Schedule 13G/A: MMCAP reports 11.43M shares (5.9%) in enCore Energy

Rhea-AI Filing Summary

enCore Energy Corp. (EU) received a Schedule 13G/A disclosing that MMCAP International Inc. SPC and its adviser MM Asset Management Inc. collectively beneficially own 11,433,501 Common Shares, representing 5.9% of the class. The amount reported includes 3,819,501 issued Common Shares and 7,614,000 Common Shares underlying warrants exercisable within 60 days. Percentages are calculated using 186,261,281 Common Shares outstanding as of May 4, 2025. MMCAP (Cayman) reports shared voting and dispositive power over the 11,433,501 shares. The filing states the holdings were not acquired to change or influence control and is signed by authorized representatives on 08/14/2025. The Event Date for the reported amounts is 06/30/2025.

Positive

• Disclosure of material ownership above the 5% threshold, meeting SEC reporting requirements
• Clarity on composition of the position: 3,819,501 issued shares plus 7,614,000 warrants exercisable within 60 days
• Filing states passive intent, certifying the shares were not acquired to influence control

Negative

• None.

Insights

Financial Analyst

TL;DR A passive 5.9% economic stake disclosed, including near-term warrant dilution; currently presented as non-control.

The Schedule 13G/A shows a combined beneficial position of 11,433,501 shares or 5.9% of enCore's outstanding common stock when counting 7,614,000 warrants exercisable within 60 days. The filing identifies the investor as a segregated portfolio (MMCAP International Inc. SPC) with MM Asset Management as adviser and states the position was not acquired to influence control. This is a material ownership disclosure under SEC rules but is filed as passive rather than active ownership, so immediate governance changes are not indicated.

Corporate Governance Expert

TL;DR Holder exceeds the 5% disclosure threshold but expressly disclaims intent to influence control.

The report documents shared voting and dispositive power over the reported shares and explicitly certifies no intent to change or influence control. For governance monitoring, this constitutes a material ownership notification that may prompt investor relations engagement, yet no explicit plans or group arrangements are disclosed. The presence of warrants exercisable within 60 days is a governance-relevant detail because it affects potential future voting power.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

enCore Energy Corp.

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

29259W700

(CUSIP Number)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 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 11,433,501.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,433,501.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,433,501.00

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)

5.9 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Segregated portfolio company

SCHEDULE 13G

CUSIP No. 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 11,433,501.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,433,501.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,433,501.00

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)

5.9 %

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: 5950 Berkshire Lane, Ste. 210, Dallas, TX, 75225
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 June 30, 2025 (and which includes 3,819,501 Common Shares and an additional 7,614,000 Common Shares underlying warrants that are exercisable 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) 186,261,281 Common Shares outstanding as of May 4, 2025, as reported in the Issuer's Form 10-Q filed with the SEC on May 12, 2025; and (y) an additional 7,614,000 Common Shares underlying the warrants 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.
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.

MMCAP International Inc. SPC

Signature:	/s/ Ulla Vestergaard
Name/Title:	Ulla Vestergaard/Director
Date:	08/14/2025

MM Asset Management Inc.

Signature:	/s/ Hillel Meltz
Name/Title:	Hillel Meltz/President
Date:	08/14/2025

FAQ

How many shares of enCore Energy Corp. (EU) does MMCAP International Inc. SPC report beneficially owning?

The filing reports 11,433,501 Common Shares beneficially owned.

What percent of enCore Energy Corp. does the reported position represent?

The reported position represents 5.9% of the outstanding common stock when including warrants exercisable within 60 days.

How is the 11,433,501 total composed in the Schedule 13G/A?

It includes 3,819,501 issued Common Shares and 7,614,000 Common Shares underlying warrants exercisable within 60 days.

What date is the Event Date for the holdings reported?

The Event Date for the reported holdings is June 30, 2025.

Did the filers state they intend to influence control of enCore Energy?

No. The filing includes a certification that the securities were not acquired and are not held to change or influence the issuer's control.