SCHEDULE 13G/A: MMCAP International and MM Asset Management Disclose 5.9% Stake in enCore Energy Corp.

MMCAP International Inc. SPC and MM Asset Management Inc. have jointly disclosed a beneficial ownership of 5.9% in enCore Energy Corp., totaling 11,433,501 common shares.

Summary

• MMCAP International Inc. SPC and MM Asset Management Inc. (the "Reporting Persons") have filed an Amendment No. 2 to Schedule 13G regarding their beneficial ownership in enCore Energy Corp.
• The Reporting Persons collectively beneficially own 11,433,501 common shares of enCore Energy Corp.
• This ownership represents 5.9% of the issuer's common shares outstanding.
• The total beneficial ownership includes 3,819,501 common shares and an additional 7,614,000 common shares underlying warrants that are exercisable within 60 days.
• The percentage of beneficial ownership is calculated based on 186,261,281 common shares outstanding as of February 25, 2025, plus the 7,614,000 warrant shares.
• Both MMCAP International Inc. SPC and MM Asset Management Inc. hold shared voting power and shared dispositive power over the 11,433,501 common shares.
• The filing certifies that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of enCore Energy Corp.

Sentiment

Score: 6

Explanation: The filing indicates a significant and continued beneficial ownership stake by institutional investors, MMCAP International Inc. SPC and MM Asset Management Inc., in enCore Energy Corp., which can be interpreted as a positive signal of investor confidence. However, as a routine Schedule 13G amendment, it does not contain new operational or financial performance data from the issuer.

Positives

• Institutional investors, MMCAP International Inc. SPC and MM Asset Management Inc., hold a significant 5.9% stake in enCore Energy Corp., indicating continued confidence in the company.

Future Outlook

This Schedule 13G filing is a disclosure of beneficial ownership by institutional investors and does not contain any forward-looking statements or guidance from enCore Energy Corp. itself.

Industry Context

This filing indicates continued institutional investor interest in enCore Energy Corp., a company operating in the uranium sector. Such disclosures reflect investor positioning within the broader energy and critical minerals landscape, which has seen increased attention due to global energy transition trends and geopolitical factors.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, potentially influencing market perception and liquidity.

Key Dates

Keywords

enCore Energy Corp., MMCAP International Inc. SPC, MM Asset Management Inc., Schedule 13G, Beneficial Ownership, Common Shares, Institutional Investor, Uranium Sector