Anfield Closes Financing and Issues 6-Month Corporate Update
Anfield Closes Financing and Issues 6-Month Corporate Update
Momentum Public Relations
Press Release: July 26, 2017
VANCOUVER, BC–(Marketwired – July 26, 2017) – Anfield Resources Inc. (TSX VENTURE: ARY) (OTCQB: ANLDF)(FRANKFURT: 0AD) (“Anfield” or “the Company”) following the recent closing of its $3.1 million financing, is pleased to provide this review and corporate update with regard to its 2017 activities. Anfield continues to position itself to become a top-tier U.S.-based uranium producer in the near future. The following list highlights the Company’s achievements so far in 2017:
- Engaged BRS Inc., an engineering firm, to prepare a series of NI 43-101 compliant technical reports for Anfield’s 24 Wyoming-based projects;
- Announced the receipt of an NI 43-101 compliant mineral resources technical report for the Red Rim uranium project, based in Wyoming;
- Announced that Robert Lumadue, a uranium industry veteran, joined the Company as Vice President, Uranium Sales and Marketing;
- Continued advancing the Shootaring Canyon Uranium Mill license towards operational status with the Utah Division of Waste Management and Radiation Control; and
- Closed two private placement financings totaling approximately $6 million to be used for project development.
Corey Dias, Anfield’s CEO stated, “Following the closing of our recent financing, we will continue to fund the advancement of our current assets in anticipation of a rebound in the uranium price. At the same time, we will also continue to seek opportunities via acquisition and believe that this strategy will provide significant growth prospects for the Company. Finally, with the addition of a VP of Uranium Sales and Marketing, we have ramped up our interaction with a number of U.S.-based utilities with regard to pursuing long-term contracts and are pleased with the feedback we have received. We have no doubt that 2017 will be a transformational year for Anfield.”
About Anfield
Anfield is an energy metals exploration, development and near-term production company that is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its energy metals assets. Anfield is a publicly-traded corporation listed on the TSX-Venture Exchange (ARY-V), the OTCQB Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield is focused on two production centres, as summarized below:
Arizona/Colorado/Utah – Shootaring Canyon Mill
The key asset in Anfield’s existing portfolio is the Shootaring Canyon Mill in Garfield County, Utah. The Shootaring Canyon Mill is strategically located within one of the historically most prolific uranium production areas in the United States, and is one of only three licensed uranium mills in the United States.
Anfield’s uranium assets consist of conventional mining claims and state leases in southeastern Utah, Colorado and Arizona, targeting areas where past uranium mining or prospecting occurred. Anfield’s conventional uranium assets include the Velvet-Wood Project, the Frank M Uranium Project, as well as the Findlay Tank breccia pipe. All conventional uranium assets are situated within a 125-mile radius of the Shootaring Mill.
Wyoming – Irigaray ISR Processing Plant (Resin Processing Agreement)
Anfield’s ISR mining projects are located in the Black Hills, Powder River Basin, Great Divide Basin, Laramie Basin, Shirley Basin and Wind River Basin areas in Wyoming, and comprise 2,667 federal mining claims, 56 Wyoming State leases and 15 private leases acquired from Uranium One in September 2016.
Anfield has agreed to enter into a Resin Processing Agreement with Uranium One wherein Anfield would process up to 500,000 pounds per annum of its mined material at Uranium One’s Irigaray Central Processing Plant in Wyoming.
On behalf of the Board of Directors
ANFIELD RESOURCES INC.
Corey Dias, Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Safe Harbor Statement
THIS NEWS RELEASE CONTAINS “FORWARD-LOOKING STATEMENTS”. STATEMENTS IN THIS NEWS RELEASE THAT ARE NOT PURELY HISTORICAL ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” “PLAN” OR “EXPECT” OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY’S MOST RECENT ANNUAL AND QUARTERLY REPORTS AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH SEEKING THE CAPITAL NECESSARY TO COMPLETE THE PROPOSED TRANSACTION, THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY’S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY WILL BE ABLE TO COMPLETE THE PROPOSED TRANSACTION, THAT THE COMPANY’S EXPLORATION EFFORTS WILL SUCCEED OR THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY’S PERIODIC REPORTS FILED FROM TIME-TO-TIME.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS.
Contact:
Anfield Resources Inc.
Clive Mostert
Corporate Communications
780-920-5044
info@anfieldresources.com
www.anfieldresources.com
- Published in Anfield Resources, Mining, News Home
Anfield Resources Inc. Announces Closing of $3.1 Million Private Placement
Anfield Resources Inc. Announces Closing of $3.1 Million Private Placement
Momentum Public Relations
Press Release: July 17, 2017
VANCOUVER, BC–(Marketwired – July 17, 2017) – Anfield Resources Inc. (TSX VENTURE: ARY) (FRANKFURT: 0AD)(OTCQB: ANLDF) (“Anfield” or “the Company”) wishes to announce that it has received conditional acceptance from the TSXV for 52,124,349 Units at $0.06, for a total equity raise of $3,127,461. The Units consist of one common share and a one share purchase warrant, with each warrant exercisable at $0.10 for a five-year term.
Corey Dias, Anfield’s CEO, stated, “We are very pleased to announce the closing of this financing. With these funds, Anfield will be able to continue to position itself for the expected turnaround in the uranium sector as it is clear that nuclear power will remain an integral part of the global energy mix.“
The financing proceeds will be used for project acquisition and development and general working capital purposes. The shares have a hold period to November 18, 2017. The Company paid finder’s fees of $18,156.60 and issued 302,610 broker warrants at $0.10, expiring on July 16, 2022.
About Anfield
Anfield is an energy metals development and near-term production company that is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its energy metals assets. Anfield is a publicly-traded corporation listed on the TSX Venture Exchange (ARY-V), the OTCQB Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield is focused on two production centers, as summarized below:
Arizona/Colorado/Utah – Shootaring Canyon Mill
The key asset in Anfield’s conventional uranium portfolio is the Shootaring Canyon Mill in Garfield County, Utah. The Shootaring Canyon Mill is strategically located within one of the historically most prolific uranium production areas in the United States, and is one of only three licensed uranium mills in the United States.
Anfield’s uranium assets consist of conventional mining claims and state leases in southeastern Utah, Colorado and Arizona, targeting areas where past uranium mining or prospecting occurred. Anfield’s conventional uranium assets include the Velvet-Wood Project, the Frank M Uranium Project, as well as the Findlay Tank breccia pipe. All conventional uranium assets are situated within a 125-mile radius of the Shootaring Mill.
Wyoming Properties – Irigaray ISR Processing Plant (Resin Processing Agreement)
Anfield’s ISR mining projects are located in the Black Hills, Powder River Basin, Great Divide Basin, Laramie Basin, Shirley Basin and Wind River Basin areas in Wyoming, and comprise 2,667 federal mining claims, 56 Wyoming State leases and 15 private leases acquired from Uranium One in September 2016.
Anfield has agreed to enter into a Resin Processing Agreement with Uranium One wherein Anfield would process up to 500,000 pounds per annum of its mined material at Uranium One’s Irigaray Central Processing Plant in Wyoming.
On behalf of the Board of Directors
ANFIELD RESOURCES INC.
Corey Dias,
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Safe Harbor Statement
THIS NEWS RELEASE CONTAINS “FORWARD-LOOKING STATEMENTS”. STATEMENTS IN THIS NEWS RELEASE THAT ARE NOT PURELY HISTORICAL ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” “PLAN” OR “EXPECT” OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY’S MOST RECENT ANNUAL AND QUARTERLY REPORTS AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY’S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY’S EXPLORATION EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY’S PERIODIC REPORTS FILED FROM TIME-TO-TIME.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
Contact:
Anfield Resources, Inc.
Clive Mostert
Corporate Communications
780-920-5044
info@anfieldresources.com
www.anfieldresources.com
- Published in Anfield Resources, Mining, News Home
The Greatest Benefactor of US-Russian Relations – Anfield Resources
The Greatest Benefactor of US-Russian Relations – Anfield Resources
By Sean Zubick – Palisade Research
Like many other commodities, the price of uranium is cyclical.
Since 1929, uranium has seen three momentous bull markets. The first occurred from 1943 to 1955, and was spurred by an incentive program created by the US Government. The competition for nuclear warheads had begun, and the DoD was in dire need of uranium. Through the Atomic Energy Commission, a generous price for uranium was offered, igniting a staking frenzy. By the 1950s, the program was scaled back and incentives halted, ending the first uranium bull market.
The 1973 to 1979 bull run was triggered by OPEC’s oil embargo, resulting in a global economic crisis. Prior to, uranium was floating lower, and had bottomed out at $6/lb., before investors began flocking to alternative sources of power. Nuclear power was a great beneficiary, and afterwards saw rapid expansion. Prior to the oil crisis, global capacity nuclear capacity grew at an average of 2,400 MW per year. From 1973 to 1990, this jumped to 16,000 MW with the United States building 25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the 321 new reactors in the world. This run was ended by the Three Mile Island meltdown in March 1979.
The last and most recent uranium bull occurred from 2001 to 2008. China and India were growing at an unprecedented rate. In 2007, almost half of the world’s reactors were being built in China and India, with 64 planned and 158 planned, respectively. Oil prices were increasing, and the onus was once again placed on alternative energy sources. The agreement between the US and Russia, under the Megatons to Megawatts program, was also scheduled to end, removing significant supply from the market. This was accompanied by Cameco’s Cigar Lake mine flood (232 million lbs), and hedge funds hoarding the physical commodity. Uranium’s collapsed was caused by the 2008-2009 financial crisis, and investors liquidated their positions en masse.
Uranium experienced a small renaissance in 2011, but this was cut short due to the Fukushima Daiichi nuclear disaster in Japan. An earthquake and subsequent tsunami caused three nuclear meltdowns, and caused many countries to unnecessarily reconsider their energy programs. Germany took its eight reactors offline, and began importing its energy from France, which ironically gets the majority of its power from nuclear!
Now after 6 years, the uranium markets are finally seeing some light at the end of the tunnel. China remains the engine for growth, with 36 operating reactors and many more planned. In 2015, there were eight new grid connections. In 2016, another five came online. The country currently has another 20 reactors under construction, and aims to have the third largest capacity in the world by 2020.
The United States Department of Energy also recently lowered its transfer rate due to supply concerns. Analysts are now expecting a supply deficit, something unheard of just a couple of years ago.
Accompanying these two points, we maintain five more points of why uranium is a compelling investment and why its on the verge of an incredible turnaround.
-It’s a contrarian investment – uranium was one of the worst performing commodities in 2016, but is now one of the best performing of 2017. Many people are still on the sidelines, scared of the 41{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} drop last year, but this is the ideal time to invest for a contrarian.
-Price (in)sensitivity – Unlike other commodities, particularly ones used as input, the cost of fuel for a nuclear power plant is insignificant. In fact, uranium accounts for only 2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of operating costs. Compare this to coal plants where coal accounts for 35{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}. If each commodity increases 20-fold, you can bet all of the world’s coal plants will be off-line and coal stocks will eventually die. The opposite would happen with uranium.
-Mine construction – With a deficit on the horizon, the fix will not be fast. In fact, the time from a production decision to production is almost a decade. This is why uranium bull markets can be much longer than other commodities.
-Uranium stocks are scarce – Unlike precious metal companies where there are hundreds to choose from, there are only about thirty uranium companies for a North American investor. When the bull market is in full effect, there will be only so many places the surge of capital can go. This means uranium stocks have more torque than other commodity stocks.
-No other sector yields the kind of gains that uranium can – When you ask the leading resource investors about uranium, chances are they have made a substantial portion of their wealth from it. Just ask Doug Casey or Rick Rule about Paladin Energy, and they will be happy to tell you about 10,000{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} return
Frank Giustra is another mining magnate who has had incredible success in uranium. In fact, his company UrAsia Energy was acquired by Uranium One in 2007 for US$3 billion. UrAsia owned uranium mines in Kazakhstan, which quickly became the foundation and flagships of Uranium One. At the same time, Uranium One bolstered its projects in the United States, eventually becoming a key producer of domestic uranium.
In 2010, Uranium One was acquired Rosatom, the state-controlled nuclear arm of Russia. And this is where some controversy began to surface. With uranium being a strategic metal, many departments had to sign off on the deal, and with more digging, theories arose that Giustra had donated to the former President Bill Clinton’s foundation to expedite the sale.
There are also allegations that President Clinton was integral in UrAsia securing its Kazakhstani assets. The pair traveled to Almaty together in 2005, where they met, Nursultan Nazarbayev, the leader of Kazakhstan. Soon after UrAsia acquired the mines. Since this trip, Giustra has donated US$31.3 million to the Clinton Foundation and pledged US$100 million more.
Mired in controversy and scandal, politicians became concerned of Russia controlling significant US production. The pressure was put on and Uranium One was essentially forced to sell key US assets. One junior resource was the benefactor, acquiring critical uranium projects for pennies on the dollar, the same assets that contributed to Uranium One’s C$6.2 billion market cap.
Anfield Resources (CVE:ARY, OTCMKTS:ANLDF, FRA:0AD)
Current Price: C$0.075
Shares Outstanding: 109.4 million
Market Capitalization: C$8.2 million
52-Week Range: C$0.06 – C$0.31
Cash: ~C$2.8 million
Anfield is a near-term production company with assets all in the United States. Its low-risk profile and high return potential have not attracted as much investor attention as this company deserves. Anfield has managed to bypass the long lead times associated with advancing to production through both the acquisition of an existing mill in Utah and an RPA signed with Uranium One to use its existing processing plant. This is a significant differentiator when comparing Anfield to other non-producers or those who aim to reach production in the coming years.
Assets – Prolific Uranium States
In the mining business, companies that make steady progress toward cash flow are rewarded with ever higher valuations. Those with a diversified array of projects at various stages of exploration and development get a nod of approval for risk management.
Anfield has both elements of this strategy. Its assets fall into three groups: conventional, ISR, and exploration.
-ISR (in-situ recovery) assets are the ones that have the potential to be profitable even in an environment of depressed uranium prices. Think of them as a hedge against future uncertainty. The company bought 24 ISR-amenable assets with a historical resource of ~37 million pounds in September 2016.
As part of that transaction, Anfield has also got access to 395,000 feet of historical drilling and resource databases that will help it focus on the most value-adding areas.
When these assets reach production stage (and it sounds more like a question of “when,” not “if”), the company will produce without too much upfront cost or permitting delays. As part of the same Wyoming transaction, it secured the right to process up to 500,000 pounds of mined material per year at Uranium One’s Irigaray processing plant. Another key component of this agreement includes the ability of Anfield to buy or borrow uranium material from Uranium One to fulfill any utility contract it signs. This provides a backstop with one of the largest uranium producers and makes utilities more inclined to sign long-term contracts with Anfield.
-Conventional assets – Anfield’s other key asset is its 750 tonnes-per-day Shootaring Canyon mill. The mill is located in Garfield county, Utah. It is one of the only three licensed, permitted, and constructed conventional uranium mills in the United States. The area where Shootaring Canyon is located has been historically one of the most prolific uranium production areas in the country.
Anfield plans to advance Shootaring Canyon and other conventional assets in anticipation of higher uranium prices.
The company’s outline of how it plans to get to production stage looks like this:
Anfield is doing the work required to advance its projects along these milestones. Also in 2016, it applied to upgrade its Shootaring Canyon mill’s radioactive materials license from standby to operational status.
Another key conventional asset is Velvet-Wood Mine, also located in Utah. Specifically, in the Lisbon Valley Uranium District production area, which historically was Utah’s largest uranium production area.
Anfield acquired the Velvet-Wood Mine in 2015 together with Shootaring Canyon. Since then, the company released a PEA for this asset.
In terms of resources, the PEA says that Velvet-Wood Mine hosts over 5 million pounds of U3O8 that can be mined using conventional methods.
(Source: Anfield Resources)
Most of the value of this project, though, is not in the amount of resources it has but in its capital return potential.
(Source: Anfield Resources)
The economics the Velvet-Wood Mine were done using $65/lbs, offering optionality as uranium prices increase. The most important fact that the PEA confirmed is the low-risk nature of the Velvet-Wood Mine. Portions of deposit have been successively mined in the past; uranium has been successfully extracted from mined material via conventional milling; and the project has some of the required operating permits and facilities in place.
In other words, the project does not suffer from any particular technical problems that would make it hard to restart.
BRS, the company that prepared this report, says that the project will likely start no earlier than mid-2018.
Anfield continued its collaboration with BRS and in March 2017 it announced that BRS would prepare a number of NI 43-101 compliant technical reports for the company’s 24 properties located in Wyoming, supplying the company with a steady stream of material news flow in the near-future.
(Source: Anfield Resources)
Resource delineation is the number one step in advancing these projects. And Anfield will not be starting from scratch. As part of its September 2016 transaction, Anfield purchased a database that contains historic resource estimates and other information that would help the company identify development potential.
One of the key characteristics of this batch of projects is that a lot of them are located close to existing ISR production bases. If needed, and to speed up cash flow generation, Anfield can potentially sign other processing agreements like the one it has now with Uranium One. It will dramatically help it reduce the amount of time needed to get these assets to production.
The first technical report was not long in the making. In April 2017, BRS has announced the results of the first NI 43-101 technical report. The report covers the Red Rim uranium project.
Anfield is advancing its projects at an impressive speed. But it doesn’t depend on its own efforts only. One of the overlooked assets in its asset base is a royalty portfolio that it acquired during the September 2016 transaction with Uranium one.
-2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} to 4{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} sliding scale production royalty on Azarga Uranium’s (TSE:AZZ) Dewey Burdock project in Custer and Fall River Counties, South Dakota
-2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} NSR on Western Uranium’s (CNSX:WUC) San Rafael project in Emery County, Utah
-2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} to 4{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} sliding scale gross value royalty on Energy Fuels’ (TSE:EFR) Whirlwind project in Grand County, Utah.
-1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} royalty on Energy Fuels’ (TSE:EFR) Energy Queen project in San Juan County, Utah.
The royalties are all on established projects, and will offer enormous torque. The Dewey Burdock project is the most advanced and the royalty is conservatively worth CA$4.1 million at current uranium prices. Compare this to Anfield’s current market cap of C$8.2 million.
Lastly, the company has cranked up its exploration and evaluation spending. In 2016, it spent C$1.6 million on these activities, over five times more than the C$278,000 it dedicated to advancing its projects in 2015.
Capital – Grinding & Closing Financings
Despite the higher costs, Anfield managed to stay afloat and deliver value through a series of successful equity offerings.
The most recent one closed in March 2017. Anfield initially planned to raise C$1.5 million by issuing 15 million shares at 10 cents each but as the demand for its shares soared it ended up raising almost twice as much. On March 6, it closed a private placement that attracted $2.9 million in new capital.
As well as growing its projects organically, Anfield is going to continue pursue M&A opportunities. Historically, it managed to build an impressively diversified portfolio through a series of M&A transactions. We expect this trend to continue into the future.
The fact that the company is so well-positioned to benefit from multiple uranium price environments already tells us that the management knows what it’s doing.
The company has been navigated through the bear markets by Corey Dias, who earned his stripes as an equity analyst and fund manager.
To assist him, he has Robert Scott Lumadue at his side. Mr. Lumadue has over 38 years of experience in the uranium industry, and will help in uranium sales and marketing. Mr. Lumadue will be the bridge to U.S. utilities and nuclear conversion facilities, Anfield’s future customers. Utility sales contracts will be a key component of the company’s sustainable cash flow so hiring a person with relevant experience for so many years is an invaluable asset.
Besides the executive team, Anfield has an impressive roster of directors with almost 100 years of technical and consulting experience, including environmental and regulatory affairs, uranium sales and marketing, utility fuel procurement, and geological definition and interpretation.
Anfield is a pure-uranium company and has a clearly defined value proposition coming from its long-term assets and its nearer-term counterparts. Its current share price is a great entry point, and like our other uranium recommendations, will definitely be a longer-term hold. As mentioned earlier, we are going to see a series of resource estimates coming from Anfield’s Wyoming properties. This should cause some much needed liquidity and eye balls to the stock.
Palisade Global Investments Limited holds shares of Anfield Resources. We receive either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate. The information contained in such write-ups is not intended as individual investment advice and is not designed to meet your personal financial situation. Information contained in this report is obtained from sources we believe to be reliable, but its accuracy cannot be guaranteed. The opinions expressed in this report are those of Palisade Global Investments and are subject to change without notice. The information in this report may become outdated and there is no obligation to update any such information. Do your own due diligence.
- Published in Anfield Resources, Blog, Mining
Anfield Resources hires Venture Liquidity as market maker
Anfield Resources hires Venture Liquidity as market maker
Subject to regulatory approval, Anfield Resources Inc. has retained Venture Liquidity Partners Inc. to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the company. Venture Liquidity Partners is a specialized consulting firm based in Toronto providing a variety of services focused on TSX Venture Exchange-listed issuers.
The market-making service will be undertaken through a registered broker, W.D. Latimer Co. Ltd., in compliance with the applicable policies of the TSX-V and other applicable laws. For its services, the company has agreed to pay Venture Liquidity Partners $5,000 per month for a period of 12 months. The agreement may be terminated at any time by either Anfield or Venture Liquidity Partners. Anfield and Venture Liquidity Partners act at arm’s length, and Venture Liquidity Partners has no present interest, directly or indirectly, in the company or its securities. The finances and shares required for the market-making services are provided by W.D. Latimer. The fee paid by Anfield to Venture Liquidity Partners is for services only.
About Anfield Resources Inc.
Anfield is an energy metals exploration, development and near-term production company that is focused on two production centres:
- Arizona/Colorado/Utah — Shootaring Canyon mill: A key asset in Anfield’s existing conventional uranium portfolio is the Shootaring Canyon mill in Garfield county, Utah.
- Wyoming — Irigaray ISR (in situ recovery) processing plant (resin processing agreement): Anfield has also signed a resin processing agreement with Uranium One wherein Anfield would process up to 500,000 pounds per year of its mined material at Uranium One’s Irigaray processing plant in Wyoming.
We seek Safe Harbor.
© 2017 Canjex Publishing Ltd. All rights reserved.
- Published in Anfield Resources, Mining, News Home
Anfield’s Red Rim at 1.14 million lb U3O8 indicated
Anfield’s Red Rim at 1.14 million lb U3O8 indicated
Momentum Public Relations
Press Release: April 4, 2017
Mr. Corey Dias reports
ANFIELD RESOURCES ANNOUNCES RESOURCE REPORT FOR FIRST OF 24 URANIUM PROJECTS IN WYOMING
Anfield Resources Inc. has received a National Instrument 43-101 mineral resource technical report for the Red Rim uranium project, entitled “Red Rim Uranium Project, Mineral Resource Technical Report, National Instrument 43-101, Carbon County, Wyoming, USA,” and dated March 31, 2017. Further to Anfield’s news release of March 21, 2017, the Red Rim report is the first in a series of National Instrument 43-101 technical reports related to Anfield’s 24 Wyoming uranium projects. The report was completed by BRS Inc., a consulting and engineering firm with nearly 40 years of experience assessing Wyoming uranium projects.
The resource estimate includes:
- An indicated resource of 336,655 tons of mineralized material with an average grade of 0.170 per cent (equivalent to an indicated resource of 1,142,449 pounds of triuranium octoxide);
- An inferred resource of 472,988 tons of mineralized material with an average grade of 0.163 per cent (equivalent to an inferred resource of 1,539,447 pounds of U3O8).
Corey Dias, Anfield’s chief executive officer, stated: “This report is a significant first step in identifying and delineating the uranium resource on the company’s properties in Wyoming, an important part of our multistate U.S. portfolio. Over the coming months we aim to delineate further uranium resources on our acquired Wyoming properties and plan to identify the most prospective. Crucially, Anfield has a resin-processing agreement in place with Uranium One in Wyoming whereby it can process up to 500,000 pounds of uranium per year at Uranium One’s Irigaray central processing plant, and the pairing of a future viable uranium resource with that agreement would place Anfield in a strong position to take advantage of the expected uranium price rebound.
“This expected rebound converges with Anfield’s strategy of acquiring quality uranium assets and proceeding with disciplined, staged development. We are confident that developing these Wyoming properties, in line with company strategy, will be a significant step towards becoming a top-tier U.S. uranium producer.”
A summary of the indicated mineral resource included in the Red Rim report is presented in the table. A summary of the inferred mineral resource included in the Red Rim report is presented in table.
INDICATED MINERAL RESOURCES GT minimum Pounds eU3O8 Tons Average grade {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} eU3O8 0.25 1,142,449 336,655 0.170 INFERRED MINERAL RESOURCES GT minimum Pounds eU3O8 Tons Average grade {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} eU3O8 0.25 1,539,447 472,988 0.163
Mineral resources are not mineral reserves and do not have demonstrated economic viability in accordance with Canadian Institute of Mining, Metallurgy and Petroleum standards. Inferred mineral resources are too speculative geologically to have the economic considerations applied to them which would enable them to be categorized as mineral reserves.
The Red Rim project comprises approximately 1,000 acres of the mineral holdings of Anfield and includes 49 unpatented mining lode claims located approximately 20 air miles southwest of Rawlins, Wyo. The data used in the report utilize drill intercept data from two core holes and 136 rotary drill holes, including drill intercepts and geophysical logs.
The Red Rim project is located in an area that is the winter range for Pronghorn antelope. This may result in seasonal stipulations for field activities, including drilling. To the best of the company’s knowledge there are no other legal or environmental matters that could materially affect the potential development of these resources.
Radiometric equilibrium was assumed.
A unit weight of 125 pounds per cubic foot or 16 cubic feet per ton was assumed, based on the author’s experience working in operating mines in the Gas Hills within similar tertiary sandstone uranium deposits where reserve estimates were routinely compared with actual production.
For indicated mineral resources, the mineralized trend was bracketed by drilling and mineral resources were estimated using the GT contour method.
For inferred mineral resources, where the mineralized trend was not fully defined by drilling, at the interpreted location of the oxidation/reduction interface a thickness of six feet at an average grade of 0.15 per cent equivalent triuranium octoxide was assumed. Further it was assumed that mineralization in excess of a 0.5 GT extended approximately 50 feet either side of the interpreted oxidation/reduction interface and that mineralization grading down to a GT of 0.1 extended an additional 50 feet beyond that. These assumptions were based on the areas of close-spaced drilling where indicated mineral resources were estimated. GT contouring was completed within these limits and honoured available drill data.
National Instrument 43-101 disclosure
The NI 43-101 resource technical report completed for Red Rim has been authored by Douglas L. Beahm, PE, PG, principal engineer, of BRS Inc. The author has reviewed and approved the technical content of this news release.
A technical report on the resource technical report will be published on SEDAR and the company’s website within the 45 days permitted under NI 43-101.
About Anfield Resources Inc.
Anfield is an energy metals exploration, development and near-term production company that is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its energy metals assets.
We seek Safe Harbor.
© 2017 Canjex Publishing Ltd. All rights reserved.
- Published in Anfield Resources, Mining, News Home
Anfield hires BRS for Wyoming NI 43-101 reports
Anfield hires BRS for Wyoming NI 43-101 reports
Momentum Public Relations
Press Release: March 21, 2017
Mr. Corey Dias reports
ANFIELD RESOURCES COMMENCES ADVANCEMENT OF WYOMING URANIUM PROJECTS
Anfield Resources Inc. has engaged BRS Inc., an engineering firm, to prepare a series of National Instrument 43-101-compliant technical reports for a number of Anfield’s 24 Wyoming uranium projects. The company views resource delineation as the first phase of Anfield’s Wyoming uranium asset advancement. The projects are located in the Black Hills, Powder River basin, Great Divide basin, Laramie basin, Shirley basin and Wind River basin areas of Wyoming.
Further to its news release of Sept. 14, 2016, as a part of the Wyoming project acquisition, Anfield acquired a database containing historic resource estimates that identify significant potential for further development. This includes drilling and geologic work done by Uranium One of 575 drill holes totalling approximately 395,000 feet of drilling. In addition to the Uranium One database, Anfield previously acquired a historic database of geological information pertaining to the acquired projects and of surrounding properties. The company, in conjunction with BRS, is carefully analyzing the current and historic data to identify and prioritize the data to generate NI 43-101 technical reports for Anfield’s acquired projects.
Corey Dias, Anfield’s chief executive officer, stated: “We are delighted to begin the initial phase of our work on these projects in order to both identify and delineate uranium resources. Importantly, many of these projects are in areas of Wyoming in which a number of uranium producers have already established ISR production bases. Moreover, Anfield signed a resin processing agreement with Uranium One in late 2016 whereby Anfield can process up to 500,000 pounds of uranium per year at Uranium One’s Irigaray central processing plant.
“Uranium analysts are now noting that the uranium market is at an inflexion point where prices are bound to rise sharply in 2017. With depressed prices, mine production is being cut while uranium demand is steadily increasing in Asia and elsewhere. And long-term contracts are rolling off with significant uncovered demand being forecast. These market dynamics converges with Anfield’s strategy of acquiring quality assets and proceeding with disciplined, staged development. We are confident that developing these properties will facilitate the execution of our company strategy and will be a significant step towards becoming a top-tier U.S. uranium company.”
Douglas L. Beahm, PE, PG, the principal engineer at BRS, is a qualified person as defined in NI 43-101, with 40 years of professional and managerial experience. Mr. Beahm has a proven record in a variety of mining and mine reclamation projects including surface and underground mining, heap leach recovery, ISR, and uranium mill tailings projects. Mr. Beahm’s experience includes coal, precious metals and industrial minerals, but his emphasis throughout his career has been on uranium.
About Anfield Resources Inc.
Anfield is an energy metals exploration, development and near-term production company that is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its energy metals assets.
We seek Safe Harbor.
© 2017 Canjex Publishing Ltd. All rights reserved.
- Published in Anfield Resources, Mining, News Home
Anfield appoints Lumadue VP, U sales and marketing
Anfield appoints Lumadue VP, U sales and marketing
Momentum Public Relations
Press Release: March 13, 2017
Mr. Corey Dias reports
ANFIELD RESOURCES INC. ANNOUNCES VICE PRESIDENT, URANIUM SALES AND MARKETING
Robert Scott Lumadue has joined Anfield Resources Inc. as vice-president, uranium sales and marketing. Mr. Lumadue’s 38 years of relevant work experience includes four years with uranium producer Uranium One Americas as part of its uranium sales team, 12 years with U.S. utility Duke Energy Corp., 17 years with uranium conversion company ConverDyn and five years with Nuexco Trading Corp.
Corey Dias, Anfield’s chief executive officer, stated: “We are very pleased with the addition of Scott Lumadue as Anfield’s vice-president of uranium sales and marketing. Mr. Lumadue’s extensive experience within the nuclear sector will be a tremendous asset to the company. His long-term relationships with U.S. utilities and nuclear conversion facilities provide Anfield with a unique opportunity to leverage its improving uranium production position through the pursuit of long-term utility sales contracts. Anfield continues to strengthen its market position not only through strategic property and process acquisitions, but also through the addition of key personnel. By executing on this strategy, Anfield’s value proposition continues to gain greater appeal.”
About Anfield Resources Inc.
Anfield is an energy metals development and near-term production company that is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its energy metals assets.
We seek Safe Harbor.
© 2017 Canjex Publishing Ltd. All rights reserved.
- Published in Anfield Resources, Mining, News Home
Anfield Resources closes $2.88-million placement
Anfield Resources closes $2.88-million placement
Momentum Public Relations
Press Release: March 6, 2017
Mr. Corey Dias reports
ANFIELD RESOURCES INC. COMPLETES $2.9 MILLION PRIVATE PLACEMENT
Anfield Resources Inc. has completed its private placement of units at 10 cents announced on Feb. 21. The placement was oversubscribed and on closing the company issued 28,880,615 units for gross proceeds of $2,888,061. Each unit consists of one common share and a one share purchase warrant, with each warrant entitling the holder to acquire an additional common share at a price of 20 cents for a period of 24 months.
Corey Dias, Anfield’s chief executive officer, stated: “We are excited to have closed on a financing which is significantly larger than the $1.5-million private placement we had originally announced on Feb. 21. With these funds, Anfield will both advance its current projects and pursue acquisition opportunities as we remain extremely optimistic with regard to the uranium market and its future prospects. It is important to note that the 447 commercial nuclear reactors now operating in 31 countries across the world currently meet 11 per cent of global electricity demand; however, with 59 reactors currently under construction and a planned and proposed reactor pipeline totalling more than 500, it is clear that nuclear power will remain an integral part of the global energy mix.”
In connection with closing, the company paid fees of $22,050 and issued 220,500 warrants to eligible finders who introduced subscribers to the company. All securities issued in connection with the private placement are subject to a four-month-and-one-day statutory hold period. The proceeds of the private placement will be used for project development and general working capital purposes.
About Anfield Resources Inc.
The key asset in Anfield’s conventional uranium portfolio is the Shootaring Canyon mill in Garfield county, Utah. The Shootaring Canyon mill is strategically located within one of the historically most prolific uranium production areas in the United States, and is one of only three licensed uranium mills in the United States.
Anfield’s uranium assets consist of conventional mining claims and state leases in southeastern Utah, Colorado and Arizona, targeting areas where past uranium mining or prospecting occurred.
Anfield’s ISR (in situ recovery) mining projects are located in the Black Hills, Powder River basin, Great Divide basin, Laramie basin, Shirley basin and Wind River basin areas in Wyoming, and comprise 2,667 federal mining claims, 56 Wyoming state leases and 15 private leases acquired from Uranium One in September, 2016.
We seek Safe Harbor.
© 2017 Canjex Publishing Ltd. All rights reserved.
- Published in Anfield Resources, Mining, News Home
Anfield Resources 28,880,615-share private placement
Anfield Resources 28,880,615-share private placement
Momentum Public Relations
Press Release: March 6, 2017
The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced on Feb. 21, 2017.
Number of shares: 28,880,615 shares
Purchase price: 10 cents per share
Warrants: 28,880,615 share purchase warrants to purchase 28,880,615 shares
Warrant exercise price: 20 cents for a two-year period
Number of placees: 38 placees
Insiders: Laara Shaffer, 200,000 shares; Corey Dias, two million shares; Joshua Bleak, 750,000 shares
Finders’ fees: Leede Jones Gable Inc., $11,550 and 115,500 warrants that are exercisable into common shares at 20 cents per share for a 24-month period; Gravitas Securities Inc., $3,500 and 35,000 warrants that are exercisable into common shares at 20 cents per share for a 24-month period; Canaccord Genuity Corp., $7,000 and 70,000 warrants that are exercisable into common shares at 20 cents per share for a 24-month period
Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the company issued a news release dated March 6, 2017, announcing the closing of the private placement and setting out the expiry dates of the hold period(s). Note that in certain circumstances the exchange may later extend the expiry date of the warrants if they are less than the maximum permitted term.
© 2017 Canjex Publishing Ltd. All rights reserved.
- Published in Anfield Resources, Mining, News Home