enCore Energy Corp.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
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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.
Sep 30, 2025 · Filed Nov 10, 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 2025-06-30; filed 2025-08-11.
0001500881-25-000007
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0001628280-25-050914
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 133 previous paragraphs and 129 current paragraphs.
57 unchanged; 48 reworded; 24 added; 28 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 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 (24)
Current report
•The DOE has announced the launch of a new pilot program aimed at accelerating the development of advanced nuclear reactors and strengthening domestic nuclear fuel supply chains. As part of this initiative, the DOE has issued a Request for Applications seeking qualified U.S. companies to build and operate nuclear fuel production lines under the DOE’s authorization process. The program is designed to support the growth of advanced reactor technologies while enhancing national energy security and reducing reliance on foreign nuclear fuel sources.
Current report
•The Idaho National Laboratory and Microsoft Corp. have entered into a collaboration to modernize and accelerate the U.S. nuclear permitting and licensing process. The partnership will leverage Microsoft’s Azure cloud and artificial intelligence technologies to improve efficiency, enhance data management, and reduce administrative bottlenecks in regulatory reviews. The initiative supports broader national efforts to advance the deployment of next-generation nuclear technologies and strengthen the clean energy infrastructure.
Current report
•U.S. Department of the Interior (“DOI”) announced during the three months ended September 30, 2025, that it will take “decisive steps” to boost domestic recovery of critical minerals from mine waste, coal refuse, tailings, and abandoned uranium mines. This initiative is part of a broader national effort to reduce U.S. dependence on foreign sources of critical minerals such as lithium, cobalt, nickel, and rare earth elements, which are vital for technologies like electric vehicle batteries, renewable energy systems, and national defense applications.
Current report
•U.S. Senators Andy Kim and Tim Sheehy introduced the bipartisan Advanced Reactor Modernization for Operational Resilience (ARMOR) Act of 2025 to boost energy resilience and security using nuclear energy at military installations and further spur U.S. nuclear energy innovation.
Current report
•In September 2025, President Trump signed an executive order that exempted graphite, tungsten, uranium, gold bullion, and other metals from his country-based tariffs.
Current report
•U.S. Secretary of Energy Chris Wright noted in September 2025, that the United States should consider expanding its strategic uranium reserve, emphasizing the importance of securing long-term uranium supplies to support the nation’s nuclear energy program. The remark reflects growing concerns over energy security, geopolitical risks, and reliance on foreign uranium sources, particularly from Russia and its allies.
Current report
•Centrus Energy officials announced plans for an expansion of Centrus' uranium enrichment plant in Piketon, Ohio in boosting low-enriched uranium and high-assay, low-enriched uranium (“HALEU”) production.
Current report
The Council met during the three months ended September 30, 2025, however, no public version of the meeting notes and/or strategy has been made available.
Current report
•Texas-based energy company Vistra has received approval from the NRC to extend the operation of its Perry Nuclear Power Plant (1,268 MWe BWR) through 2046, an additional 20 years beyond its original license.
Current report
•Global Laser Enrichment (“GLE”) has submitted its Safety Analysis Report to the NRC, marking a milestone for the planned Paducah Laser Enrichment Facility in the state of Kentucky. GLE also announced that it has completed a large-scale enrichment demonstration testing campaign at its Test Loop facility in Wilmington, North Carolina. The program has collected extensive performance data providing confidence that its laser-based uranium enrichment process can be commercially deployed. GLE has noted that it will continue its demonstration program throughout this year, producing hundreds of kilograms of low-enriched uranium, while continuing toward building a domestic manufacturing base and supply chain to support deployment of U.S. domestic enrichment capacity.
Current report
•California-based General Matter announced plans to build a privately developed facility to enrich uranium in the state of Kentucky. The company, which is backed by investor Peter Thiel, said it intends to make a “historic investment in American nuclear infrastructure” by restoring a shuttered facility in Paducah, Kentucky. General Matter was one of four companies selected in October 2024 by the DOE to provide enrichment services to help establish a U.S. supply of high-assay low-enriched uranium for advanced reactor designs.
Current report
•Uranium Energy Corporation launched the United States Uranium Refining and Conversion Corp., a wholly owned subsidiary that will engage in the feasibility of developing a new state-of-the-art American uranium refining and conversion facility.
Current report
•During the three months ended September 30, 2025, Urenco USA started producing low-enriched uranium with its second new cascade of gas centrifuges at its uranium enrichment facility in New Mexico.
Current report
•Holtec International, which began the decommissioning process for the Indian Point Nuclear Power Plant five years ago, said recently that the plant could be restarted at an estimated cost of $10 billion.
Current report
•Japan’s Nuclear Regulation Authority has approved a safety screening report for Hokkaido Electric’s Tomari Unit 3 (866 MWe PWR), which states that the unit meets the country’s safety standards.
Current report
•The Canadian Nuclear Safety Commission has renewed Ontario Power Generation’s (OPG) license for the Darlington Nuclear Station for a 20-year term, which authorizes OPG to operate the facility to November 30, 2045. The renewal by the Canadian Nuclear Safety Commission makes the OPG license the longest nuclear operating license granted in Canada.
Current report
•On September 2, 2025, the Company announced that its Dewey-Burdock Project, located in South Dakota, was 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 on Immediate Measures to Increase American Mineral Production. The Company’s Dewey-Burdock Project received its Source and Byproduct Materials License in 2014, from the NRC, now under timely renewal, and will work with the NRC as the lead agency for federal permitting. The Company’s objective is to advance the Dewey Burdock Project into development and operation utilizing the ISR uranium extraction process.
Current report
Under the Executive Order, the Permitting Council identifies priority infrastructure and critical mineral projects to receive accelerated permitting review. The addition of the first South Dakota ISR project supports the domestic uranium production focus of the United States. This focus enables the development of essential clean energy, extracted through environmentally responsible ISR technology, to provide affordable, reliable domestic energy.
Current report
•On August 22, 2025, the Company issued $115,000 aggregate principal amount of the Company’s 5.50% Convertible Senior Notes due 2030 (the “Convertible Senior Notes”). See Note 14 - Debt for additional information.
Current report
Subsequent to September 30, 2025, the Company announced new uranium discoveries made in areas in or near existing wellfields. These discoveries have been made as a result of a major ongoing re-analysis of thousands of historic drill holes that began in April 2025 across the Alta Mesa ISR Uranium Project. This more granular and detailed evaluation has identified uranium mineralized roll fronts in at least three areas to date. Follow up drilling by the Company has delineated these new roll fronts with drilling continuing to determine the extents of each.
Current report
This additional roll front uranium mineralization has been discovered in close proximity to known and already exploited roll fronts. One of these new roll fronts has progressed sufficiently that it has now advanced to permitting as a Wellfield 3 extension. Mineralized roll fronts have also been found overlying the past productive mineralization in Wellfield 4 with at least two new roll fronts discovered to date, each extending more than 2,500 feet in length with both included in the existing permit authorization. This newly discovered mineralization lies at a depth of 320 to 345 feet, almost 200 feet above the previously exploited roll front. This shallow mineralization makes for shorter drill times with less footage required, less cement and shorter casing intervals resulting in significant cost savings in delineation and extraction versus deeper mineralization. A third area extending south from the previously exploited mineralization in Wellfield 1 continues to expand with additional ongoing drilling. This granular re-analysis of previous drill data is expected to continue through the end of the year with follow-up delineation drilling continuing into 2026.
Current report
On August 22, 2025, we issued $115,000 aggregate principal amount of the Convertible Senior Notes . The Convertible Senior Notes bear an annual interest of 5.5%, payable semiannually in arrears and the Notes mature on August 15, 2030.
Current report
The proceeds of which were used, among other things, to pay down and terminate the Uranium Loan.
Current report
The net proceeds from the offering of the Notes were approximately $109,200, after deducting the initial purchasers’ discounts and commissions and offering expenses.
Removed paragraphs (28)
Previous 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.
Previous 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.
Previous report
•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 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous report
•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 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.
Previous 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.
Previous 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.
Previous report
•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 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous report
•Alta Mesa Project operational highlights include:
Previous report
◦Uranium capture peaking at 3,705 pounds on June 20, 2025;
Previous 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;
Previous 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;
Previous 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.
Previous 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.
Previous report
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 report
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 report
During the six months ended June 30, 2025 and 2024, the Company incurred interest expense of $586 and $626, respectively.
Reworded paragraphs (48)
Previous wording
Expanding the current reactor fleet to meet that level of electrical generating capacity remains a significant challenge to the nuclear industry. To meet those goals, the global industry must protect existing capacity, and there have been multiple public pronouncements from several countries, including the U.S. to protect existing nuclear generating capacity. In the U.S. as a result of clean energy credits granted by several states and the production tax credit for nuclear power provided in the Inflation Reduction Act of 2022, several nuclear utilities have announced operating life extensions and capacity expansions within their existing operating fleet. Also, the industry has seen a truly unprecedented trend in reactor recommissioning. In the U.S., where just a few years ago reactors were being shut down prematurely, nuclear plants such as Diablo Canyon, Palisades, Three Mile Island, and Duane Arnold are positioned to re-enter service.
Current wording
Expanding the current reactor fleet to meet that level of electrical generating capacity remains a significant challenge to the nuclear industry. To meet those goals, the global industry must protect existing capacity, and there have been multiple public pronouncements from several countries, including the U.S. to protect existing nuclear generating capacity. In the U.S., as a result of clean energy credits granted by several states and the production tax credit for nuclear power provided in the Inflation Reduction Act of 2022, several nuclear utilities have announced operating life extensions and capacity expansions within their existing operating fleet. Also, the industry has seen an unprecedented trend in reactor recommissioning. In the U.S., where just a few years ago reactors were being shut down prematurely, nuclear plants such as Diablo Canyon, Palisades, Three Mile Island, and Duane Arnold are positioned to re-enter service.
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,” 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.
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 production 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 U.S. in accordance with President Trump’s executive orders. See updates below related to President Trump’s Executive Orders.
Previous wording
•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 wording
•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. The fourth disbursement was made to Holtec in the amount of $100.5 million. Holtec is on track to restart operations at the Palisades location in October 2025. During the three months ended September 30, 2025, the DOE announced the fifth and sixth loan disbursements. The fifth loan disbursement was made on August 7, 2025, in the amount of $83.2 million and the sixth disbursement was made on September 16, 2025 in the amount of $155.9 million.
Previous wording
•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 wording
•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% tariff on nations that purchase oil, gas, uranium, and other goods from Russia.
Previous wording
•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 wording
•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. As of September 30, 2025, the sweeping 10% baseline tariff on nearly all imports is paused or stayed pending litigation. A permanent injunction has been issued by the Court of International Trade for the IEEPA‐based tariffs, but the Federal Circuit granted a stay of that injunction (thus collection continues) while the appeal proceeds.
Previous 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:
Current wording
•President 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 September 30, 2025, the council has actively advanced its agenda with the following:
Previous wording
•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 wording
•Advancing 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.
Previous wording
•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 wording
•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. As of October 2025, several companies and projects have expressed interest in Texas’s $350 million nuclear incentive fund, established under House Bill 14. The fund is administered by the Texas Advanced Nuclear Energy Office, which was created to support the development of advanced nuclear reactors and associated industries in the state.
Previous 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.
Current wording
During the nine months ended September 30, 2025, the Company completed uranium sales totaling 480,000 pounds of U 3 O 8, not including converter and transaction costs, for an average sales price of $64.13 per pound of U 3 O 8.
Previous wording
Corporate Updates for the Second Quarter 2025
Current wording
Corporate Updates for the Third Quarter 2025
Previous wording
South Texas Integrated ISR Project (Rosita CPP)
Current wording
South Texas Integrated ISR Project
Previous wording
The South Texas Integrated ISR Project is an Exploration Stage Property which consists of five project areas: the Rosita Central Processing Plant (Rosita CPP), Butler Ranch Uranium ISR Project (Butler Ranch), Upper Spring Creek - Brevard Area ISR Uranium Project (USC – Brevard or Brevard), Upper Spring Creek - Brown Area ISR Uranium Project (USC – Brown or Brown), and Rosita South Cadena ISR Project (RS – Cadena or Cadena).
Current wording
The South Texas Integrated ISR Project is an Exploration Stage Property, as defined by S-K 1300, which consists of five project areas: the Rosita Central Processing Plant (“Rosita CPP”), Butler Ranch Uranium ISR Project (“Butler Ranch”), Upper Spring Creek - Brevard Area ISR Uranium Project (“USC – Brevard or Brevard”), Upper Spring Creek - Brown Area ISR Uranium Project (“USC – Brown or Brown”), and Rosita South Cadena ISR Project (“RS – Cadena or Cadena”).
Previous wording
The Alta Mesa Uranium Project is an Exploration Stage Property and is a fully licensed and constructed ISR project and central processing facility, located on over 4,597 acres of private land in the state of Texas
Current wording
The Alta Mesa Uranium Project (“Alta Mesa”) is an Exploration Stage Property and is a fully licensed and constructed ISR project and central processing facility, located on over 4,597 acres of private land in the state of Texas
Previous wording
The Mesteña Grande Uranium Project is an Exploration Stage Property that is located in Brooks and Jim Hogg Counties, Texas and is on land located adjacent to, and to the south, north, and west of the Alta Mesa Uranium Project. The property covers an approximate area of 35 miles in a north-south direction by 30 miles in an east-west direction.
Current wording
The Mesteña Grande Uranium Project (“Mesteña Grande”) is an Exploration Stage Property that is located in Brooks and Jim Hogg Counties, Texas and is on land located adjacent to, and to the south, north, and west of the Alta Mesa Uranium Project. The property covers an approximate area of 35 miles in a north-south direction by 30 miles in an east-west direction.
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 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.
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 Gas Hills 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
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.
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 southwest 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 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.
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 September 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 continues at PAA-7 and is showing positive results. The second IX circuit at the Alta Mesa CPP was brought online in early 2025 and production continues through both IX circuits. During the nine months ended September 30, 2025, the head grade through the South train peaked at 110mg/L and averaged 38mg/L, and the West train peaked at 141mg/L for an average grade of 67mg/L. Additional production wells are being brought online regularly which has brought both processing trains to near maximum flow capacity. Utilizing the Pathcad software, the Company 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 increased to 17. As of June 30, 2025, the Company had 25 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 September 30, 2025, the Company had 30 active rigs in South Texas.
Previous wording
enCore has an experienced technical team with years of experience in ISR operations in Texas, Wyoming, and Nebraska supporting and managing our operations. We have been able to utilize that experience and “know how” to self-execute the refurbishment of the Rosita and Alta Mesa CPPs, along with the design, construction and installation of infrastructure for three wellfields and two satellite IX facilities over a period of three years.
Current wording
enCore has an experienced technical team with years of experience in ISR operations in Texas, Wyoming, and Nebraska supporting and managing our operations. We have been able to utilize our experience to self-execute the refurbishment of the Rosita and Alta Mesa CPPs, along with the design, construction and installation of infrastructure for three wellfields and two satellite IX facilities over a period of three years.
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 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.
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 ISR and underground injection operations are regulated by the TCEQ and the Radioactive Material Licenses (“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
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.
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 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
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 wording
In 2024, we disclosed that the Company initiated exploration drilling on the Dewey Terrace Project area. The near term goal of this drilling is designed to not only define the extent of the Dewey Terrace project mineralization, but also determine its eastern extent and potential to connect with our Dewey-Burdock deposit just across the state line in South Dakota. The drilling at both the Gas Hills and the Dewey Terrace Projects remain ongoing.
Previous wording
•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 wording
•Revenue - Revenue from uranium sales for the three months ended September 30, 2025, was $8,876 compared to revenue of $9,258 for the three months ended September 30, 2024, a decrease of $382. While the Company recognized an increase in volumes sold, the increase was offset by lower sales prices. The realized sales prices per pound of uranium for the three months ended September 30, 2025 and 2024 were $68.28 and $77.15, 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.
Previous wording
•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 wording
•Cost of Sales - Costs applicable to uranium sales were $4,985 for the three months ended September 30, 2025, related to the completed sale of 130,000 pounds of uranium at a weighted average cost of $38.35 per pound compared to uranium costs of $10,600 for the sale of 120,000 pounds at a weighted average cost of $88.33 per pound for the three months ended September 30, 2024. The decrease in costs was the result of more sales placed on extracted uranium at a lower market price and less purchased uranium. 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 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.
Current wording
•Operating expenses - Operating expenses include selling, general and administrative expenses. Operating expenses, excluding stock option expenses, for the three months ended September 30, 2025, were $17,454 as compared to $14,385 for the three months ended September 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, combined with increased professional fees related to the new Convertible Senior Notes and increased staff costs.
Previous wording
•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 wording
•Stock option expense - Stock option expense decreased for the three months ended September 30, 2025 at $477 compared to $1,628 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 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.
Current wording
•Interest income - Interest income for the three months ended September 30, 2025, and September 30, 2024, was $542 and $651, respectively. The decrease was primarily driven by the decrease in cash held in brokerage and bank accounts.
Previous wording
•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 wording
•Interest expense - Interest expense for the three months ended September 30, 2025, and September 30, 2024, was $1,053 and $445, respectively. The increase is primarily driven by the interest expense related to the new Convertible Senior Notes. See Note 14 - Debt for more information.
Previous wording
•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 wording
•Gain/(Loss) on marketable securities, unrealized - The Company recognized a gain of $8,158 on the fair value of marketable securities, unrealized for the three months ended September 30, 2025, compared to a loss of $1,474 for the three months ended September 30, 2024. Unrealized gains and losses for the three months ended September 30, 2025 and 2024, are due to favorable and unfavorable market conditions for the respective periods.
Previous wording
•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 wording
•Gain on marketable securities, realized - The Company recognized a gain of $62 on the fair value of marketable securities, realized for the three months ended September 30, 2025, as a result of the sale of common shares compared to no gain on marketable securities for the three months ended September 30, 2024.
Previous wording
The following table summarizes the results of operations for the six months ended June 30, 2025, and 2024:
Current wording
The following table summarizes the results of operations for the nine months ended September 30, 2025, and 2024:
Previous wording
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 wording
The following table sets forth selected operating data and financial metrics for uranium sales for the nine months ended September 30, 2025, and 2024.
Previous 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.
Current wording
•Revenue - Revenue from uranium sales for thenine months ended September 30, 2025, was$30,780 compared to revenue of$44,972 for the nine months ended September 30, 2024, a decrease of $14,192. The decrease was due to lower contracted sales volume resulting in completed sales of 480,000 pounds of uranium, compared to completed sales of 530,000 pounds of uranium for the nine months ended September 30, 2024. Sales prices decreased by $20.73 or 24%. The realized sales prices per pound of uranium for the nine months ended September 30, 2025, and 2024 were $64.13 and $84.85, respectively, and included the contractual sales price less sales-related costs such as transfer fees. The realized sales price per pound is dictated by the market for uranium, which is a commodity.
Previous 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.
Current wording
•Cost of Sales - Costs applicable to uranium sales were$25,781 for thenine months ended September 30, 2025, related to the completed sale of 480,000 pounds of uranium at a weighted average cost of $53.71 per pound compared to uranium costs of $51,891 for the sale of 530,000 pounds at a weighted average cost of $97.91 per pound for the nine months ended September 30, 2024. The decrease in costs was due to the decrease in purchases of uranium at 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 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.
Current wording
•Operating expenses - Operating expenses include selling, general and administrative expenses. Operating expenses, excluding stock option expenses, for thenine months ended September 30, 2025, were $51,836 ascompared to $42,345 for thenine months ended September 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, combined with increased professional fees related to the new Convertible Senior Notes and increased staff costs.
Previous 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.
Current wording
•Stock option expense - Stock option expense decreased for the nine months ended September 30, 2025, at $2,106 compared to $3,340 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 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 wording
•Interest income - Interest income for the nine months ended September 30, 2025, and September 30, 2024, was $1,022 and $1,999, respectively. The decrease was primarily driven by the decrease in cash held in the brokerage and bank accounts.
Previous 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.
Current wording
•Interest expense - Interest expense for the nine months ended September 30, 2025, and September 30, 2024, was $1,639 and $1,289, respectively. The increase is primarily driven by interest expense on the Uranium Loan in 2025 and interest expense related to the new Convertible Senior Notes, offset by the conversion of the $60,000 convertible promissory note in February 2024. See Note 14 - Debt for more information.
Previous 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.
Current wording
•Gain (Loss) on marketable securities, unrealized- The Company recognized a gain of $1,092 on the fair value of marketable securities, unrealized for the nine months ended September 30, 2025, compared to a loss of $3,691 for the nine months ended September 30, 2024. Unrealized gains for the nine months ended September 30, 2025, are due to favorable market conditions during the nine months ended September 30, 2025.
Previous wording
•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 wording
•Gain on marketable securities, realized -The Company recognized a gain of $7,733 on the fair value of marketable securities, realized for the nine months ended September 30, 2025, compared to a gain of $252 for the nine months ended September 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.
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