VANCOUVER, British Columbia, Jan. 26, 2022 – Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “the Company”) is pleased to provide a corporate update with regard to its operations.
Despite the continuing challenges created by COVID-19, Anfield remains committed to achieving its goal of uranium production with its solid asset portfolio providing a clear and compelling path forward.
During 2021, Anfield has advanced its plans to improve its market position, as outlined below:
• Raised approximately $4.8 million in equity and received $7.5 million through warrant exercises
Anfield raised approximately $4.8 million in equity in 2021 and received approximately $7.5 million through warrant exercises. Not only has this allowed Anfield to complete additional work associated with its Charlie project, it has also allowed the Company to replace the US$2.4 million of surety bonds for its West Slope properties and fund the required increase to its US$11.3 million reclamation bond for the Shootaring mill. Anfield closed the year with $4.9 million on its balance sheet.
• Engaged BRS Engineering to assess Anfield’s Taylor Ranch ISR project in Wyoming
Anfield engaged BRS Engineering to assess the potential of the Company’s Taylor Ranch project. Under consideration by BRS are plans to delineate a resource and determine economics from historical work done on the property by previous owners, along with the potential of resource confirmation and expansion through a drill program.
Corey Dias, Anfield’s CEO commented: “2021 began as a challenging year in the uranium sector; however, as the year progressed there was positive movement in the commodity price and overall sentiment. Further, nuclear energy is being increasingly seen as essential to providing baseload electricity and providing a critical part of the clean energy mix in both North America and Europe. New generation small modular reactors (SMRs) with shorter lead times and lower capital requirements are reducing investment constraints. Moreover, the entry into the market by the Sprott Physical Uranium Trust – following ongoing spot market purchases by both large uranium-producing incumbents, Cameco and Kazatomprom – brought a new dimension to the strategic importance of the uranium spot market and highlighted the potential vulnerability of spot market dependence by utilities. Finally, the recent unrest in Kazakhstan and heightened tension between Russia and the West serve as a reminder of the importance of stable mining jurisdictions and assured uranium supplies. Given favorable trends in both the uranium market and the nuclear sector and given increasing focus on supply stability, we are confident of a continued upswing in uranium prices.
We believe that recent market events provide Anfield with an opportunity to further position itself as a strategic player in the U.S. uranium market. Anfield’s asset portfolio, consisting of both near-term and longer-term opportunities, underscores its significant unrealized value. This portfolio includes, among other assets, the outstanding Charlie ISR project and the conventional uranium asset portfolio underpinned by the Shootaring mill. We feel we are well positioned to thrive in the upcoming uranium bull market.”
Anfield is a uranium and vanadium development and near-term production company that is committed to becoming a top-tier U.S. 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 two asset centers, as summarized below:
Wyoming – Irigaray ISR Processing Plant (Resin Capture and Processing Agreement)
Anfield has signed a Resin Capture and 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 three projects in Wyoming for which NI 43-101 resource reports have been completed are Red Rim, Nine Mile Lake and Clarkson Hill.
The Charlie Project, Anfield’s flagship ISR uranium project, 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. A NI 43-101 Preliminary Economic Assessment has been completed for the Charlie Project.
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, permitted and constructed 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 Frank M Uranium Project, the West Slope Project as well as the Findlay Tank breccia pipe. A NI 43-101 Preliminary Economic Assessment 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.
On behalf of the Board of Directors
ANFIELD ENERGY INC.
Corey Dias, Chief Executive Officer
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Anfield Energy, Inc.
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