enCore Energy Corp (OTCMKTS:ENCUF) down 78% in a week. The company has executed a uranium sales and purchase agreement with UG USA Inc. as part of its previously stated goal of advancing its South Texas uranium plants to production. The five-year agreement will cover two million pounds of U3O8 uranium with considerable delivery flexibility as per market pricing.
In addition, CEO Paul Goranson stated that they offered an update regarding the South Texas Production Facilitates in which they outlined their production strategy. Most importantly, the agreement permits the company to leverage an improved uranium market, execute the first uranium sales agreement, and become among America’s ISR uranium producers.
Recently, the company said that since the acquisition of Westwater Resources Inc.’s uranium assets, the company has aggressively executed the strategy to becoming America’s newest in-situ resource uranium producer. Operations at the South Texas Faculties have prioritized restoring the Rosita processing plant to produce and securing additional resources to supply the facility. With enhancing uranium strategy, ENCUF is a stock to keep an eye on.
Market Reaction:
On Wednesday, ENCUF stock fell 3% at $0.97 with more than 167k shares, compared to its average volume of 286k shares. The stock has moved within a range of $0.9593 – 1.0400 after opening the trade at $1.02.
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