enCore Energy Conference Call Summary Company Overview - enCore Energy is focused on in situ recovery of uranium in the US, operating two plants with a total of 11 in the country, half of which are operational [1][2] - The company emphasizes the environmental benefits and quick reclamation associated with in situ recovery, allowing for uranium extraction and site reclamation within 2-3 years [3] Industry Context - The uranium market is experiencing a significant demand increase, with a current peaceful demand of 48 million pounds per year, while US production was only about 2 million pounds last year [9][10] - The US has the potential to be 100% self-sufficient in uranium production, but currently lacks sufficient operational mills and ISR operations [10] Financial Highlights - enCore Energy's market capitalization is approximately $500 million, with a cash balance around $100-115 million [13][14] - The company completed a $115 million convertible note to pay off debt and fund exploration activities [14] Production and Operations - The company has a uranium sales strategy that includes 50% contracted sales and 50% exposure to the spot market, with 14 contracts spread over the next 8-9 years [5][6] - Production has increased significantly following a management change, with production nearly tripling in four months [21] Project Pipeline - Upcoming projects include the Dewey Burdock project in South Dakota, expected to come online by 2028, and the Upper Spring Creek project, which is currently under construction [15][32] - The company is also working on the Alta Mesa East project, with drilling expected to start in October [35][37] Regulatory Environment - Texas is described as a favorable environment for new business, with enCore having received multiple permits in a relatively short time frame [28] - The permitting process is crucial for production ramp-up, with potential production starting as early as December depending on permit approvals [29] Technical Capabilities - enCore Energy possesses proprietary technology, PromptVision Neutron, which provides real-time uranium value assessments at drill sites [7] - The company has a strong technical team, with extensive experience in uranium extraction and operations [16][22] Market Dynamics - The uranium market is characterized by a "lumpy" income stream, with cash flow dependent on contract deliveries rather than consistent monthly income [30] - The company anticipates a strong performance in the latter half of the year due to the timing of deliveries [31] Conclusion - enCore Energy is well-positioned in the uranium market with a strong operational strategy, a robust project pipeline, and a favorable regulatory environment in Texas, despite the challenges of the current market dynamics and production limitations [1][10][28]

Core Insights - enCore Energy Corp. (NASDAQ:EU) has garnered significant interest from hedge funds, positioning it among the 12 best uranium stocks to buy currently [1] Group 1: Project Developments - enCore Energy Corp.'s Dewey Burdock ISR Uranium Project in South Dakota was accepted into the U.S. Federal Permitting Improvement Steering Council's Fast-41 Program, aimed at expediting federal review processes [2] - The Dewey Burdock project is expected to enhance the U.S. nuclear fuel supply chain, contributing to domestic energy security and providing economic benefits to local communities in South Dakota [3] Group 2: Technology and Environmental Impact - enCore Energy Corp. employs In-Situ Recovery (ISR) technology to produce clean, reliable, and affordable nuclear fuel, emphasizing its commitment to environmentally responsible practices [3]

Core Viewpoint - enCore Energy Corp. has appointed Mr. Kevin Kremke as Chief Financial Officer, effective October 1, 2025, to support its growth strategy as America's Clean Energy Company [1][2]. Company Overview - enCore Energy Corp. is focused on providing clean, reliable, and affordable fuel for nuclear energy, being the only U.S. uranium company with multiple Central Processing Plants in operation [7]. - The company utilizes In-Situ Recovery (ISR) for uranium extraction, a proven technology co-developed by its leadership [7]. Leadership Appointment - Mr. Kevin Kremke brings extensive financial expertise and leadership experience in energy and natural resources, which will enhance the company's strategic goals [2][3]. - His background includes roles in corporate finance, M&A, capital markets, and operational leadership, making him well-suited to drive growth and transformation [3][4]. Compensation Details - Mr. Kremke has been granted 250,000 options and 250,000 restricted stock units, with options exercisable at a price of US$2.30 for four years, vesting at 25% every 12 months [6]. Future Projects - enCore's project pipeline includes the Dewey Burdock project in South Dakota and the Gas Hills project in Wyoming, following its success in South Texas [8]. - The company is committed to collaborating with local communities and indigenous governments to create positive impacts from its developments [8].

Core Insights - enCore Energy Corp. announced the approval of its Dewey Burdock ISR Uranium Project for inclusion in the Fast-41 Program by the U.S. Federal Permitting Improvement Steering Council, aimed at accelerating the permitting process for critical mineral projects [1][2] - The Dewey Burdock Project is positioned to enhance domestic uranium production, supporting the U.S. nuclear fuel supply chain and contributing to clean energy initiatives [2][4] - The project utilizes In-Situ Recovery (ISR) technology, which minimizes surface disturbance compared to traditional mining methods, and is expected to provide economic benefits to local communities in South Dakota [3][4] Project Overview - The Dewey Burdock ISR Uranium Project is located in Custer and Fall River counties, South Dakota, and is an advanced-stage uranium project wholly owned by enCore [3] - The project aims to recover uranium from subsurface sandstone ore bodies using a chemical-free water-based solution, which is pumped to a central processing plant for recovery [3] - The project area covers 10,580 acres, with enCore controlling both mineral and surface rights [4] Mineral Resource Summary - The mineral resource estimates for the Dewey Burdock Project include: - Measured ISR Resources: 14,285,988 lbs (U3O8) from 5,419,779 tons with an average grade of 0.13% U3O8 [5] - Indicated ISR Resources: 2,836,159 lbs (U3O8) from 1,968,443 tons with an average grade of 0.07% U3O8 [5] - Inferred ISR Resources: 17,122,147 lbs (U3O8) from 7,388,222 tons with an average grade of 0.12% U3O8 [5] Regulatory and Industry Context - The Fast-41 Program, established to improve the federal environmental review process, identifies priority projects for expedited permitting, which includes the Dewey Burdock Project as the first ISR project in South Dakota [2][9] - The Permitting Council, which oversees the Fast-41 Program, aims to enhance transparency and predictability in the permitting process for critical infrastructure projects [9][10] - enCore Energy is recognized as a leader in the ISR uranium extraction sector, with multiple Central Processing Plants in operation, emphasizing its commitment to clean and reliable nuclear energy [11]

Summary of Encore Energy Corporate Update Call Company Overview - **Company**: Encore Energy - **Industry**: Uranium production and nuclear energy Key Points and Arguments Management Changes and Growth - Recent management changes occurred in February and March, which initially unsettled investors, but the company quickly established solid growth plans [3][4] - Daily production rates have increased by 200-300% since March, averaging over 2,500 pounds per day, with peaks over 3,500 pounds in June [4][7] Production Efficiency - The time to bring new extraction and injection wells online has decreased from seven days to just over one day, representing an 80% increase in efficiency [8][12] - The active drill rig count has increased from around 15-16 to nearly 30, with plans to reach 30-32 rigs [17] Convertible Note Offering - The company successfully closed a $115 million convertible note offering, which was oversubscribed and well-received by a diverse range of institutional investors [3][20] - The offering included a capped call arrangement to mitigate potential dilution, with a conversion price set at a substantial premium of approximately $4.50 [21][24] Future Projects and Permitting - Significant cash will be allocated to the Dewey Burdock project in South Dakota, with plans to ramp up production and navigate final permitting hurdles [25][41] - The Alta Mesa project has successfully acquired additional surface and mineral leases, enhancing the potential for uranium production [26][28] Financial Outlook - The company expects to meet its production and delivery obligations without purchasing uranium from the market, marking an improvement from the previous year [54][55] - Future cash flow is anticipated to vary due to the timing of contract deliveries, but the company is close to achieving positive cash flow [75][73] Industry Context and Consolidation - The company acknowledges the need for consolidation within the ISR (In-Situ Recovery) uranium production sector, with several companies competing for market share [44][70] - Encore Energy is open to mergers and acquisitions, aiming to enhance production efficiency and market position [70][72] Regulatory Environment - The company is optimistic about the current administration's support for domestic energy and nuclear initiatives, which may positively impact the uranium industry [61][62] - Permitting processes in Texas and South Dakota are progressing smoothly, with expectations for timely resolutions [78][79] Additional Important Information - The company has a strong internal team, with promotions from within contributing to recent successes [4][7] - The focus on maintaining a competitive workforce is crucial, given the industry's demand for skilled labor [87][90] - The company is committed to transparency and will provide annual updates on production projections and contract details [54][55] This summary encapsulates the key points discussed during the Encore Energy corporate update call, highlighting the company's growth, operational efficiency, financial strategies, and industry positioning.

Core Viewpoint - enCore Energy Corp. has successfully closed a $115 million USD offering of senior unsecured convertible notes, providing the company with long-term capital and flexibility for future operations [2][3] Group 1: Corporate Update - The company will host a corporate update on August 27, 2025, covering current operations in South Texas, the expansion of the Alta Mesa project, and details regarding the recent convertible notes offering [1] Group 2: Convertible Notes Details - The convertible notes have a maturity date of August 15, 2030, and bear a cash interest rate of 5.50% [2][3] - The company has the option to pay the principal in cash, common shares, or a combination thereof upon investor conversions [3] - enCore retains the right to redeem the notes early, compelling conversion if the stock price exceeds $4.28 USD for 20 out of 30 trading days starting August 21, 2028 [3] Group 3: Capped-Call Arrangement - A private capped-call arrangement has been established with leading banks to minimize future dilution from the notes, raising the effective conversion premium from 127.5% to 175% above the closing price prior to the announcement [4] - This strategy allows the company to diversify its investor base and raise capital without immediate dilution until the stock price exceeds approximately $4.52 USD per share [4] Group 4: Company Overview - enCore Energy Corp. is focused on providing clean, reliable, and affordable fuel for nuclear energy, being the only U.S. uranium company with multiple Central Processing Plants in operation [6] - The company utilizes in-situ recovery (ISR) for uranium extraction, a proven technology co-developed by its leadership [6] - Future projects include the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming, alongside other non-core assets [7]

Core Points - enCore Energy Corp. has successfully closed an offering of $115 million in 5.50% Convertible Senior Notes due 2030, which includes an upsized offering of $100 million and a full exercise of a $15 million option [1][3] - The initial conversion rate for the Convertible Notes is set at 303.9976 common shares per $1,000 principal amount, translating to an initial conversion price of $3.2895 per common share, representing a 27.5% premium over the last reported sale price of $2.58 per share on August 19, 2025 [2] - The net proceeds from the offering amount to approximately $109.8 million, with $11.5 million allocated for capped call transactions and $10.6 million for repaying outstanding loan amounts, while the remainder will be used for general corporate purposes [3] Company Overview - enCore Energy Corp. is recognized as America's Clean Energy Company™, focusing on providing clean, reliable, and affordable fuel for nuclear energy, being the only U.S. uranium company with multiple Central Processing Plants in operation [6] - The company employs In-Situ Recovery (ISR) technology for uranium extraction, which is a proven method co-developed by its leadership team [6] - Future projects in enCore's pipeline include the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming, alongside other non-core assets and proprietary databases [7]

Core Points - enCore Energy Corp. announced the pricing of $100 million aggregate principal amount of 5.50% Convertible Senior Notes due 2030, upsized from a previously announced $75 million offering [1][2] - The Convertible Notes will bear interest at an annual rate of 5.50%, payable semi-annually, and will mature on August 15, 2030 [2] - The initial conversion rate is 303.9976 common shares per $1,000 principal amount of notes, representing an initial conversion price of approximately $3.29 per common share, a premium of 27.5% over the last reported sale price of $2.58 [2][3] Offering Details - The offering includes a 13-day option for initial purchasers to buy up to an additional $15 million of Convertible Notes [1] - The net proceeds from the offering are estimated to be approximately $95.3 million, intended for capped call transactions, repayment of loan amounts, and general corporate purposes [5] - The capped call transactions are designed to reduce potential dilution to enCore's common shares upon conversion of the Convertible Notes [9][10] Redemption and Conversion - The Convertible Notes are redeemable at enCore's option starting August 21, 2028, if certain conditions are met [3] - Holders can require enCore to repurchase their Convertible Notes following certain corporate transactions that constitute a "fundamental change" [4] - The cap price for the capped call transactions is set at $4.52 per share, representing a 75% premium over the last reported sale price [8] Company Overview - enCore Energy Corp. is focused on providing clean, reliable, and affordable fuel for nuclear energy, utilizing in-situ recovery (ISR) for uranium extraction [14][15] - The company has multiple Central Processing Plants in operation and is planning future projects in South Dakota and Wyoming [15]

Core Viewpoint - enCore Energy Corp. plans to offer $75 million in convertible senior notes due 2030, with an option for initial purchasers to buy an additional $11.25 million [1][2] Group 1: Offering Details - The convertible notes will be senior unsecured obligations, bearing interest payable semi-annually, maturing on August 15, 2030 [2] - Holders can convert their notes under certain conditions, with settlement options including cash, common shares, or a combination [2] - The company may redeem the notes for cash starting August 21, 2028, if the common share price exceeds 130% of the conversion price for a specified period [2] Group 2: Use of Proceeds - A portion of the net proceeds will be used for capped call transactions related to the convertible notes [3] - Remaining proceeds will be allocated to repay outstanding amounts under a loan agreement and for general corporate purposes [3] Group 3: Capped Call Transactions - Capped call transactions are expected to reduce potential dilution of common shares upon conversion of the notes [5] - These transactions will be privately negotiated with financial institutions and are subject to anti-dilution adjustments [4] Group 4: Market Impact - The option counterparties may engage in derivative transactions and purchase common shares, potentially affecting the market price of enCore's shares and the convertible notes [6][7] - This activity could influence the holders' ability to convert the notes and the cash or shares received upon conversion [8] Group 5: Company Overview - enCore Energy Corp. is focused on providing clean, reliable, and affordable fuel for nuclear energy, being the only U.S. uranium company with multiple Central Processing Plants in operation [10] - The company utilizes in-situ recovery (ISR) for uranium extraction, a proven technology co-developed by its leadership [10] - Future projects include the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming [11]

Core Viewpoint - enCore Energy Corp. has announced the acquisition of a 5,900-acre parcel of land named Tacubaya, which is adjacent to its existing Alta Mesa Uranium Project, aimed at enhancing the project's longevity and feed supply [1][2]. Group 1: Acquisition Details - The Tacubaya acquisition significantly expands the Alta Mesa Uranium Project, leveraging compelling geology and location [2]. - Historical mineralization discovered by Chevron in the late 1970s will be explored further, with an aggressive exploration program planned [2][5]. - The acquisition includes mineral and surface leases, and is part of a joint venture where enCore holds a 70% stake and Boss Energy Ltd. holds 30% [5]. Group 2: Project Overview - The Alta Mesa Uranium Project operates a fully licensed ISR Central Processing Plant with a total capacity of 1.5 million pounds of uranium per year, plus an additional drying capacity of 0.5 million pounds [4]. - The project utilizes In-Situ Recovery (ISR) technology, which is a non-invasive method for uranium extraction using natural groundwater and oxygen [5]. - Historical production at the Alta Mesa CPP reached nearly 5 million pounds of uranium from 2005 to 2013 before being curtailed due to low prices [6]. Group 3: Future Plans - Initial exploration on Tacubaya will include a 200-hole drilling program, starting in October 2025, with multiple rigs deployed [5]. - The exploration aims to delineate uranium mineralization and project the continuation of productive roll fronts from existing wellfields [5].