enCore Energy Appoints Wayne Heili to Board of Directors, Dr. Dennis Stover Transitions to Advisory Role

• Wayne Heili, metallurgical engineer with over 35 years in uranium recovery, appointed to enCore Energy's Board of Directors effective 1 December 2025
• Dr. Dennis Stover retiring from board on 31 December 2025 after distinguished service, continuing as Chair of Technical Advisory Committee
• Heili brings proven track record leading uranium projects from development to production at Ur-Energy and Peninsula Energy
• New director received equity compensation package including 25,000 restricted stock units and 100,000 stock options at US$2.73 exercise price
• Board transition aligns with company's growth strategy while retaining deep technical expertise through advisory structure

enCore Energy Corp. (NASDAQ: EU, TSXV: EU) is a United States uranium company with multiple central processing plants in operation. The company uses in-situ recovery (ISR) for uranium extraction. Operations are based in South Texas, with development projects including Dewey Burdock in South Dakota and Gas Hills in Wyoming. The company also holds non-core assets and proprietary databases.

Wayne Heili Appointment to Board of Directors

Wayne Heili was appointed to enCore's Board of Directors effective 1 December 2025. He is a metallurgical engineer with over 35 years of experience in uranium recovery. His career began in South Texas and later expanded to Wyoming, where he held technical, managerial, and senior executive positions in both major corporate and junior development companies.

At Ur-Energy Inc., Heili served as Vice President of Mining and later as Chief Executive Officer, advancing projects from conception to production. Most recently, he was Chief Executive Officer of Peninsula Energy Limited, where he led the company in bringing the Lance Project in Wyoming to production in 2025.

In his corporate roles, Heili has led teams responsible for new project development, regulatory affairs, uranium marketing, and investor relations. He served as an Executive Director at both Ur-Energy Inc. and Peninsula Energy Limited, and held board positions with the Uranium Producers of America and Wyoming Mining Association.

Executive Chairman William M. Sheriff stated:

"On behalf of the Board of Directors, I am pleased to welcome Wayne to the enCore team. His wealth of knowledge will be a valued input that will help shape our future and strengthen the Company's position as a leader in the uranium industry."

Dr. Dennis Stover Board Retirement and Technical Advisory Committee Role

Dr. Dennis Stover announced his retirement from the Board of Directors effective 31 December 2025. Following his retirement, Stover will continue with the company as Chair of the Technical Advisory Committee. He has five decades of experience in the uranium industry.

The Technical Advisory Committee position allows Stover to maintain involvement with the company in a technical capacity. This structure separates technical advisory functions from board governance responsibilities.

Executive Chairman William M. Sheriff stated:

"Dr. Dennis Stover's five-decade career has helped shape the industry, advancing safe and sustainable fuel solutions. His leadership, vision, and dedication have been instrumental in advancing enCore. As he steps into retirement from the Board, we celebrate all he has accomplished and look forward to his continued support as he leads the newly constituted Technical Advisory Committee."

Equity Compensation Grant Details

Wayne Heili received an equity award on 1 December 2025 under the company's 2024 Long-Term Incentive Plan. The compensation package consists of two components: restricted stock units and stock options.

The restricted stock unit component totals 25,000 units that vest ratably over a two-year period. This means Heili will receive equal portions at regular intervals over the vesting schedule. Upon vesting, these units convert to actual shares.

The stock option grant comprises 100,000 units with an exercise price of US$2.73. The options vest over 24 months on the following schedule: 25% vest six months after the grant date, with an additional 25% vesting every six months thereafter. The stock options expire five years from the date of grant.

Conclusion

The board changes take effect between December 2025 and January 2026. Wayne Heili's appointment is effective immediately, while Dr. Dennis Stover's retirement from the board occurs on 31 December 2025. Stover will continue as Chair of the Technical Advisory Committee. The company maintains operations in South Texas with development projects at Dewey Burdock and Gas Hills scheduled to advance.

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