U.S. Department of the Interior Greenlights Anfield’s Velvet-Wood Uranium-Vanadium Mine
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U.S. Department of the Interior Greenlights Anfield’s Velvet-Wood Uranium-Vanadium
Mine
• In a first step towards implementing the Trump Administration’s stated policy to reinvigorate the
U.S. nuclear industrial base, the Velvet-Wood mine becomes the first uranium project to be
approved by the U.S. government under President Trump’s emergency declaration to restore
American energy independence
• The Department of the Interior completed environmental permitting within 14 days, marking a
decisive shift in federal support for domestic nuclear fuel supply
• Anfield’s integrated hub-and-spoke production strategy, underpinned by its Shootaring Canyon
uranium mill, positions the Company as a near-term contributor to U.S. energy security
VANCOUVER, British Columbia, May 27, 2025 – Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF;
FRANKFURT: 0AD) ("Anfield" or "the Company") is pleased to announce that the U.S. Department of the
Interior (“DOI”) has approved the Company’s Velvet-Wood uranium project in San Juan County, Utah.
Velvet-Wood was previously selected as part of the federal government’s national response to the energy
emergency declared by President Donald J. Trump.
Velvet-Wood was the first uranium project to be prioritized under newly established emergency procedures
that accelerate the environmental review process for critical energy infrastructure. The Bureau of Land
Management (“BLM”) completed its review of the project in less than 14 days.
In announcing the Velvet-Wood approval, U.S. Secretary of the Interior Doug Burgum stated:
“This approval marks a turning point in how we secure America’s mineral future. By streamlining the review
process for critical mineral projects like Velvet -Wood, we’re reducing dependence on foreign adversaries
and ens uring our military, medical and energy sectors have the resources they need to thrive. This is
mineral security in action.”
On the same day that the DoI announced the Velvet-Wod mine approval, President Trump signed a number
of nuclear energy -related Executive Orders outlining policies that will reinvigorate the nuclear industrial
base, including “Reinvigorating the Nuclear Fu el Cycle”, “Accelerating New Nuclear Energy Production”,
“Expanding the American Nuclear Workforce”, “Strengthening the Domestic Nuclear Fuel Supply Chain”
and “Unleashing American Energy”.
Corey Dias, CEO of Anfield Energy, commented:
“We are very pleased that the Department of the Interior has greenlit our Velvet-Wood project in an
expedited manner . This confirms our view that Velvet -Wood was well -suited for an accelerated review,
given that it is a past-producing uranium and vanadium mine with a small environmental footprint. The
Company will now pivot to advancing the project through construction and, ultimately, to production.
“As a reminder, the combined 2023 Preliminary Economic Assessment (PEA) for Slick Rock and Velvet -
Wood demonstrated a pre- tax NPV8% of US$238M and IRR of 40% assuming U3O8 and V2O5 prices of
US$70/lb and US$12/lb, respectively.
The Company’s meetings this past week in Washington, D.C., with the National Energy Dominance Council,
the Nuclear Regulatory Commission, the Department of Energy, the Department of the Interior and the
Ex/Im Bank, alongside the recent nuclear energy-related Executive Orders released by the Administration,
confirms our view that the path to sustained U.S. nuclear growth is being rapidly established. Moreover, it
is clear that Anfield’s portfolio of uranium assets is well positioned to contribute to the fuel cycle at what we
would consider the forefront of an American uranium renaissance.”
With all of its uranium assets located in the United States , including the Shootaring Canyon mill - one of
only three licensed, permitted and constructed conventional uranium mills in the country - Anfield is
strategically positioned to help meet America’s growing nuclear fuel needs. The U.S. consumes nearly 50
million pounds of uranium annually, yet produces less than 1% of that total domestically.
The Company continues to pursue a NASDAQ listing as it advances its U.S. production strategy.
About the Velvet-Wood Mine
Anfield acquired the Velvet -Wood mine from Uranium One in 2015. 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 million pounds of U3O8 and 5 million pounds of V2O5.
The current mineral resources (PEA) of the combined Velvet and Wood historical mines have been
estimated to comprise 4.6 million pounds of eU3O8, at a grade of 0.29% eU3O8 (measured and
indicated resource), and 552,000 pounds of eU3O8, at a grade of 0.32% U3O8 (inferred resource) with
a vanadium-to-uranium ratio of 1.4 to 1.
In May 2024, the Company submitted its Plan of Operation for its Velvet-Wood mine to the State of Utah
and BLM. This step is being undertaken as the Company advances Velvet -Wood to production- ready
status concurrently with the Shootaring Canyon mill. This Plan of Operation includes specific operating
actions and controls, reclamation actions, an estimate of reclamation surety based on third party costs
and technical bases for how the actions meet the regulatory requirements of the State of Utah and the
BLM. Past production at the mine includes four million pounds of uranium and five million pounds of
vanadium.
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).
The Shootaring Canyon Mill in Utah is strategically located within one of the historically most prolific uranium
production areas in the United States, and is one of only three licensed conventional 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 certainty 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 resourc es 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 ,
2023). Mineral resources are not mineral reserves and do not have demonstrated economic viability in accordance with CIM standard s.
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% eU 3O8; 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 ,
2023). Mineral resources are not mineral reserves and do not have demonstrated economic viability in accordance with CIM standard s.
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
historic 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.
Qualified Person
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.
Results of the PEA represent forward- looking information. This economic assessment 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 preliminary economic assessment will be realized. Mineral
resources are not mineral reserves as they do not have demonstrated economic viability. For further
information, readers are encouraged to review the PEA which is available on the corporate website for
the Company (www.anfieldenergy.com) and under the SEDAR+ profile for the Company
(www.sedarplus.ca).
On behalf of the Board of Directors
ANFIELD ENERGY INC.
Corey Dias, Chief Executive Officer
Contact:
Anfield Energy Inc.
Corey Dias, Chief Executive Officer
Corporate Communications
604-699-5762
www.anfieldenergy.com
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