Approval Granted: Anfield Receives Official Greenlight from Utah Regulators for Velvet-Wood Mine Construction

Executive Summary

• Anfield Energy received both federal (DOI) and Utah State (DOGM) approvals to advance the Velvet‑Wood uranium project to construction, enabling mobilization and groundbreaking within 30 days.
• The approval clears a key regulatory hurdle for the mine‑to‑mill strategy that includes the Shootaring Canyon mill, positioning Anfield as a near‑term U.S. uranium producer.
• Company will post an increased reclamation bond with the BLM and proceeds with planned milestones: portal reopening, dewatering, surface facility construction, underground inspections, and new incline build‑out.

Key Details

• Regulatory Approvals: Federal environmental permit (DOI) already in place; Utah Department of Oil, Gas and Mining (DOGM) now issued required state approval.
• Construction Timeline: Immediate mobilization; groundbreaking expected within 30 days of the announcement.
• Planned Near‑Term Milestones:
  1. Reopen mine portal
  2. Mine dewatering operations
  3. Construct surface facilities
  4. Conduct underground inspection and pre‑construction assessment
  5. Build a new incline into the mine
• Strategic Context: Velvet‑Wood is a past‑producing uranium/vanadium mine (≈4 M lbs U₃O₈, 5 M lbs V₂O₅ historically) with a small environmental footprint; its development supports Anfield’s integrated “mine‑to‑mill” plan anchored by the Shootaring Canyon mill—one of only three licensed conventional uranium mills in the U.S.
• Resource Estimate (PEA): Measured & indicated resource – 4.6 M lbs eU₃O₈ at 0.29% grade; Inferred resource – 552,000 lbs eU₃O₈ at 0.32% grade; Vanadium‑to‑Uranium ratio ≈1.4:1.
• Reclamation Bond: Anfield will increase its Velvet‑Wood reclamation surety with the Bureau of Land Management as required.
• CEO Comment (Corey Dias): Highlighted the permit as a “critical milestone,” emphasizing accelerated path to construction and production, and noting alignment with U.S. nuclear energy policy and energy security goals.

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

Materiality Assessment: Material – Positive** (the approvals materially advance the project toward production, enhancing future cash flow prospects).