enCore Energy Quarterly Report - Q3 September 30 2025

• Net loss per share of $0.03 compared to $0.09 in Q3 2024
• Uranium extraction of 227,070 pounds, an 11.4% increase from Q2 2025
• Delivered 130,000 pounds at $68.28 per pound with weighted average cost of $38.35 per pound
• Cash balance of $100.3 million with working capital of $119.7 million
• Dewey Burdock Project approved for federal FAST-41 expedited permitting programme

enCore Energy Corp. (NASDAQ:EU, TSXV:EU) is a United States uranium producer operating multiple central processing plants. The company uses In-Situ Recovery (ISR) technology for uranium extraction, a method that involves injecting solutions underground to dissolve uranium without conventional mining. enCore currently operates production facilities in South Texas and has development projects in South Dakota (Dewey Burdock) and Wyoming (Gas Hills). 

Q3 2025 Financial Results with Uranium Production and Sales Performance

enCore Energy reported a net loss per share of $0.03 for the third quarter ended September 30, 2025, compared to $0.09 in the same period of 2024. The company delivered 130,000 pounds of uranium into sales contracts during Q3 at an average price of $68.28 per pound. The weighted average cost for these delivered pounds was $38.35 per pound.

For the nine-month period ended September 30, 2025, enCore delivered 480,000 pounds of uranium at an average price of $64.13 per pound. The weighted average cost of uranium sold during this period was $53.71 per pound, compared to $97.91 per pound in the same period of 2024. According to the company, no uranium has been purchased in 2025, and none is forecasted to be purchased during the year.

The company closed Q3 with 287,089 pounds of uranium in inventory at a cost of $38.27 per pound.

CEO Rob Willette stated:

"Production from our South Texas operations continued to trend upward, with improvements in wellfield efficiency driving strong extraction results. With nearly half a million pounds delivered year-to-date, over 227,000 pounds extracted in the quarter, and a cash balance exceeding $100 million, our team continues to execute."

South Texas Operations Extraction Results with 227,070 Pounds Extracted and $100.3 Million Cash Balance

enCore extracted 227,070 pounds of uranium during the third quarter of 2025 at its South Texas operations. This extraction volume represented an 11.4% increase from the second quarter of 2025. The company attributed the increase to improvements in wellfield efficiency.

The company's inventory position at quarter end stood at 287,089 pounds at a unit cost of $38.27 per pound. This inventory supports ongoing delivery commitments under existing sales contracts. The South Texas facilities serve as enCore's current production base.

enCore reported a cash and cash equivalents balance of $100.3 million at the end of Q3 2025. Working capital totalled $119.7 million. The company has not purchased uranium on the spot market in 2025 and is meeting its delivery obligations through its own extraction operations.

Dewey Burdock Project Inclusion in Federal FAST-41 Expedited Permitting Programme

On September 2, 2025, the U.S. Federal Permitting Improvement Steering Council approved enCore's Dewey Burdock ISR Uranium Project in South Dakota for inclusion in the FAST-41 Programme. This programme provides expedited permitting review for priority infrastructure and critical mineral projects under President Trump's Executive Order on Immediate Measures to Increase American Mineral Production.

The Dewey Burdock Project received its Source and Byproduct Materials Licence from the Nuclear Regulatory Commission in 2014. This licence is currently under timely renewal. The NRC will serve as the lead agency for federal permitting under the FAST-41 framework. The Dewey Burdock Project is the first South Dakota ISR project to receive FAST-41 designation.

CEO Rob Willette commented:

"Combined with our inclusion of the Dewey Burdock Project in the federal FAST-41 program, we're solidifying enCore's position as a leading domestic producer supporting America's clean energy future." 

Conclusion

enCore Energy reported extraction of 227,070 pounds in Q3 2025 and delivered 480,000 pounds during the nine-month period. The company reduced its cost per pound sold year over year and maintained a cash balance exceeding $100 million. The Dewey Burdock Project's inclusion in the FAST-41 programme represents a development milestone for the company's project pipeline, which also includes the Gas Hills Project in Wyoming.

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