Mr. William Sheriff reports

ENCORE ENERGY ANNOUNCES SHARE CONSOLIDATION IN CONNECTION WITH PROPOSED LISTING ON NASDAQ

In connection with the application to list its common shares on the Nasdaq Stock Market, EnCore Energy Corp. will consolidate its common shares on a 1:3 basis. The common shares will trade on the TSX Venture Exchange on a postconsolidated basis effective at the open of markets on Sept. 14, 2022.

Highlights include:

• Uplisting from OTC to Nasdaq provides growth-oriented companies greater exposure to the largest capital market in the world;
• The resulting smaller share count and higher share price is more palatable to United States institutional investors. The revised capital structure and resulting higher share price may provide increased ability for U.S. institutional investors to become shareholders of EnCore;
• Target date of Sept. 14, 2022, for share consolidation, noting the company is actively working to complete the Nasdaq listing.

EnCore's executive chairman, William M. Sheriff, said: "The decision to list on the Nasdaq will provide EnCore with greater visibility through a leading capital market trading platform that is suited for growth-oriented companies like EnCore. With the commissioning of the Rosita uranium processing plant to be completed in 2022 and planned production in 2023, increased exposure to the largest market in the world coincides with 2023 cash flow. EnCore is well positioned to provide a reliable, low-carbon and domestic supply of fuel for the growing nuclear energy sector. This marks another important step in EnCore's growth as it continues its work to become a leading United States ISR [in situ recovery] uranium development company."

The company currently has 322,822,741 common shares issued and outstanding. Following the share consolidation, the company will have approximately 107,607,580 common shares issued and outstanding prior to rounding for fractional shares. The share consolidation was approved by the board of directors of the company as part of the Nasdaq listing process

The exercise price and the number of common shares issuable under any of the company's outstanding warrants, stock options or other convertible securities will be proportionately adjusted upon the consolidation. No fractional shares will be issued as a result of the share consolidation. All fractions of common shares will be rounded up or down to the nearest whole number. No cash consideration will be paid in respect of fractional shares.

Upon completion of the share consolidation, a letter of transmittal will be sent by mail to registered shareholders advising that the share consolidation has taken effect. The letter of transmittal will contain instructions on how registered shareholders can exchange their share certificates or DRS statements evidencing their preconsolidated common shares for new share certificates or new DRS statements representing the number of postconsolidated common shares to which they are entitled. No action is required by non-registered shareholders (shareholders who hold their shares through an intermediary) to effect the share consolidation.

While the company has applied for listing on Nasdaq, completion of a listing is subject to final regulatory approvals and the satisfaction of applicable listing requirements. There can be no assurance that a listing will be completed. When a listing is completed, it is contemplated that the common shares of the company would be dually listed and continue to trade in Canada on the TSX Venture Exchange under the symbol EU.

About EnCore Energy Corp.

With approximately 90 million pounds of U3O8 (triuranium octoxide) estimated in the measured and indicated categories and nine million pounds of U3O8 estimated in the inferred category, EnCore is the most diversified in situ recovery uranium development company in the United States. EnCore is focused on becoming the next uranium producer from its licensed and past-producing South Texas Rosita processing plant by 2023. The South Dakota-based Dewey Burdock project and the Wyoming Gas Hills project offer mid-term production opportunities, with significant New Mexico uranium resource endowments 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 is committed to engaging and working with local communities and indigenous governments to create positive impact from corporate developments.

We seek Safe Harbor.