enCore Energy Closes 2025 With Higher Uranium Output, Raises $18.1 Million Through Warrant Exercises

• Uranium extraction reached 699,807 pounds in 2025, a 242% increase from the prior year
• Approximately 655,000 pounds were sold at $65.89 per pound, with a weighted average production cost of $51.09 per pound
• Cash and cash equivalents stood at $52 million, with total liquidity of $96 million at year end
• Approximately 6.6 million warrants were exercised in February 2026, generating $18.1 million with no warrants remaining outstanding
• Dewey Burdock construction is expected to begin within 18 months, subject to final regulatory approvals

enCore Energy Corp. (NASDAQ: EU / TSXV: EU) is a U.S.-based uranium company focused on supplying clean, affordable fuel to America's nuclear power sector. The company extracts uranium using a technique called in-situ recovery (ISR), where a water-based solution is injected underground to dissolve uranium, which is then pumped to the surface and processed without conventional open-pit or underground mining. Its core production base is in South Texas, with development-stage projects in South Dakota and Wyoming forming the next phase of its growth pipeline. The leadership team brings deep expertise across all stages of uranium operations and the nuclear fuel cycle.

2025 Financial Results and Operational Performance

enCore's South Texas operations produced 699,807 pounds of uranium oxide, known commercially as U3O8, the standard traded form of uranium, in 2025, compared to fewer than 205,000 pounds in 2024, a 242% increase year over year. Management attributed the improvement to better wellfield efficiency, which refers to the productivity of the underground zones from which uranium is drawn.

On the sales side, the company delivered approximately 655,000 pounds into existing contracts at an average price of $65.89 per pound, with a weighted average production cost of $51.09 per pound. The company also held a closing inventory of 132,013 pounds at an average book cost of $37.77 per pound.

The net loss per share for 2025 narrowed to $0.30, down from $0.34 in the prior year. The company closed 2025 with $52 million in cash and equivalents and $96 million in total liquidity, inclusive of marketable securities. The full audited financial statements will be available in the annual Form 10-K, which is due to be filed with the U.S. Securities and Exchange Commission by 31 March 2026.

Warrant Exercises and Balance Sheet Strengthening

In February 2026, enCore received $18.1 million in cash from the exercise of approximately 6.6 million warrants by existing shareholders. Warrants are securities that give holders the right to buy company shares at a predetermined price, and when exercised, they convert directly into cash for the company.

The warrant exercise period has now closed with no further warrants outstanding, simplifying the company's capital structure. CEO Rob Willette noted that "the recent warrant exercises reflect ongoing support from our shareholders and further strengthen our balance sheet as we advance key development projects."

Management has indicated the proceeds will be directed towards infrastructure and wellfield development in South Texas, as well as continued advancement of permitting and construction planning across its project pipeline.

Project Development at Upper Spring Creek and Dewey Burdock

The Upper Spring Creek Satellite Facility is being built as an additional production node within enCore's South Texas ISR network. When operational, it is designed to provide additional production flexibility and support future uranium output growth. Construction is progressing, though the remaining permits from the Texas Commission on Environmental Quality (TCEQ), the state environmental regulator, are still pending, which has extended the completion timeline beyond initial estimates.

In response, enCore secured additional uranium inventory at favourable terms in late 2025 to fully cover its 2026 customer delivery commitments, regardless of when the facility comes online. The company says it remains actively engaged with TCEQ to finalise the outstanding requirements.

At the Dewey Burdock Project in South Dakota, enCore is working through the final regulatory steps ahead of construction. The project has been accepted into the federal FAST-41 programme, a government framework that improves coordination and timeliness of environmental reviews for major infrastructure projects. Based on the current status of permitting and development planning, the company expects construction to commence within the next 18 months, following completion of the remaining regulatory milestones. Once developed, Dewey Burdock is expected to become a significant contributor to domestic uranium production and a key part of enCore's long-term production growth strategy.

Outlook

With the Form 10-K filing due by 31 March 2026, investors will have access to the company's full audited financials for the year ended 31 December 2025. Near-term milestones include the receipt of the final TCEQ permits for Upper Spring Creek, which would allow construction to be completed and the satellite facility to begin operations. At Dewey Burdock, the company expects to reach the remaining regulatory milestones within the timeframe required to commence construction within 18 months.

CEO Rob Willette stated that:

"As the United States continues to recognise the importance of rebuilding a secure domestic nuclear fuel supply chain, enCore believes its portfolio of ISR uranium projects positions the Company to play a meaningful role in helping meet future U.S. clean energy growth."

‍