Existing licenses, at both the Rosita and Alta Mesa CPPs, enable enCore to more than double the combined production capacity of both CPPs without further permits or license amendments. The capital received on closing will allow enCore to ramp up both exploration and development drilling not only at Alta Mesa but across our entire US portfolio. Paul Goranson, enCore's Chief Executive Officer, added: "We are pleased to welcome Boss Energy, with its experienced management team, as a partner at Alta Mesa, which hosts a 200,000 acre land position within the heart of the Texas Uranium Belt. This accretive transaction provides us with the means to expand our future production profile on an aggressively expedited timeline." In this 70/30 partnership with Boss Energy, a AUD$1.5 billion market capitalization emerging ISR producer, enCore will continue as manager of the Alta Mesa joint venture. This surge in demand is coming at a time when the supply of uranium is already tight, with a heavy reliance on imports through Russia. The accelerated production plan is designed to take advantage of what is projected to be a very strong uranium market over the next decade, with the world's rapidly growing focus on nuclear energy as a clean and reliable energy source. This transaction provides enCore with proceeds of US$70 million on closing, giving us the financial flexibility to ramp up our efforts in Texas, Wyoming and South Dakota. Sheriff, enCore's Executive Chair, stated: "enCore is eager to accelerate its production and development activities across our entire portfolio of assets. Sheriff, Executive Chairman, and Paul Goranson, Chief Executive Officer, will host an online webinar on Thursday December 7th, 2023 at 11:00 AM ET. In February 2023, enCore acquired the Alta Mesa project for US$120 million from Energy Fuels, Inc. The project hosts a National Instrument 43-101 resource of 3.41 million pounds at 0.109% U 3O 8 in the Measured and Indicated category with an additional 16.79 million pounds at 0.120% U 3O 8 in the Inferred category, and there is significant potential to grow the mineral resources within the approximately 200,000 acre (80,900 Ha) project area. The CPP has the capacity to process, dry, and package up to 2 million pounds U 3O 8 per year, and that capacity can be met with the installation of additional IX resin processing circuits similar to those in use at enCore's Rosita CPP. In addition, the transaction paves the way for aggressive expansion, consolidation and development of enCore's Dewey Terrace and Dewey-Burdock projects straddling the Wyoming- South Dakota border and enables the Company to quicken development of its Gas Hills project in Wyoming.Īlta Mesa is an In Situ Recovery ("ISR") uranium project in South Texas, with a fully licensed Central Processing Plan ("CPP") with 1.5 million pounds U 3O 8 per year capacity through the existing ion exchange ("IX") circuit that is planned for restart in early 2024. The transaction, expected to be completed in February 2024, provides enCore with the financial capacity to significantly accelerate its uranium production pipeline across South Texas through the development of multiple satellite operations.
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