enCore Energy (EU) 2025 Precious Metals Summit - Beaver Creek summary

Operational highlights

• Two in-situ recovery uranium plants are operational, with production levels among the highest in the U.S.

• Focus on in-situ recovery due to faster permitting, environmental benefits, and quick reclamation.

• Nearly 50 million pounds of S-K 1300 resources and a strong technical team support operations.

• Proprietary Prompt Fission Neutron technology enables real-time uranium detection at drill sites.

• U.S. uranium production remains far below demand, with significant upside potential.

Strategic initiatives and contracts

• 14 contracts with over six U.S. utilities, front-loaded to recoup capital early.

• 2023 was 110% contracted, leading to market purchases and subsequent strategy adjustments.

• Holds stakes in other companies and manages a large uranium database.

• Ideal sales strategy targets 50% contracted and 50% spot market exposure.

Financial position and project pipeline

• Market cap is about $500 million, with $100–$115 million in cash after a $115 million convertible note.

• Funds secured for exploration and initial capital for Dewey Burdock, a multi-decade project in South Dakota.

• Dewey Burdock is on the U.S. FAST-41 fast track, aiming for production by 2028.

• Alta Mesa and Rosita plants have significant capacity, with new projects in development and permitting.