November 18, 2022
Anfield Energy Inc. (TSXV:AEC, BUY, C$0.25 target, David A. Talbot) has entered into an agreement with Uranium Royalty Corp. (TSXV:URC, Not Rated) to sell its uranium royalty portfolio for US$1.5M. Anfield made this divestment to focus on its wholly-owned, near-term uranium and vanadium production opportunities. The portfolio consists of four royalties held on the Energy Queen and Whirlwind mines, the Dewey Burdock and San Rafeal projects. None of these projects were anticipated to provide revenue in the next 24 months and had long term development horizons. Anfield’s focus continues to remain on the development of conventional uranium and vanadium assets to provide feed for its permitted Shootaring Canyon mill in UT. Management suggests rehabilitation costs of ~US$25-35M and 12-18 months to refurbish the mill which has licensed capacity of 1M lb and could be ready for production as early as 2024 should a production decision be made, pending uranium prices. We note that Anfield just picked up another 2.8M lb this week, which puts its mineral inventory at 33.3M lb (current and historic; read more). Closing of the transaction remains subject to the approval of the TSXV. Read more
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Anfield Energy Inc. (TSXV:AEC) – 3
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