A N U P - A N D - C O M I N G E N E R G Y M E T A L S P R O D U C T I O N C O M PA N Y

November 2018

Acquisition of Uranium/Vanadium Properties

Safe Harbour

All statements, other than statements of historical fact, contained in this presentation constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, and “forward-looking information” under

similar Canadian legislation and are based on the reasonable expectations, estimates and projections of the Company as of the date of this presentation. Forward-looking statements and forward-looking information include, without limitation, possible events,

trends and opportunities and statements with respect to possible events, trends and opportunities, including with respect to, among other things, the growth of the phosphate market, global market trends, expected industry demands, the Company’s business

strategy and investment criteria, the nature of potential business acquisitions, costs and timing of business acquisitions, capital expenditures, successful development of potential acquisitions, currency fluctuations, government regulation and environmental

regulation. Generally, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”,

“intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements and

forward-looking information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the company as of the date of such statements, are inherently subject to significant business, economic and competitive

uncertainties and contingencies. The estimates and assumptions contained in this presentation, which may prove to be incorrect, include, but are not limited to, the various assumptions of the company set forth herein. Known and unknown factors could

cause actual results to differ materially from those projected in the forward-looking statements and forward-looking information. Such factors include, but are not limited to fluctuations in the supply and demand for uranium, changes in competitive pressures,

including pricing pressures, timing and amount of capital expenditures, changes in capital markets and corresponding effects on the company’s investments, changes in currency and exchange rates, unexpected geological or environmental conditions,

changes in and the effects of, government legislation, taxation, controls and regulations and political or economic developments in jurisdictions in which the Company carries on its business or expects to do business, success in retaining or recruiting officers

and directors for the future success of the Company’s business, officers and directors allocating their time to other ventures; success in obtaining any required additional financing to make target acquisition or develop an acquired business; employee relations,

and risks associated with obtaining any necessary licenses or permits. Many of these uncertainties and contingencies can affect the company’s actual results and could cause actual results to differ materially from those expressed or implied in any forward-

looking statements and forward looking information made by, or on behalf of, the Company. There can be no assurance that forward-looking statements and forward-looking information will prove to be accurate, as actual results and future events could differ

materially from those anticipated in such statements. All of the forward-looking statements and forward-looking information made in this presentation are qualified by these cautionary statements. Although management of the Company has attempted to

identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.

There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements

and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. Timelines used in

this presentation are for the purpose of aiding management in the planning and implementation of the project, and are not based on a detailed assessment of project requirements. Consequently the timelines are subject to material revision based on when

technical reports and/or feasibility studies, if any, are completed. Future phases of the project are contingent upon completion of preceding phases. Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or

sell shares in any jurisdiction. TECHNICAL DISCLAIMER: This presentation contains references to historical resources. Anfield is not treating the historical estimates as current mineral resources or mineral reserves. A qualified person has not done sufficient work

to classify the historical estimates as current mineral resources or mineral reserves. All historical resources referenced in this report, unless otherwise noted, are from technical reports prepared by well-known mineral exploration and mining consulting firms

using current CIM standards and terminology. The Company intends to work with the same groups to complete the reports such that they comply with all requirements of NI 43101.Stephen Butrenchuk, P. Geo., is the Qualified Person who has reviewed and

approved the technical content of this presentation.

2

Company snapshot

Corporate Information

Exchange/Symbol

TSX Venture AEC

OTCQB ANLDF

Frankfurt OAD

As of August 2018

Shares Outstanding 44.8 million

Fully diluted 73.3 million

52-week range $0.19-$0.59

Recent price $0.28

Market capitalization $12.6 million

Major shareholders

Management and insiders ~6%

U.S. Energy Corporation ~8%

Uranium One ~2%

3

Investment Thesis

Anfield provides a positive risk/reward balance:

Country risk

Low as U.S. is a safe jurisdiction

Financial risk

Low due to low capex and opex for ISR

Permitting risk

Low because Anfield’s assets are located in mining states,

have existing permits, no native issues or environmentally

sensitive areas

Management/Director risk

Low due to experience of mining team

Technical risk

Low due to Anfield’s portfolio of previously producing mill

and mines

Commodity risk

Uncovered demand high starting in 2017

4

Anfield Strategy

Participate in conventional uranium production to

leverage larger-scale,

longer-term production opportunities

in a higher-price uranium environment.

Participate in ISR uranium production

to leverage near-term production opportunities in a

lower-price uranium environment.

Create a robust U.S.-based energy company, with

significant potential production upside, through both

organic growth and asset acquisitions.

5

Acquisition of Charlie Project: ISR-amenable asset

Anfield is acquiring The Charlie Uranium Project from Cotter Corporation, a subsidiary of General Atomics

Most-advanced, lowest-cost production asset in Anfield’s portfolio

No cash payment; Cotter retains right to 20% of produced uranium from Charlie

3.1Mlbs of Indicated uranium resource and 1.4Mlbs of Inferred uranium resource

Anfield’s Resin Processing Agreement already allows Anfield to process up to 500,000

pounds of uranium through Uranium One’s existing processing plant

Charlie would serve as Anfield’s initial production source

Anfield is not treating the historic uranium estimates as current mineral resources or mineral reserves. A qualified person has not

yet done sufficient work to classify the historic estimates as current mineral resources or mineral reserves. The historic estimates

referenced herein are from reports prepared by wellknown mineral exploration and mining consulting firms using current

inferred Mineral Resource CIM standards and terminology. Thus, the Company considers the historic estimates to be reliable.

6

Acquisition of Charlie Project: ISR-amenable asset

Charlie is the most-advanced, and lowest-cost production asset in Anfield’s portfolio

Potential of nearer-term production due to proximity to two of Uranium

One’s producing mines – licensing and pipeline to satellite plant –

compared to 48-60 months via regular process

Anfield has also negotiated potential terms of a Resin Capture and

Processing Agreement with Uranium One which would allow Anfield to

pay a fixed cost for both resin capture and final processing

Anfield is not treating the historic uranium estimates as current mineral resources or mineral reserves. A qualified person has not

yet done sufficient work to classify the historic estimates as current mineral resources or mineral reserves. The historic estimates

referenced herein are from reports prepared by wellknown mineral exploration and mining consulting firms using current

inferred Mineral Resource CIM standards and terminology. Thus, the Company considers the historic estimates to be reliable.

7

Anfield: other ISR amenable assets and toll milling

Anfield acquired 24 ISR uranium projects from Uranium One in Wyoming in September 2016

US$6.1M, paid over a five-year period

Significant historic uranium resource

Anfield also signed a toll milling agreement with Uranium One

Multi-year term during which Uranium One will process up to 500,000

pounds of uranium on behalf of Anfield at its Irigaray processing plant

Anfield can also buy and borrow uranium from Uranium One in order to

fulfill any utility sales contracts it signs

Wyoming

Map Area

Johnson

Campbell

Douglas

Converse

AlbanyCarbon

Bairoil

Rawlins

Fremont

Jeffery City

Carbon

Natrona

Gillette

GAS HILS

HORSECREEK

CLARKSONHILL

Casper

CROSS ROADS

SANDCREEK

SOUTH PINERIDGE

PINERIDGE

TAYLORRANCH

RENOCREEK

PUMPKINCREEK

NILES RANCH

NINE MILE

MULE CREEK

CENTRALSHIRLEYBASIN EAST

SHIRLEYBASIN

WESTCROOKSCREEK

WESTBEAVER

RIM

WESTSWEETWATER

SOUTHSWEETWATER

STEWARTCREEK

BULLSPRINGS

REDRIM

ARH WYCorp.

Anfield is not treating the historic uranium estimates as current mineral resources or mineral reserves. A qualified person has not

yet done sufficient work to classify the historic estimates as current mineral resources or mineral reserves. The historic estimates

referenced herein are from reports prepared by well-known mineral exploration and mining consulting firms using current

inferred Mineral Resource CIM standards and terminology. Thus, the Company considers the historic estimates to be reliable.

8

Anfield: other conventional assets

Shootaring Canyon Mill (Utah)

750 tpd conventional uranium mill acquired

in 2015 from Uranium One

One of only three licensed, permitted and constructed uranium

mills in existence in the U.S.

Velvet-Wood Mine (Utah)

Mine acquired in 2015 from Uranium One

4.6Mlbs of M&I uranium resource

2016 PEA: up to 41% pretax IRR

Surface stockpiles (Utah)

Potential source of near-term, low-cost revenue generation 2016

PEA: up to 41% pretax IRR

Other mines and exploration assets

Frank M, Findlay Tank

Royalties (Utah/Colorado/ South Dakota)

Four royalties on the projects of three publicly

traded uranium companies

Shootaring Canyon Mill

9

Anfield Strategy in practice Create a robust U.S.-based energy company, with significant production upside, through both organic growth and asset acquisitions

Three acquisitions, including both internal

and external uranium production access

Participate in ISR uranium production to leverage near-term production opportunities in a lower-price uranium environment

Wyoming ISR uranium asset acquisition (U1)

Wyoming Charlie ISR property acquisition (Cotter)

Participate in conventional uranium and vanadium production to leverage larger-scale, longer-term production opportunities in a higher price uranium and vanadium environment

Utah/Arizona Conventional uranium asset acquisition

ISRProduction

assets

Explorationassets

Conventionalproduction

assets

10

M&A activity – a strengthSince 2015, Anfield has been conducting significant M&A activity with multibillion dollar corporations:

Wyoming ISR asset acquired from Cotter Corporation in 2018

The Charlie ISR uranium project contains 3.1Mlbs of Indicated resource

and 1.4Mlbs of Inferred resource

Conventional uranium assets acquired from U1 in 2015

Mill, mines with resources, surface stockpiles and royalties

Non-core breccia pipe asset divested

50% of Wate breccia pipe project sold to partner

Energy Fuels in 2015

Wyoming ISR assets acquired from U1 in 2016

Significant historic resource

Resin Processing Agreement

Divestitures Acquisitions

11

Anfield: M&I & Inferred uranium resource Anfield Energy Project

Measured Indicated Inferred Total Measured & Indicated

Tons Grade Pounds Tons Grade Pounds Tons Grade Pounds Tons Grade Pounds

Utah/Arizona

Velvet 1 362,600 0.27% 1,966,000 71,200 0.38% 548,000 76,000 0.34% 517,500 433,800 0.29% 2,514,000

Wood 1 377,000 0.28% 2,113,000 11,000 0.16% 34,500 377,000 0.28% 2,113,000

Frank M 7 1,095,000 0.10% 2,210,000 42,000 0.05% 75,000 1,095,000 0.10% 2,210,000

Findlay Tank 8 211,000 0.23% 954,000

362,600 1,966,000 1,543,200 4,871,000 340,000 1,581,000 1,905,800 6,837,000

Wyoming

Red Rim 2 336,655 0.17% 1,142,449 472,988 0.16% 1,539,447 336,655 0.17% 1,142,449

South Sweetwater 3 166,000 0.07% 217,000 36,000 0.09% 66,200 95,200 0.07% 133,000 202,000 0.07% 283,200

Clarkson Hill 4 957,000 0.06% 1,113,000

Charlie 5 1,260,000 0.12% 3,100,000 558,000 0.13% 1,400,000 1,260,000 0.12% 3,100,000

Nine Mile 6 2,108,000 0.06% 2,504,000 1,297,000 0.07% 1,804,000 2,108,000 0.06% 2,504,000

166,000 217,000 3,740,655 6,812,649 3,380,188 5,989,447 3,906,655 7,029,649

Total 528,600 2,183,000 5,283,855 11,683,649 3,720,188 7,570,447 5,812,455 13,866,649

Anfield is not treating the historic estimates for South Sweetwater, Frank M and

Findlay Tank as current mineral resources or mineral reserves. A qualified person

has not yet done sufficient work to classify the historic estimates as current

mineral resources or mineral reserves. The historic estimates referenced herein are

from reports prepared by well-known mineral exploration and mining consulting

firms using current inferred Mineral Resource CIM standards and terminology.

Thus, the Company considers the historic estimates to be reliable.

12

1 Velvet-Wood Mine Uranium Project, Preliminary Economic Assessment, Utah USA, June 15 2016, BRS Inc.

2 Red Rim Project, 43101 Mineral Resource Report, Wyoming USA, March 31 2017, BRS Inc.

3 South Sweetwater Uranium Project, Sweetwater County, Wyoming USA, 43101 Mineral Resource Report, December 30 2008, BRS Inc.*

4 Clarkson Hill Uranium Project, 43101 Mineral Resource Report, Natrona County, Wyoming USA, July 27 2017, BRS Inc.

5 Charlie Uranium Project, Mineral Resource NI 43-101 Technical Report, Johnson County, USA, September 30, 2018, BRS. Inc.

6 Nine Mile Lake Uranium Project, Mineral Resource 43-101 Technical Report, Natrona County, Wyoming, U.S.A., March 2018, BRS Inc.

7 Frank M Uranium Project, 43101 Mineral Resource Report, Garfield County, Utah USA, June 10 2008, BRS Inc.*

8 Findlay Tank SE Breccia Pipe Uranium Project, Mohave County, Arizona USA 43101 Mineral Resource Report, October 2 2008, BRS Inc.*

Steps to potential uranium production

Step One

Step Three

Step Two

Charlie ISR well field development and

pipeline construction

Resin Capture and Processing Agreement:

fixed costs for up to 500,000 pounds of

uranium per year using both Uranium One’s

satellite plant and final processing plant

Conventional uranium mill refurbishment

and mine licensing, permitting and restart

Shootaring licensed production capacity:

1,000,000 pounds of uranium per year

Combined potential annual uranium

production capacity of 1,500,000 pounds

13

ISR well field development and satellite

plant construction for Anfield’s follow-on

projects

Resin Processing Agreement: up to 500,000

pounds of uranium per year

Potential catalysts

Resource estimate reports

Charlie Project PEA

Wyoming ISR properties – No resource reports completed

on 21 of 24 acquired projects

Utah/Arizona conventional properties (including

vanadium resource)

Licensing/permitting of Wyoming properties

Further asset acquisitions – U.S.

Both conventional and ISR properties

Yellowcake inventory

Utility Sales Contracts

14

Peer comparison

CompanyRecent Share

PriceShares O/S(Millions)

Market Cap(Millions)

M&I Resource (Mlbs)

Inferred Resource (Mlbs)

Mkt. Cap/M&I Resource

Cameco $15.73 396 6,226 883 190 $7.05

NexGen $2.90 348 1,011 180 122 $5.61

Fission $0.63 486 306 88 53 $3.48

Energy Fuels $4.24 91 386 81 49 $4.77

UEC US$1.21 176 281 58 45 $4.85

Peninsula A$0.21 237 50 40 72 $1.25

Ur-Energy $0.92 159 146 22 6 $6.66

Average $4.81

Anfield $0.28 45 15 14 8 $0.90

At Average $1.49 45 126 14 8 $4.81

15

A quick look at nuclear reactors

454 reactors currently operating worldwide

55 reactors currently under construction

6 415 27

487 reactors planned, proposed or ordered

46%This is the expected

growth of nuclear

power production by

2040. Nuclear power

growth boosted by

worldwide clean

energy drive.

Global reactor growth

600

500

400

300

200

100

0

Construction Planned Proposed Operable Pipeline

Source: WNA16

Growth in reactors worldwide to put added pressure on uranium supply

Source: WNA

Nuclear capacity growth expected to range between 1% and 4% per annum.

Most of this growth expected to come from Asia and Oceania.

Growth will be offset by declines in North America and Western Europe.

17

Global Nuclear Capacity

China – driver of nuclear growth

China currently has 37 operational nuclear reactors with capacity of 33,000 MW

China also has 20 reactors under construction (22,000 MW) and 183 reactors planned or proposed (195,000 MW)

By 2020, China is expected to have 88,000 MW of capacity either operational or under construction

By 2030, China will need 200,000 MW in order to meet its government’s emissions targets

Will surpass the U.S.A. as having the greatest capacity for

generation of nuclear power

Plans to build 99 reactors by 2030

Moratorium on new coal power plants

18

Utilities will need to return to contracting to secure supply

Utility Uranium Requirements(million pounds U3O8 – per UxC Q3/18)

Source: UxC. *Covered does not include inventory build

Utilities are currently taking advantage of the historically-low uranium spot price by deferring long-term contract negotiations with suppliers

According to UxC, this may lead to uncovered demand of 20% by 2021, with uncovered contract rising significantly thereafter

Long-term contract volumes generally reach 200Mlb/year; however, between 2011 and 2017, contract volumes remained closer to 100Mlb/year

Long-term contracts which began in the 2006 to 2008 period are now ending

Utilities will need to begin contracting in 2018 in order to meet uncovered demand

19

But utilities are now facing a changed market environment

35Mlbs of annual uranium supply removed:

2016 – Cameco suspends Rabbit Lake and reduces production at McArthur River

2017 – Kazatomprom reduces 2017 production by 10%

2017 – Cameco announces 10-month suspension of production at McArthur River

2018 – Kazatomprom announces 20% reduction in production

2018 – Paladin announces indefinite shutdown of Langer Heinrich

2018 – Cameco announces indefinite shutdown of McArthur River

US utilities are also facing the potential impact of the Section 232 Petition investigation being undertaken by the US Department of Commerce:

Could force US utilities to acquire 25% of its uranium needs from domestic suppliers, well above the current 3% procured from US suppliers

20

Utilities will need to return to contracting to secure supply

Utility Uranium Requirements(million pounds U3O8 – per UxC Q2’2018)

Utilities are currently taking advantage of the historically-low uranium spot price by deferring long-term contract negotiations with suppliers

According to UxC, this may lead to uncovered demand of 21% by 2020, with uncovered contract rising significantly thereafter

Long-term contract volumes generally reach 200Mlb/year; however, between 2011 and 2016, contract volumes remained closer to 100Mlb/year

Long-term contracts which began in the 2006 to 2008 period are now ending

Utilities will need to begin contracting in 2018 in order to meet uncovered demand

21

Summary

1

Anfield now has significant

exposure to lower-cost, smaller-scale and nearer-term

production via both its Charlie and Wyoming ISR

uranium asset acquisitions

2

Anfield’s ISR properties

complement its higher-cost, larger-scale and longer-

term conventional uranium assets

3

With uranium supply remaining relatively

flat and uranium demand growing

worldwide, utilities will soon look to

reengage producers in order to cover

their current shortfall of contracted fuel

4

However, limited uranium supply will force prices

upward due to increased

competition for a limited resource

5

Anfield willbenefit from

increased uranium supply/demand

imbalance as it will facilitate Anfield’s

two-pronged production approach

22

Management and Directors

Corey Dias, CEO and Directorformer equity research analyst, fund manager and strategy consultant with

CIBC, Fortress Investment Group and Monitor Group, respectively; Master of

Business Administration (Western University)

Scott Lumadue, VP Uranium Sales and Marketing 38 years of nuclear-related experience with ConverDyn,

Duke Energy, Uranium One and Nuexco

John Eckersley, VP Legal and Regulatory AffairsU.S.-based attorney with 30 years of experience,

including 10 years with publicly-traded companies

Don Falconer, Director35 years experience in uranium and nuclear utility sectors

in both public and private spheres; senior management

and Director positions with numerous uranium companies, including

Uranium One, Southern Cross, Energy Fuels, AusAmerican Mining and

Ontario Hydro

Joshua Bleak, Director4thgeneration miner from Arizona with extensive resource development

experience in southwestern U.S.A; formerly President of American Energy

Fields, a junior uranium company

Stephen Lunsford, Director40 years experience as senior geologist; involved in all stages

of mining process from exploration to mine development; formerly with

Cameco Resources

Leonard (Toby) Wright, Director20 years experience as registered geologist and environmental consultant;

involved in numerous ISR and conventional uranium projects in the U.S.A.;

Master of Geotechnical Engineering (Colorado State)

23

To reach Anfield, please contact us:

Anfield Energy Inc.

2005-4390 Grange Street

Burnaby, BC V5H 1P6

contact@anfieldenergy.com

Canada

Anfield Energy Inc.

3346 Guadalupe Road

Apache Junction, AZ 85120

contact@anfieldenery.com

USA