Shootaring Canyon Mill

Looking at the nuclear fuel cycle, there is a clear pinch point at the milling stage. Uranium buyers and governments are increasingly buying production from the west requiring increasing production from domestic miners. A key asset in Anfield’s portfolio is the Shootaring Canyon Mill in Garfield County, Utah. The Shootaring Canyon Mill is strategically located within one of the historically most prolific uranium production areas in the United States, and is one of only two licensed uranium mills in the United States.

Anfield’s Conventional Uranium Assets

Anfield’s conventional uranium assets consist of mining claims and state leases in southeastern Utah, Colorado, and Arizona, targeting areas where past uranium mining or prospecting occurred. Anfield’s conventional uranium assets include the Velvet-Wood Project, the Slick Rock Project, the West Slope Project, the Frank M Uranium Project, the Findlay Tank breccia pipe as well as an additional 12 U.S. Department of Energy (DoE) leases in Colorado. All conventional uranium assets are situated within a 200-mile radius of the Shootaring Mill.

The Value of a Hub and Spoke Model

Anfield believes a hub and spoke model, uranium and vanadium mines supplying a central processing facility, the Shootaring Mill, will be the model for success in the coming uranium bull market. This strategy makes sense, if you believe as Anfield does that the Russia-Ukraine war has reshaped both uranium demand and the supply chain. With a US bill already passed to Ban Russian uranium imports starting in 2028, the possibility of a spike in domestic demand and the production to supply it is growing by the day. With Anfield’s recent acquisition of multiple DOE leases in Colorado, CEO Corey Dias continues to execute on his long term strategy. Acquire value-accretive uranium pounds to make sure Anfield can step in as a major supplier to western nuclear facilities as Russian supply is increasingly removed from the market.

A Strategic & Unique Asset

There are only two licensed, permitted and constructed uranium processing mills in America. White Mesa is owned by Energy Fuels and Anfield owns the other mill, Shootaring Canyon. White Mesa is licensed for 8 million pounds while Shootaring Canyon will be licensed for 3 million pounds at the time of restart, planned for 2025.

Deeply Undervalued

Anfield trades for 1/3rd the price per pound of Energy Fuels even though both assets are similarly unique and well positioned for the coming domestic uranium boom. Sitting on 47 million pounds of uranium, enough for decades of mill operations, Anfield offers investor's a heavily discounted way to gain exposure to a critical part of the uranium supply chain.

Strong Project Economics

Anfield is on track to receive all needed operating licenses and restart the Shootaring Canyon Mill in 2025. The project is expected to generate $238 million of net present value at $70 uranium and $12 vanadium, prices far lower than what industry analysts forecast will be needed to incentivize supply to meet rising energy needs in North America. The PEA only anticipates 750,000 pounds per year compared to licensed capacity of 3,000,000 annual pounds leaving significant upside to the current PEA.

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