Anfield Energy is a British Columbia-incorporated uranium and vanadium developer that has built its entire thesis around one location-specific ambition: converting a southwestern U.S. mining complex and the dormant Shootaring Canyon mill into a vertically integrated producer. The audited fiscal 2025 statements, the anchor for this report, describe a company that still generates no revenue - a pre-production developer funding a construction-and-restart program entirely with raised capital. There are two ways to read this fiscal year. The first is as straightforward deterioration: the net loss widened roughly 72 percent to $14.3 million (C$19.7 million), on higher drilling and a one-time share-based compensation charge. The second reads the same set of numbers as a company spending deliberately before a restart: exploration and evaluation spending rose, the mine-mill capital plan is laid out in a 2025 preliminary economic assessment, and management targets the mill restart in 2027.
The corporate moves under the year tell the funding story. Uranium Energy Corp - a NYSE-listed uranium producer and, since this fiscal year, Anfield's largest shareholder - invested $10.9 million (C$15.0 million) at C$10.50 a share in January 2025 and holds roughly 33 percent of the company's shares, with a path toward control. Since year-end, Anfield has raised approximately another $17 million gross across the 2026 financings - a January offering at US$4.46 a share, a U.S. dollar subscription from UEC, and the most recent at US$4.00 a share closing July 31. The stock now trades near those financing levels: at $4.54 on the August 11 close, it sits essentially at the January offering price of US$4.46, roughly 64 percent below its 52-week high of $12.49, and modestly above both its July financing and its 52-week low. This is a pre-revenue company priced at a premium to its US-dollar book value, with the market placing a large bet on three things going right: the mill permit, the uranium price, and the capital to reach first production.