[Cautionary Note Regarding Forward-Looking Statements](index=4&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section outlines forward-looking statements, their inherent risks, uncertainties, and underlying material assumptions [Cautionary Note Regarding Forward-Looking Statements](index=4&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements_Content) This section outlines forward-looking statements and information, identifying common terminology and specifying that these statements are not historical facts but reflect current views subject to known and unknown risks, uncertainties, assumptions, and other factors, also listing key material assumptions and potential risks that could cause actual results to differ materially - Forward-looking statements are not historical facts and are made as of the date of this Quarterly Report, reflecting the Company's current views with respect to future events[12](index=12&type=chunk)[13](index=13&type=chunk)[17](index=17&type=chunk) - Material assumptions include the Company's future financial and operational performance, sufficiency of working capital, timing of work programs, future exchange rates, estimated capital costs, plans for property/exploration/development, regulatory approvals, uranium market prices, and potential impacts of litigation[13](index=13&type=chunk)[14](index=14&type=chunk) - Key risks and uncertainties that could cause actual results to differ materially include budget assumptions, ability to raise additional capital, regulatory approvals, demand/supply of uranium, market prices, tax rates, decommissioning obligations, mineral resource estimates, compliance with environmental/safety regulations, political instability, negative operating cash flows, and material weaknesses in internal controls[15](index=15&type=chunk)[16](index=16&type=chunk) [PART I - FINANCIAL INFORMATION](index=8&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This part presents the company's unaudited consolidated financial statements and management's discussion and analysis [Item 1. Financial Statements](index=8&type=section&id=Item%201.%20Financial%20Statements) This section presents enCore Energy Corp.'s unaudited consolidated financial statements, including balance sheets, statements of operations, comprehensive loss, cash flows, and stockholders' equity, with detailed notes [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) This section presents the company's financial position, detailing assets, liabilities, and equity at specific reporting dates | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Cash and cash equivalents | $26,897 | $39,701 | | Inventory, net | $9,678 | $20,967 | | Total current assets | $49,918 | $87,414 | | Mineral rights and properties, net | $267,350 | $271,922 | | Total assets | $359,379 | $392,722 | | Total current liabilities | $19,721 | $30,080 | | Total liabilities | $64,460 | $74,180 | | Total equity | $294,919 | $318,542 | [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) This section details the company's revenues, cost of sales, gross profit or loss, operating loss, and net loss over specific reporting periods | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $3,664 | $5,320 | $21,904 | $35,714 | | Cost of sales | $2,534 | $10,428 | $20,796 | $41,291 | | Gross profit (loss) | $1,130 | $(5,108) | $1,108 | $(5,577) | | Operating loss | $(19,277) | $(22,972) | $(34,903) | $(35,249) | | Net loss | $(8,835) | $(23,621) | $(34,222) | $(31,363) | | Net loss attributable to enCore Energy Corp. | $(6,326) | $(22,019) | $(30,569) | $(29,301) | | Net loss per share (basic and diluted) | $(0.03) | $(0.12) | $(0.16) | $(0.16) | [Consolidated Statements of Comprehensive Loss](index=10&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Loss) This section presents the company's net loss and other comprehensive income or loss components for specific reporting periods | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss | $(8,835) | $(23,621) | $(34,222) | $(31,363) | | Foreign currency translation adjustment | $1,264 | $(1,117) | $1,329 | $(915) | | Comprehensive loss | $(7,571) | $(24,738) | $(32,893) | $(32,278) | | Comprehensive loss attributable to enCore Energy Corp. | $(5,062) | $(23,136) | $(29,240) | $(30,216) | [Consolidated Statements of Cash Flow](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flow) This section reports the cash inflows and outflows from operating, investing, and financing activities for the reporting periods | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(17,629) | $(40,117) | | Net cash provided by (used in) investing activities | $(2,115) | $(10,914) | | Net cash provided by financing activities | $6,551 | $99,327 | | Cash, cash equivalents and restricted cash, end of period | $34,922 | $63,455 | [Consolidated Statements of Stockholders' Equity](index=14&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) This section details changes in the company's equity accounts, including common stock, additional paid-in capital, and accumulated deficit | Metric (in thousands) | Balance at January 1, 2025 | Balance at June 30, 2025 | | :-------------------------------- | :------------------------- | :----------------------- | | Common Stock Shares | **186,115** | **187,058** | | Common Stock Amount | **$380,325** | **$381,861** | | Additional Paid-in-Capital | **$59,856** | **$66,500** | | Accumulated Deficit | **$(150,848)** | **$(181,417)** | | Total Equity | **$318,542** | **$294,919** | [Notes to Consolidated Financial Statements](index=18&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations and breakdowns of figures in the consolidated financial statements, covering accounting policies and specific account balances [Note 1. Nature of Operations](index=18&type=section&id=Note%201.%20Nature%20of%20Operations) This note describes the company's primary business activities, focusing on uranium acquisition, exploration, development, and extraction - enCore Energy Corp. is primarily engaged in the acquisition, exploration, development, and extraction of uranium resource properties in the United States[39](index=39&type=chunk) - The Company utilizes In-Situ Recovery (ISR) technology for domestic uranium extraction to fuel clean, reliable, and carbon-free nuclear energy[40](index=40&type=chunk) - As of **June 30, 2025**, the Company is classified as an 'Exploration Stage Issuer' as it has not established proven or probable mineral reserves[41](index=41&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=18&type=section&id=Note%202.%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the key accounting principles and methods used in preparing the consolidated financial statements - Effective **January 1, 2025**, the Company became a U.S. Domestic Issuer and prepares its consolidated financial statements in accordance with U.S. GAAP[43](index=43&type=chunk) - The Company consolidates entities it controls, including the Alta Mesa Project (**70% interest**) which is considered a Variable Interest Entity (VIE) where enCore is the primary beneficiary[46](index=46&type=chunk)[47](index=47&type=chunk) - As an Exploration Stage company, expenditures for mineral rights acquisition are capitalized, while exploration and pre-extraction expenditures are expensed until proven or probable reserves are established[52](index=52&type=chunk)[53](index=53&type=chunk) - Inventories are measured at the lower of cost and net realizable value, and marketable equity securities are classified as available-for-sale, with changes in fair value recognized in other income (loss)[62](index=62&type=chunk)[63](index=63&type=chunk) - The Company adopted ASU **2023-07** (Segment Reporting) effective **January 1, 2

Q2 2025 Financial and Operational Results Overview [Highlights for Q2 2025](index=1&type=section&id=Highlights_for_Q2%202025) The second quarter of 2025 saw significant improvements in operational efficiency, leading to increased U3O8 extraction and a reduced net loss per share compared to the prior year [Operational Highlights (Q2 2025)](index=1&type=section&id=Operational_Highlights_%28Q2%202025%29) Operational efficiency at Alta Mesa continued to improve, with monthly increases in U3O8 extraction, averaging 2,678 pounds per day in June 2025 - Improvements in operational efficiency at Alta Mesa In-Situ Recovery ("ISR") Uranium CPP and Wellfield continued through Q2 2025, with monthly increases in U3O8 extraction[3](index=3&type=chunk) Daily U3O8 Production (Q2 2025) | Month | Pounds per day | | :---- | :------------- | | June 2025 | 2,678 | | May 2025 | 2,103 | | April 2025 | 1,942 | - U3O8 extraction for Q2 2025 totaled **203,798 pounds**, an increase of **89,983 pounds or 79%** from Q1 2025[4](index=4&type=chunk) [Financial Highlights (Q2 2025)](index=1&type=section&id=Financial_Highlights_%28Q2%202025%29) The company reported a significantly reduced net loss per share and successful sales of U3O8 at favorable prices, alongside a healthy inventory balance Key Financial Metrics (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :----------------------- | :------ | :------ | :----- | | Net loss per share | $(0.03) | $(0.12) | Improved | - Sale (delivery) into contract of **60,000 pounds of uranium ("U3O8")** at a sales price of **$61.07** and a weighted average cost of **$42.23**[4](index=4&type=chunk) - Closing balance of **244,204 pounds of U3O8** in inventory at a cost of **$39.63 per pound**[4](index=4&type=chunk) [Highlights for H1 2025](index=1&type=section&id=Highlights_for_H1%202025) The first half of 2025 was marked by substantial U3O8 deliveries into sales contracts and a significant reduction in the weighted average cost of U3O8 sold compared to the previous year [Financial Highlights (H1 2025)](index=1&type=section&id=Financial_Highlights_%28H1%202025%29) The company delivered a substantial amount of U3O8 into sales contracts at a strong average price, while significantly reducing the cost of U3O8 sold. No U3O8 purchases are planned for 2025 Key Financial Metrics (H1 2025 vs. H1 2024) | Metric | H1 2025 | H1 2024 | Change | | :-------------------------------- | :------ | :------- | :----- | | Weighted average cost of U3O8 sold | $59.42/lb | $100.71/lb | Reduced | - Delivery of **350,000 pounds of U3O8** into sales contracts at an average price of **$62.58 per pound**[4](index=4&type=chunk) - No U3O8 has been, nor is forecasted to be, purchased in 2025[4](index=4&type=chunk) - Closing cash and equivalent balance of **$26.9 million** with working capital of **$30.2 million**[4](index=4&type=chunk) Detailed Financials and Costs [Total Costs of U3O8 Sold in Q2 2025](index=2&type=section&id=Total_Costs_of_U3O8_Sold_in_Q2%202025) The total cost of 350,000 pounds of U3O8 sold in Q2 2025 was $59.42 per pound, with extracted uranium having a significantly lower cost per pound compared to purchased uranium Total Costs of U3O8 Sold (Q2 2025) | Category | Pounds U3O8 | Cost ('000) | Cost/pound | | :----------------- | :---------- | :---------- | :--------- | | Total Cost of all Pounds | 350,000 | $20,796 | $59.42 | | Purchased (2024) | 225,000 | $15,430 | $68.58 | | Extracted total cost | 125,000 | $5,365 | $42.92 | | Extracted cash cost | - | $3,607 | $28.86 | | Extracted non-cash cost | - | $1,758 | $14.06 | [Inventory Remaining on Hand (End Q2 2025)](index=2&type=section&id=Inventory_Remaining_on_Hand_%28End%20Q2%202025%29) At the end of Q2 2025, enCore held 244,204 pounds of U3O8 inventory at an average cost of $39.63 per pound, with the majority being lower-cost extracted uranium Inventory Remaining on Hand (End Q2 2025) | Category | Pounds U3O8 | Cost ('000) | Cost/pound | | :----------------- | :---------- | :---------- | :--------- | | Total Cost of Inventory | 244,204 | $9,678 | $39.63 | | Purchased (2024) | 20,000 | $1,188 | $59.42 | | Extracted total cost | 224,204 | $8,490 | $37.87 | | Extracted cash cost | - | $6,098 | $27.20 | | Extracted non-cash cost | - | $2,392 | $10.67 | Operational Developments and Project Overviews [Alta Mesa Project Updates](index=2&type=section&id=Alta_Mesa_Project_Updates) Wellfield development at Alta Mesa's Wellfield 7 continued to expand with 75 new wells, part of an accelerated ramp-up strategy. The project is a 70/30 joint venture with Boss Energy Limited, managed by enCore, with a total operating capacity of 1.5 million pounds uranium per year - Wellfield development at the Alta Mesa Project's Wellfield 7 continued to expand throughout Q2 2025 with the addition of **75 wells** (35 extraction, 40 injection), as part of an ongoing ramp-up strategy[9](index=9&type=chunk) - The Company anticipates increasing the number of drill rigs operating to **30** in Q3 2025, up from **24** at the end of Q2[9](index=9&type=chunk) - The Alta Mesa Uranium Project hosts a fully licensed and constructed ISR Central Processing Plant and operational wellfield, operating under a **70/30 joint venture** with Boss Energy Limited, managed by enCore[10](index=10&type=chunk) - Total operating capacity at the Alta Mesa CPP is **1.5 million pounds uranium per year** with additional drying capacity of **0.5 million pounds**[10](index=10&type=chunk) [Upper Spring Creek ISR Uranium Project](index=2&type=section&id=Upper_Spring_Creek_ISR_Uranium_Project) Significant permitting progress was made for the Upper Spring Creek ISR Uranium Project, with its inclusion in the existing Radioactive Materials License, allowing for construction of wellfields and a Satellite IX Plant. This 100% Company-owned project is planned as a Satellite IX Plant operation for the Rosita CPP - Important permitting progress during Q2 2025 included the Upper Spring Creek ISR Uranium Project in the existing Radioactive Materials License ("RML") from the TCEQ, allowing construction of wellfields and a Satellite Ion Exchange ("IX") Plant[9](index=9&type=chunk) - Construction activities for the Satellite IX Plant commenced during the quarter[9](index=9&type=chunk) - The **100% Company-owned** Upper Spring Creek Project is a planned Satellite ion exchange ("IX") Plant operation for the Rosita CPP[12](index=12&type=chunk) [Rosita ISR Uranium Central Processing Plant](index=3&type=section&id=Rosita_ISR_Uranium_Central_Processing_Plant) The Rosita CPP serves as a central processing hub, receiving uranium-loaded resin from remote Satellite IX Plants across South Texas, enabling cost-effective and modular operations - The Rosita CPP can receive uranium-loaded resin from remote project areas across the South Texas region through a network of Satellite IX Plants[13](index=13&type=chunk) - These modular, efficient, and relocatable IX Plants allow for cost-effective operation across multiple sites without the need to construct full processing facilities at each location[13](index=13&type=chunk) Corporate Information and Disclosures [Investor Information](index=4&type=section&id=Investor_Information) enCore's full interim financial statements and Management's Discussion and Analysis are available in the Company's Quarterly Report on Form 10-Q, filed with the SEC - 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, filed with the SEC[14](index=14&type=chunk) - The report can be accessed at www.sec.gov and on enCore's investor relations page at www.encoreuranium.com[14](index=14&type=chunk) [Technical Disclosure and Qualified Person](index=4&type=section&id=Technical_Disclosure_and_Qualified_Person) Technical disclosure in the news release has been reviewed and approved by John M. Seeley, enCore's Chief Geologist and a Qualified Person - John M. Seeley, Ph.D., P.G., C.P.G., enCore's Chief Geologist, and a Qualified Person under Canadian National Instrument 43-101 and S-K 1300, has reviewed and approved the technical disclosure in this news release[15](index=15&type=chunk) [About enCore Energy Corp.](index=4&type=section&id=About_enCore_Energy_Corp.) enCore Energy Corp. positions itself as America's Clean Energy Company™, focused on providing clean, reliable, and affordable fuel for nuclear energy through its ISR uranium operations, with multiple central processing plants and a pipeline of future projects - enCore Energy Corp., America's Clean Energy Company™, is committed to providing clean, reliable, and affordable fuel for nuclear energy[16](index=16&type=chunk) - The company is the only United States uranium company with multiple central processing plants in operation, solely utilizing ISR for uranium extraction[16](index=16&type=chunk) - enCore operates the **100% owned Rosita CPP** in South Texas and manages the **70/30 joint venture** with Boss Energy Ltd. at Alta Mesa[17](index=17&type=chunk) - Future projects in enCore's planned project pipeline include the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming[18](index=18&type=chunk) [Cautionary Note Regarding Forward Looking Statements](index=5&type=section&id=Cautionary_Note_Regarding_Forward_Looking_Statements) The press release contains forward-looking statements based on management's expectations, which are subject to significant risks and uncertainties that could cause actual results to differ materially - This press release contains "forward-looking statements" regarding future or potential extraction, success of ISR operations, development plans, and uranium purchase forecasts[21](index=21&type=chunk)[22](index=22&type=chunk) - These statements are not guarantees of future results and are subject to important risks and uncertainties, many beyond the Company's control, that could cause actual results to differ materially[22](index=22&type=chunk) [Non-GAAP Financial Measures](index=6&type=section&id=Non-GAAP_Financial_Measures) The press release includes non-GAAP financial measures such as total cost of extracted pounds and uranium cost per extracted pound, which are used to evaluate operational efficiency but should not be considered in isolation from GAAP results - This press release contains non-GAAP financial measures, including total cost of extracted pounds, uranium cost per extracted pound, total cost of extracted inventory, and uranium cost per pound of extracted inventory[23](index=23&type=chunk) - These non-GAAP measures are used in evaluating the efficiency and cost-effectiveness of the Company's extraction operations and overall cost structure[23](index=23&type=chunk) - The presentation of non-GAAP financial measures should not be considered in isolation or as a substitute for reported results under U.S. GAAP, and may not be comparable to similarly titled measures used by other companies[23](index=23&type=chunk)

Core Insights - enCore Energy Corp. reported its financial and operational results for the six months ended June 30, 2025, highlighting significant operational improvements and financial metrics [1][5]. Financial Performance - For the three months ended June 30, 2025, the company recorded a net loss per share of $(0.03), an improvement from $(0.12) in the same period of 2024 [5]. - The weighted average cost of U3O8 sold was $59.42 per pound, down from $100.71 per pound in the same period of 2024 [5]. - The closing cash and equivalent balance was $26.9 million, with working capital of $30.2 million [5]. Operational Updates - The company extracted 203,798 pounds of U3O8 in Q2 2025, representing an increase of 79% from the first quarter of 2025 [5]. - Daily production averaged 2,678 pounds in June 2025, up from 2,103 pounds in May and 1,942 pounds in April 2025 [5]. - The company delivered 350,000 pounds of U3O8 into sales contracts at an average price of $62.58 per pound [5]. Inventory and Costs - The closing balance of U3O8 inventory was 244,204 pounds at a cost of $39.63 per pound [5]. - Total costs of U3O8 sold in Q2 2025 amounted to $20,796, with a cost per pound of $59.42 [4]. Project Developments - The Alta Mesa ISR Uranium Project continues to expand, with the addition of 75 wells during the second quarter [5]. - The company made important permitting progress by including the Upper Spring Creek ISR Uranium Project in the existing Radioactive Materials License from the Texas Commission on Environmental Quality [5]. - Construction activities for the wellfields and a Satellite Ion Exchange Plant commenced during the quarter [5]. Future Outlook - The company plans to increase the number of drill rigs operating to 30 in the third quarter of 2025 [5]. - Future projects in the pipeline include the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming [17].

Core Viewpoint - enCore Energy Corp. has promoted Mr. Dain McCoig to Chief Operating Officer, recognizing his leadership in significantly increasing uranium extraction rates at the Alta Mesa In-Situ Recovery Uranium Central Processing Plant since March 2025 [1][3] Operational Updates - The company reported uranium extraction rates for June 2025 at 80,346 lbs U3O8, an increase from 65,188 lbs in May, and a substantial rise from 15,647 lbs in January [2] - In Q2 2025, enCore extracted 203,797 lbs of uranium, up from 113,816 lbs in Q1, with 75 new wells installed in Wellfield 7 during the quarter [5] - The number of active drill rigs in South Texas has increased to 25, with plans to expand to 30 rigs by August 2025 [5] Leadership and Expertise - Mr. McCoig has over 18 years of experience in mining and mineral processing, previously serving as Vice President of Operations at Alabama Graphite Products [4][6] - His leadership has been pivotal in aligning field performance with corporate strategy, contributing to the company's growth as a leading U.S. ISR uranium extraction company [3] Project and Capacity Details - The Alta Mesa Uranium Project operates a fully licensed ISR Central Processing Plant with a total operating capacity of 1.5 million lbs of uranium per year [7] - The project utilizes ISR technology for non-invasive uranium extraction, with plans for continued expansion of the wellfield through 2025 and beyond [8] Future Plans - enCore is actively searching for a new Chief Financial Officer to support its expanding operations, focusing on candidates with experience in commodity production and U.S. public company operations [9] - Future projects in the pipeline include the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming [12]

Core Insights - Elanco Animal Health has received approval from the European Commission for Zenrelia™ (ilunocitinib), marking a significant milestone in the EU canine dermatology market [1][2][3] Group 1: Product Approval and Market Impact - Zenrelia is recognized as a highly effective, convenient, and safe once-daily oral JAK inhibitor for controlling pruritus associated with allergic dermatitis and atopic dermatitis in dogs aged at least 12 months [2][3] - The approval reinforces Elanco's position as a leader in pet health innovation and is expected to enhance the treatment options available for veterinarians and pet owners in Europe [3][4] Group 2: Clinical Study and Efficacy - A head-to-head non-inferiority study against the market leader, Apoquel, involved 338 client-owned dogs and demonstrated that Zenrelia is at least as effective as the incumbent JAK inhibitor at the primary endpoint on Day 28 [4] - The study results have been published in the peer-reviewed journal Veterinary Dermatology, further validating the product's efficacy [4] Group 3: Commercial Strategy and Launch - Elanco's commercial teams are prepared for an immediate product launch, with supply availability expected in the third quarter of 2025 [4][8] - Zenrelia will join Elanco's growing pet health portfolio in Europe, which includes other products like AdTab, Credelio, and Galliprant [4]

Company Overview - enCore Energy aims to produce 3 million pounds of U3O8 per year by the end of 2026 and 5 million pounds of U3O8 per year by the end of 2028 [26] - The company has a market capitalization of $835,566,936 USD as of February 12, 2024 [34] Production and Operations - Rosita Central ISR Uranium Processing Plant (CPP) restarted production in November 2023 and is expected to produce approximately 200,000 pounds of U3O8 per year [65, 92] - The Rosita CPP has a licensed production capacity of 800,000 pounds of U3O8 per year, with the potential to double capacity within existing licenses [67] - Alta Mesa CPP is planned for production in 2024, with an initial production target of approximately 500,000 pounds [16, 96] - The combined capacity of the company's three fully licensed CPPs (Rosita, Kingsville Dome, and Alta Mesa) is 3.6 million pounds of U3O8 per year [82] Resource Estimates - Alta Mesa and Mesteña Grande have total Measured and Indicated Mineral Resources of 1,570,000 tons at 0.109% U3O8, containing 3.41 million pounds of U3O8 [95] - Alta Mesa and Mesteña Grande have total Inferred Mineral Resources of 6,996,000 tons at 0.120% U3O8, containing 16.793 million pounds of U3O8 [95] - Dewey-Burdock Project has Measured and Indicated ISR Resources of 7,388,222 tons at an average grade of 0.116% U3O8, containing 17.12 million pounds [102] - Gas Hills Project has Measured & Indicated ISR mineral resources of 3.83 million tons at 0.101% eU3O8, attributable to 7.71 million pounds U3O8 [111] - Crownpoint & Hosta Butte Project has total Indicated Mineral Resource of 10.96 million tons at Grade eU3O8 0.117 %, attributable U3O8 is 25.70 million pounds [124] Market and Strategy - The company has four uranium sales agreements in place [23, 87] - The company is pursuing a non-core asset divestment strategy [25, 136] - The company is investing in new technologies like Prompt Fission Neutron (PFN) technology [25, 58, 137]

Core Viewpoint - enCore Energy Corp. has achieved record uranium extraction rates at the Alta Mesa In-Situ Recovery (ISR) Uranium Central Processing Plant since operations began in June 2024, driven by management changes and operational efficiencies [1][2][3] Group 1: Operational Highlights - The Alta Mesa Project's Wellfield 7 has expanded with the addition of 28 wells, including 13 extraction wells and 15 injection wells, as part of a strategy to ramp up wellfield expansion every 4 to 5 weeks [2] - The company operates 24 drill rigs across its South Texas operations, indicating a consistent acceleration in wellfield development [2][5] - Recent uranium capture rates exceeded 3,000 pounds per day, peaking at 3,705 pounds on June 20, 2025, with an average of 2,410 pounds per day for the first 22 days of June 2025 [5] Group 2: Legislative Support - The company commended the Texas Legislature for passing legislation that streamlines the uranium recovery permitting process, which is expected to promote nuclear energy in Texas [1][3] Group 3: Project Capacity and Technology - The Alta Mesa CPP has a total operating capacity of 1.5 million pounds of uranium per year, with an additional drying capacity of 0.5 million pounds [4] - The project utilizes ISR technology, which is a non-invasive method for uranium extraction using natural groundwater and oxygen [6] Group 4: Future Projects - enCore Energy is planning future projects, including the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming, as part of its project pipeline [11]

Core Insights - enCore Energy Corp. has disposed of 170,000,000 common shares of Anfield Energy Inc. at a price of $0.115 per share, resulting in total proceeds of $19,550,000 CAD [1] - Following the transaction, enCore no longer holds any common shares of Anfield, marking a 14.73% decrease in ownership on an undiluted basis [2] - Since the last early warning report on January 15, 2024, enCore's holdings in Anfield have decreased by approximately 16.02% [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 [5] - The company operates the Rosita Central Processing Plant in South Texas and has a joint venture for the Alta Mesa Central Processing Plant with Boss Energy Ltd. [5] - enCore utilizes in-situ recovery (ISR) for uranium extraction, a technology co-developed by its leadership, and has future projects planned in South Dakota and Wyoming [6]

Global Defense Spending - Global defense spending reached an all-time high of $2.72 trillion in 2024, marking a 9.4% year-over-year increase, the sharpest rise since the Cold War era [1] - The top five spenders—United States, China, Russia, Germany, and India—accounted for 60% of the global defense budget, with U.S. military expenditure growing by 5.7% to $997 billion, representing 37% of total global defense spending [2] European Union Defense Spending - EU member states are expected to increase annual defense spending by around €80 billion ($84 billion) by 2027, equivalent to roughly 0.5% of GDP [6] - Defense expenditures in the euro area accounted for 1.8% of GDP in 2024, projected to rise to 2.4% by 2027, with Germany's military spending jumping 28% to $88.5 billion [7] Factors Driving Increased Spending - Global defense spending has been rising since Russia's invasion of Ukraine, with Europe significantly increasing military equipment purchases from non-EU suppliers [8] - All 32 NATO members increased defense budgets in 2024, with 18 countries meeting or exceeding the bloc's 2% of GDP target [9] Aerospace and Defense Sector Performance - The aerospace sector saw earnings grow by 23.2% in Q1, with an 85.7% beat ratio, while revenues increased by 0.2% with a 71.4% beat ratio [5] - The Zacks Aerospace-Defense industry ranks in the top 20% of over 250 Zacks industries, indicating strong investor interest in defense and aerospace stocks [10] Exchange-Traded Funds (ETFs) in Aerospace and Defense - Several ETFs focus on the aerospace and defense sector, including iShares U.S. Aerospace & Defense ETF (ITA), Invesco Aerospace & Defense ETF (PPA), and SPDR S&P Aerospace & Defense ETF (XAR), each with varying fee structures [12][13][14] - The Global X Defense Tech ETF (SHLD) provides exposure to defense technology companies, with a significant allocation to the U.S. [15]

Core Points - A class action securities lawsuit has been filed against enCore Energy Corp. for alleged securities fraud affecting investors between March 28, 2024, and March 2, 2025 [1][2] - The lawsuit claims that enCore Energy lacked effective internal controls over financial reporting, could not capitalize certain exploratory and development costs under GAAP, and that these issues led to substantially increased net losses [2] - Defendants' positive statements regarding enCore's business, operations, and prospects are alleged to be materially misleading and lacking a reasonable basis [2] Next Steps - Investors who suffered losses during the specified timeframe have until May 13, 2025, to request appointment as lead plaintiff, although participation in any recovery does not require serving as lead plaintiff [3] - Class members may be entitled to compensation without any out-of-pocket costs or fees [3] Firm Background - Levi & Korsinsky has a history of securing hundreds of millions of dollars for shareholders and has extensive expertise in complex securities litigation [4] - The firm has been recognized in ISS Securities Class Action Services' Top 50 Report for seven consecutive years as one of the top securities litigation firms in the United States [4]