EU News & Events

EnCore Energy files $700M mixed securities shelf

enCore Energy announced that the Bureau of Land Management, or BLM, has issued a final decision and approved the Dewey Burdock Uranium Project, authorizing the company to commence infrastructure construction for the Dewey Burdock Uranium In-Situ Recovery - ISR - Project in Southwest South Dakota. With the execution of the final Environmental Assessment and Finding of No Significant Impact, the BLM authorizes enCore's wholly owned subsidiary Powertech to construct initial ancillary infrastructure on approximately 240 acres of BLM-managed public land within the larger 10,580-acre Dewey Burdock Project. The authorized work under the BLM EA includes construction of portions of the primary and secondary access roads, light-use roads, four groundwater monitoring wells, and overhead power lines. The Dewey Burdock Project, wholly owned by enCore, is an advanced-stage uranium project located in Custer and Fall River counties in South Dakota. The Project will recover uranium from subsurface sandstone ore bodies through ISR technology.

enCore Energy shared results from initial exploration drilling tests conducted on its Alta Mesa East property, which is immediately adjacent to the Alta Mesa wellfields and extraction operations. Exploratory drilling tests are designed to outline mineralization, which will guide the Company's efforts in permitting and expanding In-Situ Recovery operations into the AME from the existing Alta Mesa operations. These initial results have confirmed uranium mineralization extending more than 3,700 feet to the east from the nearest wellfield. William Sheriff, Executive Chairman, said, "Our initial drill results from Alta Mesa East have reconfirmed our expectations of encouraging uranium grades across all major mineralized sand units known to exist at Alta Mesa. Uranium extraction efforts from these sand units at the Alta Mesa wellfields have generated solid results, including current operations at wellfield 7. An aggressive drill program is underway with additional results pending." Exploration drilling at enCore's 5,900-acre AME Project is well underway and continues to advance with 6 drilling rigs in operation. The AME Project targets the continuation of productive roll fronts from Alta Mesa wellfields 1, 3, 3EXT, 4, 5B, and 7. Overall, exploration efforts are focused on mineralization within the designated B sands, Middle C sands, Lower C sands, and potentially the D sands in the northeast areas. Initial exploration drilling is typically conducted on 400 and 500 foot centers with closer offsets in mineralized areas. Seven widely spaced east-west fences of drilling are underway for overall regional characterization. Drilling is averaging a total depth of approximately 600 feet below the surface. Exploration drilling has discovered mineralization within the Middle C sands at a depth on average between 400 and 460 feet, and within Lower C sands between 480 and 520 feet below surface. The final results are reported for the initial 17 holes, which include six holes ranging from 0.351 to 2.297 Grade Thicknesses. GT of 0.3 is considered suitable for inclusion in a wellfield. Of the 17 holes reported, 10 were mineralized.