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 3.5% growth forecast for the Oil and Gas industry in the US. 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 11% per 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 4.1% growth forecast for the Oil and Gas industry in the US. 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 2% per year, which means it has not declined as severely as earnings. Duyuru • 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). Share price has been volatile over the past 3 months (12% average weekly change). Significant insider selling over the past 3 months (US$118k sold). Duyuru • 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 11
Key Executive recently sold US$50k worth of stock On the 2nd of January, William Sheriff sold around 19k shares on-market at roughly US$2.68 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 US$71k. Despite the recent sale, William has been a net buyer over the last 12 months, purchasing a net total of US$358k worth of shares. Duyuru • 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 3.0% growth forecast for the Oil and Gas industry in the US. 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 6% per year, which means it is well ahead of earnings. Recent Insider Transactions • Oct 22
Director recently sold US$71k worth of stock On the 14th of October, Dennis Stover sold around 20k shares on-market at roughly US$3.54 per share. This transaction amounted to 4.1% 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 US$273k. Insiders have been net sellers, collectively disposing of US$512k more than they bought in the last 12 months. New Risk • Oct 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$49m). Currently unprofitable and not forecast to become profitable over next 2 years (US$17m net loss in 2 years). Share price has been volatile over the past 3 months (11% average weekly change). Significant insider selling over the past 3 months (US$750k sold). Recent Insider Transactions • Oct 08
Independent Director recently sold US$273k worth of stock On the 7th of October, William Harris sold around 80k shares on-market at roughly US$3.41 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 US$102k more than they bought in the last 12 months. Duyuru • 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. Duyuru • 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. Duyuru • 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 3.9% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Duyuru • 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. Duyuru • 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. Duyuru • 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. 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 3.6% growth forecast for the Oil and Gas industry in the US. 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 14% per year, which means it has not declined as severely as earnings. Duyuru • 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 US$61k worth of stock On the 3rd of April, William Sheriff bought around 50k shares on-market at roughly US$1.21 per share. This trade did not impact their existing holding. In the last 3 months, they made an even bigger purchase worth US$149k. Despite this recent buy, William has been a net seller over the last 12 months, reducing personal holdings by US$109k. Duyuru • 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. Duyuru • 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 US$98k worth of stock On the 24th of March, William Sheriff bought around 60k shares on-market at roughly US$1.63 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 US$319k. Duyuru • Mar 24
enCore Energy Corp., Annual General Meeting, Jun 11, 2025 enCore Energy Corp., Annual General Meeting, Jun 11, 2025. Recent Insider Transactions • Mar 12
Executive Chairman recently bought US$58k worth of stock On the 4th of March, William Sheriff bought around 35k shares on-market at roughly US$1.65 per share. This transaction amounted to 1.6% 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 US$450k. New Risk • Mar 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Significant insider selling over the past 3 months (US$231k sold). Recent Insider Transactions • Jan 07
Executive Chairman recently sold US$102k worth of stock On the 31st of December, William Sheriff sold around 30k shares on-market at roughly US$3.39 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 US$508k. Recent Insider Transactions • Dec 10
Executive Chairman recently sold US$88k worth of stock On the 3rd of December, William Sheriff sold around 24k shares on-market at roughly US$3.65 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 US$494k. 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. Duyuru • 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. 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. Duyuru • 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. Duyuru • 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 US$467k worth of stock On the 29th of May, William Harris sold around 100k shares on-market at roughly US$4.67 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 US$992k more than they bought in the last 12 months. Recent Insider Transactions • May 23
Executive Chairman recently sold US$211k worth of stock On the 17th of May, William Sheriff sold around 45k shares on-market at roughly US$4.70 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. Duyuru • 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. Duyuru • 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 Duyuru • 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. Duyuru • 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. Duyuru • 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. Duyuru • 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. Duyuru • 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. Duyuru • 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 US$173k worth of stock On the 10th of January, Richard Cherry sold around 45k shares on-market at roughly US$3.83 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 US$211k more than they bought in the last 12 months. Duyuru • 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. Duyuru • Dec 02
enCore Energy Corp. Commences Uranium Production At the South Texas Rosita ISR Uranium Central Processing Plant enCore Energy Corp. announced the successful startup of uranium production from the South Texas Rosita ISR Uranium Central Processing Plant ("Rosita CPP"). The restart of the previously producing Rosita CPP is the first step in enCore's South Texas production pipeline strategy utilizing the In-Situ Recovery production process. The wellfield production patterns are operating, oxygenated water is now circulating through the satellite ion exchange ("IX") facility and being injected back into the uranium ore body. Oxygen addition started shortly after injection of groundwater with uranium concentrations in the production wells meeting expectations. The Company looks forward to continuing increases in uranium concentration into the satellite IX facility over the coming weeks and is anticipating its first shipment of yellowcake (uranium) to occur over the course of the next 45 to 60 days. The 100% owned Rosita CPP, located approximately 60 miles from Corpus Christi, Texas, is a licensed, past-producing In-Situ Recovery (ISR) uranium plant with a capacity of 800,000 pounds of U3O8 per year and the ability to expand capacity within the existing license. Located in the Texas Uranium Belt, the Rosita CPP and Wellfield lie within over 2,700 acres of mineral rights. The Rosita CPP is designed to process uranium feed from multiple satellite operations, all located in the South Texas area and is one of eleven licensed uranium processing plants in the United States, three of which are owned by enCore Energy Corp. enCore is advancing wellfield development within the Rosita Wellfield and adjacent areas within its radioactive materials license and injection permit boundaries. The uranium mineralization in this area was never part of a wellfield and presents a rapid opportunity for early production. The Rosita CPP and Wellfield are enCore's initial focus for production in 2023. Following testing of the circulation of native groundwater through the satellite IX facility and solution distribution system to and from the wellfield patterns, the enCore team commenced oxygen injection into the water circulating to wellfield patterns. Trace uranium was detected in the produced solutions within 72 hours, and the uranium concentrations from the wellfield patterns are continuing to build. During operations the Rosita CPP will receive uranium-loaded resins from the satellite IX facility, and the uranium recovered from the loaded resins will be concentrated, precipitated, dried, and packaged as yellowcake. This will be the same operating process the Company will use to produce from various remote South Texas projects and satellite wellfields. In 2023, the Company has installed an additional forty (40) production patterns at the Rosita Wellfield Extension, consisting of injection and production wells which are prepared for production. 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. New Risk • Nov 30
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 50% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 62% per year over the past 5 years. Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$87m). Significant insider selling over the past 3 months (US$148k sold). Duyuru • Oct 05
enCore Energy Corp. Provides Update on the Rosita & Alta Mesa ISR Uranium Central Processing Plants enCore Energy Corp. provided an update from the South Texas Rosita In-Situ Recovery (ISR) Uranium Central Processing Plant (CPP) and Wellfield. With minor supply chain interruptions and delays successfully resolved, enCore is looking forward to commencing production by the end of November 2023. The Alta Mesa CPP remains on track for production in Q1/2024 with key staffing in place for both facilities. The Rosita ISR Uranium Central Processing Plant (Rosita CPP) and Wellfield is enCore's initial focus for production in 2023. The Rosita CPP is now prepared to start receiving bulk process chemicals and has prepared ion exchange resin for production. During operations the Rosita CPP will receive uranium-loaded resins from various remote South Texas projects and satellite wellfields. The Satellite IX facility located at the Rosita Extension, consisting of three ion exchange vessels, pumps, filtration equipment and resin transfer equipment has been installed. Remaining activities are limited to final instrumentation connection and grid electricity to the Rosita CPP and the Wellfield. In 2023, the Company has installed an additional forty (40) production patterns at the Rosita Wellfield Extension, consisting of injection and production wells which are prepared for production. The 100% owned Rosita CPP, located approximately 60 miles from Corpus Christi, Texas, is a licensed, past-producing In-Situ Recovery (ISR) uranium plant with a capacity of 800,000 pounds of U3O8 per year and the ability to expand capacity within the existing license. Located in the Texas Uranium Belt, the Rosita CPP and Wellfield lie within over 2,700 acres of mineral rights. The Rosita CPP is designed to process uranium feed from multiple satellite operations, all located in the South Texas area and is one of eleven licensed uranium processing plants in the United States, three of which are owned by enCore Energy Corp. enCore is advancing wellfield development within the Rosita Wellfield and adjacent areas within its radioactive materials license and injection permit boundaries. The uranium mineralization in this area was never part of a wellfield and presents a rapid opportunity for early production. Recent Insider Transactions • Sep 28
Chief Technical Officer & Director recently sold US$70k worth of stock On the 26th of September, Dennis Stover sold around 20k shares on-market at roughly US$3.48 per share. This transaction amounted to 7.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$95k more than they bought in the last 12 months. Duyuru • Sep 07
enCore Energy Corp. Provides Update on the South Texas Alta Mesa ISR Uranium Central Processing Plant and Wellfield enCore Energy Corp. provided an update from the South Texas Alta Mesa In-Situ Recovery (ISR) Uranium Central Processing Plant and Wellfield. Upgrades and refurbishments continue to advance as planned and on schedule for the 2024 resumption of uranium production. The Company also announces further positive results from the wellfield delineation drill program and a continuing advancement of the newly discovered mineralized zone at the Alta Mesa wellfield. Site and production resumption work at the Rosita ISR Uranium Central Processing Plant and Wellfield (Rosita CPP) also remains on schedule for 2023 production. The Alta Mesa ISR Uranium Central Processing Plant (Alta Mesa CPP) is advancing towards a restart of production and presently completing minor scheduled renovations with equipment upgrades and refurbishments underway. A thorough equipment evaluation determined 90% of the piping and valves are operational with limited maintenance requirements. enCore is managing all refurbishments on site where feasible to proactively manage supply chain risks and costs. Longer lead time for non-critical supplies are ordered as part of supply chain management to ensure plant production start-up timelines are well managed. Staffing of key management positions at Alta Mesa started in earnest in Q1/2023 followed by the recruitment of an operations team experienced in South Texas ISR operations. There are currently eight (8) drill rigs in full operation at the Alta Mesa Wellfield, increased from six (6) rigs as wellfield delineation and completion has progressed. The wellfield drilling operations, delineating the roll front mineralization within Production Authorization Area 7 (PAA-7), which commenced in March 2023, are advancing rapidly with 192 holes drilled since previous update. In total, 272 drill holes have been completed through August 21, 2023. A previously producing mineralized Middle C sand, extracted through PAA-3, was discovered within PAA-7. Continued drilling within PAA-7 has returned positive results of Middle C sand mineralization in seventeen (17) holes, within PAA-7, with Grade Thickness (GT) values ranging from 0.2 to 0.792 in seven (7) of the holes announced in this release. Continued drilling along trend is expected to expand and delineate this new mineralized sand and is anticipated to increase the overall mineralization within PAA-7. 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, thirty-three (33) holes have been cased with five (5) holes completed. Two (2) drill rigs are currently casing with one (1) drill rig focused on completion activities. An additional drill rig will be moving to completion activities in the coming weeks. New Risk • Aug 17
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$91m 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$91m free cash flow). Earnings have declined by 69% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Shareholders have been diluted in the past year (35% increase in shares outstanding). Duyuru • Jun 30
enCore Energy Corp. Appoints Dain McCoighas as Director of Technical Services enCore Energy Corp. announced that Mr.Dain McCoighas been appointed as the Director of Technical Services effective immediately. Mr. McCoig brings over 15 years of experience at enCore's South Texas plants where he was focused on uranium extraction and In-Situ Recovery(ISR) processing. Mr. McCoig is responsible for engineering and technical support on all projects within the Company's production pipeline. Mr. Dain McCoig, PE Director of Technical Services Mr. McCoig began his career in 2004 as the Plant Engineer for Uranium Resources Inc. (URI) at the Kingsville Dome ISR Uranium Central Processing Plant (CPP) inSouth Texas, now owned by enCore Energy. As URI's Plant Superintendent, Senior Engineer, Manager of Operations and Vice President, Operations, Mr. McCoig worked on URI's South Texas and New Mexico projects. He was involved in all aspects of the uranium extraction process, including design, construction, operations and reclamation. Mr. McCoig oversaw the startup of the Rosita CPP (now owned by enCore Energy), the Kingsville CPP and the Vasquez project. He most recently served as Vice President of Operations during the construction of a graphite facility in Alabama before returning to the uranium extraction industry. Mr. McCoig has a BSc in engineering from the Colorado School of Mines and is a licensed professional engineer in the state of Texas. Duyuru • Jun 08
Anfield Energy Inc. (TSXV:AEC) entered into a definitive share purchase agreement to acquire Neutron Energy, Inc. from enCore Energy Corp. (TSXV:EU) for CAD 16.1 million. Anfield Energy Inc. (TSXV:AEC) entered into a definitive share purchase agreement to acquire Neutron Energy, Inc. from enCore Energy Corp. (TSXV:EU) for CAD 16.1 million on June 5, 2023. As consideration enCore will receive 185 million common shares of the Anfield Energy Inc. and CAD 5 million in cash. Through the acquisition of Neutron Energy, Anfield Energy will acquire a 100% interest in the Marquez-Juan Tafoya uranium project. Anfield Energy Inc. has also agreed to grant enCore the right to nominate one Director to the board of directors of the Anfield Energy Inc., to serve as long as enCore continues to hold at least 10% of the outstanding shares of the Anfield Energy Inc. Completion of the acquisition of Neutron, and the issuance of the Consideration Shares, remains subject to the approval of the TSX Venture Exchange. Closing of the Transaction is anticipated to take place on or before July 21, 2023. Red Cloud Securities Inc. acted as an advisor in connection with the transaction. Recent Insider Transactions • May 22
CEO & Director recently bought US$49k worth of stock On the 18th of May, William Goranson bought around 23k shares on-market at roughly US$2.15 per share. This transaction amounted to 7.4% 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 US$55k worth in shares. Duyuru • May 19
enCore Energy Corp. Provides Alta Mesa ISR Uranium Central Processing Plant Update and New Discovery enCore Energy Corp. announced the South Texas Alta Mesa In Situ Recovery("ISR") Uranium Central Processing Plant upgrades and refurbishments are ahead of schedule and under budget.This follows the previously announced formal production decision for the resumption of uranium production in early 2024. The Company also announced continuing positive results from the wellfield delineation drill program and a newly discovered mineralized zone at the Alta Mesa wellfield. Presently there are 6 drill rigs working at Alta Mesa with a 7th rig to be added shortly. The wellfield drilling operations, within Production Authorization Area 7 (PAA), which commenced in March 2023, are advancing rapidly with 81 holes drilled to date with drilling delineating the roll front mineralization within PAA-7. The Middle C unit, a productive sand, essential for ISR, in PAA-3 was not previously known to be mineralized under PAA-7. The drilling program has encountered unexpected significant grade in the Middle C unit underlying PAA-7, with grade thicknesses multiplied by the thickness of the mineralization at or above the cutoff value] ranging from 0.481 to 1.888 in 4 of the holes. Further drilling along trend will continue to delineate this new mineralized sand and is likely to increase the overall mineralization within PAA-7. Of these holes, 14 are being cased as injection wells and 14 as recovery wells while further refined delineation drilling within the PAA continues to establish the exact pattern of injection and recovery wells from which to maximize production efficiency. The Alta Mesa Central Processing Plant (CPP) is advancing towards a restart of production and presently completing minor scheduled renovations with equipment upgrades and refurbishments underway. A thorough equipment evaluation determined 90% of the piping and valves are operational with limited maintenance requirements. Of 40 pumps and motors evaluated, including major pumps, 30 are being rebuilt and refurbished on site mitigating some supply chain risks. Longer lead time items now ordered are not critical for initial plant production start-up. Alta Mesa In-Situ Recovery ("ISR") Uranium Central Processing Plant ("Alta Mesa CPP") & Project The Alta Mesa CPP and project is a fully licensed and constructed ISR uranium project and CPP currently on standby, located on 200,000+ acres of private land in the state of Texas. Alta Mesa will be enCore's second producing location following resumption of uranium production at the South Texas Rosita Uranium Processing Plant ("Rosita") scheduled for 2023. Total operating capacity is 1.5 million lbs U3O8 (uranium) per year. Alta Mesa historically produced nearly 5 million lbs of U3O8 between 2005 and 2013, when full production was curtailed as a result of low uranium prices at the time. Alta Mesa Processing Plant and Project highlights include: The Alta Mesa CPP is enCore's third fully licensed production facility, along with Rosita and Kingsville Dome CPP's, all located in the business-friendly state of Texas. There are only 11 licensed and constructed uranium production facilities in all of the United States (US); The Alta Mesa Processing Plant can reach commercial production levels with limited required capital, from funds on hand, within an estimated 10 months of announced production decision; Advancing the Alta Mesa CPP, in conjunction with planned production in 2023 at the Rosita CPP, will cement enCore Energy's position as the early leader in In-Situ Recovery (ISR) uranium production in the US; Alta Mesa's operations are located on private land, with 100% of minerals privately owned, and in a supportive jurisdiction with primary regulatory authority residing with the State of Texas; The Alta Mesa Processing Plant utilizes well-known ISR technology to extract uranium in a non-invasive process using natural groundwater and oxygen, coupled with a proven ion exchange process, to recover the uranium. The Company advises that it is not basing its production decisions at Alta Mesa or Rosita 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. In addition, the mineral resource at Alta Mesa includes inferred resources which are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. The Company has determined to proceed with a production decision based on past operations at Alta Mesa and Rosita, including past ISR operations in the known mineral resource areas. Duyuru • Feb 09
enCore Energy Corp. has completed a Composite Units Offering in the amount of CAD 30.00075 million. enCore Energy Corp. has completed a Composite Units Offering in the amount of CAD 30.00075 million.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 8,231,000
Price\Range: CAD 3.25
Discount Per Security: CAD 0.195
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 1,000,000
Price\Range: CAD 3.25
Discount Per Security: CAD 0.065 Board Change • Jan 24
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 Mark Pelizza was the last independent director to join the board, commencing their role in 2014. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.