enCore Energy provided an operating and financial update highlighting strong growth in uranium production and improved balance sheet capacity as the company moves forward with the development of its US in-situ recovery (ISR) uranium projects. Increased production from South Texas operations and improved liquidity position the company to meet future delivery contracts and increase production capacity.
Uranium production is growing exponentially
Performance improved significantly in 2025 as enCore ramped up production at its South Texas ISR projects.
Key performance metrics:
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Uranium Extraction: 699,807 pounds of U₃O₈, up 242% year over year
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Uranium is delivered under contracts: ~ 655,000 kilograms
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Average contract price: $65.89 a pound
The increase in production reflects improved well field performance and continued upscaling at the Alta Mesa and Rosita ISR facilities.
Cost structure and economics of uranium
The company reported the following cost metrics for uranium delivered in 2025:
Breakdown of production costs:
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Purchased uranium: ~$75.57 a pound
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Depleted uranium: ~$41.90 a pound
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Cost of money in pounds issued: ~$29.48 a pound
This shows that the mining operations in the area have a very low cost compared to the purchased uranium.
Salaries and benefits
Despite the improved performance, the company continued to report net losses due to development costs and expansion spending.
Because FY2025:
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Net loss per share: $(0.30)
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Compared to $(0.34) per share in FY2024, which shows a modest improvement.
Reduced losses reflect higher uranium production and contract delivery.
Liquidity and balance sheet
The company strengthened its financial position during the year.
Highlights of the balance sheet:
The exercise of the warrant extinguished the outstanding warrants and provided additional financing for the development of the project.
Inventory and uranium holdings
By the end of 2025:
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List of Uranium: 132,013 pounds of U₃O₈
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Average inventory cost: $37.77 a pound
The company maintains stock to meet delivery obligations and manage production flexibility.
Strategic project development
enCore Energy continues to expand its US uranium production pipeline.
Key projects include:
South Texas ISR operations
Upper Spring Creek satellite project
Dewey-Burdock Project (South Dakota)
These projects would greatly increase domestic uranium supply in the United States.
Industry context: rising demand for nuclear fuel
The uranium sector is benefiting from renewed interest in nuclear energy as countries seek low carbon baseload energy sources.
Key industry trends supporting demand:
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The growth of nuclear power around the world
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Expansion of small modular reactor (SMR) projects.
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Government efforts to strengthen domestic uranium subsidies.
As one of the few US uranium producers with operational ISR plants, enCore Energy is positioned to benefit from these trends.
Important takeaways
1. Productivity growth is accelerating
Uranium production increased by more than 240% year-on-year, reflecting the increased success of ISR activities.
2. Cost benefit from ISR mining
Extraction costs around $41.90 per pound highlight the efficiency of ISR technology.
3. Balance improves
Liquidity of $96M+ and additional funding from warrant trials strengthens the company’s financial flexibility.
4. A large project pipeline supports future growth
Projects like the Dewey-Burdock and Upper Spring Creek could significantly increase production capacity.
Bottom line
enCore Energy is transforming from a development-stage uranium company to a growing domestic producer. Rapid expansion of uranium mining, improved uranium procurement, and an expanding project pipeline position the company to benefit from the global renewal of nuclear power and increased demand for uranium.
To view the company’s past earnings and recent call records, click here to visit Alphastreet’s news channel.
