enCore Energy Completes Distribution of Verdera Common Shares to its Shareholders

enCore Energy Corp. completed the distribution of 35,000,000 common shares of Verdera Energy Corp. to its shareholders as a special dividend on September 30, 2026. The distribution structure included 21,000,000 unrestricted shares and 14,000,000 restricted shares split into two vesting tranches: 7,000,000 vesting November 20, 2026, and 7,000,000 vesting February 20, 2027. Fractional share entitlements were rounded down, with enCore retaining 17,554 unrestricted and 11,778 restricted shares.

Post-distribution, enCore retains an aggregate holding of 15,029,332 Verdera shares, maintaining financial exposure to Verdera's New Mexico ISR uranium assets. The transaction was facilitated by the SEC's declaration of effectiveness for Verdera's Form F-1 registration statement on September 14, 2026. Verdera's CEO noted the move expands its shareholder base and aligns with efforts to strengthen domestic uranium supply, while enCore focuses on its South Texas and South Dakota operations.

Verdera Energy Corp. (V) completed a distribution that was a mechanical, fully anticipated step following the February 2026 Qualifying Transaction (QT) and the September 15, 2026 SEC registration announcement. The company’s balance sheet, cash position, operational status, and project pipeline remain unchanged, with assets and liabilities staying the same.

The conversion of 35,000,000 preferred shares into common shares removes a significant overhang from the capital structure, distributing ownership to a broader base of enCore shareholders. While technically dilutive to existing Verdera common shareholders, this dilution was fully priced in during the QT and subsequent registration filings. The immediate market impact is neutral, as the news confirms the execution of a previously disclosed corporate action without introducing new operational milestones, financial results, or strategic shifts.

Verdera Energy Corp. (V) is a pre-revenue uranium exploration and development company focused on In-Situ Recovery (ISR) projects in New Mexico's Grants Uranium District. The company owns approximately 400 square miles of mineral rights across five key projects: Crownpoint, Hosta Butte, West Largo, Ambrosia Lake, and Nose Rock.

Flagship assets Crownpoint and Hosta Butte hold 2025 NI 43-101 resources totaling 23.42 million pounds of Indicated U3O8 and 5.36 million pounds of Inferred U3O8. The West Largo project is undergoing an independent NI 43-101 technical report to modernize historical resource estimates, which previously stood at 16.9 million pounds of Indicated material, using lower cut-off grades and expanded drilling. The company emphasizes ISR methodology, which offers lower capital intensity, shorter development timelines, and minimal surface disturbance compared to conventional mining.