enCore Energy Announces the Successful Completion of Construction at the Upper Spring Creek ISR Uranium Project
Rhea-AI Summary
enCore Energy (NASDAQ: EU, TSXV: EU) completed the first phase of construction at its Upper Spring Creek ISR uranium project's satellite ion exchange plant. The facility currently processes 1,600 gpm, or 50% of planned capacity, with 3,200 gpm targeted by end of July 2026.
Drilling for the first 800-gpm wellfield module is complete and infrastructure is nearly finished, with three additional 800-gpm modules underway. Initial operations are planned for late 2026, pending final permits, supplying uranium-loaded resin to the Rosita central processing plant.
AI-generated analysis. Not financial advice.
Positive
- First construction phase of Upper Spring Creek satellite IX plant completed
- Current plant capacity at 1,600 gpm, 50% of planned flow
- Targeting full 3,200 gpm flow capacity by end of July 2026
- First 800-gpm wellfield module drilling complete, infrastructure nearly finished
- Three additional 800-gpm wellfield modules in progress, module 2 ~90% drilled
- Project to supply uranium-loaded resin to fully licensed Rosita CPP
Negative
- Operations depend on receipt of final permits before uranium extraction
- Operational phase not expected until late 2026
News Market Reaction – EU
On the day this news was published, EU gained 0.32%, reflecting a mild positive market reaction. Argus tracked a trough of -17.4% from its starting point during tracking. Our momentum scanner triggered 27 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $1M to the company's valuation, bringing the market cap to $317.57M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Uranium peers including UROY, URG, UUUU, DNN, and UEC are also down between about 5.5% and 7.2%, indicating broader sector pressure even as EU’s decline of 9.2% is steeper.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jun 01 | Exploration results | Positive | +2.5% | Alta Mesa East drilling extended uranium mineralization over 3,700 feet with strong GT. |
| Apr 20 | Leadership change | Positive | +1.4% | Appointment of Richard Little as CEO and Sheriff’s return as Executive Chair. |
| Mar 09 | Earnings report | Positive | +2.1% | 2025 results showed higher U3O8 output, sales deliveries, and strong liquidity. |
| Mar 02 | External role | Neutral | -14.1% | Sheriff appointed Executive Chair of Verdera, where he is a major shareholder. |
| Mar 02 | Leadership transition | Negative | -14.1% | Sheriff retired as enCore Executive Chair and director, becoming Chairman Emeritus. |
Recent company-specific news — exploration results, leadership changes, and earnings — more often saw share price gains, while leadership-related announcements connected to Verdera coincided with a sharp decline.
Over the last few months enCore reported exploration success at Alta Mesa East, leadership changes with Richard Little becoming CEO and William Sheriff as Executive Chair, and 2025 results showing higher U3O8 extraction and added liquidity. Earlier, Sheriff’s transition to roles at Verdera and his retirement as enCore Executive Chair coincided with a -14.07% move. Today’s Upper Spring Creek construction milestone extends this theme of advancing ISR assets toward production within the U.S. uranium portfolio.
Regulatory & Risk Context
The company has an active Form S-3/A shelf amendment dated Nov 13, 2025. The amendment refreshed the auditor’s consent and reinstated the delaying legend, and the filing notes effectiveness will occur only when a further amendment becomes effective under Section 8(a). The SEC filing lists a registration fee of $48,335, with no recorded usage to date in the provided context.
Market Pulse Summary
This announcement highlights meaningful de‑risking at Upper Spring Creek, with the satellite IX plant already able to process 1,600 gpm and targeted to reach 3,200 gpm by July. Drilling for the first 800 gpm module is complete and additional modules are advancing, supporting a planned late‑2026 operational start pending permits. In context of recent exploration success and improved financials, investors may focus on execution, permitting timelines, and how this asset complements the Rosita central processing plant.
Key Terms
in-situ recovery technical
ion exchange technical
wellfield technical
central processing plant technical
AI-generated analysis. Not financial advice.
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www.encoreuranium.com
Construction of the first production wellfield, which will feed the IX Plant, is also nearing completion and will begin uranium extraction once final permits are received.
Highlights of the first phase of the Upper Spring Creek ISR Satellite IX Plant construction include:
- Largest satellite facility that enCore has ever built.
- Currently constructed portion of the satellite can process 1,600 gallons per minute (gpm) through the facility. This represents
50% of the satellite's planned flow capacity. - The plant's flow capacity is in the process of being doubled. Before the end of June,
75% of the flow capacity is expected to be completed, and the plant is expected to be at100% capacity by the end of July (3,200 gpm total capacity). - The new plant will be capable of producing from the first Upper Spring Creek Project area once connected to the wellfields currently under construction.
- Drilling activities for the first 800-gpm module are complete, and wellfield infrastructure for this entire module is nearly completed.
- Drilling and infrastructure activities for three other 800 gpm modules are well underway. Module 2 drilling activities are ~
90% complete.
William M. Sheriff, Executive Chairman, stated: "This milestone reflects the dedication and teamwork of everyone involved. The Upper Spring Creek Project strengthens the Company's operational capabilities by providing uranium-loaded resin feed for our fully licensed Rosita Central Processing Plant ("CPP"). We look forward to continuing this momentum as we move into the operational phase, which is planned in late 2026 once final permits are received."
For Upper Spring Creek photos and maps, please visit: Upper Spring Creek Photos and Maps
About the Upper Spring Creek ISR Project
The
The Project was previously held by Signal Equities LLC, which licensed and permitted the property as an ISR uranium project. Key elements of their permit were maintained, including the aquifer exemption. Their work ceased following continued low uranium spot prices. In December 2020, the Company acquired the Project.
The uranium-mineralized sands associated with the Project area lie within the Oakville Formation. These historic uranium-producing sands stretch across an area of approximately 120 miles long by approximately 20 miles wide in South Texas. The saturated uranium-mineralized ore body at the Project typically occurs at depths between 300 and 450 feet below the surface, allowing for efficient and economical uranium recovery with ISR methods.
Satellite Ion Exchange Process
A Satellite IX Plant uses ion-exchange technology that begins with injecting a lixiviant, consisting of groundwater mixed with oxygen, into the wellfield, where it dissolves uranium from underground sandstone. The uranium-bearing water is then pumped to the surface and cycled through the nearby Satellite IX Plant, where uranium is absorbed onto resin beads. The IX resin is then transported to enCore's Rosita CPP, where the uranium is stripped from the resin, and the stripped resin is returned and reused. The water is refortified with oxygen and recycled back into the formation. This 50-year-old process is closely monitored and has been verified by the
enCore's Satellite IX Plants are located near wellfields and are a key component of the ISR uranium extraction process. These modular, efficient IX Plants have a short installation time, enable cost-effective operation across multiple sites without constructing full CPP facilities at each site, and can be relocated to support additional uranium recovery.
Rosita ISR Uranium Central Processing Plant and USC Satellite Plant
The Rosita CPP receives uranium-loaded resin transported from enCore's South Texas Satellite IX Plants. The CPP removes the uranium from the resin and processes it into yellowcake. Once processed, the resin is recycled and transported back to the Satellite IX Plants for reuse.
Technical Disclosure and Qualified Person
Dain McCoig, P.E., MBA, enCore's Chief Operating Officer, and a Qualified Person under Canadian National Instrument 43-101 and S-K 1300, has reviewed and approved the technical disclosure in this news release on behalf of the Company.
About enCore Energy Corp.
enCore Energy Corp., America's Clean Energy Company™, is committed to providing clean, reliable, and affordable uranium to fuel the rapidly expanding U.S. nuclear energy needs. enCore's team is led by industry experts with extensive knowledge and experience in all aspects of uranium ISR operations and the nuclear fuel cycle. enCore solely utilizes ISR for uranium extraction, a minimally invasive, eco-friendly, and economically competitive approach to mineral extraction technology co-developed by enCore's leadership.
Building on enCore's demonstrated and continuing success in South Texas, future projects in enCore's planned project pipeline include the expansion of Alta Mesa to include the Alta Mesa East property, the Dewey Burdock project in South Dakota, and the Gas Hills project in Wyoming. The Company holds other assets, including non-core assets and proprietary databases. enCore is committed to working with local communities and indigenous governments to create positive impacts from corporate projects.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and Canadian securities laws that are based on management's current expectations, assumptions, and beliefs. Forward-looking statements can often be identified by such words as "becomes," "expects," "plans," "believes," "intends," "continue," "potential," "remains," and similar expressions or variations (including negative variations) of such words and phrases, or statements that certain actions, events, or results "may," "could," or "will" be taken.
Forward-looking statements and information that are not statements of historical fact include, but are not limited to, any information relating to statements regarding future or potential extraction, the Company's prospects, the Company's decisive action plan, and any other statements regarding future expectations, beliefs, goals or prospects, statements regarding the success of current and future ISR operations, including projects in our pipeline, and our commitment to working with local communities and indigenous governments to create a positive impact from corporate projects should be considered forward-looking statements. All such forward-looking statements are not guarantees of future results and forward-looking statements are subject to important risks and uncertainties, many of which are beyond the Company's ability to control or predict, that could cause actual results to differ materially from those expressed in any forward-looking statement, including those described in greater detail in our filings with the SEC and on SEDAR+, particularly those described in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, management's discussion and analysis, and annual information form. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with assumptions regarding project economics; discount rates; expenditures and the current cost environment; timing and schedule of the projects; general economic conditions; adverse industry events; future legislative and regulatory developments; the ability of enCore to implement its business strategies; and other risks. A number of important factors could cause actual results or events to differ materially from those indicated or implied by such forward-looking statements, including, without limitation, exploration and development risks; changes in commodity prices; access to skilled personnel; the results of exploration and development activities; extraction risks; uninsured risks; regulatory risks; defects in title; the availability of materials and equipment; timeliness of government approvals and unanticipated environmental impacts on operations; litigation risks; risks posed by the economic and political environments in which the Company operates and intends to operate; increased competition; assumptions regarding market trends and the expected demand and desires for the Company's products and proposed products; reliance on industry equipment manufacturers, suppliers and others; the failure to adequately protect intellectual property; the failure to adequately manage future growth; adverse market conditions; the failure to satisfy ongoing regulatory requirements; and factors relating to forward-looking statements listed above. Should one or more of these risks materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. The Company assumes no obligation to update the information in this press release, except as required by law. Additional information identifying risks and uncertainties is contained in filings by the Company which are available online at www.sec.gov and www.sedarplus.ca. Forward-looking statements are provided for the purpose of providing information about the current expectations, beliefs and plans of management. Such statements may not be appropriate for other purposes and readers should not place undue reliance on these forward-looking statements, that speak only as of the date hereof, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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SOURCE enCore Energy Corp.