enCore Energy EU

enCore Energy Corp. is a domestic uranium producer focused on extracting uranium within the United States using in situ recovery ISR technology. The company operates uranium extraction facilities in South Texas and holds a portfolio of exploration stage projects in Texas South Dakota and Wyoming. In 2024 it commenced uranium extraction at the Rosita Central Processing Plant becoming one of only three uranium extraction operations in the United States and the first in Texas in ten years. In June 2024 the company began extraction at the Alta Mesa Central Processing Plant adding a second operating facility. enCore Energy Corp. core activity is the production of uranium concentrate yellowcake for sale to nuclear fuel customers. enCore Energy Corp. positions itself as a supplier of clean carbon free fuel for the growing nuclear energy sector.

enCore Energy Corp. generates revenue primarily through the sale of uranium yellowcake produced at its operating central processing plants. The company sells its product under long term contracts and spot market agreements to nuclear utilities fuel conversion facilities and other participants in the nuclear fuel cycle. In 2025 the company extracted approximately 700,000 pounds of U3O8 from its Alta Mesa and South Texas Integrated ISR Project compared with 300,000 pounds in 2024. The Alta Mesa Central Processing Plant has a total operating capacity of approximately 1,500,000 pounds of uranium per year while the Rosita CPP has a capacity of 800,000 pounds per year. Revenue is also supported by strategic partnerships such as the joint venture with Boss Energy Limited that provides additional funding and shared production capacity at the Alta Mesa project. In December 2023 the company sold 30% of the Alta Mesa Project to Boss Energy Limited for $60 million and Boss invested an additional $10 million directly in enCore Energy Corp.

enCore Energy Corp. operates as one of the few active in situ recovery uranium producers in the United States giving it a niche position among larger integrated miners such as Cameco Corporation Kazatomprom and Energy Fuels Inc. Its competitive advantages include low operating costs due to the ISR method a strategic footprint in South Texas with existing processing infrastructure and the use of an oxygen and sodium bicarbonate based lixiviant that reduces environmental impact. The company benefits from US policy measures such as the Prohibiting Russian Uranium Imports Act which supports domestic uranium supply and creates a favorable market for producers like enCore Energy Corp. Its joint venture structure with Boss Energy Limited enhances financial flexibility while allowing the company to retain operational control of the Alta Mesa project.

enCore Energy Corp. sells its uranium concentrate to nuclear power plants fuel enrichment and conversion companies and other entities involved in the nuclear fuel supply chain. While specific customer names are not disclosed in the filing the company’s customer base consists of domestic and international utilities seeking reliable domestically sourced uranium for electricity generation. The company’s product is typically sold to nuclear fuel converters who convert yellowcake into uranium hexafluoride for enrichment and to nuclear utilities that use the enriched uranium as fuel for power reactors. Typical supply agreements span several years providing visibility of future cash flows.