Nasdaq- and TSX-V-listed enCore Energy has reported its strongest production month to date at the Alta Mesa in-situ recovery (ISR) uranium plant in Texas, as the US-based uranium company continues to ramp up operations to meet rising contract demands and reduce reliance on spot market purchases.

The company captured 50 000 lb of uranium (U₃O₈) in the last 26 days of March – the highest monthly rate since operations resumed at the Alta Mesa central processing plant (CPP) in June last year. This comes on the heels of operational improvements announced in mid-March aimed at increasing extraction efficiency and lowering costs.

"The improvements at the Alta Mesa CPP are the result of a true team effort, led on site by an outstanding group of dedicated professionals," said executive chairperson William Sheriff.

The company averaged daily uranium capture of more than 1 900 lb during the 26-day period, including one day of downtime owing to weather-related power failure. With a cash position of about $40-million — including inventory and marketable securities — enCore said it was now on track to meet its 2025 contract projections.

So far this year, enCore has delivered 290 000 lb of uranium under long-term contracts with utilities and expects to deliver another 365 000 lb over the remainder of the year. The company noted that, based on current extraction rates, it did not anticipate needing to buy additional uranium on the market to fulfill its 2025 obligations. In a further sign of progress, enCore has moved up an August contract delivery to May.

The company is aggressively developing new wellfields to support future production growth. A total of 21 drill rigs are now active at Alta Mesa, with plans to bring that number to 30 across its South Texas projects. Preparatory work has also begun to resume production from Wellfield 6 — permitted and briefly in operation in 2013 before being placed on standby owing to low uranium prices — by the fourth quarter of 2025.

The boost in production comes amid leadership changes. Rob Willette, who has served as enCore’s acting CEO since February, has been appointed to the company’s board. Daniel Calderon has been promoted to director of Texas operations.

"Mr. Willette has provided immense value to the company in his role of chief legal officer, and now acting CEO, assisting greatly with the transition to a US-domiciled company," said Sheriff. "His understanding of the regulatory environment in the US has been of great benefit to our team. I am pleased he has agreed to join the board to provide continuity at the leadership level."

Willette, an attorney and business executive with more than 20 years of experience, previously held senior roles at ProFrac Holding. Calderon brings operational expertise from prior roles at Uranium Resources, where he oversaw multiple Texas ISR operations.

Alta Mesa is a 70:30 joint venture with Australia’s Boss Energy and sits on more than 80 900 ha of private land in south Texas. The facility has a production capacity of 1.5-million pounds a year of uranium and historically produced nearly five-million pounds from 2005 to 2013. It uses ISR technology, which circulates oxygenated groundwater through uranium-bearing formations via injection and extraction wells.

enCore is advancing wellfield expansion throughout 2025 and beyond, aiming to build on the momentum from its record March performance.