enCore Energy Corp.
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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FY2025 · Filed Mar 31, 2026
EU$0.63-9.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 15. Exhibits and Financial Statement Schedules
(1) Financial Statements
Page Number
Report of Independent Registered Public Accounting Firm
Consolidated Balance Sheets as of December 31, 2025 and 2024
Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, 2025 and 2024
Consolidated Statements of Changes in Equity for the years ended December 31, 2025 and 2024
Consolidated Statements of Cash Flows for the years ended December 31, 2025 and 2024
Notes to the Consolidated Financial Statements
(2) Financial Statement Schedules
Schedules are omitted and are not applicable or not required, or the required information is shown in the financial statements or notes thereto.
(3) Exhibits
Where an exhibit is filed by incorporation by reference to a previously filed registration statement or report, such registration statement or report is identified in parentheses.
| Exhibit | Description |
| 3.1 | Articles of enCore Energy Corp., as amended on November 6, 2024 (incorporated by reference to Exhibit 3.1 to the Company’s Annual Report on Form 10-K filed with the SEC on March 3, 2025) |
| 4.1 | Description of Securities (incorporated by reference to Exhibit 4.1 to the Company’s Annual Report on Form 10-K filed with the SEC on March 3, 2025) |
| 4.2 | Indenture (including Form of Note) with respect to enCore Energy Corp.’s 5.50% Convertible Senior Notes due 2030, dated August 22, 2025, by and between enCore Energy Corp. and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on August 22, 2025) |
| 4.3 | Warrant Indenture - February 2023 (incorporated by reference to Exhibit 4.2 to the Company’s Annual Report on Form 10-K filed with the SEC on March 3, 2025) |
| 4.4 | Warrant Indenture - December 2022 (incorporated by reference to Exhibit 4.3 to the Company’s Annual Report on Form 10-K filed with the SEC on March 3, 2025) |
| 4.5 | Warrant Indenture - March 2022 (incorporated by reference to Exhibit 4.4 to the Company’s Annual Report on Form 10-K filed with the SEC on March 3, 2025) |
| 4.6 | Warrant Indenture - March 2021 (incorporated by reference to Exhibit 4.5 to the Company’s Annual Report on Form 10-K filed with the SEC on March 3, 2025) |
| 4.7 | Warrant Indenture - October 2020 (incorporated by reference to Exhibit 4.6 to the Company’s Annual Report on Form 10-K filed with the SEC on March 3, 2025) |
| 10.1+ | Stock Option Plan (incorporated by reference to Exhibit 99.1 to the Company’s Registration Statement on Form S-8 filed with the SEC on July 7, 2023) |
| 10.2+ | enCore Energy Corp. 2024 Long Term Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company’s Annual Report on Form 10-K filed with the SEC on March 3, 2025) |
| 10.3 | Share Purchase Agreement, dated March 17, 2025, by and among enCore Energy Corp., Verdera Energy Corp. and NM Energy Holding Canada Corp. (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 18, 2025) |
| 10.4+ | Letter Agreement, dated April 3, 2025, by and between Robert Willette and enCore Energy Corp. (incorporated by reference to the Company’s Current Report on Form 8-K filed with the SEC on April 7, 2025) |
| 10.5 | Side Letter, dated April 4, 2025, by and between enCore Energy Corp. and Verdera Energy Corp. (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on April 9, 2025) |
| 10.6 | Registration Rights Agreement, executed April 8, 2025, by and between enCore Energy Corp. and Verdera Energy Corp. (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on April 9, 2025) |
| 10.7 | Side Letter, dated November 25, 2025, by and between enCore Energy Corp. and Verdera Energy Corp. (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on December 2, 2025) |
| 10.12+ | Confidential Settlement and General Release Agreement, dated October 10, 2025, by and between URI, Inc. and William Paul Goranson (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 17, 2025) |
| 10.13 | Form of Capped Call Confirm (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on August 22, 2025) |
| 10.14* | Amended and Restated Limited Liability Company Agreement, dated December 5, 2023, by and between enCore Energy Corp. and Boss Energy Limited |
| 10.15+ | 2024 LTIP Non-employee Director Stock Option Form Award Agreement (before September 2025) (incorporated by reference to Exhibit 10.9 to the Company’s Annual Report on Form 10-K filed with the SEC on March 3, 2025) |
| 10.16+ | 2024 LTIP Employee Incentive Stock Option Form Award Agreement (before September 2025) (incorporated by reference to Exhibit 10.10 to the Company’s Annual Report on Form 10-K filed with the SEC on March 3, 2025) |
| 10.17*+ | Non-Employee Director Stock Option Form Award Agreement (after September 2025) |
| 10.18*+ | Employee Incentive Stock Option Form Award Agreement (after September 2025) |
| 10.19*+ | Form of Director Restricted Stock Unit Award Agreement (after September 2025) |
| 10.20*+ | Form of Executive Restricted Stock Unit Award Agreement (after September 2025) |
| 10.21+ | Employment Agreement (William B. Sheriff) (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on September 25, 2025) |
| 10.22+ | Employment Agreement (Robert Willette) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 25, 2025) |
| 10.23+ | Employment Agreement (Dain McCoig) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on July 29, 2025) |
| 10.24+ | Employment Agreement (Kevin Kremke) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 10, 2025) |
| 10.26+ | Transition Services, Separation and General Release Agreement, by and between Shona Wilson and URI, Inc. dated July 28, 2025 (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on July 29, 2025) |
| 19.1 | Insider Trading Policy (incorporated by reference to Exhibit 19 to the Company’s Annual Report on Form 10-K filed with the SEC on March 3, 2025) |
| 21.1* | List of Subsidiaries |
| 23.1* | Consent of KPMG LLP |
| 23.2* | Consent of Ray Moores, P.E. |
| 23.3* | Consent of Christopher McDowell P.G. |
| 23.4* | Consent of SOLA Project Services LLC |
| 31.1* | Certification of the Chief Executive Officer, pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the U.S. Securities Exchange Act of 1934 |
| 31.2* | Certification of the Chief Financial Officer, pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the U.S. Securities Exchange Act of 1934 |
| 32.1** | Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 96.1 | Technical Report on the South Texas Integrated Uranium Projects in Texas, USA, effective December 31, 2024 (incorporated by reference to Exhibit 96.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 27, 2025) |
| 96.2 | Economic Assessment Technical Report for the Gas Hills Uranium Project in Fremont and Natrona Counties, Wyoming, USA, effective date of December 31, 2024 (incorporated by reference to Exhibit 96.2 to the Company’s Current Report on Form 8-K filed with the SEC on February 27, 2025) |
| 96.3 | Technical Report on the Alta Mesa Uranium Projects in Texas, USA, effective December 31, 2024 (incorporated by reference to Exhibit 96.3 to the Company’s Current Report on Form 8-K filed with the SEC on February 27, 2025) |
| 96.4 | Technical Report Summary for the Dewey Burdock Project effective October 8, 2024 (incorporated by reference to Exhibit 96.1 of our Current Report on Form 8-K, filed on January 16, 2025) |
| 96.5 | Technical Report Summary Initial Assessment on the Mesteña Grande Uranium Project, Brooks and Jim Hogg Counties, Texas, USA, dated February 19, 2025 and effective as of December 31, 2024 (incorporated by reference to Exhibit 96.4 to the Company’s Current Report on Form 8-K filed with the SEC on February 27, 2025) |
| 97.1 | Incentive Compensation Recovery Policy(incorporated by reference to Exhibit 97 to the Company’s Form 40-F, filed with the SEC on March 28, 2024) |
| 101 | Interactive Data File (formatted as iXBRL) |
| 101.INS* | Inline XBRL Instance Document |
| 101.SCH* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104* | Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101) |
- Filed herewith.
** Furnished herewith.
- Management contract, compensatory plan or other arrangement.
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