Anfield cheers designation of U as critical mineral

Executive Summary

• Anfield Energy Inc. welcomes the U.S. Geological Survey's (USGS) finalization of the 2025 List of Critical Minerals, which reinstates uranium as a critical mineral, aligning with Executive Order 14154 to support national security and energy independence.
• The company held a groundbreaking ceremony for its Velvet-Wood uranium-vanadium mine in San Juan County, Utah, on November 6, 2025, marking the official launch of construction activities including mine reopening, dewatering, and development.
• The critical mineral designation unlocks federal incentives, accelerated permitting, and access to funding under the Energy Act of 2020, Bipartisan Infrastructure Law, and Inflation Reduction Act, potentially enabling first production at Velvet-Wood in 2026.

Key Details

• Regulatory Designation: The USGS reinstated uranium as a critical mineral in the 2025 List, expanding the list from 50 to 60 minerals. This decision supports commercial nuclear reactors, U.S. Navy submarines, and defense applications.
• Supply Chain Context: The U.S. imports over 95% of its uranium, much of it from foreign adversaries; the designation aims to address this supply chain vulnerability.
• Velvet-Wood Mine Milestone:
  • Location: San Juan County, Utah.
  • Event: Groundbreaking ceremony held on November 6, 2025.
  • Activities: Official launch of construction, mine reopening, dewatering, and development.
  • Permitting: Follows expedited federal and state approvals and Utah's final construction permit approval.
  • Production Timeline: Sets the stage for potential first production in 2026, potentially ahead of schedule.
• Strategic Advantages of Designation:
  • Accelerated Permitting: Prioritizes uranium projects for reduced regulatory timelines, facilitating restarts at nearby assets like Slick Rock and the JD-8 mine in Colorado.
  • Federal Funding: Eligibility for billions in grants, loans, and tax credits through programs such as the Defense Production Act and Industrial Base Analysis and Sustainment Program.
  • Economic Competitiveness: Tax incentives for domestic processing and potential Section 232 tariffs on imports.
  • Hub and Spoke Model: Leverages the Shootaring Canyon mill (one of only three conventional uranium mills in the U.S.) to process materials from multiple nearby mines.
• Asset Portfolio: Anfield holds more than 20 uranium assets across the Western United States, including assets in Utah and Colorado.
• Risk Disclosure: The decision to advance Velvet-Wood development is not based on a feasibility study of mineral reserves demonstrating economic and technical viability, introducing additional uncertainty and risk regarding economics and viability.

Notable Quotes

• Corey Dias, CEO: "This is a transformative moment for both American energy security and Anfield... We've now broken ground at our Velvet-Wood mine, and this policy shift will supercharge our path to near-term production, delivering clean, reliable nuclear fuel to the grid while reducing reliance on overseas suppliers."
• Jeff Duncan, Director: "Designating uranium as a critical mineral is a national security imperative -- it powers our reactors, strengthens our defence and creates high-paying American jobs. Anfield is at the forefront of this effort, and, with federal support now aligned behind domestic production, we're poised to bring critical assets on line faster than ever."