enCore Energy Corp.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 14 May 2026: press release. The quarter’s numbers.

Key takeaways

Net income per share was $0.03: Net income per share was $0.03 for Q1 2026, versus $(0.13) for Q1 2025. Source
Extraction rose about 22%: U3O8 extraction was 90,000 pounds in Q1 2026, up about 22% from 73,711 pounds a year earlier. Source
Deliveries reached 270,000 pounds: The company delivered 270,000 pounds of U3O8 into sales contracts at $67.78 per pound, against 290,000 pounds at $62.89 in Q1 2025. Source
Extraction cost rose slightly: Extraction costs were $46.43 per pound, against $45.62 a year earlier. Management described the rise as slight. Source
Delivered cost per pound higher: Weighted average cost of delivered U3O8 was $68.02 per pound, against $62.97 in Q1 2025; the average delivery price was $67.78. Source
Liquidity was $84.7 million at quarter-end: Cash and equivalents were $41.6 million at March 31, 2026. Total liquidity of $84.7 million included marketable securities other than Verdera Energy shares. Source
Cost cuts and shareholder communication: The plan includes cutting costs across the organization and increasing and accelerating shareholder communication. Source

“enCore’s first quarter results reflect year-over-year improvements in uranium extraction with only a slight increase in our cost per pound.”
William M. Sheriff, Executive Chairman of enCore Energy

What changed from last quarter

New: Richard Little is named as new CEO. The March release quoted Rob Willette as chief executive. Source
New: The release cites a sale of New Mexico assets to Verdera as a factor in the quarter's net income per share. The March release does not mention it. Source
New: Management describes a decisive action plan, not in the March release, whose results it says are taking full effect. Source
New: Expansion of Alta Mesa to include the Alta Mesa East property is listed among planned pipeline projects. The March release did not list it. Source

Results and net income

Net income per share was $0.03: Net income per share was $0.03 for Q1 2026, versus $(0.13) for Q1 2025. Source
Improved operations and Verdera sale cited: Management attributed the change in net income per share to improved operations and the sale of the New Mexico assets to Verdera, as described in the Form 10-Q. Source
Extraction rose about 22%: U3O8 extraction was 90,000 pounds in Q1 2026, up about 22% from 73,711 pounds a year earlier. Source

Deliveries and inventory

Deliveries reached 270,000 pounds: The company delivered 270,000 pounds of U3O8 into sales contracts at $67.78 per pound, against 290,000 pounds at $62.89 in Q1 2025. Source
Closing inventory held 153,956 pounds: Closing U3O8 inventory was 153,956 pounds at a weighted average cost of $64.52 per pound, against 153,058 pounds at $40.39 a year earlier. Source
Inventory split between purchased and extracted: Of closing inventory, 70,000 pounds were purchased at $80.04 per pound and 83,956 pounds were extracted at $51.59 per pound. Source

“Our early execution is already showing improvement as our overall liquidity as of May 8, 2026, stood at $84.7 million, including cash, 23.8 million shares of Ur-Energy, plus other marketable securities, excluding Verdera Energy shares.”
William M. Sheriff, Executive Chairman of enCore Energy

Extraction and purchase costs

Extraction cost rose slightly: Extraction costs were $46.43 per pound, against $45.62 a year earlier. Management described the rise as slight. Source
Delivered cost per pound higher: Weighted average cost of delivered U3O8 was $68.02 per pound, against $62.97 in Q1 2025; the average delivery price was $67.78. Source
Cash and non-cash extraction costs: Cash costs of extracted pounds were $34.94 per pound, against $31.26. Non-cash costs were $11.48, against $14.36 a year earlier. Source
Most delivered pounds were purchased: Of 270,000 pounds delivered, 180,000 were purchased pounds at $78.82 per pound, against 216,289 purchased pounds at $68.89 in Q1 2025. Source

Liquidity and holdings

Liquidity was $84.7 million at quarter-end: Cash and equivalents were $41.6 million at March 31, 2026. Total liquidity of $84.7 million included marketable securities other than Verdera Energy shares. Source
Ur-Energy shares within May liquidity: At May 8, 2026, liquidity of $84.7 million included 23.8 million Ur-Energy shares. Verdera Energy shares were excluded. Source
Full financials filed in 10-Q: Interim financial statements and the MD&A are in the Form 10-Q, filed with the SEC the same day as the release. Source

Strategy and action plan

Cost cuts and shareholder communication: The plan includes cutting costs across the organization and increasing and accelerating shareholder communication. Source
Permits and industry consolidation: The plan also includes pushing for more timely permit approvals and actively evaluating potential industry consolidation. Source
Prospects tied to plan results: Management tied its prospects for the rest of 2026 and beyond to the results of the plan taking full effect. Source

Leadership and contacts

Contact moved to Executive Chairman: The release names William M. Sheriff, Executive Chairman, as contact. The March release named Kevin L. Kremke, Chief Financial Officer. Source
March statement on steady progress: In March, Rob Willette, chief executive at the time, described steady progress across the U.S. uranium project portfolio.
Sheriff quoted alongside new CEO: The release quotes Sheriff alone on results, and jointly with the new CEO on the plan. Source

Coming up, as management said on 14 May 2026

Industry consolidation evaluation: Actively evaluating potential industry consolidation is listed as an action in the plan. Source

Figures management reported

Figure	Reported
U3O8 extracted (pounds) Source	90,000
U3O8 delivered into sales contracts (pounds) Source	270,000
Closing U3O8 inventory (pounds) Source	153,956

Risks management discussed

Regulatory: Permit approvals are described as needing to be more timely. Management says it will keep pushing for that. Source

Earlier plans management reported on

Not stated: Management says the results of its decisive action plan are taking full effect. No status measure is given. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

NEWS RELEASE NASDAQ: EU TSXV: EU May 14, 2026 www.encoreuranium.com

enCore Energy Reports Q1 2026 Financial Results

DALLAS, May 14, 2026 - enCore Energy Corp. (NASDAQ: EU) (TSXV: EU) (the “Company” or “enCore”), America’s Clean Energy CompanyTM, announced today its financial and operational results for the first quarter ended March 31, 2026.

William M. Sheriff, Executive Chairman of enCore Energy, stated, “enCore’s first quarter results reflect year-over-year improvements in uranium extraction with only a slight increase in our cost per pound.

“Looking ahead, our new CEO, Richard Little, and I are excited by the company’s prospects for the remainder of 2026 and beyond as the results of our decisive action plan take full effect:

Cut costs across the organization
Increase and accelerate shareholder communication
Focus on and continue to push for more timely permit approvals
Actively evaluate potential industry consolidation opportunities.”

Sheriff continued: “Our early execution is already showing improvement as our overall liquidity as of May 8, 2026, stood at $84.7 million, including cash, 23.8 million shares of Ur-Energy, plus other marketable securities, excluding Verdera Energy shares.”

Highlights for the first quarter of 2026 include:

Net income per share $0.03 for the first quarter of 2026, versus $(0.13) per share loss for the same period ended March 31, 2025. The improvement in net income per share is driven by improved operations and the impact of the sale of the New Mexico assets to Verdera, as described in the Form 10-Q;
Delivery of 270,000 pounds of U3O8 into sales contracts at an average price of $67.78 per pound in Q1 2026, compared to 290,000 pounds of U3O8 in Q1 2025 at an average price of $62.89 per pound;
Q1 2026 weighted average cost of delivered U3O8 was $68.02 per pound compared to a weighted average cost of $62.97 per pound in the 2025 period;
U3O8 extraction of 90,000 pounds during the period ended March 31, 2026, an increase of approximately 22% from 73,711 pounds during the period ended March 31, 2025;
Q1 2026 extraction costs of $46.43 per pound compared to $45.62 in the 2025 period;
Closing U3O8 inventory balance was 153,956 pounds at a weighted average cost of $64.52 per pound; and
Closing cash and equivalent balance of $41.6 million with total liquidity of $84.7 million, including marketable securities other than Verdera Energy shares on March 31, 2026.

Total Costs of U3O8 Sold

		As of March 31, 2026			As of March 31, 2025
		Pounds U3O8	Cost ($000s)	Cost/Pounds	Pounds U3O8	Cost ($000s)	Cost/Pounds
Total Cost of Pounds		270,000	$18,365	$68.02	290,000	$18,262	$62.97
Purchased	(1)	180,000	$14,187	$78.82	216,289	$14,900	$68.89
Extracted total		90,000	$4,178	$46.43	73,711	$3,362	$45.62
Extracted:
Cash costs	(2)		$3,145	$34.94		$2,304	$31.26
Non-Cash costs	(3)		$1,034	$11.48		$1,058	$14.36

Lower of actual cost or market price as of the end of Q1-2026.
Cash costs of extracted pounds related to the cost of goods sold are a metric for investors in evaluating the Company’s operations.
Non-cash costs of extracted pounds related to the cost of goods sold as an insight into additional expenses that impact overall costs and include depletion and certain sales-related fees.

U3O8 Inventory

		As of March 31, 2026			As of March 31, 2025
		Pounds U3O8	Cost ($000s)	Cost/Pounds	Pounds U3O8	Cost ($000s)	Cost/Pounds
Total Cost of Inventory		153,956	$9,934	$64.52	153,058	$6,182	$40.39
Purchased	(1)	70,000	$5,603	$80.04	28,711	$1,717	$59.80
Extracted total cost		83,956	$4,331	$51.59	124,347	$4,465	$35.91
Extracted:
Cash costs	(2)		$3,416	$40.68		$2,859	$22.99
Non-Cash costs	(3)		$916	$10.91		$1,606	$12.91

Lower of actual cost or market price as of the end of Q1-2026.
Cash costs of extracted pounds related to the cost of goods sold are a metric for investors in evaluating the Company’s operations.
Non-cash costs of extracted pounds related to the cost of goods sold as an insight into additional expenses that impact overall costs and include depletion and certain sales-related fees.

Investor Information

enCore’s interim financial statements, including the accompanying Management’s Discussion and Analysis, are available in the Company’s Quarterly Report on Form 10-Q, which was filed with the U.S. Securities and Exchange Commission (“SEC”) today. It includes the Company’s consolidated financial statements for the three months ended March 31, 2026, and the related notes and financial results. The report can be accessed at www.sec.gov and on enCore’s investor relations page at www.encoreuranium.com.

About enCore Energy Corp.

enCore Energy Corp., America’s Clean Energy Company™, is committed to providing clean, reliable, and affordable uranium, primarily to fuel the U.S. nuclear energy future. enCore’s team is led by industry experts with extensive knowledge and experience in all aspects of uranium In-Situ Recovery (ISR) operations and the nuclear fuel cycle. enCore solely utilizes ISR for uranium extraction, a minimally intrusive, eco-friendly, and economically competitive approach to mineral extraction technology co-developed by enCore’s leadership.

Building on enCore’s demonstrated success in South Texas, future projects in enCore’s planned project pipeline include the expansion of Alta Mesa to include the Alta Mesa East property, the Dewey -Burdock project in South Dakota, and the Gas Hills project in Wyoming. The Company holds other assets, including non-core assets and proprietary databases. enCore is committed to working with local communities and indigenous governments to create positive impacts from corporate projects.

972-333-2214 info@encoreuranium.com www.encoreuranium.com

Cautionary Note Regarding Forward-Looking Statements:

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Canadian securities laws that are based on management’s current expectations, assumptions, and beliefs. Forward-looking statements can often be identified by such words as “becomes,” “expects,” “plans,” “believes,” “intends,” “continue,” “potential,” “remains,” and similar expressions or variations (including negative variations) of such words and phrases, or statements that certain actions, events, or results “may,” “could,” or “will” be taken.

Forward-looking statements notice

Forward-looking statements and information that are not statements of historical fact include, but are not limited to, any information relating to statements regarding future or potential extraction, the Company’s prospects, the Company’s decisive action plan, and any other statements regarding future expectations, beliefs, goals or prospects, statements regarding the success of current and future ISR operations, including projects in our pipeline, and our commitment to working with local communities and indigenous governments to create a positive impact from corporate projects should be considered forward looking statements. All such forward-looking statements are not guarantees of future results and forward-looking statements are subject to important risks and uncertainties, many of which are beyond the Company’s ability to control or predict, that could cause actual results to differ materially from those expressed in any forward looking statement, including those described in greater detail in our filings with the SEC and on SEDAR+, particularly those described in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, management’s discussion and analysis, and annual information form. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with assumptions regarding project economics; discount rates; expenditures and the current cost environment; timing and schedule of the projects; general economic conditions; adverse industry events; future legislative and regulatory developments; 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 personnel; the results of exploration and development activities; extraction risks; uninsured risks; regulatory risks; defects in title; the availability of materials and equipment; timeliness of government approvals and unanticipated environmental impacts on operations; litigation risks; 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. 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 which are available online at www.sec.gov and www.sedarplus.ca. 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 based 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 press release are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Contacts
William M. Sheriff
Executive Chairman