enCore Energy Acquires 5,900 Acres Adjacent to Alta Mesa Uranium Project

• Land Acquisition: Acquired 5,900 acres of private mineral and surface leases adjacent to Alta Mesa operations through the existing 70/30 joint venture with Boss Energy Ltd.
• Historical Data: Chevron drilling in the late 1970s identified uranium mineralization in multiple sand units that are currently productive at Alta Mesa
• Exploration Programme: 200-hole drilling programme scheduled to begin October 2025, starting with two rigs and expanding to four
• Processing Integration: Property expected to provide additional feed for the existing Alta Mesa Central Processing Plant with 1.5 million pounds annual capacity
• Geological Continuity: Uranium occurs as roll fronts in the Goliad Formation, matching the geology at the current Alta Mesa operations

enCore Energy Corp. (NASDAQ:EU) (TSXV:EU) is the only United States uranium company with multiple central processing plants in operation. The company uses In-Situ Recovery (ISR) technology exclusively for uranium extraction, utilising natural groundwater and oxygen in a process co-developed by the company's leadership team.

enCore operates the Rosita Central Processing Plant in South Texas under full ownership and the Alta Mesa Central Processing Plant under a 70/30 joint venture with Boss Energy Ltd. The company maintains future projects including Dewey-Burdock in South Dakota and Gas Hills in Wyoming, along with additional assets and proprietary databases.

Land Acquisition Details

The Tacubaya property consists of 5,900 acres of private land with mineral and surface leases located immediately east of enCore's existing Alta Mesa operations. The acquisition adds to the 200,000+ acres already controlled by the Alta Mesa Uranium Project. Executive Chairman William M. Sheriff stated that the land department worked for several months to complete this acquisition.

The property falls under the established Alta Mesa joint venture structure, maintaining the 70/30 ownership split between enCore Energy and Boss Energy Ltd. that characterises the existing project. The acquired acreage provides immediate adjacency to current and historical wellfields, including active Wellfield 7 and historical Wellfields 1, 3, 4, and 5B.

Tacubaya contains the same Goliad Formation geology found at Alta Mesa, where uranium mineralization occurs as roll fronts in multiple stacked sand layers. This geological consistency means the new property exhibits similar characteristics to areas already under production or previously mined at the Alta Mesa site.

Resource Data and Exploration Plans

Chevron Minerals conducted drilling on Tacubaya during the late 1970s, discovering multiple uranium roll fronts at various depths within the lower C, middle C, B, and A sand units. These same geological units have been or are currently productive at the Alta Mesa Uranium Project. The historical drilling provides baseline data for planning future exploration activities.

The company will implement a 200-hole drilling programme beginning in October 2025. Two drill rigs will commence operations initially, with two additional rigs added as the programme advances. The drilling will focus on two key areas identified through the historical data and geological projections from existing wellfields.

enCore anticipates that productive roll fronts from the existing Alta Mesa wellfields continue into the Tacubaya property. However, the company states that additional exploration will be required to fully explore and delineate uranium mineralization on the newly acquired acreage before production planning can proceed.

Processing Plant Integration

The Alta Mesa Central Processing Plant operates with a capacity of 1.5 million pounds of uranium annually, plus 0.5 million pounds of additional drying capacity. The facility produced nearly 5 million pounds of uranium between 2005 and 2013, when production was suspended due to low uranium prices. Current operations involve circulating oxygenated water through injection and extraction wells connected to the plant's primary pipeline system.

The Tacubaya acquisition is expected to provide additional feed for the existing processing infrastructure, potentially extending the operational life of the central processing plant. The property's immediate adjacency to current operations allows for integration with existing pipeline and processing systems without requiring separate infrastructure development.

enCore continues wellfield expansion at Alta Mesa, with extraction rates planned to increase through 2025 and beyond as expansion proceeds. The ISR technology employed uses natural groundwater and oxygen in a process the company describes as non-invasive compared to traditional mining methods.

Development Timeline and Next Steps

The October 2025 drilling programme represents the immediate next step for developing the Tacubaya property. Initial drilling will focus on two priority areas, with rig allocation expanding based on programme progress and results. The 200-hole programme will provide data needed to assess the property's resource potential and plan future development activities.

Following exploration results, enCore will evaluate options for integrating Tacubaya resources into Alta Mesa operations. The company has not provided specific timelines for potential production from the new acreage, noting that additional exploration and delineation work must be completed first. The acquisition adds to enCore's resource base in Texas while utilising the existing Alta Mesa processing infrastructure and joint venture structure.

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