enCore Energy Reports Q2 2026 Financial Results

enCore Energy Corp. (NASDAQ: EU) announced today its financial and operational results for the six months ended June 30, 2026. Results for the six months ended June 30, 2026 include: U3O8 Inventory Total Costs of U3O8 Sold Loss per Share: Net loss per share of $0.19 versus $0.16 for the same period 2025. The increased loss was driven primarily by lower extraction and a fair value adjustment of Verdera Energy Corp. shares, as described in the Form 10-Q; Uranium Deliveries: Delivery into contracts of 485,000 pounds of uranium (U 3 O 8) at an average sales price of $70.10 per pound, compared to 350,000 pounds of U 3 O 8 at an average sales price of $62.58 per pound in the same period 2025; Operating Margin: Weighted average cost of delivered U 3 O 8 increased to $75.54 per pound including 360,000 purchased pounds, compared to a weighted average cost of $59.42 per pound in the same period 2025; Uranium Extraction: U 3 O 8 extraction of 131,274 pounds, a decrease from 317,613 pounds during the same period 2025; Costs: Higher year to date 2026 extraction costs of $57.36 per pound compared to $42.92 for the same period 2025 due to lower extraction; Inventory: Closing balance of 203,304 pounds of U 3 O 8 in inventory at a weighted average cost of $70.81 per pound; Total liquidity of $88.4 million, including $21.8 million of unrestricted cash, $52.2 million of marketable securities, and $14.4 million of inventory. Adjusted total liquidity as of June 30, 2026 was $73.5 million, which excludes marketable securities of $14.9 million in Verdera Energy Corp.

Operational Updates: Alta Mesa Project: Final permitting to begin extraction operations from Wellfield 3 Extension is anticipated in Q4-2026. Costs have been fully expensed, and the Wellfield is ready for immediate operation upon receipt of final permits. Alta Mesa's Wellfield 7 is scheduled to cease recovery during Q3-2026 due to anticipated depletion as the end of its natural life approaches. Final permits for Wellfield 8 are anticipated by the end of Q1-2027; Alta Mesa East Exploration: Drilling with 3 to 5 rigs continued throughout the quarter and is ongoing. Results to date have met or exceeded expectations and initial permitting is underway. Drilling is projected to continue through the current quarter and into Q4-2026. New drill results will be reported in the coming weeks and months; Rosita Project and Upper Spring Creek Project: Initial start-up extraction from the Upper Spring Creek Wellfield and Satellite IX Plant is anticipated to feed the Rosita Central Processing Plant immediately upon receipt of final permits, which are anticipated in Q4-2026. Costs have been fully expensed in prior periods and the plant is ready for immediate operation upon receipt of final permits; Improved Outlook: The new operation at Upper Spring Creek coupled with the new wellfields at Alta Mesa position enCore for improved extraction and greater operating efficiency as the Company moves into 2027; Dewey Burdock ISR Uranium Project: On June 22, 2026, the Company announced important permitting progress highlighted by the Dewey Burdock ISR Uranium Project receiving a 20-year renewal of the Source Materials License (SUA-1600) effective until June 2046, following the Bureau of Land Management approval to commence infrastructure construction. The Project has now received all necessary federal permits. The Project entered State of South Dakota permitting on June 15, 2026, which is under review by the Department of Agriculture & Natural Resources. Although we anticipate development in 2028, this is subject to receiving permits from the state; Reduction in Expenses: In July 2026, management executed on its plan for reducing costs with a reduction in workforce following a rationalization of staffing needs across the Company. While this reduction was initiated during the ...