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enCore Energy sees higher uranium sales but widening losses
For the first half of 2026, the uranium delivered under contracts rose to 485,000 pounds at $70.1 per pound, but extraction costs climbed to $57.36 per pound and the company’s delivered cost came in above its sales price.
enCore Energy (NASDAQ: EU) said its uranium sales improved in the first half of 2026, but the cost of producing and delivering the commodity outpaced revenue, contributing to a wider net loss per share, according to Yahoo Finance.
The company delivered 485,000 pounds of U3O8 into contracts in the six months ended June 30, up from 350,000 pounds a year earlier. The average sales price also rose to $70.10 per pound from $62.58 in 2025, indicating demand from utilities remained solid.
Still, enCore extracted 131,274 pounds of U3O8 in the first half of 2026, down from 317,613 pounds a year earlier. Extraction costs increased to $57.36 per pound from $42.92, and after factoring in purchased pounds, the weighted average cost of delivered U3O8 climbed to $75.54 per pound, above the $70.10 per pound it collected under sales contracts.
On the project side, enCore said its Dewey Burdock project in South Dakota received a 20-year renewal of its Source Materials License, extending the permit to June 2046 after the Bureau of Land Management cleared it to begin infrastructure construction, leaving only a state review that began June 15. The company also expects final permits for Alta Mesa Wellfield 3 Extension and the Upper Spring Creek wellfield in the fourth quarter of 2026, and it plans a workforce reduction in July 2026 to lower costs starting in the third quarter.
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