enCore Energy (TSXV: EU) is reporting this morning that it has increased production rates at its Alta Mesa ISR uranium central processing plant. The facility reportedly saw record production figures over a 26 day period in March, with the company currently expecting to continue this rate of production.
Production over the final 26 days of March exceeded 1,900 pounds of uranium per day, with 50,000 pounds of U3O8 captured over this time period. The rate marks the highest level of production since operations restarted in June 2024.
The increased production rate has led enCore to accelerate an August 2025 contract delivery to May 2025, with the company now stating it doesn’t expect to purchase any uranium in the market to meet 2025 contractual commitments. Year to date the company has delivered 290,000 pounds of uranium, with 365,000 pounds expected to be delivered yet this year.
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In line with this increased rate of production, 21 drill rigs are currently in operation at Alta Mesa. 14 have been assigned to wellfield installation and the advance of Wellfield 7, while 4 rigs are operating at Wellfield 8 where development drilling is ongoing. Two rigs are currently focused on exploration and one rig is focused on Upper Spring Creek. enCore has stated it intends to source at least 12 further rigs, while preparatory work has begun at Wellfield 6 for production, with production slated to begin in the fourth quarter.
enCore Energy last traded at $1.66 on the TSX Venture.
Information for this briefing was found via Sedar and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
