Mr. William Sheriff reports

ENCORE ENERGY PROVIDES ALTA MESA URANIUM CPP DEBT REPAYMENT AND AT-THE-MARKET OFFERING UPDATE

EnCore Energy Corp. has provided an update on the convertible debt originally owed to Energy Fuels Inc. for the acquisition of the Alta Mesa central processing plant. Since Sept. 26, 2023, the company has repaid a total of $40-million (U.S.) of the $60-million (U.S.) principal of the convertible note. The current principal balance of the debt on the Alta Mesa CPP now stands at $20-million (U.S.) with a due date of Feb. 14, 2025. The convertible note, with an 8-per-cent interest rate, includes a conversion feature that allows the holder, a prominent financial institution with a focus on uranium, to convert principal amounts of the note into common shares of EnCore Energy at the price of $2.91 (U.S.) per share at any time. The company expects to be resuming uranium production at its South Texas Rosita ISR (in situ recovery) uranium central processing plant (CPP) before the end of November, 2023.

Funds used to pay down the debt to Energy Fuels were received through sales under the company's at-the-market (ATM) equity offering program. Between Sept. 19, 2023, and Nov. 3, 2023, the company issued a total of 13,381,353 shares at an average price of $3.23 (U.S.) for gross proceeds of $43,232,950 (U.S.). From these proceeds, $40-million (U.S.), or 12,383,901 shares, were used to reduce the principal balance on the outstanding note. Utilizing the ATM for repayment at $3.23 (U.S.) per share, instead of conversion at $2.91 (U.S.), resulted in a savings of 1,361,804 shares, currently valued at over $4.8-million (U.S.). The company also saved over $4.3-million (U.S.) in interest payments over the original term of the loan.

William M. Sheriff, executive chairman, stated: "By effectively using the ATM we have been able to save our shareholders millions of dollars in unnecessary dilution, reduced the interest expense over the life of the loan, and minimized fees and costs which would otherwise accompany a public offering. We are pleased to see a major institution acquire the underlying note. This significantly reduces pressure that might otherwise be associated with share conversions made by an operating company looking for cash to fund operational expenditures."

Alta Mesa in situ recovery uranium central processing plant and wellfield

The Alta Mesa CPP and wellfield hosts a fully licensed and constructed ISR uranium plant, located on 200,000-plus acres of private land in the state of Texas. Alta Mesa will be EnCore's second producing location, following resumption of uranium production at the South Texas Rosita CPP scheduled for 2023, with a planned 2024 start date for the Alta Mesa CPP.

Total operating capacity of the Alta Mesa CPP is 1.5 million pounds (Mlb) U3O8 (triuranium octoxide) per year. The Alta Mesa CPP historically produced nearly five Mlb U3O8 between 2005 and 2013, when full production was curtailed as a result of low uranium prices.

Alta Mesa CPP and wellfield highlights include:

• The Alta Mesa CPP is EnCore's third fully licensed production facility, along with the Rosita and Kingsville Dome CPPs, all located in the business-friendly state of Texas. There are only 11 licensed and constructed uranium production facilities in all of the United States;
• Advancing the Alta Mesa CPP, in conjunction with planned production in 2023 at the Rosita CPP, will cement EnCore Energy's position as the early leader in in situ recovery (ISR) uranium production in the United States;
• Operations are located on private land, with 100 per cent of minerals privately owned, and in a supportive jurisdiction with primary regulatory authority residing with the State of Texas;
• The Alta Mesa CPP utilizes well-known ISR technology to extract uranium in a non-invasive process using natural groundwater and oxygen, coupled with a proven ion exchange process, to recover the uranium.

The company advises that it is not basing its production decisions at Alta Mesa CPP or Rosita CPP on a feasibility study of mineral reserves demonstrating economic and technical viability. The production decision is based on known past in situ recovery (ISR) and processing operations at these two production facilities and surrounding lands. However, the company understands that there is increased uncertainty, and consequently a higher risk of failure, when production is undertaken in advance of a feasibility study. The company has determined to proceed with a production decision based on past operations at the Alta Mesa CPP and Rosita CPP, including past ISR operations in the known mineral resource areas.

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 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.