Tuesday, September 14, 2021

enCore Energy Corp. (ENCUF)(EU:CA)
We are raising our price target to reflect the Azarga acquisition

enCore Energy Corp together with its subsidiary, is engaged in the acquisition and exploration of resource properties. The company holds the Marquez project in New Mexico as well as the dominant land position in Arizona with additional other properties in Utah and Wyoming. The firm also owns or has access to North American and global uranium data including the Union Carbide, US Smelting and Refining, UV Industries, and Rancher’s Exploration databases in addition to a collection of geophysical data for the high-grade Northern Arizona Breccia Pipe District.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

We are raising our twelve-month price target on the shares of ENCUF. The increase in our price target reflects adjustments to our financial and valuation models to account for the proposed acquisition of Azarga Uranium. We see the acquisition as a transformative event for enCore that brings the company low cost uranium production that will fill a gap between enCore’s near-term Texas production and long-term New Mexico production. Our price target increase comes on the heels of recent strength in uranium prices.


We have modeled in Azarga’s Dewey Burdock (2025) and Gas Hill (2026) projects.  Both projects are low-cost, high-return projects with ample resources and projected production capacity near 1 million annually. We assume the projects will operate at 25% capacity in year one rising to 75% by year three. Recent preliminary economic assessments estimate Dewy Burdock operating costs and royalties near …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision.