Anfield plans to move towards production after terminating sale arrangement

Monday, 20 January 2025

IsoEnergy and Anfield announced on 2 October that IsoEnergy was to acquire all of the issued and outstanding common shares of Anfield by way of a court-approved plan of arrangement, in a transaction said to be worth about CAD126.8 million. But completion of the plan was delayed beyond the expected year-end completion by court action following the publication of the financing offer from Texas-based Uranium Energy Corp (UEC).

On 14 January, Anfield announced that it had terminated its proposed plan of arrangement with IsoEnergy and entered into the equity financing agreement with UEC. At the same time, Anfield announced its intent to pursue a listing of its shares on a "senior US stock exchange".

Anfield CEO Corey Dias said the company had "evaluated its options with regard to moving Anfield towards uranium and vanadium production" and, in addition to the "compelling value" in UEC's equity financing, had also secured a USD8 million increase in its credit facility. "This results in total financing of approximately CAD26.5 million and provides the Company with significant runway to pursue, among other things, a listing on a senior US stock exchange, the continuing engagement of the State of Utah with regard to the radioactive materials licence upgrade and the company's Shootaring mill reactivation plan, the addition of key personnel to facilitate the advancement of both mines and mill, the completion of Velvet-Wood's Plan of Operations, the updating of Slick Rock's uranium and vanadium resource estimate (based on recent drill results) and the potential to apply for mine permits to reopen certain of the Company's DOE leases," he said.

The equity financing was completed on 15 January, giving UEC shares representing 17.8% of Anfield on an outstanding basis and 24.2% on a partially diluted basis (it already held 9.3% of Anfield's outstanding shares on a non-diluted basis and 17.0% on a partially diluted basis).

UEC said it has acquired the shares in Anfield for investment purposes.

Toronto-based IsoEnergy, which reopened the Tony M Mine in Utah last year and is working to advance its flagship Hurricane deposit in Canada's Athabasca Basin, said it remains committed to advancing its portfolio of uranium assets across Canada, the USA and Australia.

"While the Anfield acquisition would have complemented our US portfolio, we remain confident in the strength of our existing global portfolio to deliver on our strategy of becoming a leading diversified uranium company in tier one jurisdictions," CEO Philip Williams said.

Shootaring Canyon is one of only three licensed and permitted conventional uranium mills in the USA. It has been on standby since 1982, but in April 2024, Anfield submitted a production reactivation plan to the State of Utah's Department of Environmental Quality.