Impact: Positive
Anfield Energy provided an updated mineral resource estimate (MRE) for four of its nine, 100%-owned West Slope properties located in Colorado. While tonnage and grades, for these four properties were lower than historical, we view this announcement positively as it further de-risks this conventional uranium project in Anfield’s portfolio. With uranium prices trending higher amidst global geopolitical events, Anfield is committed to advancing various projects in its portfolio, including its flagship, Charlie ISR project in WY. As a result of this resource and after incorporating certain other changes into our model such as valuation of V2O5 resources for the first time, we are increasing our Anfield target price to C$0.20/sh. Past production from nine DOE leases and adjacent claims at West Slope totaled 1.3M lb U3O8 and 6.6M lb V2O5 between 1977 and 2006. Production from these four properties alone was 657k lb U3O8 and 3.8M lb V2O5. Focus has picked on up on its conventional assets and a review is underway, including cost and timeline to refurbish its Shootering Canyon uranium processing plant in UT.