NASDAQ:EU TSXV:EU www.encoreuranium.com DALLAS, Sept. 2, 2025 /PRNewswire/ - enCore Energy Corp. (NASDAQ: EU) (TSXV: EU) (the "Company" or "enCore"), America's Clean Energy Company™, announced today that its Dewey Burdock ISR Uranium Project ("Dewey Burdock Project"), located in South Dakota, has been approved for inclusion in the Fast-41 Program by the U.S. Federal Permitting Improvement Steering Council ("Permitting Council"). This is a component of the implementation of President Trump's Executive Order ...

Summary of Encore Energy Corporate Update Call Company Overview - **Company**: Encore Energy - **Industry**: Uranium production and nuclear energy Key Points and Arguments Management Changes and Growth - Recent management changes occurred in February and March, which initially unsettled investors, but the company quickly established solid growth plans [3][4] - Daily production rates have increased by 200-300% since March, averaging over 2,500 pounds per day, with peaks over 3,500 pounds in June [4][7] Production Efficiency - The time to bring new extraction and injection wells online has decreased from seven days to just over one day, representing an 80% increase in efficiency [8][12] - The active drill rig count has increased from around 15-16 to nearly 30, with plans to reach 30-32 rigs [17] Convertible Note Offering - The company successfully closed a $115 million convertible note offering, which was oversubscribed and well-received by a diverse range of institutional investors [3][20] - The offering included a capped call arrangement to mitigate potential dilution, with a conversion price set at a substantial premium of approximately $4.50 [21][24] Future Projects and Permitting - Significant cash will be allocated to the Dewey Burdock project in South Dakota, with plans to ramp up production and navigate final permitting hurdles [25][41] - The Alta Mesa project has successfully acquired additional surface and mineral leases, enhancing the potential for uranium production [26][28] Financial Outlook - The company expects to meet its production and delivery obligations without purchasing uranium from the market, marking an improvement from the previous year [54][55] - Future cash flow is anticipated to vary due to the timing of contract deliveries, but the company is close to achieving positive cash flow [75][73] Industry Context and Consolidation - The company acknowledges the need for consolidation within the ISR (In-Situ Recovery) uranium production sector, with several companies competing for market share [44][70] - Encore Energy is open to mergers and acquisitions, aiming to enhance production efficiency and market position [70][72] Regulatory Environment - The company is optimistic about the current administration's support for domestic energy and nuclear initiatives, which may positively impact the uranium industry [61][62] - Permitting processes in Texas and South Dakota are progressing smoothly, with expectations for timely resolutions [78][79] Additional Important Information - The company has a strong internal team, with promotions from within contributing to recent successes [4][7] - The focus on maintaining a competitive workforce is crucial, given the industry's demand for skilled labor [87][90] - The company is committed to transparency and will provide annual updates on production projections and contract details [54][55] This summary encapsulates the key points discussed during the Encore Energy corporate update call, highlighting the company's growth, operational efficiency, financial strategies, and industry positioning.

Core Viewpoint - enCore Energy Corp. has successfully closed a $115 million USD offering of senior unsecured convertible notes, providing the company with long-term capital and flexibility for future operations [2][3] Group 1: Corporate Update - The company will host a corporate update on August 27, 2025, covering current operations in South Texas, the expansion of the Alta Mesa project, and details regarding the recent convertible notes offering [1] Group 2: Convertible Notes Details - The convertible notes have a maturity date of August 15, 2030, and bear a cash interest rate of 5.50% [2][3] - The company has the option to pay the principal in cash, common shares, or a combination thereof upon investor conversions [3] - enCore retains the right to redeem the notes early, compelling conversion if the stock price exceeds $4.28 USD for 20 out of 30 trading days starting August 21, 2028 [3] Group 3: Capped-Call Arrangement - A private capped-call arrangement has been established with leading banks to minimize future dilution from the notes, raising the effective conversion premium from 127.5% to 175% above the closing price prior to the announcement [4] - This strategy allows the company to diversify its investor base and raise capital without immediate dilution until the stock price exceeds approximately $4.52 USD per share [4] Group 4: Company Overview - enCore Energy Corp. is focused on providing clean, reliable, and affordable fuel for nuclear energy, being the only U.S. uranium company with multiple Central Processing Plants in operation [6] - The company utilizes in-situ recovery (ISR) for uranium extraction, a proven technology co-developed by its leadership [6] - Future projects include the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming, alongside other non-core assets [7]

Core Points - enCore Energy Corp. has successfully closed an offering of $115 million in 5.50% Convertible Senior Notes due 2030, which includes an upsized offering of $100 million and a full exercise of a $15 million option [1][3] - The initial conversion rate for the Convertible Notes is set at 303.9976 common shares per $1,000 principal amount, translating to an initial conversion price of $3.2895 per common share, representing a 27.5% premium over the last reported sale price of $2.58 per share on August 19, 2025 [2] - The net proceeds from the offering amount to approximately $109.8 million, with $11.5 million allocated for capped call transactions and $10.6 million for repaying outstanding loan amounts, while the remainder will be used for general corporate purposes [3] Company Overview - enCore Energy Corp. is recognized as America's Clean Energy Company™, focusing on providing clean, reliable, and affordable fuel for nuclear energy, being the only U.S. uranium company with multiple Central Processing Plants in operation [6] - The company employs In-Situ Recovery (ISR) technology for uranium extraction, which is a proven method co-developed by its leadership team [6] - Future projects in enCore's pipeline include the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming, alongside other non-core assets and proprietary databases [7]

Core Points - enCore Energy Corp. announced the pricing of $100 million aggregate principal amount of 5.50% Convertible Senior Notes due 2030, upsized from a previously announced $75 million offering [1][2] - The Convertible Notes will bear interest at an annual rate of 5.50%, payable semi-annually, and will mature on August 15, 2030 [2] - The initial conversion rate is 303.9976 common shares per $1,000 principal amount of notes, representing an initial conversion price of approximately $3.29 per common share, a premium of 27.5% over the last reported sale price of $2.58 [2][3] Offering Details - The offering includes a 13-day option for initial purchasers to buy up to an additional $15 million of Convertible Notes [1] - The net proceeds from the offering are estimated to be approximately $95.3 million, intended for capped call transactions, repayment of loan amounts, and general corporate purposes [5] - The capped call transactions are designed to reduce potential dilution to enCore's common shares upon conversion of the Convertible Notes [9][10] Redemption and Conversion - The Convertible Notes are redeemable at enCore's option starting August 21, 2028, if certain conditions are met [3] - Holders can require enCore to repurchase their Convertible Notes following certain corporate transactions that constitute a "fundamental change" [4] - The cap price for the capped call transactions is set at $4.52 per share, representing a 75% premium over the last reported sale price [8] Company Overview - enCore Energy Corp. is focused on providing clean, reliable, and affordable fuel for nuclear energy, utilizing in-situ recovery (ISR) for uranium extraction [14][15] - The company has multiple Central Processing Plants in operation and is planning future projects in South Dakota and Wyoming [15]

Core Viewpoint - enCore Energy Corp. plans to offer $75 million in convertible senior notes due 2030, with an option for initial purchasers to buy an additional $11.25 million [1][2] Group 1: Offering Details - The convertible notes will be senior unsecured obligations, bearing interest payable semi-annually, maturing on August 15, 2030 [2] - Holders can convert their notes under certain conditions, with settlement options including cash, common shares, or a combination [2] - The company may redeem the notes for cash starting August 21, 2028, if the common share price exceeds 130% of the conversion price for a specified period [2] Group 2: Use of Proceeds - A portion of the net proceeds will be used for capped call transactions related to the convertible notes [3] - Remaining proceeds will be allocated to repay outstanding amounts under a loan agreement and for general corporate purposes [3] Group 3: Capped Call Transactions - Capped call transactions are expected to reduce potential dilution of common shares upon conversion of the notes [5] - These transactions will be privately negotiated with financial institutions and are subject to anti-dilution adjustments [4] Group 4: Market Impact - The option counterparties may engage in derivative transactions and purchase common shares, potentially affecting the market price of enCore's shares and the convertible notes [6][7] - This activity could influence the holders' ability to convert the notes and the cash or shares received upon conversion [8] Group 5: Company Overview - enCore Energy Corp. is focused on providing clean, reliable, and affordable fuel for nuclear energy, being the only U.S. uranium company with multiple Central Processing Plants in operation [10] - The company utilizes in-situ recovery (ISR) for uranium extraction, a proven technology co-developed by its leadership [10] - Future projects include the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming [11]

Core Viewpoint - enCore Energy Corp. has announced the acquisition of a 5,900-acre parcel of land named Tacubaya, which is adjacent to its existing Alta Mesa Uranium Project, aimed at enhancing the project's longevity and feed supply [1][2]. Group 1: Acquisition Details - The Tacubaya acquisition significantly expands the Alta Mesa Uranium Project, leveraging compelling geology and location [2]. - Historical mineralization discovered by Chevron in the late 1970s will be explored further, with an aggressive exploration program planned [2][5]. - The acquisition includes mineral and surface leases, and is part of a joint venture where enCore holds a 70% stake and Boss Energy Ltd. holds 30% [5]. Group 2: Project Overview - The Alta Mesa Uranium Project operates a fully licensed ISR Central Processing Plant with a total capacity of 1.5 million pounds of uranium per year, plus an additional drying capacity of 0.5 million pounds [4]. - The project utilizes In-Situ Recovery (ISR) technology, which is a non-invasive method for uranium extraction using natural groundwater and oxygen [5]. - Historical production at the Alta Mesa CPP reached nearly 5 million pounds of uranium from 2005 to 2013 before being curtailed due to low prices [6]. Group 3: Future Plans - Initial exploration on Tacubaya will include a 200-hole drilling program, starting in October 2025, with multiple rigs deployed [5]. - The exploration aims to delineate uranium mineralization and project the continuation of productive roll fronts from existing wellfields [5].

[Cautionary Note Regarding Forward-Looking Statements](index=4&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section outlines forward-looking statements, their inherent risks, uncertainties, and underlying material assumptions [Cautionary Note Regarding Forward-Looking Statements](index=4&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements_Content) This section outlines forward-looking statements and information, identifying common terminology and specifying that these statements are not historical facts but reflect current views subject to known and unknown risks, uncertainties, assumptions, and other factors, also listing key material assumptions and potential risks that could cause actual results to differ materially - Forward-looking statements are not historical facts and are made as of the date of this Quarterly Report, reflecting the Company's current views with respect to future events[12](index=12&type=chunk)[13](index=13&type=chunk)[17](index=17&type=chunk) - Material assumptions include the Company's future financial and operational performance, sufficiency of working capital, timing of work programs, future exchange rates, estimated capital costs, plans for property/exploration/development, regulatory approvals, uranium market prices, and potential impacts of litigation[13](index=13&type=chunk)[14](index=14&type=chunk) - Key risks and uncertainties that could cause actual results to differ materially include budget assumptions, ability to raise additional capital, regulatory approvals, demand/supply of uranium, market prices, tax rates, decommissioning obligations, mineral resource estimates, compliance with environmental/safety regulations, political instability, negative operating cash flows, and material weaknesses in internal controls[15](index=15&type=chunk)[16](index=16&type=chunk) [PART I - FINANCIAL INFORMATION](index=8&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This part presents the company's unaudited consolidated financial statements and management's discussion and analysis [Item 1. Financial Statements](index=8&type=section&id=Item%201.%20Financial%20Statements) This section presents enCore Energy Corp.'s unaudited consolidated financial statements, including balance sheets, statements of operations, comprehensive loss, cash flows, and stockholders' equity, with detailed notes [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) This section presents the company's financial position, detailing assets, liabilities, and equity at specific reporting dates | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Cash and cash equivalents | $26,897 | $39,701 | | Inventory, net | $9,678 | $20,967 | | Total current assets | $49,918 | $87,414 | | Mineral rights and properties, net | $267,350 | $271,922 | | Total assets | $359,379 | $392,722 | | Total current liabilities | $19,721 | $30,080 | | Total liabilities | $64,460 | $74,180 | | Total equity | $294,919 | $318,542 | [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) This section details the company's revenues, cost of sales, gross profit or loss, operating loss, and net loss over specific reporting periods | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $3,664 | $5,320 | $21,904 | $35,714 | | Cost of sales | $2,534 | $10,428 | $20,796 | $41,291 | | Gross profit (loss) | $1,130 | $(5,108) | $1,108 | $(5,577) | | Operating loss | $(19,277) | $(22,972) | $(34,903) | $(35,249) | | Net loss | $(8,835) | $(23,621) | $(34,222) | $(31,363) | | Net loss attributable to enCore Energy Corp. | $(6,326) | $(22,019) | $(30,569) | $(29,301) | | Net loss per share (basic and diluted) | $(0.03) | $(0.12) | $(0.16) | $(0.16) | [Consolidated Statements of Comprehensive Loss](index=10&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Loss) This section presents the company's net loss and other comprehensive income or loss components for specific reporting periods | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss | $(8,835) | $(23,621) | $(34,222) | $(31,363) | | Foreign currency translation adjustment | $1,264 | $(1,117) | $1,329 | $(915) | | Comprehensive loss | $(7,571) | $(24,738) | $(32,893) | $(32,278) | | Comprehensive loss attributable to enCore Energy Corp. | $(5,062) | $(23,136) | $(29,240) | $(30,216) | [Consolidated Statements of Cash Flow](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flow) This section reports the cash inflows and outflows from operating, investing, and financing activities for the reporting periods | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(17,629) | $(40,117) | | Net cash provided by (used in) investing activities | $(2,115) | $(10,914) | | Net cash provided by financing activities | $6,551 | $99,327 | | Cash, cash equivalents and restricted cash, end of period | $34,922 | $63,455 | [Consolidated Statements of Stockholders' Equity](index=14&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) This section details changes in the company's equity accounts, including common stock, additional paid-in capital, and accumulated deficit | Metric (in thousands) | Balance at January 1, 2025 | Balance at June 30, 2025 | | :-------------------------------- | :------------------------- | :----------------------- | | Common Stock Shares | **186,115** | **187,058** | | Common Stock Amount | **$380,325** | **$381,861** | | Additional Paid-in-Capital | **$59,856** | **$66,500** | | Accumulated Deficit | **$(150,848)** | **$(181,417)** | | Total Equity | **$318,542** | **$294,919** | [Notes to Consolidated Financial Statements](index=18&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations and breakdowns of figures in the consolidated financial statements, covering accounting policies and specific account balances [Note 1. Nature of Operations](index=18&type=section&id=Note%201.%20Nature%20of%20Operations) This note describes the company's primary business activities, focusing on uranium acquisition, exploration, development, and extraction - enCore Energy Corp. is primarily engaged in the acquisition, exploration, development, and extraction of uranium resource properties in the United States[39](index=39&type=chunk) - The Company utilizes In-Situ Recovery (ISR) technology for domestic uranium extraction to fuel clean, reliable, and carbon-free nuclear energy[40](index=40&type=chunk) - As of **June 30, 2025**, the Company is classified as an 'Exploration Stage Issuer' as it has not established proven or probable mineral reserves[41](index=41&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=18&type=section&id=Note%202.%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the key accounting principles and methods used in preparing the consolidated financial statements - Effective **January 1, 2025**, the Company became a U.S. Domestic Issuer and prepares its consolidated financial statements in accordance with U.S. GAAP[43](index=43&type=chunk) - The Company consolidates entities it controls, including the Alta Mesa Project (**70% interest**) which is considered a Variable Interest Entity (VIE) where enCore is the primary beneficiary[46](index=46&type=chunk)[47](index=47&type=chunk) - As an Exploration Stage company, expenditures for mineral rights acquisition are capitalized, while exploration and pre-extraction expenditures are expensed until proven or probable reserves are established[52](index=52&type=chunk)[53](index=53&type=chunk) - Inventories are measured at the lower of cost and net realizable value, and marketable equity securities are classified as available-for-sale, with changes in fair value recognized in other income (loss)[62](index=62&type=chunk)[63](index=63&type=chunk) - The Company adopted ASU **2023-07** (Segment Reporting) effective **January 1, 2

Q2 2025 Financial and Operational Results Overview [Highlights for Q2 2025](index=1&type=section&id=Highlights_for_Q2%202025) The second quarter of 2025 saw significant improvements in operational efficiency, leading to increased U3O8 extraction and a reduced net loss per share compared to the prior year [Operational Highlights (Q2 2025)](index=1&type=section&id=Operational_Highlights_%28Q2%202025%29) Operational efficiency at Alta Mesa continued to improve, with monthly increases in U3O8 extraction, averaging 2,678 pounds per day in June 2025 - Improvements in operational efficiency at Alta Mesa In-Situ Recovery ("ISR") Uranium CPP and Wellfield continued through Q2 2025, with monthly increases in U3O8 extraction[3](index=3&type=chunk) Daily U3O8 Production (Q2 2025) | Month | Pounds per day | | :---- | :------------- | | June 2025 | 2,678 | | May 2025 | 2,103 | | April 2025 | 1,942 | - U3O8 extraction for Q2 2025 totaled **203,798 pounds**, an increase of **89,983 pounds or 79%** from Q1 2025[4](index=4&type=chunk) [Financial Highlights (Q2 2025)](index=1&type=section&id=Financial_Highlights_%28Q2%202025%29) The company reported a significantly reduced net loss per share and successful sales of U3O8 at favorable prices, alongside a healthy inventory balance Key Financial Metrics (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :----------------------- | :------ | :------ | :----- | | Net loss per share | $(0.03) | $(0.12) | Improved | - Sale (delivery) into contract of **60,000 pounds of uranium ("U3O8")** at a sales price of **$61.07** and a weighted average cost of **$42.23**[4](index=4&type=chunk) - Closing balance of **244,204 pounds of U3O8** in inventory at a cost of **$39.63 per pound**[4](index=4&type=chunk) [Highlights for H1 2025](index=1&type=section&id=Highlights_for_H1%202025) The first half of 2025 was marked by substantial U3O8 deliveries into sales contracts and a significant reduction in the weighted average cost of U3O8 sold compared to the previous year [Financial Highlights (H1 2025)](index=1&type=section&id=Financial_Highlights_%28H1%202025%29) The company delivered a substantial amount of U3O8 into sales contracts at a strong average price, while significantly reducing the cost of U3O8 sold. No U3O8 purchases are planned for 2025 Key Financial Metrics (H1 2025 vs. H1 2024) | Metric | H1 2025 | H1 2024 | Change | | :-------------------------------- | :------ | :------- | :----- | | Weighted average cost of U3O8 sold | $59.42/lb | $100.71/lb | Reduced | - Delivery of **350,000 pounds of U3O8** into sales contracts at an average price of **$62.58 per pound**[4](index=4&type=chunk) - No U3O8 has been, nor is forecasted to be, purchased in 2025[4](index=4&type=chunk) - Closing cash and equivalent balance of **$26.9 million** with working capital of **$30.2 million**[4](index=4&type=chunk) Detailed Financials and Costs [Total Costs of U3O8 Sold in Q2 2025](index=2&type=section&id=Total_Costs_of_U3O8_Sold_in_Q2%202025) The total cost of 350,000 pounds of U3O8 sold in Q2 2025 was $59.42 per pound, with extracted uranium having a significantly lower cost per pound compared to purchased uranium Total Costs of U3O8 Sold (Q2 2025) | Category | Pounds U3O8 | Cost ('000) | Cost/pound | | :----------------- | :---------- | :---------- | :--------- | | Total Cost of all Pounds | 350,000 | $20,796 | $59.42 | | Purchased (2024) | 225,000 | $15,430 | $68.58 | | Extracted total cost | 125,000 | $5,365 | $42.92 | | Extracted cash cost | - | $3,607 | $28.86 | | Extracted non-cash cost | - | $1,758 | $14.06 | [Inventory Remaining on Hand (End Q2 2025)](index=2&type=section&id=Inventory_Remaining_on_Hand_%28End%20Q2%202025%29) At the end of Q2 2025, enCore held 244,204 pounds of U3O8 inventory at an average cost of $39.63 per pound, with the majority being lower-cost extracted uranium Inventory Remaining on Hand (End Q2 2025) | Category | Pounds U3O8 | Cost ('000) | Cost/pound | | :----------------- | :---------- | :---------- | :--------- | | Total Cost of Inventory | 244,204 | $9,678 | $39.63 | | Purchased (2024) | 20,000 | $1,188 | $59.42 | | Extracted total cost | 224,204 | $8,490 | $37.87 | | Extracted cash cost | - | $6,098 | $27.20 | | Extracted non-cash cost | - | $2,392 | $10.67 | Operational Developments and Project Overviews [Alta Mesa Project Updates](index=2&type=section&id=Alta_Mesa_Project_Updates) Wellfield development at Alta Mesa's Wellfield 7 continued to expand with 75 new wells, part of an accelerated ramp-up strategy. The project is a 70/30 joint venture with Boss Energy Limited, managed by enCore, with a total operating capacity of 1.5 million pounds uranium per year - Wellfield development at the Alta Mesa Project's Wellfield 7 continued to expand throughout Q2 2025 with the addition of **75 wells** (35 extraction, 40 injection), as part of an ongoing ramp-up strategy[9](index=9&type=chunk) - The Company anticipates increasing the number of drill rigs operating to **30** in Q3 2025, up from **24** at the end of Q2[9](index=9&type=chunk) - The Alta Mesa Uranium Project hosts a fully licensed and constructed ISR Central Processing Plant and operational wellfield, operating under a **70/30 joint venture** with Boss Energy Limited, managed by enCore[10](index=10&type=chunk) - Total operating capacity at the Alta Mesa CPP is **1.5 million pounds uranium per year** with additional drying capacity of **0.5 million pounds**[10](index=10&type=chunk) [Upper Spring Creek ISR Uranium Project](index=2&type=section&id=Upper_Spring_Creek_ISR_Uranium_Project) Significant permitting progress was made for the Upper Spring Creek ISR Uranium Project, with its inclusion in the existing Radioactive Materials License, allowing for construction of wellfields and a Satellite IX Plant. This 100% Company-owned project is planned as a Satellite IX Plant operation for the Rosita CPP - Important permitting progress during Q2 2025 included the Upper Spring Creek ISR Uranium Project in the existing Radioactive Materials License ("RML") from the TCEQ, allowing construction of wellfields and a Satellite Ion Exchange ("IX") Plant[9](index=9&type=chunk) - Construction activities for the Satellite IX Plant commenced during the quarter[9](index=9&type=chunk) - The **100% Company-owned** Upper Spring Creek Project is a planned Satellite ion exchange ("IX") Plant operation for the Rosita CPP[12](index=12&type=chunk) [Rosita ISR Uranium Central Processing Plant](index=3&type=section&id=Rosita_ISR_Uranium_Central_Processing_Plant) The Rosita CPP serves as a central processing hub, receiving uranium-loaded resin from remote Satellite IX Plants across South Texas, enabling cost-effective and modular operations - The Rosita CPP can receive uranium-loaded resin from remote project areas across the South Texas region through a network of Satellite IX Plants[13](index=13&type=chunk) - These modular, efficient, and relocatable IX Plants allow for cost-effective operation across multiple sites without the need to construct full processing facilities at each location[13](index=13&type=chunk) Corporate Information and Disclosures [Investor Information](index=4&type=section&id=Investor_Information) enCore's full interim financial statements and Management's Discussion and Analysis are available in the Company's Quarterly Report on Form 10-Q, filed with the SEC - enCore's interim financial statements, including the accompanying Management's Discussion and Analysis, are available in the Company's Quarterly Report on Form 10-Q, filed with the SEC[14](index=14&type=chunk) - The report can be accessed at www.sec.gov and on enCore's investor relations page at www.encoreuranium.com[14](index=14&type=chunk) [Technical Disclosure and Qualified Person](index=4&type=section&id=Technical_Disclosure_and_Qualified_Person) Technical disclosure in the news release has been reviewed and approved by John M. Seeley, enCore's Chief Geologist and a Qualified Person - John M. Seeley, Ph.D., P.G., C.P.G., enCore's Chief Geologist, 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[15](index=15&type=chunk) [About enCore Energy Corp.](index=4&type=section&id=About_enCore_Energy_Corp.) enCore Energy Corp. positions itself as America's Clean Energy Company™, focused on providing clean, reliable, and affordable fuel for nuclear energy through its ISR uranium operations, with multiple central processing plants and a pipeline of future projects - enCore Energy Corp., America's Clean Energy Company™, is committed to providing clean, reliable, and affordable fuel for nuclear energy[16](index=16&type=chunk) - The company is the only United States uranium company with multiple central processing plants in operation, solely utilizing ISR for uranium extraction[16](index=16&type=chunk) - enCore operates the **100% owned Rosita CPP** in South Texas and manages the **70/30 joint venture** with Boss Energy Ltd. at Alta Mesa[17](index=17&type=chunk) - Future projects in enCore's planned project pipeline include the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming[18](index=18&type=chunk) [Cautionary Note Regarding Forward Looking Statements](index=5&type=section&id=Cautionary_Note_Regarding_Forward_Looking_Statements) The press release contains forward-looking statements based on management's expectations, which are subject to significant risks and uncertainties that could cause actual results to differ materially - This press release contains "forward-looking statements" regarding future or potential extraction, success of ISR operations, development plans, and uranium purchase forecasts[21](index=21&type=chunk)[22](index=22&type=chunk) - These statements are not guarantees of future results and are subject to important risks and uncertainties, many beyond the Company's control, that could cause actual results to differ materially[22](index=22&type=chunk) [Non-GAAP Financial Measures](index=6&type=section&id=Non-GAAP_Financial_Measures) The press release includes non-GAAP financial measures such as total cost of extracted pounds and uranium cost per extracted pound, which are used to evaluate operational efficiency but should not be considered in isolation from GAAP results - This press release contains non-GAAP financial measures, including total cost of extracted pounds, uranium cost per extracted pound, total cost of extracted inventory, and uranium cost per pound of extracted inventory[23](index=23&type=chunk) - These non-GAAP measures are used in evaluating the efficiency and cost-effectiveness of the Company's extraction operations and overall cost structure[23](index=23&type=chunk) - The presentation of non-GAAP financial measures should not be considered in isolation or as a substitute for reported results under U.S. GAAP, and may not be comparable to similarly titled measures used by other companies[23](index=23&type=chunk)

Core Insights - enCore Energy Corp. reported its financial and operational results for the six months ended June 30, 2025, highlighting significant operational improvements and financial metrics [1][5]. Financial Performance - For the three months ended June 30, 2025, the company recorded a net loss per share of $(0.03), an improvement from $(0.12) in the same period of 2024 [5]. - The weighted average cost of U3O8 sold was $59.42 per pound, down from $100.71 per pound in the same period of 2024 [5]. - The closing cash and equivalent balance was $26.9 million, with working capital of $30.2 million [5]. Operational Updates - The company extracted 203,798 pounds of U3O8 in Q2 2025, representing an increase of 79% from the first quarter of 2025 [5]. - Daily production averaged 2,678 pounds in June 2025, up from 2,103 pounds in May and 1,942 pounds in April 2025 [5]. - The company delivered 350,000 pounds of U3O8 into sales contracts at an average price of $62.58 per pound [5]. Inventory and Costs - The closing balance of U3O8 inventory was 244,204 pounds at a cost of $39.63 per pound [5]. - Total costs of U3O8 sold in Q2 2025 amounted to $20,796, with a cost per pound of $59.42 [4]. Project Developments - The Alta Mesa ISR Uranium Project continues to expand, with the addition of 75 wells during the second quarter [5]. - The company made important permitting progress by including the Upper Spring Creek ISR Uranium Project in the existing Radioactive Materials License from the Texas Commission on Environmental Quality [5]. - Construction activities for the wellfields and a Satellite Ion Exchange Plant commenced during the quarter [5]. Future Outlook - The company plans to increase the number of drill rigs operating to 30 in the third quarter of 2025 [5]. - Future projects in the pipeline include the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming [17].