11:18 AM EDT, 04/09/2024 (MT Newswires) -- Anfield Energy ( ANLDF ) said Tuesday it submitted its production reactivation plan for the Shootaring Canyon uranium 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.

After securing approval for the reactivation plan and mill refurbishment, Anfield will recommence uranium production and start vanadium production in 2026.

As part of the plan, the company intends to increase mill throughput capacity to 1,000 tons per day from 750 tons per day and raise annual uranium production capacity to 3 million pounds from 1 million pounds.

"Since acquiring the Shootaring Canyon mill in 2015, we have maintained the facility, waiting for the right market conditions to return the mill to production status. With uranium reaching highs of greater than US$100 per pound earlier this year, and a global environment in which demand is expected to continue outstripping supply, we believe this is the ideal time to advance our uranium assets to production," chief executive Corey Dias said in a release.

Anfield shares were last seen unchanged at C$0.10 on the TSX Venture Exchange.

Price: 0.10, Change: -0.01, Percent Change: -5.00