enCore Energy Grows Uranium Output & Returns to Profit in First Quarter of 2026

• enCore Energy extracted significantly more uranium in the first quarter of 2026 compared with the same period last year, reflecting improved output from its South Texas operations
• The company sold uranium at an average price of $67.78 per pound and recorded a net profit per share, reversing a per-share loss posted in the first quarter of 2025
• Total available funds stood at $84.7 million as of 8 May 2026, including cash, shares held in Ur-Energy, and other investments
• The company holds a stockpile of 153,956 pounds of unsold uranium, giving it flexibility on the timing of future sales
• A new leadership pairing of Executive Chairman William M. Sheriff and incoming Chief Executive Officer Richard Little has outlined a four-point plan covering cost reductions, investor communication, permitting, and potential acquisitions

What enCore Does

enCore Energy (NASDAQ: EU | TSXV: EU) is a US-based uranium producer. Uranium fuels nuclear power plants, and enCore is one of a small number of American companies actively producing it. The company uses a method called In-Situ Recovery (ISR), which dissolves uranium underground and pumps it to the surface for processing - a less disruptive and generally more cost-effective approach than conventional mining. Its main producing assets are in South Texas, with development-stage projects in South Dakota and Wyoming.

A Stronger Quarter

enCore's first three months of 2026 showed clear improvement on the same period in 2025. Uranium extraction rose by approximately 22% year-on-year, and the company delivered uranium into its sales contracts at an average price of $67.78 per pound. The result was a net profit per share for the quarter, reversing a per-share loss from the prior-year period.

Speaking on the quarterly performance, William M. Sheriff, Executive Chairman of enCore Energy, credited the improvement to stronger operational delivery across the business:

"enCore's first quarter results reflect year-over-year improvements in uranium extraction with only a slight increase in our cost per pound," Sheriff said.

Part of that improvement also reflects a one-time financial benefit from enCore's earlier sale of its New Mexico assets to Verdera Energy.

Financial Position

At the end of March 2026, enCore held $41.6 million in cash. Including shares in Ur-Energy and other investments - but excluding its Verdera Energy stake - total liquidity reached $84.7 million. The company also held a stockpile of 153,956 pounds of unsold uranium, providing flexibility on the timing of future sales.

Pointing to the liquidity figure as early evidence that the company's action plan is delivering results, Sheriff said:

"Our early execution is already showing improvement as our overall liquidity as of May 8, 2026, stood at $84.7 million, including cash, 23.8 million shares of Ur-Energy, plus other marketable securities, excluding Verdera Energy shares."

Management Commentary

enCore recently appointed Richard Little as its new Chief Executive Officer. Sheriff outlined what the two intend to focus on for the remainder of the year, describing a four-point action plan targeting cost reductions, more frequent shareholder communication, faster permit approvals, and evaluation of potential acquisition opportunities within the uranium sector.

Describing the company's outlook under the new leadership structure, Sheriff said:

"Looking ahead, our new CEO, Richard Little, and I are excited by the company's prospects for the remainder of 2026 and beyond as the results of our decisive action plan take full effect."

Next Steps

enCore is pursuing regulatory approvals for its development projects - Alta Mesa East in Texas, Dewey Burdock in South Dakota, and Gas Hills in Wyoming - each of which would add future production capacity once permitted. The company is also actively evaluating consolidation opportunities within the uranium sector.

About enCore Energy

enCore Energy  is a US-focused uranium producer operating exclusively through In-Situ Recovery, with producing assets in South Texas and development projects in South Dakota and Wyoming. The company is committed to supplying clean, reliable, and affordable uranium to support the American nuclear energy sector and to working with local communities and indigenous governments on all its projects.

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