Anfield receives regulatory approval for Velvet-Wood

Executive Summary

• Anfield Energy Inc. received final approval from the Utah Department of Oil, Gas and Mining (DOGM) to move the Velvet‑Wood uranium project into construction.
• The approval follows a prior U.S. Department of the Interior environmental permit and clears a critical path for near‑term production at the past‑producing mine and its associated Shootaring Canyon mill.
• The company highlighted its domestic resource base (≈4.6 M lb eU₃O₈ measured & indicated, 0.29% grade) and plans to post an increased reclamation bond with the BLM.

Key Details

• Regulatory Milestone: DOGM granted the required construction permit for Velvet‑Wood; DOI had already issued the environmental permit.
• CEO Comment: Corey Dias emphasized that the approval removes a major hurdle, positioning Anfield to advance toward production and support U.S. nuclear fuel demand.
• Reclamation Bond: Anfield will increase its Velvet‑Wood reclamation surety with the Bureau of Land Management as required for construction.
• Resource Estimate (PEA):
• Measured & Indicated: 4.6 M lb eU₃O₈ at 0.29% grade.
• Inferred: 552,000 lb eU₃O₈ at 0.32% grade.
• Vanadium‑to‑Uranium ratio of 1.4:1.
• Historical Production: 1979‑1984 Atlas Minerals mined ~400,000 t ore (0.46% U₃O₈, 0.64% V₂O₅), recovering ≈4 M lb U₃O₈ and 5 M lb V₂O₅.
• Strategic Positioning: All uranium assets are U.S.-based; Shootaring Canyon mill is one of only three licensed conventional uranium mills in the country, supporting domestic fuel supply (U.S. consumes ~50 M lb U annually, <1% produced domestically).
• Plan of Operation: Submitted May 2024 to Utah and BLM, detailing operating controls, reclamation actions, and surety estimates; aligns with regulatory requirements for advancing to production‑ready status.

Notable Quotes

“We are very pleased to receive approval from the Utah Department of Oil, Gas and Mining for our Velvet‑Wood project… This reinforces our view that Velvet‑Wood’s status as a past‑producing uranium and vanadium mine with a small environmental footprint is advantageous to the company’s aim to pursue near‑term production.” – Corey Dias, CEO, Anfield Energy Inc.

Materiality Assessment: Material – Positive (the approval materially advances the company's construction timeline and supports its near‑term production objectives).