An anonymous director of EnCore reports

ENCORE ENERGY REPORTS 19.9% OWNERSHIP OF NUCLEAR FUELS INC.

EnCore Energy Corp. has received 9,263,800 shares of Nuclear Fuels Inc. (formerly Uravan Minerals Inc.) in exchange for shares of a private British Columbia company (also named Nuclear Fuels) that held uranium projects in Wyoming and Arizona (see EnCore's news release dated Nov. 3, 2022).

Immediately prior to the acquisition, EnCore held 64,000 postconsolidated common shares of Nuclear Fuels. Following the business transaction completion, EnCore holds a total of 9,327,800 shares, representing approximately 19.9 per cent of the issued and outstanding common shares of Nuclear Fuels.

EnCore is holding the shares of Nuclear Fuels for investment purposes and may, depending on market and other conditions, increase or decrease its beneficial ownership of the company's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

The disclosure respecting EnCore's shareholdings contained in this news release is made pursuant to National Instrument 62-103 and a report respecting the aforementioned acquisition will be filed with the applicable securities commissions and will be available for viewing on SEDAR. Solely for the purposes of the report, the consideration shares of the company that were received by EnCore were attributed a deemed price of 45 cents per company share, as determined in accordance with stock exchange rules, resulting in a deemed value of the company shares received by EnCore of $4,168,710. A copy of the report may also be obtained by contacting William M. Sheriff, executive chairman, at 361-239-5449 or info@encoreuranium.com.

About EnCore Energy Corp.

EnCore Energy, America's Clean Energy Company, is committed to providing clean, reliable and affordable domestic nuclear energy by becoming the next U.S. uranium producer in 2023. EnCore solely utilizes in situ recovery (ISR) for uranium extraction, a known and proven technology co-developed by the leaders at EnCore Energy. In situ recovery extracts uranium in a non-invasive process using natural groundwater and oxygen, coupled with a proven ion exchange process, to recover the uranium. Uranium production is planned at EnCore's licensed and past-producing South Texas Rosita processing plant in 2023 and at its licensed and past-producing South Texas Alta Mesa processing plant in 2024.

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. 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 diligently works to realize value from other owned assets, including the company's proprietary uranium database, which includes technical information from many past-producing companies, from the company's various non-core assets, and by leveraging the company's 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.

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