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 Insights - Centrus Energy (LEU) experienced a challenging second quarter in 2025, with a significant decline in its Low-Enriched Uranium (LEU) segment due to the absence of uranium sales, leading to an overall revenue drop of 18% [1][2][10] Group 1: Financial Performance - The LEU segment saw a 26% decrease in revenues and a 27% decline in sales volumes of Separative Work Units (SWU), despite a 24% increase in SWU prices, which was not enough to compensate for the volume shortfall [1][2] - In contrast, the first quarter of 2025 had shown strong performance for Centrus Energy, with LEU revenues increasing by 117% to $51.3 million, driven by a 46% rise in SWU prices and a 49% increase in sales volumes [3] - For the full year of 2024, Centrus Energy reported a total revenue increase of 30% to $349.9 million, with uranium revenues rising by 70% and SWU revenues by 19% [3] Group 2: Order Backlog and Future Prospects - As of June 30, 2025, Centrus Energy reported a backlog of $3.6 billion extending through 2040, with approximately $2.7 billion related to the LEU segment, indicating strong future revenue potential from medium and long-term contracts [4][10] - The backlog includes about $2.1 billion in contingent LEU sales commitments, reflecting a solid order pipeline despite current challenges [4] Group 3: Market Comparison - Peer company Cameco Corporation (CCJ) performed better in the second quarter, with total revenues increasing by 47% year over year to $634 million, and uranium revenues also rising by 47% to $510 million [5][6] - Cameco sold 8.7 million pounds of uranium, a 40% increase compared to the same quarter in 2024, despite a 17% decline in the average U.S. dollar spot price for uranium [6] Group 4: Stock Performance and Valuation - Centrus Energy's stock has surged by 167.6% in 2025, significantly outperforming the industry growth of 3.2%, the Basic Materials sector's rise of 14.7%, and the S&P 500's gain of 9.6% [9][10] - The company is currently trading at a forward 12-month price/sales multiple of 6.90X, which is a substantial premium compared to the industry's 2.74X [11] Group 5: Earnings Estimates - The Zacks Consensus Estimate for Centrus Energy's 2025 earnings is $4.24 per share, reflecting a year-over-year decline of 5.15%, with a further decline projected for 2026 to $3.36 per share, indicating a 20.8% decrease [12]

Core Viewpoint - Energy Fuels Inc. is positioning itself to become one of the lowest-cost uranium producers globally by processing low-cost ores from its Pinyon Plain mine starting in late 2025, targeting a production of 1.1-1.4 million pounds of finished uranium [1][8]. Cost Structure and Production Strategy - The average mining and transportation costs to the White Mesa Mill are estimated at $10-$14 per pound, with milling costs at $13-$16 per pound, leading to a total weighted average cost of goods sold between $23 and $30 per pound of uranium recovered, among the lowest in the world [2][8]. - Initially, high-grade Pinyon Plain ores will be blended with lower-grade, higher-cost La Sal/Pandora ores until early 2026, after which the company will have the flexibility to process Pinyon Plain ores alone to maximize margins [3]. - As of June 30, 2025, the company's finished uranium inventories had a weighted average cost of $53 per pound, but with the integration of lower-cost Pinyon Plain output, the cost of goods sold for uranium sales is projected to fall to $50–$55 per pound through late 2025 and further decline to $30–$40 per pound in early 2026 [4][8]. Financial Performance and Market Position - The steady reduction in costs, combined with stable uranium pricing, is expected to significantly enhance Energy Fuels' gross margins, which were 3.3% in the second quarter, impacted by a 52% decline in revenues due to lower uranium sales [5]. - Energy Fuels' gross margin is lower than the industry average of 35.76%, while peers like Centrus Energy and Cameco Corp. reported gross margins of 36% and 35.51%, respectively [6]. - Energy Fuels shares have gained 101.6% year-to-date, outperforming the industry growth of 3.2%, with the Basic Materials sector rising 14.8% and the S&P 500 gaining 9.6% [7]. Valuation Metrics - Energy Fuels is trading at a forward 12-month price/sales multiple of 24.93X, significantly higher than the industry's 2.74X, while Cameco and Centrus Energy shares are trading at 13.17X and 6.68X, respectively [9]. - The Zacks Consensus Estimate for Energy Fuels' 2025 loss is pegged at 33 cents per share, with a projected earnings estimate of one cent per share for 2026 [10].

Core Viewpoint - Premier American Uranium Inc. has amended the terms of its existing promissory note with Sachem Cove Special Opportunities Fund to provide additional funding for its operations and acquisition plans [1][2]. Financial Summary - The original promissory note was established in 2023 for up to US$1 million, with an outstanding balance of approximately US$200,000. The amended note now allows for up to US$865,000 at an interest rate of 12% per annum, with interest payable upon maturity [2][3]. - The company can draw down on the note in increments of no less than US$100,000 on a weekly basis, and a minimum of six months' interest is payable regardless of the repayment date [3]. Use of Funds - The additional principal from the note is intended to fund claim maintenance fees payable to the U.S. Bureau of Land Management and for other working capital purposes, supporting the company's uranium portfolio advancement in the U.S. [4]. Related Party Transaction - The lender is considered an insider of the company, and the amendment is classified as a "related party transaction." The company is relying on exemptions from formal valuation and minority approval requirements under Multilateral Instrument 61-101 [5][6]. Corporate Overview - Premier American Uranium focuses on the consolidation, exploration, and development of uranium projects in the U.S., aiming to enhance domestic energy security and support the transition to clean energy. The company holds extensive land in key uranium-producing regions [8][9]. - The company is advancing its portfolio through work programs and benefits from strong partnerships with various institutional investors [9].

Group 1 - Jim Cramer recommended buying Uranium Energy Corp (UEC), expressing a positive outlook on nuclear energy [1] - HC Wainwright & Co. analyst Heiko F. Ihle maintained a Buy rating for Uranium Energy and raised the price target from $12.25 to $12.75 [1] - Arcus Biosciences, Inc. (RCUS) was described as a speculative investment by Cramer, advising caution and diversification in investment strategy [2] - Wells Fargo analyst Eva Fortea Verdejo maintained an Overweight rating for Arcus Biosciences but lowered the price target from $26 to $25 [2] Group 2 - Arcus Biosciences shares increased by 4% to close at $10.06 [4] - Uranium Energy shares decreased by 1.1% to close at $10.22 [4]

Core Insights - Energy Fuels (UUUU) reported disappointing second-quarter 2025 results, with a loss of 10 cents per share and a 52% decline in revenues compared to the previous year [1][10]. Financial Performance - Total revenues for the quarter were approximately $4.2 million, a 52% year-over-year decrease, primarily due to lower uranium sales [2]. - The company sold 50,000 pounds of uranium at $77 per pound, generating $3.85 million in uranium revenues, which is 55% lower than the same quarter last year [2]. - Heavy mineral sands revenues amounted to $0.28 million from the sale of 202 tons of rutile [3]. - Costs applicable to revenues decreased by 0.7%, but exploration, development, and processing costs surged by 265% year-over-year to $9 million due to higher indirect processing costs and increased exploration activities [4]. - Selling, general, and administrative expenses rose by 118% year-over-year to $25 million, reflecting higher salaries and benefits due to an increased headcount [5]. Operational Highlights - During the quarter, the company mined approximately 665,000 pounds of uranium from various mines, with the Pinyon Plain mine producing 635,000 pounds [6]. - UUUU received regulatory approval for the Donald Rare Earth and Mineral Sand Project, which is expected to enhance its domestic operations [7]. Market Comparison - Cameco Corporation (CCJ) reported a 47% increase in revenues to $634 million, with adjusted earnings surging 410% year-over-year [8]. - Ur Energy (URG) reported a loss of four cents per share, wider than previous estimates [9]. Future Outlook - UUUU expects to mine between 875,000 and 1,435,000 pounds of uranium in 2025 and aims to process up to 1 million pounds this year [12]. - The company plans to sell 350,000 pounds of uranium this year, with projections for 2026 indicating sales between 620,000 and 880,000 pounds [13]. - UUUU anticipates lower uranium costs starting in Q4 2025, with total weighted average costs projected to decrease to $23–$30 per pound [14]. Stock Performance - UUUU shares have increased by 89.7% year-to-date, outperforming the industry and broader market indices [22][24]. - The stock is currently trading at a forward price-to-sales multiple of 22.95, significantly above the industry average of 2.63, indicating a stretched valuation [25]. Industry Context - Uranium prices have recently declined to $71.50 per pound, down 11.3% year-over-year, affecting revenue stability for UUUU [27][30]. - Despite current price pressures, the long-term outlook for uranium remains strong due to the push for clean energy and supply chain independence from China [31].

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Core Viewpoint - Energy Fuels Inc. (UUUU) is expected to report a loss for Q2 2025, with revenues projected at $9.40 million, reflecting a 7.8% increase year-over-year from $8.72 million in Q2 2024 [1][5]. Financial Performance - The Zacks Consensus Estimate for UUUU's earnings remains unchanged at a loss of four cents per share, indicating in-line results with Q2 2024 [1][5]. - UUUU's earnings surprise history shows a negative average surprise of 55.56% over the trailing four quarters, with one earnings beat and three misses [2][3]. Production and Sales - Uranium sales resumed in Q2 2025, with 50,000 pounds sold at an average price of $77 per pound, following no sales in Q1 due to weak prices [5][9]. - The Pinyon Plain mine produced 638,700 pounds of uranium in Q2, with record monthly output of 260,000 pounds in May [5][8]. Revenue Breakdown - Q1 2025 revenues were driven entirely by Heavy Mineral Sands, totaling $16.9 billion, but were down 33.5% year-over-year due to the lack of uranium sales [10][11]. - The expected Q2 2025 revenues will reflect both uranium and Heavy Mineral Sand sales, although operating expenses are anticipated to weigh on earnings [11]. Peer Comparison - Ur Energy (URG) sold 165,000 pounds of uranium in Q2 2025 at an average price of $63.20 per pound, resulting in revenues of $10.4 million, a 123.7% year-over-year increase [12]. - Cameco Corporation (CCJ) reported a 47% year-over-year revenue increase to $634 million (CAD 877 million) for Q2 2025, with uranium revenues also rising significantly [13]. Market Position and Valuation - UUUU's stock has gained 89.7% year-to-date, outperforming the industry and broader market indices [15][16]. - The company trades at a forward sales multiple of 23.39, significantly higher than the industry average of 2.56, indicating a premium valuation [19][21]. Strategic Outlook - Energy Fuels is ramping up uranium production and advancing rare earth element (REE) capabilities, positioning itself as a pioneer in domestic HREE production [24][26]. - The company remains committed to strategic investments to expand production capacity in response to growing demand for uranium and REEs, suggesting a solid long-term holding opportunity [25][26].

bossenergy.com positive catalysts. For personal use only Boss Energy well positioned to benefit from rising Long-Term price A global multi-mine Uranium producer For personal use only First mover advantage in a rising Uranium market Diggers and Dealers 4 August 2025 ASX: BOE | OTCQX: BQSSF Uranium Industry Update 0 20 40 60 80 100 120 140 160 180 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 AU$ U3O8 Spot Price U3O8 Long-Term Price Source: UxC, LLC https://www.uxc.com/ Term price (which represents ~ ...