Mr. Paul Goranson reports

ENCORE ENERGY COMMENCES URANIUM PRODUCTION AT THE SOUTH TEXAS ROSITA ISR URANIUM CENTRAL PROCESSING PLANT

EnCore Energy Corp. has successfully started up uranium production at the South Texas Rosita in situ recovery uranium central processing plant. The restart of the previously producing Rosita CPP is the first step in EnCore's South Texas production pipeline strategy utilizing the in situ recovery production process. The well field production patterns are operating, oxygenated water is now circulating through the satellite ion exchange (IX) facility and being injected back into the uranium orebody. Oxygen addition started shortly after injection of groundwater with uranium concentrations in the production wells meeting expectations. The company looks forward to continuing increases in uranium concentration into the satellite IX facility over the coming weeks and is anticipating its first shipment of yellowcake (uranium) to occur over the course of the next 45 to 60 days.

Paul Goranson, chief executive officer, said: "It is with great satisfaction that in less than 20 months time, the EnCore team completed the refurbishment and upgrading of the Rosita CPP from long-term cold standby to monitor well ring installation, well field pattern and infrastructure installation, and construction of a new satellite IX facility. Our team has aggressively worked through supply chain disruptions and a significant expansion of our operating work force to meet our targeted production schedule. We are very pleased to have our first uranium production under way at EnCore, and we are honoured to be both the first uranium producer in Texas in 10 years and the newest uranium producer in the United States. With these monumental achievements at hand, we continue to push for our second uranium processing plant, the Alta Mesa CPP, to commence production in early 2024."

The company also advises that EnCore will be featured on BNN Bloomberg on Dec. 2, 2023, at 8 p.m. ET and on Dec. 3, 2023, at 4:30 p.m. ET.

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 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.

The Rosita CPP and well field are EnCore's initial focus for production in 2023.

Following testing of the circulation of native groundwater through the satellite IX facility and solution distribution system to and from the well field patterns, the EnCore team commenced oxygen injection into the water circulating to well field patterns. Trace uranium was detected in the produced solutions within 72 hours, and the uranium concentrations from the well field patterns are continuing to build. During operations the Rosita CPP will receive uranium-loaded resins from the satellite IX facility, and the uranium recovered from the loaded resins will be concentrated, precipitated, dried and packaged as yellowcake. This will be the same operating process the company will use to produce from various remote South Texas projects and satellite well fields. 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.

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.

Dr. 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 United States uranium producer in 2023. EnCore solely utilizes 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 central processing plant in 2023, and at its licensed and past-producing South Texas Alta Mesa CPP in 2024.

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