Recent Insider Transactions • 11h
Executive Chairman recently bought CA$201k worth of stock On the 19th of May, William Sheriff bought around 100k shares on-market at roughly CA$2.01 per share. This transaction amounted to 7.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. William has been a buyer over the last 12 months, purchasing a net total of CA$39k worth in shares. Major Estimate Revision • May 21
Consensus revenue estimates fall by 26% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from US$99.7m to US$73.9m. Forecast losses increased from -US$0.12 to -US$0.24 per share. Oil and Gas industry in Canada expected to see average net income growth of 47% next year. Consensus price target down from CA$6.75 to CA$5.58. Share price fell 9.0% to CA$2.01 over the past week. Price Target Changed • May 19
Price target decreased by 8.2% to CA$5.58 Down from CA$6.08, the current price target is an average from 3 analysts. New target price is 194% above last closing price of CA$1.90. Stock is down 14% over the past year. The company is forecast to post a net loss per share of US$0.24 next year compared to a net loss per share of US$0.30 last year. Reported Earnings • May 15
First quarter 2026 earnings released: EPS: US$0.028 (vs US$0.13 loss in 1Q 2025) First quarter 2026 results: EPS: US$0.028 (up from US$0.13 loss in 1Q 2025). Revenue: US$18.3m (flat on 1Q 2025). Net income: US$5.40m (up US$29.6m from 1Q 2025). Profit margin: 30% (up from net loss in 1Q 2025). Revenue is forecast to grow 50% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 10% per year. Price Target Changed • May 13
Price target increased by 11% to CA$6.75 Up from CA$6.08, the current price target is an average from 2 analysts. New target price is 213% above last closing price of CA$2.16. Stock is down 11% over the past year. The company is forecast to post a net loss per share of US$0.13 next year compared to a net loss per share of US$0.30 last year. Board Change • Apr 21
High number of new directors CEO & Director Rich Little was the last director to join the board, commencing their role in 2026. Reported Earnings • Apr 01
Full year 2025 earnings released: US$0.30 loss per share (vs US$0.34 loss in FY 2024) Full year 2025 results: US$0.30 loss per share (improved from US$0.34 loss in FY 2024). Revenue: US$43.2m (down 26% from FY 2024). Net loss: US$56.9m (loss narrowed 7.4% from FY 2024). Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Mar 20
enCore Energy Corp., Annual General Meeting, Jun 10, 2026 enCore Energy Corp., Annual General Meeting, Jun 10, 2026. New Risk • Mar 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$52m net loss in 2 years). Significant insider selling over the past 3 months (CA$162k sold). Announcement • Mar 03
Encore Energy Corp Announces Retirement of William M. Sheriff as Executive Chair and Director of the Company enCore Energy Corp. announced the retirement of William M. Sheriff as Executive Chair and Director of the Company. Mr. Sheriff, the founder of enCore, will continue to serve as a Senior Advisor on the Company's Technical Advisory Committee providing continued guidance on matters related to investments, corporate development and finance. Mr. Sheriff has also agreed to serve as the Executive Chair of Verdera Energy Corp. William M. Sheriff has been named Chairman Emeritus of enCore Energy Corp. and has accepted the role of Executive Chair at Verdera Energy Corp. As a Senior Advisor at enCore, Sheriff will focus on corporate development, mergers, acquisitions, corporate finance, and investments. He will also work as Executive Chair of Verdera Energy Corp. to help build it into a significant player in the domestic uranium supply industry. Breakeven Date Change • Feb 20
Forecast breakeven date pushed back to 2028 The 4 analysts covering enCore Energy previously expected the company to break even in 2027. New consensus forecast suggests the company will make a profit of US$14.9m in 2028. Average annual earnings growth of 55% is required to achieve expected profit on schedule. Recent Insider Transactions • Jan 09
Key Executive recently sold CA$68k worth of stock On the 2nd of January, William Sheriff sold around 19k shares on-market at roughly CA$3.68 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth CA$99k. Despite the recent sale, William has been a net buyer over the last 12 months, purchasing a net total of CA$513k worth of shares. Announcement • Dec 02
enCore Energy Corp. Announces Board Changes enCore Energy Corp. announced on December 1, 2025, the appointment of Mr. Wayne Heili to the Company's Board of Directors effective immediately. In addition, Dr. Dennis Stover has announced his retirement from the Board effective December 31, 2025. Following his retirement from the Board, Dr. Stover will continue to actively support the Company as Chair of the Technical Advisory Committee. Mr. Heili is a metallurgical engineer specializing in uranium recovery throughout his 35+ year professional career. Starting out in South Texas and later moving to Wyoming, Mr. Heili has held technical, managerial and senior executive roles in both major corporate and junior development uranium production companies. He served as Vice President of Mining and later as Chief Executive Officer of Ur-Energy Inc. as it advanced projects from conception to production. Mr. Heili most recently served as the Chief Executive Officer of Peninsula Energy Limited as it successfully overcame a number of challenges in bringing the Lance Project in Wyoming to production status in 2025. In a corporate capacity, Mr. Heili has successfully led teams charged with new project development, regulatory affairs, uranium marketing and investor relations campaigns. He served as an Executive Director of both Ur-Energy Inc. and Peninsula Energy Limited as well as holding Board of Directors position with the Uranium Producers of America, the Wyoming Mining Association and numerous community non-profit organizations. On December 1, 2025, in connection with his appointment to the Board, Mr. Heili was granted an equity award under the Company's 2024 Long-Term Incentive Plan, consisting of 25,000 restricted stock units that vest ratably over a two-year period and 100,000 stock options at an exercise price of US$2.73 vesting over a 24-month period, with 25% of the stock options vesting six months following the grant date and an additional 25% vesting every six months thereafter. The stock options expire five years from the date of grant. Reported Earnings • Nov 11
Third quarter 2025 earnings released: US$0.025 loss per share (vs US$0.086 loss in 3Q 2024) Third quarter 2025 results: US$0.025 loss per share (improved from US$0.086 loss in 3Q 2024). Revenue: US$8.88m (down 4.1% from 3Q 2024). Net loss: US$4.76m (loss narrowed 70% from 3Q 2024). Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Recent Insider Transactions • Oct 08
Independent Director recently sold CA$380k worth of stock On the 7th of October, William Harris sold around 80k shares on-market at roughly CA$4.75 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$137k more than they bought in the last 12 months. Announcement • Sep 25
enCore Energy Corp. Appoints Robert Willette as Chief Executive Officer enCore Energy Corp. announced that Mr. Robert Willette, who has been serving as Acting Chief Executive Officer, has now been formally appointed as Chief Executive Officer. Mr. Willette is an accomplished general counsel and business executive with 20+ years of experience managing corporate legal functions for public and privately held entities across a multitude of sectors, including industrial, manufacturing, transportation, oil &gas, and renewables. He brings with him broad experience in corporate law and sophisticated commercial transactions, including securities, capital market transactions, mergers and acquisitions (M&As), divestitures, as well as significant experience in manufacturing, real estate, governance, compliance, intellectual property, and international operations and transactions. Most recently Mr. Willette served as ProFrac Holding Company's Chief Legal Officer, Chief Compliance Officer and Corporate Secretary, a multi-billion dollar publicly traded oil and gas services and technology company. Mr. Willette holds a B.S., an M.B.A., and a J.D. from the University of Kansas. Announcement • Sep 10
enCore Energy Corp. Appoints Mr. Kevin Kremke as Chief Financial Officer, Effective October 1St, 2025 enCore Energy Corp. announced the appointment of Mr. Kevin Kremke as Chief Financial Officer, effective October 1, 2025. Mr. Kremke is a seasoned finance executive and strategic operator with a proven record of driving growth, transformation, and disciplined financial stewardship across diverse industries. With deep expertise spanning corporate finance, M&A, capital markets, and operational leadership, he brings the rare ability to balance strategic vision with hands-on execution. Mr. Kremke has held Chief Financial Officer roles in both large publicly traded and private equity companies, where he has guided organizations through periods of rapid expansion, restructuring, and complex capital-raising initiatives. His work includes leading large-scale budgeting and forecasting processes, executing merger and acquisitions transactions, and optimizing capital structures to strengthen shareholder value. Known for his collaborative leadership style, Mr. Kremke partners closely with the C-suite of officers, the Board of Directors, and investors to align financial strategy with long-term business goals. He brings broad experience from the oil and gas, electric power, and energy transition industries. Mr. Kremke holds an M.B.A. from the University of Chicago Booth School of Business and B.S. from Ball State University. In conjunction with this appointment, the Company has granted Mr. Kremke a total of 250,000 options and 250,000 restricted stock units. Each option is exercisable to acquire a common share of the Company at a price of USD 2.30 for a period of four years. The options are subject to vesting on the basis of 25% every 12 months. The restricted stock units entitle the holder to receive common shares of the Company upon vesting, with vesting occurring over a four-year period on the basis of 25% every 12 months. The grants are subject to the terms of the Company's long term incentive plan. Announcement • Aug 30
enCore Energy Corp. Announces Resignation of Stacy Nieuwhoudt from the Board of Directors enCore Energy Corp. announced the resignation of Ms. Stacy Nieuwoudt as a Director of the Board for the company. Ms. Nieuwoudt's resignation was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. Reported Earnings • Aug 12
Second quarter 2025 earnings released: US$0.034 loss per share (vs US$0.046 loss in 2Q 2024) Second quarter 2025 results: US$0.034 loss per share (improved from US$0.046 loss in 2Q 2024). Revenue: US$3.66m (down 31% from 2Q 2024). Net loss: US$6.33m (loss narrowed 23% from 2Q 2024). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Jun 26
enCore Energy Corp. Announces High Uranium Extraction Rates in South Texas enCore Energy Corp. announced record uranium extraction rates from the Alta Mesa In-Situ Recovery ("ISR") Uranium Central Processing Plant ("CPP") since commencing operations in June 2024. Recent management changes and operational efficiencies have worked to expand uranium extraction and decrease costs. The Company also commends the State of Texas for the passage of legislation this session which provides a framework to promote nuclear energy in Texas, including streamlining the already efficient uranium recovery permitting process. Alta Mesa Project operational highlights include: Uranium capture of the most recent seven days, ending June 23, in excess of 3,000 pounds per day, peaking at 3,705 pounds on June 20, 2025; Uranium capture for the first 22 days of June 2025 average 2,410 pounds of uranium per day for a total of 53,022 pounds; Uranium capture for the month of May 2025 was an average of 2,103 pounds per day; April 2025 uranium capture was an average of 1,942 pounds per day. Wellfield development at the Alta Mesa Project's Wellfield 7 continues to expand with the addition of 28 wells: 13 extraction wells and 15 injection wells. This is part of the ongoing ramp up strategy to advance wellfield expansion every 4 to 5 weeks. Wellfield development continues at a consistently accelerated rate with a total of 24 drill rigs in operation across the South Texas operations: 14 drill rigs dedicated to wellfield installation and advancement of the Alta Mesa Project Wellfield 7; 5 drill rigs dedicated to the Alta Mesa Project Well field 3-Ext, focused on installing monitor and baseline wells; 1 drill rig dedicated to the Alta Mesa project Wellfield 6 re-development; and 4 drill rigs dedicated to wellfield development at the Upper Spring Creek Project, which is slated to provide satellite feed for the Rosita CPP in 2026. Price Target Changed • Jun 05
Price target decreased by 11% to CA$4.00 Down from CA$4.50, the current price target is an average from 3 analysts. New target price is 36% above last closing price of CA$2.95. Stock is down 50% over the past year. The company is forecast to post a net loss per share of US$0.28 next year compared to a net loss per share of US$0.34 last year. Announcement • Jun 05
Premier American Uranium Inc. (TSXV:PUR) agreed to acquire Nuclear Fuels Inc. (CNSX:NF) from enCore Energy Corp and others for CAD 42.3 million. Premier American Uranium Inc. (TSXV:PUR) agreed to acquire Nuclear Fuels Inc. (CNSX:NF) from enCore Energy Corp and others for CAD 42.3 million on June 4, 2025. Under the terms of the Arrangement, shareholders of Nuclear Fuels will receive 0.33 of a common share of Premier American Uranium for each NF Share held.The Exchange Ratio implies consideration of CAD 0.43 per NF Share based on the 20-day volume weighted average price. Shareholders of Premier American Uranium and Nuclear Fuels will own approximately 59% and 41% shares. The termination fee of $2 million is payable to Premier American Uranium.The implied equity value of the combined company is estimated at approximately CAD 102 million.On closing of the Transaction, the Company’s board of directors is expected to be comprised of up to five members from the current directors or management of Premier American Uranium and two nominees from the current directors or management ofNuclear Fuels. The Company will be managed by the current executive team of Premier American Uranium, led by Colin Healey as CEO.
The Arrangement has been unanimously approved by the boards of directors of both Premier American Uranium and Nuclear Fuels,Closing of the Transaction is subject to the receipt of applicable regulatory approvals, satisfaction of certain other closing conditions customary,approval by at least 66 2/3% of the votes cast by NF Shareholders ,court and stock exchange approval. The NF Special Meeting is expected to be held in the third quarter of 2025. Closing of the Transaction is anticipated to occur in the third quarter of 2025.Nuclear Fuels established a special committee of its Board of Directors (the “Special Committee”) to review the Transaction.
Haywood Securities Inc is acting as fairness opinion provider to board of directors of Premier. Haywood Securities Inc is acting as financial advisor and Cassels Brock & Blackwell LLP is acting as legal advisor to Premier. Morton Law LLP is acting as legal advisor,Canaccord Genuity Group Inc. (TSX:CF) is acting as financial advisor to NF. Evans & Evans, Inc. is acting as fairness opinion provider to special committee of NF,Canaccord Genuity Group Inc. (TSX:CF) is acting as fairness opinion provider to board of directors of NF. Announcement • May 29
enCore Energy Corp. Receives Radioactive Materials License for Upper Spring Creek ISR Uranium Project, South Texas enCore Energy Corp. announced the approval for the inclusion of the Upper Spring Creek In-Situ Recovery ("ISR") Uranium Project (the "Project") in the existing Radioactive Materials License ("RML") from the TCEQ (Texas Commission on Environmental Quality). This license allows enCore to handle radioactive materials, which includes the final product, U3O8 ("uranium"). The current RML includes the Rosita Uranium Project, which has now been extended to cover the Upper Spring Creek Project's Brown Area. The Upper Spring Creek Project brings important uranium mineralization into the operations of the Company, and look forward to recovering (capturing) increasing amounts of uranium from late this year into 2026. enCore has commenced advancement of the Project with drill rigs moving to site to begin development of the production wellfield; enCore previously began staging equipment in anticipation of receiving this approval. Construction activities will include surface preparation, well construction, road construction and installation of support facilities and utilities. The construction of the Satellite IX Plant concrete pad is planned to start in 30 days. enCore now holds two RML's in Texas; one for the Alta Mesa ISR Uranium Project and the amended RML which now includes the Upper Spring Creek's Brown Area, Rosita and Kingsville Project areas. Major Estimate Revision • May 19
Consensus EPS estimates fall by 89% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$58.6m to US$56.8m. Losses expected to increase from US$0.13 per share to US$0.24. Oil and Gas industry in Canada expected to see average net income growth of 4.7% next year. Consensus price target of CA$4.25 unchanged from last update. Share price fell 5.4% to CA$2.27 over the past week. Recent Insider Transactions Derivative • May 15
Independent Director exercised options to buy CA$278k worth of stock. On the 13th of May, William Harris exercised options to buy 117k shares at a strike price of around CA$0.62, costing a total of CA$72k. This transaction amounted to 48% of their direct individual holding at the time of the trade. Since June 2024, William has owned 243.33k shares directly. Company insiders have collectively sold CA$273k more than they bought, via options and on-market transactions in the last 12 months. New Risk • May 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$73m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$73m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Reported Earnings • May 13
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: US$0.13 loss per share (further deteriorated from US$0.031 loss in 1Q 2024). Revenue: US$18.2m (down 40% from 1Q 2024). Net loss: US$24.2m (loss widened 356% from 1Q 2024). Revenue exceeded analyst estimates by 49%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Recent Insider Transactions Derivative • May 09
Independent Lead Director exercised options to buy CA$236k worth of stock. On the 5th of May, Mark Pelizza exercised options to buy 100k shares at a strike price of around CA$0.62, costing a total of CA$62k. This transaction amounted to 21% of their direct individual holding at the time of the trade. Since June 2024, Mark's direct individual holding has increased from 315.00k shares to 581.67k. Company insiders have collectively sold CA$383k more than they bought, via options and on-market transactions in the last 12 months. Announcement • Apr 15
Encore Energy Corp. Announces the Appointment of Mr. Nathan Tewalt as A Director of the Board enCore Energy Corp. announced the appointment of Mr. Nathan Tewalt as a Director of the Board for enCore Energy Corp. Mr. Tewalt previously served on the enCore Energy Corp. Board of Directors from 2017 to 2022. With over 40 years of experience as an economic geologist in the mineral extraction industry, Mr. Tewalt has served in executive roles for uranium, precious metals and base metal companies. As the Chief Executive Officer and President of Standard Uranium Inc., Mr. Tewalt hired Dr. Dennis Stover (now a Director of enCore Energy Corp.) and acquired the Hobson In-Situ Recovery Central Processing Plant in Texas, United States. This strategic growth ultimately led to an acquisition by Energy Metals Corp. which was subsequently acquired by Uranium One for $1.8 billion. His leadership in the uranium space continued as he served on the Board of Directors, for enCore Energy, from 2017 to 2022, and as an advisor to enCore until June 2023. Mr. Tewalt is a graduate of Colorado State University with a BSc in Geology with an emphasis on ore deposit geology. Board Change • Apr 10
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Susan Hoxie-Key was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Apr 09
Executive Chairman recently bought CA$85k worth of stock On the 3rd of April, William Sheriff bought around 50k shares on-market at roughly CA$1.70 per share. This trade did not impact their existing holding. In the last 3 months, they made an even bigger purchase worth CA$212k. Despite this recent buy, William has been a net seller over the last 12 months, reducing personal holdings by CA$135k. Announcement • Apr 09
Verdera Energy Corp. completed the acquisition of Treeline Uranium Projects in New Mexico from enCore Energy Corp. (TSXV:EU). Verdera Energy Corp. entered into a share purchase agreement to acquire Treeline Uranium Projects in New Mexico from enCore Energy Corp. (TSXV:EU) on March 18, 2025. The consideration includes 50 million non-voting preferred shares of Verdera representing approximately 73% of the current issued and outstanding shares of Verdera on a fully diluted basis, a 2% net proceeds royalty on uranium, and a 2% net smelter returns royalty on other minerals, extracted and sold from the Properties, and a non-refundable cash payment of $0.35 million.
The transaction is subject to customary closing conditions. The Agreement provides that the Consideration Shares will be entitled to vote together with the Verdera common shares in connection with any shareholder vote held for the purpose of approving a transaction to be listed on a Canadian stock exchange, as well as in certain other circumstances. The expected completion of the transaction is March 31, 2025.
Verdera Energy Corp. completed the acquisition of Treeline Uranium Projects in New Mexico from enCore Energy Corp. (TSXV:EU) on April 8, 2025. Announcement • Apr 08
enCore Energy Corp. Announces Increased Uranium Extraction at Alta Mesa Boss Energy Limited advised that enCore Energy Corp. has published an update on the operation of the Alta Mesa Uranium Project. enCore is the operator and 70 per cent-owner of the Alta Mesa Uranium Project in Texas, in which Boss acquired a 30 per cent stake in return for 30% of the mines' produced uranium. Alta Mesa is ramping up to an annualised production rate of 1.5 million pounds U3O8. In the update, Alta Mesa's operational highlights include:
Uranium capture of 50,000 pounds of uranium realised at the Alta Mesa Central Processing Plant between March 6 and March 31, 2025; (of which Boss is entitled to 30%, to sell as its own inventory, unencumbered), Average daily capture rate for the last 26 days of March 2025 in excess of 1,900 pounds of uranium per day; the highest rate since the plant returned to operations in June 2024; Acceleration of enCore's August 2025 contract delivery requirements to May 2025 due to the improved uranium capture at the Alta Mesa. Recent Insider Transactions • Mar 25
Executive Chairman recently bought CA$140k worth of stock On the 24th of March, William Sheriff bought around 60k shares on-market at roughly CA$2.34 per share. This transaction amounted to 2.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, William has been a net seller over the last 12 months, reducing personal holdings by CA$432k. Announcement • Mar 24
enCore Energy Corp., Annual General Meeting, Jun 11, 2025 enCore Energy Corp., Annual General Meeting, Jun 11, 2025. Breakeven Date Change • Mar 12
Forecast to breakeven in 2026 The 3 analysts covering enCore Energy expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 69% to 2025. The company is expected to make a profit of US$24.0m in 2026. Average annual earnings growth of 75% is required to achieve expected profit on schedule. Price Target Changed • Mar 04
Price target decreased by 9.0% to CA$6.94 Down from CA$7.63, the current price target is an average from 4 analysts. New target price is 184% above last closing price of CA$2.44. Stock is down 53% over the past year. The company is forecast to post earnings per share of US$0.052 next year compared to a net loss per share of US$0.00034 last year. Buy Or Sell Opportunity • Mar 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 62% to CA$1.97. The fair value is estimated to be CA$2.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 147% over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to grow by 87% in a year. Earnings are forecast to grow by 94% in the next year. Recent Insider Transactions • Jan 07
Executive Chairman recently sold CA$146k worth of stock On the 31st of December, William Sheriff sold around 30k shares on-market at roughly CA$4.88 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. William has been a net seller over the last 12 months, reducing personal holdings by CA$702k. Recent Insider Transactions • Dec 10
Executive Chairman recently sold CA$123k worth of stock On the 3rd of December, William Sheriff sold around 24k shares on-market at roughly CA$5.14 per share. This transaction amounted to 1.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. William has been a net seller over the last 12 months, reducing personal holdings by CA$679k. Board Change • Oct 20
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Susan Hoxie-Key was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 03
IsoEnergy Ltd. (TSX:ISO) entered into an agreement to acquire Anfield Energy Inc. (TSXV:AEC) from Mega Uranium Ltd. (TSX:MGA), enCore Energy Corp. (TSXV:EU), NexGen Energy Ltd. (TSX:NXE) and others for CAD 110 million. IsoEnergy Ltd. (TSX:ISO) entered into an agreement to acquire Anfield Energy Inc. (TSXV:AEC) from Mega Uranium Ltd. (TSX:MGA), enCore Energy Corp. (TSXV:EU), NexGen Energy Ltd. (TSX:NXE) and others for CAD 110 million on October 2, 2024. Under the terms of the transaction, Anfield shareholders will receive 0.031 of a common share of IsoEnergy for each Anfield share held. Following completion of the Transaction, the ISO shares will continue trading on the TSX and the Anfield shares will be de-listed from the TSXV. In addition, the agreement provides that, under certain circumstances, IsoEnergy would receive a CAD 5 million termination fee. The transaction has been unanimously approved by each company board of directors. The transaction is subject to approval of both companies shareholders and regulatory approvals including, but not limited to, approval of the Toronto Stock Exchange and the TSX Venture Exchange. The transaction is expected to be completed in the fourth quarter of 2024.
Haywood Securities acted as legal and financial advisor to Anfield. Canaccord Genuity Corp. acted as legal and financial advisor to IsoEnergy. DuMoulin Black LLP acted as legal advisor to Anfield. Evans & Evans, Inc. acted as fairness opinion provider to the Anfield special committee. Cassels Brock & Blackwell LLP acted as legal advisor to IsoEnergy. Breakeven Date Change • Aug 14
Forecast breakeven date moved forward to 2024 The 3 analysts covering enCore Energy previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of US$298.6k in 2024. Earnings growth of 55% is required to achieve expected profit on schedule. Recent Insider Transactions • Jul 18
Executive Chairman recently sold CA$96k worth of stock On the 10th of July, William Sheriff sold around 16k shares on-market at roughly CA$6.00 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth CA$640k. William has been a net seller over the last 12 months, reducing personal holdings by CA$383k. Breakeven Date Change • Jul 11
Forecast to breakeven in 2025 The 4 analysts covering enCore Energy expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$62.1m in 2025. Average annual earnings growth of 54% is required to achieve expected profit on schedule. Announcement • Jun 28
Premier American Uranium Inc. (TSXV:PUR) completed the acquisition of American Future Fuel Corporation (OTCPK:AFFC.F) from enCore Energy Corp. (TSXV:EU) and others. Premier American Uranium Inc. (TSXV:PUR) signed a definitive agreement to acquire American Future Fuel Corporation (OTCPK:AFFC.F) from enCore Energy Corp. (TSXV:EU) and others for CAD 46.1 million on March 19, 2024. Under the terms of the Arrangement, shareholders of American Future Fuel (“AMPS Shareholders”) will receive 0.170 of a common share of Premier American Uranium (each whole share, a “PUR Share”) for each AMPS Share held (the “Exchange Ratio”). Existing shareholders of Premier American Uranium and American Future Fuel will own approximately 64.2% and 35.8% (on a basic basis), respectively, of the pro forma outstanding PUR Shares on closing of the Arrangement. The Exchange Ratio implies consideration of CAD 0.507 per AMPS Share based on the closing price of PUR Shares on the TSX Venture Exchange (the “TSXV”) on March 19, 2024. The Exchange Ratio implies a premium of 66.1% to the closing price of the AMPS Shares on the Canadian Securities Exchange (the “CSE”) and a 57.3% premium to the 20-day volume weighted average price (VWAP) of AMPS Shares on the CSE for the period ending March 19, 2024. The implied equity value of the combined company (the “Company”) is estimated at approximately CAD 129 million.
Upon completion of the Arrangement, the PUR Board will be comprised of six directors including (i) the four directors currently on the PUR Board, and (ii) two directors to be mutually agreed upon by American Future Fuel and Premier American Uranium. Tim Rotolo will continue to serve as the Chairman of the PUR Board. Upon completion of the Arrangement, the senior management team is expected remain the same with Colin Healey as Chief Executive Officer, and Greg Duras as Chief Financial Officer. David Suda, current CEO of AMPS is expected to join PUR as President. Cairn Merchant Partners LP (“Cairn”) provided a fairness opinion to the AMPS Board, stating that, as of the date of such opinion, and based upon and subject to the assumptions, limitations and qualifications stated in its opinion, the consideration to be received by the American Future Fuel shareholders (other than Sachem Cove) pursuant to the Arrangement is fair, from a financial point of view, to the American Future Fuel shareholders (other than Sachem Cove). The Arrangement has also been unanimously approved by the PUR Board, with the exception of Tim Rotolo who did not vote with respect to the Arrangement. In addition to shareholder and court approvals, closing of the Arrangement is subject to applicable regulatory approvals including, but not limited to, TSXV approval and the satisfaction of certain other closing conditions customary in transactions of this nature. Following completion of the Transaction, the PUR Shares will continue trading on the TSXV and the AMPS Shares will be de-listed from the CSE. The Arrangement has been unanimously approved by the Board of Directors of American Future Fuel (the “AMPS Board”) and the AMPS Board unanimously recommends that AMPS Shareholders vote in favour of the Arrangement. In addition, the Arrangement Agreement provides that, under certain circumstances, Premier American Uranium would be entitled to a CAD 1 million termination fee. As of May 28, 2024, American Future Fuel Corporation's shareholder approved the transaction and the parties expect to complete the Arrangement prior to the end of the second quarter of 2024. The Supreme Court of British Columbia issued its final order approving the Arrangement on May 30, 2024. The Company is also pleased to announce that it has received written notice from the Committee on Foreign Investment in the United States that it has concluded its review of the Arrangement and determined that there are no unresolved national security concerns with respect to the Arrangement. The Arrangement is expected to close in the second quarter of 2024, subject to satisfaction of the terms of the Arrangement Agreement.
Cassels Brock & Blackwell LLP is acting as legal counsel and Red Cloud Securities Inc. is acting as financial advisor to Premier American Uranium in connection with the Arrangement. Farris LLP is acting as legal counsel and Cormark Securities Inc. is acting as financial advisor to American Future Fuel in connection with the Arrangement. Cairn Merchant Partners LP has provided a fairness opinion to the AMPS Board and also acted as financial advisor. PUR and AFFC appointed Computershare Investor Services Inc. to act as Depositary. Endeavor Trust Corporation acted as transfer agent to AFFC.
Premier American Uranium Inc. (TSXV:PUR) completed the acquisition of American Future Fuel Corporation (OTCPK:AFFC.F) from enCore Energy Corp. (TSXV:EU) and others on June 27, 2024. Announcement • Jun 22
enCore Energy Corp., Annual General Meeting, Aug 28, 2024 enCore Energy Corp., Annual General Meeting, Aug 28, 2024. Location: british columbia, vancouver Canada Recent Insider Transactions • May 31
Independent Director recently sold CA$640k worth of stock On the 29th of May, William Harris sold around 100k shares on-market at roughly CA$6.40 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$1.4m more than they bought in the last 12 months. Recent Insider Transactions Derivative • May 23
Executive Chairman exercised options to buy CA$3.1m worth of stock. On the 22nd of May, William Sheriff exercised options to buy 483k shares at a strike price of around CA$0.49, costing a total of CA$237k. This transaction amounted to 25% of their direct individual holding at the time of the trade. Since December 2023, William's direct individual holding has decreased from 2.05m shares to 1.98m. Company insiders have collectively sold CA$95k more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • May 23
Executive Chairman recently sold CA$287k worth of stock On the 17th of May, William Sheriff sold around 45k shares on-market at roughly CA$6.39 per share. This transaction amounted to 1.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was William's only on-market trade for the last 12 months. Announcement • May 16
enCore Energy Corp. Appoints Kristi Caplan as Corporate Secretary enCore Energy Corp. announced the appointment of Ms. Kristi Caplan as corporate secretary. Ms. Caplan brings over 20 years of experience in corporate governance, legal operations and risk management. Ms. Caplan is a highly skilled legal professional with nearly 20 years of experience in corporate governance and compliance, legal operations, and risk management for multinational public and privately held companies in the critical infrastructure and mission critical sectors. She brings subject matter expertise in overseeing and streamlining corporate governance processes and practices, ensuring statutory and regulatory compliance across jurisdictions, reducing risk, and developing clear communication channels tailored across governing boards, committees, and leadership teams. She has extensive experience in domestic and international commercial business and financial transactions and contract management and negotiation skills. Ms. Caplan most recently was the Senior Corporate Paralegal and Assistant Corporate Secretary at Critical Project Services, Integra Mission Critical, and Omni-Threat Structures group of companies possessing a critical role as legal department lead of the shared services division. She was responsible for the global entity management (GEM) of 50+ legal entities across 100 jurisdictions, developed best practice and risk controls and procedures surrounding upwards of $4 Billion in commercial contracts. Ms. Caplan served as a member of their Business Continuity, ISMS, and 401K Committees. Ms. Caplan previously served as the Senior Corporate Paralegal, Governance and Legal Compliance for MIC Global Services, a shared services division of Macquarie Group's portfolio of infrastructure companies. She provided GEM for nearly 300 legal entities across 800+ jurisdictions and facilitated approximately $3 Billion in credit financing and $12 Billion in M&As and divestitures alongside executive and finance leadership. Ms. Caplan holds B.A., Law and Policy from the American Jewish University and Master of Public Administration, Public Sector Management and Leadership from California State University, Northridge. Board Change • May 06
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Susan Hoxie-Key was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 04
enCore Energy Corp. has completed a Follow-on Equity Offering in the amount of $102.280697 million. enCore Energy Corp. has completed a Follow-on Equity Offering in the amount of $102.280697 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 171,503
Price\Range: $2.35
Discount Per Security: $0.0705
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 10,249,150
Price\Range: $3.140716
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 13,381,353
Price\Range: $3.230835
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 7,579,563
Price\Range: $3.22541
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 495,765
Price\Range: $4.05
Discount Per Security: $0.1215
Transaction Features: At the Market Offering Announcement • Mar 21
Premier American Uranium Inc. (TSXV:PUR) signed a definitive agreement to acquire American Future Fuel Corporation (OTCPK:AFFC.F) for approximately CAD 40 million. Premier American Uranium Inc. (TSXV:PUR) signed a definitive agreement to acquire American Future Fuel Corporation (OTCPK:AFFC.F) for approximately CAD 40 million on March 19, 2024. Under the terms of the Arrangement, shareholders of American Future Fuel (“AMPS Shareholders”) will receive 0.170 of a common share of Premier American Uranium (each whole share, a “PUR Share”) for each AMPS Share held (the “Exchange Ratio”). Existing shareholders of Premier American Uranium and American Future Fuel will own approximately 64.2% and 35.8% (on a basic basis), respectively, of the pro forma outstanding PUR Shares on closing of the Arrangement. The Exchange Ratio implies consideration of CAD 0.507 per AMPS Share based on the closing price of PUR Shares on the TSX Venture Exchange (the “TSXV”) on March 19, 2024. The Exchange Ratio implies a premium of 66.1% to the closing price of the AMPS Shares on the Canadian Securities Exchange (the “CSE”) and a 57.3% premium to the 20-day volume weighted average price (VWAP) of AMPS Shares on the CSE for the period ending March 19, 2024. The implied equity value of the combined company (the “Company”) is estimated at approximately CAD 129 million.Upon completion of the Arrangement, the PUR Board will be comprised of six directors including (i) the four directors currently on the PUR Board, and (ii) two directors to be mutually agreed upon by American Future Fuel and Premier American Uranium. Tim Rotolo will continue to serve as the Chairman of the PUR Board. Upon completion of the Arrangement, the senior management team is expected remain the same with Colin Healey as Chief Executive Officer, and Greg Duras as Chief Financial Officer. David Suda, current CEO of AMPS is expected to join PUR as President. Cairn Merchant Partners LP (“Cairn”) provided a fairness opinion to the AMPS Board, stating that, as of the date of such opinion, and based upon and subject to the assumptions, limitations and qualifications stated in its opinion, the consideration to be received by the American Future Fuel shareholders (other than Sachem Cove) pursuant to the Arrangement is fair, from a financial point of view, to the American Future Fuel shareholders (other than Sachem Cove). The Arrangement has also been unanimously approved by the PUR Board, with the exception of Tim Rotolo who did not vote with respect to the Arrangement. In addition to shareholder and court approvals, closing of the Arrangement is subject to applicable regulatory approvals including, but not limited to, TSXV approval and the satisfaction of certain other closing conditions customary in transactions of this nature. Following completion of the Transaction, the PUR Shares will continue trading on the TSXV and the AMPS Shares will be de-listed from the CSE. The Arrangement has been unanimously approved by the Board of Directors of American Future Fuel (the “AMPS Board”) and the AMPS Board unanimously recommends that AMPS Shareholders vote in favour of the Arrangement. In addition, the Arrangement Agreement provides that, under certain circumstances, Premier American Uranium would be entitled to a CAD 1 million termination fee. The Arrangement is expected to close in the second quarter of 2024, subject to satisfaction of the terms of the Arrangement Agreement.Cassels Brock & Blackwell LLP is acting as legal counsel and Red Cloud Securities Inc. is acting as financial advisor to Premier American Uranium in connection with the Arrangement. Farris LLP is acting as legal counsel and Cormark Securities Inc. is acting as financial advisor to American Future Fuel in connection with the Arrangement. Cairn Merchant Partners LP has provided a fairness opinion to the AMPS Board. Announcement • Feb 27
Boss Energy Limited (ASX:BOE) completed the acquisition of 30% ownership interest in Alta Mesa project of enCore . Boss Energy Limited (ASX:BOE) entered into an agreement to acquire 30% ownership interest in Alta Mesa project of enCore for $60 million on December 5, 2023. Alongside the Transaction, Boss Energy is raising AUD 205 million via a single tranche share Placement to fund the Transaction, associated re-start and exploration activities, and working capital required to bring the Alta Mesa Project into production in 1H 2024. Closing is subject to certain customary conditions, including certain regulatory approvals and stock exchange approvals, in addition to Boss Energy completing a financing to fund the cash payments on closing. The Board of Directors of enCore after consultation with its financial and legal advisors, has unanimously approved the transaction. If the Master Transaction Agreement is terminated by the enCore Parties for breach by Boss Energy or Boss Energy's failure to satisfy the Financing Condition, then Boss Energy will be required to pay enCore a $3.5 million break fee.
Sternship Advisers Pty Ltd. and Aitken Murray Capital Partners Pty. Ltd. acted as a financial advisor to Boss Energy Limited (ASX:BOE). Thomson Geer Services Pty Ltd acted as a legal advisor to Boss Energy Limited (ASX:BOE). Haywood Securities Inc. provided fairness opinion to enCore. Hunton Andrews Kurth LLP and Morton Law LLP acted as a legal advisor to enCore. The transaction is expected to be completed in February 2024.
Boss Energy Limited (ASX:BOE) completed the acquisition of 30% ownership interest in Alta Mesa project of enCore on February 26, 2024. Announcement • Feb 26
enCore Energy Corp. announced that it has received $10.000002 million in funding from Boss Energy Limited On February 26, 2024, enCore Energy Corp. closed the transaction. Announcement • Feb 15
enCore Energy Corp. Appoints Shona Wilson as Chief Financial Officer enCore Energy Corp. announced the appointment of Ms. Shona Wilson as chief financial officer. With a distinguished career spanning over two decades in finance and operations within the energy sector, Ms. Wilson has demonstrated exceptional proficiency in steering financial strategies, negotiating contracts, and integrating assets. As the Chief Financial Officer at kWantix since February 2021, Ms. Wilson played a pivotal role in leading the company through the energy transition, managing an array of functions including finance, treasury and risk management. Her leadership in contract negotiations and establishing effective risk management practices enhanced board and investor confidence. Ms. Wilson's strategic approach to optimizing costs and her development of a comprehensive finance strategy underscore her commitment to operational excellence and financial integrity. Ms. Wilson also previously served as Senior Director at Platts /S&P Global, where she was instrumental in expanding the company's market share in both the oil and products sectors through innovative product development, and enhanced customer engagement strategies. Her tenure at Citigroup as Finance Director of North America saw her implementing SEC and management reporting systems, underscoring her expertise in regulatory compliance and implementing procedures for risk management. As Controller for Lodi Natural Gas Storage and Buckeye Energy Services at Buckeye Partners, Ms. Wilson advised strategic transactions and improvements to financial operations. Ms. Wilson began her career at PricewaterhouseCoopers, specializing in audits and SEC filings for public energy companies. She holds a Bachelor of Arts (BA) in Accountancy from Oregon State University. Price Target Changed • Feb 02
Price target increased by 9.4% to CA$7.39 Up from CA$6.75, the current price target is an average from 4 analysts. New target price is 15% above last closing price of CA$6.40. Stock is up 100% over the past year. The company posted a net loss per share of US$0.16 last year. Announcement • Feb 01
Encore Energy Corp. Announces Appointment of Robert Willette as Chief Legal Officer enCore Energy Corp. announced the appointment of Mr. Robert Willette as Chief Legal Officer. Mr. Willette is an accomplished general counsel and business executive with 20+ years of experience managing corporate legal functions for public and privately held entities across a multitude of sectors, including industrial, manufacturing, transportation, oil & gas, and renewables. He brings with him broad experience in corporate law and sophisticated commercial transactions, including securities, capital market transactions, mergers and acquisitions (M&As), divestitures, as well as significant experience in manufacturing, real estate, governance, compliance, intellectual property, and international operations and transactions. Most recently Mr. Willette served as ProFrac Holding Company's Chief Legal Officer, Chief Compliance Officer and Corporate Secretary, a multi-billion dollar publicly traded oil and gas services and technology company. Mr. Willette holds a B.S., an M.B.A., and a J.D. from the University of Kansas. Announcement • Jan 17
enCore Energy Corp. Provides Update on South Texas Uranium Operations enCore Energy Corp. provided an update on the Company's South Texas operations which are advancing on schedule and providing exceptional drilling results to support future planned production. At the Alta Mesa CPP, enCore has met most of the key objectives for the refurbishment of the processing circuits necessary for the planned early 2024 restart. Work remaining includes final inspection of the ion exchange columns, testing the precipitation tanks, completing tie-in of the scrubber system, and installation and testing of the process circuit instrumentation. The yellowcake drying circuit upgrades are advancing with the filter press support infrastructure on site. Refurbishment and testing of the yellowcake drying system is progressing with that work scheduled to be completed just prior to the anticipated production restart timelines. Within Production Authorization Area 7 (PAA-7), enCore is installing injection and production wells in the wellfield, has completed installation of the electrical transmission lines necessary for initial start-up and is continuing to install the pipelines to connect the wellfield to the Alta Mesa CPP. All necessary equipment for the start-up of production in the PAA-7 wellfield has been received or has been ordered with a confirmed delivery schedule. The wellfield drilling operations, delineating the roll front mineralization within PAA-7, which commenced in March 2023, are advancing rapidly with 78 holes drilled since the previous update. In total, 445 drill holes have been completed through January 4th, 2024. There are currently six drill rigs in full operation at the Alta Mesa CPP and Wellfield, with contracts pending for three (3) additional rigs. Further refined delineation drilling within the PAA-7 continues to establish the exact pattern of injection and recovery wells from which to maximize production efficiency. To date, ninety-nine (99) holes have been cased with thirty-six (36) injection and production wells completed. Two (2) drill rigs are currently casing wells and one (1) drill rig focused on well completion activities. An additional drill rig will be moving to well completion activities in the coming weeks. In addition to increasing numbers of drill holes and wells with Grade Thicknesses ("GT") over 1.0 in PAA-7, the Middle C unit, which was found to overlie PAA-7 in 2023 (NR May 18, 2023) continues to exhibit unexpected significant grade, and further drilling along the Middle C trend is increasing the overall mineralization within PAA-7. Grade Thickness is Grade % U3O8 multiplied by the thickness of the mineralization. ISR recoverable uranium with a Grade Thickness of >0.3 is considered suitable for inclusion in a wellfield. The Alta Mesa CPP and Wellfield hosts a fully licensed and constructed ISR uranium plant, located on 200,000+ acres of private land in the state of Texas. Alta Mesa will be enCore's second producing location and work continues to complete the pending joint venture ("JV") transaction with Boss Energy whereby Boss Energy will acquire a 30% interest in the enCore managed JV for consideration of $60 million and a placement into enCore shares of $10 million. Total operating capacity at the Alta Mesa CPP is 1.5 million lbs. U3O8 (uranium) per year. The Alta Mesa CPP historically produced nearly 5 million lbs. U3O8 between 2005 and 2013, when full production was curtailed as a result of low uranium prices. The Company advises that it is not basing its production decisions at Alta Mesa CPP or Rosita CPP on a feasibility study of mineral reserves demonstrating economic and technical viability. The production decision is based on known past In-Situ Recovery (ISR) and processing operations at these two production facilities and surrounding lands. However, the Company understands that there is increased uncertainty, and consequently a higher risk of failure, when production is undertaken in advance of a feasibility study. The Company has determined to proceed with a production decision based on past operations at the Alta Mesa CPP and Rosita CPP, including past ISR operations in the known mineral resource areas. Recent Insider Transactions • Jan 12
Independent Director recently sold CA$231k worth of stock On the 10th of January, Richard Cherry sold around 45k shares on-market at roughly CA$5.13 per share. This transaction amounted to 96% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$284k more than they bought in the last 12 months. Announcement • Dec 22
enCore Energy Corp. Announces Chief Financial Officer Changes, Effective December 23, 2023 enCore Energy Corp. announced the resignation of Ms. Mierkey, Chief Financial Officer, effective December 23, 2023. Dr. Dennis Stover has agreed to act as Interim CFO until the conclusion of a CFO search. A CFO search committee consisting of Chief Executive Officer Paul Goranson, Executive Chairman William Sheriff and Audit Committee Chair William Harris has been formed and is well advanced in the efforts to select a new CFO.