Anfield Energy Completes Phase One Construction at Velvet-Wood, Targets Production by Year-End

summarizeSummary

Anfield Energy announced the successful completion of Phase One surface construction at its Velvet-Wood uranium and vanadium project, initiating Phase Two underground development and remaining on schedule for production by the end of 2026.

check_boxKey Events

• Phase One Construction Completed

  Anfield Energy has successfully completed Phase One surface construction at its Velvet-Wood uranium and vanadium project in Utah, including site preparation, road improvements, and initial infrastructure.

• Transition to Phase Two Underground Development

  The company is now advancing to Phase Two, focusing on dewatering and rehabilitating existing underground workings, with initial underground development activities expected to commence within 30 days.

• On Track for Production by Year-End 2026

  Anfield Energy remains on schedule to resume production at the Velvet-Wood mine by the end of 2026, a significant step given the mine last produced in 1984.

• Strategic Importance for U.S. Energy Independence

  Velvet-Wood was the first uranium mine to advance through expedited permitting under the current administration, supporting efforts to expand America's nuclear capacity and energy independence.

auto_awesomeAnalysis

This filing details a significant operational milestone for Anfield Energy, marking the completion of the initial surface construction phase at its Velvet-Wood project. Moving into underground development is a critical step towards resuming uranium and vanadium production by year-end, which is vital for the company's growth and aligns with broader U.S. energy independence goals. This tangible progress validates prior financing efforts and the positive Preliminary Economic Assessment.