Extract Advisors LLC, Extract Capital Master Fund Ltd., and Darin Milmeister filed a Schedule 13G reporting significant ownership in Anfield Energy Inc. They report beneficial ownership of 1,654,052 common shares, representing 9.5% of the class, including shares issuable upon warrant exercise within sixty days.
Extract Capital Master Fund Ltd. itself holds 1,527,323 shares, or 8.8% of the class. The ownership percentages are based on 15,877,763 shares outstanding as of November 12, 2025, plus shares issuable on certain warrants. Voting and disposition authority is reported as shared, with no sole power. The filers certify the securities are not held to change or influence control of the issuer.
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Insights
Filers disclose a near-10% passive stake in Anfield Energy with shared control over votes and dispositions.
The filing shows Extract Advisors LLC, its fund, and Darin Milmeister collectively reporting beneficial ownership of 1,654,052 Anfield Energy common shares, or 9.5% of the class, including warrants exercisable within sixty days.
Authority over these shares is characterized as shared rather than sole, which means decisions on voting and disposition are controlled jointly. The ownership percentages are tied to 15,877,763 shares outstanding as of November 12, 2025, plus warrant shares, anchoring the disclosed stakes to a specific share count.
The certification explicitly states the securities were not acquired and are not held to change or influence control, framing this as a passive investment under Schedule 13G. Future ownership changes or amendments to this filing, if any, would typically appear in subsequent beneficial ownership reports.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
ANFIELD ENERGY INC.
(Name of Issuer)
Common Shares, no par value
(Title of Class of Securities)
03464C205
(CUSIP Number)
09/17/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
03464C205
1
Names of Reporting Persons
Extract Advisors LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,654,052.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,654,052.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,654,052.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.5 %
12
Type of Reporting Person (See Instructions)
IA, OO
Comment for Type of Reporting Person: Please see note in Item 4(a).
SCHEDULE 13G
CUSIP No.
03464C205
1
Names of Reporting Persons
Extract Capital Master Fund Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,527,323.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,527,323.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,527,323.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.8 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Please see note in Item 4(a).
SCHEDULE 13G
CUSIP No.
03464C205
1
Names of Reporting Persons
Darin Milmeister
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,654,052.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,654,052.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,654,052.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.5 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: Please see note in Item 4(a).
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
ANFIELD ENERGY INC.
(b)
Address of issuer's principal executive offices:
4390 GRANGE STREET #2005
Burnaby, British Columbia, Canada V5H 1P6
Item 2.
(a)
Name of person filing:
Extract Advisors LLC*
Extract Capital Master Fund Ltd.*
Darin Milmeister*
(b)
Address or principal business office or, if none, residence:
4500 Park Granada Unit 202, Calabasas, CA 91302
(c)
Citizenship:
Extract Advisors LLC - Delaware
Extract Capital Master Fund Ltd. - Cayman Islands
Darin Milmeister - United States
(d)
Title of class of securities:
Common Shares, no par value
(e)
CUSIP No.:
03464C205
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Extract Advisors LLC - 1,654,052*
Extract Capital Master Fund Ltd. - 1,527,323*
Darin Milmeister - 1,654,052*
*The common shares (the "Shares") reported herein for Anfield Energy Inc. (the "Issuer") as of the filing date include (i) Shares held by Extract Capital Master Fund Ltd. (the "Fund") as well as another pooled investment vehicle, which are both managed by Extract Advisors LLC (the "Adviser"); and (ii) the approximate number of Shares which may be acquired through the exercise of warrants within sixty (60) days. Darin Milmeister serves as the managing member of the Adviser (the "Managing Member," and collectively with the Adviser and the Fund, the "Reporting Persons"). As of the reporting date, the Fund held 1,527,323 Shares, and the Adviser held 1,654,052 Shares. The percentages reported herein are calculated based upon the statement in the Issuer's Form 6-K filed on November 14, 2025 that there were 15,877,763 Shares outstanding as of November 12, 2025, plus the approximate number of Shares the Adviser has the right to acquire through the exercise of certain of its warrants within sixty (60) days. This report shall not be deemed an admission that the Reporting Persons are beneficial owners of the Shares for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each of the reporting persons herein disclaims beneficial ownership of the Shares reported herein except to the extent of the reporting person's pecuniary interest, if any, therein.
(b)
Percent of class:
Extract Advisors LLC - 9.5%*
Extract Capital Master Fund Ltd. - 8.8%*
Darin Milmeister - 9.5%*
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Extract Advisors LLC - 0
Extract Capital Master Fund Ltd. - 0
Darin Milmeister - 0
(ii) Shared power to vote or to direct the vote:
Extract Advisors LLC - 1,654,052*
Extract Capital Master Fund Ltd. - 1,527,323*
Darin Milmeister - 1,654,052*
(iii) Sole power to dispose or to direct the disposition of:
Extract Advisors LLC - 0
Extract Capital Master Fund Ltd. - 0
Darin Milmeister - 0
(iv) Shared power to dispose or to direct the disposition of:
Extract Advisors LLC - 1,654,052*
Extract Capital Master Fund Ltd. - 1,527,323*
Darin Milmeister - 1,654,052*
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What percentage of Anfield Energy (AEC) does Extract Advisors report owning?
Extract Advisors LLC and related reporting persons disclose beneficial ownership of 9.5% of Anfield Energy’s common shares. This corresponds to 1,654,052 shares, including shares that may be acquired through warrant exercises within sixty days, based on the issuer’s disclosed outstanding share count.
How many Anfield Energy (AEC) shares does Extract Capital Master Fund Ltd. hold?
Extract Capital Master Fund Ltd. reports holding 1,527,323 Anfield Energy common shares, representing 8.8% of the class. These shares form part of the larger position managed by Extract Advisors LLC and are included in the aggregate 1,654,052 shares reported as beneficially owned.
Who are the reporting persons in this Anfield Energy (AEC) Schedule 13G?
The Schedule 13G lists Extract Advisors LLC, Extract Capital Master Fund Ltd., and Darin Milmeister as reporting persons. Milmeister is identified as the managing member of Extract Advisors, and the entities together report shared voting and dispositive power over the disclosed Anfield Energy shares.
On what share count are the Anfield Energy (AEC) ownership percentages based?
The reported ownership percentages use 15,877,763 Anfield Energy shares outstanding as of November 12, 2025, as disclosed in a Form 6-K. The calculation also adds the approximate number of shares the adviser may acquire by exercising certain warrants within sixty days.
Do the filers intend to influence control of Anfield Energy (AEC)?
The filers explicitly certify that the securities were not acquired and are not held to change or influence control of Anfield Energy. They state the holdings are not in connection with any transaction aimed at control, consistent with a passive Schedule 13G filing status.
What type of ownership power do the reporting persons have over Anfield Energy (AEC) shares?
The reporting persons state they have no sole voting or dispositive power over the shares. Instead, they report shared voting and shared dispositive power over 1,654,052 shares for Extract Advisors and Darin Milmeister, and 1,527,323 shares for Extract Capital Master Fund Ltd.
