Approval Granted: Anfield Receives Official Greenlight from Utah Regulators for Velvet-Wood Mine Construction
MWN-AI** Summary
Anfield Energy Inc. (NASDAQ: AEC; TSX.V: AEC; FRANKFURT: 0AD) has announced a significant advancement in its Velvet-Wood uranium project following the recent approval from the Utah Department of Oil, Gas and Mining (DOGM). This approval paves the way for the mine's construction phase, enabling Anfield to accelerate preparations for production. The U.S. Department of the Interior had previously granted the necessary environmental permits, emphasizing the project's alignment with the federal government's strategy for energy independence amidst an ongoing energy emergency.
Corey Dias, CEO of Anfield, expressed optimism regarding the approval, signaling that the company is poised to leverage Velvet-Wood's past productivity as a historically operational mine. Planned near-term activities include reopening the mine portal, dewatering, and constructing vital surface facilities, while also conducting underground inspections and assessments.
The Velvet-Wood project is integral to Anfield's overarching strategy of supporting U.S. energy security through the development of its uranium assets. With the U.S. relying on nuclear energy, and currently importing nearly all of its uranium requirements, Anfield’s initiatives could significantly shift this reliance by contributing to domestic production. The mine is also notable for its minimal environmental footprint, supporting Anfield's commitment to sustainable practices.
Anfield's strategic positioning is strengthened by its ownership of the Shootaring Canyon uranium mill, one of only three licensed conventional mills in the U.S., further enhancing its capacity to meet the growing demand for uranium. The company has a solid plan to increase its reclamation bond, ensuring compliance with regulatory standards as it gears up for construction, with ground-breaking expected within 30 days. This progress positions Anfield as a potential key player in the U.S. nuclear fuel market.
MWN-AI** Analysis
Anfield Energy Inc.'s recent acquisition of the necessary permits for the Velvet-Wood mine construction marks a significant milestone for the company and the U.S. uranium sector. With regulatory approvals secured, Anfield is poised to not only enhance its operational capabilities but also contribute to U.S. energy independence amid a shift towards nuclear energy.
As construction begins, investors should closely monitor critical milestones outlined in Anfield's plans, including mine reopening, dewatering, and facility construction. Each step will enhance production capacity, potentially driving revenue growth and elevating stock value. Given the projected demand for nuclear energy—U.S. nuclear plants consume almost 50 million pounds of uranium annually, with only 1% sourced domestically—Anfield’s position is strategically advantageous.
Investors should be cognizant of the broader market environment, particularly the increasing political support for nuclear energy. The regulatory landscape, now favorable towards uranium mining, could catalyze further growth for Anfield and its peers. Anfield’s integrated mine-to-mill approach, aided by its existing Shootaring Canyon mill, positions it well to capitalize on increasing nuclear demand.
However, with opportunities come inherent risks. The volatility of commodity prices, regulatory changes, and execution risks during construction phases may impact the company's operational performance. It’s important for investors to stay informed about production timelines and cost management strategies.
In conclusion, Anfield Energy presents an intriguing investment opportunity with its advancing Velvet-Wood mine. Strategic positioning in a tightly supplied market, coupled with robust political support for nuclear energy, could yield significant returns. Investors should weigh these prospects against the associated risks and remain vigilant as the company progresses toward production readiness.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
- Permitting Complete, Construction to Follow: Velvet-Wood has now received approval from both the Federal and State authorities, which will allow for the acceleration of mine preparation and, ultimately, commencement of construction and production. Immediate mobilization is commencing, with groundbreaking to follow within 30 days.
- Critical Milestones Planned: Near-term plans for Velvet-Wood include: 1) the reopening of the mine portal; 2) mine dewatering; 3) construction of surface facilities; 4) underground inspection and pre-construction assessment; and 5) construction of a new incline into the mine.
- Advancing U.S. Energy Independence: This is a critical advancement of a key piece of Anfield’s integrated mine-to-mill strategy, underpinned by its Shootaring Canyon uranium mill, and reinforces the Company’s position as a near-term contributor to U.S. energy security
VANCOUVER, British Columbia, Oct. 07, 2025 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (NASDAQ: AEC; TSX.V: AEC; FRANKFURT: 0AD) (“Anfield” or the “Company”) is pleased to announce that it has received the required approval from the Utah Department of Oil, Gas and Mining (DOGM) for Anfield to commence the advancement of the Company’s Velvet-Wood uranium project in Utah to construction. The U.S. Department of the Interior (“DOI”) had previously approved the environmental permit for Velvet-Wood as it was previously selected as part of the federal government’s national response to the energy emergency declared by President Donald J. Trump.
Corey Dias, CEO of Anfield, commented:
“We are very pleased to receive approval from the Utah Department of Oil, Gas and Mining for our Velvet-Wood project. Having achieved this critical milestone, Anfield’s path is now clear to advance the Velvet-Wood mine to construction and, ultimately, to production. This reinforces our view that Velvet-Wood’s status as a past-producing uranium and vanadium mine with a small environmental footprint is advantageous to the Company’s aim to pursue near-term production. The Company will now pivot to advancing the project through the construction phase of its plan.
With the plethora of nuclear energy-related Executive Orders released by the Administration in 2025, the path to sustained U.S. nuclear growth is being established, and Anfield’s portfolio of uranium assets are well positioned to contribute to the fuel cycle.”
Anfield will post the required increase in the Velvet-Wood reclamation bond with the Bureau of Land Management.
With all of its uranium assets located in the United States, including the Shootaring Canyon mill - one of only three licensed, permitted and constructed conventional uranium mills in the country - Anfield is strategically positioned to help meet America’s growing nuclear fuel needs. The U.S. consumes nearly 50 million pounds of uranium annually and yet produces less than 1% of that total domestically.
About the Velvet-Wood Mine
Anfield acquired the Velvet-Wood mine from Uranium One in 2015. Between 1979 and 1984, Atlas Minerals mined approximately 400,000 tons of ore from the Velvet Deposit at grades of 0.46% U3O8 and 0.64% V2O5, recovering approximately 4 million pounds of U3O8 and 5 million pounds of V2O5.
The current mineral resources (PEA) of the combined Velvet and Wood historical mines have been estimated to comprise 4.6 million pounds of eU3O8, at a grade of 0.29% eU3O8 (measured and indicated resource), and 552,000 pounds of eU3O8, at a grade of 0.32% U3O8 (inferred resource) with a vanadium-to-uranium ratio of 1.4 to 1.
In May 2024, the Company submitted its Plan of Operation for its Velvet-Wood mine to the State of Utah and BLM. This step was undertaken as the Company advances Velvet-Wood to production-ready status concurrently with the Shootaring Canyon mill. This Plan of Operation includes specific operating actions and controls, reclamation actions, an estimate of reclamation surety based on third party costs and technical bases for how the actions meet the regulatory requirements of the State of Utah and the BLM. Past production at the mine includes four million pounds of uranium and five million pounds of vanadium.
About Anfield
Anfield is a uranium and vanadium development and near-term production company that is committed to becoming a significant energy-related fuels supplier by creating value through sustainable, efficient growth in its assets. Anfield is a publicly traded corporation listed on the NASDAQ (AEC-Q), TSX Venture Exchange (AEC-V) and the Frankfurt Stock Exchange (0AD).
The Shootaring Canyon Mill in Utah is strategically located within one of the historically most prolific uranium production areas in the United States, and is one of only three licensed conventional uranium mills in the United States.
Qualified Person
Douglas L. Beahm, P.E., P.G., principal engineer at BRS Inc. and the Chief Operating Officer of the Company, is a Qualified Person as defined in NI 43-101 and has reviewed and approved the technical content of this news release.
Preliminary Economic Assessment (Shootaring Canyon Mill, Velvet-Wood project and Slick Rock project)
Results of the PEA represents forward-looking information. This economic assessment is preliminary in nature and it includes inferred mineral resources that are considered too speculative, geologically, to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary economic assessment will be realized. Mineral resources are not mineral reserves as they do not have demonstrated economic viability. For further information, readers are encouraged to review the PEA which is available on the corporate website for the Company ( www.anfieldenergy.com ) and under the SEDAR+ profile for the Company (www.sedarplus.ca).
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 news release.
Contact:
Anfield Energy Inc.
Corey Dias, Chief Executive Officer
Corporate Communications
604-699-5762
contact@anfieldenergy.com
www.anfieldenergy.com
Safe Harbor Statement
THIS NEWS RELEASE CONTAINS “FORWARD-LOOKING STATEMENTS” and “FORWARD-LOOKING INFORMATION” WITHIN THE MEANING OF APPLICALE SECURITIES LEGISLATION (COLLECTIVELY, “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. FORWARD-LOOKING STATEMENTS IN THIS PRESS RELEASE INCLUDE, WITHOUT LIMITATION, STATEMENTS RELATING TO THE TIMING OF COMPLETION OF THE DRILL PROGRAM.
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.
FAQ**
How does the approval from both Federal and State authorities for the Velvet-Wood project impact Anfield Energy Inc. AEC:CC's timeline for construction and production compared to its previous estimates?
What measures is Anfield Energy Inc. AEC:CC planning to implement to ensure environmental safety and compliance during the construction and operation phases of the Velvet-Wood mine?
Can you elaborate on how the Velvet-Wood project will enhance Anfield Energy Inc. AEC:CC's role in U.S. energy independence and nuclear fuel supply amid growing market demands?
What are the expected financial implications for Anfield Energy Inc. AEC:CC following the commencement of construction at the Velvet-Wood project, and how might this affect shareholder value?
**MWN-AI FAQ is based on asking OpenAI questions about Anfield Energy Inc (OTC: ANLDF).
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