ANFIELD ENERGY INC. Annual Report - How They Did This Year

I’m putting together a plain-English guide to help you understand how Anfield Energy Inc. performed this year. My goal is to break down the complex filing information so you can decide if this company fits your investment goals.

1. What does this company do?

Anfield Energy is a junior mining company focused on nuclear fuel. They find and prepare to mine uranium and vanadium.

Think of them as being in the "prep" phase. They aren't digging for profit yet. Instead, they are getting projects—like the Velvet-Wood and Slick Rock sites in Utah and Colorado—ready for production. A major part of their business is the Shootaring Canyon Mill in Utah. It is one of only three licensed conventional uranium mills in the United States. They are currently upgrading the mill to eventually process ore from their own mines and potentially from other miners.

2. Financial performance: Spending to build the future

Anfield is still in the "pre-revenue" stage, meaning they aren't selling products yet. Because they have no sales, they rely on raising money from investors to pay their bills.

• The "Burn" Rate: The company spent about $14.4 million on operations in 2025, up from $8.1 million in 2024. This increase came from higher administrative costs, more exploration work, and project development fees.
• Cash on Hand: As of December 31, 2025, they had $3.35 million in the bank, up from $1.35 million the year before. While this looks better, remember they spend millions every year just to keep moving. This cash level depends heavily on when they raise more money.
• Debt: They paid off their short-term loans, but they now carry about $12.1 million in long-term debt. This is mostly in "convertible debentures." These loans charge interest that strains their cash until the debt is either paid off or turned into company shares.

3. Major wins and challenges

• Expansion: They aggressively bought new properties and equipment. They spent over $4 million this year on mineral properties and mill upgrades.
• The Challenge: Their annual loss nearly doubled, rising from $11.4 million in 2024 to $19.7 million in 2025. This was largely due to higher exploration costs and paying employees in stock rather than cash.
• The Mill: They are still updating their radioactive materials license for the Shootaring Canyon Mill. This is the most important part of their business. Without this license, they cannot process ore. The timeline for this is controlled by state regulators, which creates uncertainty about when they can start operations.

4. Important risks for investors

• No Feasibility Studies: The company is moving forward without formal "Feasibility Studies." These are industry-standard reports that prove a mine will be profitable. They are proceeding without a verified guarantee that these mines will make money at current uranium prices.
• Governance: As a Canadian company, they follow different rules than U.S. companies. They don't have to follow the same board independence or shareholder voting rules as U.S. exchanges, which may limit your protection as a minority shareholder.
• Dilution: To fund operations, they issued more shares this year, increasing the total count from 13.8 million to 15.9 million. When a company issues more shares, your ownership percentage shrinks. Given their $19.7 million loss, they will likely need to raise more money, which will likely shrink your ownership further.

5. Future outlook

The plan for 2026 is to move from "exploration" to "production." They are prioritizing the mill license and building their primary projects. They have enough cash to operate for a few months. However, because they spend over $1 million per month, they will likely need to raise more money from investors soon. Success depends on getting the necessary permits and keeping access to the cash they need to build their mines.

Final thought for your decision: Anfield Energy is a high-risk, speculative play. Because they have no revenue and are burning through cash, they are entirely dependent on future fundraising and the successful permitting of their mill. If you are considering an investment, weigh whether you are comfortable with the high probability of further share dilution and the regulatory uncertainty surrounding their primary asset.