Anfield Energy Submits Plan to Restart Velvet-Wood Mine, Key Source of Uranium for Shootaring Canyon Mill

Anfield Energy, Inc. (TSX.V: AEC; OTCQB: ANLDF) announced that it has submitted its Plan of Operation for its Velvet-Wood mine to the State of Utah and BLM.

This important step is being undertaken as the Company advances Velvet-Wood to production-ready status concurrently with the Shootaring Canyon mill. This Plan of Operation includes specific operating actions and controls, reclamation actions, an estimate of reclamation surety based on third party costs and technical bases for how the actions meet the regulatory requirements of the State of Utah and the BLM.

Following the approval of the Plan of Operation, Anfield will be well-positioned to recommence uranium production at Velvet-Wood ahead of the planned restart of the Shootaring Canyon mill in 2026.

We are pleased to have submitted the Plan of Operations for the Velvet-Wood mine to the State of Utah and U.S. Bureau of Land Management. This is an important step in the Company’s plan to advance its assets to uranium production by 2026 through its hub-and-spoke strategy. When combined with both the Shootaring Canyon mill reactivation plan submitted earlier this month and a drill program expected to commence at Slick Rock this summer, Anfield remains on track to meet its near-term production goals using its core assets.Corey Dias, CEO, Anfield Energy Inc.

Comments on the State of the Global Nuclear Market

The nuclear renaissance remains robust, with no shortage of positive news entering the market daily. The continued buildout of new reactors in disparate regions such as Asia, Europe, North America and Africa truly underscores the global nature of the nuclear embrace. At the same time, the Japanese reactor restarts and life extensions reflect the continued confidence of Japan’s reengagement of nuclear power, post-Fukushima. The U.S.’s commitment to nuclear is reflected in not only life extensions of existing NPPs and commissioning of new reactors, but also the recommissioning of the Palisades nuclear power plant in Michigan. Finally, China’s accelerated buildout of nuclear reactors continues unabated.

While the demand side of the uranium market is rapidly growing, the supply side continues to face challenges to meet demand. Recent concerns regarding Kazatomprom’s ability to meet its production targets, coupled with recent floods in Kazakhstan, has created unexpected challenges for the world’s largest uranium producer. Supply chain logistics for access to western consumers have also weakened due to war in Ukraine, exacerbated by China’s aggressive pursuit of Kazakh uranium supplies. Moreover, the U.S. government’s push to ban the sale of Russian enriched uranium is likely to lead to a division between western-derived nuclear fuel supply – including uranium – and eastern-derived material.

While these challenges are likely to remain in the near term, the US government’s recognition of these issues has led to the creation of a 200GW energy roadmap to expand domestic milling and mining operations by 500,000MT per year – 110 million pounds of uranium per year – is a significant catalyst for US-based producers.

This is taking place while, according to the U.S. EIA, U.S. uranium production fell to essentially zero in the fourth quarter of 2023.

Qualified Persons

Douglas L. Beahm, P.E., P.G., Anfield Energy’s Chief Operating Officer and principal engineer at BRS Inc., is a Qualified Person as defined in NI 43-101 and has reviewed and approved the technical content of this news release.

Anfield Energy is a market awareness client of Capital 10X.

The opinions provided in this article are those of the author and do not constitute investment advice. Readers should assume that the author and/or employees of Capital 10X hold positions in the company or companies mentioned in the article. For more information, please see our Content Disclaimer.

Duane Hope is a Partner at Capital 10X, he brings over 15 years of communications and research experience to the firm. His research and writing have appeared in publications for North American, European and Asian audiences.


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