The accelerating cash burn and working capital deficit make the July 31 equity raise critical for near-term survival. Monitor the Shootaring Mill restart timeline (target 2027) and the arbitration outcome (US$10M exposure). The stock is a high-risk pre-recovery developer — any delay in permitting or additional financing needs would be negative.
Price Chart
Executive Summary
Anfield Energy reported H1 2026 results showing a net loss of $16.0M (vs $7.1M loss in H1 2025), with the first-ever revenue of $744,766 from the newly acquired BRS consulting business. Operating cash burn deepened to $9.0M, and the company ended June with a working capital deficit of $323K. A subsequent July 31 public offering raised US$6.86M, providing near-term liquidity. The company continues advancing its Shootaring Mill restart (target 2027) and PEA-stage uranium projects, but the accelerating cash burn and contingent arbitration risk for ~US$10M create a bearish near-term outlook for this pre-recovery developer.
Key Facts
- Net loss for H1 2026 was $16,025,687 vs $7,095,921 in H1 2025, more than doubling.
- First-ever revenue of $744,766 from BRS consulting acquisition closed May 8, 2026.
- Operating cash flow used was $8,968,322 in H1 2026 vs $5,846,866 in H1 2025.
- Working capital deficit of $323,103 at June 30, 2026 vs positive $3,973,751 at Dec 31, 2025.
- Subsequent July 31, 2026 public offering raised US$6,860,000 (1,715,000 shares at US$4.00).
- Contingent arbitration claim seeking 125,000 lbs yellowcake or ~US$10,000,000.
- Loans payable of $13,728,003 (US$9,659,955) with effective interest rates of 22.48% and 13.89%.
- Deficit grew to $119,380,049 from $103,354,362 at year-end 2025.
Financial Impact
H1 2026 net loss of $16.0M (CAD) on $0.74M revenue; operating cash burn of $9.0M; working capital deficit of $323K; subsequent $6.86M (USD) equity raise
Risk Factors
- Cash burn rate exceeds revenue by 12x, requiring continued equity/debt financing
- Contingent arbitration claim for ~US$10M could materially impair balance sheet
- Shootaring Mill restart dependent on regulatory approvals and additional capital
- High-cost debt (22.48% effective rate) increases financial leverage risk
- Working capital deficit limits operational flexibility
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001493152-26-038279 |
| Exhibit: ex99-2.htm | 0001493152-26-038279 |
| Exhibit: ex99-3.htm | 0001493152-26-038279 |
| Exhibit: ex99-4.htm | 0001493152-26-038279 |
| Document: form6-k.htm | 0001493152-26-038279 |
| Document: 0001493152-26-038279-index-headers.html | 0001493152-26-038279 |
| Document: 0001493152-26-038279-index.html | 0001493152-26-038279 |
| Document: 0001493152-26-038279.txt | 0001493152-26-038279 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 17d ago | 6-K | $3.68 $3.83 | ▲ +4.08% | ▲ +1.95% | $3.44 (−6.52%) |
Sep 10, 2026 22d ago | 6-K | $4.11 $3.74 | ▼ −9.00% | ▼ −8.50% | $3.44 (−16.30%) |
Aug 14, 2026 7w ago | 6-K | $4.23 $4.66 | ▼ −10.17% | ▼ −11.53% | $3.44 (+18.68%) |
Aug 1, 2026 8w ago | Press Release | $3.97 $4.30 | ▲ +8.31% | ▲ +6.29% | $3.44 (−13.35%) |
Jul 30, 2026 9w ago | 6-K | $3.96 $4.11 | ▼ −3.79% | ▼ −0.17% | $3.44 (+13.13%) |
Jul 30, 2026 9w ago | 6-K | $3.96 $4.11 | ▼ −3.79% | ▼ −0.17% | $3.44 (+13.13%) |
Jul 9, 2026 12w ago | 6-K | $4.19 $4.36 | ▲ +4.06% | ▲ +4.19% | $3.44 (−17.90%) |
Jul 7, 2026 12w ago | 6-K | $4.18 $4.53 | ▲ +8.37% | ▲ +7.82% | $3.44 (−17.70%) |
Jun 30, 2026 13w ago | 6-K | $4.37 $4.49 | ▲ +2.75% | ▲ +2.14% | $3.44 (−21.28%) |
Jun 18, 2026 15w ago | 6-K | $5.09 $4.01 | ▼ −21.22% | ▼ −19.55% | $3.44 (−32.42%) |
US Market Status
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