enCore Energy’s Nasdaq shares changed hands at about $0.77 on October 29, according to third-party market data. Two days earlier, the company said the permit it has been chasing since May 2025 now needs only a final signature. The plant that permit would switch on is already built, and its costs are already expensed.
enCore Says Upper Spring Creek Permit Needs Only a Final Signature
enCore Energy Corp. (TSXV: EU) (Nasdaq: EU) disclosed on October 27 that the first Production Area Authorization at its 100%-owned Upper Spring Creek project in South Texas has completed technical review and public notice at the Texas Commission on Environmental Quality (TCEQ). A Production Area Authorization, or PAA, is the state permit that allows in-situ recovery (ISR) extraction within a defined wellfield. ISR recovers uranium by circulating a solution through the ore body underground and pumping it back to the surface, rather than digging the rock out.
Final authorization is expected on or before November 13, 2026. The company called that date an acceleration from the timing in its Q2-2026 guidance.
It took a while. The application went in on May 27, 2025, and moved through seven technical revision cycles and two public notice periods. TCEQ issued an initial draft permit on August 28, 2026 and a final draft on September 23. Public comment closed October 19, with a grace period for postmarked comments that ended October 24.
“Permitting has been the last step between the infrastructure we have built in South Texas and new production,” CEO Richard Little said in the release.
Upper Spring Creek Still Needs a Disposal Well Approval
The PAA is not the only open item. Upper Spring Creek also needs TCEQ operational approval of a waste disposal well that will take the bleed stream from ISR operations. enCore says the well is constructed and in final testing and review. No date was given for that approval.
On the surface sits a satellite ion exchange plant, where dissolved uranium is captured on resin. The loaded resin will be trucked to enCore’s Rosita Central Processing Plant and processed into yellowcake, the dried uranium concentrate sold to utilities. The company describes Upper Spring Creek as the largest satellite facility it has built to date. The release gives no capacity or expected production figure in pounds.
Little told investors the company is ready to begin injection and recovery as soon as the final permit arrives.
Alta Mesa PAA-3 Extension and PAA-8 Remain in TCEQ Review
Two more production areas sit at Alta Mesa, which enCore runs in a joint venture where it holds 70% and Boss Energy Ltd. (ASX: BOE) holds 30%, according to enCore’s second-quarter 10-Q. TCEQ is still working through technical review of the PAA-8 application and the PAA-3 Extension amendment. State rule changes on public notice and hearings that took effect May 1, 2026 mean neither faces a public hearing opportunity, per the company.
The release is not consistent on timing. Its introduction says both are expected before the end of the year. Its highlights put the PAA-3 Extension by year-end and PAA-8 early in the new year. Separately, enCore’s August results release had guided to final permits for Alta Mesa’s Wellfield 8 by the end of Q1-2027.
enCore’s First-Half 2026 Extraction Fell to 131,274 Pounds
For the six months ended June 30, 2026, enCore extracted 131,274 pounds of U3O8, down from 317,613 pounds in the same period of 2025. U3O8 is the standard measure of uranium concentrate. The company still delivered 485,000 pounds into contracts at an average $70.10 per pound, but 360,000 of those pounds were purchased rather than produced. The weighted average cost of delivered pounds came to $75.54, above the average sale price.
Loss per share for the half was $0.19, against $0.16 a year earlier. Total liquidity stood at $88.4 million on June 30, of which $21.8 million was unrestricted cash; marketable securities and inventory made up the rest.
Leadership changed in April. The board replaced CEO Robert Willette with Richard Little and founder William Sheriff returned as executive chair. A workforce reduction followed in July, and Alta Mesa’s Wellfield 7 was scheduled to stop recovery in Q3-2026 as it reached the end of its natural life.
enCore Shares Trade Below $1 Ahead of the Permit Decision
At $0.77, the Nasdaq line sits under Nasdaq’s $1.00 minimum bid price for continued listing. Nasdaq issues a deficiency notice once a stock closes below that level for 30 consecutive business days. No such notice from enCore was identified in the filings and releases reviewed for this article.
The share price figure comes from a third-party data provider, not a company disclosure.
enCore’s Upper Spring Creek Permit Is Due On or Before November 13
enCore expects final TCEQ authorization of Upper Spring Creek PAA-1 on or before November 13, 2026; it has not disclosed a date for the waste disposal well’s operational approval. The company expects the Alta Mesa PAA-3 Extension by the end of 2026, and its release gives PAA-8 as both year-end and early 2027. At Dewey Burdock in South Dakota, which has all necessary federal permits, state permitting began June 15, 2026, and the company anticipates development in 2028 subject to state permits.
Sources
- PRNewswire: enCore Energy Reaches Final Stage of Permitting at Upper Spring Creek; Alta Mesa PAA-8 and PAA-3 Extension Remain on Schedule, October 27, 2026
- SEC EDGAR: enCore Energy Corp. Form 8-K Exhibit 99.1, enCore Energy Reports Q2 2026 Financial Results, August 13, 2026
- SEC EDGAR: enCore Energy Corp. Form 10-Q for the Quarter Ended June 30, 2026, filed August 13, 2026
- SEC EDGAR: enCore Energy Corp. Form 8-K Exhibit 99.1, enCore Energy Appoints Richard Little as Chief Executive Officer; William M. Sheriff Returns as Executive Chair, April 20, 2026
- Upstox: enCore Energy Corp. Share Price (third-party market data), October 29, 2026
- Skadden: SEC Approves Nasdaq Rule Change on Reverse Stock Splits and Minimum Bid Price Compliance Periods, November 2024
Editorial Disclosure
This article is based entirely on publicly available information, including enCore Energy’s October 27, 2026 PRNewswire release and its SEC filings, along with third-party share price data as of October 29, 2026. The securities discussed are enCore Energy Corp. (TSXV: EU) (Nasdaq: EU) and Boss Energy Ltd. (ASX: BOE), enCore’s 30% joint venture partner at Alta Mesa. aktiego.com has not received any compensation from enCore Energy, Boss Energy, their management, investor relations representatives, or any third party. No staff member or principal of aktiego.com holds a position in either security at the time of publication.
Upper Spring Creek PAA-1 had not been granted as of publication. The November 13, 2026 date is enCore’s own expectation, not a commitment from the TCEQ, and the separate waste disposal well approval needed for optimal operation remains outstanding with no disclosed date. The Alta Mesa PAA-3 Extension and PAA-8 timelines are company-stated, and the October 27 release gives two different expectations for PAA-8. The release discloses no production capacity or volume figure for Upper Spring Creek, and readers should not infer one from this article.
For the six months ended June 30, 2026, enCore’s extraction fell to 131,274 pounds from 317,613 pounds. Of the 485,000 pounds delivered into contracts, 360,000 were purchased; the weighted average cost of delivered pounds exceeded the average sale price. Of $88.4 million in reported total liquidity, $21.8 million was unrestricted cash. No going-concern language was identified in the sources reviewed. The company changed its chief executive in April 2026 and reduced its workforce in July 2026.
The share price cited is sourced to a third-party data provider rather than a company disclosure. enCore’s Nasdaq shares traded below Nasdaq’s $1.00 minimum bid price as of October 29, 2026; no Nasdaq deficiency notice was identified in the filings and releases reviewed. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of enCore’s press releases, per the company’s own standard disclosure.
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