NYSE
American:EU
TSXV:EU
www.encoreuranium.com
CORPUS
CHRISTI, Texas, May 1, 2023
/CNW/ - enCore Energy Corp. (NYSE American: EU) (TSXV: EU)
(the "Company" or "enCore") announced today that it
has made its first delivery into one of the Company's four
previously announced contracted uranium sales agreements. This
delivery of 200,000 pounds U3O8 represents
the first portion of the annual deliveries into the 5-year
agreement (announced on August 4,
2021) which covers 2 million pounds
U3O8 of uranium with significant delivery
flexibility for market related pricing. The Company
successfully acquired uranium under favorable pricing terms in 2022
from a third party and delivered it into this agreement using
current spot market pricing indicators to establish the sales
price.
Paul Goranson, enCore Energy
Chief Executive Officer said, "As enCore continues to execute on
our pipeline to production strategy, it is also as important to
execute on our uranium sales delivery commitments. This first
uranium sales delivery demonstrates the flexibility we have built
into this supply agreement, managing our uranium inventories
as we advance our South Texas
in-situ recovery uranium plants towards production. This delivery
is the first of enCore's supply agreements planned from 2023
through 2030. Our contracting strategy has relied on spot market
linked supply agreements with a portion of those agreements
providing price ceilings and floors that are inflation adjusted.
This assures that our production costs are protected and
provides us the ability to realize higher prices that
reflect what we believe will be an improving uranium price
environment."
About enCore Energy
Corp.
enCore Energy Corp. is committed to providing clean, reliable,
and affordable domestic nuclear energy by becoming the next
United States uranium producer in
2023. enCore solely utilizes In-Situ Recovery (ISR) for uranium
extraction, a well-known and proven technology co-developed by the
leaders at enCore Energy. In-Situ Recovery extracts uranium in a
non-invasive process through the use of natural groundwater and
oxygen, coupled with a proven ion exchange process, to recover the
uranium. Uranium production is planned at enCore's licensed
and past-producing South Texas Rosita Processing Plant in 2023, and
at its licensed and past-producing South Texas Alta Mesa Processing
Plant in 2024. Future projects in enCore's production pipeline
include the Dewey-Burdock project in South Dakota and the Gas Hills project in
Wyoming, along with significant
uranium resource endowments in New
Mexico providing long-term opportunities. The enCore team is
led by industry experts with extensive knowledge and experience in
all aspects of ISR uranium operations and the nuclear fuel cycle.
enCore diligently works to realize value from other owned assets,
including our proprietary uranium database that includes technical
information from many past producing companies, from our various
non-core assets, and by leveraging our ISR expertise in researching
opportunities that support the use of this technology as applied to
other metals. enCore is also committed to working with local
communities and indigenous governments to create positive impact
from corporate developments.
www.encoreuranium.com
Cautionary Note Regarding Forward-Looking
Statements: Certain information contained in this
news release, including: any information relating to the Company
being a leading uranium company; and any other statements regarding
future expectations, beliefs, goals or prospects; may constitute
"forward-looking information" and "forward-looking statements"
within the meaning of applicable Canadian and United States securities legislation
(collectively, "forward-looking statements"). All statements in
this news release that are not statements of historical fact
(including statements containing the words "expects", "is
expected", "does not expect", "plans", "anticipates", "does not
anticipate", "believes", "intends", "estimates", "projects",
"potential", "scheduled", "forecast", "budget" and similar
expressions or variations (including negative variations) of such
words and phrases, or statements that certain actions, events or
results "may", "could", "would", "might" or "will" be taken) should
be considered forward-looking statements. All such forward-looking
statements are subject to important risk factors and uncertainties,
many of which are beyond the companies' ability to control or
predict. Forward-looking statements necessarily involve known and
unknown risks, including, without limitation, risks associated with
general economic conditions; adverse industry events; future
legislative and regulatory developments; that results of past
mining operations at the Alta Mesa and Rosita sites are indicative
of the results of proposed mining activities at those sites; that a
production decision will result in actual production commencing and
that such production will be economically viable over time; the
ability of enCore to implement its business strategies; and other
risks. A number of important factors could cause actual results or
events to differ materially from those indicated or implied by such
forward-looking statements, including without limitation
exploration and development risks, changes in commodity prices,
access to skilled mining personnel, the results of exploration and
development activities; production risks; uninsured risks;
regulatory risks; defects in title; the availability of materials
and equipment, timeliness of government approvals and unanticipated
environmental impacts on operations; risks posed by the economic
and political environments in which the Company operates and
intends to operate; increased competition; assumptions
regarding market trends and the expected demand and desires for the
Company's products and proposed products; reliance on industry
equipment manufacturers, suppliers and others; the failure to
adequately protect intellectual property; the failure to adequately
manage future growth; adverse market conditions, the failure to
satisfy ongoing regulatory requirements and factors relating to
forward looking statements listed above which include risks as
disclosed in the companies' annual information form filings. Should
one or more of these risks materialize, or should assumptions
underlying the forward-looking statements prove incorrect, actual
results may vary materially from those described herein as
intended, planned, anticipated, believed, estimated or expected.
The Company assumes no obligation to update the information in this
communication, except as required by law. Additional information
identifying risks and uncertainties is contained in filings by the
Company with the various securities commissions which are available
online at www.sec.gov and www.sedar.com.
Forward-looking statements are provided for the purpose of
providing information about the current expectations, beliefs and
plans of management. Such statements may not be appropriate for
other purposes and readers should not place undue reliance on these
forward-looking statements, that speak only as of the date
hereof, as there can be no assurance that the plans,
intentions or expectations upon which they are placed will occur.
Such information, although considered reasonable by management at
the time of preparation, may prove to be incorrect and actual
results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
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SOURCE enCore Energy Corp.
