VANCOUVER, British Columbia , Jan. 03, 2024 – Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “the Company”) is pleased to announce that its subsidiary, Highbury Resources, Inc. (“Highbury”) has entered into a definitive agreement with Gold Eagle Mining Inc. (“GEM”) and Golden Eagle Uranium LLC (“GEU”) (collectively, “the Sellers”) to acquire a 100% interest in twelve Department of Energy (DOE) leases (“DOE Leases”) and associated data in various Counties in Colorado. The acquisition meets Anfield’s strategic objective of securing additional uranium and vanadium prospects as the Company prepares for an increase in production capacity throughput at Shootaring to 1,000 tons per day from 750 tons per day as part of its mill restart plan. Crucially, it provides Anfield with control over 21 of the 31 DOE leases in existence in Colorado, further strengthening the Company’s long-term strategic production position in the State.

Corey Dias, Anfield’s CEO commented: “We are quite pleased to acquire these twelve additional DOE Leases which we believe are complementary to both our Slick Rock project and the nine DOE leases we currently hold in Colorado and underscores our commitment to uranium and vanadium production coming from this state. The strategic value of these Leases cannot be overstated, as many of them are contiguous to Anfield’s current Colorado holdings and could, therefore, be combined to create improved production economies of scale. Moreover, given that the stated uranium resource associated with each Lease has been determined by the DOE and its predecessor agencies, and when married to the historical production at each Lease site, we are confident that these uranium pounds will serve as an established base from which these resources could grow. Finally, the securing of these Leases provides the Company with the flexibility to categorize all of our DOE Leases within our DOE Lease portfolio in order to identify those we would consider the most prospective and prioritize their advancement to production.

“We will continue to seek out prospective uranium and vanadium assets which align with our two-fold production strategy. The near-term strategy centers on our advanced Utah and Colorado uranium and vanadium projects – Velvet Wood, West Slope, Slick Rock and our newly-acquired DOE leases – underpinned by our wholly-owned Shootaring Canyon mill, one of only 3 licensed, permitted and constructed conventional mills in the U.S. The long-term production strategy remains focused on the acquisition of complementary assets with the potential to feed additional uranium and vanadium resources to our Shootaring Canyon mill. The uranium and vanadium pounds associated with these DOE leases may serve as near-term feed under either the mill’s current throughput capacity of 750 tons per day or the proposed expanded throughput capacity of 1,000 tons per day. Finally, the Company will continue to pursue an expanded annual licensed uranium production capacity of up to 3 million pounds.”  

DOE leases

There has been historical uranium and vanadium production on 10 of the 12 acquired DOE Leases, as shown below:

Historical Production – acquired leases Tons U grade U pounds   V grade V pounds
               
JD-5   100,308 0.21 % 410,951   0.86 % 1,732,466
SR-13   86,164 0.22 % 372,748   1.60 % 2,765,681
SR-15   67,004 0.28 % 381,652   1.66 % 2,219,856
JD-5A        
SR-10   194,570 0.25 % 988,597   1.91 % 7,426,751
SR-11A   1,315 0.19 % 5,110   1.62 % 42,713
SR-15A   14,202 0.18 % 50,091   1.11 % 314,727
SR-16   148,438 0.32 % 954,080   1.46 % 4,342,039
WM-17        
LP-22A   98,922 0.29 % 572,742   1.49 % 2,950,255
LP-22   33,781 0.27 % 181,055   1.29 % 871,539
LP-23   46,384 0.27 % 245,944   1.59 % 1,476,359
Total historical production   791,088 0.26 % 4,162,970   1.39 % 24,142,386
               

Source: DOE ULP PEIS, March 2014

According to the DOE Uranium Lease Program, there remains significant uranium pounds associated with many of the acquired leases, as shown below. Please note that the “bid amount”, that is, the stated uranium pounds as determined by DOE and its predecessor agencies such as the Atomic Energy Corporation, is a function of the historical permitted ore from a DOE Lease minus the historical production from that Lease. The Company is providing this information to assist readers in assessing the scope of the DOE Leases. Readers are cautioned that these amounts are not necessarily indicative of mineral resources which may exist on the DOE Leases, nor is the Company treating them as current mineral resources.

Stated Uranium Resource U pounds  
       
JD-5   230,000  
JD-5A   30,000  
SR-10   undefined  
SR-11A   300,000  
SR-13   330,000  
SR-15   84,000  
SR-15A   250,000  
SR-16   44,000  
WM-17   75,000  
LP-22A   undefined  
LP-22   140,000  
LP-23   550,000  
Total   2,033,000  
       

Source: DOE ULP PEIS, March 2014

As consideration for the DOE Leases and associated data, the Sellers will receive:

  • At Closing, US$500,000 in cash and US$1,250,000 in common shares of the Company (the “Consideration Shares”) valued at the volume weighted average trading price of the Company’s common shares as traded on the TSX Venture Exchange for the ten trading days ending on the last trading day prior to the closing date (the “Share Price”) subject to a minimum issue price of C$0.05 per share;
  • US$750,000 in cash at the one-year anniversary of Closing;
  • US$1,000,000 in cash at the two-year anniversary of Closing;
  • US$1,000,000 in cash at the three-year anniversary of Closing; and
  • US$1,500,000 in cash at the four-year anniversary of Closing.

Completion of the acquisition of the DOE Leases, and the issuance of the Consideration Shares, remains subject to the approval of the TSX Venture Exchange. Following issuance, the Consideration Shares will be subject to statutory restrictions on resale for a period of four-months-and-one-day. No finders fees or commissions are owing by the Company in connection with the acquisition of the DOE Leases.

Qualified Persons

Douglas L. Beahm, P.E., P.G., principal engineer at BRS Inc., is a Qualified Person as defined in NI 43-101 and has reviewed and approved the technical content of this news release.

About Anfield

Anfield is a uranium and vanadium development and near-term production company that is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its assets.    Anfield is a publicly traded corporation listed on the TSX-Venture Exchange (AEC-V), the OTCQB Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield is focused on its conventional asset centre, as summarized below:

Arizona/Utah/Colorado – Shootaring Canyon Mill

A key asset in Anfield’s portfolio is the Shootaring Canyon Mill in Garfield County, Utah. The Shootaring Canyon Mill is strategically located within one of the historically most prolific uranium production areas in the United States, and is one of only three licensed uranium mills in the United States.

Anfield’s conventional uranium assets consist of mining claims and state leases in southeastern Utah, Colorado, and Arizona, targeting areas where past uranium mining or prospecting occurred. Anfield’s conventional uranium assets include the Velvet-Wood Project, the Frank M Uranium Project, the West Slope Project, as well as the Findlay Tank breccia pipe. A NI 43-101 PEA has been completed for the Velvet-Wood Project. The PEA is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves and, resultantly, there is no certainty that the included preliminary economic assessment would be realized. All conventional uranium assets are situated within a 200-mile radius of the Shootaring Mill.

Technical Disclosure

Table 1. Anfield’s existing conventional uranium-vanadium project portfolio resources.

Project Location Classification Tons (kt) Uranium
Grade
(% U3O8)
Contained
Uranium

(Mlbs U3O8)
Vanadium
Grade
(% V2O5)
Contained
Vanadium

(Mlbs V2O5)
Velvet-Wood Utah M & I 811 0.29% 4.6
    Inferred 87 0.32% 0.6 0.404% 7.3
West Slope Colorado Indicated 1,367 0.197% 5.4
    Inferred 1,367 0.984% 26.9
    Historic* 630 0.31% 3.9 1.59% 20.0
Slick Rock Colorado Inferred 1,760 0.224% 7.9 1.35% 47.1
Frank M Utah Historic* 1,137 0.101% 2.3
Findlay Tank Arizona Historic* 211 0.226% 1.0
Date Creek/Artillery Peak Arizona Historic* 2,602 0.054% 2.8    
               
Marquez-Juan Tafoya New Mexico Historic* 7,100 0.127% 18.1    

* The Company’s Qualified Person has not done sufficient work to classify these historic estimates as current mineral resources and Anfield is not treating such historical resources as current mineral resources.

Velvet-Wood: The PEA for Velvet-Wood/Slick Rock was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS Inc., Harold H. Hutson, P.E., P.G., Carl D. Warren, P.E., P.G., and Terence P. (Terry) McNulty, P.E., D. Sc., of T.P. McNulty and Associates Inc. (May 6, 2023). Mineral resources are not mineral reserves and do not have demonstrated economic viability in accordance with CIM standards. GT cut-off varies by locality from 0.25%-0.50%.

West Slope: NI 43-101 resource estimate for the JD-6, JD-7, JD-8 and JD-9 properties, completed by BRS Inc. (effective March 2022); Historic resource estimate for the SR-11, SR-13A, SM-18 N, SM-18 S, LP-21 and CM-25 properties, completed by Behre Dolbear for Cotter Corporation (August 2007). Indicated and Inferred resources using GT cut-off of 0.1 ft% eU3O8; historic resources using cut-off of 0.05% U3O8.

Slick Rock: The PEA for Velvet-Wood/Slick Rock was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS Inc., Harold H. Hutson, P.E., P.G., Carl D. Warren, P.E., P.G., and Terence P. (Terry) McNulty, P.E., D. Sc., of T.P. McNulty and Associates Inc. (May 6, 2023). Mineral resources are not mineral reserves and do not have demonstrated economic viability in accordance with CIM standards. GT cut-off varies by locality from 0.25%-0.50%.

Frank M: Historic Technical Report for Frank M, prepared for Uranium One Americas, was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer of BRS Inc., and Andrew C. Anderson, P.E., P.G. Senior Engineer/Geologist of BRS Inc., dated June 10, 2008. Frank M historic resource used a GT cut-off of 0.25%.

Findlay Tank: Historic Technical Report for Findlay Tank, prepared for Uranium One Americas, was authored by Douglas L. Beahm, P.E., P.G. Principal Engineer of BRS Inc., dated October 2, 2008. Findlay Tank historic resource used a grade cut-off of 0.05% eU3O8.

Artillery Peak: Artillery Peak Exploration Project, Mohave County, Arizona, 43-101 Technical Report, authored by Dr. Karen Wenrich, October 12, 2010. GT cut-off varies by locality from 0.01%-0.05%.

Marquez-Juan Tafoya: The Historical Technical Report, Preliminary Economic Assessment, for Marquez-Juan Tafoya, prepared for Uranium Energy Corporation, was authored by Douglas L. Beahm, P.E., P.G., Principal Engineer of BRS Inc., and Terence P. McNulty, P.E., PhD, McNulty & Associates, dated June 9, 2021. The mineral resources are reported at a 0.60 GT cut-off..

On behalf of the Board of Directors
ANFIELD ENERGY INC.
Corey Dias, Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Anfield Energy, Inc.
Clive Mostert
Corporate Communications
780-920-5044
contact@anfieldenergy.com
www.anfieldenergy.com

Safe Harbor Statement

THIS NEWS RELEASE CONTAINS “FORWARD-LOOKING STATEMENTS”. STATEMENTS IN THIS NEWS RELEASE THAT ARE NOT PURELY HISTORICAL ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.

EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” “PLAN” OR “EXPECT” OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY’S MOST RECENT ANNUAL AND QUARTERLY REPORTS AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED FUTURE CAPITAL REQUIREMENTS AND THE COMPANY’S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY’S EXPLORATION EFFORTS WILL SUCCEED OR THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY’S PERIODIC REPORTS FILED FROM TIME-TO-TIME.

THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS.

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