Energy Fuels to sell several non-core assets to enCore, Tigris

Uranium ore
Uranium ore | Courtesy of Shutterstock

Energy Fuels, Inc., recently agreed to sell several non-core uranium assets to enCore Energy Corp. and Tigris Uranium U.S. Corp.

The properties will be granted in exchange for $329,960 in cash and through 14.25 million common shares in enCore, or approximately 19.9 percent of the company’s issued and outstanding shares. In addition, enCore will assume all debts, obligations and environmental claims on the properties.

The assets include unpatented mining claims and leases in New Mexico, Utah and Arizona. With this sale, Energy Fuels can focus on its properties that it considers better prospects for yielding uranium.

“Energy Fuels is pleased to continue our asset rationalization strategy by selling certain of our non-core assets to enCore Energy, and I believe this deal makes good sense for both companies,” Energy Fuels President and CEO Stephen Antony said. “Energy Fuels is focusing on higher-grade, lower-cost and larger-scale uranium projects, while we continue to cut costs and monetize assets that do not fit our long-term business plans. We are also receiving shares of enCore Energy, a company that we believe has the ability to potentially unlock the value of the assets we are selling. enCore has a strong management and technical team with an excellent track record of advancing projects in the U.S., and our ownership in enCore will provide our shareholders with a vehicle to realize the potential value of these assets.”

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Energy Fuels, Inc.

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