Mr. William Sheriff reports

ENCORE ENERGY RECEIVES BUREAU OF LAND MANAGEMENT AUTHORIZATION TO BEGIN CONSTRUCTION AT DEWEY BURDOCK URANIUM PROJECT

The Bureau of Land Management (BLM) has issued a final decision and approved the Dewey Burdock uranium project, authorizing EnCore Energy Corp. to commence infrastructure construction for the Dewey Burdock uranium in situ recovery (ISR) project in southwestern South Dakota.

With the execution of the final environmental assessment (EA) and finding of no significant impact, the BLM authorizes EnCore's wholly owned subsidiary, Powertech Inc., to construct initial ancillary infrastructure on approximately 240 acres of BLM-managed public land within the larger 10,580-acre Dewey Burdock project. The authorized work under the BLM EA includes construction of portions of the primary and secondary access roads, light-use roads, four groundwater monitoring wells, and overhead power lines.

William M. Sheriff, EnCore Energy's executive chair, stated: "Securing the BLM's approval to commence construction on BLM lands marks a significant milestone for the Dewey Burdock project. Our team's efforts at the federal level to co-ordinate permitting within the FAST-41 program have greatly enhanced EnCore's ability to move forward, and we look forward to continuing to work with U.S. government agencies and state regulators to advance the Dewey Burdock project.

"We greatly appreciate the support of our landowners, neighbours and the Edgemont community and look forward to growing our economic impact on the region. EnCore remains committed to maximizing shareholder value and properly managing best practices to protect the land, air, people and water."

The BLM reached its decision after an extensive independent analysis and process. The BLM published a draft EA on April 14, 2026, and took public comments for the next 30 days. Comments were received during the period related to groundwater, cultural resources, tribal concerns, environmental justice and compliance with federal laws. The BLM reviewed and addressed each comment before making its final decision and issuing its finding of no significant impact.

About the Dewey Burdock ISR uranium project

The Dewey Burdock project, wholly owned by EnCore, is an advanced-stage uranium project located in Custer and Fall River counties in South Dakota. The project will recover uranium from subsurface sandstone orebodies through ISR technology, which uses an oxygen- and water-based solution in the production well field to dissolve uranium minerals in place. Then, the uranium-bearing solution is pumped to a central processing plant to recover the uranium.

ISR technology allows for minimal surface disturbance compared with conventional open-pit or underground uranium mining. The technology has been used for more than 50 years and has proven to be environmentally safe and very efficient. The Dewey Burdock project will consist of well field areas, a central processing plant, supporting infrastructure, and environmental protection systems.

The Dewey Burdock project was approved for inclusion in the FAST-41 program by the U.S. Federal Permitting Improvement Steering Council on Aug. 28, 2025. This is a component of the implementation of President Trump's executive order on immediate measures to increase American mineral production. The Dewey Burdock project received its source and byproduct materials licence from the NRC (Nuclear Regulatory Commission) in 2014, which is now under timely renewal. The company will work with the NRC as the lead agency for federal permitting. EnCore's objective is to advance the Dewey Burdock project into development and operation utilizing the ISR uranium extraction process.

Under President Trump's executive order, the permitting council identifies priority infrastructure and critical mineral projects to receive accelerated permitting review. The addition of the first South Dakota ISR project supports the domestic uranium production focus of the United States. This focus enables the development of essential clean energy, extracted through environmentally responsible ISR technology, to provide affordable, reliable domestic energy.

Dr. John M. Seeley, PhD, PG, CPG, EnCore's vice-president of exploration and development and a qualified person under National Instrument 43-101 and S-K 1300, 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 uranium to fuel the rapidly expanding U.S. nuclear energy needs. EnCore's team is led by industry experts with extensive knowledge and experience in all aspects of uranium ISR operations and the nuclear fuel cycle. EnCore exclusively uses ISR for uranium extraction, a minimally invasive, eco-friendly and economically competitive mineral extraction technology co-developed by EnCore's leadership.

Building on EnCore's demonstrated and continuing 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.

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