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For Anfield Energy, the past two months have marked an important period of progress as the company continues to move its U.S. uranium and vanadium portfolio toward production.

Anfield is developing a hub-and-spoke production strategy centered around the Shootaring Canyon Mill in Utah and a network of uranium and vanadium mines across Utah and Colorado. Rather than developing each project as a standalone operation, the strategy is designed to bring multiple mines into a centralized processing system.

Based on the current development progress, I believe a realistic timeframe for first production from Velvet-Wood is H1 2027, while Shootaring Canyon Mill could restart in H1 2028.

A Stronger Economic Picture

One of the most important developments came in June, when Anfield filed an updated Preliminary Economic Assessment covering its Shootaring Canyon Mill and surrounding mine portfolio.

The study combines Velvet-Wood, Slick Rock and six mines within the West Slope complex. Together, these assets would provide feed for Shootaring, which Anfield plans to upgrade toward approximately 1,000 tons per day of processing capacity.

At a uranium price assumption of US$100 per pound and vanadium at US$9 per pound, the PEA estimates a 106% pre-tax IRR and US$606 million pre-tax NPV, with a 1.3-year payback period.

The proposed operation would produce approximately 1.3 million pounds of U₃O₈ annually on average, together with approximately 6.4 million pounds of V₂O₅, over a 15-year mine life.

The importance of the study goes beyond the headline economics. It provides a framework for how Anfield intends to build a regional production platform rather than simply develop one uranium mine.

Velvet-Wood Remains the First Production Catalyst

The most immediate production opportunity is the Velvet-Wood uranium-vanadium project in southeastern Utah.

Velvet-Wood is a past-producing mine with historical production of approximately 4 million pounds of uranium and 5 million pounds of vanadium.

Anfield has continued advancing the project, including surface construction and procurement of equipment required for underground operations.

In my view, H1 2027 represents a realistic timeframe for Velvet-Wood to reach production.

The additional time allows for the remaining construction, equipment deployment, mine development, commissioning and other work required before commercial production can begin.

For me, the key question is no longer whether Velvet-Wood has the potential to become a producing asset, but how smoothly Anfield can execute the remaining steps.

Shootaring Is the Bigger Long-Term Catalyst

If Velvet-Wood is the near-term production catalyst, Shootaring Canyon Mill is the foundation of Anfield's broader strategy.

The mill is one of the few licensed, permitted and constructed conventional uranium mills in the United States. Its restart would allow Anfield to process material from several mines through one centralized facility.

Over the past several months, Anfield has continued work on the mill, including additional monitoring wells, removal of existing leach tanks and engineering related to its planned refurbishment and modernization.

I believe H1 2028 is a realistic timeframe for a Shootaring restart.

Shootaring involves considerably more than simply turning an existing facility back on. Licensing, engineering, refurbishment, equipment, commissioning and financing all have to come together.

That is why I view the development in two stages:

Velvet-Wood first. Shootaring second.

Successfully bringing Velvet-Wood into production would provide an important proof point for Anfield's ability to execute. A subsequent Shootaring restart could then potentially transform the company from a single-project producer into a much broader regional uranium and vanadium operation.

Permitting and Mine Development Continue

Anfield has also made progress on the permitting and operational side.

The company received ATF blasting permits for its Utah and Colorado mines, an important step for advancing mine-development activities.

In Colorado, Anfield expanded its land position through a new mining lease covering two additional patented mining claims in southwestern Colorado. The properties are being incorporated into its existing JD-5 and Slick Rock projects.

These developments fit directly into the hub-and-spoke model.

Every additional mine that can potentially supply Shootaring increases the value of the centralized processing infrastructure.

Uranium Energy Corp. Continues to Provide Strategic Backing

Another important part of the Anfield story is the continued support from Uranium Energy Corp. (NYSE American: UEC).

UEC is not simply a passive investor that participated in one financing. Its relationship with Anfield has developed through multiple investments and corporate milestones.

In January 2025, UEC agreed to invest C$15 million in Anfield.

The relationship continued in January 2026, when UEC participated in another financing with a US$4 million investment. Anfield shareholders subsequently approved UEC as a control person in March 2026.

The relationship continued again in July 2026.

Anfield closed a US$6.9 million underwritten public offering, with UEC Energy Corp., a wholly owned subsidiary of UEC, contributing approximately US$2.5 million.

That participation is particularly notable because it came at a critical point in Anfield's development.

The company is moving from engineering and permitting toward physical construction, equipment procurement and ultimately production.

The financing proceeds are being used for capital commitments involving Velvet-Wood, Slick Rock, the Paradox Complex and Shootaring, together with working capital and general corporate purposes.

UEC's continued participation gives Anfield more than additional capital. UEC is an established U.S.-focused uranium company with direct experience in uranium production and the nuclear-fuel supply chain.

Its repeated financial commitment therefore provides an important strategic element to the Anfield story.

The Financing Challenge

The July financing strengthened Anfield's financial position, but the company remains in a capital-intensive stage.

The updated PEA estimated approximately US$80.1 million of mill-related capital expenditures for Shootaring, including upgrades, a modern vanadium circuit and tailings-management improvements.

Mine-related capital expenditures were estimated at approximately US$37.5 million.

The US$6.9 million financing therefore does not fund the entire development program. Instead, it provides additional liquidity while Anfield continues advancing its projects and working toward the next major milestones.

For investors, capital allocation and future financing requirements will remain important factors to monitor.

Building a U.S. Uranium Production Platform

The bigger picture is becoming increasingly clear.

Anfield is attempting to build a regional U.S. uranium and vanadium production system.

The concept is relatively straightforward:

Velvet-Wood and other mines → Shootaring Canyon Mill → uranium and vanadium production.

Velvet-Wood is, in my view, the first major production step, with H1 2027 representing a realistic timeframe.

Shootaring represents the larger strategic opportunity, with H1 2028 a realistic timeframe for a potential restart.

Slick Rock, West Slope and other projects could provide additional sources of future mill feed.

This approach potentially gives Anfield greater scalability than a conventional single-mine development model.

What I Will Be Watching

The next 12 to 18 months will be critical.

First, I will be watching continued construction and development at Velvet-Wood and whether the project can progress toward H1 2027 production.

Second, the Shootaring license-renewal, engineering and refurbishment work will be critical, with H1 2028 being my current timeframe for a potential restart.

Third, equipment deliveries, permitting milestones and additional financing requirements will be important indicators of whether the development schedule is progressing as expected.

Most importantly, I will be looking for evidence that Anfield can translate its economic studies and development plans into physical production.

From Development Story to Production Story

The biggest change at Anfield is not one individual announcement. It is the accumulation of operational, permitting, financial and strategic milestones.

The company has advanced Velvet-Wood construction, secured blasting permits, begun receiving mining equipment, continued work at Shootaring, expanded its Colorado footprint and completed a US$6.9 million financing with meaningful participation from Uranium Energy Corp.

My view is that H1 2027 for Velvet-Wood and H1 2028 for Shootaring provide a more realistic framework for evaluating Anfield's path toward production.

Anfield is attempting to move from uranium developer to producer by building an integrated U.S. uranium and vanadium platform around an existing conventional mill.

The next phase will be about execution.

If Anfield can successfully bring Velvet-Wood into production and subsequently restart Shootaring, the company could evolve from a collection of uranium and vanadium development assets into a multi-project U.S. production platform.

And with Uranium Energy Corp. continuing to provide financial and strategic backing, Anfield enters this next phase with an important industry participant already aligned with its development strategy.