Anfield Advances Velvet-Wood Toward Active Dewatering with Utah Concept Approval and Outfall Reactivation Request

Anfield Energy Inc. (AEC) announced two milestones for its Velvet-Wood project: Concept Approval from the Utah Division of Water Quality for the water treatment plan, and a formal request to reactivate Outfall under the active UPDES Permit.

Subject to final Division approval and permit compliance, Anfield is targeting treated-water discharge in the second week of November, citing November 7 as the possible start. Once discharge begins, the company expects the remaining decline to dewater within about the first month of active pumping, with roughly two to three months required to dewater the existing underground workings.

The release follows the August 27 announcement of the first underground blast at Velvet-Wood in nearly 40 years and rehabilitation of the first 700 feet of the decline. Construction of the water treatment plant and installation of the dewatering pump have continued in parallel.

Strategic framing is unchanged: Velvet-Wood last produced in 1984, and dewatering is central to Anfield’s hub-and-spoke strategy centered on the Shootaring Canyon Mill.

Anfield Energy Inc. (AEC) provided an incremental operational and regulatory update regarding the Velvet-Wood project, firming up the previously disclosed restart timetable. The company’s August 27 release had already indicated that the water treatment plant and dewatering pump were nearly complete, with testing and sampling expected within weeks, followed by a 60-day reporting period before dewatering begins.

No new production, revenue, resource estimate, reserve estimate, financing, or project economics were disclosed in the update. The start of dewatering remains subject to final Division approval and confirmation that treated water meets permit limits, meaning execution risk persists.

The update does not constitute a material economic or production event. It does not trigger a takeover, a first-time strategic investment, a material change to market capitalization, or an unexpected project economic upgrade.

Prior-period financial context, not disclosed in today’s release, shows that Q2 2026 financials reported a H1 2026 net loss of C$16.0M and an operating cash outflow of C$8.97M. As of June 30, 2026, the company held cash of C$1.8M against total debt of C$16.67M.

Anfield Energy Inc. (AEC) is a U.S.-focused uranium and vanadium development and near-term production company. Its flagship asset is the Shootaring Canyon Mill in Utah, one of only three licensed, permitted, and constructed conventional uranium mills in the United States. The facility is currently licensed for 750 tons per day and 1 million pounds U3O8 annual capacity, with plans to seek 1,000 tons per day and 3 million pounds per year.

Under a hub-and-spoke strategy, Shootaring would process feed from the Velvet-Wood, Slick Rock, JD/West Slope mines, DOE leases, and other assets. Velvet-Wood is a past-producing mine that last produced in 1984. Disclosed historical production was about 4 million pounds U3O8 and 5 million pounds V2O5.

The June 2026 updated PEA, as provided in news releases, shows company-claimed pretax IRR of 106%, pretax NPV of US$606M, post-tax IRR of 97%, post-tax NPV of US$533M, base-case uranium price US$100/lb, vanadium price US$9/lb, and about US$97M preproduction capex over 12 months.

Management per the October 2025 investor presentation includes CEO Corey Dias, COO Doug Beahm, Chairman Ken Mushinski, and CFO Laara Shaffer; directors include Ross McElroy, Jeff Duncan, and others.

Regarding royalty disclosure, the July 2026 Gold Eagle lease for two Colorado patented claims is perpetual and royalty-free, with Anfield responsible for annual property taxes on one claim and insurance obligations. Royalty exposure on other properties is not detailed in the provided materials.