Anfield Energy orders eight underground haul trucks

Executive Summary

• Anfield Energy Inc. has completed the purchase of eight custom-built underground haul trucks from Young's Machine Company, marking a significant milestone in its ramp-up toward near-term production at the Velvet-Wood uranium-vanadium mine.
• The acquisition aligns with recent regulatory approvals and the company's "hub and spoke" production model, aiming to restart the Shootaring Canyon mill and scale production up to three million pounds of uranium annually.
• Deliveries are scheduled to begin in the second quarter of 2026, supporting the company's strategy to leverage historical materials from 1970s-1980s operations and contribute to U.S. energy independence.

Key Details

• Equipment Acquisition: Order placed for eight custom-built underground haul trucks from Young's Machine Company (Monticello, Utah).
• Equipment Specifications: Units are from Young's 960 Series dump trucks, designed for underground mining, featuring durability, low overhead costs, and compatibility with uranium-vanadium material handling.
• Strategic Rationale: Deployment of a standardized fleet reduces maintenance complexity, optimizes spare parts logistics, lowers operational costs, and enables rapid scalability for additional "spoke" sites.
• Delivery Timeline: Slated to begin delivery in the second quarter of 2026.
• Project Context: The purchase supports the Velvet-Wood mine in southeastern Utah, which targets historical materials from past operations that produced ~4 million lbs of U3O8 and ~5 million lbs of V2O5.
• Regulatory Status: Development accelerated by U.S. Department of the Interior expedited permitting (May 2025) and Utah regulatory approvals (October 2025).
• Production Goals: Anfield aims to restart the Shootaring Canyon mill and scale production up to 3 million pounds of uranium annually.
• Recent Operational Activities: Includes a completed confirmation drill program at the JD-7 mine (Oct. 21, 2025) and upcoming underground drilling at other Paradox mine complex sites.
• Financial Context: The procurement follows a $26.5-million financing raise (January 2025) and U.S. loan extensions (March 2025).
• Risk Disclosure: The decision to advance Velvet-Wood is not based on a feasibility study of mineral reserves, introducing uncertainty regarding economic and technical viability.

Notable Quotes

• Corey Dias, CEO, Anfield Energy: "Securing our first fleet of underground trucks from Young's Machine is a pivotal step in executing our near-term production strategy at Velvet-Wood. Partnering with a proven, Utah-based manufacturer like Young's ensures we deploy rugged, fit-for-purpose equipment built for the unique demands of our high-grade uranium-vanadium material. This order not only derisks our restart timeline but also strengthens local economic ties as we advance American energy independence through domestic nuclear fuel production."
• Steve Young, Young's Machine Company: "We're thrilled to partner with Anfield on this landmark order -- it's a testament to the trust they've placed in our custom 960 Series trucks. Working with a forward-thinking team like Anfield's, right here in our backyard, reinforces our commitment to powering Utah's uranium revival with reliable, American-made equipment that stands up to the toughest underground conditions."