Anfield Energy completes phase one construction at Utah uranium project

Anfield Energy Inc. (NASDAQ: AEC) completed phase one surface construction at its Velvet-Wood uranium and vanadium project in Utah, the company announced June 1.

The completed work included stripping and stockpiling approximately 4,500 cubic yards of topsoil, conducting a full site survey, installing temporary office and shop facilities, building nearly 3 miles of roads, and installing temporary power to the site. The company also uncovered the previously plugged decline shaft, constructed a new portal and gates, installed underground ventilation, and rehabilitated nearly 1,500 feet of decline.

Anfield activated the mine ID with the U.S. Mine Safety and Health Administration and restarted its Papoose limestone quarry to supply aggregate for construction.

"Initial underground development activities are expected to commence within the next 30 days," said CEO Corey Dias in a statement.

Phase two will focus on dewatering and rehabilitating existing underground workings and constructing an ore pad. The company expects this phase to last approximately 6 months. Phase three will involve building permanent surface infrastructure including a mine office, shop, warehouse, and permanent power.

Anfield stated it remains on schedule to return the Velvet-Wood mine to production by the end of 2026. The mine last produced in 1984, according to the company.

The project operates under what Anfield described as expedited permitting under the current administration. The company's strategy centers on the Shootaring Canyon Mill in Utah and its portfolio of uranium-vanadium assets in Utah and Colorado.

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