Mr. William Sheriff reports

ENCORE ENERGY REPORTS Q1 2026 FINANCIAL RESULTS

EnCore Energy Corp. has released its financial and operational results for the first quarter ended March 31, 2026.

William M. Sheriff, executive chairman of EnCore Energy, stated: "EnCore's first quarter results reflect year-over-year improvements in uranium extraction with only a slight increase in our cost per pound.

"Looking ahead, our new CEO [chief executive officer], Richard Little, and I are excited by the company's prospects for the remainder of 2026 and beyond as the results of our decisive action plan take full effect:

• "Cut costs across the organization;
• "Increase and accelerate shareholder communication;
• "Focus on and continue to push for more timely permit approvals;
• "Actively evaluate potential industry consolidation opportunities."

Mr. Sheriff continued, "Our early execution is already showing improvement as our overall liquidity as of May 8, 2026, stood at $84.7-million, including cash, 23.8 million shares of Ur-Energy, plus other marketable securities, excluding Verdera Energy shares."

Highlights for the first quarter of 2026 include:

• Net income per share of three cents for the first quarter of 2026, versus loss of 13 cents per share for the period ended March 31, 2025; the improvement in net income per share is driven by improved operations and the impact of the sale of the New Mexico assets to Verdera, as described in the Form 10-Q;
• Delivery of 270,000 pounds of U3O8 (triuranium octoxide) into sales contracts at an average price of $67.78 per pound in Q1 2026, compared with 290,000 pounds of U3O8 in Q1 2025 at an average price of $62.89 per pound;
• Q1 2026 weighted average cost of delivered U3O8 was $68.02 per pound compared with a weighted average cost of $62.97 per pound in the 2025 period;
• U3O8 extraction of 90,000 pounds during the period ended March 31, 2026, an increase of approximately 22 per cent from 73,711 pounds during the period ended March 31, 2025;
• Q1 2026 extraction costs of $46.43 per pound compared with $45.62 in the 2025 period;
• Closing U3O8 inventory balance was 153,956 pounds at a weighted average cost of $64.52 per pound;
• Closing cash and equivalent balance of $41.6-million with total liquidity of $84.7-million, including marketable securities other than Verdera Energy shares on March 31, 2026.

Investor information

EnCore's interim financial statements, including the accompanying management discussion and Analysis, are available in the company's quarterly report on Form 10-Q, which was filed with the U.S. Securities and Exchange Commission (SEC) today. It includes the company's consolidated financial statements for the three months ended March 31, 2026, and the related notes and financial results. The report can be accessed on the SEC's website and on EnCore's investor relations page.

About EnCore Energy Corp.

EnCore Energy, America's Clean Energy Company, is committed to providing clean, reliable and affordable uranium, primarily to fuel the U.S. nuclear energy future. EnCore's team is led by industry experts with extensive knowledge and experience in all aspects of uranium in situ recovery (ISR) operations and the nuclear fuel cycle. EnCore solely utilizes ISR for uranium extraction, a minimally intrusive, eco-friendly and economically competitive approach to mineral extraction technology co-developed by EnCore's leadership.

Building on EnCore's demonstrated success in southern Texas, future projects in EnCore's planned project pipeline include the expansion of Alta Mesa to include the Alta Mesa East property, the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming. The company holds other assets, including non-core assets and proprietary databases. EnCore is committed to working with local communities and indigenous governments to create positive impacts from corporate projects.

We seek Safe Harbor.