AEC
Live News • Jul 01
Utah Legislators Visit Anfield Energy’s Velvet-Wood Uranium-Vanadium Project as Permitting Advances Anfield Energy is hosting a tour of its Velvet-Wood uranium-vanadium project in Utah for about 20 members of the Utah Legislature, highlighting how expedited permitting and regulatory approvals have supported progress, with the company targeting production by the end of 2026 as part of its plan around the fully permitted Shootaring Canyon Mill.
The involvement of state legislators and references to faster permitting point to growing policy interest in Velvet-Wood, which could affect how quickly Anfield Energy can advance the project and how it frames its role in US critical minerals supply.
Anfield Energy’s shares trade at about CA$6.00, with the stock down 26.3% year to date, so any perceived policy support or permitting momentum around Velvet-Wood is likely to be weighed against recent share price weakness.
The clear policy engagement at Velvet-Wood reduces some regulatory uncertainty but also raises execution risk if timelines around permitting, development and the Shootaring Canyon Mill integration slip relative to current expectations. Announcement • Jun 18
Anfield Energy Files Updated Preliminary Economic Assessment for Shootaring Canyon Mill and Tributary Mines Anfield Energy Inc. has filed its combined preliminary economic assessment titled, “The Shootaring Canyon Mill and Tributary Mines, Utah and Colorado, USA, Preliminary Economic Assessment” on SEDAR+. The PEA incorporates its Utah-based Velvet-Wood uranium and vanadium project, its Colorado-based Slick Rock uranium and vanadium project and six of the nine mines which comprise the West Slope complex. These eight projects, being Velvet-Wood, Slick Rock and the West Slope Mines, are located proximal to one another within the prolific Uravan Mineral Belt, and within close distance of the Company’s Shootaring Canyon Mill which will act as a centralized mineral processing facility in the PEA. The PEA was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The updated PEA indicates a pre-tax project internal rate of return of 106% and a net present value of USD 606 million (with a post-tax IRR of 97% and NPV of USD 533 million), based on a discount rate of 8% and a uranium price of USD 100 per pound, along with a vanadium price of USD 9 per pound, with an expected mine and mill capex payback period of 1.3 years. Average annual production of approximately 1.3 million pounds of uranium (U3O8) and 6.4 million pounds of vanadium (V2O5) per year is estimated over the 15-year mine life, including a peak production year of 1.9 million pounds of uranium and 7.8 million pounds of vanadium. The combined feed of the Velvet-Wood, Slick Rock and the West Slope Mines is designed to meet the increased tonnage capacity at Shootaring of 1,000 tons per day. Estimated mill-related capital expenditures at Shootaring, including 20% contingency amount for each item, of: (1) USD 31.1 million for general upgrades; (2) USD 34.6 million to install a modern vanadium circuit; and (3) USD 14.4 million to update the tailings management facility, for a total of USD 80.1 million. Estimated mine-related capital expenditures, including: (1) engineering and design; (2) mine facilities; (3) mine equipment; (4) the reopening of the decline at Velvet and the sinking of a production shaft at Wood; and (5) the sinking of two production shafts at Slick Rock, with a 10% contingency, of a combined total of USD 37.5 million, partially offset by expected cash flow of approximately USD 23.2 million related to initial uranium production from Anfield’s stockpiled material. The future potential addition of the Company’s thirteen remaining U.S. Department of Energy leases to Anfield’s production model pipeline - which will require little incremental capital expenditure - provides significant valuation upside, especially given that Shootaring’s restart costs will have already been borne by initial production from the Velvet-Wood, Slick Rock and West Slope mines. The prospect of the largest single uranium mine – Marquez-Juan Tafoya – as an additional source of uranium could further extend the production timeline or provide an incentive to once again expand throughput capacity at Shootaring. The prospect of Shootaring becoming the second of only two operational conventional uranium and vanadium mills in the United States is significant both economically as well as with respect to security of supply for utilities. The PEA not only represents a significant milestone for Anfield but also outlines a technical and economic path towards commercial development of its core uranium and vanadium assets. The Company is currently reviewing a number of other value-added techniques and technologies to facilitate the reduction of waste in order to improve uranium and vanadium grades which can provide the Company with an opportunity to further improve annual production output. The PEA provides for a 12-month pre-production period. This includes the following capital expenditures, forecasted at approximately USD 97 million (including a 20% contingency): (1) initial mill and mine permitting and licensing; (2) an updated mining and reclamation plan; (3) initiation of mine development; (4) completion of the construction of mine facilities and purchasing of equipment; (5) refurbishment of the Shootaring uranium circuit and the construction of a vanadium circuit; and (6) the updating of the tailings waste management facility. An additional USD 20 million of mine-related expenditures will occur during the initial production year. The total costs for “Life of Mine” is estimated at USD 173 million, including sustaining capital. The PEA indicates a pre-tax IRR of 106% at a uranium price of USD 100 per pound and USD 9 per pound of vanadium. The pre-tax NPV of the project at an 8% discount rate at the aforementioned prices is USD 606 million. The PEA also indicates a post-tax IRR of 97% and a pre-tax NPV of USD 533 million. Changing the commodity price for uranium and vanadium equally by 10% varies the NPV@8% approximately +/- USD 136 million pre-tax, and +/- USD 117 million post-tax. In both pre-tax and post-tax scenarios the IRR varies by approximately 20% with a 10% variation in price. Shootaring area covers approximately 265 acres of surface ownership and approximately 905 acres of mineral leases. Shootaring was licensed and constructed by Plateau Resources Limited and operated in 1982. U.S. Energy Corp. and Uranium One Inc. were also previous owners of Shootaring. Shootaring has not been decommissioned and has been under care and maintenance since cessation of operations. The mill license has been maintained and Anfield is currently conducting engineering and design studies for both the refurbishment of Shootaring and tailings facility in support of converting the license from its status of care and maintenance to operations. Velvet-Wood covers approximately 2,140 acres, including unpatented mining claims and a State of Utah mineral lease related to the Velvet-Wood mine areas comprising Velvet-Wood. Price Target Changed • Jun 10
Price target decreased by 7.2% to CA$17.50 Down from CA$18.85, the current price target is provided by 1 analyst. New target price is 236% above last closing price of CA$5.21. Stock is down 27% over the past year. The company posted a net loss per share of CA$1.28 last year. 
