Anfield Issues a Letter to Shareholders Outlining Its Plans FOR 2019 and Its View ON the Uranium Market
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4390 Grange Street, Suite 2005
Burnaby, B.C. V5H 1P6
www.anfieldenergy.com
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TSX.V: AEC
OTCQB: ANLDF
FRANKFURT: 0AD
ANFIELD ISSUES A LETTER TO SHAREHOLDERS OUTLINING ITS PLANS
FOR 2019 AND ITS VIEW ON THE URANIUM MARKET
VANCOUVER, BRITISH COLUMBIA – MARKETWIRED – MARCH 4, 2019 – Anfield Energy Inc. (TSX-V: AEC,
OTCQB: ANLDF, FRANKFURT: 0AD) (“Anfield” or the “Company”) is pleased to provide the following
letter to its shareholders from Company CEO, Corey Dias.
Dear shareholders,
2018 was quite a year for Anfield Energy and the uranium space in general. Continued closures of
producing uranium mines, combined with the investigation currently in the hands of the U.S.
Department of Commerce related to the overdependence of U.S.-based utilities on foreign uranium
supply as a matter of national security, leaves the uranium sector teetering on the edge of something
potentially significant.
Global trends are positive for uranium
In 2019, global trends with regard to nuclear power are positive, with China pushing to increase its
capacity in the near term. Challenges remain, however: the low uranium spot and term prices do not
incentivize current or future uranium production – as shown via the shuttering of mines by a number of
uranium producers worldwide – while the continued reluctance of US utilities to enter the long-term
uranium market means that there seems to be no near-term path to an increase in pricing.
Nevertheless, it is important to note that there remains a shortfall of uranium in the global market
today. Primary supply cannot meet current demand, and secondary supply continues to dwindle. Utility
contracts are not being renewed, which has left uncovered demand of greater than 75%. It is clear that
the current market position is not sustainable.
Department of Commerce investigation into overdependence on foreign uranium supply
The U.S. Department of Commerce initiated an investigation into the dependence of U.S.-based utilities
on foreign uranium supply as a matter of national security. Given that the U.S. is the largest consumer of
uranium worldwide, and yet its domestic uranium producers account for less than 1% of the volume, the
disconnect is stark. The potential of a quota could lead to a significant portion of U.S. uranium demand
being supplied by domestic producers which could result in a market in which a premium is placed on
U.S. uranium production. A final decision is expected in mid-2019.
Anfield positions itself for the expected market turnaround
Despite these concerns, Anfield has been actively seeking assets which would improve its position in a
strengthening uranium market. Since its initial acquisition of the Shootaring Canyon mill from Uranium
One in 2015, Anfield has continued to acquire assets to create a portfolio which would potentially allow
it to prosper through both conventional and ISR-based uranium production. In 2016, Anfield acquired 24
uranium projects from Uranium One, and signed a resin processing agreement to facilitate production
through Uranium One’s Irigaray facility, its existing ISR processing plant; in 2018, Anfield acquired the
Charlie project, an advanced ISR project in Wyoming, and the conventional Colorado-based West Slope
project, consisting of nine uranium/vanadium properties, from Cotter Corporation, a subsidiary of
General Atomics. The Charlie Project is slated to be the Company’s initial ISR target, while the West
Slope Project complements, and potentially extends the life of, Anfield’s Shootaring Canyon mill.
Where do we go from here?
Anfield continues to execute on its strategy to create two asset hubs – one ISR-based, the other
conventional – in order to be well-placed in an improving uranium market. Moreover, its access to
production capacity in both Wyoming and Utah places it within a very small subset of US-based uranium
developers and producers. This is critical as US utilities are highly likely to offer long-term purchase
contracts to only those parties who have near-term access to production capacity. To this end, Anfield
will look to advance Charlie in 2019 while creating a pipeline of ISR projects in Wyoming to serve as
follow-on targets.
Shareholders, we appreciate your continued support and encouragement as we navigate the uranium
market. While the past few years have been challenging, we at Anfield believe that the wind is now at
our back. We will provide further updates as to our plans and milestones as the year progresses. Please
feel free to reach out to us at info@anfieldenergy should you have any questions or comments.
Best regards,
Corey Dias, CEO
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 sustain able, 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 two
project centres, as summarized below:
Wyoming – Irigaray ISR Processing Plant (Resin Processing Agreement)
Anfield has also signed a Resin Processing Agreement with Uranium One whereby Anfield would process
up to 500,000 pounds per annum of its mined material at Uranium One’s Irigaray processing plant in
Wyoming. In addition, the Company can both buy and borrow uranium from Uranium One in order to
fulfill some or all of its sales contracts.
Anfield’s 24 ISR mining projects are located in the Black Hills, Powder River Basin, Great Divide Basin,
Laramie Basin, Shirley Basin and Wind River Basin areas in Wyoming. Anfield’s two projects in Wyoming
for which NI 43-101 resource reports have been completed are Red Rim and Clarkson Hill.
The Charlie Project, the asset which was the core component of a recently-announced transaction
between Anfield and Cotter Corporation, is located in the Pumpkin Buttes Uranium District in Johnson
County, Wyoming. The Charlie Project consists of a 720-acre Wyoming State uranium lease which has
been in development since 1969. An NI 43-101 resource estimate for the Charlie Project has been
completed.
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
and Arizona, targeting areas where past uranium mining or prospecting occurred. Anfield’s conventional
uranium assets include the Velvet -Wood Project, the Frank M Uranium Project, the West Slope Project
as well as the Findlay Tank breccia pipe. An NI 43-101 Preliminary Economic Assessment (PEA) has been
completed for the Velvet-Wood 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 i s no certainty that the
preliminary economic assessment would be realized. All conventional uranium assets are situated
within a 200-mile radius of the Shootaring Mill.
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