enCore Energy is a U.S.-focused uranium mining company that extracts uranium exclusively using In Situ Recovery (ISR), a method where a water-based solution is injected underground to dissolve uranium from sandstone deposits, then pumped to the surface and processed into yellowcake (U3O8 concentrate). enCore sells yellowcake to nuclear utilities under multi-year, market-linked contracts that combine fixed price floors with upside participation. Active operations are entirely in South Texas, centered on the Alta Mesa facility — a licensed ISR Central Processing Plant with ~1.5M lb/year capacity that was restarted in mid-2024 — and the smaller Rosita CPP. enCore holds a 70% interest in Alta Mesa, with Boss Energy holding the remaining 30% via a joint venture formed in 2024. Development-stage assets include Dewey Burdock in South Dakota (~17.1M lbs measured and indicated resources), where federal permits have been secured and construction is targeted for 2027, and Gas Hills in Wyoming. enCore owns three of the ten licensed ISR processing plants in the U.S., which it argues gives it a meaningful infrastructure advantage among domestic producers. The company's profitability is driven by uranium prices, production volumes, and per-pound extraction costs — which vary with wellfield grade and flow rates as individual wellfields mature and deplete. enCore's growth strategy focuses on expanding South Texas output through successive wellfield development, bringing Dewey Burdock online, and pursuing M&A while divesting non-core assets.