ANLDF.Anfield Energy INC
F-10: Anfield Energy Files $100M Shelf Prospectus for Uranium Growth
Sentiment:
Shelf Prospectus Registration Statement
Anfield Energy Inc. has filed a shelf prospectus to raise up to US$100 million, outlining its strategy to advance its U.S. uranium and vanadium projects towards production amidst a positive market outlook.
Delay expectedA cease trade order was issued by the British Columbia Securities Commission in May 2024 due to a delay in filing annual financial statements for the fiscal year ended December 31, 2023. This order was subsequently revoked.The Golden Eagle Asset Transfer Agreement includes extension options for cash payments, which can be exercised if the company's NASDAQ listing and subsequent financing are delayed.
Capital raiseThe company filed a preliminary short form base shelf prospectus to offer and issue various securities with an aggregate offering price of up to US$100,000,000.In January 2025, the company closed an equity financing with Uranium Energy Corp. (UEC), issuing 107,142,857 common shares for gross proceeds of C$15,000,000.In March 2025, the company entered into an amending agreement with Extract Advisors LLC to increase its existing credit facility by an additional US$6,000,000.
Worse than expectedThe company reported a net loss of $11,445,652 for the fiscal year ended December 31, 2024.An accumulated deficit of $84,544,667 was reported as of December 31, 2024.The company had a working capital deficit of $5,304,666 at December 31, 2024, indicating short-term liquidity challenges.
Summary
- Anfield Energy Inc. is an energy metals exploration, development, and near-term production company focused on uranium and vanadium assets in the United States.
- The company filed a preliminary short form base shelf prospectus to offer and issue various securities, including common shares, debt securities, subscription receipts, warrants, and units, with an aggregate offering price of up to US$100,000,000.
- Key assets include the West Slope Project, Shootaring Canyon Mill, Velvet-Wood Project, Slick Rock Project, and surface stockpiles containing approximately 370,000 pounds of uranium.
- A Preliminary Economic Assessment (PEA) for the combined Velvet-Wood and Slick Rock Projects, utilizing the Shootaring Canyon Mill, indicates a pre-tax Net Present Value (NPV) of US$238 million and an Internal Rate of Return (IRR) of 40% (post-tax NPV US$197 million, IRR 33%) at uranium and vanadium prices of US$70/lb and US$12/lb, respectively.
- The PEA estimates average annual production of approximately 750,000 pounds of uranium and 2.5 million pounds of vanadium over a 15-year mine life.
- Total initial capital expenditures (CAPEX) are estimated at US$122.3 million, with total weighted average operating costs (OPEX) at US$244 per ton mined and processed.
- The company reported a net loss of $11,445,652 for the year ended December 31, 2024, and an accumulated deficit of $84,544,667.
- Working capital was a deficit of $5,304,666 at December 31, 2024, but improved to a surplus of $10,873,434 by June 30, 2025, following subsequent financing activities.
- Anfield is updating its Radioactive Materials License for the Shootaring Canyon Mill to operational status and submitted its production reactivation plan to the State of Utah's Department of Environmental Quality.
- The Velvet-Wood Project received approval for expedited permitting from the U.S. Department of the Interior as part of a national energy emergency response.
- A 14-hole, 14,100-foot rotary drill program was completed at the Slick Rock Project in January 2025, with results to be used for resource upgrades and mine designs.
- The company completed a share consolidation on a 75-for-1 basis, effective August 1, 2025.
Sentiment
Score: 7
Explanation: The sentiment is moderately positive. While the company reported significant net losses and an accumulated deficit for FY2024, it has successfully secured substantial financing (C$15M equity, US$6M credit facility increase) and made considerable progress on key projects, including a strong PEA for Velvet-Wood/Slick Rock and advancements in mill reactivation and permitting. The positive industry outlook for uranium further supports a favorable long-term view, despite current operational losses and reliance on external funding.
Positives
- The Preliminary Economic Assessment (PEA) for Velvet-Wood and Slick Rock projects shows strong economics with a pre-tax NPV of US$238 million and an IRR of 40%.
- The Shootaring Canyon Mill is one of only three licensed conventional uranium mills in the United States, providing a strategic processing advantage.
- The Velvet-Wood Project has been selected for expedited permitting by the U.S. Department of the Interior, indicating governmental support.
- Successful completion of a 14-hole drill program at the Slick Rock Project will support resource upgrades and mine design.
- The company secured C$15 million in equity financing from Uranium Energy Corp. (UEC) in January 2025, significantly improving liquidity.
- An additional US$6 million increase to the existing credit facility with Extract Advisors LLC was secured in March 2025, further bolstering capital resources.
- The company received an affirmative completeness review for its Shootaring Canyon Mill production restart application in July 2024, a critical step towards operational status.
- The uranium market outlook is positive, with increasing demand from nuclear plant construction in China, Japan, and Europe, and U.S. government support for nuclear energy.
Negatives
- The company reported a net loss of $11,445,652 for the year ended December 31, 2024, and an accumulated deficit of $84,544,667, indicating a lack of profitable operations.
- A working capital deficit of $5,304,666 existed at December 31, 2024, highlighting short-term liquidity challenges before subsequent financings.
- The company is capital intensive and relies heavily on equity and debt financing to fund operations and development activities.
- A cease trade order was issued by the British Columbia Securities Commission in May 2024 due to a delay in filing annual financial statements, though it was later revoked.
- The combined royalty burden from Cotter and the DOE on the West Slope Project is considered excessive and may inhibit its development.
- The company is exposed to significant financial risks including credit, foreign exchange, liquidity, and commodity price fluctuations.
Risks
- The company's capability to continue as a going concern is dependent on obtaining additional debt or equity financing.
- Operations are capital intensive, requiring substantial future financing for acquisitions, exploration, and pre-extraction activities.
- There is no assurance of profitability, and the company has no history of earnings or operating cash flow.
- Future equity financings may result in substantial dilution to existing shareholders.
- The mining industry is intensely competitive, and the company may struggle to acquire additional projects or compete with larger, more established companies.
- Marketability of uranium and vanadium is affected by macroeconomic factors, market fluctuations, milling facility proximity/capacity, and government regulations.
- Mining involves a high degree of risk, including unexpected geological conditions, operational disruptions, and the inability to obtain suitable equipment or labor.
- Most exploration projects do not result in commercially mineable deposits.
- The uranium and vanadium industries are subject to influential political and regulatory factors, including changes in government policy, trade restrictions, and environmental regulations.
- Changes in environmental regulations, assessment processes, and stakeholder consultation requirements may extend project timelines and increase compliance costs.
- There is a risk of losing interest in or value of properties if additional funds cannot be raised to cover ongoing development costs.
- Certain risks, such as rock bursts, cave-ins, fires, flooding, and earthquakes, may be uninsurable or have high premiums.
- There is no assurance of clear titles, boundaries, or surface rights for all mineral properties, and disputes may arise.
- Obtaining and maintaining all necessary licenses and permits for operations is not assured and may face delays.
- Acquisitions carry risks such as significant changes in commodity prices, acquired ore bodies performing below expectations, integration difficulties, and unknown liabilities.
- Reliance on key management personnel is critical, and competition for such personnel is intense.
- International conflicts and adverse economic conditions can impact operations, supply chains, costs, and commodity prices.
- Imposition of protectionist tariffs or trade restrictions could affect the ability to procure inputs or market products.
- General inflationary pressures may affect labor and other costs, impacting financial condition and capital expenditures.
- Management has broad discretion in the use of proceeds from securities offerings, which may not align with investor preferences.
- Negative operating cash flows may require deployment of cash reserves or proceeds from future offerings.
- Compliance with Sarbanes-Oxley and maintaining effective internal controls over financial reporting is complicated and time-consuming.
- Loss of foreign private issuer status could result in significant additional costs and expenses.
- The company expects to be classified as a Passive Foreign Investment Company (PFIC), which may result in adverse tax consequences for United States taxpayers.
Future Outlook
The company intends to focus its business activity in the near term on advancing its conventional uranium and vanadium portfolio closer to production. This includes updating its radioactive materials license at the Shootaring Canyon Mill to operational status, determining economics for its West Slope Project, and, uranium price permitting, advancing both its Velvet-Wood Project and Slick Rock Project. The company is targeting the mill restart in 2027 and is preparing for uranium mill and tailings refurbishment and vanadium circuit construction.
Management Comments
- Anfield is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its energy metals assets.
- Anfield feels it is well positioned to benefit from the uranium markets current prospects as it continues to advance its plans to create a vertically-integrated uranium entity.
Industry Context
The nuclear energy and uranium sector shows positive trend indicators, with sustained increases in uranium prices anticipated by many analysts. This is driven by significant global nuclear plant construction (e.g., China's 150 plants by 2030), reactor restarts in Japan, Europe's efforts to reduce reliance on Russian energy, and the U.S. government's embrace of nuclear power as part of its green economy strategy. These developments, coupled with past mine closures and project deferments, have likely created a near-term uranium shortfall, positioning companies like Anfield to benefit.
Comparison to Industry Standards
- The Shootaring Canyon Mill is one of only three licensed, permitted, and constructed conventional uranium mills in the United States, with the other two held by major players like Rio Tinto Group (Sweetwater, UEC) and Energy Fuels (White Mesa), indicating a significant strategic asset for Anfield.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Chief Operating Officer | NA | Douglas Beahm | 2024-03-20 | Hired to lead operations. |
| Director | NA | Ross McElroy | 2025-03-27 | Appointed to the Board of Directors. |
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Audit Committee Composition | The Audit Committee consists of Joshua D. Bleak (Chairman), Corey A. Dias, and Stephen S. Lunsford. Messrs. Dias and Bleak are not independent members as they are officers of the company. | NA | The company relies on an exemption (Section 6.1 of NI 52-110) from the requirement to have 100% independent audit committee members, which may affect the perception of independence but is permitted for venture issuers. |
| Compensation Plan Adoption | Shareholders will be asked to approve the adoption of a new Compensation Plan, effective June 13, 2025, to replace the existing Option Plan. The new plan allows for stock options, deferred share units (DSUs), and restricted share units (RSUs). | 2025-06-13 | Aims to attract, retain, and motivate NEOs, directors, employees, and consultants by providing equity-based compensation, aligning interests with shareholders. Includes specific limits on insider and consultant awards. |
Legal Proceedings
- The company is not a party to, nor are any of its properties subject to, any pending legal proceedings or regulatory actions the outcome of which would have a material adverse effect on the company.
Related Party Transactions
- A loan agreement for $1,650,000 was entered into with a director of the company on August 2, 2024, which was subsequently repaid by IsoEnergy Ltd. on October 1, 2024.
- Units with a fair value of $52,000 were issued to settle $52,000 of legal fees owing to a director of the company in December 2023.
- Units with a fair value of $552,500 were issued to settle management bonuses in December 2023.
- Consulting fees and management bonuses totaling $1,259,615 were paid to key management in 2024.
- Legal fees of $246,688 were paid to John Eckersley, a director, in 2024.
- The credit facility with Extract Advisors LLC (an insider) was increased by an additional US$6,000,000 in March 2025, and 59,925,000 share purchase warrants were issued to Extract as consideration.
Stakeholder Impact
- Shareholders: Potential for dilution from future equity financings, but also potential for value appreciation from successful project development and a positive uranium market. Recent capital raises and share consolidation impact share structure.
- Employees/Management: Compensation plans (stock options, DSUs, RSUs) are designed to attract and retain key personnel, aligning their interests with company performance.
- Creditors: The company's ability to meet obligations is dependent on successful project development and future financing. The credit facility is secured by corporate guarantees and share pledges from subsidiaries.
- Regulatory Authorities: Ongoing compliance with environmental regulations and permitting requirements is critical for project advancement and operational continuity.
Next Steps
- Update the radioactive materials license at the Shootaring Canyon Mill from standby to operational status.
- Determine the economics for the West Slope Project, including pursuing a PEA for four of its nine mines.
- Advance the Velvet-Wood Project and Slick Rock Project towards production, contingent on uranium prices.
- Utilize drill results from the Slick Rock Project to upgrade uranium and vanadium resource estimates and prepare mine designs for a large mine permit.
- Continue early-stage refurbishment of the Shootaring Canyon Mill during the restart application review, targeting a mill restart in 2027.
- Finalize the acquisition of the DOE leases in Colorado.
- Complete the listing application to the Nasdaq Stock Market LLC and the accompanying Form 20-F Registration Statement to the SEC.
- Conduct a 20-hole, 8,000-foot rotary drill program at the JD-7 open pit mine in Montrose County, Colorado, to expand the hub-and-spoke production model and confirm resources.
Key Dates
| Date | Description |
|---|---|
| 1980 | Shootaring Canyon Mill was built. |
| 1982 | Shootaring Canyon Mill operated briefly. |
| 1986-09-12 | Company incorporated under the name Merritech Development Corporation. |
| 1989-07-12 | Company incorporated under the Business Corporations Act (British Columbia). |
| 1992-08-17 | Company changed name to Dencam Development Corporation. |
| 1994-01-19 | Company changed name to Consolidated Dencam Development Corporation. |
| 2009-03-13 | Company changed name to Equinox Exploration Corp. |
| 2010-12-15 | Joshua D. Bleak appointed as Director. |
| 2012-11-05 | Corey A. Dias appointed as Chief Executive Officer and Director. |
| 2013-02-01 | Company changed name to Equinox Copper Corp. |
| 2013-09-20 | Company changed name to Anfield Resources Inc. |
| 2014-06-11 | Donald Falconer appointed as Director. |
| 2015-08-27 | Company closed Asset Purchase Agreement with Uranium One Americas Inc. to acquire Shootaring Canyon Mill and conventional uranium assets. |
| 2017-11-23 | Amendment to Asset Purchase Agreement with Uranium One Americas Inc. |
| 2017-12-27 | Company changed name from Anfield Resources Inc. to Anfield Energy Inc. |
| 2018-05-23 | Stephen S. Lunsford appointed as Director. |
| 2019-03-01 | Anfield reported acquisition of nine past-producing DOE uranium/vanadium leases and the Charlie in-situ project from Cotter Corporation. |
| 2019-07-19 | John Eckersley appointed as Director. |
| 2020-02-20 | Anfield signed binding agreement with Cotter for Replacement Surety Bonds for US$2,400,000. |
| 2020-11-30 | Company entered into a Leases and Claims Transfer Agreement to acquire the Newsboy Gold Project. |
| 2021-06-10 | Closing date of the Newsboy Gold Project acquisition. |
| 2021-06-30 | Anfield lifted the Letter of Credit issued by Cotter by making a cash collateral payment of US$1,200,000 and US$360,000 payment for the Replacement Fee. |
| 2021-11-24 | TSX Venture Exchange adopted new Policy 4.4 – Security Based Compensation. |
| 2022-02-02 | Anfield engaged BRS, Inc. to complete a resource report for four of its nine uranium and vanadium mines within its West Slope project. |
| 2022-02-24 | Company closed first tranche of private placement, issuing 18,039,480 units for $1,533,356. |
| 2022-03-08 | Company closed final tranche of private placement, issuing 71,960,520 units for $6,116,644. |
| 2022-03-23 | Anfield commenced a comprehensive review of its conventional uranium assets. |
| 2022-03-30 | BRS, Inc. completed a mineral resource estimate for four mines in the West Slope Project. |
| 2022-04-06 | Company engaged BRS, Inc. and Wright Environmental Services to restart the permit application process for the Velvet-Wood Project. |
| 2022-04-10 | Date of the 2022 Mineral Resource Technical Report for the West Slope Project. |
| 2022-04-21 | Company announced transactions to eliminate US$18.34 million debt and swap Wyoming ISR uranium portfolio for UEC's Slick Rock Project. |
| 2022-05-12 | Company announced closing of a bought deal private placement offering of 125,000,000 subscription receipts for $15,000,000. |
| 2022-06-06 | Company announced closing of transaction with UEC and conversion of subscription receipts into units. |
| 2022-06-08 | Company completed settlement of US$18,340,000 indebtedness to UEC. |
| 2022-09-16 | 125,000,000 warrants of the Company commenced trading on TSX.V under the symbol AEC.WT. |
| 2022-09-20 | Mr. Kenneth Mushinski agreed to join the Board of Directors as non-Executive Chairman. |
| 2022-11-14 | Company entered into a definitive agreement to acquire 100% interest in 50 unpatented mining claims in the Artillery Peak project area. |
| 2022-11-17 | Company announced royalty purchase agreement with Uranium Royalty Corp. to sell its uranium royalty portfolio for US$1,500,000. |
| 2022-11-21 | Company expanded claim holdings in Artillery Peak Project area and commissioned BRS, Inc. for a NI 43-101 uranium resource report for Date Creek/Artillery Peak. |
| 2022-11-29 | Company commissioned Precision Systems Engineering (PSE) to complete a reactivation proposal for the Shootaring Canyon Mill by end of Q2/23. |
| 2023-01-03 | Company entered into a definitive agreement to acquire 100% interest in 65 unpatented mining claims of the Marysvale uranium project and 26 unpatented mining claims of the Calf Mesa uranium project. |
| 2023-01-09 | Company provided a corporate review of 2022. |
| 2023-01-16 | Company entered into a definitive agreement to acquire 100% interest in 119 unpatented mining claims and historical data to further consolidate its Artillery Peak Project area. |
| 2023-01-20 | Company issued 9,000,000 common shares for Calf Mesa Uranium Project acquisition. |
| 2023-01-27 | Company issued 6,000,000 common shares for acquisition of claims in Artillery Peak Project area. |
| 2023-01-31 | Company announced BRS, Inc. had begun a Preliminary Economic Assessment (PEA) for the Slick Rock Project. |
| 2023-02-01 | Company completed the sale of its royalty portfolio, realizing US$1.5 million in operating cash. |
| 2023-02-13 | Company entered into a definitive agreement to acquire 100% interest in 115 unpatented mining claims and associated data covering the Dripping Springs Quartzite uranium project. |
| 2023-02-23 | Company issued 15,000,000 common shares for Dripping Springs Quartzite Project acquisition. |
| 2023-03-01 | Company entered into a clay mineral lease agreement for the Clay Borrow Project, Utah. |
| 2023-03-30 | Company reported results of a combined PEA for its Utah-based Velvet-Wood Project and its Slick Rock Project. |
| 2023-04-05 | Company provided an update on PSE's progress on its reactivation report. |
| 2023-05-06 | Date of the 2023 combined Velvet-Wood Project and Slick Rock Project PEA. |
| 2023-05-14 | 54,967,555 warrants with an exercise price of $0.13 expired unexercised. |
| 2023-05-15 | Company filed its PEA titled, 'The Shootaring Canyon Mill and Velvet-Wood and Slick Rock Uranium Projects, Preliminary Economic Assessment' on SEDAR+. |
| 2023-07-10 | Company closed its brokered private placement, issuing 81,820,000 units for $4,500,100. |
| 2023-07-20 | Company completed the acquisition of Neutron Energy, Inc. (Neutron), a wholly-owned subsidiary of enCore Energy Corp., holding the Marquez-Juan Tafoya uranium project. |
| 2023-07-20 | 19,975,212 warrants with an exercise price of $0.40 per Share expired unexercised. |
| 2023-08-08 | 3,717,000 options with an exercise price of $0.10 per Share expired unexercised. |
| 2023-09-25 | Balance of $5,000,000 cash consideration for Neutron Energy, Inc. acquisition was paid. |
| 2023-09-26 | Company entered into a $4.3 million credit facility with Extract Advisors LLC. |
| 2023-10-06 | Company closed a $4.3 million credit facility with Extract Advisors LLC. |
| 2023-10-06 | Company granted 36,717,828 options to certain directors, officers, employees and consultants. |
| 2023-10-18 | Company entered into a definitive agreement to acquire 100% interest in 175 federal unpatented uranium mining claims in San Juan and Grand Counties in Utah. |
| 2023-10-20 | Company repaid a US$525,000 loan to a director. |
| 2023-12-20 | Company issued 800,000 units to settle $52,000 of legal fees owing to a director. |
| 2023-12-21 | Company completed a private placement, issuing 38,462,100 units at $0.065 per unit for gross proceeds of $2,500,037. |
| 2023-12-21 | Company issued 8,500,000 units to settle management bonus. |
| 2023-12-31 | Company reversed total impairment of $21,986,159 (US$16,576,438) related to the Shootaring Canyon Mill. |
| 2024-01-02 | HRI, a subsidiary, entered into a definitive agreement to acquire 100% interest in twelve US Department of Energy (DOE) leases and associated data in Colorado. |
| 2024-01-05 | Company issued 15,000,000 Shares to acquire 100% interest in 175 federal unpatented uranium mining claims in Utah. |
| 2024-01-18 | Company issued 674,800 Shares upon exercise of warrants. |
| 2024-01-31 | Company issued 1,860,885 Shares upon exercise of warrants. |
| 2024-02-02 | Company issued 42,150 Shares upon exercise of warrants. |
| 2024-02-23 | 18,188,672 warrants with an exercise price of $0.13 per Share expired unexercised. |
| 2024-03-07 | 76,182,151 warrants with an exercise price of $0.13 per Share expired unexercised. |
| 2024-03-20 | Mr. Douglas Beahm hired as Chief Operating Officer. |
| 2024-03-27 | Ross McElroy appointed to Board of Directors. |
| 2024-04-02 | Company announced hiring of Mr. Douglas Beahm as Chief Operating Officer. |
| 2024-04-09 | Company submitted its production reactivation plan for its Shootaring Canyon Mill to the State of Utah's Department of Environmental Quality. |
| 2024-04-10 | Company issued 3,000,000 Shares upon exercise of warrants. |
| 2024-04-15 | Company entered into a waiver and second amending agreement to the Credit Facility with Extract Advisors LLC. |
| 2024-04-17 | Company issued 3,500,000 Shares upon exercise of warrants. |
| 2024-05-01 | Company submitted its plan of operations for its Velvet-Wood mine to both the State of Utah and the US Bureau of Land Management. |
| 2024-05-06 | British Columbia Securities Commission issued a cease trade order due to delay in filing annual financial statements. |
| 2024-05-12 | 7,500,000 warrants with an exercise price of $0.12 per Share expired unexercised. |
| 2024-05-13 | Company announced Velvet-Wood Project's selection as part of federal government's national response to energy emergency. |
| 2024-06-03 | Company filed its annual financial statements, and the cease trade order was revoked. |
| 2024-06-05 | Shares resumed trading on TSX Venture Exchange. |
| 2024-06-11 | Company entered into a Uranium Mining Lease Agreement with Wayne Minerals Inc. for 127 unpatented mining claims in California and Utah. |
| 2024-06-17 | Company announced approval for its Slick Rock Project drill program permit application. |
| 2024-06-26 | Company issued 4,000,000 Share purchase warrants to Extract Advisors LLC as consideration for Credit Facility amendment. |
| 2024-07-03 | Golden Eagle Asset Transfer Agreement closed. |
| 2024-07-12 | 3,100,000 options with an exercise price of $0.20 per Share expired unexercised. |
| 2024-07-18 | Company announced affirmative completeness review for Shootaring Canyon Mill production restart application. |
| 2024-08-02 | Company entered into a loan agreement with a director for $1,650,000. |
| 2024-08-02 | Company announced engagement of BRS, Inc. to prepare an updated uranium and vanadium resource for the Slick Rock Project. |
| 2024-09-24 | Company announced commencement of its drill program at the Slick Rock Project. |
| 2024-09-28 | Agreement for DOE leases acquisition amended. |
| 2024-10-01 | Company entered into an arrangement agreement with IsoEnergy Ltd. for acquisition of shares. |
| 2024-10-01 | IsoEnergy Ltd. provided a secured loan of $6.020 million to the Company and repaid a related party loan of $1,650,000. |
| 2024-10-03 | Company issued 500,000 Shares upon exercise of warrants. |
| 2024-10-04 | Company issued 235,935 Shares upon exercise of warrants. |
| 2024-10-11 | Company issued 1,325,000 Shares upon exercise of warrants. |
| 2024-10-17 | Company issued 27,300 Shares upon exercise of warrants. |
| 2024-10-17 | Company issued 5,257,150 Shares upon exercise of warrants. |
| 2024-10-18 | Company issued 1,714,500 Shares upon exercise of warrants. |
| 2024-10-18 | Company issued 10,935 Shares upon exercise of warrants. |
| 2024-10-21 | Company issued 2,769,300 Shares upon exercise of warrants. |
| 2024-10-21 | Company issued 607,494 Shares upon exercise of warrants. |
| 2024-10-21 | Company issued 350,000 Shares upon exercise of warrants. |
| 2024-10-22 | Company issued 250,000 Shares upon exercise of warrants. |
| 2024-10-23 | Company issued 364,500 Shares upon exercise of warrants. |
| 2024-10-24 | Date of filing of the F-10 Registration Statement. |
| 2024-11-06 | Company announced filing notice to convene a special shareholder meeting to vote on IsoEnergy transaction. |
| 2024-11-20 | Company announced Institutional Shareholder Services Inc. recommended shareholders vote FOR the IsoEnergy transaction. |
| 2024-11-25 | Company announced Glass Lewis & Co., LLC recommended shareholders vote FOR the IsoEnergy transaction. |
| 2024-12-03 | IsoEnergy transaction was approved at the Company's special meeting of shareholders. |
| 2024-12-09 | Company appeared before the British Columbia Supreme Court seeking final order for IsoEnergy arrangement. |
| 2024-12-13 | UEC opposed granting of final order for IsoEnergy arrangement, offering to purchase shares. |
| 2024-12-16 | Judge adjourned Company's application and ordered disclosure of UEC letter and new shareholder meeting for IsoEnergy transaction. |
| 2024-12-31 | Fiscal year end for 2024. |
| 2025-01-02 | Company announced British Columbia Court of Appeal would hear appeal regarding IsoEnergy transaction order. |
| 2025-01-14 | Company announced subscription agreement with UEC to acquire 104,142,857 Shares for $15,000,000 (UEC Financing) and termination of IsoEnergy arrangement. |
| 2025-01-14 | Company entered into an indicative term sheet with Extract Advisors LLC to increase existing credit facility by an additional US$8 million. |
| 2025-01-15 | Company announced closing of the UEC Financing. |
| 2025-01-20 | Company repaid the IsoEnergy Promissory Note. |
| 2025-01-27 | British Columbia Court of Appeal heard Company's appeal. |
| 2025-01-28 | British Columbia Court of Appeal heard Company's appeal. |
| 2025-01-29 | Company announced completion of a 14-hole, 14,100-foot rotary drill program at its Slick Rock Project. |
| 2025-02-20 | Company entered into an indemnification support agreement with UEC for US$3,000,000 relating to Shootaring Canyon Mill bonding requirements. |
| 2025-02-20 | Golden Eagle Asset Transfer Agreement further amended. |
| 2025-02-21 | US$400,000 cash payment for DOE Leases paid. |
| 2025-03-10 | Company announced filing notice to convene a special shareholder meeting to seek approval for a share consolidation. |
| 2025-03-11 | HRI increased its performance bonds for reclamation with the DOE to US$2,799,900. |
| 2025-03-17 | Company entered into an amending agreement with Extract Advisors LLC for an additional US$6,000,000 increase to the existing credit facility. |
| 2025-03-18 | Anfield announced an Amending Agreement with Extract Advisors LLC to increase the existing credit facility by US$6,000,000. |
| 2025-03-24 | Date of material change report regarding credit facility increase. |
| 2025-03-27 | Ross McElroy appointed to Board of Directors. |
| 2025-04-02 | Company appointed Ross McElroy to its Board and announced shareholder approval for a share consolidation. |
| 2025-04-02 | Company announced finalizing the acquisition of the DOE leases. |
| 2025-04-04 | Date of the Management Discussion and Analysis for the year ended December 31, 2024. |
| 2025-04-22 | Company announced submission of its listing application to the Nasdaq Stock Market LLC and accompanying Form 20-F Registration Statement to the SEC. |
| 2025-05-06 | Company issued 12,729,464 Consideration Shares pursuant to the Transfer Agreement with Gold Eagle Mining Inc. |
| 2025-05-07 | Date of the Information Circular for the annual general and special meeting. |
| 2025-05-13 | Company announced Velvet-Wood Project's selection as part of the federal government's national response to the energy emergency. |
| 2025-05-27 | Company announced US Department of the Interior approved its Velvet-Wood Project. |
| 2025-06-13 | Annual general and special meeting of shareholders held. |
| 2025-06-16 | Company announced filing a notice of intent to begin a 20-hole drill program at the JD-7 open pit mine in Montrose County, Colorado. |
| 2025-06-30 | Six months ended for interim financial statements. |
| 2025-07-15 | Date of the Annual Information Form for the year ended December 31, 2024. |
| 2025-08-01 | Company completed a share consolidation of its outstanding common shares on a 75-for-1 basis. |
| 2025-08-20 | Date of the Management Discussion and Analysis for the six months ended June 30, 2025. |
| 2025-10-17 | Last trading day prior to the date of the Prospectus; closing price of Common Shares on TSXV was $11.17, Nasdaq US$7.97, FSE 6.80. |
| 2025-10-20 | Date of the Preliminary Short Form Base Shelf Prospectus. |
| 2025-10-24 | Date of signing of the Registration Statement on Form F-10. |
Recommendation
holdAnfield Energy presents a compelling long-term opportunity given its strategic assets, positive PEA results for its core projects, and the favorable macro-environment for uranium. The recent capital raises significantly improve its liquidity and ability to advance projects. However, the company's history of net losses, accumulated deficit, and reliance on continuous external financing introduce considerable risk. While the potential upside is substantial if projects reach production, the speculative nature of mineral development and the inherent risks warrant a 'hold' recommendation for seasoned investors. Further de-risking through continued permitting, resource upgrades, and progress towards commercial production would be necessary to justify a stronger buy recommendation.
Keywords
Uranium, Vanadium, SEC Filing, F-10, Shelf Prospectus, Mineral Exploration, Mining Development, Shootaring Canyon Mill, Velvet-Wood Project, Slick Rock Project, West Slope Project, Energy Metals, Resource Report, Preliminary Economic Assessment, Capital Raise, Corporate Governance, Risk Factors, TSX Venture Exchange, Nasdaq Listing
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