EnCore Energy is Ramping Up Uranium Production in the U.S. - 2023

Uranium (Nuclear Minerals) / Exploration, Mining, Marketing, & Acquisitions

EnCore Energy presented a new review of the company's activities indicating in June, 2023 that its fully funded uranium production strategy is to provide fuel for the clean, reliable and carbon-free domestic nuclear energy industry.

EnCore’s goal is to establish an annual production rate of:

• 3 million pounds U₃O₈ per year by the end of 2026, and
• 5 million pounds U₃O₈ per year by the end of 2028.

Global uranium & nuclear environment:

• ~200 nuclear reactors under construction or planned – an increase of more than 40% of current operating nuclear fleet.¹
  
  
• “Global realignment away from Russia in the nuclear fuel supply chain…new emphasis on western, and in particular, US produced uranium.”²
  
  
• Japan – 10 reactors restarted and 16 additional reactors have applied for restarts²
  “Japan Plans Return to Nuclear Power with Reactor Restarts & New Build Plans”,
  Nuclear Market Review, Tradetech, August 17, 2022
  
  
• A widespread trend away from Russian products….nuclear utilities are exploring alternative supply options. – “Uranium Market Study Interim Assessment: RUSSIAN INVASION OF UKRAINE”, Tradetech, March 22, 2022
  
  
• United Kingdom – Energy Strategy: "UK plans 8 new nuclear reactors to boost production" – BBC News April 7, 2022
  
  
• US – heavy reliance on nuclear power³
   Generates approx. 20% of electricity and 55% of carbon-free electricity
   Increased power authorizations increase fuel demand
  
  
• Financial investors and mining company purchases depleting spot-market supply.
  
  Source:
  1. World Nuclear Association – Nuclear Power in Japan (June 2021).
  2. Wall Street Journal March 22, 2022.
  3. World Nuclear Association – Nuclear Power in the USA (May 2021)