enCore Energy Corp. ceased to be a foreign private issuer and became a U.S. domestic issuer on January 1, 2025, now filing under U.S. GAAP. The company remains classified as an Exploration Stage Issuer, despite commencing uranium extraction at Rosita and Alta Mesa projects. Uranium extraction at the Alta Mesa Project increased over 100% in 2025 compared to 2024, with 699,000 pounds U3O8 extracted in 2025 versus 190,000 pounds in 2024. Total U3O8 extraction from Rosita and Alta Mesa projects reached approximately 700,000 pounds in 2025, up from 300,000 pounds in 2024. New uranium discoveries were made in areas near existing wellfields at the Alta Mesa Project, with one new roll front progressing to permitting as a Wellfield 3 extension. The Dewey Burdock Project received approval for inclusion in the FAST-41 Program by the U.S. Federal Permitting Improvement Steering Council in September 2025, accelerating its development. The EPA Environmental Appeals Board (EAB) denied a petition challenging the Class III and Class V Underground Injection Control (UIC) permits for the Dewey Burdock Project on September 16, 2025, upholding federal permits. The company's total measured and indicated mineral resources are 30.94 million lbs U3O8, and total inferred mineral resources are 20.54 million lbs U3O8. Revenue from uranium sales decreased to $43,155 thousand in 2025 from $58,334 thousand in 2024, driven by lower volumes sold (655,000 lbs in 2025 vs. 720,000 lbs in 2024) and lower realized sales prices ($65.89/lb in 2025 vs. $81.02/lb in 2024). Cost of sales decreased to $33,463 thousand in 2025 from $65,541 thousand in 2024, with the weighted average cost per pound decreasing from $91.03 to $51.09. Operating expenses (excluding stock option expense) increased to $71,254 thousand in 2025 from $60,188 thousand in 2024, reflecting growth and increased activity. Net loss before income taxes improved to $(63,511) thousand in 2025 from $(73,922) thousand in 2024. Net cash used in operating activities decreased to $(24,992) thousand in 2025 from $(45,204) thousand in 2024. The company issued $115,000 thousand aggregate principal amount of 5.50% Convertible Senior Notes due August 15, 2030, in August 2025. The Uranium Loan Agreement with Boss Energy was repaid in full on August 22, 2025, for $10,573 thousand.