Interview with William Sheriff, Executive Chairman of enCore Energy Corp.

Our previous interview: https://www.cruxinvestor.com/posts/encore-energy-tsxv-eu-uranium-production-reset-sparks-opportunity-6905

Recording date: 27th June 2025

enCore Energy Corp (TSXV:EU), the leading in-situ recovery uranium producer in the United States, has achieved a dramatic operational transformation following a strategic reorganization implemented in March 2025. The company has nearly doubled its daily uranium extraction rates from below 2,000 pounds to over 3,700 pounds per day while simultaneously reducing production costs by 20%.

The production surge resulted from accelerated drilling operations and expanded capacity. enCore increased its active drilling rigs from approximately 12-14 to 24 rigs while cutting well installation timelines in half. Executive Chairman William Sheriff emphasized that drilling efficiency represents "the single most important metric in terms of our production," as wells generate the uranium-bearing fluid processed at company facilities.

Alongside production gains, enCore achieved significant cost optimization, reducing cash costs from approximately $40.80 per pound to $32 per pound in the latest quarter. Management targets further reductions to the low-$30s range, with an ultimate goal of $30 per pound. However, Sheriff acknowledged inherent economic limitations, noting the company has "a finite ability to go below a certain level" around the $30 range.

The company strengthened its financial position through strategic asset sales, most notably divesting Anfield Energy shares for nearly $20 million during a cash-constrained period. This divestiture provided crucial liquidity to support operational expansion while maintaining contract fulfillment capabilities.

enCore's growth trajectory continues with the Upper Spring Creek satellite facility, which recently received its radioactive materials license and began construction. The facility is expected to commence production by late 2025 or early 2026, significantly expanding the company's capacity beyond current Rosita and Alta Mesa plant operations.

The operational improvements position enCore advantageously within the uranium sector, which faces supply constraints amid growing nuclear energy demand. As one of few active U.S. producers, the company benefits from domestic supply priorities while avoiding the capital intensity of greenfield development projects.

Learn more: https://www.cruxinvestor.com/companies/encore-energy

Sign up for Crux Investor: https://cruxinvestor.com