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DALLAS - enCore Energy Corp. (NASDAQ:EU) (TSXV:EU), a uranium company with a market capitalization of $687 million that has seen its stock surge over 180% in the past six months, announced Wednesday it has discovered new uranium deposits in areas near existing wellfields at its Alta Mesa In-Situ Recovery Uranium Project in Texas. According to InvestingPro analysis, the company maintains a strong financial position with more cash than debt on its balance sheet.
The discoveries resulted from an ongoing re-analysis of thousands of historic drill holes that began in April 2025. The company has identified uranium mineralized roll fronts in at least three areas, with follow-up drilling currently underway to determine the full extent of each deposit. With a healthy current ratio of 2.53, InvestingPro data shows enCore is well-positioned to fund its exploration activities, as its liquid assets comfortably exceed short-term obligations.
One of the newly discovered roll fronts has advanced to permitting as Wellfield 3 Extension. Additional mineralized roll fronts have been found overlying past productive areas in Wellfield 4, with at least two new fronts extending more than 2,500 feet in length, both included in existing permit authorizations.
The newly discovered mineralization in the Wellfield 4 area lies at depths of 320 to 345 feet, approximately 200 feet above previously exploited deposits. According to the company, this shallower mineralization requires shorter drill times, less footage, and shorter casing intervals, potentially resulting in cost savings for both delineation and extraction.
A third area extending south from Wellfield 1 continues to expand with additional ongoing drilling.
The Alta Mesa Uranium Project includes a fully licensed ISR Central Processing Plant with a total operating capacity of 1.5 million pounds of uranium per year. The project operates under a 70/30 joint venture with Boss Energy Limited, managed by enCore.
The company stated that the granular re-analysis of previous drill data is expected to continue through year-end, with follow-up delineation drilling continuing into 2026. This work is separate from a major drill program expected to commence in the coming weeks on the recently acquired Alta Mesa East Property.
Based on a company press release, the Alta Mesa facility historically produced nearly 5 million pounds of uranium between 2005 and 2013 before production was curtailed due to low prices. While the company’s stock has shown remarkable momentum recently, InvestingPro subscribers have access to 11 additional exclusive insights about enCore’s financial health and market position, including detailed valuation metrics and growth forecasts.
In other recent news, enCore Energy Corp. has completed a $115 million convertible notes offering, which included a $15 million option exercised by initial purchasers. The notes carry a 5.50% interest rate and are due in 2030, with an initial conversion rate set at 303.9976 common shares per $1,000 principal amount. This offering follows an earlier announcement where the company priced an upsized $100 million convertible notes offering, increased from a previously planned $75 million. In corporate appointments, enCore Energy has named Kevin Kremke as the new Chief Financial Officer, effective October 1, 2025. Kremke brings extensive experience in corporate finance and capital markets. Additionally, Ashley Forbes has been appointed as Vice President of Permitting and Regulatory Affairs, leveraging her past experience with the Texas Commission on Environmental Quality. Janet Lee-Sheriff has also joined as Senior Vice President - Strategic Initiatives, with an annual compensation package that includes a mix of salary, bonuses, and stock options. These developments reflect enCore Energy’s ongoing strategic initiatives and financial activities.
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