Mr. Wayne Heili, Director 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 recen ...

Core Insights - The European Commission has approved Dupixent (dupilumab) for the treatment of moderate-to-severe chronic spontaneous urticaria (CSU) in patients aged 12 years and older who do not respond adequately to standard antihistamine treatment [1][4][11] - Dupixent is the first innovative treatment for CSU in over a decade, targeting IL-4 and IL-13, which are key drivers of type 2 inflammation [2][4] - The approval is based on data from two Phase 3 clinical trials showing significant reductions in itch and hives compared to placebo at 24 weeks [1][2][7] Group 1: Approval and Indications - Dupixent is now approved for use in patients with CSU who are naïve to anti-immunoglobulin E (IgE) therapy and have inadequate responses to histamine-1 antihistamines [1][4] - Approximately 270,000 adults and adolescents in the EU suffer from CSU that remains symptomatic despite standard treatment [1][6] Group 2: Clinical Trials and Efficacy - The LIBERTY-CUPID Phase 3 program included three studies assessing Dupixent as an add-on therapy to antihistamines, demonstrating significant efficacy in reducing urticaria activity and improving patient outcomes [2][7][8] - Study A and Study C involved 284 patients aged 12 years and older, while Study B included 108 patients, providing additional safety data [2][7] Group 3: Safety Profile - Safety results from the trials were consistent with Dupixent's known safety profile, with common adverse reactions including injection site reactions, conjunctivitis, and arthralgia [3][4] - Adverse events observed more frequently with Dupixent compared to placebo included injection site reactions, COVID-19, and hypertension [3][4] Group 4: Broader Context and Future Potential - Beyond the EU, Dupixent is also approved for CSU in the United States and Japan, indicating a growing acceptance of the treatment in various markets [4][11] - The Dupixent development program has been extensive, with over 60 clinical trials involving more than 10,000 patients across various chronic diseases driven by type 2 inflammation [15][16]

Core Insights - Grabar Law Office is investigating claims on behalf of shareholders of enCore Energy Corp. regarding potential breaches of fiduciary duties by certain officers and directors [1] - Shareholders who purchased enCore Energy Corp. shares prior to March 28, 2024, and still hold them can seek corporate reforms and the return of funds at no cost [2] - A securities fraud class action complaint alleges that enCore Energy Corp. made materially false and misleading statements and failed to disclose adverse facts about its business and operations [3] Company Details - The investigation focuses on whether enCore Energy Corp.'s officers failed to disclose that the company lacked effective internal controls over financial reporting [3] - The complaint also states that enCore could not capitalize certain exploratory and development costs under GAAP, leading to increased net losses [3] - As a result of these issues, the positive statements made by the defendants regarding the company's business and prospects were deemed materially misleading [3]

Company Overview - enCore Energy is positioned as the largest ISR uranium extractor in the United States, with operations underway at two plants[14] - The company has significant S-K 1300 resources, including 30.94 million pounds in the Measured and Indicated (M&I) category and 20.54 million pounds in the Inferred category[19] - enCore Energy's market capitalization was approximately $598.85 million as of October 31, 2025, with 187,139,534 shares issued and outstanding[52] Uranium Market and Strategy - The United States faces a growing demand for uranium, with demand increasing by +48 million pounds per year, while domestic supply is declining by -200,000 pounds per year[45] - The company employs a uranium sales strategy supported by sales agreements while preserving exposure to the market[22] - Current contracts represent less than 38% of planned extraction through 2033, allowing for significant upside exposure to spot market pricing[184] Project Pipeline and Production - Alta Mesa CPP commenced operations in Q2 2024 and is configured to operate at 1 million lbs per year, currently running at 60% of that capacity[131] - Daily production at Alta Mesa averaged 2,678 pounds per day in June 2025[136] - The Dewey Burdock ISR Uranium Project has measured resources of 14,285,988 lbs and indicated resources of 2,836,159 lbs of U₂O₃[166]

Financial Performance - Net loss per share improved to $(0.03) from $(0.09) in the same period of 2024[5] - Closing cash and equivalent balance reached $100.3 million with working capital of $119.7 million[5] Uranium Production and Sales - Delivered 130,000 pounds of uranium at a price of $68.28 with a weighted average cost of $38.35[5] - U3O8 extraction increased by 11.4% to 227,070 pounds from the second quarter of 2025[5] - Weighted average cost of U3O8 sold decreased to $53.71 per pound from $97.91 per pound in the same period of 2024[5] - Total cost of U3O8 sold for nine months was $25.781 million for 480,000 pounds, averaging $53.71 per pound[6] - Cash costs for extracted pounds were $6,680,000, averaging $26.20 per pound[6] Project Development - Dewey-Burdock Project included in the federal FAST-41 program for expedited permitting review[7] - Future projects include the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming[13] - No U3O8 is forecasted to be purchased in 2025[5]

Uranium Production and Sales - The company completed uranium sales totaling 480,000 pounds of U3O8 during the nine months ended September 30, 2025, with an average sales price of $64.13 per pound[226]. - The company commenced uranium extraction at the Rosita Central ISR Uranium Processing Plants and at the Alta Mesa CPP in South Texas in 2024[214]. - The company’s uranium sales strategy aims to provide a base level of projected income while allowing for opportunities in strong short-term market conditions[226]. - As of September 30, 2025, the company has executed fourteen uranium sales agreements, including two market-related agreements with no price floors or ceilings, and eight agreements with minimum floor and maximum ceiling prices[227]. - Uranium sales volumes increased to 130,000 lbs for the three months ended September 30, 2025, an increase of 10,000 lbs or 8% from 120,000 lbs in 2024[249]. - The realized sales price per pound of uranium decreased to $68.28 for the three months ended September 30, 2025, down by $8.87 or 12% from $77.15 in 2024[249]. - For the nine months ended September 30, 2025, revenue from uranium sales was $30,780, a decrease of $14,192 or 32% compared to $44,972 in 2024[252]. Financial Performance - Revenue for the three months ended September 30, 2025, was $8,876, a decrease of $382 or 4% compared to $9,258 in 2024[248]. - Cost of goods sold for the three months ended September 30, 2025, was $4,985, a decrease of $5,615 or 53% compared to $10,600 in 2024[251]. - Operating expenses, excluding stock option expense, increased to $17,454 for the three months ended September 30, 2025, up by $3,069 or 21% from $14,385 in 2024[251]. - The company reported a net loss before income taxes of $6,331 for the three months ended September 30, 2025, an improvement of $12,292 or 66% compared to a net loss of $18,623 in 2024[248]. - The company recognized a gain of $7,733 on realized marketable securities for the nine months ended September 30, 2025, compared to a gain of $252 in 2024, representing a 2,969% increase[254]. Cash Flow and Financing - As of September 30, 2025, the company had cash and cash equivalents of $91,933, an increase from $39,701 as of December 31, 2024[263]. - The company anticipates further cost efficiencies as additional wellfield patterns come online and economies of scale improve[261]. - The company expects to meet long-term cash requirements through various capital sources, including a revolving credit facility, future debt or equity issuances, and net cash from operations[264]. - As of September 30, 2025, net cash used in operating activities decreased by $7,664 to $37,927 compared to $45,591 for the same period in 2024, primarily due to reduced uranium inventory purchases[268]. - Net cash used in investing activities decreased by $4,662 to $13,716 for the nine months ended September 30, 2025, compared to $18,378 in 2024, driven by property and equipment acquisitions offset by the sale of marketable securities[269]. - Net cash provided by financing activities increased by $1,528 to $104,296 for the nine months ended September 30, 2025, compared to $102,768 in 2024, largely due to proceeds from new Convertible Senior Notes[270]. - The company issued $115,000 in Convertible Senior Notes with a 5.5% annual interest rate, maturing on August 15, 2030, with net proceeds of approximately $109,200 after expenses[265]. - The company had no material off-balance sheet arrangements as of September 30, 2025, indicating a stable financial position[271]. - The company believes available cash and expected operating cash flows will be sufficient for operations and scheduled debt service payments for the next twelve months following September 30, 2025[266]. Market and Regulatory Environment - The global demand for uranium is approximately 175 to 180 million pounds annually, with 439 operable nuclear reactors worldwide as of May 2025[215]. - The U.S. Department of Energy has made a loan guarantee of up to $1.52 billion to Holtec International for the restart of the Palisades Nuclear Power Plant, with recent disbursements totaling $46.7 million and $100.5 million[220]. - The U.S. government has launched initiatives to strengthen domestic nuclear fuel supply chains and accelerate the development of advanced nuclear reactors[219]. - The U.S. Senate confirmed Chris Wright as Energy Secretary, who emphasized the importance of securing long-term uranium supplies for the nation's nuclear energy program[217]. - The company believes that stockpiled inventories and secondary supplies of uranium have dwindled significantly in recent years, creating uncertainty in the market[216]. Exploration and Development - The company aims to build uranium extraction capacity in South Texas and has plans for future exploration projects in South Dakota and Wyoming[214]. - The company controls approximately 16,962 acres of net mineral rights and 12,613 acres of surface rights for the Dewey-Burdock Project in South Dakota[232]. - The Rosita Central Processing Plant (CPP) has a production capacity of 800,000 pounds of U3O8 per year, while the Alta Mesa CPP has a capacity of 1.5 million pounds of U3O8 per year[237]. - The company has increased its active drill rigs in South Texas from 6 at the beginning of 2024 to 30 as of September 30, 2025[240]. - Total measured and indicated mineral resources are reported at 30.94 million pounds U3O8, with total inferred mineral resources at 20.54 million pounds U3O8[237]. - The company has identified new uranium mineralized roll fronts in at least three areas as a result of ongoing re-analysis of historic drill holes[238]. - The company is advancing the Gas Hills Project in Wyoming, with initial permitting work and core drilling initiated in 2024[246]. - The Kingsville Dome CPP is currently in standby condition and will require refurbishment before operations can commence[240]. Risks and Vulnerabilities - The company is exposed to uranium price risk, with no supply or off-take agreements in place as of September 30, 2025, which could impact revenues and cash flows[276]. - The company is subject to foreign currency risk, with some transactions in currencies other than the U.S. Dollar, but these fluctuations have not materially impacted operations[278]. - The company has historically relied on equity financing, making it vulnerable to market price volatility of its common shares traded on Nasdaq and TSX-V[274].

Core Viewpoint - enCore Energy Corp. reported strong operational performance for the nine months ended September 30, 2025, highlighting increased uranium production and a solid financial position, reinforcing its role in supporting America's clean energy future [2][4]. Operational Update - The Dewey Burdock In-Situ Recovery (ISR) Uranium Project in South Dakota was approved for expedited permitting under the Fast-41 Program, aimed at enhancing domestic uranium production [4]. - The company achieved a year-to-date delivery of nearly 500,000 pounds of uranium, with 227,070 pounds extracted in the third quarter, marking an 11.4% increase from the previous quarter [2][5]. - The cash balance exceeded $100 million, with working capital reported at $119.7 million [5]. Financial Highlights - The net loss per share was $(0.03), an improvement from $(0.09) in the same period of 2024 [5]. - The company sold 130,000 pounds of uranium at an average price of $68.28, with a weighted average cost of $38.35 per pound [5]. - The closing inventory included 287,089 pounds of uranium at a cost of $38.27 per pound, with a weighted average cost of uranium sold at $53.71 per pound, down from $97.91 per pound in the same period of 2024 [5]. Future Projects - Future projects in the pipeline include the Dewey Burdock Project and the Gas Hills Project in Wyoming, with a commitment to working with local communities and indigenous governments [8].

Core Insights - enCore Energy (EU) has significantly underperformed the broader market over the past 12 months, with a stock decline of 31% compared to a 13% rally in the S&P 500 [1] Performance Analysis - The primary reason for the divergence in performance is not detailed in the provided content, indicating a need for further investigation into the company's operational or market challenges [1]

Core Insights - enCore Energy Corp. has announced significant new uranium discoveries in areas near existing wellfields as part of a re-analysis of historic drill holes from the Alta Mesa In-Situ Recovery (ISR) Uranium Project [1][2] - The new roll fronts have been identified in at least three areas, with follow-up drilling ongoing to delineate these discoveries [1][3] Discovery Details - New roll front uranium mineralization has been found close to previously exploited areas, with one roll front advancing to permitting as Wellfield 3 Extension [2] - Two new roll fronts in Wellfield 4 have been discovered, each extending over 2,500 feet in length, located at a depth of 320 to 345 feet, which is nearly 200 feet above previously exploited mineralization [2] - The shallow depth of this mineralization allows for shorter drill times and significant cost savings in delineation and extraction compared to deeper mineralization [2] Drilling Program - The granular re-analysis of drill data is expected to continue through the end of 2025, with follow-up delineation drilling extending into 2026 [3] - A major drill program is set to commence soon on the recently acquired Alta Mesa East Property, which hosts extensions of roll front uranium mineralization [3] Historical Drilling Highlights - Current drilling highlights include several drill holes with varying depths and grades, with the highest grade recorded at 0.277% U3O8 over a thickness of 5.5 feet [4] - Historical drilling data shows previous grades and thicknesses, indicating the potential for further exploration and extraction [4] Project Overview - The Alta Mesa Uranium Project operates under a 70/30 joint venture with Boss Energy Limited and has a total operating capacity of 1.5 million pounds of uranium per year [7] - The project utilizes ISR technology for uranium extraction, which is a non-invasive process using natural groundwater and oxygen [8] - Historical production from the Alta Mesa CPP reached nearly 5 million pounds of uranium between 2005 and 2013 before being curtailed due to low prices [8] Company Background - enCore Energy Corp. is focused on providing clean, reliable, and affordable fuel for nuclear energy and is the only U.S. uranium company with multiple Central Processing Plants in operation [9] - The company is committed to working with local communities and indigenous governments to create positive impacts from its developments [10]

Group 1 - Fastenal Co. is expected to report quarterly earnings of 30 cents per share with revenue projected at $2.13 billion [2] - Safe Pro Group Inc. filed for a mixed shelf offering of up to $100 million, resulting in a 0.7% decline in its shares to $6.75 [2] - enCore Energy Corp. filed for a mixed shelf offering of up to $350 million, with shares falling 2.1% to $3.30 [2] - Vince Holding Corp. announced its transfer from NYSE to Nasdaq, with shares slipping 0.4% to $2.85 [2] - Rocky Mountain Chocolate Factory Inc. is set to release its third-quarter earnings after the market closes, with shares down 0.6% to $1.61 [2]