Anfield Energy Inc. Completes Phase One Surface Construction at Velvet-Wood Project
Anfield Energy Inc. Completes Phase One Surface Construction
at Velvet-Wood Project
Vancouver, British Columbia – June 1, 2026 – Anfield Energy Inc. (NASDAQ: AEC; TSX.V: AEC;
FRANKFURT: 0AD) (“Anfield” or the “Company”) is pleased to announce the successful
completion of phase one surface construction (“Phase One”) at its Velvet-Wood uranium and
vanadium project in Utah (“Velvet-Wood”). With Phase One now complete, the Company will
shift focus to phase two of mine construction at Velvet-Wood (“Phase Two”).
Corey Dias, Anfield CEO, commented: “The successful completion of Phase One surface
construction at Velvet-Wood marks strong progress on the ground made possible by our
expanded workforce. We are now advancing into Phase Two, with initial underground
development activities expected to commence within the next 30 days. This advancement is
significant in the broader U.S. context, as Velvet-Wood was the first uranium mine to be
advanced through expedited permitting under the current administration.
Anfield is proud to do its part in answering the call to vastly expand America’s nuclear capacity
and energy independence. We remain firmly on track to resume production at Velvet-Wood by
the end of 2026.”
Phase Two will focus on the dewatering and rehabilitation of the existing underground
workings, along with construction of the ore pad to allow for mining to begin upon completion
of the dewatering. Phase Two is expected to last approximately 6 months. Initial underground
development activities are expected to commence within the next 30 days at Velvet-Wood.
Phase three of mine construction at Velvet-Wood (“Phase Three”) will involve the buildout of
permanent surface infrastructure, including the mine office, shop/warehouse, and permanent
power. The Company intends to produce mined material concurrently with the completion of
this final development phase.
The completed Phase One work at Velvet-Wood included the following actions:
• Stripped the topsoil from the original mine area and stockpiled approximately 4,500
cubic yards of clean topsoil, set aside for future reclamation work;
• Completed a full site survey to orient the surface with the underground workings;
• Installed a temporary office and shop to support construction and site development;
• Built or improved nearly 3 miles of roads, including both county roads and site roads;
• Installed temporary power to the site;
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
• Uncovered the previous plugged/reclaimed decline shaft and constructed the new portal
and gates;
• Installed ventilation for the underground;
• Rehabilitated nearly 1,500 feet of decline;
• Activated the mine ID with the U.S. Mine Safety and Health Administration, enabling the
start of mining and mine construction;
• Built pads for the permanent facilities (mine office, shop/warehouse, and water
treatment); and
• Restarted the Company’s Papoose limestone quarry, supplying all aggregate used on site
for road and pad construction.
This progress allows Anfield to remain on schedule to return the Velvet-Wood mine to
production by the end of 2026. This milestone is made more significant by the fact that the
mine last produced in 1984, while the remaining Lisbon Valley mines were ultimately shuttered
by 1988. For more than 40 years this resource area has been waiting for the return of the U.S.
uranium industry.
This progress supports Anfield’s hub-and-spoke strategy, centered on the fully permitted
Shootaring Canyon Mill in Utah and its portfolio of high-quality uranium-vanadium assets in
Utah and Colorado.
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 TSX V nor its Regulation Services Provider (as that term is defined in the policies of the TSX V) accepts
responsibility for the adequacy or accuracy of this release.
Contact:
Anfield Energy, Inc.
Corporate Communications
604-669-5762
contact@anfieldenergy.com
www.anfieldenergy.com
This news release contains forward-looking statements and forward-looking information (together, “forward-
looking statements”) within the meaning of applicable Canadian securities laws. All statements, other than
statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be
identified by the use of terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or
variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might” ,
“occur” or “be achieved”. Forward-looking statements in this release include, but are not limited to, statements
regarding Phase Two, including, without limitation, the dewatering and rehabilitation of the existing underground
workings, the construction of the ore pad to allow for mining to begin upon completion of the dewatering, the
duration of Phase Two expecting to last approximately six months, and the expectation that initial underground
development activities will commence within the next 30 days at Velvet-Wood; statements regarding Phase Three,
including, without limitation, the buildout of permanent surface infrastructure, including, without limitation, the
mine office, shop/warehouse, and permanent power, and the intention to produce mined material concurrently
with the completion of this Phase Three; the Company returning the Velvet-Wood mine to production by the end of
2026; ; and statements regarding the Company’s hub-and-spoke uranium and vanadium strategy, centered on the
Shootaring Canyon Mill as the central processing facility. Forward-looking statements involve risks, uncertainties
and other factors that could cause actual results, performance and opportunities to differ materially from those
implied by such forward looking statements. Factors that could cause actual results to differ materially from these
forward-looking statements include, among other things: risks that Phase Two will not be completed as
contemplated, or at all; risks that Phase Three will not be complete as contemplated, or at all; risks that the Velvet-
Wood mine may not be returned to production as contemplated, or at all; the risks and uncertainties relating to
exploration and development; the ability of the Company to obtain additional financing; the need to comply with
environmental and governmental regulations in Canada and the United States; fluctuations in the prices of
commodities; operating hazards and risks; competition and other risks and uncertainties and other such factors as
are set forth in the annual information form for the Company’s most recently completed year end, as well as the
management discussion and analysis and other disclosures of risk factors for the Company, filed on SEDAR+ at
www.sedarplus.ca. Although the Company believes that the information and assumptions used in preparing the
forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only
apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed
time frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to
update or revise any forward-looking statement, whether as a result of new information, future events or
otherwise.