A N U P - A N D - C O M I N G E N E R G Y M E T A L S P R O D U C T I O N C O M PA N Y
November 2018
Acquisition of Uranium/Vanadium Properties
Safe Harbour
All statements, other than statements of historical fact, contained in this presentation constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, and “forward-looking information” under
similar Canadian legislation and are based on the reasonable expectations, estimates and projections of the Company as of the date of this presentation. Forward-looking statements and forward-looking information include, without limitation, possible events,
trends and opportunities and statements with respect to possible events, trends and opportunities, including with respect to, among other things, the growth of the phosphate market, global market trends, expected industry demands, the Company’s business
strategy and investment criteria, the nature of potential business acquisitions, costs and timing of business acquisitions, capital expenditures, successful development of potential acquisitions, currency fluctuations, government regulation and environmental
regulation. Generally, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements and
forward-looking information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the company as of the date of such statements, are inherently subject to significant business, economic and competitive
uncertainties and contingencies. The estimates and assumptions contained in this presentation, which may prove to be incorrect, include, but are not limited to, the various assumptions of the company set forth herein. Known and unknown factors could
cause actual results to differ materially from those projected in the forward-looking statements and forward-looking information. Such factors include, but are not limited to fluctuations in the supply and demand for uranium, changes in competitive pressures,
including pricing pressures, timing and amount of capital expenditures, changes in capital markets and corresponding effects on the company’s investments, changes in currency and exchange rates, unexpected geological or environmental conditions,
changes in and the effects of, government legislation, taxation, controls and regulations and political or economic developments in jurisdictions in which the Company carries on its business or expects to do business, success in retaining or recruiting officers
and directors for the future success of the Company’s business, officers and directors allocating their time to other ventures; success in obtaining any required additional financing to make target acquisition or develop an acquired business; employee relations,
and risks associated with obtaining any necessary licenses or permits. Many of these uncertainties and contingencies can affect the company’s actual results and could cause actual results to differ materially from those expressed or implied in any forward-
looking statements and forward looking information made by, or on behalf of, the Company. There can be no assurance that forward-looking statements and forward-looking information will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. All of the forward-looking statements and forward-looking information made in this presentation are qualified by these cautionary statements. Although management of the Company has attempted to
identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements
and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. Timelines used in
this presentation are for the purpose of aiding management in the planning and implementation of the project, and are not based on a detailed assessment of project requirements. Consequently the timelines are subject to material revision based on when
technical reports and/or feasibility studies, if any, are completed. Future phases of the project are contingent upon completion of preceding phases. Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or
sell shares in any jurisdiction. TECHNICAL DISCLAIMER: This presentation contains references to historical resources. Anfield is not treating the historical estimates as current mineral resources or mineral reserves. A qualified person has not done sufficient work
to classify the historical estimates as current mineral resources or mineral reserves. All historical resources referenced in this report, unless otherwise noted, are from technical reports prepared by well-known mineral exploration and mining consulting firms
using current CIM standards and terminology. The Company intends to work with the same groups to complete the reports such that they comply with all requirements of NI 43101.Stephen Butrenchuk, P. Geo., is the Qualified Person who has reviewed and
approved the technical content of this presentation.
2
Company snapshot
Corporate Information
Exchange/Symbol
TSX Venture AEC
OTCQB ANLDF
Frankfurt OAD
As of August 2018
Shares Outstanding 44.8 million
Fully diluted 73.3 million
52-week range $0.19-$0.59
Recent price $0.28
Market capitalization $12.6 million
Major shareholders
Management and insiders ~6%
U.S. Energy Corporation ~8%
Uranium One ~2%
3
Investment Thesis
Anfield provides a positive risk/reward balance:
Country risk
Low as U.S. is a safe jurisdiction
Financial risk
Low due to low capex and opex for ISR
Permitting risk
Low because Anfield’s assets are located in mining states,
have existing permits, no native issues or environmentally
sensitive areas
Management/Director risk
Low due to experience of mining team
Technical risk
Low due to Anfield’s portfolio of previously producing mill
and mines
Commodity risk
Uncovered demand high starting in 2017
4
Anfield Strategy
Participate in conventional uranium production to
leverage larger-scale,
longer-term production opportunities
in a higher-price uranium environment.
Participate in ISR uranium production
to leverage near-term production opportunities in a
lower-price uranium environment.
Create a robust U.S.-based energy company, with
significant potential production upside, through both
organic growth and asset acquisitions.
5
Acquisition of Charlie Project: ISR-amenable asset
Anfield is acquiring The Charlie Uranium Project from Cotter Corporation, a subsidiary of General Atomics
Most-advanced, lowest-cost production asset in Anfield’s portfolio
No cash payment; Cotter retains right to 20% of produced uranium from Charlie
3.1Mlbs of Indicated uranium resource and 1.4Mlbs of Inferred uranium resource
Anfield’s Resin Processing Agreement already allows Anfield to process up to 500,000
pounds of uranium through Uranium One’s existing processing plant
Charlie would serve as Anfield’s initial production source
Anfield is not treating the historic uranium estimates as current mineral resources or mineral reserves. A qualified person has not
yet done sufficient work to classify the historic estimates as current mineral resources or mineral reserves. The historic estimates
referenced herein are from reports prepared by wellknown mineral exploration and mining consulting firms using current
inferred Mineral Resource CIM standards and terminology. Thus, the Company considers the historic estimates to be reliable.
6
Acquisition of Charlie Project: ISR-amenable asset
Charlie is the most-advanced, and lowest-cost production asset in Anfield’s portfolio
Potential of nearer-term production due to proximity to two of Uranium
One’s producing mines – licensing and pipeline to satellite plant –
compared to 48-60 months via regular process
Anfield has also negotiated potential terms of a Resin Capture and
Processing Agreement with Uranium One which would allow Anfield to
pay a fixed cost for both resin capture and final processing
Anfield is not treating the historic uranium estimates as current mineral resources or mineral reserves. A qualified person has not
yet done sufficient work to classify the historic estimates as current mineral resources or mineral reserves. The historic estimates
referenced herein are from reports prepared by wellknown mineral exploration and mining consulting firms using current
inferred Mineral Resource CIM standards and terminology. Thus, the Company considers the historic estimates to be reliable.
7
Anfield: other ISR amenable assets and toll milling
Anfield acquired 24 ISR uranium projects from Uranium One in Wyoming in September 2016
US$6.1M, paid over a five-year period
Significant historic uranium resource
Anfield also signed a toll milling agreement with Uranium One
Multi-year term during which Uranium One will process up to 500,000
pounds of uranium on behalf of Anfield at its Irigaray processing plant
Anfield can also buy and borrow uranium from Uranium One in order to
fulfill any utility sales contracts it signs
Wyoming
Map Area
Johnson
Campbell
Douglas
Converse
AlbanyCarbon
Bairoil
Rawlins
Fremont
Jeffery City
Carbon
Natrona
Gillette
GAS HILS
HORSECREEK
CLARKSONHILL
Casper
CROSS ROADS
SANDCREEK
SOUTH PINERIDGE
PINERIDGE
TAYLORRANCH
RENOCREEK
PUMPKINCREEK
NILES RANCH
NINE MILE
MULE CREEK
CENTRALSHIRLEYBASIN EAST
SHIRLEYBASIN
WESTCROOKSCREEK
WESTBEAVER
RIM
WESTSWEETWATER
SOUTHSWEETWATER
STEWARTCREEK
BULLSPRINGS
REDRIM
ARH WYCorp.
Anfield is not treating the historic uranium estimates as current mineral resources or mineral reserves. A qualified person has not
yet done sufficient work to classify the historic estimates as current mineral resources or mineral reserves. The historic estimates
referenced herein are from reports prepared by well-known mineral exploration and mining consulting firms using current
inferred Mineral Resource CIM standards and terminology. Thus, the Company considers the historic estimates to be reliable.
8
Anfield: other conventional assets
Shootaring Canyon Mill (Utah)
750 tpd conventional uranium mill acquired
in 2015 from Uranium One
One of only three licensed, permitted and constructed uranium
mills in existence in the U.S.
Velvet-Wood Mine (Utah)
Mine acquired in 2015 from Uranium One
4.6Mlbs of M&I uranium resource
2016 PEA: up to 41% pretax IRR
Surface stockpiles (Utah)
Potential source of near-term, low-cost revenue generation 2016
PEA: up to 41% pretax IRR
Other mines and exploration assets
Frank M, Findlay Tank
Royalties (Utah/Colorado/ South Dakota)
Four royalties on the projects of three publicly
traded uranium companies
Shootaring Canyon Mill
9
Anfield Strategy in practice Create a robust U.S.-based energy company, with significant production upside, through both organic growth and asset acquisitions
Three acquisitions, including both internal
and external uranium production access
Participate in ISR uranium production to leverage near-term production opportunities in a lower-price uranium environment
Wyoming ISR uranium asset acquisition (U1)
Wyoming Charlie ISR property acquisition (Cotter)
Participate in conventional uranium and vanadium production to leverage larger-scale, longer-term production opportunities in a higher price uranium and vanadium environment
Utah/Arizona Conventional uranium asset acquisition
ISRProduction
assets
Explorationassets
Conventionalproduction
assets
10
M&A activity – a strengthSince 2015, Anfield has been conducting significant M&A activity with multibillion dollar corporations:
Wyoming ISR asset acquired from Cotter Corporation in 2018
The Charlie ISR uranium project contains 3.1Mlbs of Indicated resource
and 1.4Mlbs of Inferred resource
Conventional uranium assets acquired from U1 in 2015
Mill, mines with resources, surface stockpiles and royalties
Non-core breccia pipe asset divested
50% of Wate breccia pipe project sold to partner
Energy Fuels in 2015
Wyoming ISR assets acquired from U1 in 2016
Significant historic resource
Resin Processing Agreement
Divestitures Acquisitions
11
Anfield: M&I & Inferred uranium resource Anfield Energy Project
Measured Indicated Inferred Total Measured & Indicated
Tons Grade Pounds Tons Grade Pounds Tons Grade Pounds Tons Grade Pounds
Utah/Arizona
Velvet 1 362,600 0.27% 1,966,000 71,200 0.38% 548,000 76,000 0.34% 517,500 433,800 0.29% 2,514,000
Wood 1 377,000 0.28% 2,113,000 11,000 0.16% 34,500 377,000 0.28% 2,113,000
Frank M 7 1,095,000 0.10% 2,210,000 42,000 0.05% 75,000 1,095,000 0.10% 2,210,000
Findlay Tank 8 211,000 0.23% 954,000
362,600 1,966,000 1,543,200 4,871,000 340,000 1,581,000 1,905,800 6,837,000
Wyoming
Red Rim 2 336,655 0.17% 1,142,449 472,988 0.16% 1,539,447 336,655 0.17% 1,142,449
South Sweetwater 3 166,000 0.07% 217,000 36,000 0.09% 66,200 95,200 0.07% 133,000 202,000 0.07% 283,200
Clarkson Hill 4 957,000 0.06% 1,113,000
Charlie 5 1,260,000 0.12% 3,100,000 558,000 0.13% 1,400,000 1,260,000 0.12% 3,100,000
Nine Mile 6 2,108,000 0.06% 2,504,000 1,297,000 0.07% 1,804,000 2,108,000 0.06% 2,504,000
166,000 217,000 3,740,655 6,812,649 3,380,188 5,989,447 3,906,655 7,029,649
Total 528,600 2,183,000 5,283,855 11,683,649 3,720,188 7,570,447 5,812,455 13,866,649
Anfield is not treating the historic estimates for South Sweetwater, Frank M and
Findlay Tank as current mineral resources or mineral reserves. A qualified person
has not yet done sufficient work to classify the historic estimates as current
mineral resources or mineral reserves. The historic estimates referenced herein are
from reports prepared by well-known mineral exploration and mining consulting
firms using current inferred Mineral Resource CIM standards and terminology.
Thus, the Company considers the historic estimates to be reliable.
12
1 Velvet-Wood Mine Uranium Project, Preliminary Economic Assessment, Utah USA, June 15 2016, BRS Inc.
2 Red Rim Project, 43101 Mineral Resource Report, Wyoming USA, March 31 2017, BRS Inc.
3 South Sweetwater Uranium Project, Sweetwater County, Wyoming USA, 43101 Mineral Resource Report, December 30 2008, BRS Inc.*
4 Clarkson Hill Uranium Project, 43101 Mineral Resource Report, Natrona County, Wyoming USA, July 27 2017, BRS Inc.
5 Charlie Uranium Project, Mineral Resource NI 43-101 Technical Report, Johnson County, USA, September 30, 2018, BRS. Inc.
6 Nine Mile Lake Uranium Project, Mineral Resource 43-101 Technical Report, Natrona County, Wyoming, U.S.A., March 2018, BRS Inc.
7 Frank M Uranium Project, 43101 Mineral Resource Report, Garfield County, Utah USA, June 10 2008, BRS Inc.*
8 Findlay Tank SE Breccia Pipe Uranium Project, Mohave County, Arizona USA 43101 Mineral Resource Report, October 2 2008, BRS Inc.*
Steps to potential uranium production
Step One
Step Three
Step Two
Charlie ISR well field development and
pipeline construction
Resin Capture and Processing Agreement:
fixed costs for up to 500,000 pounds of
uranium per year using both Uranium One’s
satellite plant and final processing plant
Conventional uranium mill refurbishment
and mine licensing, permitting and restart
Shootaring licensed production capacity:
1,000,000 pounds of uranium per year
Combined potential annual uranium
production capacity of 1,500,000 pounds
13
ISR well field development and satellite
plant construction for Anfield’s follow-on
projects
Resin Processing Agreement: up to 500,000
pounds of uranium per year
Potential catalysts
Resource estimate reports
Charlie Project PEA
Wyoming ISR properties – No resource reports completed
on 21 of 24 acquired projects
Utah/Arizona conventional properties (including
vanadium resource)
Licensing/permitting of Wyoming properties
Further asset acquisitions – U.S.
Both conventional and ISR properties
Yellowcake inventory
Utility Sales Contracts
14
Peer comparison
CompanyRecent Share
PriceShares O/S(Millions)
Market Cap(Millions)
M&I Resource (Mlbs)
Inferred Resource (Mlbs)
Mkt. Cap/M&I Resource
Cameco $15.73 396 6,226 883 190 $7.05
NexGen $2.90 348 1,011 180 122 $5.61
Fission $0.63 486 306 88 53 $3.48
Energy Fuels $4.24 91 386 81 49 $4.77
UEC US$1.21 176 281 58 45 $4.85
Peninsula A$0.21 237 50 40 72 $1.25
Ur-Energy $0.92 159 146 22 6 $6.66
Average $4.81
Anfield $0.28 45 15 14 8 $0.90
At Average $1.49 45 126 14 8 $4.81
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A quick look at nuclear reactors
454 reactors currently operating worldwide
55 reactors currently under construction
6 415 27
487 reactors planned, proposed or ordered
46%This is the expected
growth of nuclear
power production by
2040. Nuclear power
growth boosted by
worldwide clean
energy drive.
Global reactor growth
600
500
400
300
200
100
0
Construction Planned Proposed Operable Pipeline
Source: WNA16
Growth in reactors worldwide to put added pressure on uranium supply
Source: WNA
Nuclear capacity growth expected to range between 1% and 4% per annum.
Most of this growth expected to come from Asia and Oceania.
Growth will be offset by declines in North America and Western Europe.
17
Global Nuclear Capacity
China – driver of nuclear growth
China currently has 37 operational nuclear reactors with capacity of 33,000 MW
China also has 20 reactors under construction (22,000 MW) and 183 reactors planned or proposed (195,000 MW)
By 2020, China is expected to have 88,000 MW of capacity either operational or under construction
By 2030, China will need 200,000 MW in order to meet its government’s emissions targets
Will surpass the U.S.A. as having the greatest capacity for
generation of nuclear power
Plans to build 99 reactors by 2030
Moratorium on new coal power plants
18
Utilities will need to return to contracting to secure supply
Utility Uranium Requirements(million pounds U3O8 – per UxC Q3/18)
Source: UxC. *Covered does not include inventory build
Utilities are currently taking advantage of the historically-low uranium spot price by deferring long-term contract negotiations with suppliers
According to UxC, this may lead to uncovered demand of 20% by 2021, with uncovered contract rising significantly thereafter
Long-term contract volumes generally reach 200Mlb/year; however, between 2011 and 2017, contract volumes remained closer to 100Mlb/year
Long-term contracts which began in the 2006 to 2008 period are now ending
Utilities will need to begin contracting in 2018 in order to meet uncovered demand
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But utilities are now facing a changed market environment
35Mlbs of annual uranium supply removed:
2016 – Cameco suspends Rabbit Lake and reduces production at McArthur River
2017 – Kazatomprom reduces 2017 production by 10%
2017 – Cameco announces 10-month suspension of production at McArthur River
2018 – Kazatomprom announces 20% reduction in production
2018 – Paladin announces indefinite shutdown of Langer Heinrich
2018 – Cameco announces indefinite shutdown of McArthur River
US utilities are also facing the potential impact of the Section 232 Petition investigation being undertaken by the US Department of Commerce:
Could force US utilities to acquire 25% of its uranium needs from domestic suppliers, well above the current 3% procured from US suppliers
20
Utilities will need to return to contracting to secure supply
Utility Uranium Requirements(million pounds U3O8 – per UxC Q2’2018)
Utilities are currently taking advantage of the historically-low uranium spot price by deferring long-term contract negotiations with suppliers
According to UxC, this may lead to uncovered demand of 21% by 2020, with uncovered contract rising significantly thereafter
Long-term contract volumes generally reach 200Mlb/year; however, between 2011 and 2016, contract volumes remained closer to 100Mlb/year
Long-term contracts which began in the 2006 to 2008 period are now ending
Utilities will need to begin contracting in 2018 in order to meet uncovered demand
21
Summary
1
Anfield now has significant
exposure to lower-cost, smaller-scale and nearer-term
production via both its Charlie and Wyoming ISR
uranium asset acquisitions
2
Anfield’s ISR properties
complement its higher-cost, larger-scale and longer-
term conventional uranium assets
3
With uranium supply remaining relatively
flat and uranium demand growing
worldwide, utilities will soon look to
reengage producers in order to cover
their current shortfall of contracted fuel
4
However, limited uranium supply will force prices
upward due to increased
competition for a limited resource
5
Anfield willbenefit from
increased uranium supply/demand
imbalance as it will facilitate Anfield’s
two-pronged production approach
22
Management and Directors
Corey Dias, CEO and Directorformer equity research analyst, fund manager and strategy consultant with
CIBC, Fortress Investment Group and Monitor Group, respectively; Master of
Business Administration (Western University)
Scott Lumadue, VP Uranium Sales and Marketing 38 years of nuclear-related experience with ConverDyn,
Duke Energy, Uranium One and Nuexco
John Eckersley, VP Legal and Regulatory AffairsU.S.-based attorney with 30 years of experience,
including 10 years with publicly-traded companies
Don Falconer, Director35 years experience in uranium and nuclear utility sectors
in both public and private spheres; senior management
and Director positions with numerous uranium companies, including
Uranium One, Southern Cross, Energy Fuels, AusAmerican Mining and
Ontario Hydro
Joshua Bleak, Director4thgeneration miner from Arizona with extensive resource development
experience in southwestern U.S.A; formerly President of American Energy
Fields, a junior uranium company
Stephen Lunsford, Director40 years experience as senior geologist; involved in all stages
of mining process from exploration to mine development; formerly with
Cameco Resources
Leonard (Toby) Wright, Director20 years experience as registered geologist and environmental consultant;
involved in numerous ISR and conventional uranium projects in the U.S.A.;
Master of Geotechnical Engineering (Colorado State)
23
To reach Anfield, please contact us:
Anfield Energy Inc.
2005-4390 Grange Street
Burnaby, BC V5H 1P6
Canada
Anfield Energy Inc.
3346 Guadalupe Road
Apache Junction, AZ 85120
USA