enCore Energy's Dewey Burdock Uranium Project Receives Positive NRC Decision

• The US Nuclear Regulatory Commission issued an Environmental Assessment and a Finding of No Significant Impact supporting renewal of the Dewey Burdock Source Materials License for another 20 years.
• The NRC also completed a Programmatic Agreement addressing historic preservation requirements under the National Historic Preservation Act.
• The decision follows a separate Bureau of Land Management approval authorising the start of construction on portions of the project's public lands.
• Dewey Burdock is included in the federal Fast-41 Program, which provides for coordinated, accelerated permitting of priority infrastructure and critical mineral projects.
• enCore's Executive Chair said the company looks forward to the final steps in the NRC's licence renewal process.

enCore Energy Corp. (NASDAQ: EU) (TSXV: EU) is a US-based uranium company that supplies uranium for use in nuclear energy production using in-situ recovery, a method that extracts uranium using a water-based solution rather than conventional excavation. The company's leadership has a background in ISR operations and the nuclear fuel supply chain, and the technology used across its projects was developed in part by its own management team.

NRC Issues Positive Environmental Assessment and Finding of No Significant Impact for Dewey Burdock License Renewal

The Nuclear Regulatory Commission completed an Environmental Assessment for the Dewey Burdock Project and issued a Finding of No Significant Impact, a determination made when an environmental assessment concludes that a proposed action will not have significant adverse effects on the environment.

The finding applies to the project's Source Materials License, which is currently under Timely Renewal and would extend operating rights for an additional 20 years upon completion.

With this finding in place, the NRC has stated it will renew the licence once it confirms that enCore, through its wholly owned subsidiary Powertech USA, Inc., continues to meet the agency's safety requirements for constructing and operating an in-situ recovery facility. This safety evaluation is described as the final step of the renewal process. enCore has submitted the information required for the NRC to complete this evaluation.

Programmatic Agreement Satisfying Historic Preservation Requirements as Final Review Step

The NRC also issued a Programmatic Agreement covering the project's obligations under Section 106 of the National Historic Preservation Act, which requires federal agencies to account for the impact of their decisions on historic and cultural resources.

The agreement sets out a phased process for ongoing compliance and review as the project proceeds.

With the environmental review and the Programmatic Agreement now complete, the NRC's remaining work on the licence renewal consists of the safety evaluation described above.

Combined NRC and BLM Approvals Advancing Project Toward Construction Under Fast-41 Program

The NRC's decision follows a Bureau of Land Management authorisation permitting enCore to begin construction on portions of Dewey Burdock's BLM-managed public lands. That approval covers early infrastructure work, including sections of the primary and secondary access roads, light-use roads, four groundwater monitoring wells, and overhead power lines.

Dewey Burdock was added to the federal Fast-41 Program in August 2025, with the NRC serving as the lead agency for the project's review. Fast-41 is a federal program that prioritises infrastructure and critical mineral projects for coordinated permitting across multiple agencies. Dewey Burdock is the first in-situ recovery uranium project in South Dakota to receive this designation.

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 license 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."

Outlook

The Dewey Burdock Project's licence renewal now depends on completion of the NRC's safety evaluation. Alongside the BLM's construction authorisation and the project's Fast-41 designation, enCore has completed the environmental and historic preservation requirements associated with the renewal process.

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