VANCOUVER, British Columbia, Nov. 17, 2022 – Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “the Company”) is pleased to announce that it has entered into a royalty purchase agreement, dated November 17, 2022, with Uranium Royalty (USA) Corp. (“URC”), a wholly-owned subsidiary of Uranium Royalty Corp., in which Anfield has agreed to sell its uranium royalty portfolio to URC in consideration of a one-time cash payment of US$1,500,000. The portfolio consists of four royalties related to the Energy Queen and Whirlwind projects held by Energy Fuels, Inc., the Dewey Burdock project held by enCore Energy and the San Rafael project held by Western Uranium and Vanadium. The divestiture fits Anfield’s strategy with regard to the primary pursuit of uranium and vanadium production through its wholly-owned conventional mine-and-mill complex.
Corey Dias, Anfield CEO, stated, “We are pleased to have reached an agreement with URC regarding the sale of our royalty portfolio as our focus remains on leveraging our wholly-owned assets to meet our goal of uranium and vanadium production. Anfield continues to advance its assets to near-term production while it seeks further opportunities to increase its longer-term uranium and vanadium asset production pipeline in order to extend the life of its conventional mine-and-mill complex. This non-dilutive cash inflow provides the Company with additional funds to be used to facilitate both parts of our strategy.”
Completion of the transaction with URC remains subject to the approval of the TSX Venture Exchange, and the satisfaction of customary closing conditions. No finders’ fee or commission is payable by the Company in connection with the transaction. Uranium Energy Corp. is an insider of both the Company, and URC, as a holder of more than 10% of the outstanding share capital of both companies. As a result, the Company and URC are considered to be “non-arms’ length parties” under the policies of the TSX Venture Exchange. The transaction is not considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.
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 Frank M Uranium Project, the West Slope Project, as well as the Findlay Tank breccia pipe. A NI 43-101 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 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.
Table 1. Anfield’s existing conventional uranium-vanadium project portfolio resources.
* 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 was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS Inc., Terence P. (Terry) McNulty, P.E., D. Sc., of T.P. McNulty and Associates Inc. (May 31, 2016). 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.
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.
Table 2. Slick Rock historical project resources.
Slick Rock: Historical resource estimate prepared by BRS Engineering, Inc. (effective April 2014). GT cut-offs range from 0.25%-0.50%
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.
Anfield Energy, Inc.
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