RE:UEC `Russian Interference` stopped Anfield Acquisition January 9, 2023
VANCOUVER, British Columbia, Jan. 09, 2023 – Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “the Company”) is pleased to provide a corporate review of 2022 and discuss its 2023 plans. Anfield continues its advance towards becoming a near-term U.S.-based uranium and vanadium producer and is encouraged by the market developments of 2022.
The following list highlights the Company’s 2022 achievements:
Negotiated and completed the removal of debt held by Uranium Energy Corporation (UEC)
Following UEC’s acquisition of Anfield’s US$18 million debt obligation from Uranium One Americas – a subsidiary of Russian state entity, Rosatom – Anfield negotiated a debt settlement with UEC to extinguish the debt through a combination of both cash and equity. As a result, UEC became the largest single shareholder of Anfield – holding 15% of Anfield’s common shares – and received approximately US$9 million in cash. The removal of the debt overhang allows Anfield to advance its assets, including the Shootaring Canyon mill, along the path to uranium and vanadium production.
Raised over $22 million in equity – including a $15 million bought deal – to fund both debt settlement and asset advancement
As part of the UEC transaction, Anfield raised approximately $15 million through an equity bought deal – the largest single equity raise by Anfield to date – which provided the Company with sufficient funds to both make its US$9 million settlement payment to UEC and, along with a $7.65 million private placement completed earlier in the year, fund the advancement of its uranium and vanadium assets.
Swapped ISR assets for a conventional uranium/vanadium asset to align portfolio to a hub-and-spoke strategy underpinned by the Shootaring Canyon mill
Alongside the debt settlement transaction with UEC, Anfield also entered into a Swap Agreement with UEC to exchange the Company’s Wyoming-based ISR properties for UEC’s Colorado-based conventional Slick Rock asset. This asset, when combined with both the Utah-based Velvet-Wood project and the Colorado-based West Slope project, significantly enhances Anfield’s robust, long-term hub-and-spoke production plan underpinned by Anfield’s wholly-owned Shootaring Canyon mill.
Welcomed Mr. Kenneth Mushinski as Chairman of the Anfield Board
In September 2022, Anfield announced that it had appointed Mr. Kenneth Mushinski as its Chairman. Mr. Mushinski brings a wealth of senior-level nuclear and uranium industry experience to the Board via his 33 years of executive roles at General Atomics Corporation and its various subsidiaries. His responsibilities included identifying, negotiating and executing mergers and acquisitions; operational and financial planning of uranium operations, including sales, marketing and contracting, budgeting and scheduling; and regulatory affairs, including governmental interactions, licensing, permitting reclamation and decommissioning. This comprehensive high-level experience will serve Anfield well as it continues to pursue both near-term uranium and vanadium production and further asset portfolio growth.
Received an NI 43-101 uranium and vanadium resource estimate for four of nine formerly producing mines which comprise the West Slope Project
The Company commissioned BRS, Inc., an engineering firm, to complete an NI 43-101 resource report for four of the nine mines which comprise the West Slope project in Colorado. The report outlined a uranium resource of approximately 5 million pounds and a vanadium resource of approximately 27 million pounds. The next step for the Company is to have BRS complete a preliminary economic assessment of the project to confirm its economic viability.
Acquired and expanded Arizona-based Artillery Peak claims to complement Anfield’s existing Date Creek Basin holdings
The Company acquired a 100% interest in 50 unpatented mining claims and staked an additional 54 claims in the uranium-rich Artillery Peak project area which are adjacent to Anfield’s current properties in Date Creek Basin. Anfield has also commissioned BRS, Inc. to complete a NI 43-101 resource report for its combined Date Creek Basin/Artillery Peak projects. This combined project will form part of Anfield’s two-fold strategy as it will represent a secondary production pipeline to complement Anfield’s core production pipeline consisting of the Velvet-Wood, West Slope and Slick Rock projects.
Engaged Precision Systems Engineering to provide a reactivation plan for the Shootaring Canyon Mill
In November 2022, Anfield announced that it had commissioned Precision Systems Engineering (PSE), a Utah-based engineering firm, to complete a reactivation proposal for the Shootaring Canyon mill. The proposal, expected to be completed in the second quarter of 2023, will include a detailed study of the existing facility and uranium circuit, along with a preliminary design of a new vanadium circuit, and detailed cost estimates related to the full reactivation of the mill. PSE will also manage the equipment procurement process on behalf of the Company in order to facilitate the move to production restart. This is a critical undertaking by Anfield as this work represents the final required engineering step prior to actual physical refurbishment of the mill.