News Summary
On December 24, 2025, Anfield Energy announced a dual-tranche non-brokered financing to raise a total of $14,000,000 CAD. The financing consists of $7,000,000 via the Listed Issuer Financing Exemption (LIFE) at $6.25 per share (no hold period) and $7,000,000 via subscription receipts at the same price (4-month hold). A significant portion of this involves Uranium Energy Corp. (UEC), requiring a special meeting to approve UEC as a “Control Person.” Proceeds are earmarked for capital commitments at the West Slope, Velvet-Wood, Slick Rock projects, and the Shootaring Canyon Mill, as well as general working capital.
Material Impact
The impact is Material – Positive for three reasons:
– Liquidity and Survival: As of September 30, 2025, the company had $7.2M in cash but was burning approximately $2.5M – $3M per quarter on exploration and G&A. With significant capital commitments for mine restarts (truck purchases, dewatering, construction), the $14M provides the necessary runway to reach the targeted mid-2026 operational milestones.
– Strategic Validation: Uranium Energy Corp (UEC) continues to aggressively support the company, essentially backstopping the “hub-and-spoke” model. UEC’s willingness to move toward “Control Person” status suggests a high likelihood of an eventual full acquisition if production targets are met.
– Pricing Reality: The $6.25 CAD pricing is roughly in line with the current market price, indicating that despite a 60% drop from the October highs, the company can still attract significant capital without massive discounts.
Catalysts
– Shareholder Meeting: The vote to approve UEC as a “Control Person” is critical. Any friction here could jeopardize the second $7M tranche.
– JD-7 Resource Update: Expected in Q1 2026 based on the October 2025 drill program completion.
– JD-8 Permitting: Transition from “initial completeness review” to “substantive review” by the Colorado DRMS.
– Equipment Delivery: Confirmation of the arrival of the specialized underground haul trucks in Q2 2026, which is a prerequisite for the Velvet-Wood restart.
Materiality Conclusion
This news is material because it bridges the “funding gap” between construction launch (November 2025) and potential production (H2 2026). Without this capital, the ambitious 2026 restart targets for Velvet-Wood and JD-8 would likely have faced delays. However, investors should note the continued reliance on UEC for survival.
