Anfield Energy summarizes 2025 work

Executive Summary

• Anfield Energy Inc. reported transformative 2025 milestones, securing critical federal and state regulatory approvals, advancing mine development, and acquiring an engineering firm to solidify its position as a near-term U.S. uranium producer.
• The company successfully uplisted to the Nasdaq Capital Market, expanded its board and executive leadership, and completed a groundbreaking for the Velvet-Wood mine, targeting initial production in 2026.
• Looking ahead to 2026, Anfield outlined aggressive production goals including initial uranium and vanadium output at Velvet-Wood, a JD-8 mine restart, and a full capacity restart of the Shootaring Canyon mill, targeting up to 3 million pounds of uranium annually.

Key Details

• Nasdaq Listing: Successfully uplisted to the Nasdaq Capital Market under the symbol AEC in September 2025.
• Board & Management Additions: Appointed former U.S. Representative Jeff Duncan and former Fission Uranium CEO Ross McElroy to the board; appointed Luba Niemann as Chief Financial Officer (April, September, and December 2025).
• Velvet-Wood Mine Regulatory & Construction Milestones: Secured expedited federal environmental approval from the U.S. Department of the Interior in May 2025; received full construction approval from Utah regulators in October 2025; held a groundbreaking ceremony on November 6, 2025, initiating mine reopening, dewatering, and development activities.
• Portfolio Advancement & Drilling: Completed a confirmation drill program at the JD-7 mine (October to December 2025); submitted permitting applications to restart the JD-8 mine in Colorado, targeting operations in the second half of 2026.
• Hub & Spoke Strategy: Operations are centered around the licensed Shootaring Canyon uranium mill, one of only three conventional mills in the United States.
• Equipment Procurement: Completed the first major purchase of specialized underground mining equipment in November 2025, including eight custom-built haul trucks from a Utah-based manufacturer.
• M&A / Acquisition: Signed a definitive agreement in December 2025 to acquire BRS Inc., an engineering consulting firm with a long-standing relationship, to accelerate mine and mill advancement and create new revenue opportunities. (Specific financial consideration not disclosed).
• 2026 Production & Development Targets:
• Commence initial uranium and vanadium production at the Velvet-Wood mine with delivery to the Shootaring Canyon mill.
• Achieve operational restart at the JD-8 mine in Colorado.
• Secure final radioactive materials license amendment and commence refurbishment of the Shootaring Canyon mill, targeting a full production restart with expanded capacity of up to 3 million pounds of uranium per year.
• Advance permitting and development at additional mines, including Slick Rock.
• Ramp up overall mine production toward a significant contribution to U.S. domestic supply, supported by long-term offtake discussions and critical mineral incentives.
• Risk Disclosure: Development decisions for JD-8 and Velvet-Wood are not based on feasibility studies of mineral reserves, introducing additional uncertainty regarding the economics and technical viability of the projects.
• Industry & Macro Context: Progress aligns with U.S. nuclear industry expansion driven by executive orders expediting permitting, the U.S. government's designation of uranium as a critical mineral, investments in small modular reactors (SMRs), and surging energy demand from AI data centers and electrification.

Notable Quotes

• Corey Dias, Chief Executive Officer: "Two thousand twenty-five was a pivotal year for Anfield, with regulatory green lights, infrastructure investments and operational milestones bringing us closer than ever to restarting U.S. uranium production. Our assets in Utah and Colorado are ideally positioned to feed the Shootaring Canyon mill in the relative near term, delivering reliable, American-sourced fuel for the nation's clean energy needs."