enCore Energy's Growth Strategy | Bill Sheriff
Jimmy Connor Sep 14, 2026 19:10
Summary
enCore Energy's three South Texas projects sit permit-ready, with the company now expecting 2027 to outperform its earlier pessimistic guidance.
Dewey-Burdock (~20M lbs in South Dakota) and Alta Mesa East extend enCore's pipeline, with state permitting underway and drilling running into Q1 2027.
Bill argues the US uranium sector must consolidate to attract generalist capital; only Cameco, Denison, and UEC have the scale big funds will underwrite.
The US consumes ~50M lbs of uranium a year but produces only ~3M; a DOE request for 4M lbs/yr from 2030 sharpens the domestic supply gap.
Long-term uranium contract prices sit at an all-time high even as the spot market has gone quiet, a divergence Bill reads as healthy basing.
William Sheriff's takeaways
- Top takeaway Sheriff is bullish that enCore's worst permitting issues are behind it and that 2027 will be a 'great' year, framing prior Texas timelines as likely pessimistic.
- He argues for a long-term doubling of US nuclear capacity, expects US uranium consumption of 45-50M lb/year to remain heavily import-dependent, and calls current long-term contract prices 'very healthy' at an all-time high.
- He strongly advocates M&A in the uranium sector to reach 4-5M lb/year scale, citing limited ISR expertise, lower cost of capital, and the need to attract large generalist funds.
- He treats the DOE's recent request for information on 4M lb/year of US-sourced uranium from 2030 as a major catalyst for domestic producers and speculates the Defense Production Act may be invoked to accelerate permitting.
- He praises FAST-41 federal permitting as a working program, citing Dewey-Burdock being fully permitted in under a year after 15+ years of prior delay.