The uranium market is experiencing significant shifts, and enCore Energy, a prominent U.S.-based uranium producer, is strategically positioned to meet the growing demand for clean energy. In a recent interview on our platform, enCore’s Executive Chairman, William Sheriff, provided a detailed overview of the company’s operational progress, strategic initiatives, and perspective on the uranium market. This article explores enCore’s measured approach to expansion, its focus on operational efficiency, and its role in supporting America’s nuclear energy goals.
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Uranium Market: Volatility with Strong Fundamentals
The uranium market in 2025 has seen fluctuations, with spot prices declining in the first quarter but showing signs of stabilization and recovery. Sheriff noted that the effective price for producers has remained consistent, hovering around an $80 floor. “Demand continues to be robust,” he stated, emphasizing that enCore primarily engages in direct, sole-source contracts rather than responding to requests for proposals (RFPs). These confidential agreements provide enCore with stability and flexibility, though they may not always be reflected in public pricing data. “Most of our contacts are direct, which we prefer,” Sheriff said. The company has observed an increase in short-term contract inquiries for delivery within two to three years, but enCore is largely committed for that period, signaling strong market demand and limited supply.The upcoming World Nuclear Association (WNA) Symposium is expected to draw attention to the nuclear sector, potentially strengthening market sentiment. Sheriff highlighted the WNA’s 2023 report, which forecasted a 30% rise in uranium demand by 2030, driven by traditional nuclear reactors. He anticipates the 2025 forecast could be more optimistic, factoring in demand from small modular reactors (SMRs) and the energy-intensive needs of artificial intelligence (AI) data centers. “AI could match or exceed SMR demand,” Sheriff noted, though he acknowledged uncertainty about the exact timeline—whether three, five, or seven years. Nonetheless, enCore is preparing for this anticipated demand surge.
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Corporate Update: Prudent Financial Management and Project Advancement
enCore recently issued a corporate update, reinforcing its commitment to being a leading American clean energy company with a focus on sustainable growth. A key financial move was the repayment of a $10 million loan from Boss Energy, replaced with a 5.5% interest, non-secured convertible note at a conversion price of approximately $4.50, well above the current share price. “This is a favorable transaction for shareholders,” Sheriff said, noting its non-dilutive nature and potential to be accretive. The financing provides enCore with the capital needed to advance its key projects, notably Dewey Burdock in South Dakota and Alta Mesa in Texas.On August 31, 2025, the U.S. government included Dewey Burdock in the FAST-41 program, a federal initiative to expedite permitting for critical infrastructure projects. This designation is a significant milestone, reducing regulatory timelines. enCore has allocated $10–12 million for engineering, design, and condemnation drilling to advance Dewey Burdock toward production. “We planned for this possibility, and its confirmation is a major step forward,” Sheriff said, expressing appreciation for the government’s support.
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Alta Mesa and Tacubaya: Expanding Production Capacity
enCore’s Alta Mesa project in Texas remains central to its operations, and the recent acquisition of the Tacubaya property (also referred to as Alta Mesa East) represents a strategic expansion. After years of negotiations with over 200 landowners, enCore secured this adjacent land, which extends the uranium trends from its existing well fields. “Drilling by Chevron in the 1980s confirmed that these trends continue onto the new acreage,” Sheriff explained, highlighting its potential to enhance Alta Mesa’s resource base.enCore has also undertaken a detailed re-analysis of its extensive drill data at Alta Mesa, examining thousands of drill holes layer by layer to identify previously unrecognized uranium trends. “These roll fronts are complex, like strands of spaghetti weaving underground,” Sheriff said. This meticulous approach has led to a permit application for a Wellfield 3 extension and the identification of two additional areas for potential well field development. enCore has budgeted $10 million for drilling at Alta Mesa and Tacubaya, with enCore funding 70% and its partner, Boss Energy, contributing 30%.
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Operations Steady Progress and Efficiency Gains
enCore has achieved notable operational improvements, with daily production increasing by 200–300% over recent months, depending on the period measured. Sheriff emphasized a critical metric: the time required to bring production wells online, which has decreased from seven days in early 2025 to just over one day. “This efficiency is key to increasing output,” he said. To support this progress, enCore has expanded its drilling capacity from 12–14 rigs in February to 28–29, with a goal of reaching 30–32 by October. The company is selective, replacing underperforming rigs and has initiated a lease-back program, purchasing rigs and leasing them to skilled operators to ensure reliability. “We prioritize rigs with experienced crews,” Sheriff noted.enCore benefits from a seasoned workforce with significant in-situ recovery (ISR) expertise. “Our people are our greatest strength,” Sheriff said, crediting internal promotions and a culture of urgency for recent gains. This experienced team has enabled enCore to improve operations without relying on external hires, maintaining continuity and expertise.
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Off-Take Strategy Balancing Stability and Flexibility
enCore’s off-take strategy is designed to balance long-term contracts with exposure to the spot market. Sheriff noted that the company is largely committed for the next two to three years, targeting a 50-50 split between contracts and spot sales over a five-year horizon. “We’re heavily contracted in 2025 and 2026, with commitments tapering off in 2027,” he said, referencing the five-year guidance provided each November, a rare transparency effort in the industry. This approach secures cash flow while allowing enCore to benefit from potential spot price increases. Sheriff acknowledged that cash flow can be uneven, with deliveries occurring five or six times annually, but views this as a manageable aspect of the business that will stabilize as enCore grows.
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Satellite Projects and Gas Hills: Strengthening the Portfolio
Beyond Alta Mesa and Rosita, enCore is developing satellite projects to support its processing plants. Upper Spring Creek, intended to feed the Rosita plant, is under construction and awaiting an underground injection permit, expected by the end of 2025. “If approved soon, we could see production in December. If later, we’ll have significant output in 2026,” Sheriff said, noting the uncertainty of permitting timelines but remaining confident.The Gas Hills project in Wyoming is another long-term asset, located in a historically productive district with strong ISR potential. Drilling costs are 20–30% higher than other sites, but the project’s economics remain attractive. enCore aims to build a 15-million-pound resource base before constructing a plant, potentially through satellite operations or partnerships. “It’s not our immediate focus,” Sheriff said, prioritizing Texas and Dewey Burdock, but Gas Hills remains a valuable part of the portfolio.
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Non-Core Assets and M&A Strategic Opportunities
enCore’s non-core assets, acquired at low cost, have generated over $30 million through sales and joint ventures, reducing shareholder dilution. “These assets are available for sale or partnership,” Sheriff said, noting that most are conventional projects, distinct from enCore’s ISR focus. The company has allocated $30–40 million for mergers and acquisitions, with Sheriff's advocating for industry consolidation. “Combining companies could triple or quadruple production with only a modest increase in overhead,” he said. enCore has already taken steps, such as creating Nuclear Fuels for exploration, and anticipates further consolidation in the sector.
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Technology Investments: Enhancing Efficiency
enCore is investing in technology to improve operational efficiency. The Prompt Fission Neutron (PFN) tool, which enables real-time uranium analysis, is under development but considered a longer-term initiative. More immediate benefits will come from upgrading aging equipment, such as logging trucks and plant infrastructure. “We’re modernizing to reduce downtime and improve efficiency,” Sheriff said. With ISR technology largely unchanged for decades due to market stagnation, Sheriff expects industry-wide advancements over the next 5–10 years. “The focus on efficiency is increasing,” he noted.
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Share Price and Outlook A Steady Recovery
enCore’s share price faced pressure in March 2025 but has been recovering steadily. The convertible note announcement caused a temporary 11–12% drop, less severe than the expected 20%, and Sheriff is optimistic about continued improvement, drawing parallels to Denison’s similar financing trajectory. “We’re seeing positive momentum,” he said, noting that insider selling is minimal. Over the next few months, enCore expects to release updates on FAST-41 progress, Alta Mesa and Tacubaya drilling results, Upper Spring Creek permitting, and further well field expansions. “Our detailed data analysis is just beginning to yield results,” Sheriff said, suggesting additional discoveries are likely.
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Conclusion
enCore Energy is methodically building its position as a key player in America’s clean energy landscape. With a disciplined off-take strategy, a skilled workforce, and a focus on ISR efficiency, enCore is well-equipped to meet the rising demand for uranium. Its strategic acquisitions, operational improvements, and government-backed projects like Dewey Burdock position it to contribute significantly to the nuclear sector. As nuclear power supports everything from traditional grids to AI infrastructure, enCore’s steady progress makes it a company to monitor closely in the months ahead.
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Disclaimer: This article is not a recommendation to buy or sell enCore Energy shares. Always conduct your own due diligence and consult a financial advisor. The video interview is paid production!
