Anfield Energy has completed the first underground blast in nearly 40 years at the Velvet-Wood uranium-vanadium mine in San Juan County, Utah, after securing an ATF blast permit in June and rehabilitating the first 700 ft of decline. Ground support now includes rock bolts, wire mesh, new haul roads, mucking, and installation of a primary surface ventilation fan with ducting, air and water lines, power and communications. A water treatment plant and dewatering pump are almost complete, enabling dewatering of historic workings and further underground development targeting 4.6 million lb eU₃O₈ (measured and indicated).

Gold surged as much as 15.3% month-to-date in August 2026, breaking out of a multi‑month falling wedge, vaulting back above its 50‑day and 200‑day moving averages, and tracking as its sixth-strongest month since the US abandoned the gold standard in 1971. A 4.1% jump on 5 August, driven by 30.4k COMEX futures long contracts added in a single COT week, was followed by a further 3.9% spike after the US Treasury pledged to at least double longer‑dated bond buybacks to $4 billion per operation. Despite the speed of the move, gold is only about 3.5% above its 200‑day average—far from the 43.4% overextension seen in January’s blow‑off, suggesting less immediate downside risk for hedging and royalty strategies.

Gold fell as much as 3.2% to $4,515/oz on Comex after Fed chair Kevin Warsh used his Jackson Hole debut to reaffirm a “firm and fixed” 2% inflation target and signal that short-term rates remain the “predominant tool”, keeping a September hike in play. Silver dropped 4.1% to $67.34/oz, but remains up 71% over 12 months, while gold is still about 11% higher for August and 16% below its January record. Precious metals equities slid 4–6% intraday, yet August gains remain extreme, with Eldorado Gold up 51%, Hecla 44%, Equinox 43% and Agnico Eagle 41%.