enCore Energy has closed the sale of the Marquez-Juan Tafoya Uranium Project in New Mexico, US, to Anfield Energy.

The deal has aggregate consideration of C$5m ($3.8m) in cash and 185 million Anfield common shares.

According to the deal, which was announced last month, enCore Energy has received a total of C$4m in cash on the closing of the transaction. The company will receive a further C$1m by 25 September 2023.

enCore Energy executive chairman William Sheriff said: “The sale of the Marquez-Juan Tafoya Uranium Project represents the third successful transaction in enCore’s ongoing programme of divesting established quality uranium assets that are not in its production pipeline.

“This transaction provides us with both cash and participation as a significant shareholder in one of only three licensed conventional uranium mills in the United States. As always, our focus remains on advancing our Rosita and Alta Mesa In-Situ Recovery Uranium Central Processing Plant, where we remain on track, back into production in 2023 and early 2024, respectively.”

On the closure of the deal, Anfield acquired all of the outstanding shares of enCore’s wholly owned subsidiary, Neutron Energy.

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By GlobalData

Neutron Energy’s sole asset is the Marquez-Juan Tafoya Uranium Project in the Grants Uranium Mineral District, 50 miles west-north-west of Alberquerque.

The project holds historically indicated uranium resources of 18.1 million pounds. It comprises two adjacent properties, Marquez and Juan Tafoya, where extensive mineral exploration was carried out by drilling significant defined uranium resources in the 1970s to early 1980s.

enCore will maintain the right to one seat on the Anfield board of directors for as long as it owns at least 10% of the issued shares of Anfield.