We received from enCore Energy Corp. and we are glad to publish the following press release:
“enCore Energy Corp. (NASDAQ: EU) (TSXV: EU) (the “Company” or “enCore“), America’s Clean Energy Company™, today announced its financial and operational results for the three and nine months ended September 30, 2026. Third quarter revenue increased 88% year over year to $16.7 million on higher uranium deliveries and a stronger average realized price, while the Company continued wellfield development at Alta Mesa and Upper Spring Creek ahead of final regulatory authorizations and took steps to reduce costs and align spending with permitting timelines.
“2026 has been a challenging year for enCore, and we have responded by reducing costs and focusing our capital where it matters most,” said Chief Executive Officer Rich Little. “We optimized operations to align spending with permitting timelines, while continuing to build the wellfields and infrastructure that underpin our next phase of extraction. The first phase of the Upper Spring Creek facility and wellfield and the Alta Mesa wellfield 3 Extension are complete and awaiting receipt of final TCEQ approvals. Key federal approvals are in hand at Dewey Burdock.”
Third Quarter and Nine-Month 2026 Highlights:
- Revenue: Revenue of $16.7 million, compared with $8.9 million in the third quarter of 2025, reflecting delivery of 200,000 pounds of U₃O₈ compared with 130,000 pounds in the third quarter of 2025. Average realized sales price was approximately $83.46 per pound versus $68.28 per pound.
- Cost of Sales: Cost of sales of $17.4 million, compared with $5.0 million in the third quarter of 2025; weighted average cost of uranium sold was $87.22 per pound versus $38.35 per pound, primarily reflecting a higher proportion of purchased uranium.
- Gross Margin: Gross loss of $0.8 million versus gross profit of $3.9 million in the third quarter of 2025, primarily reflecting the higher cost of purchased uranium included in sales during the quarter.
- Net Loss: Net loss attributable to enCore of $33.9 million, or $0.17 per basic and diluted share, versus $4.8 million, or $0.03 per share, in the third quarter of 2025. Results included a $17.0 million realized loss and $5.7 million unrealized gain on marketable securities.
- Liquidity: As of September 30, 2026, unrestricted cash and cash equivalents were $5.1 million, marketable securities were $33.6 million, and inventory was $6.4 million. Working capital was $47.3 million. Marketable securities and inventory are not equivalent to unrestricted cash.
- Nine-Month Revenue: Revenue increased to $50.7 million compared to $30.8 million in the nine months ended September 30, 2025. Uranium deliveries increased to 685,000 pounds compared to 480,000 pounds; average realized sales price was approximately $74.00 per pound versus $64.13 per pound for the same period.
- Nine-Month Cost of Sales: Cost of sales increased to $54.1 million from $25.8 million, with weighted average cost per pound sold of $78.95 versus $53.71 for the nine months ended September 30, 2025. Of the 685,000 pounds sold in the nine months ended September 30, 2026, 560,000 pounds were purchased uranium, and 125,000 pounds were extracted uranium.
- Operating Cash Flow: Net cash used in operating activities was $47.4 million for the nine months ended September 30, 2026, compared with $37.9 million in the corresponding prior-year period.
- Nine-Month Net Loss: Net loss attributable to enCore was $70.0 million, or $0.36 per share, compared with $35.3 million, or $0.19 per share, in the prior-year period.
Operational Updates:
- Alta Mesa – wellfield 3 Extension: The wellfield is ready for extraction, and the Company is awaiting final regulatory approval. enCore expects to begin extraction before the end of 2026.
- Alta Mesa – wellfield 8: Development drilling continues, and the Company expects to begin extraction in early 2027.
- Upper Spring Creek: The first phase of the satellite facility and wellfield development are complete. Operations are expected to commence before the end of 2026.
- Alta Mesa East: Exploration drilling and preparation of permitting applications continue for an expansion into the adjacent project area.
- Dewey Burdock: Key federal permitting milestones achieved to date include Environmental Protection Agency Class III and V underground injection control permits received in October 2025 and Bureau of Land Management approval of the Plan of Operations on June 15, 2026. Preliminary engineering is ongoing for the plant site and evaporation ponds, and the Company continues to advance state permitting.
- Cost Discipline: In response to permitting delays in South Texas, which have reduced estimated 2026 extraction volumes, the Company executed a reduction in force in July 2026 that reduced overall headcount by approximately 20%. The Company also reduced rig activity to better align spending with permitting timelines and operational priorities”.
care of the redaction
please follow us also with a like on Instagram, website: www.globalmedianews.info
