enCore Energy Reports Q2 2026 Financial Results DALLAS ,
enCore Energy Reports Q2 2026 Financial Results
DALLAS
,
Aug. 13, 2026
/CNW/ -- enCore Energy Corp. (NASDAQ: EU) (TSXV: EU) (the "
Company
" or
"
enCore
"), America's Clean Energy Company
TM
, announced today its financial and operational results for the
six months ended June 30, 2026.
Results for the six months ended June 30, 2026 include:
Loss per Share:
Net loss per share of $0.19 versus $0.16 for the same period 2025. The increased
loss was driven primarily by lower extraction and a fair value adjustment of Verdera Energy Corp.
shares, as described in the Form 10-Q;
Uranium Deliveries:
Delivery into contracts of 485,000 pounds of uranium ("U
3
O
8
") at an average sales
price of $70.10 per pound, compared to 350,000 pounds of U
3
O
8
at an average sales price of $62.58
per pound in the same period 2025;
Operating Margin:
Weighted average cost of delivered U
3
O
8
increased to $75.54 per pound including
360,000 purchased pounds, compared to a weighted average cost of $59.42 per pound in the same
period 2025;
Uranium Extraction:
U
3
O
8
extraction of 131,274 pounds, a decrease from 317,613 pounds during the
same period 2025;
Costs:
Higher year to date 2026 extraction costs of $57.36 per pound compared to $42.92 for the
same period 2025 due to lower extraction;
Inventory:
Closing balance of 203,304 pounds of U
3
O
8
in inventory at a weighted average cost of
$70.81 per pound;
Total liquidity of $88.4 million, including $21.8 million of unrestricted cash, $52.2 million of marketable
securities, and $14.4 million of inventory. Adjusted total liquidity as of June 30, 2026 was $73.5 million,
which excludes marketable securities of $14.9 million in Verdera Energy Corp.
Operational Updates:
Alta Mesa Project:
Final permitting to begin extraction operations from Wellfield 3 Extension is
anticipated in Q4-2026. Costs have been fully expensed, and the Wellfield is ready for immediate
operation upon receipt of final permits. Alta Mesa's Wellfield 7 is scheduled to cease recovery during
Q3-2026 due to anticipated depletion as the end of its natural life approaches. Final permits for Wellfield
8 are anticipated by the end of Q1-2027;
Alta Mesa East Exploration:
Drilling with 3 to 5 rigs continued throughout the quarter and is ongoing.
Results to date have met or exceeded expectations and initial permitting is underway. Drilling is
projected to continue through the current quarter and into Q4-2026. New drill results will be reported in
the coming weeks and months;
Rosita Project and Upper Spring Creek Project:
Initial start-up extraction from the Upper Spring
Creek Wellfield and Satellite IX Plant is anticipated to feed the Rosita Central Processing Plant
immediately upon receipt of final permits, which are anticipated in Q4-2026. Costs have been fully
expensed in prior periods and the plant is ready for immediate operation upon receipt of final permits;
Improved Outlook:
The new operation at Upper Spring Creek coupled with the new wellfields at Alta
Mesa position enCore for improved extraction and greater operating efficiency as the Company moves
into 2027;
Dewey Burdock ISR Uranium Project:
On June 22, 2026, the Company announced important
permitting progress highlighted by the Dewey Burdock ISR Uranium Project receiving a 20-year renewal
of the Source Materials License (SUA-1600) effective until June 2046, following the Bureau of Land
Management approval to commence infrastructure construction. The Project has now received all
necessary federal permits. The Project entered State of South Dakota permitting on June 15, 2026,
which is under review by the Department of Agriculture & Natural Resources. Although we anticipate
development in 2028, this is subject to receiving permits from the state;
Reduction in Expenses:
In July 2026, management executed on its plan for reducing costs with a
reduction in workforce following a rationalization of staffing needs across the Company. While this
reduction was initiated during the second quarter, the significant savings realized from this action will not
be realized until the third quarter financials and beyond. The Company remains focused on disciplined
execution, strengthening its balance sheet and improving its uranium extraction to meet growing U.S.
utility demand.
U3O8 Inventory
Total Costs of U3O8 Sold
Additional Updates
On August 17, 2026, the Company will award equity grants under its 2024 Long-Term Incentive Plan (the
"Plan") to certain of its directors and officers. These grants consist of (i) 351,350 restricted stock units
("RSUs") that vest one (1) year from the grant date; (ii) 409,189 RSUs that vest ratably over three (3) years
from the grant date; (iii) 461,757 performance stock units that vest based on the achievement of applicable
performance goals at the conclusion of the three-year period ending December 31, 2028; and (iv) 101,351
stock options that vest ratably over three (3) years from the grant date with an exercise price equal to the
closing price of the Company's common shares on the grant date and expiring five (5) years after the grant
date, all of which are subject to the terms and conditions of the Plan.
Investor Information
enCore's interim financial statements, including the accompanying Management's Discussion and Analysis,
are available in the Company's Quarterly Report on Form 10-Q, which is being filed today with the U.S.
Securities and Exchange Commission ("SEC") and with Canadian securities regulators on SEDAR+. It
includes the Company's consolidated financial statements for the six months ended June 30, 2026, and the
related notes and financial results. The report can be accessed at SEC's website at
www.sec.gov
, SEDAR+
at
www.sedarplus.ca
, and on enCore's financials page at
www.encoreuranium.com/investors/financial-statements/
.
About enCore Energy Corp.
enCore Energy Corp., America's Clean Energy Company™, is committed to providing clean, reliable, and
affordable uranium to fuel the rapidly expanding U.S. nuclear energy needs. enCore's team is led by industry
experts with extensive knowledge and experience in all aspects of uranium ISR operations and the nuclear
fuel cycle. enCore exclusively uses ISR for uranium extraction, a minimally invasive, eco-friendly, and
economically competitive mineral extraction technology co-developed by enCore's leadership.
Building on enCore's demonstrated and continuing success in South Texas, future projects in enCore's
planned project pipeline include the expansion of Alta Mesa to include the Alta Mesa East property, the
Dewey Burdock project in South Dakota, and the Gas Hills project in Wyoming. The Company holds other
assets, including non-core assets and proprietary databases. enCore is committed to working with local
communities and indigenous governments to create positive impacts from corporate projects.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press
release.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995 and Canadian securities laws that are based on management's current
expectations, assumptions, and beliefs. Forward-looking statements can often be identified by such words
as "anticipates," "schedules," "becomes," "expects," "plans," "believes," "intends," "continue," "potential,"
"remains," and similar expressions or variations (including negative variations) of such words and phrases,
or statements that certain actions, events, or results "may," "could," or "will" be taken.
Forward-looking statements and information that are not statements of historical fact include, but are not
limited to, any information relating to statements regarding future or potential extraction, wellfield
conclusion and development, permitting, the Company's four primary strategic initiatives and any other
statements regarding future expectations, beliefs, goals or prospects, statements regarding the success of
current and future ISR operations, including projects in our pipeline, our positioning for improved
production capacity and greater operating efficiency, the Company's focus on disciplined execution,
strengthening its balance sheet to meet growing U.S. utility demand, expectations regarding operational
developments, permitting, drilling and development timelines, anticipated cost savings in future quarters
and our commitment to working with local communities and indigenous governments to create a positive
impact from corporate projects should be considered forward looking statements. All such forward-looking
statements are not guarantees of future results and forward-looking statements are subject to important
risks and uncertainties, many of which are beyond the Company's ability to control or predict, that could
cause actual results to differ materially from those expressed in any forward looking statement, including
those described in greater detail in our filings with the SEC and on SEDAR+, particularly those described in
our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, management's discussion and
analysis,
and annual information form. Forward-looking statements necessarily involve known and
unknown risks, including, without limitation, risks associated with assumptions regarding project
economics; discount rates; expenditures and the current cost environment; timing and schedule of the
projects; general economic conditions; adverse industry events; future legislative and regulatory
developments; the ability of enCore to implement its business strategies; and other risks. A number of
important factors could cause actual results or events to differ materially from those indicated or implied by
such forward-looking statements, including without limitation exploration and development risks; changes in
commodity prices; access to skilled personnel; the results of exploration and development activities;
extraction risks; uninsured risks; regulatory risks; defects in title; the availability of materials and
equipment; timeliness of government approvals and unanticipated environmental impacts on operations;
litigation risks; risks posed by the economic and political environments in which the Company operates and
intends to operate; increased competition; assumptions regarding market trends and the expected demand
and desires for the Company's products and proposed products; reliance on industry equipment
manufacturers, suppliers and others; the failure to adequately protect intellectual property; the failure to
adequately manage future growth; adverse market conditions; the failure to satisfy ongoing regulatory
requirements; and factors relating to forward looking statements listed above. Should one or more of these
risks materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual
results may vary materially from those described herein as intended, planned, anticipated, believed,
estimated, or expected. The Company assumes no obligation to update the information in this
communication, except as required by law. Additional information identifying risks and uncertainties is
contained in filings by the Company which are available online at
www.sec.gov
and
www.sedarplus.ca
.
Forward-looking statements are provided for the purpose of providing information about the current
expectations, beliefs and plans of management. Such statements may not be appropriate for other
purposes and readers should not place undue reliance on these forward-looking statements, that speak
only as of the date hereof, as there can be no assurance that the plans, intentions or expectations upon
which they are based will occur. Such information, although considered reasonable by management at the
time of preparation, may prove to be incorrect and actual results may differ materially from those
anticipated. Forward-looking statements contained in this press release are expressly qualified by this
cautionary statement.
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%SEDAR: 00029787E
For further information:
William M. Sheriff, Executive Chair, 972.333.2214, [email protected],
www.encoreuranium.com
CO: enCore Energy Corp.
CNW 07:16e 13-AUG-26