Anfield Energy Provides 2023 Corporate Review and Outlines Plans for 2024
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TSX.V: AEC
OTCQB: ANLDF
FRANKFURT: 0AD
Anfield Energy Provides 2023 Corporate Review and Outlines Plans for 2024
VANCOUVER, BRITISH COLUMBIA – GLOBE NEWSWIRE – January 18, 2024 — Anfield Energy, Inc. (TSX.V:
AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “the Company”) is pleased to provide a corporate
review of 2023 and discuss its 2024 plans. Anfield continues its advance towards U.S.-based uranium and
vanadium production and is poised to benefit from the escalating world-wide demand for uranium.
Corey Dias, Anfield CEO states, “We at Anfield are very proud of our transformational 2023
accomplishments to meet our production goals. Given our 2023 accomplishments and continued
furtherance of our two -fold production strategy – underpinned by the licensed, permitted and
constructed Shootaring Canyon mill – we expect to see the valuation gap between Anfield and other
producing and near-producing peers narrow significantly in 2024.
Significant accomplishments were made throughout 2023 which will propel the Company forward in 2024.
Notably, we established the viability of our asset portfolio by both finalizing and issuing the first
Preliminary Economic Assessment of our core assets. It provided us with a baseline from which to pursue
additional “spokes” in our hub-and-spoke production strategy – while expanding our potential capacity –
and to incorporate additional internal and external uranium and vanadium projects into our production
roadmap. Moreover, our ability to raise sufficient funds to both advance our existing asset portfolio and
acquire complementary assets proved an important step in progressing our strategy.
To Anfield’s advantage, in the last decade and a half the timing has never been better for entering into
the production and sale of uranium. At the same time, however, barriers for new companies to enter into
production are steep. Uniquely, Anfield is in the right place at the right time with the right assets -- and
has cleared major hurdles for a production decision.”
HIGHLIGHTS OF THE COMPANY’S 2023 ACHIEVEMENTS:
Shootaring Canyon Mill and Core Asset Advancement -
• Received a Preliminary Economic Assessment for the Company’s Hub- And-Spoke production
plan which incorporated the Shootaring Canyon mill, the core Velvet-Wood and the Slick Rock
Projects.
The Company commissioned BRS, Inc., an engineering firm, to complete a Preliminary Economic
Assessment for its hub -and-spoke uranium and vanadium production plan which incorporated Anfield’s
Shootaring Canyon Mill, and the core Velvet-Wood and Slick Rock assets. The PEA returned a Net Present
Value (NPV) of US$238 million using a discount rate of 8%, a uranium price of US$70 per pound (the
current spot price is over US$100 per pound) and a vanadium price of US$12 per pound.
• Widened the scope of its Precision Systems Engineering engagement to incorporate an increase
in Shootaring’s mill throughput and output.
In November 2022, Anfield announced that it had commissioned Precision Systems Engineering (PSE), a
Utah-based engineering firm, to complete a reactivation proposal for the Shootaring Canyon mill. In
2023, following the completion of the reactivation proposal, the Company widened the scope of its
engagement of PSE to incorporate – in an updated plan for the Company’s License upgrade submittal –
an increase to the Shootaring Canyon mill’s throughput to 1,000 tons per day from 750 tons per day
and, separately, expanding Shootaring’s licensed uranium production capacity to 3 million pounds per
year from its current 1 million pounds per year.
• Applied for a drill program permit for its Slick Rock uranium and vanadium project in Colorado.
The Company, through BRS, submitted an application to the U.S. Bureau of Land Management (BLM) for
a drilling permit to conduct a 20 -hole drill program at its Slick Rock project in Colorado. This drilling will
allow Anfield to further develop its mine plan as it advances Slick Rock to production-ready status.
Pipeline for Secondary Production -
• Acquired the Marquez- Juan Tafoya uranium project in New Mexico, now the largest -single
uranium resource in Anfield’s portfolio.
Anfield acquired the Marquez- Juan Tafoya uranium project in New Mexico . The project was purchased
with a combination of cash and equity , resulting in enCore Energy bec oming Anfield’s largest single
shareholder. Marquez-Juan Tafoya is the anchor asset for Anfield’s secondary production plan , which
primarily consists of this asset and the Company’s Arizona and Utah holdings (see below).
• Acquired and expanded Arizona -based Artillery Peak claims to complement Anfield’s existing
Date Creek Basin holdings.
The Company acquired a 100% interest in 50 unpatented mining claims and staked an additional 54
claims in the uranium-rich Artillery Peak project area which are adjacent to Anfield’s current properties
in Date Creek Basin. This combined project will form part of Anfield’s two-fold strategy as it represents
an important piece of the Company’s secondary production pipeline to complement Anfield’s core
production assets.
• Acquired the Dripping Springs Quartzite project in Arizona.
In 2023, Anfield acquired the Dripping Springs Quartzite project in Arizona, a project that lies within a
region in which eight past-producing mines are located. It also sits close to both Anfield’s other Arizona
holdings and the Workman Creek project held by another uranium company.
• Acquired Calf Mesa and Marysvale projects in Utah, increasing Anfield’s secondary asset pool.
In 2023, Anfield acquired the Calf Mesa and Maryvale uranium projects in Utah. These projects form part
of Anfield’s secondary production plan and are located in close proximity to the Shootaring Canyon mill.
• Acquired additional claims in Utah.
Anfield acquired an additional 175 claims in Utah in close proximity to the Shootaring Canyon mill.
Equity And Debt Capital Raises –
• Raised approximately $12 million in a combination of equity and debt to fund both acquisitions
and asset advancement.
Anfield raised approximately $12 million through a combination of both equity and debt which provided
the Company with sufficient funds to both acquire the Marquez- Juan Tafoya uranium project in New
Mexico and fund the advancement of its uranium and vanadium assets.
CATALYSTS FOR 2024
• Submittal of Shootaring Canyon Mill uranium production restart application with the State of
Utah in Q1/24.
Anfield plans to submit its Shootaring Canyon Mill uranium production restart application with the State
of Utah in Q1/24. This is a milestone event for the Company, as it will move Anfield’s current Radioactive
Materials License from its current standby status to operational status which, critically, would position
Anfield to commence uranium production once refurbishment of Shootaring is completed. The review is
expected to take approximately 12 months, during which time Anfield will be able to commence initial
refurbishment at the mill. Completion of the refurbishment of the mill is expected to be completed
approximately 12 months following the License upgrade, resulting in a 24-month timeframe from restart
application submittal to completion of mill refurbishment.
• Acquisition of 12 additional DoE leases to strengthen Anfield’s primary uranium and vanadium
production pipeline.
Anfield recently reached an agreement to acquire an additional 12 DoE leases in Colorado to complement
the 9 leases acquired via the Company’s acquisition of the West Slope properties from Cotter Corporation
in 2018. Anfield now holds 21 of the 31 DoE leases in Colorado, underscoring the Company’s commitment
to the pursuit of uranium and vanadium production in this State. The assets are considered as part of
Anfield’s production pipeline, providing additional flexibility in terms of economies of scale and the
opportunity to initially focus on the most prospective leases within the DoE lease portfolio.
• Updated Preliminary Economic Assessment which will include additional uranium and
vanadium projects already held within Anfield’s asset portfolio.
Anfield expects to issue an updated Preliminary Economic Assessment (PEA) for Shootaring, Velvet Wood
and Slick Rock, given the improvement in the uranium price since the publication of the initial PEA. In
addition, an updated PEA will likely include additional uranium and vanadium assets from within Anfield’s
portfolio, potentially including both the recent transaction by which Anfield acquired 12 Department of
Energy (DoE) leases in Colorado and the West Slope project. This PEA is important to Anfield’s hub-and-
spoke strategy as we expect i t to underscore the significant inherent value and attractiveness of the
Company’s uranium and vanadium production assets under an expanded production scenario.
• Acquisition of additional uranium and vanadium assets.
The Company continues to seek out additional uranium and vanadium projects to buttress both its
primary hub -and-spoke production pipeline and secondary resource s in order to create a long -term
production portfolio underpinned by the Shootaring Canyon mill.
• Increasing world demand for nuclear energy and uranium supplies.
The macro view of the nuclear and uranium markets is strongly positive. With a shift away from Russia,
the value of European and North American uranium conversion and enrichment has increased significantly
as these continents look to not only pivot from Russian-sourced fossil fuels but to also embrace nuclear
power. In fact, legislation introduced in U.S. Congress seeks to prohibit the import of enriched uranium
from Russia, accelerating the need for increased Western capacity. Moreover, t he challenges related to
Kazakhstan’s uranium supply chain have already disrupted product flow to the West. As a result, China
has taken the opportunity to seek closer ties to Kazakhstan as it continues to build out its extensive nuclear
reactor fleet, negatively affecting uranium supplies available to the U.S. and other Western countries.
At the same time, product flow from the West to the East is increasing. Cameco signed a contract to sell
uranium to China Nuclear International Corporation for first loads in new reactors and for supplying
existing reactors. In addition, Cameco has signed a long- term contract with Ukraine’s Energoatom to
supply it with uranium hexafluoride (consisting of uranium and conversion services) through 2035. Finally,
Cameco’s acquisition of 49% of the nuclear giant Westinghouse, to become a worldwide full- service
nuclear business, has presented further prospects for a stronger market.
In the U.S., the National Nuclear Security Administration’s Uranium Reserve awarded five contracts for
near-term supply of uranium and the Sprott Physical Uranium Trust purchase d millions of pounds of
uranium on the spot market, further removing supply from the market. Moreover, the US government’s
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 U.S. uranium production fell to essentially zero in the fourth quarter of 2023.
Significantly, Japan has begun to restart its nuclear reactors, extend the life of others and commission
additional ones , underscoring Japan’s 180 -degree turn regarding nuclear. This decision reflects the
worldwide recognition of the need for new reactors to meet population increases, economic growth,
electrical intensification and the critical task of meeting carbon emission targets. The requirement for
increased baseload supply is sizeable. In fact, Ontario’s Independent System Operator (IESO) projects that
electricity demand in Ontario could more than double in the next 26 years. Th e worldwide requirement
for major new baseload supply is being met with plans in many countries for both large -scale (1GW)
reactors and Small Mo dular Reactors (SMRs). The World Nuclear Association currently in January 2024
records that there are 61 reactors under construction world-wide and another 113 reactors planned. In
short, it is a story of supply and demand; demand is rapidly growing, while supply is shrinking.
Qualified Persons
Douglas L. Beahm, P.E., P.G., 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.
About Anfield
Anfield is a uranium and vanadium development and near-term production 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 TSX Venture Exchange (AEC-V),
the OTCQB Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield is focused on its
conventional asset centre, as summarized below:
Arizona/Utah/Colorado – Shootaring Canyon Mill
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 three licensed uranium mills in the United States.
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. A combined NI 43-101 PEA has been completed for the
Velvet-Wood Project and the Slick Rock Project . The PEA is preliminary in nature, and includes inferred
mineral resources that are considered too speculative geologically to have economic considerations
applied to them that would enable them to be categorized as mineral reserves, and there is no certain ty
that the preliminary economic assessment would be realized. All conventional uranium assets are situated
within a 200-mile radius of the Shootaring Mill.
See table and footnote below for additions.
Technical Disclosure
Table 1. Anfield’s existing conventional uranium-vanadium project portfolio resources.
Project Location Classification Tons (kt)
Uranium
Grade
(% U3O8)
Contained
Uranium
(Mlbs U3O8)
Vanadium
Grade
(% V2O5)
Contained
Vanadium
(Mlbs V2O5)
Velvet-Wood Utah M & I 811 0.29% 4.6 - -
Inferred 87 0.32% 0.6 0.404% 7.3
West Slope Colorado Indicated 1,367 0.197% 5.4 - -
Inferred 1,367 - - 0.984% 26.9
Historic* 630 0.31% 3.9 1.59% 20.0
Slick Rock Colorado Inferred 1,760 0.224% 7.9 1.35% 47.1
Frank M Utah Historic* 1,137 0.101% 2.3 - -
Findlay Tank Arizona Historic* 211 0.226% 1.0 - -
Date
Creek/Artillery
Peak
Arizona Historic* 2,602 0.054% 2.8
Marquez-Juan
Tafoya New Mexico Historic* 7,100 0.127% 18.1
* The Company’s Qualified Person has not done sufficient work to classify these historic estimates as current mineral resources and Anfield is not
treating such historical resources as current mineral resources.
Velvet-Wood: The PEA for Velvet-Wood/Slick Rock was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS Inc., Harold H. Hutson,
P.E., P.G., Carl D. Warren, P.E., P.G., and Terence P. (Terry) McNulty, P.E., D. Sc., of T.P. McNulty and Associates Inc. (May 6, 20 23). Mineral
resources are not mineral reserves and do not have demonstrated economic viability in accordance with CIM standards. GT cut-off varies by
locality from 0.25%-0.50%.
West Slope: NI 43 -101 resource estimate for the JD -6, JD-7, JD-8 and JD- 9 properties, completed by BRS Inc. (effective March 2022); Historic
resource estimate for the SR -11, SR-13A, SM-18 N, SM-18 S, LP-21 and CM-25 properties, completed by Behre Dolbear for Cotter Corporation
(August 2007). Indicated and Inferred resources using GT cut-off of 0.1 ft% eU3O8; historic resources using cut-off of 0.05% U3O8.
Slick Rock: The PEA for Velvet-Wood/Slick Rock was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS Inc., Harold H. Hutson,
P.E., P.G., Carl D. Warren, P.E., P.G., and Terence P. (Terry) McNulty, P.E., D. Sc., of T.P. McNulty and Associates Inc. (May 6, 20 23). Mineral
resources are not mineral reserves and do not have demonstrated economic viability in accordance with CIM standards. GT cut-off varies by
locality from 0.25%-0.50%.
Frank M: Historic Technical Report for Frank M, prepared for Uranium One Americas, was authored by Douglas L. Beahm, P.E., P.G. Principal
Engineer of BRS Inc., and Andrew C. Anderson, P.E., P.G. Senior Engineer/Geologist of BRS Inc., dated June 10, 2008. Frank M hi storic resource
used a GT cut-off of 0.25%.
Findlay Tank: Historic Technical Report for Findlay Tank, prepared for Uranium One Americas, was authored by Douglas L. Beahm, P.E., P.G.
Principal Engineer of BRS Inc., dated October 2, 2008. Findlay Tank historic resource used a grade cut-off of 0.05% eU3O8.
Artillery Peak: Artillery Peak Exploration Project, Mohave County, Arizona, 43-101 Technical Report, authored by Dr. Karen Wenrich, October 12,
2010. GT cut-off varies by locality from 0.01%-0.05%.
Marquez-Juan Tafoya: The Historical Technical Report, Preliminary Economic Assessment, for Marquez-Juan Tafoya, prepared for Uranium Energy
Corporation, was authored by Douglas L. Beahm, P.E., P.G., Principal Engineer of BRS Inc., and Terence P. McNulty, P .E., PhD, McNulty &
Associates, dated June 9, 2021. The mineral resources are reported at a 0.60 GT cut-off.
On behalf of the Board of Directors
ANFIELD ENERGY INC.
Corey Dias, Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Anfield Energy, Inc.
Clive Mostert
Corporate Communications
780-920-5044
www.anfieldenergy.com
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