enCore Energy Corp. (enCore) engages in the acquisition, exploration, development, and extraction of uranium resource properties in the United States.
The company focuses on the extraction of domestic uranium in the United States. The company only utilizes the proven In-Situ Recovery technology (ISR) to provide necessary fuel for the generation of clean, reliable, and carbon-free nuclear energy.
In 2024, the company commenced uranium extraction at the Rosita CPP in South Texas, becoming one of...
enCore Energy Corp. (enCore) engages in the acquisition, exploration, development, and extraction of uranium resource properties in the United States.
The company focuses on the extraction of domestic uranium in the United States. The company only utilizes the proven In-Situ Recovery technology (ISR) to provide necessary fuel for the generation of clean, reliable, and carbon-free nuclear energy.
In 2024, the company commenced uranium extraction at the Rosita CPP in South Texas, becoming one of only three uranium extraction operations in the United States and the first in Texas in 10 years. In June 2024, the company commenced uranium extraction at the Alta Mesa CPP in South Texas. enCore’s strategy is to build uranium extraction capacity by developing and placing into operation a series of uranium extraction facilities in South Texas, followed by a future pipeline of exploration projects in South Dakota and Wyoming, becoming a leading supplier of domestic uranium to fuel a growing demand for clean energy generation using nuclear power.
Commenced and Expanded Uranium Extraction at the Alta Mesa Project
Utilizing extraction-ready CPP in South Texas, the company has implemented a strategy that it anticipates will continue to build value and phased growth. In the second quarter of 2024, the company commenced uranium extraction operations at its Alta Mesa CPP, and as a result, became one of only a handful of companies in the world with more than one operational uranium extraction operation.
Mineral Properties
enCore controls key mineral properties within the United States, in Texas, South Dakota, Wyoming and New Mexico. enCore owns three of the 11 licensed and constructed ISR CPPs in the United States, with all existing facilities located in the business-friendly, energy-centric state of Texas.
South Texas Integrated ISR Project (Rosita CPP)
The South Texas Integrated ISR Project is an Exploration Stage Property which consists of five project areas: the Rosita Central Processing Plant (Rosita CPP), Butler Ranch Uranium ISR Project (Butler Ranch), Upper Spring Creek - Brevard Area ISR Uranium Project (USC – Brevard or Brevard), Upper Spring Creek - Brown Area ISR Uranium Project (USC – Brown or Brown), and Rosita South Cadena ISR Project (RS – Cadena or Cadena).
The Rosita CPP is a licensed ISR production facility with a capacity of 800,000 pounds of U3O8 per year. The Rosita CPP is located in Duval County about 14 miles southeast of the town of Freer and 60 miles west-northwest of the city of Corpus Christi on a 200-acre tract owned by the company.
Alta Mesa Uranium Project, Texas
The Alta Mesa Uranium Project is an Exploration Stage Property and is a fully licensed and constructed ISR project and central processing facility, located on over 4,597 acres of private land in the state of Texas. Total operating capacity is 1.5 million lbs U3O8 per year of IX processing capacity, and further, the CPP has 2.0 million lbs per year of IX elution, uranium precipitation, drying and packaging capacity.
Mesteña Grande Uranium Project, Texas
The Mesteña Grande Uranium Project is an Exploration Stage Property that is located in Brooks and Jim Hogg Counties, Texas and is on land located adjacent to, and to the south, north, and west of the Alta Mesa Uranium Project. The property contains significant inferred mineral resources over approximately 195,717 acres of private land. It covers an approximate area of 35 miles in a north-south direction by 30 miles in an east-west direction.
Dewey Burdock Project, South Dakota
The Dewey Burdock Project is an Exploration Stage Property located in southwest South Dakota and is part of the northwestern extension of the Edgemont Uranium Mining District. The Dewey Burdock Project includes federal claims, private mineral rights and private surface rights controlling the entire area within the licensed project permit boundary, as well as surrounding areas. The company controls approximately 16,962 acres of net mineral rights and 12,613 acres of surface rights.
Gas Hills Project, Wyoming
The Gas Hills Project is an Exploration Stage Property located in Wyoming. The company owns a 100% interest in the Gas Hills Exploration Project located in the historic Gas Hills Uranium District 45 miles east of Riverton, Wyoming. The Project consists of approximately 1,280 surface acres and 12,960 net mineral acres of unpatented lode mining claims, a State of Wyoming mineral lease, and private mineral leases, within a brownfield site which has experienced extensive development including mine and mill site production.
Other Non-Material Properties
The company holds a number of other Exploration Stage Properties that it has determined are not material to its business, including the following properties, which total in the aggregate approximately 360,000 acres of mineral claims, mineral leases, and fee minerals:
Nose Rock, New Mexico: The Nose Rock project is located in McKinley County New Mexico on the northern edge of the Grants Uranium District.
Metamin Properties, Arizona, Utah and Wyoming: Through its subsidiary Metamin Enterprises US Inc. (MEUS), the company holds various prospective uranium mining properties located in the States of Arizona, Utah and Wyoming.
West Largo, New Mexico: The West Largo project consists of approximately 3,840 acres (i.e. six square miles) in McKinley County, New Mexico.
Ambrosia Lake-Treeline, New Mexico: The Ambrosia Lake – Treeline Property consists of deeded mineral rights totaling 24,555 acres and a mining lease along with certain unpatented mining claims covering approximately 1,700 acres.
Checkerboard Mineral Rights, New Mexico: The land position covers approximately 300,000 acres of deeded ‘checkerboard’ mineral rights, also known as the Frisco and Santa Fe railroad grants.
Dome, Texas: The Kingsville Dome property is located in Kleberg County and is situated on several tracts of land leased from third parties. The property is situated approximately eight miles southeast of the city of Kingsville. The project comprises numerous mineral leases from private landowners, covering an area of approximately 2,434 gross and 2,227 net acres of mineral rights. The Kingsville Dome CPP is a licensed ISR production facility located on 15 acres of company-owned property.
Vasquez Project, Texas: The Vasquez project is located in Duval County. The Vasquez property consists of a mineral lease on 1,023 gross and net acres.
Dewey Terrace Project, Wyoming: This project consists of approximately 1,874 acres of surface rights and approximately 7,514 acres of net mineral rights. The Dewey Terrace Project is located adjacent to the Dewey Burdock Project.
Juniper Ridge Project, Wyoming: The Juniper Ridge project in Carbon County consists of approximately 640 surface acres and 3,240 net mineral acres of unpatented lode mining claims and a State of Wyoming mineral lease and is located within a brownfield site which has experienced extensive exploration, development, and mine production.
Centennial Project, Colorado: The Centennial Project in Weld County comprises approximately 523.21 acres of surface rights and 237.09 acres of net mineral rights. Approximately 5,760 acres of minerals rights were conveyed back to Anadarko by Special Warranty Deed in January 2025, this conveyance significantly reduced the project size. The company intends to allow current leases to expire, and maintain existing mineral rights owned by the company in fee.
Aladdin Project, Wyoming: The Aladdin Project comprises private leases that cover approximately 5,166 acres of surface rights and 4,712 acres of net mineral rights. The Aladdin Project is 80 miles northwest of the Dewey Burdock Project.
Other Properties: The company holds the Shirley Basin Project in Wyoming the JB Project in Colorado and Utah, and the Ticaboo project in Utah.
Material Properties
South Texas Integrated ISR Project (Rosita CPP)
The South Texas Integrated ISR Project and associated well fields (collectively, the STX Integrated) comprises the Rosita CPP located in Duval County on a 200-acre tract owned by the company, and multiple associated Satellite IX facilities at various project sites across south Texas. The Rosita property holdings consist of mineral leases from private landowners covering approximately 3,475 gross and net acres of mineral rights.
In the fourth quarter of 2023, the company announced it had commenced uranium extraction operations at Rosita from the Rosita Extension wellfield (Rosita Extension), PAA-5. The Rosita CPP has an 800,000-pound U3O8 per year production capacity. At the Rosita CPP, 76,909 pounds U3O8 were extracted and packaged in the year ended December 31, 2024.
The Butler Ranch project consists of approximately 743 acres located in a rural area of Karnes County, Texas, approximately 44 miles south of San Antonio. It is centered at the approximate location of latitude 28.887336 and longitude -98.059851 (decimal degrees). Butler Ranch comprises four different non-connected property leases over approximately 10 miles in the western part of the county.
Upper Spring Creek – Brown Area project is located approximately 12 miles south-southwest of Three Rivers, Texas at the intersection of FM 889 and County Road 135 in Live Oak County latitude 28.287518 and longitude -98.214002 (decimal degrees). Brown includes three properties totaling approximately 247 acres. The two properties (Brown and Geibel) located to the south and east of FM 889 are collectively referred to as the Brown property and the property to the west of FM 889 is the Geffert property. URI, Inc. owns both surface and mineral rights for the former Brown and Geffert properties and owns surface and leases mineral rights for the former Geibel property at this project location.
Rosita CPP – Projects
The company owns and operates the Rosita CPP within the Rosita Project radioactive materials license and injection permit boundaries. Site infrastructure includes the Rosita CPP and associated infrastructure, electric transmission lines, water supply, ponds, and several paved and well-graded county roads that traverse the area providing access to the property. The remaining unused lands are primarily undeveloped farmland.
Butler Ranch
The company leases the surface and mineral rights at Butler Ranch and has access to the land for exploration and development. Site infrastructure consists of residential buildings, undeveloped farmland, and retention ponds. Several paved and well-graded county roads traverse the area providing access to each property. Several electric transmission lines run adjacent to these roads and by the individual properties. Non-potable water will be supplied by water supply wells at or near the site.
Upper Spring Creek – Brevard
The company has or will obtain legal access to the land surface through confidential agreements.
Upper Spring Creek – Brown
The company owns both surface and mineral rights at the Brown and Geffert properties. The company leases minerals located beneath the Geibel property and has access to the land for exploration and development.
Rosita South – Cadena
The company has obtained legal access to the land surface through confidential agreements.
Alta Mesa Project (Alta Mesa CPP), Brooks County, TX
The Alta Mesa Project is a fully licensed and constructed CPP, located on over 203,000 acres of private land. Total operating capacity is approximately 1.5 million lbs. U3O8 per year. Alta Mesa historically produced approximately 4.6 million lbs. of U3O8 between 2005 and 2013, when full production was curtailed because of low uranium prices at the time by the previous owner.
The following technical and scientific description of the Alta Mesa Project is based in part on the report titled Alta Mesa Uranium Project, Brooks County, Texas, USA, S-K 1300 Technical Report Summary and Alta Mesa Uranium Project, Brooks County, Texas, USA, National Instrument 43-101, Technical Report dated February 19, 2025 and effective December 31, 2024 prepared by Stuart Bryan Soliz, PG of SOLA Project Services.
The Alta Mesa Project is an Exploration Stage ISR uranium mining project located in south Texas. The Alta Mesa Project lies within the southern part of the South Texas Uranium Province. Uranium deposits in the South Texas Uranium Province extend from Starr County at the international border with Mexico northeastward through Zapata, Jim Hogg, Brooks, Webb, Duval, Kleberg, McMullen, Live Oak, Bee, Atascosa, Karnes, Wilson, Goliad, and Gonzales counties. The Alta Mesa Project is located entirely within private land holdings of the Jones Ranch. The Jones Ranch is an approximately 380,000-acre ranch, and enCore controls over 200,000 of the 380,000 acres with mineral leases and options for uranium exploration and development.
The Alta Mesa Project comprises the Alta Mesa Mining Lease and the Alta Mesa CPP. The Alta Mesa Project consists of 4,597 acres. The active mine and CPP are located on the Alta Mesa project area approximately 35.5 miles southwest of Falfurrias via US Highway 281 to Ranch Road 755 to Ranch Road 430 to CR 314 to CR 315, Encino, Texas 78353, in Brooks County, Texas.
The Texas Gulf Coast comprises the western flank of the Gulf of Mexico sedimentary basin with active deposition throughout the mid to late Mesozoic Era and into the Cenozoic Era. Deposition is dominated by clastic sediments transported from continental highlands into the Gulf of Mexico basin for a period exceeding 50 million years.
Structurally the Texas Gulf Coast consists of three regions, the Rio Grande Embayment, the San Marcos Arch, and the Houston Embayment. Other structural features found in the Texas Gulf Coast include the Stuart City and Sligo Shelf Margins, and the Wilcox, Frio, and Vicksburg Fault Zones.
Permitting and Licensing
The most significant permits and licenses required to operate the Project are the Source and Byproduct Materials License, which was issued by TCEQ in 2002; the Mine Area Permit issued by TCEQ in April 2000; and Production Area Authorizations (UIC Class III) issued at various times since April 2000, two deep injection non-hazardous disposal wells (V wells) issued by TCEQ in April 2000 and an aquifer exemption issued by USEPA in 2002 and the area was expanded in a revised Aquifer Emption dated 2009.
Mesteña Grande Uranium Project, Brooks and Jim Hogg Cos, Texas
The Mesteña Grande Project is an ISR uranium project located in south Texas. The Project lies within the southern part of the South Texas Uranium Province. Uranium deposits in the South Texas Uranium Province extend from Starr County at the international border with Mexico northeastward through Zapata, Jim Hogg, Brooks, Webb, Duval, Kleberg, McMullen, Live Oak, Bee, Atascosa, Karnes, Wilson, Goliad, and Gonzales counties.
The Mesteña Grande Project properties include multiple project areas, including Mesteña Grande North (MGN), Mesteña Grande Central (MGC), Mesteña Grande South (MGS) Mesteña Grande Alta Vista (MGAV), Mesteña Grande El Sordo (MGES), Mesteña Grande North Alta Mesa (MGNAM) and Mesteña Grande South Alta Mesa (MGSAM) project areas. The properties collectively total 194,119 acres. The northwest corner of the Project is adjacent to and extends for about 36 miles north-northwest of the Alta Mesa CPP from Brooks County into Jim Hogg County, Texas. The project extents cover approximately 30 miles in an east-west direction, and approximately 35 miles in a north-south direction.
The Texas Gulf Coast comprises the western flank of the Gulf of Mexico sedimentary basin with active deposition throughout the mid to late Mesozoic Era and into the Cenozoic Era. Structurally the Texas Gulf Coast consists of three regions, the Rio Grande Embayment, the San Marcos Arch, and the Houston Embayment. Other structural features found in the Texas Gulf Coast include the Stuart City and Sligo Shelf Margins, and the Wilcox, Frio, and Vicksburg Fault Zones.
Dewey-Burdock Project, Fall River and Custer Counties, South Dakota
The Dewey Burdock Project is an Exploration Stage Property located in southwest South Dakota and forms part of the northwestern extension of the Edgemont Uranium Mining District (the Dewey Burdock Project). The Dewey Burdock Project includes federal claims, private mineral rights and private surface rights controlling the entire area within the licensed project permit boundary, as well as surrounding areas. The company controls approximately 16,962 acres of net mineral rights and 12,613 acres of surface rights.
The company holds approximately 16,962 acres of mineral rights in the area. The permitted area encompasses approximately 10,580 acres of mostly private land and 240 acres under the control of the BLM.
The Edgemont Uranium District is located on the southwest side of the Black Hills Uplift. The Black Hills Uplift is a Laramide Age structure forming a northwest trending dome about 125 miles long x 60 miles wide located in southwestern South Dakota and northeastern Wyoming.
Licensing
The Nuclear Regulatory Commission NRC license (SUA 1600) was issued in 2014, challenged and appealed, is now in good standing and in timely renewal. The Environmental Protection Agency EPAissued the Class III and Class V Area Underground Injection Control UIC permits and Aquifer Exemption in 2020. The Class III and Class V UIC permits, and Aquifer Exemption were challenged by the OST and are under appeal.
Gas Hills Project, Natrona Co. and Fremont Counties, Wyoming
The company owns a 100% interest in a project (the Gas Hills Project) located in the historic Gas Hills uranium district situated 45 miles east of Riverton, Wyoming. The Gas Hills Project consists of approximately 1,280 surface acres and 12,960 net mineral acres of unpatented lode mining claims, a State of Wyoming mineral lease, and private mineral leases, within a brownfield site which has experienced extensive development, including mine and mill site production.
enCore’s 100 percent owned Gas Hills Uranium Project is located approximately 45 miles east of Riverton, Wyoming in the historic Gas Hills Uranium District. The Project and the Gas Hills Uranium District are located along the southern extent of the Wind River Basin, near the northern edge of the Granite Mountains. The company’s Project properties, including the West Unit, Central Unit, Rock Hill, South Black Mountain, and Jeep properties, consist of 628 unpatented lode mining claims, one State of Wyoming mineral lease, one private mineral lease, and one private surface use agreement. Together the properties encompass approximately 360 surface acres and 12,960 mineral acres.
State of Wyoming Lease
Strathmore entered into a ten-year lease with the state of Wyoming for Mineral Lease #0-42121 on April 2, 2007. The lease was subsequently transferred by Assignment from Strathmore to UColo on October 31, 2016. UColo renewed the lease before its 10-year expiration, extending the lease an additional ten years to April 1, 2027.
Private Mineral Lease
Strathmore entered into a private mineral lease with South Pass Land and Livestock Company on July 28, 2010, for rights to minerals on the following two parcels of land: 40 mineral acres in the Jeep area in the SE¼ of Section 32, Township 32 North, Range 91 West, 6th Principal Meridian, Fremont County, Wyoming and 40 mineral acres in the West Unit area in the SW¼ of Section 19, Township 32 North, Range 90 West, 6th Principal Meridian, Fremont County, Wyoming.
Private Surface Use Agreement
UColo entered into a private surface use and access agreement with Philp Sheep Company on July 7, 2023, to access and use approximately 40 surface acres in the West Unit located in the SW1/4 of Section 19, Township 32 North, Range 90 West, 6th Principal Meridian, Fremont County, Wyoming. The agreement allows exploring, prospecting, drilling, constructing, and plugging and abandoning up to 10 exploratory boreholes on the parcel. Access to Section 19 is provided across the SW¼ of Section 13, Township 32 North, Range 91 West, 6th Principal Meridian, Fremont County, Wyoming under the agreement. The term of the agreement is through November 7, 2025.
Government and Environmental Regulations
In November 2023, the company received renewed license approval from the TCEQ for the company’s combined South Texas CPPs at its Rosita, Kingsville Dome and Vasquez uranium projects. The renewed license allows for the removal of two IX units at the Rosita CPP and wellfield.
A Source and Byproduct Materials License was issued by the NRC in April of 2014 for the company’s Dewey-Burdock Project. The State of South Dakota Large Scale Mine Permit (LSMP) has been recommended for approval by the South Dakota Department of Environment, and draft UIC Class III and Class V permits were initially issued in March 2017 and reissued in August 2019.
Licenses and Permits
In Texas, the TCEQ regulates uranium recovery and issues the necessary licenses and permits. A Radioactive Material License issued by TCEQ covers the Rosita, Kingsville Dome and Vasquez projects, and it was renewed in May 2021. Each site also has Class I non-hazardous injection permits for operation of waste disposal wells on site, which are also regulated by the TCEQ. All permits for the disposal wells are active.
The Alta Mesa Uranium Project is a fully licensed and constructed ISR project. The current Radioactive Materials License and Class III Underground Injection Control Permit are in timely renewal. Production Areas 1 through 4 have been depleted and the groundwater in Production Area 1 has been restored. Production Areas 5 and 6 have been partially extracted and will be restarted with future extraction operations. Production Area 7 is undergoing uranium extraction operations. The Alta Mesa Project has two fully permitted Class I non-hazardous injection permits for the operation of two disposal wells on site.
The company’s Upper Spring Creek – Brown Uranium Project is partially permitted. It has an aquifer exemption and a Class III Underground Injection Control Permit. The company has applied to amend the Radioactive Materials License for the Rosita CPP to incorporate the wellfields and satellite IX facility for the project.
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