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DALLAS - enCore Energy Corp. (NASDAQ:EU | TSXV:EU), currently trading at $3.04 with a market capitalization of $570 million, announced Monday the promotion of Dain McCoig from Senior Vice-President to Chief Operating Officer, following significant production increases at the company’s Alta Mesa uranium facility in South Texas. According to InvestingPro analysis, the company maintains a strong balance sheet with more cash than debt, though it currently trades above its Fair Value.
According to the company’s press release, uranium extraction rates at Alta Mesa have more than doubled since McCoig assumed leadership of the operations team in March 2025. The facility reported extraction of 80,346 pounds of uranium in June, up from 15,647 pounds in January. Despite this operational progress, InvestingPro data shows the company faces profitability challenges, with negative EBITDA of $70.5 million in the last twelve months.
Total second-quarter output reached 203,797 pounds, compared to 113,816 pounds in the first quarter. The company has expanded wellfield development with 75 new wells installed during the second quarter and increased its drilling fleet to 25 rigs, with plans to add five more in August.
McCoig, a professional engineer with over 18 years of experience in mining and mineral processing, previously served as Vice President of Operations at Alabama Graphite Products and held leadership roles at URI, Inc.
The company also announced that Chief Financial Officer Shona Wilson will be departing following the August filing of quarterly results. enCore stated it is conducting a search for a replacement with experience in commodity production and U.S. public company operations. The transition comes as the company maintains a healthy liquidity position with a current ratio of 2.94, indicating strong ability to meet short-term obligations.
The Alta Mesa facility, operating under a 70/30 joint venture with Boss Energy Limited, has a total operating capacity of 1.5 million pounds of uranium annually. The plant previously produced nearly 5 million pounds between 2005 and 2013 before production was curtailed due to low prices. With analysts projecting continued growth and 12 additional exclusive ProTips available on InvestingPro, investors can access comprehensive analysis of enCore’s financial health, valuation metrics, and growth prospects.
enCore utilizes in-situ recovery technology at Alta Mesa, which extracts uranium using natural groundwater and oxygen through injection and extraction wells connected to the central processing plant.
In other recent news, enCore Energy Corp. held its Annual General Meeting, where shareholders approved several key proposals, including the election of directors and executive pay. The meeting, which had 186,686,281 common shares eligible to vote, resulted in all nominees being set to serve until the next annual general meeting in 2026. Additionally, enCore Energy has secured a significant license for its Upper Spring Creek In-Situ Recovery Uranium Project in Texas. The Texas Commission on Environmental Quality approved the inclusion of this project in the existing Radioactive Materials License. This approval allows enCore to begin wellfield construction and establish a Satellite Ion Exchange Plant to support its Rosita ISR Uranium Central Processing Plant. The company noted the efficiency of the permitting process, which was completed in under 20 months. Executive Chairman William M. Sheriff emphasized the timely construction of the new facility and its importance to enCore’s operations.
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