Mr. John Seeley reports

ENCORE ENERGY PROVIDES UPDATE ON THE ROSITA & ALTA MESA ISR URANIUM CENTRAL PROCESSING PLANTS AND DEBT REPAYMENT

EnCore Energy Corp. has provided an update from the South Texas Rosita in situ recovery (ISR) uranium central processing plant (CPP) and well field. With minor supply chain interruptions and delays successfully resolved, EnCore is looking forward to commencing production by the end of November, 2023. The Alta Mesa CPP remains on target for production in Q1 2024, with key staffing in place for both facilities. The company also announces it has repaid a total of $20-million (U.S.) of the $60-million (U.S.) Alta Mesa debt to Energy Fuels Inc., reducing the debt to $40-million (U.S.).

The Rosita ISR uranium central processing plant (Rosita CPP) and well field are EnCore's initial focus for production in 2023. The Rosita CPP is now prepared to start receiving bulk process chemicals and has prepared ion-exchange resin for production. During operations, the Rosita CPP will receive uranium-loaded resins from various remote South Texas projects and satellite well fields. The satellite IX facility located at the Rosita extension, consisting of three ion-exchange vessels, pumps, filtration equipment and resin transfer equipment, has been installed. Remaining activities are limited to final instrumentation connection and grid electricity to the Rosita CPP and the well field. In 2023, the company has installed an additional 40 production patterns at the Rosita well field extension, consisting of injection and production wells which are prepared for production.

Funds for repayment of the debt to Energy Fuels were made through sales from the at-the-market (ATM) equity offering program. The company issued a total of 7,981,279 common shares between July 1 and Sept. 30, 2023, under the ATM. The shares were issued through the facilities of TSX Venture Exchange and the NYSE-American at an average share price of $3.08 (U.S.) per share for gross proceeds of $24,543,211 (U.S.), with a commission of $578,580 (U.S.) paid to the agent (EnCore news release dated June 26, 2023, and July 28, 2023).

Rosita in situ recovery (ISR) uranium central processing plant and well field

The 100-per-cent-owned Rosita CPP, located approximately 60 miles from Corpus Christi, Tex., is a licensed, past-producing in situ recovery (ISR) uranium plant with a capacity of 800,000 pounds of U3O8 (triuranium octoxide) per year and the ability to expand capacity within the existing licence. Located in the Texas uranium belt, the Rosita CPP and well field lie within over 2,700 acres of mineral rights. The Rosita CPP is designed to process uranium feed from multiple satellite operations, all located in the South Texas area and is one of 11 licensed uranium processing plants in the United States, three of which are owned by EnCore Energy.

EnCore is advancing well field development within the Rosita well field and adjacent areas, within its radioactive materials licence and injection permit boundaries. The uranium mineralization in this area was never part of a well field and presents a rapid opportunity for early production.

John M. Seeley, PhD, PG, CPG, EnCore's manager of geology and exploration, and a qualified person under National Instrument 43-101, 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 domestic nuclear energy by becoming the next U.S. uranium producer in 2023. EnCore solely utilizes in situ recovery (ISR) for uranium extraction, a well-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 its proprietary uranium database that includes technical information from many past-producing companies, from its various non-core assets, and by leveraging its 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.

We seek Safe Harbor.