Anfield Energy

As of March 31, 2026, cash was about 8.1 million Canadian dollars against loans payable of 12.5 million Canadian dollars, plus 24.2 million Canadian dollars in asset retirement obligations tied to legacy and planned sites.

The credit facility bears SOFR plus 5 percent with capitalized interest elections made multiple times, indicating costly capital. Equity raises in January and February 2026 provided liquidity, including 4 million dollars from Uranium Energy, but ongoing external funding will be required for refurbishment and mine development.

We see modest liquidity and meaningful refinancing/dilution risk typical of developers.