Anfield Energy Demonstrates the Economic Viability of its Hub-And-Spoke Uranium and Vanadium Production Strategy Via Its Updated Preliminary Economic Assessment Highlights include:
Anfield Energy Demonstrates the Economic Viability of its Hub-And-Spoke
Uranium and Vanadium Production Strategy Via Its Updated Preliminary
Economic Assessment
Highlights include:
• The updated PEA indicates a pre-tax project internal rate of return (“IRR”) of 106% and
a net present value (“NPV”) of US$606 million (with a post-tax IRR of 97% and NPV of
$533 million), based on a discount rate of 8% and a uranium price of US$100 per pound,
along with a vanadium price of US$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) US$31.1 million for general upgrades; (2) US$34.6 million
to install a modern vanadium circuit; and (3) US$14.4 million to update the tailings
management facility, for a total of US$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 US$37.5 million, partially
offset by expected cash flow of approximately $23.2 million related to initial uranium
production from Anfield’s stockpiled material.
VANCOUVER, British Columbia – GLOBE NEWSWIRE – May 4, 2026 — Anfield Energy Inc.
(NASDAQ: AEC; TSX.V: AEC; FRANKFURT: 0AD) (“Anfield” or the “Company”) is pleased to report
the results of a combined preliminary economic assessment (“PEA”) for both its Utah-based
Velvet-Wood uranium and vanadium project (“Velvet-Wood”), its Colorado-based Slick Rock
uranium and vanadium project (“Slick Rock”) and six of the nine mines which comprise the West
Slope complex (“West Slope Mines”). The technical report on the PEA titled, “The Shootaring
Canyon Mill and Velvet-Wood and Slick Rock Uranium Projects, Preliminary Economic
Assessment”, will be published on SEDAR+ within 45 days from the date of this news release.
ENERGY INC.
ANFIELD
www.anfieldenergy.com
Office: 604-669-5762
Fax: 604-608-4804
TSX.V : AEC
NASDAQ : AEC
Frankfurt : 0AD
Head Office:
4390 Grange Street,
Suite 2005,
Burnaby, B.C. V5H 1P6
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 (“Shootaring”) 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 (“NI 43-101”).
Anfield CEO, Corey Dias, stated, “We are extremely pleased with the outcome of this updated
PEA as it provides Anfield with strong further evidence of the true value of the combination of
Velvet-Wood, Slick Rock and the West Slope mines within Anfield’s uranium and vanadium hub-
and-spoke production model.
Critically, the future potential addition of the Company’s thirteen remaining U.S. Department of
Energy leases (“DOE 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.
We have been keen to highlight the economic value of securing increased throughput capacity
and production output at Shootaring as we look to leverage our uranium and vanadium assets
into one cohesive development project, and the subsequent availability of excess uranium and
vanadium production capacity at Shootaring over the life of the mill. We view this increased
capacity as providing important additive value through the potential for future integration of
other uranium and vanadium projects in the area, such as our other DOE Leases, as well as
potential toll-milling opportunities. Finally, the prospect of our 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 mill in the United States is significant both economically as well as with respect to
security of supply for utilities. This 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. Moreover, 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.
Anfield is well-positioned to benefit from an improving uranium market as nuclear energy
becomes critically needed for data centres in the U.S. and as nuclear energy becomes a more
integral part of the global transition towards electrification.”
Project Economics
The PEA provides for a 12-month pre-production period. This includes the following capital
expenditures, forecasted at approximately US$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 US$20 million of mine-related expenditures will occur during the initial
production year. The total costs for “Life of Mine” is estimated at US$173 million, including
sustaining capital.
The PEA indicates a pre-tax IRR of 106% at a uranium price of US$100 per pound and US$9 per
pound of vanadium. The pre-tax NPV of the project at an 8% discount rate at the
aforementioned prices is US$606 million. The PEA also indicates a post-tax IRR of 97% and a
pre-tax NPV of $533 million.
Sensitivity to commodity prices
Changing the commodity price for uranium and vanadium equally by 10% varies the NPV@8%
approximately +/- US$136 million pre-tax, and +/- US$117 million post-tax. In both pre-tax and
post-tax scenarios the IRR varies by approximately 20% with a 10% variation in price.
Sensitivity to Commodity Price and Discount Rate
NPV: Sensitivity to Uranium Price
NPV: Sensitivity to Vanadium Price
Source: BRS
$-
$100
$200
$300
$400
$500
$600
$700
$800
$900
1 2 3 4 5
NPV Millions USD
$120/lb $110/lb $100/lb $90/lb $80/lb
Sensitivity to Uranium Price - Vanadium Price
Fixed $9/lb
pre-tax post-tax U Price
$-
$100
$200
$300
$400
$500
$600
$700
$800
1 2 3 4 5
NPV Millions USD
$11/lb $ 10/lb $ 9/lb $8/ lb $7/lb
Sensitivity to Vanadium Price - Uranium Price
Fixed $100/lb
pre-tax post-tax V Price
Shootaring Mill
The 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
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.
Between 1979 and 1984, Atlas Minerals mined approximately 400,000 tons of ore from the
Velvet deposit at grades of 0.46% U3O8 and 0.64% V2O5, recovering approximately 4.0 million
pounds of U3O8 and 5.0 million pounds of V2O5.
The current mineral resources of the combined Velvet and Wood historical mines have been
estimated to comprise 0.63 million tons containing 4.3 million pounds of eU3O8, at a grade of
0.34% eU3O8 (measured and indicated mineral resource), and 80,000 tons containing 544,000
pounds of eU3O8, at a grade of 0.34% U3O8 (inferred mineral resource) with a vanadium-to-
uranium ratio of 1.4 to 1.
Slick Rock
Slick Rock Complex is located in the Uravan Mineral Belt region of Colorado and covers
approximately 6,130 acres, including 293 unpatented mining lodes claims, and two DOE Leases.
The PEA estimates 0.8 million pounds of eU3O8, at a grade of 0.16% eU3O8 (indicated mineral
resource) and 2.25 million tons containing 9.1 million pounds at a grade of 0.20% U3O8 (inferred
mineral resource) with a vanadium-to-uranium-ratio of 6 to 1.
JD-6, JD-7, JD-8 and JD-9
The JD Mines, located in Colorado, represent four of the nine West Slope mines acquired from
Cotter Corporation in late 2018. The PEA estimates 4.6 million pounds of eU3O8, at a grade of
0.22% eU3O8 (indicated mineral resource) with a vanadium-to-uranium-ratio of 5 to 1.
SR-11 and SM-18
The SR-11 and SM-18 mines, located in Colorado, represent two of the nine West Slope mines
acquired from Cotter Corporation in late 2018. The PEA estimates 0.16 million tons containing
0.7 million pounds at a grade of 0.24% U3O8 (inferred mineral resource) with a vanadium-to-
uranium-ratio of 6 to 1 for SR-11 and 0.18 million tons containing .7 million pounds at a grade of
0.21% U3O8 (inferred mineral resource) with a vanadium-to-uranium-ratio of 5 to 1 for SM-18.
Please see resource disclosure for both SR-11 and SM-18 in section titled Mineral Resource
Estimate below.
Mineral Resource Estimate
The PEA is based on the mineral resource estimates set forth in the Company’s previous
technical reports titled “US DOE Uranium/Vanadium Leases JD-6, JD-7, JD-8 and JD-9, Montrose
County, Colorado, USA, Mineral Resource Technical Report, National Instrument 43-101” dated
effective April 10, 2022 and “The Shootaring Canyon Mill and Velvet-Wood and Slick Rock
Uranium Projects, Preliminary Economic Assessment National Instrument 43-101” dated
effective May 6, 2023. There has been no material change in such mineral resource estimates
for the Velvet-Wood, Slick Rock, Shootaring and the JD Mines. For the purpose of this PEA, the
mineral resource estimates were reviewed by the qualified persons under the PEA and deemed
to remain valid and effective.
SR-11 Project Resource Estimate
The SR-11 Project is located approximately 8 miles southwest of the Slick Rock Complex and
includes the SR-11 DOE Lease. This lease was previously held and operated by Cotter
Corporation into the Mid 2000s. This is the initial resource estimate for the property performed
by Anfield. The data set acquired from Cotter Corporation was validated using existing and
available geophysical logs. Drilling density would otherwise justify a higher resource
classification. However, more field validation of historic drill hole locations or new confirmatory
drilling is needed to raise the classification above Inferred.
The existing data for SR-11 consists of 741 drill collars, of which 605 drill holes had associated
grade and thickness data. The 136 drill holes without data were limited to the margins of the
SR-11 resource area and thus are considered by the authors to have low impact on the data set
overall. GT Contour modeling was performed using under the key assumptions described in the
table below, and was performed at 0.1ft%, 0.3ft% and 0.5 ft% eU3O8 GT cutoffs for sensitivity
analysis. Nominal minimum thickness at the 0.4 ft% GT cutoff is 4 feet. However, lower GT
cutoffs would reduce the nominal mining thickness to closer 3ft. Meaning that Jack Leg, room
and pillar mining would likely dominate the method of extraction of the SR-11 resource.
The minimum sum GT contour resource model cutoff is the primary cutoff criteria applied to the
contour model volume as the initial screening of those portions of the model quantities not
meeting the criteria for reasonable economic extraction. In addition, individual model areas
outside the conceptual mine limits not meeting a minimum of 10,000 lbs of eU3O8 resource
were excluded from the resource totals as not meeting a minimum expectation of reasonable
economic extraction. It is the opinion of the authors of the PEA that the resource models are
reasonably valid within the mineral resource classifications assigned to each area of the
complex.
A sensitivity analysis was performed on the mineral resource models for each zone as shown in
the table below. The authors recommend the 0.40 GT cutoff for the SR-11 Project. With further
definition of the mineral resource via drilling and additional mine design and cost evaluation, it
is the authors’ opinion that the minimum GT cutoff may be lowered with appropriate
adjustments to mining methods made.
Inferred Mineral Resources Uranium, SR-11 Lease
Zone / Classification GT Cutoff
(ft%)
AVG.
Thickness
(ft)
AVG.
Grade
(%eU3O8)
Tons Pounds
(eU3O8)
SR-11 / Total Inferred
0.1 3.2 0.15 361,217 1,064,700
0.25 3.6 0.20 229,039 909,504
0.4 3.9 0.24 163,480 774,360
Mineral resources are not mineral reserves and do not have demonstrated economic viability in
accordance with the Canadian Institute of Mining, Metallurgy and Petroleum standards. At a
minimum, a preliminary feasibility study is required to demonstrate the economic viability of
the measured and indicated mineral resources and qualify an initial estimate of mineral
reserves. The PEA is preliminary in nature such that it includes a portion of the inferred mineral
resources. Inferred mineral resources are too speculative geologically to have the economic
considerations applied to them that would enable them to be categorized as mineral reserves,
and there is no certainty that the outcomes estimated in the PEA will be realized.
SM-18 Project Resource Estimate
The SM-18 Project within the SM-18 DOE Lease, located approximately 11 miles north of the
Paradox Complex. This lease was previously held and operated by Cotter Corporation into the
Mid 2000s. This is the initial resource estimate for the property performed by Anfield. The data
set acquired from Cotter Corporation was validated using existing and available geophysical
logs. Drilling density would otherwise justify a higher resource classification. However, more
field validation of historic drill hole locations or new confirmatory drilling is needed to raise the
classification above Inferred.
The existing data for SM-18 consists of 681 drill collars, of which 677 drill holes had associated
grade and thickness data. The 4 drill holes without data were limited to the margins of the SM-
18 resource area and thus are considered by the authors of the PEA to have low impact on the
data set overall. GT Contour modeling was performed using the key assumptions described in
the table below, and was performed at 0.1ft%, 0.3ft% and 0.5 ft% eU3O8 GT cutoffs for
sensitivity analysis. Nominal minimum thickness at the 0.4 ft% GT cutoff is 4 feet.
The minimum sum GT contour resource model cutoff is the primary cutoff criteria applied to
the contour model volume as the initial screening of those portions of the model quantities not
meeting the criteria for reasonable economic extraction. In addition, individual model areas
outside the conceptual mine limits not meeting a minimum of 10,000 lbs of eU3O8 resource
were excluded from the resource totals as not meeting a minimum expectation of reasonable
economic extraction. It is the opinion of the authors that the resource models are reasonably
valid within the mineral resource classifications assigned to each area of the complex.
A sensitivity analysis was performed on the mineral resource models for each zone as shown in
the table below. The authors recommend the 0.40 GT cutoff for the SR-11 Project. With further
definition of the mineral resource via drilling and additional mine design and cost evaluation, it
is the authors’ opinion that the minimum GT cutoff may be lowered with appropriate
adjustments to mining methods made.
SM-18 Project Inferred Mineral Resource Estimates by GT Cutoff
Zone
GT
Cutoff
(ft%)
AVG.
Thickness
(ft)
AVG.
Grade
(%eU3O8)
Tons Pounds
(eU3O8)
A
0.1 3.2 0.112 574,325 1,286,280
0.25 4.1 0.152 325,058 985,779
0.4 4.2 0.211 178,965 755,367
Total
0.1 3.2 0.112 574,325 1,286,280
0.25 4.1 0.152 325,058 985,779
0.4 4.2 0.211 178,965 755,367
While no formal economic evaluation, preliminary economic assessment, preliminary feasibility
study, or feasibility study has been completed and while mineral resources are not mineral
reserves and do not have demonstrated economic viability, reasonable prospects for future
economic extraction were applied to the mineral resource estimate herein through
consideration of grade and GT cutoffs and by screening out areas of isolated mineralization
which would not support the cost of conventional mining under current and reasonably
foreseeable conditions.
NI 43-101 Disclosure
The combined PEA completed for Velvet-Wood, Slick Rock and the West Slope Mines, using
centralized processing at Shootaring, has been authored by Terence (Terry) McNulty, P .E., D. Sc.,
of T.P . McNulty and Associates Inc. and co-author Douglas L. Beahm, P .E. PG. Dr. McNulty is
independent of the issuer in accordance with the application of Section 1.5 of NI 43-101. Mr.
Beahm is not independent of the Company, as he is the Company’s Chief Operating Officer. The