Anfield Energy Inc. announced that it has submitted its Plan of Operation for its Velvet-Wood mine to the State of Utah and BLM. This important step is being 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.

Following the approval of the Plan of Operation, Anfield will be well-positioned to recommence uranium production at Velvet-Wood ahead of the planned restart of the Shootaring Canyon mill in 2026. The nuclear renaissance remains robust, with no shortage of positive news entering the market daily. The continued buildout of new reactors in disparate regions such as Asia, Europe, North America and Africa truly underscores the global nature of the nuclear embrace.

At the same time, the Japanese reactor restarts and life extensions reflect the continued confidence of Japan?s reengagement of nuclear power, post-Fukushima. The U.S.?s commitment to nuclear is reflected in not only life extensions of existing NPPs and commissioning of new reactors, but also the recommissioning of the Palisades nuclear power plant in Michigan. Finally, China?s accelerated buildout of nuclear reactors continues unabated.

While the demand side of the uranium market is rapidly growing, the supply side continues to face challenges to meet demand. Recent concerns regarding Kazatomprom?s ability to meet its production targets, coupled with recent floods in Kazakhstan, has created unexpected challenges for the world?s uranium producer. Supply chain logistics for access to western consumers have also weakened due to war in Ukraine, exacerbated by China?s aggressive pursuit of Kazakh uranium supplies.

Moreover, the U.S. government?s push to ban the sale of Russian enriched uranium is likely to lead to a division between western-derived nuclear fuel supply ? including uranium ? and eastern-derived material.

While these challenges are likely to remain in the near term, the US government?s recognition of these issues has led to the creation of a 200GW energy roadmap to expand domestic milling and mining operations by 500,000MT per year ? 110 million pounds of uranium per year ? is a significant catalyst for US-based producers.

This is taking place while, according to the U.S. EIA, U.S. uranium production fell to essentially zero in the fourth quarter of 2023.