Mr. William Sheriff reports

ENCORE ENERGY'S DEWEY BURDOCK ISR URANIUM PROJECT EPA DECISION ADVANCES FEDERAL PERMITTING

The U.S. Environmental Protection Agency's (EPA) Environmental Appeals Board (EAB) has denied in full a petition for review filed by the Oglala Sioux Tribe, Black Hills Clean Water Alliance and NDN Collective (the petitioners) against the EPA's issuance of Class III and Class V underground injection control (UIC) permits for the company's 100-per-cent-owned Dewey Burdock in situ recovery (ISR) uranium project in South Dakota. The decision allows the Dewey Burdock project to advance through federal permitting with the intent to commence state permitting activities in 2025, accelerating the project toward development ahead of schedule. The Dewey Burdock project was approved for fast-track federal permitting, under the Fast-41 program, on Aug. 28, 2025.

Robert Willette, acting chief executive officer of EnCore Energy, stated: "This decision by the EAB affirms the validity of the permits and the integrity of the regulatory process following years of administrative and judicial review. The Dewey Burdock project is part of EnCore's U.S. production pipeline, and today's decision provides the certainty needed to continue advancing toward development. This outcome not only strengthens EnCore's growth strategy but also underscores our role in delivering secure, domestic uranium supply critical to America's clean energy and national security future."

The petitioners alleged that EPA Region 8's permit decisions violated multiple statutes and procedures, including the Safe Drinking Water Act, the Administrative Procedure Act and the National Historic Preservation Act. After extensive review, the EAB concluded that EPA Region 8 had acted properly, the permits were fully supported by the administrative record and no errors had been made in the regulatory process. The denial of review confirms the validity of EnCore's UIC permits, which are essential for ISR uranium recovery operations at the Dewey Burdock project.

This decision follows more than a decade of permitting and litigation, during which the Dewey Burdock project has been subject to parallel challenges before both the Nuclear Regulatory Commission (NRC) and the EPA. With the EAB's ruling, all major federal authorizations for the project -- including the NRC source materials licence and EPA UIC permits -- are final and effective.

About the Dewey Burdock ISR uranium project

The Dewey Burdock project, wholly owned by EnCore, is an advanced-stage uranium project located in Custer and Fall River counties in South Dakota. The Dewey Burdock project will recover uranium from subsurface sandstone orebodies through ISR technology, which utilizes a chemical-free, water-based solution in the production well field to dissolve uranium minerals in place and then pumps the uranium-bearing solution to a central processing plant for recovery. The use of ISR technology allows for minimal surface disturbance compared with conventional open-pit or underground uranium mining. The project consists of well field areas, a central processing plant, supporting infrastructure and environmental protection systems.

The Dewey Burdock project was approved for inclusion in the Fast-41 program by the U.S. Federal Permitting Improvement Steering Council on Aug. 28, 2025. This is a component of the implementation of President Trump's executive order on immediate measures to increase American mineral production. The Dewey Burdock project received its source and byproduct materials licence in 2014, from the NRC, now under timely renewal, and will work with the NRC as the lead agency for federal permitting. EnCore's objective is to advance the Dewey Burdock project into development and operation utilizing the ISR uranium extraction process.

Under the executive order, the permitting council identifies priority infrastructure and critical mineral projects to receive accelerated permitting review. The addition of the first South Dakota ISR project supports the domestic uranium production focus of the United States. This focus enables the development of essential clean energy, extracted through environmentally responsible ISR technology, to provide affordable, reliable domestic energy.

The company's Dewey Burdock project received its source and byproduct materials licence (SUA-1600) on April 8, 2014, from the NRC, covering 10,580 acres. The company controls the mineral and surface rights for the area pertaining to the NRC licence. With the approval of Fast-41, EnCore's objective is to advance the Dewey Burdock project into development and operation as an ISR uranium extraction project.

Dr. John M. Seeley, PhD, PG, CPG, EnCore's chief geologist and a qualified person under National Instrument 43-101 and S-K 1300, has reviewed and approved the technical disclosure in this news release on behalf of the company.

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 only U.S. uranium company with multiple central processing plants in operation. The EnCore team is led by industry experts with extensive knowledge and experience in all aspects of ISR (in situ recovery) 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.

Following upon EnCore's demonstrated success in South Texas, future projects in EnCore's planned project pipeline include the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming. The company holds other assets, including non-core assets and proprietary databases. EnCore is committed to working with local communities and indigenous governments to create positive impact from corporate developments.

We seek Safe Harbor.