enCore Energy Corp.

Domestic ISR uranium producer with strong liquidity but negative margins, shrinking revenue and ongoing cash burn.

Strengths

• Operating Rosita and Alta Mesa CPPs with extraction up >100% YoY and current ratio 8.0 (88th pct)
• Leverage to favorable U.S. nuclear/uranium policy and a baseload contracting strategy

Risks

• Operating margin -1.52x and net margin -1.32x; revenue down 26% (8th pct)
• Negative FCF -$45M and ROE -0.25 (27th pct); exploration-stage with no proven reserves
• Disclosed material weaknesses in internal controls over financial reporting

Notable findings

• Chronic dilutionShare count +72%/yr over 1y (dilution, book value/share -53%)
• Net lossNet loss (net margin -131.7%)
• Cash burnNegative free cash flow (-45.0M)
• Exec changeRecent 8-K item 5.02 8-K ↗
• Material weakness• our remediation plan and ability to remediate the material weaknesses in our internal controls over financial reporting; • potential lack of access to enforcement of civil liabilities against the
• Insider buyingInsider buying — 7 open-market buy(s) by 4 insider(s) (cluster of 4 insiders, ~$397,284, last 6mo) Form 4 ↗