Mr. William Sheriff reports

ENCORE ENERGY ANNOUNCES THE SUCCESSFUL COMPLETION OF CONSTRUCTION AT THE UPPER SPRING CREEK ISR URANIUM PROJECT

EnCore Energy Corp. has completed the first phase of construction on the Upper Spring Creek in situ recovery uranium project's satellite remote ion exchange plant.

Construction of the first production well field, which will feed the IX plant, is also nearing completion and will begin uranium extraction once final permits are received.

Highlights of the first phase of the Upper Spring Creek ISR satellite IX plant construction include:

• Largest satellite facility that EnCore has ever built;
• Currently constructed portion of the satellite can process 1,600 gallons per minute through the facility; this represents 50 per cent of the satellite's planned flow capacity;
• The plant's flow capacity is in the process of being doubled; before the end of June, 75 per cent of the flow capacity is expected to be completed, and the plant is expected to be at 100-per-cent capacity by the end of July (3,200 gpm total capacity);
• The new plant will be capable of producing from the first Upper Spring Creek project area once connected to the well fields currently under construction;
• Drilling activities for the first 800-gpm module are complete, and well field infrastructure for this entire module is nearly completed;
• Drilling and infrastructure activities for three other 800 gpm modules are well under way; Module 2 drilling activities are approximately 90 per cent complete.

William M. Sheriff, executive chairman, stated: "This milestone reflects the dedication and teamwork of everyone involved. The Upper Spring Creek project strengthens the company's operational capabilities by providing uranium-loaded resin feed for our fully licensed Rosita central processing plant. We look forward to continuing this momentum as we move into the operational phase, which is planned in late 2026 once final permits are received."

About the Upper Spring Creek ISR project

The 100-per-cent-company-owned project consists of a satellite IX plant and well field, and is a key component of EnCore's larger south Texas uranium project. This satellite facility will operate in conjunction with multiple future potential production units within the historic Clay West uranium district.

The project was previously held by Signal Equities LLC, which licensed and permitted the property as an ISR uranium project. Key elements of its permit were maintained, including the aquifer exemption. Its work ceased following continued low uranium spot prices. In December, 2020, the company acquired the project.

The uranium-mineralized sands associated with the project area lie within the Oakville formation. These historic uranium-producing sands stretch across an area of approximately 120 miles long by approximately 20 miles wide in south Texas. The saturated uranium-mineralized orebody at the project typically occurs at depths between 300 and 450 feet below the surface, allowing for efficient and economical uranium recovery with ISR methods.

Satellite ion exchange process

A satellite IX plant uses ion exchange technology that begins with injecting a lixiviant, consisting of groundwater mixed with oxygen, into the well field, where it dissolves uranium from underground sandstone. The uranium-bearing water is then pumped to the surface and cycled through the nearby satellite IX plant, where uranium is absorbed onto resin beads. The IX resin is then transported to EnCore's Rosita CPP, where the uranium is stripped from the resin, and the stripped resin is returned and reused. The water is refortified with oxygen and recycled back into the formation. This 50-year-old process is closely monitored and has been verified by the Texas Commission on Environmental Quality. For more than five decades, it has been proved to be environmentally safe and very efficient to operate.

EnCore's satellite IX plants are located near well fields and are a key component of the ISR uranium extraction process. These modular, efficient IX plants have a short installation time, enable cost-effective operation across multiple sites without constructing full CPP facilities at each site and can be relocated to support additional uranium recovery.

Rosita ISR uranium central processing plant and USC satellite plant

The Rosita CPP receives uranium-loaded resin transported from EnCore's south Texas satellite IX plants. The CPP removes the uranium from the resin and processes it into yellowcake. Once processed, the resin is recycled and transported back to the satellite IX plants for reuse.

Technical disclosure and qualified person

Dain McCoig, PE, MBA, EnCore's chief operating officer, a qualified person under Canadian 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, America's clean energy company, is committed to providing clean, reliable and affordable uranium to fuel the rapidly expanding U.S. nuclear energy needs. EnCore's team is led by industry experts with extensive knowledge and experience in all aspects of uranium ISR operations and the nuclear fuel cycle. EnCore solely utilizes ISR for uranium extraction, a minimally invasive, ecofriendly and economically competitive approach to mineral extraction technology co-developed by EnCore's leadership.

Building on EnCore's demonstrated and continuing success in south Texas, future projects in EnCore's planned project pipeline include the expansion of Alta Mesa to include the Alta Mesa East property, 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 impacts from corporate projects.

We seek Safe Harbor.