Anfield Energy Files Its Updated Preliminary Economic Assessment Which Reflects its Robust Hub-And-Spoke Uranium and Vanadium Production Strategy
Anfield Energy Files Its Updated Preliminary Economic Assessment Which Reflects its
Robust Hub-And-Spoke Uranium and Vanadium Production Strategy
VANCOUVER, British Columbia – GLOBE NEWSWIRE – June 18, 2026 — Anfield Energy Inc. (NASDAQ:
AEC; TSX.V: AEC; FRANKFURT: 0AD) (“Anfield” or the “Company”), following its May 4th news release, is
pleased to report that is has filed its combined preliminary economic assessment (“PEA”) 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 (“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”). 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”).
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.
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
Anfield CEO, Corey Dias, stated, “Once again, we are very 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. Moreover, 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 mills 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. Finally, 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 centers 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.
Surface Stockpiles
In addition to the estimated mineral resource at Velvet-Wood, Anfield controls mineralized stockpiles
from past mining at two locations: (1) one stockpile at the Patty Ann mine area near the historic Velvet
mine; and (2) several stockpiles near Shootaring. The volumes and uranium content of the stockpiles
were estimated from volumetric surveys and sampling conducted by BRS Inc. (“BRS”) in March, 2015.
The PEA includes the stockpiles located near Shootaring only. In total these stockpiles are estimated to
contain approximately 77,500 tons of material at an average grade of 0.16% U3O8 and contain
approximately 250,000 pounds of uranium.
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 authors have reviewed and verified that
the scientific and technical content of this news release in respect of the PEA is accurate and approve
the written disclosure of such information.
Additional scientific and technical information in this news release not specific to the PEA has been
prepared under the supervision of and approved by Douglas L. Beahm, P .E., P .G., a qualified person as
defined by NI 43-101, and Mr. Beahm has reviewed, verified and approved such scientific and technical
information contained in this news release. No limitations or failures to verify were identified. Mr.
Beahm is not independent of the Company, as he is the Company’s Chief Operating Officer.
Results of the PEA represent forward-looking information. The PEA is preliminary in nature and it
includes inferred mineral resources that are considered too speculative, geologically, to have the
economic considerations applied to them that would enable them to be categorized as mineral
reserves. There is no certainty that the PEA will be realized. There is no guarantee that inferred mineral
resource estimates will be converted to indicated or measured mineral resources, or that indicated or
measured mineral resources can be converted to mineral reserves. Mineral resources that are not
mineral reserves do not have demonstrated economic viability, and as such there is no guarantee the
project economics described herein will be achieved. Mineral resource estimates may be materially
affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant
risks, uncertainties and other factors, as more particularly described herein and to be described in the
technical report in respect of the PEA.
Further information about the PEA referenced in this news release, including information in respect of
data verification, key assumptions, parameters, risks and other factors, is contained in the technical
report. Readers are encouraged to read the technical report in its entirety, including all qualifications,
assumptions and exclusions that relate to the PEA. The technical report is intended to be read as a
whole, and sections should not be read or relied upon out of context.
Non-IFRS Financial Measures
The Company has included certain non-IFRS financial measures in this news release, such as sustaining
capital, which is not a measure recognized under IFRS and does not have a standardized meaning
prescribed by IFRS. As a result, this measure may not be comparable to similar measures reported by
other companies. This measure used is intended to provide additional information to the reader and
should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.
The non-IFRS financial measure used in this news release is defined below.
Sustaining Capital is a supplementary financial measure and defined as cash-basis expenditures which
maintain operations and sustain production levels.
The projects that are subject of this news release do not currently have operations and therefore do
not have historical equivalent measures to compare to. As such, the Company cannot perform a
reconciliation of this non-IFRS measure.
About Anfield
Anfield is a uranium and vanadium development company that is committed to becoming a top-tier
energy-related fuels supplier by creating value through sustainable, efficient growth in its assets.
Anfield is a publicly traded corporation listed on the NASDAQ (AEC-Q), the TSXV (AEC-V) and the
Frankfurt Stock Exchange (0AD).
On behalf of the Board of Directors
ANFIELD ENERGY INC.
Corey Dias, Chief Executive Officer
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this release.