VANCOUVER, British Columbia, June 18, 2026 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (NASDAQ: AEC; TSX.V: AEC; FRANKFURT: 0AD) ("Anfield" or the "Company"), following its May 4(th) news release, is pleased to report that is has filed its combined preliminary economic assessment ("PEA") titled, "The Shootaring Canyon Mill and Tributary Mines, Utah and Colorado, USA, Preliminary Economic Assessment" on SEDAR+. The PEA incorporates its Utah-based Velvet-Wood uranium and vanadium project ("Velvet-Wood"), its Colorado-based Slick Rock uranium and vanadium project ("Slick Rock") and six of the nine mines which comprise the West Slope complex ("West Slope Mines"). These eight projects, being Velvet-Wood, Slick Rock and the West Slope Mines, are located proximal to one another within the prolific Uravan Mineral Belt, and within close distance of the Company's Shootaring Canyon Mill ("Shootaring") which will act as a centralized mineral processing facility in the PEA. The PEA was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
Highlights include:
-- The updated PEA indicates a pre-tax project internal rate of return
("IRR") of 106% and a net present value ("NPV") of US$606 million (with a
post-tax IRR of 97% and NPV of $533 million), based on a discount rate of
8% and a uranium price of US$100 per pound, along with a vanadium price
of US$9 per pound, with an expected mine and mill capex payback period of
1.3 years.
-- Average annual production of approximately 1.3 million pounds of uranium
(U3O8) and 6.4 million pounds of vanadium (V2O5) per year is estimated
over the 15-year mine life, including a peak production year of 1.9
million pounds of uranium and 7.8 million pounds of vanadium.
-- The combined feed of the Velvet-Wood, Slick Rock and the West Slope Mines
is designed to meet the increased tonnage capacity at Shootaring of 1,000
tons per day.
-- Estimated mill-related capital expenditures at Shootaring, including 20%
contingency amount for each item, of: (1) US$31.1 million for general
upgrades; (2) US$34.6 million to install a modern vanadium circuit; and
(3) US$14.4 million to update the tailings management facility, for a
total of US$80.1 million.
-- Estimated mine-related capital expenditures, including: (1) engineering
and design; (2) mine facilities; (3) mine equipment; (4) the reopening of
the decline at Velvet and the sinking of a production shaft at Wood; and
(5) the sinking of two production shafts at Slick Rock, with a 10%
contingency, of a combined total of US$37.5 million, partially offset by
expected cash flow of approximately $23.2 million related to initial
uranium production from Anfield's stockpiled material.
Anfield CEO, Corey Dias, stated, "Once again, we are very pleased with the outcome of this updated PEA as it provides Anfield with strong further evidence of the true value of the combination of Velvet-Wood, Slick Rock and the West Slope mines within Anfield's uranium and vanadium hub-and-spoke production model.
Critically, the future potential addition of the Company's thirteen remaining U.S. Department of Energy leases ("DOE Leases") to Anfield's production model pipeline - which will require little incremental capital expenditure - provides significant valuation upside, especially given that Shootaring's restart costs will have already been borne by initial production from the Velvet-Wood, Slick Rock and West Slope mines. Moreover, the prospect of our largest single uranium mine -- Marquez-Juan Tafoya -- as an additional source of uranium could further extend the production timeline or provide an incentive to once again expand throughput capacity at Shootaring.
The prospect of Shootaring becoming the second of only two operational conventional uranium and vanadium mills in the United States is significant both economically as well as with respect to security of supply for utilities. This PEA not only represents a significant milestone for Anfield but also outlines a technical and economic path towards commercial development of its core uranium and vanadium assets. Finally, the Company is currently reviewing a number of other value-added techniques and technologies to facilitate the reduction of waste in order to improve uranium and vanadium grades which can provide the Company with an opportunity to further improve annual production output.
Anfield is well-positioned to benefit from an improving uranium market as nuclear energy becomes critically needed for data centres in the U.S. and as nuclear energy becomes a more integral part of the global transition towards electrification."
Project Economics
The PEA provides for a 12-month pre-production period. This includes the following capital expenditures, forecasted at approximately US$97 million (including a 20% contingency): (1) initial mill and mine permitting and licensing; (2) an updated mining and reclamation plan; (3) initiation of mine development; (4) completion of the construction of mine facilities and purchasing of equipment; (5) refurbishment of the Shootaring uranium circuit and the construction of a vanadium circuit; and (6) the updating of the tailings waste management facility. An additional US$20 million of mine-related expenditures will occur during the initial production year. The total costs for "Life of Mine" is estimated at US$173 million, including sustaining capital.
The PEA indicates a pre-tax IRR of 106% at a uranium price of US$100 per pound and US$9 per pound of vanadium. The pre-tax NPV of the project at an 8% discount rate at the aforementioned prices is US$606 million. The PEA also indicates a post-tax IRR of 97% and a pre-tax NPV of $533 million.
Sensitivity to commodity prices
Changing the commodity price for uranium and vanadium equally by 10% varies the NPV@8% approximately +/- US$136 million pre-tax, and +/- US$117 million post-tax. In both pre-tax and post-tax scenarios the IRR varies by approximately 20% with a 10% variation in price.
Sensitivity to Commodity Price and Discount Rate
NPV: Sensitivity to Uranium Price
NPV: Sensitivity to Vanadium Price
Source: BRS
Shootaring Mill
The Shootaring area covers approximately 265 acres of surface ownership and approximately 905 acres of mineral leases.
Shootaring was licensed and constructed by Plateau Resources Limited and operated in 1982. U.S. Energy Corp. and Uranium One Inc. were also previous owners of Shootaring. Shootaring has not been decommissioned and has been under care and maintenance since cessation of operations. The mill license has been maintained and Anfield is currently conducting engineering and design studies for both the refurbishment of Shootaring and tailings facility in support of converting the license from its status of care and maintenance to operations.
Velvet-Wood
Velvet-Wood covers approximately 2,140 acres, including unpatented mining claims and a State of Utah mineral lease related to the Velvet-Wood mine areas comprising Velvet-Wood.
Between 1979 and 1984, Atlas Minerals mined approximately 400,000 tons of ore from the Velvet deposit at grades of 0.46% U(3) O(8) and 0.64% V(2) O(5) , recovering approximately 4.0 million pounds of U(3) O(8) and 5.0 million pounds of V(2) O(5) .
The current mineral resources of the combined Velvet and Wood historical mines have been estimated to comprise 0.63 million tons containing 4.3 million pounds of eU(3) O(8) , at a grade of 0.34% eU(3) O(8) (measured and indicated mineral resource), and 80,000 tons containing 544,000 pounds of eU(3) O(8) , at a grade of 0.34% U(3) O(8) (inferred mineral resource) with a vanadium-to-uranium ratio of 1.4 to 1.
Surface Stockpiles
In addition to the estimated mineral resource at Velvet-Wood, Anfield controls mineralized stockpiles from past mining at two locations: (1) one stockpile at the Patty Ann mine area near the historic Velvet mine; and (2) several stockpiles near Shootaring. The volumes and uranium content of the stockpiles were estimated from volumetric surveys and sampling conducted by BRS Inc. ("BRS") in March, 2015. The PEA includes the stockpiles located near Shootaring only. In total these stockpiles are estimated to contain approximately 77,500 tons of material at an average grade of 0.16% U(3) O(8) and contain approximately 250,000 pounds of uranium.
Slick Rock
Slick Rock Complex is located in the Uravan Mineral Belt region of Colorado and covers approximately 6,130 acres, including 293 unpatented mining lodes claims, and two DOE Leases. The PEA estimates 0.8 million pounds of eU(3) O(8) , at a grade of 0.16% eU(3) O(8) (indicated mineral resource) and 2.25 million tons containing 9.1 million pounds at a grade of 0.20% U(3) O(8) (inferred mineral resource) with a vanadium-to-uranium-ratio of 6 to 1.
JD-6, JD-7, JD-8 and JD-9
The JD Mines, located in Colorado, represent four of the nine West Slope mines acquired from Cotter Corporation in late 2018. The PEA estimates 4.6 million pounds of eU(3) O(8) , at a grade of 0.22% eU(3) O(8) (indicated mineral resource) with a vanadium-to-uranium-ratio of 5 to 1.
SR-11 and SM-18
The SR-11 and SM-18 mines, located in Colorado, represent two of the nine West Slope mines acquired from Cotter Corporation in late 2018. The PEA estimates 0.16 million tons containing 0.7 million pounds at a grade of 0.24% U(3) O(8) (inferred mineral resource) with a vanadium-to-uranium-ratio of 6 to 1 for SR-11 and 0.18 million tons containing .7 million pounds at a grade of 0.21% U(3) O(8) (inferred mineral resource) with a vanadium-to-uranium-ratio of 5 to 1 for SM-18. Please see resource disclosure for both SR-11 and SM-18 in section titled Mineral Resource Estimate below.
Mineral Resource Estimate
(MORE TO FOLLOW) Dow Jones Newswires
June 18, 2026 07:05 ET (11:05 GMT)
Comments