Mr. William Sheriff reports

NUCLEAR REGULATORY COMMISSION ISSUES POSITIVE DECISION FOR ENCORE ENERGY'S DEWEY BURDOCK URANIUM PROJECT

The U.S. Nuclear Regulatory Commission (NRC) has issued an environmental assessment, which was followed with a finding of no significant impact, in support of the Dewey Burdock uranium project's 20-year source materials licence, currently in timely renewal status. With the finding of no significant impact, the NRC has stated that it will renew the Dewey Burdock licence if the NRC concludes that EnCore Energy Corp., through its wholly owned subsidiary Powertech USA Inc., has demonstrated it will continue to meet NRC safety requirements for construction and operation of an in situ recovery (ISR) facility. The NRC safety evaluation review is the final step in the process to renew the NRC source materials licence. EnCore has provided all information and material under the existing NRC licence for consideration of this final step.

The NRC also issued a programmatic agreement that satisfied its obligations under Section 106 of the National Historic Preservation Act and outlines a phased process for compliance and analysis for the protection of cultural and historic resources. A copy of the NRC decision is available on-line.

The NRC decision follows the recent Bureau of Land Management (BLM) decision that the Dewey Burdock uranium project is authorized to commence construction of infrastructure on portions of the project's BLM-managed public lands within the larger Dewey Burdock project. The authorized work under the BLM decision 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, executive chair of EnCore Energy, stated: "EnCore is extremely pleased with both the NRC environmental assessment and positive finding of no significant impact as well as the approval and implementation of the programmatic agreement. We look forward to the final steps in the NRC's review of the renewal of the Dewey Burdock licence for an additional 20-year period. EnCore strongly agrees with the NRC's acknowledgment that the project provides positive economic impacts through development and operations, an important component of the Dewey Burdock project. EnCore is committed to safety and environmental stewardship in all its operations in a manner that protects the land, water, air and people."

About the Dewey Burdock ISR uranium project

Located in South Dakota, the Dewey Burdock project is an advanced-stage uranium project with an NRC source materials licence (SUA-1600) under timely renewal for an additional 20 years. The Dewey Burdock project consists of 10,580 acres, including 10,340 acres of private surface rights and 240 acres of BLM surface rights. EnCore, through its subsidiary (Powertech USA), plans to recover uranium from the orebody and produce yellowcake using the ISR process, which uses an oxygen- and water-based solution in the production well field to dissolve uranium minerals in place. Yellowcake, the uranium oxide product of the ISR process, is used in the production of fuel for commercially operated nuclear power reactors.

The Dewey Burdock project consists of well field areas, a central processing plant, supporting infrastructure and environmental protection systems. 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 both environmentally safe and economically viable.

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, with the NRC acting as the lead agency. 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 electricity.

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.

We seek Safe Harbor.