# Anfield Energy Demonstrates the Economic Viability of its Hub-And-Spoke Uranium and Vanadium Production Strategy Via Its Updated Preliminary Economic Assessment Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/anfield-energy-demonstrates-the-economic-viability-of-its-hub-and-spoke-uranium--0c16d995-bfa8-4099-845a-e4c6baf6d469 Original source: https://money.tmx.com/en/quote/AEC/news/5480927545534834/anfield-energy-demonstrates-the-economic-viability-of-its-hub-and-spoke-uranium- Publisher: tmx Original announcement: 2026-05-04T15:32:28.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Anfield Energy Inc. - Ticker: AEC - Exchange: TSX - Region: Uravan Mineral Belt - Primary commodity: Uranium - Secondary commodities: Vanadium - Document categories: Resource update, Economic study - Extracted: 2026-09-19 07:26:57 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Anfield Energy's updated Preliminary Economic Assessment \(PEA\) for its hub-and-spoke uranium and vanadium production strategy indicates robust economics, with a pre-tax IRR of 106% and an NPV of US$606 million \(post-tax IRR of 97% and NPV of US$533 million\) at an 8% discount rate. The study projects average annual production of 1.3 million pounds of uranium and 6.4 million pounds of vanadium over a 15-year mine life, with a rapid 1.3-year capital payback. The PEA, prepared under NI 43-101, combines the Velvet-Wood, Slick Rock, and West Slope Mines feeding the Shootaring Canyon Mill, but relies on inferred mineral resources for some projects. Reasoning: The document reports an updated Preliminary Economic Assessment \(PEA\) for Anfield Energy's combined uranium and vanadium projects, demonstrating strong economic viability with high IRRs and a fast payback period. The study outlines significant annual production over a 15-year mine life. However, the PEA is preliminary and relies on a substantial portion of inferred resources, and one of the QPs is not independent, which introduces some risk. - Positive factor: High IRR \(pre-tax 106%, post-tax 97%\) indicates strong project economics. - Positive factor: Fast payback period of 1.3 years suggests quick capital recovery. - Positive factor: Significant annual production of both uranium and vanadium over a 15-year mine life. - Positive factor: Updated PEA provides strong evidence of economic viability for the hub-and-spoke strategy. - Positive factor: NI 43-101 compliant study by independent QP for the PEA. - Negative factor: PEA is preliminary in nature and includes inferred mineral resources, which are speculative. - Negative factor: One of the QPs for the PEA is not independent \(Company's COO\). - Negative factor: Resource estimates for SR-11 and SM-18 are entirely Inferred, requiring further validation drilling for upgrade. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 9 ## Classification and evidence **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: A current resource fact retains the disclosed cut-off grade ## Extracted facts Stored fact records: 9. Some facts used in scoring do not have a stored record. ## Resource Estimates (9) ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/anfield-energy-demonstrates-the-economic-viability-of-its-hub-and-spoke-uranium--0c16d995-bfa8-4099-845a-e4c6baf6d469#fact-resource-facts-0) SR-11 · uranium #### Identity - Project: SR-11 - Commodity: uranium - Region: uravan mineral belt - Reported Region: Uravan Mineral Belt - Ticker: AEC #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Terence \(Terry\) McNulty, Douglas L. Beahm - Resource group id: resource:977f212d23454e2d7f34 - Deposit or zone: SR-11 - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 361217 - Grade: 0.15 - Grade Unit: %eU3O8 - Contained Metal: 1064700 - Contained Unit: pounds \(eu3o8\) - Cutoff Grade: 0.1 - Cutoff Unit: ft% #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-04T00:00:00.000Z Reasoning: This is a maiden Inferred resource estimate for the SR-11 project, which is positive for establishing a baseline, but the classification is low confidence and requires further work. The reported cutoff is lower than the recommended one by the authors. - Positive factor: Maiden resource estimate for the SR-11 project, establishing a baseline. - Positive factor: Resource estimate is NI 43-101 compliant and signed off by QPs. - Negative factor: Entirely Inferred resource, indicating low geological confidence. - Negative factor: Requires further drilling and validation to upgrade classification. - Negative factor: The authors recommend a higher GT cutoff \(0.40 ft%\) than this reported row \(0.1 ft%\). Evidence · table > 0.15 Context: 361,217 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as 'Total Inferred', indicating a speculative category with limited drilling. Evidence · table > SR-11 / Total Inferred Context: 361,217 **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: The document states 'This is the initial resource estimate for the property performed by Anfield'. Evidence · text > This is the initial resource estimate for the property performed by Anfield. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The PEA, which includes this resource, was prepared in accordance with NI 43-101. Evidence · text > The PEA was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects \(“NI 43-101”\). **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/anfield-energy-demonstrates-the-economic-viability-of-its-hub-and-spoke-uranium--0c16d995-bfa8-4099-845a-e4c6baf6d469#fact-resource-facts-1) SR-11 · uranium #### Identity - Project: SR-11 - Commodity: uranium - Region: uravan mineral belt - Reported Region: Uravan Mineral Belt - Ticker: AEC #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Terence \(Terry\) McNulty, Douglas L. Beahm - Resource group id: resource:e73ece7b3f42d9c9e18d - Deposit or zone: SR-11 - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 229039 - Grade: 0.2 - Grade Unit: %eU3O8 - Contained Metal: 909504 - Contained Unit: pounds \(eu3o8\) - Cutoff Grade: 0.25 - Cutoff Unit: ft% #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-04T00:00:00.000Z Reasoning: This is a maiden Inferred resource estimate for the SR-11 project, which is positive for establishing a baseline, but the classification is low confidence and requires further work. The reported cutoff is lower than the recommended one by the authors. - Positive factor: Maiden resource estimate for the SR-11 project, establishing a baseline. - Positive factor: Resource estimate is NI 43-101 compliant and signed off by QPs. - Negative factor: Entirely Inferred resource, indicating low geological confidence. - Negative factor: Requires further drilling and validation to upgrade classification. - Negative factor: The authors recommend a higher GT cutoff \(0.40 ft%\) than this reported row \(0.25 ft%\). Evidence · table > 0.20 Context: 229,039 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as 'Total Inferred', indicating a speculative category with limited drilling. Evidence · table > SR-11 / Total Inferred Context: 229,039 **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: The document states 'This is the initial resource estimate for the property performed by Anfield'. Evidence · text > This is the initial resource estimate for the property performed by Anfield. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The PEA, which includes this resource, was prepared in accordance with NI 43-101. Evidence · text > The PEA was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects \(“NI 43-101”\). **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/anfield-energy-demonstrates-the-economic-viability-of-its-hub-and-spoke-uranium--0c16d995-bfa8-4099-845a-e4c6baf6d469#fact-resource-facts-2) SR-11 · uranium #### Identity - Project: SR-11 - Commodity: uranium - Region: uravan mineral belt - Reported Region: Uravan Mineral Belt - Ticker: AEC #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Terence \(Terry\) McNulty, Douglas L. Beahm - Resource group id: resource:e8dd3cf4cce443744553 - Deposit or zone: SR-11 - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 163480 - Grade: 0.24 - Grade Unit: %eU3O8 - Contained Metal: 774360 - Contained Unit: pounds \(eu3o8\) - Cutoff Grade: 0.4 - Cutoff Unit: ft% #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-04T00:00:00.000Z Reasoning: This is a maiden Inferred resource estimate for the SR-11 project, which is positive for establishing a baseline, but the classification is low confidence and requires further work. This specific row aligns with the authors' recommended cutoff grade. - Positive factor: Maiden resource estimate for the SR-11 project, establishing a baseline. - Positive factor: Resource estimate is NI 43-101 compliant and signed off by QPs. - Positive factor: This row aligns with the authors' recommended 0.40 GT cutoff. - Negative factor: Entirely Inferred resource, indicating low geological confidence. - Negative factor: Requires further drilling and validation to upgrade classification. Evidence · table > 0.24 Context: 163,480 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as 'Total Inferred', indicating a speculative category with limited drilling. Evidence · table > SR-11 / Total Inferred Context: 163,480 **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: The document states 'This is the initial resource estimate for the property performed by Anfield'. Evidence · text > This is the initial resource estimate for the property performed by Anfield. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The PEA, which includes this resource, was prepared in accordance with NI 43-101. Evidence · text > The PEA was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects \(“NI 43-101”\). **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/anfield-energy-demonstrates-the-economic-viability-of-its-hub-and-spoke-uranium--0c16d995-bfa8-4099-845a-e4c6baf6d469#fact-resource-facts-3) SM-18 · uranium #### Identity - Project: SM-18 - Commodity: uranium - Region: uravan mineral belt - Reported Region: Uravan Mineral Belt - Ticker: AEC #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Terence \(Terry\) McNulty, Douglas L. Beahm - Resource group id: resource:fbecd8abb6b842af9e3f - Deposit or zone: A - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 574325 - Grade: 0.112 - Grade Unit: %eU3O8 - Contained Metal: 1286280 - Contained Unit: pounds \(eu3o8\) - Cutoff Grade: 0.1 - Cutoff Unit: ft% #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-04T00:00:00.000Z Reasoning: This is a maiden Inferred resource estimate for the SM-18 project, which is positive for establishing a baseline, but the classification is low confidence and requires further work. The reported cutoff is lower than the recommended one by the authors. - Positive factor: Maiden resource estimate for the SM-18 project, establishing a baseline. - Positive factor: Resource estimate is NI 43-101 compliant and signed off by QPs. - Negative factor: Entirely Inferred resource, indicating low geological confidence. - Negative factor: Requires further drilling and validation to upgrade classification. - Negative factor: The reported cutoff \(0.1 ft%\) is lower than the recommended 0.40 GT cutoff. Evidence · table > 0.112 Context: 574,325 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as 'Inferred', indicating a speculative category with limited drilling. Evidence · table > A Context: 574,325 **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: The document states 'This is the initial resource estimate for the property performed by Anfield'. Evidence · text > This is the initial resource estimate for the property performed by Anfield. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The PEA, which includes this resource, was prepared in accordance with NI 43-101. Evidence · text > The PEA was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects \(“NI 43-101”\). **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/anfield-energy-demonstrates-the-economic-viability-of-its-hub-and-spoke-uranium--0c16d995-bfa8-4099-845a-e4c6baf6d469#fact-resource-facts-4) SM-18 · uranium #### Identity - Project: SM-18 - Commodity: uranium - Region: uravan mineral belt - Reported Region: Uravan Mineral Belt - Ticker: AEC #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Terence \(Terry\) McNulty, Douglas L. Beahm - Resource group id: resource:e5eaac2cb06b07b26c7c - Deposit or zone: A - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 325058 - Grade: 0.152 - Grade Unit: %eU3O8 - Contained Metal: 985779 - Contained Unit: pounds \(eu3o8\) - Cutoff Grade: 0.25 - Cutoff Unit: ft% #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-04T00:00:00.000Z Reasoning: This is a maiden Inferred resource estimate for the SM-18 project, which is positive for establishing a baseline, but the classification is low confidence and requires further work. The reported cutoff is lower than the recommended one by the authors. - Positive factor: Maiden resource estimate for the SM-18 project, establishing a baseline. - Positive factor: Resource estimate is NI 43-101 compliant and signed off by QPs. - Negative factor: Entirely Inferred resource, indicating low geological confidence. - Negative factor: Requires further drilling and validation to upgrade classification. - Negative factor: The reported cutoff \(0.25 ft%\) is lower than the recommended 0.40 GT cutoff. Evidence · table > 0.152 Context: 325,058 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as 'Inferred', indicating a speculative category with limited drilling. Evidence · table > A Context: 325,058 **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: The document states 'This is the initial resource estimate for the property performed by Anfield'. Evidence · text > This is the initial resource estimate for the property performed by Anfield. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The PEA, which includes this resource, was prepared in accordance with NI 43-101. Evidence · text > The PEA was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects \(“NI 43-101”\). **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/anfield-energy-demonstrates-the-economic-viability-of-its-hub-and-spoke-uranium--0c16d995-bfa8-4099-845a-e4c6baf6d469#fact-resource-facts-5) SM-18 · uranium #### Identity - Project: SM-18 - Commodity: uranium - Region: uravan mineral belt - Reported Region: Uravan Mineral Belt - Ticker: AEC #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Terence \(Terry\) McNulty, Douglas L. Beahm - Resource group id: resource:500d9f49bdf2d6969ae8 - Deposit or zone: A - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 178965 - Grade: 0.211 - Grade Unit: %eU3O8 - Contained Metal: 755367 - Contained Unit: pounds \(eu3o8\) - Cutoff Grade: 0.4 - Cutoff Unit: ft% #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-04T00:00:00.000Z Reasoning: This is a maiden Inferred resource estimate for the SM-18 project, which is positive for establishing a baseline, but the classification is low confidence and requires further work. This specific row aligns with the authors' recommended cutoff grade. - Positive factor: Maiden resource estimate for the SM-18 project, establishing a baseline. - Positive factor: Resource estimate is NI 43-101 compliant and signed off by QPs. - Positive factor: This row aligns with the authors' recommended 0.40 GT cutoff. - Negative factor: Entirely Inferred resource, indicating low geological confidence. - Negative factor: Requires further drilling and validation to upgrade classification. Evidence · table > 0.211 Context: 178,965 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as 'Inferred', indicating a speculative category with limited drilling. Evidence · table > A Context: 178,965 **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: The document states 'This is the initial resource estimate for the property performed by Anfield'. Evidence · text > This is the initial resource estimate for the property performed by Anfield. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The PEA, which includes this resource, was prepared in accordance with NI 43-101. Evidence · text > The PEA was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects \(“NI 43-101”\). **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/anfield-energy-demonstrates-the-economic-viability-of-its-hub-and-spoke-uranium--0c16d995-bfa8-4099-845a-e4c6baf6d469#fact-resource-facts-6) SM-18 · uranium #### Identity - Project: SM-18 - Commodity: uranium - Region: uravan mineral belt - Reported Region: Uravan Mineral Belt - Ticker: AEC #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Terence \(Terry\) McNulty, Douglas L. Beahm - Resource group id: resource:ed12bcd791b20370f655 - Deposit or zone: Total - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 574325 - Grade: 0.112 - Grade Unit: %eU3O8 - Contained Metal: 1286280 - Contained Unit: pounds \(eu3o8\) - Cutoff Grade: 0.1 - Cutoff Unit: ft% #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-04T00:00:00.000Z Reasoning: This is a maiden Inferred resource estimate for the SM-18 project, which is positive for establishing a baseline, but the classification is low confidence and requires further work. The reported cutoff is lower than the recommended one by the authors. - Positive factor: Maiden resource estimate for the SM-18 project, establishing a baseline. - Positive factor: Resource estimate is NI 43-101 compliant and signed off by QPs. - Negative factor: Entirely Inferred resource, indicating low geological confidence. - Negative factor: Requires further drilling and validation to upgrade classification. - Negative factor: The reported cutoff \(0.1 ft%\) is lower than the recommended 0.40 GT cutoff. Evidence · table > 0.112 Context: 574,325 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as 'Inferred', indicating a speculative category with limited drilling. Evidence · table > Total Context: 574,325 **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: The document states 'This is the initial resource estimate for the property performed by Anfield'. Evidence · text > This is the initial resource estimate for the property performed by Anfield. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The PEA, which includes this resource, was prepared in accordance with NI 43-101. Evidence · text > The PEA was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects \(“NI 43-101”\). **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/anfield-energy-demonstrates-the-economic-viability-of-its-hub-and-spoke-uranium--0c16d995-bfa8-4099-845a-e4c6baf6d469#fact-resource-facts-7) SM-18 · uranium #### Identity - Project: SM-18 - Commodity: uranium - Region: uravan mineral belt - Reported Region: Uravan Mineral Belt - Ticker: AEC #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Terence \(Terry\) McNulty, Douglas L. Beahm - Resource group id: resource:32463ac58d636fbdffe5 - Deposit or zone: Total - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 325058 - Grade: 0.152 - Grade Unit: %eU3O8 - Contained Metal: 985779 - Contained Unit: pounds \(eu3o8\) - Cutoff Grade: 0.25 - Cutoff Unit: ft% #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-04T00:00:00.000Z Reasoning: This is a maiden Inferred resource estimate for the SM-18 project, which is positive for establishing a baseline, but the classification is low confidence and requires further work. The reported cutoff is lower than the recommended one by the authors. - Positive factor: Maiden resource estimate for the SM-18 project, establishing a baseline. - Positive factor: Resource estimate is NI 43-101 compliant and signed off by QPs. - Negative factor: Entirely Inferred resource, indicating low geological confidence. - Negative factor: Requires further drilling and validation to upgrade classification. - Negative factor: The reported cutoff \(0.25 ft%\) is lower than the recommended 0.40 GT cutoff. Evidence · table > 0.152 Context: 325,058 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as 'Inferred', indicating a speculative category with limited drilling. Evidence · table > Total Context: 325,058 **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: The document states 'This is the initial resource estimate for the property performed by Anfield'. Evidence · text > This is the initial resource estimate for the property performed by Anfield. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The PEA, which includes this resource, was prepared in accordance with NI 43-101. Evidence · text > The PEA was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects \(“NI 43-101”\). **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/anfield-energy-demonstrates-the-economic-viability-of-its-hub-and-spoke-uranium--0c16d995-bfa8-4099-845a-e4c6baf6d469#fact-resource-facts-8) SM-18 · uranium #### Identity - Project: SM-18 - Commodity: uranium - Region: uravan mineral belt - Reported Region: Uravan Mineral Belt - Ticker: AEC #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Terence \(Terry\) McNulty, Douglas L. Beahm - Resource group id: resource:89797628b0d472b4df61 - Deposit or zone: Total - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 178965 - Grade: 0.211 - Grade Unit: %eU3O8 - Contained Metal: 755367 - Contained Unit: pounds \(eu3o8\) - Cutoff Grade: 0.4 - Cutoff Unit: ft% #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-04T00:00:00.000Z Reasoning: This is a maiden Inferred resource estimate for the SM-18 project, which is positive for establishing a baseline, but the classification is low confidence and requires further work. This specific row aligns with the authors' recommended cutoff grade. - Positive factor: Maiden resource estimate for the SM-18 project, establishing a baseline. - Positive factor: Resource estimate is NI 43-101 compliant and signed off by QPs. - Positive factor: This row aligns with the authors' recommended 0.40 GT cutoff. - Negative factor: Entirely Inferred resource, indicating low geological confidence. - Negative factor: Requires further drilling and validation to upgrade classification. Evidence · table > 0.211 Context: 178,965 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as 'Inferred', indicating a speculative category with limited drilling. Evidence · table > Total Context: 178,965 **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: The document states 'This is the initial resource estimate for the property performed by Anfield'. Evidence · text > This is the initial resource estimate for the property performed by Anfield. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The PEA, which includes this resource, was prepared in accordance with NI 43-101. Evidence · text > The PEA was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects \(“NI 43-101”\). **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.