Anfield Energy Inc. - Updated Preliminary Economic Assessment

Anfield Energy Inc. has filed an updated Preliminary Economic Assessment (PEA) for its Shootaring Canyon Mill and Tributary Mines project in Utah and Colorado. The PEA incorporates the Velvet-Wood, Slick Rock, and six West Slope mines, all located near the Shootaring Canyon Mill, which will serve as a centralized processing facility. The assessment indicates a pre-tax project IRR of 106% and an NPV of US$606 million, with an estimated mine and mill capex payback period of 1.3 years. Average annual production is estimated at 1.3 million pounds of uranium and 6.4 million pounds of vanadium over a 15-year mine life. The PEA outlines significant capital expenditures for both mine and mill upgrades, totaling approximately US$117.5 million for initial development and refurbishment. The company highlights the potential upside from thirteen additional DOE leases and the strategic importance of Shootaring becoming a key operational mill in the US. The assessment is based on a uranium price of US$100/lb and a vanadium price of US$9/lb, with sensitivity analyses showing significant NPV variation with commodity price changes.