July 21, 2023
Anfield Energy Inc. (TSXV:AEC, BUY, C$0.20 target, David A. Talbot) has closed its previously announced acquisition of the Marquez-Juan Tafoya uranium project located in Grants District of New Mexico, from enCore Energy Corp. (TSXV:EU, Not Rated). The deal was valued at ~C$16.1M, for which Anfield issued 185M common shares to enCore, representing an equity value of C$11.1M as of the announcement date, and has paid C$4M in cash with a balance of C$1M to be paid by September 25, 2023. Juan Tafoya becomes Anfield’s largest uranium project, and its 18.1M lb U3O8 historical resource increases Anfield’s total resource by >60%, bringing it to 47.7M lb U3O8. While the project is located far from Anfield’s core assets in CO and UT, we believe it has acquired an advanced non-core asset at a low acquisition cost of ~US$0.60/lb. As a smaller development company, we see Anfield as having ample opportunity to pick up some non-core Grants District assets owned by players such as enCore Energy, Uranium Energy (TSXV:UEC, Not Rated), and Energy Fuels (TSXV:EFR, BUY, C$13.50 target, David A. Talbot). Read more
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Anfield Energy Inc. – TSXV:AEC – 3
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