Approval Granted: Anfield Receives Official Greenlight from Utah Regulators for Velvet-Wood Mine Construction

Core Insights - Anfield Energy Inc. has received approval from the Utah Department of Oil, Gas and Mining to advance the Velvet-Wood uranium project to construction, following prior environmental permit approval from the U.S. Department of the Interior [1][2][8] - The Velvet-Wood project is positioned as a past-producing uranium and vanadium mine, which is expected to facilitate near-term production due to its small environmental footprint [2][8] - Anfield's uranium assets are strategically located in the U.S., where the country consumes nearly 50 million pounds of uranium annually but produces less than 1% domestically [4] Project Details - The Velvet-Wood mine was acquired from Uranium One in 2015, with historical production between 1979 and 1984 yielding approximately 4 million pounds of U3O8 and 5 million pounds of V2O5 from 400,000 tons of ore [5][7] - Current mineral resources for the combined Velvet and Wood mines are estimated at 4.6 million pounds of eU3O8 at a grade of 0.29% and 552,000 pounds of eU3O8 at a grade of 0.32%, with a vanadium-to-uranium ratio of 1.4 to 1 [6] Future Plans - Immediate plans for the Velvet-Wood project include reopening the mine portal, mine dewatering, construction of surface facilities, underground inspection, and construction of a new incline into the mine [8] - The project is part of Anfield's integrated mine-to-mill strategy, which is expected to contribute to U.S. energy security [8]