An anonymous director reports

ENCORE ENERGY ANNOUNCES PROPOSED PUBLIC OFFERING

EnCore Energy Corp. has filed a preliminary short form prospectus in connection with an overnight marketed offering of units of the company. The offering will be conducted through a syndicate of underwriters led by Canaccord Genuity.

Each unit will consist of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share of the company.

The definitive size and pricing of the offering, as well as the terms of the warrants, will be determined in the context of the market at the time of entering into a definitive underwriting agreement between the company and the underwriters. The closing of the offering will be subject to market and other customary conditions, including approvals of the TSX Venture Exchange and the NYSE American.

In addition, the company has granted the underwriters an option to purchase up to an additional 15 per cent of the units of the offering on the same terms and conditions exercisable at any time, in whole or in part, until 30 days following the closing of the offering, for market stabilization purposes and to cover overallotments, if any.

The company expects to use the net proceeds from the offering to maintain and advance the company's material properties, acquire properties, plant upgrades, drilling, maintenance and refurbishment, community outreach and communications, licensing and permitting, and for general corporate and working capital purposes in the manner as set forth in the preliminary short form prospectus. In addition, if the company is not able to complete a potential loan transaction contemplated by a non-binding term sheet prior to Feb. 15, 2023, the company expects to use a portion of the proceeds from the offering to finance amounts required to be paid to complete the company's previously announced pending acquisition of the Alta Mesa ISR uranium project.

The preliminary short form prospectus for the offering of the units has been filed with the securities commissions or similar securities regulatory authorities in each of the provinces of Canada except Quebec. A registration statement on Form F-10 (including such prospectus) has also been filed with the U.S. Securities and Exchange Commission (the SEC) for the offering to which this communication relates but has not yet become effective. The preliminary short form prospectus and the registration statement contain important detailed information relating to the company and the offering. The preliminary prospectus is still subject to completion and amendment. There will not be any sale or acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued and the registration statement becomes effective.

Before you invest, you should read the prospectus in that registration statement and other documents the company has filed with the SEC for more complete information about the company and this offering. You may get these documents for free by visiting EDGAR on the SEC website and SEDAR. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it in Canada from Canaccord Genuity Corp., 40 Temperance St., suite 2100, Toronto, Ont., M5H 0B4, and in the United States from Canaccord Genuity LLC, 99 High St., suite 1200, Boston, Mass., 02110, attention: Syndicate Department, by telephone at 617-371-3900, or by e-mail at prospectus@canaccordgenuity.com.

About EnCore Energy Corp.

EnCore Energy is the most diversified in situ recovery uranium development company in the United States and recently announced it entered into a definitive agreement to acquire the Alta Mesa in situ recovery (ISR) uranium project. The transaction will position EnCore as a leading United States-focused ISR uranium company with the proven management expertise required to advance multiple production opportunities within its portfolio. 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.

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