enCore Energy Corp.
For the period ended Jun 30, 2025. Filed Aug 11, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 11, 2025
EU$0.63-0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-12.
0001500881-25-000005
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0001500881-25-000007
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 121 previous paragraphs and 133 current paragraphs.
49 unchanged; 40 reworded; 38 added; 32 removed; 0 previous and 6 current paragraphs rearranged.
Tables are not compared: 5 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (38)
Current report
•The DOE announced during the three months ended June 30, 2025, conditional commitments to provide high-assay low-enriched uranium (HALEU) to five U.S. nuclear developers to meet their near-term fuel needs. The five companies that received conditional commitments are: TRISO-X, Kairos Power, Radiant Industries, Westinghouse Electric Co., (“Westinghouse”), and TerraPower.
Current report
•The DOE has made a third loan disbursement to Holtec International to assist with the company’s plan to restart the shuttered Palisades Nuclear Power Plant (805 MWe PWR) in the state of Michigan. The Biden administration finalized a loan guarantee of up to $1.52 billion for the project in September of 2024. Per the DOE, the most recent disbursement occurred in April 2025 and totals about $46.7 million. Holtec is on track to restart operations at the Palisades location in October 2025.
Current report
•President Donald Trump signed four executive orders that aim to speed up construction of new nuclear power plants in the United States, including a new generation of small, advanced reactors that can be built on shorter construction timelines. The Trump administration also set a goal of quadrupling the size of the U.S. nuclear fleet from nearly 100 gigawatts of capacity today to 400 gigawatts by 2050.
Current report
•U.S. Senators in both Democratic and Republican parties are working to advance a bipartisan Russian sanctions package. The package is being referred to as The Sanctioning Russia Act of 2025 (S. 1241) and has more than 80 co-sponsors in the Senate. The package in question would implement some of the harshest sanctions possible on some of Moscow’s top trading partners, including a 500 percent tariff on nations that purchase oil, gas, uranium, and other goods from Russia.
Current report
•Since March 30, 2025, the United States has implemented a series of aggressive tariff measures that have reshaped global trade relations. On March 24, President Trump issued Executive Order 14245, imposing a 25% tariff on all goods imported from countries that continue purchasing Venezuelan oil. This was followed by a broader escalation during what the administration termed “Liberation Day,” from April 2 to April 5. The United States enacted a sweeping 10% baseline tariff on nearly all imports, with reciprocal rates reaching as high as 34% on Chinese goods and 20–24% on products from the European and Japan. Steel and aluminum tariffs were also significantly increased during this period, rising to 50% globally. Legal challenges quickly followed: On May 28, the United States Court of International Trade ruled that the Liberation Day tariffs exceeded presidential authority under the International Emergency Economic Powers Act (IEEPA), issuing an injunction to block enforcement. However, the tariffs remain in effect pending appeal, with oral arguments scheduled for July 31. Tariffs based on Section 232 (national security) and Section 301 (China-related trade practices) remain legally intact and enforceable.
Current report
•Encouragement for power plants to increase output by 10% to 15% to support rising electricity demand, especially from artificial intelligence systems.
Current report
•The reversal of the Biden era Liquefied Natural Gas (“LNG”) export clause. The reversal of the export clause has led to the approval of record levels of future U.S. LNG exports in an effort to position the U.S. as the leading LNG exporter in the world.
Current report
•The Council has also outlined the initiative to re-open closed power plants, expanding energy infrastructure, launching small modular nuclear reactors, and fast tracking mining/mineral projects.
Current report
U.S. Market Quarterly News
Current report
•Southern Nuclear Operating Company, Inc. recently loaded four lead test assemblies containing Westinghouse ADOPT® fuel pellets into Unit 2 at the Vogtle Nuclear Power Plant for irradiation testing. The new fuel, represents the first fuel which is enriched up to 6 weight percent of uranium-235.
Current report
•Duke Energy has submitted a subsequent license renewal application to the NRC for its Robinson Nuclear Power Plant in the state of South Carolina. The additional 20 years will extend the operating license until 2050.
Current report
•The Tennessee Valley Authority became the first utility to submit a construction permit application for the GE Vernova Hitachi Nuclear Energy small modular reactor BWRX-300 technology to NRC.
Current report
•The state of Texas is moving toward the creation of a taxpayer funded nuclear power incentive fund. About 80% of the fund’s $350 million would be dedicated toward reimbursing construction costs for functional nuclear reactors. The remainder would be used for research and development.
Current report
•The NRC has issued the final environmental assessment and finding of no significant impacts for Holtec International's request to return the Palisades Nuclear Power Plant to an operational status.
Current report
•Constellation Energy Corporation, operator of the United States’ largest commercial reactor fleet, and Facebook parent company Meta Platforms, Inc, (“Meta”) have signed a 20-year power purchase agreement (“PPA”) for the output of the Clinton Clean Energy Center to support Meta’s clean energy goals and operations in the region with 1,121 megawatts of emissions-free nuclear energy.
Current report
•Talen Energy Corporation. has expanded its existing nuclear energy relationship with Amazon.com Inc. (“Amazon”) to provide carbon-free energy from Talen’s Susquehanna Nuclear Power Plant in northeastern Pennsylvania to Amazon Web Services data centers in that region. Under the terms of a new PPA, Talen will supply electricity to Amazon for operations that support artificial intelligence and other cloud technologies at Amazon’s data center campus adjacent to Susquehanna, with the ability to deliver to other sites throughout Pennsylvania.
Current report
Global Market Quarterly News
Current report
•According to the latest edition of the biennial Uranium 2024: Resources, Production and Demand, commonly known as the "Red Book," published at the beginning of April 2025 by the Organization for Economic Co-operation and Development (“OECD”), Nuclear Energy Agency and the International Atomic Energy Agency, there are sufficient uranium resources to support both the continued use of nuclear power and its significant growth through 2050 and beyond. However, timely investments in new exploration, extraction operations, and processing techniques will be essential to ensure that uranium becomes available to the market when needed.
Current report
•A South Korean consortium led by Korea Hydro & Nuclear Power Company has won a project to build two nuclear reactors at the Czech Republic's Dukovany Nuclear Power Plant. The reactors will be the Korean-designed AP1400, valued at $18.0 billion U.S. Dollars.
Current report
•The European Commission has published a roadmap for the European Union to end its dependency on Russian energy by ceasing the import of Russian gas and oil and phasing out Russian nuclear energy. About 23% of European Union demand for uranium conversion services and 24% of enrichment needs were provided by Russian member states that are still operating Russian-designed reactors have made progress in replacing Russian nuclear fuel with fuel from other producers.
Current report
•Tokyo Electric Power Company began loading a second reactor with fuel at its nuclear power plant in Niigata Prefecture, Japan, which may become its first reactor to be restarted after the facility was shut down for safety inspections and upgrades following the 2011 Fukushima accident.
Current report
•According to the China Nuclear Energy Association, China is expected to nearly double its nuclear power generation capacity by 2040. The country is set up to build dozens of new reactors to raise its installed capacity to 200 gigawatts by the end of the next decade. China has 102 reactors either in use or under construction with a combined capacity of 113 gigawatts at year-end 2024.
Current report
•On April 8, 2025, the Company completed a sale of NM Energy Holding Canada that holds the Crownpoint and Hosta Butte projects pursuant to the Purchase Agreement with Verdera. At closing, the Company received 50,000,000 non-voting preferred shares of Verdera.
Current report
•On May 29, 2025, the Company announced the approval for the inclusion of the Upper Spring Creek ISR Uranium Project in the existing Radioactive Materials License ("RML") from the TCEQ (Texas Commission on Environmental Quality). This license allows the Company to handle radioactive materials, which includes the final product, U 3 O 8. The current RML includes the Rosita Uranium Project, which has now been extended to cover the Upper Spring Creek Project’s Brown Area. The RML allows the construction of wellfields and a Satellite Ion Exchange ("IX") Plant to commence, which will feed the Rosita ISR Uranium CPP.
Current report
•On June 20, 2025, the Company announced the sale of 170,000,000 million common shares in the capital of Anfield Energy Inc. (“Anfield“) arranged through a private agreement at a price of CAD $0.115 per share for aggregate proceeds of CAD $19,550. Immediately following the sale, enCore holds or controls no common shares of Anfield.
Current report
•On June 26, 2025, the Company announced record uranium extraction rates from its Alta Mesa ISR Uranium CPP since commencing operations in June 2024.
Current report
•Alta Mesa Project operational highlights include:
Current report
◦Uranium capture peaking at 3,705 pounds on June 20, 2025;
Current report
◦Uranium capture for the first 22 days of June 2025 averaged 2,410 pounds of uranium per day for a total of 53,022 pounds;
Current report
◦Uranium capture for the month of May 2025 was an average of 2,103 pounds per day; April 2025 uranium capture was an average of 1,942 pounds per day;
Current report
◦Wellfield development at the Alta Mesa Project’s Wellfield 7 continues to expand with the addition of 28 wells: 13 extraction wells and 15 injection wells. This is part of the ongoing ramp up strategy to advance wellfield expansion every 4 to 5 weeks. Wellfield development continues at a consistently accelerated rate with a total of 24 drill rigs in operation across the South Texas operations.
Current report
In 2024, we disclosed that the Company initiated exploration drilling on the Dewey Terrace Project area. The goal of this drilling is to understand the extent of the Dewey Terrace project and investigate if the ore body extends to our Dewey Burdock project in South Dakota. The drilling at both the Gas Hills and the Dewey Terrace Projects remain ongoing.
Current report
•Interest expense - Interest expense for the three months ended June 30, 2025, and June 30, 2024, was $240 and $445, respectively. The decrease is primarily driven by the conversion of the promissory note during the first half of 2024, resulting in less interest expense for the period ended June 30, 2025.
Current report
•Gain/(Loss) on marketable securities, unrealized- The Company recognized a gain of $2,810 on the fair value of marketable securities for the three months ended June 30, 2025, compared to a loss of $1,396 for the three months ended June 30, 2024. Unrealized gains and losses for the three months ended June 30, 2025 and 2024, are due to favorable and unfavorable market conditions for the respective periods.
Current report
•Gain on marketable securities, realized -The Company recognized a gain of $7,671 on the fair value of marketable securities for the three months ended June 30, 2025, as a result of the sale of 170,000,000 common shares of Anfield, compared to no gain on marketable securities for the three months ended June 30, 2024. The sale of the Anfield marketable securities was arranged through a private agreement at a price of CAD $0.115 per share. See Note 4 - Investments in Equity and Marketable Securities for more information.
Current report
•Interest income - Interest income for the six months ended June 30, 2025, and June 30, 2024, was $480 and $1,348, respectively. The decrease was primarily driven by the decrease in cash held in the brokerage and bank accounts.
Current report
•Gain on marketable securities, realized -The Company recognized a gain of $7,671 on the fair value of marketable securities for the six months ended June 30, 2025, compared to a gain of $252 for the six months ended June 30, 2024, as a result of the sale of 170,000,000 common shares of Anfield. The sale was arranged through a private agreement at a price of CAD $0.115 per share. See Note 4 - Investments in Equity and Marketable Securities for more information.
Current report
To provide the Company with additional liquidity, we entered an equity line of credit commitment of $15,000 on August 7, 2025, with an unrelated party. We do not intend to draw on this line of credit as we have other sources of capital available.
Removed paragraphs (32)
Previous report
•Constellation Energy Corporation, the U.S.’s largest producer of clean, emissions-free, energy, has been awarded more than $1 billion in combined contracts by the U.S. General Services Administration (GSA) to supply power to more than 13 government agencies, and perform energy savings and conservation measures, at five GSA-owned facilities in the National Capital Region.
Previous report
•U.S. President Donald Trump signed Executive Orders on February 1, 2025, to initiate tariffs on all imports from Canada, Mexico, and China, and later agreed to a 30-day pause on tariffs against Mexico and Canada as both nations took steps to appease his concerns about border security and drug trafficking. A second pause was issued to expire in mid-April. As of May 5, 2025, President Donald Trump's executive orders imposing tariffs on imports from Canada, Mexico, and China have evolved significantly since their initial announcement, see updates below:
Previous report
•Canada tariff update - A 25% tariff on most Canadian goods (excluding energy) was implemented on March 4, 2025, however, tariffs on goods compliant with the United States-Mexico-Canada Agreement (“USMCA”) were delayed indefinitely, affecting approximately 38% of Canadian imports.
Previous report
•Mexico tariff update - Similar to Canada, Mexico faced a 25% tariff on most goods, effective March 4. Tariffs on USMCA compliant goods were delayed indefinitely, affecting about 50% of Mexican imports.
Previous report
•China tariff update- A 145% tariff on most Chinese goods was implemented in stages, with the final increase on April 12. China responded with tariffs on U.S. agricultural products and suspended exports of critical minerals. President Trump expressed a desire for a fair trade deal with China, indicating that negotiations are ongoing.
Previous report
•While some tariffs have been paused or delayed, significant trade tensions persist with all three countries. Negotiations are ongoing, and further developments are expected in the coming weeks.
Previous report
•On March 20, 2025, U.S. President Donald Trump issued an Executive Order aiming to revitalize U.S. Mineral Production. The Secretary of Interior is to provide a list of critical minerals and corresponding specific projects, that with U.S. Government assistance, can begin production via the expediting of approvals.
Previous report
U.S. Market News
Previous report
•In response to national interest in new nuclear power to help meet growing electricity needs, South Carolina state utility Santee Cooper has launched a process seeking proposals to acquire and complete, or propose alternatives, for two partially constructed generating units at the V.C. Summer Nuclear Station (the “Summer facility.”) The Summer facility is the only U.S. site that could deliver 2,200 MW of nuclear capacity on an accelerated timeline incorporating the AP1000 technology.
Previous report
•NextEra Energy, Inc., is advancing plans for the potential restart of the Duane Arnold Nuclear Power Plant in the U.S. state of Iowa.
Previous report
•Arizona Public Service Company, operator of the three-unit Palo Verde Nuclear Power Plant, announced it is collaborating with the Salt River Project and Tucson Electric Power to assess possible locations for new nuclear capacity, including retiring coal plants. The group will consider small modular reactors (“SMRs”) and has applied for a DOE grant to begin the preliminary search for a potential site under the Generation III+ Small Modular Reactor program, an initiative announced last year providing up to $900 million to support SMR deployment support.
Previous report
•Nuclear developer, Terrestrial Energy, and The Texas A&M University System announced plans to site an Integral Molten Salt Reactor plant at the Texas A&M-RELLIS campus near Texas A&M University in College Station, Texas. U.S. nuclear developer, TerraPower LLC, has received approval from the Wyoming Industrial Siting Council on its permit for the first Natrium plant, Kemmerer Power Station Unit 1 (345 MWe sodium-cooled fast reactor). TerraPower plans to start construction on both the Kemmerer Training Center and the energy island in 2025.
Previous report
•The NRC has issued its final environmental impact statement on February 7, 2025, for the proposed second license renewal for Duke Energy's Oconee Nuclear Station, Units 1-3. NRC staff concluded there are no adverse environmental impacts to preclude the renewal of Oconee’s operating licenses for an additional 20 years.
Previous report
•The DOE disbursed a $56.8 million loan installment to Holtec in support of the restart of the Palisades Nuclear Plant in Michigan on March 19, 2025.
Previous report
•The DOE has re-issued a $900 million solicitation to support the deployment of small modular reactors in the U.S.A., in alignment with the Trump administration’s agenda to “unleash American energy” and bolster the growing artificial intelligence sector.
Previous report
Global Market News
Previous report
•Uranium producer Kazatomprom has announced a temporary suspension of production activity, effective January 1, 2025, at block No. 1 of the Inkai deposit, which is operated by JV Inkai LLP in the Turkestan region of Kazakhstan. On December 30, 2024, JV Inkai, a joint venture involving Kazatomprom (60%) and Cameco Corp. (40%), had not received the necessary approval from the relevant state authorities, as initially expected, due to delayed submission of the required documentation. It is expected to submit the required documentation to Kazakhstan's Ministry of Energy "within the next couple of weeks, and the situation shall be resolved shortly thereafter."
Previous report
•Saudi Arabia issued a statement in April of 2025, of its plans to monetize its minerals industry, including selling uranium. Saudi Energy Minister Prince Abdulaziz bin Salman said, "We will enrich it and we will sell it." Saudi Arabia aims to grow its emerging nuclear program to eventually include uranium enrichment. The government has stated it wants to use nuclear power to diversify its energy mix.
Previous report
•The Plenary Session of the Spanish Congress approved a proposal that calls for extending the operational life of nuclear power plants and improving their safety. The proposal, which includes eight points, urges the Government of Spain to implement a series of measures that would reverse the country's decision to phase out nuclear power. It calls on the government to extend the operational life of existing nuclear power plants in Spain.
Previous report
•Westinghouse and Urenco Group entered into an agreement for the supply of high-assay low-enriched uranium (“HALEU”) for the eVinci Microreactors.
Previous report
•During the three months ended March 31, 2025, the Company entered into 2 uranium sales agreements, increasing the total number of current uranium, sales agreements to 14 as of March 31, 2025.
Previous report
•During the three months ended March 31, 2025, the Company increased the number of active rigs in South Texas from 17 to 22, as of March 31, 2025.
Previous report
•During the quarter, the Company and certain of its officers and directors were named as defendants in a Litigation. The Litigation asserts claims under Sections 10(b) and 20(a) of the Exchange Act Rule 10b-5 against enCore and the Company’s former Chief Executive Officer and current Chief Financial Officer. The key allegations are that the officers failed to disclose that: (1) enCore lacked effective internal controls over financial reporting; (2) enCore could not capitalize certain exploratory and development costs under U.S. GAAP; and (3) as a result, its net losses had substantially increased. The foregoing omissions allegedly made defendants’ positive public statements about the Company’s business, operations, and prospects materially false or misleading. The Litigation seeks compensatory damages for the damages sustained pursuant to the claims alleged above.
Previous report
•On February 21, 2025, a subsidiary of enCore Energy Corp. (the “Company”) entered into an Amendment No. 2 to the Uranium Loan Agreement (the “Amendment”) with Boss Energy Limited (“Boss Energy”) which, effective February 26, 2025, amends the Uranium Loan Agreement, dated December 5, 2023, (as amended by Amendment No. 1 dated January 31, 2024, the “Agreement”) to revise the schedule of Repayment (as defined in the Agreement) of the amount due as follows:
Previous report
–On or before February 26, 2025, the Company paid to Boss Energy 118,000 pounds of Outstandings at $100.54 per pound in cash, which includes 18,000 pounds of Outstandings as interest;
Previous report
–On or before June 27, 2025, the Company must pay Boss Energy an additional 100,000 pounds of Outstandings at $100.54 per pound plus interest. Boss Energy must notify the Company of its election to be paid back in Loan Material (as defined in the Agreement), in cash, or in a combination thereof for the Outstandings due on or before June 27, 2025.
Previous report
•On March 13, 2025, the Company announced the successful startup of its second Ion Exchange (“IX”) Circuit at its South Texas Alta Mesa CPP location. IX Circuits collect uranium from process water pumped from recovery wells in the wellfield. This second IX Circuit at Alta Mesa doubles the total flow capacity from 2,500 gallons per minute (”GPM”) to 5,000 GPM. Flow rate is an essential factor in expanding the amount of uranium captured. In conjunction with the expansion of processing capacity, the Company also installed additional injection and extraction wells in the currently permitted and operational Wellfield 7 (“PAA-7”) The combination of the second IX Circuit and wellfield expansion utilizes approximately 75% of the current processing capacity. Additional wells will be brought online systematically in order to reach CPP capacity and increase the capture of uranium.
Previous report
•On March 17, 2025, the Company and NM Energy Canada entered into the Share Purchase Agreement with Verdera, pursuant to which the Company completed the Sale on April 8, 2025. See further details of the Share Purchase Agreement in Note 7 – Mineral Rights and Properties in Alta Mesa and Note 18 – Subsequent Events in the Notes to the Consolidated Unaudited Financial Statements.
Previous report
Subsequent Event
Previous report
On April 23, 2025, the Company’s former chief executive officer filed a demand for arbitration with the Judicial Arbiter Group against the Company. The demand principally alleges that the Company breached his employment agreement and by refusing to pay him the amount he claims he would be entitled to under his employment agreement had the Company terminated his employment without just cause. Therefore, he seeks damages for the amounts allegedly owed under his employment agreement for termination without just cause, including salary, his 2024 cash bonus, the annual target bonus and his COBRA coverage for 24 months. Management believes that this litigation is preliminary in nature and the Company believes that a loss is not probable or estimable at this time.
Previous report
In addition, the Company initiated exploration drilling to expand the project area at its Dewey Terrace Project area. Notably, the orebody that comprises the Dewey-Burdock Uranium Project extending into Wyoming from South Dakota. Historically, the Company has designated that portion of the ore body extending into Wyoming as its Dewey Terrace Project.
Previous report
Three months ended March 31, 2025 compared to the Three months ended March 31, 2024
Reworded paragraphs (40)
Previous wording
enCore Energy Corp., America’s Clean Energy Company™, was incorporated on October 30, 2009, under the Laws of British Columbia and is a reporting issuer in all of the provinces and territories of Canada. As of January 1, 2025, the Company ceased to be a “foreign private issuer” and has become a “domestic issuer” and a large accelerated filer within the meanings under the Exchange Act. As a result, the Company must comply with the filing deadlines and disclosure obligations of a domestic issuer and large accelerated filer as set forth in the Exchange Act. This classification impacts the timing of our periodic filings, internal control assessments, and other regulatory requirements. The Company’s common shares are listed on Nasdaq and the TSX Venture Exchange (“TSX-V”) under the trading symbol EU.
Current wording
enCore Energy Corp., America’s Clean Energy Company™, was incorporated on October 30, 2009, under the Laws of British Columbia and is a reporting issuer in all of the provinces and territories of Canada. As of January 1, 2025, the Company ceased to be a “foreign private issuer” and has become a “domestic issuer” and a large accelerated filer within the meanings under the Exchange Act. As a result, the Company must comply with the filing deadlines and disclosure obligations of a domestic issuer and large accelerated filer as set forth in the Exchange Act. This classification impacts the timing of our periodic filings, internal control assessments, and other regulatory requirements. The Company’s common shares are listed on The Nasdaq Capital Market LLC (“Nasdaq”) and the TSX Venture Exchange (“TSX-V”) under the trading symbol EU.
Previous wording
The Company is focused on extracting domestic uranium within the United States. The Company only utilizes proven ISR technology to provide necessary fuel for the generation of clean, reliable, and carbon-free nuclear energy. In 2024, the Company commenced uranium extraction at the Rosita Central ISR Uranium Processing Plants (“CPPs”) and at the Alta Mesa CPP in South Texas. enCore’s strategy is to build uranium extraction capacity by developing and placing into operation a series of uranium extraction facilities in South Texas, followed by a future pipeline of exploration projects in South Dakota and Wyoming, becoming a leading supplier of domestic uranium to fuel a growing demand for clean energy generation using nuclear power.
Current wording
The Company is focused on extracting domestic uranium within the United States. The Company utilizes only proven ISR technology to provide necessary fuel for the generation of clean, reliable, and carbon-free nuclear energy. In 2024, the Company commenced uranium extraction at the Rosita Central ISR Uranium Processing Plants (“CPPs”) and at the Alta Mesa CPP in South Texas. enCore’s strategy is to build uranium extraction capacity by developing and placing into operation a series of uranium extraction facilities in South Texas, followed by a future pipeline of exploration projects in South Dakota and Wyoming, becoming a leading supplier of domestic uranium to fuel a growing demand for clean energy generation using nuclear power.
Previous wording
The primary use of uranium is to fuel nuclear power plants for the generation of carbon and emission free electricity. According to the World Nuclear Association (“WNA”), as of January 2025, there were 440 operable nuclear reactors world-wide, which required approximately 175.2 million pounds of U 3 O 8 annually at full operation. According to data from TradeTech LLC (“TradeTech”), the world continues to require more uranium than it produces from primary extraction. The gap between demand and primary supply is being filled by stockpiled inventories and secondary supplies, which the Company believes have dwindled significantly in recent years.
Current wording
The primary use of uranium is to fuel nuclear power plants for the generation of carbon and emission free electricity. According to the World Nuclear Association (“WNA”), as of May 2025, there were 439 operable nuclear reactors world-wide, which required approximately 175 to 180 million pounds of U 3 O 8 annually at full operation. According to data from TradeTech LLC (“TradeTech”), the world continues to require more uranium than it produces from primary extraction. The gap between demand and primary supply is being filled by stockpiled inventories and secondary supplies, which the Company believes have dwindled significantly in recent years.
Previous wording
On January 20, 2025, President Trump issued two Executive Orders that specifically referenced nuclear power and uranium as key parts to expanding energy in the U.S. The Executive Order titled, “Unleashing American Energy,” in addition to directing federal agencies to advance permitting for energy projects also called for uranium to be designated as a “critical mineral” by the U.S. Geological Survey. The Executive Order titled, “Declaring a National Energy Emergency,” that directs federal agencies, under emergency authority, to advance permit and license approvals for the production of energy and energy resources. In that Executive Order, uranium is defined as an “energy resource” and subject to the emergency declaration. The U.S. Senate, on February 4, 2025, confirmed Chris Wright, former CEO of Denver-based Liberty Energy, to serve as Energy Secretary. The following day, Wright issued his first Secretarial Order, which directs the Department of Energy (“DOE”) to take immediate action to unleash energy produced in the America in accordance with President Donald Trump’s executive orders.
Current wording
On January 20, 2025, President Trump issued two Executive Orders that specifically referenced nuclear power and uranium as key parts to expanding energy in the U.S. The Executive Order titled, “Unleashing American Energy,” in addition to directing federal agencies to advance permitting for energy projects also called for uranium to be designated as a “critical mineral” by the U.S. Geological Survey. The Executive Order titled, “Declaring a National Energy Emergency,” directs federal agencies, under emergency authority, to advance permit and license approvals for the production of energy and energy resources. In that Executive Order, uranium is defined as an “energy resource” and subject to the emergency declaration. The U.S. Senate, on February 3, 2025, confirmed Chris Wright, former CEO of Denver-based Liberty Energy, to serve as Energy Secretary. The following day, Wright issued his first Secretarial Order, which directs the Department of Energy (“DOE”) to take immediate action to unleash energy produced in the America in accordance with President Donald Trump’s executive orders. See updates below related to President Trumps Executive Orders.
Previous wording
•U.S. President Donald Trump signed an Executive Order on February 14, 2025, to establish the National Energy Dominance Council, which will be chaired by the Secretary of Interior, Doug Burgum, and vice-chaired by Energy Secretary, Chris Wright. The council's members will also include the Secretary of State, Secretary of the Treasury, Secretary of Defense, the Attorney General, Secretary of Agriculture, Secretary of Commerce, and Secretary of Transportation. The Council is expected to present the president with a plan for how to raise awareness of the American energy dominance plan within 100 days.
Current wording
•President Donald Trump signed an Executive Order on February 14, 2025, to establish the National Energy Dominance Council, which is chaired by the Secretary of Interior, Doug Burgum, and vice-chaired by Energy Secretary, Chris Wright. The council's members also include the Secretary of State, Secretary of the Treasury, Secretary of Defense, the Attorney General, Secretary of Agriculture, Secretary of Commerce, and Secretary of Transportation. The Council was expected to present President Trump with a plan for how to raise awareness of the American energy dominance plan within 100 days. As of June 30, 2025, the council has actively advanced its agenda with the following:
Previous wording
•Xcel Energy Inc., will extend the operation of its Monticello Nuclear Generating Plant (628 MWe BWR) well into the future to support its clean energy vision, following the recent renewal of the plant’s operating license by the U.S. Nuclear Regulatory Commission (“NRC”). The NRC approval allows the plant to operate an additional 20 years, through 2050.
Current wording
•Xcel Energy Inc., will extend the operation of its Monticello Nuclear Generating Plant (628 MWe BWR) well into the future to support its clean energy vision, following the recent renewal of the plant’s operating license by the NRC. The NRC approval allows the plant to operate an additional 20 years, through 2050.
Previous wording
•Westinghouse Electric Co. (“Westinghouse”) has reached a global settlement agreement with Korea Electric Power Corporation and Korea Hydro & Nuclear Power Company to resolve its outstanding intellectual property dispute. The agreement allows both parties to move forward with certainty in the pursuit and deployment of new nuclear reactors.
Current wording
•Westinghouse has reached a global settlement agreement with Korea Electric Power Corporation and Korea Hydro & Nuclear Power Company to resolve its outstanding intellectual property dispute. The agreement allows both parties to move forward with certainty in the pursuit and deployment of new nuclear reactors.
Previous wording
•During CERAWeek 2025, in Houston, Texas, a global coalition pledged to emphasize nuclear energy’s essential role in enhancing energy dependability and security while providing continuous clear energy. Per Secretary of Energy, Chris Wright, “our goal is to re-industrialize America. We are working to launch the long awaited American nuclear renaissance, fission and fusion.”
Current wording
•During CERA Week 2025, in Houston, Texas, a global coalition pledged to emphasize nuclear energy’s essential role in enhancing energy dependability and security while providing continuous clear energy. Per Secretary of Energy, Chris Wright, “our goal is to re-industrialize America. We are working to launch the long awaited American nuclear renaissance, fission and fusion.”
Previous wording
During the three months ended March 31, 2025, the Company completed uranium sales totaling 290,000 pounds of U 3 O 8, not including converter and transaction costs, for an average sales price of $62.89 per pound of U 3 O 8.
Current wording
During the six months ended June 30, 2025, the Company completed uranium sales totaling 350,000 pounds of U 3 O 8, not including converter and transaction costs, for an average sales price of $62.58 per pound of U 3 O 8.
Previous wording
enCore’s uranium sales strategy provides a base level of projected income from sales contracts while preserving significant ability to realize opportunities when strong short-term market fundamentals are present. This strategy assures that the Company will have committed sales to support the capital necessary for construction of new projects while maintaining flexibility to be opportunistic as market conditions continue to change in favorable ways.
Current wording
enCore’s uranium sales strategy provides a base level of projected income from sales contracts while preserving a significant ability to realize opportunities when strong short-term market fundamentals are present.
Previous wording
The Company has been able to use improving uranium market conditions to create a balanced uranium sales agreement portfolio to provide multiple pricing structures to support future market changes and support production plans. As of March 31, 2025, we have executed fourteen uranium sales agreements to supply uranium to nuclear power plants in the United States and one legacy uranium sales agreement with a uranium trading company. enCore’s uranium sales agreement portfolio is a mix of market related pricing, hybrid base price and market related pricing, base escalated pricing, and fixed prices. Of enCore’s fourteen current uranium sales agreements, two are market-related with no floors or ceilings, and eight are market related that typically retain exposure to spot pricing, while including minimum floor and maximum ceiling prices, some of which are adjusted upwards periodically for inflation. Minimum floor prices are set at levels that provide the Company with a comfortable margin over its expected costs of operations in Texas while still allowing the Company to participate in anticipated escalations of the price of uranium. The Company will continue to assess opportunities to secure future sales agreements that will support its continued project and production growth strategies. The Company is committed to honoring all sales commitments. To meet delivery obligations during the quarter, as uranium extraction increased, the Company occasionally purchased U 3 O 8 in the open market to fill those contractual obligations.
Current wording
The Company has been able to use improving uranium market conditions to create a balanced uranium sales agreement portfolio to provide multiple pricing structures to support future market changes and support production plans. As of June 30, 2025, we have executed fourteen uranium sales agreements to supply uranium to nuclear power plants in the United States and one legacy uranium sales agreement with a uranium trading company. enCore’s uranium sales agreement portfolio is a mix of market related pricing, hybrid base price and market related pricing, base escalated pricing, and fixed prices. Of enCore’s fourteen current uranium sales agreements, two are market-related with no floors or ceilings and eight are market related that typically retain exposure to spot pricing, while including minimum floor and maximum ceiling prices, some of which are adjusted upwards periodically for inflation. Minimum floor prices are set at levels that provide the Company with a comfortable margin over its expected costs of operations in Texas while still allowing the Company to participate in anticipated escalations of the price of uranium. The Company will continue to assess opportunities to secure future sales agreements that will support its continued project and production growth strategies. The Company is committed to honoring all sales commitments.
Previous wording
Corporate Updates for the First Quarter 2025
Current wording
Corporate Updates for the Second Quarter 2025
Previous wording
enCore controls key mineral properties within the United States, in Texas, South Dakota, Wyoming and New Mexico. Our plants’ operations are designed and permitted to process uranium from a mix of satellite plants and primary sources within South Texas.
Current wording
enCore controls key mineral properties within the United States, in Texas, South Dakota, and Wyoming. Our operations are designed and permitted to process uranium from a mix of satellite plants and primary sources within South Texas.
Previous wording
The Gas Hills Project is an Exploration Stage Property located in Wyoming. The Company owns a 100% interest in the Gas Hills Exploration Project located in the historic Gas Hills Uranium District 45 miles east of Riverton, Wyoming. The Project consists of approximately 1,280 surface acres and 12,960 net mineral acres of unpatented lode mining claims, a State of Wyoming mineral lease, and private mineral leases, within a brownfield site which has experienced extensive development including mine and mill site production.
Current wording
The Gas Hills Project is an Exploration Stage Property located in Wyoming. The Company owns a 100% interest in the Gas Hills Exploration Project located in the historic Gas Hills Uranium District 45 miles east of Riverton, Wyoming. The Project consists of approximately 1,280 surface acres and 12,960 net mineral acres of unpatented lode claims, a State of Wyoming mineral lease, and private mineral leases, within a brownfield site which has experienced extensive development including extraction and mill site production.
Previous wording
The Company’s strategy over the next three years is centered around two of its fully licensed Texas CPPs; Rosita and Alta Mesa. The CPPs located at the Rosita and Kingsville Dome Projects are designed for, and fully capable of, processing feed resin from relocatable satellite IX plants employed at various deposits within a 100-mile radius of each plant. The Rosita CPP was the starting point for enCore’s Texas extraction strategy. In the fourth quarter of 2023, the Company announced it had commenced uranium extraction operations at Rosita from the Rosita Extension wellfield, PAA-5. Rosita is located approximately 60 miles from Corpus Christi, Texas and has an 800,000-pound U 3 O 8 per year production capacity. The Rosita CPP will act as the central processing site for the Rosita South - Cadena, Upper Spring Creek- Brown, Upper Spring Creek – Brevard, and Butler Ranch Projects.
Current wording
The Company’s strategy over the next three years is centered around two of its fully licensed Texas CPPs; Rosita and Alta Mesa. The CPPs located at the Rosita and Alta Mesa projects are designed for, and fully capable of, processing feed resin from relocatable satellite IX plants employed at various deposits within a 100-mile radius of each plant. The Rosita CPP was the starting point for enCore’s Texas extraction strategy. In 2024, the Company announced it had commenced uranium extraction operations at Rosita from the Rosita Extension wellfield, PAA-5. Rosita is located approximately 60 miles from Corpus Christi, Texas and has an 800,000-pound U 3 O 8 per year production capacity. The Rosita CPP will act as the central processing site for the Rosita South - Cadena, Upper Spring Creek- Brown, Upper Spring Creek – Brevard, and Butler Ranch Projects.
Previous wording
In February 2023, the Company acquired 100% of the Alta Mesa Uranium Project and the Mesteña Grande Uranium Project from Energy Fuels for $120 million. enCore’s fully licensed Alta Mesa CPP is located approximately 100 miles southeast of Corpus Christi, TX, and has a production capacity of 1.5 million pounds of U 3 O 8 per year through its Ion exchange system (IX) located at the plant. The facility has elution, precipitation, drying, and packaging capacity for 2.0 million pounds of U 3 O 8 per year. This plant is designed to accept direct production feed to the IX columns in the plant and concurrently accept loaded resin from satellite locations, once the resin transfer system has been installed. The Alta Mesa Project includes existing and near-term production areas, including fully permitted and authorized production areas 6 and 7. The Mesteña Grande Uranium Project has additional inferred mineral resource areas that will require significant additional exploration drilling and permitting prior to being able to be brought online. In total, the Alta Mesa Uranium Project combined with the Mesteña Grande Uranium Project encompasses mineral leases on over 200,000 acres of private land. In February 2024, the Company sold a 30% interest in the Alta Mesa and Mesteña Grande projects to Boss for $60 million.
Current wording
In February 2023, the Company acquired 100% of the Alta Mesa Uranium Project and the Mesteña Grande Uranium Project from Energy Fuels for $120 million. enCore’s fully licensed Alta Mesa CPP is located approximately 100 miles southeast of Corpus Christi, Texas, and has a production capacity of 1.5 million pounds of U 3 O 8 per year through its IX system located at the plant. The facility has elution, precipitation, drying, and packaging capacity for 2.0 million pounds of U 3 O 8 per year. This plant is designed to accept direct production feed to the IX columns in the plant and concurrently accept loaded resin from satellite locations, once the resin transfer system has been installed. The Alta Mesa Project includes existing and near-term production areas, including fully permitted and authorized production areas 6 and 7. The Mesteña Grande Uranium Project has additional inferred mineral resource areas that will require significant additional exploration drilling and permitting prior to being able to be brought online. In total, the Alta Mesa Uranium Project combined with the Mesteña Grande Uranium Project encompasses mineral leases on over 200,000 acres of private land. In February 2024, the Company sold a 30% interest in the Alta Mesa and Mesteña Grande projects to Boss for $60 million.
Previous wording
In June 2024, the Company announced the successful startup of uranium extraction operations at the Alta Mesa Project. With the restart of the previously operating Alta Mesa Project, the Company is now the only uranium producer in the United States with multiple production facilities in operation as of March 31, 2025. The initial ramp-up was a progressive process to advance and continue increased uranium extraction via direct feed to the Alta Mesa CPP. Exploration drilling and wellfield installation continued at PAA-7 and is showing positive results to support expanding extraction rate capacity through a second IX circuit at the Alta Mesa CPP. During 2024, wellfield solution head grades at Alta Mesa peaked at approximately 150 mg/L U 3 O 8 and averaged approximately 54 mg/L U 3 O 8. Additional wells are being brought online regularly which have the potential to maintain or improve head grades. During the three months ending March 31, 2025, a proprietary wellfield simulation and design software package was installed. This software allows the Company the ability to model wellfield and predict the underground flow patterns for current and future wellfields.
Current wording
In June 2024, the Company announced the successful startup of uranium extraction operations at the Alta Mesa Project. With the restart of the previously operating Alta Mesa Project, the Company is now the only uranium producer in the United States with multiple production facilities in operation as of June 30, 2025. The initial ramp-up was a progressive process to advance and continue increased uranium extraction via direct feed to the Alta Mesa CPP. Exploration drilling and wellfield installation continued at PAA-7 and is showing positive results to support expanding extraction rate capacity through a second IX circuit at the Alta Mesa CPP. During the three months ended June 30, 2025, the head grade through the South train peaked at 110mg/L and averaged 26mg/L, and the West train peaked at 120mg/L for an average grade of 81.5mg/L. Additional wells are being brought online regularly which has brought both processing trains to near maximum flow capacity. With the increased flow and head grade, the Alta Mesa plant is running at its highest daily capacity rate since commencement of operations in June 2024. Utilizing the Pathcad software, enCore is able to adjust wellfield flow patterns to more optimally recover the mineralization and are adjusting patterns and flow to help improve wellfield performance.
Previous wording
As the Company has been increasing its operational pace to meet our targets for uranium extraction rates, we have successfully increased our drill rig capacity to facilitate replacing mineral resource depletion and adding mineral resources in South Texas. The Company started with 6 active drill rigs in South Texas at the beginning of 2024, and by December 31, 2024, the number of active rigs in South Texas increased to 17. As of March 31, 2025, the Company had 22 active rigs in South Texas.
Current wording
As the Company has been increasing its operational pace to meet our targets for uranium extraction rates, we have successfully increased our drill rig capacity to facilitate replacing mineral resource depletion and adding mineral resources in South Texas. The Company started with 6 active drill rigs in South Texas at the beginning of 2024, and by December 31, 2024, the number increased to 17. As of June 30, 2025, the Company had 25 active rigs in South Texas.
Previous wording
Each of the Company’s production facilities maintain several permits and licenses in order to manage the current operations. For the Company’s operating locations, permits and licenses remain current and in effect. In specific cases, some of those permits and licenses are in renewal, and for some expansion activities, new permits or amendments will be necessary. All of our South Texas facility in-situ uranium recovery and underground injection operations are regulated by the Texas Commission on Environment Quality (“TCEQ,”) The TCEQ is the principal regulator of in-situ uranium recovery and underground injection operations. The Radioactive Materials Licenses for Rosita and Alta Mesa are issued by the TCEQ under the NRC Agreement State Program that assures that a mature and consistent regulatory process is in place to provide more certainty regarding regulatory approvals.
Current wording
Each of the Company’s production facilities maintain several permits and licenses in order to manage the current operations. For the Company’s operating locations, permits and licenses remain current and in effect. In specific cases, some of those permits and licenses are in renewal, and for some expansion activities, new permits or amendments will be necessary. All of our South Texas facility in-situ uranium recovery and underground injection operations are regulated by the TCEQ, The TCEQ is the principal regulator of uranium ISR and underground injection operations. The RMLs for Rosita and Alta Mesa are issued by the TCEQ under the NRC Agreement State Program that assures that a mature and consistent regulatory process is in place to provide more certainty regarding regulatory approvals.
Previous wording
Currently, at Alta Mesa, the Radioactive Materials License and the Class III UIC Area Permit are in timely renewal and under technical review by the TCEQ, but those do not affect current expansion activities. At Upper Spring Creek, the TCEQ has issued the Class III UIC Area Permit, and the agency is completing the technical review of the License Amendment to the Rosita Radioactive Materials License that incorporates the Upper Spring Creek wellfield and satellite IX facility into the current license activities. This approval of the license amendment is necessary to advance wellfield and satellite IX construction, and the progress on the approval remains within schedule expectations.
Current wording
Currently, at Alta Mesa, the RML and the Class III UIC Area Permit are in timely renewal and under technical review by the TCEQ, but those do not affect current expansion activities. At Upper Spring Creek, the TCEQ has issued the Class III UIC Area Permit, and the agency has approved the expansion of the Rosita RML to incorporate the Upper Spring Creek wellfield and satellite IX facility into the current license activities. Construction of the satellite and wellfield at Upper Spring Creek has commenced. Remaining permits needed to begin operations are the Production Area Authorization and the Class I Waste Disposal Well permit, both of which are under review by the TCEQ as of June 30, 2025.
Previous wording
In addition to the Company’s operations in South Texas, it is also developing pipeline projects in other states. Notably, the advanced stage Dewey-Burdock Uranium Project in South Dakota has demonstrated ISR resources, including a 2024 S-K 1300 Technical Report Summary and Canadian National Instrument 43-101 Technical Report and Preliminary Economic Assessment (“PEA”) citing robust economics. The project has its source material license from the NRC and its underground injection permits and aquifer exemption from the EPA. In April 2024, the Company submitted its application to renew the ten (10) year old Source Material License, SUA-1600. The NRC has confirmed that the Dewey-Burdock Source Material License is in timely renewal. The underground injection permits were appealed to the EPA’s Environmental Appeals Board (“EAB”) and the aquifer exemption was appealed to the 8th Circuit Court of Appeals. In September 2024, the Company provided an update regarding the EAB appeal, including a ruling denying the intervenors’ contentions on the merits, and remanded to the EPA to review and complete, if necessary, the administrative record for its permit decisions. Based on a successful outcome for the Company of the appeal of the NRC license, the Company also believes it will be successful in appeals related to the EPA’s underground injection permits and aquifer exemption.
Current wording
In addition to the Company’s operations in South Texas, it is also developing pipeline projects in other states. Notably, the advanced stage Dewey-Burdock Uranium Project in South Dakota has demonstrated ISR resources, including a 2024 S-K 1300 Technical Report Summary and Canadian National Instrument 43-101 Technical Report and PEA citing robust economics. The project has its source material license from the NRC and its underground injection permits and aquifer exemption from the EPA. In April 2024, the Company submitted its application to renew the ten (10) year old Source Material License, SUA-1600. The NRC has confirmed that the Dewey-Burdock Source Material License is in timely renewal. The underground injection permits were appealed to the EPA’s Environmental Appeals Board (“EAB”) and the aquifer exemption was appealed to the 8th Circuit Court of Appeals. In September 2024, the Company provided an update regarding the EAB appeal, including a ruling denying the intervenors’ contentions on the merits, and remanding to the EPA to review and complete, if necessary, the administrative record for its permit decisions. Based on a successful outcome for the Company of the appeal of the NRC license, the Company also believes it will be successful in appeals related to the EPA’s underground injection permits and aquifer exemption. Currently, the NRC is scheduled to finalize the renewal by April of 2026.
Previous wording
The Company has commenced the initial permitting work to advance the Gas Hills Project as an ISR uranium recovery operation located in central Wyoming, approximately 60 miles west of Casper. As part of the initial data collection for project permitting, the Company initiated core drilling during 2024. Our Gas Hills Project is located in the historic Gas Hills Uranium Mining District in the brownfield area of extensive previous mining.
Current wording
The Company has commenced the initial permitting work to advance the Gas Hills Project as an ISR uranium recovery operation located in central Wyoming, approximately 60 miles west of Casper. As part of the initial data collection for project permitting, the Company initiated core drilling during 2024. Our Gas Hills Project is located in the historic Gas Hills Uranium District in the brownfield area of extensive previous extraction.
Previous wording
•Revenue - Revenue from uranium sales for thethree months ended March 31, 2025, was$18,239 compared to revenue of$30,394 for the three months ended March 31, 2024, a decrease of$12,155. The decrease was due to lower volume resulting in completed sales of 290,000 pounds of uranium, compared to completed sales of 320,000 pounds of uranium for three months ended March 31, 2024. The realized sales prices per pound of uranium for thethree months ended March 31, 2025, and 2024 were $62.89 and 94.98, respectively, and included the contractual sales price less sales-related costs such as transfer fees. The realized sale price per pound decrease is dictated by the market for uranium, which is a commodity.
Current wording
•Revenue - Revenue from uranium sales for the three months ended June 30, 2025, was $3,664 compared to revenue of $5,320 for the three months ended June 30, 2024, a decrease of $1,656. The decrease was due to lower contracted sales volume resulting in completed sales of 60,000 pounds of uranium, compared to completed sales of 90,000 pounds of uranium for three months ended June 30, 2024. The realized sales prices per pound of uranium for the three months ended June 30, 2025 and 2024 were $61.07 and $59.11, respectively, and included the contractual sales price less sales-related costs such as transfer fees. The realized sale price per pound increase is dictated by the market for uranium, which is a commodity.
Previous wording
•Cost of Sales - Costs applicable to uranium sales were $18,262 for thethree months ended March 31, 2025, related to the completed sale of 290,000 pounds of uranium at a weighted average cost of $62.97 per pound compared to uranium costs of $30,863 for the sale of 320,000 pounds at a weighted average cost of $96.45 per pound for the three months ended March 31, 2024. The decrease in costs was due to a lower volume of uranium sold and purchases of uranium at a lower market price. The Company’s weighted average cost components include the cost of purchased uranium and uranium from extraction.
Current wording
•Cost of Sales - Costs applicable to uranium sales were $2,534 for the three months ended June 30, 2025, related to the completed sale of 60,000 pounds of uranium at a weighted average cost of $42.23 per pound compared to uranium costs of $10,428 for the sale of 90,000 pounds at a weighted average cost of $115.87 per pound for the three months ended June 30, 2024. The decrease in costs was due to a lower volume of uranium sold and purchases of uranium at a lower market price. The Company’s weighted average cost components include the cost of purchased uranium and uranium from extraction.
Previous wording
•Operating expenses - Operating expenses include selling, general and administrative expenses. Operating expenses, excluding stock option expenses, for thethree months ended March 31, 2025, were$14,725 as compared to$10,991 for the year ended March 31, 2024. This increase primarily reflects the growth and increased activity levels the Company is experiencing in 2025, which is driven primarily by the increased extraction of uranium at Alta Mesa and Rosita which commenced during the latter part of 2024.
Current wording
•Operating expenses - Operating expenses include selling, general and administrative expenses. Operating expenses, excluding stock option expenses, for the three months ended June 30, 2025, were $19,657 as compared to $16,970 for the three months ended June 30, 2024. This increase primarily reflects the growth and increased activity levels the Company is experiencing in 2025, which is driven primarily by the increased extraction of uranium at Alta Mesa and Rosita which commenced during the latter part of 2024.
Previous wording
•Interest income - Interest income for the three months ended March 31, 2025, and March 31, 2024, were $279 and $440, respectively. The change was primarily driven by income recognized on investments in marketable securities.
Current wording
•Interest income - Interest income for the three months ended June 30, 2025, and June 30, 2024, was $201 and $909, respectively. The decrease was primarily driven by the decrease in cash held in brokerage and bank accounts.
Previous wording
•Stock option expense - Stock option expense remained relatively flat for the three months ended March 31, 2025, at $878 compared to $818 for the same period in 2024. Stock option expense is driven by the issuance, exercise, expiration and forfeiture of issued options and common shares.
Current wording
•Stock option expense - Stock option expense remained relatively flat for the six months ended June 30, 2025, at $1,629 compared to $1,703 for the same period in 2024. Stock option expense is driven by the issuance, exercise, expiration and forfeiture of issued options and common shares.
Previous wording
•Interest expense - Interest expense for the three months ended March 31, 2025, and March 31, 2024, were $346 and $399, respectively. The slight decrease is primarily driven by the conversion of the $60,000 convertible promissory note in February 2024, partially offset by interest expense on the uranium loan in 2024.
Current wording
•Interest expense - Interest expense for the six months ended June 30, 2025, and June 30, 2024, was $586 and $844, respectively. The decrease is primarily driven by the conversion of the $60,000 convertible promissory note in February 2024, partially offset by interest expense on the Uranium Loan in 2024.
Previous wording
•Loss on marketable securities, unrealized- The Company recognized a loss of $9,876 on the fair value of marketable securities for the three months ended March 31, 2025, compared to a loss of $821 for the three months ended March 31, 2024. Unrealized losses for the three months ended March 31, 2025, are due to unfavorable market conditions during the first quarter of 2025.
Current wording
•Loss on marketable securities, unrealized- The Company recognized a loss of $7,066 on the fair value of marketable securities for the six months ended June 30, 2025, compared to a loss of $2,217 for the six months ended June 30, 2024. Unrealized losses for the six months ended June 30, 2025, are due to unfavorable market conditions during the six months ended June 30, 2025.
Previous wording
During thethree months ended March 31, 2025, the Company continued its uranium extraction activities at its South Texas operations.
Current wording
During thesix months ended June 30, 2025, the Company continued its uranium extraction activities at its South Texas operations.
Previous wording
Our short-term cash requirements are primarily driven by exploration and development activities aimed at advancing properties for uranium extraction. We expect to meet our short-term cash requirements generally through existing working capital. As of March 31, 2025, and December 31, 2024, respectively, the Company had cash and cash equivalentsof $29,704 and$39,701, respectively, and working capital of $35,677 and$57,334, respectively. Operations to date have been funded primarily from the issue of share capital.
Current wording
Our short-term cash requirements are primarily driven by exploration and development activities aimed at advancing properties for uranium extraction. We expect to meet our short-term cash requirements generally through existing working capital. As of June 30, 2025, and December 31, 2024, the Company had cash and cash equivalentsof $26,897 and$39,701, respectively, and working capital of $30,197 and$57,334, respectively. Operations to date have been funded primarily from the issuance of share capital and the sale of non-controlling interest to Boss in February 2024.
Previous wording
We believe that our available cash, expected operating cash flows, and potential debt or equity financings will provide sufficient funds for our operations, anticipated scheduled debt service payments and dividend requirements for the next twelve-month period following March 31, 2025. We believe that our sources of long-term cash will be sufficient for our needs thereafter.
Current wording
We believe that our available cash, expected operating cash flows, and existing credit facility or equity financings will provide sufficient funds for our operations, anticipated scheduled debt service payments and dividend requirements for the next twelve-month period following June 30, 2025. We believe that our sources of long-term cash will be sufficient for our needs thereafter.
Previous wording
On December 5, 2023, the Company, through a subsidiary, entered into a loan agreement (the “Uranium Loan”) with Boss to borrow up to 200,000 pounds of uranium from Boss. The Uranium Loan bears interest of 9% and will be repayable in 12 months in cash or uranium at the election of Boss. Boss is considered a related party given its minority ownership of the JV Alta Mesa. On February 21, 2025, the Company, through a subsidiary, amended the Uranium Loan effective February 26, 2025 to revise the schedule of repayment of the loaned uranium and to update the redelivery and repayment methods. See details above in Corporate Highlights for the First Quarter 2025.
Current wording
On December 5, 2023, the Company, through a subsidiary, entered into the Uranium Loan with Boss to borrow up to 200,000 pounds of uranium from Boss. The Uranium Loan bore interest of 9% and was repayable in 12 months in cash or uranium at the election of Boss. Boss is considered a related party given its minority ownership of the JV Alta Mesa. On February 21, 2025, and June 27, 2025, the Company, through a subsidiary, entered into amendments to the Uranium Loan, as discussed in Note 14 – Debt. Subsequent to June 30, 2025, the Company entered into an amendment to the Uranium Loan with Boss. See Notes 14 – Debt and 18 – Subsequent Events for more information.
Previous wording
During the three months ended March 31, 2025, the Company paid an additional $10,054 of the principal balance off, reducing the outstanding debt to $10,054 as of March 31, 2025.
Current wording
During the six months ended June 30, 2025, the Company paid an additional $10,054 of the principal balance off, reducing the outstanding debt to $10,054 as of June 30, 2025.
Previous wording
During the three months ended March 31, 2025 and 2024, the Company incurred interest expense of $346 and $174, respectively.
Current wording
During the six months ended June 30, 2025 and 2024, the Company incurred interest expense of $586 and $626, respectively.
Previous wording
The following table reflects cash flow activities for the three months ended March 31, 2025, and 2024:
Current wording
The following table reflects cash flow activities for the six months ended June 30, 2025 and 2024:
Previous wording
Net cash used in operating activities increased by $4,686, to cash used in of $7,735, for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. This is largely driven by the absence of outflows related purchases of uranium inventory during the three months ended March 31, 2025. Additionally, there were outflows in 2025, related to the Company’s payments on the uranium loan, which is included as an operating activity given that it was to pay for the delivery of uranium (inventory).
Current wording
Net cash used in operating activities increased by $22,488, to cash used of $17,629, for the six months ended June 30, 2025, compared to cash used in operating activities of $40,117 for the six months ended June 30, 2024. This is largely driven by the absence of outflows related purchases of uranium inventory during the six months ended June 30, 2025 compared to the same period in 2024. Additionally, there were outflows in 2025, related to the Company’s payments on the Uranium Loan, which is included as an operating activity given that it was to pay for the delivery of uranium (inventory).
Previous wording
Net Cash Used in Investing Activities
Current wording
Net Cash Provided By (Used In) Investing Activities
Previous wording
Net cash used in investing activities increased by $2,618, to $7,710, for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. This was largely driven by an increase in the Company’s capital expenditures and mineral property exploration expenditures at Alta Mesa.
Current wording
Net cash provided by investing activities increased by $8,799, to $2,115, for the six months ended June 30, 2025, compared to $10,914 the six months ended June 30, 2024. This was largely driven by the sale of the Anfield marketable securities in 2025.
Previous wording
Net cash provided by financing activities decreased by $84,371, to cash provided of $5,422 for the three months ended March 31, 2025, compared to cash provided by financing activities for the three months ended March 31, 2024. This was largely driven by cash inflows related to the Company’s sale of a minority interest (30%) in JV Alta Mesa in 2024 as well as higher inflows from warrant exercises in 2024. Additionally, there were cash outflows in 2025 related to the Company’s payments on the uranium loan.
Current wording
Net cash provided by financing activities decreased by $92,776, to cash provided of $6,551 for the six months ended June 30, 2025, compared to cash provided by financing activities of $99,327 for the six months ended June 30, 2024. This was largely driven by a reduction in equity financing during this period as well as the 2024 sale of minority interest to Boss.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
•Stock option expense - Stock option expense decreased for the three months ended June 30, 2025 at $750 compared to $894 for the same period in 2024. Stock option expense is driven by the issuance, exercise, expiration and forfeiture of issued options and common shares.
Current report — wording carried from elsewhere
The following table summarizes the results of operations for the six months ended June 30, 2025, and 2024:
Current report — wording carried from elsewhere
The following table sets forth selected operating data and financial metrics for uranium sales for the six months ended June 30, 2025, and 2024.
Current report — wording carried from elsewhere
•Revenue - Revenue from uranium sales for thesix months ended June 30, 2025, was$21,904 compared to revenue of$35,714 for the six months ended June 30, 2024, a decrease of $13,810. The decrease was due to lower sales volume resulting in completed sales of 350,000 pounds of uranium for the six months ended June 30, 2025, compared to completed sales of 410,000 pounds of uranium for six months ended June 30, 2024. The realized sales prices per pound of uranium for the six months ended June 30, 2025, and 2024 were $62.58 and $87.11, respectively, and included the contractual sales price less sales-related costs such as transfer fees. The realized sale price per pound decrease is dictated by the market for uranium, which is a commodity.
Current report — wording carried from elsewhere
•Cost of Sales - Costs applicable to uranium sales were$20,796 for thesix months ended June 30, 2025, related to the completed sale of 350,000 pounds of uranium at a weighted average cost of $59.42 per pound compared to uranium costs of $41,291 for the sale of 410,000 pounds at a weighted average cost of $100.71 per pound for the six months ended June 30, 2024. The decrease in costs was due to a lower volume of uranium sold and purchases of uranium at a lower market price. The Company’s weighted average cost components include the cost of purchased uranium and uranium from extraction.
Current report — wording carried from elsewhere
•Operating expenses - Operating expenses include selling, general and administrative expenses. Operating expenses, excluding stock option expenses, for thesix months ended June 30, 2025, were $34,382 ascompared to $27,969 for thesix months ended June 30, 2024. This increase primarily reflects the growth and increased activity levels the Company is experiencing in 2025, which is driven primarily by the increased extraction of uranium at Alta Mesa and Rosita which commenced during the latter part of 2024.