We appreciate your time. Today, we will be speaking with William Sheriff, Executive Chairman of enCore Energy, and Paul Goranson, CEO of enCore Energy. My name is Janet Lee-Sheriff. I'll be the moderator today. First, we aren't going to do a slide deck. Bill is going to speak and talk about the recent news on the Alta Mesa transaction, a plan to accelerate company-wide production. And then he will be followed by Paul Goranson, who will speak to the recent news and the activities at Rosita, as there's been a restart of uranium production. It's an exciting time for enCore, and I will step off when Bill begins. Please do ask any questions. There's a Q&A box. I will pop back on at the end and moderate the questions. Paul also is in Corpus Christi.
If there's any background noise, it's Pearl Harbor Day, and thank you to all those who have served, as a special note. But it's a Navy town, and there'll be a bit of noise. So, with that, I'm going to hand it over to Bill, and again, thank you for joining us.
Thank you. Thanks, Janet, thanks, Paul, and thanks to our shareholders and all those other attendees on the call. Very exciting times for enCore. This presentation will be broken down into three major segments. First off, I'm going to take why did we take the approach we took versus doing an equity raise? A lot of people have looked at that. Second will be transactional highlights, and then major benefits for enCore. Then we'll throw in a nice Rosita update at the end, and give you some time for some questions and answers. So first off, you know, why did we not go with another equity raise? There's several reasons here. Number 1, the price valuation.
Certainty was there with selling a minority interest of our Alta Mesa asset and enjoying a 67% increase in the valuation or the amount paid over the course of 10 months, less than a year. So we thought that was very attractive. Also, quite frankly, we've raised $170 million in the market in the last 12 months, and we really thought that adding this additional amount, which does give us the ability to accelerate our production base across the portfolio, while a very worthy use of funds, was probably a bit much to put into the equity market after having been so active in it over the last 12 months.
You know, financing obviously would pressure the stock in terms of not only getting the fair value for the stock, just because you by the time you take a discount in the market, add on a broker or subtract a brokerage fee, your legals are probably pretty similar, but by the time you do that, you're looking at a double-digit discount on the share price. We thought that was not nearly as attractive as the route we've taken. You also would have a warrant and overhang over the market. Either one of them from an NAV value are pretty similar within a point or two, depending on who's doing the calculation and what factors they take into effect. Clearly, this is supportive.
It also basically dilutes one of our assets versus if we went equity. It would dilute all of our assets by 10% instead of one of them by 30%. It still allows us to be the manager of the joint venture. It definitely helps us in terms of expenditures on these key assets because by having Boss Energy in as a minority partner, we can certainly accelerate our expenditures at Alta Mesa in particular, where they'll be picking up 30% of the cap. So definitely a very good collaboration for us. It also comes with the potential or the facility actually arranged, whereby we can borrow up to 200,000 pounds of uranium. This is good because our production ramp-up was tight against our delivery schedule.
While we're confident we could have and will deliver into those contracts we have next year, it didn't allow us any flexibility to take advantage of, you know, market situations that might develop in the event we were to get a spike or something similar, on a short-term basis in the price. So having access to that 200,000 pounds of yellowcake certainly gives us a lot more financial flexibility than we had before.
And, you know, I think the biggest single factor is this should entirely remove the perspective or the perception of any sort of an equity financing coming in, in, over the course of the next year. We've got, you know, plenty of cash in the bank. We've made a remarkable transformation.
Six months ago, we were $60 million in debt, now we have $70 million in the bank. We do expect the $20 million left on the loan to get converted, and that should be happening before too long. So, we've basically made a, you know, $130 million swing in considerably less than a year. So when you combine all those factors, it's a pretty strong argument for not going the equity route, and we're quite happy with the way it worked out. I think that would basically explain that end of it.
For those of you, I guess I should have prefaced this with an overview of the deal, and that was, the Boss Energy of Australia, $1.5 billion market cap company that's very well-funded and has just started production at their Honeymoon asset, a very good asset in Australia, has, committed $60 million to buy a 30% interest in Alta Mesa. Also providing us with a $10 million infusion via a private placement into the company at a price of $3.90, which is a very favorable price. No, no warrants. And, also have arranged the aforementioned uranium loan for us. So that, that pretty much takes care of it. And, you know, I think that...
You know, with that, I'll turn it over to Paul, and he can handle some of the transactional highlights and also cover the major benefits for enCore, other than the ones I've already spoken of. Paul?
Well, thanks, Bill. So as we said, this joint venture provides a real opportunity for us with respect to the funds we received. The cash we received allows us to accelerate the rate of development at Alta Mesa, but also advance projects that are gonna support Rosita's production. We'll be able to add drill rigs and not be concerned about whether we're gonna have the funding down the road. So this really opens up our flexibility.
Also, we're gonna be able to advance our projects elsewhere. So we're talking about our Dewey Burdock project. We have exploration projects up in South Dakota we want to advance. These are actually not true exploration, but they're development projects.
Known resources that we're going to be doing some infill drilling between Dewey Burdock and our property called Dewey Terrace to extend the roll fronts. The other things we're gonna be doing is advancing our Gas Hills project up on the permitting scale. This gives us an opportunity.
We've been deferring it, some of the work, some of the major work that we need to do, and now this gives us the ability to open up that opportunity as well. And this is mainly because, you know, we're prioritizing our expenditures to our production. And that leads us to where we're at with Rosita. Rosita, as we announced last week, is in production now. Our head grades are continuing to build.
Throughout, every day, the head grades are continuing to build, and the flow rate and the production is increasing. A ramp up as we expected. Everything's going as we anticipated. As usual, we have the usual startup issues, et cetera, but we've been able to resolve those, thanks to our experienced team out there. By getting into production, we're gonna be delivering into our sales agreements. With production, the uranium loan agreement allows us the flexibility to be able to deliver those at... and where the market is very favorable to us on our market-related contracts.
One of the other things that we want to do is also advance our other projects at Upper Spring Creek to be able to move them forward in order to deliver feed to Rosita so we can continue to monetize the investment we've made into the Rosita project and see some real value for it. This all goes with creating enCore as a multiple asset venture. I would like to say that I'm pretty excited about this joint venture with Boss Energy. I've gotten to know the team with Boss. I've known several of their folks on their board for quite some time prior to this, and they're very experienced and good management team, and I think they bring value to the project overall.
We see some strategic value in doing this going forward from a business aspect. One of the other aspects of this deal is the strategic collaboration on the PFN or Prompt Fission Neutron equipment. The technology, as we announced back in May, we acquired that from Energy Fuels, and we want to be able not only to service the existing equipment that we have and use the technology to do minor upgrades, we would like to take the technology and advance it further to where it becomes a better application for us and for the industry going forward. And the strategic collaboration provides some resources that Boss can bring to the table.
The IP and the intellectual property and the technology that we have, we can bring to the table and create something that's a better-suited equipment for the future. Taking advantage of a lot of the technical advances that have occurred, both with computer hardware, even the equipment such as chips, et cetera, and advancing that to something that's, you know, 2023 technology rather than 2005 and 2010 technology.
We believe that will provide a better tool, better response times. We're already very happy with the technology. We believe that's one of the reasons why we're seeing success at Rosita. But we can always see improvements going forward, making the technology more reliable, more marketable, and more commercial. With that, I'm gonna turn it back over to Janet so we can take some questions.
Thank you both, Bill and Paul. As I mentioned earlier, there is a Q&A function on the. If you can't find it, it's under the More tab, and we have a few questions coming in. The first question I will put out there, you guys can decide which one will answer this: "Can you provide more detail on the potential to accelerate production at Rosita? How do these additional funds impact your planned production rate and timing to achieve this production going forward?
Well, I'll go first.
Yeah, I'll give you kind of the non-technical view of it, but essentially, it allows us. You know, if you've seen our presentation, we've got a bar graph that shows one property after another coming in on satellite, but. You know, with the additional funding, there's you know, impetus to run those not in series but in parallel.
And for instance, Upper Spring Creek is two different properties. We should be able to start drilling on both of those and have them both contributing to the overall production much quicker. So I don't think you'll see a lot of difference in 2024 in terms of our net pounds produced. Even though we're giving up some at Alta Mesa, we're gonna be accelerating the drilling program, which should translate into increased pounds. But in 2025, you should start seeing a significant change there.
Yeah, I would agree with that. If you've been following our financials, you will notice... You'll see that capital funds were always limited, relatively speaking. And so we've always had to prioritize where our expenditures are going. And it's always been to the point where we were able to meet our objectives and our schedules, but not having much ability to advance our projects faster. The uranium market is transitioning dramatically since, if we took a snapshot a year ago from where it was a year ago. And we believe that we want to be one of the leaders to be able to meet those market demands as they're coming up.
Having the ability to advance our projects more fulsomely on a parallel path is gonna give us that, what we believe is that leverage to market, and it's gonna allow us to fully utilize our Rosita plant as it stands right now.
And be able to look at even potential if there's a need to increase capacity in the short term, as a result of our ability to increase the feed capacity. That's what we're seeing as with Rosita, and Upper Spring Creek is a very good example, as Bill mentioned. We can advance that faster and to where it's primed to be in earlier on the schedule rather than 2020, you know, 2025, but earlier.
This gives us that opportunity to do that, and allows us to keep accelerating development at Alta Mesa. We can't forget that. We've got a lot of ground to cover out there. And, not only the resources we know about that are right around the plant and also what we have identified in our technical report, but we believe there's tremendous upside where we can start seeing some real commercial projects in the near term that we can advance to bring into production sooner as well.
Your answer, Paul, sort of goes into the next question. Do you expect Alta Mesa to produce more uranium than you would otherwise have produced without the joint venture?
Yes. So where the... If you look at our publications, you know, Alta Mesa has an ion exchange capacity limit of about 1.5 million pounds per year, and that's strictly due to the physical limitations of the equipment. The plant is configured where the well fields are all pipelined into the central plant, and that's the ion exchange plant is there.
With the technology we're using at Rosita, which uses satellite plants and a central processing plant design, we can add capacity at Alta Mesa on the ion exchange side by building satellite facilities that allow us to have access more remote locations, so we're not limited to pipelines, long pipelines to feed the plant.
This allows up the production rate and process resin at Alta Mesa in order to be able to increase our throughput. We have enough capacity on the resin processing side, and also on the precipitation and drying side to do 2 million pounds a year.
This will allow us to be able to fully utilize that capacity by incorporating these concepts. And this is what we intend to do with the funds. Part of the funds we have is to advance the ability to do that and do some capital improvements at Alta Mesa to be able to do... to work and operate in with remote ion exchange plants and process resin that way.
Thank you. Bill, did you have anything you wanted to add to that?
Nope, I think that's pretty clear. I mean, you know, ultimately, at the end of the day, the number of pounds at Alta Mesa are the number of pounds, but I think what you'll see is the growth in the resource will come a lot quicker, and the production will come a lot quicker. The total production at the end of the day won't be affected. Obviously, it's Mother Nature's endowment. But you know, being able to access them over the coming decade instead of over the coming next three decades is gonna make a big difference in terms of you know, bringing that cash flow and profit forward.
A question about the transaction itself with Boss. Why did they also buy shares and not just the Alta Mesa interest?
It was all part of the negotiating path that we wanted to take and, you know, their willingness to work cooperatively with us. Quite frankly, we looked at the $60 million, which was great, but as Paul just laid out, a pretty healthy ambitious CapEx and development expenditure budget to really accelerate our production plans all the way across all of our asset base in the U.S. And we felt that $70 million was the right number for us to be able to do that. Here again, we don't wanna have to come back into the equity market after so much in the last year. It's been a dynamic growth phase for us, and couldn't have done it without the support of the markets and the shareholders. So thank you.
I know a number of you were on the call. But we thought it was time to, you know, generate that cash through other means. And obviously, we welcome Boss as a shareholder as well and are thankful for their topping up the treasury for us to where we can achieve those plans that we have outlined.
Can you clarify how Boss participates in the joint venture?
I can take that one. So under the joint venture, we Boss will participate obviously as a minority partner. Well, we will be doing this under a joint venture corp company, which both companies will jointly own, enCore 70%, Boss 30%. And we'll be operating it with joint funding based on cash calls, budgets, et cetera, and a management committee where enCore will be the manager of the operation. So we'll be the operator, and also we'll be the majority vote on the management committee.
That gives us, we believe that gives us a lot of strength, but also brings in the ability through this joint management, brings ability to have some additional technical support from, you know, Boss has some experiences they can bring into this operation. It's not just about money, it's also about synergies. And the way the JV is structured, it really, I believe, will really capture those synergies.
Thank you. Bill, did you want to add anything to that?
No, I think Paul summed it up really well. You know, we've gotten to know Boss real well. Paul's known them for a number of years, and I've gotten to know them real well during the process here, and I think the cultures blend well. I think they'll make a very good partner moving forward. I think there'll be some mutual benefits in terms of the way we do business for both sides, especially when it comes to the in situ process. You know, basically, in essence, although it's spelled out, it in essence certainly increases both sides at least access to in situ technology and the experts within it.
You know, we're at enCore, fortunately, well over-endowed with technical talent, thanks to Paul and the people he's worked with over the years has been able to bring a lot. You know, we're fully staffed in terms of ISR experts, all the way from the field superintendent level, all the way up through management and into the board. So more than our fair share, but even so, it's always nice to have a couple more voices in there. And so I think you'll see, I think you'll see very good results from this collaboration, you know, well beyond the obvious economic benefits.
Thank you. I realize the joint ventures on Alta Mesa. I do wanna flip over to Dewey Burdock and Gas Hills. There's a few questions in there. I'll kind of summarize a few into one. With the arrangement with Boss, where are you on construction and operations at Dewey Burdock in South Dakota? And can this arrangement pull forward the production timelines for both Dewey Burdock, Dewey Terrace, and Gas Hills?
I think we're gonna have a collaborative answer on that. I think Paul can bring you up to date on where we are with permitting with Dewey Burdock. We're getting an awful lot closer. So I'll circle back to that in a minute. But geologically...
Yeah, we've certainly looked at combining our Dewey Terrace resource, which is just across the Wyoming-South Dakota border on the Wyoming side. Along the same roll fronts that the major Dewey Burdock deposit in South Dakota lie. And we planned a small drill program this year to try and start tying those two together. And I think you see as a result of the budget, that the program being significantly increased. And, you know, I think we'll make a very strong effort, and I look forward to some good success, which will enlarge, obviously, the overall resource.
But more importantly, those roll fronts don't know where the geopolitical boundary is, so we're quite confident that we can have one much larger deposit than the 17 million pounds you have on the South Dakota side, and then just a handful on the Wyoming side due to the lack of drilling.
And once we combine those two, then it obviously gives us a little bit of more flexibility in choosing exactly where we want to build the central processing plant. The project that big will have some satellite aspects to it, clearly. But I think everyone's probably vast majority of people are aware of the different regulations in Wyoming versus South Dakota, and we may find it to our benefit to look to the Wyoming side for the central plant.
But all that's dependent upon success of the drilling and things of that nature. But Paul can address the permitting issue there, maybe in up to a minute there, 'cause we're getting very close in terms of the federal side, and also answer that towards Gas Hills. Yeah, thanks, Bill. As you know, earlier this year, we've got the NRC license was finalized, after several appeals to the court. We're currently doing these appeals on our EPA permits right now. There's two appeals going on.
Based on the fact that the EPA relied on NRC's environmental impact statement to be the basis for their approval of the permits for Dewey Burdock, that we believe that, and that the courts have affirmed the quality of the outcomes of the EIS. We believe that we're gonna prevail in a relatively quick order. The schedules for the first set of appeals have been set for early next year, and we expect to see an outcome relatively quickly after that, and then go finish and then wrap up, hopefully wrap up the second level of appeals after that. And then it's a matter of finalizing our state permits.
As we mentioned before, the state has basically put our current permit application with them aside until the federal process is exhausted. But we see this happening in relatively short order. I was very pleased with the fact that we got a resolution to the NRC license, which opens up the opportunity going as far as scheduling goes.
So as soon as we get some clearance and visibility on that, we'll begin to do the preliminary work for Dewey Burdock, and then once the permitting process is complete, we intend to start construction. Whether that's 12 months or 18 months will be dependent on the schedule of the permitting process, which honestly is not, you know, to be very honest, not entirely in our hands.
That also allows us the ability to advance Gas Hills, since Gas Hills is part of the, you know, one of the questions is that Gas Hills is a true brownfield deposit that's in a previously operated area, a mined area. It's and it's also got ability to expand through acquisition of other properties.
But the advantage, it's in Wyoming, it's an Agreement State , and we believe that we can advance that fairly quickly. We've had started preliminary environmental work, but we intend to start building these applications for our Plan of Operations and our radioactive materials, source material license with the state of Wyoming soon, now that we've got a pathway ahead of us. So that's gonna advance.
I think it's gonna be a horse race as between whether Dewey Burdock or Gas Hills hits the mark first, but we're gonna continue to advance that project, both projects at the same time.
Thank you. And just to be clear, there is a question about this. The funding that is received from this joint venture is not confined simply to Alta Mesa. It is for company-wide acceleration-
Yes
... production, right?
That's correct. Yes.
We have a question on contracting, which leads me back to... There was one of the terms, a 200,000-pound uranium loan from Boss. Sort of related to that is the question that looking for some color on the contract portfolio, are you looking for contracts to determine your expansion plans? What are you thinking about financing? We expect more equity deals.
Well, I'll hit it off, start off on the contracting side, and then I'll let Bill take over and talk about the long-term plans with respect to equity financing, if there's, you know, et cetera. But the contracting book, we've, you know, we've announced that we've had - we have four contracts in place. Those are all market-related contracts, and they come into effect staged over the next several years. So, in a nutshell, we have 3.65 million pounds of uranium contracted over from 2023 through 2030. It's a pretty big spread across that period of time.
We are always looking for opportunities for contracting going forward, but at the moment, at least for the next three years or four years, we feel like we have sufficient contract coverage to be able to cover our costs, but also provide us the ability to, as we ramp up production, to be able to have additional uranium, either to carry as inventory or take opportunistic taking opportunities in the market as they arise.
But the main thing is we think that we believe our contract book is pretty well settled for the next four years. We are looking beyond that, and we've had several inquiries from several different utilities for deliveries earlier or later. We're evaluating those, but those aren't driving our production decisions.
Our decisions are being based on what we believe that is the right thing for our production feed that we need to put to develop. 'Cause we don't intend this to meet our, our contract levels for our production. We, we intend to produce more than what we're contracted for in order to provide flexibility and the opportunity to take a, take advantage of markets as market opportunities when they occur.
Yeah, I would just add in terms of the equity, you know, clearly this accelerates our entire production plan. I will point out it does not cover CapEx of building a new plant at Dewey Burdock, does not cover CapEx at building one at Gas Hills, or the possibility of having a more centralized location somewhere that you could satellite off of. So aside from those CapExes, it puts us in great shape. At some point, we will be looking at those. Now, you got to remember, that's down the road, a couple of years at least. And so hopefully we'll be able to fund those out of our profits.
Obviously, we're dependent upon the price of uranium, but I think as everyone on the call knows, that looks pretty optimistic and rosy for the future, which is also another reason we aren't trying to contract every pound that we're gonna produce, is to be able to take some you know, real advantage of that increasing price. And you know, here again, I think Paul mentioned all, virtually all of our contracts have an exposure to spot in terms of floors and ceilings, if, if not directly to spot. So you know, increasing uranium price will greatly influence our increase in cash flow profits and ability to internally finance those CapEx needs.
However, if we're all, you know, wrong or disappointed or delayed and, you know, the price doesn't continue on its upward migration, when it comes time to build those plants, then we'll have to look at a series of different... While the CapEx needs are very minor compared to a conventional mine, nonetheless, they exist, and we'd have to look at a combination or decide which was best at the time based on equity or debt. But we're quite optimistic that we won't have to cross that bridge and that we'll be able to fund it internally from proceeds, given the rosy outlook for the uranium price.
So it's just a decision that's gonna come out in the future, but that would be the primary need for equity as we go out further. And then, of course, you know, we haven't touched on M&A, but we're always looking at that sort of opportunity.
As we've stated, well, categorically over the years, that you know, anything M&A after our first couple of ventures into that space and represented by this transaction, actually affirm that it has to be accretive, even in either in terms of pounds produced or the timeline to produce those pounds. And 'cause we're production-oriented, 100% ISR in the U.S. and... So, well, the number of playing pieces on the field are certainly not a large number.
We do keep our eye on those opportunities, and, you know, that sort of capital need might be changed by some sort of M&A activity. But in terms of our game plan, what we have on our plate in front of us now, we're very well-funded.
You sort of went into answering one outstanding question that came in about any further corporate activity planned or are things gonna settle down a bit? But having worked here for a few years with you both, I don't see a lot of grass growing under your feet.
Yeah, we don't really have time to settle down. We're too busy to settle down. You know, it... I think you've got a 4- or 5-year period here where the real benefit in this price change is for the very agile ISR producers. And, you know, we've shown that under Paul's leadership in bringing projects in in a remarkable timeframe and, you know, even not just with this project, but throughout the projects in his past career, and I think we'll continue to do that.
This money gives us the ability to do that and, quote, "Turn the team loose on moving things forward." So we'll always be looking at opportunities to get bigger, but we aren't gonna get bigger just for the sake of getting bigger.
It's got to, here again, meet the thresholds of accelerating our production profile, either in quantity or in a timeline. So, you know, we're always looking. I assure you we'll always be busy, at least it seems that way. And, you know, it's been an exciting time so far, and I think our shareholders have more of that to look forward to in the future. But, in terms of specific targets, ongoing discussions, I can confirm there are none at the moment.
Okay. Paul, anything to add, or are you good?
I'm good, thanks. Thanks for the soft hand. Thanks.
Last-
Thanks for everybody's support.
Oh, I have one last question. It's from me.
Okay.
So yesterday, Bloomberg put out an article, "Russian Uranium Import Ban Teed Up for U.S. House Floor Vote." So they are voting, I see, to look at a ban. Things are changing globally with uranium, and I wanted to give each of you a moment to speak about it. Paul, I know you're quite involved with the Uranium Producers of America. But so perhaps, Paul, go first.
Oh, sure. So that's— You're right, there is a pending vote on the floor of the House, actually, on the ban, the Russian ban on uranium imports. One of the big news as it came out overnight is that the National Defense Authorization Act does retain the Nuclear Fuel Security Act, which is the funding necessary for expanding the domestic access to low-enriched uranium and high-assay low-enriched uranium. Most importantly is, in that language is a domestic content direction.
That is why, you know, one of the reasons why the UPA and enCore specifically has been very involved in this process is because we believe it's important to national security and also just normal security of supply, is to have that domestic content. Since our supply chains are all land-based and directly in the United States, there's not much more security than that.
And as we've seen globally, as those supply chains have been not as reliable as they have been in the past. So this is all a very good move, and the most important thing, it's bipartisan. The House approved the language in a bipartisan manner. The Senate obviously put it into the bill at nearly a unanimous vote.
So, it's a very positive development. With the movement in the House on the Russian uranium ban, right now, I think they're gonna work together to be able to get the ban in place, but also secure the future of the domestic nuclear industry and our fuel supply. And I think it's a real positive signal to the markets.
But also you'll see the U.S. government getting, you know, becoming a buyer as well. And we wanna- that's one reason when we talk about our contracting level, that we always want to be able to take advantage of certain opportunities that show up as we did earlier or late in 2022, the Uranium Reserve
But it's pretty exciting times to see this bipartisan support, even though the administration has put this program into the supplemental funding request that includes Ukraine aid and other things. So it's having the whole of government behind our industry is a new place for me to be, since we haven't seen this since probably the 1960s and 1970s.
Bill, did you want to add anything?
No, I think Paul covered it really well. Exciting developments, all the way around in terms of projected consumption, government support. You know, everyone heard the news out of Dubai, you know, three times the demand here in the next 25 years or so. So, you know, very, very heady times in the industry, and I think we're making up for the last 44 years of inactivity since Three Mile Island.
And our projected use going forward is very close to what it was before that incident started. So I think we've really got the nuclear awakening, and we're still in the early innings, believe it or not.
Clearly, a very good time to be a domestic uranium producer in the United States. I want to give you each a moment just to wrap up any thoughts that you'd like to summarize with or anything. Paul?
Well, this is a great opportunity for the company, for enCore. Our partnership with Boss, which is another leading company on the global scale, is a real sign of confidence in our business model and our projects, the quality of our projects.
I have confidence that in our team, we're gonna be able to advance our programs and move on a more accelerated schedule. It's and then the overall, just the whole uranium market. It's good to be back and have a market that supports us doing this, and it creates a lot of exciting times, and it gives us the ability to... This exciting time, it gives us the ability to recruit younger people who see a career here and allow us to build our team, but also strengthen the industry as an overall.
Thank you. Bill, any final thoughts?
No, I think I pretty well have, you know, tapped the drum on, on where I see us going and, you know, really a breakthrough year for us. The last year has been phenomenal. Paul and his team getting us into production, you know, first new production in Texas in, over a decade. Looking to have the second one come on in, in early 2024.
Remarkable accomplishments, and then now to have the funding to give us the runway to accelerate everything, from being in a position of having to manage our debt just a few months ago is, really phenomenal and, a testament to our shareholders and the support of the market. So, once again, thank you for, attending, and, also thank you for the, support from our shareholders. And stay tuned I think the next year or two are gonna be equally exciting.
Well, thank you both for everything today. I also want to thank everybody on the call. This is being recorded and available at a later time if you want to watch it again. Please feel free to contact enCore at any time through info@encoreuranium.com.
Please also follow us on Twitter. We put up a lot of photos and a lot of videos explaining everything that's going on out at sites, and really appreciate all of the support we're receiving from all our shareholders. Paul Goranson, Bill Sheriff, it's a privilege to work with both of you.
You do keep us very busy, and we'll pay attention to America's Clean Energy Company, the first production for uranium in Texas in 10 years, and America's newest uranium producer. Thank you both, and thank you everyone. Your time is valuable, and we appreciate the time you spent with us. Thank you.
Thank you, Janet.