enCore Energy(EU) - 2025 Q4 - Annual Results

Financial Performance - enCore Energy reported a net loss per share of $(0.30) for the year ended December 31, 2025, compared to $(0.34) for the previous year[3]. - Total sales of U3O8 were approximately 655,000 pounds at an average price of $65.89 per pound, with a weighted average cost of $51.09 per pound[3]. - The total cost of U3O8 sold was $35.335 million for 655,000 pounds, resulting in a cost per pound of $53.95[4]. - Cash costs for extracted pounds were $12.087 million, translating to a cash cost of $29.48 per pound[4]. Production and Operations - The company extracted 699,807 pounds of U3O8 in 2025, representing a 242% increase from 204,000 pounds in 2024[3]. - The company is advancing the Upper Spring Creek Satellite Facility, which is expected to enhance operational flexibility and support future uranium production growth[9]. - Permitting activities for the Dewey Burdock Project are ongoing, with construction expected to commence within the next 18 months[12]. Financial Position and Liquidity - The closing cash and equivalent balance was $52 million, contributing to total liquidity of $96 million at year-end[3]. - During February 2026, enCore exercised approximately 6.6 million warrants, raising approximately $18.1 million to strengthen its financial position[5]. - enCore Energy aims to utilize proceeds from warrant exercises to support project development initiatives, including infrastructure and wellfield development in South Texas[6].