enCore Energy Corp. Schedule 13G/A reports that MMCAP International Inc. SPC and its adviser MM Asset Management Inc. jointly hold 8,874,682 Common Shares (shared voting and dispositive power), representing 4.5% of the class based on 194,216,153 shares outstanding as of March 28, 2026. The disclosed position includes 4,163,436 directly owned shares and 4,711,246 shares underlying convertible notes exercisable within 60 days; timing and cash‑flow treatment are described in the cover-page statements.
Positive
None.
Negative
None.
Insights
MMCAP reports a passive 8,874,682-share position (4.5%).
The filing shows the Fund holds 4,163,436 directly and an additional 4,711,246 shares issuable upon conversion of notes within 60 days. The adviser is reported as having shared voting and dispositive power.
Impact is neutral: this is a passive beneficial ownership disclosure under Schedule 13G/A; subsequent Form 13D or sales would be required to change the picture.
Convertible exposure is material to the reported share count.
The filing explicitly attributes 4,711,246 shares to notes convertible within 60 days, which the reporting persons include in their beneficial ownership calc. Whether conversions occur will affect voting/ownership but conversion mechanics and proceeds are not detailed here.
Watch subsequent filings for conversion notices or trades that would alter the reported 4.5% stake.
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
Beneficially ownedfinancial
"Item 4(a) Amount beneficially owned: See Item 9 on the cover page"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Convertible notesfinancial
"Item 4(a) includes 4,711,246 Common Shares underlying notes convertible within 60 days"
Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.
What stake does MMCAP report in enCore Energy (EU)?
MMCAP reports beneficial ownership of 8,874,682 Common Shares, equal to 4.5% of the class based on 194,216,153 shares outstanding as of March 28, 2026. This total includes convertible-note exposure.
How many shares does MMCAP directly own in enCore Energy (EU)?
The filing states MMCAP directly beneficially owns 4,163,436 Common Shares. An additional 4,711,246 shares are reported as issuable on conversion of notes within 60 days.
Does the adviser have voting power over MMCAP's enCore shares?
The filing shows shared voting and shared dispositive power of 8,874,682 shares for both MMCAP International Inc. SPC and MM Asset Management Inc., per the cover‑page entries.
What outstanding share count is the percentage based on?
The percentage (4.5%) is calculated using 194,216,153 Common Shares outstanding as of March 28, 2026, per the issuer's Form 10‑K referenced in the statement.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 6)
enCore Energy Corp.
(Name of Issuer)
Common Shares, no par value
(Title of Class of Securities)
29259W700
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
29259W700
1
Names of Reporting Persons
MMCAP International Inc. SPC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,874,682.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,874,682.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,874,682.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.5 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Segregated portfolio company
SCHEDULE 13G
CUSIP Number(s):
29259W700
1
Names of Reporting Persons
MM Asset Management Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ONTARIO, CANADA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,874,682.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,874,682.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,874,682.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.5 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
enCore Energy Corp.
(b)
Address of issuer's principal executive offices:
One Galleria Tower, 13355 Noel Road Suite 1700 Dallas, TX, 75240
Item 2.
(a)
Name of person filing:
This Schedule 13G is filed by the following (the "Reporting Persons"): (1) MMCAP International Inc. SPC (the "Fund"); and (2) MM Asset Management Inc. (the "Adviser"). The Fund is a private investment vehicle. The Fund directly beneficially owns the Common Shares reported in this Statement. The Adviser is the investment manager of the Fund. The Adviser may be deemed to beneficially own the Common Shares directly beneficially owned by the Fund. Each Reporting Person disclaims beneficial ownership with respect to any Common Shares other than the Common Shares directly beneficially owned by such Reporting Person.
(b)
Address or principal business office or, if none, residence:
The principal business office of the Fund is c/o Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, P.O. Box 1348, Grand Cayman, KY1-1108, Cayman Islands. The principal business office of the Adviser is 161 Bay Street, TD Canada Trust Tower Suite 2240, Toronto, ON M5J 2S1 Canada.
(c)
Citizenship:
For citizenship or place of organization see Item 4 of the cover page of each Reporting Person.
(d)
Title of class of securities:
Common Shares, no par value
(e)
CUSIP No.:
29259W700
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See Item 9 on the cover page for each Reporting Person, and Item 2, which information is given as of the close of business on the Event Date of March 31, 2026 (and which includes 4,163,436 Common Shares, and an additional 4,711,246 Common Shares underlying notes that are convertible within 60 days).
(b)
Percent of class:
See Item 11 on the cover page for each Reporting Person. The percentages of beneficial ownership contained herein are based on: (x) 194,216,153 Common Shares outstanding as of March 28, 2026 as reported in the Issuer's Form 10-K filed with the SEC on March 31, 2026; and (y) an additional 4,711,246 Common Shares underlying the notes described above.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Item 5 on the cover page for each Reporting Person.
(ii) Shared power to vote or to direct the vote:
See Item 6 on the cover page for each Reporting Person.
(iii) Sole power to dispose or to direct the disposition of:
See Item 7 on the cover page for each Reporting Person.
(iv) Shared power to dispose or to direct the disposition of:
See Item 8 on the cover page for each Reporting Person.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
