The Company owns a 1.0% NSR uranium royalty (the "Slick Rock Royalty") on the Slick Rock Project located in Colorado, USA. The royalty applies only to uranium produced at the project and does not apply to vanadium or other minerals.

In the Management Discussion and Analysis for the year ended December 31, 2024, Anfield announced that In June 2024, Anfield received final approvals for its drill permit application to commence a 20-hole, 20,000-foot rotary drill program at the Slick Rock project. In September 2024, Anfield announced that it had commenced the drill program at Slick Rock, and on January 29, 2025, Anfield announced that it had completed a 14-hole, 14,100-foot rotary drill program.

In a news release dated April 9, 2024, Anfield disclosed that it had submitted its production reactivation plan for the Shootaring Canyon mill to the State of Utah's Department of Environmental Quality. The plan addresses the updating of the mill's radioactive materials license from its current standby status to operational status and the increasing of both throughput capacity and the tripling of licensed production capacity. Following approval of the reactivation plan and mill refurbishment, Anfield will be able to both recommence uranium production and start vanadium production in 2026.

The Slick Rock Technical Report states an updated preliminary economic assessment for the combined Velvet-Wood and Slick Rock Projects. Project cost estimates are based on a conventional random room and pillar underground mine operation at the Velvet-Wood and Slick Rock mine areas. Mined material would be hauled by truck to the Shootaring Canyon Mill approximately 180 miles from Velvet-Wood and 200 miles from Slick Rock. Commodity prices used in the PEA are US$70.00/lb. for uranium oxide and US$12.00/lb. for V₂O₅. Respective mill recoveries are estimated at 92% U₃O₈ and 75% V₂O₅. Total initial capital expenditures, not including current and sunk costs, is estimated at US$122.3 million. Total weighted average operating expenses is estimated at US$244 per ton mined and processed. The total cost per ton to produce saleable uranium and vanadium products is estimated at US$290 per ton. This compares to an estimated gross value of US$741 per ton.

The technical report highlights a pre-tax project internal rate of return of 40% and a net present value of US$238 million, based on a discount rate of 8% and a uranium price of US$70.00/lb., along with a vanadium price of US$12.00/lb. for the two combined projects. The report states average annual production of approximately 750,000 pounds of uranium and 2.5 million pounds of vanadium per year is estimated over the 15-year mine life. The technical report estimates 1.7 million tons containing some 7.7 million pounds eU₃O₈ for the Slick Rock project alone, with a vanadium to uranium ratio of 6 to 1.

The PEA contained in the Slick Rock Technical Report is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Accordingly, there is no certainty that the preliminary economic assessment will be realized.

The information below regarding project milestones and recent developments for the Slick Rock Project has been summarized from the Slick Rock Technical Report as well as Anfield's public disclosure.

Surficial to shallow uranium/vanadium mineralization has been known in the Slick Rock area since the early 1900s (then called the McIntyre district). First mined for radium and minor uranium until 1923, numerous companies sporadically operated small scale mining and processing facilities along the Dolores River. In 1931, a mill was constructed by Shattuck Chemical Co. to process vanadium ore. In 1944, the area was worked by the Union Mines Development Corp. for uranium/vanadium ore.

By December of 1955, Union Carbide Nuclear Corp. (“UCNC”) had drilled out a sufficient resource on the north side of Burro Canyon and began sinking three shafts. In December 1957, the shaft sinking was complete on the Burro No. 3, 5, and 7 mines to total depths of 408 feet, 414 feet, and 474 feet, respectively. In the same year, initial ore shipments were made to UCNC's concentrating mill at Slick Rock.

UEC acquired its initial interest in the Slick Rock Project in 2010 by staking 88 mineral load claims that had lapsed and acquiring additional mineral load claims from individuals in consideration for a 1% royalty interest. UEC subsequently expanded the project through additional staking.

In April of 2014, UEC filed the Historic Slick Rock Technical Report, which included a preliminary economic assessment and mineral resource estimate for the Slick Rock Project. This report is not being treated as current by the Company as it has been superseded.