enCore Energy Corp (NASDAQ: EU) (CVE: EU) produced 50,000 pounds of uranium (U3O8) at the Alta Mesa In-Situ Recovery Uranium Central Plant (CPP) in the last 26 days of March 2025, capping off the best month the company has had since it started operating in June 2024.
The company attributed this on Wednesday to the success of its previous announced improvements. These include decreasing cost and increasing efficiency.
EnCore possesses a healthy treasury of approximately a USD$40 million cash position, and marketable securities. It is now actively improving operations at the Alta Mesa CPP and advancing the wellfield development program. The latter of which is on track to meet its 2025 contract projections.
Alta Mesa CPP and project highlights include a daily average capture rate exceeding 1,900 pounds of uranium over the last 26 days of March 2025. This further marks the highest rate since the plant resumed operations in June 2024.
So far in 2025, though, enCore has delivered 290,000 pounds of uranium under contracts with utility companies. The company also anticipates to deliver an additional 365,000 pounds through the year. Furthermore, at the current extraction rate, the company expects to meet its 2025 commitments without needing to purchase extra uranium.
Due to improved uranium capture at Alta Mesa CPP, enCore has accelerated its August 2025 contract delivery requirements to May. The Alta Mesa Project sports a total of 21 active drill rigs are now active.
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Board shuffle and new directions for wellfield
These developments have also come with a handful of board and staffing changes for the company.
The company announced Rob Willette’s appointment as acting chief executive officer to the Board of Directors and Daniel Calderon’s promotion to Director of Texas Operations.
William M. Sheriff, chairman of enCore Energy, praised the improvements at the Alta Mesa CPP. He highlighted Daniel Calderon’s key leadership role in managing day-to-day operations at both the Rosita and Alta Mesa CPPs.
The company will accelerate wellfield development and plans to source up to 12 additional drill rigs. The overall aim, subsequently, is for at least 30 drill rigs to operate at its South Texas projects. This target will provide the company with the optimal number of rigs to expedite extraction at the Alta Mesa Project.
Trump’s tariffs on uranium imports have had an impact on the uranium sector, driving the U.S. towards more domestic production.
Trump’s tariffs on uranium imports could benefit enCore Energy by reducing the U.S.’s reliance on foreign uranium sources, including from countries like Russia and Kazakhstan. As the U.S. seeks to secure more domestic supply, enCore’s properties stand to see increased demand. This shift could lead to higher uranium prices, more investment in exploration, and potential new contracts.
