enCore to consolidate a solid uranium production portfolioĪs a result, the Azarga Uranium acquisition will boost enCore’s operational game plan. In addition, the acquisition of Azarga Uranium is the second major acquisition by enCore within the past twelve months and represents a continuation of enCore’s strategy to create the leading United States ISR uranium producer.Īlso recommended for you: Enphase Energy completes EV charging company ClipperCreek. Moreover, enCore’s assets include the licensed Rosita & Kingsville production facilities in South Texas the advanced-stage Dewey Burdock development project in South Dakota the PEA-stage Gas Hills Project, located in Wyoming and a dominant portfolio of large-high-quality ISR projects throughout Wyoming and New Mexico. As outlined above, the transaction will form a company with permittable United States jurisdictions and resources of approximately 90 million pounds of Triuranium octoxide (U3O8). The arrangement will consolidate an industry-leading pipeline of exploration and development company with two production licenses and a deep focus on US uranium projects.įirstly, under the arrangement, enCore acquired all of the outstanding shares of Azarga Uranium. These short-term opportunities are augmented by our strong long term commitment to working with local indigenous communities in New Mexico where the company holds significant uranium resources.EnCore Energy, a diversified US uranium developer, announced this Tuesday it completed the acquisition of Azarga Uranium Corp. enCore Energy's opportunities are created from the Company's transformational acquisition of its two South Texas production facilities, the changing global uranium supply/demand outlook and opportunities for industry consolidation. The Company is led by a team of industry experts with extensive knowledge and experience in the development and operations of in situ recovery uranium operations. domestic uranium developer focused on becoming a leading in-situ recovery (ISR) uranium producer. enCore Energy's remaining treasury is strong and targeted for the implementation of our uranium asset strategy focused on domestic In-Situ Recovery production opportunities in the southwest United States."ĮnCore Energy Corp. This strategy supports our objectives to strengthen our balance sheet as uranium prices appreciate while providing inventory to support future marketing efforts which complement production with utility companies, the key purchasers in the future.
Paul Goranson, CEO stated: "enCore Energy is focused on executing and expanding upon our physical uranium supply. The purchase strengthens the Company's working capital and provides optionality in support of future capital development of its South Texas assets. This initial purchase was made to de-risk future uranium deliveries associated with anticipated contractual production timelines from its planned ISR operations. The Company utilized existing funds for this purchase. This spot market purchase, made in mid-March, will be delivered into the Company's account in mid-April. (TSXV: EU) (OTCQX: ENCUF) (the " Company") announces the company has executed an agreement to purchase 200,000 pounds of uranium concentrate for a purchase price of $29.65 per pound U 3O 8.
VANCOUVER, BC, Ap/PRNewswire/ - enCore Energy Corp.
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