as a breach of such covenant, condition or obligation or as a Default or Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With the prior written consent of all the Lenders (and not otherwise), any amendment of or waiver with respect
to any provision of any Facility Document, as applicable, may act to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) increase the amount of the Facility;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) extend the Maturity Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) extend the time for the payment of interest on Advances or of standby fees, forgive any portion of principal
thereof, reduce the stated rate of interest thereon or applicable standby fees or amend the requirement of pro rata application of all amounts received by the Agent in respect of the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) waive any conditions precedent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) reduce the stated amount or postpone the date for payment of fees or other amounts to be paid in respect of the
Facility,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) permit any subordination of any of the Facility Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) release or discharge any guarantee or, except as otherwise permitted pursuant to Section 9.21, other
Security Documents, in whole or in part; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) alter the terms of this Section 9.13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No amendment to or waiver of any provision hereof to the extent it affects the rights or obligations of the
Agent shall be effective without the prior written consent of the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No amendment of this Agreement which would change the Individual Commitment of a Lender shall be effective
without the prior written consent of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.14** **Delegation by Agent Conclusive and Binding** 

Any determination to be made by the Agent on behalf of or with the approval of the Lenders in accordance with this Agreement shall be made by the Agent in good faith and, if so made, shall be binding on all parties, absent manifest error. The Credit Parties are entitled to assume that any action taken by the Agent under or in connection with any Facility Document has been appropriately authorized by the Lenders pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.15** **Adjustments among Lenders after Acceleration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Lenders agree that, at any time after all indebtedness of the Borrower to the Lenders pursuant hereto has
become immediately due and payable pursuant to Section 8.2 or after the cancellation or termination of the Facility, they will at any time or from time to time upon the request of any Lender through the Agent purchase portions of the availments
made available by the other Lenders which remain outstanding, and make any other adjustments which may be necessary or appropriate, in order that the amounts of the availments made available by the respective Lenders which remain outstanding, as
adjusted pursuant to this Section 9.15, will be in the same proportions as their respective Pro Rata Shares thereof with respect to the Facility immediately prior to such acceleration, cancellation or termination.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Lenders agree that, at any time after all Indebtedness of the Borrower to the Lenders pursuant hereto has
become immediately due and payable pursuant to Section 8.2 or after the cancellation or termination of the Facility, the amount of any payment made by the Credit Parties under this Agreement, and the amount of any proceeds of the exercise of
any rights or remedies of the Lenders under the Facility Documents, which are to be applied against amounts owing hereunder as principal, will be so applied in a manner such that to the extent possible, the availments made available by the Lenders
which remain outstanding, after giving effect to such application, will be in the same proportions as their respective Pro Rata Shares thereof with respect to the Facility immediately prior to the cancellation or termination thereof immediately
prior to such acceleration, cancellation or termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For greater certainty, the Lenders acknowledge and agree that without limiting the generality of the provisions
of paragraphs (a) and (b) above, such provisions will have application if and whenever any Lender shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of set-off, compensation, or otherwise), other
than on account of any monies owing or payable by the Borrower to it under the Facility Documents in excess of its pro rata share of payments on account of monies owing by the Borrower to all the Lenders thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Credit Parties agree to be bound by and to do all things necessary or appropriate to give effect to any and
all purchases and other adjustments made by and between the Lenders pursuant to this Section 9.15.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.16** **Redistribution of Payment** 

If a Lender shall receive payment of a portion of the aggregate amount of principal, interest and standby fees due to it hereunder including by way of set-off pursuant to Section 8.5 which is greater than the proportion received by any other Lender in respect of the aggregate amount of principal, interest and standby fees due in respect of the Facility (having regard to the respective Individual Commitments of the Lenders), the Lender receiving such proportionately greater payment shall purchase a participation (which shall be deemed to have been done simultaneously with receipt of such payment) in that portion of the aggregate outstanding credit of the other Lender or Lenders so that the respective receipts shall be pro rata to their respective Exposures; provided, however, that if all or part of such proportionately greater payment received by such purchasing Lender shall be recovered from the Borrower, such purchase shall be rescinded and the purchase price paid for such participation shall be returned by such selling Lender or Lenders to the extent of such recovery, but without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.17** **Distribution of Notices** 

Except as otherwise expressly provided herein, promptly after receipt by the Agent of any notice or other document which is delivered to the Agent hereunder on behalf of the Lenders, the Agent shall provide a copy of such notice or other document to each of the Lenders; provided, however, that a copy of any such notice delivered at any time during the continuance of an Event of Default shall be delivered by the Agent to each of the Lenders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.18** **Other Security Not Permitted** 

None of the Lenders shall be entitled to enjoy any Lien with respect to any of the Secured Assets other than the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.19** **Discharge of Security** 

To the extent a sale or other disposition of the Secured Assets is permitted pursuant to the provisions hereof, the Lenders hereby authorize the Agent, at the cost and expense of the Borrower, to execute such discharges and other instruments which are necessary for the purposes of releasing and discharging the Security therein or for the purposes of recording the provisions or effect thereof in any office where the Security Documents may be registered or recorded or for the purpose of more fully and effectively carrying out the provisions of this Section 9.19.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.20** **Decision to Enforce Security** 

Upon the Security becoming enforceable in accordance with its terms, the Agent shall promptly so notify each of the Lenders. Any Lender may thereafter provide the Agent with a written request to enforce the Security. Forthwith after the receipt of such a request, the Agent shall seek the instructions of the Lenders as to whether the Security should be enforced and the manner in which the Security should be enforced. In seeking such instructions, the Agent shall submit a specific proposal to the Lenders. From time to time, any Lender may submit a proposal to the Agent as to the manner in which the Security should be enforced and the Agent shall submit any such proposal to the Lenders for approval of the Lenders. If the Lenders instruct the Agent to enforce the Security, each of the Lenders agree to accelerate the Facility Indebtedness owed to it to the extent permitted under the relevant Facility Document and in accordance with the relevant Facility Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.21** **Enforcement** 

The Agent reserves the sole right to enforce, or otherwise deal with, the Security and to deal with the Credit Parties in connection therewith; provided, however, that the Agent shall so enforce, or otherwise deal with, the Security as the Lenders shall instruct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.22** **Application of Cash Proceeds to Realization** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Proceeds of Realization not in the form of cash shall be forthwith delivered to the Agent and disposed of,
or realized upon, by the Agent in such manner as the Lenders may approve so as to produce Cash Proceeds of Realization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the claims, if any, of secured creditors of the Credit Parties whose security ranks in priority to
the Security, all Cash Proceeds of Realization shall be applied and distributed, and the claims of the Agent and the Lenders shall be deemed to have the relative priorities which would result in the Cash Proceeds of Realization being applied and
distributed, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) firstly, to the payment of all outstanding fees due to the Agent hereunder and all reasonable costs and
expenses incurred by the Agent (including all legal fees and disbursements) in the exercise of all or any of the powers granted to it hereunder or under the guarantees and other Security Documents and in payment of all of the remuneration of any
Receiver and all costs and expenses properly incurred by such Receiver (including all legal fees and disbursements) in the exercise of all or any powers granted to it under the Security Documents;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) secondly, in payment of all amounts of money borrowed or advanced by the Agent or such Receiver pursuant to the
Security Documents and any interest thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) thirdly, to the payment of the Facility Indebtedness (including, where applicable, to the provision of cash
collateral in respect of any Facility Indebtedness which has not then matured, for application against the same once it has matured) to the respective Lenders pro rata based on their respective Exposures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the balance, if any, in accordance with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.23** **Collective Action of Lenders** 

Each of the Lenders hereby acknowledges that to the extent permitted by Applicable Law, any collateral security and the remedies provided under the Facility Documents to the Lenders are for the benefit of the Lenders collectively and acting together and not severally and further acknowledges that its rights hereunder and under any collateral security are to be exercised not severally, but by the Agent upon the decision of the Lenders. Accordingly, notwithstanding any of the provisions contained herein or in any collateral security, each of the Lenders hereby covenants and agrees that it shall not be entitled to take any action hereunder or thereunder including any declaration of default hereunder or thereunder but that any such action shall be taken only by the Agent with the prior written agreement of the Lenders. Each of the Lenders hereby further covenants and agrees that upon any such written agreement being given, it shall co-operate fully with the Agent to the extent requested by the Agent. Notwithstanding the foregoing, in the absence of instructions from the Lenders and where in the sole opinion of the Agent, acting reasonably and in good faith, the exigencies of the situation warrant such action, the Agent may without notice to or consent of the Lenders take such action on behalf of the Lenders as it deems appropriate or desirable in the interest of the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.24** **Survival** 

The provisions of this Article 9 and all other provisions of this Agreement which are necessary to give effect to each of the provisions of this Article 9 shall survive the permanent repayment in full of the Facility and the termination of all of the Individual Commitments of the Lenders in connection therewith until such time as all of the Facility Indebtedness has been paid in full and all of the Individual Commitments of the Lenders in connection therewith have been terminated.

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**ARTICLE 10** 

**NOTICES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** **Notice to the Borrower** 

Any notice to the Borrower or any other Credit Party under the provisions of this Agreement or any other Facility Document shall be valid and effective if delivered personally, by courier (overnight or otherwise), by facsimile transmission, by email or other electronic means, to or, if given by registered or certified mail, postage prepaid, addressed to, the Borrower at Suite 2005, 4390 Grange Street, Burnaby, British Columbia, V6H 1P6, Attention: Corey Dias, Chief Executive Officer; Email: [\*\*\*], and shall be deemed to have been given on the date of delivery personally, by courier, by facsimile transmission, by email or other electronic means, if so delivered prior to 5:00 pm (PST) on a Business Day and otherwise on the next Business Day or on the third Business Day after such letter has been mailed, as the case may be. The Borrower may from time to time notify the Agent of a change in address which thereafter, until changed by further notice, shall be the address of the Borrower and each other Credit Party for all purposes of this Agreement and the other Facility Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** **Notice to the Agent** 

Any notice from any of the Credit Parties to the Agent and the Lenders under the provisions of this Agreement or any other Facility Document shall be valid and effective if delivered personally, by courier or by email transmission to or, if given by registered mail, postage prepaid, addressed c/o the Agent at 34 King Street East, Suite 1102, Toronto, Ontario M5C 2X8 Tel: [\*\*\*], Email: [\*\*\*], Attention: Ethan Park, and shall be deemed to have been given on the date of delivery personally or by facsimile transmission if so delivered prior to 5:00 p.m. (Toronto time) on a Business Day and otherwise on the next Business Day or on the third Business Day after such letter has been mailed, as the case may be. The Agent may from time to time notify the Borrower of a change in address which thereafter, until changed by further notice, shall be the address of the Agent for all purposes of this Agreement and the other Facility Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3** **Waiver of Notice** 

Any notice provided for in this Agreement may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice.

**ARTICLE 11** 

**INDEMNITIES, TAXES, CHANGES IN CIRCUMSTANCES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1** **General Indemnity** 

Each Credit Party expressly declares and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent and each of the Lenders, their respective directors, officers, employees, and agents, and all of
their respective representatives, successors and assigns (collectively the "**Indemnified Parties**") will at all times be indemnified and saved harmless by the Borrower from and against all claims, demands, losses, actions, causes of
action, costs, charges, expenses, damages and liabilities whatsoever arising in connection with this Agreement and the other Facility Documents (except any loss, expense, claim, proceeding, judgment or liability described in Section 11.2 or
resulting from Taxes, other than Taxes imposed on non-Tax claims and Taxes for which specific indemnification is provided in other sections of this Agreement), including, without limitation, those arising out of or related to actions taken or
omitted to be taken by the Agent or the Lenders contemplated hereby, reasonable legal fees and disbursements on a solicitor and client basis and reasonable costs and expenses incurred in connection with the enforcement of this indemnity, which the
Agent or the Lenders may suffer or incur, whether at law or in equity, in any way caused by or arising, directly or indirectly, in respect of any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in or about or in relation
to the execution of its duties as Agent or Lender and including any act, deed, matter or thing in relation to the registration, perfection, release or discharge of security. The foregoing provisions of this subsection do not apply to the extent that
the Agent or any Lender, or its respective employees or agents were grossly negligent or acted with wilful misconduct in relation to their obligations hereunder. This indemnity shall survive the termination of this Agreement and repayment of the
Facility; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent and the Lenders may act and rely and shall be protected in acting and relying upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent, order, letter, telegram, cable, facsimile or other paper or electronic document believed by it to be genuine and to have been signed, sent or presented by or on behalf of
the proper party or parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** **Environmental Indemnity** 

Each Credit Party hereby indemnifies and holds harmless and will defend the Indemnified Parties against any loss, expenses, claim, proceedings, judgment, liability or asserted liability (including strict liability and including costs and expenses of investigation, abatement and remediation and monitoring of spills or releases of Hazardous Materials and including liabilities of the Indemnified Parties to, and obligations or claims asserted against the Indemnified Parties by, third parties (including governmental agencies), in any case in respect of liabilities, violations or obligations under Environmental Laws, bodily injuries, property damage, damage to or impairment of the environment or any other injury or damage and including liabilities to third parties for the third parties' foreseeable and unforeseeable consequential damages) incurred or sustained by or threatened upon the Indemnified Party as a result of or in connection with the administration or enforcement of this Agreement or any other Facility Document, including without limitation the exercise by the Agent or any Lender of any rights hereunder or under the Security Documents, which result from or relate, directly or indirectly, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the presence or release of any Hazardous Materials, by any means or for any reason, on, to, from, beneath or in
the vicinity of the Secured Assets or any Credit Party's other property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Environmental Matter associated with the Project; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any violation, liability under or any breach or alleged breach of any Environmental Laws by the Borrower or any
other Credit Party;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except excluding any such loss, expenses, claim, proceedings, judgment, liability or asserted liability which,
in each case, results from the Indemnified Parties' gross negligence.

For purposes of this Section 11.2, "**liability**" shall include (A) any liability for costs and expenses of any investigation, abatement and remediation of spills and releases of Hazardous Materials where such investigation, abatement and remediation is (1) prudent for the continued operation of any of the Projects or any part of any Project, (2) required by Environmental Laws, or (3) required to maintain the value and use of the Secured Assets or other property, (B) liability under any Environmental Laws including to any third party to reimburse the third party for bodily injuries, property damages and other injuries or damages which the third party suffers, including (to the extent, if any, that the Indemnified Party is liable therefor) foreseeable and unforeseeable consequential damages suffered by the third party, (C) any liability for damage suffered by the third party referred to in paragraph (B) above, (D) any liability of an Indemnified Party for damage to or impairment of the environment and (E) any liability for court costs, expenses of alternative dispute resolution proceedings, and fees and disbursements of expert consultants and legal counsel on a solicitor and own client basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3** **Action by Agent to Protect Interests** 

The Agent shall have the power to institute and maintain all and any such actions, suits or proceedings and to take any other action as it may consider necessary or expedient, acting reasonably, to preserve, protect or enforce its interests. The Agent may conduct all such due diligence from time to time as it deems prudent or necessary, including environmental due diligence, and may remedy all breaches or other conditions or circumstances which the Agent may, in its discretion, acting reasonably, determine to either expose it to potential liability or jeopardize in any way the collateral secured by the Security Documents, all at the expense of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4** **Currency Indemnity** 

If under any Applicable Law and whether pursuant to a judgment being made or registered or docketed against any Credit Party or for any other reason, any payment of all or part of the Indebtedness owing by any Credit Party under or in connection with any Facility Document is made or is satisfied in a currency other than U.S. Dollars (the "**Other Currency**"), then to the extent that the payment (when converted into U.S. Dollars at the prevailing rate of exchange on the date of payment, or, if it is not practicable for the Agent or a Lender to purchase U.S. Dollars with the Other Currency on the date of payment, at the rate of exchange as soon thereafter as it is practicable for it to do so) actually received by the Agent or such Lender falls short of the amount of the Indebtedness required to be paid, the Borrower shall, as a separate and independent obligation, indemnify and hold harmless the Agent or such Lender, as applicable, against the amount of such shortfall. For the purpose of this Agreement, "rate of exchange" means the rate at which the Agent or such Lender, as applicable, is able on a foreign exchange market selected by it, acting reasonably, on the relevant date to purchase U.S. Dollars with the Other Currency and shall take into account any premium and other reasonable costs of exchange.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5** **Payments Free and Clear of Taxes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any and all payments made and other consideration provided (including without limitation the Securities) by a
Credit Party hereunder or under any other Facility Document (any such payment or other consideration being hereinafter referred to as a "**Payment**") to or for the benefit of the Agent, any Lender, or any Tax-Related Person shall be
made without set-off or counterclaim, and free and clear of, and without deduction or withholding for, or on account of, any and all present or future Taxes, except to the extent such deduction or withholding is required by law or the administrative
practice of any Governmental Authority. If the Credit Party shall be so required to deduct or withhold any Taxes from or in respect of any Payment made to or for the benefit of the Agent, any Lender or any Tax-Related Person, the Borrower shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) promptly notify the Agent of such requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Taxes are an Indemnified Tax, pay or provide to the Agent in addition to the Payment to which the Agent
or such Lender is otherwise entitled, such additional amount (or consideration) as is necessary to ensure that the net amount (or consideration) actually received by the Agent or such Lender, as the case may be, and each of their Tax-Related Persons
(free and clear of, and net of, any such Indemnified Tax, including the full amount of any Taxes required to be deducted or withheld from any additional amount (or consideration) paid or provided by the Credit Party under this Section 11.5,
whether assessable against the Credit Party or the Lender) equals the full amount (or consideration) the Agent or such Lender, as the case may be, and each of their Tax-Related Persons would have received had no such deduction or withholding been
required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) make such deduction or withholding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) pay to the relevant Governmental Authority in accordance with Applicable Law the full amount of Taxes required
to be deducted or withheld (including the full amount of Taxes required to be deducted or withheld from any additional amount paid by the Credit Party to the Agent or such Lender under this Section 11.5), within the time period required by
Applicable Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) as promptly as reasonably practicable thereafter, forward to the Lender, an original official receipt (or a
certified copy), or other documentation reasonably acceptable to the Agent and such Lender, evidencing such payment to such Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, the Borrower agrees to pay any and all present or future stamp, court or documentary, intangible,
recording, filing or similar Taxes or excise or property taxes, charges or levies of a similar nature, which arise from any Payment under, or from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection
of a security interest under, or otherwise with respect to, the Facility Documents and the transactions contemplated hereby or thereby (any such amounts being hereinafter referred to as "**Other Taxes** ").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower hereby indemnifies and holds harmless the Agent, each Lender and each of their Tax-Related
Persons, on an after-Taxes basis, for the full amount of Indemnified Taxes and Other Taxes, interest, penalties and other liabilities, levied, imposed or assessed against (and whether or not paid directly by) the Agent, such Lender and each of their
Tax-Related Persons, as applicable, and for all expenses, resulting from or relating to any Credit Party's failure to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) remit to the Agent or such Lender the documentation referred to in Section 4.1; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pay any Taxes or Other Taxes when due to the relevant Governmental Authority (including any Taxes imposed by
any Governmental Authority on amounts payable under this Section 11.5);

whether or not such Indemnified Taxes or Other Taxes were correctly or legally assessed. The Agent or any Lender (on behalf of itself or its Tax-Related Persons) who pays any Indemnified Taxes or Other Taxes, shall promptly notify the Borrower of such payment, provided, however, that failure to provide such notice shall not detract from, or compromise, the obligations of the Borrower under this Section 11.5. Payment pursuant to this indemnification under this Section 11.5 shall be made within 30 days from the date the Agent or the relevant Lender, as the case may be, makes written demand therefor accompanied by a certificate as to the amount of such Indemnified Taxes or Other Taxes, which shall be conclusive absent manifest error. Notwithstanding the foregoing, the Borrower shall not be obligated to indemnify the Agent or any Lender for any expenses related to Taxes or Other Taxes arising from the gross negligence or wilful misconduct of the Agent or any Lender or any Tax-Related Person any breach of this Agreement by the Agent or any Lender or as determined by court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Credit Party also hereby indemnifies and holds harmless the Agent, each Lender and each of their
Tax-Related Persons, on an after-Taxes basis, for any additional taxes on net income that the Agent, each Lender and each of their Tax- Related Persons may be obliged to pay as a result of the receipt of amounts from the Borrower (or the Lender)
under this Section 11.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither any Lender nor the Agent shall be under any obligation to arrange its tax affairs in any particular
manner or be obliged to disclose any information regarding its tax affairs or computations to the Credit Parties or any other Person in connection with this Section 11.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the Agent or any Lender or any Tax-Related Person determines in its sole discretion (exercised in good
faith) that it has received a refund of Indemnified Taxes or Other Taxes for which a payment has been made by the Borrower under this Section 11.5 then the Agent or such Lender shall pay such amount (if any) to the Borrower (but not exceeding
any payment made under this Section 11.5 giving rise to such refund), net of all out-of-pocket expenses of the Agent, such Lender or Tax-Related Persons, as the case may be, and other adjustments which the Agent, such Lender or Tax-Related
Person, as the case may be, reasonably determines will leave it (after that payment) in the same after-tax position it would have been in had such Indemnified Taxes or Other Taxes not been deducted, withheld or otherwise imposed and the
indemnification payments had never been paid. The Borrower, upon the request of the Agent or any Lender, agrees to repay to the Agent or such Lender any portion of such refund paid over to the Borrower that the Agent, such Lender or any of their
Tax-Related Persons is required to repay or pay, respectively, to the applicable taxing authority or jurisdiction and agrees to pay any interest, penalties or other charges paid by the Agent or such Lender as a result of or related to such repayment
or payment. Neither the Agent nor any Lender shall be under any obligation to arrange its tax affairs in any particular manner so as to claim any refund or seek any other tax relief to which it may be entitled. Neither the Agent nor any Lender shall
be obligated to disclose any information regarding its tax affairs or computations (including its tax returns) to the Borrower or any other Person in connection with this Section 11.5 or any other provisions of this Section 11.5.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To the extent of any conflict or inconsistency between this Section 11.5 and any provision of any other
Facility Document, this Section 11.5 shall to the extent of such conflict or inconsistency override such other provision and prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each Credit Party's and Lenders' obligations under this Section 11.5 shall survive without
limitation the termination of the Facility and this Agreement and all other Facility Documents and the permanent repayment of the outstanding credit and all other amounts payable hereunder. The Lenders shall cause all Tax-Related Persons to comply
with this Section 11.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.6** **Change of Circumstances** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If, with respect to any type of credit, the introduction or adoption of any law, regulation, guideline, request
or directive (whether or not having the force of law) of any Governmental Authority, central bank or comparable agency ()"**Restraint**") or any change therein or in the application thereof to the Borrower or to any Lender or in the
interpretation or administration thereof or any compliance by any Lender therewith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prohibits or restricts extending or maintaining such type of credit or the charging of interest or fees in
connection therewith, the Borrower agrees that such Lender shall have the right to comply with such Restraint, shall have the right to refuse to permit the Borrower to obtain such type of credit and shall (if applicable) have the right to require,
at the option of the Borrower, the conversion of such outstanding credit to another type of credit to permit compliance with the Restraint or repayment in full of such credit together with accrued interest thereon on the last day on which it is
lawful for such Lender to continue to maintain and fund such credit or to charge interest or fees in connection therewith, as the case may be; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall impose or require any reserve, special deposit requirements or Taxes (other than (A) Indemnified
Taxes or Other Taxes and (B) Connection Income Taxes), shall establish an appropriate amount of capital to be maintained by such Lender or shall impose any other requirement or condition which results in an increased cost to such Lender of
extending or maintaining a credit or obligation hereunder or reduces the amount received or receivable by such Lender with respect to any credit under this Agreement or reduces such Lender's effective return hereunder or on its capital or
causes such Lender to make any payment or to forego any return based on any amount received or receivable hereunder, then, on notification to the Borrower by such Lender, the Borrower shall pay immediately to such Lender such amounts as shall fully
compensate such Lender for all such increased costs, reductions, payments or foregone returns which accrue up to and including the date of receipt by the Borrower of such notice and thereafter, upon demand from time to time, the Borrower shall pay
such additional amount as shall fully compensate such Lender for any such increased or imposed costs, reductions, payments or foregone returns. Such Lender shall notify the Borrower of any actual increased or imposed costs, reductions, payments or
foregone returns forthwith on becoming aware of same and shall concurrently provide to the Borrower a certificate of an officer of such Lender setting forth the amount of compensation to be paid to such Lender and the basis for the calculation of
such amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender agrees that, as promptly as practicable after it becomes aware of the occurrence of an event or the
existence of a condition that would cause it to seek additional amounts from the Borrower pursuant to Section 11.6(a), it will use reasonable efforts to make, fund or maintain the affected credit of such Lender through another lending office or
take such other actions as it deems appropriate, in its sole discretion, if as a result thereof the additional moneys which would otherwise be required to be paid in respect of such credit pursuant to Section 11.6(a), would be reduced and if,
as determined by such Lender in its sole discretion, the making, funding or maintaining of such affected credit through such other lending office or the taking of such other actions would not otherwise adversely affect such credit or such Lender and
would not, in such Lender's sole discretion, be commercially unreasonable.

**ARTICLE 12** 

**MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1** **No Waiver; Remedies Cumulative** 

No failure on the part of the Agent to exercise, and no delay in exercising, any right, remedy, power or privilege under any Facility Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, remedy, power or privilege preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights and remedies of the Agent under the Facility Documents are cumulative and not exclusive of any rights, remedies, powers and privileges that may otherwise be available to the Agent. No waiver of any rights under this Agreement shall be binding on any party hereto unless such waiver is in writing and signed by the party against whom enforcement is sought.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2** **Survival** 

All covenants, agreements, representations and warranties made in any of the Facility Documents shall, except to the extent otherwise provided therein, survive the execution and delivery of this Agreement and the Advance of the Facility, and shall continue in full force and effect so long as any principal amount remains outstanding hereunder or any other Obligations under any Facility Document remain unpaid or any obligation to perform any other act hereunder or under any other Facility Document remains unsatisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3** **Benefits of Agreement** 

The Facility Documents are entered into for the sole protection and benefit of the parties thereto and their successors and assigns, and no other Person (other than the Indemnified Parties) shall be a direct or indirect beneficiary of, or shall have any direct or indirect cause of action or claim in connection with, any Facility Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4** **Binding Effect; Assignment** 

This Agreement shall become effective when it shall have been executed by each of the parties hereto and thereafter shall be binding upon, enure to the benefit of and be enforceable by such parties and their respective permitted successors and assigns. No Credit Party shall have the right to assign its rights and obligations hereunder or under the other Facility Documents or any interest herein or therein without the prior written consent of the Agent (acting on the instruction of the Lenders). Each Lender reserves the right to, with prior notice to the Borrower, sell, assign, transfer or grant participations in all or any portion of its rights and obligations hereunder and under the other Facility Documents to any other Person who is an Affiliate of the Lender. To the extent that any Lender wishes to sell, assign, transfer or grant participation in all or any portion of its rights and obligations hereunder or under the Facility Document to any other Person who is not an Affiliate of a Lender, then prior written consent of the Borrower shall be required (provided that no such consent shall be required following the occurrence of an Event of Default which is continuing). In the event of any grant of a participation, the granting Lender's obligations under this Agreement to the Borrower shall remain unchanged, such Lender shall remain solely responsible for the performance thereof and the Credit Parties shall continue to be obligated to the granting Lender in connection with such Lender's rights under this Agreement and the other Facility Documents (including in respect of the interest in which such Lender has granted a participation). In the event of any such assignment, upon written notice thereof to the Borrower, the assignee shall be deemed to be a "Lender" for all purposes of the Facility Documents with respect to the rights and obligations assigned to it, and the rights and obligations of the assigning Lender so assigned shall thereupon terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.5** **Maximum Return** 

Notwithstanding any other provision of this Agreement or any other Facility Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In this Section, "interest" and "credit advanced" have the meanings ascribed to them in
Section 347 of the Criminal Code (Canada), and "Canadian Maximum Rate" means the highest effective annual rate of interest calculated in accordance with generally accepted actuarial practices and principles, on the credit advanced
under an agreement or arrangement, which is lawfully permitted under Section 347 of the Criminal Code (Canada);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, by entering into this Agreement and the other Facility Documents, the Lenders (or any of them) have entered
into an agreement or arrangement to receive interest, on the credit advanced under this Agreement, in an amount which exceeds the Canadian Maximum Rate, then the interest will be reduced to the extent required to eliminate such excess (in the manner
specified below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If interest in the aggregate, on the credit advanced under this Agreement, is or is about to be received in an
amount which exceeds the Canadian Maximum Rate, then the interest will be reduced, with retroactive effect, to the extent required to eliminate such excess (in the manner specified below), and if and to the extent so reduced the Lenders will return
the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any reduction of interest pursuant to paragraph (b) or paragraph (c) above will be made in the
following order (in each case, only to the extent required): first, a reduction of the Facility Warrants; second, a reduction of the interest rate under Section 2.5(a); third, a reduction of the Arrangement Fee Shares; and fourth, a reduction
of the amounts to be paid on account of the Agents and the Lenders' legal fees and other out-of-pocket expenses; and last, a reduction of any other amount(s) which constitute interest.

In the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries qualified for a period of ten (10) years and appointed by the Agent shall be conclusive for the purposes of such determination. A certificate of an authorized signing officer of the Agent as to each amount, rate and/or other component of interest payable hereunder or in connection herewith from time to time shall be conclusive evidence of such amount, rate and/or other component, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.6** **Entire Agreement** 

The Facility Documents reflect the entire agreement between the Borrower, the Guarantors, the Agent and the Lenders with respect to the matters set forth herein and therein and supersede any prior agreements, commitments, drafts, communication, discussions and understandings, oral or written, with respect thereto, including but not limited to the Term Sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.7** **Severability** 

If any provision of any of the Facility Documents shall be prohibited by or invalid under Applicable Law in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such law or regulation, or, if for any reason cannot be so modified, it shall be ineffective and invalid only to the extent of such prohibition or invalidity without affecting the remaining provisions of such Facility Document, or the validity or effectiveness of such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.8** **Counterparts and Facsimile** 

This Agreement may be executed in counterparts and by electronic transmission of an authorized signature and each such counterpart shall be deemed to form part of one and the same document.

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*[Signature pages follow]* 

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IN WITNESS WHEREOF the parties hereto have executed this Agreement under the hands of their proper officers duly authorized in that behalf.

**BORROWER :** 

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| | |
|:---|:---|
| **ANFIELD ENERGY INC.**, a corporation organized and existing under the laws of the Province of British Columbia | **ANFIELD ENERGY INC.**, a corporation organized and existing under the laws of the Province of British Columbia |
|  Per: | */s/ "Corey Dias"* |
|  | Name: Corey Dias |
|  | Title: Chief Executive Officer |

---

**GUARANTORS:** 

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| | | | |
|:---|:---|:---|:---|
| **ANFIELD RESOURCES HOLDING CORP.,** a corporation organized and existing under the laws of the State of Utah | **ANFIELD RESOURCES HOLDING CORP.,** a corporation organized and existing under the laws of the State of Utah | **ARH WYOMING CORP.**, a corporation organized and existing under the laws of the State of Wyoming | **ARH WYOMING CORP.**, a corporation organized and existing under the laws of the State of Wyoming |
| Per: | */s/ "Joshua Bleak"* | Per: | */s/ "Joshua Bleak"* |
|  | Name: Joshua Bleak |  | Name: Joshua Bleak |
|  | Title: Director |  | Title: Director |
| **NEUTRON ENERGY, INC.**, a corporation organized and existing under the laws of the State of Nevada | **NEUTRON ENERGY, INC.**, a corporation organized and existing under the laws of the State of Nevada | **HIGHBURY RESOURCES INC.**, a corporation organized and existing under the laws of the State of Wyoming | **HIGHBURY RESOURCES INC.**, a corporation organized and existing under the laws of the State of Wyoming |
| Per: | */s/ "Joshua Bleak"* | Per: | */s/ "Joshua Bleak"* |
|  | Name: Joshua Bleak |  | Name: Joshua Bleak |
|  | Title: Director |  | Title: Director |

---

---

| | |
|:---|:---|
| **ANFIELD PRECIOUS METALS INC.**, a corporation organized and existing under the laws of the State of South Dakota | **ANFIELD PRECIOUS METALS INC.**, a corporation organized and existing under the laws of the State of South Dakota |
| Per: | */s/ "Joshua Bleak"* |
|  | Name: Joshua Bleak |
|  | Title: Director |

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Credit Agreement

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**AGENT:** 

---

| | |
|:---|:---|
| **EXTRACT ADVISORS LLC**, as Agent | **EXTRACT ADVISORS LLC**, as Agent |
| Per: | */s/ "Ethan Park"* |
|  | Name: Ethan Park |
|  | Title: Authorized Signatory |

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**LENDER:** 

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| | |
|:---|:---|
| **EXTRACT CAPITAL MASTER FUND LTD.** | **EXTRACT CAPITAL MASTER FUND LTD.** |
| Per: | */s/ "Ethan Park"* |
|  | Name: Ethan Park |
|  | Title: Authorized Signatory |

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Credit Agreement

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**SCHEDULE A** 

**THE AGENT AND THE LENDERS** 

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| | | | |
|:---|:---|:---|:---|
| **LENDERS** | | | |
|  | <br>**Address for Notice** | <br>**Wire Instructions** | <br>**Individual**<br>**Commitment** |
|  Extract Capital<br> Master Fund Ltd. | [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br>[\*\*\*]<br> [\*\*\*]<br> [\*\*\*] <br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | [\*\*\*]<br> [\*\*\*]<br>[\*\*\*] <br> [\*\*\*] |

---

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| | | |
|:---|:---|:---|
| **AGENT** | | |
|  | <br>**Address for Notice** | <br>**Wire Instructions** |
|  Extract Advisors LLC | [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] <br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |

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**SCHEDULE B** 

**SECURITY DOCUMENTS** 

**A.** **SECURITY DOCUMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) guarantees granted by each of the Guarantors in favour of the Agent, of the payment and performance by the
Borrower of all of its present and future obligations under the Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) general security agreement granted by the Borrower in favour of the Agent, pursuant to which the Borrower
grants a Security Interest in favour of the Agent in all of its present and after-acquired personal property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) securities pledge agreement granted by the Borrower, pursuant to which the Borrower pledges in favour of the
Agent, *inter alia*, all of its present and future shares and equity interests in the capital of its Subsidiaries (which shall constitute 100% of the issued and outstanding shares in the capital of such issuers).

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**SCHEDULE C** 

**EQUITY INTERESTS OF THE BORROWER** 

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| | | | |
|:---|:---|:---|:---|
| **Party Holding Equity Interests** | **Issuer** | **Number and Type of**<br> **Shares/Interests Issued** | **Percentage Held** |
|  Anfield Energy Inc. | Anfield Precious Metals Inc. | 1500 common shares | 100% |
|  Anfield Energy Inc. | ARH Wyoming Corp | 1500 common shares | 100% |
|  Anfield Energy Inc. | Anfield Resources Holding Corp. | 1500 common shares | 100% |
|  Anfield Energy Inc. | Equinox Exploration Holding Corp. | 1500 common shares | 100% |
|  Anfield Energy Inc. | Highbury Resources Inc. | 1500 common shares | 100% |
|  Anfield Energy Inc. | Neutron Energy, Inc. | 1000 common shares | 100% |

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**SCHEDULE D** 

**FORM OF FACILITY WARRANT** 

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**THIS WARRANT CERTIFICATE IS VOID IF NOT EXERCISED** 

**WITHIN THE TIME LIMITS HEREIN PROVIDED** 

**WARRANT CERTIFICATE** 

**THESE WARRANTS ARE NON-ASSIGNABLE AND NON-TRANSFERABLE** 

**ANFIELD ENERGY INC.** 

(Incorporated under the laws of the Province of British Columbia)

---

| | |
|:---|:---|
| WARRANT<br> NO. **2023-W#001** | 42,105,263 WARRANTS entitling the holder to acquire, subject to adjustment, one Common Share for each Warrant represented hereby. |

---

THIS IS TO CERTIFY THAT **Extract Capital Master Fund Ltd.,** [\*\*\*] (hereinafter referred to as the "**holder**" or the "**Warrantholder**") the holder of these Warrants, is entitled to acquire for each Warrant represented hereby, in the manner and subject to the conditions, restrictions and adjustments set forth herein, at any time and from time to time until 5:00 p.m. (Vancouver time) on September [•], 2028 (the "**Expiry Time**"), one fully paid and non-assessable common share (a "**Common Share**") in the capital of Anfield Energy Inc. (the "**Company**") at a price of $0.095 per Common Share.

The Warrants may only be exercised at the head office of the Company at 4390 Grange Street, Suite 2005, Burnaby, British Columbia V5H 1P6.

The Warrants are issued subject to the terms and conditions appended hereto as **Schedule "A"**.

IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be executed by a duly authorized officer.

DATED for reference this [•]<sup>th</sup> day of September, 2023.

**ANFIELD ENERGY INC.** 

Per:     <br> Authorized Signatory

*(See terms and conditions attached hereto)*

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**SCHEDULE "A"** 

TERMS AND CONDITIONS FOR WARRANTS

Terms and Conditions attached to the Warrant Certificate issued by Anfield Energy Inc. and dated for reference September [•], 2023.

**ARTICLE 1** 

**INTERPRETATION** 

**1.1** **Definitions** 

In these Terms and Conditions, unless there is something in the subject matter or context inconsistent therewith:

(a) "**Common Shares**" means the common shares in the capital of the Company to be issued pursuant to
the exercise of Warrants as such shares were constituted on September [•], 2023;

(b) "**Company**" means Anfield Energy Inc. unless and until a successor company shall have become
such in the manner prescribed in Article 6, and thereafter "Company" shall mean such successor company;

(c) "**Company's Auditors**" means an independent firm of accountants duly appointed as auditors
of the Company;

(d) "**Exchange**" means the TSX Venture Exchange or such other stock exchange on which the
Company's Common Shares are listed and posted for trading;

(e) "**Exercise Price**" means the price of $0.095 per Common Share;

(f) "**Expiry Time**" means 5:00 p.m. (Vancouver time) on September [•], 2028;

(g) "**herein** ", "**hereby**" and similar expressions refer to these Terms and
Conditions as the same may be amended or modified from time to time; and the expression "Article" and "Section" followed by a number refer to the specified Article or Section of these Terms and Conditions;

(h) "**person**" means an individual, corporation or company, partnership, trustee or any
unincorporated organization and words importing persons have a similar meaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Warrant** s" means the non-assignable and non-transferable warrants to purchase that number of
Common Shares evidenced by the Warrant Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Warrant Certificate**" means the certificate to which these Terms and Conditions are attached;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) words importing the singular number include the plural and vice versa and words importing the masculine gender
include the feminine and neuter genders.

**1.2** **Interpretation Not Affected by Headings** 

The division of these Terms and Conditions into Articles and Sections, and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation thereof.

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**1.3** **Applicable Law** 

The terms hereof and of the Warrant shall be construed in accordance with the laws of the Province of British Columbia and the laws of Canada applicable thereto.

**ARTICLE 2** 

**ISSUE OF WARRANT** 

**2.1** **Issue of Warrants** 

That number of Warrants set out on the Warrant Certificate is hereby created and authorized to be issued.

**2.2** **Additional Warrants** 

Subject to any other written agreement between the Company and the Warrantholder, the Company may at any time and from time to time undertake further equity or debt financing and may issue additional Common Shares or warrants or grant options or similar rights to purchase Common Shares to any person.

**2.3** **Issue in Substitution for Lost Warrants** 

If the Warrant Certificate becomes mutilated, lost, destroyed or stolen:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall issue and deliver a new Warrant Certificate of like date and tenor as the one mutilated,
lost, destroyed or stolen, in exchange for and in place of and upon cancellation of such mutilated, lost, destroyed or stolen Warrant Certificate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the holder shall bear the cost of the issue of a new Warrant Certificate hereunder and in the case of the loss,
destruction or theft of the Warrant Certificate, shall furnish to the Company such evidence of loss, destruction, or theft as shall be satisfactory to the Company in its discretion and the Company may also require the holder to furnish indemnity in
an amount and form satisfactory to the Company in its discretion, and shall pay the reasonable charges of the Company in connection therewith.

**2.4** **Warrantholder Not a Shareholder** 

The Warrant shall not constitute the holder a shareholder of the Company, nor entitle it to any right or interest in respect thereof except as may be expressly provided in the Warrant.

**ARTICLE 3** 

**EXERCISE OF THE WARRANTS** 

**3.1** **Method of Exercise of the Warrants** 

The right to purchase Common Shares conferred by the Warrant Certificate may be exercised, prior to the Expiry Time, by the holder surrendering this Warrant Certificate and delivering with it a duly completed and executed exercise form (the "**Exercise Form**") substantially in the form attached hereto as **Schedule "B"** and a certified cheque, bank draft or wire transfer payable to or to the order of the Company, at par in Vancouver, British Columbia, for the purchase price applicable at the time of surrender in respect of the Common Shares subscribed for in lawful money of Canada, to the Company.

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**3.2** **Effect of Exercise of the Warrant** 

Upon surrender and payment as aforesaid the Common Shares so subscribed for shall be issued as fully paid and non-assessable Common Shares and the holder shall become the holder of record of such Common Shares on the date of such surrender and payment.

Upon the exercise of all or any of the Warrants in the manner described above, the person or persons in whose name or names the Common Shares issuable upon exercise of the Warrants are to be issued shall be deemed for all purposes to be the holder or holders of record of such Common Shares on the date of such surrender and payment, within three (3) business days after surrender of the Warrant Certificate and payment, the Company shall forthwith cause the issuance and delivery to the person or persons a certificate for the Common Shares purchased as aforesaid at the address or addresses specified in the Exercise Form.

**3.3** **Subscription for Less than Entitlement** 

The holder may subscribe for and purchase a number of Common Shares less than the total number which it is entitled to purchase on exercise of the Warrants represented by the surrendered Warrant Certificate. In the event of any purchase of a number of Common Shares less than the number which can be purchased pursuant to the Warrant Certificate, the holder shall be entitled to receive a new Warrant Certificate representing Warrants exercisable to acquire up to the balance of the Common Shares which the holder is entitled to purchase pursuant to the Warrant Certificate.

**3.4** **Expiration of the Warrants** 

If the Warrants are not exercised at or before the Expiry Time, all rights hereunder shall wholly cease and terminate and the Warrants shall be void and of no effect.

**ARTICLE 4** 

**ADJUSTMENTS** 

**4.1** **Adjustments** 

The number of Common Shares purchasable upon the exercise of each Warrant and the Exercise Price shall be subject to adjustment as follows:

(a) in the event the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pay a dividend in Common Shares or make a distribution in Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subdivide its outstanding Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) combine its outstanding Common Shares into a smaller number of Common Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) issue by reclassification of its Common Shares other securities of the Company (including any such
reclassification in connection with a consolidation, merger, amalgamation or other combination in which the Company is the surviving company or in the case of any sale, transfer or lease to another company of all or substantially all of the property
of the Company);

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the number of Common Shares (or other securities) purchasable upon exercise of each Warrant immediately prior thereto shall be adjusted so that the Warrantholder shall be entitled to receive the kind and number of Common Shares or other securities of the Company which it would have owned or have been entitled to receive after the happening of any of the events described above, had such Warrant been exercised immediately prior to the happening of such event or any record date with respect thereto. An adjustment made pursuant to this subsection (a) shall become effective immediately after the effective date of such event retroactive to the record date, if any, for such event.

(b) In case the Company shall issue rights, options or warrants to all or substantially all holders of its
outstanding Common Shares, without any charge to such holders, entitling them (for a period within 45 days after the record date mentioned below) to subscribe for or purchase Common Shares or securities convertible into or exchangeable for Common
Shares at a price per share which is lower than 95% of the current market price at the record date mentioned below than the then current market price per Common Share (as determined in accordance with subsection (e) below), the number of Common
Shares thereafter purchasable upon the exercise of each Warrant shall be determined by multiplying the number of Common Shares theretofore purchasable upon exercise of each Warrant by a fraction, of which the numerator shall be the number of Common
Shares outstanding on the date of issuance of such rights, options or warrants plus the number of additional Common Shares offered for subscription or purchase, and of which the denominator shall be the number of Common Shares outstanding on the
date of issuance of such rights, options or warrants plus the number of shares which the aggregate offering price of the total number of Common Shares so offered would purchase at the current market price per Common Share at such record date. Such
adjustment shall be made whenever such rights, options or warrants are issued, and shall become effective immediately after the record date for the determination of shareholders entitled to receive such rights, options or warrants.

(c) In case the Company shall distribute to all or substantially all holders of its Common Shares evidence of its
indebtedness or assets (excluding cash dividends or distributions payable out of consolidated earnings or earned surplus and dividends or distributions referred to in subsection (a) above or in subsection (e) below or rights, options or
warrants, or convertible or exchangeable securities containing the right to subscribe for or purchase Common Shares (excluding those referred to in subsection (b) above)), then in each case the number of Common Shares thereafter purchasable
upon the exercise of each Warrant shall be determined by multiplying the number of Common Shares theretofore purchasable upon the exercise of each Warrant by a fraction, of which the numerator shall be the then current market price per Common Share
(as determined in accordance with subsection (e) below) on the date of such distribution, and of which the denominator shall be the then current market price per Common Share less the then fair value (as determined by the Board of Directors of
the Company, acting reasonably) of the portion of the assets or evidences of indebtedness so distributed or of such subscription rights, options or warrants, or of such convertible or exchangeable securities applicable to one Common Share. Such
adjustment shall be made whenever any such distribution is made, and shall become effective on the date of distribution retroactive to the record date for the determination of shareholders entitled to receive such distribution.

(d) In the event of the distribution by the Company to all or substantially all of the holders of its Common Shares
of shares of a subsidiary or securities convertible or exercisable for such shares, then in lieu of an adjustment in the number of Common Shares purchasable upon the exercise of each Warrant, the Warrantholder of each Warrant, upon the exercise
thereof, shall receive from the Company, such subsidiary or both, as the Company shall reasonably determine, the shares or other securities to which such Warrantholder would have been entitled if such Warrantholder had exercised such Warrant
immediately prior thereto, all subject to further adjustment as provided in this section 4.1.

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(e) For the purpose of any computation under subsections (b) and (c) of this section 4.1, the current
market price per Common Share at any date shall be the weighted average price per Common Share for twenty-five (25) consecutive trading days, commencing not more than 45 trading days before such date on the stock exchange on which the Common
Shares are then traded; provided if the Common Shares are then traded on more than one stock exchange, then on the stock exchange on which the largest volume of Common Shares were traded during such twenty-five (25) consecutive trading day
period. The weighted average price per Common Share shall be determined by dividing the aggregate sale price of all Common Shares sold on such stock exchange or market, as the case may be, during the said twenty-five (25) consecutive trading
days by the total number of shares so sold. For purposes of this subsection (e), trading day means, with respect to a stock exchange, a day on which such exchange is open for the transaction of business. Should the Common Shares not be listed on any
stock exchange the current market price per Common Share at any date shall be determined by the Board of Directors of the Company, acting reasonably.

(f) In any case in which this Article 4 shall require that any adjustment in the Exercise Price be made effective
immediately after a record date for a specified event, the Company may elect to defer until the occurrence of the event the issuance, to the holder of any Warrant exercised after that record date, of the Common Shares and other shares of the
Company, if any, issuable upon the exercise of the Warrant over and above the Common Shares and other shares of the Company; provided, however, that the Company shall deliver to the holder an appropriate instrument evidencing the holder's right
to receive such additional shares upon the occurrence of the event requiring such adjustment.

(g) The adjustments are cumulative, provided that no adjustment in the number of Common Shares purchasable
hereunder shall be required unless such adjustment would require an increase or decrease of at least one percent (1%) in the number of Common Shares purchasable upon the exercise of each Warrant; provided, however, that any adjustments which by
reason of this subsection (g) are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations shall be made to the nearest one-hundredth of a share.

(h) Wherever the number of Common Shares purchasable upon the exercise of each Warrant is adjusted, as herein
provided, the Exercise Price payable upon exercise of each Warrant shall be adjusted by multiplying such Exercise Price immediately prior to such adjustment by a fraction, of which the numerator shall be the number of Common Shares purchasable upon
the exercise of such Warrant immediately prior to such adjustment, and of which the denominator shall be the number of Common Shares purchasable immediately thereafter.

(i) No adjustment in the number of Common Shares purchasable upon the exercise of each Warrant need be made under
subsections (b), (c) and (d) if, the Company issues or distributes to the Warrantholder the rights, options, warrants, or convertible or exchangeable securities, or evidences of indebtedness or assets referred to in those subsections which
the Warrantholder would have been entitled to receive had the Warrants been exercised prior to the happening of such event or the record date with respect thereto.

(j) In the event that at any time, as a result of an adjustment made pursuant to subsections (a), (c) and (d)
above, the Warrantholder shall become entitled to purchase any securities of the Company other than Common Shares, thereafter the number of such other shares so purchasable upon exercise of each Warrant and the Exercise Price of such shares shall be
subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Common Shares contained in subsections (a) through (i), inclusive, above, and the provisions of sections
4.2 through 4.4, inclusive, of this Article 4 with respect to the Common Shares, shall apply on like terms to any such other securities.

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(k) Upon the expiration of any rights, options, warrants or conversion or exchange privileges, if any thereof shall
not have been exercised, the Exercise Price and the number of Common Shares purchasable upon the exercise of each Warrant shall, upon such expiration, be readjusted and shall thereafter be such as it would have been had it been originally adjusted
(or had the original adjustment not been required, as the case may be) as if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the only Common Shares so issued were the Common Shares, if any, actually issued or sold upon the exercise of
such rights, options, warrants or conversion or exchange rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Common Shares, if any, were issued or sold for the consideration actually received by the Company upon
such exercise plus the aggregate consideration, if any, actually received by the Company for the issuance, sale or grant of all such rights, options, warrants or conversion or exchange rights whether or not exercised;

provided further, that no such readjustment shall have the effect of increasing the Exercise Price or decreasing the number of Common Shares purchasable upon the exercise of each Warrant by an amount in excess of the amount of the adjustment initially made with respect to the issuance, sale or grant of such rights, options, warrants or conversion or exchange rights.

(l) If, in case at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company offers for subscription pro rata to the holders of its Common Shares any additional shares of stock
of any class or other rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there is a voluntary or involuntary dissolution, liquidation or winding-up of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in case of any event described in section 4.1(a) (a "**Reorganization** ");

then, and in any one or more of such cases, the Company will give to the Warrantholder at least 20 business days' prior written notice of the date on which the books of the Company will close or a record will be taken for such dividend, distribution or offer of subscription rights, or for determining rights to vote with respect to such dissolution, liquidation or winding-up or Reorganization and, in the case of such dissolution, liquidation or winding-up or Reorganization, at least 20 days' prior written notice of the date when the same will take place. Such notice in accordance with the foregoing clause will also specify, in the case of any such dividend, distribution or offer of subscriptions rights, the date on which the holders of the Common Shares will be entitled thereto, and such notice in accordance with the foregoing will also specify the date on which the holders of the Common Shares will be entitled to exchange the Common Shares for securities or other property deliverable upon such dissolution, liquidation or winding-up or Reorganization, as the case may be. Each such written notice will be given to the Warrantholder in accordance with the manner stated herein.

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**4.2** **Voluntary Adjustment by the Company** 

Subject to requisite Exchange approval, the Company may, at its option, at any time during the term of the Warrants, reduce the then current Exercise Price to any amount deemed appropriate by the Board of Directors of the Company.

**4.3** **Notice of Adjustment** 

Whenever the number of Common Shares purchasable upon the exercise of each Warrant or the Exercise Price of such Common Shares is adjusted, as herein provided, the Company shall promptly, and not more than 10 business days from the effective date of such adjustment or adjustments, send to the Warrantholder by first class mail, postage prepaid, notice of such adjustment or adjustments.

**4.4** **No Adjustment for Dividends** 

Except as provided in section 4.1 of this Article 4, no adjustment in respect of any dividends shall be made during the term of a Warrant or upon the exercise of a Warrant.

**4.5** **Preservation of Purchase Rights Upon Merger, Consolidation, etc.** 

In connection with any consolidation of the Company with, or amalgamation or merger of the Company with or into, another company (including, without limitation, pursuant to a "takeover bid", "tender offer" or other acquisition of all or substantially all of the outstanding Common Shares) or in case of any sale, transfer or lease to another company of all or substantially all the property of the Company, the Company or such successor or purchasing company, as the case may be, shall execute with the Warrantholder an agreement that the Warrantholder shall have the right thereafter, upon payment of the Exercise Price in effect immediately prior to such action, to purchase upon exercise of each Warrant the kind and amount of shares and other securities and property which it would have owned or have been entitled to receive after the happening of such consolidation, amalgamation, merger, sale, transfer or lease had such Warrant been exercised immediately prior to such action, and the Warrantholder shall be bound to accept such shares and other securities and property in lieu of the Common Shares to which it was previously entitled; provided, however, that no adjustment in respect of dividends, interest or other income on or from such shares or other securities and property shall be made during the term of a Warrant or upon the exercise of a Warrant. Any such agreement shall provide for adjustments, which shall be as nearly equivalent as may be practicable to the adjustments provided for in this **Schedule "A"**. The provisions of this Article 4 shall similarly apply to successive consolidations, mergers, amalgamation, sales, transfers or leases.

**4.6** **Determination of Adjustments** 

If any questions shall at any time arise with respect to the Exercise Price, such question shall be conclusively determined by the Company's Auditors, or, if they decline to so act, any other firm of Chartered Accountants, in Vancouver, British Columbia, that the Company may designate and the Warrantholder, acting reasonably, may approve, and who shall have access to all appropriate records and such determination shall be binding upon the Company and the holder.

------

**ARTICLE 5** 

**COVENANTS BY THE COMPANY** 

**5.1** **Reservation of Common Shares** 

The Company will reserve and there will remain unissued out of its authorized capital a sufficient number of Common Shares to satisfy the rights of acquisition provided for in the Warrant Certificate.

**5.2** **New Covenants** 

The Company covenants and agrees that:

(a) all Common Shares which shall be so issuable on due exercise of the Warrants will, upon issuance, be issued as
fully paid and non-assessable Common Shares in the capital of the Company and free from all liens, charges and encumbrances;

(b) until the Expiry Time, the Company shall use commercially reasonable efforts to preserve and maintain its
corporate existence, remain a reporting issuer not in default of the requirements of the applicable securities laws in British Columbia and Alberta and to ensure that the Company shall make all requisite filings under applicable securities
legislation necessary to remain a reporting issuer not in default;

(c) the Company shall use its commercially reasonable efforts to ensure the Common Shares of the Company are listed
and posted for trading on the Exchange or such other stock exchange or over-the-counter market as the Common Shares may be listed or quoted (as the case may be) at the time of exercise of the Warrants. Provided that the covenants in section 5.2(b)
and (c) shall not restrict the Company from engaging in or from completing any transaction which would result in the Company ceasing to be a "reporting issuer" so long as the holders of Warrants receive securities of an entity which
is listed on a stock exchange in Canada, or cash, or the holders of the Common Shares have approved the transaction in accordance with the requirements of applicable laws and the policies of the Exchange; and

(d) if the issuance of Common Shares of the Company upon exercise of the Warrants requires any filing or
registration with or approval of any Canadian securities regulatory authority or other Canadian governmental authority or compliance with any other requirement under any Canadian law before such Common Shares of the Company may be validly issued
(other than the filing of a prospectus or similar disclosure document), the Company agrees to take make commercially reasonable efforts to secure such filing, registration, approval or compliance, as the case may be.

**ARTICLE 6** 

**MERGER AND SUCCESSORS** 

**6.1** **Company May Consolidate, etc. on Certain Terms** 

Nothing herein contained shall prevent any consolidation, amalgamation or merger of the Company with or into any other company or companies, or a conveyance or transfer of all or substantially all the properties and estates of the Company as an entirety to any company lawfully entitled to acquire and operate same, provided, however, that the company formed by such consolidation, amalgamation or merger or which acquires by conveyance or transfer all or substantially all the properties and estates of the Company as an entirety shall, simultaneously with such amalgamation, merger, conveyance or transfer, assume the due and punctual performance and observance of all the covenants and conditions hereof to be performed or observed by the Company.

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**6.2** **Successor Company Substituted** 

In case the Company, pursuant to section 6.1 shall be consolidated, amalgamated or merged with or into any other company or companies or shall convey or transfer all or substantially all of its properties and estates as an entirety to any other company, the successor company formed by such consolidation or amalgamation, or into which the Company shall have been consolidated, amalgamated or merged or which shall have received a conveyance or transfer as aforesaid, shall succeed to and be substituted for the Company hereunder and such changes in phraseology and form (but not in substance) may be made in the Warrant Certificate and herein as may be appropriate in view of such amalgamation, merger or transfer.

**ARTICLE 7** 

**AMENDMENTS** 

**7.1** **Amendment, etc.** 

This Warrant Certificate may only be amended by a written instrument signed by the parties hereto.

**ARTICLE 8** 

**MISCELLANEOUS** 

**8.1** **Time** 

Time is of the essence for the terms of this Warrant Certificate.

**8.2** **Notice** 

Any notice or other communication required to be given by the Company under this Warrant, whether to the Warrantholder or otherwise, shall be delivered to the Warrantholder at the address provided on the first page of this Warrant by hand (including by courier) or by mail.

Any notice or other communication so given shall be deemed to have been given and received when delivered, if delivered, and upon transmission, if telecopied, and if the date of such transmission is not a business day, on the next ensuing business day.

**8.3** **Transfer and Assignment of Warrant** 

The Warrant, and the rights evidenced hereby, are non-transferable and non-assignable except as permitted under the policies of the Exchange or by the securities acts and regulations, statements, orders, notices, directions, rulings and rules thereunder, of British Columbia and Alberta.

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**SCHEDULE "B"** 

EXERCISE FORM

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| | |
|:---|:---|
| TO: | **ANFIELD ENERGY INC.**  |

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Terms which are not otherwise defined herein shall have the meanings ascribed to such terms in the Warrant Certificate held by the undersigned and issued by Anfield Energy Inc. (the "**Company**").

The undersigned hereby exercises the right to acquire Common Shares of the Company in accordance with and subject to the provisions of such Warrant Certificate and herewith makes payment of the purchase price in full for the said number of Common Shares.

The Common Shares are to be issued as follows:

Name: <br> Address in full:

Note: If further nominees are intended, please attach (and initial) a schedule giving these particulars.

DATED this<u> </u> day of<u> </u>, 20

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| |
|:---|
| (Signature of Warrantholder) |
| Print full name |
| Print full address |

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<u>Instructions:</u> 

1. The registered holder may exercise its right to receive Common Shares by completing this form and surrendering
this form and the Warrant Certificate representing the Warrants being exercised to the Company.

2. If the Exercise Form indicates that Common Shares are to be issued to a person or persons other than the
registered holder of the Warrant Certificate, the signature of such holder of the Exercise Form must be guaranteed by an authorized officer of a chartered bank, trust company or an investment dealer who is a member of a recognized stock exchange.

3. If the Exercise Form is signed by a trustee, exercise, administrator, curator, guardian, attorney, officer of a
Company or any person acting in a judiciary or representative capacity, the certificate must be accompanied by evidence of authority to sign satisfactory to the Company.

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**SCHEDULE E** 

**CERTIFICATION OF ACCREDITED INVESTOR STATUS** 

In addition to the representations, warranties acknowledgments and agreements contained in the Agreement to which this Certification of Accredited Investor Status is attached, each of the Lenders hereby represents, warrants and certifies to the Borrower that such Lender is acquiring the Securities set out in the Agreement as principal, it is resident in the jurisdiction set out on Schedule "A" of the Agreement and such Lender is **[check appropriate box and complete related blanks]**:

☐ (a) except in Ontario, a Canadian financial institution, or a Schedule III bank;

☐ (b) except in Ontario, the Business Development Bank of Canada incorporated under the *Business Development Bank of Canada Act* (Canada);

☐ (c) except in Ontario, a subsidiary of any person referred to in paragraphs (a) or (b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary;

☐ (d) except in Ontario, a person registered under the securities legislation of a jurisdiction of Canada, as an adviser or dealer;

☐ (e) except in Ontario, the Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada;

☐ (f) except in Ontario, a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l'île de Montréal or an intermunicipal management board in Québec;

☐ (g) except in Ontario, any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government;

☐ (h) except in Ontario, a pension fund that is regulated by the Office of the Superintendent of Financial Institutions (Canada), a pension commission or similar regulatory authority of a jurisdiction of Canada;

☐ (i) a person, other than an individual or investment fund, that has net assets of at least $5,000,000 as shown on its most recently prepared financial statements;

☐ (j) an investment fund that distributes or has distributed its securities only to: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a person that is or was an accredited investor at the time of the distribution; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a person that acquires or acquired securities in the circumstances referred to in sections 2.10 [Minimum amount investment], or 2.19 [Additional investment in investment funds] of NI 45-106, or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 [Investment fund reinvestment] of NI 45-106;

☐ (k) an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Quebec, the securities regulatory authority, has issued a receipt;

☐ (l) a trust company or trust corporation registered or authorized to carry on business under the *Trust and Loan Companies Act* (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be;

☐ (m) a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction;

☐ (n) a registered charity under the *Income Tax Act* (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded;

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| | |
|:---|:---|
| ☐ | (o) an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (h) in form and function; |
| ☐ | (p) a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors; |
| ☐ | (q) an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser; |
| ☐ | (r) a person that is recognized or designated by the securities regulatory authority or, except in Ontario and Quebec, the regulator as an accredited investor; or |
| **AND** | **AND** |
| If the Lender is a resident of, or otherwise subject to the securities laws of, Ontario, the Lender is **[check appropriate box]**: | If the Lender is a resident of, or otherwise subject to the securities laws of, Ontario, the Lender is **[check appropriate box]**: |
| ☐ | (aa) a bank listed in Schedule I, II or III to the *Bank Act* (Canada); |
| ☐ | (bb) an association to which the *Cooperative Credit Associations* Act (Canada) applies or a central cooperative credit society for which an order has been made under subsection 473(1) of that Act; |
| ☐ | (cc) a loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse populaire, financial services cooperative or credit union league or federation that is authorized by a statute of Canada or Ontario to carry on business in Canada or Ontario, as the case may be; |
| ☐ | (dd) the Business Development Bank of Canada; |
| ☐ | (ee) a subsidiary of any person or company referred to in clause (aa), (bb), (cc) or (dd), if the person or company owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary; |
| ☐ | (ff) a person or company registered under the securities legislation of a province or territory of Canada as an adviser or dealer, except as otherwise prescribed by the regulations; |
| ☐ | (gg) the Government of Canada, the government of a province or territory of Canada, or any Crown corporation, agency or wholly owned entity of the Government of Canada or of the government of a province or territory of Canada; |
| ☐ | (hh) a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l'Île de Montréal or an intermunicipal management board in Quebec; |
| ☐ | (ii) any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government; |
| ☐ | (jj) a pension fund that is regulated by either the Office of the Superintendent of Financial Institutions (Canada) or a pension commission or similar regulatory authority of a province or territory of Canada; |
| ☐ | (kk) a person or company that is recognized or designated by the Ontario Securities Commission as an accredited investor; or |
| ☐ | (ll) such other persons or companies as may be prescribed by the regulations under the *Securities Act* (Ontario). |
| **<u>Definitions:</u>** | **<u>Definitions:</u>** |
| "**Canadian financial institution**" means | "**Canadian financial institution**" means |
|  | (a) an association governed by the *Cooperative Credit Associations Act* (Canada) or a central cooperative credit society for which an order has been made under section 473(1) of that Act, or |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a bank, loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union,
caisse populaire, financial services cooperative, or league that, in each case, is authorized by an enactment of Canada or a jurisdiction of Canada to carry on business in Canada or a jurisdiction of Canada;

"**fully managed account**" means an account of a client for which a person makes the investment decisions if that person has full discretion to trade in securities for the account without requiring the client's express consent to a transaction;

"**investment fund**" has the same meaning as in National Instrument 81-106 Investment Fund Continuous Disclosure;

"**person**" includes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an individual,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a corporation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a partnership, trust, fund and an association, syndicate, organization or other organized group of persons,
whether incorporated or not, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an individual or other person in that person's capacity as a trustee, executor, administrator or personal
or other legal representative;

"**Schedule III bank**" means an authorized foreign bank named in Schedule III of the *Bank Act* (Canada);

"**subsidiary**" means an issuer that is controlled directly or indirectly by another issuer and includes a subsidiary of that subsidiary;

\* \* \* \* \* \* \*

The representations, warranties, statements and certification made in this Certificate are true and accurate as of the date of this Certificate and will be true and accurate as of the closing. If any such representation, warranty, statement or certification becomes untrue or inaccurate prior to the closing, the Lender shall give the Borrower immediate written notice thereof.

Each of the Lenders acknowledges and agrees that the Borrower will and can rely on this Certificate in connection with such Lender's subscription of the Securities.

IN WITNESS, the undersigned has executed this Certificate as of the day of , 2023.

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| |
|:---|
| *Print Name of Lender*<br>|
| *Signature of Authorized Signatory*<br>|
| *Name and Position of Authorized Signatory*<br>|
| *Jurisdiction of Residence of Lender* |

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## Exhibit 4.2

**Exhibit 4.2** 

**Certain identified information has been excluded from this exhibit because it is (i) not material and (ii) the type that the company treats as private or confidential. Such omitted information is indicated by brackets ("[\*\*\*]") in this exhibit.** 

**FIRST AMENDING AGREEMENT** 

**THIS FIRST AMENDING AGREEMENT** (this "**First Amendment**") is made as of October 6, 2023.

**AMONG:** 

**ANFIELD ENERGY INC.**, a corporation organized and existing under the laws of the Province of British Columbia

(the "**Borrower**")

**AND:** 

**NEUTRON ENERGY, INC.**, a corporation organized and existing under the laws of the State of Nevada, **ANFIELD PRECIOUS METALS INC.**, a corporation organized and existing under the laws of the State of South Dakota, **ANFIELD RESOURCES HOLDING CORP.**, a corporation organized and existing under the laws of the State of Utah, **ARH WYOMING CORP.**, a corporation organized and existing under the laws of the State of Wyoming and **HIGHBURY RESOURCES INC.**, a corporation organized and existing under the laws of the State of Wyoming

(together with each of the other guarantors from time to time party hereto, collectively, the "**Guarantors**")

**AND:** 

**EXTRACT ADVISORS LLC**, a limited liability company organized and existing under the laws of the State of Delaware, as agent for the Lenders

(together with its successors and assigns, the "**Agent**")

**AND:** 

**EXTRACT CAPITAL MASTER FUND LTD.**, a corporation organized and existing under the laws of the Cayman Islands

(together with each of the other lenders from time to time party hereto, and their respective successors and assigns, collectively, the "**Lenders**")

**WHEREAS:** 

A. The Borrower, the Guarantors, the Agent and the Lender entered into a credit agreement dated as of
September 26, 2023 (as amended, restated, supplemented and otherwise modified from time to time, the "**Credit Agreement** "), whereby the Lender agreed to establish a credit facility with a funding amount of C$4,000,000 against a
face value and principal amount of C$4,300,000 (the "**Loan** "); and

B. The Borrower, the Guarantors, the Agent and the Lender wish to amend the terms of the Credit Agreement as set
out herein.

**NOW THEREFORE** this First Amendment witnesses that for good and valuable consideration, the receipt and sufficiency of which are acknowledged, each of the parties agrees with each of the others as follows:

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1. **Definitions**. Section 1.1 of the Credit Agreement is hereby amended by adding the new defined term
"Effective Annual Rate" in proper alphabetical order, as follows:

"***Effective Annual Rate***" *means the effective annualized rate of interest, determined in accordance with generally accepted actuarial practices and principles on the outstanding principal amount of the Facility over the relevant term, by taking into account only the following constituent payments:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *Interest on the outstanding principal of the Facility as set out in Section 2.5(a);* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)* *the Arrangement Fee (if paid by the Borrower in cash pursuant to Section 2.8(a)(i)(1));* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii)* *the original issue discount of C$300,000; and* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iv)* *any prepayment fee payable pursuant to Section 3.1(b).* 

2. **Maximum Effective Annual Rate**. A new paragraph (e) is hereby added to Section 2.5 of the
Credit Agreement, as follows:

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| | |
|:---|:---|
| "(e) | *In no event shall the Effective Annual Rate exceed [\*\*\*] (the "****Maximum Effective Annual Rate****"). If any payment described in the definition of "Effective Annual Rate" is or is about to be received by the Agent in an amount that exceeds the Maximum Effective Annual Rate, then such payment shall be reduced or refunded, as applicable, by the Agent, with retroactive effect, to the extent required to eliminate such excess.*  |

---

3. **Repayment in U.S. Dollars**. Section 2.1 of the Credit Agreement is hereby amended by adding the
following paragraph immediately following the first paragraph:

*"On the Maturity Date, the Borrower shall, in addition to the repayment of all other Facility Indebtedness, repay the face value of the Commitment (C$4,300,000) in U.S. Dollars, which for greater certainty shall be the fixed amount of US$3,203,961.26, applying the same rate of exchange as applicable to the Advance on the Closing Date."*

4. All other terms of the Credit Agreement remain unamended and in full force and effect. The Borrower hereby
reaffirms its obligations under the Credit Agreement, as amended by this First Amendment, and any and all security granted in connection therewith and confirms that its obligations remain in full force and effect under such agreements.

5. This First Amendment shall be governed by the laws of the Province of British Columbia and the federal laws of
Canada applicable therein and shall be treated in all respects as a British Columbia contract. The parties hereby irrevocably attorn and consent to the non-exclusive jurisdiction of the courts of the Province of British Columbia and irrevocably
waive any claim that such forum is not convenient.

6. All capitalized terms not otherwise defined in this First Amendment shall have the meanings ascribed to them in
the Credit Agreement.

[*Remainder of Page Left Intentionally Blank*]

------

IN WITNESS WHEREOF the parties hereto have executed this Agreement under the hands of their proper officers duly authorized in that behalf.

**BORROWER :** 

---

| | |
|:---|:---|
| **ANFIELD ENERGY INC.**, a corporation organized and existing under the laws of the Province of British Columbia | **ANFIELD ENERGY INC.**, a corporation organized and existing under the laws of the Province of British Columbia |
| Per: | */s/ "Corey Dias"* |
|  | Name: Corey Dias |
|  | Title: Chief Executive Officer |

---

**GUARANTORS:** 

---

| | | | |
|:---|:---|:---|:---|
| **ANFIELD RESOURCES HOLDING<br>CORP.**, a corporation organized and existing<br>under the laws of the State of Utah | **ANFIELD RESOURCES HOLDING<br>CORP.**, a corporation organized and existing<br>under the laws of the State of Utah | **ARH WYOMING CORP.**, a corporation<br>organized and existing under the laws of the<br>State of Wyoming | **ARH WYOMING CORP.**, a corporation<br>organized and existing under the laws of the<br>State of Wyoming |
| Per: | */s/ "Joshua Bleak"* | Per: | */s/ "Joshua Bleak"* |
|  | Name: Joshua Bleak |  | Name: Joshua Bleak |
|  | Title: Director |  | Title: Director |

---

---

| | | | |
|:---|:---|:---|:---|
| **NEUTRON ENERGY, INC.**, a corporation<br>organized and existing under the laws of the<br>State of Nevada | **NEUTRON ENERGY, INC.**, a corporation<br>organized and existing under the laws of the<br>State of Nevada | **HIGHBURY RESOURCES INC.**, a<br>corporation organized and existing under the<br>laws of the State of Wyoming | **HIGHBURY RESOURCES INC.**, a<br>corporation organized and existing under the<br>laws of the State of Wyoming |
| Per: | */s/ "Joshua Bleak"* | Per: | */s/ "Joshua Bleak"* |
|  | Name: Joshua Bleak |  | Name: Joshua Bleak |
|  | Title: Director |  | Title: Director |

---

---

| | |
|:---|:---|
| **ANFIELD PRECIOUS METALS INC.**, a<br>corporation organized and existing under the<br>laws of the State of South Dakota | **ANFIELD PRECIOUS METALS INC.**, a<br>corporation organized and existing under the<br>laws of the State of South Dakota |
| Per: | */s/ "Joshua Bleak"* |
|  | Name: Joshua Bleak |
|  | Title: Director |

---

------

**AGENT:** 

---

| | |
|:---|:---|
| **EXTRACT ADVISORS LLC**, as Agent | **EXTRACT ADVISORS LLC**, as Agent |
| Per: | */s/ "Ethan Park"* |
|  | Name: Ethan Park |
|  | Title: Authorized Signatory |

---

**LENDER:** 

---

| | |
|:---|:---|
| **EXTRACT CAPITAL MASTER FUND<br>LTD.** | **EXTRACT CAPITAL MASTER FUND<br>LTD.** |
| Per: | */s/ "Ethan Park"* |
|  | Name: Ethan Park |
|  | Title: Authorized Signatory |

---

## Exhibit 4.3

**Exhibit 4.3** 

**CONSENT, WAIVER AND SECOND AMENDING AGREEMENT** 

This consent, waiver and second amending agreement (this **"Agreement")** is dated effective as of April 15, 2024, by and among Anfield Energy Inc. (the **"Borrower"),** Neutron Energy Inc., Anfield Precious Metals Inc., Anfield Resources Holding Corp., ARH Wyoming Corp. and Highbury Resources Inc. (collectively, the **"Guarantors"),** Extract Capital Master Fund Ltd. (the **"Lender")** and Extract Advisors LLC, as agent for the Lender (in such capacity, the **"Agent").**

**WHEREAS:** 

(a) Reference is made to the credit agreement dated as of September 26, 2023 among the Borrower, as borrower,
the Guarantors, as guarantors, the Lender, as lender, and the Agent, as amended pursuant to a first amending agreement dated October 6, 2023, among the Borrower, as borrower, the Guarantors, as guarantors, the Lender, as lender, and the Agent (as
may be further amended, restated, supplemented and otherwise modified from time to time, the **"Credit Agreement").** Capitalized terms used herein but not otherwise defined herein shall have the respective meanings ascribed to such
terms in the Credit Agreement.

(b) Highbury Resources Inc. **("Highbury"),** as transferee, and the Borrower, have entered into an
asset transfer agreement (the **"Transfer Agreement")** dated as of January 2, 2024 with Gold Eagle Mining Inc. and Golden Eagle Uranium LLC, as transferors (the "Transferors"), pursuant to which Highbury proposes to acquire
from the Transferors an interest in twelve mining leases issued by the United States Department of Energy for certain counties in Colorado, certain permits issued by instrumentalities of the State of Colorado, and associated data, all as more fully
described in Schedule I and Schedule II of the Transfer Agreement (collectively, the "**Purchased Assets** ").

(c) In consideration for the Purchased Assets, Highbury is required pursuant to the Transfer Agreement to make a
series of cash payments to the Transferors in the aggregate amount of US$4,750,000 over a four-year period, and the Borrower is required to issue to the Transferors common shares equivalent to US$1,250,000.

(d) Pursuant to Subsection 7.2(a) of the Credit Agreement, each of the Credit Parties has covenanted and agreed
to not, without the written consent of the Agent, directly or indirectly issue, incur, assume or otherwise become liable for or in respect of any Indebtedness (other than Permitted Indebtedness). The deferred cash payments contemplated in the
Transfer Agreement constitute "Indebtedness" (as such term is defined in the Credit Agreement), and therefore consent of the Agent is required prior to the incurrence of such Indebtedness.

(e) Pursuant to Subsection 7.2(h) of the Credit Agreement, each of the Credit Parties has covenanted and agreed
to not, without the written consent of the Agent, purchase or otherwise acquire all or substantially all (i) of the assets of any Person (other than a Credit Party) or (ii) of a division or unit of any such Person. The acquisition by
Highbury of the Purchased Assets constitutes all or substantially all of the assets of, or a division or unit of,

------

the Transferors, and therefore consent of the Agent is required prior to consummation of such acquisition.

(f) In response to the Borrower's press release on January 3, 2024 announcing the execution of the Transfer
Agreement, the Agent provided the Credit Parties with written notice on January 9, 2024 that the transactions contemplated by the Transfer Agreement which are referred to in paragraphs (d) and (e) above are prohibited by the Credit Agreement,
and will require the written consent of the Agent.

(g) The Borrower and Highbury have requested that the Agent (i) consent to the purchase by Highbury of the
Purchased Assets pursuant to the terms of the Transfer Agreement, and (ii) waive compliance by the Borrower with respect to Subsections 7.2(a) and 7.2(h) of the Credit Agreement, solely in relation to the purchase by Highbury of the Purchased
Assets and the incurrence of Indebtedness contemplated in the Transfer Agreement.

(h) The parties hereto wish to amend Subsections 7.1(y) and 7.2(f) of the Credit Agreement on the terms and
conditions contained herein.

**NOW THEREFORE,** for good and valuable consideration (the receipt and sufficiency of which are acknowledged by the parties), the parties hereto, intending to be legally bound, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Consent and Limited Waiver.</u> Subject to the terms of this Agreement, the Agent, on behalf of the
Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consents to the purchase by Highbury of the Purchased Assets pursuant to the terms of the Transfer
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) waives compliance by Highbury with Section 7.2(a) of the Credit Agreement, solely in relation to the
incurrence of Indebtedness contemplated in the Transfer Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) waives compliance by Highbury with Section 7.2(h) of the Credit Agreement, solely in relation to the
purchase by Highbury of the Purchased Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendments.</u> As of the effective date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subsection 7.1(y) of the Credit Agreement is hereby amended by deleting it in its entirety and replacing it
with the following:

"(y) the Credit Parties, on a consolidated basis, shall at all times during the term of this Agreement, maintain minimum working capital of C$250,000, calculated as (i) the sum of cash on hand and trade receivables outstanding for less than 30 days, less (ii) trade payables, and the Borrower shall provide the Agent with evidence thereof upon written request;".

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subsection 7.2(f) of the Credit Agreement is hereby amended by deleting it in its entirety and replacing it
with the following:

"(f) take any corporate action to effect a share consolidation or stock split, without the prior written consent of the Agent, <u>provided that</u> if the market price per Common Share on the Exchange exceeds $0.12 per Common Share for twenty (20) consecutive trading days, then no prior consent of the Agent shall be required for the Borrower to effect a share consolidation;"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Conditions.</u> The consent, waivers and amendments contained herein are conditional upon all of the following terms being fulfilled to the satisfaction of the Agent as of the effective date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There exists no Default or Event of Default under the Credit Agreement as of the date of this Agreement, and
no Default or Event of Default will occur as a result of the implementation of any of the transactions contemplated by the Transfer Agreement, other than as consented to hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the date of the most recent consolidated financial statements of the Borrower provided to the Agent,
there have been no events or circumstances that have resulted in or could reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The representations and warranties in the Credit Agreement continue to be true and correct as if made on and
as of the date of this Agreement, except for those stated to be made as of a particular date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the Borrower obtaining the requisite approvals of the Exchange and other securities regulatory
authorities, as applicable, the Borrower shall create and issue to the Lender (or as the Lender may direct) 4,000,000 non- transferrable warrants of the Borrower, with each warrant being exercisable for one
Common Share at an exercise price equal to C$0.095 per Common Share and for an exercise period terminating on September 26, 2028. Such warrants shall include customary adjustment provisions and shall otherwise be in the form of the certificate
attached hereto as Schedule A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>No Other Amendments, Waivers or Consents.</u> Each of the Credit Parties acknowledges and agrees that, except as expressly provided herein, this Agreement shall not constitute an amendment, waiver, consent or release with respect to any provision of the Facility Documents, a waiver of any breach of representation and warranty, breach of covenant, or any Default or Event of Default thereunder, or a waiver or release of the Agent's or the Lender's rights or remedies, all of which are expressly reserved, and no delay on the part of the Agent or any Lender in exercising any such rights or remedies, shall be construed as a waiver of any such rights or remedies. This Agreement shall constitute a Facility Document for purposes of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Binding Effect.</u> The terms and provisions hereof shall be binding upon and shall enure to the benefit of the parties hereto and their successors, and assigns. Nothing contained in

------

this Agreement shall otherwise be deemed or construed to amend, supplement, modify or replace any Facility Documents or otherwise affect the rights and obligations of any party thereto, all of which remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>To Be Read with Credit Agreement.</u> This Agreement is an amendment to the Credit Agreement. Unless the context of this Agreement otherwise requires, the Credit Agreement and this Amendment shall be read together and shall have effect as if the provisions of the Credit Agreement and this Agreement were contained in one agreement as of the date hereof. The term "Agreement" when used in the Credit Agreement means the Credit Agreement as amended, supplemented or modified from time to time (including by this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Reaffirmation of Obligations.</u> The Credit Agreement, as amended or modified by this Agreement, and each of the other Facility Documents, shall be and continue in full force and effect and are hereby confirmed, and the rights and obligations of all parties thereunder shall not be affected or prejudiced in any manner except as specifically provided for herein. Each of the Credit Parties hereby acknowledges and reaffirms that, notwithstanding this Agreement, (i) the Facility Documents to which it is a party constitute its legal, valid and binding obligations, enforceable against it in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, moratorium, reorganization and other laws of general application limiting the enforcement of creditor's rights generally and the fact that the courts may deny the granting or enforcement of equitable remedies, and (ii) each of the Facility Documents to which it is a party is hereby ratified and confirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Expenses.</u> The Borrower shall pay all reasonable and documented out-of-pocket fees, costs and expenses incurred by the Agent and the Lender in connection with the preparation, negotiation, completion, execution, delivery and review of this Agreement and all other documents, certificates and instruments arising therefrom and/or executed in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Multiple Counterparts.</u> This Agreement may be executed in counterparts and by electronic transmission of an authorized signature, and each such counterpart shall be deemed to form part of one and the same document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Governing Law.</u> This Agreement shall be governed by the laws of the Province of British Columbia and the federal laws of Canada applicable therein and shall be treated in all respects as a British Columbia contract. The parties hereby irrevocably attorn and consent to the non-exclusive jurisdiction of the courts of the Province of British Columbia and irrevocably waive any claim that such forum is not convenient.

[The remainder of this page is intentionally left blank.]

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**IN WITNESS WHEREOF**, the undersigned have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **Anfield Energy Inc.** | **Anfield Energy Inc.** |
| By: | /s/ Corey Dias |
|  | Name: Corey Dias |
|  | Title: Chief Executive Officer |
| **Anfield Resources Holding Corp.** | **Anfield Resources Holding Corp.** |
| By: | /s/ Joshua Bleak |
|  | Name: Joshua Bleak |
|  | Title: Director |
| **ARH Wyoming Corp.** | **ARH Wyoming Corp.** |
| By: | /s/ Joshua Bleak |
|  | Name: Joshua Bleak |
|  | Title: Director |
| **Neutron Energy, Inc.** | **Neutron Energy, Inc.** |
| By: | /s/ Joshua Bleak |
|  | Name: Joshua Bleak |
|  | Title: Director |
| **Highbury Resources Inc.** | **Highbury Resources Inc.** |
| By: | /s/ Joshua Bleak |
|  | Name: Joshua Bleak |
|  | Title: Director |
| **Anfield Precious Metals Inc.** | **Anfield Precious Metals Inc.** |
| By: | /s/ Joshua Bleak |
|  | Name: Joshua Bleak |
|  | Title: Director |

---

------

**IN WITNESS WHEREOF**, the undersigned has executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **Extract Advisors LLC, as Agent** | **Extract Advisors LLC, as Agent** |
| By: | /s/ Ethan Park |
|  | Name: Ethan Park |
|  | Title: Authorized Signatory |
| **Extract Capital Master Fund Ltd.** | **Extract Capital Master Fund Ltd.** |
| By: | /s/ Ethan Park |
|  | Name: Ethan Park |
|  | Title: Authorized Signatory |

---

------

**SCHEDULE A** 

**FORM OF WARRANT CERTIFICATE** 

------

**THIS WARRANT CERTIFICATE IS VOID IF NOT EXERCISED** 

**WITHIN THE TIME LIMITS HEREIN PROVIDED** 

**WARRANT CERTIFICATE** 

**THESE WARRANTS ARE NON-ASSIGNABLE AND NON-TRANSFERABLE** 

**ANFIELD ENERGY INC.** 

(Incorporated under the laws of the Province of British Columbia)

---

| | |
|:---|:---|
| WARRANT<br>NO. **2024-04-W#001** | 4,000,000 WARRANTS entitling the holder to acquire, subject to adjustment, one Common Share for each Warrant represented hereby. |

---

THIS IS TO CERTIFY THAT **Extract Capital Master Fund Ltd., 227 Elgin Ave., Grand Cayman, KY1-1103, Cayman Islands** (hereinafter referred to as the "**holder**" or the "**Warrantholder**"), the holder of these Warrants, is entitled to acquire for each Warrant represented hereby, in the manner and subject to the conditions, restrictions and adjustments set forth herein, at any time and from time to time until 5:00 p.m. (Vancouver time) on September 26, 2028 (the "**Expiry Time**"), one fully paid and non-assessable common share (a "**Common Share**") in the capital of Anfield Energy Inc. (the "**Company**") at a price of $0.095 per Common Share.

The Warrants may only be exercised at the head office of the Company at 4390 Grange Street, Suite 2005, Burnaby, British Columbia V5H 1P6.

The Warrants are issued subject to the terms and conditions appended hereto as **Schedule "A"**.

IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be executed by a duly authorized officer.

DATED for reference this<u> </u> <sup>th</sup> day of April, 2024.

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| | |
|:---|:---|
| **ANFIELD ENERGY INC.** | **ANFIELD ENERGY INC.** |
| Per: |  |
|  | Authorized Signatory |

---

*(See terms and conditions attached hereto)* 

------

**SCHEDULE "A"** 

TERMS AND CONDITIONS FOR WARRANTS

Terms and Conditions attached to the Warrant Certificate issued by Anfield Energy Inc. and dated for reference April<u> </u> , 2024.

**ARTICLE 1** 

**INTERPRETATION** 

**1.1** **Definitions** 

In these Terms and Conditions, unless there is something in the subject matter or context inconsistent therewith:

(a) "**Affiliate**" means, with respect to any person, any other person that directly or indirectly
controls, is controlled by, or is under common control with, such person, it being understood for purposes of this definition that "control" of a person means the power directly or indirectly either to vote 10% or more of the stock having
ordinary voting power for the election of directors of such person or direct or cause the direction of the management and policies of such person whether by contract or otherwise.

(b) "**Common Share Equivalents**" means any securities of the Company or the subsidiaries that
would entitle the holder thereof to acquire at any time Common Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or
otherwise entitles the holder thereof to receive, Common Shares.

(c) "**Common Shares**" means the common shares in the capital of the Company to be issued pursuant
to the exercise of Warrants as such shares were constituted on April <u> </u>, 2024;

(d) "**Company**" means Anfield Energy Inc. unless and until a successor company shall have become
such in the manner prescribed in Article 6, and thereafter "Company" shall mean such successor company;

(e) "**Company's Auditors**" means an independent firm of accountants duly appointed as
auditors of the Company;

(f) "**Exchange**" means the TSX Venture Exchange or such other stock exchange on which the
Company's Common Shares are listed and posted for trading;

(g) "**Exercise Price**" means the price of $0.095 per Common Share;

(h) "**Expiry Time**" means 5:00 p.m. (Vancouver time) on September 26, 2028;

(i) "**herein** ", "**hereby**" and similar expressions refer to these Terms and
Conditions as the same may be amended or modified from time to time; and the expression "Article" and "Section" followed by a number refer to the specified Article or Section of these Terms and Conditions;

(j) "**person**" means an individual, corporation or company, partnership, trustee or any
unincorporated organization and words importing persons have a similar meaning;

------

(k) "**Warrants**" means the non-assignable and non-transferable warrants to purchase that number
of Common Shares evidenced by the Warrant Certificate;

(l) "**Warrant Certificate**" means the certificate to which these Terms and Conditions are
attached; and

(m) words importing the singular number include the plural and vice versa and words importing the masculine
gender include the feminine and neuter genders.

**1.2** **Interpretation Not Affected by Headings** 

The division of these Terms and Conditions into Articles and Sections, and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation thereof.

**1.3** **Applicable Law** 

The terms hereof and of the Warrant shall be construed in accordance with the laws of the Province of British Columbia and the laws of Canada applicable thereto.

**ARTICLE 2** 

**ISSUE OF WARRANT** 

**2.1** **Issue of Warrants** 

That number of Warrants set out on the Warrant Certificate is hereby created and authorized to be issued.

**2.2** **Additional Warrants** 

Subject to any other written agreement between the Company and the Warrantholder, the Company may at any time and from time to time undertake further equity or debt financing and may issue additional Common Shares or warrants or grant options or similar rights to purchase Common Shares to any person.

**2.3** **Issue in Substitution for Lost Warrants** 

If the Warrant Certificate becomes mutilated, lost, destroyed or stolen:

(a) the Company shall issue and deliver a new Warrant Certificate of like date and tenor as the one mutilated,
lost, destroyed or stolen, in exchange for and in place of and upon cancellation of such mutilated, lost, destroyed or stolen Warrant Certificate; and

(b) the holder shall bear the cost of the issue of a new Warrant Certificate hereunder and in the case of the
loss, destruction or theft of the Warrant Certificate, shall furnish to the Company such evidence of loss, destruction, or theft as shall be satisfactory to the Company in its discretion and the Company may also require the holder to furnish
indemnity in an amount and form satisfactory to the Company in its discretion, and shall pay the reasonable charges of the Company in connection therewith.

**2.4** **Warrantholder Not a Shareholder** 

The Warrant shall not constitute the holder a shareholder of the Company, nor entitle it to any right or interest in respect thereof except as may be expressly provided in the Warrant.

------

**ARTICLE 3** 

**EXERCISE OF THE WARRANTS** 

**3.1** **Method of Exercise of the Warrants** 

The right to purchase Common Shares conferred by the Warrant Certificate may be exercised, prior to the Expiry Time, by the holder surrendering this Warrant Certificate and delivering with it a duly completed and executed exercise form (the "**Exercise Form**") substantially in the form attached hereto as **Schedule "B"** and a certified cheque, bank draft or wire transfer payable to or to the order of the Company, at par in Vancouver, British Columbia, for the purchase price applicable at the time of surrender in respect of the Common Shares subscribed for in lawful money of Canada, to the Company.

**3.2** **Effect of Exercise of the Warrant** 

Upon surrender and payment as aforesaid the Common Shares so subscribed for shall be issued as fully paid and non-assessable Common Shares and the holder shall become the holder of record of such Common Shares on the date of such surrender and payment.

Upon the exercise of all or any of the Warrants in the manner described above, the person or persons in whose name or names the Common Shares issuable upon exercise of the Warrants are to be issued shall be deemed for all purposes to be the holder or holders of record of such Common Shares on the date of such surrender and payment, within three (3) business days after surrender of the Warrant Certificate and payment, the Company shall forthwith cause the issuance and delivery to the person or persons a certificate for the Common Shares purchased as aforesaid at the address or addresses specified in the Exercise Form.

**3.3** **Subscription for Less than Entitlement** 

The holder may subscribe for and purchase a number of Common Shares less than the total number which it is entitled to purchase on exercise of the Warrants represented by the surrendered Warrant Certificate. In the event of any purchase of a number of Common Shares less than the number which can be purchased pursuant to this Warrant Certificate, the holder shall be entitled to receive a new Warrant Certificate representing Warrants exercisable to acquire up to the balance of the Common Shares which the holder is entitled to purchase pursuant to the Warrant Certificate.

**3.4** **Expiration of the Warrants** 

If the Warrants are not exercised at or before the Expiry Time, all rights hereunder shall wholly cease and terminate and the Warrants shall be void and of no effect.

**3.5** **Limitation on Exercise** 

The Company shall not effect any exercise of this Warrant Certificate, and the holder shall not have the right to exercise any portion of this Warrant Certificate, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Exercise Form, the holder (together with the holder's Affiliates, and any other persons acting as a group together with the holder or any of the holder's Affiliates (such persons, "**Attribution Parties**")), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of Common Shares beneficially owned by the holder and its Affiliates and Attribution Parties shall include the number of Common Shares issuable upon exercise of this Warrant Certificate with respect to which such determination is being made, but shall exclude the number of Common Shares which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant Certificate beneficially owned by the holder or any of its

------

Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the holder or any of its Affiliates or Attribution Parties.

Except as set forth in the preceding paragraph, for purposes of this Section 3.5, beneficial ownership shall be calculated in accordance with the *Securities Act* (British Columbia), as amended from time to time, and the rules and regulations promulgated thereunder. To the extent that the limitation contained in this Section 3.5 applies, the determination of whether this Warrant Certificate is exercisable (in relation to other securities owned by the holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant Certificate is exercisable shall be in the sole discretion of the holder, and the submission of an Exercise Form shall be deemed to be the holder's determination of whether this Warrant Certificate is exercisable (in relation to other securities owned by the holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant Certificate is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.

For purposes of this Section 3.5, in determining the number of outstanding Common Shares, the holder may rely on the number of outstanding Common Shares as reflected in (A) the Company's most recent periodic or annual report filed with the Exchange, as the case may be, (B) a more recent public announcement by the Company or (C) any other notice by the Company or the transfer agent setting forth the number of Common Shares outstanding. Upon the written or oral request of the holder, the Company shall within one (1) trading day confirm orally and in writing to the holder the number of Common Shares then outstanding. In any case, the number of outstanding Common Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant Certificate, by the holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding Common Shares was reported.

The "**Beneficial Ownership Limitation**" shall be 9.99% of the number of Common Shares outstanding immediately after giving effect to the issuance of Common Shares issuable upon exercise of this Warrant Certificate. The holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 3.5, provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Common Shares outstanding immediately after giving effect to the issuance of Common Shares upon exercise of this Warrant Certificate held by the holder and the provisions of this Section 3.5 shall continue to apply, unless: (A) the holder provides the applicable Exchange with a personal information form pursuant to the rules of such Exchange; and (B) if required, the form has been approved by such Exchange. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall not be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 3.5 to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant Certificate. Notwithstanding the foregoing, the Beneficial Ownership Limitation shall not apply if the holder beneficially owns in excess of 9.99% of the number of Common Shares outstanding immediately before giving effect to the issuance of Common Shares issuable upon exercise of this Warrant Certificate.

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**ARTICLE 4** 

**ADJUSTMENTS** 

**4.1** **Adjustments** 

The number of Common Shares purchasable upon the exercise of each Warrant and the Exercise Price shall be subject to adjustment as follows:

(a) in the event the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pay a dividend in Common Shares or make a distribution in Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subdivide its outstanding Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) combine its outstanding Common Shares into a smaller number of Common Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) issue by reclassification of its Common Shares other securities of the Company (including any such
reclassification in connection with a consolidation, merger, amalgamation or other combination in which the Company is the surviving company or in the case of any sale, transfer or lease to another company of all or substantially all of the property
of the Company);

the number of Common Shares (or other securities) purchasable upon exercise of each Warrant immediately prior thereto shall be adjusted so that the Warrantholder shall be entitled to receive the kind and number of Common Shares or other securities of the Company which it would have owned or have been entitled to receive after the happening of any of the events described above, had such Warrant been exercised immediately prior to the happening of such event or any record date with respect thereto. An adjustment made pursuant to this subsection (a) shall become effective immediately after the effective date of such event retroactive to the record date, if any, for such event.

(b) In case the Company shall issue rights, options or warrants to all or substantially all holders of its
outstanding Common Shares, without any charge to such holders, entitling them (for a period within 45 days after the record date mentioned below) to subscribe for or purchase Common Shares or securities convertible into or exchangeable for Common
Shares at a price per share which is lower than 95% of the current market price at the record date mentioned below than the then current market price per Common Share (as determined in accordance with subsection (e) below), the number of Common
Shares thereafter purchasable upon the exercise of each Warrant shall be determined by multiplying the number of Common Shares theretofore purchasable upon exercise of each Warrant by a fraction, of which the numerator shall be the number of Common
Shares outstanding on the date of issuance of such rights, options or warrants plus the number of additional Common Shares offered for subscription or purchase, and of which the denominator shall be the number of Common Shares outstanding on the
date of issuance of such rights, options or warrants plus the number of shares which the aggregate offering price of the total number of Common Shares so offered would purchase at the current market price per Common Share at such record date. Such
adjustment shall be made whenever such rights, options or warrants are issued, and shall become effective immediately after the record date for the determination of shareholders entitled to receive such rights, options or warrants.

(c) In case the Company shall distribute to all or substantially all holders of its Common Shares evidence of
its indebtedness or assets (excluding cash dividends or distributions payable out of

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consolidated earnings or earned surplus and dividends or distributions referred to in subsection (a) above or in subsection (e) below or rights, options or warrants, or convertible or exchangeable securities containing the right to subscribe for or purchase Common Shares (excluding those referred to in subsection (b) above)), then in each case the number of Common Shares thereafter purchasable upon the exercise of each Warrant shall be determined by multiplying the number of Common Shares theretofore purchasable upon the exercise of each Warrant by a fraction, of which the numerator shall be the then current market price per Common Share (as determined in accordance with subsection (e) below) on the date of such distribution, and of which the denominator shall be the then current market price per Common Share less the then fair value (as determined by the Board of Directors of the Company, acting reasonably) of the portion of the assets or evidences of indebtedness so distributed or of such subscription rights, options or warrants, or of such convertible or exchangeable securities applicable to one Common Share. Such adjustment shall be made whenever any such distribution is made, and shall become effective on the date of distribution retroactive to the record date for the determination of shareholders entitled to receive such distribution. <br>

(d) In the event of the distribution by the Company to all or substantially all of the holders of its Common
Shares of shares of a subsidiary or securities convertible or exercisable for such shares, then in lieu of an adjustment in the number of Common Shares purchasable upon the exercise of each Warrant, the Warrantholder of each Warrant, upon the
exercise thereof, shall receive from the Company, such subsidiary or both, as the Company shall reasonably determine, the shares or other securities to which such Warrantholder would have been entitled if such Warrantholder had exercised such
Warrant immediately prior thereto, all subject to further adjustment as provided in this Section 4.1.

(e) For the purpose of any computation under subsections (b) and (c) of this Section 4.1, the current
market price per Common Share at any date shall be the weighted average price per Common Share for twenty-five (25) consecutive trading days, commencing not more than 45 trading days before such date on the Exchange; provided if the Common
Shares are then traded on more than one stock exchange, then on the stock exchange on which the largest volume of Common Shares were traded during such twenty-five (25) consecutive trading day period. The weighted average price per Common Share
shall be determined by dividing the aggregate sale price of all Common Shares sold on the Exchange, during the said twenty-five (25) consecutive trading days by the total number of shares so sold. For purposes of this subsection (e),
"trading day" means, with respect to a stock exchange, a day on which such exchange is open for the transaction of business. Should the Common Shares not be listed on any stock exchange, the current market price per Common Share at any
date shall be determined by the Board of Directors of the Company, acting reasonably.

(f) In any case in which this Article 4 shall require that any adjustment in the Exercise Price be made
effective immediately after a record date for a specified event, the Company may elect to defer until the occurrence of the event the issuance, to the holder of any Warrant exercised after that record date, of the Common Shares and other shares of
the Company, if any, issuable upon the exercise of the Warrant over and above the Common Shares and other shares of the Company; provided, however, that the Company shall deliver to the holder an appropriate instrument evidencing the holder's
right to receive such additional shares upon the occurrence of the event requiring such adjustment.

(g) The adjustments are cumulative, provided that no adjustment in the number of Common Shares purchasable
hereunder shall be required unless such adjustment would require an increase or decrease of at least one percent (1%) in the number of Common Shares purchasable upon the exercise of each Warrant; provided, however, that any adjustments which by
reason of this

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subsection (g) are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations shall be made to the nearest one-hundredth of a share.

(h) Wherever the number of Common Shares purchasable upon the exercise of each Warrant is adjusted, as herein
provided, the Exercise Price payable upon exercise of each Warrant shall be adjusted by multiplying such Exercise Price immediately prior to such adjustment by a fraction, of which the numerator shall be the number of Common Shares purchasable upon
the exercise of such Warrant immediately prior to such adjustment, and of which the denominator shall be the number of Common Shares purchasable immediately thereafter.

(i) No adjustment in the number of Common Shares purchasable upon the exercise of each Warrant need be made
under subsections (b), (c) and (d) if, the Company issues or distributes to the Warrantholder the rights, options, warrants, or convertible or exchangeable securities, or evidences of indebtedness or assets referred to in those subsections
which the Warrantholder would have been entitled to receive had the Warrants been exercised prior to the happening of such event or the record date with respect thereto.

(j) In the event that at any time, as a result of an adjustment made pursuant to subsections (a), (c) and
(d) above, the Warrantholder shall become entitled to purchase any securities of the Company other than Common Shares, thereafter the number of such other shares so purchasable upon exercise of each Warrant and the Exercise Price of such shares
shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Common Shares contained in subsections (a) through (i), inclusive, above, and the provisions of
Sections 4.2 through 4.4, inclusive, of this Article 4 with respect to the Common Shares, shall apply on like terms to any such other securities.

(k) Upon the expiration of any rights, options, warrants or conversion or exchange privileges, if any thereof
shall not have been exercised, the Exercise Price and the number of Common Shares purchasable upon the exercise of each Warrant shall, upon such expiration, be readjusted and shall thereafter be such as it would have been had it been originally
adjusted (or had the original adjustment not been required, as the case may be) as if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the only Common Shares so issued were the Common Shares, if any, actually issued or sold upon the exercise
of such rights, options, warrants or conversion or exchange rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Common Shares, if any, were issued or sold for the consideration actually received by the Company upon
such exercise plus the aggregate consideration, if any, actually received by the Company for the issuance, sale or grant of all such rights, options, warrants or conversion or exchange rights whether or not exercised;

provided further, that no such readjustment shall have the effect of increasing the Exercise Price or decreasing the number of Common Shares purchasable upon the exercise of each Warrant by an amount in excess of the amount of the adjustment initially made with respect to the issuance, sale or grant of such rights, options, warrants or conversion or exchange rights.

(l) If, in case at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company offers for subscription pro rata to the holders of its Common Shares any additional shares of
stock of any class or other rights;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there is a voluntary or involuntary dissolution, liquidation or winding-up of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in case of any event described in Section 4.1(a) (a "**Reorganization** ");

then, and in any one or more of such cases, the Company will give to the Warrantholder at least 20 business days' prior written notice of the date on which the books of the Company will close or a record will be taken for such dividend, distribution or offer of subscription rights, or for determining rights to vote with respect to such dissolution, liquidation or winding-up or Reorganization and, in the case of such dissolution, liquidation or winding-up or Reorganization, at least 20 days' prior written notice of the date when the same will take place. Such notice in accordance with the foregoing clause will also specify, in the case of any such dividend, distribution or offer of subscriptions rights, the date on which the holders of the Common Shares will be entitled thereto, and such notice in accordance with the foregoing will also specify the date on which the holders of the Common Shares will be entitled to exchange the Common Shares for securities or other property deliverable upon such dissolution, liquidation or winding-up or Reorganization, as the case may be. Each such written notice will be given to the Warrantholder in accordance with the manner stated herein.

**4.2** **Voluntary Adjustment by the Company** 

Subject to requisite Exchange approval, the Company may, at its option, at any time during the term of the Warrants, reduce the then current Exercise Price to any amount deemed appropriate by the Board of Directors of the Company.

**4.3** **Notice of Adjustment** 

Whenever the number of Common Shares purchasable upon the exercise of each Warrant or the Exercise Price of such Common Shares is adjusted, as herein provided, the Company shall promptly, and not more than 10 business days from the effective date of such adjustment or adjustments, send to the Warrantholder by first class mail, postage prepaid, notice of such adjustment or adjustments.

**4.4** **No Adjustment for Dividends** 

Except as provided in Section 4.1 of this Article 4, no adjustment in respect of any dividends shall be made during the term of a Warrant or upon the exercise of a Warrant.

**4.5** **Preservation of Purchase Rights Upon Merger, Consolidation, etc.** 

In connection with any consolidation of the Company with, or amalgamation or merger of the Company with or into, another company (including, without limitation, pursuant to a "takeover bid", "tender offer" or other acquisition of all or substantially all of the outstanding Common Shares) or in case of any sale, transfer or lease to another company of all or substantially all the property of the Company, the Company or such successor or purchasing company, as the case may be, shall execute with the Warrantholder an agreement that the Warrantholder shall have the right thereafter, upon payment of the Exercise Price in effect immediately prior to such action, to purchase upon exercise of each Warrant the kind and amount of shares and other securities and property which it would have owned or have been entitled to receive after the happening of such consolidation, amalgamation, merger, sale, transfer or lease had such Warrant been exercised immediately prior to such action, and the Warrantholder shall be bound to accept such shares and other securities and property in lieu of the Common Shares to which it was previously entitled; provided, however, that no adjustment in respect of dividends, interest or other income on or from such shares or

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other securities and property shall be made during the term of a Warrant or upon the exercise of a Warrant. Any such agreement shall provide for adjustments, which shall be as nearly equivalent as may be practicable to the adjustments provided for in this **Schedule "A"**. The provisions of this Article 4 shall similarly apply to successive consolidations, mergers, amalgamation, sales, transfers or leases.

**4.6** **Determination of Adjustments** 

If any questions shall at any time arise with respect to the Exercise Price, such question shall be conclusively determined by the Company's Auditors, or, if they decline to so act, any other firm of Chartered Accountants, in Vancouver, British Columbia, that the Company may designate and the Warrantholder, acting reasonably, may approve, and who shall have access to all appropriate records and such determination shall be binding upon the Company and the holder.

**ARTICLE 5** 

**COVENANTS BY THE COMPANY** 

**5.1** **Reservation of Common Shares** 

The Company will reserve and there will remain unissued out of its authorized capital a sufficient number of Common Shares to satisfy the rights of acquisition provided for in the Warrant Certificate.

**5.2** **New Covenants** 

The Company covenants and agrees that:

(a) all Common Shares which shall be so issuable on due exercise of the Warrants will, upon issuance, be issued
as fully paid and non-assessable Common Shares in the capital of the Company and free from all liens, charges and encumbrances;

(b) until the Expiry Time, the Company shall use commercially reasonable efforts to preserve and maintain its
corporate existence, remain a reporting issuer not in default of the requirements of the applicable securities laws in British Columbia and Alberta and to ensure that the Company shall make all requisite filings under applicable securities
legislation necessary to remain a reporting issuer not in default;

(c) the Company shall use its commercially reasonable efforts to ensure the Common Shares of the Company are
listed and posted for trading on the Exchange or such other stock exchange or over- the-counter market as the Common Shares may be listed or quoted (as the case may be) at the time of exercise of the Warrants. Provided that the covenants in
subsections 5.2(b) and (c) shall not restrict the Company from engaging in or from completing any transaction which would result in the Company ceasing to be a "reporting issuer" so long as the holders of Warrants receive securities
of an entity which is listed on a stock exchange in Canada, or cash, or the holders of the Common Shares have approved the transaction in accordance with the requirements of applicable laws and the policies of the Exchange; and

(d) if the issuance of Common Shares of the Company upon exercise of the Warrants requires any filing or
registration with or approval of any Canadian securities regulatory authority or other Canadian governmental authority or compliance with any other requirement under any Canadian law before such Common Shares of the Company may be validly issued
(other than the filing of a prospectus or similar disclosure document), the Company agrees to take make commercially reasonable efforts to secure such filing, registration, approval or compliance, as the case may be.

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**ARTICLE 6** 

**MERGER AND SUCCESSORS** 

**6.1** **Company May Consolidate, etc. on Certain Terms** 

Nothing herein contained shall prevent any consolidation, amalgamation or merger of the Company with or into any other company or companies, or a conveyance or transfer of all or substantially all the properties and estates of the Company as an entirety to any company lawfully entitled to acquire and operate same, provided, however, that the company formed by such consolidation, amalgamation or merger or which acquires by conveyance or transfer all or substantially all the properties and estates of the Company as an entirety shall, simultaneously with such amalgamation, merger, conveyance or transfer, assume the due and punctual performance and observance of all the covenants and conditions hereof to be performed or observed by the Company.

**6.2** **Successor Company Substituted** 

In case the Company, pursuant to Section 6.1 shall be consolidated, amalgamated or merged with or into any other company or companies or shall convey or transfer all or substantially all of its properties and estates as an entirety to any other company, the successor company formed by such consolidation or amalgamation, or into which the Company shall have been consolidated, amalgamated or merged or which shall have received a conveyance or transfer as aforesaid, shall succeed to and be substituted for the Company hereunder and such changes in phraseology and form (but not in substance) may be made in the Warrant Certificate and herein as may be appropriate in view of such amalgamation, merger or transfer.

**ARTICLE 7** 

**AMENDMENTS** 

**7.1** **Amendment, etc.** 

This Warrant Certificate may only be amended by a written instrument signed by the parties hereto.

**ARTICLE 8** 

**MISCELLANEOUS** 

**8.1** **Time** 

Time is of the essence for the terms of this Warrant Certificate.

**8.2** **Notice** 

Any notice or other communication required to be given by the Company under this Warrant Certificate, whether to the Warrantholder or otherwise, shall be delivered to the Warrantholder at the address provided on the first page of this Warrant Certificate by hand (including by courier) or by mail.

Any notice or other communication so given shall be deemed to have been given and received when delivered, if delivered, and upon transmission, if telecopied, and if the date of such transmission is not a business day, on the next ensuing business day.

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**8.3** **Transfer and Assignment of Warrant** 

The Warrant, and the rights evidenced hereby, are non-transferable and non-assignable except as permitted under the policies of the Exchange or by the securities acts and regulations, statements, orders, notices, directions, rulings and rules thereunder, of British Columbia and Alberta.

[The remainder of this page has been intentionally left blank. Signature page follows.]

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**SCHEDULE "B"** 

EXERCISE FORM

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| | |
|:---|:---|
| TO: | **ANFIELD ENERGY INC.**  |

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Terms which are not otherwise defined herein shall have the meanings ascribed to such terms in the Warrant Certificate held by the undersigned and issued by Anfield Energy Inc. (the "**Company**").

The undersigned hereby exercises the right to acquire Common Shares of the Company in accordance with and subject to the provisions of such Warrant Certificate and herewith makes payment of the purchase price in full for the said number of Common Shares.

The Common Shares are to be issued as follows:

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| |
|:---|
| Name:<u> </u> |
| Address in full: |

---

Note: If further nominees are intended, please attach (and initial) a schedule giving these particulars.

DATED this<u> </u> day of<u> </u> , 20

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| |
|:---|
| (Signature of Warrantholder) |
| Print full name |
| Print full address |

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<u>Instructions:</u> 

1. The registered holder may exercise its right to receive Common Shares by completing this form and
surrendering this form and the Warrant Certificate representing the Warrants being exercised to the Company.

2. If the Exercise Form indicates that Common Shares are to be issued to a person or persons other than the
registered holder of the Warrant Certificate, the signature of such holder of the Exercise Form must be guaranteed by an authorized officer of a chartered bank, trust company or an investment dealer who is a member of a recognized stock exchange.

3. If the Exercise Form is signed by a trustee, exercise, administrator, curator, guardian, attorney, officer
of a Company or any person acting in a judiciary or representative capacity, the certificate must be accompanied by evidence of authority to sign satisfactory to the Company.

## Exhibit 4.4

**Exhibit 4.4** 

Execution Copy

**CONSENT, WAIVER AND THIRD AMENDING AGREEMENT** 

This consent, waiver and third amending agreement (this "**Agreement**") is dated effective as of October 1, 2024, by and among Anfield Energy Inc. (the "**Borrower**"), Neutron Energy, Inc., Anfield Precious Metals Inc., Anfield Resources Holding Corp., ARH Wyoming Corp. and Highbury Resources Inc. (collectively, the "**Guarantors**"), Extract Capital Master Fund Ltd. (in its capacity as a Lender under the Credit Agreement) and Extract Advisors LLC, as agent for the Lenders (in such capacity, the "**Agent**").

**WHEREAS:** 

(a) Reference is made to the credit agreement dated as of September 26, 2023 among the Borrower, as
borrower, the Guarantors, as guarantors, the Lenders, as lenders, and the Agent, as amended pursuant to a first amending agreement dated October 6, 2023, among the Borrower, as borrower, the Guarantors, as guarantors, the Lenders, as lenders,
and the Agent and a second amending agreement dated April 15, 2024, among the Borrower, as borrower, the Guarantors, as guarantors, the Lenders, as lenders, and the Agent (as may be further amended, restated, supplemented and otherwise modified
prior to the date hereof, the "**Credit Agreement** "). Capitalized terms used herein but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Credit Agreement.

(b) Isoenergy Ltd. **(**"**Iso** "), as purchaser, and the Borrower, have agreed to enter into an
arrangement agreement (as it currently exists on the date hereof, the "**Arrangement Agreement**") dated as of October 1, 2024, pursuant to which Iso proposes to acquire all of the outstanding equity securities of the Borrower on
the terms and conditions contained in the Arrangement Agreement (collectively, the "**Acquisition** ").

(c) Iso has also agreed to provide a bridge loan to the Borrower pursuant to a promissory note dated as of
October 1, 2024 issued by the Borrower, as borrower, to Iso, as noteholder, in the principal amount of CAD$6,020,000.00 (the "**Bridge Loan** ").

(d) In connection with the Acquisition, Iso has also agreed to indemnify, in the principal amount not to exceed
US$3,000,000, Endurance Assurance Corporation, Endurance American Insurance Company, Lexon Insurance Company, and Bond Safeguard Insurance Company at the request of Anfield Resources Holding Corp. pursuant to a certain general agreement of indemnity
dated on or about the date hereof (the "**Indemnity** ").

(e) In connection with the Indemnity, the Borrower has agreed to grant a guarantee in favour of Iso in respect
of Iso's obligations under the Indemnity (the "**Borrower Guarantee**" and together with the Bridge Loan, the "**Iso Loan Documents** ").

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(f) To secure the obligations under the Iso Loan Documents, the Borrower has agreed to provide a security
interest to Iso in all of the now existing and hereafter acquired assets, property and undertaking of the Borrower (the "**Iso Loan Security** ").

(g) To guarantee the obligations under the Iso Loan Documents, the Guarantors have also agreed to grant
guarantees in favour of Iso (the "**Iso Loan Guarantees** ").

(h) In connection with the Iso Loan Documents, Iso and the Agent will be entering into a subordination agreement
dated as of October 1, 2024 (the "**Subordination Agreement** ").

(i) Pursuant to Subsection 7.1(e) and Subsection 7.1(f) of the Credit Agreement, each of the Credit Parties has
covenanted and agreed to take all reasonable steps and actions as may be required: (i) to maintain the listing and posting for trading of the Common Shares on the Exchange, provided that the Borrower may move its listing to any other stock
exchange or market as is acceptable to the Agent (in accordance with the instructions of the Lenders, acting reasonably); (ii) to maintain its status as a "reporting issuer", or the equivalent thereof in compliance with the
requirements of the Applicable Securities Legislation; and (iii) comply with all Applicable Securities Legislation, including, but not limited to, obtaining the approvals of the Exchange, as required, in respect of the listing thereof; and
forthwith after the issuance of the Securities, the Borrower will file such forms and documents as may be required under Applicable Securities Legislation. The Acquisition will result in the Common Shares no longer being listed on the Exchange and
the Borrower will cease to be a "reporting issuer", or the equivalent thereof in compliance with the requirements of the Applicable Securities Legislation, and therefore a consent or waiver from the Agent is required prior to consummation
of such Acquisition.

(j) Pursuant to Subsection 7.2(a) of the Credit Agreement, each of the Credit Parties has covenanted and agreed
to not, without the written consent of the Agent, directly or indirectly issue, incur, assume or otherwise become liable for or in respect of any Indebtedness (other than Permitted Indebtedness). The indebtedness and obligations under the Iso Loan
Documents and Iso Loan Guarantees constitute "Indebtedness" (as such term is defined in the Credit Agreement), and therefore a consent or waiver from the Agent is required prior to the incurrence of such Indebtedness.

(k) Pursuant to Subsection 7.2(b) of the Credit Agreement, each of the Credit Parties has covenanted and agreed
to not, without the written consent of the Agent, directly or indirectly create, incur, assume, permit or suffer to exist any Security Interest or other encumbrances whatsoever against any of its properties or assets (other than Permitted
Encumbrances). The Iso Loan Security constitutes a "Security Interest" (as such term is defined in the Credit Agreement) or other encumbrance, and therefore a consent or waiver from of the Agent is required prior to the granting of such
Security Interest or encumbrance.

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(l) Pursuant to Subsection 7.2(e) of the Credit Agreement, each of the Credit Parties has covenanted and agreed
to not, without the written consent of the Agent, enter into any scheme for the reconstruction or reorganization of such Credit Party or for the consolidation, amalgamation, merger or similar transaction of it with or into any other Person. The Plan
of Arrangement (as defined in the Arrangement Agreement) contemplated by the Arrangement Agreement constitutes such a scheme, and therefore a consent or waiver from of the Agent is required prior to consummation of the Plan of Arrangement and
Acquisition.

(m) Pursuant to Subsection 7.2(r) of the Credit Agreement, each of the Credit Parties has covenanted and agreed
to not, without the written consent of the Agent, enter into or become party or subject to any dissolution, winding-up, reorganization or similar transaction or proceeding. The Plan of Arrangement (as defined in the Arrangement Agreement)
contemplated by the Arrangement Agreement constitutes such a reorganization, and therefore a consent or waiver from of the Agent is required prior to the consummation of the Plan of Arrangement.

(n) Pursuant to Subsection 7.2(q) of the Credit Agreement, each of the Credit Parties has covenanted and agreed
to not, without the written consent of the Agent, guarantee the obligations of any other Person, directly or indirectly, other than obligations of the Credit Parties permitted by the Credit Agreement. The Borrower Guarantee and Iso Loan Guarantees
constitute such guarantees, and therefore a consent or waiver from of the Agent is required prior to consummation of the Borrower Guarantee and Iso Loan Guarantees.

(o) Pursuant to Subsection 3.2(b) of the Credit Agreement, without the written consent of the Agent, if any
Credit Party closes one or more debt financings (other than in connection with Permitted Indebtedness), or royalty sale transactions, then such Credit Party shall pay 100% of the proceeds of such financings and royalty sales, net of reasonable costs
(including without limitation, finders fees, commissions, legal and audit costs) to the Agent forthwith on closing such financings, to be applied on account of the outstanding principal amount and all accrued but unpaid interest, bonus and other
costs, fees or charges payable under the Credit Agreement from time to time. The incurrence of Indebtedness under the Iso Loan Documents constitutes a debt financing, and therefore a consent or waiver from the Agent is required prior to consummation
of such debt financing to avoid a prepayment of certain Facility Indebtedness from the proceeds of such debt financing.

(p) Pursuant to Subsection 3.2(c) of the Credit Agreement, without the written consent of the Agent, the
Borrower shall within ten (10) Business Days of the closing and culmination of a Change of Control, pay or cause to be paid all outstanding Facility Indebtedness. The Acquisition constitutes a Change of Control, and therefore a consent or
waiver from the

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Agent is required prior to consummation of such Acquisition to avoid prepayment of all Facility Indebtedness.

(q) The Borrower has requested that the Agent (i) consent to the Acquisition, the consummation of the Plan
of Arrangement, the Change of Control, the entering into of the Iso Loan Documents, the grant of Iso Loan Security and the grant of Iso Loan Guarantees, and (ii) in connection therewith, waive compliance with certain terms of the Credit
Agreement by the Credit Parties with respect to the Acquisition, the consummation of the Plan of Arrangement, the Change of Control, the entering into of the Iso Loan Documents, the grant of Iso Loan Security and the grant of Iso Loan Guarantees.

(r) The parties hereto wish to amend the Credit Agreement on the terms and conditions contained herein.

**NOW THEREFORE,** for good and valuable consideration (the receipt and sufficiency of which are acknowledged by the parties), the parties hereto, intending to be legally bound, agree as follows:

1. <u>Consent and Limited Waiver.</u> Subject to the terms of this Agreement, the Agent, on behalf of the
Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consents to the Plan of Arrangement and Acquisition pursuant to the terms of the Arrangement Agreement and
waives any Default or Event of Default resulting in connection therewith, provided that the Agent, on behalf of the Lenders, is not consenting to any Pre-Closing Reorganization under the Arrangement Agreement for which a consent or waiver shall be
required if such reorganization would require such a consent or waiver under the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) solely in relation to the incurrence of Indebtedness contemplated by the Iso Loan Documents and Iso Loan
Guarantees, and the use of proceeds thereunder, waives compliance by the Credit Parties with Subsection 3.2(b) of the Credit Agreement, any prepayment required pursuant thereto and any Default or Event of Default resulting in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) consents to the Change of Control pursuant to the terms of the Arrangement Agreement, waives the application
of Subsection 3.2(c) of the Credit Agreement, any prepayment required pursuant thereto and any Default or Event of Default resulting in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) waives compliance with, or the application of Subsection 6.1(h), Subsection 6.1(j), Subsection 6.1(k),
Subsection 6.1(t) and Subsection 6.1(y) solely to the extent that any such representation or warranty could prove to be incorrect or misleading in

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any respect on account of, or in connection with, the Plan of Arrangement, Acquisition or the consummation thereof or any of the transactions contemplated under the Arrangement Agreement, the Iso Loan Documents, the Iso Loan Security or the Iso Loan Guarantees and waives any Default or Event of Default resulting in connection therewith; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) waives compliance by the Credit Parties with Subsection 7.1(e) and Subsection 7.1(f) of the Credit
Agreement, solely in relation to the Plan of Arrangement, Acquisition and any Default or Event of Default resulting in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) waives compliance by the Credit Parties with Subsection 7.2(a) of the Credit Agreement, solely in relation
to the incurrence of Indebtedness contemplated by the Iso Loan Documents and Iso Loan Guarantees and any Default or Event of Default resulting in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) waives compliance by the Credit Parties with Subsection 7.2(b) of the Credit Agreement, solely in relation
to the creation, incurrence or grant of a Security Interest or other encumbrances contemplated by the Iso Loan Security and any Default or Event of Default resulting in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) waives compliance by the Credit Parties with Subsection 7.2(e) of the Credit Agreement, solely in relation
to the Plan of Arrangement, Acquisition and any Default or Event of Default resulting in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) waives compliance by the Credit Parties with Subsection 7.2(q) of the Credit Agreement, solely in relation
to the granting of guarantees (and the incurrence of such Indebtedness) contemplated by the Borrower Guarantee and Iso Loan Guarantees and any Default or Event of Default resulting in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) waives compliance by the Credit Parties with Subsection 7.2(r) of the Credit Agreement, solely in relation
to the Plan of Arrangement, Acquisition and any Default or Event of Default resulting in connection therewith, provided that the Agent, on behalf of the Lenders, is not consenting to any Pre-Closing Reorganization under the Arrangement Agreement for
which a consent or waiver shall be required if such reorganization would require such a consent or waiver under the Credit Agreement.

2. <u>Amendments.</u> As of the effective date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A new definition is hereby added in alphabetical order in Section 1.1 of the Credit Agreement:

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"**Bridge Loan**" means the loan granted to the Borrower by Isoenergy Ltd. (the "**Bridge Lender**") pursuant to a promissory note dated October 1, 2024 in the principal amount not to exceed CAD$6,020,000.00, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A new definition is hereby added in alphabetical order in Section 1.1 of the Credit Agreement:

"**Indemnity**" means that certain general agreement of indemnity, in the principal amount not to exceed US$3,000,000 granted by the Bridge Lender in favour of Endurance Assurance Corporation, Endurance American Insurance Company, Lexon Insurance Company, and Bond Safeguard Insurance Company at the request of Anfield Resources Holding Corp, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A new definition is hereby added in alphabetical order in Section 1.1 of the Credit Agreement:

"**Iso Guarantee**" means the guarantee granted by Borrower to the Bridge Lender, as guarantee for certain indemnification obligations of the Bridge Lender pursuant to the Indemnity, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A new definition is hereby added in alphabetical order in Section 1.1 of the Credit Agreement:

"**Iso Loan Documents**" means the Bridge Loan and the Iso Guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A new definition is hereby added in alphabetical order in Section 1.1 of the Credit Agreement:

"**Iso Loan Guarantees**" means the guarantees granted by each of the Guarantors to the Bridge Lender, as guarantees for the Indebtedness owing pursuant to the Iso Loan Documents, as each of the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A new definition is hereby added in alphabetical order in Section 1.1 of the Credit Agreement:

"**Iso Loan Security**" means the general security agreement granted by the Borrower to the Bridge Lender as security for the Indebtedness owing pursuant to

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the Iso Loan Documents, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A new definition is hereby added in alphabetical order in Section 1.1 of the Credit Agreement:

"**Subordination Agreement**" means the subordination agreement between the Agent and the Bridge Lender, as acknowledged by the Borrower, in respect of the Bridge Loan, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The existing paragraph (q) under paragraph (p) in the definition of "Permitted
Encumbrances" in Section 1.1 of the Credit Agreement is deleted in its entirety and replaced with the following:

"(q) subject to the terms of the Subordination Agreement, any Security Interest or encumbrances granted under or in connection with the Iso Loan Security; and"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A new paragraph (r) is added under paragraph (q) in the definition of "Permitted
Encumbrances" in Section 1.1 of the Credit Agreement:

"(r) any extension, renewal or replacement of any of the foregoing;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The existing paragraph (i) under paragraph (h) in the definition of "Permitted
Indebtedness" in Section 1.1 of the Credit Agreement is deleted in its entirety and replaced with the following:

"(i) subject to the terms of the Subordination Agreement, Indebtedness under the Iso Loan Documents;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) A new paragraph (j) and a new paragraph (k) is added under paragraph (i) in the definition of
"Permitted Indebtedness" in Section 1.1 of the Credit Agreement:

"(j) subject to the terms of the Subordination Agreement, Indebtedness under the Iso Loan Guarantees; and

"(k) guarantees or other contingent obligations incurred in the ordinary course of business of a Credit Party or in respect of Indebtedness permitted by (a) to (j) hereof;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) A new paragraph (r) is added under paragraph (q) in Section 8.1 of the Credit Agreement:

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"(r) (i) the Effective Date under and as defined in the arrangement agreement dated October 1, 2024 between the Bridge Lender and the Borrower as it exists on October 1, 2024 (the "**Arrangement Agreement**") has not occurred on or before February 28, 2025 or (ii) the Plan of Arrangement under the Arrangement Agreement has been consummated with amendments to the Arrangement Agreement or the Plan of Arrangement that are not approved by the Agent on behalf of the Lenders, unless such amendment could not reasonably be expected to be materially adverse to the interests of the Lenders;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) A new paragraph (s) is added under paragraph (r) in Section 8.1 of the Credit Agreement:

"(s) the Borrower or any Guarantor fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Iso Loan Document."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Section 6.1(vv) of the Credit Agreement is deleted in its entirety and replaced with the following:

"(vv) to the best of the Credit Parties' knowledge, US$15,260,763 is required for the Shootaring Canyon Mill Surety Bond pursuant to the March 21, 2024 report from Engineering Analytics, Inc. and reflects the total liability of the Credit Parties for the reclamation costs relating to the Shootaring Canyon uranium mill site."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Section 6.1(uu) of the Credit Agreement is deleted in its entirety and replaced with the following:

"(uu) Equinox Exploration Holding Corp. has been dissolved."

3. <u>Conditions.</u> The consent, waivers and amendments contained herein are conditional upon all of the
following terms being fulfilled or waived to the satisfaction of the Agent as of the effective date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Receipt by the Agent of the executed Subordination Agreement, the documents evidencing the Iso Loan
Documents, the Iso Loan Security, the Iso Loan Guarantees, the Indemnity and Arrangement Agreement.

4. <u>Representations and Warranties</u>. The Borrower and each of the other Credit Parties, represents and
warrants to the Agent and the Lenders that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There exists no Default or Event of Default under the Credit Agreement as of the date of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the date of the most recent consolidated financial statements of the Borrower provided to the Agent,
there have been no events or circumstances that have resulted in or could reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The representations and warranties in the Credit Agreement continue to be true and correct in all material
respects as if made on and as of the date of this Agreement, except for those stated to be made as of a particular date, and except for those representations and warranties referred to in Section 1(d) of this Agreement.

5. <u>Covenants</u>. The Borrower shall not amend the Plan of Arrangement or the Arrangement Agreement without
the prior written approval of the Agent on behalf of the Lenders, unless such amendment could not reasonably be expected to be materially adverse to the interests of the Lenders.

6. <u>No Other Amendments, Waivers or Consents</u>. Each of the Credit Parties acknowledges and agrees that,
except as expressly provided herein, this Agreement shall not constitute an amendment, waiver, consent or release with respect to any provision of the Facility Documents, a waiver of any breach of representation and warranty, breach of covenant, or
any Default or Event of Default thereunder, or a waiver or release of the Agent's or the Lenders' rights or remedies, all of which are expressly reserved, and no delay on the part of the Agent or any Lender in exercising any such rights or
remedies, shall be construed as a waiver of any such rights or remedies. This Agreement shall constitute a Facility Document for purposes of the Credit Agreement.

7. <u>Binding Effect.</u> The terms and provisions hereof shall be binding upon and shall enure to the benefit
of the parties hereto and their successors, and assigns. Nothing contained in this Agreement shall otherwise be deemed or construed to amend, supplement, modify or replace any Facility Documents or otherwise affect the rights and obligations of any
party thereto, all of which remain in full force and effect.

8. <u>To Be Read with Credit Agreement.</u> This Agreement is an amendment to the Credit Agreement. Unless the
context of this Agreement otherwise requires, the Credit Agreement and this Amendment shall be read together and shall have effect as if the provisions of the Credit Agreement and this Agreement were contained in one agreement as of the date hereof.
The term "Agreement" when used in the Credit Agreement means the Credit Agreement as amended, supplemented or modified from time to time (including by this Agreement).

9. <u>Reaffirmation of Obligations.</u> The Credit Agreement, as amended or modified by this Agreement, and
each of the other Facility Documents, shall be and continue in full force and effect and are hereby confirmed, and the rights and obligations of all parties thereunder shall not be affected or prejudiced in any manner except as specifically provided
for herein.

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Each of the Credit Parties hereby acknowledges and reaffirms that, notwithstanding this Agreement, (i) the Facility Documents to which it is a party constitute its legal, valid and binding obligations, enforceable against it in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, moratorium, reorganization and other laws of general application limiting the enforcement of creditor's rights generally and the fact that the courts may deny the granting or enforcement of equitable remedies, and (ii) each of the Facility Documents to which it is a party is hereby ratified and confirmed.

10. <u>Expenses.</u> The Borrower shall pay all reasonable and documented out-of-pocket fees, costs and expenses
incurred by the Agent and the Lender in connection with the preparation, negotiation, completion, execution, delivery and review of this Agreement and all other documents, certificates and instruments arising therefrom and/or executed in connection
therewith.

11. <u>Multiple Counterparts.</u> This Agreement may be executed in counterparts and by electronic transmission
of an authorized signature, and each such counterpart shall be deemed to form part of one and the same document.

12. <u>Governing Law.</u> This Agreement shall be governed by the laws of the Province of British Columbia and
the federal laws of Canada applicable therein and shall be treated in all respects as a British Columbia contract. The parties hereby irrevocably attorn and consent to the non-exclusive jurisdiction of the courts of the Province of British Columbia
and irrevocably waive any claim that such forum is not convenient.

[The remainder of this page is intentionally left blank.]

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**IN WITNESS WHEREOF**, the undersigned have executed this Agreement as of the date first written above.

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| | |
|:---|:---|
| **ANFIELD ENERGY INC.** | **ANFIELD ENERGY INC.** |
| Per: | /s/ Corey Dias |
|  | Name: Corey Dias |
|  | Title: Chief Executive Officer |
| Per: | /s/ Laara Shaffer |
|  | Name: Laara Shaffer |
|  | Title: Chief Financial Officer |
| **ANFIELD RESOURCES HOLDING CORP.** | **ANFIELD RESOURCES HOLDING CORP.** |
| Per: | /s/ Joshua Bleak |
|  | Name: Joshua Bleak |
|  | Title: President |
| Per: | |
|  | Name: |
|  | Title: |
| **ARH WYOMING CORP.** | **ARH WYOMING CORP.** |
| Per: | /s/ Joshua Bleak |
|  | Name: Joshua Bleak |
|  | Title: President, Secretary and Treasurer |
| Per: | |
|  | Name: |
|  | Title: |

---

B - 1

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---

| | |
|:---|:---|
| **NEUTRON ENERGY, INC.** | **NEUTRON ENERGY, INC.** |
| Per: | /s/ Joshua Bleak |
|  | Name: Joshua Bleak |
|  | Title: President and Treasurer |
| Per: | /s/ John Eckersley |
|  | Name: John Eckersley |
|  | Title: Secretary |
| **HIGHBURY RESOURCES INC.** | **HIGHBURY RESOURCES INC.** |
| Per: | /s/ Joshua Bleak |
|  | Name: Joshua Bleak |
|  | Title: President, Secretary and Treasurer |
| Per: | /s/ Corey Dias |
|  | Name: Corey Dias |
|  | Title: Director |
| **ANFIELD PRECIOUS METALS INC.** | **ANFIELD PRECIOUS METALS INC.** |
| Per: | /s/ Joshua Bleak |
|  | Name: Joshua Bleak |
|  | Title: President, Secretary and Treasurer |
| Per: | /s/ Corey Dias |
|  | Name: Corey Dias |
|  | Title: Director |

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B - 2

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**IN WITNESS WHEREOF,** the undersigned has executed this Agreement as of the date first written above.

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| | |
|:---|:---|
| **EXTRACT ADVISORS LLC, as Agent** | **EXTRACT ADVISORS LLC, as Agent** |
| Per: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Ethan Park |
|  | Name: Ethan Park |
|  | Title: Partner |
| Per: | |
|  | Name: |
|  | Title: |
| **EXTRACT CAPITAL MASTER FUND LTD.** | **EXTRACT CAPITAL MASTER FUND LTD.** |
| Per: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Ethan Park |
|  | Name: Ethan Park |
|  | Title: Partner |
| Per: | |
|  | Name: |
|  | Title: |

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B - 3

 **Consent, Waiver and Third Amending Agreement**

## Exhibit 4.5

**Exhibit 4.5** 

Execution Copy

**Certain identified information has been excluded from this exhibit because it is (i) not material and (ii) the type that the company treats as private or confidential. Such omitted information is indicated by brackets ("[\*\*\*]") in this exhibit.** 

**FOURTH AMENDMENT TO** 

**CREDIT AGREEMENT AND OMNIBUS AMENDMENT** 

**TO CERTAIN GUARANTEES** 

**THIS FOURTH AMENDMENT TO CREDIT AGREEMENT AND OMNIBUS AMENDMENT TO CERTAIN GUARANTEES (this "Amending Agreement")** is dated as of <u>March 17</u>, 2025 and made between:

**ANFIELD ENERGY INC.** 

as Borrower

- and –

**NEUTRON ENERGY, INC.,** 

**ANFIELD PRECIOUS METALS INC.,** 

**ANFIELD RESOURCES HOLDING CORP.,** 

**ARH WYOMING CORP. and** 

**HIGHBURY RESOURCES INC.** 

as Guarantors

- and –

**EXTRACT CAPITAL MASTER FUND LTD.** 

**and each of the other lender from time to time party thereto as Lenders** 

as Lenders

- and -

**EXTRACT ADVISORS LLC** 

as Agent

**RECITALS:** 

(A) Pursuant to a credit agreement dated as of September 26, 2023 between the Borrower, as borrower, the
Guarantors, as guarantors, the Lenders, as lenders and the Agent, as administrative agent, as amended by a first amendment to credit agreement dated as of October 6, 2023, a second amendment to credit agreement dated as April 15, 2024, and a
consent, waiver and third amending agreement to credit agreement dated as of October 1, 2024 (as further amended, supplemented, restated or replaced prior to the date hereof, the "**Credit Agreement** "), the Lenders established a credit
facility in favour of the Borrower.

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(B) Neutron Energy, Inc. entered into a guarantee in favour of Extract Capital LLC dated as of October 6, 2023 (as
amended, amended and restated or otherwise modified from time to time, the "**Neutron Guarantee** ").

(C) Anfield Precious Metals Inc. entered into a guarantee in favour of Extract Capital LLC dated as of October 6,
2023 (as amended, amended and restated or otherwise modified from time to time, the "**Precious Guarantee** ").

(D) Anfield Resources Holding Corp. entered into a guarantee in favour of Extract Capital LLC dated as of
October 6, 2023 (as amended, amended and restated or otherwise modified from time to time, the "**Resources Guarantee** ").

(E) ARH Wyoming Corp. entered into a guarantee in favour of Extract Capital LLC dated as of October 6, 2023
(as amended, amended and restated or otherwise modified from time to time, the "**ARH Guarantee** ").

(F) Highbury Resources Inc. entered into a guarantee in favour of Extract Capital LLC dated as of October 6,
2023 (as amended, amended and restated or otherwise modified from time to time, the "**Highbury Guarantee**" and collectively with the Neutron Guarantee, the Precious Guarantee, the Resources Guarantee and the ARH Guarantee, the
" **Guarantees** ").

(G) The Borrower has requested that the Credit Agreement be further amended as hereinafter provided, and the
Lenders have agreed to permit an amendment of the Credit Agreement on the terms and subject to the conditions set forth herein.

(H) The Guarantees were intended to be made in favour of the Agent and not Extract Capital LLC and the Guarantors
have requested that the Guarantees be amended as set forth herein.

**NOW THEREFORE** in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows.

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| | |
|:---|:---|
| **1** | **Defined Terms**  |

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Capitalized terms used in this Amending Agreement and not otherwise defined have the meanings given to them in the Credit Agreement.

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| | |
|:---|:---|
| **2** | **Effective Date**  |

---

This Amending Agreement shall be and become effective as of that date that the conditions to effectiveness set out in Section 11 have been satisfied or waived by the Lenders (the "**Effective Date**").

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| | |
|:---|:---|
| **3** | **Amendments to the Credit Agreement**  |

---

Effective as of the Effective Date, the Credit Agreement is amended to add the text which is double underlined in the attached Schedule A (indicated as follows by way of example: <u>underlined text</u>), to delete the text which is struck out in the attached Schedule A (indicated as follows by way of example: stricken text) and to move the location of the text which is double underlined in the attached Schedule A (indicated as follows by way of example: <u>underlined text</u>).

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| | |
|:---|:---|
| **4** | **Amendments to the Neutron Guarantee**  |

---

The first paragraph of the Neutron Guarantee is hereby deleted in its entirety and replaced with the following:

This **GUARANTEE**, effective as of October 6, 2023, is made by NEUTRON ENERGY, INC., a Nevada corporation (together with its successors and permitted assigns, the "**Guarantor**"), in favour of Extract Advisors LLC, as agent under the Credit Agreement (as hereinafter defined), for and on behalf of the Lenders (as hereinafter defined) (together with its successors and assigns, the "**Agent**").

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| | |
|:---|:---|
| **5** | **Amendments to the Precious Guarantee**  |

---

The first paragraph of the Precious Guarantee is hereby deleted in its entirety and replaced with the following:

This **GUARANTEE**, effective as of October 6, 2023, is made by ANFIELD PRECIOUS METALS INC., a South Dakota corporation (together with its successors and permitted assigns, the "**Guarantor**"), in favour of Extract Advisors LLC, as agent under the Credit Agreement (as hereinafter defined), for and on behalf of the Lenders (as hereinafter defined) (together with its successors and assigns, the "**Agent**").

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| | |
|:---|:---|
| **6** | **Amendments to the Resources Guarantee**  |

---

The first paragraph of the Resources Guarantee is hereby deleted in its entirety and replaced with the following:

This **GUARANTEE**, effective as of October 6, 2023, is made by ANFIELD RESOURCES HOLDING CORP., a Utah corporation (together with its successors and permitted assigns, the "**Guarantor**"), in favour of Extract Advisors LLC, as agent under the Credit Agreement (as hereinafter defined), for and on behalf of the Lenders (as hereinafter defined) (together with its successors and assigns, the "**Agent**").

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| | |
|:---|:---|
| **7** | **Amendments to the ARH Guarantee**  |

---

The first paragraph of the ARH Guarantee is hereby deleted in its entirety and replaced with the following:

This **GUARANTEE**, effective as of October 6, 2023, is made by ARH WYOMING CORP., a Wyoming corporation (together with its successors and permitted assigns, the "**Guarantor**"), in favour of Extract Advisors LLC, as agent under the Credit Agreement (as hereinafter defined), for and on behalf of the Lenders (as hereinafter defined) (together with its successors and assigns, the "**Agent**").

------

---

| | |
|:---|:---|
| **8** | **Amendments to the Highbury Guarantee**  |

---

The first paragraph of the Highbury Guarantee is hereby deleted in its entirety and replaced with the following:

This **GUARANTEE**, effective as of October 6, 2023, is made by HIGHBURY RESOURCES INC., a Wyoming corporation (together with its successors and permitted assigns, the **"Guarantor"**), in favour of Extract Advisors LLC, as agent under the Credit Agreement (as hereinafter defined), for and on behalf of the Lenders (as hereinafter defined) (together with its successors and assigns, the **"Agent"**).

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| | |
|:---|:---|
| **9** | **Acknowledgement**  |

---

The parties hereto acknowledge and agree that the securities pledge agreement granted by the Borrower in favour of the Agent dated October 6, 2023 refers to the Credit Agreement dated as of September 26, 2023 rather than October 6, 2023.

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| | |
|:---|:---|
| **10** | **Representations and Warranties**  |

---

Each of the Credit Parties represents and warrants to the Agent and the Lenders as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Amending Agreement has been duly authorized, executed and delivered by each of the Credit Parties, and the
Credit Agreement, as amended hereby, constitutes a legal, valid and binding obligation of each of the Credit Parties, enforceable in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the representations and warranties of the Credit Parties contained in the Credit Agreement as amended hereby
and the Facility Documents (including this Amending Agreement) are true, complete, correct and not misleading on the date hereof to the same extent as though made on and as of this date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each of the Security Documents executed by the Credit Parties continues to secure and guarantee all of the
obligations of the Borrower in connection with the Credit Agreement as amended hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) upon this Amending Agreement becoming effective, and other than as set out herein, the Credit Parties will be
in full compliance with all of its covenants in the Credit Agreement as amended hereby and each Facility Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) as at the Effective Date, there is no Default or Event of Default that is continuing or that would result from
the completion of the transactions contemplated by this Amending Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) since delivery by the Borrower to the Agent of it most recent financial reports, no event, circumstance or
development shall have occurred or exists that is inconsistent in any material and adverse respect with any information or other matter previously disclosed to the Agent by or on behalf of the Credit Parties or any of their representatives or
advisors, or that has resulted in or could reasonably be expected to result in a Material Adverse Effect;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the arrangement agreement dated October 1, 2024 between the Borrower and Isoenergy Ltd. has been validly
terminated and there are no fees, liabilities or obligations owed by the Borrower thereunder as of the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) it has not directly or indirectly issued, incurred, assumed or otherwise become liable for or in respect of any
Indebtedness other than Permitted Indebtedness.

---

| | |
|:---|:---|
| **11** | **Conditions to Effectiveness**  |

---

This Amending Agreement shall become effective only upon satisfaction or waiver by the Lenders in full of the following conditions precedent on or before the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the representations and warranties set out in Section 10 shall be true, complete correct and not
misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent shall have received the duly executed counterparts of this Amending Agreement which, when taken
together, bear the authorized signatures of the Credit Parties, the Lenders, and the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Agent shall be satisfied that the Credit Parties are in compliance, in all material respects, with all
applicable U.S., Canadian, foreign, provincial, state and local laws and regulations, including all applicable employment, health and safety, and environmental laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Agent shall be satisfied that the Credit Parties obtained all necessary governmental, regulatory, and third
party approvals, including the approval of the Exchange, in connection with this Amending Agreement and the transactions contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Agent shall be satisfied that all material contracts and licensing agreements of the Credit Parties are
satisfactory to the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Agent shall be satisfied that there is no new or inconsistent information or other matter not previously
disclosed to the Agent or the Lenders relating to any Credit Party or the transactions contemplated herein which in any event the Agent deems material and adverse relative to the information or other matters previously disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) evidence of approval of the issuance of the 2025 Warrants and underlying 2025 Warrant Shares by the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) evidence of approval of this Agreement by the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all reasonable fees, costs and expenses, including but not limited to the Arrangement Fee (as defined below),
shall have been paid by the Borrower to the extent due;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) opinions of counsel to the Borrower, relating to, among other things, the subsistence of the Borrower, and the
due authorization, execution and delivery and enforceability by the Borrower of this Agreement and the 2025 Warrants, and the continuing creation and perfection of all Security Interests on all collateral securing the Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) executed copies of the warrant certificates in respect of the 2025 Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) certificates of status or other similar type of evidence for each of the Credit Parties from all Relevant
Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) certified copies of the directors' resolutions or equivalent of each of the Credit Parties with respect to
its authorization, execution and delivery of this Amending Agreement and the 2025 Warrants to which it is a party, together with incumbency certificates with respect to all officers executing Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) certificates of officers of each of the Credit Parties as to corporate matters and certifying that (A) all
of the representations and warranties of each of the Credit Parties contained herein and in each other Facility Document are true and correct in all material respects as of said time, except to the extent the same expressly relate to an earlier
date, and (B) no Default or Event of Default has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Agent shall have received evidence that the Arrangement Agreement has been terminated and that there are no
fees or penalties owing to Isoenergy Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the Agent shall have received a payout letter and shall be satisfied that all payout conditions therein have
been satisfied and that all obligations, debts and liabilities owed by the Credit Parties to Isoenergy Ltd. are terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the Agent shall have received evidence that the equity investment by Uranium Energy Corp. in the amount of
C$15,000,000 at C$0.14 per share shall have been completed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) neither the Agent nor any Lender shall have become aware of any new or inconsistent information or other matter
not previously disclosed to it relating to any Credit Party or the contemplated transactions which in any event the Agent or any of the Lenders, in its reasonable judgment, deems material and adverse relative to the information or other matters
previously disclosed.

---

| | |
|:---|:---|
| **12** | **Arrangement Fee**  |

---

As a condition to, and in consideration for the Agent and the Lenders making the foregoing amendments, the Borrower agrees to pay the Agent, on behalf of the Lenders on a pro rata basis, an arrangement fee of $200,000.00 (the "**Arrangement Fee**"). The complete Arrangement Fee shall be non-refundable, fully earned as of and shall be due and payable on the Effective Date.

------

---

| | |
|:---|:---|
| **13** | **Reference to and Effect on Credit Agreement**  |

---

On and after the Effective Date, each reference in the Credit Agreement to "this Agreement" and each reference to the Credit Agreement in the Facility Documents or in any and all other agreements, documents and instruments delivered by any of the Lenders, the Agent, the Borrower or any other Person shall mean and be a reference to the Credit Agreement as amended by this Amending Agreement. Except as specifically amended by this Amending Agreement, each provision of the Credit Agreement remains in full force and effect and is hereby ratified and confirmed.

---

| | |
|:---|:---|
| **14** | **Confirmation of Security Documents**  |

---

Each Credit Party hereby confirms and agrees that (a) notwithstanding the effectiveness of this Amending Agreement, the obligations of such Credit Party under each of the Security Documents to which it is a party shall not be impaired and each of the Security Documents to which such Credit Party is a party is, and shall continue to be, in full force and effect and is hereby confirmed and ratified in all respects, in each case, as amended hereby or any other Facility Document; and (b) its guarantee of the Facility Indebtedness (if applicable), and the pledge of and/or grant of a security interest in its assets to secure the Facility Indebtedness (if applicable), all as and to the extent provided in the Security Documents, shall continue in full force and effect in respect of, and to guaranty and secure (as applicable), the Facility Indebtedness and shall accrue to the benefit of the Agent and the Lenders. Without limiting the foregoing, the parties acknowledge and agree that each Guarantee shall be deemed to have been entered into in favour of the Agent, and not Extract Capital LLC, and that the Agent shall be deemed to have been a party thereto as if it was the "Agent" (as defined therein) from and after October 6, 2023.

---

| | |
|:---|:---|
| **15** | **No Waiver**  |

---

The execution, delivery and effectiveness of this Amending Agreement shall not, except as expressly provided, operate as a waiver of any right, power or remedy of the Agent or any of the Lenders under the Credit Agreement or any of the Facility Documents.

---

| | |
|:---|:---|
| **16** | **Entire Agreement**  |

---

This Amending Agreement and the other Facility Documents reflect the entire agreement between the Credit Parties, the Agent and the Lenders with respect to the matters set forth herein and therein and supersede any prior agreements, commitments, drafts, communication, discussions and understandings, oral or written, with respect thereto. For greater certainty, this Amending Agreement constitutes a Facility Document.

---

| | |
|:---|:---|
| **17** | **Governing Law**  |

---

This Amending Agreement is governed by and is to be interpreted, construed and enforced in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein, without regard to conflict of laws principles.

------

---

| | |
|:---|:---|
| **18** | **Counterparts, etc.**  |

---

This Amending Agreement may be executed by multiple counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Amending Agreement by electronic transmission will be as effective as delivery of a manually executed counterpart of the Amending Agreement by such party. This Amending Agreement may be executed by facsimile, PDF, Docusign or other electronic transmission and delivery of an executed counterpart of this Amending Agreement by facsimile, PDF, Docusign or other electronic transmission shall be deemed to be valid execution and delivery of this Amending Agreement.

*[The remainder of this page has been intentionally left blank. Signature pages follow.]*

------

**IN WITNESS WHEREOF,** the undersigned have executed this Agreement as of the date first written above.

------

---

| | |
|:---|:---|
| **ANFIELD ENERGY INC.** a corporation organized and existing under the laws of the Province of British Columbia | **ANFIELD ENERGY INC.** a corporation organized and existing under the laws of the Province of British Columbia |
| Per: | */s/ "Corey Dias"* |
|  | Name: Corey Dias |
|  | Title: Chief Executive Officer |
| Per: | */s/ "Joshua Bleak"* |
|  | Name: Joshua Bleak |
|  | Title: Director |
| **ANFIELD RESOURCES HOLDING CORP.** a corporation organized and existing under the laws of the State of Utah | **ANFIELD RESOURCES HOLDING CORP.** a corporation organized and existing under the laws of the State of Utah |
| Per: | */s/ "Joshua Bleak* |
|  | Name: Joshua Bleak |
|  | Title: Director |

---

------

---

| | |
|:---|:---|
| **ARH WYOMING CORP.** a corporation organized and existing under the laws of the State of Wyoming | **ARH WYOMING CORP.** a corporation organized and existing under the laws of the State of Wyoming |
| Per: | */s/ "Joshua Bleak* |
|  | Name: Joshua Bleak |
|  | Title: Director |

---

------

---

| | |
|:---|:---|
| **NEUTRON ENERGY INC.** a corporation organized and existing under the laws of the State of Nevada | **NEUTRON ENERGY INC.** a corporation organized and existing under the laws of the State of Nevada |
| Per: | */s/ "Joshua Bleak"* |
|  | Name: Joshua Bleak |
|  | Title: Director |
| Per: | */s/ "Corey Dias"* |
|  | Name: Corey Dias |
|  | Title: Director |
| HI**GHBURY RESOURCES INC.** a corporation organized and existing under the laws of the State of Wyoming | HI**GHBURY RESOURCES INC.** a corporation organized and existing under the laws of the State of Wyoming |
| Per: | */s/ "Joshua Bleak"* |
|  | Name: Joshua Bleak |
|  | Title: Director |

---

------

---

| | |
|:---|:---|
| **ANFIELD PRECIOUS METALS INC.** a corporation organized and existing under the laws of the State of South Dakota | **ANFIELD PRECIOUS METALS INC.** a corporation organized and existing under the laws of the State of South Dakota |
| Per: | */s/ "Joshua Bleak"* |
|  | Name: Joshua Bleak |
|  | Title: Director |

---

------

---

| | |
|:---|:---|
| **EXTRACT ADVISORS LLC,** as Agent | **EXTRACT ADVISORS LLC,** as Agent |
| Per: | */s/ "Ethan Park"* |
|  | Name: Ethan Park |
|  | Title: Partner |
| Per: | |
|  | Name: |
|  | Title: |
| **EXTRACT CAPITAL MASTER FUD LTD.** | **EXTRACT CAPITAL MASTER FUD LTD.** |
| Per: | */s/ "Ethan Park"* |
|  | Name: Ethan Park |
|  | Title: Partner |
| Per: | |
|  | Name: |
|  | Title: |

---

Signature Page to Fourth Amendment

------

**<u>Schedule A</u>** 

**<u>Amended Credit Agreement</u>** 

(see attached)

------

**CREDIT AGREEMENT** 

**DATED AS OF SEPTEMBER 26, 2023** 

between

**ANFIELD ENERGY INC**.

as Borrower

- and -

**NEUTRON ENERGY, INC.,** 

**ANFIELD PRECIOUS METALS INC.,** 

**ANFIELD RESOURCES HOLDING CORP.,** 

**ARH WYOMING CORP.,** 

**HIGHBURY RESOURCES INC.** 

and each of the other guarantors from time to time party thereto,

as Guarantors

- and -

**EXTRACT CAPITAL MASTER FUND LTD**.

and each of the other lenders from time to time party thereto

as Lenders

- and -

**EXTRACT ADVISORS LLC,** 

as Agent

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
| ARTICLE 1 INTERPRETATION | ARTICLE 1 INTERPRETATION | 2 |
| 1.1 | Definitions | 2 |
| 1.2 | Subdivisions, **Table of Contents** and Headings | 19<u>23</u> |
| 1.3 | References to Bodies Corporate, Statutes, Contracts | 19<u>23</u> |
| 1.4 | Currency | 19<u>23</u> |
| 1.5 | Use of the Words "Best Knowledge" | 19<u>24</u> |
| 1.6 | Governing Law | 20<u>24</u> |
| 1.7 | Paramountcy | 20<u>24</u> |
| 1.8 | Interpretation | 20<u>24</u> |
| 1.9 | Time of Essence | 20<u>24</u> |
| ARTICLE 2 THE FACILITY | ARTICLE 2 THE FACILITY | 20<u>24</u> |
| 2.1 | The Facility | 20<u>24</u> |
| 2.2 | Non-Revolving Facility | 20<u>25</u> |
| 2.3 | Term | 21<u>25</u> |
| 2.4 | Use of Proceeds of the Facility | 21<u>26</u> |
| 2.5 | Interest | 21<u>26</u> |
| 2.6 | Computations | 22<u>27</u> |
| 2.7 | No Set-off | 22<u>27</u> |
| 2.8 | Arrangement Fee Shares, Facility Warrants and Facility Warrant Shares<u>, 2025 Warrants and 2025 Warrant Shares</u> | 22<u>28</u> |
| 2.9 | Administrative Matters Re: Payments | 23<u>29</u> |
| 2.10 | Time and Place of Payments | 23<u>29</u> |
| 2.11 | Evidence of Indebtedness | 23<u>29</u> |

---

i

------

---

| | | |
|:---|:---|:---|
| ARTICLE 3 PREPAYMENT, REPAYMENT AND REDUCTIONS | ARTICLE 3 PREPAYMENT, REPAYMENT AND REDUCTIONS | 24<u>30</u> |
| 3.1 | Voluntary Prepayment | 24<u>30</u> |
| 3.2 | Mandatory Prepayment | 24<u>30</u> |
| ARTICLE 4 SECURITY | ARTICLE 4 SECURITY | 25<u>31</u> |
| 4.1 | Security Documents | 25<u>31</u> |
| 4.2 | Registration, Filing and Recordation of the Security | 25<u>32</u> |
| 4.3 | After Acquired Property and Further Assurances | 25<u>32</u> |
| 4.4 | Additional Guarantors | 25<u>32</u> |
| 4.5 | Additional Security | 26<u>32</u> |
| ARTICLE 5 CONDITIONS PRECEDENT | ARTICLE 5 CONDITIONS PRECEDENT | 26<u>33</u> |
| 5.1 | Conditions Precedent to the Advance of the Closing Date Facility | 26<u>33</u> |
| 5.2 | Waiver | 28<u>35</u> |
| ARTICLE 6 REPRESENTATIONS AND WARRANTIES | ARTICLE 6 REPRESENTATIONS AND WARRANTIES | 28<u>36</u> |
| 6.1 | Representations and Warranties of the Credit Parties | 28<u>36</u> |
| 6.2 | Representations and Warranties of the Agent and Lenders | 38<u>48</u> |
| 6.3 | Reliance and Repetition | 39<u>49</u> |
| 6.4 | Survival and Inclusion | 39<u>49</u> |
| 6.5 | Consent to Disclosure of Certain Information | 39<u>49</u> |
| ARTICLE 7 COVENANTS OF THE CREDIT PARTIES | ARTICLE 7 COVENANTS OF THE CREDIT PARTIES | 40<u>50</u> |
| 7.1 | Positive Covenants | 40<u>50</u> |
| 7.2 | Negative Covenants | 45<u>56</u> |
| 7.3 | Reimbursement of Expenses | 47<u>59</u> |
| 7.4 | Agent May Perform Covenants | 48<u>59</u> |
| ARTICLE 8 DEFAULT AND ENFORCEMENT | ARTICLE 8 DEFAULT AND ENFORCEMENT | 48<u>60</u> |
| 8.1 | Events of Default | 48<u>60</u> |
| 8.2 | Acceleration on Event of Default | 51<u>64</u> |
| 8.3 | Waiver of Default | 52<u>64</u> |
| 8.4 | Enforcement by the Agent | 52<u>64</u> |
| 8.5 | Set-Off | 52<u>65</u> |
| 8.6 | Agent Appointed Attorney | 53<u>65</u> |
| 8.7 | Remedies Cumulative | 53<u>65</u> |

---

ii

------

---

| | | |
|:---|:---|:---|
| ARTICLE 9 AGENT | ARTICLE 9 AGENT | 53<u>66</u> |
| 9.1 | Appointment and Authorization of Agent | 53<u>66</u> |
| 9.2 | Interest Holders | 53<u>66</u> |
| 9.3 | Consultations with Counsel | 54<u>66</u> |
| 9.4 | Documents | 54<u>66</u> |
| 9.5 | Responsibility of Agent | 54<u>66</u> |
| 9.6 | Action by Agent | 54<u>67</u> |
| 9.7 | Notice of Events of Default | 54<u>67</u> |
| 9.8 | Responsibility Disclaimed | 55<u>68</u> |
| 9.9 | Indemnification | 55<u>68</u> |
| 9.10 | Credit Decisions | 55<u>68</u> |
| 9.11 | Successor Agent | 56<u>69</u> |
| 9.12 | Delegation by Agent | 56<u>69</u> |
| 9.13 | Waivers and Amendments | 56<u>69</u> |
| 9.14 | Delegation by Agent Conclusive and Binding | 57<u>70</u> |
| 9.15 | Adjustments among Lenders after Acceleration | 57<u>71</u> |
| 9.16 | Redistribution of Payment | 58<u>72</u> |
| 9.17 | Distribution of Notices | 59<u>72</u> |
| 9.18 | Other Security Not Permitted | 59<u>72</u> |
| 9.19 | Discharge of Security | 59<u>72</u> |
| 9.20 | Decision to Enforce Security | 59<u>72</u> |
| 9.21 | Enforcement | 59<u>73</u> |
| 9.22 | Application of Cash Proceeds to Realization | 59<u>73</u> |
| 9.23 | Collective Action of Lenders | 60<u>74</u> |
| 9.24 | Survival | 60<u>74</u> |
| ARTICLE 10 NOTICES | ARTICLE 10 NOTICES | 61<u>74</u> |
| 10.1 | Notice to the Borrower | 61<u>74</u> |
| 10.2 | Notice to the Agent | 61<u>75</u> |
| 10.3 | Waiver of Notice | 61<u>75</u> |

---

iii

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| | | |
|:---|:---|:---|
| ARTICLE 11 INDEMNITIES, TAXES, CHANGES IN CIRCUMSTANCES | ARTICLE 11 INDEMNITIES, TAXES, CHANGES IN CIRCUMSTANCES | 61<u>75</u> |
| 11.1 | General Indemnity | 61<u>75</u> |
| 11.2 | Environmental Indemnity | 62<u>76</u> |
| 11.3 | Action by Agent to Protect Interests | 63<u>77</u> |
| 11.4 | Currency Indemnity | 63<u>77</u> |
| 11.5 | Payments Free and Clear of Taxes | 64<u>78</u> |
| 11.6 | Change of Circumstances | 66<u>81</u> |
| ARTICLE 12 MISCELLANEOUS | ARTICLE 12 MISCELLANEOUS | 67<u>82</u> |
| 12.1 | No Waiver; Remedies Cumulative | 67<u>82</u> |
| 12.2 | Survival | 68<u>82</u> |
| 12.3 | Benefits of Agreement | 68<u>83</u> |
| 12.4 | Binding Effect; Assignment | 68<u>83</u> |
| 12.5 | Maximum Return | 68<u>83</u> |
| 12.6 | Entire Agreement | 69<u>84</u> |
| 12.7 | Severability | 69<u>84</u> |
| 12.8 | Counterparts and Facsimile | 70<u>85</u> |

---

SCHEDULE A THE AGENT AND THE LENDERS

SCHEDULE B SECURITY DOCUMENTS

SCHEDULE C EQUITY INTERESTS OF CREDIT PARTIES SCHEDULE D FORM OF FACILITY WARRANT

SCHEDULE E CERTIFICATION OF ACCREDITED INVESTOR STATUS

<u>SCHEDULE F</u> <u>FORM OF 2025 WARRANT</u>

iv

------

**CREDIT AGREEMENT** 

**THIS AGREEMENT** is made as of September 26, 2023

**BETWEEN**:

**ANFIELD ENERGY INC.**, a corporation organized and existing under the laws of the Province of British Columbia

(the "**Borrower**")

**AND**:

**NEUTRON ENERGY, INC**., a corporation organized and existing under the laws of the State of Nevada, **ANFIELD PRECIOUS METALS INC.**, a corporation organized and existing under the laws of the State of South Dakota, **ANFIELD RESOURCES HOLDING CORP**., a corporation organized and existing under the laws of the State of Utah, **ARH WYOMING CORP**., a corporation organized and existing under the laws of the State of Wyoming and **HIGHBURY RESOURCES INC**., a corporation organized and existing under the laws of the State of Wyoming

(together with each of the other guarantors from time to time party hereto, collectively, the "**Guarantors**")

**AND**:

**EXTRACT ADVISORS LLC**, a limited liability company organized and existing under the laws of the State of Delaware, as agent for the Lenders

(together with its successors and assigns, the "**Agent**")

**AND**:

**EXTRACT CAPITAL MASTER FUND LTD**., a corporation organized and existing under the laws of the Cayman Islands

(together with each of the other lenders from time to time party hereto, and their respective successors and assigns, collectively, the "**Lenders**")

**WHEREAS** the Borrower has requested, and the Lenders have agreed to establish, a credit facility with a funding amount of C$4,000,000 against a face value and principal amount of C$4,300,000 on and subject to the terms and conditions herein set forth.

------

**NOW THEREFORE** for good and valuable consideration, the receipt and sufficiency of which are acknowledged, each of the parties agrees with each of the others as follows:

**ARTICLE 1** 

**INTERPRETATION** 

1.1 **Definitions** 

In this Agreement, unless there is something in the context inconsistent therewith: <u> </u>

<u>"**2025 Facility**" has the meaning attributed to such term in Section 2.1(b);</u>

<u>"**2025 Facility Closing Date**" means March 17, 2025;</u>

<u>"**2025 Facility Commitment**" means the obligation of the Lenders to make available the 2025 Facility, on and subject to the terms hereof, in an aggregate principal not to exceed the amount set forth opposite such Lender's name on Schedule A attached hereto and made a part hereof, as such amount may be amended from time to time in accordance herewith;</u>

<u>"**2025 Warrant Shares**" has the meaning attributed to that term in Section 2.8(b)(i);</u>

<u>"**2025 Warrants**" has the meaning attributed to that term in Section 2.8(b)(i);</u>

"**Advance**" <u>or "</u><u>**Advances**</u><u>"</u> means the<u>any</u> advance of the Facility as contemplated herein;

"**Affiliate**" has the meaning attributed to that term in the *Business Corporations Act* (British Columbia);

"**Affiliate Transaction**" has the meaning attributed to that term in Section 7.2(j);

"**Agent**" means Extract Advisors LLC, in its capacity as agent for and on behalf of the Lenders, as contemplated by this Agreement, and any successor thereto pursuant to Section 9.11;

"**Agreement**", "**this Agreement**", "**hereto**", "**hereby**", "**hereunder**", "**hereof**", "**herein**" and similar expressions refer to this credit agreement and not to any particular article, section, subsection, paragraph, clause, subdivision or other portion hereof, and include any and every supplemental agreement; and the expressions "**Article**", "**Section**", "**subsection**" and "**paragraph**" followed by a number mean and refer to the specified Article, section, subsection or paragraph of this Agreement;

"**Applicable Law**" means, at any time, with respect to any Person, property, transaction, event or other matter, as applicable, all laws, rules, statutes, regulations, treaties, orders, judgments and decrees, and all official requests, directives, rules, guidelines, orders, policies, practices and other requirements of any Governmental Authority and which in each case have the force of law relating or applicable at such time to such Person, property, transaction, event or other matter, and also includes any interpretation thereof having the force of law by any Person having jurisdiction over it or charged with its administration or interpretation;

------

"**Applicable Margin**" means, with respect to an Advance, (i) where the Borrower elects to capitalize an interest payment in accordance with Section 2.5(c)(i), the rate of 7.0% per annum, and (ii) where the Borrower elects to make an interest payment in cash in accordance with Section 2.5(c)(ii), the rate of 5.0% per annum;

"**Applicable Securities Legislation**" means all applicable securities laws of each of the Reporting Jurisdictions and the respective rules and regulations under such laws together with applicable published fee schedules, prescribed forms, policy statements, national or multilateral instruments, orders, blanket rulings and other applicable regulatory instruments of the securities regulatory authorities in any of the Reporting Jurisdictions and such other jurisdictions as may be agreed to between the Borrower and the Agent;

"**Arrangement Fee Shares**" has the meaning attributed to such term in Section 2.8(a)(i);

"**Authorization**" means any authorization, consent, permit, certificate, approval, resolution, licence, exemption, filing, notarization or registration;

"**Benefit Arrangement**" means, at any time, an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a Pension Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by any Credit Party or ERISA Affiliate;

"**Bridge Loan**" means the loan granted to the Borrower by Isoenergy Ltd. (the "**Bridge Lender**") pursuant to a promissory note dated October 1, 2024 in the principal amount not to exceed CAD$6,020,000.00, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time;

"**Business Day**" means any day other than (i) a Saturday, Sunday, or other day on which commercial banks in Toronto, Ontario and Vancouver, British Columbia are authorized or required by law to be closed for business, or (ii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities;

"**Canadian Defined Benefit Plan**" means a Canadian Pension Plan that contains a "defined benefit provision", as defined in Section 147.1(1) of the *Income Tax Act* (Canada), as amended from time to time;

"**Canadian Pension Plan**" means a "registered pension plan" as that term is defined in the *Income Tax Act* (Canada), and any other pension plan maintained or contributed to by, or to which there is or may be an obligation to contribute by the Borrower<u>Credit Parties</u> or any of its<u>their</u> Subsidiaries, in respect of its Canadian employees or former employees, excluding, for greater certainty, a Multiemployer Plan;

------

"**Canadian Pension Plan Event**" means (a) the termination or wind-up in whole or in part of a Canadian Pension Plan, (b) the occurrence of any circumstance or event that would provide any basis for a Governmental Authority to take steps to cause the termination or wind-up, in whole or in part, of any Canadian Defined Benefit Plan, the issuance of a notice (or a notice of intent to issue such a notice) to terminate in whole or in part any Canadian Defined Benefit Plan or the receipt of a notice of intent from a Governmental Authority to require the termination in whole or in part of any Canadian Defined Benefit Plan, revoking the registration of same or appointing a new administrator of such a plan, and (c) the failure to remit by the Borrower<u>Credit Parties</u> or any of its<u>their</u> Subsidiaries any contribution to a Canadian Pension Plan when due;

"**Capital Lease**" means, with respect to a Person, a lease or other arrangement in respect of real or personal property that is required to be classified and accounted for as a capital lease obligation on a balance sheet of the Person in accordance with IFRS;

"**Capital Lease Obligation**" means, with respect to a Person, the obligation of the Person to pay rent or other amounts under a Capital Lease and for the purposes of this definition, the amount of such obligation at any date shall be the capitalized amount of such obligation at such date as determined in accordance with IFRS;

"**Cash Proceeds of Realization**" means the aggregate of (a) all Proceeds of Realization in the form of cash, and (b) all cash proceeds of the sale or disposition of non-cash Proceeds of Realization, in each case expressed in U.S. Dollars;

"**Change of Control**" means the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Person, directly or indirectly, acquires beneficial ownership of, or the power to exercise control or
direction over, or securities convertible into, any Voting Shares of the Borrower, that together with such Person's securities in relation to the Voting Shares of the Borrower, would constitute Voting Shares of the Borrower representing more
than 50% of the total voting power attached to all Voting Shares of the Borrower then outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there is consummated any amalgamation, consolidation, statutory arrangement (involving a business combination)
or merger of the Borrower (1) in which the Borrower is not the continuing or surviving corporation, or (2) pursuant to which any Voting Shares of the Borrower would be reclassified, changed or converted into or exchanged for cash,
securities or other property, other than (in each case) an amalgamation, consolidation, statutory arrangement or merger of the Borrower in which the holders of the Voting Shares of the Borrower immediately prior to the amalgamation, consolidation,
statutory arrangement or merger have, directly or indirectly, more than 50% of the Voting Shares of the continuing or surviving corporation immediately after such transaction;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Person or group of Persons, acting jointly or in concert, shall succeed in having a sufficient number of
its nominees elected as Directors of the Borrower such that such nominees, when added to any existing Directors after such election who was a nominee of or is an Affiliate or related Person of such Person or group of Persons, will constitute a
majority of the Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Guarantor shall cease to be a wholly owned Subsidiary of the Borrower;

"**Closing Date**" means the date upon which the conditions specified in Section 5.1 are<u>were</u> satisfied;

"**Code**" means the United States Internal Revenue Code of 1986, as amended from time to time;

"**<u>Closing Date</u> Commitment**" means the aggregate funding amount of C$4,000,000 against a face value and principal amount of C$4,300,000, which<u>obligation of</u> the Lenders have severally agreed to make available to the Borrower in U.S. Dollars<u>Closing Date Facility</u>, on and subject to the terms <u>hereof, in an aggregate principal not to exceed the amount set forth opposite such Lender's name under the column "Individual Commitment" on Schedule A attached hereto and made a part</u> hereof, as such amount may be amended from time to time in accordance herewith;<u>.</u> <u>As of March 17, 2025, the aggregate amount of such Lender's Exposure with respect to the Closing Date Facility is set forth opposite such Lender's name under the column "Exposure as of March 17, 2025" on Schedule A attached hereto and made a part hereof;</u>

<u>"**Closing Date Facility**"</u> <u>has the meaning attributed to such term in Section 2.1</u> <u>(a);</u>

<u>"**Code**" means the United States Internal Revenue Code of 1986, as amended from time to time;</u>

<u>"**Commitment**" means the Closing Date Commitment and the 2025 Facility Commitment, or any one of them as applicable;</u>

"**Common Shares**" means the common shares in the capital of the Borrower as such common shares exist at the close of business on the date of execution and delivery of this Agreement;

"**Connection Income Taxes**" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profit Taxes;

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"**Constating Documents**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to a corporation, its certificate and articles of incorporation, amalgamation or continuance or
other similar documents and its by-laws or other similar documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any other Person which is an artificial body or entity, whether with or without legal
personality, the organization and governance documents of such Person,

in each case as amended or supplemented from time to time;

"**Contingent Liabilities**" means, with respect to a Person, any agreement, undertaking or arrangement by which the Person guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or other, to provide funds for payment, to supply funds to, or otherwise to invest in a debtor, or otherwise to assure a creditor against loss) the obligation, debt or other liability of any other Person or guarantees the payment of dividends or other distributions upon the shares (or other ownership interests) of any Person. The amount of any contingent liability will, subject to any limitation contained therein, be deemed to be the outstanding principal amount (or maximum principal amount, if larger) of the obligation, debt or other liability to which the contingent liability is related;

"**Cotter Corporation**" means Cotter Corporation No Stockholders' Liability, a New Mexico corporation;

"**Cotter Encumbrances**" means the (i) Mortgage, Security Agreement and Financing Statement dated February 28, 2019, pursuant to which Highbury Resources Inc. granted Cotter Corporation a lien and security interest in certain property interests in connection with the Charlie Leasehold (as defined therein) in Wyoming, and all uranium and other minerals produced from such properties in order to secure Cotter Corporation's right to receive certain minerals from such properties as further described in an asset purchase agreement among Cotter Corporation, Highbury Resources Inc. and the Borrower dated December 28, 2018 and a mineral supply agreement among Cotter Corporation, Highbury Resources Inc. and the Borrower dated February 28, 2019; and (ii) Mortgage, Security Agreement and Financing Statement dated February 28, 2019, pursuant to which Highbury Resources Inc. granted Cotter Corporation a lien and security interest in certain property interests, in connection with the West Slope Properties (as defined therein) in Colorado, and all uranium, vanadium, and other minerals produced from such properties in order to secure Cotter Corporation's right to receive certain minerals from such properties as further described in an asset purchase agreement among Cotter Corporation, Highbury Resources Inc. and the Borrower dated December 28, 2018 and a mineral supply agreement among Cotter Corporation, Highbury Resources Inc. and the Borrower dated February 28, 2019;

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"**Credit Parties**" means, collectively, the Borrower and the Guarantors and "**Credit Party**" means any one of them;

"**Default**" means any event or circumstance which would (with the expiry of a grace period, the giving of notice, the making of any determination or any combination of any of the foregoing) constitute an Event of Default;

"**Default Notice**" has the meaning attributed to such term in Section 8.2;

"**Director**" means a director of the Borrower for the time being and "**Directors**" means the board of directors of the Borrower or, whenever duly empowered, a committee of the board of directors of the Borrower, and reference to action by the Directors means action by the directors as a board or action by such a committee of the board as a committee;

"**Disclosure Record**" means all filings and reports filed by or on behalf of the Borrower with securities regulatory authorities in each Reporting Jurisdiction pursuant to the requirements of Applicable Securities Legislation and available on SEDAR+ under the Borrower's SEDAR+ profile, in each case on or during the 12 months preceding the date hereof;

"**Drawdown Date**" means the date specified in a Notice of Borrowing as the date on which a borrowing or credit of funds will occur by way of an Advance and which date shall be a Business Day;

"**Effective Annual Rate**" means the effective annualized rate of interest, determined in accordance with generally accepted actuarial practices and principles on the outstanding principal amount of the Facility over the relevant term, by taking into account only the following constituent payments:

(a) Interest on the outstanding principal of the Facility as set out in Section 2.5(a);

(b) the Arrangement Fee (if paid by the Borrower in cash pursuant to Section 2.8(a)(i)(1));

(c) the original issue discount of C$300,000; and

(d) any prepayment fee payable pursuant to Section 3.1(b);<u>.</u>

"**Enforcement Date**" means the date on which the Agent notifies the Borrower, pursuant to Section 8.2, that the entire unpaid principal amount of the Facility is forthwith due and payable or on which such indebtedness automatically becomes due and payable pursuant to such section, whichever occurs first;

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"**Environmental Laws**" means all federal (of whatever country), provincial, state, municipal, county, local and other laws including statutes, codes, ordinances, by-laws, rules, regulations, policies, guidelines, directions, standards, judgments, orders and other Authorizations, as well as common law, civil laws and other jurisprudence or authority, in each case, domestic or foreign, having the force of law at any time relating in whole or in part to any Environmental Matters;

"**Environmental Matters**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any condition, any activity, or substance, heat, energy, sound, vibration, radiation, odour or other pollution
that either (1) may affect ambient or indoor air, water, soils, land, groundwater or other sub-surface strata or affect human health, including workplace safety, or any plant, animal or other living organism or (2) may give rise to any
violation of, liability or any claim under any Environmental Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any use, generation, distribution, disposal, storage, transportation, processing, management, handling,
manufacture, treatment, release, spilling, emitting, leaching, migrating or discharge of any Hazardous Material or other pollution on, at or into ambient or indoor air, water, soils, land, groundwater or other sub-surface strata or any other
location from which any such Hazardous Material or pollution may enter any ambient or indoor air, water, soils, land, groundwater or other sub-surface strata;

"**Equity Account**" means the Borrower's securities accounts maintained with Haywood Securities Inc.;

"**ERISA**" means the United States Employee Retirement Income Security Act of 1974;

"**ERISA Affiliate**" means any trade or business (whether or not incorporated) under common control with a Credit Party within the meaning of Section 414(b), (c), (m) and (o) of the Code;

"**ERISA Event**" means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by a Credit Party or any ERISA Affiliate from a Multiemployer Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal, within the meaning of Section 4203 or 4205 of ERISA by a Credit Party or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate a Pension Plan under Section 4041 of ERISA, the treatment of a Plan amendment as a termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the imposition of any Liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon a Credit Party or any ERISA Affiliate; or (g) any other event or condition with respect to a Plan or a Multiemployer Plan that could reasonably be expected to result in Liability to a Credit Party or ERISA Affiliate;

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"**Event of Default**" has the meaning attributed to such term in Section 8.1 hereof;

"**Exchange**" means the TSX Venture Exchange and each successor thereto;

"**Exchange Approvals**" means each approval of the Exchange that is required in connection with the transactions contemplated in the Facility Documents, including: (i) the issuance and listing on the Exchange of the Facility Warrant Shares<u>, the 2025 Warrant Shares</u> and the Arrangement Fee Shares, and (ii) the issuance of the Facility Warrants <u>and the 2025 Warrants</u>;

"**Excluded Taxes**" means, in the case of the Agent, each Lender and each Tax-Related Person (i) Taxes imposed on or measured by its respective overall net income (however denominated), or any alternative minimum or franchise Taxes imposed on it in lieu thereof, and branch profits Taxes, in each case (a) imposed on it by the respective jurisdiction under the laws of which such Tax-Related Person, Lender or the Agent is incorporated or is organized or in which its principal executive office is located or, in the case of a Lender, in which such Lender's applicable lending office is located or (b) that are Other Connection Taxes;

"**Exposure**" means, at any particular time with respect to a particular Lender <u>for a particular Facility, as applicable</u>, the ratio of the Facility Indebtedness owing to such Lender at such time to the aggregate of the Facility Indebtedness owing to all of the Lenders at such time;

"**Facility**"has the meaning attributed to such term in Section 2.1 hereof<u>means the Closing Date Facility and the 2025 Facility, or any one of them, as the context may require</u>;

"**Facility Documents**" means this Agreement, the Security Documents, any third party consents and acknowledgements required by the Agent, acting reasonably (in respect of the Security Interests provided for in such Security Documents) which are listed in Schedule B hereto, the Arrangement Fee Shares, the Facility Warrants, the Facility Warrant Shares, <u>the 2025 Warrants, the 2025 Warrant Shares</u> and all other agreements, certificates, instruments and other documents delivered or to be delivered by the Borrower or any other Credit Party hereunder or thereunder in connection with the foregoing or the<u>an</u> Advance, each as amended, modified, supplemented, restated or replaced from time to time, and any other document that the parties designate as a Facility Document;

"**Facility Indebtedness**" means all present and future debts, liabilities and obligations of the Borrower and each other Credit Party to the Agent and the Lenders under or in connection with this Agreement and the Security Documents, including all amounts payable and all fees and other money payable or owing from time to time pursuant to the terms of this Agreement/or and any of the other Security Documents;

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"**Facility Warrant Shares**" has the meaning attributed to that term in Section 2.8(a)(ii);

"**Facility Warrants**" has the meaning attributed to that term in Section 2.8(a)(ii);

"**Financial Instrument Obligations**" means, with respect to any Person, obligations arising under:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) interest rate swap agreements, forward rate agreements, floor, cap or collar agreements, futures or options,
insurance or other similar agreements or arrangements, or any combination thereof, entered into or guaranteed by the Person where the subject matter thereof is interest rates or the price, value or amount payable thereunder is dependent or based
upon interest rates or fluctuations in interest rates in effect from time to time (but excluding non-speculative conventional floating rate Indebtedness);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) currency swap agreements, cross-currency agreements, forward agreements, floor, cap or collar agreements,
futures or options, insurance or other similar agreements or arrangements, or any combination thereof, entered into or guaranteed by the Person where the subject matter thereof is currency exchange rates or the price, value or amount payable
thereunder is dependent or based upon currency exchange rates or fluctuations in currency exchange rates in effect from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any agreement for the making or taking of any commodity (including but not limited to minerals, gold, silver,
coal, natural gas, oil and electricity), swap agreement, floor, cap or collar agreement or commodity future or option or other similar agreement or arrangement, or any combination thereof, entered into or guaranteed by the Person where the subject
matter thereof is any commodity or the price, value or amount payable thereunder is dependent or based upon the price or fluctuations in the price of any commodity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) or any other similar transaction, including any option to enter into any of the foregoing, or any combination
of the foregoing, in each case to the extent of the net amount due or accruing due by the Person under the obligations determined by marking the obligations to market in accordance with their terms;

"**Governmental Authority**" means each national (of whatever country), state, provincial, county, municipal or other such governmental, legislative, regulatory or other public authority (whether domestic or foreign), including their authorized administrative bodies, boards, tribunals, courts, commissions and agencies which has legal jurisdiction over a Person or a matter relevant to this Agreement;

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"**Guarantors**" means, collectively, Neutron Energy, Inc. (a Nevada corporation), Anfield Precious Metals Inc. (a South Dakota corporation), Anfield Resources Holding Corp. (a Utah corporation), ARH Wyoming Corp. (a Wyoming corporation), Highbury Resources Inc. (a Wyoming corporation), and the other guarantors from time to time party hereto, and their respective successors and permitted assigns;

"**Hazardous Material**" means any material, substance or waste that is: (i) listed, classified or regulated by or pursuant to any applicable Environmental Law as a "hazardous waste," "hazardous substance," "toxic substance" or "source material," (ii) any petroleum product or by-product, asbestos or asbestos-containing materials, pollutants, contaminants, radioactive materials, urea formaldehyde insulation or polychlorinated biphenyls, or (iii) with respect to which liability or standards of conduct are imposed under any Environmental Law;

"**IFRS**" means International Financial Reporting Standards, as issued by the International Accounting Standards Board;

"**Indebtedness**" means, with respect to a Person, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all obligations of the Person for borrowed money, including debentures, notes or similar instruments and other
financial instruments and obligations with respect to bankers' acceptances and contingent reimbursement obligations relating to letters of credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Financial Instrument Obligations of the Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Capital Lease Obligations and Purchase Money Obligations of the Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all obligations to pay the deferred and unpaid purchase price of property or services, which purchase price is
due and payable more than six months after the date of placing such property or service or taking delivery at the completion of such services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all indebtedness of any other Person secured by a Security Interest on any asset of the Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all obligations to repurchase or redeem any Common Shares or any other shares of the Borrower prior to the
Maturity Date; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all Contingent Liabilities of the Person with respect to obligations of another Person if such obligations are
of the type referred to in paragraphs (a) to (f) above;

"**Indemnified Parties**" has the meaning attributed to such term in Section 11.1 hereof;

"**Indemnified Taxes**" means Taxes imposed on or with respect to any payment made by or on account of any obligation of any Credit Party under any Facility Document, other than Excluded Taxes;

"**Indemnity**" means that certain general agreement of indemnity, in the principal amount not to exceed US$3,000,000 granted by the Bridge Lender in favour of Endurance Assurance Corporation, Endurance American Insurance Company, Lexon Insurance Company, and Bond Safeguard Insurance Company at the request of Anfield Resources Holding Corp, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time;

"**Individual Commitment**" means, in respect of any Lender, its obligation to make the Advance<u>Advances under the Closing Date Facility or the 2025 Facility, as applicable,</u> to the Borrower in the maximum amount set forth as its "**Individual Commitment**" opposite such Lender's name in Schedule A, or in any assignment agreement by a Lender which is permitted hereunder, in each case, as such amount may be amended from time to time in accordance herewith;

"**Interest Payment Date**" means the Maturity Date, and the respective dates that fall every six (6) months after the beginning of each Interest Period, and on the last day of each Interest Period;

"**Interest Period**" means the period commencing on the Drawdown Date and ending on the date that is six (6) months thereafter (in each case, subject to the availability thereof), provided that, in any case, (i) the last day of each Interest Period shall also be the first day of the next Interest Period, (ii) if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month, in which event such Interest Period shall end on the immediately preceding Business Day, (iii) no Interest Period shall extend beyond the Maturity Date, (iv) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month;

"**International Trade Laws**" has the meaning attributed to such term in Section 6.1(ccc);

"**IRS**" means the United States Internal Revenue Service and each successor thereto;

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"**Iso Guarantee**" means the guarantee granted by Borrower to the Bridge Lender, as guarantee for certain indemnification obligations of the Bridge Lender pursuant to the Indemnity, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time;

"**Iso Loan Documents**" means the Bridge Loan and the Iso Guarantee;

"**Iso Loan Guarantees**" means the guarantees granted by each of the Guarantors to the Bridge Lender, as guarantees for the Indebtedness owing pursuant to the Iso Loan Documents, as each of the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time;

"**Iso Loan Security**" means the general security agreement granted by the Borrower to the Bridge Lender as security for the Indebtedness owing pursuant to the Iso Loan Documents, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time;

"**Lenders**" means the Persons listed on the signature pages<u>Schedule A</u> hereto as lenders and any other Person who becomes party to this Agreement pursuant to an assignment agreement by a Lender which is permitted hereunder, in each case, in its capacity as a lender hereunder, and "**Lender**" means any one of them;

"**Lenders' Counsel**" means Wildeboer Dellelce<u>Dentons Canada</u> LLP and, at any time, any other legal counsel retained by the Agent for and on behalf of itself and the Lenders, in the Relevant Jurisdiction to the matter in question;

"**Liability**" or "**Liabilities**" means any Indebtedness, obligation, or liability of any nature (whether known or unknown, whether asserted or unasserted, whether absolute or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, and whether due or to become due) including, without limitation, any liability for Taxes;

"**Material Adverse Effect**" means any change, effect, event or occurrence that, individually or in the aggregate, is or would reasonably be expected to be material and adverse to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business, operations, results of operations, assets, liabilities or condition (financial or otherwise) of
any of the Projects or any of the Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the ability of any of the Credit Parties to observe or perform its obligations under this Agreement or any of
the other Facility Documents in accordance with the terms hereof and thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the validity or enforceability of this Agreement or any other Facility Document;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any rights or remedies of the Agent or the Lenders under this Agreement or any other Facility Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the priority or ranking of any Security Interest granted pursuant to the Security Documents or any of the
rights or remedies of the Agent thereunder;

<u>other than</u> any change, effect, event, occurrence, circumstance or state of facts (i) relating to general political, economic or financial conditions, including in Canada or the United States (including change relating to foreign currency exchange rates), (ii) relating to the state of securities or financial markets in general, including any reduction in United States, Canadian, or other market indices, (iii) relating to the uranium industry, vanadium industry or mining industry in general, (iv) relating to changes in Applicable Law or the interpretation, application, non-application of Applicable Law by any Governmental Authority or any change in applicable generally accepted accounting principles; (v) resulting from any natural disaster, epidemic or pandemic, including the COVID-19 pandemic, or (vi) resulting from any hostilities, acts of war or terrorism or any material escalation of any hostilities, acts of war or terrorism, <u>provided however</u>, that such change, effect, event or occurrence referred to in paragraphs (i) to (vi) above does not primarily relate to (or have the effect of primarily relating to) any of the Credit Parties, or disproportionately adversely affect any of the Credit Parties, compared to other companies of similar size operating in the mining industry;

"**Material Project Documents**" means (i) each present and future Project Document which contains terms and conditions which, upon breach, termination, non-renewal or non-performance, would result in or could reasonably be expected to result in a Material Adverse Effect, and (ii) any other agreement to which a Credit Party is a party that is, in the reasonable opinion of the Agent, material to the development or operation of the Projects;

"**Maturity Date**" means September 26, 2028, or such earlier date that the principal, interest or any other amounts owing hereunder may become due as a result of any acceleration thereof pursuant to this Agreement;

"**Money Laundering Laws**" has the meaning attributed to such term in Section 6.1(rr);

"**Multiemployer Plan**" means (i) any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, and (ii) any multi-employer plan, as defined in the regulations under the *Income Tax Act* (Canada); to which a Credit Party or any ERISA Affiliate makes or is obligated to make any contribution, or during the preceding five plan years, has made or been obligated to make any contribution;

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"**Multiple Employer Plan**" shall mean a Pension Plan which has two or more contributing sponsors (one of which must be a Credit Party or any ERISA Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4063 or 4064 of ERISA;

"**Obligations**" means, without duplication, with respect to a Person, all items which, in accordance with IFRS, would be included as liabilities on the liability side of the balance sheet of the Person and all Contingent Liabilities of the Person;

"**OFAC**" has the meaning attributed to such term in Section 6.1(rr);

"**Other Connection Taxes**" means, with respect to a Lender or Tax-Related Person, Taxes imposed as a result of a present or former connection between such Person and the jurisdiction imposing such Tax (other than connections arising from such Person having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Facility Document, or sold or assigned an interest in the Facility or Facility Document);

"**Other Taxes**" has the meaning attributed to such term in Section 11.1(b);

"**PBGC**" means the United States Pension Benefit Guaranty Corporation;

"**Pension Funding Rules**" means the rules of the Code and ERISA regarding minimum required contributions (including any installment payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Protection Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Protection Act and, thereafter, Section 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA;

"**Pension Plan**" means any "employee pension benefit plan" (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan (but including a Multiple Employer Plan), that is subject to Title IV of ERISA or is subject to the minimum funding standards under Section 412, 430 or 436 of the Code and either (i) is sponsored or maintained by a Credit Party or any ERISA Affiliate or to which a Credit Party or any ERISA Affiliate contributes or has any obligation to contribute or (ii) at any time within the preceding five years has been maintained or to which contributions have been required by a Credit Party or an ERISA Affiliate;

"**Pension Protection Act**" means the United States Pension Protection Act of 2006, as amended;

"**Permitted Encumbrances**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Security Interest granted pursuant to the Security Documents,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Security Interest or deposit under workers' compensation, social security or similar legislation or in
connection with bids, tenders, leases, contracts or expropriation proceedings or to secure related public or statutory obligations, surety and appeal bonds or costs of litigation where required by Applicable Law,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Security Interest imposed pursuant to statute such as builders', mechanics', materialman's,
carriers', warehousemen's and landlords' liens and privileges, in each case, which relate to obligations not yet due or delinquent or, if due or delinquent, which the Credit Party is contesting in good faith if such contest will
involve no material risk of loss of any material part of the property of any Credit Party,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Security Interest or privilege arising out of judgments or awards in an amount less than [\*\*\*] with respect
to which, at the time an appeal or proceedings for review is being prosecuted and with respect to which a stay of execution has been secured pending such appeal or proceedings for review,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Security Interest for Taxes, assessments, unpaid wages or governmental charges or levies for the then
current year, or not at the time due and delinquent or the validity of which is being contested at the time in good faith and for which adequate reserves have been set aside on such Person's books and records in accordance with IFRS,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any undetermined or inchoate Security Interest or privilege incidental to current operations that has not been
filed pursuant to law against any Credit Party, or that relates to obligations not due or delinquent,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the deposit of cash or securities in connection with any Security Interest or privilege referred to in
paragraph (c) (d), (e) and (f),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any right reserved to or vested in any Governmental Authority by the terms of any lease, licence, franchise,
grant, claim, bond or permit held or acquired by any Credit Party, or by any statutory provision, to terminate the lease, licence, franchise, grant, claim, bond or permit or to purchase assets used in connection therewith or to require annual or
other periodic payments as a condition of the continuance thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (x) any Security Interest created or assumed by any Credit Party in favour of a public utility or Governmental
Authority which encumbers specific near-cash collateral, only as security for performance/reclamation bond obligations; and (y) any other Security Interest created or assumed by any Credit Party in favour of a public utility or Governmental
Authority for Permitted Indebtedness in connection with the operation of the business of such Credit Party or the ownership of the assets of such Credit Party, in each case, to the extent required by Applicable Law, and provided that such Security
Interests do not in the aggregate materially detract from the value of any of the assets of such Credit Party or materially impair their use in the operation of the business of such Credit Party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any reservations, limitations, provisos and conditions expressed in original grants or authorizations from any
Governmental Authority,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any encumbrance, such as easements, rights-of-way, servitudes or other similar rights in land granted to or
reserved by other Persons, rights-of-way for sewers, electric lines, telegraph and telephone lines, oil and natural gas pipelines and other similar purposes, or zoning or other restrictions applicable to the use of real property by any Credit Party,
or title defects, encroachments or irregularities, that do not in the aggregate materially detract from the value of the property or materially impair its use in the operation of the business of any Credit Party,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any purchase money security interests and capital lease obligations in respect of Indebtedness permitted under
paragraph (b) of "Permitted Indebtedness",

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any Security Interests over assets other than Secured Assets which secure Indebtedness permitted under
paragraph (c) of "Permitted Indebtedness" only,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any Security Interest which secures Permitted Indebtedness only and is permitted pursuant to an intercreditor
agreement, in form and substance satisfactory to the Agent and the Lenders, executed and delivered by the third party secured party in favour of the Agent,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Cotter Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any other Security Interest which the Agent agrees in writing is a Permitted Encumbrance for the purposes of
this Agreement; <u>and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) subject to the terms of the Subordination Agreement, any Security Interest or
encumbrances granted under or in connection with the Iso Loan Security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r<u>q</u>) any extension, renewal or replacement of any of the foregoing;

"**Permitted Indebtedness**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indebtedness under this Agreement or refinancing thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Indebtedness in an aggregate amount at any time for all Credit Parties of up to [\*\*\*] in respect of Purchase
Money Obligations and Capital Lease Obligations acquired by a Credit Party after the date hereof, provided that the Security Interests for any such obligation are limited to the particular financed/leased equipment and proceeds thereof,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Indebtedness which is subordinated to the Facility Indebtedness on such terms as the Agent (in accordance with
the instructions of the Lenders) may agree in writing, pursuant to an intercreditor agreement, in form and substance satisfactory to the Agent and the Lenders, executed and delivered by the third party creditor in favour of the Agent,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indebtedness comprised of amounts owed to trade creditors and accruals in the ordinary course of business, in
each case (i) outstanding less than 60 days, or (ii) which do not exceed [\*\*\*] in the aggregate for all Credit Parties and are being disputed in good faith, provided that reasonable reserves have been established,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (x) any Indebtedness of any Credit Party in favour of a public utility or Governmental Authority in respect of
performance/reclamation bond obligations only (which includes the Shootaring Canyon Mill Surety Bond); and (y) any other Indebtedness of a Credit Party in favour of a public utility or Governmental Authority, to the extent required by
Applicable Law,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any other Indebtedness which the Agent (in accordance with the instructions of the Lenders) agrees in writing
is Permitted Indebtedness for the purposes of this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Indebtedness of (x) the Borrower to any Guarantor or (y) any Subsidiary to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Indebtedness related to the Cotter
Encumbrances; <u>and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to the terms of the Subordination Agreement, Indebtedness under the Iso
Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) subject to the terms of the Subordination Agreement, Indebtedness under the Iso
Loan Guarantees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k<u>i</u>) guarantees or other contingent obligations incurred in the ordinary course of business of a Credit Party or in respect of
Indebtedness permitted by (a) to (j <u>h</u>) hereof;

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"**Permitted Investments**" means any investment by a Credit Party (w) in another Credit Party, (x) in cash and cash equivalents, (y) investments by way of acquisition which are permitted by this Agreement and (z) investments in equity in public companies held in the Equity Account, which account shall not at any time be permitted to have a book value in excess of [\*\*\*];

"**Person**" means any individual, partnership, limited partnership, joint venture, syndicate, sole proprietorship, company, corporation or limited liability company with or without share capital, body corporate, unincorporated association, trust, trustee, executor, administrator or other legal personal representative, government or Governmental Authority or entity, however designated or constituted;

"**Plan**" means any "employee benefit plan" (as such term is defined in Section 3(3) of ERISA) established or maintained by a Credit Party or any ERISA Affiliate, or to which the Credit Party or any ERISA Affiliate has an obligation to make any contribution;

"**Pro Rata Share**" means, at any particular time with respect to a particular Lender <u>for a particular Facility, as applicable</u>, the ratio of the Individual Commitment of such Lender at such time to the aggregate of the Individual Commitments of all of the Lenders at such time<u>. Unless the context otherwise requires, a Lender's Pro Rata Share shall be calculated taking into account both Facilities on a *pari passu* basis</u>;

"**Proceeds of Realization**" means all cash and non-cash proceeds derived from any sale, disposition or other realization of the Secured Assets or received from a Guarantor pursuant to a guarantee (a) after any notice being sent by the Agent to the Borrower pursuant to Section 8.2 declaring all indebtedness of the Borrower hereunder to be immediately due and payable, (b) upon any dissolution, liquidation, winding-up, reorganization, bankruptcy, insolvency or receivership of any Credit Party (or any other arrangement or marshalling of the Secured Assets that is similar thereto), or (c) upon the enforcement of, or any action taken with respect to, a guarantee or other Security Document. For greater certainty, insurance proceeds derived as a result of the loss or destruction of any of the Secured Assets or cash or non-cash proceeds derived from any expropriation or other condemnation of any of the Secured Assets shall not constitute Proceeds of Realization prior to the Enforcement Date;

"**Project Document**" means, in respect of each Project, any agreement, contract, instrument, lease, easement or other Authorization or document which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) deals with or is related to the construction, operation or development of the Project or any part thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is executed from time to time by or on behalf of or is otherwise made or issued in favour of any Credit Party;

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"**Project Financing**" means any loan facility or other financing arrangement for Indebtedness in favour of the Borrower or any other Credit Party, the proceeds of which are used to develop, expand, construct or operate a Project, including any refinancing thereof;

"**Projects**" means, collectively, (i) the West Slope project located in Colorado, (ii) the Velvet-Wood project located in Utah, (iii) the Shootaring Canyon Mill located in Utah, (iv) the Slick Rock project located in Colorado, (v) the Marquez-Juan Tafoya uranium project located in New Mexico and (vi) the Frank M project located in Utah;

"**Purchase Money Obligation**" means, with respect to a Person, Indebtedness of the Person issued, incurred or assumed to finance all or part of the purchase price of any asset or property acquired by such Person;

"**Relevant Jurisdiction**" means, from time to time, any jurisdiction in which any of the Credit Parties have material properties or assets, including for the avoidance of doubt the Projects, or in which they carry on any material business or are otherwise "doing" or "transacting" business under Applicable Law;

"**Reportable Event**" means any of the events set forth in Section 4043(c) of ERISA, other than events for which any notice requirement has been waived;

"**Reporting Jurisdictions**" means all of the jurisdictions in Canada in which the Borrower is a "reporting issuer" or equivalent (being, as of the date hereof, British Columbia and Alberta);

"**Secured Assets**" means all of the assets now owned or hereafter acquired by the Credit Parties that are now or hereafter charged or intended to be charged by or in which a lien, security interest, mortgage deed of trust or other encumbrance is granted or created under any of the Security Documents;

"**Securities**" means, collectively, the Arrangement Fee Shares, the Facility Warrants and any Facility Warrant Shares issuable upon exercise of the Facility Warrants<u>, the 2025 Warrants and any 2025 Warrant Shares issuable upon exercise of the 2025 Warrants</u>;

"**Security Documents**" means, collectively, the security and other agreements and documents listed in Schedule B hereto under the heading "Security Documents" and delivered pursuant to Article 4 of this Agreement and any other document or agreement which creates a Security Interest and is given in favour of the Agent in connection with the Facility Documents;

"**Security Interest**" means any security interest, assignment by way of security, mortgage, charge (whether fixed or floating), hypothec, deposit arrangement, pledge, lien, encumbrance, preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, and any financing lease having substantially the same economic effect as any of the foregoing).

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"**Shootaring Canyon Mill Surety Bond**" means the US$12,294,452 bond surety issued by the Shootaring Surety in relation to closure liability and rehabilitation costs related to Shootaring Canyon Mill, which shall be increased to approximately US$13,915,406 subject to confirmation and approval from the State of Utah, and all documentation relating thereto, including without limitation, a general agreement of indemnity dated February 4, 2020 between the Shootaring Surety, and the Borrower, Anfield Resources Holding Corp. and Highbury Resources Corp., as indemnitors, and each renewal, amendment, alternation, continuation, extension, supplementation and substitution of such documentation;

"**Shootaring Surety**" means any one or more bonding companies, including Endurance Assurance Corporation, Endurance American Insurance Company, Lexon Insurance Company or Bond Safeguard Insurance Company, that has executed an agreement for the issuance, renewal, continuation, substitution or amendment of any surety, undertaking, guaranty or other contractual obligation on behalf of or at the request of any applicable indemnitor Creditor Party in connection with the Shootaring Canyon Mill Surety Bond, either before or after the Closing Date;

"**SOFR**" means a rate per annum equal to the secured overnight financing rate for such Business Day published by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org (or any successor source for the secured overnight financing rate identified as such by the Term SOFR Administrator from time to time);

"**Subsidiary**" means, in respect of any Person, any subsidiary, as such term is defined in the *Business Corporations Act* (British Columbia);

"**Subordination Agreement**" means the subordination agreement between the Agent and the Bridge Lender, as acknowledged by the Borrower, in respect of the Bridge Loan, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time;

"**Tax-Related Person**" means any Person (including a beneficial owner of an interest in a pass-through entity) who is required to include in income amounts realized (whether or not distributed) by the Agent, a Lender or any Tax-Related Person of any of the foregoing;

"**Taxes**" means all present or future taxes, assessments, rates, levies, imposts, deductions, withholdings (including backup withholding), dues, duties, fees and other charges of any nature, including any interest, fines, penalties or other liabilities with respect thereto, imposed, levied, collected, withheld or assessed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto, and whether disputed or not;

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"**Term Sheet**" means<u>, as applicable, the</u> term sheet dated August 25, 2023 between the Borrower and the Agent <u>and the term sheet dated January 13, 2025 between the Borrower and the Agent</u>;

"**Term SOFR**" means, for any Interest Period, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "**Periodic Term SOFR Determination Day**") that is two (2) Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however, if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day, the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding Business Day is not more than three (3) Business Days prior to such Periodic Term SOFR Determination Day, <u>provided that</u>, if Term SOFR determined as provided above shall ever be less than 4.0% per annum for any Interest Period, then Term SOFR shall be deemed to be 4.0% for such Interest Period;

"**Term SOFR Administrator**" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Agent in its reasonable discretion);

"**Term SOFR Reference Rate**" means, for the applicable corresponding Interest Period, the forward-looking term rate based on SOFR;

"**Unfunded Liabilities**" means, with respect to any Plan at any time, the amount (if any) by which (i) the value of all benefit liabilities under such Plan, determined on a plan termination basis using the assumptions prescribed by the PBGC for purposes of Section 4044 of ERISA, exceeds (ii) the fair market value of all Plan assets allocable to such liabilities under Title IV of ERISA (excluding any accrued but unpaid contributions), all determined as of the then most recent valuation date for such Plan, but only to the extent that such excess represents a potential liability of a Credit Party or ERISA Affiliate to the PBGC or any other person under Title IV of ERISA;

"**United States**" means United States of America, its territories and possessions, any state of the United States and the District of Columbia; and

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"**Voting Shares**" means shares of capital stock of any class of any corporation carrying voting rights under all circumstances, provided that for the purposes of such definition, shares which only carry the right to vote conditionally on the happening of any event shall not be considered Voting Shares, whether or not such event shall have occurred, nor shall any shares be deemed to cease to be Voting Shares solely by reason of a right to vote accruing to shares of another class or classes by reason of the happening of such event.

**1.2** **Subdivisions, **Table of Contents** and Headings** 

The division of this Agreement into articles, sections, subsections and paragraphs, the provision of a table of contents and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement.

**1.3** **References to Bodies Corporate, Statutes, Contracts** 

Any reference in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any body corporate shall include successors thereto, whether by way of amalgamation, merger or otherwise;
provided that transfers and assignments by the parties and corporate and other reorganizations shall nonetheless be undertaken only in accordance with any restrictions imposed by the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any statute, enactment or legislation of any country or to any section or provision thereof shall include a
reference to any order, ordinance, regulation, rule or by-law or proclamation made under or pursuant to that statute, enactment or legislation and all amendments, modifications, consolidations, re-enactments or replacements thereof or substitutions
therefor from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any agreement, instrument, Authorization or other document shall include reference to such agreement,
instrument, Authorization or other document as the same may from time to time be amended, supplemented, replaced or restated, irrespective of whether particular reference shall have been made to some (but not all) amendments, supplements,
replacements or restatements thereof; provided that transfers, amendments, supplements, replacements and restatements shall nonetheless be undertaken only in accordance with any restrictions imposed by the terms of this Agreement.

**1.4** **Currency** 

Any reference in this Agreement to "**U.S. Dollars**", "**USD**", "**US$**", "**dollars**" or "**$**" shall be deemed to be a reference to lawful money of the United States and any reference to any payments to be made by the Borrower shall be deemed to be a reference to payments made in lawful money of the United States. Any reference in this Agreement to "**CAD Dollars**", "**CAD**" or "**C$**", shall be deemed to be a reference to lawful money of Canada.

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**1.5** **Use of the Words "Best Knowledge"** 

The words "**best knowledge**", "**to the best of the Borrower's knowledge**", "**to the knowledge of**" or "**of which they are aware**" or other similar expressions limiting the scope of any representation, warranty, acknowledgement, covenant or statement by the Borrower or any of the other Credit Parties will be understood to be made on the basis of the actual knowledge of any of the executive officers of the Borrower or such other applicable Credit Party, in each case, after due inquiry.

**1.6** **Governing Law** 

This Agreement shall be governed by the laws of the Province of British Columbia and the federal laws of Canada applicable therein and shall be treated in all respects as a British Columbia contract. The parties hereby irrevocably attorn and consent to the non-exclusive jurisdiction of the courts of the Province of British Columbia and irrevocably waive any claim that such forum is not convenient.

**1.7** **Paramountcy** 

In the event of any inconsistency between the provisions of this Agreement and the provisions of any other Facility Document, the provisions of this Agreement shall prevail.

**1.8** **Interpretation** 

In this Agreement and each other Facility Document, unless the context otherwise requires, words importing the singular include the plural and vice versa and words importing gender include all genders. The words "including" and "includes" mean "including" (or "includes") without limitation.

**1.9** **Time of Essence** 

Time shall be of the essence in all respects of this Agreement.

**ARTICLE 2** 

**THE FACILITY** 

**2.1** **The Facility** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>a)</u> <u>The Closing Date Facility</u> 

Subject to the terms and conditions hereof, the Lenders hereby establish<u>established</u> in favour of the Borrower a non-revolving<u>non-revolving</u> , single advance, term credit facility (the "**<u>Closing Date</u> Facility**") in an amount equal to the <u>Closing Date</u> Commitment, which shall be<u>was</u> made available <u>in full</u> to the Borrower, or as the Borrower may direct, by way of a single U.S. dollar denominated Advance in on <u>or about</u> the Closing Date, in accordance with this Agreement.

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<u>The parties hereby acknowledge and agree that the Closing Date Facility is denominated in U.S. Dollars.</u> On the Maturity Date, the Borrower shall, in addition to the repayment of all other Facility Indebtedness, repay the face value of the <u>Closing Date Facility</u> Commitment (C$4,300,000) in U.S. Dollars, which for greater certainty shall be the fixed amount of US$3,203,961.26, applying the same rate of exchange as applicable to the Advance on the Closing Date.

Subject to the terms and conditions hereof, the Lenders severally agree<u>agreed</u> to extend credit to the Borrower under the <u>Closing Date</u> Facility from time to time, provided that the aggregate amount of credit outstanding under the <u>Closing Date</u> Facility shall not at any time exceed the <u>Closing Date</u> Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>b)</u> <u>The 2025 Facility</u> 

<u>Subject to the terms and conditions hereof, the Lenders hereby establish in favour of the Borrower a non-revolving, single advance, term credit facility (the "**2025 Facility**") in an amount equal to the 2025 Facility Commitment, which shall be made available to the Borrower, by way of a single U.S. dollar denominated Advance on the 2025 Facility Closing Date, in accordance with this Agreement.</u>

<u>On the Maturity Date, the Borrower shall, in addition to the repayment of all other Facility Indebtedness, repay the face value of the 2025 Facility Commitment.</u>

<u>Subject to the terms and conditions hereof, the Lenders severally agree to extend credit to the Borrower under the 2025 Facility from time to time, provided that the aggregate amount of credit outstanding under the 2025 Facility shall not at any time exceed the 2025 Facility Commitment.</u>

**2.2** **Non-Revolving Facility** 

The Facility is a non-revolving facility, and any repayment under the Facility shall not be re-borrowed.

**2.3** **Term** 

The outstanding principal amount of the Facility, together with all accrued but unpaid interest, fees, bonus and other costs, fees or charges payable hereunder from time to time, will be immediately due and payable by the Borrower to the Agent on the Maturity Date.

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**2.4** **Use of Proceeds of the Facility** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>a)</u> Proceeds from the <u>Closing Date</u> Facility shall be used only (i) to pay for any fees, costs and expenses under or associated with this Agreement, including, for avoidance of doubt,
any fees owing to the Lenders and commissions owing to Haywood Securities Inc. in connection therewith, (ii) to fund the Shootaring Canyon Mill Surety Bond, (iii) to fund engineering expenses for the Projects, and (iv) for general
working capital purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>b)</u> <u>Proceeds from the 2025 Facility shall be used for general working capital purposes.</u> 

**2.5** **Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest shall accrue on the outstanding principal of the Facility from the <u>applicable</u> Drawdown Date at a rate per annum equal to Term SOFR for the Interest Period applicable to
the <u>applicable</u> Advance, plus the Applicable Margin. Interest shall be calculated daily, compounded monthly, and payable in arrears to the Agent on each Interest
Payment Date, in U.S. Dollars, commencing on the first Interest Payment Date to occur after the <u>applicable</u> Drawdown Date, all before as well as after each of
maturity, default and judgment ; and <u>.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Event of Default shall occur and be continuing, (i) interest shall accrue on the outstanding
principal of the <u>all</u> Facility and all interest, fees, costs, and other amounts payable hereunder at an additional
13% per annum, calculated daily and compounded monthly, before as well as after maturity, default and judgment, and (ii) a premium of 10% of the principal of the
Advance <u>all Advances</u> outstanding as of the date of such Event of Default shall be payable by the Borrower to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Five (5) Business Days prior to each Interest Payment Date, the Borrower shall provide the Agent with
notice of whether it elects to pay accrued interest for such Interest Payment Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in kind, by adding the amount of accrued interest to the outstanding principal amount of the Facility, in which
case, the Applicable Margin shall be the rate of 7.0% per annum; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in cash, payable on the Interest Payment Date, in which case, the Applicable Margin shall be the rate of
5.0% per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent that the Borrower does not provide the notice required by Section 2.5(c), it shall be deemed
to have elected to pay accrued interest for the applicable Interest Payment Date in cash, as set out in Subsection 2.5(c)(c)(ii).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In no event shall the Effective Annual Rate exceed twenty-four <u>twenty four</u> percent (24%) (the "**Maximum Effective Annual Rate** "). If any payment described in the definition of "Effective Annual
Rate" is or is about to be received by the Agent in an amount that exceeds the Maximum Effective Annual Rate, then such payment shall be reduced or refunded, as applicable, by the Agent, with retroactive effect, to the extent required to
eliminate such excess.

**2.6** **Computations** 

The rates of interest under this Agreement are nominal rates, and not effective rates or yields. Unless otherwise stated, wherever in this Agreement reference is made to a rate of interest "per annum" or a similar expression is used, such interest shall be calculated on the basis of a year of 360 days for the actual number of days occurring in the period for which any such interest is payable. For the purposes of the Interest Act (Canada) and disclosure thereunder, whenever any interest to be paid hereunder or in connection herewith is to be calculated on the basis of a 360-day year, the yearly rate of interest to which the rate used in such calculation is equivalent is the rate so used multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360.

The Borrower and each other Credit Party confirms that it fully understands and is able to calculate the rate of interest applicable to the Facility based on the methodology for calculating per annum rates provided for in this Agreement. The Agent agrees that, if requested in writing by the Borrower, it shall calculate the nominal and effective per annum rate of interest on the <u>applicable</u> Advance outstanding at any time and provide such information to the Borrower promptly following such request; provided that any error in any such calculation, or any failure to provide such information on request, shall not relieve the Borrower or any other Credit Party of any of its obligations under this Agreement or any other Facility Document, nor result in any liability to the Agent or any Lender. Each Credit Party hereby irrevocably agrees not to plead or assert, whether by way of defence or otherwise, in any proceeding relating to the Facility Documents, that the interest payable under the Facility Documents and the calculation thereof has not been adequately disclosed to the Credit Parties, whether pursuant to Section 4 of the Interest Act (Canada) or any other Applicable Law or legal principle.

**2.7** **No Set-off** 

All payments required to be made by the Borrower or any other Credit Party pursuant to the provisions hereof or any other Facility Document shall be made in immediately available funds and without any set-off, deduction, withholding or counter-claim or cross-claim.

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**2.8** **Arrangement Fee Shares, Facility Warrants and Facility Warrant Shares <u>, 2025 Warrants and 2025 Warrant Shares</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As partial consideration of the Lenders entering into this Agreement and making the <u>Closing Date</u> Facility available to the Borrower pursuant to the terms hereof, the Borrower shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the election of the Borrower, in its sole discretion, either: (1) pay to the Lenders (or as each
applicable Lender may direct) on the Closing Date, in their respective Pro Rata Share, C$100,000 in cash; or (2) create and issue to the Lenders (or as each applicable Lender may direct) on the Closing Date, in their respective Pro Rata Share,
2,105,263 Common Shares of the Borrower (the "**Arrangement Fee Shares** "), having a value equivalent to C$200,000 as of the Closing Date, which Arrangement Fee Shares shall be delivered by the Borrower to the Lenders, in their
respective Pro Rata Share, provided that the Arrangement Fee Shares will be subject to resale restrictions, including applicable hold periods, under Applicable Securities Legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) create and issue to the Lenders (or as each applicable Lender may direct) on the Closing Date, in their
respective Pro Rata Share, 42,105,263 non- transferable warrants of the Borrower (the "**Facility Warrants**") with each warrant being exercisable for one Common Share (collectively, the "**Facility Warrant Shares**") at an
exercise price equal to C$0.095 per Common Share and for an exercise period of five (5) years from the Closing Date and including customary anti-dilution provisions, all subject to the Borrower obtaining the requisite and prior approvals by the
Exchange and other securities regulatory authorities as applicable. The certificates representing the Facility Warrants shall be in the form attached as Schedule D. The Facility Warrants and any Facility Warrant Shares will be subject to resale
restrictions, including applicable hold periods, under Applicable Securities Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>As partial consideration of the Lenders making the 2025 Facility available to the Borrower pursuant to the terms hereof, the Borrower shall:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>create and issue to the Lenders (or as each applicable Lender may direct) on the 2025 Facility Closing Date, in their respective Pro Rata Share, 59,925,000 nontransferable warrants of the Borrower (the "**2025 Warrants**") with each warrant being exercisable for one Common Share (collectively, the "**Facility Warrant Shares**") at an exercise price equal to C$0.15 per Common Share and for an exercise period from the 2025 Facility Closing Date to the Maturity Date and including customary anti-dilution provisions, all subject to the Borrower obtaining the requisite</u> <u>and prior approvals by the Exchange and other securities regulatory authorities as applicable. The certificates representing the 2025 Warrants shall be in the form attached as Schedule F. The 2025 Warrants and any 2025 Warrant Shares will be subject to resale restrictions, including applicable hold periods, under Applicable Securities Legislation.</u> 

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**2.9** **Administrative Matters Re: Payments** 

All amounts payable hereunder shall be made payable in lawful money of the United States, unless otherwise specified herein or by the Agent. If the date for payment of any amount payable hereunder is not a Business Day then such payment shall be made on the next day which is a Business Day.

**2.10** **Time and Place of Payments** 

The Borrower covenants and agrees to establish and maintain throughout the term of the Facility a pre-authorized electronic debit arrangement with a financial institution on terms satisfactory to the Agent, pursuant to which all payments coming due to the Agent in respect of payment of fees and repayment of principal, interest and other amounts coming due under this Agreement shall be made. All payments made by the Borrower pursuant to this Agreement or pursuant to any other Facility Document shall be made before 4:00 p.m. (Toronto time) on the day specified for payment and the Agent shall be entitled to withdraw the amount of any payment due to it hereunder from such account on the day specified for payment. Any payment received after 4:00 p.m. (Toronto time) on the day specified for such payment shall be deemed to have been received before 4:00 p.m. (Toronto time) on the immediately following Business Day. All payments shall be made to the place of payment specified for the Agent in Schedule A hereto.

**2.11** **Evidence of Indebtedness** 

The Agent and each Lender shall maintain accounts wherein it shall record the amount of credit outstanding and owed to it hereunder, each payment of principal and interest to it on account of the Advance<u>Advances</u> , and all other amounts becoming due to and being paid to it hereunder. Each Lender's accounts shall constitute, in the absence of manifest error, *prima facie* evidence of the Facility Indebtedness of the Borrower to that Lender pursuant to this Agreement. The failure of the Agent or any Lender to correctly record any such amount or date shall not, however, adversely affect the obligation of the Borrower to pay the Facility Indebtedness in accordance with this Agreement.

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**ARTICLE 3** 

**PREPAYMENT, REPAYMENT AND REDUCTIONS** 

**3.1** **Voluntary Prepayment** 

The Borrower shall not be permitted to prepay any of the principal amount outstanding under the Facility during the twelve (12) month period following the Closing Date, after which time the Borrower may prepay any amount outstanding under the Facility in whole or in part at any time, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower also pays to the Agent all unpaid interest, fees, costs and other amounts owing under the Facility
in respect of the principal amount of the Facility being repaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower also pays to the Agent a prepayment fee equal to 3% of the principal amount repaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any such prepayment may only be made on a day that is a Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Borrower shall have provided the Agent with at least ten (10) Business Days prior written notice of
its intention to prepay the Facility, in whole or in part.

For greater certainty, (i) any prepayment made in accordance with this Section 3.1 shall have no effect on the maturity date of the Facility Warrants <u>and the 2025 Warrants</u>, and (ii) any prepayment made from the proceeds of the exercise of the Facility Warrants <u>and the 2025 Warrants</u> by the Lenders shall not be subject to the prepayment conditions set out in this Section 3.1.

Notwithstanding anything to the contrary in this Agreement, to the extent that (x) the Agent does not consent to any Project Financing or (y) the Agent, on one hand, and the project financier, on the other hand, cannot come to an agreement on any required subordination, priority, intercreditor agreement with respect to any Project Financing after using commercially reasonable efforts, the Borrower may prepay the amount outstanding under the Facility in accordance with this Section 3.1, provided that the prepayment fee in 3.1(b) shall not apply.

**3.2** **Mandatory Prepayment** 

If after the<u>any</u> Advance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with the prior written consent of the Agent or as otherwise permitted by this Agreement, any Credit Party shall
sell or otherwise dispose of any Secured Assets outside of the ordinary course of business, then such Credit Party shall pay or cause to be paid [\*\*\*], to the Agent, forthwith, to be applied on account of the outstanding principal amount and all
accrued but unpaid interest, bonus and other costs, fees or charges payable hereunder from time to time;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the prior written consent of the Agent, any Credit Party closes one or more debt financings (other than in
connection with Permitted Indebtedness), or royalty sale transactions, then such Credit Party shall pay [\*\*\*]% of the proceeds of such financings and royalty sales, net of reasonable costs (including without limitation, finders fees, commissions,
legal and audit costs) to the Agent forthwith on closing such financings, to be applied on account of the outstanding principal amount and all accrued but unpaid interest, bonus and other costs, fees or charges payable hereunder from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) unless the Agent provides prior written consent to such Change of Control, if a Change of Control occurs with
respect to the Borrower, then the Borrower shall within ten (10) Business Days of the closing and culmination of the Change of Control, pay or cause to be paid all outstanding Facility Indebtedness.

<u>The Agent shall apply the proceeds of all prepayments under this Section ratably among each Facility.</u>

<u>The Borrower, upon trigger of the events above, shall notify the Agent by delivering written notice to the Agent (the "**Mandatory Prepayment Trigger Notice**"). The Agent, on behalf of any Lender (a "**Declining Lender**"), may elect, by delivering written notice to the Borrower no later than 5:00 p.m. three (3) Business Days after the date of such Lender's receipt of the Mandatory Prepayment Trigger Notice, that the full amount of any mandatory prepayment otherwise required to be made with respect to the Advances held by such Lender not be made (the aggregate amount of such prepayments declined by the Declining Lenders, the "**Declined Prepayment Amount**"). If a Lender fails to deliver notice setting forth such rejection of a prepayment to the Agent within the time frame specified above or such longer period as agreed to by the Agent or such notice fails to specify the principal amount of the Advances to be rejected, any such failure will be deemed an acceptance of the total amount of such mandatory prepayment of Advances. Any Declined Prepayment Amount which would otherwise have been applied to such Advances of the Declining Lenders shall instead be retained by the Borrower.</u>

**ARTICLE 4** 

**SECURITY** 

**4.1** **Security Documents** 

To secure the due payment of all Indebtedness of the Borrower to the Agent and the Lenders in respect of the Facility and the payment and performance of all other Facility Indebtedness, whether now existing or hereafter arising or incurred the Borrower shall, and shall cause each of the Guarantors to, execute and deliver to the Agent, the Security Documents.

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**4.2** **Registration, Filing and Recordation of the Security** 

The Borrower shall, and shall cause each of the Guarantors to, at the Borrower's expense, register, file, record and give notice of (or cause to be registered, filed, recorded and given notice of) the Security Documents in all offices the Agent, acting reasonably, advise that such registration, filing, recording or giving notice is necessary or desirable for the perfection of the Security Interests constituted thereby and to ensure that such Security Interests are first ranking, subject only to Permitted Encumbrances.

**4.3** **After Acquired Property and Further Assurances** 

The Borrower shall, at its expense, and shall cause each of the Guarantors to, from time to time, promptly execute and deliver all such further deeds or other instruments of conveyance, assignment, transfer, mortgage, pledge or charge as may be necessary or desirable to ensure that any additional interests in the Secured Assets acquired after the date hereof are subject to the Security Interests created pursuant to the Security Documents (and in the case of any such real property, with such title opinions or commitments, including title insurance policies as are reasonably requested by the Agent).

**4.4** **Additional Guarantors** 

If at any time and from time to time the Borrower acquires any additional Subsidiaries that are not already Guarantors under this Agreement, the Borrower shall, promptly execute any deliver all such pledge agreements and security documents (substantially similar to the Security Documents contemplated in Schedule B), and shall cause each such Subsidiary to execute a joinder to this Agreement and guarantee (substantially similar to the Security Documents contemplated in Schedule B) as may be necessary or desirable to ensure that all shares or other ownership interests in such Subsidiary are subject to the Security Interests created pursuant to the Security Documents and secure the Facility Indebtedness

**4.5** **Additional Security** 

In the event that the Agent, in its sole discretion, determines at any time following the Closing Date that, in order to more fully protect the interests of the Lenders under this Agreement, the Guarantors shall be required to grant to the Agent security for their respective obligations under the Facility Documents, then each Guarantor hereby agrees, upon receipt of written notice from the Lender thereof, to provide such security within sixty (60) days, or such longer period as the Agent may permit in its sole discretion, for nominal consideration, and customary legal opinions in relation thereto. The security to be granted by the Guarantors shall be in form and substance satisfactory to the Agent, acting reasonably, and the Guarantors shall cooperate fully and promptly to effectuate the creation and perfection of such security interest in favours of the Agent, for and on behalf of the Lenders.

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**ARTICLE 5** 

**CONDITIONS PRECEDENT** 

**5.1** **Conditions Precedent to the Advance of the <u>Closing Date</u> Facility** 

The obligation of the Lenders to make the Advance of the <u>Closing Date</u> Facility under this Agreement is<u>was</u> subject to and conditional upon the following conditions precedent being satisfied, fulfilled or otherwise met to the satisfaction of the Agent and the Lenders on or before the Drawdown Date (or such other date as is mutually agreed to in writing between the Borrower and the Agent), or waived by the Agent in accordance with Section 9.13:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) receipt by the Agent of the following documents, each in full force and effect, and in form and substance
satisfactory to the Agent and the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) executed copies of all Facility Documents, including, without limitation, this Agreement, the Security
Documents, the Arrangement Fee Shares, and the warrant certificate in respect of the Facility Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) certificates of good standing or other similar type of evidence for each of the Credit Parties from all
Relevant Jurisdictions in relation to each Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) certified copies of the Constating Documents of each of the Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) certified copies of the directors' resolutions of each of the Credit Parties with respect to its
authorization, execution and delivery of the Facility Documents to which it is a party, together with incumbency certificates with respect to all officers executing Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) certificates of an officer or secretary of each of the Credit Parties as to corporate matters and certifying
that (A) all of the representations and warranties of each of the Credit Parties contained herein and in each other Facility Document are true and correct as if made on and as of the Closing Date (except to the extent that such representations
and warranties speak as of an earlier date, in which event such representations and warranties shall be true and correct as of such earlier date), and (B) no Default or Event of Default has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all regulatory approvals, including the Exchange Approvals;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) releases and discharges (or, if acceptable to the Agent, postponements or appropriate undertakings to
discharge), in registrable form where appropriate, covering all Security Interests or other encumbrances affecting the Secured Assets which are not Permitted Encumbrances, if any, or arrangements satisfactory to the Agent have been made to ensure
that such documents will be provided promptly following the Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) an irrevocable direction to pay with respect to the Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) opinions of the counsel to the Borrower relating to, among other things, the subsistence of the Borrower, and
the due authorization, execution, delivery and enforceability by the Borrower of the Facility Documents to which the Borrower is a party and the creation and perfection of all Security Interests on all collateral securing the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) certificates representing all shares and other securities in the Subsidiaries pledged by the Borrower, together
with corresponding share transfer powers duly executed in blank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) satisfactory searches in respect of the Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) a copy of all documentation and reports that provide an estimate of the current reclamation costs related to
the Shootaring Canyon uranium mill site and the required amount of the Shootaring Canyon Mill Surety Bond, and documentation showing all historical changes in relation thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) such other documents, certificates, opinions and agreements which the Agent or the Lenders may reasonably
require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent and the Lenders shall have completed and be satisfied with its financial, business, environmental,
tax, legal and other due diligence review of the Credit Parties, the Projects, the Shootaring Canyon Mill Surety Bond, and each part thereof, including without limitation, their review of all feasibility studies, processing plant plans, budgets, pro
forma financial statements, and other documents in respect of each Project and each part thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evidence that all Security Interests created pursuant to the Security Documents have been duly perfected and
registered, filed and recorded (as applicable) in all Relevant Jurisdictions and any other relevant jurisdiction as required by the Agent and the Lenders' Counsel;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Agent and the Lenders shall have received payment of all fees and reimbursable expenses in connection with
this Agreement, including those fees described in Section 7.3, which are payable by the Credit Parties to the Lenders and the Agent on or prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) as at the Closing Date, the Agent and the Lenders shall be satisfied that no Default or Event of Default shall
have occurred and be continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) neither the Agent nor any Lender shall have become aware of any new or inconsistent information or other matter
not previously disclosed to it relating to any Credit Party or the contemplated transactions which in any event the Agent or any of the Lenders, in its reasonable judgment, deems material and adverse relative to the information or other matters
previously disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) as at the Closing Date, the Agent and the Lenders shall be satisfied that no event or circumstance shall have
occurred or exist that (in the reasonable opinion of the Agent and the Lenders, in their sole discretion) has resulted in or could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Agent must have received (i) evidence that all Indebtedness of the Credit Parties that is not
Permitted Indebtedness will be paid and performed in full concurrently with the Advance, and (ii) releases and discharges (in registrable form where appropriate) covering all Security Interests or other liens or encumbrances that are not
Permitted Encumbrances, or undertakings of the holders of the liens to deliver releases and discharges promptly after the Advance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there shall be no other Security Interest or other liens or encumbrances whatsoever, which rank equal to or in
priority to the Agent's Security Interests granted pursuant to the Security Documents, other than Permitted Encumbrances.

**5.2** **Waiver** 

The conditions in Sections 5.1 are inserted for the sole benefit of the Agent and the Lenders and may be waived by the Agent (in accordance with the instructions of the Lenders) in whole or in part, with or without conditions, as the Agent and the Lenders may determine in their sole and absolute discretion.

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**ARTICLE 6** 

**REPRESENTATIONS AND WARRANTIES** 

**6.1** **Representations and Warranties of the Credit Parties** 

Each of the Credit Parties, as applicable, hereby represents and warrants to the Agent and the Lenders as of the date hereof, and as of the date of the<u>each</u> Advance, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each of the Credit Parties has been duly incorporated and organized under the laws of its jurisdiction of
incorporation and is validly existing and is current and up-to-date with all material filings, consents and authorizations in all cases required to be made, obtained and maintained, under the laws of its jurisdiction of incorporation and in all
other applicable jurisdictions where such filings, consents and authorizations are required under Applicable Law, and has all requisite corporate power and authority to carry on its business as now conducted as presently proposed to be conducted and
to own, lease or operate its property, and no steps or proceedings have been taken by any Person, voluntary or otherwise, requiring or authorizing its dissolution or winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of the Credit Parties has full power and authority to enter into each of the Facility Documents to which
it is a party and to do all acts and things and execute and deliver all documents as are required hereunder or thereunder to be done, observed, performed or executed and delivered by it in accordance with the terms hereof and thereof, and when
entered into, the Facility Documents will create valid and legally binding obligations of the Credit Parties party thereto enforceable against the Credit Parties party thereto in accordance with their respective terms, except as enforceability may
be limited by applicable bankruptcy, insolvency, reorganization, arrangement, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by proceedings
in equity or at law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each of the Credit Parties has taken all corporate steps necessary to duly authorize all matters in connection
with this Agreement, including, without limitation, (i) the execution and delivery of the Facility Documents to which it is party and such other agreements and instruments as contemplated herein and which are relevant to such Credit Party; and
(ii) as it relates to the Borrower, the creation, allotment and issuance of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except as set forth in Schedule C and any interest held in any Equity Account, none of the Credit Parties own,
beneficially or of record, or exercise control or direction over, any shares (or other ownership interests) of any Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) none of the Credit Parties has committed any act of bankruptcy or is insolvent, or proposed a compromise or
arrangement to its creditors generally, had a petition or receiving order in bankruptcy filed against it, made a voluntary assignment in bankruptcy, taken any proceedings with respect to a compromise or arrangement, taken any proceedings to have a
receiver appointed for any of its property or had any execution or distress become enforceable or become levied upon any of its property;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) each of the Credit Parties is (x) licensed, registered or qualified and in good standing in all
jurisdictions where the character of the property or assets thereof owned or leased or the nature of the activities conducted by it make licensing, registration or qualification necessary and (y) carrying on the business thereof in material
compliance with all Applicable Law, rules and regulations of each such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) none of the Credit Parties has Secured Assets in any jurisdiction other than the Province of British Columbia,
and the States of Arizona, South Dakota, Colorado, New Mexico, Utah and Wyoming, excluding Secured Assets which are goods in transit or otherwise ordinarily used in more than one jurisdiction, and excluding certificates representing shares in the
Subsidiaries pledged by the Borrower in favour of the Agent, which may be held by the Agent outside of the jurisdictions listed in this paragraph; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all personal property located at, on or about any of the Projects or any part of any Project or used or
acquired for use primarily in connection with, primarily related to, or produced from any of the Projects or any part of any Project or any business or operations thereat, and all proceeds thereof, is held by the Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Borrower is authorized to issue an unlimited number of Common Shares, of which 945,678,283 Common Shares
were issued and outstanding as fully paid and non-assessable shares in the capital of the Borrower on the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) excepting only as set out in the Disclosure Record, no Person has any agreement, option, right or privilege
(whether pre-emptive, contractual or otherwise) capable of becoming an agreement, for the purchase, acquisition, subscription for or issue of any of the unissued shares or other securities of any of the Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) none of the Credit Parties has made any loans to or guaranteed the obligations of any Person excepting only
(i) the Facility, (ii) the Shootaring Canyon Mill Surety Bond, loan between the Borrower and its Subsidiaries, and (iv) Permitted Investments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Borrower is a reporting issuer or the equivalent only in the Reporting Jurisdictions and is in compliance
with its obligations under the Applicable Securities Legislation of such Reporting Jurisdictions and of the Exchange in all material respects and is not included in any list of defaulting reporting issuers maintained by the securities commission of
such Reporting Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the outstanding Common Shares of the Borrower are listed and posted for trading on the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Borrower has the power and authority to create, issue and deliver the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) upon the issuance thereof, the Arrangement Fee Shares and <u>,</u> any Facility <u>Warrant Shares and the 2025</u> Warrant Shares will be validly
issued as fully paid and non-assessable Common Shares in the capital of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Borrower has complied with all Applicable Securities Legislation in connection with the issuance of the
Securities, in each case including, but not limited to, receiving the approvals of the Exchange, as required, in respect of the listing of the Arrangement Fee Shares <u>, the 2025 Warrant Shares</u> and Facility Warrant Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) none of the execution and delivery of the Facility Documents, the compliance by the Credit Parties with the
provisions of the Facility Documents to which they are party or the consummation of the transactions contemplated herein and the issue of the Securities, for the consideration and upon the terms and conditions set forth herein, does or will:
(i) require the consent, approval, Authorization, order or agreement of, or registration or qualification with, any Governmental Authority, or any other, body or authority, court, stock exchange, securities regulatory authority or other Person,
except such as have been obtained (or, in the case of approval by the Exchange of the listing application for the Securities, as will be obtained prior to the issuance thereof); (ii) materially conflict with or result in any material breach or
violation of any of the provisions of, or constitute a default under, or require consent under (except such consents as have been obtained), any indenture, mortgage, deed of trust, lease or other agreement or instrument to which any of the Credit
Parties is a party or by which it or any of its properties or assets is bound; or (iii) conflict with or result in any breach or violation of any provisions of, or constitute a default under the Constating Documents of any of the Credit Parties
or any resolution passed by the directors (or any committee thereof) or shareholders (or members) of any of the Credit Parties, or any statute or any judgment, decree, order, rule, policy or regulation of any court, Governmental Authority, any
arbitrator, stock exchange or securities regulatory authority applicable to any of the Credit Parties or any of the properties or assets thereof which has resulted in or could reasonably be expected to result in a Material Adverse Effect;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) there is no material change, as defined in Applicable Securities Legislation, relating to any of the Credit
Parties, or any change in any material fact, as defined in Applicable Securities Legislation, relating to the Common Shares, which has not been or will not be (prior to the Closing Date) fully disclosed in accordance with the requirements of
Applicable Securities Legislation and the policies of the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) to the knowledge of the Credit Parties, no order or ruling suspending the sale or ceasing the trading in any
securities (including the Common Shares) of any of the Credit Parties or prohibiting the sale of such securities has been issued by any securities regulatory authority and no such order or ruling is outstanding against any of the Credit Parties or
their directors, officers or promoters or against any other companies that have common directors, officers or promoters and no investigations or proceedings for such purposes have been threatened or, to the best of the Credit Parties'
knowledge, are pending or contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) except as qualified by the disclosure in the Disclosure Record, each of the Credit Parties is the beneficial
owner of the properties, business and assets referred to as being owned by it in the Disclosure Record and the same are owned free and clear of all liens, security interests, claims and encumbrances, other than Permitted Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) except as qualified by the disclosure in the Disclosure Record, all material agreements by which the Credit
Parties hold an interest in property, business or assets are in good standing according to their terms and the material properties in which the Credit Parties hold an interest are in good standing under all Applicable Law of the jurisdictions in
which they are situated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) other than as disclosed in the Disclosure Record, the Credit Parties have not approved entering into any
agreement in respect of, nor have any knowledge of: (i) the purchase of any property or interest therein outside of the ordinary course of business for an amount greater than [\*\*\*] (in the aggregate for all Credit Parties), or the sale, transfer or
other disposition of any property or assets or interest therein outside of the ordinary course of business having a value in excess of [\*\*\*] currently owned, directly or indirectly, by the Credit Parties, whether by asset sale, transfer of shares
(or other ownership interests) or otherwise; or (ii) any Change of Control (by sale or transfer of shares (or other ownership interests) or sale of all or substantially all of the property and assets of any of the Credit Parties) of any of the
Credit Parties;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) the Borrower has complied, in all material respects, with all continuous disclosure obligations under
Applicable Securities Legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Credit Parties (taken as a whole) have no material liabilities, fixed or contingent, that are not reflected
and accurately accounted for in the most recent consolidated financial statements of the Borrower contained in the Disclosure Record, in the notes thereto or otherwise disclosed in writing to the Agent, other than liabilities arising in the ordinary
course of business or otherwise disclosed to the Agent since the date of such financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) all material federal, state, local and other Taxes and all material liabilities with respect thereto including
any penalty and interest payable with respect thereto due and payable by the Credit Parties have been paid. Except as disclosed in the Disclosure Record, all federal, state and other material tax returns, declarations, remittances and filings
required to be filed by the Credit Parties have been filed with all appropriate Governmental Authorities and all such returns, declarations, remittances and filings are complete and accurate and no material fact or facts have been omitted therefrom
which would make any of them misleading. Except as disclosed in writing to the Agent, to the knowledge of the Borrower, no examination of any tax return of the Credit Parties is currently in progress and there are no issues or disputes outstanding
with any Governmental Authority respecting any Taxes that have been paid, or may be payable, by the Credit Parties, in any case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) (i) to the knowledge of the Credit Parties, none of the Credit Parties are in material violation of any
Environmental Law; (ii) the Credit Parties have obtained all material Authorizations required under Environmental Laws other than those that are not required at the current stage of each Project but that are reasonably expected to be obtained
in the ordinary course and the Credit Parties are in material compliance with such Authorizations; (iii) the Credit Parties have timely filed accurate and complete applications for issuance or, as appropriate, renewals for all material
Authorizations required under any applicable Environmental Laws at the current stage of each Project; (iv) other than as set out in the Disclosure Record, there are no pending or, to the knowledge of the Credit Parties, threatened (in writing)
appeals, challenges, disputes or claims asserted under any Applicable Law with respect to any material Authorization required under Environmental Laws that has been issued in draft or final form for any of the Projects; and (v) none of the
Credit Parties has any material liability under, and there are no events or circumstances that would reasonably be expected to form the basis of, an order for investigation, clean-up, monitoring, natural resource damages, or remediation, or other
mandatory or prohibitory obligation, or an action, suit or proceeding by any private party or governmental body or agency, against or affecting any of the Credit Parties relating to or arising under any Environmental Laws;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) except as disclosed in the Disclosure Record, to the knowledge of the Credit Parties, none of the directors or
officers of the Credit Parties or any employee, associate or affiliate of any of the foregoing, had or has any material interest, direct or indirect, in any transaction or proposed transaction with the Credit Parties which, as the case may be,
materially affects, is material to or will materially affect the Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) none of the Credit Parties is in violation of any term of its Constating Documents in any material respect.
None of the Credit Parties is in violation of any term or provision of any agreement, indenture or other instrument applicable to it which has resulted in or could reasonably be expected to result in any Material Adverse Effect and none of the
Credit Parties is in default in the payment of any obligation owed by it which is now due which, either in any single case or in the aggregate, has resulted in or could reasonably be expected to result in any Material Adverse Effect and there is no
action, suit, proceeding or investigation commenced, pending or, to the best of the Borrower's knowledge, threatened which, either in any single case or in the aggregate, has resulted in or could reasonably be expected to result in any Material
Adverse Effect or which places, or could reasonably be expected to place in question, the validity or enforceability of this Agreement or any other Facility Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) all of the agreements and other documents and instruments pursuant to which the Credit Parties hold any
material interest in any of the Projects or any material part of any Project are valid and subsisting agreements, documents or instruments in full force and effect, enforceable in accordance with their terms (except as enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, arrangement, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity
or at law)) and neither the Credit Parties, nor to the knowledge of the Credit Parties, any other party thereto, is in default nor has default been alleged of any of the material provisions of any such agreements, documents or instruments;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) none of the Credit Parties is in default of any material term, covenant or condition under or in respect of any
judgment, order, agreement or instrument to which it is a party or to which it or any of its property or assets are or may be subject, and no event has occurred and is continuing, and no circumstance exists which has not been waived, which
constitutes a default in respect of any commitment, agreement, document or other instrument to which any of the Credit Parties is a party or by which it is otherwise bound entitling any other party thereto to accelerate the maturity of any amount
owing thereunder or which has resulted in or could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) there are no actions, suits, proceedings, inquiries or investigations existing, pending or, to the best of the
Borrower's knowledge, threatened against or adversely affecting any of the Credit Parties or to which any of their property or assets is subject, at law or equity, or before or by any court, federal, provincial, state, municipal or other
Governmental Authority, commission, board, bureau, agency or instrumentality, domestic or foreign, which has resulted in or could reasonably be expected to result in a Material Adverse Effect and no Credit Party is subject to any judgment, order,
writ, injunction, decree, award, rule, policy or regulation of any Governmental Authority, which, either separately or in the aggregate, has resulted in or could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) no Credit Party nor any ERISA Affiliate has failed to make any contribution or payment to any Plan or
Multiemployer Plan or in respect of any Benefit Arrangement required to date, or made any amendment to any Plan or Benefit Arrangement, which has resulted or could result in the imposition of a Security Interest or the posting of a bond or other
security under ERISA, or incurred any liability under Title IV of ERISA with respect to any Pension Plan (other than a liability to the PBGC for premiums under Section 4007 of ERISA) that has resulted in or could reasonably be expected to
result in a Material Adverse Effect and there are no premium payments which have become due which are unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) no Credit Party maintains or contributes to, or has in the past maintained or contributed to, any Canadian
Pension Plan or Canadian Defined Benefit Plan, and and no Credit Party has an interest, or has in the past had an interest, in any Person who sponsors, maintains or contributes to, or has any liability in respect of, any Canadian Pension Plan or
Canadian Defined Benefit Plan. No Canadian Pension Plan Event has occurred or is reasonably expected to occur which could result in a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) no Credit Party, and to the best of the Borrower's knowledge, no director, officer, agent, employee or
other Person acting on behalf of any Credit Party has, in the course of its actions for, or on behalf of, any Credit Party (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to
political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices
Act of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) each applicable Credit Party holds or owns all mineral rights, surface rights and personal property, as
applicable, required to conduct the business and operations of each Project and each part of each Project, in each case free and clear of all encumbrances other than Permitted Encumbrances, and no other property rights are necessary for the
operation of any of the Projects or any part of any Project as currently operated (given its current stage of development and operation). Except as disclosed in the Disclosure Record: (i) there is no claim asserted or any known basis for any
claim that might or could adversely and materially affect the rights of the Credit Parties to use, transfer or otherwise exploit such property rights; and (ii) no Credit Party has any responsibility or obligation to pay any commission, royalty,
licence fee or similar payment to any Person with respect to the property rights thereof, except for such royalty and other payments as may be provided in the applicable lease or deed or may be have been conveyed or reserved in transactions prior to
acquisition by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) (A) each applicable Credit Party holds either fee title, valid, subsisting and enforceable leases, or
other conventional property, proprietary or contractual interests or rights, in respect of the minerals and other mineral deposits located therein and rights of ingress and egress to properties in which it has an interest as described in the
Disclosure Record under valid, subsisting and enforceable title documents or other recognized and enforceable agreements or instruments, sufficient to permit the relevant Credit Parties to explore the minerals and constituent minerals relating
thereto. All applicable bonus, royalty and other payments due in connection with such property, leases or claims and all property, leases or claims in which a Credit Party has an interest or right have been properly paid and all such property,
leases or claims have been validly located and recorded in accordance with all Applicable Law; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each Credit Party has all necessary surface rights, access rights and other necessary rights and interests
relating to the properties in which it has an interest as described in the Disclosure Record granting it the right and ability to explore for minerals and constituent minerals for development purposes as are appropriate in view of the rights and
interest therein of such Credit Party, with only such exceptions as do not materially interfere with the use made by it of the rights or interests so held. Each of the proprietary interests or rights and each of the documents, agreements and
instruments and obligations relating to those rights and interests is currently in good standing in the name of the relevant Credit Party. Each Credit Party has good right and full power to lease and to convey the property rights and interests
described in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Material Project Documents are valid and subsisting agreements, documents or instruments in full force and
effect, enforceable in accordance with the terms thereof (as applicable), except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting the rights of creditors generally
and except as limited by the application of equitable principles when equitable remedies are sought, and by the fact that rights to indemnity, contribution and waiver, and the ability to sever unenforceable terms, may be limited by Applicable Law.
No Credit Party is in default of any of the material provisions of any such Material Project Document nor has any such default been alleged, and no circumstance exists under any such Material Project Document which with the giving of notice or the
passage of time or both would give rise to such a default, and all such properties and assets held pursuant thereto are in good standing under the laws of the Relevant Jurisdictions. All Material Project Documents pursuant to which any Credit Party
derives the interests thereof in such property and assets are in good standing and there has been no material default thereunder and all Taxes required to be paid with respect to such properties and assets to the date hereof have been paid, except
where such Taxes are being disputed in good faith and with respect to which adequate reserves have been provided on the books of the relevant Credit Party. No Project nor any part of any Project is subject to any right of first refusal, or purchase
or acquisition right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) each Credit Party owns or has the right to use under license, sub-license or otherwise all material
intellectual property used by it in its business, including copyrights, industrial designs, trade-marks, trade secrets, know-how and proprietary rights, free and clear of any and all encumbrances, other than Permitted Encumbrances;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) the operations of each Credit Party are and have been conducted at all times in compliance in all material
respects with applicable financial recordkeeping and reporting requirements of money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or
enforced by any Governmental Authority, including without limitation the United States Department of the Treasury Office of Foreign Assets Control ()"**OFAC** "), (collectively, the "**Money Laundering Laws**") and no action,
suit, sanction or proceeding by or before any court or Governmental Authority, agency or body or any arbitrator involving any Credit Party with respect to the Money Laundering Laws is pending, or to the best of the Borrower's knowledge,
threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) no Credit Party or ERISA Affiliate has failed to make any contribution or payment to any Plan or Multiemployer
Plan or in respect of any Benefit Arrangement, or made any amendment to any Plan or Benefit Arrangement, which has resulted or could result in the imposition of a Security Interest or the posting of a bond or other security under ERISA or the Code,
or incurred any liability under Title IV of ERISA (other than a liability to the PBGC for premiums under Section 4007 of ERISA) that has resulted in or could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) no Pension Plan is "at risk" or has been "at risk" for the preceding four years and no
Multiemployer Plan is in "endangered status" or "critical status," as determined under Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA, and no Credit Party or ERISA Affiliate knows of any facts or
circumstances that could reasonably be expected to cause any Pension Plan to become "at risk" or any Multiemployer Plan to be in "endangered status" or "critical status;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) each Plan which is intended to be a qualified Plan under Section 401(a) of the Code has received a current
favorable determination letter from the IRS to the effect that the form of such Plan, as currently in effect, is qualified under Section 401(a) of the Code and the trust related thereto has been determined by the IRS to be exempt from federal
income tax under Section 501(a) of the Code, an application for such a letter is currently being processed by the IRS, or the remedial amendment period for applying for any such determination letter has not yet expired or such letter has been
issued to the prototype sponsor of the Plan. To the best knowledge of the Credit Party and its ERISA Affiliates, nothing has occurred that would prevent or cause the loss of such tax-qualified status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) there has been no prohibited transaction (as that term is defined in Section 4975 of the Code) or any
breach of the responsibilities, obligations or duties imposed by ERISA with respect to any Pension Plan or Multiemployer Plan that has resulted in or could reasonably be expected to result in a Material Adverse Effect;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) no Credit Party or ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or
Section 4212(c) of ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) no Pension Plan has been terminated by the plan administrator thereof, the plan sponsor thereof nor by the
PBGC, and no event or circumstance has occurred or exists that could reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) no ERISA Event has occurred with respect to any Pension Plan or Multiemployer Plan. Each Plan has been
maintained, operated, and administered in material compliance with its terms and any related documents or agreements and in material compliance with the applicable provisions of ERISA, the Code and all Applicable Laws. Each Credit Party and each
ERISA Affiliate is in compliance with ERISA with respect to each Pension Plan in all material respects. Each Credit Party and ERISA Affiliate has met all applicable requirements under the Pension Funding Rules in respect of each Pension Plan,
(ii) no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained with respect to any Pension Plan, and (iii) the current value of the accumulated benefit obligation of each Pension Plan does
not exceed the current value of the assets of such Pension Plan available for the payment of such benefits by more than US$100,000. Neither a Credit Party nor any ERISA Affiliate has incurred any Liability with respect to any Plan for any excise tax
arising under Section 4971, 4972 or 4980B of the Code, and neither the Credit Party nor any ERISA Affiliate is aware of any facts which could give rise to any such Liability. Neither a Credit Party nor any ERISA Affiliate maintains or is
required to contribute to any Plan which provides health, accident or life insurance benefits to former employees, their spouses or dependents, other than in accordance with Section 4980B of the Code or other Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ss)</u> <u>except as</u> <u>could not reasonably be expected</u> <u>, either individually or in the aggregate, to have a Material Adverse Effect: (a) the Canadian Pension Plans are duly registered under the *Income Tax Act (Canada)* and any other Applicable Laws which require registration, have been administered in accordance with *the Income Tax Act (Canada)* and such other Applicable Law and no event has occurred which could cause the loss of such registered status, (b) all obligations of the Credit Parties and their Subsidiaries (including fiduciary, funding, investment and administration obligations) required to be performed in connection with the Canadian Pension Plans and the funding agreements relating thereto have been performed on a timely basis, and (c) all contributions or premiums required to be made or paid by Credit Parties and their Subsidiaries to the Canadian Pension Plans have been made on a timely basis in accordance with</u> <u>the terms of such plans and all Applicable Laws (d) there are no outstanding material disputes concerning the funded status or assets of the Canadian Pension Plans maintained, contributed to or administered by the Credit Parties, and to the knowledge of each Credit Party, there are no outstanding material disputes concerning the funded status or assets of any other Canadian Pension Plan (e) there are no actions, claims or proceedings existing, pending or threatened against any Canadian Pension Plan or the assets of any such plan which could be reasonably expected to have a Material Adverse Effect;</u> 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss<u>tt</u>) except for contracts disclosed in the Disclosure Record and in effect on the date hereof and contracts hereafter disclosed in
writing to the Agent (with respect to all of which contracts the Borrower represents that it or the applicable Credit Party is or will be, as applicable, receiving a price for all production sold thereunder which is computed substantially in
accordance with the terms of the relevant contract and is not having deliveries curtailed substantially below the subject property's delivery capacity), no material agreements exist for the sale of production from the Credit Parties'
mineral leases (including, without limitation, calls on or other rights to purchase production, whether or not the same are currently being exercised) that (a) pertain to the sale of production at a fixed price and (b) have a maturity or
expiry date of longer than six (6) months from the date thereof, which agreements are not cancelable on 60 days' notice or less without penalty or detriment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt<u>uu</u>) the Borrower and its Subsidiaries are not currently engaging in, and in the last five years have not engaged in, conduct that
violates any laws and regulations administered by (i) OFAC pertaining to economic and trade sanctions; (ii) the Bureau of Industry and Security of the Department of Commerce or the Directorate of Defense Trade Controls of the United States
Department of State pertaining to export controls; (iii) the United States Department of Commerce or the IRS pertaining to anti-boycott; (iv) the Bureau of Customs and Border Protection of the United States Department of Homeland Security
pertaining to importations; or (v) the Census Bureau of the United States Department of Commerce pertaining to export and import reporting (such laws and regulations, collectively, the "**International Trade Laws** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu<u>vv</u>) Equinox Exploration Holding Corp. has been dissolved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv<u>ww</u>) to the best of the Credit Parties' knowledge, US$15,260,763 is required for the Shootaring Canyon Mill Surety Bond
pursuant to the March 21, 2024 report from Engineering Analytics, Inc. and reflects the total liability of the Credit Parties for the reclamation costs relating to the Shootaring Canyon uranium mill site.

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**6.2** **Representations and Warranties of the Agent and Lenders** 

Each of the Lenders and the Agent, as applicable, hereby represents and warrants to the Borrower as of the date hereof, and as of the date of the<u>each</u> Advance, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each of the Lenders and the Agent has been duly incorporated and organized under the laws of its jurisdiction
of incorporation and is validly existing and is current and up-to-date with all material filings, consents and authorizations in all cases required to be made, obtained and maintained, under the laws of its jurisdiction of incorporation and in all
other applicable jurisdictions where such filings, consents and authorizations are required under Applicable Law, and has all requisite corporate power and authority to carry on its business as now conducted and as presently proposed to be
conducted, and no steps or proceedings have been taken by any Person, voluntary or otherwise, requiring or authorizing its dissolution or winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of the Lenders and the Agent has full power and authority to enter into each of the Facility Documents to
which it is party and to do all acts and things and execute and deliver all documents as are required hereunder or thereunder to be done, observed, performed or executed and delivered by it in accordance with the terms hereof and thereof and when
entered into, the Facility Documents to which it is party will create valid and legally binding obligations of the Lenders and the Agent enforceable against the Lenders and the Agent in accordance with their respective terms, except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, arrangement, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is
sought by proceedings in equity or at law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each of the Lenders and the Agent has taken all corporate steps necessary to duly authorize all matters in
connection with this Agreement, including, without limitation, the execution and delivery of the Facility Documents to which it is party and such other agreements and instruments as contemplated herein and which are relevant to such Lender and the
Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each of the Lenders understands and acknowledges there are risks associated with an investment in the
Securities, being speculative investments involving a substantial degree of risk;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) each of the Lenders understands and acknowledges there are restrictions on such Lender's ability to trade
the Securities and it is the responsibility of such Lender to find out what those restrictions are and to comply with them before trading any of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) each of the Lenders is capable by reason of knowledge and experience in financial and business matters in
general, and investments in particular, of assessing and evaluating the merits and risks of an investment in the Securities, and is and will be able to bear the economic loss of its entire investment of the Securities and can otherwise be reasonably
assumed to have the capacity to protect its own interest in connection with the investment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) each of the Lenders (or their respective nominee) is a person described in section 2.3 of National Instrument
45-106 – *Prospectus Exemptions* by virtue of being an "accredited investor" as defined in National Instrument 45-106 – *Prospectus Exemptions*, and provided that it is not a person that is or has been created or used
solely to purchase or hold securities as an "accredited investor" as described in paragraph (m) of the definition of "accredited investor" in National Instrument 45- 106 – *Prospectus Exemptions*.

**6.3** **Reliance and Repetition** 

The Borrower acknowledges that the Agent and the Lenders are relying upon the representations and warranties in this Article 6 in making the Facility available to the Borrower and that such representations and warranties shall be deemed to be restated in every respect effective on the date each Advance is made.

**6.4** **Survival and Inclusion** 

The representations and warranties in this Article 6 will survive until this Agreement has been terminated.

**6.5** **Consent to Disclosure of Certain Information** 

Each of the Lenders acknowledges and consents to the release by the Borrower of information regarding such Lender's participation in the transactions contemplated hereby including its name, address, telephone number, e-mail address and the number of Securities acquired, if required to comply with Applicable Securities Legislation, and waives to the extent lawful, its rights under any privacy legislation. Without limiting the generality of the foregoing, each of the Lenders, to the extent resident in or otherwise subject to the securities laws of the Province of British Columbia or the Province of Alberta acknowledges that it has been notified by the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the delivery of personal information to the British Columbia Securities Commission and the Alberta
Securities Commission;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that personal information is being collected indirectly by the British Columbia Securities Commission and
Alberta Securities Commission under the authority granted to each in Applicable Securities Legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that personal information is being collected for the purposes of the administration and enforcement of the
securities legislation in British Columbia and Alberta;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that such Lender can contact: (i) the Manager, Financial and Insider Reporting at the British Columbia
Securities Commission at P.O. Box 10142, Pacific Centre, 701 West Georgia Street, Vancouver, BC V7Y 1L2, or by telephone at (604) 899- 6730 or (ii) FOIP Coordinator at the Alberta Securities Commission at Suite 600, 250 – 5th Street
SW Calgary, Alberta T2P 0R4 or by telephone at (403-297-6454) for information regarding the collection and use of personal information by the British Columbia Securities Commission; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that such Lender, and any beneficial purchaser for whom it is contracting hereunder, hereby authorizes the
indirect collection of personal information by the British Columbia Securities Commission and the Alberta Securities Commission.

**ARTICLE 7** 

**COVENANTS OF THE CREDIT PARTIES** 

**7.1** **Positive Covenants** 

While any Facility Indebtedness is outstanding or the Facility remains available to the Borrower, each Credit Party will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) duly and punctually pay or cause to be paid to the Agent and the Lenders all amounts payable hereunder, on the
dates, at the places, in the currency and in the manner mentioned herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide to the Agent (with sufficient copies for the Lenders) quarterly financial reports and such other
summaries as may be requested by the Agent from time to time, which reports will include the balance sheet, income statement, statement of aged trade payables, and costs incurred, together with any other reports that the Agent may require from time
to time, all in form and substance satisfactory to the Agent, in its reasonable discretion, provided that public disclosure of such reports shall constitute compliance with this covenant;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) permit the Agent to directly contact and communicate during regular business hours with any and all officers of
the Borrower from time to time by letter, telephone, email or in person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) timely file all documents that must be publicly filed or sent to its shareholders pursuant to Applicable
Securities Legislation within the time prescribed by such Applicable Securities Legislation and will make such documents available on the System for Electronic Document Analysis and Retrieval+ within such prescribed time period, and in the event
that the Borrower is not at any time subject to Applicable Securities Legislation, the Borrower will continue to provide to the Agent (with sufficient copies for the Lenders): (i) within 90 days after the end of each fiscal year, copies of its
audited annual financial statements, (ii) within 45 days after the end of each of the first three fiscal quarters of each fiscal year, interim financial statements which shall, at a minimum, contain such information required to be provided in
interim financial reports by a "reporting issuer" (as such term is defined in such Applicable Securities Legislation) under the Applicable Securities Legislation, together with all such operational and other reports as the Agent (in
accordance with the instructions of the Lenders) may require from time to time. Each of the reports referred to in the foregoing sentence will be prepared in accordance with disclosure requirements of Applicable Securities Legislation and IFRS as
applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) take all reasonable steps and actions as may be required: (i) to maintain the listing and posting for
trading of the Common Shares on the Exchange, provided that the Borrower may move its listing to any other stock exchange or market as is acceptable to the Agent (in accordance with the instructions of the Lenders, acting reasonably); and
(ii) to maintain its status as a "reporting issuer", or the equivalent thereof in compliance with the requirements of the Applicable Securities Legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) comply with all Applicable Securities Legislation, including, but not limited to, obtaining the approvals of
the Exchange, as required, in respect of the listing thereof; and forthwith after the issuance of the Securities, the Borrower will file such forms and documents as may be required under Applicable Securities Legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) continue to comply, in all material respects, with continuous disclosure obligations under Applicable
Securities Legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) promptly notify the Agent in writing upon becoming aware of: (i) any Default or Event of Default,
(ii) any material suit, proceeding or governmental investigation pending or, to the Borrower's knowledge, threatened in writing or any notification of any challenge to the validity of any Authorization, relating to the Borrower, any
Guarantor, any Project or any part of any Project or any of the Secured Assets or any of the Credit Parties' other material assets, (iii) any *force majeure* event under any document relating to any Project or any part of any Project
or any of the Secured Assets or any of the Credit Parties' other material assets, (iv) any suit, proceeding, demand, claim or governmental investigation or communication pending or, to the Borrower's knowledge, threatened, relating to
any Project or any part of any Project, and (v) any notice of default received in respect of any Material Project Document; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) take all reasonable steps and actions as may be required to maintain its corporate existence, obtain and
maintain all material Authorizations required or necessary in connection with its business, the Projects and each material part of each Project and the Secured Assets, and carry on and conduct its business in a reasonably proper and efficient
manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) keep or cause to be kept proper books of account and make or cause to be made therein true and complete entries
of all of its dealings and transactions in relation to its business in accordance with IFRS, and at all reasonable times will furnish or cause to be furnished to the Agent or its duly authorized agent or attorney such information relating to its
operations as the Agent (in accordance with the instructions of the Lenders) may request and such books of account shall be open for inspection by the Agent or such agent or attorney upon reasonable request during business hours and upon reasonable
prior notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) use the proceeds of the Facility only for the purposes set out in Section 2.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) ensure that each of the Security Documents to which it is a party will at all times constitute valid and
perfected first ranking security on all the Secured Assets, subject only to Permitted Encumbrances, and at all times take all actions necessary or reasonably requested to create, perfect and maintain the Security Interests granted pursuant to the
Security Documents as perfected first ranking security over the Secured Assets, subject only to Permitted Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) duly and punctually perform and carry out all of the covenants and acts or things to be done by it as provided
in this Agreement and each of the other Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) obtain, maintain and, as required, timely renew all required material governmental Authorizations and third
party approvals and consents for development and operation of each of the Projects and each part of each Project (as may be required for the then current state of development or operation of each Project), including but not limited to all
Authorizations required under applicable Environmental Laws;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) comply in all material respects with all Applicable Law, including Environmental Laws and Applicable Securities
Legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) ensure that, at all times, the Credit Parties hold all present and after-acquired personal property now or
hereafter located at, on or about any of the Projects or any part of any Project or now or hereafter used or acquired for use primarily in connection with, primarily related to, or produced from any of the Projects or any part of any Project or any
business or operations thereat, and all proceeds thereof, except for (x) certain equipment currently owned or leased by the Credit Parties which is specifically described in a schedule to one of the Security Documents executed by the Borrower,
and (y) certain other equipment now or hereafter held by the Borrower which has a fair market value not exceeding [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) maintain or cause to be maintained the Secured Assets in good condition in accordance with industry standards,
ordinary wear and tear excepted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) pay and discharge or cause to be paid and discharged, promptly when due, all Taxes imposed upon it or in
respect of any of its assets or upon the income or profits therefrom as well as all claims of any kind (including claims for labour, materials, supplies and rent) which, if unpaid, might become a lien thereupon; provided however, that it shall not
be required to pay or cause to be paid any such Tax or claim if the amount, applicability or validity thereof shall concurrently be contested in good faith by appropriate proceedings diligently conducted with appropriate reserves in accordance with
IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) promptly pay or make provisions satisfactory to the Agent (in accordance with the instructions of the Lenders)
for the payment of any additional amounts, including Taxes and charges which may be imposed on the Borrower or any Guarantor by the laws of Canada or the United States or any state, province, territory or other jurisdiction thereof (except income
tax or security transfer tax, if any), which shall be payable with respect to the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) cause all necessary and proper steps to be taken diligently to protect and defend the Secured Assets and the
proceeds thereof against any material adverse claim or demand (other than Permitted Encumbrances), including without limitation, the employment or use of counsel for the prosecution or defence of litigation and the contest, settlement, release or
discharge of any such claim or demand;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) as may be required by the Agent (in accordance with the instructions of the Lenders) from time to time, execute
and deliver such further and other documents and do all matters and things which are necessary to carry out the intention and provisions of this Agreement, all at the cost of the Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) promptly provide to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the event a Credit Party or ERISA Affiliate gives or is required to give notice to the PBGC of any
Reportable Event with respect to any Plan, or knows that the plan administrator of any Plan has given or is required to give notice of any such Reportable Event, a copy of the notice of such Reportable Event given or required to be given to the
PBGC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event a Credit Party or ERISA Affiliate receives notice of complete or partial withdrawal liability
under Title IV of ERISA or notice that any Multiemployer Plan is in reorganization, is insolvent or has been terminated, a copy of such notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event a Credit Party or ERISA Affiliate receives notice from the PBGC under Title IV of ERISA of an
intent to terminate, impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or appoint a trustee to administer, any Plan, a copy of such notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the event a Credit Party or ERISA Affiliate applies for a waiver of the minimum funding standard under the
Pension Funding Rules, a copy of such application;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the event a Credit Party or ERISA Affiliate gives notice of intent to terminate any Plan under
Section 4041(c) of ERISA or withdraw from any Plan pursuant to Section 4063 of ERISA, a copy of such notice and other information filed with the PBGC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) upon the occurrence of any ERISA Event or in the event a Credit Party or ERISA Affiliate fails to make any
payment or contribution to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement or makes any amendment to any Plan or Benefit Arrangement which has resulted or could result in the imposition of a Security Interest or the posting
of a bond or other security, a certificate of the chief financial officer or the chief accounting officer of the Credit Party setting forth details as to such occurrence and action, if any, which the Credit Party or ERISA Affiliate is required or
proposes to take; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) in the event a Credit Party or ERISA Affiliate determines that any Pension Plan is considered an at-risk plan
or a plan in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA, a certification of funding status from the enrolled actuary for the Pension
Plan; <u>and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(viii)</u> <u>in the event of a Canadian Pension Plan Event, a copy of any notice, notice of intended decision, or any other material information relating to the Canadian Pension Plan Event;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) without limiting the generality of Section 7.1(l) or the provisions of any Security Document to which any
Credit Party is, from time to time, party, deliver such further security documents as the Agent may from time to time reasonably request with respect to any of the Secured Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Borrower and its Subsidiaries will at all times comply with all International Trade Laws in all respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the Credit Parties, on a consolidated basis, shall at all times during the term of this Agreement, maintain
minimum working capital of [\*\*\*], calculated as (i) the sum of cash on hand and trade receivables outstanding for less than 30 days, less (ii) trade payables, and the Borrower shall provide the Agent with evidence thereof upon written
request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) in connection with the Shootaring Canyon Mill Surety Bond, the applicable Credit Parties shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) inform the Agent immediately of any change to the estimated reclamation costs related to the Shootaring Canyon
uranium mill site, or the requisite value of the Shootaring Canyon Mill Surety Bond, or of the receipt of any notice from Utah Division of WM & Radiation Control in connection with the Shootaring Canyon Mill Surety Bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ensure that the Shootaring Canyon Mill Surety Bond remains in effect and in good standing and meets all
requirements of the Utah Division of WM & Radiation Control and all Applicable Laws, and inform the Agent immediately of any breach of the terms of the general agreement of indemnity, or any other agreement, between any Shootaring Surety
and a Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ensure that the deposit and security required by the Shootaring Surety has been provided by the applicable
Credit Parties and is in good standing; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) pay all indebtedness and liabilities required to be paid by such Credit Parties to the Shootaring Surety when
due, including all premiums; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) promptly notify the Agent of any event of default under any agreement for Indebtedness with an outstanding
principal amount greater than [\*\*\*].

**7.2** **Negative Covenants** 

Each Credit Party hereby covenants and agrees with the Agent and the Lenders that, except with the prior written consent of the Agent, it will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) directly or indirectly issue, incur, assume or otherwise become liable for or in respect of any Indebtedness
other than Permitted Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) directly or indirectly create, incur, assume, permit or suffer to exist any Security Interest or other
encumbrances whatsoever against any of its properties or assets other than Permitted Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convey, sell, lease, assign, transfer or otherwise dispose of any Secured Assets outside of the ordinary course
of business without the prior written consent of the Agent, except that it may, without the Agent's consent, dispose of any obsolete or surplus equipment, vehicles and other assets, provided that the fair market value of such obsolete or
surplus equipment, vehicles and other assets, when aggregated with the fair market value of all other Secured Assets conveyed sold, leased, assigned, transferred or otherwise disposed of outside of the ordinary course of business since the date of
this Agreement, does not exceed an aggregate of [\*\*\*] for the Credit Parties taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) allow any Secured Assets to be located outside of the Province of British Columbia or the States of Arizona,
South Dakota, Colorado, New Mexico, Utah and Wyoming, or Secured Assets which are goods in transit or otherwise ordinarily used in more than one jurisdiction and excluding certificates representing shares in the Subsidiaries pledged by the Borrower
in favour of the Agent, which may be held by the Agent outside of the jurisdictions listed in this paragraph;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) enter into any scheme for the reconstruction or reorganization of such Credit Party or for the consolidation,
amalgamation, merger or similar transaction of it with or into any other Person without the prior written consent of the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) take any corporate action to effect a share consolidation or stock split, without the prior written consent of
the Agent, provided that if the market price per Common Share on the Exchange exceeds $0.12 per Common Share for twenty (20) consecutive trading days, then no prior consent of the Agent shall be required for the Borrower to effect a share
consolidation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) make any prepayment on, purchase, defease, redeem, prepay, decrease or otherwise acquire or retire for value
(except for any scheduled final maturity payment, scheduled repayment or scheduled sinking fund payment or other mandatory payment, in each case when due) any Indebtedness other than (unless otherwise restricted by this Agreement or any
subordination, postponement or intercreditor agreement to which the Agent or Lenders are party with respect to the Credit Parties) any Permitted Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) purchase, redeem, retire or otherwise acquire for cash any securities (equity or other), or purchase or
otherwise acquire all or substantially all of the assets of any other Person (other than a Credit Party) or of a division or unit of any such Person without the prior written consent of the Agent (in accordance with the instructions of the Lenders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have outstanding or make any loan or advance to, or have or make any Investment in, any other Person, except
Permitted Investments, or suffer to exist any such loan, advance or Investment, or any obligation to make such loan, advance or Investment, except (i) the Facility, (ii) loans between the Borrower and its Subsidiaries and
(iii) Permitted Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or
purchase assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Borrower (an "**Affiliate Transaction** "), other
than;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an Affiliate Transaction on terms that are no less favourable than those that would have been obtained in a
comparable arm's-length transaction with a Person who is not a "related person", as such term is defined in the *Bankruptcy and Insolvency Act* (Canada);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any payments by a Subsidiary to the Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Affiliate Transaction between any Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) make any payments to management or employees that is inconsistent with historical practices with respect to
compensation or existing contractual obligations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) make any material amendment to any of its Constating Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) change its name, its fiscal year or its jurisdiction of formation or incorporation, as applicable, without
first providing fifteen (15) Business Days notice to the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) declare or provide for any dividends, distributions or other payments based on share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) make any disbursements with respect to Indebtedness that is not Permitted Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) make any material payments to shareholders (or members or partners), affiliates or executives other than, for
avoidance of doubt, any Credit Party, other than commercially reasonable salaries, consulting fees and employment bonuses that are consistent with past company practices, without the prior written consent of the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) guarantee the obligations of any other Person, directly or indirectly, other than obligations of the Credit
Parties permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) enter into or become party or subject to any dissolution, winding-up, reorganization or similar transaction or
proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) engage in the conduct of any business other than the business of the Credit Parties as existing on the date of
this Agreement or in businesses reasonably related thereto on a basis consistent with the conduct of such business as conducted on the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) establish, participate in, or incur any additional obligation in respect of, a Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) incur any obligation to contribute to any Multiemployer Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) maintain, administer, contribute or have any liability in respect of any Canadian Pension Plan (including
Canadian Defined Benefit Plan) or acquire an interest in any Person if such Person sponsors, maintains, administers or contributes to, or has any liability in respect of, any Canadian Pension Plan or Canadian Defined Benefit Plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) allow Equinox Exploration Holding Corp. to (i) engage in any business activities or conduct any
operations, other than maintaining its corporate existence, (ii) own any assets, (iii) have any Subsidiaries, or (iv) have or incur any liabilities.

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**7.3** **Reimbursement of Expenses** 

The Borrower will pay for the Agent's reasonable and documented out-of-pocket legal fees (on a solicitor and own client basis) and all other reasonable and documented out-of-pocket costs, charges and expenses (including all due diligence expenses) of and incidental to the preparation, execution and completion of this Agreement<u>, any amendments thereto</u> and all other Facility Documents, all as may be reasonably required by the Agent, to complete this transaction (and regardless of whether the<u>an</u> Advance is made), and will also pay for the reasonable expenses of the Agent (previously paid by the Lenders). The Borrower further covenants and agrees to pay all of the Agent's and the Lenders' reasonable and document out-of-pocket legal fees (on a solicitor and own client basis) and all other costs, charges and expenses of and incidental to the recovery of all amounts owing hereunder and under the other Facility Documents and to otherwise enforce the Agent's and the Lenders' rights and to collect all amounts due and to realize on the collateral under the Facility Documents, including but not limited to the enforcement of the Security Documents granted hereunder or which otherwise secures repayment of the Facility. All amounts will be payable upon presentment of an invoice. If not paid within 30 days of presentment of an invoice, such amounts will be added to and form part of the principal amount of the Facility and shall accrue interest from the date of presentment of the invoice as if it had been advanced by the Lenders (according to their Pro Rata Shares) to the Borrower hereunder on such date. The Borrower has deposited with the Agent a retainer of C$40,000. All such retainer monies will be refundable if and to the extent not required to pay the amounts payable pursuant to the first sentence of this Section 7.3.

**7.4** **Agent May Perform Covenants** 

If the Borrower or any other Credit Party shall fail to perform any of its respective covenants contained in this Agreement or any of the other Facility Documents, the Agent, upon becoming aware of such failure, may (in accordance with the instructions of the Lenders), but need not, itself perform any of such covenants capable of being performed by it, but is under no obligation to do so. All reasonable sums so required to be paid by the Agent in connection with the Agent's performance of any covenant will be added to and form part of the principal amount of the Facility and shall accrue interest from the date so paid by the Agent as if the same had been advanced by the Lenders (in their respective Pro Rata Shares) to the Borrower hereunder on such date. No such performance by the Agent of any such covenant or payment or expenditure by the Borrower of any sums advanced or borrowed by the Agent pursuant to the foregoing provisions shall be deemed to relieve the Borrower from any default hereunder or its continuing obligations hereunder.

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**ARTICLE 8** 

**DEFAULT AND ENFORCEMENT** 

**8.1** **Events of Default** 

The occurrence of any one or more of the following events shall constitute an "**Event of Default**" hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Borrower defaults in payment of any amount payable hereunder, and such default continues for a period of
two (2) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Borrower or any Guarantor defaults in observing or performing any covenant or condition of this
Agreement or any other Facility Document on its part to be observed or performed (other than a covenant or condition whose breach or default in performance is specifically dealt with elsewhere in this Section 8.1) and, with respect to such
covenants or conditions which are capable of rectification, if such default continues for a period of twenty (20) days after notice in writing has been given to the Borrower by the Agent specifying such default and requiring the Borrower to
rectify the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if any one or more of the Facility Documents ceases to be in full force and effect or if any Security Document
ceases to constitute a valid and perfected first priority perfected Security Interest (subject only to Permitted Encumbrances) upon all the Secured Assets it purports to charge or encumber, in favour of the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any act of expropriation, nationalization or other similar event or circumstance affecting any of the Secured
Assets that (in the reasonable opinion of the Agent) results in or could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in connection with the Shootaring Canyon Mill Surety Bond, (i) the issuance of any notice of default
deficiency, or termination, demand for payment, threat of litigation, suit, writ, judgment or any other form of notice claim or demand, that results in or could reasonably be expected to result in a Material Adverse Effect is issued, or
(ii) failure to maintain the Shootaring Canyon Mill Surety Bond in good standing or to materially comply with the Credit Parties' obligations to the Shootaring Surety in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the institution by the Borrower or any Guarantor of proceedings to be adjudicated a bankrupt or insolvent or
any similar proceedings or the consent by it to the institution of bankruptcy or insolvency proceedings or any similar proceedings against it or the filing by it of a petition or answer or consent seeking liquidation, reorganization or relief under
any applicable federal, provincial or state law relating to bankruptcy, insolvency, reorganization or relief of debtors, or the consent by it to the filing of any such petition or to the appointment under any such law of a receiver,
receiver-manager, liquidator, assignee, trustee, sequestrator or other similar official of the Borrower or any Guarantor or of all or substantially all of its property (unless the same is being contested actively and diligently in good faith by
appropriate and timely proceedings and is dismissed, vacated or permanently stayed within thirty (30) days), or the making by it of a general assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its
debts generally as they become due or anything analogous in a Relevant Jurisdiction;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the entry of a decree or order by a court having jurisdiction adjudging the Borrower or any Guarantor a
bankrupt or insolvent or approving as properly filed an application or a petition seeking liquidation, reorganization, arrangement or adjustment of or in respect of the Borrower or any Guarantor under any Applicable Law relating to bankruptcy,
insolvency, reorganization or relief of debtors, or appointing under any such law a receiver, receiver-manager, liquidator, assignee, trustee, sequestrator or other similar official of the Borrower or any Guarantor or of all or substantially all of
its property, or ordering pursuant to any such law the winding-up or liquidation of its affairs, and the continuance of any such decree or order unvacated and unstayed and in effect for a period of 30 consecutive days or anything analogous in a
Relevant Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any proceedings are commenced for the bankruptcy, insolvency, reorganization, winding-up, liquidation or
dissolution or any similar proceedings of the Borrower or any Guarantor or any decree, order or approval for such bankruptcy, insolvency, reorganization, winding-up, liquidation or dissolution is issued or entered, unless the Borrower or such
Guarantor in good faith actively and diligently contests such proceedings, decree, order or approval, resulting in a dismissal or stay thereof within 30 days of commencement or anything analogous in a Relevant Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a resolution is passed for the winding-up, dissolution or liquidation of the Borrower or any Guarantor or any
of the same occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) this Agreement or any other Facility Document shall for any reason, or is claimed by the Borrower or any
Guarantor to, cease in whole or in any part to be a legal, valid, binding and enforceable obligation of the Borrower or such Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Borrower or any Guarantor defaults on any of its Indebtedness with a principal amount greater than [\*\*\*],
the effect of which is to accelerate such Indebtedness, or to cause such Indebtedness to be declared to be due and payable prior to its stated maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any representation or warranty given by the Borrower or any Guarantor in this Agreement or any other Facility
Document shall prove to be incorrect or misleading in any material respect as at the date on which it was made and, if the circumstances giving rise to the incorrect or misleading misrepresentation or warranty are capable of modification or
rectification (such that, thereafter the representation or warranty would be correct and not misleading), the representation or warranty remains incorrect or misleading at the end of a period of 30 days from the date the Borrower or such Guarantor
becomes aware of such incorrect or misleading misrepresentation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the occurrence or existence of any event or circumstance which has or could reasonably be expected to have a
Material Adverse Effect (in the reasonable opinion of the Agent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any destruction or abandonment of any of the Projects or any material part of any Project which destruction or
abandonment causes any material reduction in the valuation thereof or material delay of its development or the achievement of commercial production, other than the relinquishment or abandonment of a part of a Project to the extent required by
Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) one or more final judgments or decrees for the payment of money in excess of [\*\*\*], are rendered against the
Credit Parties or any of them by a court of competent jurisdiction, and the same is not paid in full when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any Credit Party or ERISA Affiliate shall fail to pay when due an amount or amounts aggregating in excess of
[\*\*\*] which it shall have become liable to pay under Title IV of ERISA; notice of intent to terminate a Plan or Plans having aggregate Unfunded Liabilities in excess [\*\*\*] of shall be filed under Title IV of ERISA by any Credit Party or ERISA
Affiliate, any plan administrator or any combination of the foregoing; the PBGC shall institute proceedings under Title IV of ERISA to terminate, to impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or to
cause a trustee to be appointed to administer, any Plan or Plans having aggregate Unfunded Liabilities in excess of [\*\*\*]; or a condition shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Plan or
Plans having aggregate Unfunded Liabilities in excess of [\*\*\*] must be terminated; any Pension Plan is considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303,
304 and 305 of ERISA; there occurs a complete or partial withdrawal from, or a default, within the meaning of Section 4219(c)(5) of ERISA, with respect to, one or more Multiemployer Plans, which could cause one or more Credit Party or ERISA
Affiliate to incur a current payment; any ERISA Event occurs with respect to any Pension Plan or any Multiemployer Plan and the then current value of the accumulated benefit obligation of such Pension Plan or Multiemployer Plan exceeds the then
current value of the assets of such Pension Plan or Multiemployer Plan available for the payment of such benefit liabilities by more than [\*\*\*] (or in the case of an ERISA Event involving the withdrawal of a substantial employer, the withdrawing
employer's proportionate share of such excess exceeds such amount);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(q)</u> <u>a Canadian Pension Plan Event that has a Material Adverse Effect on a Credit Party; or</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q<u>r</u>) (i) any Authorization required under Environmental Laws which is a Material Project Document has been terminated or
surrendered by any Credit Party, or (ii) any Authorization required under Environmental Laws which is a Material Project Document is either (1) terminated, voided, vacated, rejected or otherwise invalidated by any Governmental Authority or
(2) to the extent that such action would have a Material Adverse Effect, is modified, limited, or partially terminated, voided, vacated, rejected or otherwise invalidated by any Governmental Authority, and any such terminating, voiding,
vacating, rejecting, invalidating, modifying, or limiting in the case of either (1) or (2) is either (i) not subject to any further appeal on terms that would allow the Credit Parties to continue to operate any of the Projects or
relevant part of any Project pending appeal, according to the terms of the Authorization as issued or (ii) the Credit Parties fail to preserve and pursue any such appeal ; <u>.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) (i) the Effective Date under and as defined in the arrangement agreement
dated October 1, 2024 between the Bridge Lender and the Borrower as it exists on October 1, 2024 (the "**Arrangement Agreement**") has not occurred on or before February 28, 2025 or (ii) the Plan of Arrangement under
the Arrangement Agreement has been consummated with amendments to the Arrangement Agreement or the Plan of Arrangement that are not approved by the Agent on behalf of the Lenders, unless such amendment could not reasonably be expected to be materially adverse to the interests of the Lenders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) the Borrower or any Guarantor fails to make any payment when due (whether by
scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Iso Loan Document;

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**8.2** **Acceleration on Event of Default** 

If any Event of Default shall occur and be continuing, the Agent (in accordance with the instructions of the Lenders) may (i) by notice (a "Default Notice") to the Borrower, (A) declare the Lenders' commitments to advance any unadvanced portion of the Facility to be terminated, whereupon the same shall forthwith terminate, and (B) declare the entire unpaid principal amount of the Facility, all interest accrued and unpaid thereon and all other fees, charges and costs hereunder to be forthwith due and payable, whereupon the Facility, all such accrued interest and all other fees, charges and costs hereunder shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower, provided that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the *Bankruptcy and Insolvency Act* (Canada), the *Companies Creditors Arrangement Act* (Canada) or the *Winding-up and Restructuring Act* (Canada), or any substantially similar legislation under the laws of the United States (including, without limitation, the United States Bankruptcy Code), providing for any form of creditor protection, the result of which would otherwise occur only upon giving of notice by the Agent to the Borrower under this Section 8.2, shall occur automatically without the giving of any such notice; and (ii) whether or not the actions referred to in paragraph (i) have been taken, (Y) exercise any or all of the Agent's rights and remedies under the Security Documents, and (Z) proceed to enforce all other rights and remedies available to the Agent under this Agreement, the other Facility Documents and Applicable Law; provided, further, however, for the avoidance of doubt, no Default Notice is required in order for the Agent to take any action described herein if the Event of Default arises out of any of the events described in paragraphs 8.1(f), (g), (h) or (i).

**8.3** **Waiver of Default** 

If a Default or an Event of Default shall have occurred, the Agent (in accordance with the instructions of the Lenders), so long as it has not become bound to institute any proceedings hereunder, shall have the power to waive any such Default or Event of Default hereunder if, in the opinion of the Lenders, the same shall have been cured or adequate provision made therefor, upon such terms and conditions as the Lenders may consider advisable, provided that no delay or omission of the Agent (or of the Lenders to provide instructions with respect to the same) to exercise any right or power accruing upon any Default or Event of Default shall impair any such right or power or shall be construed to be a waiver of any such Default or Event of Default or acquiescence therein and provided further that no act or omission of the Agent (or of the Lenders) shall extend to or be taken in any manner whatsoever to affect any subsequent Default or Event of Default hereunder or the rights resulting therefrom.

**8.4** **Enforcement by the Agent** 

If an Event of Default shall have occurred, and while it is continuing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent may (in accordance with the instructions of the Lenders) proceed to enforce, and to instruct any
other Person to enforce, the rights of the Agent and the Lenders by any action, suit, remedy or proceeding authorized or permitted by this Agreement or any of the other Facility Documents or by law or equity; and may file such proofs of claim and
other papers or documents as may be necessary or advisable in order to have the claims of the Agent and the Lenders proven in any bankruptcy, insolvency, winding-up or other judicial proceedings relating to the Borrower and the other Credit Parties;
and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no such remedy for the enforcement of the rights of the Agent and the Lenders shall be exclusive of or
dependent on any other such remedy but any one or more of such remedies may from time to time be exercised independently or in combination.

**8.5** **Set-Off** 

In addition to any rights now or hereafter granted under Applicable Law, and not by way of limitation of any such rights, the Agent and each Lender is authorized, at any time that an Event of Default has occurred and is continuing without notice to the Credit Parties or to any other Person, any such notice being expressly waived by the Credit Parties, to set off, appropriate and apply any and all deposits, matured or unmatured, general or special, and any other indebtedness at any time held by or owing by the Agent or such Lender, as the case may be, to or for the credit of or the account of any of the Credit Parties against and on account of the obligations and liabilities of the Borrower which are due and payable to the Agent or such Lender, as the case may be, under the Facility Documents.

**8.6** **Agent Appointed Attorney** 

To the extent permitted by Applicable Law, each Credit Party irrevocably appoints the Agent to be the attorney of such Credit Party in the name and on behalf of such Credit Party to execute any instruments and do any things which such Credit Party ought to execute and do, and has not executed or done, under the covenants and provisions contained in this Agreement and generally to use the name of such Credit Party in the exercise of all or any of the powers hereby conferred on the Agent with full powers of substitution and revocation. Such power of attorney, being coupled with an interest, is irrevocable.

**8.7** **Remedies Cumulative** 

No remedy herein conferred upon or reserved to Agent or the Lenders is intended to be exclusive of any other remedy, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or under any other Facility Document or now or hereafter existing by law or by statute.

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**ARTICLE 9** 

**AGENT** 

**9.1** **Appointment and Authorization of Agent** 

Each Lender hereby appoints and authorizes, and hereby agrees that it will require any assignee of any of its interests in the Facility Documents (other than the holder of a participation in its interests herein or therein) to appoint and authorize, the Agent to take such actions as agent on its behalf and to exercise such powers under the Facility Documents as are delegated to the Agent by such Lender by the terms hereof, together with such powers as are reasonably incidental thereto. Neither the Agent nor any of its directors, officers, employees or agents shall be liable to any of the Lenders for any action taken or omitted to be taken by it or them hereunder or thereunder or in connection herewith or therewith, except for its own gross negligence or willful misconduct and each Lender hereby acknowledges that the Agent is entering into the provisions of this Section 9.1 on its own behalf and as agent and trustee for its directors, officers, employees and agents. The Agent holds each Security Document for the benefit of each Lender from time to time.

**9.2** **Interest Holders** 

The Agent may treat each Lender set forth in Schedule A hereto or the Person designated in the last notice delivered to it under Article 10 as the holder of all of the interests of such Lender under the Facility Documents.

**9.3** **Consultations with Counsel** 

The Agent may consult with Lenders' Counsel and shall not be liable for any action taken or not taken or suffered by it in good faith and in accordance with the advice and opinion of such counsel.

**9.4** **Documents** 

The Agent shall not be under any duty to the Lenders to examine, enquire into or pass upon the validity, effectiveness or genuineness of the Facility Documents or any instrument, document or communication furnished pursuant to or in connection with the Facility Documents and the Agent shall, as regards the Lenders, be entitled to assume that the same are valid, effective and genuine, have been signed or sent by the proper parties and are what they purport to be.

**9.5** **Responsibility of Agent** 

The duties and obligations of the Agent to the Lenders under the Facility Documents are only those expressly set forth herein. The Agent shall not have any duty to the Lenders to investigate whether a Default or an Event of Default has occurred. The Agent shall, as regards the Lenders, be entitled to assume that no Default or Event of Default has occurred and is continuing unless the Agent has actual knowledge or has been notified by a Credit Party of such fact or has been notified by a Lender that such Lender considers that a Default or Event of Default has occurred and is continuing, such notification to specify in detail the nature thereof.

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**9.6** **Action by Agent** 

The Agent shall be entitled to use its discretion with respect to exercising or refraining from exercising any rights which may be vested in it on behalf of the Lenders by and under this Agreement; provided, however, that the Agent shall not exercise any rights under Section 8.2 or under any guarantee or other Security Documents or expressed to be on behalf of or with the consent or approval of or in accordance with the instructions of the Lenders without the request, consent or instructions of the Lenders. Furthermore, any rights of the Agent expressed to be on behalf of or with the consent or approval of or in accordance with the instructions of the Lenders shall be exercised by the Agent upon the request or instructions of the Lenders. The Agent shall incur no liability to the Lenders under or in respect of any of the Facility Documents with respect to anything which it may do or refrain from doing in the reasonable exercise of its judgment or which may seem to it to be necessary or desirable in the circumstances, except for its gross negligence or willful misconduct. The Agent shall in all cases be fully protected in acting or refraining from acting under any of the Facility Documents in accordance with the instructions of the Lenders and any action taken or failure to act pursuant to such instructions shall be binding on all Lenders. In respect of any notice by or action taken by the Agent hereunder, no Credit Party shall at any time be obliged to enquire as to the right or authority of the Agent to so notify or act.

**9.7** **Notice of Events of Default** 

In the event that the Agent shall acquire actual knowledge or shall have been notified of any Default or Event of Default, the Agent shall promptly notify the Lenders and shall take such action and assert such rights under Section 8.2 of this Agreement and under the other Facility Documents as the Lenders shall request in writing and the Agent shall not be subject to any liability by reason of its acting pursuant to any such request. If the Lenders shall fail for five Business Days after receipt of the notice of any Default or Event of Default to request the Agent to take such action or to assert such rights under any of the Facility Documents in respect of such Default or Event of Default, the Agent may, but shall not be required to, and subject to subsequent specific instructions from the Lenders, take such action or assert such rights (other than rights under Section 8.2 of this Agreement or under the other Facility Documents and other than giving an express waiver of any Default or any Event of Default) as it deems in its discretion to be advisable for the protection of the Lenders except that, if the Lenders have instructed the Agent not to take such action or assert such rights, in no event shall the Agent act contrary to such instructions unless required by law to do so.

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**9.8** **Responsibility Disclaimed** 

The Agent shall be under no liability or responsibility whatsoever as agent hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any Credit Party or any other Person as a consequence of any failure or delay in the performance by, or any
breach by, any Lender or Lenders of any of its or their obligations under any of the Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any Lender or Lenders as a consequence of any failure or delay in performance by, or any breach by, any
Credit Party of any of its obligations under any of the Facility Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any Lender or Lenders for any statements, representations or warranties in any of the Facility Documents or
in any other documents contemplated hereby or thereby or in any other information provided pursuant to any of the Facility Documents or any other documents contemplated hereby or thereby or for the validity, effectiveness, enforceability or
sufficiency of any of the Facility Documents or any other document contemplated hereby or thereby.

**9.9** **Indemnification** 

The Lenders agree to indemnify the Agent (to the extent not reimbursed by the Credit Parties), pro rata based on their respective Exposures, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any nature whatsoever which may be imposed on, incurred by or asserted against the Agent in any way relating to or arising out of any of the Facility Documents or any other document contemplated hereby or thereby or any action taken or omitted by the Agent under any of the Facility Documents or any document contemplated hereby or thereby, except that no Lender shall be liable to the Agent for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the gross negligence or willful misconduct of the Agent.

**9.10** **Credit Decisions** 

Each Lender represents and warrants to the Agent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in making its decision to enter into this Agreement and to make its Pro Rata Share of the Facility available to
the Borrower, it is independently taking whatever steps it considers necessary to evaluate the financial condition and affairs of the Credit Parties and that it has made an independent credit judgment without reliance upon any information furnished
by the Agent; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) so long as any portion of the Facility is being utilized by the Borrower, it will continue to make its own
independent evaluation of the financial condition and affairs of the Credit Parties.

**9.11** **Successor Agent** 

Subject to the appointment and acceptance of a successor Agent as provided below, the Agent may resign at any time by giving 30 days written notice thereof to the Borrower and the Lenders. Upon any such resignation, the Lenders, with the prior written consent of the Borrower (which consent shall not be required (a) if the successor Agent is an Affiliate or Subsidiary of the Agent on the date hereof or (b) for so long as an Event of Default has occurred and is continuing), shall have the right to appoint a successor Agent who shall be one of the Lenders unless none of the Lenders wishes to accept such appointment. If no successor Agent shall have been so appointed and shall have accepted such appointment by the time of such resignation, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent. Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges, duties and obligations of the retiring Agent (in its capacity as Agent but not in its capacity as a Lender) and the retiring Agent shall be discharged from its duties and obligations hereunder (in its capacity as Agent but not in its capacity as a Lender). After any retiring Agent's resignation hereunder as the Agent, provisions of this Article 9 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Agent.

**9.12** **Delegation by Agent** 

The Agent shall have the right to delegate any of its duties or obligations hereunder as Agent to any Affiliate of the Agent so long as the Agent shall not thereby be relieved of such duties or obligations.

**9.13** **Waivers and Amendments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Sections 9.13(b) and (c), any term, covenant or condition of any of the Facility Documents may only
be amended with the prior consent of the Credit Parties party thereto and the Lenders or compliance therewith may be waived (either generally or in a particular instance and either retroactively or prospectively) by the Agent with the consent of the
Lenders and in any such event the failure to observe, perform or discharge any such covenant, condition or obligation, so amended or waived (whether such amendment is executed or such consent or waiver is given before or after such failure), shall
not be construed as a breach of such covenant, condition or obligation or as a Default or Event of Default.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With the prior written consent of all the Lenders (and not otherwise), any amendment of or waiver with respect
to any provision of any Facility Document, as applicable, may act to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) increase the amount of the <u>any</u> Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) extend the Maturity Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) extend the time for the payment of interest on Advances or of standby fees, forgive any portion of principal
thereof, reduce the stated rate of interest thereon or applicable standby fees or amend the requirement of pro rata application of all amounts received by the Agent in respect of the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) waive any conditions precedent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) reduce the stated amount or postpone the date for payment of fees or other amounts to be paid in respect of the <u>any</u> Facility,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) permit any subordination of any of the Facility Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) release or discharge any guarantee or, except as otherwise permitted pursuant to Section 9.21, other
Security Documents, in whole or in part; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) alter the terms of this Section 9.13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No amendment to or waiver of any provision hereof to the extent it affects the rights or obligations of the
Agent shall be effective without the prior written consent of the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No amendment of this Agreement which would change the Individual Commitment of a Lender shall be effective
without the prior written consent of such Lender.

**9.14** **Delegation by Agent Conclusive and Binding** 

Any determination to be made by the Agent on behalf of or with the approval of the Lenders in accordance with this Agreement shall be made by the Agent in good faith and, if so made, shall be binding on all parties, absent manifest error. The Credit Parties are entitled to assume that any action taken by the Agent under or in connection with any Facility Document has been appropriately authorized by the Lenders pursuant to the terms hereof.

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**9.15** **Adjustments among Lenders after Acceleration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Lenders agree that, at any time after all indebtedness of the Borrower to the Lenders pursuant hereto has
become immediately due and payable pursuant to Section 8.2 or after the cancellation or termination of the Facility, they will at any time or from time to time upon the request of any Lender through the Agent purchase portions of the availments
made available by the other Lenders which remain outstanding, and make any other adjustments which may be necessary or appropriate, in order that the amounts of the availments made available by the respective Lenders which remain outstanding, as
adjusted pursuant to this Section 9.15, will be in the same proportions as their respective Pro Rata Shares thereof with respect to the Facility immediately prior to such acceleration, cancellation or termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Lenders agree that, at any time after all Indebtedness of the Borrower to the Lenders pursuant hereto has
become immediately due and payable pursuant to Section 8.2 or after the cancellation or termination of the Facility, the amount of any payment made by the Credit Parties under this Agreement, and the amount of any proceeds of the exercise of
any rights or remedies of the Lenders under the Facility Documents, which are to be applied against amounts owing hereunder as principal, will be so applied in a manner such that to the extent possible, the availments made available by the Lenders
which remain outstanding, after giving effect to such application, will be in the same proportions as their respective Pro Rata Shares thereof with respect to the Facility immediately prior to the cancellation or termination thereof immediately
prior to such acceleration, cancellation or termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For greater certainty, the Lenders acknowledge and agree that without limiting the generality of the provisions
of paragraphs (a) and (b) above, such provisions will have application if and whenever any Lender shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of set-off, compensation, or otherwise), other
than on account of any monies owing or payable by the Borrower to it under the Facility Documents in excess of its pro rata share of payments on account of monies owing by the Borrower to all the Lenders thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Credit Parties agree to be bound by and to do all things necessary or appropriate to give effect to any and
all purchases and other adjustments made by and between the Lenders pursuant to this Section 9.15.

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**9.16** **Redistribution of Payment** 

If a Lender shall receive payment of a portion of the aggregate amount of principal, interest and standby fees due to it hereunder including by way of set-off pursuant to Section 8.5 which is greater than the proportion received by any other Lender in respect of the aggregate amount of principal, interest and standby fees due in respect of the Facility (having regard to the respective Individual Commitments of the Lenders), the Lender receiving such proportionately greater payment shall purchase a participation (which shall be deemed to have been done simultaneously with receipt of such payment) in that portion of the aggregate outstanding credit of the other Lender or Lenders so that the respective receipts shall be pro rata to their respective Exposures; provided, however, that if all or part of such proportionately greater payment received by such purchasing Lender shall be recovered from the Borrower, such purchase shall be rescinded and the purchase price paid for such participation shall be returned by such selling Lender or Lenders to the extent of such recovery, but without interest.

**9.17** **Distribution of Notices** 

Except as otherwise expressly provided herein, promptly after receipt by the Agent of any notice or other document which is delivered to the Agent hereunder on behalf of the Lenders, the Agent shall provide a copy of such notice or other document to each of the Lenders; provided, however, that a copy of any such notice delivered at any time during the continuance of an Event of Default shall be delivered by the Agent to each of the Lenders.

**9.18** **Other Security Not Permitted** 

None of the Lenders shall be entitled to enjoy any Lien with respect to any of the Secured Assets other than the Security.

**9.19** **Discharge of Security** 

To the extent a sale or other disposition of the Secured Assets is permitted pursuant to the provisions hereof, the Lenders hereby authorize the Agent, at the cost and expense of the Borrower, to execute such discharges and other instruments which are necessary for the purposes of releasing and discharging the Security therein or for the purposes of recording the provisions or effect thereof in any office where the Security Documents may be registered or recorded or for the purpose of more fully and effectively carrying out the provisions of this Section 9.19.

**9.20** **Decision to Enforce Security** 

Upon the Security becoming enforceable in accordance with its terms, the Agent shall promptly so notify each of the Lenders. Any Lender may thereafter provide the Agent with a written request to enforce the Security. Forthwith after the receipt of such a request, the Agent shall seek the instructions of the Lenders as to whether the Security should be enforced and the manner in which the Security should be enforced. In seeking such instructions, the Agent shall submit a specific proposal to the Lenders. From time to time, any Lender may submit a proposal to the Agent as to the manner in which the Security should be enforced and the Agent shall submit any such proposal to the Lenders for approval of the Lenders. If the Lenders instruct the Agent to enforce the Security, each of the Lenders agree to accelerate the Facility Indebtedness owed to it to the extent permitted under the relevant Facility Document and in accordance with the relevant Facility Document.

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**9.21** **Enforcement** 

The Agent reserves the sole right to enforce, or otherwise deal with, the Security and to deal with the Credit Parties in connection therewith; provided, however, that the Agent shall so enforce, or otherwise deal with, the Security as the Lenders shall instruct.

**9.22** **Application of Cash Proceeds to Realization** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Proceeds of Realization not in the form of cash shall be forthwith delivered to the Agent and disposed of,
or realized upon, by the Agent in such manner as the Lenders may approve so as to produce Cash Proceeds of Realization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the claims, if any, of secured creditors of the Credit Parties whose security ranks in priority to
the Security, all Cash Proceeds of Realization shall be applied and distributed, and the claims of the Agent and the Lenders shall be deemed to have the relative priorities which would result in the Cash Proceeds of Realization being applied and
distributed, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) firstly, to the payment of all outstanding fees due to the Agent hereunder and all reasonable costs and
expenses incurred by the Agent (including all legal fees and disbursements) in the exercise of all or any of the powers granted to it hereunder or under the guarantees and other Security Documents and in payment of all of the remuneration of any
Receiver and all costs and expenses properly incurred by such Receiver (including all legal fees and disbursements) in the exercise of all or any powers granted to it under the Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) secondly, in payment of all amounts of money borrowed or advanced by the Agent or such Receiver pursuant to the
Security Documents and any interest thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) thirdly, to the payment of the Facility Indebtedness (including, where applicable, to the provision of cash
collateral in respect of any Facility Indebtedness which has not then matured, for application against the same once it has matured) to the respective Lenders pro rata based on their respective Exposures; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the balance, if any, in accordance with Applicable Law.

**9.23** **Collective Action of Lenders** 

Each of the Lenders hereby acknowledges that to the extent permitted by Applicable Law, any collateral security and the remedies provided under the Facility Documents to the Lenders are for the benefit of the Lenders collectively and acting together and not severally and further acknowledges that its rights hereunder and under any collateral security are to be exercised not severally, but by the Agent upon the decision of the Lenders. Accordingly, notwithstanding any of the provisions contained herein or in any collateral security, each of the Lenders hereby covenants and agrees that it shall not be entitled to take any action hereunder or thereunder including any declaration of default hereunder or thereunder but that any such action shall be taken only by the Agent with the prior written agreement of the Lenders. Each of the Lenders hereby further covenants and agrees that upon any such written agreement being given, it shall co-operate fully with the Agent to the extent requested by the Agent. Notwithstanding the foregoing, in the absence of instructions from the Lenders and where in the sole opinion of the Agent, acting reasonably and in good faith, the exigencies of the situation warrant such action, the Agent may without notice to or consent of the Lenders take such action on behalf of the Lenders as it deems appropriate or desirable in the interest of the Lenders.

**9.24** **Survival** 

The provisions of this Article 9 and all other provisions of this Agreement which are necessary to give effect to each of the provisions of this Article 9 shall survive the permanent repayment in full of the Facility and the termination of all of the Individual Commitments of the Lenders in connection therewith until such time as all of the Facility Indebtedness has been paid in full and all of the Individual Commitments of the Lenders in connection therewith have been terminated.

**ARTICLE 10** 

**NOTICES** 

**10.1** **Notice to the Borrower** 

Any notice to the Borrower or any other Credit Party under the provisions of this Agreement or any other Facility Document shall be valid and effective if delivered personally, by courier (overnight or otherwise), by facsimile transmission, by email or other electronic means, to or, if given by registered or certified mail, postage prepaid, addressed to, the Borrower at Suite 2005, 4390 Grange Street, Burnaby, British Columbia, V6H 1P6, Attention: Corey Dias, Chief Executive Officer; Email: [\*\*\*], and shall be deemed to have been given on the date of delivery personally, by courier, by facsimile transmission, by email or other electronic means, if so delivered prior to 5:00 pm (PST) on a Business Day and otherwise on the next Business Day or on the third Business Day after such letter has been mailed, as the case may be. The Borrower may from time to time notify the Agent of a change in address which thereafter, until changed by further notice, shall be the address of the Borrower and each other Credit Party for all purposes of this Agreement and the other Facility Documents.

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**10.2** **Notice to the Agent** 

Any notice from any of the Credit Parties to the Agent and the Lenders under the provisions of this Agreement or any other Facility Document shall be valid and effective if delivered personally, by courier or by email transmission to or, if given by registered mail, postage prepaid, addressed c/o the Agent at 34 King Street East, Suite 1102,<u>181 Bay St Heritage Building – 3rd</u> <u>Floor</u> Toronto, Ontario M5C 2X8<u>ON M5J 2T3</u> Tel: , Email: , Attention: Ethan Park, and shall be deemed to have been given on the date of delivery personally or by facsimile transmission if so delivered prior to 5:00 p.m. (Toronto time) on a Business Day and otherwise on the next Business Day or on the third Business Day after such letter has been mailed, as the case may be. The Agent may from time to time notify the Borrower of a change in address which thereafter, until changed by further notice, shall be the address of the Agent for all purposes of this Agreement and the other Facility Documents.

Redaction - Person Information

**10.3** **Waiver of Notice** 

Any notice provided for in this Agreement may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice.

**ARTICLE 11** 

**INDEMNITIES, TAXES, CHANGES IN CIRCUMSTANCES** 

**11.1** **General Indemnity** 

Each Credit Party expressly declares and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent and each of the Lenders, their respective directors, officers, employees, and agents, and all of
their respective representatives, successors and assigns (collectively the "**Indemnified Parties**") will at all times be indemnified and saved harmless by the Borrower from and against all claims, demands, losses, actions, causes of
action, costs, charges, expenses, damages and liabilities whatsoever arising in connection with this Agreement and the other Facility Documents (except any loss, expense, claim, proceeding, judgment or liability described in Section 11.2 or
resulting from Taxes, other than Taxes imposed on non-Tax claims and Taxes for which specific indemnification is provided in other sections of this Agreement), including, without limitation, those arising out of or related to actions taken or
omitted to be taken by the Agent or the Lenders contemplated hereby, reasonable legal fees and disbursements on a solicitor and client basis and reasonable costs and expenses incurred in connection with the enforcement of this indemnity, which the
Agent or the Lenders may suffer or incur, whether at law or in equity, in any way caused by or arising, directly or indirectly, in respect of any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in or about or in relation
to the execution of its duties as Agent or Lender and including any act, deed, matter or thing in relation to the registration, perfection, release or discharge of security. The foregoing provisions of this subsection do not apply to the extent that
the Agent or any Lender, or its respective employees or agents were grossly negligent or acted with wilful misconduct in relation to their obligations hereunder. This indemnity shall survive the termination of this Agreement and repayment of the
Facility; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent and the Lenders may act and rely and shall be protected in acting and relying upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent, order, letter, telegram, cable, facsimile or other paper or electronic document believed by it to be genuine and to have been signed, sent or presented by or on behalf of
the proper party or parties.

**11.2** **Environmental Indemnity** 

Each Credit Party hereby indemnifies and holds harmless and will defend the Indemnified Parties against any loss, expenses, claim, proceedings, judgment, liability or asserted liability (including strict liability and including costs and expenses of investigation, abatement and remediation and monitoring of spills or releases of Hazardous Materials and including liabilities of the Indemnified Parties to, and obligations or claims asserted against the Indemnified Parties by, third parties (including governmental agencies), in any case in respect of liabilities, violations or obligations under Environmental Laws, bodily injuries, property damage, damage to or impairment of the environment or any other injury or damage and including liabilities to third parties for the third parties' foreseeable and unforeseeable consequential damages) incurred or sustained by or threatened upon the Indemnified Party as a result of or in connection with the administration or enforcement of this Agreement or any other Facility Document, including without limitation the exercise by the Agent or any Lender of any rights hereunder or under the Security Documents, which result from or relate, directly or indirectly, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the presence or release of any Hazardous Materials, by any means or for any reason, on, to, from, beneath or in
the vicinity of the Secured Assets or any Credit Party's other property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Environmental Matter associated with the Project; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any violation, liability under or any breach or alleged breach of any Environmental Laws by the Borrower or any
other Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except excluding any such loss, expenses, claim, proceedings, judgment, liability or asserted liability which,
in each case, results from the Indemnified Parties' gross negligence.

For purposes of this Section 11.2, "**liability**" shall include (A) any liability for costs and expenses of any investigation, abatement and remediation of spills and releases of Hazardous Materials where such investigation, abatement and remediation is (1) prudent for the continued operation of any of the Projects or any part of any Project, (2) required by Environmental Laws, or (3) required to maintain the value and use of the Secured Assets or other property, (B) liability under any Environmental Laws including to any third party to reimburse the third party for bodily injuries, property damages and other injuries or damages which the third party suffers, including (to the extent, if any, that the Indemnified Party is liable therefor) foreseeable and unforeseeable consequential damages suffered by the third party, (C) any liability for damage suffered by the third party referred to in paragraph (B) above, (D) any liability of an Indemnified Party for damage to or impairment of the environment and (E) any liability for court costs, expenses of alternative dispute resolution proceedings, and fees and disbursements of expert consultants and legal counsel on a solicitor and own client basis.

**11.3** **Action by Agent to Protect Interests** 

The Agent shall have the power to institute and maintain all and any such actions, suits or proceedings and to take any other action as it may consider necessary or expedient, acting reasonably, to preserve, protect or enforce its interests. The Agent may conduct all such due diligence from time to time as it deems prudent or necessary, including environmental due diligence, and may remedy all breaches or other conditions or circumstances which the Agent may, in its discretion, acting reasonably, determine to either expose it to potential liability or jeopardize in any way the collateral secured by the Security Documents, all at the expense of the Borrower.

**11.4** **Currency Indemnity** 

If under any Applicable Law and whether pursuant to a judgment being made or registered or docketed against any Credit Party or for any other reason, any payment of all or part of the Indebtedness owing by any Credit Party under or in connection with any Facility Document is made or is satisfied in a currency other than U.S. Dollars (the "**Other Currency**"), then to the extent that the payment (when converted into U.S. Dollars at the prevailing rate of exchange on the date of payment, or, if it is not practicable for the Agent or a Lender to purchase U.S. Dollars with the Other Currency on the date of payment, at the rate of exchange as soon thereafter as it is practicable for it to do so) actually received by the Agent or such Lender falls short of the amount of the Indebtedness required to be paid, the Borrower shall, as a separate and independent obligation, indemnify and hold harmless the Agent or such Lender, as applicable, against the amount of such shortfall. For the purpose of this Agreement, "rate of exchange" means the rate at which the Agent or such Lender, as applicable, is able on a foreign exchange market selected by it, acting reasonably, on the relevant date to purchase U.S. Dollars with the Other Currency and shall take into account any premium and other reasonable costs of exchange.

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**11.5** **Payments Free and Clear of Taxes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any and all payments made and other consideration provided (including without limitation the Securities) by a
Credit Party hereunder or under any other Facility Document (any such payment or other consideration being hereinafter referred to as a "**Payment**") to or for the benefit of the Agent, any Lender, or any Tax-Related Person shall be
made without set-off or counterclaim, and free and clear of, and without deduction or withholding for, or on account of, any and all present or future Taxes, except to the extent such deduction or withholding is required by law or the administrative
practice of any Governmental Authority. If the Credit Party shall be so required to deduct or withhold any Taxes from or in respect of any Payment made to or for the benefit of the Agent, any Lender or any Tax-Related Person, the Borrower shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) promptly notify the Agent of such requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Taxes are an Indemnified Tax, pay or provide to the Agent in addition to the Payment to which the Agent
or such Lender is otherwise entitled, such additional amount (or consideration) as is necessary to ensure that the net amount (or consideration) actually received by the Agent or such Lender, as the case may be, and each of their Tax-Related Persons
(free and clear of, and net of, any such Indemnified Tax, including the full amount of any Taxes required to be deducted or withheld from any additional amount (or consideration) paid or provided by the Credit Party under this Section 11.5,
whether assessable against the Credit Party or the Lender) equals the full amount (or consideration) the Agent or such Lender, as the case may be, and each of their Tax-Related Persons would have received had no such deduction or withholding been
required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) make such deduction or withholding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) pay to the relevant Governmental Authority in accordance with Applicable Law the full amount of Taxes required
to be deducted or withheld (including the full amount of Taxes required to be deducted or withheld from any additional amount paid by the Credit Party to the Agent or such Lender under this Section 11.5), within the time period required by
Applicable Law; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) as promptly as reasonably practicable thereafter, forward to the Lender, an original official receipt (or a
certified copy), or other documentation reasonably acceptable to the Agent and such Lender, evidencing such payment to such Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, the Borrower agrees to pay any and all present or future stamp, court or documentary, intangible,
recording, filing or similar Taxes or excise or property taxes, charges or levies of a similar nature, which arise from any Payment under, or from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection
of a security interest under, or otherwise with respect to, the Facility Documents and the transactions contemplated hereby or thereby (any such amounts being hereinafter referred to as "**Other Taxes** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower hereby indemnifies and holds harmless the Agent, each Lender and each of their Tax-Related
Persons, on an after-Taxes basis, for the full amount of Indemnified Taxes and Other Taxes, interest, penalties and other liabilities, levied, imposed or assessed against (and whether or not paid directly by) the Agent, such Lender and each of their
Tax-Related Persons, as applicable, and for all expenses, resulting from or relating to any Credit Party's failure to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) remit to the Agent or such Lender the documentation referred to in Section 4.1; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pay any Taxes or Other Taxes when due to the relevant Governmental Authority (including any Taxes imposed by
any Governmental Authority on amounts payable under this Section 11.5);

whether or not such Indemnified Taxes or Other Taxes were correctly or legally assessed. The Agent or any Lender (on behalf of itself or its Tax-Related Persons) who pays any Indemnified Taxes or Other Taxes, shall promptly notify the Borrower of such payment, provided, however, that failure to provide such notice shall not detract from, or compromise, the obligations of the Borrower under this Section 11.5. Payment pursuant to this indemnification under this Section 11.5 shall be made within 30 days from the date the Agent or the relevant Lender, as the case may be, makes written demand therefor accompanied by a certificate as to the amount of such Indemnified Taxes or Other Taxes, which shall be conclusive absent manifest error. Notwithstanding the foregoing, the Borrower shall not be obligated to indemnify the Agent or any Lender for any expenses related to Taxes or Other Taxes arising from the gross negligence or wilful misconduct of the Agent or any Lender or any Tax-Related Person any breach of this Agreement by the Agent or any Lender or as determined by court of competent jurisdiction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Credit Party also hereby indemnifies and holds harmless the Agent, each Lender and each of their
Tax-Related Persons, on an after-Taxes basis, for any additional taxes on net income that the Agent, each Lender and each of their Tax-Related Persons may be obliged to pay as a result of the receipt of amounts from the Borrower (or the Lender)
under this Section 11.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither any Lender nor the Agent shall be under any obligation to arrange its tax affairs in any particular
manner or be obliged to disclose any information regarding its tax affairs or computations to the Credit Parties or any other Person in connection with this Section 11.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the Agent or any Lender or any Tax-Related Person determines in its sole discretion (exercised in good
faith) that it has received a refund of Indemnified Taxes or Other Taxes for which a payment has been made by the Borrower under this Section 11.5 then the Agent or such Lender shall pay such amount (if any) to the Borrower (but not exceeding
any payment made under this Section 11.5 giving rise to such refund), net of all out-of-pocket expenses of the Agent, such Lender or Tax-Related Persons, as the case may be, and other adjustments which the Agent, such Lender or Tax-Related
Person, as the case may be, reasonably determines will leave it (after that payment) in the same after-tax position it would have been in had such Indemnified Taxes or Other Taxes not been deducted, withheld or otherwise imposed and the
indemnification payments had never been paid. The Borrower, upon the request of the Agent or any Lender, agrees to repay to the Agent or such Lender any portion of such refund paid over to the Borrower that the Agent, such Lender or any of their
Tax-Related Persons is required to repay or pay, respectively, to the applicable taxing authority or jurisdiction and agrees to pay any interest, penalties or other charges paid by the Agent or such Lender as a result of or related to such repayment
or payment. Neither the Agent nor any Lender shall be under any obligation to arrange its tax affairs in any particular manner so as to claim any refund or seek any other tax relief to which it may be entitled. Neither the Agent nor any Lender shall
be obligated to disclose any information regarding its tax affairs or computations (including its tax returns) to the Borrower or any other Person in connection with this Section 11.5 or any other provisions of this Section 11.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To the extent of any conflict or inconsistency between this Section 11.5 and any provision of any other
Facility Document, this Section 11.5 shall to the extent of such conflict or inconsistency override such other provision and prevail.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each Credit Party's and Lenders' obligations under this Section 11.5 shall survive without
limitation the termination of the Facility and this Agreement and all other Facility Documents and the permanent repayment of the outstanding credit and all other amounts payable hereunder. The Lenders shall cause all Tax-Related Persons to comply
with this Section 11.5.

**11.6** **Change of Circumstances** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If, with respect to any type of credit, the introduction or adoption of any law, regulation, guideline, request
or directive (whether or not having the force of law) of any Governmental Authority, central bank or comparable agency ()"**Restraint**") or any change therein or in the application thereof to the Borrower or to any Lender or in the
interpretation or administration thereof or any compliance by any Lender therewith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prohibits or restricts extending or maintaining such type of credit or the charging of interest or fees in
connection therewith, the Borrower agrees that such Lender shall have the right to comply with such Restraint, shall have the right to refuse to permit the Borrower to obtain such type of credit and shall (if applicable) have the right to require,
at the option of the Borrower, the conversion of such outstanding credit to another type of credit to permit compliance with the Restraint or repayment in full of such credit together with accrued interest thereon on the last day on which it is
lawful for such Lender to continue to maintain and fund such credit or to charge interest or fees in connection therewith, as the case may be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall impose or require any reserve, special deposit requirements or Taxes (other than (A) Indemnified
Taxes or Other Taxes and (B) Connection Income Taxes), shall establish an appropriate amount of capital to be maintained by such Lender or shall impose any other requirement or condition which results in an increased cost to such Lender of
extending or maintaining a credit or obligation hereunder or reduces the amount received or receivable by such Lender with respect to any credit under this Agreement or reduces such Lender's effective return hereunder or on its capital or
causes such Lender to make any payment or to forego any return based on any amount received or receivable hereunder, then, on notification to the Borrower by such Lender, the Borrower shall pay immediately to such Lender such amounts as shall fully
compensate such Lender for all such increased costs, reductions, payments or foregone returns which accrue up to and including the date of receipt by the Borrower of such notice and thereafter, upon demand from time to time, the Borrower shall pay
such additional amount as shall fully compensate such Lender for any such increased or imposed costs, reductions, payments or foregone returns. Such Lender shall notify the Borrower of any actual increased or imposed costs, reductions, payments or
foregone returns forthwith on becoming aware of same and shall concurrently provide to the Borrower a certificate of an officer of such Lender setting forth the amount of compensation to be paid to such Lender and the basis for the calculation of
such amount.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender agrees that, as promptly as practicable after it becomes aware of the occurrence of an event or the
existence of a condition that would cause it to seek additional amounts from the Borrower pursuant to Section 11.6(a), it will use reasonable efforts to make, fund or maintain the affected credit of such Lender through another lending office or
take such other actions as it deems appropriate, in its sole discretion, if as a result thereof the additional moneys which would otherwise be required to be paid in respect of such credit pursuant to Section 11.6(a), would be reduced and if,
as determined by such Lender in its sole discretion, the making, funding or maintaining of such affected credit through such other lending office or the taking of such other actions would not otherwise adversely affect such credit or such Lender and
would not, in such Lender's sole discretion, be commercially unreasonable.

**ARTICLE 12** 

**MISCELLANEOUS** 

**12.1** **No Waiver; Remedies Cumulative** 

No failure on the part of the Agent to exercise, and no delay in exercising, any right, remedy, power or privilege under any Facility Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, remedy, power or privilege preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights and remedies of the Agent under the Facility Documents are cumulative and not exclusive of any rights, remedies, powers and privileges that may otherwise be available to the Agent. No waiver of any rights under this Agreement shall be binding on any party hereto unless such waiver is in writing and signed by the party against whom enforcement is sought.

**12.2** **Survival** 

All covenants, agreements, representations and warranties made in any of the Facility Documents shall, except to the extent otherwise provided therein, survive the execution and delivery of this Agreement and the<u>an</u> Advance of the Facility, and shall continue in full force and effect so long as any principal amount remains outstanding hereunder or any other Obligations under any Facility Document remain unpaid or any obligation to perform any other act hereunder or under any other Facility Document remains unsatisfied.

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**12.3** **Benefits of Agreement** 

The Facility Documents are entered into for the sole protection and benefit of the parties thereto and their successors and assigns, and no other Person (other than the Indemnified Parties) shall be a direct or indirect beneficiary of, or shall have any direct or indirect cause of action or claim in connection with, any Facility Document.

**12.4** **Binding Effect; Assignment** 

This Agreement shall become effective when it shall have been executed by each of the parties hereto and thereafter shall be binding upon, enure to the benefit of and be enforceable by such parties and their respective permitted successors and assigns. No Credit Party shall have the right to assign its rights and obligations hereunder or under the other Facility Documents or any interest herein or therein without the prior written consent of the Agent (acting on the instruction of the Lenders). Each Lender reserves the right to, with prior notice to the Borrower, sell, assign, transfer or grant participations in all or any portion of its rights and obligations hereunder and under the other Facility Documents to any other Person who is an Affiliate of the Lender. To the extent that any Lender wishes to sell, assign, transfer or grant participation in all or any portion of its rights and obligations hereunder or under the Facility Document to any other Person who is not an Affiliate of a Lender, then prior written consent of the Borrower shall be required (provided that no such consent shall be required following the occurrence of an Event of Default which is continuing). In the event of any grant of a participation, the granting Lender's obligations under this Agreement to the Borrower shall remain unchanged, such Lender shall remain solely responsible for the performance thereof and the Credit Parties shall continue to be obligated to the granting Lender in connection with such Lender's rights under this Agreement and the other Facility Documents (including in respect of the interest in which such Lender has granted a participation). In the event of any such assignment, upon written notice thereof to the Borrower, the assignee shall be deemed to be a "**Lender**" for all purposes of the Facility Documents with respect to the rights and obligations assigned to it, and the rights and obligations of the assigning Lender so assigned shall thereupon terminate.

**12.5** **Maximum Return** 

Notwithstanding any other provision of this Agreement or any other Facility Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In this Section, "interest" and "credit advanced" have the meanings ascribed to them in
Section 347 of the Criminal Code (Canada), and "Canadian Maximum Rate" means the highest effective annual rate of interest calculated in accordance with generally accepted actuarial
practices and principles, on the credit advanced under an agreement or arrangement, which is lawfully permitted under Section 347 of the Criminal Code (Canada);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, by entering into this Agreement and the other Facility Documents, the Lenders (or any of them) have entered
into an agreement or arrangement to receive interest, on the credit advanced under this Agreement, in an amount which exceeds the Canadian Maximum Rate, then the interest will be reduced to the extent required to eliminate such excess (in the manner
specified below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If interest in the aggregate, on the credit advanced under this Agreement, is or is about to be received in an
amount which exceeds the Canadian Maximum Rate, then the interest will be reduced, with retroactive effect, to the extent required to eliminate such excess (in the manner specified below), and if and to the extent so reduced the Lenders will return
the same; <u>and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any reduction of interest pursuant to paragraph (b) or paragraph (c) above will be made in the
following order (in each case, only to the extent required): first, a reduction of the Facility Warrants <u>and the 2025 Warrants</u>; second, a reduction of the
interest rate under Section 2.5(a); <u>and</u> third, a reduction of the Arrangement Fee Shares; and fourth, a reduction of the amounts to be paid on account of the Agents and the Lenders' legal fees and other out-of-pocket expenses; and last, a reduction of any other amount(s) which constitute interest.

In the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries qualified for a period of ten (10) years and appointed by the Agent shall be conclusive for the purposes of such determination. A certificate of an authorized signing officer of the Agent as to each amount, rate and/or other component of interest payable hereunder or in connection herewith from time to time shall be conclusive evidence of such amount, rate and/or other component, absent manifest error.

**12.6** **Entire Agreement** 

The Facility Documents reflect the entire agreement between the Borrower, the Guarantors, the Agent and the Lenders with respect to the matters set forth herein and therein and supersede any prior agreements, commitments, drafts, communication, discussions and understandings, oral or written, with respect thereto, including but not limited to the<u>any</u> Term Sheet.

**12.7** **Severability** 

If any provision of any of the Facility Documents shall be prohibited by or invalid under Applicable Law in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such law or regulation, or, if for any reason cannot be so modified, it shall be ineffective and invalid only to the extent of such prohibition or invalidity without affecting the remaining provisions of such Facility Document, or the validity or effectiveness of such provision in any other jurisdiction.

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**12.8** **Counterparts and Facsimile** 

This Agreement may be executed in counterparts and by electronic transmission of an authorized signature and each such counterpart shall be deemed to form part of one and the same document.

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**SCHEDULE A** 

**THE AGENT AND THE LENDERS** 

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| | | | | |
|:---|:---|:---|:---|:---|
| [\*\*\*] |  |  |  |  |
|  | [\*\*\*] | **Wire Instructions** | **<u>Individual Commitment</u>** | Individual Commitment**<u>Exposure as of March 17, 2025</u>** |
| Extract Capital | [\*\*\*] | [\*\*\*] |  | [\*\*\*] |
|  | [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br>[\*\*\*]<br>[\*\*\*] | [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
| <u>Extract Capital</u><br> Master Fund Ltd. | E-mail: | [\*\*\*] | [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br>[\*\*\*]<br>[\*\*\*] | [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |
| <u>Extract Capital</u><br> Master Fund Ltd. | [\*\*\*]<br> [\*\*\*]<br>[\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br>[\*\*\*]<br> [\*\*\*]<br>[\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |  | <br> [\*\*\*]<br>[\*\*\*]<br>[\*\*\*] |

---

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| | | |
|:---|:---|:---|
| **AGENT** | **AGENT** | **AGENT** |
|  | **<u>Address for Notice</u>** | **<u>Wire Instructions</u>** |
| Extract Advisors LLC | [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] | [\*\*\*]<br> [\*\*\*]<br> [\*\*\*] |

---

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---

| | |
|:---|:---|
| [\*\*\*] | [\*\*\*] |
| [\*\*\*]  | [\*\*\*] |
| [\*\*\*] | [\*\*\*] |
| [\*\*\*]  | [\*\*\*] |
| [\*\*\*] | [\*\*\*] |
| [\*\*\*] | [\*\*\*] |
|  | [\*\*\*] |
|  | [\*\*\*] |

---

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**SCHEDULE B** 

**SECURITY DOCUMENTS** 

**A.** **SECURITY DOCUMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) guarantees granted by each of the Guarantors in favour of the Agent, of the payment and performance by the
Borrower of all of its present and future obligations under the Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) general security agreement granted by the Borrower in favour of the Agent, pursuant to which the Borrower
grants a Security Interest in favour of the Agent in all of its present and after-acquired personal property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) securities pledge agreement granted by the Borrower, pursuant to which the Borrower pledges in favour of the
Agent, *inter alia*, all of its present and future shares and equity interests in the capital of its Subsidiaries (which shall constitute 100% of the issued and outstanding shares in the capital of such issuers).

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**SCHEDULE C** 

**EQUITY INTERESTS OF THE BORROWER** 

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| | | | |
|:---|:---|:---|:---|
| **Party Holding**<br> **Equity Interests** | **Issuer** | **Number and Type of**<br> **Shares/Interests**<br> **Issued** | **Percentage Held** |
| Anfield Energy Inc. | Anfield Precious Metals Inc. | 1500 common shares | 100% |
| Anfield Energy Inc. | ARH Wyoming Corp | 1500 common shares | 100% |
| Anfield Energy Inc. | Anfield Resources Holding Corp. | 1500 common shares | 100% |
| Anfield Energy Inc. | Equinox Exploration Holding Corp. | 1500 common shares | 100% |
| Anfield Energy Inc. | Highbury Resources Inc. | 1500 common shares | 100% |
| Anfield Energy Inc. | Neutron Energy, Inc. | 1000 common shares | 100% |

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SCHEDULE D

FORM OF FACILITY WARRANT

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**THIS WARRANT CERTIFICATE IS VOID IF NOT EXERCISED** 

**WITHIN THE TIME LIMITS HEREIN PROVIDED** 

**WARRANT CERTIFICATE** 

**THESE WARRANTS ARE NON-ASSIGNABLE AND NON-TRANSFERABLE** 

**ANFIELD ENERGY INC.** 

(Incorporated under the laws of the Province of British Columbia)

---

| | |
|:---|:---|
| WARRANT | 42,105,263 WARRANTS entitling the holder to acquire, subject to adjustment, one Common Share |
| NO. **2023-W#001** | for each Warrant represented hereby. |

---

THIS IS TO CERTIFY THAT **Extract Capital Master Fund Ltd., [\*\*\*]** (hereinafter referred to as the "**holder**" or the "**Warrantholder**") the holder of these Warrants, is entitled to acquire for each Warrant represented hereby, in the manner and subject to the conditions, restrictions and adjustments set forth herein, at any time and from time to time until 5:00 p.m. (Vancouver time) on September [•], 2028 (the "**Expiry Time**"), one fully paid and non-assessable common share (a "**Common Share**") in the capital of Anfield Energy Inc. (the "**Company**") at a price of $0.095 per Common Share**.** 

The Warrants may only be exercised at the head office of the Company at 4390 Grange Street, Suite 2005, Burnaby, British Columbia V5H 1P6.

The Warrants are issued subject to the terms and conditions appended hereto as **Schedule "A"**.

IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be executed by a duly authorized officer.

DATED for reference this [•]<sup>th</sup> day of September, 2023.

---

| | |
|:---|:---|
| **ANFIELD ENERGY INC**. | **ANFIELD ENERGY INC**. |
| Per: | |
|  | Authorized Signatory |

---

*(See terms and conditions attached hereto)* 

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**SCHEDULE "A"** 

TERMS AND CONDITIONS FOR WARRANTS

Terms and Conditions attached to the Warrant Certificate issued by Anfield Energy Inc. and dated for reference September [•], 2023.

**ARTICLE 1** 

**INTERPRETATION** 

**1.1** **Definitions** 

In these Terms and Conditions, unless there is something in the subject matter or context inconsistent therewith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Common Shares**" means the common shares in the capital of the Company to be issued pursuant to
the exercise of Warrants as such shares were constituted on September [•], 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Company**" means Anfield Energy Inc. unless and until a successor company shall have become
such in the manner prescribed in Article 6, and thereafter "Company" shall mean such successor company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Company's Auditors**" means an independent firm of accountants duly appointed as auditors
of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Exchange**" means the TSX Venture Exchange or such other stock exchange on which the
Company's Common Shares are listed and posted for trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Exercise Price**" means the price of $0.095 per Common Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Expiry Time**" means 5:00 p.m. (Vancouver time) on September [•], 2028;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**herein** ", "**hereby**" and similar expressions refer to these Terms and
Conditions as the same may be amended or modified from time to time; and the expression "Article" and "Section" followed by a number refer to the specified Article or Section of these Terms and Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**person**" means an individual, corporation or company, partnership, trustee or any
unincorporated organization and words importing persons have a similar meaning;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Warrant** s" means the non-assignable and non-transferable warrants to purchase that number of
Common Shares evidenced by the Warrant Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Warrant Certificate**" means the certificate to which these Terms and Conditions are attached;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) words importing the singular number include the plural and vice versa and words importing the masculine gender
include the feminine and neuter genders.

**1.2** **Interpretation Not Affected by Headings** 

The division of these Terms and Conditions into Articles and Sections, and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation thereof.

**1.3** **Applicable Law** 

The terms hereof and of the Warrant shall be construed in accordance with the laws of the Province of British Columbia and the laws of Canada applicable thereto.

**ARTICLE 2** 

**ISSUE OF WARRANT** 

**2.1** **Issue of Warrants** 

That number of Warrants set out on the Warrant Certificate is hereby created and authorized to be issued.

**2.2** **Additional Warrants** 

Subject to any other written agreement between the Company and the Warrantholder, the Company may at any time and from time to time undertake further equity or debt financing and may issue additional Common Shares or warrants or grant options or similar rights to purchase Common Shares to any person.

**2.3** **Issue in Substitution for Lost Warrants** 

If the Warrant Certificate becomes mutilated, lost, destroyed or stolen:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall issue and deliver a new Warrant Certificate of like date and tenor as the one mutilated,
lost, destroyed or stolen, in exchange for and in place of and upon cancellation of such mutilated, lost, destroyed or stolen Warrant Certificate; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the holder shall bear the cost of the issue of a new Warrant Certificate hereunder and in the case of the loss,
destruction or theft of the Warrant Certificate, shall furnish to the Company such evidence of loss, destruction, or theft as shall be satisfactory to the Company in its discretion and the Company may also require the holder to furnish indemnity in
an amount and form satisfactory to the Company in its discretion, and shall pay the reasonable charges of the Company in connection therewith.

**2.4** **Warrantholder Not a Shareholder** 

The Warrant shall not constitute the holder a shareholder of the Company, nor entitle it to any right or interest in respect thereof except as may be expressly provided in the Warrant.

**ARTICLE 3** 

**EXERCISE OF THE WARRANTS** 

**3.1** **Method of Exercise of the Warrants** 

The right to purchase Common Shares conferred by the Warrant Certificate may be exercised, prior to the Expiry Time, by the holder surrendering this Warrant Certificate and delivering with it a duly completed and executed exercise form (the "**Exercise Form**") substantially in the form attached hereto as **Schedule** "**B**" and a certified cheque, bank draft or wire transfer payable to or to the order of the Company, at par in Vancouver, British Columbia, for the purchase price applicable at the time of surrender in respect of the Common Shares subscribed for in lawful money of Canada, to the Company.

**3.2** **Effect of Exercise of the Warrant** 

Upon surrender and payment as aforesaid the Common Shares so subscribed for shall be issued as fully paid and non-assessable Common Shares and the holder shall become the holder of record of such Common Shares on the date of such surrender and payment. Upon the exercise of all or any of the Warrants in the manner described above, the person or persons in whose name or names the Common Shares issuable upon exercise of the Warrants are to be issued shall be deemed for all purposes to be the holder or holders of record of such Common Shares on the date of such surrender and payment, within three (3) business days after surrender of the Warrant Certificate and payment, the Company shall forthwith cause the issuance and delivery to the person or persons a certificate for the Common Shares purchased as aforesaid at the address or addresses specified in the Exercise Form.

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**3.3** **Subscription for Less than Entitlement** 

The holder may subscribe for and purchase a number of Common Shares less than the total number which it is entitled to purchase on exercise of the Warrants represented by the surrendered Warrant Certificate. In the event of any purchase of a number of Common Shares less than the number which can be purchased pursuant to the Warrant Certificate, the holder shall be entitled to receive a new Warrant Certificate representing Warrants exercisable to acquire up to the balance of the Common Shares which the holder is entitled to purchase pursuant to the Warrant Certificate.

**3.4** **Expiration of the Warrants** 

If the Warrants are not exercised at or before the Expiry Time, all rights hereunder shall wholly cease and terminate and the Warrants shall be void and of no effect.

**ARTICLE 4** 

**ADJUSTMENTS** 

**4.1** **Adjustments** 

The number of Common Shares purchasable upon the exercise of each Warrant and the Exercise Price shall be subject to adjustment as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the event the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pay a dividend in Common Shares or make a distribution in Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subdivide its outstanding Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) combine its outstanding Common Shares into a smaller number of Common Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) issue by reclassification of its Common Shares other securities of the Company (including any such
reclassification in connection with a consolidation, merger, amalgamation or other combination in which the Company is the surviving company or in the case of any sale, transfer or lease to another company of all or substantially all of the property
of the Company);

the number of Common Shares (or other securities) purchasable upon exercise of each Warrant immediately prior thereto shall be adjusted so that the Warrantholder shall be entitled to receive the kind and number of Common Shares or other securities of the Company which it would have owned or have been entitled to receive after the happening of any of the events described above, had such Warrant been exercised immediately prior to the happening of such event or any record date with respect thereto. An adjustment made pursuant to this subsection (a) shall become effective immediately after the effective date of such event retroactive to the record date, if any, for such event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In case the Company shall issue rights, options or warrants to all or substantially all holders of its
outstanding Common Shares, without any charge to such holders, entitling them (for a period within 45 days after the record date mentioned below) to subscribe for or purchase Common Shares or securities convertible into or exchangeable for Common
Shares at a price per share which is lower than 95% of the current market price at the record date mentioned below than the then current market price per Common Share (as determined in accordance with subsection (e) below), the number of Common
Shares thereafter purchasable upon the exercise of each Warrant shall be determined by multiplying the number of Common Shares theretofore purchasable upon exercise of each Warrant by a fraction, of which the numerator shall be the number of Common
Shares outstanding on the date of issuance of such rights, options or warrants plus the number of additional Common Shares offered for subscription or purchase, and of which the denominator shall be the number of Common Shares outstanding on the
date of issuance of such rights, options or warrants plus the number of shares which the aggregate offering price of the total number of Common Shares so offered would purchase at the current market price per Common Share at such record date. Such
adjustment shall be made whenever such rights, options or warrants are issued, and shall become effective immediately after the record date for the determination of shareholders entitled to receive such rights, options or warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case the Company shall distribute to all or substantially all holders of its Common Shares evidence of its
indebtedness or assets (excluding cash dividends or distributions payable out of consolidated earnings or earned surplus and dividends or distributions referred to in subsection (a) above or in subsection (e) below or rights, options or
warrants, or convertible or exchangeable securities containing the right to subscribe for or purchase Common Shares (excluding those referred to in subsection (b) above)), then in each case the number of Common Shares thereafter purchasable
upon the exercise of each Warrant shall be determined by multiplying the number of Common Shares theretofore purchasable upon the exercise of each Warrant by a fraction, of which the numerator shall be the then current market price per Common Share
(as determined in accordance with subsection (e) below) on the date of such distribution, and of which the denominator shall be the then current market price per Common Share less the then fair value (as determined by the Board of Directors of
the Company, acting reasonably) of the portion of the assets or evidences of indebtedness so distributed or of such subscription rights, options or warrants, or of such convertible or exchangeable securities applicable to one Common Share. Such
adjustment shall be made whenever any such distribution is made, and shall become effective on the date of distribution retroactive to the record date for the determination of shareholders entitled to receive such distribution.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event of the distribution by the Company to all or substantially all of the holders of its Common Shares
of shares of a subsidiary or securities convertible or exercisable for such shares, then in lieu of an adjustment in the number of Common Shares purchasable upon the exercise of each Warrant, the Warrantholder of each Warrant, upon the exercise
thereof, shall receive from the Company, such subsidiary or both, as the Company shall reasonably determine, the shares or other securities to which such Warrantholder would have been entitled if such Warrantholder had exercised such Warrant
immediately prior thereto, all subject to further adjustment as provided in this section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the purpose of any computation under subsections (b) and (c) of this section 4.1, the current
market price per Common Share at any date shall be the weighted average price per Common Share for twenty-five (25) consecutive trading days, commencing not more than 45 trading days before such date on the stock exchange on which the Common
Shares are then traded; provided if the Common Shares are then traded on more than one stock exchange, then on the stock exchange on which the largest volume of Common Shares were traded during such twenty-five (25) consecutive trading day
period. The weighted average price per Common Share shall be determined by dividing the aggregate sale price of all Common Shares sold on such stock exchange or market, as the case may be, during the said twenty-five (25) consecutive trading
days by the total number of shares so sold. For purposes of this subsection (e), trading day means, with respect to a stock exchange, a day on which such exchange is open for the transaction of business. Should the Common Shares not be listed on any
stock exchange the current market price per Common Share at any date shall be determined by the Board of Directors of the Company, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In any case in which this Article 4 shall require that any adjustment in the Exercise Price be made effective
immediately after a record date for a specified event, the Company may elect to defer until the occurrence of the event the issuance, to the holder of any Warrant exercised after that record date, of the Common Shares and other shares of the
Company, if any, issuable upon the exercise of the Warrant over and above the Common Shares and other shares of the Company; provided, however, that the Company shall deliver to the holder an appropriate instrument evidencing the holder's right
to receive such additional shares upon the occurrence of the event requiring such adjustment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The adjustments are cumulative, provided that no adjustment in the number of Common Shares purchasable
hereunder shall be required unless such adjustment would require an increase or decrease of at least one percent (1%) in the number of Common Shares purchasable upon the exercise of each Warrant; provided, however, that any adjustments which by
reason of this subsection (g) are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations shall be made to the nearest one-hundredth of a share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Wherever the number of Common Shares purchasable upon the exercise of each Warrant is adjusted, as herein
provided, the Exercise Price payable upon exercise of each Warrant shall be adjusted by multiplying such Exercise Price immediately prior to such adjustment by a fraction, of which the numerator shall be the number of Common Shares purchasable upon
the exercise of such Warrant immediately prior to such adjustment, and of which the denominator shall be the number of Common Shares purchasable immediately thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No adjustment in the number of Common Shares purchasable upon the exercise of each Warrant need be made under
subsections (b), (c) and (d) if, the Company issues or distributes to the Warrantholder the rights, options, warrants, or convertible or exchangeable securities, or evidences of indebtedness or assets referred to in those subsections which
the Warrantholder would have been entitled to receive had the Warrants been exercised prior to the happening of such event or the record date with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) In the event that at any time, as a result of an adjustment made pursuant to subsections (a), (c) and
(d) above, the Warrantholder shall become entitled to purchase any securities of the Company other than Common Shares, thereafter the number of such other shares so purchasable upon exercise of each Warrant and the Exercise Price of such shares
shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Common Shares contained in subsections (a) through (i), inclusive, above, and the provisions of
sections 4.2 through 4.4, inclusive, of this Article 4 with respect to the Common Shares, shall apply on like terms to any such other securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Upon the expiration of any rights, options, warrants or conversion or exchange privileges, if any thereof shall
not have been exercised, the Exercise Price and the number of Common Shares purchasable upon the exercise of each Warrant shall, upon such expiration, be readjusted and shall thereafter be such as it would have been had it been originally adjusted
(or had the original adjustment not been required, as the case may be) as if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the only Common Shares so issued were the Common Shares, if any, actually issued or sold upon the exercise of
such rights, options, warrants or conversion or exchange rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Common Shares, if any, were issued or sold for the consideration actually received by the Company upon
such exercise plus the aggregate consideration, if any, actually received by the Company for the issuance, sale or grant of all such rights, options, warrants or conversion or exchange rights whether or not exercised;

provided further, that no such readjustment shall have the effect of increasing the Exercise Price or decreasing the number of Common Shares purchasable upon the exercise of each Warrant by an amount in excess of the amount of the adjustment initially made with respect to the issuance, sale or grant of such rights, options, warrants or conversion or exchange rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) If, in case at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company offers for subscription pro rata to the holders of its Common Shares any additional shares of stock
of any class or other rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there is a voluntary or involuntary dissolution, liquidation or winding-up of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in case of any event described in section 4.1(a) (a "**Reorganization** ");

then, and in any one or more of such cases, the Company will give to the Warrantholder at least 20 business days' prior written notice of the date on which the books of the Company will close or a record will be taken for such dividend, distribution or offer of subscription rights, or for determining rights to vote with respect to such dissolution, liquidation or winding-up or Reorganization and, in the case of such dissolution, liquidation or winding-up or Reorganization, at least 20 days' prior written notice of the date when the same will take place. Such notice in accordance with the foregoing clause will also specify, in the case of any such dividend, distribution or offer of subscriptions rights, the date on which the holders of the Common Shares will be entitled thereto, and such notice in accordance with the foregoing will also specify the date on which the holders of the Common Shares will be entitled to exchange the Common Shares for securities or other property deliverable upon such dissolution, liquidation or winding-up or Reorganization, as the case may be. Each such written notice will be given to the Warrantholder in accordance with the manner stated herein.

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**4.2** **Voluntary Adjustment by the Company** 

Subject to requisite Exchange approval, the Company may, at its option, at any time during the term of the Warrants, reduce the then current Exercise Price to any amount deemed appropriate by the Board of Directors of the Company.

**4.3** **Notice of Adjustment** 

Whenever the number of Common Shares purchasable upon the exercise of each Warrant or the Exercise Price of such Common Shares is adjusted, as herein provided, the Company shall promptly, and not more than 10 business days from the effective date of such adjustment or adjustments, send to the Warrantholder by first class mail, postage prepaid, notice of such adjustment or adjustments.

**4.4** **No Adjustment for Dividends** 

Except as provided in section 4.1 of this Article 4, no adjustment in respect of any dividends shall be made during the term of a Warrant or upon the exercise of a Warrant.

**4.5** **Preservation of Purchase Rights Upon Merger, Consolidation, etc.** 

In connection with any consolidation of the Company with, or amalgamation or merger of the Company with or into, another company (including, without limitation, pursuant to a "takeover bid", "tender offer" or other acquisition of all or substantially all of the outstanding Common Shares) or in case of any sale, transfer or lease to another company of all or substantially all the property of the Company, the Company or such successor or purchasing company, as the case may be, shall execute with the Warrantholder an agreement that the Warrantholder shall have the right thereafter, upon payment of the Exercise Price in effect immediately prior to such action, to purchase upon exercise of each Warrant the kind and amount of shares and other securities and property which it would have owned or have been entitled to receive after the happening of such consolidation, amalgamation, merger, sale, transfer or lease had such Warrant been exercised immediately prior to such action, and the Warrantholder shall be bound to accept such shares and other securities and property in lieu of the Common Shares to which it was previously entitled; provided, however, that no adjustment in respect of dividends, interest or other income on or from such shares or other securities and property shall be made during the term of a Warrant or upon the exercise of a Warrant. Any such agreement shall provide for adjustments, which shall be as nearly equivalent as may be practicable to the adjustments provided for in this **Schedule** "**A**". The provisions of this Article 4 shall similarly apply to successive consolidations, mergers, amalgamation, sales, transfers or leases.

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**4.6** **Determination of Adjustments** 

If any questions shall at any time arise with respect to the Exercise Price, such question shall be conclusively determined by the Company's Auditors, or, if they decline to so act, any other firm of Chartered Accountants, in Vancouver, British Columbia, that the Company may designate and the Warrantholder, acting reasonably, may approve, and who shall have access to all appropriate records and such determination shall be binding upon the Company and the holder.

**ARTICLE 5** 

**COVENANTS BY THE COMPANY** 

**5.1** **Reservation of Common Shares** 

The Company will reserve and there will remain unissued out of its authorized capital a sufficient number of Common Shares to satisfy the rights of acquisition provided for in the Warrant Certificate.

**5.2** **New Covenants** 

The Company covenants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Common Shares which shall be so issuable on due exercise of the Warrants will, upon issuance, be issued as
fully paid and non-assessable Common Shares in the capital of the Company and free from all liens, charges and encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) until the Expiry Time, the Company shall use commercially reasonable efforts to preserve and maintain its
corporate existence, remain a reporting issuer not in default of the requirements of the applicable securities laws in British Columbia and Alberta and to ensure that the Company shall make all requisite filings under applicable securities
legislation necessary to remain a reporting issuer not in default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company shall use its commercially reasonable efforts to ensure the Common Shares of the Company are listed
and posted for trading on the Exchange or such other stock exchange or over-the-counter market as the Common Shares may be listed or quoted (as the case may be) at the time of exercise of the Warrants. Provided that the covenants in section 5.2(b)
and (c) shall not restrict the Company from engaging in or from completing any transaction which would result in the Company ceasing to be a "reporting issuer" so long as the holders of Warrants receive securities of an entity which
is listed on a stock exchange in Canada, or cash, or the holders of the Common Shares have approved the transaction in accordance with the requirements of applicable laws and the policies of the Exchange; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the issuance of Common Shares of the Company upon exercise of the Warrants requires any filing or
registration with or approval of any Canadian securities regulatory authority or other Canadian governmental authority or compliance with any other requirement under any Canadian law before such Common Shares of the Company may be validly issued
(other than the filing of a prospectus or similar disclosure document), the Company agrees to take make commercially reasonable efforts to secure such filing, registration, approval or compliance, as the case may be.

**ARTICLE 6** 

**MERGER AND SUCCESSORS** 

**6.1** **Company May Consolidate, etc. on Certain Terms** 

Nothing herein contained shall prevent any consolidation, amalgamation or merger of the Company with or into any other company or companies, or a conveyance or transfer of all or substantially all the properties and estates of the Company as an entirety to any company lawfully entitled to acquire and operate same, provided, however, that the company formed by such consolidation, amalgamation or merger or which acquires by conveyance or transfer all or substantially all the properties and estates of the Company as an entirety shall, simultaneously with such amalgamation, merger, conveyance or transfer, assume the due and punctual performance and observance of all the covenants and conditions hereof to be performed or observed by the Company.

**6.2** **Successor Company Substituted** 

In case the Company, pursuant to section 6.1 shall be consolidated, amalgamated or merged with or into any other company or companies or shall convey or transfer all or substantially all of its properties and estates as an entirety to any other company, the successor company formed by such consolidation or amalgamation, or into which the Company shall have been consolidated, amalgamated or merged or which shall have received a conveyance or transfer as aforesaid, shall succeed to and be substituted for the Company hereunder and such changes in phraseology and form (but not in substance) may be made in the Warrant Certificate and herein as may be appropriate in view of such amalgamation, merger or transfer.

**ARTICLE 7** 

**AMENDMENTS** 

**7.1** **Amendment, etc.** 

This Warrant Certificate may only be amended by a written instrument signed by the parties hereto.

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**ARTICLE 8** 

**MISCELLANEOUS** 

**8.1** **Time** 

Time is of the essence for the terms of this Warrant Certificate.

**8.2** **Notice** 

Any notice or other communication required to be given by the Company under this Warrant, whether to the Warrantholder or otherwise, shall be delivered to the Warrantholder at the address provided on the first page of this Warrant by hand (including by courier) or by mail.

Any notice or other communication so given shall be deemed to have been given and received when delivered, if delivered, and upon transmission, if telecopied, and if the date of such transmission is not a business day, on the next ensuing business day.

**8.3** **Transfer and Assignment of Warrant** 

The Warrant, and the rights evidenced hereby, are non-transferable and non-assignable except as permitted under the policies of the Exchange or by the securities acts and regulations, statements, orders, notices, directions, rulings and rules thereunder, of British Columbia and Alberta.

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**SCHEDULE "B"** 

EXERCISE FORM

TO: **ANFIELD ENERGY INC.** 

Terms which are not otherwise defined herein shall have the meanings ascribed to such terms in the Warrant Certificate held by the undersigned and issued by Anfield Energy Inc. (the "**Company**").

The undersigned hereby exercises the right to acquire Common Shares of the Company in accordance with and subject to the provisions of such Warrant Certificate and herewith makes payment of the purchase price in full for the said number of Common Shares.

The Common Shares are to be issued as follows:

Name:

Address in full:

Note: If further nominees are intended, please attach (and initial) a schedule giving these particulars.

DATED this day of , 20

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| |
|:---|
| (Signature of Warrantholder) |
| Print full name |
| Print full address |

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<u>Instructions:</u> 

1. The registered holder may exercise its right to receive Common Shares by completing this form and surrendering
this form and the Warrant Certificate representing the Warrants being exercised to the Company.

2. If the Exercise Form indicates that Common Shares are to be issued to a person or persons other than the
registered holder of the Warrant Certificate, the signature of such holder of the Exercise Form must be guaranteed by an authorized officer of a chartered bank, trust company or an investment dealer who is a member of a recognized stock exchange.

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3. If the Exercise Form is signed by a trustee, exercise, administrator, curator, guardian, attorney, officer of a
Company or any person acting in a judiciary or representative capacity, the certificate must be accompanied by evidence of authority to sign satisfactory to the Company.

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**SCHEDULE E** 

**CERTIFICATION OF ACCREDITED INVESTOR STATUS** 

In addition to the representations, warranties acknowledgments and agreements contained in the Agreement to which this Certification of Accredited Investor Status is attached, each of the Lenders hereby represents, warrants and certifies to the Borrower that such Lender is acquiring the Securities set out in the Agreement as principal, it is resident in the jurisdiction set out on Schedule "A" of the Agreement and such Lender is **[check appropriate box and complete related blanks]**:

LI (a) except in Ontario, a Canadian financial institution, or a Schedule III bank;

LI (b) except in Ontario, the Business Development Bank of Canada incorporated under the *Business Development Bank of Canada Act* (Canada);

LI (c) except in Ontario, a subsidiary of any person referred to in paragraphs (a) or (b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary; 

LI (d) except in Ontario, a person registered under the securities legislation of a jurisdiction of Canada, as an adviser or dealer;

LI (e) except in Ontario, the Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada;

LI (f) except in Ontario, a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l'île de Montréal or an intermunicipal management board in Québec;

LI (g) except in Ontario, any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government;

LI (h) except in Ontario, a pension fund that is regulated by the Office of the Superintendent of Financial Institutions (Canada), a pension commission or similar regulatory authority of a jurisdiction of Canada;

LI (i) a person, other than an individual or investment fund, that has net assets of at least $5,000,000 as shown on its most recently prepared financial statements; 

LI (j) an investment fund that distributes or has distributed its securities only to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a person that is or was an accredited investor at the time of the distribution;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a person that acquires or acquired securities in the circumstances referred to in sections 2.10 [Minimum amount
investment], or 2.19 [Additional investment in investment funds] of NI 45-106, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18
[Investment fund reinvestment] of NI 45-106;

LI (k) an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Quebec, the securities regulatory authority, has issued a receipt;

LI (l) a trust company or trust corporation registered or authorized to carry on business under the *Trust and Loan Companies Act* (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be; 

LI (m) a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction;

LI (n) a registered charity under the *Income Tax Act* (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded; 

" (o) an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (h) in form and function;

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| | |
|:---|:---|
| " | (p) a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors;  |

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" (q) an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser;

" (r) a person that is recognized or designated by the securities regulatory authority or, except in Ontario and Quebec, the regulator as an accredited investor; or

**AND** 

If the Lender is a resident of, or otherwise subject to the securities laws of, Ontario, the Lender is **[check appropriate box]**:

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" (aa) a bank listed in Schedule I, II or III to the *Bank Act* (Canada);

" (bb) an association to which the *Cooperative Credit Associations Act* (Canada) applies or a central cooperative credit society for which an order has been made under subsection 473(1) of that Act;

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| | |
|:---|:---|
| " | (cc) a loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse populaire, financial services cooperative or credit union league or federation that is authorized by a statute of Canada or Ontario to carry on business in Canada or Ontario, as the case may be;  |

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" (dd) the Business Development Bank of Canada;

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| | |
|:---|:---|
| " | (ee) a subsidiary of any person or company referred to in clause (aa), (bb), (cc) or (dd), if the person or company owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary;  |

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" (ff) a person or company registered under the securities legislation of a province or territory of Canada as an adviser or dealer, except as otherwise prescribed by the regulations;

" (gg) the Government of Canada, the government of a province or territory of Canada, or any Crown corporation, agency or wholly owned entity of the Government of Canada or of the government of a province or territory of Canada;

" (hh) a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l'Île de Montréal or an intermunicipal management board in Quebec;

" (ii) any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government;

" (jj) a pension fund that is regulated by either the Office of the Superintendent of Financial Institutions (Canada) or a pension commission or similar regulatory authority of a province or territory of Canada;

" (kk) a person or company that is recognized or designated by the Ontario Securities Commission as an accredited investor; or

" (ll) such other persons or companies as may be prescribed by the regulations under the *Securities Act* (Ontario).

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**<u>Definitions</u>**:

"**Canadian financial institution**" means

(a) an association governed by the *Cooperative Credit Associations Act* (Canada) or a central cooperative
credit society for which an order has been made under section 473(1) of that Act, or

(b) a bank, loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union,
caisse populaire, financial services cooperative, or league that, in each case, is authorized by an enactment of Canada or a jurisdiction of Canada to carry on business in Canada or a jurisdiction of Canada;

"**fully managed account**" means an account of a client for which a person makes the investment decisions if that person has full discretion to trade in securities for the account without requiring the client's express consent to a transaction;

"**investment fund**" has the same meaning as in National Instrument 81-106 Investment Fund Continuous Disclosure; "**person**" includes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an individual,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a corporation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a partnership, trust, fund and an association, syndicate, organization or other organized group of persons,
whether incorporated or not, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an individual or other person in that person's capacity as a trustee, executor, administrator or personal
or other legal representative;

"**Schedule III bank**" means an authorized foreign bank named in Schedule III of the *Bank Act* (Canada);

"**subsidiary**" means an issuer that is controlled directly or indirectly by another issuer and includes a subsidiary of that subsidiary;

**\* \* \* \* \* \* \*** 

The representations, warranties, statements and certification made in this Certificate are true and accurate as of the date of this Certificate and will be true and accurate as of the closing. If any such representation, warranty, statement or certification becomes untrue or inaccurate prior to the closing, the Lender shall give the Borrower immediate written notice thereof.

Each of the Lenders acknowledges and agrees that the Borrower will and can rely on this Certificate in connection with such Lender's subscription of the Securities.

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IN WITNESS, the undersigned has executed this Certificate as of the<u> </u> day of<u> </u> , 2023.

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| |
|:---|
| *Print Name of Lender* |
| *Signature of Authorized Signatory* |
| *Name and Position of Authorized Signatory* |
| *Jurisdiction of Residence of Lender* |

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<u>SCHEDULE F</u>

<u>FORM OF 2025 WARRANT</u>

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**<u>THIS WARRANT CERTIFICATE IS VOID IF NOT EXERCISED</u>** 

**<u>WITHIN THE TIME LIMITS HEREIN PROVIDED</u>** 

**<u>WARRANT CERTIFICATE</u>** 

**<u>THESE WARRANTS ARE NON-ASSIGNABLE AND NON-TRANSFERABLE</u>** 

**<u>ANFIELD ENERGY INC.</u>** 

<u>(Incorporated under the laws of the Province of British Columbia)</u>

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| | |
|:---|:---|
| <u>WARRANT</u> <br><u>NO. **2025-W#002**</u> | <u>59,925,000 WARRANTS entitling the holder to acquire, subject to adjustment, one Common Share</u> <u>for each Warrant represented hereby.</u> |

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<u>THIS IS TO CERTIFY THAT</u> <u>**Extract Capital Master Fund Ltd.,**</u>[\*\*\*] <u>(hereinafter referred to as the "**holder**" or the "**Warrantholder**") the holder of these Warrants, is entitled to acquire for each Warrant represented hereby, in the manner and subject to the conditions, restrictions and adjustments set forth herein, at any time and from time to time until 5:00 p.m. (Vancouver time) on September 26, 2028 (the "**Expiry Time**"), one fully paid and non-assessable common share (a "**Common Share**") in the capital of Anfield Energy Inc. (the "**Company**") at a price of C$0.15 per</u> <u>Common Share.</u>

<u>The Warrants may only be exercised at the head office of the Company at 4390 Grange Street, Suite 2005, Burnaby, British Columbia V5H 1P6.</u>

<u>The Warrants are issued subject to the terms and conditions appended hereto as **Schedule "A"**.</u>

<u>IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be executed by a duly authorized officer.</u>

<u>DATED for reference this [•]<sup>th</sup> day of February, 2025.</u>

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| | |
|:---|:---|
| **<u>ANFIELD ENERGY INC</u>**<u>.</u> | **<u>ANFIELD ENERGY INC</u>**<u>.</u> |
| <u>Per:</u> |  |
|  | <u>Authorized Signatory</u> |

---

*<u>(See terms and conditions attached hereto)</u>* 

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**<u>SCHEDULE "A"</u>** 

<u>TERMS AND CONDITIONS FOR WARRANTS</u>

<u>Terms and Conditions attached to the Warrant Certificate issued by Anfield Energy Inc. and dated for reference [•], 2025.</u>

**<u>ARTICLE 1</u>** 

**<u>INTERPRETATION</u>** 

**<u>1.1</u>**  **<u>Definitions</u>** 

<u>In these Terms and Conditions, unless there is something in the subject matter or context inconsistent therewith:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>" **Common Shares**" means the common shares in the capital of the Company to be issued pursuant to the exercise of Warrants as such shares were constituted on [•], 2025;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>" **Company**" means Anfield Energy Inc. unless and until a successor company shall have become such in the manner prescribed in Article 6, and thereafter "Company" shall mean such successor company;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>" **Company's Auditors**" means an independent firm of accountants duly appointed as auditors of the Company;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> <u>" **Exchange**" means the TSX Venture Exchange or such other stock exchange on which the Company's Common Shares are listed and posted for trading;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u> <u>" **Exercise Price**" means the price of C$0.15 per Common Share;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(f)</u> <u>" **Expiry Time**" means 5:00 p.m. (Vancouver time) on September 26, 2028;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(g)</u> <u>" **herein** ", "**hereby**" and similar expressions refer to these Terms and Conditions</u> <u>as the same may be amended</u> <u>or</u> <u>modified from time to time;</u> <u>and the expression "Article" and "Section" followed by a number refer to the specified Article or Section of these Terms and Conditions;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(h)</u> <u>" **person**" means an individual, corporation or company, partnership, trustee or any unincorporated organization and words importing persons have a similar meaning;</u> 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>" **Warrant** s" means the non-assignable and non-transferable warrants to purchase that number of Common Shares evidenced by the Warrant Certificate;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(j)</u> <u>" **Warrant Certificate**" means the certificate to which these Terms and Conditions are attached; and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(k)</u> <u>words importing the singular number include the plural and vice versa and words importing the masculine gender include the feminine and neuter genders.</u> 

**<u>1.2</u>**  **<u>Interpretation Not Affected by Headings</u>** 

<u>The division of these Terms and Conditions into Articles and Sections, and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation thereof.</u>

**<u>1.3</u>**  **<u>Applicable Law</u>** 

<u>The terms hereof and of the Warrant shall be construed in accordance with the laws of the Province of British Columbia and the laws of Canada applicable thereto.</u>

**<u>ARTICLE 2</u>** 

**<u>ISSUE OF WARRANTS</u>** 

**<u>2.1</u>**  **<u>Issue of Warrants</u>** 

<u>That number of Warrants set out on the Warrant Certificate is hereby created and authorized to be issued.</u>

**<u>2.2</u>**  **<u>Additional Warrants</u>** 

<u>Subject to any other written agreement between the Company and the Warrantholder, the Company may at any time and from time to time undertake further equity or debt financing and may issue additional Common Shares or warrants or grant options or similar rights to purchase Common Shares to any person.</u>

**<u>2.3</u>**  **<u>Issue in Substitution for Lost Warrants</u>** 

<u>If the Warrant Certificate becomes mutilated, lost, destroyed or stolen:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>the Company shall issue and deliver a new Warrant Certificate of like date and tenor as the one mutilated, lost, destroyed or stolen, in exchange for and in place of and upon cancellation of such mutilated, lost, destroyed or stolen Warrant Certificate; and</u> 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>the holder shall bear the cost of the issue of a new Warrant Certificate hereunder and in the case of the loss, destruction or theft of the Warrant Certificate, shall furnish to the Company such evidence of loss, destruction, or theft as shall be satisfactory to the Company in its discretion and the Company may also require the holder to furnish indemnity in an amount and form satisfactory to the Company in its discretion, and shall pay the reasonable charges of the Company in connection therewith.</u> 

**<u>2.4</u>**  **<u>Warrantholder Not a Shareholder</u>** 

<u>The Warrant shall not constitute the holder a shareholder of the Company, nor entitle it to any right or interest in respect thereof except as may be expressly provided in the Warrant.</u>

**<u>ARTICLE 3</u>** 

**<u>EXERCISE OF THE WARRANTS</u>** 

**<u>3.1</u>**  **<u>Method of Exercise of the Warrants</u>** 

<u>The right to purchase Common Shares conferred by the Warrant Certificate may be exercised, prior to the Expiry Time, by the holder surrendering this Warrant Certificate and delivering with it a duly completed and executed exercise form (the "**Exercise Form**") substantially in the form attached hereto as **Schedule** "**B**" and a certified cheque, bank draft or wire transfer payable to or to the order of the Company, at par in Vancouver, British Columbia, for the purchase price applicable at the time of surrender in respect of the Common Shares subscribed for in lawful money of Canada, to the Company.</u>

**<u>3.2</u>**  **<u>Restriction on Exercise</u>** 

<u>The holder undertakes not to exercise Warrants into Common Shares of the Company if it would result in the holder holding in excess of 20% of the Company's issued and outstanding Common Shares on an undiluted basis without the prior written approval of the Exchange, including any disinterested shareholder approval as may be required by the Exchange.</u>

**<u>3.3</u>**  **<u>Effect of Exercise of the Warrant</u>** 

<u>Upon surrender and payment as aforesaid the Common Shares so subscribed for shall be issued as fully paid and non-assessable Common Shares and the holder shall become the holder of record of such Common Shares on the date of such surrender and payment.</u>

<u>Upon the exercise of all or any of the Warrants in the manner described above, the person or persons in whose name or names the Common Shares issuable upon exercise of the Warrants are to be issued shall be deemed for all purposes to be the holder or holders of record of such Common Shares on the date of such surrender and payment, within three (3) business days after</u> <u>surrender of the Warrant Certificate and payment, the Company shall forthwith cause the issuance and delivery to the person or persons a certificate for the Common Shares purchased as aforesaid at the address or addresses specified in the Exercise Form.</u>

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**<u>3.4</u>**  **<u>Subscription for Less than Entitlement</u>** 

<u>The holder may subscribe for and purchase a number of Common Shares less than the total number which it is entitled to purchase on exercise of the Warrants represented by the surrendered Warrant Certificate. In the event of any purchase of a number of Common Shares less than the number which can be purchased pursuant to the Warrant Certificate, the holder shall be entitled to receive a new Warrant Certificate representing Warrants exercisable to acquire up to the balance of the Common Shares which the holder is entitled to purchase pursuant to the Warrant Certificate.</u>

**<u>3.5</u>**  **<u>Expiration of the Warrants</u>** 

<u>If the Warrants are not exercised at or before the Expiry Time, all rights hereunder shall wholly cease and terminate and the Warrants shall be void and of no effect.</u>

**<u>ARTICLE 4</u>** 

**<u>ADJUSTMENTS</u>** 

**<u>4.1</u>**  **<u>Adjustments</u>** 

<u>The number of Common Shares purchasable upon the exercise of each Warrant and the Exercise Price shall be subject to adjustment as follows:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>in the event the Company shall:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>pay a dividend in Common Shares or make a distribution in Common Shares;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>subdivide its outstanding Common Shares;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>combine its outstanding Common Shares into a smaller number of Common Shares; or</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> <u>issue by reclassification of its Common Shares other securities of the Company (including any such reclassification in connection with a consolidation, merger, amalgamation or other combination in which the Company is the surviving company or in the case of any sale, transfer or lease to another company of all or substantially all of the property of the Company);</u> <u> </u> 

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<u>the number of Common Shares (or other securities) purchasable upon exercise of each Warrant immediately prior thereto shall be adjusted so that the Warrantholder shall be entitled to receive the kind and number of Common Shares or other securities of the Company which it would have owned or have been entitled to receive after the happening of any of the events described above, had such Warrant been exercised immediately prior to the happening of such event or any record date with respect thereto. An adjustment made pursuant to this subsection (a) shall become effective immediately after the effective date of such event retroactive to the record date, if any, for such event.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>In case the Company shall issue rights, options or warrants to all or substantially all holders of its outstanding Common Shares, without any charge to such holders, entitling them (for a period within 45 days after the record date mentioned below) to subscribe for or purchase Common Shares or securities convertible into or exchangeable for Common Shares at a price per share which is lower than 95% of the current market price at the record date mentioned below than the then current market price per Common Share (as determined in accordance with subsection (e) below), the number of Common Shares thereafter purchasable upon the exercise of each Warrant shall be determined by multiplying the number of Common Shares theretofore purchasable upon exercise of each Warrant by a fraction, of which the numerator shall be the number of Common Shares outstanding on the date of issuance of such rights, options or warrants plus the number of additional Common Shares offered for subscription or purchase, and of which the denominator shall be the number of Common Shares outstanding on the date of issuance of such rights, options or warrants plus the number of shares which the aggregate offering price of the total number of Common Shares so offered would purchase at the current market price per Common Share at such record date. Such adjustment shall be made whenever such rights, options or warrants are issued, and shall become effective immediately after the record date for the determination of shareholders entitled to receive such rights, options or warrants.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>In case the Company shall distribute to all or substantially all holders of its Common Shares evidence of its indebtedness or assets (excluding cash dividends or distributions payable out of consolidated earnings or earned surplus and dividends or distributions referred to in subsection (a) above or in subsection (e) below or rights, options or warrants, or convertible or exchangeable securities containing the right to subscribe for or purchase Common Shares (excluding those referred to in subsection (b) above)), then in each case the number of Common Shares thereafter purchasable upon the exercise of each Warrant shall be determined by multiplying the number of Common Shares theretofore purchasable upon the exercise of each Warrant by a fraction, of which the</u> <u>numerator shall be the then current market price per Common Share (as determined in accordance with subsection (e) below) on the date of such distribution, and of which the denominator shall be the then current market price per Common Share less the then fair value (as determined by the Board of Directors of the Company, acting reasonably) of the portion of the assets or evidences of indebtedness so distributed or of such subscription rights, options or warrants, or of such convertible or exchangeable securities applicable to one Common Share. Such adjustment shall be made whenever any such distribution is made, and shall become effective on the date of distribution retroactive to the record date for the determination of shareholders entitled to receive such distribution.</u> 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> <u>In the event of the distribution by the Company to all or substantially all of the holders of its Common Shares of shares of a subsidiary or securities convertible or exercisable for such shares, then in lieu of an adjustment in the number of Common Shares purchasable upon the exercise of each Warrant, the Warrantholder of each Warrant, upon the exercise thereof, shall receive from the Company, such subsidiary or both, as the Company shall reasonably determine, the shares or other securities to which such Warrantholder would have been entitled if such Warrantholder had exercised such Warrant immediately prior thereto, all subject to further adjustment as provided in this section 4.1.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u> <u>For the purpose of any computation under subsections (b) and (c) of this section 4.1, the current market price per Common Share at any date shall be the weighted average price per Common Share for twenty-five (25) consecutive trading days, commencing not more than 45 trading days before such date on the stock exchange on which the Common Shares are then traded; provided if the Common Shares are then traded on more than one stock exchange, then on the stock exchange on which the largest volume of Common Shares were traded during such twenty-five (25) consecutive trading day period. The weighted average price per Common Share shall be determined by dividing the aggregate sale price of all Common Shares sold on such stock exchange or market, as the case may be, during the said twenty-five (25) consecutive trading days by the total number of shares so sold. For purposes of this subsection (e), trading day means, with respect to a stock exchange, a day on which such exchange is open for the transaction of business. Should the Common Shares not be listed on any stock exchange the current market price per Common Share at any date shall be determined by the Board of Directors of the Company, acting reasonably.</u> 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(f)</u> <u>In any case in which this Article 4 shall require that any adjustment in the Exercise Price be made effective immediately after a record date for a specified</u> <u>event, the Company may elect to defer until the occurrence of the event the issuance, to the holder of any Warrant exercised after that record date, of the Common Shares and other shares of the Company, if any, issuable upon the exercise of the Warrant over and above the Common Shares and other shares of the Company; provided, however, that the Company shall deliver to the holder an appropriate instrument evidencing the holder's right to receive such additional shares upon the occurrence of the event requiring such adjustment.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(g)</u> <u>The adjustments are cumulative, provided that no adjustment in the number of Common Shares purchasable hereunder shall be required unless such adjustment would require an increase or decrease of at least one percent (1%) in the number of Common Shares purchasable upon the exercise of each Warrant; provided, however, that any adjustments which by reason of this subsection (g) are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations shall be made to the nearest one-hundredth of a share.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(h)</u> <u>Wherever the number of Common Shares purchasable upon the exercise of each Warrant is adjusted, as herein provided, the Exercise Price payable upon exercise of each Warrant shall be adjusted by multiplying such Exercise Price immediately prior to such adjustment by a fraction, of which the numerator shall be the number of Common Shares purchasable upon the exercise of such Warrant immediately prior to such adjustment, and of which the denominator shall be the number of Common Shares purchasable immediately thereafter.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>No adjustment in the number of Common Shares purchasable upon the exercise of each Warrant need be made under subsections (b), (c) and (d) if, the Company issues or distributes to the Warrantholder the rights, options, warrants, or convertible or exchangeable securities, or evidences of indebtedness or assets referred to in those subsections which the Warrantholder would have been entitled to receive had the Warrants been exercised prior to the happening of such event or the record date with respect thereto.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(j)</u> <u>In the event that at any time, as a result of an adjustment made pursuant to subsections (a), (c) and (d) above, the Warrantholder shall become entitled to purchase any securities of the Company other than Common Shares, thereafter the number of such other shares so purchasable upon exercise of each Warrant and the Exercise Price of such shares shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Common Shares contained in subsections (a) through (i), inclusive, above, and the provisions of sections 4.2 through 4.4, inclusive, of this</u> <u>Article 4 with respect to the Common Shares, shall apply on like terms to any such other securities.</u> 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(k)</u> <u>Upon the expiration of any rights, options, warrants or conversion or exchange privileges, if any thereof shall not have been exercised, the Exercise Price and the number of Common Shares purchasable upon the exercise of each Warrant shall, upon such expiration, be readjusted and shall thereafter be such as it would have been had it been originally adjusted (or had the original adjustment not been required, as the case may be) as if:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the only Common Shares so issued were the Common Shares, if any, actually issued or sold upon the exercise of such rights, options, warrants or conversion or exchange rights; and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>such Common Shares, if any, were issued or sold for the consideration actually received by the Company upon such exercise plus the aggregate consideration, if any, actually received by the Company for the issuance, sale or grant of all such rights, options, warrants or conversion or exchange rights whether or not exercised;</u> 

<u>provided further, that no such readjustment shall have the effect of increasing the Exercise Price or decreasing the number of Common Shares purchasable upon the exercise of each Warrant by an amount in excess of the amount of the adjustment initially made with respect to the issuance, sale or grant of such rights, options, warrants or conversion or exchange rights.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(l)</u> <u>If, in case at any time:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>the Company offers for subscription pro rata to the holders of its Common Shares any additional shares of stock of any class or other rights;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>there is a voluntary or involuntary dissolution, liquidation or winding-up of the Company; or</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>in case of any event described in section 4.1(a) (a "**Reorganization** ");</u> 

<u>then, and in any one or more of such cases, the Company will give to the Warrantholder at least 20 business days' prior written notice of the date on which the books of the Company will close or a record will be taken for such dividend, distribution or offer of subscription rights, or for determining rights to vote with respect to such dissolution, liquidation or winding-up or Reorganization and, in the case of such dissolution, liquidation or winding-up or Reorganization, at least 20 days' prior written notice of the date when the same will take place. Such notice in accordance with the foregoing clause will also specify, in the case of any such dividend,</u> <u>distribution or offer of subscriptions rights, the date on which the holders of the Common Shares will be entitled thereto, and such notice in accordance with the foregoing will also specify the date on which the holders of the Common Shares will be entitled to exchange the Common Shares for securities or other property deliverable upon such dissolution, liquidation or winding-up or Reorganization, as the case may be. Each such written notice will be given to the Warrantholder in accordance with the manner stated herein.</u>

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**<u>4.2</u>**  **<u>Voluntary Adjustment by the Company</u>** 

<u>Subject to requisite Exchange approval, the Company may, at its option, at any time during the term of the Warrants, reduce the then current Exercise Price to any amount deemed appropriate by the Board of Directors of the Company.</u>

**<u>4.3</u>**  **<u>Notice of Adjustment</u>** 

<u>Whenever the number of Common Shares purchasable upon the exercise of each Warrant or the Exercise Price of such Common Shares is adjusted, as herein provided, the Company shall promptly, and not more than 10 business days from the effective date of such adjustment or adjustments, send to the Warrantholder by first class mail, postage prepaid, notice of such adjustment or adjustments.</u>

**<u>4.4</u>**  **<u>No Adjustment for Dividends</u>** 

<u>Except as provided in section 4.1 of this Article 4, no adjustment in respect of any dividends shall be made during the term of a Warrant or upon the exercise of a Warrant.</u>

**<u>4.5</u>**  **<u>Preservation of Purchase Rights Upon Merger, Consolidation, etc.</u>** 

<u>In connection with any consolidation of the Company with, or amalgamation or merger of the Company with or into, another company (including, without limitation, pursuant to a "takeover bid", "tender offer" or other acquisition of all or substantially all of the outstanding Common Shares) or in case of any sale, transfer or lease to another company of all or substantially all the property of the Company, the Company or such successor or purchasing company, as the case may be, shall execute with the Warrantholder an agreement that the Warrantholder shall have the right thereafter, upon payment of the Exercise Price in effect immediately prior to such action, to purchase upon exercise of each Warrant the kind and amount of shares and other securities and property which it would have owned or have been entitled to receive after the happening of such consolidation, amalgamation, merger, sale, transfer or lease had such Warrant been exercised immediately prior to such action, and the Warrantholder shall be bound to accept such shares and other securities and property in lieu of the Common Shares to which it was previously entitled; provided, however, that no adjustment in respect of dividends, interest or other income on or from such shares or other securities and property shall be made during the term of a Warrant or</u> <u>upon the exercise of a Warrant. Any such agreement shall provide for adjustments, which shall be as nearly equivalent as may be practicable to the adjustments provided for in this **Schedule** "**A**". The provisions of this Article 4 shall similarly apply to successive consolidations, mergers, amalgamation, sales, transfers or leases.</u>

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**<u>4.6</u>**  **<u>Determination of Adjustments</u>** 

<u>If any questions shall at any time arise with respect to the Exercise Price, such question shall be conclusively determined by the Company's Auditors, or, if they decline to so act, any other firm of Chartered Accountants, in Vancouver, British Columbia, that the Company may designate and the Warrantholder, acting reasonably, may approve, and who shall have access to all appropriate records and such determination shall be binding upon the Company and the holder.</u>

**<u>ARTICLE 5</u>** 

**<u>COVENANTS BY THE COMPANY</u>** 

**<u>5.1</u>**  **<u>Reservation of Common Shares</u>** 

<u>The Company will reserve and there will remain unissued out of its authorized capital a sufficient number of Common Shares to satisfy the rights of acquisition provided for in the Warrant Certificate.</u>

**<u>5.2</u>**  **<u>New Covenants</u>** 

<u>The Company covenants and agrees that:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>all Common Shares which shall be so issuable on due exercise of the Warrants will, upon issuance, be issued as fully paid and non-assessable Common Shares in the capital of the Company and free from all liens, charges and encumbrances;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>until the Expiry Time, the Company shall use commercially reasonable efforts to preserve and maintain its corporate existence, remain a reporting issuer not in default of the requirements of the applicable securities laws in British Columbia and Alberta and to ensure that the Company shall make all requisite filings under applicable securities legislation necessary to remain a reporting issuer not in default;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>the Company shall use its commercially reasonable efforts to ensure the Common Shares of the Company are listed and posted for trading on the Exchange or such other stock exchange or over-the-counter market as the Common Shares may be listed or quoted (as the case may be) at the time of exercise of the Warrants. Provided that the covenants in section 5.2(b) and (c) shall not restrict the Company from engaging in or from completing any transaction which would</u> <u>result in the Company ceasing to be a "reporting issuer" so long as the holders of Warrants receive securities of an entity which is listed on a stock exchange in Canada, or cash, or the holders of the Common Shares have approved the transaction in accordance with the requirements of applicable laws and the policies of the Exchange; and</u> 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> <u>if the issuance of Common Shares of the Company upon exercise of the Warrants requires any filing or registration with or approval of any Canadian securities regulatory authority or other Canadian governmental authority or compliance with any other requirement under any Canadian law before such Common Shares of the Company may be validly issued (other than the filing of a prospectus or similar disclosure document), the Company agrees to take make commercially reasonable efforts to secure such filing, registration, approval or compliance, as the case may be.</u> 

**<u>ARTICLE 6</u>** 

**<u>MERGER AND SUCCESSORS</u>** 

**<u>6.1</u>**  **<u>Company May Consolidate, etc. on Certain Terms</u>** 

<u>Nothing herein contained shall prevent any consolidation, amalgamation or merger of the Company with or into any other company or companies, or a conveyance or transfer of all or substantially all the properties and estates of the Company as an entirety to any company lawfully entitled to acquire and operate same, provided, however, that the company formed by such consolidation, amalgamation or merger or which acquires by conveyance or transfer all or substantially all the properties and estates of the Company as an entirety shall, simultaneously with such amalgamation, merger, conveyance or transfer, assume the due and punctual performance and observance of all the covenants and conditions hereof to be performed or observed by the Company.</u>

**<u>6.2</u>**  **<u>Successor Company Substituted</u>** 

<u>In case the Company, pursuant to section 6.1 shall be consolidated, amalgamated or merged with or into any other company or companies or shall convey or transfer all or substantially all of its properties and estates as an entirety to any other company, the successor company formed by such consolidation or amalgamation, or into which the Company shall have been consolidated, amalgamated or merged or which shall have received a conveyance or transfer as aforesaid, shall succeed to and be substituted for the Company hereunder and such changes in phraseology and form (but not in substance) may be made in the Warrant Certificate and herein as may be appropriate in view of such amalgamation, merger or transfer.</u>

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**<u>ARTICLE 7</u>** 

**<u>AMENDMENTS</u>** 

**<u>7.1</u>**  **<u>Amendment, etc.</u>** 

<u>This Warrant Certificate may only be amended by a written instrument signed by the parties hereto.</u>

**<u>ARTICLE 8</u>** 

**<u>MISCELLANEOUS</u>** 

**<u>8.1</u>**  **<u>Time</u>** 

<u>Time is of the essence for the terms of this Warrant Certificate.</u>

**<u>8.2</u>**  **<u>Notice</u>** 

<u>Any notice or other communication required to be given by the Company under this Warrant, whether to the Warrantholder or otherwise, shall be delivered to the Warrantholder at the address provided on the first page of this Warrant by hand (including by courier) or by mail.</u>

<u>Any notice or other communication so given shall be deemed to have been given and received when delivered, if delivered, and upon transmission, if telecopied, and if the date of such transmission is not a business day, on the next ensuing business day.</u>

**<u>8.3</u>**  **<u>Transfer and Assignment of Warrant</u>** 

<u>The Warrant, and the rights evidenced hereby, are non-transferable and non-assignable except as permitted under the policies of the Exchange or by the securities acts and regulations, statements, orders, notices, directions, rulings and rules thereunder, of British Columbia and Alberta.</u>

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**<u>SCHEDULE "B"</u>** 

<u>EXERCISE FORM</u>

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| | |
|:---|:---|
| <u>TO:</u> | <u>**ANFIELD ENERGY INC.**</u>  |

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<u>Terms which are not otherwise defined herein shall have the meanings ascribed to such terms in the Warrant Certificate held by the undersigned and issued by Anfield Energy Inc. (the "**Company**").</u>

<u>The undersigned hereby exercises the right to acquire Common</u> <u>Shares of the Company in accordance with and subject to the provisions of such Warrant Certificate and herewith makes payment of the purchase price in full for the said number of Common Shares.</u>

<u>The Common Shares are to be issued as follows:</u>

<u>Name:</u>

<u>Address in full:</u>

<u>Note: If further nominees are intended, please attach (and initial) a schedule giving these particulars.</u>

<u>DATED this day of , 20</u>

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| |
|:---|
| <u>(Signature of Warrantholder)</u> |
| <u>Print full name</u> |
| <u>Print full address</u> |

---

<u>Instructions:</u>

<u>4</u>. <u>The registered holder may exercise its right to receive Common Shares by completing this form and surrendering this form and the Warrant Certificate representing the Warrants being exercised to the Company.</u> 

<u>5</u>. <u>If the Exercise Form indicates that Common Shares are to be issued to a person or persons other than the registered holder of the Warrant Certificate, the signature of such holder of the Exercise Form must be guaranteed by an authorized officer of a chartered</u> <u>bank, trust company or an investment dealer who is a member of a recognized stock exchange.</u> 

------

<u>6.</u> <u>If the Exercise Form is signed by a trustee, exercise, administrator, curator, guardian, attorney, officer of a Company or any person acting in a judiciary or representative capacity, the certificate must be accompanied by evidence of authority to sign satisfactory to the Company.</u>

## Exhibit 8.1

**Exhibit 8.1** 

**<u>Anfield Energy Inc.</u>**

**List of Subsidiaries** 

---

| | |
|:---|:---|
| **Subsidiary** | **Jurisdiction of Incorporation** |
| Anfield Resources Holding Corp. | Utah |
| ARH Wyoming Corp. | Wyoming |
| Highbury Resources Inc. | Wyoming |
| Anfield Precious Metals Inc. | South Dakota |
| Neutron Energy, Inc. | Nevada |

---

## Exhibit 15.4

**Exhibit 15.4** 

**CONSENT OF DOUGLAS L. BEAHM** 

I, Douglas L. Beahm, Chief Operating Officer of Anfield Energy Inc. (the "Company")., in connection with the Company's Registration Statement on Form 20-F (and any amendments or supplements and/or exhibits thereto, the "Registration Statement"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the public filing by the Company and use of the technical reports entitled "Technical Report on the
West Slope Uranium Project, Montrose County, Colorado, USA (the "West Slope Technical Report"), "Technical Report on the Slick Rock Uranium Project, San Miguel County, Colorado, USA (the "Slick Rock Technical Report"),
"Technical Report on the Velvet Wood Project, San Juan County, Utah, USA (the "Velvet Wood Technical Report" and together with the West Slope Technical Report and the Slick Rock Technical Report, the "Technical Reports")
that were prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission, as exhibits to and referenced in the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the use of and references to my name, including my status as an expert or "qualified person" (as
defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission), in connection with the Registration Statement and any such Technical Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. any extracts from or a summary of the Technical Reports in the Registration Statement and the use of any
information derived, summarized, quoted or referenced from the Technical Reports, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by
reference in the Registration Statement.

I am responsible for authoring, and this consent pertains to the West Slope Technical Report, Slick Rock Technical Report and Velvet Wood Technical Report. I certify that I have read the Registration Statement and that both fairly and accurately represent the information in the sections of the Technical Reports for which I am responsible.

---

| |
|:---|
| /s/ Douglas L. Beahm |
| Douglas L. Beahm, P.E., P.G. |
| Date: June 13, 2025 |

---

## Exhibit 15.5

**Exhibit 15.5** 

**CONSENT OF CARL D. WARREN** 

I, Carl D. Warren, Senior Project Engineer of BRS Engineering, in connection with Anfield Energy Inc.'s (the "Company") Registration Statement on Form 20-F (and any amendments or supplements and/or exhibits thereto, the "Registration Statement"), consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the public filing by the Company and use of the technical reports entitled "Technical Report on the
West Slope Uranium Project, Montrose County, Colorado, USA (the "West Slope Technical Report"), "Technical Report on the Slick Rock Uranium Project, San Miguel County, Colorado, USA (the "Slick Rock Technical Report"),
"Technical Report on the Velvet Wood Project, San Juan County, Utah, USA (the "Velvet Wood Technical Report" and together with the West Slope Technical Report and the Slick Rock Technical Report, the "Technical Reports")
that were prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission, as exhibits to and referenced in the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the use of and references to my name, including my status as an expert or "qualified person" (as
defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission), in connection with the Registration Statement and any such Technical Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. any extracts from or a summary of the Technical Reports in the Registration Statement and the use of any
information derived, summarized, quoted or referenced from the Technical Reports, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by
reference in the Registration Statement.

I am responsible for authoring, and this consent pertains to, portions of Sections 9, 11, and 23 of the West Slope Technical Report, Sections 9, 11, and 23 of the Slick Rock Technical Report and Sections 9, 11, and 23 of the Velvet Wood Technical Report. I certify that I have read the Registration Statement and that both fairly and accurately represent the information in the sections of the Technical Reports for which I am responsible.

---

| |
|:---|
| /s/ Carl D. Warren |
| Carl D. Warren, P.E., P.G. |
| Date: June 14, 2025 |

---

## Exhibit 96.1

**Exhibit 96.1** 

**WEST SLOPE URANIUM PROJECT: US DOE** 

**URANIUM/VANADIUM LEASES JD-6, JD-7, JD-8, AND JD-9** 

**INITIAL ASSESSMENT** 

**US SEC Subpart 1300 Regulation S-K Report** 

**Montrose County, Colorado, USA** 

## PREPARED BY:

## BRS INC

## 1130 Major Ave

## Riverton, WY 82501

## USA

## PREPARED FOR:

## ANFIELD ENERGY INC

## 2005-4390 Grange St.

## Burnaby, BC V5H 1P6

## CANADA
Qualified Persons

BRS INC.

Douglas L. Beahm, P.E., P.G.

Carl D. Warren, P.E., P.G.

June 12, 2025

------

---

| | | |
|:---|:---|:---|
| **<u>**Table of Contents**:</u>** | **<u>**Table of Contents**:</u>** |  |
| **<u>1.0</u>** | **EXECUTIVE SUMMARY** | **1** |
| 1.1 | Interpretations and Conclusions | 2 |
| 1.2 | Recommendations | 3 |
| 1.3 | Risks | 4 |
| **<u>2.0</u>** | **INTRODUCTION** | **6** |
| 2.1 | Registrant | 6 |
| 2.2 | Terms of Reference | 6 |
| 2.3 | Information Sources and References | 7 |
| 2.4 | Inspection on the Property by Each Qualified Person | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.4.1 | &nbsp;&nbsp;&nbsp;&nbsp; QP Qualifications | 7 |
| 2.5 | Previous Technical Report Summaries | 8 |
| **<u>3.0</u>** | **PROPERTY DESCRIPTION** | **9** |
| 3.1 | Property Description and Location | 9 |
| 3.2 | Mineral Rights | 10 |
| 3.3 | Surface Rights | 11 |
| 3.4 | Mineral Exploration Permit Requirements | 11 |
| 3.5 | Environmental Liabilities | 12 |
| 3.6 | State and Local Taxes | 12 |
| 3.7 | Encumbrances and Risks | 12 |
| **<u>4.0</u>** | **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY** | **13** |
| 4.1 | Physiography | 13 |
| 4.2 | Accessibility | 13 |
| 4.3 | Climate | 13 |
| 4.4 | Infrastructure and Local Resources | 13 |
| **<u>5.0</u>** | **HISTORY** | **14** |
| 5.1 | History of the DOE Lease Properties | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1.1 | &nbsp;&nbsp;&nbsp;&nbsp; Previous Mineral Resource Estimates | 14 |
| 5.2 | Past Production | 14 |
| **<u>6.0</u>** | **GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT** | **16** |
| 6.1 | Regional Geology | 16 |
| 6.2 | Structure | 16 |
| 6.3 | Stratigraphy | 16 |
| 6.4 | Mineralization | 19 |
| 6.5 | Local Geology and Drilling | 19 |
| **<u>7.0</u>** | **EXPLORATION** | **30** |
| 7.1 | Exploration | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.1.1 | &nbsp;&nbsp;&nbsp;&nbsp; Previous Exploration | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.1.2 | &nbsp;&nbsp;&nbsp;&nbsp; Qualified Person's Interpretation of the Exploration Information | 30 |
| 7.2 | Drilling on Property | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.2.1 | &nbsp;&nbsp;&nbsp;&nbsp; Overview | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.2.2 | &nbsp;&nbsp;&nbsp;&nbsp; Drill Data Used in the Current Mineral Resource Estimation | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.2.3 | &nbsp;&nbsp;&nbsp;&nbsp; Qualified Person's Interpretation of the Exploration Information | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.2.4 | &nbsp;&nbsp;&nbsp;&nbsp; Drill Hole Logging Procedure | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.2.5 | &nbsp;&nbsp;&nbsp;&nbsp; Gamma Probe Calibration | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.2.6 | &nbsp;&nbsp;&nbsp;&nbsp; Collar Surveys | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.2.7 | &nbsp;&nbsp;&nbsp;&nbsp; Downhole Surveys | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.2.8 | &nbsp;&nbsp;&nbsp;&nbsp; Radiometric Database | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.2.9 | &nbsp;&nbsp;&nbsp;&nbsp; QP Statements Concerning Radiometric Drill Data | 32 |
| 7.3 | Core Data | 32 |
| 7.4 | Hydrogeology | 32 |
| 7.5 | Geotechnical Testing | 32 |

---

------

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| | | |
|:---|:---|:---|
| **<u>8.0</u>** | **SAMPLE PREPARATION, ANALYSES, AND SECURITY** | **33** |
| **<u>9.0</u>** | **DATA VERIFICATION** | **34** |
| 9.1 | Drill Data | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.1.1 | &nbsp;&nbsp;&nbsp;&nbsp; Grade and GT Verification | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.1.2 | &nbsp;&nbsp;&nbsp;&nbsp; Drill Hole Locations | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.1.3 | &nbsp;&nbsp;&nbsp;&nbsp; Downhole Deviation | 36 |
| 9.3 | Qualified Person's Opinion on Data Adequacy | 37 |
| **<u>10.0</u>** | **MINERAL PROCESSING AND METALLURGICAL TESTING** | **38** |
| **<u>11.0</u>** | **MINERAL RESOURCE ESTIMATES** | **39** |
| 11.1 | Introduction | 39 |
| 11.2 | Modeling Data Preparation and Interpretation | 39 |
| 11.3 | Geological Model | 40 |
| 11.4 | GT Contour Modeling: Key Assumptions and Basis of Estimation | 41 |
| 11.5 | Radiometric Equilibrium | 42 |
| 11.6 | Commodity Price | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.6.1 | &nbsp;&nbsp;&nbsp;&nbsp; Commodity Price Uranium | 43 |
| 11.7 | Reasonable Prospects of Economic Extraction and Cutoff Determination | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.7.1 | &nbsp;&nbsp;&nbsp;&nbsp; Site Infrastructure | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.7.2 | &nbsp;&nbsp;&nbsp;&nbsp; Mining Methods | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.7.3 | &nbsp;&nbsp;&nbsp;&nbsp; Mineral Processing | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.7.4 | &nbsp;&nbsp;&nbsp;&nbsp; Environmental Compliance and Permitting | 48 |
| 11.8 | Confidence Classification of Mineral Resource Estimate | 48 |
| 11.9 | Mineral Resource Statement | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.9.1 | &nbsp;&nbsp;&nbsp;&nbsp; Mineral Resource Summary | 49 |
| 11.10 | Mineral Resource Estimates by Project Area | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.10.1 | &nbsp;&nbsp;&nbsp;&nbsp; Indicated Mineral Resources, JD-6 Lease | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.10.2 | &nbsp;&nbsp;&nbsp;&nbsp; Indicated Mineral Resources, JD-7 Lease | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.10.3 | &nbsp;&nbsp;&nbsp;&nbsp; Indicated Mineral Resources, JD-8 Lease | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.10.4 | &nbsp;&nbsp;&nbsp;&nbsp; Indicated Mineral Resources, JD-9 Lease | 66 |
| 11.11 | Risk Factors That May Affect the Mineral Resource Estimate | 68 |
| 11.12 | QP Opinion on the Mineral Resource Estimate | 68 |
| **<u>12.0</u>** | **MINERAL RESERVE ESTIMATES** | **69** |
| **<u>13.0</u>** | **MINING METHODS** | **70** |
| **<u>14.0</u>** | **RECOVERY METHODS** | **71** |
| **<u>15.0</u>** | **INFRASTRUCTURE** | **72** |
| **<u>16.0</u>** | **MARKET STUDIES AND CONTRACTS** | **73** |
| **<u>17.0</u>** | **ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS** | **74** |
| **<u>18.0</u>** | **CAPITAL AND OPERATING COSTS** | **75** |
| **<u>19.0</u>** | **ECONOMIC ANALYSIS** | **76** |
| **<u>20.0</u>** | **ADJACENT PROPERTIES** | **77** |
| **<u>21.0</u>** | **OTHER RELEVANT DATA AND INFORMATION** | **78** |
| **<u>22.0</u>** | **INTERPRETATION AND CONCLUSIONS** | **79** |
| 22.1 | Conclusions | 79 |
| 22.2 | Risks and Opportunities | 79 |
| **<u>23.0</u>** | **RECOMMENDATIONS** | **81** |
| **<u>24.0</u>** | **REFERENCES** | **82** |
| 24.1 | Bibliography | 82 |
| **<u>25.0</u>** | **RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT** | **83** |
| **<u>26.0</u>** | **DATE AND SIGNATURE PAGE** | **84** |

---

------

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| | | |
|:---|:---|:---|
|  **Figures:** | **Figures:** | **Figures:** |
|  Figure 3-1: | Project Location Map | 10 |
|  Figure 6-1: | Type Log | 18 |
|  Figure 6-2: | Geologic Setting | 20 |
|  Figure 6-3: | Diagrammatic cross section of Typical Roll-Tabular Uranium-Vanadium Mineralization in the Uravan Uranium Belt (adopted from Shawe 2011, Fig 15) | 21 |
|  Figure 6-4: | Perspective view of part of a roll ore deposit typical of the Uravan Uranium Belt (adopted from Shawe 2011, Fig 14) | 21 |
|  Figure 6-5: | JD-6 Lease: Drill Hole and Cross Section Location Map | 22 |
|  Figure 6-6: | JD-7 Lease: Drill Hole and Cross Section Location Map | 23 |
|  Figure 6-7: | JD-8 Lease: Drill Hole and Cross Section Location Map | 24 |
|  Figure 6-8: | JD-9 Lease: Drill Hole and Cross Section Location Map | 25 |
|  Figure 6-9: | JD-6 Lease: Cross Sections | 26 |
|  Figure 6-10: | JD-7 Lease: Cross Sections | 27 |
|  Figure 6-11: | JD-8 Lease: Cross Sections | 28 |
|  Figure 6-12: | JD-9 Lease: Cross Sections | 29 |
|  Figure 9-1: | Database Comparison to Original Geophysical Logs | 35 |
|  Figure 11.1 | – Commodity Price | 43 |
|  Figure 11-2: | JD-6 LEASE: Zone B GT Banding & T Contours | 54 |
|  Figure 11-3: | JD-6 LEASE: Zone C GT Banding & T Contours | 55 |
|  Figure 11-4: | JD-7 LEASE: Zone A GT Banding & T Contours | 58 |
|  Figure 11-5: | JD-7 LEASE: Zone B GT Banding & T Contours | 59 |
|  Figure 11-6: | JD-7 LEASE: Zone C GT Banding & T Contours | 60 |
|  Figure 11-7: | JD-7 LEASE: Zone D GT Banding & T Contours | 61 |
|  Figure 11-8: | JD-8 LEASE: Zone A GT Banding & T Contours | 63 |
|  Figure 11-9: | JD-8 LEASE: Zone B GT Banding & T Contours | 64 |
|  Figure 11-10: | JD-8 LEASE: Zone C GT Banding & T Contours | 65 |
|  Figure 11-11: | JD-9 LEASE: Zone C GT Banding & T Contours | 67 |
|  **Tables:** |  |  |
|  Table 1-1: | Total Indicated Mineral Resources Uranium | 2 |
|  Table 1-2: | Total Inferred Mineral Resources Vanadium | 3 |
|  Table 2-1: | Terms and Abbreviations | 6 |
|  Table 3-1: | DOE Lease Royalties | 11 |
|  Table 5-2: | Past Production by Leases and Claims | 15 |
|  Table 9-1: | Downhole Deviation Summary by Lease | 36 |
|  Table 11-1: | Cutoff Calculation | 46 |
|  Table 11-2: | Total Indicated Mineral Resources Uranium | 50 |
|  Table 11-3: | Total Inferred Mineral Resources Vanadium | 51 |
|  Table 11-4: | Indicated Mineral Resources Uranium, JD-6 Lease | 52 |
|  Table 11-5: | Indicated Mineral Resources Uranium, JD-7 Lease | 56 |
|  Table 11-6: | Indicated Mineral Resources Uranium, JD-8 Lease | 62 |
|  Table 11-7: | Indicated Mineral Resources Uranium, JD-9 Lease | 66 |
|  Table 23-1: | Phase 1 Recommendations | 81 |
|  Table 25-1: | Information Provided by the Registrant | 83 |

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**1.0** **EXECUTIVE SUMMARY** 

The US Department of Energy (US DOE) Uranium/Vanadium Leases Project (the Project) is located within the Uravan Mineral District of southwestern Colorado, approximately 10 miles west of Naturita, Colorado (see Figure 2-1), within Sections 16 to 22, 29, 30, T46N, R17W, 6<sup>th</sup> P.M., of Montrose County, Colorado. The approximate geographic center of the project is Latitude 38.224629° North, Longitude 108.760915° West. Refr to Figure 3.1.

The Project consists of four adjacent US DOE Mineral Leases, JD-6, JD-7, JD-8, and JD-9, that were previously developed and mined by Cotter Corporation from the late 1970s to early 2000s. All four leases experienced underground mining activity over the 30-year period. In addition, the JD-7 lease also had significant open pit stripping performed to less than 100 feet of the top of mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● JD-6 Lease (DE-RO01-19LM0254: effective July 6, 2020)

Consists of 325 acres, located within Sections 21 and 22, T46N, R17W, 6<sup>th</sup> P.M.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● JD-7 Lease (DE-RO01-19LM0255: effective July 6, 2020)

Consists of 320 acres of the main mineable lease and an adjacent lease, JD-7A, which is intended for placement of overburden extracted from the open-pit. The Lease is located within Sections 16, 17, 21, and 22, T46N, R17W, 6<sup>th</sup> P.M.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● JD-8 Lease (DE-RO01-19LM0256: effective July 6, 2020)

Consists of 813 acres, located within Sections 18, 19, and 20, T46N, R17W, 6<sup>th</sup> P.M.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● JD-9 Lease (DE-RO01-19LM0257: effective July 6, 2020)

Consists of 897 acres, located within Sections 19, 29, and 30, T46N, R17W, 6<sup>th</sup> P.M.

Uranium mineralization is present as uranium oxides and uranium/vanadium mineral assemblages. Mineralization is sandstone-hosted, and channel-bound into tabular and lenticular deposits within the Saltwash member of the Jurassic Morrison Formation.

Uranium and vanadium have been previously recovered from these deposits primarily by random room and pillar underground mining methods. The mined material was processed through Cotter Corporation's Canon City mill, a conventional acid leach uranium/vanadium mill.

The US DOE Leases have been previously mined. From the 1950s to early 2000s, extensive mineral exploration by drilling defined significant uranium and vanadium resources on the four leases. Considerable mine-related infrastructure was built by Cotter Corporation on the leases, including adits and underground stopes, an open-pit, and associated underground and surface infrastructure. More than 1.3 million pounds of uranium (U<sub>3</sub>O<sub>8</sub>) and 6.6 million pounds of vanadium (V<sub>2</sub>O<sub>5</sub>) were produced from the leases and adjacent lode mining claims (Behre Dolbear, 2007).

Each of the mine sites has an existing mine permit, bonding and reclamation responsibilities. The existing mine permits address reclamation of the sites. New permits for mine operations will need to be filed with the Colorado Division of Reclamation, Mining, and Safety (DRMS). These are brownfield sites and baseline environmental studies are current.

Mineral Resource estimates for the four leases, JD-6, JD-7, JD-8, and JD-9, were completed for and are the subject of this Initial Assessment.

------

**1.1** **Interpretations and Conclusions** 

This Initial Assessment (IA) for the Project has been prepared in accordance with the regulations set forth in S-K 1300 (Part 229 of the 1933 Securities Act). Its objective is to disclose the mineral resources at the Project.

Drill data was available for 2,198 drill holes. Mineral resources were estimated using the Grade times Thickness (GT) Contour method. The drill data was verified as discussed in Section 9 and is considered by the authors to be reliable for the purposes of this IA. The primary data modeled are equivalent uranium values as determined by downhole geophysical logging and reported as eU<sub>3</sub>O<sub>8</sub>. A radiometric disequilibrium factor of 1 was used.

The drill spacing in most areas is sufficient to support a higher level of mineral resource classification, however, as there has not been any recent confirmatory drilling, the uranium mineral resource estimates reported here are considered Indicated Mineral Resources.

Estimated Indicated Mineral resources for uranium are reported at a GT cutoff of 0.50 with a minimum grade of 0.05% eU<sub>3</sub>O<sub>8</sub> as summarized on Table 1-1 which follows.

Mineral resources are not mineral reserves and do not have demonstrated economic viability in accordance with CIM standards. However, considerations of reasonable prospects for eventual economic extraction were applied to the mineral resource calculations herein.

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| | |
|:---|:---|
| **Table 1-1:** | **Total Indicated Mineral Resources Uranium**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Uranium**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Indicated**<br> **Mineral**<br> **Resource** | **GT** <br> **Cutoff** <br> **(ft%)**  | **AVG.** <br> **Thickness <br>(ft)**  | **AVG.** <br> **Grade** <br> **(%eU<sub>3</sub>O<sub>8</sub>)**  | **Tons** | **Pounds (eU<sub>3</sub>O<sub>8</sub>)** |
| &nbsp;&nbsp; JD-6 Lease | 0.5 | 3.4 | 0.27 | 31000 | 171000 |
| &nbsp;&nbsp; JD-7 Lease | 0.5 | 6.6 | 0.21 | 722000 | 3083000 |
| &nbsp;&nbsp; JD-8 Lease | 0.5 | 4.6 | 0.24 | 199000 | 960000 |
| &nbsp;&nbsp; JD-9 Lease | 0.5 | 5.6 | 0.21 | 108000 | 453000 |
| &nbsp;&nbsp; **Indicated Mineral**<br> **Resource eU<sub>3</sub>O<sub>8</sub>** | **0.5** | **6.0** | **0.22** | **1060000** | **4667000** |

---

Notes:

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources

2: In Situ Mineral Resource are estimated at minimum GT cut-off of 0.50 (4 ft. of 0.125% eU3O8), with a Vanadium to Uranium Ratio 5 :1

3: Mineral Resources are estimated using a long-term Uranium price of US$70 per pound and a Vanadium price of US$12 per pound. Refer to Section 11.6.

4: Bulk density is 0.07 tons/ft3 (14.5 ft3/ton)

5. Metallurgical Recovery Uranium 92%, Vanadium 75%

6. Estimated grades are based on underground mining and reflect mine dilution

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

8: Numbers may not add due to rounding

9. Pounds and tons as reported are rounded to the nearest 1,000

10. "GT cutoff" is a marginal cutoff grade and is based on costs for mining, haulage, mineral processing, and taxes and royalties but does not include, reclamation and capital expenditure write-off as these costs are borne by the primary mined material. Refer to Section 11.7.

------

Vanadium grade was estimated using the historical results of mining and comparative review of the limited number of intercepts assayed for vanadium content for each of the lease tracts. In general, the ratio of vanadium to uranium (V:U) in the Uravan mineralized deposits is typically 5:1 to 7:1. Past production from the JD6 through JD9 leases shows a V;U ratio of 5.8:1. Vanadium resources were estimated using the more conservative 5:1 ratio. Whereas there are limited vanadium assays available for vanadium mineral resource estimation, the mineral resource estimate is considered as an Inferred Mineral Resource for vanadium.

Table 1-2 provides a summary of inferred vanadium mineral resources based on the uranium grade and GT cutoffs and reasonable prospects for economic extraction applied to the estimated uranium mineral resource.

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| | |
|:---|:---|
| **Table 1-2:** | **Total Inferred Mineral Resources Vanadium**  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Vanadium**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Inferred Mineral**<br> **Resource** | **GT Cutoff (ft%)**<br> **Based On**<br> **Uranium** | **AVG. Grade %V<sub>2</sub>O<sub>5</sub>** | **Tons** | **Pounds** <br> **(V<sub>2</sub>O<sub>5</sub>)**  |
| &nbsp;&nbsp; JD-6 Lease | .5 | 1.36 | 31000 | 855000 |
| &nbsp;&nbsp; JD-7 Lease | .5 | 1.07 | 722000 | 15415000 |
| &nbsp;&nbsp; JD-8 Lease | .5 | 1.21 | 199000 | 4800000 |
| &nbsp;&nbsp; JD-9 Lease | .5 | 1.05 | 108000 | 2265000 |
| &nbsp;&nbsp; **Inferred Mineral**<br> **Resource V<sub>2</sub>O<sub>5</sub>** | **.5** | **1.10** | **1060000** | **23335000** |

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Notes:

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources

2: In Situ Mineral Resource are estimated at minimum GT cut-off of 0.50 (4 ft. of 0.125% eU3O8), with a Vanadium to Uranium Ratio 5 :1

3: Mineral Resources are estimated using a long-term Uranium price of US$70 per pound and a Vanadium price of US$12 per pound. Refer to Section 11.6.

4: Bulk density is 0.07 tons/ft3 (14.5 ft3/ton)

5. Metallurgical Recovery Uranium 92%, Vanadium 75%

6. Estimated grades are based on underground mining and reflect mine dilution.

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

8: Numbers may not add due to rounding

9. Pounds and tons as reported are rounded to the nearest 1,000

10. "GT cutoff" is a marginal cutoff grade and is based on costs for mining, haulage, mineral processing, and taxes and royalties but does not include, reclamation and capital expenditure write-off as these costs are borne by the primary mined material. Refer to Section 11.7.

**1.2** **Recommendations** 

The recommended project development program, summarized in Section 23, includes collection of core samples from select areas across the project in a manner representative of the overall resource area and/or complete test mining to obtain a bulk sample of mineralized material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Analyze the samples for uranium, vanadium, and radium to evaluate disequilibrium and the ratio of vanadium to uranium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Complete bench scale testing of mechanical sorting of the mined material prior to mineral processing to upgrade the
mined material.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Complete bench scale metallurgical testing of the bulk sample for anticipated mill processing alternatives including
conventional milling, vat and heap leaching.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Completion of a PEA or PFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Total estimated expenditures of $750,000 (US dollars).

**1.3** **Risks** 

It is the authors' opinion that the risks associated with this project are moderate as there has been past mining on the leases and the mine workings generally remain open and accessible. In addition, mining permits are in place although they would need to be updated. However, there are risks similar in nature to other mining projects in general and uranium mining projects specifically, i.e., risks common to mining projects include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with mineral reserve and resource estimates, including the risk of errors in assumptions or
methodologies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with estimating mineral extraction and recovery, forecasting future price levels necessary to support
mineral extraction and recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● uncertainties and liabilities inherent to conventional mineral extraction and recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● geological, technical and processing problems, including unanticipated metallurgical difficulties, less than expected
recoveries, ground control problems, process upsets, and equipment malfunctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with labor costs, labor disturbances, and unavailability of skilled labor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with the availability and/or fluctuations in the costs of raw materials and consumables used in the
production processes.

legislation and regulation, and delays in obtaining permits and licenses that could impact expected mineral extraction and recovery levels and costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● actions taken by regulatory authorities with respect to mineral extraction and recovery activities.

The Project should anticipate some specific risks as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Based on the experience of other proposed mines in the Colorado Plateau, some level of public opposition is expected.
However, Anfield controls the Shootaring Canyon (Ticaboo) mill near Ticaboo, Utah. The mill has a source material license from the State of Utah. The mill would require updating and revision of permits to allow operations and the mill would require
refurbishment, but it is considered reasonable to presume mined material from the Project could ultimately be processed at Ticaboo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The combined royalty burden from both Cotter and the DOE is considered excessive in comparison to typical industry
practice and may inhibit the development of the Project.

Readers are cautioned that any estimate of forward cost or commodity price is by its nature forward-looking. It would be unreasonable to rely on any such forward-looking statements and information as creating any legal rights. The statements and information are not guarantees and may involve known and unknown risks and uncertainties, and actual results are likely to differ (and may differ materially) and objectives and strategies may differ or change from those expressed or implied in the forward-looking statements or information as a result of various factors. Such risks and uncertainties include risks generally encountered in the exploration, development, operation, and closure of mineral properties and processing facilities. Forward-looking statements are subject to a variety of known and unknown risks and uncertainties.

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**2.0** **INTRODUCTION** 

**2.1** **Registrant** 

This Initial Assessment (IA) was prepared on behalf of Anfield Energy Inc. (Anfield) for its Velvet-Wood uranium/vanadium project (the Project) located in San Juan County, Utah, USA.

Anfield was incorporated in the Province of British Columbie on September 12, 1986, with the Head Office located at 2005-4390 Grange Street, Burnaby, British Columbia, Canada, V5H 1P6.

This IA was prepared for Anfield by BRS Inc (BRS) under the supervision of Douglas Beahm, PE, PG and co-authored by Carl Warren. The objective of this IA is to disclose the mineral resources of the project.

**2.2** **Terms of Reference** 

This report was prepared on behalf of Anfield for its US DOE uranium/vanadium project in Montrose County, Colorado, in compliance with the requirements of S-K 1300 (Part 229 of the 1933 Securities Act). This technical report addresses the US DOE leases' geology, uranium mineralization, historical resource estimates, and historical exploration and mine development work. In addition, this report includes the results of current mineral resource estimates that have been prepared in accordance with the regulations set forth in S-K 1300 (Part 229 of the 1933 Securities Act).

Units of measurement, unless otherwise indicated, are feet (ft), miles, acres, pounds (lbs), and short tons (2,000 lbs). Uranium oxide is expressed as % U<sub>3</sub>O<sub>8</sub>, the standard market unit. Uranium values based on gamma equivalency % eU<sub>3</sub>O<sub>8</sub> (equivalent U<sub>3</sub>O<sub>8</sub> by calibrated geophysical logging unit). Vanadium oxide is expressed as % V<sub>2</sub>O<sub>5</sub>. Unless otherwise indicated, all references to dollars ($) are reported as United States currency. Additional units of measurement are tabulated as follows:

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| | |
|:---|:---|
| **Table 2-1:** | **Terms and Abbreviations**  |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**URANIUM SPECIFIC TERMS AND ABBREVIATIONS** | &nbsp;&nbsp;&nbsp;**URANIUM SPECIFIC TERMS AND ABBREVIATIONS** | &nbsp;&nbsp;&nbsp;**URANIUM SPECIFIC TERMS AND ABBREVIATIONS** | &nbsp;&nbsp;&nbsp;**URANIUM SPECIFIC TERMS AND ABBREVIATIONS** | &nbsp;&nbsp;&nbsp;**URANIUM SPECIFIC TERMS AND ABBREVIATIONS** | &nbsp;&nbsp;&nbsp;**URANIUM SPECIFIC TERMS AND ABBREVIATIONS** |
| &nbsp;&nbsp; Grade | &nbsp;&nbsp; Grade | Parts Per Million | ppm U<sub>3</sub>O<sub>8</sub> | Weight Percent | %U<sub>3</sub>O<sub>8</sub> |
| &nbsp;&nbsp; Radiometric Equivalent Grade | &nbsp;&nbsp; Radiometric Equivalent Grade |  | ppm eU<sub>3</sub>O<sub>8</sub> |  | % eU<sub>3</sub>O<sub>8</sub> |
| &nbsp;&nbsp; Thickness | &nbsp;&nbsp; Thickness | meters | M | Feet | Ft |
| &nbsp;&nbsp; Grade Thickness Product | &nbsp;&nbsp; Grade Thickness Product | grade x meters | GT(m) | grade x feet | GT(Ft) |
| &nbsp;&nbsp;&nbsp;**GENERAL TERMS AND ABBREVIATIONS** | &nbsp;&nbsp;&nbsp;**GENERAL TERMS AND ABBREVIATIONS** | &nbsp;&nbsp;&nbsp;**GENERAL TERMS AND ABBREVIATIONS** | &nbsp;&nbsp;&nbsp;**GENERAL TERMS AND ABBREVIATIONS** | &nbsp;&nbsp;&nbsp;**GENERAL TERMS AND ABBREVIATIONS** | &nbsp;&nbsp;&nbsp;**GENERAL TERMS AND ABBREVIATIONS** |
|  | METRIC | METRIC | US | US | Metric: US |
|  | Term | Abbreviation | Term | Abbreviation | Conversion |
| &nbsp;&nbsp; Area | Square Meters | m<sup>2</sup> | Square Feet | Ft<sup>2</sup> | 10.76 |
|  | Hectare | Ha | Acre | Ac | 2.47 |
| &nbsp;&nbsp; Volume | Cubic Meters | m<sup>3</sup> | Cubic Yards | Cy | 1.308 |
| &nbsp;&nbsp; Length | Meter | m | Feet | Ft | 3.28 |
|  | Meter | m | Yard | Yd | 1.09 |
| &nbsp;&nbsp; Distance | Kilometer | km | Mile | mile | 0.6214 |
| &nbsp;&nbsp; Weight | Kilogram | kg | Pound | Lb | 2.20 |
|  | Metric Tonne | Tonne | Short Ton | Ton | 1.10 |

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**2.3** **Information Sources and References** 

This IA is based upon unpublished factual data including drill-hole maps, mineralized intercept data, gamma-logs, resource calculations, underground mapping, and other information from the original files and records of Cotter Corporation.

**2.4** **Inspection on the Property by Each Qualified Person** 

From August 3 to 5, 2021, Terrence Osier, PG, of BRS Inc. visited the office of Cotter Corporation in Nucla, Colorado, at the direction of the principal qualified person Douglas Beahm. Mr. Osier reviewed the available database for the JD-6, JD-7, JD-8, and JD-9 properties. A portion of the available data was transported to the BRS office in Riverton, Wyoming for digitization and more extensive review. On August 5, 2021, Mr. Osier visited each of the lease tracts as BRS' representative, accompanied by Scott Pottorff, site manager for Highbury Resources Inc., a subsidiary of Anfield Energy (Highbury). During the site visit, Mr. Osier observed and photographed the remaining surface infrastructure and mine portals at each of the leases, and the open-pit intended for access to a portion of the uranium and vanadium mineralization at the JD-7 lease. Underground access was not available at that time. Mineralized materials were noted at each of the sites, as exposed in mine dump areas. Mr. Osier brought the physical data to BRS' office in Riverton, Wyoming where it has been secured. Mr. Osier reported the findings of his field visit to the authors of this report and was under the direct supervision of the principal author Douglas Beahm.

Additional site visits have been conducted by BRS since the initial visits in 2021. Site visits were performed most recently by BRS staff on March 3 and 4, 2024. Included in that inspection were BRS Inc's principal qualified person Douglas Beahm, as well as Harold Hutson and Carl Warren. A detailed inventory of the existing mining infrastructure was collected, and existing reclamation responsibilities were discussed with DOE representatives. Access to the underground workings was provided to BRS at this time.

Carl Warren, co-author, also conducted a detailed inspection of the JD-8 mine on March 12, 2025. As part of this investigation Mr. Warren collected representative face and underground mineralized stockpiles for analysis and metallurgical testing. The analysis and testing is ongoing and is expected to provide additional information relative to the ratio of vanadium to uranium and parameters for conventional mill recovery of vanadium and uranium.

**2.4.1** **QP Qualifications** 

BRS Inc., the author of this report, is an independent qualified engineering and geological consulting firm located in Riverton, Wyoming, USA. BRS has provided professional consulting service to the mineral resource industry including numerous uranium projects in the Western US and other locations. BRS is a registered professional engineering company in Wyoming.

Mr. Beahm is a Qualified Person ("QP") and co-author of this IA. Mr. Mr. Beahm is a QP under the S-K 1300 standards as a Professional Engineer, Professional Geologist, and a SME Registered Member with over 50 years of professional experience. Mr. Beahm is not fully independent of Anfield as he currently serves as their Chief Operating Officer (COO) on a contractual basis.

Carl Warren is an independent QP and co-author of this IA. Mr. Warren is a P.E., P.G., with over 17 years of experience in the mining and geology industries including underground and open pit mining, ore control, core logging, uranium exploration, and resource modelling.

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**2.5** **Previous Technical Report Summaries** 

Anfield has not previously filed an IA on the Project under SK-1300 standards.

Previous technical reports prepared under Canada's NI 43-101 and CIM guidance include:

"US DOE Uranium/Vanadium Leases JD-6, JD-7, JD-8, and JD-9 Montrose County, Colorado, USA" prepared for Anfield Energy Inc. by Douglas L. Beahm, Carl Warren, and Joshua Stewart, April 10, 2022.

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**3.0** **PROPERTY DESCRIPTION** 

**3.1** **Property Description and Location** 

The Project is located within the Uravan Mineral District of southwestern Colorado, approximately 10 miles west of Naturita, Colorado (see Figure 2-1), within Sections 16 to 22, 29, 30, Township 46 North, Range 17 West, 6<sup>th</sup> Principal Meridian, Montrose County, Colorado. The approximate geographic center of the project is Latitude 38.224629° North, Longitude 108.760915° West. The Project consists of four adjacent US DOE 10-year Mineral Leases, JD-6, JD-7, JD-8, and JD-9, that were previously developed and mined by Cotter Corporation from the late 1970s to early 2000s. All of the four leases experienced underground mining activity over the 30-year period. Meanwhile the JD-7 lease also had significant open pit stripping performed to within 100 feet of the top of mineralization.

The current Project includes four contiguous US DOE leases: JD-6, JD-7, JD-8, and JD-9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● JD-6 Lease (DE-RO01-19LM0254: effective July 6, 2020)

Consists of 530 acres, located within Sections 21 and 22, T46N, R17W, 6<sup>th</sup> P.M. (Approximate Centroid: UTM 12S 697356.17 m E, 4232873.70 m N)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● JD-7 Lease (DE-RO01-19LM0255: effective July 6, 2020)

Consists of 493 acres of the main mineable lease and an adjacent lease, JD-7A, which is intended for placement of overburden extracted from the open-pit. The Lease is located within Sections 16, 17, 21, and 22, T46N, R17W, 6<sup>th</sup> P.M.

(Approximate Centroid: UTM 12S 696937.91 m E, 4234331.66 m N)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● JD-8 Lease (DE-RO01-19LM0256: effective July 6, 2020)

Consists of 955 acres, located within Sections 18, 19, and 20, T46N, R17W, 6<sup>th</sup> P.M.

(Approximate Centroid: UTM 12S 694578.23 m E, 4233344.81 m N)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● JD-9 Lease (DE-RO01-19LM0257: effective July 6, 2020)

Consists of 1,036 acres, located within Sections 19, 29, and 30, T46N, R17W, 6<sup>th</sup> P.M.

(Approximate Centroid: UTM 12S 693806.67 m E, 4231832.63 m N)

Refer to Figure 3.1.

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| | |
|:---|:---|
| **Figure 3-1:** | **Project Location Map**  |

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![LOGO](g870247g00a42.jpg)

**3.2** **Mineral Rights** 

On March 1, 2019, Anfield reported the acquisition of nine past-producing uranium and vanadium properties in southwestern Colorado, and the Charlie in-situ project in northeastern Wyoming. The subject US DOE Leases of this report, JD-6, 7, 8, and 9, were included in this transaction. Cotter received 11,051,775 common shares of Anfield Energy. Cotter retained a royalty in the amount of 15% on uranium and vanadium produced from the properties.

On February 20, 2020, Anfield signed a binding agreement with Cotter, whereby Cotter issued a Letter of Credit as required by applicable Government entities to facilitate Anfield obtaining Replacement Surety Bonds (Bonds) for US$2,400,000 (Principal) in connection to the US DOE leases (including 6 others in the greater area). On or before the one-year anniversary of the agreement date, Anfield was required to pledge sufficient security under the Bonds to obtain the release of the Letter of Credit and pay US$360,000, equal to 15% of the principal owed to Cotter. During the six months ended June 30, 2021, Anfield lifted the Letter of Credit issued by Cotter by making a cash collateral payment of US$1,200,000 to cover the entirety of the reclamation bond amount and US$360,000 payment for the Replacement Fee.

In addition to the overriding royalty to Cotter, a yearly royalty, and a production royalty of mined material (per dry ton), is payable to the US DOE and varies by lease as follows:

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| | |
|:---|:---|
| **Table 3-1:** | **DOE Lease Royalties**  |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Lease No.** | **Yearly Advance**<br> **Royalty**<br> **Payment** | **Royalty payments**<br> **due upon mining** |
| &nbsp;&nbsp; JD-6 (DE-RO01-19LM70254) | $28300 | 19.92% |
| &nbsp;&nbsp; JD-7 (DE-RO01-19LM70255) | $87100 | 16.86% |
| &nbsp;&nbsp; JD-8 (DE-RO01-19LM70256) | $13600 | 15.02% |
| &nbsp;&nbsp; JD-9 (DE-RO01-19LM70257) | $21800 | 16.26% |

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The annual royalty payments shall be credited against the royalty bid payments upon successful mineral extraction from the individual leases.

**3.3** **Surface Rights** 

The surface rights to the four lease tracts are controlled by the US DOE. Adjacent lands are controlled by the US Bureau of Land Management or are other US DOE lease tracts.

**3.4** **Mineral Exploration Permit Requirements** 

Each of the sites within this project have had past mining and each have mining permits through the Colorado Department of Reclamation and Mining and Safety (DRMS).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The JD-6 lease consists of 530 acres, and the DRMS reclamation permit for the lease applies to 6.24 acres of the lease
tract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The JD-7 lease consists of 493 acres on the DOE mining lease and 120 acres on the JD-7A lease, which is used for
overburden placement from the open-pit mine. The DRMS reclamation permit for the JD-7 mine specifies an area of no greater than 650 acres of the lease tract may be disturbed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The JD-8 lease consists of 955 acres, and the DRMS reclamation permit applies to 20.96 acres of the lease tract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The JD-9 lease consists of 1,036 acres, and the DRMS reclamation permit applies to 26.77 acres of the lease tract.

At the time the leases were mined the mined material was shipped to Cotter's Canon City, Colorado mill for processing. The Cotter mill no longer processes mined material and mined material from the Project would have to be processed at another facility. Anfield controls the Shootaring Canyon (Ticaboo) mill near Ticaboo, Utah. The mill has a source material license from the State of Utah which would require updating and revision to allow operations. The mill would require refurbishment, but it is considered reasonable to presume mined material from the Project could ultimately be processed at Ticaboo.

Future development would require a range of different permits and licenses for mining and/or mineral processing. Similarly, a variety of environmental studies would be required depending on the development options.

The mines have current permits for underground mining and in the case of JD-7, open pit mine operations. These permits would need to be updated along with the appropriate BLM Plan of Operations. These are the primary mining permits, however additional permits will likely include but would not be limited to: air quality (emissions and fugitive dust), water quality (erosion control and discharge permits), land use and construction permits.

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**3.5** **Environmental Liabilities** 

Current mine permit bonds are $1.82 million US. Future development whether mining or mineral processing would require adequate decommissioning and reclamation bonds for the life of the planned operations.

**3.6** **State and Local Taxes** 

Mineral severance taxes in Colorado are at a rate of 2.38% of gross value. Property tax would apply in Utah if the Ticaboo mill. Current annual taxes are approximately $20,000. These would likely increase if the mill were refurbished.

**3.7** **Encumbrances and Risks** 

To the authors' knowledge there are no other forms of encumbrance or specific risks to the Project other than those aforementioned.

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**4.0** **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY** 

**4.1** **Physiography** 

The Project area is typical of the mesa and canyon topography of southwest Colorado. Monogram Mesa dominates the setting, lying immediately south of Paradox Basin. The four lease tracts are located along the flanks of Monogram Mesa. The elevation varies from about 5,700 to 7,100 ft above sea level in the Project area.

Vegetation is typical of a semi-arid, southern climate and generally sparse to fair. Flora consists of juniper and piñon pines along with sage and other brush, forbs, grasses, and cacti typical of a semi-arid, southern climate.

**4.2** **Accessibility** 

The US DOE Leases can be reached by taking Colorado Highway 141 west approximately 1.5 miles from Naturita, turning south on State Highway 90, and then proceeding approximately 9 miles west. There, heading south on a maintained gravel road to Monogram Mesa accesses the JD-6, JD-8, and JD-9 Lease tracts. The JD-7 Lease is accessed by another gravel road, which heads south from State Highway 90, approximately 1.5 miles west from the Monogram Mesa access road.

**4.3** **Climate** 

The Property climate is semi-arid to arid and receives annual precipitation of 7-12 inches with most precipitation falling in the form of spring rains and late autumn to early spring snows. The summer months are usually hot, dry, and clear except for infrequent, monsoonal rains. Due to the dry climate, all streams in the area are ephemeral to low flow, fed by storm runoff and the occasional groundwater seep. Temperatures range from approximately 70 to 90°F in the summer season, and 10 to 40°F in the winter season.

The Project can be accessed and operated year-round.

**4.4** **Infrastructure and Local Resources** 

Although there are no sources of goods and services in the immediate vicinity of the project, there are adequate supplies of equipment, services, and work force at the city of Grand Junction, approximately 90 miles to the north. The nearby towns of Naturita and Nucla provide limited goods and services for exploration drilling activities. Skilled labor for mining and mining contractors are available in the area. The sites have been previously mined and there are sources of water (wells), electrical power, and access roads to each site.

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**5.0** **HISTORY** 

**5.1** **History of the DOE Lease Properties** 

Beginning in the 1950s, the leases were explored by the US Atomic Energy Commission (US AEC, now US DOE). Later, the leases were obtained by Cotter Corporation which extensively explored them by surface drilling methods. Extensive mineralized deposits were delineated, and underground mining was completed on each of the leases from the late 1970s to early 2000s. The JD-7 Lease also underwent surface mining, with preliminary stripping of an open-pit completed to within 100 feet of the top of mineralization. Previous mineral resource estimates are provided in Table 5-1. Past production on the leases, including from adjacent lode mining claims, is detailed below in Table 5-2.

**5.1.1** **Previous Mineral Resource Estimates** 

A historic mineral resource estimate by Behre Dolbear (2007) reported a "global resource estimate" for the four lease tracts from an in-house estimate generated by Cotter Corporation. This resource estimate did not comply with current requirements or utilize current mineral resource classifications. Thus, this historical resource estimate cannot be stated herein. Refer to Section 11 for current mineral resource estimates.

BRS staff has evaluated the quality and quantity of the historical assay data for the project and has prepared an updated mineral resource estimate for the four US DOE leases, as discussed in Section 11 of this report.

**5.2** **Past Production** 

Each of the four lease tracts were the subject of underground mining. Lease JD-7 was also partially developed by open-pit mining. However, overburden stripping ceased within 100 feet of the top of mineralized materials and no open-pit mineral production was completed. Table 5-2 details the recovered pounds of uranium and vanadium from each of the leases. The total recovered pounds include those from adjacent lode mining claims, the totals of which were not differentiated in the reported production numbers:

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**Table 5-2: Past Production by Leases and Claims** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **DOE Lease and Lode**<br> **Mining Claims** | **Acres** | **Past Production Leases & Claims**<br> **(Pounds U<sub>3</sub>O<sub>8</sub>)** ***(Pounds V<sub>2</sub>O<sub>5</sub>)*** | **Past Production Leases & Claims**<br> **(Pounds U<sub>3</sub>O<sub>8</sub>)** ***(Pounds V<sub>2</sub>O<sub>5</sub>)*** | **Past Production Leases & Claims**<br> **(Pounds U<sub>3</sub>O<sub>8</sub>)** ***(Pounds V<sub>2</sub>O<sub>5</sub>)*** |
| &nbsp;&nbsp; **DOE Lease and Lode**<br> **Mining Claims** | **Acres** | **1977-2002** | **2003-2006** | **Total** |
| &nbsp;&nbsp; JD-6<br> Mineral Joe claims | 530<br> 120 | 279902<br> *1910463* | 68223<br> *396630* | 348125<br> *2307093* |
| &nbsp;&nbsp; JD-7<br> JD-7A,<br> Palmer Ranch<br> Sugar claims | 493<br> 120<br> 240<br> 120 | 46280<br> *125410* | -<br> - | 46280<br> *125410* |
| &nbsp;&nbsp; JD-8<br> Doagy, Opera Box<br> claims | 955<br> *35* | -<br> - | 35704<br> *151501* | 35704<br> *151501* |
| &nbsp;&nbsp; JD-9<br> Lasso claims | 1036<br> 40 | 128584<br> *701553* | 98127<br> *512433* | 226711<br> *1213986* |
| &nbsp;&nbsp; **Project Total** |  | **454766**<br> ***2737426*** | **202054**<br> ***1060564*** | **656820**<br> ***3797990*** |

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Source: Behre-Dolbear, 2007

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**6.0** **GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT** 

**6.1** **Regional Geology** 

The Project is in the Uravan Mineral Belt of the Colorado Plateau which is a physiographic province spanning southwestern Colorado and southeastern Utah. The Colorado Plateau is a block of continental crust that has been tectonically stable since the early Paleozoic. This extended period of stability allowed for thick deposition of clastic, carbonate, and evaporitic sediments. Beginning approximately 25-30 million years ago, the Plateau was subjected to extensive uplift of 4,000 to 6,000 feet. The uplift was related to changing plate motions and stress directions due to basin and range development to the west of the Colorado Plateau in central Utah and Nevada. Over the past 6-9 million years, rapid uplift caused extensive downcutting by streams, resulting in the canyonlands topography of today.

Sedimentary strata within the Plateau hosts numerous uranium and vanadium deposits. Most of these mineralized deposits are within the Pennsylvanian Hermosa Formation, the Permian Cutler Formation, the Triassic Chinle Formation, and the Jurassic Morrison Formation; the latter being the host rock of mineralization at the Project. The overwhelming majority of past uranium and vanadium production in the Uravan district was from the Saltwash member of the Morrison Formation.

The Morrison Formation is recognized as an aggrading, terrigenous, fan-shaped fluvial sequence of sediments. The provenance of the sediments was likely from uplifted terrane in the present-day areas of south-central Utah and north-central Arizona.

During the Jurassic, rising salt domes, which caused anticlinal and synclinal folding, were the positive topographic features that dictated the direction of river systems flowing from the highlands to the southwest. This resulted in a pattern of high sandstone to mudstone ratios in synclinal valleys that flanked the elongated salt domes at the time. The high ratio of sandstone to mudstone allowed for increased permeability and porosity. This permitted increased fluid flow, which later influenced the formation of the uranium and vanadium deposits. Thicker sequences of sandstone were generally more conducive for development of the mineralized zones of uranium and vanadium.

**6.2** **Structure** 

The geologic structure in the Project area varies, depending on location. On the eastern flank of Monogram Mesa (JD-6, JD-7, JD-8) there are numerous synthetic and antithetic faults striking NW-SE that drop down mostly to the east, toward the basin center of Paradox Valley. Small horst blocks were also developed between opposing faults. Atop Monogram Mesa and on its western side (JD-9), the bedding is mostly flat to very shallow dipping. The uranium/vanadium mineralization pre-dates the structural history that created the numerous small faults (Carter, 1954), and in the mineralization at the JD-7 Lease, faulting can be observed to cut across mineralized zones.

**6.3** **Stratigraphy** 

The surficial geology of the Project area is quite variable, depending on topography and location along the flank of Monogram Mesa. Extensive light-red sandy, silty wind-blown, and reworked

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material mantles the mesa tops. The flanks of the leases near JD-6 and JD-7 are comprised of talus slopes of varying rock types, and landslide deposits predominantly from the Brushy Basin mudstone. In the valley bottom of Paradox Basin, the wind-blown materials are intermixed with disintegrated slope wash deposits (Carter, 1954).

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**Figure 6-1: Type Log**![LOGO](g870247g00a50.jpg)

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**6.4** **Mineralization** 

The uranium and vanadium bearing minerals occur as fine-grained coatings in detrital grains. These minerals fill pore spaces between the grains and replace carbonaceous material and some detrital grains.

The primary uranium mineral is uraninite, with minor amounts of coffinite. Montroseite is the primary vanadium mineral, along with vanadium clays and hydromica. Metal sulfides occur in trace amounts. Mineralization typically occurs in the tabular to lenticular bodies within sedimentary bedding but may also cut across sedimentary bedding to form highly irregular shapes (see Figures 6-3 and 6-4). The mineralized bodies have an average thickness of 2 to 4-ft, and range in size from a few feet wide to several hundred feet wide. The length of the deposits varies from several feet to hundreds of feet. See Figures 6-5 to 6-8 for drill hole and cross section location maps and Figures 6-9 to 6-12 for cross sections by lease area.

**6.5** **Local Geology and Drilling** 

The uranium and vanadium mineralization at the Property is hosted within the Jurassic Morrison Formation. The Morrison Formation is separated into two members: the upper Brushy Basin member and the lower Saltwash member. The Brushy Basin member consists of reddish-brown and greenish-gray mudstone, siltstone, sandstone, and conglomerate. The Saltwash member is the primary host for known mineralization of uranium and vanadium at the Project, and is composed of fluvial sandstone and mudstone, averaging 350 feet thick. The Saltwash member is further sub-divided into three parts, the upper, middle, and lower units. The upper and lower units are composed of nearly continuous layers of sandstone interbedded with thin layers of mudstone, and the middle unit is primarily mudstone and siltstone, with discontinuous lenses of sandstone.

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**Figure 6-2: Geologic Setting**![LOGO](g870247g00a52.jpg)

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| | |
|:---|:---|
| **Figure 6-3:** | **Diagrammatic cross section of Typical Roll-Tabular Uranium-Vanadium Mineralization in the Uravan Uranium Belt (adopted from Shawe 2011, Fig 15)**  |

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![LOGO](g870247g00a53a.jpg)

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| | |
|:---|:---|
| **Figure 6-4:** | **Perspective view of part of a roll ore deposit typical of the Uravan Uranium Belt (adopted from Shawe 2011, Fig 14)**  |

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![LOGO](g870247g00a53b.jpg)

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| | |
|:---|:---|
| **Figure 6-5:** | **JD-6 Lease: Drill Hole and Cross Section Location Map**  |

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![LOGO](g870247g00a54.jpg)

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| | |
|:---|:---|
| **Figure 6-6:** | **JD-7 Lease: Drill Hole and Cross Section Location Map**  |

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![LOGO](g870247g00a55.jpg)

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| | |
|:---|:---|
| **Figure 6-7:** | **JD-8 Lease: Drill Hole and Cross Section Location Map**  |

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![LOGO](g870247g00a56.jpg)

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| | |
|:---|:---|
| **Figure 6-8:** | **JD-9 Lease: Drill Hole and Cross Section Location Map**  |

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![LOGO](g870247g00a57.jpg)

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| | |
|:---|:---|
| **Figure 6-9:** | **JD-6 Lease: Cross Sections**  |

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![LOGO](g870247g00a58.jpg)

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| | |
|:---|:---|
| **Figure 6-10:** | **JD-7 Lease: Cross Sections**  |

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![LOGO](g870247g00a59.jpg)

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| | |
|:---|:---|
| **Figure 6-11:** | **JD-8 Lease: Cross Sections**  |

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![LOGO](g870247g00a60.jpg)

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| | |
|:---|:---|
| **Figure 6-12:** | **JD-9 Lease: Cross Sections**  |

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![LOGO](g870247g00a61.jpg)

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**7.0** **EXPLORATION** 

**7.1** **Exploration** 

Anfield has not carried out any exploration activities or drilling at the Project to define or otherwise evaluate the uranium deposits outlined by the previous operators of the US DOE Lease project. The most recent exploration drilling occurred in the early 2000s, by Cotter Corporation.

**7.1.1** **Previous Exploration** 

The subsequent table summarizes the phases of the historical exploration on the project. As described in Section 5: History, historical production occurred on the properties from 1977-2006.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Company | Period | Exploration Activities |
| &nbsp;&nbsp; AEC | 1950s | Limited aerial radiometric surveying, Ground prospecting |
| &nbsp;&nbsp; Cotter Corporation | Late 1970s–<br>early 2000s | Metallurgical testing, Exploration drilling with 2,198 drill holes, Feasibility studies |

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**7.1.2** **Qualified Person's Interpretation of the Exploration Information** 

The QP considers the exploration completed to date on the Project to be consistent with industry standards of the time.

**7.2** **Drilling on Property** 

**7.2.1** **Overview** 

The main operator of the Leases was Cotter Corporation, following limited exploration drilling in the 1950s by the USGS on behalf of the US AEC.

All the drilling was vertical and utilized truck-mounted rotary drill rigs. Upon completion the holes were logged with a geophysical tool that recorded spontaneous potential, resistivity, and natural gamma. The holes were also logged to determine the extent and direction of drift during drilling of the hole.

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Vanadium was sampled and assayed to a limited extent. The estimation of vanadium mineral resources is based on the observed ratio of vanadium to uranium from the limited drilling assays and mining on the Project and in the region.

The qualified person considers the available drill data suitable for the estimation of mineral resource for the purposes of this report

**7.2.2** **Drill Data Used in the Current Mineral Resource Estimation** 

Drill data was available for 2,198 drill holes, totaling approximately 1,250,370 feet drilled.

The current drill hole database consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● JD-6 Lease; 403 drill holes in total of which 188 were barren

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● JD-7 Lease; 705 drill holes in total of which 214 were barren

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● JD-8 Lease; 537 drill holes in total of which 245 were barren

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● JD-9 Lease; 553 drill holes in total of which 259 were barren

The uranium quantities and grades are reported as equivalent %U<sub>3</sub>O<sub>8</sub> (%eU<sub>3</sub>O<sub>8</sub>), as measured by downhole gamma logging.

The locations of the drill holes are shown on Figures 6-5 through 6-8 for the JD-6, JD-7, JD-8, and JD-9 leases, respectively.

Cross sectional representations of the drill data are provided on Figures 6-9 through 6-12 for the JD-6, JD-7, JD-8, and JD-9 leases, respectively.

**7.2.3** **Qualified Person's Interpretation of the Exploration Information** 

The QP considers the exploration completed to date on the Project to be consistent with industry standards and adequate to support mineral resource estimation subject to the qualifications as discussed in section 11 of this IA.

**7.2.4** **Drill Hole Logging Procedure** 

Upon completion the holes were logged with a geophysical tool that recorded spontaneous potential, resistivity, and natural gamma. The holes were also logged to determine the extent and direction of drift during drilling of the hole. The Issuer had the original logs which were provided to the QP for use in the preparation of this report.

**7.2.5** **Gamma Probe Calibration** 

Natural gamma logs were calibrated using the standard DOE (Formerly AEC) calibration facilities in Grand Junction, Colorado. The authors have reviewed the original geophysical logs. They are complete with standard calibration factors. The interpolation of the logs has been verified as discussed in Section 9.

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**7.2.6** **Collar Surveys** 

Collar surveys were conducted by Cotter Corporation during the original development of the project. These collar locations were noted in several places including the Cotter Drill hole hard-copy data base and plotted on corresponding maps.

**7.2.7** **Downhole Surveys** 

Down-hole surveys were performed historically, and the original logs were available to the author. Each downhole log typically consisted of gamma-ray, resistivity, and spontaneous potential curves plotted by depth.

**7.2.8** **Radiometric Database** 

Radiometric data was summarized per drill hole by Cotter Corporation. This data was available for review and data extraction from paper hard copies. The hard copy data included drillhole name, drilling and logging date, collar location coordinates, drift information (if collected), drilling direction, logging parameters, and logging intercepts. The radiometric database used for the resource model discussed in this IA was prepared from this paper hard copy data and verified as discussed in Section 9.

**7.2.9** **QP Statements Concerning Radiometric Drill Data** 

The qualified person reviewed the methodology of the drilling and downhole logging procedures employed during the past drilling programs and the database derived from those programs to be reliable for the purposes of this IA.

**7.3** **Core Data** 

No physical core or original core data was directly available to the author for review.

**7.4** **Hydrogeology** 

Hydrogeologic data was directly available to the author for review.

**7.5** **Geotechnical Testing** 

No geotechnical data was directly available to the author for review.

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**8.0** **SAMPLE PREPARATION, ANALYSES, AND SECURITY** 

The database used in the report is historical in nature. Anfield has not performed any exploratory activities on the Property. The primary assay data for the Project is downhole geophysical logging. Historically, the mineralized uranium intercepts from the gamma-logs were calculated by Cotter Corporation's in-house geophysical logging and geology department, creating a printout of the gamma-ray logs, and outlining the mineral intercepts at various cutoffs. Each downhole log typically consisted of gamma-ray, resistivity, and spontaneous potential curves plotted by depth. BRS created a digital database from this information including the hole location, elevation, downhole drift, and mineralized intercepts. The digital data was checked and compared to available drill hole maps.

Interpretation of radiometric equivalent uranium grades was verified by re-interpretation of a representative portion of the original geophysical logs, as discussed in Section 9.

The resistivity and spontaneous potential curves are mainly used to identify and correlate the sandstones and mudstones. The gamma-ray curves are used to measure the equivalent amounts of uranium oxide (eU<sub>3</sub>O<sub>8</sub>) present in the rock. The logging equipment was regularly calibrated at test pits operated by the Department of Energy (previously the Atomic Energy Commission) at Grand Junction, Colorado in accordance with industry standards at the time.

Additional data includes limited vanadium chemical assays of cored intervals or drill cuttings. The vanadium assay data complimented the historical mineral production records to determine the ratio of vanadium to uranium. Production records show a vanadium:uranium ratio of 5.8:1 for the project (Behre Dolbear, 2007). The mineral resource estimates use a lower vanadium:uranium ration of 5:1 as a conservative measure as described in Section 11.

It is the authors' opinion that the sample preparation, security, and analytical procedures were in keeping with industry practice and are adequate for the purposes of this report.

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**9.0** **DATA VERIFICATION** 

The primary assay data for the Project is downhole geophysical log data, all of which is historical in nature; Anfield has yet to drill on the Property. The author has examined the geophysical logs in possession of the Company for the US DOE lease tracts, explored during the 1950s by the USGS on behalf of the US AEC, and later from the 1970s to early 2000s by Cotter Corporation. The Company also owns an extensive library of geophysical, geological, and mine permitting and development documents and data that served as a basis for evaluating the Project.

**9.1** **Drill Data** 

The historical data meets the standards employed by the uranium exploration and mining industry in the United States at the time it was collected. Cotter Corporation was a significant explorer and developer of uranium deposits in the western United States. The data collected was generated professionally and is considered adequate for the calculation of new mineral resources.

BRS personnel generated a digital database from the original database hardcopy files produced by Cotter Corporation. The files included: Drill hole ID, northing and easting coordinates (NAD-27, Colorado South state plane), collar elevation, depth drilled, drift direction and distance (if recorded), total depth drilled, and depth, thickness, and grade %eU<sub>3</sub>O<sub>8</sub>. In addition to the hard copy database, original downhole geophysical logs were available for a subset of the data. These geophysical logs were reinterpreted and then used to verify the Cotter database.

When posted, vanadium grade % was also entered in the excel file. However, vanadium grade % is very limited in scope in the Cotter database. For the estimates of contained vanadium in the mineral resources, the average ratio of the mined material (vanadium to uranium) from past mineral production at each lease tract, was utilized. Typically, this is a 5:1 to 7:1 ratio, vanadium to uranium, in the Uravan district. For those posted intercepts in the historical database, with both uranium and vanadium grade %s, a comparison of their ratios was overall similar to those reported from past production.

**9.1.1** **Grade and GT Verification** 

Radiometric equivalent data for the depth, thickness and grade of uranium was available in the original files from the Cotter Corporation for each drill hole used in the mineral resource calculation.

The AEC published information on the calibration standards for geophysical logging and on gamma log interpretation methods (Dodd and Droullard, 1967). The standard manual log interpretation method was the half-amplitude method (Century, 1975). The AEC and its successor agency the Energy Research and Development Administration (ERDA) conducted workshops on gamma-ray logging techniques and interpretation as did private companies including Century Geophysical. The principal author, Mr. Beahm, attended the geophysical log interpretation workshop conducted by Century Geophysical. On November 19, 1976, the author received certification in geophysical log interpretation from Century after attending their short course.

For verification purposes, 33 drill holes containing 51 mineralized intercepts were selected representing the range of mineralization observed from each of the four JD leases in rough proportion to the numbers of drill holes within each lease. The qualified person re-calculated the

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mineralized intercepts for each drill hole to verify the original log interpretation. Mineralization in the verification drill holes ranged from a high GT value of 9.10 to a low value of 0.14. Barren holes were examined but not included in the analysis.

Verification by the principal author, Mr. Beahm, confirmed that the drill hole database reasonably reflects the depth, thickness and radiometric equivalent uranium grade from the original geophysical logs. The only discrepancy noted was the omission of isolated mineralized intercepts of lower grade and thickness which were not included in the data. The author concurs with the omission of these intercepts as they would not be included in a mineral resource calculation based on reasonable prospects of economic extraction.

Re-calculation by the author shows the original interpretation of radiometric equivalent uranium grade is approximately 5% less the re-calculated values by linear regression analysis. Thus, use of the original interpolated radiometric equivalent values would be conservative.

Figure 9-1 is a comparison of the drill hole database values to those re-calculated by the Author using the standard half-amplitude log interpolation method. The linear regression analysis shows a strong correlation (R2 value of 0.98) between the original and current data interpretations.

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| | |
|:---|:---|
| **Figure 9-1:** | **Database Comparison to Original Geophysical Logs**  |

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![LOGO](g870247g00a67.jpg)

Note: By linear regression analysis the Database GT values are 5% less than the re-interpreted GT values. By comparison of the sum of the GT values in the Database GT values are 6% less than the re-interpreted GT values.

**9.1.2** **Drill Hole Locations** 

Exact drill hole collar locations could not be confirmed on the ground by recent survey as evidence of the exact collar locations have deteriorated or been reclaimed. However, drill hole location data

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was taken from the Cotter database and verified to be within less than 30 ft of the georectified maps containing corresponding collar data. In the case that a drill hole's location could not be minimally confirmed it was removed from the dataset.

**9.1.3** **Downhole Deviation** 

All historical drilling on the Project was completed vertically. The dip of the formation is relatively flat, 1-3° to the west, except in the fault zone along the eastern flank of Monogram Mesa in the JD-6 and JD-7 leases. Following gamma logging, a deviation tool was lowered down the hole, resulting in a graphical plot showing horizontal distance from vertical and the drift direction at the select intervals recorded. The drift was typically plotted on drill hole location maps as a straight line (e.g., 100 feet at N45°W), when in fact the drift plots can be rather erratic, reflective of the true nature of how the drill bit penetrated the substrata. The Author elected to utilize the surface plot of the drill holes to reflect the same usage of Cotter Corporation, and direct comparison to the historical drill hole and underground maps.

Each lease tract had varying amounts of drift data collected. A total of 403 drill holes were completed in the JD-6 lease tract, 705 in the JD-7 lease, 537 in the JD-8 lease and 553 in the JD-9 lease tract. Of these totals the JD-6 and JD-8 leases had the highest percentages of drift data gathered covering 95% and 91% of drill holes, respectively. This compares to JD-7 Lease at the low end of 8% of total drill holes with drift data and JD-9 having 53%.

The variation in level of drift data collection was dependent upon the depth to mineralization, date range of the holes drilled, and the amount of drift expected by the operating engineer where their assessment would be based upon drilling depth and geology. The leases with the deepest drill holes generally experience the largest drifts. The JD-7 lease drill holes were the shallowest of the data set, having an average depth of 341 feet and the least average linear drift of 1.3 feet. Conversely, drill holes in the JD-6 and JD-8 leases were deeper having average total depths of 745 feet and 634 feet, respectively. As such the average linear drifts of JD-6 and JD-8 were larger at 21.4 feet and 35.2 feet, respectively. Please see Table 12.1 for a summary of drifting data per DEO lease area.

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| | |
|:---|:---|
| **Table 9-1:** | **Downhole Deviation Summary by Lease**  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Lease** | **Total**<br> **Drillholes** | **Percent**<br> **with Drift**<br> **Data** | **Average Total**<br> **Depth Drilled**<br> **(feet)** | <br> **Average Drift (feet)** | <br> **Average Drift (feet)** | <br> **Average Drift (feet)** |
| &nbsp;&nbsp; **Lease** | **Total**<br> **Drillholes** | **Percent**<br> **with Drift**<br> **Data** | **Average Total**<br> **Depth Drilled**<br> **(feet)** | <br> **Northing** | <br> **Easting** | <br> **Linear Total** |
| &nbsp;&nbsp; **Lease** | **Total**<br> **Drillholes** | **Percent**<br> **with Drift**<br> **Data** | **Average Total**<br> **Depth Drilled**<br> **(feet)** | <br> **Northing** | <br> **Easting** | <br> **Linear Total** |
| &nbsp;&nbsp; JD-6 | 403 | 95% | 745 | 4.0 | -21.0 | 21.4 |
| &nbsp;&nbsp; JD-7 | 705 | 8% | 341 | 1.3 | 0.4 | 1.3 |
| &nbsp;&nbsp; JD-8 | 537 | 91% | 634 | 31.4 | 15.9 | 35.2 |
| &nbsp;&nbsp; JD-9 | 553 | 53% | 667 | -19 | 7 | 20.2 |

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All the available drift data was used when modelling the Indicated Mineral Resource.

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**9.2** **Bulk Density** 

Bulk density data is available for the Project from previous technical reports and studies completed by Cotter Corporation, resulting in 14.5 cubic feet per ton (2.21 tonnes per cubic meter) for the mineralized, host sandstone. This was the typical tonnage factor used by the mining companies across the greater Uravan mineral district. The author recommends a density factor of 14.5 cubic feet per ton (2.21 tonnes per cubic meter) be used for the mineral resource calculations, based on available data and personal mining experience in similar sandstone-hosted deposits.

**9.3** **Qualified Person's Opinion on Data Adequacy** 

Verification by the principal author, Mr. Beahm, confirmed that the drill hole database reasonably reflects the depth, thickness and radiometric equivalent uranium grade from the original geophysical logs. The only discrepancy noted was the omission of isolated mineralized intercepts of lower grade and thickness which were not included in the data. The author concurs with the omission of these intercepts as they would not be included in a mineral resource calculation based on reasonable prospects of economic extraction.

Re-calculation by the author shows the original interpretation of radiometric equivalent uranium grade is approximately 5% less than the re-calculated values by linear regression analysis. Thus, use of the original interpolated radiometric equivalent values would be conservative.

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**10.0** **MINERAL PROCESSING AND METALLURGICAL TESTING** 

Specific metallurgical reports for the project were not located by the authors during their review of available data. Anfield has not conducted any metallurgical tests for mineral processing at these sites. Each of the sites within the project were mined and the mined material processed at the Cotter Corporation's Canon City, Colorado mill during the period of 1977 through 2006. It is reported that some 1.3 million pounds of uranium and 6.6 million pounds of vanadium were recovered from the material mined on the JD leases. The mill is no longer operational but was a conventional acid leach mill (Behre Dolbear, 2007).

During the period 1953-1980, there were as many as 24 uranium and uranium/vanadium mills operating in the Colorado Plateau region of Arizona, Utah, Colorado, and New Mexico. The "gold standard" reference for the industry through 1970 was Merritt, 1971. If the vanadium content of the mill feed was sufficiently high, the mill usually had a vanadium byproduct circuit. A notable example was the Navajo mill at Shiprock, NM, built by Kerr-McGee Oil Industries Inc., later acquired by Vanadium Corporation of America and its successor, Foote Mineral Company. For operations without vanadium circuits, a vanadium penalty was sometimes assessed for toll and custom shippers.

The plants with vanadium recovery circuits leached at a higher free acid concentration corresponding to pH 0.5-1.5 and recovered vanadium from the uranium SX waste solution ("raffinate") in another SX circuit with a different extractant, typically an aliphatic phosphoric acid, or with a different concentration in the organic phase of the same extractant.

Overall recoveries of uranium were typically in the range of 93 to 97 percent and vanadium recoveries were 70 to 80 percent, depending on mineralogy and the extent to which soluble losses could be minimized during solid/liquid separation. It is very likely that the Shootaring Canyon mill will be able to achieve at least 96 percent U<sub>3</sub>O<sub>8</sub> recovery, especially given the unusually high average feed grades of 0.24 to 0.29% U<sub>3</sub>O<sub>8</sub> and the high free acid concentration during leaching. The vanadium plant will have the advantage of state-of-art instrumentation and process control and may readily achieve 80% V<sub>2</sub>O<sub>5</sub> recovery.

The authors conclude that the mineralized material from the project can be recovered by conventional milling. It is recommended that representative samples of mineralized material either from coring or small-scale mining be obtained for metallurgical testing via conventional milling, heap leaching, and vat leaching.

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**11.0** **MINERAL RESOURCE ESTIMATES** 

**11.1** **Introduction** 

This technical report provides estimates of mineral resources on a portion of the US DOE Leases controlled by Anfield. Drill data was available for 2,198 drill holes, totaling at least 1,250,370 feet drilled. The effective date of the mineral resource estimate is April 9, 2022. Mineral resources for uranium were estimated using the Grade times Thickness (GT) Contour method. Mineral resources for vanadium, associated with uranium, were estimated based on available data relative to the ratio of vanadium to uranium (V:U ratio)

The primary data modeled are equivalent uranium values as determined by downhole geophysical logging and reported as eU<sub>3</sub>O<sub>8</sub>. Radiometric equilibrium was evaluated, and a disequilibrium factor of 1 was used; no chemical enrichment was applied to the resource estimate. The minimum uranium grade included in the estimate was 0.05% eU<sub>3</sub>O<sub>8</sub>. No formal economic evaluation, Preliminary Economic Assessment (PEA), Preliminary Feasibility study (PFS), or Feasibility Study (FS) has been completed. While mineral resources are not mineral reserves and do not have a demonstrated economic viability, reasonable prospects for future economic extraction were applied to the mineral resource estimate herein through consideration of grade and GT cutoffs and by screening out areas of isolated mineralization which would not support the cost of conventional mining under current and reasonably foreseeable conditions. Through the application of a 0.5 GT cutoff and exclusion of isolated areas of mineralization the average estimated mined grade is 0.197 % eU<sub>3</sub>O<sub>8</sub>.

**11.2** **Modeling Data Preparation and Interpretation** 

Drill data was available for 2,198 drill holes, totaling approximately 1,250,370 feet drilled.

The current drill hole database consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● JD-6 Lease; 403 drill holes in total of which 188 were barren

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● JD-7 Lease; 705 drill holes in total of which 214 were barren

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● JD-8 Lease; 537 drill holes in total of which 245 were barren

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● JD-9 Lease; 553 drill holes in total of which 259 were barren

The uranium quantities and grades are reported as equivalent %U<sub>3</sub>O<sub>8</sub> (%eU<sub>3</sub>O<sub>8</sub>), as measured by downhole gamma logging. Data preparation included digitally transcribing and compiling drill hole locations and downhole mineralized interval data from hard-copy drilling data sheets within the Project areas. Data verification is discussed in detail in Section 9 of this IA. Mineralized intercepts were then screened by 3-dimensional location to separate discrete sand domains into mineral zones.

The following criteria were used to build the digital databases summarized above

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Individual mineralized intervals were identified in each drill hole using characteristics of shape and position of
natural gamma radiation from electric logs. Cutoff criteria were applied to screen-in intervals above 0.05% eU<sub>3</sub>O<sub>8</sub> for underground mining
methods and screen out intervals below 0.05% as waste.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Where drift data was available, intercept locations in X, Y, Z were adjusted to reflect that drift. Otherwise, the
drilling data was assumed to be vertical.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The individual intercepts were then composited for sum Grade x Thickness contour modeling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Compositing intervals into Grade x Thickness inclusive of dilution:

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| | |
|:---|:---|
| <sup>○</sup> | Compositing of multiple intervals which were over the 0.05% cutoff and vertically proximal enough to be kept within an underground maximum mine face/stope up to 15ft in thickness.  |

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<sup>○</sup> If composited intervals were found to be too thick to be reasonably minable, one or more of the compositing intercepts was dropped from the dataset to determine the most reasonable minable thickness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sum Grade x Thickness data sets were then split out by 3-D Zone for GT Contour modeling at a 0.1 ft% modeling base
contour.

The QP considers the data used for the mineral resource estimate to be adequately prepared and is satisfied that the digital data are adequate for the indicated mineral resource estimation.

**11.3** **Geological Model** 

Drill spacing in JD-7, JD-8, and JD-9 varies and was completed on roughly 200-foot centers overall. The nominal spacing between drill holes in the resource areas is approximately 100 feet. Drill spacing in JD-6 area varies from roughly 200-foot to 300-foot centers. The nominal drill spacing within the mineral resource areas is approximately 100 feet. Drilling depths varied across the four leases with the shallowest being in JD-7 averaging about 340 feet and the deepest in JD-6 with 750 feet on average. JD-8 and JD-9 averaged 630 feet and 670 feet, respectively.

The current geologic and resource model reflects multiple sand zones over the stratigraphic thickness of approximately 350 feet thickness over the mid to lower portion of the Brushy Basin and upper portion of the Salt Wash member of the Jurassic-age Morrison Formation. Multiple normal faults in JD-7 split the resource into four zones for modelling. In JD-6, JD-8, and JD-9, three to four discrete mineralized zones of the fluvial sandstone were identified for modelling. The mineralized bodies are elongated, tabular, horizontal pods or trends. An anisotropy favoring the general direction of the trend of the deposits was applied to model for each of the areas. The general direction of the mineralized trend had an azimuth of 300 degrees.

Following the removal of intercepts which did not meet the minimum grade criteria of 0.05% eU<sub>3</sub>O<sub>8</sub>, the remaining intercept data was separated by discrete zone and grade thickness (GT). To establish an initial geologic limit to the projection of mineralization within each zone, an elliptical area of influence was applied to each drill hole interval location which met the 0.10 ft% GT cutoff. Each ellipse was located with its center drillhole collar location or the linearly drifted location of total depth when the drift data was available.

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The major axis of each ellipse of influence was oriented parallel to the direction of mineral anisotropy. The major radius of influence was 200 feet from each drill hole parallel to the mineralization anisotropy and 100 feet perpendicular to that anisotropy. From this basis of influence the GT contour method was then employed constructing major contours using geologic interpretation of each intercept compared to the intercepts immediately adjacent to one another. Refinement of the geologic limit and projection of mineralization along trend was then based on specific correlation and interpretation of geophysical longs on a hole-by-hole basis.

**11.4** **GT Contour Modeling: Key Assumptions and Basis of Estimation** 

The mineral resource estimate was completed using the inverse distance squared GT (Grade x Thickness) Contour Modeling method for each of the individual mineralized zones of the deposit. The Contour Modeling Method, also known as the Grade x Thickness (GT) method, is a well-established approach for estimating uranium resources and has been in use since the 1950's in the US. The technique is most useful in estimating tonnage and average grade of relatively planar bodies where the lateral extent of the mineralized body is much greater than its thickness, as was observed from drill data at Leases JD-6, JD-7, JD-8, and JD-9.

For tabular style deposits the GT method provides a clear illustration of the distribution of the thickness and average grade of uranium mineralization. The GT method is particularly applicable to the four lease areas as it can be effective in reducing the undue influence of high-grade or thick intersections as well as the effects of widely spaced, irregularly spaced, or clustered drill holes. This method also makes it possible for the geologist to fit the contour pattern to the geologic interpretation of the deposit.

For each zone within the lease areas of the project, limits of mineralization were determined by interpretation of the drill data. Within these limits the GT and T (Grade x Thickness and Thickness) were contoured. Although an automated contouring program was used to produce the model surface itself, 3-dimensional (3D) limits were established where appropriate to constrain the estimate. For example, drill holes with GT values several times the average were limited in their area of influence by manually constructing a set of breaklines in the model. The volume of the 3D model is then calculated using CAD program software. To that volume, a bulk unit weight of 14.5 cubic feet per ton (2.21 tonnes per cubic meter) is applied to calculate the pounds of eU<sub>3</sub>O<sub>8</sub>. Similarly, the tons of resource are estimated using the same methodology for constructing a 3D model of mineral Thickness (T) withing the same area. Grade is then calculated by dividing GT model eU<sub>3</sub>O<sub>8 </sub>pounds by T model calculated resource tons.

The GT contour method is used as common practice for Mineral Reserve and Mineral Resource estimates for similar sandstone-hosted uranium projects. It is the opinion of the author that the GT contour method, when properly constrained by geologic interpretation, provides an accurate estimation of contained pounds of uranium.

The current drill hole database consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● JD-6 Lease; 403 drill holes in total of which 188 were barren

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● JD-7 Lease; 705 drill holes in total of which 214 were barren

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● JD-8 Lease; 537 drill holes in total of which 245 were barren

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● JD-9 Lease; 553 drill holes in total of which 259 were barren

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For the estimate of contained vanadium, individual assay results were limited. Thus, the ratio of vanadium to uranium) of mining results from the individual leases is 5.8:1. This ratio is in the range of the Uravan district (typically 5:1 to 7:1), vanadium to uranium. For the estimation of vanadium mineral resources, a vanadium/uranium ratio of 5:1 was used as a conservative measure.

**11.5** **Radiometric Equilibrium** 

Radioactive isotopes decay until they reach a stable non-radioactive state. The radioactive decay products are of two general categories: the first being the sub-atomic energy generating product (i.e., the radiation) and the second being the atomic isotope. Decay product isotopes are referred to as daughters and occur down what is known as a decay chain. When all the decay products are maintained in close association with the primary uranium isotope U<sub>238</sub> for the order of a million years or more, the decay chain will reach equilibrium with the parent isotope; meaning that the daughter isotopes will be decaying in the same quantity as they are being created (McKay, 2007).

An otherwise equilibrated decay system may be put into a state of disequilibrium when one or more decay products are mobilized and removed from the system because of differences in solubility between uranium and its daughter isotopes. In addition, both the primary isotope of uranium U<sub>238</sub> and its daughters emit different forms of radiation as they decay. The primary field instruments for the indirect measurement of uranium, either surface or down-hole probes, measure gamma radiation. Within the uranium decay the gamma emitting elements are primarily Radium<sub>226</sub>, Bismuth<sub>214</sub>, and Uranium with Radium<sub>226</sub> being the dominant source of gamma radiation.

Disequilibrium is considered positive when there is a higher proportion of uranium present compared to daughters and negative when daughters are accumulated, and uranium is depleted. The disequilibrium factor (DEF) is determined by comparing radiometric equivalent uranium grade eU<sub>3</sub>O<sub>8</sub> to chemical uranium grade. Radiometric equilibrium is represented by DEF of 1, positive radiometric equilibrium by a factor greater than 1, and negative radiometric equilibrium by a factor of less than 1.

Negative disequilibrium occurs when uranium is separated from its daughters, specifically Radium. This occurs when the uranium mineralization is oxidized, liberating the uranium but leaving the radium in place.

The uranium mineralization within the project is complexed with vanadium and is located within reduced sandstone horizons. These geologic factors inhibit the oxidation of uranium. While site specific radiometric equilibrium data is not available to the authors at this time it is recommended that a DEF of 1.0 be assumed for the %eU<sub>3</sub>O<sub>8</sub> grade of mineralized intercepts.

It is recommended that representative samples of mineralization be collected either by core or small-scale test mining for metallurgical testing. Such samples should also be used to evaluate radiometric equilibrium conditions.

[*The remainder of this page is intentionally left blank.*] 

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**11.6** **Commodity Price** 

**11.6.1** **Commodity Price Uranium** 

Uranium does not trade on the open market, and many of the private sales contracts are not publicly disclosed since buyers and sellers negotiate contracts privately.

When determining commodity prices and cut-offs to use for mineral estimates, the Company reviewed current analyst forecasts for commodity prices for uranium and vanadium, including those in Figure 11.1 below.

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| | |
|:---|:---|
| **Figure 11.1** | **– Commodity Price**  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Company | Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LT |
| &nbsp;&nbsp;&nbsp; B. Riley Securities | 01-Feb-24 | $97.65 | $101.38 | $104.89 | $107.97 | $80.00 | $80.00 |
| &nbsp;&nbsp;&nbsp; Bank of America | 08-Jan-24 | $115.00 | $85.00 | $75.00 | $65.00 | $55.00 | $55.00 |
| &nbsp;&nbsp;&nbsp; BMO | 25-Jun-24 | $88.00 | $85.00 | $85.00 | $90.00 | $75.00 | $75.00 |
| &nbsp;&nbsp;&nbsp; Bell Potter | 17-Feb-25 | $82.00 | $113.00 | $125.00 | $105.00 | $90.00 | $90.00 |
| &nbsp;&nbsp;&nbsp; Beacon | 21-Jan-25 | $75.00 | $75.00 | $75.00 | $75.00 | $75.00 | $75.00 |
| &nbsp;&nbsp;&nbsp; Canaccord | 4-Feb-25 | $82.50 | $110.00 | $90.00 | $90.00 | $90.00 | $90.00 |
| &nbsp;&nbsp;&nbsp; Cantor | 2-Feb-24 | $130.00 | $140.00 | $145.00 | $150.00 | $150.00 | $150.00 |
| &nbsp;&nbsp;&nbsp; CIBC | 5-Feb-25 | $90.00 | $95.00 | $80.00 | $80.00 | $80.00 | $80.00 |
| &nbsp;&nbsp;&nbsp; Citigroup | 4-Jun-24 | $110.00 | $110.00 | $115.00 | $115.00 | $115.00 | $115.00 |
| &nbsp;&nbsp;&nbsp; Cormark | 9-Feb-24 | $80.00 | $80.00 | $80.00 | $80.00 | $90.00 | $90.00 |
| &nbsp;&nbsp;&nbsp; Eight Capital | 22-Apr-24 | $110.00 | $120.00 | $110.00 | $75.00 | $75.00 | $75.00 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs | 01-Apr-24 | $90.00 | $90.00 | $90.00 | $90.00 | $90.00 | $90.00 |
| &nbsp;&nbsp;&nbsp; Haywood | 15-Feb-24 | $110.00 | $110.00 | $95.00 | $85.00 | $85.00 | $85.00 |
| &nbsp;&nbsp;&nbsp; HC Wainwright | 7-Mar-24 | $90.00 | $90.00 | $90.00 | $90.00 | $90.00 | $90.00 |
| &nbsp;&nbsp;&nbsp; Jeffries | 8-Apr-24 | $123.00 | $110.00 | $90.00 | $74.00 | $65.00 | $65.00 |
| &nbsp;&nbsp;&nbsp; Macquarie | 25-Jan-24 | $90.00 | $90.00 | $76.30 | $76.30 | $76.30 | $76.30 |
| &nbsp;&nbsp;&nbsp; National Bank | 16-Dec-24 | $91.00 | $103.00 | $103.00 | $90.00 | $85.00 | $85.00 |
| &nbsp;&nbsp;&nbsp; Ventum | 11-Feb-25 | $75.00 | $85.00 | $85.00 | $85.00 | $85.00 | $85.00 |
| &nbsp;&nbsp;&nbsp; Raymond James | 5-Feb-25 | $79.53 | $83.83 | $85.00 | $85.00 | $85.00 | $85.00 |
| &nbsp;&nbsp;&nbsp; RBC | 5-Dec-24 | $85.00 | $95.00 | $90.00 | $85.00 | $100.00 | $100.00 |
| &nbsp;&nbsp;&nbsp; Red Cloud | 10-Jan-25 | $85.00 | $90.00 | $90.00 | $90.00 | $90.00 | $90.00 |
| &nbsp;&nbsp;&nbsp; Roth Capital | 23-Oct-24 | $97.50 | $100.00 | $90.00 | $90.00 | $90.00 | $90.00 |
| &nbsp;&nbsp;&nbsp; Scotia | 5-Feb-25 | $80.00 | $90.00 | $95.00 | $100.00 | $75.00 | $75.00 |
| &nbsp;&nbsp;&nbsp; Shaw & Partners | 16-Oct-24 | $124.00 | $150.00 | $150.00 | $140.00 | $120.00 | $100.00 |
| &nbsp;&nbsp;&nbsp; SCP | 23-Feb-24 | $120.00 | $100.00 | $100.00 | $80.00 | $80.00 | $80.00 |
| &nbsp;&nbsp;&nbsp; TD | 5-Feb-25 | $83.00 | $100.00 | $100.00 | $100.00 | $80.00 | $80.00 |
| &nbsp;&nbsp;&nbsp; UBS | 12-Dec-24 | $78.00 | $80.00 | $82.50 | $82.50 | $82.50 | $82.50 |
| &nbsp;&nbsp;&nbsp; Analyst Consensus - All (27 Firms) |  | $94.86 | $99.30 | $96.17 | $91.70 | $87.18 | $86.44 |
| &nbsp;&nbsp;&nbsp; Analyst Consensus - T6M (14 Firms) |  | $86.25 | $97.85 | $95.75 | $92.68 | $87.68 | $86.25 |
| &nbsp;&nbsp;&nbsp;Company | Date | 2025 | 2026 | 2027 | 2028 | 2029 | LT |
| &nbsp;&nbsp;&nbsp; Alliance Global Partners | 13-Jan-25 |  |  |  |  |  | $8.00 |
| &nbsp;&nbsp;&nbsp; H.C.Wainwright | 12-Feb-25 | $5.25 | $5.25 | $5.25 | $5.25 | $5.25 | $5.25 |
| &nbsp;&nbsp;&nbsp; RBC | 19-Nov-24 | $7.00 | $8.00 | $8.00 | $8.00 | $8.00 | $8.00 |
| &nbsp;&nbsp;&nbsp; Red Cloud | 07-Jan-25 | $6.00 | $8.00 | $8.00 | $8.00 | $8.00 | $8.00 |
| &nbsp;&nbsp;&nbsp; Average |  | $6.08 | $7.08 | $7.08 | $7.08 | $7.08 | $7.31 |

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Future prices for uranium are projected by analysts to be greater than $70 per pound used in the determination of cutoff criteria. Future prices for vanadium reflect the world market and are lower than $12 per pound used in the determination of cutoff criteria. Future prices for U.S. produced vanadium will depend on supply and demand. World vanadium supply in 2024 was driven by Russia, China, South Africa, and Australia. No production in the U.S. was reported for

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2023 or 2024 according to the U.S. Geological Survey. With respect to supply, Russia does not provide vanadium to the U.S. and U.S. trade negotiations with China may affect supply. With respect to demand, new Chinese standards for rebar and increased use of vanadium redox flow batteries are expected to increase demand. Historically, vanadium prices have risen dramatically during periods of high demand and restricted supply. Vanadium pentoxide price ranged from $5.45 to $16.40 per pound in the period from 2019 through 2024.The lowest price occurred in 2024 and the highest price in 2019 according to the U.S. Geological Survey. As recently as August 9, 2022, Energy Fuels Inc. announced their Q2-2022 results which states; 'As a result of strengthening vanadium markets, during the six months ended June 30, 2022, the Company sold approximately 575,000 pounds of V2O5 at a gross weighted average price of $13.44 per pound of V2O5.' This private sale in the US was well above the world average and is considered by the authors as more representative of domestic sales expected for US production."

The Company and the QPs believes that these factors, among others, may increase the price for U.S. produced vanadium in future years and has therefore used a using a long-term vanadium price of US$12 per pound.

The Company also notes that applying the analyst projected long-term commodity prices for uranium and vanadium, Figure 11.1, to gross valuation of the mined material used in the evaluation of cutoff criterion, the variation in gross value diminished by a 5% for the Slick Rock, 2% for West Slope, and increased by 13% for Velvet-Wood. Such variances do not materially affect the cutoff determinations and criterion used in the mineral resource estimates.

By their nature, all commodity price assumptions are forward-looking. No forward-looking statement can be guaranteed, and actual future results may vary materially.

**11.7** **Reasonable Prospects of Economic Extraction and Cutoff Determination** 

For this report underground mining using a random room and pillar configuration has been assumed for all sites. For the JD 7 site, open pit mining may be applicable. However, further investigation and evaluation of the open pit option would be necessary and has not been completed as of the effective date of this report. The random room and pilar mining method is commonly used for similar projects throughout the Colorado Plateau.

Locations of mineral resources in relationship to existing underground mine access are shown on Figures 11-2 to 11-11. Mining methods will be very similar for each site. Mining will be accomplished via random room and pillar mining methods using single boom jumbo drills for face blast holes drilling and 2 cubic yard Load Haul Dump mining equipment (LHD) used to help maintain clean mucking of mineralized material and of waste. Because of the variable grades, numerous headings are needed to maintain a consistent grade to the mineralized material stockpiles and to achieve the desired tonnage.

Conceptual CAPEX and OPEX estimates have been completed for the Velvet-Wood and Slick Rock uranium projects with mineral processing via the Shootaring Canyon Mill (Mill) and were publicly disclosed in a previous NI 43-101 report titled "The Shootaring Canyon Mill and Velvet-Wood and Slick Rock Uranium Projects, Preliminary Economic Assessment, NATIONAL

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INSTRUMENT 43-101", dated May 6, 2023 (Beahm, et al 2023). Mining and haulage costs for the West Slope project were also evaluated in a similar manner but not included in an economic assessment. CAPEX estimates for underground mine equipment, pre-production expenditures, and surface facilities were based on InfoMine™ cost data. Mine OPEX was based on InfoMine™ cost data, Bureau of Labor Statistics for Utah and Colorado (through 2021), and haulage costs to the Mill based on use of existing roads and highways and data from the American Transportation Research Institute (ATRI) and the Energy Information Administration (EIA). CAPEX and OPEX for the Mill were based on an updated evaluation by the authors of a pre-feasibility study for refurbishing the uranium mill by Lyntek completed in 2008, and the addition of a vanadium circuit.

Estimated Capital Expenditures (CAPEX) include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Pre-production expenses related to engineering design, metallurgical testing, and permitting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mine facilities and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Direct processing plant refurbishing costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Tailings related costs.

Estimated Operating Expenditures (OPEX) include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Direct mining costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Haulage and handling costs for delivery of mined and stockpiled material to the Mill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Direct mineral processing costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Reclamation and bonding costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Royalties and taxes.

The Cutoff criterion for estimation of mineral resources considers minimum grade, minimum thickness and the combination of these criteria as the grade thickness product (GT). In addition to the cutoff criterion applied, individual areas of mineralization were evaluated for economic extractability based on the costs of driving a 10ft x 10 ft drift into the mineral from the closest adjacent area of grade. Isolating pods not meeting break-even returns were excluded from the mineral resource estimate. The minimum GT cutoff used in the mineral resource estimate was 0.50 GT. At the diluted 4-foot thickness this equates to a minimum grade of 0.1255 %eU<sub>3</sub>O<sub>8</sub>. Applying the minimum GT criterion and additional economic restraints, discussed herein, the estimated average mine grade for the West Slope project is 0.22 %eU<sub>3</sub>O<sub>8</sub>.

In practice, due to the configuration and variability of the deposits, minimum mining thickness and width, and restraints on mining selectivity, mineralized material will be removed from the mine which will not meet grade for immediate haulage and processing. However, this material has future economic value if it meets or exceeds marginal forward costs and will be stockpiled at the mine site for future haulage and processing. Whereas mining costs will be allocated to the mined material meeting grade for immediate haulage and processing, the value of the stockpiled lower grade material and/or lower grade material left in the mine is based on the price of the recovered products, less the any additional mining or handling costs, haulage costs, processing costs, and other direct costs including royalites and taxes but would not include write-off of CAPEX, reclamation costs. In this case the mineralized material at the minimum cutoff GT would breakeven. Table 11-1 provides the basis for the minimum GT cutoff based on marginal forward costs and demonstrates that applying the minimum GT cutoff and other economic restraints the mineral resource estimated herein has Reasonable Prospects of Future Economic Extraction.

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| | |
|:---|:---|
| **Table 11-1:** | **Cutoff Calculation**  |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**OPEX** | Marginal Forward<br> Cost $/ton | Fully Loaded Costs<br> $/ton |
| &nbsp;&nbsp; Mining | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.00 |
| &nbsp;&nbsp; Haulage | $28.75 | $28.75 |
| &nbsp;&nbsp; Mineral Processing | $69.70 | $69.70 |
| &nbsp;&nbsp; Reclamation Mine |  | $4.93 |
| &nbsp;&nbsp; Other tax, royalty, bonding | $52.50 | $140.00 |
| &nbsp;&nbsp; **Total OPEX** | $**230.95** | $**323.38** |
| &nbsp;&nbsp; **CAPEX** |  |  |
| &nbsp;&nbsp; Individual mines |  | $23.06 |
| &nbsp;&nbsp; $29,930 m USD |  |  |
| &nbsp;&nbsp; Mill $64,800 m USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $17.25 |
| &nbsp;&nbsp; 3,756 m tons total\* |  |  |
| &nbsp;&nbsp; **Total CAPEX** | $**-** | $**48.35** |
| &nbsp;&nbsp; **Total Cost per Ton** | $**230.95** | $**371.73** |
| &nbsp;&nbsp; **Value at minimum GT** | $273.50 |  |
| &nbsp;&nbsp; **Value at average mined grade** |  | $437.60 |
| &nbsp;&nbsp; **Difference - Value Less Cost** | $**42.55** | $**65.87** |

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| | |
|:---|:---|
| Notes:<br> 4 ft minimum thickness<br> $70 Uranium, 92% recovery<br> $12 Vanadium, 75% recovery<br> Minimum Grade 0.075 % U<sub>3</sub>O<sub>8</sub>, V:U ratio 5 | Average Grade 0.20 % U<sub>3</sub>O<sub>8</sub>, V:U ratio 5 |

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\*Total tons includes West Slope, Velvet-Wood, and Slick Rock mines feeding the Mill

Based on the depths of mineralization, continuity of mineralization, grade, thickness and GT, it is the authors' opinion that the mineral resources at the project can be reasonably and economically recovered through underground mining methods coupled with haulage to and conventional mineral processing at Anfield's Mill, near Ticaboo, Utah. This opinion considers a variety of additional technical and economic factors as follows.

**11.7.1** **Site Infrastructure** 

Each of the sites included in this report have been previously mined using random room and pillar mining methods. Each site was accessed by declines and had vent shafts as appropriate for ventilation and emergency egress. The mine workings were left open and accessible with locked metal grate closures at all points of entry. Each site is accessible via mine haul roads and has access to electrical power. Site access roads will require upgrading and maintenance. Site electrical needs and service will require evaluation and upgrading.

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**11.7.2** **Mining Methods** 

Mining will consist of random room and pillar mining methods with decline access as was previously employed for underground uranium mining at these sites and throughout the Colorado Plateau. The characteristics of the West Slope mineral deposits are compatible with this method in that their mineralization is generally tabular with some moderate rolls, low to moderate dip, and good rock strength with respect to both roof and floor. The randomness of the room and pillar extraction is due to the variations in uranium grade and thickness encountered. Typically, mining will follow mineralization through underground long-hole drilling in advance of mining, face sampling, and geologic mapping concurrent with mining. Pillars are left where the mineralization is weaker in terms of concentration and/or thickness; however, in some cases temporary roof support will be necessary. The nature of mineralization lends itself to a high extraction rate but requires selective mining.

**11.7.3** **Mineral Processing** 

For this report, it is assumed that mineral processing will take place at Anfield's mineral processing facility, the Shootaring Canyon Mill (Mill), which lies approximately 250 miles, by existing roads, from the West Slope mine sites.

The Mill was licensed and constructed by Plateau Resources and has had a succession of owners including US Energy and Uranium One prior to Anfield's acquisition. The mill was constructed by Plateau Resources and operated briefly in 1982. The mill has not been decommissioned and has been under care and maintenance since cessation of operations.

Anfield purchased the Mill along with other conventional uranium assets from Uranium One including the Velvet-Wood project in August 2015.

The Mill is located in Garfield County Utah approximately 52 miles south of Hanksville, Utah in Township 36 South, Range 11 East, Sections 3 and 4 and Township 35 South, Range 11 East, Sections 33 and 34 at approximate Latitude 37<sup>o</sup> 43' 00" North and Longitude 110<sup>o</sup> 41' 00" West. The Mill is located on lands which are split estate, with the surface estate being fee land held by Anfield, and the mineral estate being Utah State Trust Land held by Anfield through two mineral leases totaling approximately 905 acres of surface and mineral fee lands.

The Mill has a Radioactive Materials License (RML) that is administrated by the UDEQ- DWMRC. This license currently authorizes possession of byproduct material (tailings and other milling wastes) and reclamation activities only. A license amendment to return to operational status is needed as are capital improvements. The license amendment was submitted to UDEQ in April 2024 and is under review. The issuer expects the license amendment to be approved late this year or early 2026.

The Mill was originally designed, constructed and operated to only recover uranium. Current designs for refurbishment of the mill would add a vanadium recovery circuit and upgrade the tailings disposal facility to current standards.

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The mill will utilize sulfuric acid in the leaching process and solvent extraction for uranium and vanadium recovery. The products will be dried yellowcake, U<sub>3</sub>O<sub>8</sub>, and vanadium pentoxide, V<sub>2</sub>O<sub>5</sub>. Estimated metallurgical recoveries for uranium and vanadium are 92% and 75%, respectively.

**11.7.4** **Environmental Compliance and Permitting** 

Each of the mine sites has an existing mine permit, bonding and reclamation responsibilities. The existing mine permits address reclamation of the sites. New permits for mine operations will need to be filed with the Colorado Division of Reclamation, Mining, and Safety (DRMS). These are brownfield sites and baseline environmental studies are current.

The mine sites are located in Montrose County and are consistent with local land use planning. Similar mining projects in the area have met with a mixture of local support and objections from NGOs.

**11.8** **Confidence Classification of Mineral Resource Estimate** 

A mineral resource is defined as a concentration of an occurrence of natural, solid, inorganic, or fossilized organic material in or on the Earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics, and continuity of a mineral resource are known, estimated, or interpreted from specific geologic evidence and knowledge (CIM, 2014). Mineral resource estimates are classified as Measured, Indicated, or Inferred based on the level of understanding and definition of the mineral resource.

While no formal economic evaluation, Preliminary Economic Assessment (PEA), Preliminary Feasibility study (PFS), or Feasibility Study (FS) has been completed and while mineral resources are not mineral reserves and do not have a demonstrated economic viability, reasonable prospects for future economic extraction were applied to the mineral resource estimate herein through consideration of grade and GT cutoffs and by screening out areas of isolated mineralization which would not support the cost of conventional underground mining under current and reasonably foreseeable conditions.

The drill spacing in most areas is sufficient to support a higher level of mineral resource classification and the drill data was verified from the original drill logs, however, due to the lack of recent confirmatory drilling, the authors consider the uranium mineral resource estimates reported here as Indicated Mineral Resources.

Vanadium grade was estimated using documented mine production and comparative review of the limited number of intercepts assayed for vanadium content for each of the lease tracts. In general, the ratio of vanadium to uranium (V:U) in the Uravan mineralized deposits is typically 5:1 to 7:1. Past production from the JD-6 through JD-9 leases shows a V;U ratio of 5.8:1 Vanadium mineral resources were estimated using a more conservative 5:1 ratio. It was industry practice when these leases were developed to estimate mineral resources and control grade during mining based on the uranium grade with only limited vanadium assays. Whereas there are limited vanadium assays available for vanadium mineral resource estimation, the mineral resource estimate is considered, by the authors, as an Inferred Mineral Resource for vanadium based on

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the estimated tonnage of the uranium mineral resource and the vanadium grade based on the V:U ratio as previously described.

**11.9** **Mineral Resource Statement** 

Mineral resources were estimated by zone or horizon, based on geologic interpretation and correlation. Mineral resources are reported at various cutoff grades for Indicated Mineral Resources, to illustrate the effect of varying cutoff on the mineral resource. The preferred cutoff of 0.50 ft% GT is shaded in the respective tables.

**11.9.1** **Mineral Resource Summary** 

<u>Uranium:</u> 

Indicated Mineral resources for the US DOE uranium/vanadium leases project are summarized in the following Table 11-2 which follows. Mineral resources are reported at both 0.10, 0.30, and 0.50 ft% GT cutoff (uranium) to show the effect of cutoff; however, the authors recommend the use of the 0.50 ft% GT cutoff for reporting of mineral resources (shaded in Table 11-2).

[*The remainder of this page is intentionally left blank.*] 

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---

| | |
|:---|:---|
| **Table 11-2:** | **Total Indicated Mineral Resources Uranium**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Uranium** <br> **Indicated** <br> **Mineral** <br> **Resource** | **GT Cutoff <br>(ft% eU<sub>3</sub>O<sub>8</sub>)** | **AVG. Thickness <br>(Feet)** | **AVG. Grade <br>(eU<sub>3</sub>O<sub>8</sub>)** | **Tons** | **Pounds <br>(eU<sub>3</sub>O<sub>8</sub>)** |
|  | 0.1 | 2.2 | 0.120 | 217000 | 520000 |
| &nbsp;&nbsp; JD-6 Lease | 0.3 | 2.9 | 0.229 | 52000 | 238000 |
|  | 0.5 | 3.4 | 0.272 | 31500 | 171000 |
|  | 0.1 | 4.1 | 0.160 | 1197000 | 3842000 |
| &nbsp;&nbsp; JD-7 Lease | 0.3 | 5.9 | 0.196 | 866000 | 3388000 |
|  | 0.5 | 6.6 | 0.214 | 722000 | 3083000 |
|  | 0.1 | 3.3 | 0.125 | 676000 | 1684000 |
| &nbsp;&nbsp; JD-8 Lease | 0.3 | 3.9 | 0.205 | 286000 | 1174000 |
|  | 0.5 | 4.6 | 0.241 | 199000 | 960000 |
|  | 0.1 | 2.6 | 0.128 | 349000 | 894000 |
| &nbsp;&nbsp; JD-9 Lease | 0.3 | 4.4 | 0.195 | 141000 | 551000 |
|  | 0.5 | 5.6 | 0.210 | 108000 | 453000 |
|  | **0.1** | **3.1** | **0.142** | **2439000** | **6940000** |
| &nbsp;&nbsp; **Totals** | **0.3** | **4.3** | **0.199** | **1345000** | **5351000** |
|  | **0.5** | **6.0** | **0.220** | **1060500** | **4667000** |

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Notes:

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources

2: In Situ Mineral Resource are estimated at minimum GT cut-off of 0.50 (4 ft. of 0.125% eU3O8), with a Vanadium to Uranium Ratio 5 :1

3: Mineral Resources are estimated using a long-term Uranium price of US$70 per pound and a Vanadium price of US$12 per pound. Refer to Section 11.6.

4: Bulk density is 0.07 tons/ft3 (14.5 ft3/ton)

5. Metallurgical Recovery Uranium 92%, Vanadium 75%

6. Estimated grades are based on underground mining and reflect mine dilution

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

8: Numbers may not add due to rounding

9. Pounds and tons as reported are rounded to the nearest 1,000

10. "GT cutoff" is a marginal cutoff grade and is based on costs for mining, haulage, mineral processing, and taxes and royalties but does not include, reclamation and capital expenditure write-off as these costs are borne by the primary mined material. Refer to Section 11.7.

<u>Vanadium:</u> 

Inferred mineral resources for the US DOE uranium/vanadium leases project are summarized in the following Table 11-3. The historical average ratio of vanadium to uranium typical for the Uravan district is 5:1 to 7:1. The 5:1 ratio of vanadium to uranium was applied for each of the four lease tracts to provide a conservative estimate of vanadium contained within the 0.50 ft% GT model limits for eU<sub>3</sub>O<sub>8</sub>. Mineral resources are reported at both 0.10, 0.30, and .050 ft% GT cutoff (relative to uranium) to show the effect of cutoff; however, the authors recommend the use of the 0.50 ft% GT cutoff for reporting of mineral resources (shaded in Table 11.3).

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---

| | |
|:---|:---|
| **Table 11-3:** | **Total Inferred Mineral Resources Vanadium**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Vanadium Inferred**<br> **Mineral Resource** | **GT Cutoff (ft%<br>eU<sub>3</sub>O<sub>8</sub>)** | **AVG. Thickness<br>(Feet)** | **AVG. Grade%V<sub>2</sub>O<sub>5</sub>** | **Tons** | **Pounds (V<sub>2</sub>O<sub>5</sub>)** |
| &nbsp;&nbsp; JD-6 Lease | 0.1 | 2.2 | 0.599 | 217000 | 2600000 |
| &nbsp;&nbsp; JD-6 Lease | 0.3 | 2.9 | 1.144 | 52000 | 1190000 |
| &nbsp;&nbsp; JD-6 Lease | 0.5 | 3.4 | 1.357 | 31500 | 855000 |
| &nbsp;&nbsp; JD-7 Lease | 0.1 | 4.1 | 0.802 | 1197000 | 19210000 |
| &nbsp;&nbsp; JD-7 Lease | 0.3 | 5.9 | 0.978 | 866000 | 16940000 |
| &nbsp;&nbsp; JD-7 Lease | 0.5 | 6.6 | 1.068 | 722000 | 15415000 |
| &nbsp;&nbsp; JD-8 Lease | 0.1 | 3.3 | 0.623 | 676000 | 8420000 |
| &nbsp;&nbsp; JD-8 Lease | 0.3 | 3.9 | 1.026 | 286000 | 5870000 |
| &nbsp;&nbsp; JD-8 Lease | 0.5 | 4.6 | 1.206 | 199000 | 4800000 |
| &nbsp;&nbsp; JD-9 Lease | 0.1 | 2.6 | 0.640 | 349000 | 4470000 |
| &nbsp;&nbsp; JD-9 Lease | 0.3 | 4.4 | 0.977 | 141000 | 2755000 |
| &nbsp;&nbsp; JD-9 Lease | 0.5 | 5.6 | 1.049 | 108000 | 2265000 |
| &nbsp;&nbsp; **Totals** | **0.1** | **3.1** | **0.711** | **2439000** | **34700000** |
| &nbsp;&nbsp; **Totals** | **0.3** | **4.3** | **0.995** | **1345000** | **26755000** |
| &nbsp;&nbsp; **Totals** | **0.5** | **6.0** | **1.100** | **1060500** | **23335000** |

---

Notes:

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources

2: In Situ Mineral Resource are estimated at minimum GT cut-off of 0.50 (4 ft. of 0.125% eU3O8), with a Vanadium to Uranium Ratio 5 :1

3: Mineral Resources are estimated using a long-term Uranium price of US$70 per pound and a Vanadium price of US$12 per pound. Refer to Section 11.6.

4: Bulk density is 0.07 tons/ft3 (14.5 ft3/ton)

5. Metallurgical Recovery Uranium 92%, Vanadium 75%

6. Estimated grades are based on underground mining and reflect mine dilution

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

8: Numbers may not add due to rounding

9. Pounds and tons as reported are rounded to the nearest 1,000

10. "GT cutoff" is a marginal cutoff grade and is based on costs for mining, haulage, mineral processing, and taxes and royalties but does not include, reclamation and capital expenditure write-off as these costs are borne by the primary mined material. Refer to Section 11.7.

While no formal economic evaluation, Preliminary Economic Assessment (PEA), Preliminary Feasibility study (PFS), or Feasibility Study (FS) has been completed and while mineral resources are not mineral reserves and do not have demonstrated economic viability, reasonable prospects for future economic extraction were applied to the mineral resource estimate herein through consideration of grade and GT cutoffs and by screening out areas of isolated mineralization which would not support the cost of conventional mining under current and reasonably foreseeable conditions.

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**11.10 Uranium Mineral Resource Estimates by Project Area** 

**11.10.1** **Indicated Uranium Mineral Resources, JD-6 Lease** 

The mineral resource estimate for the JD-6 Lease Area of the Project is presented in Table 11-4. See Figures 11-2 and 11-3 for the JD-6 Lease GT and T resource models. The JD-6 Lease has four discrete mineralized zones distributed across the area and is focused primarily within the Lower Brushy Basin and upper Saltwash members of the Morrison Formation. All four mineralized zones contain drill hole intercepts which met initial grade cutoff criteria and were modelled at the 0.1 ft% GT Cutoff. However, only Zones B, C, and E meet the preferred 0.5 ft% GT cutoff criteria for reporting, shaded in Table 11.4.

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| | |
|:---|:---|
| **Table 11-4:** | **Indicated Mineral Resources Uranium, JD-6 Lease**  |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Zone** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**GT Cutoff** <br> **(ft%)** | **AVG. Thickness**<br> **(ft)** | **AVG. Grade <br>(%eU<sub>3</sub>O<sub>8</sub>)** | **Tons** | **Pounds (eU<sub>3</sub>O<sub>8</sub>)** |
| &nbsp;&nbsp; A | 0.1 | 3 | 0.052 | 13000 | 14000 |
| &nbsp;&nbsp; A | 0.3 | - | - | - | - |
| &nbsp;&nbsp; A | 0.5 | - | - | - | - |
| &nbsp;&nbsp; B | 0.1 | 2.7 | 0.14 | 28000 | 77000 |
| &nbsp;&nbsp; B | 0.3 | 3.4 | 0.207 | 14000 | 56000 |
| &nbsp;&nbsp; B | 0.5 | 3.4 | 0.219 | 10500 | 46000 |
| &nbsp;&nbsp; C | 0.1 | 2 | 0.15 | 101000 | 304000 |
| &nbsp;&nbsp; C | 0.3 | 2.7 | 0.237 | 38000 | 182000 |
| &nbsp;&nbsp; C | 0.5 | 2.7 | 0.298 | 21000 | 125000 |
| &nbsp;&nbsp; D | 0.1 | 2.2 | 0.082 | 39000 | 64000 |
| &nbsp;&nbsp; D | 0.3 | - | - | - | - |
| &nbsp;&nbsp; D | 0.5 | - | - | - | - |
| &nbsp;&nbsp; E | 0.1 | 2.2 | 0.084 | 36000 | 61000 |
| &nbsp;&nbsp; E | 0.3 | - | - | - | - |
| &nbsp;&nbsp; E | 0.5 | - | - | - | - |
| &nbsp;&nbsp; **Total** | **0.1** | **2.2** | **0.12** | **217000** | **520000** |
| &nbsp;&nbsp; **Total** | **0.3** | **2.9** | **0.229** | **52000** | **238000** |
| &nbsp;&nbsp; **Total** | **0.5** | **2.9** | **0.272** | **31500** | **171000** |

---

Notes:

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources

2: In Situ Mineral Resource are estimated at minimum GT cut-off of 0.50 (4 ft. of 0.125% eU3O8), with a Vanadium to Uranium Ratio 5 :1

3: Mineral Resources are estimated using a long-term Uranium price of US$70 per pound and a Vanadium price of US$12 per pound. Refer to Section 11.6.

4: Bulk density is 0.07 tons/ft3 (14.5 ft3/ton)

5. Metallurgical Recovery Uranium 92%, Vanadium 75%

6. Estimated grades are based on underground mining and reflect mine dilution

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

8: Numbers may not add due to rounding

9. Pounds and tons as reported are rounded to the nearest 1,000

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10. "GT cutoff" is a marginal cutoff grade and is based on costs for mining, haulage, mineral processing, and taxes and royalties but does not include, reclamation and capital expenditure write-off as these costs are borne by the primary mined material. Refer to Section 11.7.

While no formal economic evaluation, Preliminary Economic Assessment (PEA), Preliminary Feasibility study (PFS), or Feasibility Study (FS) has been completed and while mineral resources are not mineral reserves and do not have demonstrated economic viability, reasonable prospects for future economic extraction were applied to the mineral resource estimate herein through consideration of grade and GT cutoffs and by screening out areas of isolated mineralization which would not support the cost of conventional mining under current and reasonably foreseeable conditions.

[*The remainder of this page is intentionally left blank*.]

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| | |
|:---|:---|
| **Figure 11-2:** | **JD-6 LEASE: Zone B GT Banding & T Contours**  |

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![LOGO](g870247g00a86.jpg)

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| | |
|:---|:---|
| **Figure 11-3:** | **JD-6 LEASE: Zone C GT Banding & T Contours**  |

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![LOGO](g870247g00a87.jpg)

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**11.10.2** **Indicated Uranium Mineral Resources, JD-7 Lease** 

The mineral resource estimate for the JD-7 Lease Area of the Project is presented in Table 11-5. The 0.5 GT cutoff is recommended for reporting and is shaded in the table. See Figures 11-4 to 11-7 for the JD-7 Lease GT and T resource models. The JD-7 Lease has four discrete mineralized zones distributed across the area and is focused primarily within the Lower Brushy Basin and upper Saltwash members of the Morrison Formation. All four mineralized zones contain drill hole intercepts which met initial grade cutoff criteria and GT Cutoffs.

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| | |
|:---|:---|
| **Table 11-5:** | **Indicated Mineral Resources Uranium, JD-7 Lease**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Zone** | **GT Cutoff <br>(ft%)** | **AVG. Thickness<br>(ft)** | **AVG. Grade<br>(%eU<sub>3</sub>O<sub>8</sub>)** | **Tons** | **Pounds (eU<sub>3</sub>O<sub>8</sub>)** |
| &nbsp;&nbsp; A | 0.1 | 2.9 | 0.090 | 158000 | 285000 |
| &nbsp;&nbsp; A | 0.3 | 4.4 | 0.131 | 63000 | 166000 |
| &nbsp;&nbsp; A | 0.5 | 4.6 | 0.173 | 32000 | 109000 |
| &nbsp;&nbsp; B | 0.1 | 3.9 | 0.460 | 155000 | 438000 |
| &nbsp;&nbsp; B | 0.3 | 5.3 | 0.169 | 109000 | 368000 |
| &nbsp;&nbsp; B | 0.5 | 5.8 | 0.200 | 78000 | 314000 |
| &nbsp;&nbsp; C | 0.1 | 3 | 0.146 | 246000 | 720000 |
| &nbsp;&nbsp; C | 0.3 | 4.4 | 0.211 | 135000 | 568000 |
| &nbsp;&nbsp; C | 0.5 | 4.9 | 0.240 | 102000 | 491000 |
| &nbsp;&nbsp; D | 0.1 | 5.5 | 0.188 | 638000 | 2399000 |
| &nbsp;&nbsp; D | 0.3 | 6.8 | 0.204 | 559000 | 2286000 |
| &nbsp;&nbsp; D | 0.5 | 7.6 | 0.213 | 510000 | 2169000 |
| &nbsp;&nbsp; **Total** | **0.1** | **4.1** | **0.160** | **1197000** | **3842000** |
| &nbsp;&nbsp; **Total** | **0.3** | **5.9** | **0.196** | **866000** | **3388000** |
| &nbsp;&nbsp; **Total** | **0.5** | **6.6** | **0.214** | **722000** | **3083000** |

---

Notes:

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources

2: In Situ Mineral Resource are estimated at minimum GT cut-off of 0.50 (4 ft. of 0.125% eU3O8), with a Vanadium to Uranium Ratio 5 :1

3: Mineral Resources are estimated using a long-term Uranium price of US$70 per pound and a Vanadium price of US$12 per pound. Refer to Section 11.6.

4: Bulk density is 0.07 tons/ft3 (14.5 ft3/ton)

5. Metallurgical Recovery Uranium 92%, Vanadium 75%

6. Estimated grades are based on underground mining and reflect mine dilution

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

8: Numbers may not add due to rounding

9. Pounds and tons as reported are rounded to the nearest 1,000

10. "GT cutoff" is a marginal cutoff grade and is based on costs for mining, haulage, mineral processing, and taxes and royalties but does not include, reclamation and capital expenditure write-off as these costs are borne by the primary mined material. Refer to Section 11.7.

------

While no formal economic evaluation, Preliminary Economic Assessment (PEA), Preliminary Feasibility study (PFS), or Feasibility Study (FS) has been completed and while mineral resources are not mineral reserves and do not have demonstrated economic viability, reasonable prospects for future economic extraction were applied to the mineral resource estimate herein through consideration of grade and GT cutoffs and by screening out areas of isolated mineralization which would not support the cost of conventional mining under current and reasonably foreseeable conditions.

[*The remainder of this page is intentionally left blank.*] 

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**Figure 11-4: JD-7 LEASE: Zone A GT Banding & T Contours**![LOGO](g870247g00a90.jpg)

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**Figure 11-5: JD-7 LEASE: Zone B GT Banding & T Contours**![LOGO](g870247g00a91.jpg)

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**Figure 11-6: JD-7 LEASE: Zone C GT Banding & T Contours**![LOGO](g870247g00a92.jpg)

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| | |
|:---|:---|
| **Figure 11-7:** | **JD-7 LEASE: Zone D GT Banding & T Contours**  |

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![LOGO](g870247g00a93.jpg)

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**11.10.3** **Indicated Mineral Resources, JD-8 Lease** 

The mineral resource estimate for the JD-8 Lease Area of the Project is presented in Table 11-6. The 0.5 GT cutoff is recommended for reporting and is shaded in the table. See Figures 11-8 to 11-10 for the JD-8 Lease GT and T resource models. The JD-8 Lease has three discrete mineralized zones distributed across the area and is focused primarily within the mid to lower Brushy Basin and upper Saltwash members of the Morrison Formation. All three mineralized zones contain drill hole intercepts which met initial grade cutoff GT Cutoffs.

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| | |
|:---|:---|
| **Table 11-6:** | **Indicated Mineral Resources Uranium, JD-8 Lease**  |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Zone** | **GT Cutoff <br>(ft%)** | **AVG. Thickness <br>(ft)** | **AVG. Grade <br>(%eU<sub>3</sub>O<sub>8</sub>)** | **Tons** | **Pounds (eU<sub>3</sub>O<sub>8</sub>)** |
| &nbsp;&nbsp; A | 0.1 | 4.5 | 0.065 | 299000 | 390000 |
| &nbsp;&nbsp; A | 0.3 | 5.3 | 0.118 | 82000 | 195000 |
| &nbsp;&nbsp; A | 0.5 | 5.3 | 0.148 | 47000 | 140000 |
| &nbsp;&nbsp; B | 0.1 | 2.1 | 0.136 | 50000 | 135000 |
| &nbsp;&nbsp; B | 0.3 | 2.2 | 0.480 | 7000 | 62000 |
| &nbsp;&nbsp; B | 0.5 | 2.2 | 0.512 | 6000 | 59000 |
| &nbsp;&nbsp; C | 0.1 | 2.9 | 0.177 | 327000 | 1159000 |
| &nbsp;&nbsp; C | 0.3 | 3.6 | 0.233 | 197000 | 917000 |
| &nbsp;&nbsp; C | 0.5 | 3.6 | 0.260 | 147000 | 761000 |
| &nbsp;&nbsp; **Total** | **0.1** | **3.3** | **0.125** | **676000** | **1684000** |
| &nbsp;&nbsp; **Total** | **0.3** | **3.9** | **0.205** | **286000** | **1174000** |
| &nbsp;&nbsp; **Total** | **0.5** | **3.9** | **0.241** | **199000** | **960000** |

---

Notes:

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources

2: In Situ Mineral Resource are estimated at minimum GT cut-off of 0.50 (4 ft. of 0.125% eU3O8), with a Vanadium to Uranium Ratio 5 :1

3: Mineral Resources are estimated using a long-term Uranium price of US$70 per pound and a Vanadium price of US$12 per pound. Refer to Section 11.6.

4: Bulk density is 0.07 tons/ft3 (14.5 ft3/ton)

5. Metallurgical Recovery Uranium 92%, Vanadium 75%

6. Estimated grades are based on underground mining and reflect mine dilution

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

8: Numbers may not add due to rounding

9. Pounds and tons as reported are rounded to the nearest 1,000

10. "GT cutoff" is a marginal cutoff grade and is based on costs for mining, haulage, mineral processing, and taxes and royalties but does not include, reclamation and capital expenditure write-off as these costs are borne by the primary mined material. Refer to Section 11.7.

While no formal economic evaluation, Preliminary Economic Assessment (PEA), Preliminary Feasibility study (PFS), or Feasibility Study (FS) has been completed and while mineral resources are not mineral reserves and do not have demonstrated economic viability, reasonable prospects for future economic extraction were applied to the mineral resource estimate herein through consideration of grade and GT cutoffs and by screening out areas of isolated mineralization which would not support the cost of conventional mining under current and reasonably foreseeable conditions.

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**Figure 11-8: JD-8 LEASE: Zone A GT Banding & T Contours**![LOGO](g870247g00a95.jpg)

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| | |
|:---|:---|
| **Figure 11-9:** | **JD-8 LEASE: Zone B GT Banding & T Contours**  |

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![LOGO](g870247g00a96.jpg)

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| | |
|:---|:---|
| **Figure 11-10:** | **JD-8 LEASE: Zone C GT Banding & T Contours**  |

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![LOGO](g870247g00a97.jpg)

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**11.10.4** **Indicated Mineral Resources, JD-9 Lease** 

The mineral resource estimate for the JD-9 Lease Area of the Project is presented in Table 11-7. The 0.5 GT cutoff is recommended for reporting and is shaded in the table. See Figure 11-11 for the JD-9 Lease GT and T resource models. The JD-9 Lease has three discrete mineralized zones distributed across the area and is focused primarily within the upper Saltwash member of the Morrison Formation. Only one of the three mineralized zones contain drill hole intercepts which met initial grade and GT Cutoffs.

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| | |
|:---|:---|
| **Table 11-7:** | **Indicated Mineral Resources Uranium, JD-9 Lease**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Zone** | **GT Cutoff <br>(ft%)** | **AVG. Thickness <br>(ft)** | **AVG. Grade <br>(%eU<sub>3</sub>O<sub>8</sub>)** | **Tons** | **Pounds (eU<sub>3</sub>O<sub>8</sub>)** |
| &nbsp;&nbsp; A | 0.1 | - | - | - | - |
| &nbsp;&nbsp; A | 0.3 | - | - | - | - |
| &nbsp;&nbsp; A | 0.5 | - | - | - | - |
| &nbsp;&nbsp; B | 0.1 | - | - | - | - |
| &nbsp;&nbsp; B | 0.3 | - | - | - | - |
| &nbsp;&nbsp; B | 0.5 | - | - | - | - |
| &nbsp;&nbsp; C | 0.1 | 2.6 | 0.128 | 349000 | 894000 |
| &nbsp;&nbsp; C | 0.3 | 4.4 | 0.195 | 141000 | 551000 |
| &nbsp;&nbsp; C | 0.5 | 0 | 0.000 | 0 | 0 |
| &nbsp;&nbsp; **Total** | **0.1** | **2.6** | **0.128** | **349000** | **894000** |
| &nbsp;&nbsp; **Total** | **0.3** | **4.4** | **0.195** | **141000** | **551000** |
| &nbsp;&nbsp; **Total** | **0.5** | **5.6** | **0.210** | **108000** | **453000** |

---

Notes:

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources

2: In Situ Mineral Resource are estimated at minimum GT cut-off of 0.50 (4 ft. of 0.125% eU3O8), with a Vanadium to Uranium Ratio 5 :1

3: Mineral Resources are estimated using a long-term Uranium price of US$70 per pound and a Vanadium price of US$12 per pound. Refer to Section 11.6.

4: Bulk density is 0.07 tons/ft3 (14.5 ft3/ton)

5. Metallurgical Recovery Uranium 92%, Vanadium 75%

6. Estimated grades are based on underground mining and reflect mine dilution

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

8: Numbers may not add due to rounding

9. Pounds and tons as reported are rounded to the nearest 1,000

10. "GT cutoff" is a marginal cutoff grade and is based on costs for mining, haulage, mineral processing, and taxes and royalties but does not include, reclamation and capital expenditure write-off as these costs are borne by the primary mined material. Refer to Section 11.7.

While no formal economic evaluation, Preliminary Economic Assessment (PEA), Preliminary Feasibility study (PFS), or Feasibility Study (FS) has been completed and while mineral resources are not mineral reserves and do not have demonstrated economic viability, reasonable prospects for future economic extraction were applied to the mineral resource estimate herein through consideration of grade and GT cutoffs and by screening out areas of isolated mineralization which would not support the cost of conventional mining under current and reasonably foreseeable conditions.

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**Figure 11-11: JD-9 LEASE: Zone C GT Banding & T Contours**![LOGO](g870247g00a99.jpg)

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**11.11 Risk Factors That May Affect the Mineral Resource Estimate** 

Factors that may affect the mineral resource estimate include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● assumptions as to forecasted uranium price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● changes to the assumptions used to generate the GT cutoff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● changes to future commodity demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● variance in the grade and continuity of mineralization from what was interpreted by drilling and estimation techniques.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● density assignments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain
environment and other regulatory permits and maintain the social license to operate.

Mineral resources do not have demonstrated economic viability, but they have technical and economic constraints applied to them to establish reasonable prospects for economic extraction. The geological evidence supporting inferred mineral resources is derived from adequately detailed and reliable exploration, sampling and testing, and is sufficient to reasonably assume geological and grade continuity.

The QP expects that the majority of the inferred and indicated mineral resources could be upgraded to indicated and measured mineral resources, respectively, with additional drilling. Larger inferred and indicated resources may also be quantified with further evaluation of current Project economics.

**11.12 QP Opinion on the Mineral Resource Estimate** 

In the opinion of the authors, the data available for the Project is sufficiently reliable for estimation of mineral resources for the purpose of this IA.

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**12.0 MINERAL RESERVE ESTIMATES** 

This section is not relevant to this Report.

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**13.0 MINING METHODS** 

This section is not relevant to this Report.

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**14.0 RECOVERY METHODS** 

This section is not relevant to this Report.

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**15.0 INFRASTRUCTURE** 

This section is not relevant to this Report.

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**16.0 MARKET STUDIES AND CONTRACTS** 

This section is not relevant to this Report.

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**17.0** **ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS** 

This section is not relevant to this Report.

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**18.0 CAPITAL AND OPERATING COSTS** 

This section is not relevant to this Report.

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**19.0 ECONOMIC ANALYSIS** 

This section is not relevant to this Report.

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**20.0 ADJACENT PROPERTIES** 

There are no adjacent properties which are not already held by Anfield Energy or its subsidiaries that are considered relevant to the IA.

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**21.0** **OTHER RELEVANT DATA AND INFORMATION** 

The authors are not aware of additional data or information pertaining to this project which would materially change the conclusions of this report.

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**22.0 INTERPRETATION AND CONCLUSIONS** 

This IA for the Project has been prepared in accordance with the regulations set forth in S-K 1300 (Part 229 of the 1933 Securities Act). Its objective is to disclose the mineral resources at the Project.

**22.1** **Conclusions** 

Each of the four subject mineral leases, JD-6, JD-7, JD-8, and JD-9, have been mined successfully in the past by conventional underground methods. A portion of the JD-7 resource was partially stripped with the intent of mining open-pit excavation. The current mineral resource estimates are based on the development of the resources in a similar manner. Uranium and vanadium mineralization is found in the Saltwash member of the Jurassic Morrison Formation. The mineralization is tabular in nature, based on available data and descriptions of the deposits and interpretation of the drill data.

Drill data was available for 2,198 drill holes. Mineral resources were estimated using the Grade times Thickness (GT) Contour method. The primary data modeled are equivalent uranium values as determined by downhole geophysical logging and reported as %eU<sub>3</sub>O<sub>8</sub>. A radiometric disequilibrium factor of 1 was used.

While no formal economic evaluation, Preliminary Economic Assessment (PEA), Preliminary Feasibility study (PFS), or Feasibility Study (FS) has been completed and while mineral resources are not mineral reserves and do not have demonstrated economic viability, reasonable prospects for future economic extraction were applied to the mineral resource estimate herein through consideration of grade and GT cutoffs and by screening out areas of isolated mineralization which would not support the cost of conventional mining under current and reasonably foreseeable conditions.

The drill spacing in most areas is sufficient to support a higher level of mineral resource classification, however, due to the historical nature of the drill data with no recent confirmatory drilling, the uranium mineral resource estimates reported here are considered Indicated Mineral Resources.

Mineral Resources are summarized in Section 11 of this report.

**22.2** **Risks and Opportunities** 

It is the authors' opinion that the risks associated with this project are moderate as there has been past mining on the leases and the mine workings generally remain open and accessible. In addition, mining permits are in place although they would need to be updated. However, there are risks similar in nature to other mining projects in general and uranium mining projects specially, i.e., risks common to mining projects include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with mineral reserve and resource estimates, including the risk of errors in assumptions or
methodologies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with estimating mineral extraction and recovery, forecasting future price levels necessary to support
mineral extraction and recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● uncertainties and liabilities inherent to conventional mineral extraction and recovery.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● geological, technical and processing problems, including unanticipated metallurgical difficulties, less than expected
recoveries, ground control problems, process upsets, and equipment malfunctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with labor costs, labor disturbances, and unavailability of skilled labor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with the availability and/or fluctuations in the costs of raw materials and consumables used in the
production processes.

legislation and regulation, and delays in obtaining permits and licenses that could impact expected mineral extraction and recovery levels and costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● actions taken by regulatory authorities with respect to mineral extraction and recovery activities.

The Project should anticipate some specific risks as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Based on the experience of other proposed mines in the Uravan district, some level of public opposition given its
geographical location. However, Anfield controls the Shootaring Canyon (Ticaboo) mill near Ticaboo, Utah. The mill has a source material license from the State of Utah which would require updating and revision to allow operations and the mill would
require refurbishment, but it is considered reasonable to presume mined material from the Project could ultimately be processed at Ticaboo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The combined royalty burden from both Cotter and the DOE is considered excessive in comparison to typical industry
practice and may inhibit the development of the Project.

Readers are cautioned that any estimate of forward cost or commodity price is by its nature forward-looking. It would be unreasonable to rely on any such forward-looking statements and information as creating any legal rights. The statements and information are not guarantees and may involve known and unknown risks and uncertainties, actual results are likely to differ (and may differ materially) and objectives and strategies may differ or change from those expressed or implied in the forward-looking statements or information as a result of various factors. Such risks and uncertainties include risks generally encountered in the exploration, development, operation and closure of mineral properties and processing facilities. Forward-looking statements are subject to a variety of known and unknown risks and uncertainties.

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**23.0** **RECOMMENDATIONS** 

The following recommendations assume that Anfield will choose to complete data verification, metallurgical and other studies necessary to support a Preliminary Economic Assessment (PEA) for the project prior to reaching a production decision for the Project.

The recommended project development program, summarized in Table 23.1, with total estimated expenditures of $750,000 (US dollars) includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Collect core samples from select areas across the project in a manner representative of the overall resource area and/or
complete test mining to obtain a bulk sample of mineralized material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Analyze the samples for uranium, vanadium, and radium to evaluate disequilibrium and the ratio of vanadium to uranium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Complete bench scale testing of mechanical sorting of the mined material prior to mineral processing to upgrade the
mined material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Complete bench scale metallurgical testing of the bulk sample for anticipated mill processing alternatives including
conventional milling, vat and heap leaching, or other options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Completion of a PEA

**Table 23-1: Phase 1 Recommendations** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Expense Category**<br>| **Scope of Services**<br>| **Estimated Cost**<br>|
| &nbsp;&nbsp;&nbsp;Core Drilling or Test Mining | Complete 10 core holes representative of the mineralization across the project | $250000 |
| &nbsp;&nbsp;&nbsp;Sample Assays | Chemical assays for uranium and other metals and constituents. Physical testing for porosity and permeability. | $50000 |
| &nbsp;&nbsp;&nbsp;Test Mechanical Sorting | Mechanical sorting may include radiometric sorting or sizing of the mineralized material to upgrade the mineralized material. | $50000 |
| &nbsp;&nbsp;&nbsp;Metallurgical Testing | Metallurgical testing including bench scale to optimize leach parameters followed by bulk testing of material based for including conventional milling, vat and heap leaching. | $200000 |
| &nbsp;&nbsp;&nbsp;PEA | Complete a PEA including preliminary mine and mill designs and cost estimation. | $200000 |
| &nbsp;&nbsp;&nbsp;**Total Estimated Cost** |  | **$750000** |

---

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------

**24.0** **REFERENCES** 

**24.1** **Bibliography** 

Beahm, D.L. et al., 2023, "The Shootaring Canyon Mill and Velvet-Wood and Slick Rock Uranium Projects, Preliminary Economic Assessment National Instrument 43-101" prepared for Anfield Energy, Inc. by BRS, Inc. and T.P McNulty and Associates, Inc., May 6.

Beahm, D.L. et al., 2022, "US DOE Uranium/Vanadium Leases JD-6, JD-7, JD-8, and JD-9 Montrose County, Colorado, USA" prepared for Anfield Energy Inc. by BRS, Inc., April 10.

Behre Dolbear and Company (USA) Inc., 2007, Technical Report on Nine Properties Held by Cotter Corporation in Montrose and San Miguel Counties, Colorado, USA, 80p.

Carter, F.W., Jr., 1954, Geologic Map of the Bull Canyon Quadrangle, Colorado, USGS Geological Quadrangle Map 33, 1 plate, 1:24,000 scale.

CIM Standing Committee on Reserve Definitions, 2014, "CIM Definition Standards for Mineral Resources & Mineral Reserves", Canadian Institute of Mining, Metallurgy and Petroleum.

Dodd, P. H., and Droullard, R. F., 1967, "Borehole logging methods for exploration and evaluation of uranium deposits", U.S. Atomic Energy Commission.

McKay, A. D. et al, 2007, "Resource Estimates for In Situ Leach Uranium Projects and Reporting Under the JORC Code", Bulletin November/December.

Shawe, D. R et. al, 2011 "Uranium-Vanadium Deposits of the Slick Rock District, Colorado," USGS Professional Paper 576-F, p. 19-20, 27.

TradeTech, 2022, "Uranium Market Study 2022", Issue 3

U.S. Geological Survey, 2025, "Mineral Commodity Summaries 2025", Version 1.1, February.

Weeks, A.D., 1956, Mineralogy and Oxidation of the Colorado Plateau Uranium Ores, US Geological Survey Paper 300, p. 187-193.

Weir, D.B., 1952, Geologic Guides to Prospecting for Carnotite Deposits on the Colorado Plateau, *in* U.S. Geological Survey Bulletin 988-B, P. 15-27.

West, J., 1975, "Uranium Logging Techniques", Century.

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------

**25.0** **RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT** 

Reliance on information provided by Anfield is identified in Table 25-1 below.

**Table 25-1: Information Provided by the Registrant** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Category of Information** | **Section of<br>Report** | **Reason** |
| &nbsp;&nbsp;&nbsp;Drilling data | Section 11 | Drilling data from Cotter was provided and used to build the database and model the resource. |
| &nbsp;&nbsp;&nbsp;Mineral Tenor | Throughout | Relied upon for defining the mineral holdings of Anfield in development of this report. |
| &nbsp;&nbsp;&nbsp;Historical Technical Reports | Throughout | Source of historical production. |

---

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**26.0** **DATE AND SIGNATURE PAGE** 

CERTIFICATE OF AUTHOR

I, Douglas L. Beahm, P.E., P.G., do hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I am co-author of the report titled "WEST SLOPE URANIUM PROJECT: US DOE URANIUM/VANADIUM LEASES JD-6, JD-7, JD-8,
AND JD-9 INITIAL ASSESSMENT", dated June 12, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I am the Principal Engineer and President of BRS, Inc., 1130 Major Avenue, Riverton, Wyoming 82501.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I graduated with a Bachelor of Science degree in Geological Engineering from the Colorado School of Mines in 1974. I
am a licensed Professional Engineer in Wyoming, Colorado, Utah, and Oregon; a licensed Professional Geologist in Wyoming; a Registered Member of the SME.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I have worked as an engineer and a geologist for over 50 years. My work experience includes uranium exploration, mine
production, and mine/mill decommissioning and reclamation. Specifically, I have worked with numerous uranium projects in the US and abroad.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I was last present at the site on March 3<sup>rd</sup> and 4<sup>th</sup> 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. I am not fully independent of the issuer. While Anfield is but one of many clients for whom BRS Inc. provides
consulting services, I also serve as Anfield's Chief Operating Officer on a contractual basis. I hold no stock or other financial interest in Anfield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. I do not have prior working experience on the property as stated in the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. I have read the definition of "qualified person" set out in Subpart 1300 of Regulation S-K (S-K 1300) and
certify that by reason of my education, professional registration, and relevant work experience, I fulfill the requirements to be a "qualified person" for the purposes of S-K 1300.

Dated this 12<sup>th</sup> day of June 2025

*Signed and Sealed* 

Douglas L. Beahm, PE, PG, SME Registered Member

[*The remainder of this page is intentionally left blank*] 

------

CERTIFICATE OF AUTHOR

CARL DAVID WARREN

I, Carl David Warren, P.E., P.G., do hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I am co-author of the report titled "WEST SLOPE URANIUM PROJECT: US DOE URANIUM/VANADIUM LEASES JD-6, JD-7, JD-8,
AND JD-9 INITIAL ASSESSMENT", dated June 12, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I am a Project Engineer for BRS Engineering Inc., located in Riverton Wyoming, at 1130 Major Ave.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I graduated with a Bachelor of Science in Geological Engineering from the Colorado School of Mines in 2009 and have a
Master of Science Degree in Nuclear Engineering from the Colorado School of Mines in 2013. I am Licensed Professional Engineer in the State of Wyoming.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I have worked as both an engineer and a geologist for a cumulative 14 years and have over 17 years of working
experience in the mining industry. My relevant work experience includes underground mining, ore control, geological mapping, core logging and data management, uranium exploration, and uranium resource modelling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I was last present at the site on March 12, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. I am independent of the issuer. I hold no stock, options or have any other form of financial connection to Anfield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. I do not have prior working experience on the property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. I have read the definition of "qualified person" set out in Subpart 1300 of Regulation S-K (S-K 1300) and
certify that by reason of my education, professional registration, and relevant work experience, I fulfill the requirements to be a "qualified person" for the purposes of S-K 1300.

Dated this 12<sup>th</sup> day of June 2025

*Signed and Sealed* 

Carl David Warren P.E. P.G.

[*The remainder of this page is intentionally left blank*.]

## Exhibit 96.2

Exhibit 96.2

SLICK ROCK URANIUM PROJECT

INITIAL ASSESSMENT

US SEC Subpart 1300 Regulation S-K Report

San Miguel County, Colorado, USA

ANFIELD ENERGY INC.

PREPARED BY:

BRS INC

1130 Major Ave

Riverton, WY 82501

USA

PREPARED FOR:

ANFIELD ENERGY INC

2005-4390 Grange St.

Burnaby, BC V5H 1P6

CANADA

Qualified Person(s)

BRS INC

Authors:

Douglas L. Beahm, P.E., P.G.

Carl Warren, P.E., P.G.

June 12, 2025

------

**TABLE OF CONTENTS** Page #

---

| | |
|:---|:---|
| **1.0 EXECUTIVE SUMMARY** | **1-1** |
|  &nbsp;&nbsp;&nbsp;&nbsp;1.1 Interpretations and Conclusions | 1-2 |
|  &nbsp;&nbsp;&nbsp;&nbsp;1.2 Recommendations | 1-3 |
|  &nbsp;&nbsp;&nbsp;&nbsp;1.3 Risks | 1-4 |
| **2.0 INTRODUCTION** | **2-1** |
|  &nbsp;&nbsp;&nbsp;&nbsp;2.1 Registrant | 2-1 |
|  &nbsp;&nbsp;&nbsp;&nbsp;2.2 Terms of Reference | 2-1 |
|  &nbsp;&nbsp;&nbsp;&nbsp;2.3 Information Sources and References | 2-2 |
|  &nbsp;&nbsp;&nbsp;&nbsp;2.4 Inspection on the Project by Each Qualified Person | 2-2 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1 QP Qualifications | 2-3 |
|  &nbsp;&nbsp;&nbsp;&nbsp;2.5 Previous Technical Report Summaries | 2-3 |
| **3.0 PROPERTY DESCRIPTION** | **3-1** |
|  &nbsp;&nbsp;&nbsp;&nbsp;3.1 Property Description and Location | 3-1 |
|  &nbsp;&nbsp;&nbsp;&nbsp;3.2 Mineral Rights | 3-2 |
|  &nbsp;&nbsp;&nbsp;&nbsp;3.3 Surface Rights | 3-2 |
|  &nbsp;&nbsp;&nbsp;&nbsp;3.4 Mineral Exploration Permit Requirements | 3-2 |
|  &nbsp;&nbsp;&nbsp;&nbsp;3.5 Environmental Liabilities | 3-2 |
| **4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFASTRUCTURE AND PHYSIOGRAPHY** | **4-1** |
|  &nbsp;&nbsp;&nbsp;&nbsp;4.1 Physiography | 4-1 |
|  &nbsp;&nbsp;&nbsp;&nbsp;4.2 Accessibility | 4-1 |
|  &nbsp;&nbsp;&nbsp;&nbsp;4.3 Climate | 4-2 |
|  &nbsp;&nbsp;&nbsp;&nbsp;4.4 Infrastructure and Local Resources | 4-2 |
| **5.0 HISTORY** | **5-1** |
|  &nbsp;&nbsp;&nbsp;&nbsp;5.1 Slick Rock Project History | 5-1 |
|  &nbsp;&nbsp;&nbsp;&nbsp;5.2 Past Production | 5-2 |
| **6.0 GEOLOGICAL SETTING AND MINERALIZATION** | **6-1** |
|  &nbsp;&nbsp;&nbsp;&nbsp;6.1 Regional Geology | 6-1 |
|  &nbsp;&nbsp;&nbsp;&nbsp;6.2 Structure | 6-1 |
|  &nbsp;&nbsp;&nbsp;&nbsp;6.3 Stratigraphy | 6-2 |
|  &nbsp;&nbsp;&nbsp;&nbsp;6.4 Mineralization | 6-4 |
|  &nbsp;&nbsp;&nbsp;&nbsp;6.5 Local Geology | 6-7 |
| **7.0 EXPLORATION** | **7-1** |
|  &nbsp;&nbsp;&nbsp;&nbsp;7.1 Anfield Exploration | 7-1 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 Previous Exploration | 7-1 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 Qualified Person's Interpretation of the Exploration Information | 7-3 |

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| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;7.2 Core Data<br>| 7-3 |
|  &nbsp;&nbsp;&nbsp;&nbsp;7.3 Hydrogeology<br>| 7-3 |
|  &nbsp;&nbsp;&nbsp;&nbsp;7.4 Geotechnical Testing<br>| 7-3 |
| **8.0 SAMPLING PREPARATION, ANALYSES, AND SECURITY** | **8-1** |
| **9.0 DATA VERIFICATION** | **9-1** |
|  &nbsp;&nbsp;&nbsp;&nbsp;9.1 Drill Data<br>| 9-1 |
|  &nbsp;&nbsp;&nbsp;&nbsp;9.2 Drill Hole Locations<br>| 9-1 |
|  &nbsp;&nbsp;&nbsp;&nbsp;9.3 Qualified Person's Opinion on Data Adequacy<br>| 9-1 |
| **10.0 MINERAL PROCESSING AND METALLURGICAL TESTING** | **10-1** |
| **11.0 MINERAL RESOURCE ESTIMATES** | **11-1** |
|  &nbsp;&nbsp;&nbsp;&nbsp;11.1 Definitions<br>| 11-1 |
|  &nbsp;&nbsp;&nbsp;&nbsp;11.2 General Methodology<br>| 11-1 |
|  &nbsp;&nbsp;&nbsp;&nbsp;11.3 Commodity Price<br>| 11-3 |
|  &nbsp;&nbsp;&nbsp;&nbsp;11.4 Reasonable Prospects for Economic Extraction and Cutoff Criteria<br>| 11-4 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.1 Site Infrastructure<br>| 11-6 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.2 Mining Methods<br>| 11-6 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.3 Mineral Processing<br>| 11-7 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.4 Environmental Compliance and Permitting<br>| 11-7 |
|  &nbsp;&nbsp;&nbsp;&nbsp;11.6 Confidence Classification of Mineral Resource Estimate<br>| 11-8 |
|  &nbsp;&nbsp;&nbsp;&nbsp;11.7 Mineral Resource Statement<br>| 11-8 |
|  &nbsp;&nbsp;&nbsp;&nbsp;11.7.1 Risk Factors That May Affect the Mineral Resource Estimate<br>| 11-8 |
|  &nbsp;&nbsp;&nbsp;&nbsp;11.7.2 QP Opinion on the Mineral Resource Estimate<br>| 11-9 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7.3 Mineral Resource Summary<br>| 11-9 |
|  &nbsp;&nbsp;&nbsp;&nbsp;11.8 Mineral Resource Figures<br>| 11-11 |
| **12.0 MINERAL RESERVE ESTIMATES** | **12-1** |
| **13.0 MINING METHODS** | **13-1** |
| **14.0 PROCESSING AND RECOVERY METHODS** | **14-1** |
| **15.0 INFASTRUCTURE** | **15-1** |
| **16.0 MARKET STUDIES** | **16-1** |
| **17.0 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS** | **17-1** |
| **18.0 CAPITAL AND OPERATING COSTS** | **18-1** |
| **19.0 ECONOMIC ANALYSIS** | **19-1** |
| **20.0 ADJACENT PROPERTIES** | **20-1** |
| **21.0 OTHER RELEVANT DATA AND INFORMATION** | **21-1** |
| **22.0 INTERPRETATION AND CONCLUSIONS** | **22-1** |
|  &nbsp;&nbsp;&nbsp;&nbsp;22.1 Conclusions<br>| 22-1 |
|  &nbsp;&nbsp;&nbsp;&nbsp;22.2 Risks and Opportunities | 22-1 |

---

------

---

| | |
|:---|:---|
| **23.0 RECOMMENDATIONS** | **23-1** |
|  &nbsp;&nbsp;&nbsp;&nbsp;23.1 Phase 1<br>| 23-1 |
|  &nbsp;&nbsp;&nbsp;&nbsp;23.2 Phase 2<br>| 23-2 |
| **24.0 REFERENCES** | **24-1** |
| **25.0 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT** | **25-1** |
| **26.0 DATE AND SIGNATURE PAGE** | **26-1** |

---

LIST OF FIGURES PAGE #

---

| | |
|:---|:---|
|  Figure 3.1 - Slick Rock Ownership and Claim Map | 3-1 |
|  Figure 4.1 - Slick Rock Access Map | 4-1 |
|  Figure 4.2 - Slick Rock Climate Summary | 4-2 |
|  Figure 5.1 - 2006-2008 Borehole Map | 5-2 |
|  Figure 6.1 - Slick Rock Structural Geology Map (from Williams, 1964) | 6-2 |
|  Figure 6.2 - Uravan Mineral Belt (adapted from Chenoweth, 1981) | 6-4 |
|  Figure 6.3a - Uranium/Vanadium Deposits of the Slick Rock District, Colorado | 6-6 |
|  Perspective Geologic Cross Section of Roll Ore Bodies (Shawe, 2011, paper 576-f) | 6-6 |
|  Figure 6.3b - Uranium/Vanadium Deposits of the Slick Rock District, Colorado | 6-6 |
|  Perspective Geologic Cross Section of Tabular Ore Bodies (Shawe, 2011, paper 576-f) | 6-6 |
|  Figure 6.4 - Slick Rock Sample and Scintillometer | 6-7 |
|  Figure 6.5a - Geologic Map of Slick Rock Project Area (from USGS/Carter 1955) | 6-8 |
|  Figure 6.5b - Geologic Map of Slick Rock Project Area Legend (from USGS/Carter 1955) | 6-9 |
|  Figure 7.1 - Slick Rock Drill Hole Map | 7-2 |
|  Figure 7.2 - Slick Rock Cross Sections | 7-2 |
|  Figure 11.1 - TradeTech Uranium Market Price Projections- FAM2 (Nominal US$) | 11-3 |
|  Figure 11.2 - Slick Rock Zone A GT Map | 11-11 |
|  Figure 11.3 - Slick Rock Zone B GT Map | 11-12 |
|  Figure 11.4 - Slick Rock Zone C GT Map | 11-13 |

---

---

| | |
|:---|:---|
|  LIST OF TABLES | PAGE # |
|  Table 1.1 - Slick Rock Uranium Mineral Resource Summary\* | 1-2 |
|  Table 1.2 - Slick Rock Vanadium Mineral Resource Summary\* | 1-3 |
|  Table 2.1 - Terms and Abbreviations | 2-2 |
|  Table 5.2 - Slick Rock District Total Production | 5-3 |
|  Table 6.1 - Stratigraphy of Slick Rock District and Vicinity (Shawe, 1970) | 6-3 |
|  Table 7.1 - Slick Rock Drill Hole Intercepts by Zone | 7-1 |
|  Table 11.1 - Cutoff Calculation | 11-6 |
|  Table 11.2 - Slick Rock Uranium Mineral Resource Summary\* | 11-9 |
|  Table 11.3 - Slick Rock Vanadium Mineral Resource Summary\* | 11-10 |
|  Table 23.1 - Slick Rock Phase 1: Verification Drilling Cost Estimate | 23-1 |
|  Table 23.2 - Slick Rock Phase 2: Exploration Drilling Cost Estimate | 23-2 |

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------

**1.0** **EXECUTIVE SUMMARY** 

The Slick Rock project is located in San Miguel County, Southwest Colorado, approximately 24 miles north of the town of Dove Creek and east of the Dolores River in the Slick Rock District of the Uravan mineral belt. The Slick Rock project is located in Township 44 North, Range 18 West, Sections 15, 16, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 32, 33, and 34 and in Township 43 North, Range 18 West, Sections 3, 4, and 5 New Mexico Principal Meridian. The approximate geographic center of the property is Latitude 38° 2' 51.7" North, Longitude 108° 51' 42.3" West. Anfield Energy Inc. entered into a definitive agreement to acquire Slick Rock Property from Uranium Energy Corp. in an asset swap transaction on April 21, 2022. The Slick Rock project comprises 268 mineral lode claims included in this report and encompasses an area of approximately 4,976 acres or 7.8 square miles as shown in Figure 3.1. Certain claims within the block are subject to 1% to 3% royalties of net uranium and vanadium production.

The Project's Uranium/vanadium mineralization is hosted by the Upper Jurassic Morrison Formation and is typical of Colorado Plateau-style uranium/vanadium deposits. Past production came from the upper or third-rim sandstone of the Salt Wash member of the Morrison Formation. This is the target host for uranium/vanadium mineralization within Anfield's Slick Rock project area.

Uranium and vanadium bearing minerals occur as fine grained coatings in detrital grains filling pore spaces between the sand grains and replacing carbonaceous material and some detrital grains (Weeks et al., 1956). The primary uranium minerals are uraninite (UO<sub>2</sub>) with minor amounts of coffinite (USiO<sub>4</sub>OH). Montroseite (VOOH) is the primary vanadium mineral, along with vanadium clays and hydromica. Metal sulfides occur in trace amounts. Mineralization occurs within tabular to lenticular bodies that are pene-concordant within sedimentary bedding. Mineralization may also cut across sedimentary bedding to form irregular shapes.

Surficial to shallow uranium/vanadium mineralization has been known in the Slick Rock area since the early 1900s (then called the McIntyre district). First mined for radium and minor uranium until 1923, numerous companies sporadically operated small scale mining and processing facilities along the Dolores River. In 1931, a mill was constructed by Shattuck Chemical Co. to process vanadium ore. In 1944, the area was worked by the Union Mines Development Corp. for uranium/vanadium ore. The uranium was used to develop and construct the first atomic bombs. This sparked intensive exploration efforts throughout the Uravan mineral belt.

By December of 1955, Union Carbide Nuclear Corp. (UCNC) had drilled out a sufficient resource on the north side of Burro Canyon and began sinking three shafts. In December 1957, the shaft sinking was complete on the Burro #3, #5, and #7 mines to total depths of 408 ft, 414 ft, and 474 ft, respectively. In the same year, initial ore shipments were made to UCNC's concentrating mill at Slick Rock. The total historical production of the Burro mines was 2,236,723 lbs U<sub>3</sub>O<sub>8</sub> (uranium oxide) and 13,941,457 lbs V<sub>2</sub>O<sub>5</sub> (vanadium oxide). Within the Project area, drill data from 285 drillholes were used in the current mineral resource estimate.

Major permitting actions that would be needed for production include a new Large Mine Permit and Plan of Operations issued by CMLRB and BLM, respectively. If it were necessary to recover

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uranium onsite from ground water treatment in order to meet discharge permit requirements, a source materials license from CDPHE would be required. Air quality, water quality, storm water discharge, and water rights for consumptive use permits would be needed. Permits for monitor wells would be required. Federal Mine Safety for mine and mill under the Mine Safety and Health Administration (MSHA) would be required.

**1.1 Interpretations and Conclusions** 

This report summarizes mineral resource for the Slick Rock mine which is planned to be processed at the Shootaring Canyon mill. Mineral resources have been estimated for both uranium and vanadium as the mineralization occurs primarily as uranyl-vanadates, and the refurbishment of the Shootaring Canyon mill will include a vanadium circuit to recover the vanadium as a co-product with the uranium.

The total estimated uranium mineral resources are summarized in Table 1.1. The associated vanadium mineral resource which will be mined as a co-product is summarized in Table 1.2. Drill data was available for 285 drill holes. The effective date of the mineral resource estimate is May 6, 2023. Mineral resources for uranium were estimated using the Grade times Thickness (GT) Contour method. Mineral resources for vanadium, associated with uranium, were estimated based on available data relative to the ratio of vanadium to uranium (V:U ratio)

**Table 1.1 - Slick Rock Uranium Mineral Resource Summary\*** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Area/Classification | GT<br> Cutoff | Thousand<br> Pounds<br> eU<sub>3</sub>O<sub>8</sub> | Thousand<br> Tons | Avg Grade<br> %eU<sub>3</sub>O<sub>8</sub> |
| &nbsp;&nbsp; TOTAL INFERRED<br>MINERAL RESOURCE URANIUM | 0.40 | 7858 | 1749 | 0.23 |

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Notes:

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources

2: In Situ Mineral Resource are estimated at minimum GT cut-off of 0.40 (4 ft. of 0.10% eU<sub>3</sub>O<sub>8</sub>), with a Vanadium to Uranium Ratio 6 :1

3: Mineral Resources are estimated using a long-term Uranium price of US$70 per pound and a Vanadium price of US$12 per pound. Refer to Section 11.3.

4: Bulk density is 0.07 tons/ft<sup>3</sup> (15 ft<sup>3</sup>/ton)

5. Metallurgical Recovery Uranium 92%, Vanadium $75%

6. Estimated grades are based on underground mining and reflect mine dilution

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

8: Numbers may not add due to rounding

9. Pounds and tons as reported are rounded to the nearest 1,000

10. "GT cutoff" is a marginal cutoff grade and is based on costs for mining, haulage, mineral processing, and taxes and royalties but does not include, reclamation and capital expenditure write-off as these costs are borne by the primary mined material. Refer to Section 11.4.

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**Table 1.2 - Slick Rock Vanadium Mineral Resource Summary\*** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Area/Classification | GT cutoff<br> (Based on Uranium) | V:U<br> Ratio | Thousand<br> Pounds<br> V<sub>2</sub>O<sub>5</sub> | Thousand<br> Tons | Avg<br>Grade<br> %V<sub>2</sub>O<sub>5</sub> |
| &nbsp;&nbsp; TOTAL INFERRED<br>MINERAL RESOURCE VANADIUM | 0.40 | 6:1 | 47148 | 1749 | 1.35 |

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Notes:

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources

2: In Situ Mineral Resource are estimated at minimum GT cut-off of 0.40 (4 ft. of 0.10% eU<sub>3</sub>O<sub>8</sub>), with a Vanadium to Uranium Ratio 6 :1

3: Mineral Resources are estimated using a long-term Uranium price of US$70 per pound and a Vanadium price of US$12 per pound. Refer to Section 11.3.

4: Bulk density is 0.07 tons/ft<sup>3</sup> (15 ft<sup>3</sup>/ton)

5. Metallurgical Recovery Uranium 92%, Vanadium $75%

6. Estimated grades are based on underground mining and reflect mine dilution

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

8: Numbers may not add due to rounding

9. Pounds and tons as reported are rounded to the nearest 1,000

10. "GT cutoff" is a marginal cutoff grade and is based on costs for mining, haulage, mineral processing, and taxes and royalties but does not include, reclamation and capital expenditure write-off as these costs are borne by the primary mined material. Refer to Section 11.4

While mineral resources are not mineral reserves and do not have demonstrated economic viability, reasonable prospects for future economic extraction were applied to the mineral resource estimates herein through consideration of grade and GT cutoffs as well as mineralization proximity to existing and proposed conceptual mining. As such, economic considerations were exercised by screening out areas which were below these cutoffs or of isolated mineralization and thus would not support the cost of conventional mining under current and reasonably foreseeable conditions.

**1.2 Recommendations** 

The following recommendations relate to potential improvement and/or advancement of the Project and fall within two categories: recommendations to potentially enhance the resource base and recommendations to advance the Project towards development. Both may be conducted contemporaneously.

A Phase 1 verification drilling program will be followed by updates to the existing database and an updated to the resource estimate. Following an update to the resource estimate. Phase 2 of work will include delineation drilling, upgrading the resource model, and preparation of a PEA update or PFS.

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Phase 1 costs were estimated at total $550,000 USD and are summarized on Table 23.1. The Phase 2 recommendations and cost estimates for the Slick Rock Project are provided in Table 23.2. Total Phase 2 cost is estimated at $2.3 million USD.

**1.3 Risks** 

The authors are not aware of environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors not stated herein which would materially affect the mineral resource estimates or the results of the PEA. To the authors' knowledge there are no other significant factors that may affect access, title, or the right or ability to perform work on the property, provided the conditions of all mineral leases and options and relevant operating permits and licenses are met. A summary of risks follows, categorized in terms of economic, technical, and permitting and licensing risks.

Economic Risks:

Mineral resources are not mineral reserves and do not have demonstrated economic viability. A Preliminary Feasibility Study (PFS) is required, at a minimum, to demonstrate the economic viability of the measured and indicated mineral resources and qualify an initial estimate of mineral reserves.

Technical Risks:

It is the authors' opinion that the technical risks associated are moderate for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Portions of deposit have been successfully mined in the past in the Burro Mine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Uranium has been successfully extracted from mined material via conventional milling.

The Project does have some risks similar in nature to other mining projects in general and uranium mining projects specially, i.e., risks common to mining projects including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Future commodity demand and pricing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Environmental and political acceptance of the project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Variance in capital and operating costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mine and mineral processing recovery and dilution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Continuity of mineralization with respect to thickness and grade may vary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mining claims are subject to the Mining Law of 1872. Changes in the mining law could affect the mineral tenure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There is a risk that underground conditions at the Velvet Mine and/or the Slick Rock Mine may limit access to mineral
resources.

The authors are not aware of environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors which would materially affect the mineral resource estimates, provided the conditions of all mineral leases and options, and relevant operating permits and licenses are met.

Permitting and Licensing Risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Colorado Department of Health and/or Utah Department of Environmental Quality - Division of Waste Management and
Radiation Control - could require a Source Materials

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License if mine dewatering treatment wastes exceed the minimum quantities identified in 10 CFR §40.22 (more than 150 lbs of material with greater than 0.05% natural uranium), which would incur risks of additional costs and extended schedule. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● San Miguel County is currently re-evaluating their county regulations with respect
to mining. Any change may affect the project with altered or additional permitting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The western most edge of the project borders the Delores River which may add additional regulatory requirements if the
river banks are added to a National Conservation District or other conservation area.

Readers are cautioned that any estimate of forward cost or commodity price is by its nature forward-looking. It would be unreasonable to rely on any such forward-looking statements and information as creating any legal rights. The statements and information are not guarantees and may involve known and unknown risks and uncertainties, and actual results are likely to differ (and may differ materially) and objectives and strategies may differ or change from those expressed or implied in the forward-looking statements or information as a result of various factors. Such risks and uncertainties include risks generally encountered in the exploration, development, operation, and closure of mineral properties and processing facilities. Forward-looking statements are subject to a variety of known and unknown risks and uncertainties.

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**2.0** **INTRODUCTION** 

**2.1 Registrant** 

This Initial Assessment (IA) was prepared on behalf of Anfield Energy Inc. (Anfield) for its US DOE uranium/vanadium leases project (the Project) located in Montrose County, Colorado, USA.

Anfield was incorporated in the Province of British Columbie on September 12, 1986, with the Head Office located at 2005-4390 Grange Street, Burnaby, British Columbia, Canada, V5H 1P6. The mining claims discussed herein are held by Anfield's wholly owned US subsidiary, Highbury resources located at 28151 DD Road, Nucla, Colorado, 81424.

This IA was prepared for Anfield by BRS Engineering (BRS) under the supervision of Douglas Beahm, PE, PG and co-authored by Carl Warren, PE, PG. The objective of this IA is to disclose the mineral resources of the project.

**2.2 Terms of Reference** 

This report was prepared on behalf of Anfield for its Slick Rock uranium/vanadium project in San Miguel County, Colorado, in compliance with the requirements of S-K 1300 (Part 229 of the 1933 Securities Act). This technical report addresses Slick Rock's geology, uranium mineralization, historical resource estimates, and historical exploration and mine development work. In addition, this report includes the results of new mineral resource estimates that have been prepared in accordance with the regulations set forth in S-K 1300 (Part 229 of the 1933 Securities Act).

Units of measurement, unless otherwise indicated, are feet (ft), miles, acres, pounds (lbs), and short tons (2,000 lbs). Uranium oxide is expressed as % U<sub>3</sub>O<sub>8</sub>, the standard market unit. Uranium values reported for historical resources and the new mineral resources reported herein are % eU<sub>3</sub>O<sub>8</sub> (equivalent U<sub>3</sub>O<sub>8</sub> by calibrated geophysical logging unit). Vanadium oxide is expressed as % V<sub>2</sub>O<sub>5</sub>. Unless otherwise indicated, all references to dollars ($) are reported as United States currency. Additional units of measurement are tabulated as follows in Table 2.1.

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**Table 2.1 - Terms and Abbreviations** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;URANIUM SPECIFIC TERMS AND ABBREVIATIONS | &nbsp;&nbsp;&nbsp;URANIUM SPECIFIC TERMS AND ABBREVIATIONS | &nbsp;&nbsp;&nbsp;URANIUM SPECIFIC TERMS AND ABBREVIATIONS | &nbsp;&nbsp;&nbsp;URANIUM SPECIFIC TERMS AND ABBREVIATIONS | &nbsp;&nbsp;&nbsp;URANIUM SPECIFIC TERMS AND ABBREVIATIONS | &nbsp;&nbsp;&nbsp;URANIUM SPECIFIC TERMS AND ABBREVIATIONS |
| &nbsp;&nbsp;&nbsp;Grade | &nbsp;&nbsp;&nbsp;Grade | Parts Per Million | ppm U<sub>3</sub>O<sub>8</sub> | Weight Percent | %U<sub>3</sub>O<sub>8</sub> |
| &nbsp;&nbsp;&nbsp;Radiometric Equivalent Grade | &nbsp;&nbsp;&nbsp;Radiometric Equivalent Grade |  | ppm eU<sub>3</sub>O<sub>8</sub> |  | % eU<sub>3</sub>O<sub>8</sub> |
| &nbsp;&nbsp;&nbsp;Thickness | &nbsp;&nbsp;&nbsp;Thickness | Meters | M | Feet | Ft |
| &nbsp;&nbsp;&nbsp;Grade Thickness Product | &nbsp;&nbsp;&nbsp;Grade Thickness Product | grade x meters | GT(m) | grade x feet | GT(Ft) |
| &nbsp;&nbsp;&nbsp;GENERAL TERMS AND ABBREVIATIONS | &nbsp;&nbsp;&nbsp;GENERAL TERMS AND ABBREVIATIONS | &nbsp;&nbsp;&nbsp;GENERAL TERMS AND ABBREVIATIONS | &nbsp;&nbsp;&nbsp;GENERAL TERMS AND ABBREVIATIONS | &nbsp;&nbsp;&nbsp;GENERAL TERMS AND ABBREVIATIONS | &nbsp;&nbsp;&nbsp;GENERAL TERMS AND ABBREVIATIONS |
|  | METRIC | METRIC | US | US | Metric: US<br> Conversion |
|  | Term | Abbreviation | Term | Abbreviation | Metric: US<br> Conversion |
| &nbsp;&nbsp;&nbsp;Area | Square Meters | m<sup>2</sup> | Square Feet | Ft<sup>2</sup> | 10.76 |
|  | Hectare | Ha | Acre | Ac | 2.47 |
| &nbsp;&nbsp;&nbsp;Volume | Cubic Meters | m<sup>3</sup> | Cubic Yards | Cy | 1.308 |
|  | METRIC | METRIC | US | US | Metric: US<br> Conversion |
|  | Term | Abbreviation | Term | Abbreviation | Metric: US<br> Conversion |
| &nbsp;&nbsp;&nbsp;Length | Meter | m | Feet | Ft | 3.28 |
|  | Meter | m | Yard | Yd | 1.09 |
| &nbsp;&nbsp;&nbsp;Distance | Kilometer | km | Mile | mile | 0.6214 |
| &nbsp;&nbsp;&nbsp;Weight | Kilogram | kg | Pound | Lb | 2.20 |
|  | Metric Tonne | Tonne | Short Ton | Ton | 1.10 |

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**2.3 Information Sources and References** 

In preparing the IA, the authors relied on geological reports, maps, and miscellaneous technical papers listed in Section 24, References. The information, conclusions, opinions, and estimates contained herein are based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The qualified person's field observations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Data, reports, and other information publicly available or provided by Anfield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Previous experience with similar deposits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Drill hole data as discussed in Section 9.

**2.4 Inspection on the Project by Each Qualified Person** 

Mr. Beahm conducted a recent site visit on February 14, 2023. Mr. Beahm previously completed a site visit on April 2, 2013. At the time he was able to access the Burro mine workings which were above the ground water table. In addition to observing the decline, approximately 1,500 feet of mine workings were examined. In addition, Mr. Beahm inspected evidence of previous drilling, the existing vent shaft on the Slick Rock property, and examined potential sites for mine entry. Based on his recent site visit, the only significant change was related to reclamation of the DOE legacy site and mine waste pile associated with the Burro mine. None of these changes materially affect the Slick Rock property.

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Mr. Warren recently visited the Slick Rock Site on March 11, 2025. The purpose of this site visit was to enter the Burro and Ellison mines to collect representative face samples for confirmation of the vanadium to uranium ratio and for metallurgical testing. The analysis of the samples and testing is in progress.

Previously, Mr. Warren visited the Slick Rock Site on April 12, 2023, The Burro Mine is adjacent to the Slick Rock project in the same mineralized horizon, and was historically used for access to the Slick Rock mineralized zone as discussed in Section 6. Mr. Warren entered the Burro mine through a grated entry gate. The adit was 8 feet in height by 9 to 10 feet wide, and the ground conditions were good. The mineralized zone was measured at the first crosscut within 200 feet of the portal, in the rib near the floor at approximately 3,000 microRem per hour. The mineralized material was tested with a portable XRF unit, which measured 1.02% U and 4.52% V. The Burro Mine can provide access Anfield's resources on the adjoining Anfield mining claims which are the subject of this report.

Mr. Warren then inspected the top of the mesa above the Slick Rock mineralized area. Claim posts and historic drill pads were observed. Core was found lying on the surface at most of the historic drill pads but was in disarray. No mineralized core was observed. Shallow mud pits were partially filled by erosion at each historic drill pad location. An overhead powerline and a gas line passed through the site as shown on Figure 3.1.

**2.4.1 QP Qualifications** 

BRS Inc., the author of this report, is an independent qualified engineering and geological consulting firm located in Riverton, Wyoming, USA. BRS has provided professional consulting service to the mineral resource industry including numerous uranium projects in the Western US and other locations. BRS is a registered professional engineering company in Wyoming.

Mr. Beahm is a Qualified Person ("QP") and co-author of this IA. Mr. Mr. Beahm is a QP under the S-K 1300 standards as a Professional Engineer, Professional Geologist, and a SME Registered Member with over 50 years of professional experience. Mr. Beahm is not fully independent of Anfield as he currently serves as their Chief Operating Officer (COO) on a contractual basis.

Carl Warren is an independent QP and co-author of this IA. Mr. Warren is a P.E., P.G., with over 17 years of experience in the mining and geology industries including underground and open pit mining, ore control, core logging, uranium exploration, and resource modelling.

**2.5 Previous Technical Report Summaries** 

Anfield has not previously filed an IA on the Project under SK-1300 standards.

Previous technical reports prepared under Canada's NI 43-101 and CIM guidance include:

"The Shootaring Canyon Mill and Velvet Wood and Slick Rock Uranium Projects, Preliminary Economic Assessment National Instrument 43-101" prepared for Anfield Energy Inc. by Douglas L. Beahm, Carl Warren, Harold Hutson, and Terrence McNulty, May 6, 2023.

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**3.0** **PROPERTY DESCRIPTION** 

**3.1 Property Description and Location** 

The Slick Rock project is located in San Miguel County, Southwest Colorado, approximately 24 miles north of the town of Dove Creek and east of the Dolores River in the Slick Rock District of the Uravan mineral belt. The Slick Rock project is located in Township 44 North, Range 18 West, Sections 15, 16, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 32, 33, and 34 and in Township 43 North, Range 18 West, Sections 3, 4, and 5 New Mexico Principal Meridian. The approximate geographic center of the property is Latitude 38° 2' 51.7" North, Longitude 108° 51' 42.3" West. In total the mineral holdings within the Project area comprise approximately 4,976 acres as shown on Figure 3.1.

**Figure 3.1 - Slick Rock Ownership and Claim Map**![LOGO](g870247g01a30.jpg)

The Slick Rock project is bordered to the west by Department of Energy (DOE) uranium lease tracts C-SR-13 and C-SR-13A; to the southwest by DOE uranium lease tract C-SR-14; and to the north and northeast by Energy Fuels' recently acquired Sunday-Carnation-Topaz-St. Jude mine complex, formerly operated by Denison Mines Corp.

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**3.2 Mineral Rights** 

Figure 4.2, Slick Rock Ownership and Claim Map, shows the approximate location of the unpatented mining claims on the project. The project contains four claim blocks. The Burro claim block consists of 76 claims. The SR claim block consists of 131 claims, of which 109 were included in the study area for this report, with the remainder located outside of the project area. The TAN claim block consists of 27 claims. The MCT claim block consists of 56 claims. The MCT and TAN claims are leased from UR Energy. A total of 268 mineral lode claims were utilized for the Slick Rock mineral resource estimate in this report, encompassing an area of approximately 4,976 acres or 7.8 square miles.

To maintain these mineral rights Anfield must comply with the BLM and San Miguel County, Colorado filing and/or annual payment requirements to maintain the validity of the unpatented mining lode claims.

Uranium mining in Colorado is subject to Minerals Severance Tax of 2.25% after the first $19 million of gross product. In addition, two claim blocks are associated with royalties of 1% related to the Holley BC claims and 3% associated with the MCT claims. At the federal level, profit from mining ventures is taxable at corporate income tax rates. However, for mineral properties depletion tax credits are available on a cost or percentage basis whichever is greater. For uranium, the percentage depletion tax credit is 22%, among the highest for mineral commodities. (See IRS Pub. 535).

**3.3 Surface Rights** 

The 1872 Mining Law grants certain surface rights to mineral claimants along with the right to mine provided the surface use is incident to the mine operations. In order to exercise those rights, the operator must comply with a variety of State and Federal regulations (refer to section 17). For the mine operations the author concludes that Anfield has and/or can obtain sufficient surface rights for the planned operations through permitting and licensing of site activities.

**3.4 Mineral Exploration Permit Requirements** 

Exploration and mining activities for the mining claims of the Slick Rock project are administrated by the Durango, Colorado BLM field office. Exploration drilling and associated activities require an exploration permit and a reclamation bond that must be posted with the State of Colorado, Department of Natural Resources Division of Reclamation, Mining, and Safety. At the time of the report, Anfield does not possess an exploration permit nor has a reclamation bond been posted.

**3.5 Environmental Liabilities** 

Anfield is unaware of any significant environmental liabilities on the property. DOE also maintains a legacy site within the property boundary. No exploration, development, or mining may take place within or below the DOE legacy site.

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**4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFASTRUCTURE AND PHYSIOGRAPHY** 

**4.1 Physiography** 

The Slick Rock property is located in the southern end of the Uravan mineral belt of the Colorado Plateau physiographic province. It is located in the southeastern edge of the Paradox fold and fault belt in the proximal Disappointment syncline. Elevations within the project area range from approximately 5,500 feet to 6,250 feet above sea level. The majority of the project area lies within the broad Disappointment Valley floor. It is bounded on the west by the Dolores River and incised to the west and south by Burro Canyon, Joe Davis Canyon, and Nicholas Wash. To the north is a dip-slope of an escarpment formed from erosion of the northern limb of the Disappointment Valley syncline.

**4.2 Accessibility** 

The Slick Rock project can be accessed via Colorado State Highway 141, County Road CR-T11, and numerous historic drill roads and trails (See Figure 4.1). To access the site: from the post office in Dove Creek, Colorado, drive 2.0 miles west-northwest on State Highway 491; turn right (north) onto State Highway 141; continue for 23.7 miles to County Road CR-T11, and then turn left onto the well-maintained gravel road.

**Figure 4.1 - Slick Rock Access Map**![LOGO](g870247g01a32.jpg)

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**4.3 Climate** 

The climate is semi-arid and is characterized by mild winters with moderate snowfalls which are seldom heavy enough to cause access problems. The summers are warm with temperatures occasionally reaching 100°F. Annual precipitation for the area averages approximately 12 inches occurring mostly during summer thunderstorms; the remaining precipitation comes from winter snow and spring rain. Climate is only a minimally limiting factor for year-round mining operations. Vegetation in the area is sparse and consists of junipers and pinion pines in rocky soils along with sage and other brush, forbs, grasses, and cacti typical of a semi-arid climate. The project can be accessed and operated year-round.

**Figure 4.2 - Slick Rock Climate Summary**![LOGO](g870247g01a33.jpg)

(<u>https://www.usclimatedata.com/climate/naturita/colorado/united-states/usco0651</u>)

**4.4 Infrastructure and Local Resources** 

Cortez, Colorado (population 8,500) is the nearest major community, located approximately 57 miles south-southeast of the Slick Rock project area. It has sufficient services, fuel, accommodations, and supplies to serve as a staging area for any future exploration program.

The Slick Rock Project area has multiple access roads in addition to overhead power lines and a buried natural gas line. A ventilation shaft exists on site to the Burro underground mine which has portal entries in the SR-13 DOE Lease adjacent to the Slick Rock load claim blocks. The shaft has been grated and is open. The Burro portal and underground mine workings are open. Ground conditions are wet but stable on the adjacent properties containing the DOE Leases SR-13 and SR-13A. It is possible to access the Slick Rock mineralization from the existing Burro underground mine. In addition, dewatering the Burro workings could provide a water source for the Slick Rock operations. For all near-term exploration activities private water sources may be found in Nucla and/or Naturita.

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**5.0** **HISTORY** 

**5.1 Slick Rock Project History** 

Surficial to shallow uranium/vanadium mineralization has been known in the Slick Rock area since the early 1900s, originally known as the McIntyre district. First mined for radium and minor uranium until 1923, numerous companies sporadically operated small scale mining and processing facilities along the Dolores River. In 1931, a mill was constructed by Shattuck Chemical Co. to process vanadium ore. Beginning in 1944, the area was worked by Union Mines Development Corp. for uranium/vanadium ore. The uranium was used to develop and construct the first atomic bombs. This sparked intensive exploration efforts throughout the Uravan mineral belt.

Between November 1948 and March 1956, the USGS drilled 2,641 holes in the Slick Rock district to explore for uranium- and vanadium-bearing deposits. The drilling was part of an exploration program conducted for the U.S. Atomic Energy Commission (OFR70-348). Fifty-two of these drill holes were located within the boundary of Anfield's Slick Rock project area. The first phase of the USGS's exploration was to obtain geological data and delineate areas of favorable ground. This widely spaced drilling program was done on approximately 1,000 foot centers. The second phase was drilled with more moderate spacing (100-300 foot centers) to discover ore deposits. The third phase was drilled on more closely spaced intervals (50-100 foot centers) to extend and outline any deposits discovered by earlier drilling (Weir, 1952). At this time, private industry was also actively exploring the area. By 1954, an estimated 212,000 feet of drilling was completed district wide (Shawe, 2011).

By December 1955, Union Carbide Nuclear Corp. (UCNC) had drilled out a sufficient resource on the north side of Burro Canyon and began sinking three shafts. In December 1957, the shaft sinking was complete on the Burro No. 3, 5, and 7 mines to total depths of 408 feet, 414 feet, and 474 feet, respectively. In the same year, initial ore shipments to UCNC's concentrating mill at Slick Rock were also made. The concentrated ore was processed at the UCNC mill in Rifle, Colorado until the mid-1960s when a vanadium circuit was constructed at the Uravan mill site.

The Anfield Slick Rock project has received more recent interest by the exploration activities of USEC, Energy Fuels, and Homeland Uranium. In 2006, USEC drilled 17 boreholes. All boreholes were completed to target depth, except one borehole SR-1011 which was abandoned.

In 2007, Energy Fuels drilled five boreholes on the extreme northern portion of the project. Four of the boreholes were oxidized and barren. The fifth borehole was abandoned due to excessive water encountered in the Burro Canyon Formation and the upper Salt Wash Member of the Morrison Formation (Bill Thompson, Manager, Ur-Energy, LLC).

In 2008, Homeland Uranium drilled four boreholes in an attempt to twin the mineralized boreholes drilled by the AEC in the 1950s. All boreholes were completed to target depth.

Anfield initiated a drilling program in 2024 and plans to complete the program in the second half of 2025. As the drilling program is not complete the results were not incorporated in the current study.

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**Figure 5.1 - 2006-2008 Borehole Map**![LOGO](g870247g01a35.jpg)

UEC began acquiring mineral interests in the Slick Rock project area beginning in December of 2010 by staking areas where the previous owner had allowed the mining claims to lapse. UEC then held 293 mineral lode claims encompassing an area of approximately 4,858.5 acres. UEC also began leasing additional claims from UR Energy on November 30, 2011. Anfield acquired all of UEC's Slickrock holdings including claims and claims leases on April 12, 2022, as part of an overall acquisition agreement.

**5.2 Past Production** 

In 1971, the final year that the Atomic Energy Commission reported production figures, the Burro mines had produced 404,804 tons of ore at an average grade of 0.25% U<sub>3</sub>O<sub>8 </sub>yielding 1,992,898 lbs U<sub>3</sub>O<sub>8</sub>, and 1.5% average grade V<sub>2</sub>O<sub>5</sub> yielding 12,149,659 lbs V<sub>2</sub>O<sub>5</sub> (Nelson-Moore et al., 1978). According to the Colorado Bureau of Mines' annual reports, the Burro mines produced an additional 243,825 lbs U<sub>3</sub>O<sub>8</sub> at an average grade of 0.20% and 1,791,798 lbs V<sub>2</sub>O<sub>5</sub> at an average grade of 1.4% up until 1983 when depressed uranium prices forced an end to mining activities. The total production of the Burro mines was 2,236,723 lbs U<sub>3</sub>O<sub>8</sub> and 13,941,457 lbs V<sub>2</sub>O<sub>5</sub> as summarized in Table 5.2.

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**Table 5.2 - Slick Rock District Total Production** 

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| | | |
|:---|:---|:---|
| Production Years | U<sub>3</sub>O<sub>8</sub> (lbs) | V<sub>2</sub>O<sub>5</sub> (lbs) |
| 1957-1971 | 1992898 | 12149659 |
| 1971-1983 | 243825 | 1791798 |
| Total | 2236723 | 13941457 |

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**6.0** **GEOLOGICAL SETTING AND MINERALIZATION** 

**6.1 Regional Geology** 

The Colorado Plateau is a regional geologic feature characterized by high elevation mesas and deeply incised canyons in southwestern Colorado and much of eastern Utah. The sedimentary units which dominate the Colorado Plateau were deposited during a period of tectonic stability beginning in the early Paleozoic and running through the Mesozoic Eras. During this time, a stable shelf depositional environment allowed thick accumulations of clastic, carbonate, and evaporitic sediments. Beginning approximately 6 million years ago, the entire Colorado Plateau was subject to epeirogenic uplift of 4,000-6,000 feet. This geologically rapid uplift caused the existing rivers and streams to aggressively downcut resulting in the canyon lands topography of today (Hunt, 1956). The Slick Rock project is situated in the central portion of the Colorado Plateau. The Slick Rock Project is located along the spine of the Disappointment syncline in the Paradox Basin of Colorado.

**6.2 Structure** 

Major folds in the Slick Rock district are broad, open, and trend about north 55 degrees west, and are parallel to the collapsed Gypsum Valley salt anticline which bounds the northeast edge of the district. The Dolores anticline lies about ten miles southwest of the Gypsum Valley anticline. The Disappointment syncline lies between the two anticlines (Williams, 1964). See Figure 6.1, Slick Rock Structural Geology Map.

Within the Slick Rock project area, the Morrison is divided into two Members: the upper Brushy Basin Member and the lower Salt Wash Member. The Salt Wash Member is composed of fluvial sandstone and mudstone averaging about 350 feet thick and is further divided into three parts: the top and bottom units that are composed of fairly continuous layers of sandstone interbedded with thin layers of mudstone, and a middle unit that is primarily mudstone but contains scattered discontinuous lenses of sandstone (Rogers and Shawe, 1962 MF-241).

The Slick Rock district lays in an area where only the Salt Wash and Brushy Basin Members of the Morrison Formation are present. The Morrison Formation attains its maximum thickness in these members and stream-type deposits (lenticular cross-bedded sandstones) have their greatest aggregate thickness and maximum lateral continuity (Shawe, 2011).

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**Figure 6.1 - Slick Rock Structural Geology Map (from Williams, 1964)**![LOGO](g870247g01a38.jpg)

**6.3 Stratigraphy** 

Sedimentary strata within the Colorado Plateau hosts numerous uranium/vanadium deposits. Uranium deposits are hosted by the Pennsylvanian Hermosa Formation, the Permian Cutler Formation, the Triassic Chinle Formation, and the Jurassic Morrison Formation as shown on the stratigraphic description in Table 6.1. The majority of the uranium production in the Colorado Plateau was from the Morrison Formation, specifically the Salt Wash Member. In the Salt Wash Member, deposits are concentrated along a thin, one to several mile-wide arcuate belt that extends from the Gateway district through the Uravan district and south to the Slick Rock district. This concentration of deposits was termed the Uravan mineral belt as shown on Figure 6.2 (Fischer and Hilpert, 1952). This crescent-shaped area in the Jurassic Morrison formation has closely spaced, larger-sized, and higher-grade uranium deposits than the adjoining areas.

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Slick Rock lies within the southern half of Uravan Mineral Belt which has been a historically significant producer of uranium and vanadium since the early 20th century. The Project has significant adjacent and adjoining uranium and vanadium production histories, as discussed in Section 5, History.

**Table 6.1 - Stratigraphy of Slick Rock District and Vicinity (Shawe, 1970)**![LOGO](g870247g01a39.jpg)

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**Figure 6.2 - Uravan Mineral Belt (adapted from Chenoweth, 1981)**![LOGO](g870247g01a40.jpg)

**6.4 Mineralization** 

There has been much discussion and debate regarding ore forming mechanisms in the Slick Rock area, but there is good agreement on several contributing factors:

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The Brushy Basin and Salt Wash members contain significant concentrations of detrital volcanic debris which is strongly suspected as the source of uranium and vanadium.

Compaction and de-watering during burial of these sediments allowed for the transport mechanism along preferential pathways dictated by permeability and porosity within transmissive sand units of the Morrison Formation.

The uranium and vanadium in solution within a transmissive sand unit encountered a reduced environment locally caused by abundant plant remains and evidenced by reduced green mudstone found within the Salt Wash sandstones. This environment favored precipitation of uranium along a solution interface between the uranium in an oxidized alkaline solution and a strongly reduced acidic environment.

The physical expressions of the deposits formed at the solution interface have a variety of shapes and volumes. In the following, Shawe provides an excellent summary of the deposit morphology in the Slick Rock district:

Two general forms of ore bodies are common in the Morrison Formation in the district, one tabular and the other so-called "roll". Some deposits consist mainly of tabular ore bodies and others are dominantly roll bodies, although both types display elements of the other, and in many places tabular bodies are continuous with roll bodies. In some deposits both types are significantly developed. The two types were deposited by the same general process and at the same time; differences in their forms were dictated by local differences in the lithology of the host sandstone units that controlled fluid movement (Shawe, 2011).

In the Slick Rock district, uranium/vanadium deposits of the Morrison are mainly tabular to lenticular and elongate parallel to sedimentary trends. Tabular trends are localized in massive sandstones where clay and mudstone are interstitial, in scattered and streaked gall and pebble accumulations, and are found in discontinuous lenses. Conversely, roll deposits are narrow, elongate, and curve sharply across bedding and appear to be confined to sandstone where clay and mudstone are well indurated within interconnected layers. Mineralization in either case, tabular or roll deposits, averages about 0.25% U<sub>3</sub>O<sub>8</sub> and 1.5% V<sub>2</sub>O<sub>5</sub> within the mineralized sandstone. The mineralized bodies have an average thickness of 2 to 4 feet and range in size from a few feet wide to several hundred feet wide (Fischer and Hilbert, 1952). These deposits can contain a few tons of ore to several thousand tons in the larger ore bodies.

Details of the forms of roll ore bodies related to lithologic differences and mineral distribution within rolls (calcium-carbonate, titanium oxides, barite, and iron oxides) provide strong evidence that the deposition of the mineralized bodies occurred at an interface between two chemically differing solutions (one that is oxidized and one that is reduced). The interface interpretation was first proposed by Fischer in 1942. Continuity of the roll ore bodies with tabular bodies indicate that the tabular bodies also formed at a solution interface. It is important to note that the term "roll" was coined by local miners to describe the geometry of ore bodies that cut across sedimentary bedding and does not imply similarity to the geochemical process involved in forming the "roll" deposits of Wyoming and South Texas uranium provinces, as illustrated in Figures 6.3a and 6.3b, (Shawe, 2011).

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**Figure 6.3a - Uranium/Vanadium Deposits of the Slick Rock District, Colorado** 

**Perspective Geologic Cross Section of Roll Ore Bodies (Shawe, 2011, paper 576-f)**![LOGO](g870247g01a42a.jpg)

**Figure 6.3b - Uranium/Vanadium Deposits of the Slick Rock District, Colorado** 

**Perspective Geologic Cross Section of Tabular Ore Bodies (Shawe, 2011, paper 576-f)**![LOGO](g870247g01a42b.jpg)

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The uranium- and vanadium-bearing minerals occur as fine-grained coatings in detrital grains; they fill pore spaces between the sand grains and replace carbonaceous material and some detrital grains (Weeks et al., 1956). The primary uranium minerals are uraninite (UO<sub>2</sub>) with minor amounts of coffinite (USiO<sub>4</sub>OH). Montroseite (VOOH) is the primary vanadium mineral, along with vanadium clays and hydromica. Metal sulfides occur in trace amounts. Secondary minerals: calcium uranyl vanadate (Tyuyamunite) (Ca(UO<sub>2</sub>)<sub>2</sub>(VO<sub>4</sub>)<sub>2 </sub>**<sup>.</sup>** (5-8)H<sub>2</sub>O) and potassium uranyl vanadate (Carnotite) (K<sub>2</sub>(UO<sub>2</sub>)<sub>2</sub>(VO<sub>4</sub>)<sub>2</sub> **<sup>.</sup>** 1-3H<sub>2</sub>O) occur in shallow oxidized areas and on outcrop. Figure 6.4 shows a typical specimen of oxidized uranium/vanadium minerals collected underground in the vicinity of the Burro No. 3 shaft and the scintillometer.

**Figure 6.4 – Slick Rock Sample and Scintillometer**![LOGO](g870247g01a43.jpg)

**6.5 Local Geology** 

The Slick Rock district lies in the Paradox Basin at the southern edge of the salt anticline region also called the Paradox Fold and Fault Belt (Kelley, 1958). The district, which covers approximately 570 square miles of the Colorado Plateau, is underlain by about 13,000 feet of sedimentary strata which lies on metamorphic and igneous rocks of a Precambrian basement. The sedimentary formations range in age from Cambrian to Late Cretaceous (Shawe, 1970). See Figures 6.5a and 6.5b for Slick Rock Project Local Geology Map.

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**Figure 6.5a - Geologic Map of Slick Rock Project Area (from USGS/Carter 1955)**![LOGO](g870247g01a44.jpg)

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**Figure 6.5b - Geologic Map of Slick Rock Project Area Legend (from USGS/Carter 1955)**![LOGO](g870247g01a45.jpg)

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The Slick Rock project is located in the proximal Disappointment Valley syncline. The syncline plunges gently to the southeast and lies between the collapsed Gypsum Valley anticline to the northeast and the Dolores anticline to the southwest. Sedimentary rocks that outcrop in the Slick Rock district range from the Permian Cutler Formation up to the late Cretaceous Mancos Formation with a maximum thickness of approximately 4,700 feet (Shawe, 2011). The Jurassic Morrison Formation is the host of uranium/vanadium deposits in the Slick Rock district. It is widely recognized as an aggrading, terrigenous clastic, fan-shaped fluvial sequence of sediments. While the precise location of the sediment source is unknown due to erosion, most authors agree that the sediment source area for the fan is the modern-day south-central Utah and north-central Arizona area (Page et al., 1956). The proximal fan is dominated by a high percentage of coarse clastics in braided stream sediments. The energy of the depositional environment decreases distally, as does the grain size of the sediments. The Slick Rock district occupies the medial fan facies. From the apex of the fan, the stream flow was in a northern, northeastern, and eastern direction. In the Slick Rock district, the direction of stream flow was generally to the northeast while local paleo topography controlled the flow direction.

The salt anticlines were the positive topographic highs during Jurassic time that diverted Morrison distributary systems to courses along their flanks. This allowed for thick accumulations of high sandstone/mudstone ratio sediments in valleys that flanked the elongated salt domes of Jurassic time. High sandstone/mudstone ratios increase permeability (the ability of sediments to transmit fluids) and porosity (available void space). Such conditions are favorable for increased fluid flow and may largely control ore formation. The thick accumulation of sediments in major channels occurred along the southern margin of the Gypsum Valley anticline in the Slick Rock district and across Anfield's project area (Tyler and Ethridge, 1983).

As discussed in Section 5, History, the USGS on behalf of the Raw Materials Division of the Atomic Energy Commission conducted extensive exploration throughout the Uravan mineral belt. As early as 1952, the USGS had determined that the following four geologic characteristics were indicative of favorable grounds for a uranium deposit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Most mineralized deposits are in or near thicker, central parts of sandstone lenses and, in general, the thickness of the
sandstone decreases moving away from the mineralized deposits. Sandstone less than 40 feet thick is generally not favorable for large ore bodies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sandstone in the vicinity of the mineralized deposit is colored light brown, but moving away from the mineralized deposit
an increasing proportion of sandstone has a reddish color, which is indicative of unfavorable ground.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The mudstone in the mineralized sandstone near and immediately below the deposit changes from a red to gray color. The
amount of altered mudstone decreases further outward from the deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sandstone in the immediate vicinity of the deposit contains more carbonized plant fossils than similar beds further away
from the mineralized zone. This suggests that mineralization is localized in the vicinity of abundant carbonaceous material (Weir, 1952).

Results from USGS's 1948-1956 drilling indicate that within Anfield's Slick Rock project area the Salt Wash is greater than 40 feet thick, contains abundant carbonaceous material, is tan to gray in color, and is in contact with a reduced mudstone over a significant portion of the project area.

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**7.0** **EXPLORATION** 

**7.1 Anfield Exploration** 

Anfield permitted a 20 hole drilling program on the project in early 2024 and initiated drilling in the later half of 2024. Of the permitted and bonded 20 holes 14 were completed in 2024. All drill holes were completed to target depths and geophysically assayed for equivalent uranium oxide values (eU<sub>3</sub>O<sub>8</sub>). Follow-up drilling of diamond drill core and conversions of a subset of drill holes to monitoring wells is planned in the near term under the existing permit in 2025\*. As the current drilling program is not complete the information was not included in this evaluation.

**7.1.1 Previous Exploration** 

In the late 1940s and through the 1950s, extensive exploration was conducted by the US Atomic Energy Commission (AEC) and private parties throughout the region during the Manhattan Project. These programs consisted of geologic mapping, ground and aerial radiometric surveys, trenching, and rock and sediment sampling. Subsequently exploration has been primarily limited to drilling.

Anfield has obtained radiometric and chemical assays from the U.S. Atomic Energy Commission's exploration program OFR70-348 for vanadium and uranium values, respectively, from those holes drilled by the USGS on behalf of the Raw Materials Division of the AEC. Logs for boreholes drilled by USEC and Energy Fuels were obtained by claim acquisition, and the uranium intercept values from the logs for boreholes drilled by Homeland Uranium were available in the public domain.

A total of 312 holes are known to be within or proximal to the Slick Rock project area. Of that total, 27 of these holes had locations but no other data leaving 285 drill holes upon which to build a database. Of the 285 holes in the database used for resource estimation, 207 were drilled by Union Carbide, 53 by the USGS, 17 by USEC and 4 each by Energy Fuels and Homeland Uranium. Within the 285 drill holes data was available on 346 discrete intercepts distributed between 3 stratigraphically distinct zones.

Mineralization at Slick Rock occurs within three stratigraphic horizons of the Jurassic Morison Formation. Three-Dimensional Plotting and correlation of the Slick Rock intercept demonstrated three vertically distinct mineralized zones running along dipping bedding. The A zone is stratigraphically the youngest and highest in the section, followed by the B zone and then the deepest C zone. A summary of drill results follows in Table 7.1. Drill hole locations are shown on Figure 7.1.

**Table 7.1 - Slick Rock Drill Hole Intercepts by Zone** 

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| | | | |
|:---|:---|:---|:---|
| | Intercepts in <br>database | Composited <br>Intercepts | Composited Intercepts above<br>0.02 % eU<sub>3</sub>O<sub>8</sub> |
|  Zone A | 109 | 46 | 13 |
|  Zone B | 214 | 129 | 67 |
|  Zone C | 23 | 6 | 3 |

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**Figure 7.1 - Slick Rock Drill Hole Map**![LOGO](g870247g01a48a.jpg)

**Figure 7.2 - Slick Rock Cross Sections**![LOGO](g870247g01a48b.jpg)

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**7.1.2** **Qualified Person's Interpretation of the Exploration Information** 

The QP considers the exploration completed to date on the Project to be consistent with industry standards of the time.

**7.2** **Core Data** 

No physical core or original core data was directly available to the author for review.

**7.3** **Hydrogeology** 

Hydrogeologic data was directly available to the author for review.

**7.4** **Geotechnical Testing** 

No geotechnical data was directly available to the author for review.

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**8.0** **SAMPLING PREPARATION, ANALYSES, AND SECURITY** 

Historical chemical assay values were generated by the AEC laboratories. Later operators (USEC, UCNC, Homeland Uranium, Energy Fuels, and UEC) relied on radiometric values and did not perform chemical assays.

Samples were prepared by the USGS on behalf of the Raw Materials Division of the Atomic Energy Commission (AEC). USGS geologists conducted diamond drilling and radiometrically logged the holes, described the lithology, and scanned the cores for radiometric anomalies using a Geiger counter. Within Anfield's Slick Rock project area, 51 of the 52 core samples were retrieved with greater than an 80% recovery rate. Only borehole DV-88 was less than 80% at a 65% recovery rate (OFR70-348).

Sample intervals with radiometric anomalies greater than 0.045% eU<sub>3</sub>O<sub>8</sub> were shipped to the AEC labs in Washington, D.C., Denver, CO, or Grand Junction, CO for chemical determination of uranium and vanadium content. The precise chain of custody of these samples is unknown. The AEC laboratories determined uranium values using fluorometric, colorimetric, volumetric, polargraphic, coulometric, radioactivation, X-ray spectrometric, and nuclear photographic plate techniques. The choice of method is determined by many factors such as the concentration of uranium in the sample, its chemical complexity, the accuracy sought, the speed required, and the availability of the instrumentation (Grimaldi, 1955). AEC laboratories determined vanadium content via wet chemical digestion and volumetric determination by using a prescribed method developed by Claude W. Sill, U.S. Bureau of Mines, Salt Lake City, Utah and compiled and edited by R. W. Langridge in AEC publication, RMO-3001. The certifications held by the AEC laboratories are unknown.

The samples were collected and processed according to strict protocols developed by the AEC and other U.S. government agencies. The results are consistent with later industry analyses. The authors believe the determinations of grade are sufficiently accurate and precise to support the estimation of mineral resources.

It is the authors' opinion that the sample preparation, security, and analytical procedures were in keeping with industry practice and are adequate for the purposes of this report.

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**9.0** **DATA VERIFICATION** 

**9.1 Drill Data** 

Anfield has obtained radiometric and chemical assays and from U.S. Atomic Energy Commission's exploration program OFR70-348 for vanadium and uranium values, respectively, from those holes drilled by the USGS on behalf of the Raw Materials Division of the AEC. Logs for boreholes drilled by USEC and Energy Fuels were obtained by claim acquisition, and the uranium intercept values from the logs for boreholes drilled by Homeland Uranium were available in the public domain.

The authors audited the OFR70-348 data from copies of the original documents and re-extracted the intercept data for comparison to the existing database acquired by Anfield in acquisition from UEC. Where data in the database was missing compared to the original Geologic and Assay Logs from the USGS that data was taken into the database. Few present inconsistencies in the UEC database were explainable by data entry error and corrected to match the original document data.

The veracity of the OFR70-348 documents was confirmed to the authors by location of multiple duplicate originals from a separate USGS file collection. The separate USGS documents were found to be identical between the USGS data set and the one provided by Anfield for 5 holes that occurred in both data sets. The 5 identical holes are: DV-5A, DV-39, DV-40, DV-41, DV-42.

A total of 312 holes are known to be within or proximal to the Slick Rock project area. Of that total, 27 of these holes had locations but no other data leaving 285 drill holes upon which to build a database. Of the 285 holes in the database used for resource estimation, 207 were drilled by Union Carbide, 53 by the USGS, 17 by USEC and 4 each by Energy Fuels and Homeland Uranium. Within the 285 drill holes data was available on 346 discrete intercepts distributed between 3 stratigraphically distinct zones.

**9.2 Drill Hole Locations** 

Previous owner, UEC, validated historic drill sites by locating and measuring drill hole locations in the project area using a Trimble GeoXH mapping-grade GPS unit. The authors reconfirmed multiple site locations during their site visit on April 12, 2023. The drill hole database was compared with measured geo-spatial coordinates from the previous field work where physical locations of all available drill holes were found to be consistent with their locations stated in the database.

**9.3 Qualified Person's Opinion on Data Adequacy** 

Given the consistency of the results from government and private industry drilling, the ability to recover historic information in original form, the ability to locate the drill collars in the field, and the agreement of drill results with nearby mine production, the authors believe the sample data are sufficiently accurate and precise to generate an inferred mineral resource estimate as described in Section 11.

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**10.0** **MINERAL PROCESSING AND METALLURGICAL TESTING** 

During the period 1953-1980, there were as many as 24 uranium and uranium/vanadium mills operating in the Colorado Plateau region of Arizona, Utah, Colorado, and New Mexico. The "gold standard" reference for the industry through 1970 was Merritt, 1971. If the vanadium content of the mill feed was sufficiently high, the mill usually had a vanadium byproduct circuit. A notable example was the Navajo mill at Shiprock, NM, built by Kerr-McGee Oil Industries Inc., later acquired by Vanadium Corporation of America and its successor, Foote Mineral Company. For operations without vanadium circuits, a vanadium penalty was sometimes assessed for toll and custom shippers.

The general processing technique employed by most mills was crushing and coarse grinding in rod mills, followed by agitated tank leaching in aqueous sulfuric acid at pH 1.5-2.0 with an oxidant like manganese dioxide or sodium chlorate, solution purification, and precipitation of a uranium oxide product. Early mills recovered uranium from the leached slurry with ion exchange resin beads suspended in mesh baskets, but commercialization of polyacrylamide flocculants allowed later plants to effect separation of the pregnant leach solution from the leached residue by counter-current decantation ("CCD") in a string of thickeners. By 1970, nearly all plants treated the clarified pregnant leach solution ("PLS") in solvent extraction ("SX") circuits using tertiary amine extractants dissolved in a diluent that was usually a high-flash point kerosene.

The plants with vanadium recovery circuits leached at a higher free acid concentration corresponding to pH 0.5-1.5 and recovered vanadium from the uranium SX waste solution ("raffinate") in another SX circuit with a different extractant, typically an aliphatic phosphoric acid, or with a different concentration in the organic phase of the same extractant.

Overall recoveries of uranium were typically in the range of 93 to 97 percent and vanadium recoveries were 70 to 80 percent, depending on mineralogy and the extent to which soluble losses could be minimized during solid/liquid separation. It is very likely that the Shootaring Canyon mill will be able to achieve at least 96 percent U<sub>3</sub>O<sub>8</sub> recovery, especially given the unusually high average feed grades of 0.24 to 0.29% U<sub>3</sub>O<sub>8</sub> and the high free acid concentration during leaching. The vanadium plant will have the advantage of state-of-art instrumentation and process control and may readily achieve 80% V<sub>2</sub>O<sub>5</sub> recovery.

Anfield has not conducted any metallurgical tests for mineral processing at Slick Rock. Production from this property was processed by UCNC with acceptable recoveries by conventional milling methods for nearly 26 years. Uranium recoveries at the processing mill in Uravan, Colorado, were estimated to be 97 to 98%, and vanadium recoveries at the Rifle, Colorado, processing mill were estimated to be 85% according to personal communication with Curt Sealy, formerly with UCNC and UEC as VP-Strategic Development (Beahm, et al., 2014).

The authors conclude that the mineralized material from the project can be recovered by conventional milling. It is recommended that representative samples of mineralized material either from coring or small-scale mining be obtained for metallurgical testing.

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**11.0** **MINERAL RESOURCE ESTIMATES** 

This technical report summary provides estimates of mineral resources on mining claims controlled by Anfield within the Slick Rock District of Colorado. Drill data was available for 285 drill holes. The effective date of the mineral resource estimate is May 6, 2023. Mineral resources for uranium were estimated using the Grade times Thickness (GT) Contour method. Mineral resources for vanadium, associated with uranium, were estimated based on available data relative to the ratio of vanadium to uranium (V:U ratio)

The primary data modeled consist of equivalent uranium values as determined by downhole geophysical logging and reported as eU<sub>3</sub>O<sub>8</sub>. Radiometric equilibrium was evaluated, and a disequilibrium factor of 1 was used; no chemical enrichment was applied to the resource estimate. A Preliminary Economic Assessment (PEA), (Beahm et al, 2023) was completed under NI 43-101 requirements and is referenced with respect to reasonable prospects for future economic extraction. However, no economic assessment is included in this Initial Assessment. While mineral resources are not mineral reserves and do not have a demonstrated economic viability, reasonable prospects for future economic extraction were applied to the mineral resource estimate herein through consideration of grade and GT cutoffs and by screening out areas of isolated mineralization which would not support the cost of conventional mining under current and reasonably foreseeable conditions. Through the application of a 0.4 GT cutoff and exclusion of isolated areas of mineralization, the average estimated mined grade is 0. 0.23 % eU<sub>3</sub>O<sub>8</sub>.

**11.1 Definitions** 

A Mineral Resource is defined as a concentration of occurrence of natural, solid, inorganic, or fossilized organic material in or on the Earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics, and continuity of a mineral resource are known, estimated, or interpreted from specific geologic evidence and knowledge (CIM, 2014). Mineral resource estimates are classified as Measured, Indicated, or Inferred based on the level of understanding and definition of the mineral resource.

**11.2 General Methodology** 

The mineral resource estimation used was the GT contour method. The GT contour method is used as common practice for Mineral Reserve and Mineral Resource estimates for similar sandstone-hosted uranium projects ("Estimation of Mineral Resources and Mineral Reserves", adopted by CIM November 23, 2003, p. 51.) It is the opinion of the author that the GT contour method, when properly constrained by geologic interpretation, provides an accurate estimation of contained pounds of uranium.

For Slick Rock drill data, all individual drill hole intercept data meeting or exceeding the minimum reported grades (0.02% eU<sub>3</sub>O<sub>8</sub>) were first calculated, individually multiplying the thickness in feet by a average eU<sub>3</sub>O<sub>8</sub> % grade resulting in a sum GT value in feet times % eU<sub>3</sub>O<sub>8</sub> for each intercept. Intercept GT values were summed within each drill hole by zone (host sandstone) and composited to the total thickness within each zone. At 0.4 GT cutoff the average thickness of all intercepts was 4.1 feet, or nominally 4 feet.

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Summed GT and thickness for the summed mineralized intercepts of each zone were then contoured using standard ACAD Civil-3D algorithms creating a three-dimensional surface for GT and thickness in each zone. These surfaces were then bounded based upon the geological interpretation of each deposit. Verification of the contour models was performed by inspection against all the available data prior to calculating the resource estimate. From the contoured GT ranges, the contained pounds of uranium were calculated volumetrically using the Civil-3D surface volumetrics toolset.

Validation of each of the sum GT and sum thickness contour models is performed via inspection of the model contours to all available data prior to resource calculation. All interpolation within the maximum radius of influence is performed via the inverse distance square method from available data when manually constructing contours. Interpolation between manual contours and points is performed by the Civil 3D standard algorithm parameters.

Modelling parameters are dictated by several factors including density of drilling data, deposit characteristics and interpreted geologic model. Mineralization at the Slick Rock project is a stratigraphically controlled, sand-stone hosted uranium/vanadium deposits typical of the Colorado Plateau style of mineralization, as discussed in Section 7 above. Key criteria and assumptions applied in the mineral resource modeling include;

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;● Minimum reported grade (% eU<sub>3</sub>O<sub>8</sub>)<br>&nbsp;&nbsp;&nbsp;&nbsp;● Nominal Thickness (ft)<br>&nbsp;&nbsp;&nbsp;&nbsp;● Average grade<br>&nbsp;&nbsp;&nbsp;&nbsp;● Maximum Radius of Influence (ft)<br>&nbsp;&nbsp;&nbsp;&nbsp;● Radiometric Equilibrium Factor (DEF)<br>&nbsp;&nbsp;&nbsp;&nbsp;● Bulk Tonnage Factor (cubic feet per ton)<br>&nbsp;&nbsp;&nbsp;&nbsp;● Minimum Sum GT Resource Model Cutoff<br>&nbsp;&nbsp;&nbsp;&nbsp;● Nominal minimum average grade at cutoff GT | 0.02% eU<sub>3</sub>O<sub>8</sub><br>4 Feet<br>0.23% eU<sub>3</sub>O<sub>8</sub><br>400 Feet<br>1\*<br>15<br>0.40<br>0.10 % eU<sub>3</sub>O<sub>8</sub> |

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&nbsp;&nbsp;&nbsp;&nbsp;\*Refer to Section 9

Minimum grade and thickness criteria are used to define mineralized intercepts for resource modeling purposes. These are applied to each individual mineralized intercept and then to the sum GT of intercept composites are applied to the data prior to contour modeling. Data not meeting these minimum requirements are removed from the modeling data set and have no influence on the contour model other than establishing its boundaries.

Minimum mining thickness is dictated by mining method which in this case is underground random room and pillar. Mine height is typically 7-8 ft with minimum mining thickness of 4 feet requiring split blasting at the working mine face. In the case of Slick Rock, the average thickness was 4.1 feet, or essentially equal to the typical minimum mining thickness, so a minimum thickness was not applied to the drill data.

Maximum radius of influence is influenced by the drilling density and the continuity of the deposit with respect to both the host sands and in situ mineralization.

The minimum sum GT contour resource model cutoff is the primary cutoff criteria applied to the contour model volume as the initial screening of those portions of the model quantities not meeting the criteria for reasonable economic extraction. In addition, individual model areas

11-2

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outside the conceptual mine limits not meeting a minimum of 10,000 lbs of eU<sub>3</sub>O<sub>8</sub> resource were excluded from the resource totals as not meeting a minimum expectation of reasonable economic extraction.

It is the opinion of the authors that the resource models are reasonably valid within the mineral resource classification assigned to each area of each project.

**11.3 Commodity Price** 

Uranium does not trade on the open market, and many of the private sales contracts are not publicly disclosed since buyers and sellers negotiate contracts privately.

When determining commodity prices and cut-offs to use for mineral estimates, the Company reviewed current analyst forecasts for commodity prices for uranium and vanadium, including those in Figure 11.1 below.

**Figure 11.1 – Commodity Price** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Company | Date | 2025 | 2026 | 2027 | 2028 | 2029 | LT |
| &nbsp;&nbsp;&nbsp; B. Riley Securities | 01-Feb-24 | $97.65 | $101.38 | $104.89 | $107.97 | $80.00 | $80.00 |
| &nbsp;&nbsp;&nbsp; Bank of America | 08-Jan-24 | $115.00 | $85.00 | $75.00 | $65.00 | $55.00 | $55.00 |
| &nbsp;&nbsp;&nbsp; BMO | 25-Jun-24 | $88.00 | $85.00 | $85.00 | $90.00 | $75.00 | $75.00 |
| &nbsp;&nbsp;&nbsp; Bell Potter | 17-Feb-25 | $82.00 | $113.00 | $125.00 | $105.00 | $90.00 | $90.00 |
| &nbsp;&nbsp;&nbsp; Beacon | 21-Jan-25 | $75.00 | $75.00 | $75.00 | $75.00 | $75.00 | $75.00 |
| &nbsp;&nbsp;&nbsp; Canaccord | 4-Feb-25 | $82.50 | $110.00 | $90.00 | $90.00 | $90.00 | $90.00 |
| &nbsp;&nbsp;&nbsp; Cantor | 2-Feb-24 | $130.00 | $140.00 | $145.00 | $150.00 | $150.00 | $150.00 |
| &nbsp;&nbsp;&nbsp; CIBC | 5-Feb-25 | $90.00 | $95.00 | $80.00 | $80.00 | $80.00 | $80.00 |
| &nbsp;&nbsp;&nbsp; Citigroup | 4-Jun-24 | $110.00 | $110.00 | $115.00 | $115.00 | $115.00 | $115.00 |
| &nbsp;&nbsp;&nbsp; Cormark | 9-Feb-24 | $80.00 | $80.00 | $80.00 | $80.00 | $90.00 | $90.00 |
| &nbsp;&nbsp;&nbsp; Eight Capital | 22-Apr-24 | $110.00 | $120.00 | $110.00 | $75.00 | $75.00 | $75.00 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs | 01-Apr-24 | $90.00 | $90.00 | $90.00 | $90.00 | $90.00 | $90.00 |
| &nbsp;&nbsp;&nbsp; Haywood | 15-Feb-24 | $110.00 | $110.00 | $95.00 | $85.00 | $85.00 | $85.00 |
| &nbsp;&nbsp;&nbsp; HC Wainwright | 7-Mar-24 | $90.00 | $90.00 | $90.00 | $90.00 | $90.00 | $90.00 |
| &nbsp;&nbsp;&nbsp; Jeffries | 8-Apr-24 | $123.00 | $110.00 | $90.00 | $74.00 | $65.00 | $65.00 |
| &nbsp;&nbsp;&nbsp; Macquarie | 25-Jan-24 | $90.00 | $90.00 | $76.30 | $76.30 | $76.30 | $76.30 |
| &nbsp;&nbsp;&nbsp; National Bank | 16-Dec-24 | $91.00 | $103.00 | $103.00 | $90.00 | $85.00 | $85.00 |
| &nbsp;&nbsp;&nbsp; Ventum | 11-Feb-25 | $75.00 | $85.00 | $85.00 | $85.00 | $85.00 | $85.00 |
| &nbsp;&nbsp;&nbsp; Raymond James | 5-Feb-25 | $79.53 | $83.83 | $85.00 | $85.00 | $85.00 | $85.00 |
| &nbsp;&nbsp;&nbsp; RBC | 5-Dec-24 | $85.00 | $95.00 | $90.00 | $85.00 | $100.00 | $100.00 |
| &nbsp;&nbsp;&nbsp; Red Cloud | 10-Jan-25 | $85.00 | $90.00 | $90.00 | $90.00 | $90.00 | $90.00 |
| &nbsp;&nbsp;&nbsp; Roth Capital | 23-Oct-24 | $97.50 | $100.00 | $90.00 | $90.00 | $90.00 | $90.00 |
| &nbsp;&nbsp;&nbsp; Scotia | 5-Feb-25 | $80.00 | $90.00 | $95.00 | $100.00 | $75.00 | $75.00 |
| &nbsp;&nbsp;&nbsp; Shaw & Partners | 16-Oct-24 | $124.00 | $150.00 | $150.00 | $140.00 | $120.00 | $100.00 |
| &nbsp;&nbsp;&nbsp; SCP | 23-Feb-24 | $120.00 | $100.00 | $100.00 | $80.00 | $80.00 | $80.00 |
| &nbsp;&nbsp;&nbsp; TD | 5-Feb-25 | $83.00 | $100.00 | $100.00 | $100.00 | $80.00 | $80.00 |
| &nbsp;&nbsp;&nbsp; UBS | 12-Dec-24 | $78.00 | $80.00 | $82.50 | $82.50 | $82.50 | $82.50 |
| &nbsp;&nbsp;&nbsp; Analyst Consensus - All (27 Firms) |  | $94.86 | $99.30 | $96.17 | $91.70 | $87.18 | $86.44 |
| &nbsp;&nbsp;&nbsp; Analyst Consensus - T6M (14 Firms) |  | $86.25 | $97.85 | $95.75 | $92.68 | $87.68 | $86.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Company | Date | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026 | 2027 | 2028 | 2029 | LT |
| &nbsp;&nbsp;&nbsp; Alliance Global Partners | 13-Jan-25 |  |  |  |  |  | $8.00 |
| &nbsp;&nbsp;&nbsp; H.C.Wainwright | 12-Feb-25 | $5.25 | $5.25 | $5.25 | $5.25 | $5.25 | $5.25 |
| &nbsp;&nbsp;&nbsp; RBC | 19-Nov-24 | $7.00 | $8.00 | $8.00 | $8.00 | $8.00 | $8.00 |
| &nbsp;&nbsp;&nbsp; Red Cloud | 07-Jan-25 | $6.00 | $8.00 | $8.00 | $8.00 | $8.00 | $8.00 |
| &nbsp;&nbsp;&nbsp; Average |  | $6.08 | $7.08 | $7.08 | $7.08 | $7.08 | $7.31 |

---

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Future prices for uranium are projected by analysts to be greater than $70 per pound used in the determination of cutoff criteria. Future prices for vanadium reflect the world market and are lower than $12 per pound used in the determination of cutoff criteria. Future prices for U.S. produced vanadium will depend on supply and demand. World vanadium supply in 2024 was driven by Russia, China, South Africa, and Australia. No production in the U.S. was reported for 2023 or 2024 according to the U.S. Geological Survey. With respect to supply, Russia does not provide vanadium to the U.S. and U.S. trade negotiations with China may affect supply. With respect to demand, new Chinese standards for rebar and increased use of vanadium redox flow batteries are expected to increase demand. Historically, vanadium prices have risen dramatically during periods of high demand and restricted supply. Vanadium pentoxide price ranged from $5.45 to $16.40 per pound in the period from 2019 through 2024.The lowest price occurred in 2024 and the highest price in 2019 according to the U.S. Geological Survey. As recently as August 9, 2022, Energy Fuels Inc. announced their Q2-2022 results which states; 'As a result of strengthening vanadium markets, during the six months ended June 30, 2022, the Company sold approximately 575,000 pounds of V2O5 at a gross weighted average price of $13.44 per pound of V2O5.' This private sale in the US was well above the world average and is considered by the authors as more representative of domestic sales expected for US production."

The Company and the QPs believes that these factors, among others, may increase the price for U.S. produced vanadium in future years and has therefore used a using a long-term vanadium price of US$12 per pound.

The Company also notes that applying the analyst projected long-term commodity prices for uranium and vanadium, Figure 11.1, to gross valuation of the mined material used in the evaluation of cutoff criterion, the variation in gross value diminished by a 5% for the Slick Rock, 2% for West Slope, and increased by 13% for Velvet-Wood. Such variances do not materially affect the cutoff determinations and criterion used in the mineral resource estimates.

By their nature, all commodity price assumptions are forward-looking. No forward-looking statement can be guaranteed, and actual future results may vary materially.

**11.4 Reasonable Prospects for Economic Extraction and Cutoff Criteria** 

For this report underground mining using a random room and pillar configuration has been assumed for all sites. The random room and pilar mining method is commonly used for similar projects throughout the Colorado Plateau. Mined material would be hauled to and processed at Anfield's Shootaring Canyon mill as discussed in Section 11.5.3 Mineral Processing.

Mining will be accomplished via random room and pillar mining methods using single boom jumbo drills for face blast holes drilling and 2 cubic yard Load-Haul-Dump mining equipment (LHD) used to help maintain clean mucking of mineralized material and of waste. Because of the variable grades, numerous headings are needed to maintain a consistent grade to the mineralized material stockpiles and to achieve the desired tonnage.

Conceptual CAPEX and OPEX estimates have been completed for the Slick Rock uranium project with mineral processing via the Shootaring Canyon Mill (Mill) and were publicly disclosed in a previous NI 43-101 report titled "The Shootaring Canyon Mill and Velvet-Wood and Slick Rock Uranium Projects, Preliminary Economic Assessment, NATIONAL INSTRUMENT 43-101", dated May 6, 2023 (Beahm, et al 2023). CAPEX estimates for underground mine

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equipment, pre-production expenditures, and surface facilities were based on InfoMine<sup>™</sup> cost data. Mine OPEX was based on InfoMine<sup>™</sup> cost data, Bureau of Labor Statistics for Utah and Colorado (through 2021), and haulage costs to the Mill based on use of existing roads and highways and data from the American Transportation Research Institute (ATRI) and the Energy Information Administration (EIA). CAPEX and OPEX for the Mill were based on an updated evaluation by the authors of a pre-feasibility study for refurbishing the uranium mill by Lyntek completed in 2008, and the addition of a vanadium circuit.

Estimated Capital Expenditures (CAPEX) include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Pre-production expenses related to engineering design, metallurgical testing, and
permitting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mine facilities and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Direct processing plant refurbishing costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Tailings related costs.

Estimated Operating Expenditures (OPEX) include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Direct mining costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Haulage and handling costs for delivery of mined and stockpiled material to the Mill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Direct mineral processing costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Reclamation and bonding costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Royalties and taxes.

The Cutoff criterion for estimation of mineral resources considers minimum grade, minimum thickness and the combination of these criteria as the grade thickness product (GT). In addition to the cutoff criterion applied, individual areas of mineralization were evaluated for economic extractability based on the costs of driving a 10ft x 10 ft drift into the mineral from the closest adjacent area of grade. Isolating pods not meeting break-even returns were excluded from the mineral resource estimate. The minimum GT cutoff used in the mineral resource estimate was 0.40 GT. At a diluted 4-foot thickness this equates to an average grade of 0.10 %eU<sub>3</sub>O<sub>8</sub>. Applying the minimum GT criterion and additional economic restraints, discussed herein, the estimated average mine grade for the Slick Rock project is 0.23 %eU<sub>3</sub>O<sub>8</sub>.

In practice, due to the configuration and variability of the deposits, minimum mining thickness and width, and restraints on mining selectivity, mineralized material will be removed from the mine which will not meet grade for immediate haulage and processing. However, this material has future economic value if it meets or exceeds marginal forward costs and will be stockpiled at the mine site for future haulage and processing. Whereas mining costs will be allocated to the mined material meeting grade for immediate haulage and processing, the value of the stockpiled lower grade material and/or lower grade material left in the mine is based on the price of the recovered products, less the any additional mining or handling costs, haulage costs, processing costs, and other direct costs including royalites and taxes but would not include write-off of CAPEX, reclamation costs. In this case the mineralized material at the minimum cutoff GT would breakeven. Table 11-1 provides the basis for the minimum GT cutoff based on marginal forward costs and demonstrates that applying the minimum GT cutoff and other economic restraints the mineral resource estimated herein has Reasonable Prospects of Future Economic Extraction.

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**Table 11.1 - Cutoff Calculation** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; OPEX | Marginal Forward Cost $/ton | Fully Loaded Costs $/ton |
| &nbsp;&nbsp; Mining | $124.00 | $124.00 |
| &nbsp;&nbsp; Haulage | $23.00 | $23.00 |
| &nbsp;&nbsp; Mineral Processing | $69.70 | $69.70 |
| &nbsp;&nbsp; Reclamation Mine |  | $9.69 |
| &nbsp;&nbsp; Taxes and Royalties | $21.74 | $50.00 |
| &nbsp;&nbsp; Total OPEX | $238.44 | $276.39 |
| &nbsp;&nbsp; CAPEX |  |  |
| &nbsp;&nbsp; Individual mine ($25,300 m USD) |  | $15.21 |
| &nbsp;&nbsp; Mill ($64,800 m USD/3,756 m tons total\*) | $- | $17.25 |
| &nbsp;&nbsp; Total CAPEX | $- | $32.47 |
| &nbsp;&nbsp; Total Cost per Ton | $113.08 | $308.86 |
| &nbsp;&nbsp; Value at minimum GT | $236.80 |  |
| &nbsp;&nbsp; Value at average mined grade |  | $544.64 |
| &nbsp;&nbsp; Difference - Value less Cost | $(1.64) | $235.78 |

---

Notes:

4 ft minimum thickness

$70 Uranium, 92% recovery

$12 Vanadium, 75% recovery

Minimum GT 0.4 = Grade 0.10 % U<sub>3</sub>O<sub>8</sub>, V:U ratio 6

Average Grade 0.23 % U3O8

\*Total tons includes West Slope, Velvet-Wood, and Slick Rock mines feeding the Mill

Based on the depths of mineralization, continuity of mineralization, grade, thickness and GT, it is the author's opinion that the mineral resources at the project can be reasonably and economically recovered through underground mining methods coupled with haulage to and conventional mineral processing at Anfield's Shootaring Mill. This opinion considers a variety of additional technical and economic factors as follows.

**11.5 Additional Factors** 

**11.5.1 Site Infrastructure** 

Areas adjacent to Slick Rock, including the Burro Mine, have been previously mined using random room and pillar mining methods. From the surface the site is accessible via existing roads and is crossed by regional power lines and gas pipeline. Site access roads will require construction and maintenance of secondary access roads. Site electrical needs and service will require evaluation and upgrading.

**11.5.2 Mining Methods** 

Mining will consist of random room and pillar mining methods with shaft and decline access as was previously employed for underground uranium mining at these sites and throughout the Colorado Plateau. The characteristics of the West Slope mineral deposits are compatible with this method in that their mineralization is generally tabular with some moderate rolls, low to moderate dip, and good rock strength with respect to both roof and floor. The randomness of the room and pillar extraction is due to the variations in uranium grade and thickness

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encountered. Typically, mining will follow mineralization through underground long-hole drilling in advance of mining, face sampling, and geologic mapping concurrent with mining. Pillars are left where the mineralization is weaker in terms of concentration and/or thickness; however, in some cases temporary roof support will be necessary. The nature of mineralization lends itself to a high extraction rate but requires selective mining.

**11.5.3 Mineral Processing** 

For this report, it is assumed that mineral processing will take place at Anfield's mineral processing facility, the Shootaring Canyon Mill (Mill), which lies approximately 200 miles from Slick Rock.

The Mill was licensed and constructed by Plateau Resources and has had a succession of owners including US Energy and Uranium One prior to Anfield's acquisition. The Mill was constructed by Plateau Resources and operated briefly in 1982. The Mill has not been decommissioned and has been under care and maintenance since cessation of operations.

Anfield purchased the Mill along with other conventional uranium assets from Uranium One including the Velvet-Wood project in August 2015.

The Mill is located in Garfield County Utah approximately 52 miles south of Hanksville, Utah in Township 36 South, Range 11 East, Sections 3 and 4 and Township 35 South, Range 11 East, Sections 33 and 34 at approximate Latitude 37<sup>o</sup> 43' 00" North and Longitude 110<sup>o</sup> 41' 00" West. The Mill is located on lands which are split estate, with the surface estate being fee land held by Anfield, and the mineral estate being Utah State Trust Land held by Anfield through two mineral leases totaling approximately 905 acres of surface and mineral fee lands.

The Mill has a Radioactive Materials License (RML) that is administrated by the UDEQ- DWMRC. This license currently authorizes possession of byproduct material (tailings and other milling wastes) and reclamation activities only. A license amendment to return to operational status is needed as are capital improvements. The license amendment was submitted to UDEQ in April 2024 and is under review. The issuer expects the license amendment to be approved late this year or early 2026.

The Mill was originally designed, constructed and operated to only recover uranium. Current designs for refurbishment of the mill would add a vanadium recovery circuit, and upgrade the tailings disposal facility to current standards.

The Mill will utilize sulfuric acid in the leaching process and solvent extraction for uranium and vanadium recovery. The products will be dried yellowcake, U<sub>3</sub>O<sub>8</sub>, and vanadium pentoxide, V<sub>2</sub>O<sub>5</sub>. Estimated metallurgical recoveries for uranium and vanadium are 92% and 75%, respectively.

**11.5.4 Environmental Compliance and Permitting** 

Slick Rock will require a new mine permit for mine operations from Colorado Division of Reclamation, Mining, and Safety (DRMS) and Bureau of Land Management (BLM).

Slick Rock is located in the "West End" of San Miguel County. Mining in the "West End" is consistent with County land use plan. Similar mining projects in the area have met with a mixture of local support and objections from NGOs.

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**11.6 Confidence Classification of Mineral Resource Estimate** 

Uranium and Vanadium mineral resources for the Slick Rock Uranium Projects are summarized Section 11.7. In the opinion of the authors, the drill spacing at Slick Rock is sufficient to support classification mineral resource as indicated and inferred. However, due to the lack of recent confirmatory drilling and sampling, as of the effective date of the mineral resource estimate, the authors consider the uranium and vanadium mineral resource estimates reported here as Inferred Mineral Resources.

While mineral resources are not mineral reserves and do not have demonstrated economic viability, reasonable prospects for future economic extraction were applied to the mineral resource estimate herein through consideration of grade and GT cutoffs and by screening out areas of isolated mineralization which would not support the cost of conventional underground mining under current and reasonably foreseeable conditions. All areas of resource falling below the screening criteria for reasonable economic prospects are shown in Figures 11.2, 11.3, and 11.4 as gray hatching.

Vanadium grade was estimated using documented mine production and comparative review of the limited number of intercepts assayed for vanadium content. The Slick Rock Project is located within the Uravan Mineral Belt which was defined as early as 1952 by the USGS as an elongated area in southwestern Colorado wherein uranium-vanadium deposits in the Salt Wash Member of the Morrison Formation are concentrated (Chenoweth, 1981). The district was first mined for radium and later vanadium. Early geologic reports (Garrels and Larsen, 1959) refer to the mineral deposits in the Salt Wash Member of the Morrison Formation as "vanadium-uranium deposits with the V:U ratio between 5:1 and 10:1 in the Uravan mineral belt of western Colorado." Chenoweth further states that the Uravan area produced 14,675,000 tons with average grades of 1.24% V<sub>2</sub>O<sub>5</sub> and 0.24% U<sub>3</sub>O<sub>8</sub>, or a V:U ratio of 5.2:1 (Chenoweth, 1981). Production from the Slick Rock District is reported as approximately 9,000 tons of U<sub>3</sub>O<sub>8</sub> and 50,000 tons of V<sub>2</sub>O<sub>5</sub> or a V:U ratio of 6:1.

It is the author's opinion that relying on the V:U ratio demonstrated by documented mine production is reliable and consistent with industry practice. The authors recommend use of a V:U ratio of 6:1 for estimating the Slick Rock vanadium mineral resource.

**11.7 Mineral Resource Statement** 

Mineral resources were estimated by zone or horizon, based on geologic interpretation and correlation at a cutoff of 0.40 ft% GT is shown in the respective tables.

**11.7.1 Risk Factors That May Affect the Mineral Resource Estimate** 

Factors that may affect the mineral resource estimate include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● assumptions as to forecasted uranium price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● changes to the assumptions used to generate the GT cutoff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● changes to future commodity demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● variance in the grade and continuity of mineralization from what was interpreted by drilling and estimation techniques.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● density assignments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environment
and other regulatory permits and maintain the social license to operate.

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Mineral resources do not have demonstrated economic viability, but they have technical and economic constraints applied to them to establish reasonable prospects for economic extraction. The geological evidence supporting inferred mineral resources is derived from adequately detailed and reliable exploration, sampling and testing, and is sufficient to reasonably assume geological and grade continuity.

The QP expects that the majority of the inferred and indicated mineral resources could be upgraded to indicated and measured mineral resources, respectively, with additional drilling. Larger inferred and indicated resources may also be quantified with further evaluation of current Project economics.

**11.7.2 QP Opinion on the Mineral Resource Estimate** 

In the opinion of the authors, the data available for the Project is sufficiently reliable for estimation of mineral resources for the purpose of this IA.

**11.7.3 Mineral Resource Summary** 

This report summarizes mineral resource for the Slick Rock project with mineral processing at a common facility, the Shootaring Canyon Mill. The total estimated uranium mineral resources are summarized in Table 11.2. The associated vanadium mineral resources which will be mined as a co-product are summarized in Table 11.3.

**Table 11.2 - Slick Rock Uranium Mineral Resource Summary\*** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Area/Classification | GT<br> Cutoff | Thousand<br> Pounds<br> eU<sub>3</sub>O<sub>8</sub> | Thousand<br> Tons | Avg Grade %eU<sub>3</sub>O<sub>8</sub> |
| &nbsp;&nbsp; TOTAL INFERRED<br>MINERAL RESOURCE URANIUM | 0.40 | 7858 | 1749 | 0.23 |

---

Notes:

Notes:

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources

2: In Situ Mineral Resource are estimated at minimum GT cut-off of 0.40 (4 ft. of 0.10% eU<sub>3</sub>O<sub>8</sub>), with a Vanadium to Uranium Ratio 6 :1

3: Mineral Resources are estimated using a long-term Uranium price of US$70 per pound and a Vanadium price of US$12 per pound. Refer to Section 11.3.

4: Bulk density is 0.07 tons/ft<sup>3</sup> (15 ft<sup>3</sup>/ton)

5. Metallurgical Recovery Uranium 92%, Vanadium $75%

6. Estimated grades are based on underground mining and reflect mine dilution

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

8: Numbers may not add due to rounding

9. Pounds and tons as reported are rounded to the nearest 1,000

10. "GT cutoff" is a marginal cutoff grade and is based on costs for mining, haulage, mineral processing, and taxes and royalties but does not include, reclamation and capital expenditure write-off as these costs are borne by the primary mined material. Refer to Section 11.4

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**Table 11.3 - Slick Rock Vanadium Mineral Resource Summary\*** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Area/Classification | GT cutoff<br> (Based on Uranium) | V:U<br> Ratio | Thousand<br> Pounds<br> V<sub>2</sub>O<sub>5</sub> | Thousand<br> Tons | Avg<br> Grade<br> %V<sub>2</sub>O<sub>5</sub> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> TOTAL INFERRED<br>MINERAL RESOURCE VANADIUM  | <br>0.30 | <br>6:1 | <br>47148 | <br>1749 | <br>1.35 |

---

Notes:

Notes:

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources

2: In Situ Mineral Resource are estimated at minimum GT (uranium) cut-off of 0.40 (4 ft. of 0.10% eU<sub>3</sub>O<sub>8</sub>), with a Vanadium to Uranium Ratio 6 :1

3: Mineral Resources are estimated using a long-term Uranium price of US$70 per pound and a Vanadium price of US$12 per pound. Refer to Section 11.3.

4: Bulk density is 0.07 tons/ft<sup>3</sup> (15 ft<sup>3</sup>/ton)

5. Metallurgical Recovery Uranium 92%, Vanadium $75%

6. Estimated grades are based on underground mining and reflect mine dilution

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

8: Numbers may not add due to rounding

9. Pounds and tons as reported are rounded to the nearest 1,000

10. "GT cutoff" is a marginal cutoff grade and is based on costs for mining, haulage, mineral processing, and taxes and royalties but does not include, reclamation and capital expenditure write-off as these costs are borne by the primary mined material. Refer to Section 11.4

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources

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**11.8 Mineral Resource Figures** 

**Figure 11.2 - Slick Rock Zone A GT Map**![LOGO](g870247g01a63.jpg)

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**Figure 11.3 - Slick Rock Zone B GT Map**![LOGO](g870247g01a64.jpg)

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**Figure 11.4 - Slick Rock Zone C GT Map**![LOGO](g870247g01a65.jpg)

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**12.0** **MINERAL RESERVE ESTIMATES** 

This section is not relevant to this IA.

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**13.0** **MINING METHODS** 

This section is not relevant to this IA.

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**14.0** **PROCESSING AND RECOVERY METHODS** 

This section is not relevant to this IA.

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**15.0** **INFASTRUCTURE** 

This section is not relevant to this IA.

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**16.0** **MARKET STUDIES** 

This section is not relevant to this IA.

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**17.0 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS** 

This section is not relevant to this IA.

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**18.0** **CAPITAL AND OPERATING COSTS** 

This section is not relevant to this IA.

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**19.0** **ECONOMIC ANALYSIS** 

This section is not relevant to this IA.

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**20.0** **ADJACENT PROPERTIES** 

There are no adjacent properties which are not already held by Anfield Energy or its subsidiaries that are considered relevant to this IA.

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**21.0** **OTHER RELEVANT DATA AND INFORMATION** 

The authors are not aware of any other relevant data or information that would materially change the overall conclusions of this report.

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21-1

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**22.0** **INTERPRETATION AND CONCLUSIONS** 

**22.1 Conclusions** 

This report summarizes mineral resources for the Slick Rock mine with mineral processing at the Shootaring Canyon Mill. The total estimated uranium and vanadium mineral resources are discussed in Section 11.

The Project is located in San Miguel County, Southwest Colorado, approximately 23.9 miles north of the town of Dove Creek. Surficial to shallow uranium/vanadium mineralization has been known in the Slick Rock area since the early 1900s (then called the McIntyre district) and was successfully mined through the early 1980s using conventional underground methods. Uranium/vanadium mineralization is hosted by the Upper Jurassic Morrison Formation and is typical of Colorado Plateau-style uranium/vanadium deposits.

The Project contains mineralization which are strata bound and tabular based on available data and descriptions of each deposit in the literature. Both deposits contain uranium and vanadium. Both uranium and vanadium were recovered as co-products during past production.

Project cost estimates are based on a conventional random room and pillar underground mining operation. Mined material would be hauled by truck to the Shootaring Canyon Mill approximately 200 miles from Slick Rock. The mill would be fully refurbished and would process mined material for both uranium and vanadium recovery.

**22.2 Risks and Opportunities** 

It is the authors' opinion that the technical risks associated are moderate for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Portions of the deposit have been successfully mined in the past.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Uranium has been successfully extracted from mined material via conventional milling.

The Project does have some risks similar in nature to other mining projects in general and uranium mining projects specially, i.e., risks common to mining projects including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Future commodity demand and pricing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Environmental and political acceptance of the project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Variance in capital and operating costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mine and mineral processing recovery and dilution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Risks associated with mineral resource estimates, including the risk of errors in assumptions or methodologies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Continuity of mineralization with respect to thickness and grade may vary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mining claims are subject to the Mining Law of 1872. Changes in the mining law could affect the mineral tenure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There is a risk that underground conditions at the Slick Rock Mine may limit access to mineral resources.

22-1

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The authors are not aware of environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors which would materially affect the mineral resource estimates, provided the conditions of all mineral leases and options, and relevant operating permits and licenses are met.

Permitting and Licensing Risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The BLM could require updated baseline environmental studies and initiate the National Environmental Policy Act (NEPA)
process if the updated mine plan deviates significantly from the scope of the currently approved but outdated plan. This could have substantial cost and schedule impacts, as discussed in Section 17.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Colorado Department of Health and/or Utah Department of Environmental Quality - Division of Waste Management and
Radiation Control could require a Source Materials License if mine dewatering treatment wastes exceed the minimum quantities identified in 10 CFR §40.22 (more than 150 lbs of material with greater than 0.05% natural uranium), which would incur
risks of additional costs and extended schedule.

There are risks associated with any such permitting actions which could affect project schedule and costs. The Slick Rock mine is a brownfield site within the Colorado Plateau which has a long history of uranium and vanadium mining. The mill is an existing facility. The surrounding communities have a long history of working with and for the region's mining and mineral resource industry, and their support for this project has been strong. Despite expected local support, recent mineral development in the area has received opposition from various Non-Government Organizations (NGOs) and this should be anticipated for the Slick Rock mine.

Readers are cautioned that any estimate of forward cost or commodity price is by its nature forward-looking. It would be unreasonable to rely on any such forward-looking statements and information as creating any legal rights. The statements and information are not guarantees and may involve known and unknown risks and uncertainties, and actual results are likely to differ (and may differ materially) and objectives and strategies may differ or change from those expressed or implied in the forward-looking statements or information as a result of various factors. Such risks and uncertainties include risks generally encountered in the exploration, development, operation, and closure of mineral properties and processing facilities. Forward-looking statements are subject to a variety of known and unknown risks and uncertainties.

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22-2

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**23.0 RECOMMENDATIONS** 

The following recommendations relate to potential improvement and/or advancement of the Project and fall within two categories; recommendations to potentially enhance the resource base and recommendations to advance the Project towards development. Both may be conducted contemporaneously.

**23.1 Phase 1** 

The Slick Rock project will require a Phase 1 verification drilling program to confirm the existing database and upgrade the resource category. This would be followed by Phase 2 work, including delineation drilling, updating resource model, and preparation of a PEA update or PFS.

Based on the successful completion of the Phase 1 verification drilling program as shown in Table 23.1 below and a decision to move the Slick Rock Project forward to production, Phase 2 would be recommended as discussed in Section 26.2. Only the Phase 1 verification drilling program is recommended currently for the Slick Rock Project

**Table 23.1 - Slick Rock Phase 1: Verification Drilling Cost Estimate** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Item<br>| Cost<br>(USD)<br>|
| &nbsp;&nbsp; Permitting and Reclamation<br>| $20000  |
| &nbsp;&nbsp; 20 Conventional Mud Holes (1,200ft average 24,000 ft total)<br>| $450000  |
| &nbsp;&nbsp; Site Supervision Including Geological Services<br>| $40000  |
| &nbsp;&nbsp; Geophysical Logging 20 Holes<br>| $30000  |
| &nbsp;&nbsp; Road Maintenance<br>| $10000  |
| &nbsp;&nbsp; Total Phase 1 Cost Estimate<br>| $550000  |

---

23-1

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**23.2 Phase 2** 

The Phase 2 recommendations and cost estimates for the Slick Rock Project are provided in Table 23.2.

**Table 23.2 - Slick Rock Phase 2: Exploration Drilling Cost Estimate** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Item<br>| Cost (USD)<br>|
| &nbsp;&nbsp; Permitting and Reclamation | $150000 |
| &nbsp;&nbsp; 10 Air Rotary Collars for DDC Tails (800 ft average, 8,000 ft total) | $120000 |
| &nbsp;&nbsp; 10 Diamond Core Tails (200 ft average, 2,000 ft total) | $200000 |
| &nbsp;&nbsp; 40 Conventional Mud Holes (900 ft average 36,000 ft total) | $720000 |
| &nbsp;&nbsp; Site Supervision Including Geological Services | $200000 |
| &nbsp;&nbsp; Geophysical Logging 50 Holes (850 ft average) | $120000 |
| &nbsp;&nbsp; Assay of Core and Drill Chips (2,000 samples by ICP-MS) | $200000 |
| &nbsp;&nbsp; Metallurgical Heap Leach Testing | $240000 |
| &nbsp;&nbsp; Resource Model Update, Reporting and Preparation of PFS | $300000 |
| &nbsp;&nbsp; Road Maintenance | $50000 |
| &nbsp;&nbsp; Total | $2300000 |

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23-2

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**24.0 REFERENCES** 

**Previous Reports:** 

The Shootaring Canyon Mill and Velvet Wood and Slick Rock Uranium Projects, Preliminary Economic Assessment National Instrument 43-101" prepared for Anfield Energy Inc. by Douglas L. Beahm, Carl Warren, Harold Hutson, and Terrence McNulty, May 6, 2023

**Publications Cited:** 

Aliakbari, E., Yunis, J., Fraser Institute Annual Survey of Mining Companies 2021, 2021.

Beahm, D.L., "Technical Report Summary for the Alta Mesa Uranium Project, Brooks and Jim Hogg Counties, Texas USA" January 2023.

Beahm, D.L., Davis, B., Sim, R., Technical Report for the Slick Rock Project Uranium/Vanadium Deposit, San Miguel County, Colorado, USA, April 2014.

Chenoweth, W.L., "The Uranium-Vanadium Deposits of the Uravan Mineral Belt and Adjacent Areas, Colorado and Utah" New Mexico Geological Society Guidebook, 32<sup>nd</sup> Field Conference, pp. 165-170, 1981.

Fischer, R.P., Hilpert, L.S., Geology of the Uravan Mineral Belt, 1952.

Grimaldi, Geological Survey and Atomic Energy Commission for the United Nations International Conference on Peaceful Uses of Atomic Energy, Geneva, Switzerland, 1955, pp. 605-606, 1955.

Hunt, C.B., Cenozoic Geology of the Colorado Plateau, U.S. Geological Survey Professional Paper 279, 1956.

IRS, Publication 535, Business Expenses, 2004.

Kelley, V.C., Tectonics of the Region of the Paradox Basin, Guidebook to the Geology of the Paradox Basin, Ninth Annual Field Conference, pp. 31-38, 1958.

Nelson-Moore, J. L., Collins, D. B., Hornbaker, A. L., & Colorado Geological Survey, Denver (USA). Radioactive mineral occurences of Colorado and bibliography, 1978.

Open-file Report 70-348, United States Department of the Interior Geological Survey, 1970.

Page, L.R., Stocking, H.E., & Smith, Harriet B., Contributions to the Geology of Uranium and Thorium by the United States Geological Survey and Atomic Energy Commission for the United Nations International Conference on Peaceful Uses of Atomic Energy, Geneva, Switzerland 1955, U.S. Geological Survey Professional Paper 300, 1956.

Rogers, W.B., Shawe, D.R., Exploration for uranium-vanadium deposits by U.S. Geological Survey 1948-56 in western Disappointment Valley area, Slick Rock district, San Miguel County, Colorado, Miscellaneous Field Studies Map 241, 1962.

Shawe, D.R., Structure of the Slick Rock District and Vicinity, San Miguel and Dolores Counties, Colorado, pp. C-3, 1970.

24-1

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Shawe, D. R et. Al, "Uranium-Vanadium Deposits of the Slick Rock District, Colorado," USGS Professional Paper 576-F, p. 19-20, 27, 2011.

Tyler, Ethridge, "Section 2 Mine Plan, San Juan County, Utah," January 1983.

U.S. Geological Survey, Mineral Commodity Summaries, 2025

Weeks, A.D., Mineralogy and Oxidation of the Colorado Plateau Uranium Ores, US Geological Survey Paper 300, p. 187-193, 1956.

Weir, D.B., Geologic Guides to Prospecting for Carnotite Deposits on the Colorado Plateau, in U.S. Geological Survey Bulletin 988-B, P. 15-27, 1952.

Williams, P.L., compiler, Geology, Structure, and Uranium Deposits of the Moab Quadrangle, Colorado and Utah, U.S. Geological Survey Misc. Geol. Inv. Map I-360, 2 sheets, scale 1:250,000, 1964.

*[The remainder of this page is intentionally left blank]* 

24-2

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**25.0 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT** 

The location, extent, and terms relating to mineral tenure were provided by Anfield and were relied upon as defining the mineral holdings of Anfield in the development of this report.

For the purpose of Sections 4, Property Description and Location, Mineral Tenure, and Ownership of this report, the authors have relied on ownership data (mineral, surface, and access rights) provided by Anfield. The accuracy of the information was not verified by the authors. The authors have not researched the property title or mineral rights for the project and express no legal opinion as to the ownership status of the property. However, Anfield provided copies of the mineral claim lease and purchase agreement which were reviewed for content by the authors. All mining claims whether leased, purchased, or located by Anfield were verified as to their validity by searching the BLM online LR2000 web site. BLM lists the mining claims as current.

The terms of the Asset Purchase Agreement with Uranium One (now Uranium Exploration Company, UEC) were provided by Anfield and were relied upon in the development of this report.

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------

**26.0 DATE AND SIGNATURE PAGE** 

CERTIFICATE OF AUTHOR

I, Douglas L. Beahm, P.E., P.G., do hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I am co-author of the report titled "SLICK ROCK URANIUM PROJECT INITIAL
ASSESSMENT", dated June 12, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I am the Principal Engineer and President of BRS, Inc., 1130 Major Avenue, Riverton, Wyoming 82501.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I graduated with a Bachelor of Science degree in Geological Engineering from the Colorado School of Mines in 1974. I
am a licensed Professional Engineer in Wyoming, Colorado, Utah, and Oregon; a licensed Professional Geologist in Wyoming; a Registered Member of the SME.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I have worked as an engineer and a geologist for over 50 years. My work experience includes uranium exploration, mine
production, and mine/mill decommissioning and reclamation. Specifically, I have worked with numerous uranium projects in the US and abroad.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I was last present at the site on February 14, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. I am not fully independent of the issuer. While Anfield is but one of many clients for whom BRS Inc. provides
consulting services, I also serve as Anfield's Chief Operating Officer on a contractual basis. I hold no stock or other financial interest in Anfield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. I do have prior working experience on the property as stated in the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. I have read the definition of "qualified person" set out in Subpart 1300 of Regulation S-K (S-K 1300) and certify that by reason of my education, professional registration, and relevant work experience, I fulfill the requirements to be a "qualified
person" for the purposes of S-K 1300.

Dated this 12<sup>th</sup> day of June 2025

*Signed and Sealed* 

Douglas L. Beahm, PE, PG, SME Registered Member

[*The remainder of this page is intentionally left blank*]

------

CERTIFICATE OF AUTHOR

CARL DAVID WARREN

I, Carl David Warren, P.E., P.G., do hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I am co-author of the report titled "SLICK ROCK URANIUM PROJECT INITIAL
ASSESSMENT", dated June 12, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I am a Project Engineer for BRS Engineering Inc., located in Riverton Wyoming, at 1130 Major Ave.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I graduated with a Bachelor of Science in Geological Engineering from the Colorado School of Mines in 2009 and have a
Master of Science Degree in Nuclear Engineering from the Colorado School of Mines in 2013. I am Licensed Professional Engineer in the State of Wyoming.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I have worked as both an engineer and a geologist for a cumulative 14 years and have over 17 years of working
experience in the mining industry. My relevant work experience includes underground mining, ore control, geological mapping, core logging and data management, uranium exploration, and uranium resource modelling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I was last present at the site on March 11, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. I am independent of the issuer. I hold no stock, options or have any other form of financial connection to Anfield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. I do not have prior working experience on the property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. I have read the definition of "qualified person" set out in Subpart 1300 of Regulation S-K (S-K 1300) and certify that by reason of my education, professional registration, and relevant work experience, I fulfill the requirements to be a "qualified
person" for the purposes of S-K 1300.

Dated this 12<sup>th</sup> day of June 2025

*Signed and Sealed* 

Carl David Warren P.E. P.G.

## Exhibit 96.3

**Exhibit 96.3** 

## VELVET WOOD PROJECT

## INITIAL ASSESSMENT

## US SEC Subpart 1300 Regulation S-K Report

## San Juan County, Utah, USA

## PREPARED BY:

## BRS INC

## 1130 Major Ave

## Riverton, WY 82501

## USA

## PREPARED FOR:

## ANFIELD ENERGY INC

## 2005-4390 Grange St.

## Burnaby, BC V5H 1P6

## CANADA
Qualified Persons

BRS INC.

Douglas L. Beahm, P.E., P.G.

Carl D. Warren, P.E., P.G.

June 12, 2025

------

TABLE OF Contents Page #

---

| | |
|:---|:---|
| 1.0 EXECUTIVE SUMMARY | 1-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1 Interpretations and Conclusions | 1-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.2 Recommendations | 1-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.3 Risks | 1-4 |
| 2.0 INTRODUCTION | 2-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.1 Registrant | 2-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.2 Terms of Reference | 2-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.3 Information Sources and References | 2-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.4 Site Visits by All Qualified Persons | 2-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1 QP Qualifications | 2-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.5 Previous Technical Report Summaries | 2-3 |
| 3.0 PROPERTY DESCRIPTION | 3-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 Property Description and Location | 3-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 Mineral Rights | 3-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3 Surface Rights | 3-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.4 Significant Encumbrances | 3-2 |
| 4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY | 4-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 Physiography | 4-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 Accessibility | 4-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3 Climate | 4-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.4 Infrastructure and Local Resources | 4-5 |
| 5.0 HISTORY | 5-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1 History of Velvet Wood | 5-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.2 Previous Mineral Resources Estimation | 5-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.3 Past Production | 5-2 |
| 6.0 GEOLOGICAL SETTING AND MINERALIZATION | 6-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.1 Regional Geology | 6-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.2 Structure | 6-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.3 Stratigraphy | 6-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.4 Mineralization | 6-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.5 Local Geology and Drilling | 6-6 |

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| | |
|:---|:---|
| 7.0 EXPLORATION | 7-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.1 Exploration | 7-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 Previous Exploration | 7-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 Qualified Persons' Interpretation of the Exploration Information | 7-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.2 Drilling on Property | 7-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1 Drill Data Used in Current Resource Estimation | 7-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2 Drill Hole Logging Surveys and Procedure | 7-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3 Gamma Probe Calibration | 7-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.4 Collar Surveys | 7-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.3 Core Data | 7-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.4 Hydrogeology | 7-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.5 Geotechnical Testing | 7-3 |
| 8.0 SAMPLING PREPARATION, ANALYSES, AND SECURITY | 8-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.1 Onsite Sample Preparation and Quality Control | 8-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.2 Laboratory Sample Preparation and Quality Control | 8-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.3 Qualified Persons' Interpretation on Sampling Procedure | 8-2 |
| 9.0 DATA VERIFICATION | 9-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.1 Drill Data | 9-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 Data Entry Verification | 9-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 Drill Hole Location Verification | 9-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.3 Verification Drilling | 9-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.4 Bulk Density Verification | 9-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.5 Drillhole Deviation | 9-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.6 Geophysical Logging Calibrations and Radiometric Equilibrium | 9-2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.7 Qualified Persons' Opinion on Data Adequacy | 9-3 |
| 10.0 MINERAL PROCESSING AND METALLURGICAL TESTING | 10-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1 Leach Testing | 10-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.2 Analytical Laboratory Qualifications | 10-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.3 Qualified Persons' Opinion on Metallurgical Data | 10-2 |
| 11.0 MINERAL RESOURCE ESTIMATES | 11-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.1 Definitions | 11-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.2 General Methodology | 11-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.3 Commodity Price | 11-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.4 Reasonable Prospects of Economic Extraction and Cutoff Determination | 11-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.1 Site Infrastructure | 11-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.2 Mining Methods | 11-7 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.3 Mineral Processing | 11-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.4 Environmental Compliance and Permitting | 11-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 Confidence Classification of Mineral Resource Estimate | 11-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.7 Mineral Resource Statement | 11-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.7.1 Risk Factors That May Affect the Mineral Resource Estimate | 11-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7.2 Mineral Resource Summary | 11-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7.3 Vanadium: | 11-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.8 Uranium Mineral Resource Estimates by Project Area | 11-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.9 New Velvet Resource Area | 11-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.10 Old Velvet Resource Area | 11-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.11 Old Velvet Mine Areas I, II, IV, and East Side - Resource Calculation Methods | 11-15 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.12 Wood Resource Area | 11-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.13 Inferred Mineral Resources | 11-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.14 Risk Factors That May Affect the Mineral Resource Estimate | 11-18 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.15 QP Opinion on the Mineral Resource Estimate | 11-19 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.16 Mineral Resource Figures | 11-19 |
| 12.0 MINERAL RESERVE ESTIMATES | 12-1 |
| 13.0 MINING METHODS | 13-1 |
| 14.0 RECOVERY METHODS | 14-1 |
| 15.0 INFRASTRUCTURE | 15-1 |
| 16.0 MARKET STUDIES AND CONTRACTS | 16-1 |
| 17.0 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS | 17-1 |
| 18.0 CAPITAL AND OPERATING COSTS | 18-1 |
| 19.0 ECONOMIC ANALYSIS | 19-1 |
| 20.0 ADJACENT PROPERTIES | 20-1 |
| 21.0 OTHER RELEVANT DATA AND INFORMATION | 21-1 |
| 22.0 INTERPRETATION AND CONCLUSIONS | 22-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.1 Conclusions | 22-1 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.2 Risks and Opportunities | 22-1 |
| 23.0 RECOMMENDATIONS | 23-1 |
| 24.0 REFERENCES | 24-1 |
| 25.0 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT | 25-1 |
| 26.0 DATE AND SIGNATURE PAGE | 26-1 |

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| | |
|:---|:---|
|  LIST OF FIGURES | PAGE |
|  Figure 3.1 - Velvet-Wood Ownership and Claim Map | 3-1 |
|  Figure 4.1 - Velvet-Wood Access Map | 4-4 |
|  Figure 4.2 - Velvet-Wood Climate Summary | 4-4 |
|  Figure 6.1 - Uravan Mineral Belt (adopted from Chenoweth, 1981) | 6-2 |
|  Figure 6.2 - Velvet-Wood Project Local Geologic Map (from Doelling, 2004) | 6-3 |
|  Figure 6.3 - Velvet-Wood Project Regional Cross Section (Doelling, 2004) | 6-4 |
|  Figure 6.4 - Velvet-Wood Project Stratigraphic Column (Chenowith, 1990) | 6-7 |
|  Figure 7.1 - Velvet-Wood Drill Hole Map | 7-4 |
| Figure 11.1 – Commodity Price | 11-3 |
|  Figure 11.2 - Isometric mine plan schematic for Velvet Wood | 11-7 |
|  Figure 11.3 - Old Velvet Mine GT and Resource Map | 11-20 |
|  Figure 11.4 - New Velvet GT Map | 11-21 |
|  LIST OF Tables | PAGE |
|  Table 1.1 - Velvet-Wood Uranium Mineral Resource Summary | 1-2 |
|  Table 1.2 - Velvet-Wood Vanadium Mineral Resource Summary | 1-3 |
|  Table 1.3 - Velvet-Wood Exploration Drilling Cost Estimate | 1-4 |
|  Table 2.1 - Terms and Abbreviations | 2-1 |
|  Table 7.1 - 1985-1991 Drill Results Velvet Area\* | 7-2 |
|  Table 7.2 - 1985-1991 Drill Results Wood Area\* | 7-3 |
|  Table 7.3 - 2007/2008 Drill Results Velvet-Wood | 7-3 |
|  Table 11.1 - Cutoff Calculation | 11-6 |
|  Table 11.2 - Mineral Resources Uranium | 11-11 |
|  Table 11.3 - Total Inferred Mineral Resources Vanadium | 11-13 |
|  Table 11.4 - New Velvet Measured Mineral Resources\* | 11-14 |
|  Table 11.5 - Old Velvet Mine Area III Indicated Mineral Resources\* | 11-15 |
|  Table 11.6 - Old Velvet Areas I, II, IV, and East Side Indicated Mineral Resources\* | 11-16 |
|  Table 11.7 - Total Indicated Mineral Resources Wood Mine | 11-17 |
|  Table 11.8 - Total Inferred Mineral Resources Velvet-Wood Areas | 11-18 |
|  Table 23.1 - Velvet-Wood Exploration Drilling Cost Estimate | 23-1 |

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**1.0 EXECUTIVE SUMMARY** 

The Velvet Wood Uranium/Vanadium mine project (the Project) is located in San Juan County, Utah, approximately 31 miles from Monticello, Utah. The Velvet area is located in Township 31 South, Range 25 East, Sections 2, 3, 4 and 10, at Latitude 38<sup>o</sup> 07' 00" North and Longitude 109º 09' 00" West. The Wood area is located in Township 31 South, Range 26 East, Sections 6 and 7 and Township 31 South, Range 25 East, Sections 1, 11, and 12 at Latitude 38<sup>o</sup> 08' 00" North and Longitude 109<sup>o</sup> 06' 00" West. Project ownership includes unpatented mining claims and a State of Utah mineral lease as shown on Figure 3.1, totaling approximately 2,166 acres related to the Velvet and Wood mine areas as shown on Figure 3.1.

Uranium mineralization in the Velvet and Wood areas is found in sandstone units within the Cutler Formation. The sandstones are fluvial arkose that has been bleached. The mineral deposits are irregular tabular bodies (Denis, 1982) located at the base, at the top, or close to pinch-outs of the sandstone bodies (Campbell and Mallory, 1979). The major producing zone in the Cutler occurs near the unconformity between the Cutler and the overlying Chinle Formation.

A portion of the Velvet area has been mined by underground mining methods. The mined material from this area was transported to the Atlas mill in Moab, Utah for conventional processing. A mine permit is held for the Velvet Mine. Re-opening of the Velvet Mine would require updating of the mine permit as well as additional permits as subsequently discussed. Access from the former mine operations remain in place. The upper portion of the decline and portal has been closed by backfill and the vent shafts capped at the surface. It is the authors' opinion that the decline and vents can be re-opened; however, underground conditions are unknown. The Wood area has not been mined. Site access and drill roads which were not already pre-existing were established under an exploration permit.

The Velvet-Wood mineral holdings have gone through a succession of ownership. Anfield purchased the Velvet-Wood mine along with other conventional uranium assets from Uranium One including the Velvet-Wood project in August 2015.

The Velvet Mine has an existing mine permit through the State of Utah Division of Oil Gas and Mining (DOGM). The mine permit has been amended to include updated NEPA studies and evaluations and to include the Wood Mine which will be a connected action. The Mine permit was submitted to DOGM and as a Plan of Operations (PoO) to the Utah DOGM and BLM in May 2024 along with associated permits including an industrial water use and NPDES permit which have been granted. The mine permit and PoO have been reviewed and Requests for Additional Information (RAIs) received. Responses to the RAIs is due at the end of March.

Mineral Resource estimates have been completed for the Project and are the subject of this Initial Assessment.

**1.1 Interpretations and Conclusions** 

This Initial Assessment (IA) for the Project has been prepared in accordance with the regulations set forth in S-K 1300 (Part 229 of the 1933 Securities Act). Its objective is to disclose the mineral resources at the Project. This report summarizes the mineral resources for the Velvet-Wood mine.

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Drill data is available for a total of 325 drill holes. Mineral resources were estimated standard methods as discussed in Section 11. The drill data was verified as discussed in Section 9 and is considered by the authors to be reliable for the purposes of this IA. The primary data modeled are equivalent uranium values as determined by downhole geophysical logging and reported as eU<sub>3</sub>O<sub>8</sub>. A radiometric disequilibrium factor of 1 was used. Mineral resources have been estimated for both uranium and vanadium as the mineralization occurs primarily as uranyl-vanadate. Mineral resources are not mineral reserves and do not have demonstrated economic viability in accordance with CIM standards. However, considerations of reasonable prospects for eventual economic extraction were applied to the mineral resource calculations herein.

**Table 1.1 - Velvet-Wood Uranium Mineral Resource Summary** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Area/Classification | GT<br> Cutoff  | Thousand <br> Pounds<br> eU<sub>3</sub>O<sub>8</sub> | <br> Thousand <br> Tons | Average <br> Grade<br> %eU<sub>3</sub>O<sub>8</sub> |
| &nbsp;&nbsp;&nbsp;TOTAL MEASURED MINERAL RESOURCE URANIUM | 0.50 | 1836 | 283 | 0.32 |
| &nbsp;&nbsp;&nbsp;TOTAL INDICATED MINERAL RESOURCE URANIUM | 0.50 | 2488 | 346 | 0.36 |
| &nbsp;&nbsp;&nbsp;TOTAL MEASURED AND INDICATED MINERAL RESOURCE URANIUM (M&I) | 0.50 | 4324 | 629 | 0.34 |
| &nbsp;&nbsp; TOTAL INFERRED<br>MINERAL RESOURCE URANIUM | 0.50 | 552 | 87 | 0.32 |

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Notes:

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources

2 In Situ Mineral Resource are estimated at minimum GT cut-off of 0.5 (4 ft. of 0.125% eU<sub>3</sub>O<sub>8</sub>), with a Vanadium to Uranium Ratio 1.4 :1

3: Mineral Resources are estimated using a long-term Uranium price of US$70 per pound and a Vanadium price of US$12 per pound. Refer to Section 11.3.

4: Bulk density is 0.07 tons/ft<sup>3</sup> (14.5 ft<sup>3</sup>/ton)

5. Metallurgical Recovery Uranium 92%, Vanadium 75%

6. Estimated grades are based on underground mining and reflect mine dilution

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

8: Numbers may not add due to rounding

9. Pounds and tons as reported are rounded to the nearest 1,000

10. "GT cutoff" is a marginal cutoff grade and is based on costs for mining, haulage, mineral processing, and taxes and royalties but does not include, reclamation and capital expenditure write-off as these costs are borne by the primary mined material. Refer to Section 11.4.

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**Table 1.2 - Velvet-Wood Vanadium Mineral Resource Summary** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Area/Classification | GT cutoff <br>(Based on<br>Uranium) | V:U <br>Ratio | Thousand <br> Pounds<br> V<sub>2</sub>O<sub>5</sub> | Thousand <br>Tons | Avg Grade <br> %V<sub>2</sub>O<sub>5</sub> |
| &nbsp;&nbsp; TOTAL INFERRED<br>MINERAL RESOURCE VANADIUM | 0.50 | 1.4 | 6826 | 716 | 0.48 |

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Notes:

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources.

2: Mineral resources are estimated in situ.

3: Mineral Resources are estimated using a long-term Uranium price of US$70 per pound and a Vanadium price of US$12 per pound. Refer to Section 11.4.

4: Bulk density is 0.07 tons/ft<sup>3</sup> (14.5 ft<sup>3</sup>/ton)

5. Metallurgical Recovery Uranium 92%, Vanadium 75%

6. Estimated grades are based on underground mining and reflect mine dilution. Pounds of Vanadium were estimated using documented mine production vanadium : uranium ratios and comparative review of the limited number of intercepts assayed for both uranium and vanadium. Vanadium mineral resources are reported as inferred mineral resources due to limited current assays to verify reported mine production vanadium : uranium ratios. When mineral resources were first reported on these and similar projects by the author under NI 43-101 circa 2008, TSX regulators required a reduced mineral resource categorization as the estimated grade for vanadium was based on the V:U ratio from mine production records supported by limited current vanadium assays.

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

8: Numbers may not add due to rounding.

9. Pounds and tons as reported are rounded to the nearest 1,000.

10. "GT cutoff" is a marginal cutoff grade and is based on costs for mining, haulage, mineral processing, and taxes and royalties but does not include, reclamation and capital expenditure write-off as these costs are borne by the primary mined material. Refer to Section 11.4

**1.2 Recommendations** 

The following recommendations relate to potential improvement and/or advancement of the Project. Permitting the mine is in progress and should continue. It is anticipated to be completed in 2025 or early 2026. Once the permit is approved the Issuer could proceed with mine development or choose to gather additional information prior to completing a PFS.

The Velvet Mine Area and resources are well delineated in the west and moderately well delineated in the east. The eastern portion of the Velvet mine resource will need to be drilled from the underground workings during any future development to classify resources into the Measured and/or Reserve categories ahead of mining extraction operations. The Wood resource area is less well delineated and will require additional surface and/or underground drilling to better define and quantify the resource prior to development.

Recommendations and cost estimates for the Velvet-Wood Project, assuming more subsurface data is determined to be necessary are provided in Table 1.3. The total cost is estimated at $750,000 USD.

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**Table 1.3 - Velvet-Wood Exploration Drilling Cost Estimate** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Item | Cost (USD) |
| &nbsp;&nbsp;&nbsp;10 Air Rotary Collars for DDC Tails (1,200 ft average, 12,000 ft total) at $20,000 per drill hole. | $200000 |
| &nbsp;&nbsp;&nbsp;Site Supervision Including Geological Services | $100000 |
| &nbsp;&nbsp;&nbsp;Geophysical Logging 50 Holes (1,500 ft average) | $80000 |
| &nbsp;&nbsp;&nbsp;Resource Model Update, Reporting and Preparation of PFS | $300000 |
| &nbsp;&nbsp;&nbsp;Road Maintenance | $70000 |
| &nbsp;&nbsp;&nbsp;Total | $750000 |

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**1.3 Risks** 

The authors are not aware of environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors not stated herein which would materially affect the mineral resource estimates or the results of the PEA. To the authors' knowledge there are no other significant factors that may affect access, title, or the right or ability to perform work on the property, provided the conditions of all mineral leases and options and relevant operating permits and licenses are met. A summary of risks follows, categorized in terms of economic, technical, and permitting and licensing risks.

Economic Risks:

Mineral resources are not mineral reserves and do not have demonstrated economic viability. A Preliminary Feasibility Study (PFS) is required, at a minimum, to demonstrate the economic viability of the measured and indicated mineral resources and qualify an initial estimate of mineral reserves.

Technical Risks:

It is the authors' opinion that the risks associated with this project are low as there has been past mining and the mine workings generally remain open. The Project does have some risks similar in nature to other mining projects in general and uranium mining projects specially, i.e., risks common to mining projects including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Future commodity demand and pricing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Environmental and political acceptance of the project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Variance in capital and operating costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mine and mineral processing recovery and dilution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Continuity of mineralization with respect to thickness and grade may vary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mining claims are subject to the Mining Law of 1872. Changes in the mining law could affect the mineral tenure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There is a risk that underground conditions at the Velvet Mine may limit access to mineral resources.

It is the authors' opinion that the technical risks associated are low for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Portions of deposit have been successfully mined in the past.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Uranium has been successfully extracted from mined material via conventional milling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Project has applied for or has required operating permits and facilities in place.

The authors are not aware of environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors which would materially affect the mineral resource

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estimates, provided the conditions of all mineral leases and options, and relevant operating permits and licenses are met.

The Project is a brownfield site within the Colorado Plateau which has a long history of uranium and vanadium mining. The surrounding communities have a long history of working with and for the region's mining and mineral resource industry, and their support for this project has been strong. Despite expected local support, recent mineral development in the area has received opposition from various Non-Government Organizations (NGOs) and this should be anticipated for the Project.

Readers are cautioned that any estimate of forward cost or commodity price is by its nature forward-looking. It would be unreasonable to rely on any such forward-looking statements and information as creating any legal rights. The statements and information are not guarantees and may involve known and unknown risks and uncertainties, and actual results are likely to differ (and may differ materially) and objectives and strategies may differ or change from those expressed or implied in the forward-looking statements or information as a result of various factors. Such risks and uncertainties include risks generally encountered in the exploration, development, operation, and closure of mineral properties and processing facilities. Forward-looking statements are subject to a variety of known and unknown risks and uncertainties.

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**2.0 INTRODUCTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Registrant** 

This Initial Assessment (IA) was prepared on behalf of Anfield Energy Inc. (Anfield) for its Velvet-Wood uranium/vanadium project (the Project) located in San Juan County, Utah, USA.

Anfield was incorporated in the Province of British Columbie on September 12, 1986, with the Head Office located at 2005-4390 Grange Street, Burnaby, British Columbia, Canada, V5H 1P6.

This IA was prepared for Anfield by BRS Inc (BRS) under the supervision of Douglas Beahm, PE, PG and co-authored by Carl Warren. The objective of this IA is to disclose the mineral resources of the project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 Terms of Reference** 

This report was prepared on behalf of Anfield for its Velvet Wood uranium/vanadium project in San Juan County, Utah, in compliance with the requirements of S-K 1300 (Part 229 of the 1933 Securities Act). This technical report addresses the Velvet Wood Project's geology, uranium mineralization, historical resource estimates, and historical exploration and mine development work. In addition, this report includes the results of current mineral resource estimates that have been prepared in accordance with the regulations set forth in S-K 1300 (Part 229 of the 1933 Securities Act).

Units of measurement, unless otherwise indicated, are feet (ft), miles, acres, pounds (lbs), and short tons (2,000 lbs). Uranium oxide is expressed as % U<sub>3</sub>O<sub>8</sub>, the standard market unit. Uranium values based on gamma equivalency % eU<sub>3</sub>O<sub>8</sub> (equivalent U<sub>3</sub>O<sub>8</sub> by calibrated geophysical logging unit). Vanadium oxide is expressed as % V<sub>2</sub>O<sub>5</sub>. Unless otherwise indicated, all references to dollars ($) are reported as United States currency. Additional units of measurement are tabulated as follows:

**Table 2.1 - Terms and Abbreviations** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;URANIUM SPECIFIC TERMS AND ABBREVIATIONS | &nbsp;&nbsp;&nbsp;URANIUM SPECIFIC TERMS AND ABBREVIATIONS | &nbsp;&nbsp;&nbsp;URANIUM SPECIFIC TERMS AND ABBREVIATIONS | &nbsp;&nbsp;&nbsp;URANIUM SPECIFIC TERMS AND ABBREVIATIONS | &nbsp;&nbsp;&nbsp;URANIUM SPECIFIC TERMS AND ABBREVIATIONS | &nbsp;&nbsp;&nbsp;URANIUM SPECIFIC TERMS AND ABBREVIATIONS |
| &nbsp;&nbsp;&nbsp;Grade | &nbsp;&nbsp;&nbsp;Grade | Parts Per Million | ppm U<sub>3</sub>O<sub>8</sub> | Weight Percent | %U<sub>3</sub>O<sub>8</sub> |
| &nbsp;&nbsp;&nbsp;Radiometric Equivalent Grade | &nbsp;&nbsp;&nbsp;Radiometric Equivalent Grade |  | ppm eU<sub>3</sub>O<sub>8</sub> |  | % eU<sub>3</sub>O<sub>8</sub> |
| &nbsp;&nbsp;&nbsp;Thickness | &nbsp;&nbsp;&nbsp;Thickness | meters | M | Feet | Ft |
| &nbsp;&nbsp;&nbsp;Grade Thickness Product | &nbsp;&nbsp;&nbsp;Grade Thickness Product | grade x meters | GT(m) | grade x feet | GT(Ft) |
| &nbsp;&nbsp;&nbsp;GENERAL TERMS AND ABBREVIATIONS | &nbsp;&nbsp;&nbsp;GENERAL TERMS AND ABBREVIATIONS | &nbsp;&nbsp;&nbsp;GENERAL TERMS AND ABBREVIATIONS | &nbsp;&nbsp;&nbsp;GENERAL TERMS AND ABBREVIATIONS | &nbsp;&nbsp;&nbsp;GENERAL TERMS AND ABBREVIATIONS | &nbsp;&nbsp;&nbsp;GENERAL TERMS AND ABBREVIATIONS |
|  | METRIC | METRIC | US | US | Metric: US |
|  | Term | Abbreviation | Term | Abbreviation | Conversion |
| &nbsp;&nbsp;&nbsp;Area | Square Meters | m<sup>2</sup> | Square Feet | Ft<sup>2</sup> | 10.76 |
|  | Hectare | Ha | Acre | Ac | 2.47 |
| &nbsp;&nbsp;&nbsp;Volume | Cubic Meters | m<sup>3</sup> | Cubic Yards | Cy | 1.308 |
| &nbsp;&nbsp;&nbsp;Length | Meter | m | Feet | Ft | 3.28 |
|  | Meter | m | Yard | Yd | 1.09 |
| &nbsp;&nbsp;&nbsp;Distance | Kilometer | km | Mile | mile | 0.6214 |
| &nbsp;&nbsp;&nbsp;Weight | Kilogram | kg | Pound | Lb | 2.20 |
|  | Metric Tonne | Tonne | Short Ton | Ton | 1.10 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 Information Sources and References** 

The information and data presented in this IA was gathered from geological reports, maps, and miscellaneous technical papers listed in Section 24, References. The information, conclusions, opinions, and estimates contained herein are based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The qualified person's field observations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Data, reports, and other information publicly available or provided by Anfield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Previous experience with similar deposits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Drill hole data as discussed in Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 Site Visits by All Qualified Persons** 

Mr. Beahm attempted to visit the Velvet-Wood site on February 14, 2023, however, the site was inaccessible due to winter conditions. Previously Mr. Beahm visited the project and the Uranium One's Moab office (former owner), which at the time was the repository of the project data, on September 16, 2014. During this time Mr. Beahm inspected drill sites from the latest period of drilling completed by Uranium One (2007 and 2008) and obtained copies of this and previous data including copies of geophysical logs, location maps, and database summaries. Mr. Beahm was also present on numerous occasions in 2007 and 2008 including providing on site geologic services during the verification and core drilling completed by Uranium One.

Mr. Warren inspected the Velvet-Wood mine area on April 13<sup>th</sup>, 2023 and again on July 19<sup>th</sup> 2023. The access road to the closed portal and reclaimed waste pile area was utilized to access the portal location. The waste dump was observed to be reclaimed with vegetative cover on the top. No elevated gamma readings were observed at any location on the Velvet or Wood properties due to the depth to the mineralized zone.

The powerlines to the site have been recently removed and the right of ways remain cleared. The upper closed fan shaft with water sampling access and the upper well were accessible from drill access leaving the county road. All of the wells were locked.

The water treatment site was inspected. The site has been reclaimed and revegetated. Diversion ditches around the site remain but require maintenance.

Multiple historic drill access routes exist on site where the pinon and juniper trees have been removed. Historic drill pad locations were observed at the Velvet area but no open holes were located. Historic drill pad locations and an open drill hole were observed on Three Step Hill above the Wood deposit area.

Mr. Warren's most recent site visit was on May 1, 2025. At this time, Mr. warren met with representatives of the BLM as part of the Fast 41 permitting process.

**2.4.1 QP Qualifications** 

BRS Inc., the author of this report, is an independent qualified engineering and geological consulting firm located in Riverton, Wyoming, USA. BRS has provided professional consulting service to the mineral resource industry including numerous uranium projects in the Western US and other locations. BRS is a registered professional engineering company in Wyoming.

Mr. Beahm is a Qualified Person ("QP") and co-author of this IA. Mr. Mr. Beahm is a QP under the S-K 1300 standards as a Professional Engineer, Professional Geologist, and a SME Registered Member with over 50 years of professional experience. Mr. Beahm is not fully

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independent of Anfield as he currently serves as their Chief Operating Officer (COO) on a contractual basis.

Carl Warren is an independent QP and co-author of this IA. Mr. Warren is a P.E., P.G., with over 17 years of experience in the mining and geology industries including underground and open pit mining, ore control, core logging, uranium exploration, and resource modelling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5 Previous Technical Report Summaries** 

Anfield has not previously filed an IA on the Project under SK-1300 standards.

Previous technical reports prepared under Canada's National Instrument ("NI") 43-101 and CIM guidance include:

"The Shootaring Canyon Mill and Velvet-Wood and Slick Rock Uranium Projects, San Juan County, Utah, USA" prepared for Anfield Energy, Inc. by Douglas L. Beahm, Harold H. Hutson, Carl D. Warren, and Terry McNulty, May 6, 2023.

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**3.0 PROPERTY DESCRIPTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Property Description and Location** 

The Velvet Wood area is located in San Juan County, Utah, approximately 31 miles from Monticello, Utah in Township 31 South, Range 25 East, Sections 2, 3, 4 and 10, at Latitude 38<sup>o</sup> 07' 00" North and Longitude 109º 09' 00" West. The Wood area is located in Township 31 South, Range 26 East, Sections 6 and 7 and Township 31 South, Range 25 East, Sections 1, 11, and 12 at Latitude 38<sup>o</sup> 08' 00" North and Longitude 109<sup>o</sup> 06' 00" West.

In total the mineral holdings within the Project area comprise approximately 2,140 acres. (See Figure 3.1, Overall Project Location Map).

![LOGO](g870247g01a98.jpg)

**Figure 3.1 - Velvet-Wood Ownership and Claim Map** 

Figure 3.1, Velvet-Wood Mineral Ownership and Claim Map, shows the approximate location of unpatented mining lode claims and state leases that are part of the Velvet Wood Project. Copies of recent claim filings with the BLM for unpatented mining lode claims were provided by Anfield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Mineral Rights** 

Unpatented mining claims, both lode and placer, are under the authority of the Mining Law of 1872 on federal lands administered by the Bureau of Land Management (BLM). Under the Mining Law, the locator has the right to explore, develop, and mine on unpatented mining claims without paying production royalties to the federal government. Claim maintenance fees of $165

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per claim are due by September 1st of each year. Unpatented federal lode mining claims are designated in the field by four corner posts, two end-center posts, and a location monument. Claim location notices for each unpatented claim are recorded in the county recorder's office of the county in which the claims are located, and then filed with the BLM State office.

In addition to the mining lode claims, three quarters of Section 2 is a State of Utah lease ML 49377. To maintain these mineral rights Anfield must comply with the state lease provisions including annual payments to State of Utah for leases ML 49377 and BLM and San Juan County, Utah filing and/or annual payment requirements to maintain the validity of the unpatented mining lode claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 Surface Rights** 

The Velvet-Wood mining claims are on public lands; the surface and mineral rights are administered by the BLM. The Mining Law of 1872 provides for surface rights associated with mining claims provided the use and occupancy of the public lands in association with the development of locatable mineral deposits is reasonably incident including prospecting, mining, or processing operations and is approved by the appropriate BLM Field Office; see 43 CFR Subpart 3715. The state lease has similar provisions for surface use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 Significant Encumbrances** 

Permitting for Velvet-Wood mining operations requires various approvals from the state of Utah Division of Oil, Gas and Mining (DOGM) and the US Bureau of Land Management (BLM). There is an existing Large Mine permit for the Velvet Mine which has been updated and amended and is currently under review.

Financial assurance instruments are required by Utah for mining and exploration permits. There are currently two bonds in place for the Velvet-Wood Project. The first is associated with the Large Mining Operation Permit in the amount of $52,274.20 relating to the Velvet Mine. The second is associated with a Notice of Intent to Conduct Exploration in the amount of $17,770.00 related to the combined Velvet-Wood Project.

Uranium mining in Utah is subject to Mineral Production Tax. Mineral Production Tax Withholding was increased from 4% to its current level of 5% effective July 1, 1993. (Refer to Utah Senate Bill 180, 1993). On the Section 2 State of Utah lease, an 8% royalty is levied on uranium, and a 4% royalty applies to vanadium production or other minerals. Additional state taxes would include property and sales taxes. At the federal level, profit from mining ventures is taxable at corporate income tax rates. However, for mineral properties depletion tax credits are available on a cost or percentage basis, whichever is greater. For uranium, the percentage depletion tax credit is 22%, among the highest for mineral commodities. (See IRS Pub. 535).

The estate of Mr. Jim Butt holds a 2.5% gross production royalty on all uranium and vanadium recovered at the Shootaring Canyon Mill from material mined from the Velvet 1-9 claims. Mr. Kelly Dearth holds a 1% gross royalty for all uranium mined from the Wood claims, including UT 31-38, 41-44, 48, 50, 52, 54-72, and 129, a total of 37 claims.

To the authors' knowledge there are no other forms of encumbrance related to the Project. The Velvet project has an existing mine permit. The mine has operated in the past. There are existing reclamation/closure requirements and bonds associated with these permits and licenses. The Project does have some risks similar in nature to other mining projects in general and uranium mining projects specifically, i.e., risks common to mining projects as discussed in Section 22.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Physiography** 

The Velvet-Wood Uranium Project is located within the Lisbon Valley physiographic province in San Juan County, Utah. The project area is located primarily on a dipping bench above the Lisbon Valley, with elevations averaging 6,750 feet above sea level. Nearly 500 feet of elevation differential exists between the highest and lowest drill hole collars on the property. The site is located overlooking the Lisbon Valley. The Lisbon Valley drains through the Little Indian Canyon into Colorado where it joins the Dolores River, which enters the Colorado River northeast of Moab.

All of the project areas are arid or semi-arid areas with little to no vegetation. Vegetation at Velvet-Wood is characteristically pinion, cedar, and juniper forest, with some ponderosas in the higher areas. Bare rock with sparse vegetation such as yucca is common, and sagebrush is thick in drainages where soil forms. Common mammals include the desert cottontail, squirrels, and mule deer. Common birds include jays, ravens, golden eagles, and hawks. There are also a variety of reptiles including lizards and snakes. The Velvet-Wood project area is generally used for livestock grazing and recreational uses such as hunting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Accessibility** 

Portions of the Velvet deposit were previously mined. Mineralization was accessed via a portal and decline. The mine entrance has been closed by backfill. However, in the authors' opinion the decline could be re-opened. The Velvet portal is accessible by good quality roads beginning with the Big Indian Road, a hard surface road that exits U.S. Highway 191 about 19 miles north of Monticello, Utah or 34 miles south of Moab, Utah (See Figure 4.1).

The Big Indian Road extends eastward and loops into the Lisbon Road to serve properties in the Lisbon Valley area. A gravel road, San Juan County Road 112 (Williams Fork) exits the Big Indian Road about 5.5 miles east of its intersection with Highway 191. A private access road connects with County Road 112 about 6 miles southeast of its intersection with the Big Indian Road. The Velvet Mine portal is about one mile northeast along this road. The site, as described above, is accessible via 2-wheel drive on existing county and/or two-track roads. The project is located approximately 10 miles south of La Sal, Utah. Most transport will occur via over-the-road commercial trucks. Access to exploratory drill sites and vent locations are provided by existing roads connecting to the main access at the Velvet portal and the Lisbon Road.

The Wood mine area is located about 3 miles east of Velvet along County Road 112 and is also accessible from the east via the Lisbon Valley Road and County Road 112.

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![LOGO](g870247g02a01a.jpg)

**Figure 4.1 - Velvet-Wood Access Map** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Climate** 

The climate is semi-arid. Average temperatures in July range from a high of 85ºF and a low of 56ºF. The average temperatures in January range from a high of 36ºF and a low of 16ºF. The average annual precipitation is thirteen inches. Winters are generally mild, and the length of the operating season should not be affected by the climate. A climate summary follows.

![LOGO](g870247g02a01b.jpg)

**Figure 4.2 - Velvet-Wood Climate Summary** 

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(<u>https://www.usclimatedata.com/climate/la-sal/utah/united-states/usut0134#geo_map</u>)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 Infrastructure and Local Resources** 

The Velvet-Wood Mine is located between Monticello, Moab, and La Sal, Utah. In addition to access roads, some infrastructure is present on the Velvet-Wood site. The site is accessible over the multiple historic drill trails covering the area. An active copper mine, Lisbon Valley Copper Mine, is located 3 air miles north of the property. The presence of the copper mine and other industrial facilities in the area is significant in context of mine permitting, in that the Velvet-Wood Mine will be compatible with current land use. A power line terminates within 1 mile of the old Velvet Mine portal, which is located in the SE <sup>1</sup>⁄<sub>4</sub> of Section 3, T31S, R25E, however, the current planning is to use on-site generators. Water for industrial use has been permitted by Anfield. Two of the previous underground mine ventilation shafts have been capped with access for water sampling retained. A third vent shaft has been reclaimed at the surface.

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**5.0 HISTORY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 History of Velvet Wood** 

The original locator of the Velvet area of the project was Gulf Minerals Corporation (Gulf). The Velvet Mine Uranium Project was initially drilled during the 1970s with the principal exploratory work and drilling completed by Gulf.

The Wood mineralization was discovered in 1975 by Atlas in Section 6, Township 31 South, Range 26 East (Chenoweth, 1990). Uranerz U.S.A. Inc. (Uranerz) later controlled the Wood area of the project during the 1980s when most of the initial exploration took place. A total of 120 known historic rotary drill holes were completed by Uranerz from 1985 through 1991. The exploration resulted in the discovery of three mineralized zones in the Cutler Formation. The most important of these, the Wood mineralized body, was outlined in 14 holes that intercepted high grade material. Sometime in the 1990s, Uranerz's mining claims were allowed to lapse.

Gulf sold the Velvet property to Atlas in the late 1970s. Atlas' Velvet Mine commenced operations in 1979 in Section 3 and advanced to the property line with Section 2. Atlas completed feasibility studies for mining the Section 2 mineral resources including hoisting and haulage of mined product to their Moab mill for processing in 1980. These plans were never executed due to low uranium prices in the 1980s, and the Section 2 property was sold by Atlas Minerals as they were experiencing an economic downturn. The Velvet Mine was closed in 1984. Subsequent changes in ownership include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Velvet Mine property was acquired by Umetco Minerals Corp. in 1989.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Umetco held the Section 3 property until the mid-1990s at which time the
property was transferred to US Energy (USE).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mr. William Sheriff secured the Section 2 state lease by competitive bid and staked the adjoining mining claims.
The property was then transferred to Energy Metals Corporation (EMC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● In 2004, Energy Metals Corporation staked new mining claims over the Wood area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Uranium One gained control of the Velvet-Wood property through the purchase of Energy Metals Corporation in 2007.

Anfield purchased the Velvet-Wood Uranium Project and other conventional uranium assets including the Shootaring Canyon Mill located near Ticaboo, Utah from Uranium One in August 2015.

**5.2 Previous Mineral Resources Estimation** 

A historic mineral resource estimate for the Velvet area within Section 2 was completed by MRC using a polygonal method. A similar historical mineral resource estimate for the Velvet area within Section 3 was completed by Price, 1987. Mineral resources related to the Wood area, located in T31S, R26E, Section 7, is referenced in the literature (Chenoweth, 1990). However, the original source and basis of this estimate is not known and thus cannot be stated herein. Refer to Section 11 for current mineral resource estimates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 Past Production** 

The Velvet Mine operated into the early 1980s. According to Chenowith, due to continued low uranium prices, Atlas Minerals closed all of their mines and mill, which included the Velvet in southeastern Lisbon Valley in March 1984. When the Velvet mine was closed it had produced approximately 400,000 tons of ore which graded 0.46 percent U<sub>3</sub>O<sub>8</sub> and 0.64 percent V<sub>2</sub>O<sub>5</sub> with total production estimated at 4.2 million pounds of U<sub>3</sub>O<sub>8</sub> (Chenoweth 1990).

Section 11 provides a current estimate of mineral resources associated with the Project.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.0 GEOLOGICAL SETTING AND MINERALIZATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 Regional Geology** 

The Colorado Plateau is a regional geologic feature characterized by high elevation mesas and deeply incised canyons in southwestern Colorado and much of eastern Utah. The sedimentary units which dominate the Colorado Plateau were deposited during a period of tectonic stability beginning in the early Paleozoic and running through the Mesozoic Eras. During this time, a stable shelf depositional environment allowed thick accumulations of clastic, carbonate, and evaporitic sediments. Beginning approximately 6 million years ago, the entire Colorado Plateau was subject to epeirogenic uplift of 4,000-6,000 feet. This geologically rapid uplift caused the existing rivers and streams to aggressively downcut resulting in the canyon lands topography of today (Hunt, 1956). The Velvet-Wood project is situated in the central portion of the Colorado Plateau. The Velvet-Wood lies along the western flank of the Lisbon Valley anticline in the Lisbon Valley, Utah.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 Structure** 

The dominant feature in the Velvet-Wood area is the Lisbon Valley Anticline. The Lisbon Valley Anticline is a northwest/southeast feature about 20 miles long that was formed when salt in the Paradox Formation was mobilized. The up-warping and subsequent erosion of the anticline has exposed Pennsylvanian to Cretaceous age rocks along the length of the anticline. Consolidated rocks that crop out in the Lisbon Valley area range in age from Late Pennsylvanian to early Pleistocene. The oldest, the Pennsylvanian Honaker Trail Formation, is exposed in the interior of the anticline with successively younger rocks exposed in the faces of three mesas along the flanks of the anticline. In the Velvet-Wood area the mesa recedes southward stepwise away from the center of the anticline and is known as Three Step Hill. The surficial geology of Velvet-Wood is shown on Figure 6.1 and the Regional Cross Section in Figure 6.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 Stratigraphy** 

Sedimentary strata within the Colorado Plateau hosts numerous uranium/vanadium deposits. Uranium deposits are hosted by the Pennsylvanian Hermosa Formation, the Permian Cutler Formation, the Triassic Chinle Formation, and the Jurassic Morrison Formation as shown on the stratigraphic description in Table 6.1. The majority of the uranium production in the Colorado Plateau was from the Morrison Formation, specifically the Salt Wash Member. In the Salt Wash Member, deposits are concentrated along a thin, one to several mile-wide arcuate belt that extends from the Gateway district through the Uravan district and south to the Slick Rock district. This crescent-shaped area in the Jurassic Morrison formation has closely spaced, larger-sized, and higher-grade uranium deposits than the adjoining areas.

The Lisbon Valley anticline along which the Velvet-Wood project is located is the most productive uranium producing area in Utah (Chenoweth, 1990). Among the rock units exposed along the Lisbon Valley Anticline, those that contain documented uranium mineralization are the Permian Cutler Formation, the Triassic Chinle Formation (Moss Back Member) and the Morrison Formation (Salt Wash Member). Velvet-Wood has had a significant adjacent and adjoining uranium and vanadium production history, as discussed in Section 5, History.

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![LOGO](g870247g02a06.jpg)

**Figure 6.1 - Uravan Mineral Belt (adopted from Chenoweth, 1981)** 

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![LOGO](g870247g02a07.jpg)

**Figure 6.2 - Velvet-Wood Project Local Geologic Map (from Doelling, 2004)** 

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![LOGO](g870247g02a08.jpg)

**Figure 6.3 - Velvet-Wood Project Regional Cross Section (Doelling, 2004)** 

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Three Step Hill is composed of three mesas, each progressively higher than the last. The Velvet-Wood Deposit is under the lowest mesa and on the margin of the second. The top of the mesa is a dip slope primarily on the top of the Wingate Sandstone. Low mesas of Kayenta Formation rocks are preserved near the southern base of the dip slope. The dip slope of the middle mesa is composed of resistant sandstone units of the Salt Wash Member of the Morrison Formation. The Brushy Basin Member has been stripped off the plateau but is exposed near the base of the slope of the third mesa. The highest mesa is capped by the Burro Canyon Formation. Some remnants of Dakota Sandstone are exposed on the upper plateau. The dips of the rocks are progressively shallower toward the south. The dips on the lower plateau are about 6 to 8 degrees and dips on the upper plateau are about 3 to 5 degrees.

Locally, uranium mineralization is found in the Permian Cutler Formation. The Cutler formation in Lisbon Valley is composed predominantly of fluvial arkosic sandstones, siltstones, shales, and mudstones that were deposited by meandering streams that flowed across a flood plain and tidal flat. This flood plain was occasionally transgressed by a shallow sea from the west, resulting in the deposition of several thin limestones and marine sandstones. Wind transported sand along the shoreline of the shallow sea, forming dunes (Campbell and Mallory, 1979). The marine and eolian sandstones are usually finer grained, better sorted, and cleaner than the fluvial arkosic sandstones. The fluvial sandstones are medium to very coarse grained and have abundant feldspar and biotite. The sandstone units are usually red-brown to purple red in color. Some of the sandstones have been bleached tan to gray-white. The top of the Cutler is truncated by a regional unconformity that has removed in excess of two hundred feet of the formation in the northern part of Lisbon Valley.

The unconformity at the top of the Cutler has truncated the southward dipping Cutler beds, the mineralized sandstone bed at the Velvet-Wood Deposit is stratigraphically a few hundred feet above that at the Big Buck Mine in the northern end of Lisbon Valley. The purple-red fluvial sandstones occur in large lenticular bodies that are hundreds of meters long and range in thickness from less than 3 to over 75 feet. Laterally these lenses thin and grade into the shale, mudstone, and siltstone sequences (Campbell and Mallory, 1979).

The fluvial sandstones are composed of medium to coarse-grained quartz, feldspar, and rock fragments in sub equal amounts. These arkosic sandstone units' source of sediment was the Uncompahgre highland northeast of the Velvet-Wood area on the Utah/Colorado border. The cementing agent in the Cutler fluvial sandstones is either calcite or secondary overgrowth on the quartz grains. All of the known mineralized fluvial sandstone units were bleached light tan-pink or gray-white (Campbell and Mallory, 1979).

The upper portion of the Cutler Formation, which is the primary host of known uranium mineralization in the Velvet-Wood Area, is composed of intervals of siltstone interbedded with thin-bedded, fine-grained sandstone. In places there are thicker, more resistant sandstone beds up to 47 feet thick. The thickness and frequency of sandstone beds increases downward, and siltstone is less common. Thick mudstone intervals separate the sandstone beds. A few limestone and conglomerate beds occur in the bottom third of the formation. The rocks are mostly greenish-gray, reddish-brown, or reddish-orange. The limestone beds are usually olive-gray (Campbell and Mallory, 1979).

Faulting and folding are the major structural features of the Velvet-Wood area. There are two major faults in the Velvet-Wood area. The faults are northeastward dipping normal faults with

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displacement ranging from a few feet to as much as 700 feet. The rock units between the two faults are folded downward to the northeast. The sandstones in the Velvet-Wood area exhibit jointing parallel to the Lisbon Valley anticline and are thought to be tensional joints. The host rocks of the Velvet-Wood Area are truncated by the faulting on the southwest side of the Lisbon Valley graben. The mineralization of the Velvet-Wood Deposit appears to be fault bounded on the northeast side of the deposit. (Gordon, et al, 1981).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 Mineralization** 

Uranium mineralization in the Velvet and Wood areas is found in sandstone units within the Cutler Formation. The sandstones are fluvial arkose that has been bleached. The mineral deposits are irregular tabular bodies (Denis, 1982) located at the base, at the top, or close to pinch-outs of the sandstone bodies (Campbell and Mallory, 1979). The major producing zone in the Cutler occurs near the unconformity between the Cutler and the overlying Chinle Formation. The mineralization may extend a short distance into the sandstone of the Moss Back above. The uranium-bearing sandstones are petrologically very similar to other Cutler fluvial sandstones but contain less calcite and more clay and are slightly coarser grained (Campbell and Mallory, 1979). Uraninite is the principal uranium mineral encountered in the reduced zones of the Velvet Area. In areas where the mineralization lies above groundwater levels, oxidized uranium minerals such as carnotite and tyuyamunite may occur. Uranium mineralization within the Colorado Plateau of Southwestern Colorado and Southeastern Utah have been described as tabular-blanket type deposits that are sub-parallel to bedding planes and/or features such as unconformities. Mineralization is often confined to paleochannels and controlled by lithology, permeability, porosity, and the presence of a chemical reductant, often carbonaceous material (Hasan, 1986). A similar depositional morphology is observed at the Wood Mine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5 Local Geology and Drilling** 

Uranium mineral resources within and in the vicinity of the project are found in the upper Permian Cutler formation. Many of the other mines in the district were located in the basal Moss Back member of the Triassic Age Chinle Formation overlying the Cutler Formation. As shown on Figure 6.4, Velvet-Wood Project Stratigraphic Column, there is an erosional unconformity between the Permian and Triassic aged beds where the Triassic Moenkopi formation was eroded away before the placement of the Moss Back Member of the Chinle Formation. Observations from the 2007 and 2008 coring program on the Velvet project has developed the model that mineralization in both formations is related to the unconformity, although the location of mineralization with respect to the contact varies from location to location within the district. Most of the mineral resources in the Cutler occur within six feet of the unconformity.

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![LOGO](g870247g02a11.jpg)

**Figure 6.4 - Velvet-Wood Project Stratigraphic Column (Chenowith, 1990)** 

Much of the historic mining in the vicinity such as the Bardon, Divide, School Section, Pats, and Service Berry mines are pre-1960 except for the Velvet Mine (1979-1984). With the exception of the Velvet and Bardon mines, most of these are in the Chinle formation and were mined prior to 1941. The discovery of mineralization in the Cutler formation was late, therefore the Cutler is largely unexplored (Chenoweth, 1990). Most of the earlier drilling stopped at the base of the Chinle. Further to the east, the discovery of the Wood Deposit was reported by Uranerz in 1987 in T31S, R26E, Section 7 (Chenoweth, 1990). The Bardon, Velvet and Wood mines are oriented along a common trend beginning in the northwest at the Bardon Mine and proceeding to the southeast through the Velvet Mine to the Wood Mine along a trend of more than 6 miles. Limited exploration has been conducted between the Velvet Mine and Wood area, and the Bardon Mine and the Velvet Mine, but these areas remain largely unexplored. The reader is cautioned that additional drilling may or may not result in discovery of additional mineral resources on the property.

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**7.0 EXPLORATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 Exploration** 

Anfield has not conducted exploration within or near the Velvet-Wood mine area.

**7.1.1 Previous Exploration** 

Gulf, Atlas and MRC conducted extensive rotary and limited core drilling on the Velvet Mine area that is included in the acquisition including the delineation of 4 mineralized areas with drilling on a rough grid approximating 100' centers. Drilling averaged a depth of 1,100 ft and ranged from 814 feet to 1,400 feet. All of the holes were surveyed for down hole deviation and were posted as collar and bottom of hole on the historic mine maps. Drift ranged from 10 to over 150 ft and averaged 70ft to the northwest, or up dip. The dip of the host formation is approximately 8 degrees. Drilling was conducted vertically although virtually all drill holes drifted up dip. The average vertical declination was approximately 4 degrees from vertical. Because this declination opposed the dip of the formation the effect of dip on true thickness is diminished. Considering the effect of the actual drill hole declination from vertical the correction to true thickness would be less. This means that a 10 foot thickness interpreted from the geophysical log would actually be 9.99 feet. At this level, data correction would be less than the accuracy of the original data, which is interpreted down to one foot, no correction is necessary from the log thickness to true thickness.

The available historic data for the Velvet Mine project area includes radiometric data from some 173 drill holes completed on the property. In addition, verification and exploratory rotary and core drilling including radiometric and chemical assay data from some 15 drill holes completed in 2007 and 2008 by Uranium One within known areas of mineralization. The author and/or BRS staff under his direct supervision were on site during this drilling program.

From 1985 through 1991 Uranerz completed a total of 120 historic known vertical rotary drill holes in the Wood Mine project area. There are geophysical logs available for 96 of those historic drill holes. Of the 96 logs, 95 of the historic geophysical logs typically consist of natural gamma, resistivity, SP (Spontaneous Potential), half foot radiometric grade of uranium measured in weight percent U3O8, and vertical deviation data which were matched with a Northing, Easting, and collar elevation from available drill hole maps.

All geophysical logging was performed by Century Geophysical Corporation for Uranerz. Industry standard practice for Century Geophysical logging trucks included calibration of the logging trucks routinely at Department of Energy facilities.

Three drill holes on the Wood property were twined by Uranium One in 2008 as confirmation of the previous drilling. Geophysical logs were provided by Strata Data. Strata Data's probes were calibrated at the Department of Energy test pits in Grand Junction, Colorado. Mineralization in all cores was noted in the upper portion of the Cutler Formation sandstone which lies in contact with the unconformity and beneath the Mossback Member of the Chinle. The first hole SLV-8803T-08 had a 9.0 ft. mineralized intercept with a grade of 0.238% eU<sub>3</sub>O<sub>8</sub>. The second hole DW-14T-08 had 2.5 ft. of 0.02% eU<sub>3</sub>O<sub>8</sub>. The third hole SLV-8806T-08 had a 10 ft mineralized intercept with a grade of 0.828% eU<sub>3</sub>O<sub>8</sub>. The holes were drilled by Carroll Drilling ltd. under the supervision of Uranium One geologists.

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Six rotary drill holes were completed to the north and west of known mineralization on the Wood property in 2008 by Uranium One. As described above geophysical logs were provided by Strata Data. The holes were drilled by Carroll Drilling ltd. under the supervision of Uranium One geologists. Five of the holes only showed barren to trace mineralization. The closest drill hole to known mineralization, UZ-12-08, had a 4 ft mineralized intercept with a grade of 0.157% eU<sub>3</sub>O<sub>8</sub>.

Drilling averaged a depth of 1,538 ft and ranged from 1,240 feet to 1,870 feet. All of the holes were surveyed for down hole deviation and deviation data was available from the geophysical logs. Drift at the mineralization horizon ranged from 5 ft to over 258 ft and averaged 63 ft to the northeast, or up dip. The dip of the host formation is approximately 8 degrees. Drilling was conducted vertically although virtually all drill holes drifted up dip. The average vertical declination was approximately 2.3 degrees from vertical. Because this declination opposed the dip of the formation the effect of dip on true thickness is diminished. Considering the effect of the actual drill hole declination from vertical the correction to true thickness would be less. This means that a 10 foot thickness interpreted from the geophysical log would actually be 9.99 feet. At this level, data correction would be less than the accuracy of the original data, which is interpreted down to one foot, no correction is necessary from the log thickness to true thickness.

Additional exploration drilling was conducted by Uranium One in 2008 generally focused on the known mineralization at Velvet and Wood. The drilling showed low grade mineralization but did not encounter significant mineralization. In total, Uranium One completed 43 drill holes at Velvet and 14 drill holes at Wood.

**7.1.2 Qualified Persons' Interpretation of the Exploration Information** 

The QP considers the exploration completed to date on the Project to be consistent with industry standards and adequate to support mineral resource estimation subject to the qualifications as discussed in Section 11 of this IA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 Drilling on Property** 

**7.2.1 Drill Data Used in Current Resource Estimation** 

The results of the drilling used in the resource estimation are summarized in the following tables.

**Table 7.1 - 1985-1991 Drill Results Velvet Area\*** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Barren | Trace<br>< 0.1 GT | Mineralized<br>0.1–0.25 GT | Mineralized<br>0.25-0.5 GT | Mineralized<br>> 0.5 GT | TOTAL |
| &nbsp;&nbsp; 6 | 30 | 29 | 24 | 84 | 173 |
| &nbsp;&nbsp;&nbsp; 3.5% | 17.3% | 16.8% | 13.9% | 48.6% |  |

---

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**Table 7.2 - 1985-1991 Drill Results Wood Area\*** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Incomplete | Barren | Trace<br>< 0.1 GT | Mineralized<br>0.1–0.25 GT | Mineralized<br>0.25-0.5 GT | Mineralized<br>> 0.5 GT | TOTAL |
| &nbsp;&nbsp; 1 | 20 | 40 | 7 | 6 | 21 | 95 |
| &nbsp;&nbsp;&nbsp; 1.1% | 21.1% | 42.1% | 7.4% | 6.3% | 22.1% |  |

---

\*The historic data available for Velvet was limited to data from the previous MRC mineral holdings. The historic data available for Wood was from the previous Uranerz mineral holdings.

**Table 7.3 - 2007/2008 Drill Results Velvet-Wood** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Incomplete | Barren | Trace<br>< 0.1 GT | Mineralized<br>0.1–0.25 GT | Mineralized<br>0.25-0.5 GT | Mineralized<br>> 0.5 GT | TOTAL |
| &nbsp;&nbsp; 3 | 15 | 20 | 6 | 7 | 6 | 57 |
| &nbsp;&nbsp; 5% | 26% | 35% | 11% | 12% | 11% |  |

---

The uranium quantities and grades are reported as equivalent to U<sub>3</sub>O<sub>8</sub> (eU<sub>3</sub>O<sub>8</sub>), as measured by downhole gamma logging.

The locations of the drill holes are shown on Figure 7.1.

**7.2.2 Drill Hole Logging Surveys and Procedure** 

Down-hole surveys were performed historically, and the original logs were available to the author. Each downhole log typically consisted of gamma-ray, resistivity, and spontaneous potential curves plotted by depth. The holes were also logged to determine the extent and direction of drift during drilling of the hole.

**7.2.3 Gamma Probe Calibration** 

Natural gamma logs were calibrated using the standard DOE (Formerly AEC) calibration facilities in Grand Junction, Colorado. The authors have reviewed the original geophysical logs. They are complete with standard calibration factors. The interpretation of the logs has been verified as discussed in Section 9.

**7.2.4 Collar Surveys** 

Collar surveys were conducted by the each exploration companies during the previous development of the project areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3 Core Data** 

No physical core or original core data was directly available to the author for review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4 Hydrogeology** 

No hydrogeologic data was directly available to the author for review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5 Geotechnical Testing** 

No geotechnical data was directly available to the author for review.

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![LOGO](g870247g02a15.jpg)

**Figure 7.1 - Velvet-Wood Drill Hole Map** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.0 SAMPLING PREPARATION,** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ANALYSES, AND SECURITY** 

The Velvet-Wood Mine Uranium Project was initially drilled during the 1980s and early 1990s with the principal exploratory work and drilling completed by Gulf and Uranerz for the Velvet and Wood properties, respectively. As discussed in Section 11, the data is considered accurate and reliable for the purposes of completing a mineral resource estimate for the property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1 Onsite Sample Preparation and Quality Control** 

Core drilling completed during the 2007/2008 drilling program was directly supervised by BRS and Uranium One personnel including Doug Beahm and personnel under his direct supervision. On site personnel completed lithologic logging of rotary and core samples. Upon completion of drilling, geophysical logs of the drill holes were completed by a commercial provider of such services, Century Geophysical. The loggers were contractually required to provide Uranium One with calibration data and the k-factor for their probes and completed onsite calibration for each hole.

With respect to QA/QC for equivalent uranium measurements (eU<sub>3</sub>O<sub>8</sub>) by downhole geophysical logging, the Department of Energy (DOE) maintains standard calibration pits located in Grand Junction, Colorado for use by the US uranium industry for instrument calibration. For Velvet and Wood, the original log files contain a record of the geophysical probes which show the instruments were calibrated at the DOE standard calibration pits located in Grand Junction, Colorado prior to the drilling program. For example, the geophysical logging unit which measured eU<sub>3</sub>O<sub>8</sub> for core holes DW14T-08 and SLV-8883T-08, completed on 10/02/2008 and 9/25/2008, respectively were calibrated at the Grand Junction DOE facility on 9/22/2008.

Drill core was placed in protective plastic sleeves at the drill site and packaged into core boxes. Mineralized core was subsequently split for analysis and metallurgical testing with half of the core retained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2 Laboratory Sample Preparation and Quality Control** 

The core splits were delivered to the testing laboratory and testing facility, Hazen Research (Hazen), by the author, Beahm, and a chain of custody established. In addition, select core samples were chosen for geotechnical testing. Chemical assays were completed by the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Uranium by fluorometric assay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Vanadium, molybdenum, arsenic, iron, magnesium, aluminum, calcium, thorium, zinc, copper, nickel, cobalt, and manganese by
semi-quantitative x-ray fluorescence (XRF).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Uranium equivalent (eU<sub>3</sub>O<sub>8</sub>) by gamma spectroscopy.

Hazen is located at 4601 Indiana Street, Golden, Colorado, USA 80403. Hazen has provided analytical services for the uranium mining and processing industries since the early 1960s. An outgrowth of this activity has been the Radiochemistry Laboratory, which specializes in the determination of the long half-life radionuclides of the uranium and thorium decay series and radionuclides produced from nuclear power generation. These isotopes emit alpha, beta, and gamma radiation. Hazen holds a variety of state and federal certifications to perform radiochemical testing on drinking water from domestic and foreign sources, including NELAC

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Certification by the State of New York. Typical parameters include gross alpha/beta, gross gamma, radium-226, radium-228, radon in water, thorium, tritium, strontium, cesium, and uranium. In addition, Hazen Analytical Laboratory holds certifications from various state regulatory agencies and from the USEPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3 Qualified Persons' Interpretation on Sampling Procedure** 

It is the authors' opinion that the sample preparation, security, and analytical procedures were in keeping with industry practice and are adequate for the purposes of this report.

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**9.0 DATA VERIFICATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1 Drill Data** 

The primary assay data for the Velvet-Wood Project is downhole geophysical log data. A comparison of downhole radiometric geophysical data to chemical core assays was also completed to evaluate radiometric equilibrium conditions.

**9.1.1 Data Entry Verification** 

Ten of the 96 Wood Project logs were chosen at random and reviewed for data entry errors. In one instance half foot uranium grade data from a printout was compared to half foot grade data that was scaled from a histogram. The two data sets varied by less than 0.002 %eU<sub>3</sub>O<sub>8</sub>. This amount of variance is insignificant. No grade data entry errors were found. Five drift data entry errors were corrected. Due to the preliminary amount of drift data entry errors, all drift data entries were checked and corrected if necessary. One hundred percent of the log data entry was reviewed after entry and corrected where necessary. Multiple maps were rectified, and point locations and rectifications were checked for consistency and any data entry errors.

**9.1.2 Drill Hole Location Verification** 

Drill data for each drill hole consisting of radiometric data was posted on drill maps including collar elevation, elevation to the bottom of the mineralized intercept, thickness of mineralization, grade of mineralization, and elevation of the bottom of the hole. Data entry was checked and confirmed. Drill hole locations were digitized from the drill maps to create a coordinate listing and then plotted. The resultant drill maps were then checked and confirmed by overlaying with the original maps.

2008 drill data included collar elevation, collar location, grade and elevation of mineralized intercepts, and elevation of bottom of hole. New drill hole locations were taken from field surveys using modern survey grade GPS equipment. All historic coordinates were converted to match the Utah State Plane NAD83 coordinate system. This conversion included the re-surveying of a limited number of historic survey monuments and rectification of the historic coordinate system to the Utah State Plane NAD83 coordinate system. With this rectification, historic drill holes could be located in the field with an estimated error of approximately 15 feet. Further field surveys should be completed to increase the accuracy of historic drill hole coordinates.

**9.1.3 Verification Drilling** 

A comparison was completed of historic drill hole Sum GT data with 2008 Uranium One drill hole Sum GT data for three holes completed which were intended to twin holes SLV-8806, SLV-8803, and DW-14. The closest of the 2008 core holes to historic data was SLV-8806T-08 which is approximately 23 feet to the southeast of SLV-8806 at mineralization. SLV-8806T-08 had an 8.28 GT as compared to SLV-8806 with a 6.12 GT. Drill hole SLV-8803T-08 deviated approximately 25 feet to the west from SLV-8803 at mineralization. SLV-8803T-08 had a 2.08 GT as compared to SLV-8803 which had a 9.36 GT. No deviation data is available for the historic drill hole DW-14 so the distance to the intended twin drill hole is not known at depth. The 2008 drill hole DW-14T-08 did not intercept mineralization above cutoff grade as compared to DW-14 with a 1.65 GT.

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Although the GT values of holes SLV-8803T-08 and DW-14T-08 are less than the intended twin holes, the drill holes show mineralization at the same elevation, in the same host rock, and with approximately the same mineralized thicknesses. The drill holes therefore confirm the continuity of the host formation but indicate that variations in grade should be expected, as seen historically at Atlas' nearby Velvet Mine.

**9.1.4 Bulk Density Verification** 

Atlas mining production reported a unit weight of 14.5 cubic feet per ton. Eight samples taken from Velvet core holes for geotechnical purposes were analyzed for density among other properties. The densities of the eight samples ranged from 123.1 to 163 pounds per cubic foot and averaged 136.1 pounds per cubic foot. This converts to an average density of 14.7 cubic feet per ton as compared to the historic value of 14.5 cubic feet per ton. In this report, for the purposes of mineral resource calculations, a density factor of 14.5 cubic feet per ton is recommended.

**9.1.5 Drillhole Deviation** 

Virtually all the drilling performed in both resource project areas was drilled vertically. Downhole deviation data of drill holes was primarily available for the Velvet mine portion of the Velvet-Wood project and partially available for the Wood portion. In the case of Velvet, where deviation data was available and verifiable, the data was accommodated into drill hole databasing to adjust the location of the GT and T intercepts accordingly. In the cases of the Wood portion of the project, all drilling was modeled as vertical.

**9.1.6 Geophysical Logging Calibrations and Radiometric Equilibrium** 

The dominant data available for evaluation of mineral resources of the Velvet-Wood project was radiometric equivalent uranium data. This data consisted of radiometric geophysical logging data of each drill hole from which the uranium content was calculated using standard industry methods and calibration. Such calculations of equivalent uranium content from geophysical log data assume that the uranium is in radiometric equilibrium with its daughter products.

Radioactive isotopes decay until they reach a stable non-radioactive state. The radioactive decay products are of two general categories: the first being the sub-atomic energy generating product (i.e., alpha, beta, gamma, and neutron radiation) and the second being the atomic isotope. Decay product isotopes are referred to as daughters and occur down what is known as a decay chain. When all the decay products are maintained in close association with the primary uranium isotope U-238 for the order of a million years or more, the decay chain will reach equilibrium with the parent isotope; meaning that the daughter isotopes will be in a state of decay in the same quantity as they are being created (McKay, 2007).

An otherwise equilibrated decay system may be put into a state of disequilibrium when one or more decay products are mobilized and removed from the system because of differences in solubility between uranium and its daughter isotopes. In addition, both the primary isotope of uranium U-238 and its daughters emit different forms of radiation as they decay. The primary field instruments for the indirect measurement of uranium, either surface or down-hole probes, measure gamma radiation. Within the uranium decay chain, the gamma emitting elements are primarily Radium226, Bismuth214, and Uranium238. Of these, Radium226 is the dominant source of gamma radiation.

9-2

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Disequilibrium is considered positive when there is higher proportion of uranium present compared to daughters and negative where daughters are accumulated, and uranium is depleted. The disequilibrium factor (DEF) is determined by comparing radiometric equivalent uranium grade eU<sub>3</sub>O<sub>8</sub> to chemical uranium grade. Radiometric equilibrium is represented by DEF of 1, positive radiometric equilibrium by a factor greater than 1, and negative radiometric equilibrium by a factor of less than 1. Negative disequilibrium occurs when uranium is separated from its daughters, specifically Radium. This occurs when the uranium mineralization is oxidized, liberating the uranium but leaving the radium in place.

Velvet-Wood project data from historical core drilling and the 2007/2008 coring program contains 41 individual core samples from 6 core holes. Comparing the core assay U<sub>3</sub>O<sub>8</sub> GT values of each of the intervals to their corresponding radiometric equivalent eU<sub>3</sub>O<sub>8</sub> GT values provides a DEF range of 0.81 to 1.59 with an average DEF of 1.33. Although the available data indicates a positive DEF, the authors recommend the use of a DEF factor of 1 for Velvet-Wood as a conservative measure and in consideration of the limited number of data points.

**9.1.7 Qualified Persons' Opinion on Data Adequacy** 

It is the opinion of the authors that the drill data is adequate for the purposes of this IA.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.0 MINERAL PROCESSING AND METALLURGICAL TESTING** 

Metallurgical studies have been completed on mineralized material from the Velvet deposit that was recovered from core drilling completed in 2007 and 2008 at the Velvet Mine. Metallurgical testing completed to date demonstrates that the mineralized material is amenable to acid leaching with conventional mineral processing methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 Leach Testing** 

Leaching experiments for 18 Velvet core samples were completed; however, three of the extractions were low due to laboratory errors and difficulties in pH control, as discussed in the summary report (Hazen Research, Inc., 2008). The average of the 15 experiments that were conducted under near-optimum conditions was 96.1 percent uranium extraction. However, the average grade of mineralized samples used in the leaching experiments was only 0.100% U<sub>3</sub>O<sub>8</sub>, while the run-of-mine diluted average grade is expected to be 0.265% U<sub>3</sub>O<sub>8</sub> and the average grade mined from Atlas Mineral's Velvet Mine was 0.46% U<sub>3</sub>O<sub>8</sub>. Therefore, the samples used in the leach experiments were substantially lower in uranium grade than the estimated grade of the Velvet and Wood mineralization. It is therefore possible that vanadium content and uranium extractions obtained in the tests were also lower than may be obtained with the estimated higher grades for mined material.

Acid consumption for baseline experiments averaged 118 lb/ton. Carbonate content in the mineralized material has a direct relationship to acid consumption during leaching and may influence uranium extractions either by causing excessive gypsum precipitation or by making pH control difficult. Sodium chlorate (NaClO<sub>3</sub>) proved to be an effective oxidant. Molybdenum content for all of the core samples that were assayed averaged 99 ppm and molybdenum content in the pregnant leach solution averaged 0.17 grams per liter. Vanadium assay results from Uranium One's 2007/2008 exploration program showed an overall average of 2.13 to 1 vanadium to uranium ratio, while the historic ratio was 1.39 to 1. On average, vanadium concentrations will be less than 1.00% V<sub>2</sub>O<sub>5</sub>, whether based on the historic vanadium to uranium ratio, or the ratio from 2008 assays.

No metallurgical testing has been completed on the Wood property. However, given the close proximity to Velvet and the fact that the mineralization lies within the same geologic unit as Velvet, similar metallurgical test results are expected. The mineralized core recovered from Wood in 2008 had similar mineralogy to that found in mineralized core recovered from Velvet in 2007, based on geologists' direct observation of core and drill samples from both projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 Analytical Laboratory Qualifications** 

Metallurgical testing was conducted by Hazen Research. Hazen is located at 4601 Indiana Street, Golden, Colorado, USA 80403. Hazen has provided analytical services for the uranium mining and processing industries since the early 1960s. An outgrowth of this activity has been the Radiochemistry Laboratory, which specializes in the determination of the long half-life radionuclides of the uranium and thorium decay series and radionuclides produced from nuclear power generation. These isotopes emit alpha, beta, and gamma radiation. Hazen holds a variety of state and federal certifications to perform radiochemical testing on drinking water from domestic and foreign sources, including NELAC Certification by the State of New York. Typical

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parameters include gross alpha/beta, gross gamma, radium-226, radium-228, radon in water, thorium, tritium, strontium, cesium, and uranium. In addition, Hazen Analytical Laboratory holds certifications from various state regulatory agencies and from the USEPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3 Qualified Persons' Opinion on Metallurgical Data** 

The authors have reviewed the available metallurgical testing and conclude that practices which have been employed are in keeping with industry standards, and the data available for completion of an IA for the Project is reliable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.0 MINERAL RESOURCE ESTIMATES** 

This technical report provides estimates of mineral resources on mining claims and mineral leases controlled by Anfield for the Velvet-Wood mines. Drill data was available for 325 drill holes. The effective date of the mineral resource estimate is May 6, 2023. Mineral resources for uranium were estimated using the Grade times Thickness (GT) Contour method. Mineral resources for vanadium, associated with uranium, were estimated based on available data relative to the ratio of vanadium to uranium (V:U ratio).

The primary data modeled consists of equivalent uranium values as determined by downhole geophysical logging and reported as eU<sub>3</sub>O<sub>8</sub>. Radiometric equilibrium was evaluated, and a disequilibrium factor of 1, as discussed in Section 9, was used. A Preliminary Economic Assessment (PEA), (Beahm et al, 2023) was completed under NI 43-101 requirements and is referenced with respect to reasonable prospects for future economic extraction. However, no economic assessment is included in this Initial Assessment. While mineral resources are not mineral reserves and do not have a demonstrated economic viability, reasonable prospects for future economic extraction were applied to the mineral resource estimate herein through consideration of grade and GT cutoffs and by screening out areas of isolated mineralization which would not support the cost of conventional mining under current and reasonably foreseeable conditions. Through the application of a 0.5 GT cutoff and exclusion of isolated areas of mineralization, the average estimated mined grade accounting for dilution (M&I) is 0.34 % eU<sub>3</sub>O<sub>8</sub>.

**11.1 Definitions** 

A Mineral Resource is defined as a concentration of occurrences of natural, solid, inorganic, or fossilized organic material in or on the Earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics, and continuity of a mineral resource are known, estimated, or interpreted from specific geologic evidence and knowledge (CIM, 2014). Mineral resource estimates are classified as Measured, Indicated, or Inferred based on the level of understanding and definition of the mineral resource.

**11.2 General Methodology** 

Mineral resource estimation used the GT contour method. The GT contour method is used as common practice for Mineral Reserve and Mineral Resource estimates for similar sandstone-hosted uranium projects ("Estimation of Mineral Resources and Mineral Reserves", adopted by CIM November 23, 2003, p. 51.) It is the opinion of the author that the GT contour method, when properly constrained by geologic interpretation, provides an accurate estimation of the contained pounds of uranium.

For Velvet-Wood drill data, all individual drill hole intercept data meeting or exceeding the minimum reported grades (0.05% eU<sub>3</sub>O<sub>8</sub>) were first calculated, individually multiplying the thickness in feet by an average eU<sub>3</sub>O<sub>8</sub> % grade resulting in a sum GT value in feet times % eU<sub>3</sub>O<sub>8</sub> for each intercept. Intercept GT values were summed within each drill hole by zone (host sandstone) and composited to the total thickness within each zone. At 0.5 GT cutoff the average thickness of mineralization was 5.4 feet. Where the mineralization was less than 4 feet it was diluted to 4 feet.

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Summed GT and thickness for the summed mineralized intercepts of each zone were then contoured using standard ACAD Civil-3D algorithms creating a three-dimensional surface for GT and thickness in each zone. These surfaces were then bounded based upon the geological interpretation of each deposit. Verification of the contour models was performed by inspection against all the available data prior to calculating the resource estimate. From the contoured GT ranges, the contained pounds of uranium were calculated volumetrically using the Civil-3D surface volumetrics toolset.

Validation of each of the sum GT and sum thickness contour models is performed via inspection of the model contours to all available data prior to resource calculation. All interpolation within the maximum radius of influence is performed via the inverse distance square method from available data when manually constructing contours. Interpolation between manual contours and points is performed by the Civil 3D standard algorithm parameters.

Modelling parameters are dictated by several factors including density of drilling data, deposit characteristics and interpreted geologic model. Mineralization at the Velvet-Wood project is a stratigraphically controlled, sand-stone hosted uranium/vanadium deposits typical of the Colorado Plateau style of mineralization, as discussed in Section 7 above. Key criteria and assumptions applied in the mineral resource modeling include;

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;● Minimum reported grade (% eU<sub>3</sub>O<sub>8</sub>) | 0.05% eU<sub>3</sub>O<sub>8</sub> |
| &nbsp;&nbsp;&nbsp;&nbsp;● Nominal Thickness (ft) | 4 Feet |
| &nbsp;&nbsp;&nbsp;&nbsp;● Average grade | 0.34% eU<sub>3</sub>O<sub>8</sub> |
| &nbsp;&nbsp;&nbsp;&nbsp;● Maximum Radius of Influence (ft) | 100 Feet |
| &nbsp;&nbsp;&nbsp;&nbsp;● Radiometric Equilibrium Factor (DEF) | 1\* |
| &nbsp;&nbsp;&nbsp;&nbsp;● Bulk Tonnage Factor (cubic feet per ton) | 14.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;● Minimum Sum GT Resource Model Cutoff | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;● Nominal minimum average grade at cutoff GT | 0.125% eU<sub>3</sub>O<sub>8</sub> |
| &nbsp;&nbsp;&nbsp;&nbsp;● Vanadium to Uranium ratio | 1.4:1 |

---

\*Refer to Section 9.

Minimum grade and thickness criteria are used to define mineralized intercepts for resource modeling purposes. These are applied to each individual mineralized intercept and then to the sum GT of intercept composites are applied to the data prior to contour modeling.

Minimum mining thickness is dictated by mining method which in this case is underground random room and pillar. Mine height is typically 7-8 foot with minimum mining thickness of 4 feet requiring split blasting at the working mine face. In the case of Velvet-Wood, the average thickness was 5.4 feet, thus the minimum thickness only applied to drill data with thicknesses less than 4 feet.

Maximum radius of influence is influenced by the drilling density and the continuity of the deposit with respect to both the host sands and in situ mineralization.

The bulk tonnage factors and DEF discussed in Section 9 of this report were used in the calculation of the resource quantities from the sum GT and sum thickness contour model volumes.

The minimum sum GT contour resource model cutoff is the primary cutoff criteria applied to the contour model volume as the initial screening of those portions of the model quantities not

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meeting the criteria for reasonable economic extraction. In addition, individual model areas outside the conceptual mine limits not meeting a minimum of 10,000 lbs of eU<sub>3</sub>O<sub>8</sub> resource were excluded from the resource totals as not meeting a minimum expectation of reasonable economic extraction.

It is the opinion of the authors that the resource models are reasonably valid within the mineral resource classification assigned to each area of each project.

**11.3 Commodity Price** 

Uranium does not trade on the open market, and many of the private sales contracts are not publicly disclosed since buyers and sellers negotiate contracts privately.

When determining commodity prices and cut-offs to use for mineral estimates, the Company reviewed current analyst forecasts for commodity prices for uranium and vanadium, including those in Figure 11.1 below.

**Figure 11.1 – Commodity Price** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Company | Date | 2025 | 2026 | 2027 | 2028 | 2029 | LT |
| &nbsp;&nbsp;&nbsp; B. Riley Securities | 01-Feb-24 | $97.65 | $101.38 | $104.89 | $107.97 | $80.00 | $80.00 |
| &nbsp;&nbsp;&nbsp; Bank of America | 08-Jan-24 | $115.00 | $85.00 | $75.00 | $65.00 | $55.00 | $55.00 |
| &nbsp;&nbsp;&nbsp; BMO | 25-Jun-24 | $88.00 | $85.00 | $85.00 | $90.00 | $75.00 | $75.00 |
| &nbsp;&nbsp;&nbsp; Bell Potter | 17-Feb-25 | $82.00 | $113.00 | $125.00 | $105.00 | $90.00 | $90.00 |
| &nbsp;&nbsp;&nbsp; Beacon | 21-Jan-25 | $75.00 | $75.00 | $75.00 | $75.00 | $75.00 | $75.00 |
| &nbsp;&nbsp;&nbsp; Canaccord | 4-Feb-25 | $82.50 | $110.00 | $90.00 | $90.00 | $90.00 | $90.00 |
| &nbsp;&nbsp;&nbsp; Cantor | 2-Feb-24 | $130.00 | $140.00 | $145.00 | $150.00 | $150.00 | $150.00 |
| &nbsp;&nbsp;&nbsp; CIBC | 5-Feb-25 | $90.00 | $95.00 | $80.00 | $80.00 | $80.00 | $80.00 |
| &nbsp;&nbsp;&nbsp; Citigroup | 4-Jun-24 | $110.00 | $110.00 | $115.00 | $115.00 | $115.00 | $115.00 |
| &nbsp;&nbsp;&nbsp; Cormark | 9-Feb-24 | $80.00 | $80.00 | $80.00 | $80.00 | $90.00 | $90.00 |
| &nbsp;&nbsp;&nbsp; Eight Capital | 22-Apr-24 | $110.00 | $120.00 | $110.00 | $75.00 | $75.00 | $75.00 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs | 01-Apr-24 | $90.00 | $90.00 | $90.00 | $90.00 | $90.00 | $90.00 |
| &nbsp;&nbsp;&nbsp; Haywood | 15-Feb-24 | $110.00 | $110.00 | $95.00 | $85.00 | $85.00 | $85.00 |
| &nbsp;&nbsp;&nbsp; HC Wainwright | 7-Mar-24 | $90.00 | $90.00 | $90.00 | $90.00 | $90.00 | $90.00 |
| &nbsp;&nbsp;&nbsp; Jeffries | 8-Apr-24 | $123.00 | $110.00 | $90.00 | $74.00 | $65.00 | $65.00 |
| &nbsp;&nbsp;&nbsp; Macquarie | 25-Jan-24 | $90.00 | $90.00 | $76.30 | $76.30 | $76.30 | $76.30 |
| &nbsp;&nbsp;&nbsp; National Bank | 16-Dec-24 | $91.00 | $103.00 | $103.00 | $90.00 | $85.00 | $85.00 |
| &nbsp;&nbsp;&nbsp; Ventum | 11-Feb-25 | $75.00 | $85.00 | $85.00 | $85.00 | $85.00 | $85.00 |
| &nbsp;&nbsp;&nbsp; Raymond James | 5-Feb-25 | $79.53 | $83.83 | $85.00 | $85.00 | $85.00 | $85.00 |
| &nbsp;&nbsp;&nbsp; RBC | 5-Dec-24 | $85.00 | $95.00 | $90.00 | $85.00 | $100.00 | $100.00 |
| &nbsp;&nbsp;&nbsp; Red Cloud | 10-Jan-25 | $85.00 | $90.00 | $90.00 | $90.00 | $90.00 | $90.00 |
| &nbsp;&nbsp;&nbsp; Roth Capital | 23-Oct-24 | $97.50 | $100.00 | $90.00 | $90.00 | $90.00 | $90.00 |
| &nbsp;&nbsp;&nbsp; Scotia | 5-Feb-25 | $80.00 | $90.00 | $95.00 | $100.00 | $75.00 | $75.00 |
| &nbsp;&nbsp;&nbsp; Shaw & Partners | 16-Oct-24 | $124.00 | $150.00 | $150.00 | $140.00 | $120.00 | $100.00 |
| &nbsp;&nbsp;&nbsp; SCP | 23-Feb-24 | $120.00 | $100.00 | $100.00 | $80.00 | $80.00 | $80.00 |
| &nbsp;&nbsp;&nbsp; TD | 5-Feb-25 | $83.00 | $100.00 | $100.00 | $100.00 | $80.00 | $80.00 |
| &nbsp;&nbsp;&nbsp; UBS | 12-Dec-24 | $78.00 | $80.00 | $82.50 | $82.50 | $82.50 | $82.50 |
| &nbsp;&nbsp;&nbsp; Analyst Consensus - All (27 Firms) |  | $94.86 | $99.30 | $96.17 | $91.70 | $87.18 | $86.44 |
| &nbsp;&nbsp;&nbsp; Analyst Consensus - T6M (14 Firms) |  | $86.25 | $97.85 | $95.75 | $92.68 | $87.68 | $86.25 |
| &nbsp;&nbsp;&nbsp;Company | Date | 2025 | 2026 | 2027 | 2028 | 2029 | LT |
| &nbsp;&nbsp;&nbsp; Alliance Global Partners | 13-Jan-25 |  |  |  |  |  | $8.00 |
| &nbsp;&nbsp;&nbsp; H.C.Wainwright | 12-Feb-25 | $5.25 | $5.25 | $5.25 | $5.25 | $5.25 | $5.25 |
| &nbsp;&nbsp;&nbsp; RBC | 19-Nov-24 | $7.00 | $8.00 | $8.00 | $8.00 | $8.00 | $8.00 |
| &nbsp;&nbsp;&nbsp; Red Cloud | 07-Jan-25 | $6.00 | $8.00 | $8.00 | $8.00 | $8.00 | $8.00 |
| &nbsp;&nbsp;&nbsp; Average |  | $6.08 | $7.08 | $7.08 | $7.08 | $7.08 | $7.31 |

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Future prices for uranium are projected by analysts to be greater than $70 per pound used in the determination of cutoff criteria. Future prices for vanadium reflect the world market and are lower than $12 per pound used in the determination of cutoff criteria. Future prices for U.S. produced vanadium will depend on supply and demand. World vanadium supply in 2024 was driven by Russia, China, South Africa, and Australia. No production in the U.S. was reported for 2023 or 2024 according to the U.S. Geological Survey. With respect to supply, Russia does not provide vanadium to the U.S. and U.S. trade negotiations with China may affect supply. With respect to demand, new Chinese standards for rebar and increased use of vanadium redox flow batteries are expected to increase demand. Historically, vanadium prices have risen dramatically during periods of high demand and restricted supply. Vanadium pentoxide price ranged from $5.45 to $16.40 per pound in the period from 2019 through 2024.The lowest price occurred in 2024 and the highest price in 2019 according to the U.S. Geological Survey. As recently as August 9, 2022, Energy Fuels Inc. announced their Q2-2022 results which states; 'As a result of strengthening vanadium markets, during the six months ended June 30, 2022, the Company sold approximately 575,000 pounds of V2O5 at a gross weighted average price of $13.44 per pound of V2O5.' This private sale in the US was well above the world average and is considered by the authors as more representative of domestic sales expected for US production."

The Company and the QPs believes that these factors, among others, may increase the price for U.S. produced vanadium in future years and has therefore used a using a long-term vanadium price of US$12 per pound.

The Company also notes that applying the analyst projected long-term commodity prices for uranium and vanadium, Figure 11.1, to gross valuation of the mined material used in the evaluation of cutoff criterion, the variation in gross value diminished by a 5% for the Slick Rock, 2% for West Slope, and increased by 13% for Velvet-Wood. Such variances do not materially affect the cutoff determinations and criterion used in the mineral resource estimates.

By their nature, all commodity price assumptions are forward-looking. No forward-looking statement can be guaranteed, and actual future results may vary materially.

**11.4 Reasonable Prospects of Economic Extraction and Cutoff Determination** 

For this report underground mining using a random room and pillar configuration has been assumed. The random room and pilar mining method is commonly used for similar projects throughout the Colorado Plateau. Mined material would be hauled to and processed at Anfield's Shootaring Canyon mill as discussed in Section 11.5.3 Mineral Processing.

Locations of mineral resources in relationship to existing underground mine access are shown on Figure 11-2. Mining will be accomplished via random room and pillar mining methods using single boom jumbo drills for face blast holes drilling and 2 cubic yard Load Haul Dump mining equipment (LHD) used to help maintain clean mucking of mineralized material and of waste. Because of the variable grades, numerous headings are needed to maintain a consistent grade to the mineralized material stockpiles and to achieve the desired tonnage.

Conceptual CAPEX and OPEX estimates have been completed for the Velvet-Wood and Slick Rock uranium projects with mineral processing via the Shootaring Canyon Mill (Mill) and were publicly disclosed in a previous NI 43-101 report titled "The Shootaring Canyon Mill and Velvet-Wood and Slick Rock Uranium Projects, Preliminary Economic Assessment, NATIONAL

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INSTRUMENT 43-101", dated May 6, 2023 (Beahm, et al 2023). CAPEX estimates for underground mine equipment, pre-production expenditures, and surface facilities were based on InfoMine<sup>™</sup> cost data. Mine OPEX was based on InfoMine<sup>™</sup> cost data, Bureau of Labor Statistics for Utah and Colorado (through 2021), and haulage costs to the Mill based on use of existing roads and highways and data from the American Transportation Research Institute (ATRI) and the Energy Information Administration (EIA). CAPEX and OPEX for the Mill were based on an updated evaluation by the authors of a pre-feasibility study for refurbishing the uranium mill by Lyntek completed in 2008, and the addition of a vanadium circuit.

Estimated Capital Expenditures (CAPEX) include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Pre-production expenses related to engineering design, metallurgical testing, and
permitting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mine facilities and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Direct processing plant refurbishing costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Tailings related costs.

Estimated Operating Expenditures (OPEX) include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Direct mining costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Haulage and handling costs for delivery of mined and stockpiled material to the Mill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Direct mineral processing costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Reclamation and bonding costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Royalties and taxes.

The Cutoff criterion for estimation of mineral resources considers minimum grade, minimum thickness and the combination of these criteria as the grade thickness product (GT). In addition to the cutoff criterion applied, individual areas of mineralization were evaluated for economic extractability based on the costs of driving a 10ft x 10 ft drift into the mineral from the closest adjacent area of grade. Isolating pods not meeting break-even returns were excluded from the mineral resource estimate. The minimum GT cutoff used in the mineral resource estimate varied by area from 0.50 GT. At the diluted 4-foot thickness this equates to a minimum grade of 0.125 %eU<sub>3</sub>O<sub>8</sub>. Applying the minimum GT criterion and additional economic restraints, discussed herein, the estimated average mine grade for the Velvet-Wood project is 0.34% eU<sub>3</sub>O<sub>8</sub>.

In practice, due to the configuration and variability of the deposits, minimum mining thickness and width, and restraints on mining selectivity, mineralized material will be removed from the mine which will not meet grade for immediate haulage and processing. However, this material has future economic value if it meets or exceeds marginal forward costs and will be stockpiled at the mine site for future haulage and processing. Whereas mining costs will be allocated to the mined material meeting grade for immediate haulage and processing, the value of the stockpiled lower grade material and/or lower grade material left in the mine is based on the price of the recovered products, less the any additional mining or handling costs, haulage costs, processing costs, and other direct costs including royalites and taxes but would not include write-off of CAPEX, reclamation costs. In this case the mineralized material at the minimum cutoff GT would breakeven. Table 11-1 provides the basis for the minimum GT cutoff based on marginal forward costs and demonstrates that applying the minimum GT cutoff and other economic restraints the mineral resource estimated herein has Reasonable Prospects of Future Economic Extraction.

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**Table 11.1 - Cutoff Calculation** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;OPEX | Marginal Forward Cost<br>$/ton | Fully Loaded Costs<br>$/ton |
| &nbsp;&nbsp; Mining | $80.00 | $80.00 |
| &nbsp;&nbsp; Haulage | $20.70 | $20.70 |
| &nbsp;&nbsp; Mineral Processing | $69.70 | $69.70 |
| &nbsp;&nbsp; Reclamation Mine |  | $2.94 |
| &nbsp;&nbsp; Other tax, royalty, bonding | $10.83 | $50.00 |
| &nbsp;&nbsp; Total OPEX | $181.23 | $223.34 |
| &nbsp;&nbsp; CAPEX |  |  |
| &nbsp;&nbsp; Individual mines $29,930 m USD |  | $21.64 |
| &nbsp;&nbsp; Mill ($64,800 m USD/3,756 m tons total\*) | $- | $17.25 |
| &nbsp;&nbsp; Total CAPEX | $- | $38.89 |
| &nbsp;&nbsp; Total Cost per Ton | $101.23 | $262.22 |
| &nbsp;&nbsp; Value at minimum GT | $192.50 |  |
| &nbsp;&nbsp; Value at average mined grade |  | $446.60 |
| &nbsp;&nbsp; Difference - Value Less Cost | $11.27 | $184.38 |

---

Notes:

4 ft minimum thickness

$70 Uranium, 92% recovery

$12 Vanadium, 75% recovery

Minimum Grade 0.125 % U<sub>3</sub>O<sub>8</sub>, V:U ratio 1.4, Average Grade 0.34 % U<sub>3</sub>O<sub>8</sub>, V:U ratio 1.4

Calculation of mineral value:

Value = (U (lbs/ton)\*Recovery\*Price) + (V (lbs/ton)\*Recovery\*Price)

\*Total tons include West Slope, Velvet-Wood, and Slick Rock mines feeding the Mill

Based on the depths of mineralization, continuity of mineralization, grade, thickness and GT, it is the authors' opinion that the mineral resources at the project can be reasonably and economically recovered through underground mining methods coupled with haulage to and conventional mineral processing at Anfield's Shootaring Canyon Mill. This opinion considers a variety of additional technical and economic factors as follows.

**11.5 Additional Factors** 

**11.5.1 Site Infrastructure** 

Portions of the Velvet deposit were previously mined and there is an existing access road and powerline to the portal location. The Velvet portal is accessible via existing roads. The Wood mine area is located about 3 miles east of Velvet along County Road 112 and is also accessible from the east via the Lisbon Valley Road and County Road 112. Access to the site is via existing dirt two-track roads. Refer to Section 4 for a detailed description of site accessibility.

On site power was established when the Velvet mine was operating, however the powerline was removed, and current plans are to use diesel generators for on-site power generation.

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Non-potable water is available from wells at the Velvet mine site for operations and fire suppression and is being permitted for industrial use. Potable water will be supplied by commercial bottled water.

No surface mine facilities for Velvet-Wood currently exist, however the necessary surface facilities for operation are incorporated in the mine plan and CAPEX estimates relied on herein for evaluation of reasonable prospects for future economic extraction.

**11.5.2 Mining Methods** 

Mining will consist of random room and pillar mining methods with decline access as was previously employed for underground uranium mining at these sites and throughout the Colorado Plateau. The characteristics of the West Slope mineral deposits are compatible with this method in that their mineralization is generally tabular with some moderate rolls, low to moderate dip, and good rock strength with respect to both roof and floor. The randomness of the room and pillar extraction is due to the variations in uranium grade and thickness encountered. Typically, mining will follow mineralization through underground long-hole drilling in advance of mining, face sampling, and geologic mapping concurrent with mining. Pillars are left where the mineralization is weaker in terms of concentration and/or thickness; however, in some cases temporary roof support will be necessary. The nature of mineralization lends itself to a high extraction rate but requires selective mining. A schematic of the mine plan for Velvet-Wood follows.

![LOGO](g870247g02a29.jpg)

**Figure 11.2 - Isometric mine plan schematic for Velvet Wood** 

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**11.5.3 Mineral Processing** 

For this report, it is assumed that mineral processing will take place at Anfield's mineral processing facility, the Shootaring Canyon Mill (Mill), which lies approximately 180 miles, by existing roads, from the Velvet Wood mine sites.

The Mill was licensed and constructed by Plateau Resources and has had a succession of owners including US Energy and Uranium One prior to Anfield's acquisition. The mill operated briefly in 1982, has not been decommissioned and has been under care and maintenance since cessation of operations.

Anfield purchased the Mill along with other conventional uranium assets from Uranium One including the Velvet Wood project in August 2015.

The Mill is located in Garfield County Utah approximately 52 miles south of Hanksville, Utah in Township 36 South, Range 11 East, Sections 3 and 4 and Township 35 South, Range 11 East, Sections 33 and 34 at approximate Latitude 37<sup>o</sup> 43' 00" North and Longitude 110<sup>o</sup> 41' 00" West. The Mill is located on lands which are split estate, with the surface estate being fee land held by Anfield, and the mineral estate being Utah State Trust Land held by Anfield through two mineral leases totaling approximately 905 acres of surface and mineral fee lands.

The Mill has a Radioactive Materials License (RML) that is administrated by the UDEQ- DWMRC. This license currently authorizes possession of byproduct material (tailings and other milling wastes) and reclamation activities only. A license amendment to return to operational status is needed as are capital improvements. The license amendment was submitted to UDEQ in April 2024 and is under review. The issuer expects the license amendment to be approved late this year or early 2026.

The Mill was originally designed, constructed and operated to only recover uranium. Current designs for refurbishment of the mill would add a vanadium recovery circuit and upgrade the tailings disposal facility to current standards.

The mill will utilize sulfuric acid in the leaching process and solvent extraction for uranium and vanadium recovery. The products will be dried yellowcake, U<sub>3</sub>O<sub>8</sub>, and vanadium pentoxide, V<sub>2</sub>O<sub>5</sub>. Estimated metallurgical recoveries for uranium and vanadium are 92% and 75%, respectively.

**11.5.4 Environmental Compliance and Permitting** 

The Velvet Mine has an existing mine permit through the State of Utah Division of Oil Gas and Mining (DOGM). The mine permit has been amended to include updated NEPA studies and evaluations and to include the Wood Mine which will be a connected action. The Mine permit was submitted to DOGM and as a Plan of Operations (PoO) to the Utah DOGM and BLM in May 2024 along with associated permits including an industrial water use and NPDES permit which have been granted. The mine permit and PoO have been reviewed by the respective agencies. Requests for Additional Information (RAIs) and responses with DOGM is ongoing. BLM has issued approval under the Fast 41 program.

The mine sites are located in San Juan County Utah and are consistent with local land use planning. Similar mining projects are and have been permitted in the area, including an operating copper mine less than 10 miles from the Velvet mine. The Velvet Wood mine is a brownfield site and is expected to receive a mixture of local support and objections from NGOs.

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**11.6 Confidence Classification of Mineral Resource Estimate** 

A mineral resource is defined as a concentration of an occurrence of natural, solid, inorganic, or fossilized organic material in or on the Earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics, and continuity of a mineral resource are known, estimated, or interpreted from specific geologic evidence and knowledge (CIM, 2014). Mineral resource estimates are classified as Measured, Indicated, or Inferred based on the level of understanding and definition of the mineral resource.

While no formal economic evaluation, economic assessment has been completed under SK-1300 regulations an NI 43-101 PEA has been completed (Beahm et al, 2023) and is the basis for evaluation of cutoff criterion. While mineral resources are not mineral reserves and do not have a demonstrated economic viability, reasonable prospects for future economic extraction were applied to the mineral resource estimate herein through consideration of grade and GT cutoffs and by screening out areas of isolated mineralization which would not support the cost of conventional underground mining under current and reasonably foreseeable conditions.

Based on the drill spacing, data verification, and continuity of mineralization and host sandstone, the authors classified uranium mineral resources at the Velvet and Wood mine areas by categories of measured, indicated and inferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Measured mineral resources were limited to the New Velvet area in Section 2, Township 31 South, Range 25 East. Drill
spacing in this area on approximately 100-foot centers and showed good correlation between data points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Old Velvet area has been previously mined. The mineral resource estimation was based underground mine face sampling and
long hole drilling data. While the data supports a higher level of mineral resource classification, the area could not be entered for verification sampling. As a result, the authors classified the uranium mineral resource estimates in this as an
Indicated Mineral Resource.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Drill spacing at the Wood Mine was approximately 100 to 200 centers and the mineral resources were classified as Indicated
Mineral resources primarily due to the drill spacing. Geological correlations were good.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Inferred mineral resources were defined for both the Velvet and Wood mines and represent a projection of mineralization
from the measured and indicated mineral resource areas based on geologic correlations but with limited drill data.

Figures 11-3 through 11-5 show the mineral resource estimation areas and classification in relationship to drill holes.

Vanadium grade was estimated using documented mine production vanadium to uranium ratios and comparative review of the limited number of intercepts assayed for both uranium and vanadium. It was industry practice when these sites were developed to estimate mineral resources and control grade during mining based on the uranium grade with only limited vanadium assays. However, when mineral resources were first reported on these and similar projects by the author under NI 43-101 circa 2008, TSX regulators required a reduced mineral resource categorization as the estimated grade for vanadium was based on the V:U ratio from mine production records supported by limited current vanadium assays. Thus, as there are limited vanadium assays available for vanadium mineral resource estimation, the mineral resource estimate is considered, by the authors, as an Inferred Mineral Resource.

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**1.7 Mineral Resource Statement** 

Mineral resources were estimated by horizon, based on geologic interpretation and correlation. Mineral resources are reported at various cutoff grades, to illustrate the effect of varying cutoff on the mineral resource. The preferred cutoff of 0.50 ft% GT is shaded in the respective tables.

**1.7.1** **Risk Factors That May Affect the Mineral Resource Estimate** 

Factors that may affect the mineral resource estimate include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● assumptions as to forecasted uranium price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● changes to the assumptions used to generate the GT cutoff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● changes to future commodity demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● variance in the grade and continuity of mineralization from what was interpreted by drilling and estimation techniques.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● density assignments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain
environment and other regulatory permits and maintain the social license to operate.

Mineral resources do not have demonstrated economic viability, but they have technical and economic constraints applied to them to establish reasonable prospects for economic extraction. The geological evidence supporting inferred mineral resources is derived from adequately detailed and reliable exploration, sampling and testing, and is sufficient to reasonably assume geological and grade continuity.

The QP expects that the majority of the inferred and indicated mineral resources could be upgraded to indicated and measured mineral resources, respectively, with additional drilling. Larger inferred and indicated resources may also be quantified with further evaluation of current Project economics.

**11.7.2 Mineral Resource Summary** 

**Uranium:** 

Indicated Mineral resources for the Velvet-Wood mines are summarized in Table 11-2 which follows. Mineral resources are reported at both 0.25 and 0.50 ft% GT cutoff (uranium) to show the effect of cutoff; however, the authors recommend the use of the 0.50 ft% GT cutoff for reporting based on reasonable prospects for future economic recovery as previously discussed.

*[The remainder of this page is intentionally left blank.]* 

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**Table 11.2 - Mineral Resources Uranium** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Area/Classification | GT<br>cutoff | Thousand<br>Pounds eU<sub>3</sub>O<sub>8</sub> | Thousand <br>Tons | Average Grade %eU<sub>3</sub>O<sub>8</sub> |
| &nbsp;&nbsp;&nbsp;New Velvet Measured Mineral Resource | 0.25 | 1966 | 363 | 0.27 |
| &nbsp;&nbsp;&nbsp;New Velvet Measured Mineral Resource | 0.50 | 1836 | 283 | 0.32 |
| &nbsp;&nbsp;&nbsp;Old Velvet Indicated Mineral Resource | 0.25 | Not Estimated \* |  |  |
| &nbsp;&nbsp;&nbsp;Old Velvet Indicated Mineral Resource\* | 0.50 | 548 | 71 | 0.38 |
| &nbsp;&nbsp;&nbsp;Wood Indicated Mineral Resource | 0.25 | 2113 | 377 | 0.28 |
| &nbsp;&nbsp;&nbsp;Wood Indicated Mineral Resource | 0.50 | 1940 | 275 | 0.35 |
| &nbsp;&nbsp;&nbsp;TOTAL MEASURED MINERAL RESOURCE | 0.50 | 1836 | 283 | 0.32 |
| &nbsp;&nbsp;&nbsp;TOTAL INDICATED MINERAL RESOURCE | 0.50 | 2488 | 346 | 0.36 |
| &nbsp;&nbsp;&nbsp;TOTAL MEASURED AND INDICATED MINERAL RESOURCE (M&I) | 0.50 | 4324 | 629 | 0.34 |
| &nbsp;&nbsp;&nbsp;Velvet Inferred\*\* | 0.50 | 518 | 76 | 0.34 |
| &nbsp;&nbsp;&nbsp;Wood Inferred\*\* | 0.50 | 35 | 11 | 0.16 |
| &nbsp;&nbsp;&nbsp;TOTAL INFERRED MINERAL REAOURCE | 0.50 | 552 | 87 | 0.32 |

---

\* From long hole drilling and pillar face sampling, only 0.5 GT or greater data reported

\*\* 0.50 GT not estimated

Notes:

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources

2: In Situ Mineral Resource are estimated at minimum GT cut-off of 0.5 (4 ft. of 0.125% eU<sub>3</sub>O<sub>8</sub>), with a Vanadium to Uranium Ratio 1.4 :1

3: Mineral Resources are estimated using a long-term Uranium price of US$70 per pound and a Vanadium price of US$12 per pound. Refer to Section 11.3.

4: Bulk density is 0.07 tons/ft<sup>3</sup> (14.5 ft<sup>3</sup>/ton)

5. Metallurgical Recovery Uranium 92%, Vanadium 75%

6. Estimated grades are based on underground mining and reflect mine dilution

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

8: Numbers may not add due to rounding

9. Pounds and tons as reported are rounded to the nearest 1,000

10. "GT cutoff" is a marginal cutoff grade and is based on costs for mining, haulage, mineral processing, and taxes and royalties but does not include, reclamation and capital expenditure write-off as these costs are borne by the primary mined material. Refer to Section 11.4.

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**11.7.3 Vanadium:** 

Inferred vanadium mineral resources for the Velvet-Wood project are summarized in the following Table 11-3. The Velvet mine was mined by Atlas Minerals who mined portions of the deposit producing approximately 400,000 tons of material at grades of 0.46 %U<sub>3</sub>O<sub>8</sub> and 0.64 %V<sub>2</sub>O<sub>5</sub> (approximately 4 million lbs uranium and 5 million lbs vanadium) during the period 1979-1984 (Chenoweth, 1990). Vanadium assay results from Uranium One's 2007/2008 coring showed an overall average of 2.13 to 1 vanadium to uranium ratio, while the historic ratio was 1.39 to 1. The authors applied a vanadium to uranium ratio of 1.4:1 for estimating the Velvet-Wood vanadium mineral resource which is conservative as compared to 2007/2008 core data.

It is the author's opinion that relying on the V:U ratio demonstrated by documented mine production and available core data is reliable and consistent with industry practice. However, when mineral resources were first reported on these and similar projects by the author under NI 43-101 circa 2008, TSX regulators required a reduced mineral resource categorization as the estimated grade for vanadium was based on the V:U ratio from mine production records supported by limited current vanadium assays. Thus, as there are limited vanadium assays available for vanadium mineral resource estimation, the mineral resource estimate is considered, by the authors, as an Inferred Mineral Resource.

*[The remainder of this page is intentionally left blank.]* 

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**Table 11.3 - Total Inferred Mineral Resources Vanadium** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Area/Classification | GT cutoff | Thousand<br> Pounds eU3O8  | Thousand <br> Tons | Average Grade <br> %eU3O8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> New Velvet Inferred Mineral Resource<br>| 0.25 | 2752 | 363 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> New Velvet Inferred Mineral Resource<br>| 0.5 | 2570 | 283 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Old Velvet Inferred Mineral Resource<br>| 0.25 | Not Estimated \* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Velvet Inferred Mineral Resource<br>| 0.5 | 767 | 71 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Wood Inferred Mineral Resource<br>| 0.25 | 2958 | 377 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Wood Inferred Mineral Resource<br>| 0.5 | 2716 | 275 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Velvet Inferred\*\*<br>| 0.5 | 725 | 76 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Wood Inferred\*\*<br>| 0.5 | 48 | 11 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> TOTAL INFERRED<br> MINERAL RESOURCE<br>| 0.5 | 6826 | 716 | 0.48 |

---

\*From longhole drilling and face sampling, 0.25 GT was not estimated

\*\* Corresponds with the uranium inferred mineral resource estimation, 0.50 GT was not estimated

Notes:

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources

2: In Situ Mineral Resource are estimated at minimum GT cut-off of 0.25 to 0.5 (4 ft. of 0.0625% to 0.125% eU<sub>3</sub>O<sub>8</sub>), with a Vanadium to Uranium Ratio 1.4 :1

3: Mineral Resources are estimated using a long-term Uranium price of US$70 per pound and a Vanadium price of US$12 per pound. Refer to Section 11.3.

4: Bulk density is 0.07 tons/ft<sup>3</sup> (14.5 ft<sup>3</sup>/ton)

5. Metallurgical Recovery Uranium 92%, Vanadium 75%

6. Estimated grades are based on underground mining and reflect mine dilution

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

8: Numbers may not add due to rounding

9. Pounds and tons as reported are rounded to the nearest 1,000

10. "GT cutoff" is a marginal cutoff grade and is based on costs for mining, haulage, mineral processing, and taxes and royalties but does not include, reclamation and capital expenditure write-off as these costs are borne by the primary mined material. Refer to Section 11.4.

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**1.8 Uranium Mineral Resource Estimates by Project Area** 

Detailed mineral resources estimates follow for the separate areas of mineralization associated with the Vevel and Wood mine areas.

**1.9 New Velvet Resource Area** 

Measured mineral resources are limited to the New Velvet area in Section 2, Township 31 South, Range 25 East (Figure 11-4). The current estimate follows with the recommended cutoff, 0.50 GT, highlighted.

**Table 11.4 - New Velvet Measured Mineral Resources\*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; GT<br>minimum | Thousand<br>Pounds eU3O8  | Thousand <br>Tons | Average Grade %eU3O8 | Average Thickness <br>(feet) |
| &nbsp;&nbsp;&nbsp; 0.25 | 1966 | 363 | 0.27 | 6.7 |
| &nbsp;&nbsp;&nbsp; 0.50 | 1836 | 283 | 0.32 | 6.9 |
| &nbsp;&nbsp;&nbsp; 1.00 | 1571 | 187 | 0.42 | 7.1 |

---

Notes:

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources

2: In Situ Mineral Resource are estimated at minimum GT cut-off of 0.25 to 0.5 (4 ft. of 0.0625% to 0.125% eU<sub>3</sub>O<sub>8</sub>), with a Vanadium to Uranium Ratio 1.4 :1

3: Mineral Resources are estimated using a long-term Uranium price of US$70 per pound and a Vanadium price of US$12 per pound. Refer to Section 11.3.

4: Bulk density is 0.07 tons/ft<sup>3</sup> (14.5 ft<sup>3</sup>/ton)

5. Metallurgical Recovery Uranium 92%, Vanadium 75%

6. Estimated grades are based on underground mining and reflect mine dilution

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

8: Numbers may not add due to rounding

9. Pounds and tons as reported are rounded to the nearest 1,000

10. "GT cutoff" is a marginal cutoff grade and is based on costs for mining, haulage, mineral processing, and taxes and royalties but does not include, reclamation and capital expenditure write-off as these costs are borne by the primary mined material. Refer to Section 11.4.

**1.10 Old Velvet Resource Area** 

The Old Velvet Mine Area is located in Section 3, Township 31 South, Range 25 East as shown on Figure 11-3. The mineral resource estimate addresses an undeveloped area (Area III) of the Old Velvet Mine and Areas I, II, IV, and East Side of the mine that were developed but left unmined. Areas I, II, IV, and East Side were closely delineated with underground face and long-hole sampling as reported by Price, 1987. Area III was delineated by surface drill holes on approximately 100-foot centers.

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Old Velvet Mine Area III - Resource Calculation Methods

Resource calculations were completed using the GT Contour method previously discussed. Although a mineral resource classification as Measured may be appropriate as discussed above for the New Velvet Mineral resources in Section 2, Township 31 South, Range 25 East, a classification of Indicated Mineral Resources is recommended for Old Velvet Mine Area III as the data has yet to be verified by surface drilling and is currently inaccessible for underground sampling. The mineral resource estimate applied a minimum cutoff of 0.50 GT. The current mineral resource estimate for Old Velvet Mine Area III follows. The diluted grade is shown as the preferred estimate for the purposes of this IA.

**Table 11.5 - Old Velvet Mine Area III Indicated Mineral Resources\*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> GT<br>minimum | <br> Thousand<br>Pounds eU<sub>3</sub>O<sub>8</sub>  | <br> Thousand Tons  | Average Grade %eU<sub>3</sub>O<sub>8</sub> | <br> Average Thickness <br>(feet) |
| &nbsp;&nbsp; Undiluted<br>0.5 | 39 | 5 | 0.38 | 2.2 |
| &nbsp;&nbsp; Diluted\*\*<br>0.50 | 39 | 9 | 0.21 | 4.0 |

---

\*Numbers rounded \*\*used in summary Table 14.7 not additive to total

Notes:

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources

2: In Situ Mineral Resource are estimated at minimum GT cut-off of 0.25 to 0.5 (4 ft. of 0.0625% to 0.125% eU<sub>3</sub>O<sub>8</sub>), with a Vanadium to Uranium Ratio 1.4 :1

3: Mineral Resources are estimated using a long-term Uranium price of US$70 per pound and a Vanadium price of US$12 per pound. Refer to Section 11.3.

4: Bulk density is 0.07 tons/ft<sup>3</sup> (14.5 ft<sup>3</sup>/ton)

5. Metallurgical Recovery Uranium 92%, Vanadium 75%

6. Estimated grades are based on underground mining and reflect mine dilution

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

8: Numbers may not add due to rounding

9. Pounds and tons as reported are rounded to the nearest 1,000

10. "GT cutoff" is a marginal cutoff grade and is based on costs for mining, haulage, mineral processing, and taxes and royalties but does not include, reclamation and capital expenditure write-off as these costs are borne by the primary mined material. Refer to Section 11.4.

**1.11 Old Velvet Mine Areas I, II, IV, and East Side - Resource Calculation Methods** 

The following are the current estimates of mineral resources for Old Velvet Mine Areas I, II, IV, and East Side (refer to Figure 11.3). These unmined areas are adjacent to areas of past mining and/or partially developed underground. The area have been designated as Areas I, II, IV, and East Side and were sampled underground using a combination of face and longhole drill samples. The data was posted on underground mine maps (Price, 1987) which were used as the basis for Figure 11.3. The authors have audited the Price, 1987 data and have used the

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data as the basis of the current resource estimate. In the course of this estimate the following checks and calculations were made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The data was reviewed to assure that the posted data matched the data utilized in the calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The area of influence assigned to the data was reviewed and confirmed, specifically;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Rib and face samples were projected 10 feet into the rib face or through the pillar if other sides of the pillar were
accessible and the projection was justified by the data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Long-hole samples were projected 10 feet on each side of the long-hole fans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Density was reviewed. A density of 13 cubic feet per ton was used as compared to the 14.5 cubic feet per ton recommended in
this report. This would have the effect of overstating the tonnage by 10% if the 14.5 cubic feet per ton were correct. However, the GT cutoff employed in the estimate was 0.60 as compared to the 0.50 recommended in this report, which would offset
this difference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Average thickness and grade were compared to all other sources of data including surface drill data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mineralized areas delineated on the mine maps were digitized into AutoCAD and the total area, tonnage, and pounds were
calculated and compared to the 1987 Price estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The area is not accessible and this face sampling and longhole drill data could not be verified.

The current mineral resource estimate using the methodologies described above for the Old Velvet Mine Areas I, II, IV, and East Side follow. Although a mineral resource classification of Measured for Old Velvet Areas I, II, IV, and East Side by CIM definitions may be appropriate based on the level of detail reflected in the data and the estimation, a classification of Indicated Mineral Resources is recommended for Old Velvet Areas I, II, IV, and East Side as the data has yet to be verified by field data. The area is currently inaccessible as the mine is flooded, and verification drilling from the surface would be impractical as surface drilling would likely not be able to maintain circulation in the vicinity of the mine openings. The average thickness and GT exceeded the minimum mining thickness and GT cutoff so no dilution was applied.

**Table 11.6 - Old Velvet Areas I, II, IV, and East Side Indicated Mineral Resources\*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; GT<br>minimum | Thousand<br>Pounds eU<sub>3</sub>O<sub>8</sub>  | <br> Thousand Tons  | Average Grade %eU<sub>3</sub>O<sub>8</sub> | Average<br>Thickness (feet) |
| &nbsp;&nbsp; Undiluted\*\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.50 | 509 | 62 | 0.41 | 5.02 |

---

Notes:

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources

2: In Situ Mineral Resource are estimated at minimum GT cut-off of 0.25 to 0.5 (4 ft. of 0.0625% to 0.125% eU<sub>3</sub>O<sub>8</sub>), with a Vanadium to Uranium Ratio 1.4 :1

3: Mineral Resources are estimated using a long-term Uranium price of US$70 per pound and a Vanadium price of US$12 per pound. Refer to Section 11.3.

4: Bulk density is 0.07 tons/ft<sup>3</sup> (14.5 ft<sup>3</sup>/ton)

5. Metallurgical Recovery Uranium 92%, Vanadium 75%

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6. Estimated grades are based on underground mining and reflect mine dilution

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

8: Numbers may not add due to rounding

9. Pounds and tons as reported are rounded to the nearest 1,000

10. "GT cutoff" is a marginal cutoff grade and is based on costs for mining, haulage, mineral processing, and taxes and royalties but does not include, reclamation and capital expenditure write-off as these costs are borne by the primary mined material. Refer to Section 11.4.

**1.12 Wood Resource Area** 

The current indicated mineral resource estimate for the Wood project area, utilizing the GT contour method is shown on Figure 14.2, Wood Project Resource GT Map. A GT cutoff of 0.25 is recommended for reporting purposes in this report and is highlighted in the following table.

**Table 11.7 - Total Indicated Mineral Resources Wood Mine** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> GT<br>minimum  | <br> Thousand<br>Pounds eU<sub>3</sub>O<sub>8</sub>  | <br> Thousand Tons  | <br> Average Grade %eU<sub>3</sub>O<sub>8</sub> | <br> Average Thickness <br>(feet) |
| &nbsp;&nbsp;&nbsp; 0.25 | 2113 | 377 | 0.28 | 4 feet diluted |
| &nbsp;&nbsp;&nbsp; 0.50 | 1940 | 275 | 0.35 | 4 feet diluted |
| &nbsp;&nbsp;&nbsp; 1.00 | 1581 | 155 | 0.51 | 4 feet diluted |

---

Notes:

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources

2: In Situ Mineral Resource are estimated at minimum GT cut-off of 0.25 to 0.5 (4 ft. of 0.0625% to 0.125% eU<sub>3</sub>O<sub>8</sub>), with a Vanadium to Uranium Ratio 1.4 :1

3: Mineral Resources are estimated using a long-term Uranium price of US$70 per pound and a Vanadium price of US$12 per pound. Refer to Section 11.3.

4: Bulk density is 0.07 tons/ft<sup>3</sup> (14.5 ft<sup>3</sup>/ton)

5. Metallurgical Recovery Uranium 92%, Vanadium $76%

6. Estimated grades are based on underground mining and reflect mine dilution

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

8: Numbers may not add due to rounding

9. Pounds and tons as reported are rounded to the nearest 1,000

10. "GT cutoff" is a marginal cutoff grade and is based on costs for mining, haulage, mineral processing, and taxes and royalties but does not include, reclamation and capital expenditure write-off as these costs are borne by the primary mined material. Refer to Section 11.4.

**1.13 Inferred Mineral Resources** 

Inferred mineral resources were estimated for limited areas in both the Velvet and Wood areas where a reasonable prospect of mineralization could be based on geologic data from drilling but where drill spacing exceeded 100 feet. The areas where inferred mineral resources are projected for the Velvet and Wood Areas are shown on Figures 11.4 and 11.5, respectively.

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**Table 11.8 - Total Inferred Mineral Resources Velvet-Wood Areas** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> GT minimum | Thousand <br>Pounds<br> eU<sub>3</sub>O<sub>8</sub>  | <br> Thousand <br> Tons | Average Grade %eU<sub>3</sub>O<sub>8</sub> | <br> Average Thickness <br>(feet) |
| &nbsp;&nbsp; Wood | 0.5 | 35 | 11 | 0.16 |
| &nbsp;&nbsp; Velvet | 0.5 | 518 | 76 | 0.34 |
| &nbsp;&nbsp; TOTAL |  | 552 | 87 | 0.32 |

---

Notes:

1: S-K 1300, NI 43-101, and CIM definitions were followed for definition of Mineral Resources

2: In Situ Mineral Resource are estimated at minimum GT cut-off of 0.25 to 0.5 (4 ft. of 0.0625% to 0.125% eU<sub>3</sub>O<sub>8</sub>), with a Vanadium to Uranium Ratio 1.4 :1

3: Mineral Resources are estimated using a long-term Uranium price of US$70 per pound and a Vanadium price of US$12 per pound. Refer to Section 11.3.

4: Bulk density is 0.07 tons/ft<sup>3</sup> (14.5 ft<sup>3</sup>/ton)

5. Metallurgical Recovery Uranium 92%, Vanadium $76%

6. Estimated grades are based on underground mining and reflect mine dilution

7: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

8: Numbers may not add due to rounding

9. Pounds and tons as reported are rounded to the nearest 1,000

10. "GT cutoff" is a marginal cutoff grade and is based on costs for mining, haulage, mineral processing, and taxes and royalties but does not include, reclamation and capital expenditure write-off as these costs are borne by the primary mined material. Refer to Section 11.4.

**1.14 Risk Factors That May Affect the Mineral Resource Estimate** 

Factors that may affect the mineral resource estimate include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● assumptions as to forecasted uranium price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● changes to the assumptions used to generate the GT cutoff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● changes to future commodity demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● variance in the grade and continuity of mineralization from what was interpreted by drilling and estimation techniques.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● density assignments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain
environment and other regulatory permits and maintain the social license to operate.

Mineral resources do not have demonstrated economic viability, but they have technical and economic constraints applied to them to establish reasonable prospects for economic extraction. The geological evidence supporting inferred mineral resources is derived from adequately detailed and reliable exploration, sampling and testing, and is sufficient to reasonably assume geological and grade continuity.

The QP expects that the majority of the inferred and indicated mineral resources could be upgraded to indicated and measured mineral resources, respectively, with additional drilling. Larger inferred and indicated resources may also be quantified with further evaluation of current Project economics.

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**1.15 QP Opinion on the Mineral Resource Estimate** 

In the opinion of the authors, the data available for the Project is sufficiently reliable for estimation of mineral resources for the purpose of this IA.

**1.16 Mineral Resource Figures** 

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![LOGO](g870247g02a42.jpg)

**Figure 11.3 - Old Velvet Mine GT and Resource Map** 

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![LOGO](g870247g02a43.jpg)

**Figure 11.4 - New Velvet GT Map** 

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![LOGO](g870247g02a44.jpg)

**Figure 11.5 - Wood Resource GT Map** 

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**12.0 MINERAL RESERVE ESTIMATES** 

This section is not relevant to this Report.

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**13.0 MINING METHODS** 

This section is not relevant to this Report.

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**14.0 RECOVERY METHODS** 

This section is not relevant to this Report.

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**15.0 INFRASTRUCTURE** 

This section is not relevant to this Report.

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**16.0 MARKET STUDIES AND CONTRACTS** 

This section is not relevant to this Report.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.0 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS** 

This section is not relevant to this Report.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.0 CAPITAL AND OPERATING COSTS** 

This section is not relevant to this Report.

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**19.0 ECONOMIC ANALYSIS** 

This section is not relevant to this Report.

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**20.0 ADJACENT PROPERTIES** 

There are no adjacent properties which are not already held by Anfield Energy or its subsidiaries that are considered relevant to this IA.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.0 OTHER RELEVANT DATA AND INFORMATION** 

The authors are not aware of any other relevant data or information that would materially change the overall conclusions of this report.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.0 INTERPRETATION AND CONCLUSIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **22.1 Conclusions** 

This Initial Assessment (IA) for the Project has been prepared in accordance with the regulations set forth in S-K 1300 (Part 229 of the 1933 Securities Act). Its objective is to disclose the mineral resources at the Project. This report summarizes the mineral resources for the Velvet-Wood mine as discussed in Section 11.

The Project is located in San Juan County, Utah in the Lisbon Valley and was successfully mined through the early 1980s using conventional underground methods. Uranium/vanadium mineralization is hosted by the Upper Jurassic Morrison Formation and is typical of Colorado Plateau-style uranium/vanadium deposits.

The Project contains mineralization which are strata bound and tabular based on available data and descriptions of each deposit in the literature. Both deposits contain uranium and vanadium. Both uranium and vanadium were recovered as co-products during past production.

Project cost estimates are based on a conventional random room and pillar underground mining operation. Mined material would be hauled by truck to the Shootaring Canyon Mill approximately 200 miles from Slick Rock. The mill would be fully refurbished and would process mined material for both uranium and vanadium recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **22.2 Risks and Opportunities** 

The authors are not aware of environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors not stated herein which would materially affect the mineral resource estimates or the results of the PEA. To the authors' knowledge there are no other significant factors that may affect access, title, or the right or ability to perform work on the property, provided the conditions of all mineral leases and options and relevant operating permits and licenses are met. A summary of risks follows, categorized in terms of economic, technical, and permitting and licensing risks.

Economic Risks:

Mineral resources are not mineral reserves and do not have demonstrated economic viability. A Preliminary Feasibility Study (PFS) is required, at a minimum, to demonstrate the economic viability of the measured and indicated mineral resources and qualify an initial estimate of mineral reserves.

Technical Risks:

It is the authors' opinion that the risks associated with this project are moderate as there has been past mining and the mine workings generally remain open. The Project does have some risks similar in nature to other mining projects in general and uranium mining projects specially, i.e., risks common to mining projects including:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Future commodity demand and pricing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Environmental and political acceptance of the project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Variance in capital and operating costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mine and mineral processing recovery and dilution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Risks associated with mineral resource estimates, including the risk of errors in assumptions or methodologies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Continuity of mineralization with respect to thickness and grade may vary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mining claims are subject to the Mining Law of 1872. Changes in the mining law could affect the mineral tenure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There is a risk that underground conditions at the Velvet Mine may limit access to mineral resources.

It is the authors' opinion that the technical risks associated are low for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Portions of deposit have been successfully mined in the past.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Uranium has been successfully extracted from mined material via conventional milling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Project has applied for or has required operating permits and facilities in place.

The authors are not aware of environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors which would materially affect the mineral resource estimates, provided the conditions of all mineral leases and options, and relevant operating permits and licenses are met.

The Project is a brownfield site within the Colorado Plateau which has a long history of uranium and vanadium mining. The surrounding communities have a long history of working with and for the region's mining and mineral resource industry, and their support for this project has been strong. Despite expected local support, recent mineral development in the area has received opposition from various Non-Government Organizations (NGOs) and this should be anticipated for the Project.

Readers are cautioned that any estimate of forward cost or commodity price is by its nature forward-looking. It would be unreasonable to rely on any such forward-looking statements and information as creating any legal rights. The statements and information are not guarantees and may involve known and unknown risks and uncertainties, and actual results are likely to differ (and may differ materially) and objectives and strategies may differ or change from those expressed or implied in the forward-looking statements or information as a result of various factors. Such risks and uncertainties include risks generally encountered in the exploration, development, operation, and closure of mineral properties and processing facilities. Forward-looking statements are subject to a variety of known and unknown risks and uncertainties.

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**23.0 RECOMMENDATIONS** 

The following recommendations relate to potential improvement and/or advancement of the Project.

Permitting the mine is in progress and should be continued. It is anticipated that mine permitting will completed in 2025 or early 2026. Once the permit is approved the Issuer could proceed with mine development or choose to gather additional information prior to completing a PFS.

The Velvet Mine Area and resources are well delineated in the west and moderately well delineated in the east. The eastern portion of the Velvet mine resource will need to be drilled from the underground workings during any future development to classify resources into the Measured and/or Reserve categories ahead of mining extraction operations. The Wood resource area is less well delineated and will require additional surface and/or underground drilling to better define and quantify the resource prior to development.

Recommendations and cost estimates for the Velvet-Wood Project, assuming more subsurface data is determined to be necessary are provided in Table 23.1. The total cost is estimated at $750,000 USD.

**Table 23.1 - Velvet-Wood Exploration Drilling Cost Estimate** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Item | Cost (USD) |
| &nbsp;&nbsp;&nbsp;10 Air Rotary Collars for DDC Tails (1,200 ft average, 12,000 ft total) at $20,000 per drill hole. | $200000 |
| &nbsp;&nbsp;&nbsp;Site Supervision Including Geological Services | $100000 |
| &nbsp;&nbsp;&nbsp;Geophysical Logging 50 Holes (1,500 ft average) | $80000 |
| &nbsp;&nbsp;&nbsp;Resource Model Update, Reporting and Preparation of PFS | $300000 |
| &nbsp;&nbsp;&nbsp;Road Maintenance | $70000 |
| &nbsp;&nbsp;&nbsp;Total | $750000 |

---

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**24.0 REFERENCES** 

**Previous Reports:** 

Agapito Associates, Inc., "Ground Support Recommendations for the Velvet and Wood Mines", P. 1-1 to 5-19, November 7, 2008.

Beahm, D.L., "VELVET-WOOD URANIUM PROJECT, TECHNICAL REPORT, MINERAL RESOURCES, AMENDED AND REESTAED, NATIONAL INSTRUMENT 43-101, SAN JUAN COUNTY, UTAH, USA", June 5, 2015. Available on SEDAR.

Beahm, D.L., and McNulty, T.P., "Velvet-Wood Mine Uranium Project, Preliminary Economic Assessment, National Instrument 43-101, Utah, USA, June 2016.

Beahm, D.L., Warren, C., Hutson, H., McNulty, T.P., "The Shootaring Canyon Mill and Velvet Wood and Slick Rock Uranium Projects, Preliminary Economic Assessment National Instrument 43-101," May 6, 2023.

Behre Dolbear and Company (USA) Inc., 2007, Technical Report on Nine Properties Held by Cotter Corporation in Montrose and San Miguel Counties, Colorado, USA, 80p.

Crossland, D. J., Atlas Minerals, "Preliminary Property Evaluation of the Velvet – Section 2 Project", January 1990. (Two Reports)

Energy Fuels Resources Preliminary Feasibility Study for the Sheep Mountain Uranium Project, Fremont County, Wyoming, USA, December 31, 2021

Hazen Research, Inc., "FEEDSTOCK AMENABILITY PROGRAM FOR SHOOTARING CANYON MILL FEASIBILITY", P. 1-10, 42-84, July 11, 2008.

JS Redpath Corporation, "The Conceptual Mine Design for Section 2, Lisbon Valley Project, Utah", July 1980.

MRC, "Section 2 Mine Plan", January 1983.

NRC, 2003 Environmental Assessment for Plateau Resources Limited's Shootaring Canyon Uranium Project Garfield County, Utah. September 2003.

Price, Michael J., "Updated Measure Geologic Reserves, Measured Mining Reserves and Indicated and Inferred Reserves, Velvet Mine, San Juan County, Utah, April 1987.

**Publications Cited:** 

Aliakbari, E., Yunis, J., Fraser Institute Annual Survey of Mining Companies 2021, 2021.

Beahm, D.L., "Technical Report Summary for the Alta Mesa Uranium Project, Brooks and Jim Hogg Counties, Texas USA" January 2023.

Campbell, John A. and Steel-Mallory, Brenda A., "Depositional Environments of the Uranium bearing Cutler Formations, Lisbon Valley", Utah: U.S. Geological Survey Open-File Report 79-994, 1979.

Chenoweth, WL, "Lisbon Valley, Utah's premier uranium area, a summary of exploration and ore production" Utah Geological and Mineral Survey, OFR-188, 1990.

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Denis, John R., "The Location and Origin of Uranium Deposits in the Cutler", December 1982.

Doelling, HH, "Uranium-Vanadium Occurrences of Utah", Utah Geological and Mineral Survey, OFR-18, 1974.

Fischer, R.P., Hilpert, L.S., Geology of the Uravan Mineral Belt, 1952.

Hasan, Mohammad, "Geology of Active Uranium Mines During 1982 in Parts of Paradox Basin, Southeastern, Utah", Utah Geological and Mineral Survey, OFR-89, 1986.

IRS, Publication 535, Business Expenses, 2004.

McKay, A. D. et al, "Resource Estimates for In Situ Leach Uranium Projects and Reporting Under the JORC Code", Bulletin November/December 2007.

Roscoe Postle Associates, Technical Report on the Lisbon Valley Uranium Properties,

Tax Bulletin 12-93, State of Utah, July 1993.

U.S. Geological Survey, Mineral Commodity Summaries, January 2025

Weir, Gordon W., and Puffett, Willard P., "Incomplete manuscript on stratigraphy and structural geology and uranium-vanadium and copper deposits of the Lisbon Valley area", Utah-Colorado: Open-File Report 81-39, U.S. Geological Survey, 292p, 1981.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.0 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT** 

The location, extent, and terms relating to mineral tenure were provided by Anfield and were relied upon as defining the mineral holdings of Anfield in the development of this report.

For the purpose of Sections 4, Property Description and Location, Mineral Tenure, and Ownership of this report, the authors have relied on ownership data (mineral, surface, and access rights) provided by Anfield. The accuracy of the information was not verified by the authors. The authors have not researched the property title or mineral rights for the project and express no legal opinion as to the ownership status of the property. However, Anfield provided copies of the mineral claim lease and purchase agreement which were reviewed for content by the authors. All mining claims whether leased, purchased, or located by Anfield were verified as to their validity by searching the BLM online LR2000 web site. BLM lists the mining claims as current.

The terms of the Asset Purchase Agreement with Uranium One were provided by Anfield and were relied upon in the development of this report.

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------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.0 DATE AND SIGNATURE PAGE** 

CERTIFICATE OF AUTHOR

I, Douglas L. Beahm, P.E., P.G., do hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I am co-author of the report titled "VELVET WOOD PROJECT INITIAL
ASSESSMENT", dated June 12, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I am the Principal Engineer and President of BRS, Inc., 1130 Major Avenue, Riverton, Wyoming 82501.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I graduated with a Bachelor of Science degree in Geological Engineering from the Colorado School of Mines in 1974. I
am a licensed Professional Engineer in Wyoming, Colorado, Utah, and Oregon; a licensed Professional Geologist in Wyoming; a Registered Member of the SME.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I have worked as an engineer and a geologist for over 50 years. My work experience includes uranium exploration, mine
production, and mine/mill decommissioning and reclamation. Specifically, I have worked with numerous uranium projects in the US and abroad.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I was last present at the site on September 16, 2014.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. I am not fully independent of the issuer. While Anfield is but one of many clients for whom BRS Inc. provides
consulting services, I also serve as Anfield's Chief Operating Officer on a contractual basis. I hold no stock or other financial interest in Anfield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. I do have prior working experience on the property as stated in the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. I have read the definition of "qualified person" set out in Subpart 1300 of Regulation S-K (S-K 1300) and certify that by reason of my education, professional registration, and relevant work experience, I fulfill the requirements to be a "qualified
person" for the purposes of S-K 1300.

Dated this 12<sup>th</sup> day of June 2025

*Signed and Sealed* 

Douglas L. Beahm, PE, PG, SME Registered Member

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------

CERTIFICATE OF AUTHOR

CARL DAVID WARREN

I, Carl David Warren, P.E., P.G., do hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I am co-author of the report titled "VELVET WOOD PROJECT INITIAL
ASSESSMENT", dated June 12, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I am a Project Engineer for BRS Engineering Inc., located in Riverton Wyoming, at 1130 Major Ave.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I graduated with a Bachelor of Science in Geological Engineering from the Colorado School of Mines in 2009 and have a
Master of Science Degree in Nuclear Engineering from the Colorado School of Mines in 2013. I am Licensed Professional Engineer in the State of Wyoming.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I have worked as both an engineer and a geologist for a cumulative 14 years and have over 17 years of working
experience in the mining industry. My relevant work experience includes underground mining, ore control, geological mapping, core logging and data management, uranium exploration, and uranium resource modelling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I was last present at the site on July 19, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. I am independent of the issuer. I hold no stock, options or have any other form of financial connection to Anfield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. I do not have prior working experience on the property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. I have read the definition of "qualified person" set out in Subpart 1300 of Regulation S-K (S-K 1300) and certify that by reason of my education, professional registration, and relevant work experience, I fulfill the requirements to be a "qualified
person" for the purposes of S-K 1300.

Dated this 12<sup>h</sup> day of June 2025

*Signed and Sealed* 

Carl David Warren P.E. P.G.