Mr. Paul Goranson reports

ENCORE ENERGY ANNOUNCES LICENSE RENEWAL FOR THE SOUTH TEXAS ISR URANIUM CENTRAL PROCESSING PLANTS (CPP)

EnCore Energy Corp. has provided an update on the approval of the renewal of the radioactive material licence for EnCore's combined South Texas in situ recovery (ISR) uranium central processing plants (CPPs) at its Rosita, Kingsville Dome and Vasquez uranium projects. This renewed licence was approved by the executive director of the Texas Commission on Environmental Quality (TCEQ) following an application submitted in April, 2022, and amended in July, 2022, to allow for the addition of two remote ion exchange (RIX) units at the Rosita CPP and wellfield.

With the renewal, EnCore also expects to be resuming uranium production at its Rosita CPP before the end of November, 2023, as previously announced (Oct 4, 2023). Initial production will come from the Rosita extension, Production Area 5, using a newly constructed remote ion exchange unit located at the wellfield. The uranium-bearing ion exchange (IX) resin will be processed into yellowcake uranium produced at the Rosita CPP, marking the first new uranium production in Texas in over a decade.

Paul Goranson, EnCore's chief executive officer, stated: "We are pleased at the expeditious review by TCEQ, given the complexity of the application, including updating the licence, following a multidecade timely renewal period. I also want to congratulate our chief operating officer and his team for achieving a milestone essential to expanding satellite feed from our newly acquired projects to the Rosita CPP."

The 10-year licence renewal updates the existing licence to conform to new regulatory requirements and current conditions, and it provides EnCore with the ability to incorporate additional remote IX operations, such as our 100-per-cent-owned Upper Spring Creek and Butler Ranch projects as amendments to the renewed licence. The renewal followed TCEQ's standard licence renewal review process with EnCore working with TCEQ staff throughout the review phase to ensure that a thorough and expeditious technical review occurred. This approach facilitated improvements to several existing licence conditions that will provide additional clarity and efficiency to both EnCore and TCEQ.

EnCore Energy is focused on executing its production plan in south Texas, starting at the Rosita ISR uranium central processing plant and wellfield in 2023, to be closely followed by the Alta Mesa CPP and wellfield in early 2024. EnCore's operational plan is to produce uranium derived from multiple remote satellite IX operations, in turn to be processed at one of the company's CPPs. EnCore's three CPPs are strategically located in south Texas.

The Rosita CPP and wellfield is EnCore's initial focus for production in 2023. The Rosita CPP is on a 200-acre surface tract, 100 per cent owned by EnCore and located central to the mining lease area. The Rosita CPP will receive uranium-loaded resins from various remote south Texas projects and satellite wellfields.

EnCore Energy owns and operates three of the four uranium production facilities in Texas, each fully licensed and constructed, 100 per cent owned, and past producing. Texas is a known, safe and progressive ISR uranium jurisdiction. There are currently only 11 licensed and constructed ISR plants in the United States.

The company has determined to proceed with a production decision based on past ISR and processing operations at Rosita, including past ISR operations in the known mineral resource areas. The company is not basing a production decision at Rosita on a feasibility study of mineral reserves demonstrating economic and technical viability. There is increased uncertainty and, consequently, a higher risk of economic and technical failure when production is undertaken in advance of a feasibility study.

Dr. John M. Seeley, PhD, PG, CPG, EnCore's manager of geology and exploration and a qualified person under NI 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 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 CPP in 2023 and at its licensed and past-producing south Texas Alta Mesa CPP 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 that 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.

We seek Safe Harbor.