The Velvet-Wood project, located in San Juan County, Utah, is expected to produce uranium used for both civilian nuclear energy and defense applications, as well as vanadium, a strategic metal used in batteries and high-strength alloys.
Secretary of the Interior Doug Burgum characterized the move as part of an urgent federal response to what he said is “an alarming energy emergency” created by the “climate extremist policies” of the previous administration.
“President Trump and his administration are responding with speed and strength to solve this crisis,” he said. “The expedited mining project review represents exactly the kind of decisive action we need to secure our energy future.”
Anfield acquired Velvet-Wood, which is currently on care and maintenance, from Uranium One in 2015.
The asset sits on the site of a previously active operation. Between 1979 and 1984, Atlas Minerals extracted approximately 400,000 metric tons of ore from the Velvet deposit, recovering around 4,000,000 pounds of U3O8. If approved, the revived project would disturb only three acres of new surface area, according to the interior department.
“As a past-producing uranium and vanadium mine with a small environmental footprint, Velvet-Wood is well- suited for this accelerated review,” said Anfield CEO Corey Dias.
He added that the company aims “to play a meaningful role in rebuilding America’s domestic uranium and vanadium supply chain and reducing reliance on imports from Russia and China.”
The company also owns the Shootaring Canyon uranium mill in Utah, which it plans to restart. The facility, described as one of only three licensed, permitted and constructed conventional uranium mills in the country, would convert uranium ore into uranium concentrate bound for nuclear fuel production.
Uranium market sentiment turning a corner?
After a rocky start to 2025, the uranium market is showing signs of renewed strength and resilience.
According to Sprott Asset Management’s latest uranium report, the U3O8 spot price rose by 5.4 percent in April, climbing to US$67.70 per pound from a March low of US$63.20. The price recovery continued into early May, with the spot price briefly touching US$70, a nearly 10 percent gain from 2025 lows.
This rebound has renewed investor confidence and appears to signal the beginning of a steadier climb, underpinned by tight supply conditions, resurgent utility activity and greater clarity around US trade and tariff policy.
The uranium term price, which remains steady at US$80, continues to reflect strong long-term fundamentals. This persistent premium over spot pricing has re-energized the uranium carry trade — where traders purchase spot uranium for future delivery under term contracts — helping to support spot prices and inject fresh liquidity into the market.
A major contributor to the uranium market’s renewed confidence has been improved policy visibility in the US.
The Trump administration’s decision to pause the implementation of its new reciprocal tariffs for 90 days provided utilities with the breathing room needed to resume contracting.
Although uranium was excluded from the initial tariff package, it remains part of an ongoing Section 232 investigation into critical minerals, a move that Sprott believes elevates uranium’s strategic profile.
As for the long-term outlook, uranium’s bullish case is also being bolstered by growing power demands from artificial intelligence and data centers. In April, Google (NASDAQ:GOOGL) announced funding for three new nuclear projects, each with at least 600 megawatts of planned capacity.
These moves align with a broader US Department of Energy strategy that includes identifying 16 federal sites for co-locating data centers and new energy infrastructure.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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