**enCore Energy Corp. Reports Financial Results and Operational Developments for Fiscal Year 2025**

enCore Energy Corp., a U.S.-based uranium extraction company, reported its financial results for the fiscal year ended December 31, 2025. The company generated revenue of $43.16 million from uranium sales, a decrease of 26% compared to $58.33 million in 2024. This decline was attributed to lower volumes sold and lower realized sales prices due to ceiling prices embedded in contracts with customers. The cost of sales decreased by 49% to $33.46 million, compared to $65.54 million in the previous year, primarily due to no purchases of uranium, offset by more sales placed on extracted uranium at a lower market price. Operating expenses, excluding stock option expense, increased by 18% to $71.25 million, driven by increased extraction activities at Alta Mesa and Rosita, higher professional fees related to the Convertible Senior Notes, and increased staff costs. The company reported a net loss of $63.02 million, a 14% decrease from the $73.92 million loss in 2024. Basic and diluted loss per share was $0.30, compared to $0.34 in the previous year.

Operationally, enCore Energy extracted approximately 699,000 pounds of U3O8 from its Alta Mesa Uranium Project and 5,728 pounds of U3O8 from its South Texas Integrated ISR Project during 2025. This compares to 190,000 pounds of U3O8 from its Alta Mesa Uranium Project and 73,488 pounds U3O8 from its South Texas Integrated ISR Project during 2024. The company also announced new uranium discoveries in areas near existing wellfields at the Alta Mesa Project, identified through a detailed re-analysis of historic drill holes. The company has increased its drill rig capacity to 30 active rigs in South Texas as of December 31, 2025, to facilitate replacing mineral resource depletion and adding mineral resources.

Strategic developments during the year included the issuance of $115 million in Convertible Senior Notes due 2030, with a coupon rate of 5.5%. The company also entered into capped call transactions to reduce potential dilution upon conversion of the notes. In February 2024, the company sold a 30% interest in the Alta Mesa and Mesteña Grande projects to Boss Energy for $60 million. The company also announced the Dewey Burdock Project had been approved for inclusion in the Fast-41 Program by the U.S. Federal Permitting Improvement Steering Council.

Looking ahead, enCore Energy is focused on increasing uranium extraction from its South Texas facilities and growing its contract portfolio through new multi-year, hybrid, market-based contracts. The company also plans to complete significant permitting and license milestones for the Dewey Burdock Project in 2026, including the 10-year renewal of the Source Material License with the NRC. The company has sales commitments for 7.95 million pounds of U3O8 from 2026 through 2030 and beyond.

About enCore Energy Corp.

enCore Energy Corp. specializes in extracting domestic uranium using environmentally friendly in-situ recovery (ISR) technology. Its core operations include licensed uranium processing facilities in Texas and exploration projects across Texas, South Dakota, and Wyoming. The company focuses on building capacity through operational facilities and strategic acquisitions, serving the growing demand for clean nuclear energy with cost-efficient, low-impact extraction methods.

This description was generated via AI from an annual report. Updated 8 months ago.

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