PEA For Both Velvet-Wood And Slick Rock Projects

VANCOUVER - Anfield Energy Inc. reported the results of a combined preliminary economic assessment (PEA) for both its Utah-based Velvet-Wood Uranium and Vanadium Project and its Colorado-based Slick Rock Uranium and Vanadium Project. The PEA titled, “The Shootaring Canyon Mill and Velvet-Wood and Slick Rock Uranium Projects, Preliminary Economic Assessment”. These two projects are located proximal to one another within the prolific Uravan Mineral Belt, and within close distance of the Company’s Shootaring Canyon Mill which will act as a centralized mineral processing facility in the PEA. The independent PEA was prepared in accordance with National Instrument 43-101 standards of disclosure for mineral properties.

The PEA indicates a pre-tax project internal rate of return (“IRR”) of 40% and a net present value (“NPV”) of US$238 million, based on a discount rate of 8% and a uranium price of US$70 per pound, along with a vanadium price of US$12 per pound. Average annual production of approximately 750,000 pounds of uranium and 2.5 million pounds of vanadium per year is estimated over the 15-year mine life. The combined feed of the Velvet-Wood and Slick Rock mines is designed to meet the existing tonnage capacity at Shootaring of 750 tons per day. Additional tonnage capacity would be available after year 8 of the plan. Estimated mill-related capital expenditures at Shootaring, including 25% contingency amount for each item, of: 1) US$31.4 million for general upgrades; 2) US$13.4 million to install a modern vanadium circuit; and 3) US$20 million to update the tailings management facility. Estimated mine-related capital expenditures, including engineering and design, mine facilities, mine equipment, and the reopening of the Velvet decline and the sinking of two production shafts at Slick Rock with a 25% contingency, of: 1) US$15.3 million for Velvet-Wood; and 2) US$27.2 million for Slick Rock.

CEO, Corey Dias, said, “We are extremely pleased with the outcome of this PEA as it provides Anfield with evidence of the true potential of both Velvet-Wood and Slick Rock within Anfield’s uranium and vanadium production model. Critically, the future addition of our West Slope project to Anfield’s production model will require little incremental capital expenditure, as Shootaring’s restart costs will have already been borne by both Velvet-Wood and Slick Rock.

We have been keen to highlight the economic value of combining our assets into one cohesive development project, and the subsequent availability of excess uranium and vanadium production capacity at Shootaring over the life of the mill. We view this excess capacity as providing important additive value through the potential for future integration of other uranium and vanadium projects in the area, such as our West Slope Project, as well as potential toll-milling opportunities.

“The prospect of Shootaring becoming the next operational conventional uranium and vanadium mill 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 path towards commercial development of its core uranium and vanadium assets. Anfield is clearly well-positioned to benefit from an improving uranium market as nuclear energy becomes a more integral part of the global transition towards electrification.”