08:19 AM EST, 03/06/2025 (MT Newswires) -- enCore Energy said Thursday that it is accelerating expansion plans at the Alta Mesa uranium operation in Texas.

The company said the quick recovery of uranium prices "necessitates a very aggressive drilling and well completion schedule which requires extra logistical emphasis, urgency and oversight in the continued development and expansion of the wellfield."

"The board has directed management to implement an accelerated action plan to successfully achieve our uranium capture goals," said William Sheriff, enCore's executive chairman.

The company said its operations team is now conducting work to advance the expansion plan.

enCore's share price rose 4.9% on Wednesday to $2.56 on the TSXV.

Meanwhile, B.Riley cut enCore's price target to US$5 from US$6 after decreasing its near-term estimates for the company to reflect lower production expectations, as well as slightly lower uranium prices. B.Riley noted enCore's revenue of US$58.3 million in the fourth quarter of 2024, which includes the sale of 720,000 pounds of uranium at a realized price of $81 per pound.