As of June 30, 2025, we had mineral rights in the U.S. states of Texas, Wyoming, South Dakota, Colorado, Arizona and New Mexico. These mineral rights were acquired through asset acquisitions, lease or option agreements. As of June 30, 2025, annual maintenance payments of approximately $1,961 are required to maintain these mineral rights.

The Company recorded depletion of $2,795 and $4,572 that was capitalized to inventory during the three and six months ended June 30, 2025, respectively, utilizing the units-of-production method, $787 of which was included in distributions to non-controlling interest and $3,098 that was capitalized into ending inventory as of June 30, 2025. There was no recorded depletion during the three and six months ended June 30, 2024.

In February 2024, the Company completed several transactions under a master transaction agreement (the “MT Agreement”) with Boss Energy Ltd. The completion of these transactions resulted in the Company holding a 70% interest in the project while also remaining as the project manager. Boss Energy holds a 30% interest in the project. Refer to Note 8 – Sale of Minority Interest in Alta Mesa for further details. As of June 30, 2025, $113,866 was capitalized as Mineral rights and property on the Company’s unaudited consolidated balance sheets. As of December 31, 2024, $118,438 was capitalized as Mineral rights and property on the Company’s consolidated balance sheet.

Notably, the advanced stage Dewey Burdock Uranium Project (“Dewey-Burdock” or “Dewey-Burdock Project”) in South Dakota has demonstrated ISR resources, including a 2019 Preliminary Economic Assessment (“PEA”) citing robust economics. The company completed a Canadian National Instrument 43-101 and a S-K 1300 compliant technical report, effective as of October 8, 2024, which concluded, “Based on the technical and economic data, economic analysis and anticipated risks, the Project will be a successfully operable ISR mine.’ The project has its source material license from the U.S. Nuclear Regulatory Commission (“NRC”) and its underground injection permits and aquifer exemption from the US Environmental Protection Agency (“EPA”).

In April 2025, the Company completed the sale of NM Energy Holding Canada Corp. (“NM Energy Canada,”) an enCore subsidiary (the “Verdera Transaction”) that holds the Crownpoint and Hosta Butte projects located in McKinley County, New Mexico to Verdera Energy Corp. (“Verdera”) pursuant to a share purchase agreement, dated March 17, 2025 (the “Share Purchase Agreement”). As a result of the Verdera Transaction, the Company contingently received 50,000,000 Preferred Shares of Verdera. The Preferred Shares provide voting rights related to approval of a “Going Public Transaction”, which is defined as a transaction that results in the common shares of Verdera being listed on a Canadian stock exchange and concurrent registration under the Exchange Act, which the Company has agreed to vote in favor of so long as the Going Public Transaction results in aggregate gross proceeds to Verdera of at least CAD $20 million. In the event that Verdera does not execute the Going Public Transaction by December 10, 2025 (which may be extended by mutual agreement up to January 31, 2026), the Company will have the right to reacquire NM Energy Canada from Verdera in exchange for transferring all 50,000,000 Preferred Shares to Verdera. As such, the recognition of the fair value related to the preferred shares currently has no impact to the financial statements until the contingent conclusion of the “Going Public Transaction.”