enCore Energy Reports Q2 2025 Financial Results, Highlighted by Increased Uranium Extraction Rates and Reduced Costs

Executive Summary

• enCore Energy posted a net loss of $0.03 per share for Q2 2025, an improvement from $0.12 in Q2 2024.
• Uranium extraction rose 79% YoY to 203,798 lb in the quarter and 350,000 lb were sold at an average price of $62.58/lb, with weighted‑average cost down to $59.42/lb (vs. $100.71/lb a year earlier).
• Cash balance increased to $26.9 M; working capital reached $30.2 M, supporting continued wellfield expansion and permitting progress at Upper Spring Creek ISR project.

Key Details

• Financial Highlights – Q2 2025 (Three months ended June 30):
• Net loss per share: $(0.03) vs. $(0.12) in Q2 2024.
• Sales/delivery of 60,000 lb U₃O₈ at $61.07/lb; weighted‑average cost $42.23/lb.
• Extraction: 203,798 lb (up 79% vs. Q1 2025).

• Closing inventory: 244,204 lb at $39.63/lb.

• Six‑Month Highlights (Jan–Jun 2025):

• Weighted‑average cost of sold U₃O₈: $59.42/lb vs. $100.71/lb in same period 2024.
• Total delivery into contracts: 350,000 lb at $62.58/lb average price.
• Transfer to joint‑venture partner Boss Energy Ltd.: 72,972 lb U₃O₈.

• No uranium purchases forecast for 2025.

• Operational Updates – Alta Mesa ISR Project:

• Daily production: June 2025 – 2,678 lb/day; May 2025 – 2,103 lb/day; April 2025 – 1,942 lb/day.
• Wellfield 7 expansion: +75 wells (35 extraction, 40 injection).

• Drill rigs operating: 24 at quarter‑end; target 30 by Q3 2025.

• Permitting Progress:

• Upper Spring Creek ISR Project added to existing Radioactive Materials License (RML) from Texas Commission on Environmental Quality, permitting wellfield construction and a satellite ion‑exchange plant. Construction commenced in Q2 2025.

• Cost Breakdown – U₃O₈ Sold in Q2 2025:

• Total cost for 350,000 lb sold: $20.796 M (cost/pound $59.42).
• Cash cost component: $3.607 M ($28.86/lb).

• Non‑cash cost component: $1.758 M ($14.06/lb).

• Inventory – End of Q2 2025:

• Total inventory: 244,204 lb at $9.678 M (cost/pound $39.63).
• Cash cost of inventory: $6.098 M ($27.20/lb).

• Non‑cash cost of inventory: $2.392 M ($10.67/lb).

• Liquidity:

• Cash & cash equivalents: $26.9 M.

• Working capital: $30.2 M.

• Qualified Person Disclosure: John M. Seeley, Ph.D., Chief Geologist, reviewed and approved technical disclosure per NI 43‑101 and S‑K 1300.

Notable Quotes

(No direct CEO/President quotes were included in the release.)