<SEC-DOCUMENT>0001213900-24-082335.txt : 20250108
<SEC-HEADER>0001213900-24-082335.hdr.sgml : 20250108
<ACCEPTANCE-DATETIME>20240926172045
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-24-082335
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240926

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			enCore Energy Corp.
		CENTRAL INDEX KEY:			0001500881
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		101 N. SHORELINE BLVD, SUITE 450
		CITY:			CORPUS CHRISTI
		STATE:			TX
		ZIP:			78401
		BUSINESS PHONE:		361-239-5449

	MAIL ADDRESS:	
		STREET 1:		101 N. SHORELINE BLVD, SUITE 450
		CITY:			CORPUS CHRISTI
		STATE:			TX
		ZIP:			78401

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Encore Energy Corp.
		DATE OF NAME CHANGE:	20170301

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WOLFPACK GOLD CORP.
		DATE OF NAME CHANGE:	20130523

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TIGRIS URANIUM CORP.
		DATE OF NAME CHANGE:	20100908
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">[enCore Energy Corp. Letterhead]</P>

<P STYLE="margin: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif">September 26, 2024</P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Via EDGAR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jennifer O&rsquo;Brien</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Energy &amp; Transportation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Re: enCore Energy Corp.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Form 40-F for Fiscal Year Ended December 31, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Form 6-K filed August 14, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">File No. 001-41489</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This letter is in response to the comments provided by the Staff (the
&ldquo;Staff&rdquo;) of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) in the letter dated September 13, 2024 (the
&ldquo;Letter&rdquo;), regarding enCore Energy Corp.&rsquo;s (the &ldquo;Company&rdquo;) Form 40-F for the fiscal year ended December 31, 2023,
and Form 6-K filed August 14, 2024. Below are our responses to each of the comments raised by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Form 40-F for Fiscal Year Ended December 31, 2023</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>1. Estimated Well Field Recovery Factor</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SEC Comment</B>: Please tell us the estimated
well field recovery factor for each of your mineral resources. If the estimated well field recovery factor has not been included with
your resource tables, tell us if this is required disclosure under National Instrument 43-101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Company Response:</B> Based on historic recoveries
for the projects the Company is currently operating and expect to operate in South Texas, for our planning purposes, the Company uses
80% recovery of in-situ measured and indicated resource as produced uranium and 60% recovery of in-situ inferred resources as produced
uranium. The difference between the two recovery rates is solely due to confidence in the in-situ resource as per NI 43-101 requirements.
There is no requirement under NI 43-101 to disclose the estimated recovery factor, other than as a stated assumption used to support a
Preliminary Economic Analysis. Neither of the Company&rsquo;s operating facilities have completed PEA&rsquo;s, and therefore, the Company
does not believe that there any additional disclosure required under NI 43-101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>2. Production Schedule Reconciliation</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SEC Comment:</B> We are unable to reconcile the quantities in the
production schedule with your mineral resource disclosure. Please provide us with additional detail regarding the production schedule,
including the annual estimated recovered uranium for each project and the respective resource classification for each of these quantities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Company Response:</B> The figure referenced
by the Staff in the Letter is a highly stylized bar chart of expected project production startup timelines. The numbers on the chart represent
the production capacity at each of the Company&rsquo;s facilities. For the Company&rsquo;s production facilities in South Texas, the combined
production capacity is based on nameplate production capacity at all three of its licensed and constructed production facilities, when
they operate at full capacity. For the future production facilities, the stated production capacity is derived from the published NI 43-101
Preliminary Economic Analysis for each facility. There is no connection in the timing or the stated production capacities of that figure
to the Company&rsquo;s mineral resource disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>3. Historical Resource Disclosure Compliance</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SEC Comment:</B> Please confirm that your disclosure of 47.4 million
pounds of historical resources on page 18 of your MD&amp;A complies with Section 2.4 of National Instrument 43-101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Company Response:</B> Upon review, the Company
has determined that the disclosure in the MD&amp;A inadvertently omitted certain footnotes and references necessary for strict compliance
with Section 2.4 of NI 43-101. The full disclosure of these items was made in the Company&rsquo;s corporate slide deck available on the
Company&rsquo;s website at www.encoreuranium.com. The Company submits that the inadvertent omission does not result in a material overall
effect to the Company&rsquo;s disclosure as contained in the MD&amp;A and hereby undertakes to ensure that the appropriate footnotes and
references are contained in the future filings it makes in with the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Exhibit 99.3 </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Notes to the Consolidated Financial Statements </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Note 2. Material accounting policy information </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>4. Mineral properties, page F-9</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SEC Comment:</B> We note your accounting policy
for exploration and evaluation assets includes the following statement: &ldquo;All direct and indirect costs related to the acquisition,
exploration and development of exploration and evaluation assets are capitalized by property.&rdquo; However, the guidance in paragraph
10 of IFRS 6 indicates that expenditures related to the development of mineral resources shall not be recognized as exploration and evaluation
assets. Please clarify for us how your accounting policy complies with IFRS 6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Company Response:</B> The Company has certain
mineral property assets that are in the exploration stage, and records exploration and evaluation assets, which consist of the costs of
acquiring licenses for the right to explore and costs associated with exploration and evaluation activity, at cost. All direct and indirect
costs related to the acquisition, exploration and development of exploration and evaluation assets are capitalized by property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exploration and evaluation assets are
capitalized until the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are
demonstrable. Such treatment is consistent with IFRS 6. If an exploration and evaluation property interest is abandoned, both the acquisition
costs and the exploration and evaluation cost will be written off to net income or loss in the period of abandonment. The Company will
ensure the verbiage above is included in our accounting policy disclosure in future filings of its Form 6-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>5. Investments in uranium, page F-10</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SEC Comment:</B> Investments in uranium, page
F-10 5. We note your accounting policy indicates that you measure uranium at fair value at each reporting period after initial recognition.
However, we note that paragraph 9 of IAS 2 requires inventories to be measured at the lower of cost and net realizable value. Please provide
us with an analysis to support your accounting policy or revise to comply with IAS 2. As part of your response, please clarify whether
the accounting policy you disclose in the Notes to the Condensed Interim Consolidated Financial Statements for the six months ended June
30, 2024, and June 30, 2023, has been revised. In this regard, it states that &ldquo;Inventories are uranium concentrates and converted
products including chemicals and are measured at the lower of cost and net realizable value.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Company Response:</B> Uranium purchased and
held while the Company had not yet started production is classified as an investment. However, once the Company commenced production
uranium held is then treated as inventory and accounted for under IAS 2. (See also response to Comment 2 above).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Uranium inventory thus is classified as inventory
and valued at lower of cost and net realizable value (LCM), as per IAS 2. Please note in the Notes to the Condensed Consolidated Financial
Statements presented for the six months end June 30, 2024, and June 30, 2023, the Accounting Policy presented for Inventory&nbsp;reflects
Inventories are uranium concentrates and converted products including chemicals and are measured at the lower of cost and net realizable
value. The cost of inventories is based on the first in first out (FIFO) method. Cost includes direct materials, direct labor, operational
overhead expenses and depreciation. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated
costs of completion and selling expenses. Consumable supplies and spares are valued at the lower of cost or replacement value.&nbsp;The
Company will ensure the verbiage above is included in our accounting policy disclosure in future filings of its Form 6-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>6. Note 10. Mining Properties, page F-25</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SEC Comment:</B> Note 10. Mining Properties,
page F-25 6. We note you reclassified the Rosita Extension Mineral property to Mining properties during the fiscal year ended December
31, 2023. and reclassified part of your Alta Mesa Mineral property to Mining properties during the six months ended June 30, 2024. Please
expand your accounting policy to clearly explain the events that triggered reclassification including how technical feasibility and commercial
viability were met and disclose the criteria for classification as a Mining property versus a Mineral property. Furthermore, given your
recognition of depletion expense during the six months ended June 30, 2024, please disclose your accounting policy for recognizing depletion
expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Company Response: </B>The Company has certain
mineral property assets that are in the exploration stage, and records exploration and evaluation assets, which consist of the costs of
acquiring licenses for the right to explore and costs associated with exploration and evaluation activity, at cost. All direct and indirect
costs related to the acquisition, exploration and development of exploration and evaluation assets are capitalized by property. The reclassification
of the Rosita Extension and Alta Mesa Mineral Properties to Mining Properties was triggered by the commencement of production activities,
marking the transition from exploration to development and from Mineral Properties to Mining Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exploration and evaluation assets are
capitalized until the commercial viability of the extraction of mineral resources in an area of interest are demonstrable. Exploration
and evaluation assets are then assessed for impairment and reclassified to mining property on the consolidated statement of financial
position. If an exploration and evaluation property interest is abandoned, both the acquisition costs and the exploration and evaluation
cost will be written off to net income or loss in the period of abandonment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognizes depletion expense based
on the unit-of-production method, which applies the depletion rate to the actual amount of uranium extracted during the period relative
to the estimated recoverable reserves within inventory.<FONT STYLE="font-size: 10pt">&nbsp;</FONT>This disclosure is currently included
in the Company&rsquo;s Form 40-F for the year-ending December 31, 2023. Management will ensure the verbiage above is included in its
accounting policy disclosure in future filings of its Form 6-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>7. Alta mesa joint venture, page 13</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SEC Comment:</B> We note you entered into a
uranium loan agreement with Boss Energy Limited and recorded a deemed value of $20,108,000 as of June 30, 2024. Please clarify for us
the meaning of &ldquo;deemed value,&rdquo; and what IFRS Standard you are applying in accounting for this commodity loan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Company Response: </B>The term
&ldquo;deemed value&rdquo; refers to the fair market value of uranium at the time of the transaction and, this treatment is
consistent with the provisions of IFRS 9 for financial instruments. This value is determined by referencing market prices at the
initial recognition of the agreement. The Company will revise the language in future filings to clarify this term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>8. Note 14. Segmented information, page 24 </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SEC Comment:</B> We note you have begun production
at both your Rosita and Alta Mesa projects in Texas in 2024. Please tell us how you have considered these developments in determining
your operating and reportable segments under IFRS 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Company Response: </B>IFRS 8&nbsp;<I>Operating
Segments</I>&nbsp;requires particular classes of entities to disclose information about their operating segments, products and services,
the geographical areas in which they operate, and their major customers. Information is based on internal management reports, both in
the identification of operating segments and measurement of disclosed segment information. Even though the Company has begun production
at both our Rosita and Alta Mesa projects in Texas in 2024, the Company&rsquo;s Chief Operating Decision Maker (&ldquo;CODM&rdquo;) continues
to assess the allocation of resources based on the production of one product, Uranium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please contact me at (361) 239-5450 if you have
any further questions or require additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">/s/ Shona Wilson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shona Wilson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Chief Financial Officer</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>enCore Energy Corp.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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