History
Anfield Energy, a uranium and vanadium developer, raised money twice in eight months and published a study of its Utah mill and mines plan.
2025-2026: Funding the plan
Anfield Energy is a uranium and vanadium developer with US assets, based in Burnaby, BC. Its strategy is a "hub-and-spoke" model: a central processing mill in Utah, the Shootaring Canyon Mill, fed by a ring of tributary mines in Utah and Colorado.
The record opens in late December 2025 with a financing in two versions. The first announcement described a $7,000,000 non-brokered LIFE offering of common shares plus a concurrent $7,000,000 private placement of subscription receipts, $14 million in all. The filing did not state the currency. A companion filing then cut it to US$6,000,000 of shares and US$4,000,000 of subscription receipts, US$10 million in total. The text does not explain why the terms changed. The amended financing closed on January 13, 2026, issuing new shares. The record does not say how the subscription receipts convert. No share counts were recorded, so the scale of dilution cannot be measured.
2026: Study and second raising
On May 4, 2026, Anfield released an updated preliminary economic assessment (PEA), an early-stage study rather than a reserve estimate. It showed a pre-tax project internal rate of return of 106%. The net present value figure was cut off in the text. On July 30, the company filed the full technical report, written by Terence McNulty with Douglas Beahm of BRS Inc. as principal coauthor, and incorporated it into its Form F-10 registration statement. The visible portion was only a table of contents, covering Velvet-Wood, Slick Rock, SR-11, the Paradox Complex, SM-18 and the mill.
The same day, Anfield priced an underwritten public offering of 1,491,305 common shares at US$4.00 each, US$6.0 million gross, led by Northland Capital Markets and Roth Capital Partners. Underwriters held a 30-day option on up to 223,695 more shares. Proceeds were earmarked for the Paradox Complex, Velvet-Wood, the Slick Rock Complex, the Shootaring Canyon Mill and working capital.
On August 3, 2026, Anfield announced the offering had closed at US$6.9 million. That is consistent with the over-allotment option being exercised in full, though the text does not confirm it. At that date, Anfield had completed two raisings in about eight months and had a PEA on file, while several matters remained open, including the Paradox JD-8 permit amendment, drilling at SM-18, the mill's licence renewal and the pending acquisition of BRS Engineering.
Written from the 7 story beats below (2025 to 3 Aug 2026), which come from the company's own announcements and filings.