enCore Energy Expands Uranium Extraction Capacity at Alta Mesa; Accelerated Wellfield Development Underway

Core Viewpoint - enCore Energy Corp. has successfully started its second Ion Exchange Circuit at the Alta Mesa In-Situ Recovery Uranium Central Processing Plant, doubling the total flow capacity from 2,500 GPM to 5,000 GPM, which is crucial for increasing uranium capture rates [1][4]. Group 1: Expansion and Capacity - The second IX Circuit and additional injection and extraction wells in Wellfield 7 utilize approximately 75% of the current processing capacity [2]. - The Alta Mesa CPP now operates two of its three fully licensed IX Circuits, with a total flow capacity of 5,000 GPM [4][6]. - A third IX Circuit is planned for recommissioning in 2026, which will increase processing capacity to 7,500 GPM, achieving 100% IX capacity [13]. Group 2: Uranium Capture Efficiency - The wellfield decline curve at Alta Mesa shows a steep recovery, achieving approximately 80% uranium capture in just over 4 months, compared to 12 to 15 months for other Wyoming ISR operations [4]. - The company has added 43 injection wells and 36 recovery wells to Wellfield 7, contributing to a flow rate of 1,450 GPM [4]. - An aggressive drilling and well completion schedule is necessary to maintain high uranium capture rates, with 17 drill rigs currently focused on increasing extraction at Alta Mesa [4]. Group 3: Future Developments - Work is underway to return Wellfield 6 to operation within the next 6 months, which has a remaining resource of 370,000 lbs. of uranium [4]. - The company plans to expand its drilling program, with additional rigs expected to come online in the coming months [4]. - Construction and installation of the wellfield at the Upper Spring Creek Project will commence once final permits are received, anticipated before year-end [4]. Group 4: Company Overview - enCore Energy Corp. is the only U.S. uranium company with multiple Central Processing Plants in operation, committed to providing clean and reliable nuclear fuel [8]. - The Alta Mesa Project operates under a 70/30 joint venture with Boss Energy Limited and has a total operating capacity of 1.5 million lbs. U3O8 per year [5]. - The company utilizes well-known ISR technology for uranium extraction, which is a non-invasive process [6].