Monday, October 6, 2025

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enCore Energy Sells Marquez-Juan Tafoya Uranium Project For $16 Million In Cash And Shares

enCore Energy (TSXV: EU) is looking to capitalize on the rise in interest in the uranium sector, announcing this morning that it will be selling off its Marquez-Juan Tafoya Uranium project, found in New Mexico. The asset is to be acquired by Anfield Energy (TSXV: AEC) in a cash and shares deal.

The transaction will see enCore receive C$5.0 million in cash for the asset, along with 185.0 million shares of Anfield, valued at roughly $11.1 million based on Monday’s closing price of $0.06 per share. The company will also hold the right to one seat on the firms board of directors, provided it maintains a 10% equity interest in the company.

“enCore has acquired a series of quality U.S. projects through several mergers and acquisitions at a time when there were few competitors due to the industry downturn of recent years. We are now capitalizing on those assets that do not meet our criteria for development such as early-stage projects and, in this case, an advanced project that is conventional in nature rather than In-Situ Recovery (ISR)-amenable,” commented enCore chairman William M. Sheriff.

The Tafoya uranium project was acquired by enCore in 2020 as part of a transaction wherein the company acquired all of the American uranium assets of Westwater Resources. The deal saw enCore purchase two licensed uranium production facilities and mineral exploration leases in Texas, along with 270 square miles of mineral rights in New Mexico across four properties. At the time, the firm paid just US$1.45 million in shares, while taking on US$9.25 million of reclamation bonds, which were partially offset by US$3.0 million in cash paid by Westwater to enCore.

A year later, the company completed a preliminary economic assessment on the project, which had a reported after-tax net present value of US$18.5 million, based on $60 U3O8. The property has indicated mineral resources of 18.1 million pounds of U3O8 at 0.127%.

The transaction is slated to close before July 21, 2023.

enCore Energy last traded at $3.55 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.

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