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enCore Energy Corp. (NASDAQ: EU, TSXV: EU) is a leading uranium producer in the United States, strategically focused on advancing its portfolio of uranium assets primarily using the sustainable and efficient In-Situ Recovery (ISR) technology. The company holds a 100% interest in about 115,000 acres of private mineral rights, including notable uranium deposits such as Crownpoint and Hosta Butte in New Mexico. Additionally, enCore Energy has significant interests in projects such as the Marquez Project and the Nose Rock Project in New Mexico, along with the Moonshine Springs Project in Arizona and several properties in Utah's White Canyon District.
enCore Energy's flagship projects include the Rosita Project and Alta Mesa Uranium Project in Texas, the Dewey-Burdock Project in South Dakota, and the Gas Hills Project in Wyoming. The company recently marked a significant milestone by commencing uranium production at the Rosita Central Processing Plant (CPP) in November 2023. This was followed by a successful Grand Opening in February 2024, attended by key stakeholders and industry leaders.
The company’s innovative approach involves the use of ISR technology, which extracts uranium in a non-invasive manner using natural groundwater and oxygen, coupled with a proven ion exchange process. This method is both environmentally friendly and cost-effective, positioning enCore Energy as a key player in the clean energy sector.
enCore Energy's management team comprises industry veterans with extensive experience in ISR uranium operations and the nuclear fuel cycle. As of early 2024, the company has strengthened its market presence by listing on the Nasdaq Capital Market and maintaining its listing on the TSX Venture Exchange.
Financially, enCore Energy has achieved notable progress, including the elimination of its debt through the conversion of a $20 million convertible promissory note and securing significant proceeds from its at-the-market (ATM) equity offering program. The company’s robust financial health is further supported by strategic partnerships, such as the joint venture with Boss Energy, which brought an investment of $70 million, enabling accelerated development of enCore's extensive project pipeline.
Looking ahead, enCore Energy is poised for growth with plans to restart uranium production at the Alta Mesa CPP in Q2 2024 and advance additional projects like the Dewey-Burdock and Gas Hills. The company's commitment to providing clean, reliable, and affordable nuclear energy positions it as a vital contributor to the growing demand for sustainable energy solutions in the United States.
enCore Energy Corp. (NASDAQ: EU) (TSXV: EU), a uranium producer, reported results from its annual general meeting of shareholders held on August 28, 2024. The meeting saw 129 shareholders voting 102,194,697 shares, representing 55.32% of the company's issued and outstanding shares. All proposed matters were approved, including the election of directors. Notable results include William M. Sheriff receiving 97.77% approval and W. Paul Goranson receiving 99.90% approval. Shareholders also approved the appointment of Davidson & Company LLP as the company's auditor and the company's Long Term Benefit Plan.
enCore Energy Corp. (NASDAQ: EU) (TSXV: EU) reported its Q2 2024 results and operational update. Key highlights include:
- Revenue of $36 million from yellowcake sales in the first half of 2024
- Commissioned Alta Mesa ISR facility, becoming the only company with two producing uranium facilities in the US
- Delivered 410,000 pounds of U3O8 at an average price of $87.11 per pound
- Entered seventh uranium supply contract for 200,000 pounds per year in 2028 and 2029
- Q2 revenue: $5.32 million; Gross loss: $3 million; Comprehensive loss: $9.62 million
- Alta Mesa production commenced on June 13, 2024, with promising initial results
- Positive outlook with increasing revenue expected in H2 2024 and beyond
enCore Energy (NASDAQ: EU; TSXV: EU), a uranium producer in Texas, announced its membership in the Texas Nuclear Alliance (TNA). As the first uranium producer to join TNA, enCore Energy's inclusion aligns with TNA's mission of promoting clean and secure nuclear energy. The company operates two In-Situ Recovery (ISR) uranium plants, contributing to Texas and the U.S.' energy security. Paul Goranson, enCore's CEO, emphasized the alignment with TNA's goals, while TNA President Reed Clay highlighted the importance of enCore's production plants in supporting new nuclear developments and energy security.
enCore Energy Corp. (TSXV: EU, NASDAQ: EU) is positioning itself as a leader in America's clean energy transition with sustainable uranium production.
The company operates two uranium processing plants and has zero debt. Its Alta Mesa project, acquired and operational within 18 months, is projected to contribute up to 90% of enCore's revenue.
With the rising demand for clean, dependable power, enCore Energy is set to provide a sustainable and environmentally friendly energy solution.
enCore Energy has commenced uranium production at its Alta Mesa Uranium Central Processing Plant (CPP) and Wellfield in South Texas. This start-up marks enCore as the only U.S. uranium producer with multiple operational facilities. The company anticipates its first yellowcake shipment within 60 to 90 days. The project, acquired in February 2023, was developed in 15 months and is expected to ramp up to full capacity by 2026. The Alta Mesa Project operates under a joint venture with Boss Energy and has a production capacity of 1.5 million lbs. U3O8 annually, with an additional drying capacity of 0.5 million lbs. Additionally, the company is granting stock options to its directors and consultants.
enCore Energy has appointed Ms. Kristi Caplan as Corporate Secretary. She brings over 20 years of experience in corporate governance, legal operations, and risk management. Ms. Caplan has worked with multinational public and private companies, managing legal entities across numerous jurisdictions. She was previously with Critical Project Services, where she led the legal department for their shared services division. She also held a significant role at MIC Global Services, managing legal compliance and governance for Macquarie Group’s infrastructure portfolio. Ms. Caplan holds a B.A. in Law and Policy and a Master of Public Administration. Alongside her appointment, she has been granted 60,000 stock options at $6.25 CDN per share.
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