Movers and SHAKERS
enCore Energy Corp. (ENCUF)(EU:CA)
enCore Combines with Azarga Uranium
enCore Energy Corp together with its subsidiary, is engaged in the acquisition and exploration of resource properties. The company holds the Marquez project in New Mexico as well as the dominant land position in Arizona with additional other properties in Utah and Wyoming. The firm also owns or has access to North American and global uranium data including the Union Carbide, US Smelting and Refining, UV Industries, and Rancher's Exploration databases in addition to a collection of geophysical data for the high-grade Northern Arizona Breccia Pipe District.
Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
enCore Energy and Azarga Uranium agree to merge. The merger will combine enCore's leading position as an aggregator of domestic uranium assets and controller of in-situ processing plants with Azarga's ownership of several high-grade, low-cost in-situ exploratory projects. We think the combination makes sense for both companies and see the announcement as a continuation of enCore's goal of becoming the leading uranium ISR producer in the U.S.
Why it makes sense for Azarga. Azarga shareholders receive 0.375 shares worth $0.71 per share, a 31% premium. Azarga gains a partner with experience as a uranium aggregator, a strong balance sheet (C$5m cash + C$12m inventory and no debt), and control of permitted processing plants. Azarga was going to need to bring in a partner to develop its Dewey Burdock project (initial capital costs of US32m) ...
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.