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Production / Operations Routine +

Anfield Energy Inc. Completes Phase One Surface Construction at Velvet-Wood Project

Anfield Energy Advances Velvet-Wood Construction, But Pre-Revenue Burn Rate Demands Vigilance

By The Northwire Desk — AI Analysis Jun 01, 2026 · 07:00 AEC · 6.93 Anfield Energy Inc.
Executive Summary
  • Anfield Energy Inc. has successfully completed Phase One surface construction at its Velvet-Wood uranium and vanadium project in Utah.
  • The company is transitioning to Phase Two, which focuses on dewatering and rehabilitating existing underground workings alongside constructing an ore pad. This phase is expected to take approximately six months.
  • Initial underground development activities are scheduled to begin within 30 days.
  • The company targets a full return to production by the end of 2026, marking the first production at the site since 1984.
  • Phase Three will involve building permanent surface infrastructure, with concurrent production intended during Phase Three completion.
  • The project was the first uranium mine to advance through expedited permitting under the current U.S. administration, aligning with the company's hub-and-spoke strategy centered on the Shootaring Canyon Mill.
Material Impact
  • The completion of Phase One surface construction is a logical, expected follow-up to the regulatory approvals and groundbreaking ceremonies announced in late 2025.
  • The timeline for Phase Two (six months) and the target for end-of-2026 production are consistent with previous management guidance and the updated Preliminary Economic Assessment (PEA) released in May 2026.
  • The news does not introduce new financial terms, unexpected delays, or breakthrough technological developments. It confirms execution on a previously disclosed construction plan.
  • Given the company's pre-revenue status and ongoing cash burn, operational milestones of this nature are routine execution steps rather than market-moving events. The stock price has already priced in the permitting and construction start.
AEC · Price
Company Overview
  • Anfield Energy Inc. operates a hub-and-spoke uranium and vanadium production strategy in the United States.
  • The flagship hub is the 100% owned Shootaring Canyon Mill in Utah, one of only three licensed conventional uranium mills in the U.S. The mill is undergoing refurbishment and license upgrades to increase capacity from 750 tpd to 1,000 tpd, targeting 3 million lbs U3O8 annually.
  • The primary spoke is the Velvet-Wood Project in Utah, a past-producing underground mine (1979-1984) with measured and indicated resources of 4.6 million lbs eU3O8 at 0.29% grade. Construction is underway, targeting production in 2026.
  • Additional assets include the Slick Rock Project (Colorado), the West Slope/JD Mine Complex (Colorado), and various DOE leases, forming a pipeline of near-term production assets.
Read the original news release →

More from Anfield Energy Inc.

Jul 09, 2026 · 08:17

Anfield expands feedstock via a royalty-free land lease while facing ongoing cash burn and dilution challenges.

M&A / Property Jul 07, 2026 · 08:54

Anfield advances blasting permits for the Velvet-Wood project, targeting production commencement in 2026.

Production / Operations Jun 30, 2026 · 08:17

Utah Legislators to Tour Anfield Energy's Velvet-Wood Critical Minerals Project

Production / Operations Jun 25, 2026 · 08:17

Anfield completes Phase I at Velvet-Wood and updates its PEA, confirming robust economics for its hub-and-spoke uranium-vanadium strategy.

Technical Study Jun 18, 2026 · 07:00

Anfield’s PEA filing marks a process milestone, though cash burn and funding gaps overshadow improved economics without presenting a fresh catalyst.

Technical Study Jun 15, 2026 · 07:27

Anfield secures its first haul truck, maintaining the Velvet-Wood ramp-up schedule alongside ongoing mill construction and permitting developments.

Production / Operations