Mr. William Sheriff reports

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

The U.S. Nuclear Regulatory Commission (NRC) has issued a 20-year renewal of the source materials licence for EnCore Energy Corp.'s Dewey Burdock in situ recovery (ISR) uranium project in South Dakota. The issuance of the source materials licence follows the completion of the safety evaluation report, the final step in the licence renewal process. With the issuance of the NRC source materials licence, the Dewey Burdock project has received all necessary federal permits.

The NRC 20-year renewal of the source materials licence follows the recent NRC issuance of the environmental assessment finding of no significant impact and issuance of the programmatic agreement (see news release dated June 22, 2026). The company also received the 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.

William M. Sheriff, executive chair, stated: "On behalf of the board of directors, I want to congratulate our team for their efforts to secure the 20-year extension to the NRC licence. I also want to thank the NRC and the permitting council for their significant efforts to issue this renewal in such an efficient and effective manner. And to the community, we stand by our commitments to work together to see that the local communities and state and our shareholders benefit from this project as we continue to uphold our commitment to always operate with best practices to protect the people, land, air and water."

With all federal permits received, the Dewey Burdock project remains subject to additional permitting by the State of South Dakota. The company has commenced permitting efforts with the State of South Dakota, which are required before the Dewey Burdock project proceeds to full operational status.

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) effective until June, 2046. 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 Inc.), 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 to produce 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. Its mission is to achieve timely permitting decisions for qualifying infrastructure projects by promoting permitting excellence through transparency, predictability and accountability. 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.

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