---
schema_version: "secwatch.filing_event.v1"
accession: "0001062993-22-022376"
form_type: "8-K"
ticker: "UUUU"
cik: "0001385849"
company_name: "ENERGY FUELS INC"
filed_at: "2022-11-17T23:59:59+00:00"
generated_at: "2026-06-21T16:33:59.699293+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Energy Fuels sells Alta Mesa ISR project to enCore for $120M in cash and convertible note

## Summary
- Total consideration $120M: $60M cash at close + $60M secured convertible note (8% interest, 2-yr maturity).
- Note convertible into enCore common shares at 20% premium to 10-day VWAP; conversion limited to $10M/month.
- enCore assumes ~$10.3M reclamation liabilities and pays $3.6M cash collateral to Energy Fuels.
- Break fee of $6M payable by enCore if deal fails under certain circumstances.
- Closing expected by end of 2022 or early 2023.

## SEC filing metadata
- accession: 0001062993-22-022376
- form_type: 8-K
- ticker: UUUU
- cik: 0001385849
- company_name: ENERGY FUELS INC
- filed_at: 2022-11-17T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1385849/000106299322022376/0001062993-22-022376-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1385849/000106299322022376/form8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001062993-22-022376
- JSON: https://secwatch.observer/filing/0001062993-22-022376.json
- Plain text: https://secwatch.observer/filing/0001062993-22-022376.txt

## Key facts
- Material Agreements
  ENERGY FUELS INC entered into Membership Interest Purchase Agreement with enCore Energy Corp. and enCore Energy US Corp. valued at $120 million (effective 2022-11-13).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: enCore Energy Corp. and enCore Energy US Corp.
  - Value: $120 million
  - Effective: 2022-11-13
  source text: On November 13, 2022, EFR White Canyon Corp. ("EFR"), a wholly-owned subsidiary of Energy Fuels Inc. (the "Company"), entered into a Membership Interest Purchase Agreement (the "Purchase Agreement") with enCore Energy Corp. ("enCore") and enCore Energy US Corp. (together with enCore, the "enCore Parties") to sell three wholly-owned subsidiaries that together hold the Company's Alta Mesa ISR Project for total consideration of $120 million (the "Transaction").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1385849/000106299322022376/0001062993-22-022376-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.