Interview with enCore Energy Executive Chair William Sheriff
Our previous interview: https://www.cruxinvestor.com/posts/encore-energy-nasdaqeu-founder-transition-isr-growth-verdera-upside-9413
Recording date: 25th September 2026
enCore Energy Corp. (NASDAQ:EU, TSXV:EU) is a US in-situ recovery (ISR) uranium producer with two operating central processing plants in South Texas: Alta Mesa, a 70/30 joint venture with Boss Energy, and Rosita. It also has development projects in South Dakota and Wyoming. In an interview with Crux Investor, founder and Executive Chair William Sheriff set out where the company stands after a difficult 2026 and what investors should watch next.
The central issue is permitting. Two new sources of feed are built and ready: Wellfield 3 Extension at Alta Mesa, and the Upper Spring Creek satellite ion exchange plant and wellfield that feed Rosita. A third, Wellfield 8 at Alta Mesa, was days from completion. Final permits from the Texas Commission on Environmental Quality (TCEQ) are guided for Q4 2026 for the first two and by the end of Q1 2027 for Wellfield 8. Sheriff blames the delay on an impasse between previous management and the regulator, which he describes as self-induced. New Chief Executive Richard Little has since rebuilt the relationship, and Sheriff says any surprise on timing is more likely to be positive. The company intends to announce when the first permit clears public comment without opposition.
Until then, extraction will be minimal. Wellfield 7 reached the end of its economic life in Q3, leaving a gap of three to four months. First-half 2026 figures already showed the slowdown, with 131,274 pounds of U3O8 extracted against 317,613 pounds a year earlier. The company met contract deliveries of 485,000 pounds partly with 360,000 purchased pounds. That lifted the weighted average cost of delivered uranium to $75.54 per pound, against an average sales price of $70.10.
Management has responded with cost discipline. Little has more than 30 years in production-focused roles, and Sheriff says he agreed to join only if Sheriff returned. Staff numbers were cut by around 24% after an early-year hiring surge. Because drilling had run well ahead of permitting, Sheriff says the rig count was cut from 32 to 10. Total liquidity was $88.4 million at June 30, or $73.5 million excluding Verdera shares. The company has not drawn on its US$250 million ATM facility, and Sheriff says he has no interest in doing so.
The share price was hit in September by heavy ETF-related selling, which briefly pushed the stock below US$0.70 on record volume. Sheriff and his wife bought about $250,000 of shares. The price recovered to the $1.20 to $1.25 range within two trading sessions of the September 18 low.
Longer-term growth centres on Dewey Burdock in South Dakota. The project obtained all federal permits in under a year through the FAST-41 programme and entered state permitting in June 2026. Its preliminary economic assessment outlines 750,000 pounds a year, total life-of-mine capital of $264.2 million and a 39% pre-tax IRR at $86.34 per pound.
Shareholders are also due to receive about 0.18 of a Verdera Energy share per enCore share on September 30. enCore received the Verdera shares when it sold its New Mexico assets to the company in 2025. The distribution gives holders exposure to about 88 million pounds across six New Mexico properties, a mix of current NI 43-101 resources and historical estimates. enCore keeps about 13.5% of Verdera.
Sheriff continues to argue for consolidation among US ISR producers, now through agreed deals rather than tender offers. For investors, the near-term test is simple: whether permits arrive on schedule and turn built infrastructure into steady production.
