enCore Energy Identifies Additional Uranium Mineralization at Alta Mesa Project

• Re-analysis of historical drill holes at Alta Mesa ISR Uranium Project, initiated in April 2025, has identified uranium mineralized roll fronts in at least three areas adjacent to existing wellfields.
• Mineralization in Wellfield 4 occurs at depths of 320 to 345 feet, approximately 200 feet shallower than previously exploited zones, requiring less drilling footage and shorter casing intervals.
• Wellfield 3 Extension has advanced to permitting stage, whilst Wellfield 4 contains at least two newly discovered roll fronts each exceeding 2,500 feet in length within existing permit boundaries.
• The company issued 1,775,820 restricted stock units to directors and officers under the 2024 Long-Term Incentive Plan, with vesting periods ranging from one to three years.
• Data re-analysis is scheduled to continue through 2025, with follow-up delineation drilling planned into 2026, in addition to the drilling programme on the recently acquired Alta Mesa East Property.

enCore Energy Corp. (NASDAQ: EU, TSXV: EU) is a US uranium company that operates multiple licensed central processing plants for in-situ recovery extraction. The company uses ISR technology to extract uranium through natural groundwater and oxygen circulation. Current operations centre on the Alta Mesa ISR Uranium Project in South Texas, held through a 70/30 joint venture with Boss Energy Limited and managed by enCore. The company's development portfolio includes the Dewey Burdock project in South Dakota and the Gas Hills project in Wyoming.

New Uranium Roll Front Discoveries from Historic Data Re-analysis

enCore Energy commenced a re-evaluation of historical drill holes across the Alta Mesa ISR Uranium Project in April 2025. The analysis has identified uranium mineralized roll fronts in at least three areas near or within existing wellfield boundaries. Roll fronts are crescent-shaped zones where uranium concentrates from groundwater, forming deposits suitable for ISR extraction.

Dr. John M. Seeley, enCore's Vice President of Exploration and Production, stated that

"this more granular and detailed evaluation has identified uranium mineralized roll fronts in at least three areas to date."

Follow-up drilling by enCore has delineated these roll fronts, with work continuing to determine the extent of each mineralized zone.

The data re-analysis is scheduled to continue through the end of 2025. Follow-up delineation drilling will extend into 2026. This work is separate from the drilling programme planned for the Alta Mesa East Property, which the company acquired in August 2025.

Characteristics and Location of Discovered Mineralization

The newly identified mineralization in Wellfield 4 occurs at depths ranging from 320 to 345 feet below surface, positioned approximately 200 feet above previously exploited roll fronts. This shallower depth requires shorter drilling times, less footage, reduced cement, and shorter casing intervals compared to deeper mineralization.

The company has identified four saturated, mineralized sandstone horizons within the B Sand of the Goliad Formation. The water table is located approximately 120 feet below surface. Drill intercepts show grade thickness values ranging from 0.318 to 1.522, with the company stating that ISR recoverable uranium with grade thickness exceeding 0.3 is considered suitable for wellfield inclusion.

Wellfield 3 Extension has progressed to the permitting phase. Wellfield 4 contains at least two new roll fronts, each extending more than 2,500 feet in length, both within existing permit authorization. A third area extending south from previously exploited mineralization in Wellfield 1 continues to expand with additional drilling. The Alta Mesa Central Processing Plant has operating capacity of 1.5 million pounds uranium per year, with additional drying capacity of 0.5 million pounds.

Equity-Based Grants to Directors and Officers

The company awarded equity-based grants under the 2024 Long-Term Incentive Plan to certain directors and officers. The grants comprise 60,000 restricted stock units vesting in one year, 948,031 RSUs vesting ratably over two years, and 767,789 RSUs vesting ratably over three years. All awards are subject to the terms and conditions of the Plan.

These grants total 1,775,820 restricted stock units. The vesting schedules range from one to three years. Equity-based compensation ties management remuneration to share performance over specified periods.

The awards follow the structure of the company's 2024 Long-Term Incentive Plan. RSUs convert to common shares upon vesting, subject to continued service and plan conditions.

Next Steps

The data re-analysis programme at Alta Mesa will continue through the end of 2025, with follow-up delineation drilling scheduled into 2026. The drilling programme on the Alta Mesa East Property is expected to commence within the coming weeks. Wellfield 3 Extension remains in the permitting phase, whilst expansion drilling continues in Wellfields 1 and 4 to determine the full extent of newly identified mineralization.

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