Mr. Paul Goranson reports

ENCORE ENERGY ANNOUNCES FIRST SHIPMENT AND DELIVERY OF URANIUM; CONTINUES TO ADDRESS CRITICAL SHORTAGE OF DOMESTIC URANIUM SUPPLY TO FUEL NUCLEAR ENERGY

EnCore Energy Corp. has executed the first shipment of uranium from the Rosita central processing plant to be followed by the first sales delivery. The first shipment of uranium, and delivery into the sales contract comes after the commencement of production in November, 2023, and the grand opening of the Rosita plant in February, 2024. EnCore has also signed fifth long-term supply contract.

Significant highlights include:

• EnCore has executed its initial shipment of uranium from the Rosita plant with an expected delivery to the conversion facility the week of March 11. This is followed by delivery of uranium to the utility customer under the company's sales contracts.
• EnCore has executed the fifth commercial uranium sales contract, with a fourth U.S. utility with deliveries from 2026 through 2032. The terms of the contract reflect the spot price at the time of delivery subject to pricing collars that ensure EnCore's revenue stream and allow for potential upside. With this latest contract, EnCore's existing commitment has increased to 4.25 million pounds through 2032, which is well under 50 per cent of EnCore's planned production. This contracting will assure continuous revenue to support EnCore's longer-range growth plans along with steady production increases as a key component of EnCore's production strategy.
• EnCore hosted the grand opening of the Rosita plant in February, 2024, just 20 months after work commenced to restart production.

"We are so very happy to have had the longest-serving governor in Texas's history, and former United States Secretary of Energy, Rick Perry, deliver the keynote address at our grand opening of the Rosita plant in February, 2024," said executive chairman William M. Sheriff. "Approximately 300 attendees, including our senior management, staff, family, landowners, as well as federal, state and local elected officials, community members, and investors, attended the grand opening. Governor Perry's remarks highlighted the urgent need for domestic uranium production to provide baseload power in the United States. The realization of nuclear power as the keystone to America's green electrical generation capacity was a central theme as the large crowd celebrated the newest domestic source of uranium to fuel clean energy for Texas and the United States."

Paul Goranson, chief executive officer, added: "It was a great honour to share the grand opening with all our staff and family along with our guests, providing everyone with the opportunity to see a uranium processing plant and wellfield in full operation. It is equally exciting to now be in a position where we are shipping uranium to our customers, again fulfilling our commitments. With Rosita under way, we are now moving aggressively to restart the Alta Mesa plant which we expect will commence production as planned in Q2 2024."

Overview of EnCore Energy contract and sales strategy

To support the company's production pipeline and development plans, EnCore has implemented a uranium sales strategy providing the company with a base level of projected income while preserving significant ability to realize opportunities in the spot market. This strategy assures that EnCore will have committed sales to support the capital necessary for construction of new projects, while maintaining flexibility to be opportunistic as market conditions continue to change in favourable ways.

In 2021, EnCore announced two term supply agreements, one with UG USA and one with a Fortune 150 U.S. utility. In 2022, EnCore announced a third term supply agreement with a U.S. utility; subsequently, EnCore announced a fourth sales agreement with another Fortune 500 U.S. utility in February, 2023. In February, 2024, EnCore signed its fifth sales agreement with a U.S. utility that extends the company's future deliveries to 2032, securing demand that supports its production growth strategy.

EnCore's utility contracts are all spot related with minimum floor and maximum ceiling prices that are adjusted upward annually for inflation. Minimum floor prices are set at such levels to provide the company with a comfortable margin over its expected costs of operations in Texas, while giving the company participation in anticipated escalations of the price of uranium. Combined, EnCore has secured 4.25 million pounds U3O8 (triuranium octoxide) in committed uranium sales contracts from 2023 to 2032. Three of the contracts provide the optionality to extend with an additional 1.65 million pounds U3O8 to 2032. EnCore will continue to assess opportunities to secure future term agreements that will support its continued project and production growth strategies.

About EnCore Energy Corp.

EnCore Energy, America's Clean Energy Company, is committed to providing clean, reliable and affordable fuel for nuclear energy as the newest uranium producer in the United States. Uranium production commenced at EnCore's licensed and past-producing South Texas Rosita Central in situ recovery (ISR) uranium processing plant (CPP) in November, 2023, with work under way for a planned Q2 2024 restart of uranium production at its licensed and past-producing South Texas Alta Mesa CPP. The EnCore team is led by industry experts with extensive knowledge and experience in all aspects of ISR uranium operations and the nuclear fuel cycle. EnCore solely utilizes ISR for uranium extraction, a well-known and proven technology co-developed by the leaders at EnCore Energy. In situ recovery extracts uranium in a wellfield using natural groundwater and oxygen, coupled with a proven ion exchange process, to recover the uranium.

Future projects in EnCore's production pipeline include the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming, along with significant uranium resource endowments in New Mexico providing long-term opportunities. EnCore diligently works to realize value from other owned assets, including its proprietary uranium database that includes technical information from many past-producing companies, from its various non-core assets and by leveraging its ISR expertise in researching opportunities that support the use of this technology as applied to other metals. EnCore is also committed to working with local communities and indigenous governments to create positive impact from corporate developments.

Mr. Goranson, MSc, PE, EnCore's chief executive officer, and a qualified person under National Instrument 43-101, has reviewed and approved the technical disclosure in this news release on behalf of the company.

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