EnCore Energy Corp. (EU:TSX.V; ENCUF:OTCQX) shares are poised for significant upside according to a new research note from HoldCo Markets.
The uranium miner reported strong FY2025 results, highlighted by a 242% increase in production from its Alta Mesa project to 699,807 lbs of U3O8.
Looking ahead, the next leg of growth is expected to come from the Dewey Burdock ISR Uranium Project in South Dakota, with construction activities anticipated to commence within the next 18 months.
In FY2025, enCore sold 655,000 lbs of uranium into contracts at an average realized price of CA$65.89/lb and a cost of CA$51.09/lb.
The company exited the year with 132,013 lbs of inventory at CA$37.77/lb.
At Dewey Burdock, enCore is advancing permitting activities after the project was approved for the Fast-41 expedited review program.
With a global resource of ~18M lbs U3O8, Dewey Burdock represents a major growth opportunity.
The research note also highlighted enCore's strong financial position with "~CA$114M in current liquidity" to fund development.
Underpinned by a long-term uranium price forecast of CA$100/lb, HoldCo Markets maintains its price target of CA$3.55 per share, representing 85% upside.
"Shares of EnCore Energy currently trade at a 0.65x discount to NAV."
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Disclosures for HoldCo. Markets. Encore Energy, March 9, 2026
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