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Uranium Extraction in the USA November 2025 NASDAQ:EU | TSX.V:EU encoreuranium.com
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2 NASDAQ:EU | TSX.V:EU ©2025 enCore Energy Corp., All rights reserved. Unless otherwise noted, “enCore” and all other marks used in this presentation are trademarks of enCore Energy (the “Company”). Any reproduction or dissemination of any feature of presentation, in whole or in part, or any use of this presentation for any unlawful purposes, is strictly prohibited. The technical contents of this presentation were reviewed and approved by John M. Seeley, PhD, PG, CPG, enCore’s Chief Geologist, a Qualified Person as defined under Regulation S-K subpart 1300 of the Securities Act of 1933, as amended, and National Instrument 43-101. This presentation contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Canadian securities laws that are based on management’s current expectations, assumptions, and beliefs. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, including our project pipeline and priorities, estimates regarding mineral resources, our uranium contract and sales strategy, expected uranium supply and demand through 2040 and expectation that Wellfield 6 operations will resume in the fourth quarter of 2025 and often contain words such as “anticipate”, “goal”, “believe”, “plan”, “estimate”, “expect”, and “intend” “potential” “anticipates”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. All statements, other than statements of historical fact, are forward-looking statements. All such forward-looking statements are not guarantees of future results and forward-looking statements are subject to important risks and uncertainties, many of which are beyond the Company’s ability to control or predict, that could cause actual results to differ materially from those expressed in any forward looking statement, including those described in greater detail in our filings with the SEC and on SEDAR+, particularly those described in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, annual information form and MD&A. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with assumptions regarding timing and schedule of projects; general economic conditions; adverse industry events; future legislative and regulatory developments; the ability of enCore to implement its business strategies; and other risks. A number of important factors could cause actual results or events to differ materially from those indicated or implied by such forward-looking statements, including without limitation exploration and development risks, changes in commodity prices, access to skilled personnel, the results of exploration and development activities; extraction risks; uninsured risks; regulatory risks; defects in title; the availability of materials and equipment, timeliness of government approvals and unanticipated environmental impacts on operations; litigation risks; risks posed by the economic and political environments in which the Company operates and intends to operate; increased competition; assumptions regarding market trends and the expected demand and desires for the Company’s products and proposed products; adverse market conditions, the failure to satisfy ongoing regulatory requirements and factors relating to forward looking statements listed above. Should one or more of these risks materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. The Company assumes no obligation to update the information in this communication, except as required by law. Additional information identifying risks and uncertainties is contained in filings by the Company with the various securities commissions which are available online at www.sec.gov and www.sedarplus.ca. Forward-looking statements are provided for the purpose of providing information about the current expectations, beliefs and plans of management. Such statements may not be appropriate for other purposes and readers should not place undue reliance on these forward-looking statements, that speak only as of the date hereof, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this presentation are expressly qualified by this cautionary statement. THIS PRESENTATION IS PROVIDED “AS IS” WITHOUT ANY EXPRESS OR IMPLIED WARRANTY OF ANY KIND, INCLUDING WARRANTIES OF MERCHANTABILITY ,NONINFRINGEMENT OF INTELLECTUAL PROPERTY ,OR FITNESS FOR ANY PARTICULAR PURPOSE. IN NO EVENT SHALL THE COMPANY ,ITS DIRECTORS, OFFICERS OR EMPLOYEES BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, DAMAGES DUE TO LOSS OF PROFITS OR BUSINESS INTERRUPTION) DUE TO THE READER’S USE OF THIS PRESENTATION. This presentation does not constitute or form part of any offer or invitation for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. The securities discussed have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or any U.S. state securities laws. Accordingly, the securities will be offered and sold in the United States only to qualified institutional buyers, as defined under Rule 144A of the Securities Act, in reliance on exemptions from registration provided under the Securities Act and the rules thereunder. THE FOREGOING LIMITATIONSAND DISCLAIMERS APPLY REGARDLESS OF THE CAUSES OR CIRCUMSTANCES GIVING RISE TO THE LOSS, DAMAGE, CLAIM OR LIABILITY, EVEN IF SUCH LOSS, DAMAGE, CLAIM OR LIABILITY IS BASED UPON BREACH OF CONTRACT (INCLUDING, WITHOUT LIMITATION,A CLAIM OF FUNDAMENTAL BREACH OR A BREACH OF A FUNDAMENTALTERM), TORT (INCLUDING, WITHOUT LIMITATION,NEGLIGENCE) OR STRICT LIABILITY. Disclaimer
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3 NASDAQ:EU | TSX.V:EU South Texas ISR Uranium Operations Operations underway at two plants, enCore the largest ISR uranium extractor in the United States Industry-Leading Experts Experienced team in ISR uranium development, production and sales. enCore Energy: America’s Clean Energy Company Reliable, Responsible Domestic Uranium Extraction In-Situ Recovery: Uranium Extraction process with proven economic advantages and minimal environmental impact. Uranium Sales Strategy Supported by sales agreements while preserving exposure to the market. Other Assets & Investments Prompt Fission Neutron (PFN) real time uranium assay tool; non-core asset monetization strategy; investing in new technology; exclusive database access. S-K 1300 Resources 30.94 Mlbs – Measured and Indicated (M&I) category. 20.54 Mlbs – Inferred category.
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4 NASDAQ:EU | TSX.V:EU Global Geopolitics Continued bipartisan support is required to maintain the momentum of the domestic front-end fuel production capacity to meet the new growing demand for nuclear power in the United States and abroad. Nuclear Fuel Supply Act Bi-partisan bill to fund domestic production of LEU and HALEU, $1.6 Bn for 2024. Merges Uranium Reserve into American Reserve into American Assured Fuel Supply Program. White House Policy Recent executive orders prioritize uranium production and nuclear energy expansion, streamlining regulations and declaring a national energy emergency to accelerate domestic energy independence. Nuclear Energy Industry Numerous Executive Orders supporting domestic uranium development. Additionally, the Nuclear Credit Program is designed to support the continued operation and growth of nuclear power plants. Carbon-Free Worldwide pledges and global acceptance to support nuclear energy for decarbonization strategies. Nuclear is carbon-free - it is the largest source of carbon-free electricity in the United States. Air Quality Nuclear energy protects air quality - a zero-emission clean energy source according to the Nuclear Energy Institute (NEI). Source: 1. U.S. Energy Information Administration – Uranium Marketing Annual Report.. 2. U.S. Senate Committee on Energy and Natural Resources January 27, 2021 Hearing. 3. Build a Carbon-free Future (nei.org) 4. Air Quality (nei.org) Civil Nuclear Credit Program The Civil Nuclear Credit Program is crucial for keeping plants like Palisades and Diablo Canyon operational, ensuring continued availability of clean energy, and stabilizing the nuclear power sector amidst challenges. US Uranium Sector Renaissance Domestic Supply Needed 44% of all imported uranium to US is supplied by Russian, Kazakhstan, and Uzbekistan according to the Energy Information Administration1. Dependency on supply from State Owned Enterprises, (SOE) creates vulnerabilities and not in the best interest to national security.
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5 NASDAQ:EU | TSX.V:EU United States Uranium Supply and Demand The World’s Largest Consumer and Minimal Uranium Production Declining US Supply: -200K lbs/yr Increasing US Demand: +48 MM lbs/yr P = Preliminary data Data source: U.S. Energy Information Administration, Form EIA-851A, Domestic Uranium Production Report (Annual), and Form EIA-851Q, Domestic Uranium Production Report (Quarterly) Uranium concentrate production in the United States, 2000 to fourth-quarter 2023
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6 NASDAQ:EU | TSX.V:EU enCore Energy: America’s Clean Energy Company TradeTech/UxC Uranium Spot Price (USD$)Uranium Spot Price (USD$) 2004 2006 2008 2010 2012 2014 2016 2018 2020 0 50 100 150 URANIUM 2022 2024 2026
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7 NASDAQ:EU | TSX.V:EU *As of October 31, 2025 NASDAQ:EU | TSX.V:EU ** As of October 31, 2025 Warrants: 3,835,440 @ $ 4.05 CDN February 8, 2026 16,006,200 @ $ 3.75 CDN February 14, 2026 *** Flexibility to pay principal in cash, shares, or any combination at the Company’s election. Redemption rights forcing convertibility with a stock price of $4.28 USD for 20 out of 30 trading days from August 21 st, 2028 onward. A private Capped-Call to minimize any future dilution until the stock price exceeds approximately $ 4.52 USD per share. Market Capitalization (@$3.20 USD)* $ 598,846,509 USD Shares Issued & Outstanding** 187,139,534 Warrants** 19,841,640 Options**` 11,049,557 Fully Diluted 218,030,731 Convertible Note (5.5% August 2030)*** 115,000,000 USD enCore Corporate Summary Analyst Coverage Marcus Giannini Haywood Securities Inc. Mike Kozak Cantor Fitzgerald Katie Lachapelle, CPA Canaccord Genuity Corp. (Canada) Nick Giles B Riley Financial Heiko F. Ihle, CFA HC Wainwright & Co. LLC
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8 NASDAQ:EU | TSX.V:EU Board of Directors Mark Pelizza, MSc, CPG Lead Independent Director Mr. Pelizza has spent over 40 years in the uranium industry with direct project experience including several ISR operations in Texas. He also held a senior role at Uranium Resources Inc. William B. Harris, MBA, NACD.DC Director & Audit Chair Mr. Harris previously served as CEO of Hoechst Fibers Worldwide, a $5 billion operation, comprised of 21,000 employees and production locations in 14 different countries. Dr. Dennis Stover, PhD Director Dr. Stover, a co-inventor of the ISR process, has a +40-year career focused on direct involvement with commercial uranium exploration, project development, and mining operations. Dr. Stover previously served in senior roles at Energy Metals Corp and Uranium One, Inc. Susan Hoxie-Key, MSc, PE Director Ms. Hoxie-Key is a proven nuclear industry leader, with more than 40 years in engineering. She worked for Southern Nuclear Operating Company (SNC) for 31 years. She was a 2008 winner of the American Nuclear Society (ANS) Oestmann Achievement Award for technical achievement. William M. Sheriff, MSc Founder & Executive Chairman As a pioneer in the uranium renaissance, he co-founded and served as Chairman of Energy Metals Corp., acquired in 2008 for $1.8 billion. Mr. Sheriff has raised over $500 MM USD in the public markets and has extensive experience with mergers and acquisitions. He has personally compiled one the largest domestic uranium resource data bases in the US. Nathan Tewalt Director Mr. Tewalt is an economic geologist with over 40 years of experience across uranium, precious metals, and base metals, having led multiple discoveries and built several successful resource companies. He founded Standard Uranium, co-led its merger with Energy Metals Corp. Robert Willette Director & Chief Executive Officer Mr. Willette is an accomplished general counsel and business executive with 20+ years of experience managing corporate legal functions for public and privately held entities across a multitude of sectors, including industrial, manufacturing, transportation, oil & gas, and renewables.
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9 NASDAQ:EU | TSX.V:EU Management Dain McCoig, PE Chief Operating Officer Mr. McCoig is a seasoned engineering and operations leader with over 18 years of experience in mining, mineral processing, and facility development. Leads all South Texas operations with a keen focus on enhancing operations and advancing wellfield development. Daniel Calderon Vice President Operations - South Mr. Calderon brings nearly two decades of technical and operational experience in the uranium industry. He is responsible for the oversight and management of enCore Energy’s South Texas uranium processing facilities, which include the fully operational Alta Mesa and Rosita Central Processing Plants. Dr. John M. Seeley, PhD, PG, CPG Vice President, Exploration and Development Dr. Seeley has over 35 years of professional expertise in geological sciences, including geologic and geophysical exploration, remote sensing, geoinformatics, natural resources and environmental management, consulting, and academics. Robert Willette Director & Chief Executive Officer Mr. Willette is an accomplished general counsel and business executive with 20+ years of experience managing corporate legal functions for public and privately held entities across a multitude of sectors, including industrial, manufacturing, transportation, oil & gas, and renewables. Kevin Kremke Chief Financial Officer Mr. Kremke is a seasoned finance executive and strategic operator with a proven record of driving growth, transformation, and disciplined financial stewardship across diverse industries. Ashley Forbes Vice President, Permitting and Regulatory Affairs Ms. Forbes previously served as the Deputy Director of the Texas Commission on Environmental Quality’s (TCEQ) Radioactive Materials Division for the past seven years. In this role, Ms. Forbes directed the licensing of In-Situ Recovery uranium extraction operations and radioactive waste facilities, as well as the permitting of underground injection control wells in Texas.
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10 NASDAQ:EU | TSX.V:EU Wellfield Oxygenated water liquifies uranium, which is pumped to the surface. Processing Plant The liquified uranium then goes to a processing plant where it is purified, concentrated and dried. Yellow Cake (U3O8) The now yellow cake uranium is packaged in 55- gallon drums for shipment. Transport Licensed and insured third party transporters move the uranium. Conversion The yellowcake powder is converted to a gas. Enrichment The gas is enriched to 5% U235 for use in nuclear plants. Domestic Consumers All receive reliable and affordable domestic energy to power homes and businesses thanks to a very dense and powerful energy source. Fabrication The now enriched uranium is fabricated into fuel. Nuclear Plant Nuclear plants use the fuel rods to produce heat, creating steam to turbines that generate carbon-free electricity. enCore’s role in the cycle enCore Energy in the Nuclear Fuel Cycle
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11 NASDAQ:EU | TSX.V:EU Injection wells which add oxygen to groundwater to dissolve the uranium. Recovery wells pump the liquid uranium back to the surface to a processing facility. Monitoring wells surround the wells. ~ 60% of global uranium is produced through ISR.1, 2 Average CAPEX of ISR operations less than 15% of conventional mines.3, 4 In-Situ Recovery (ISR) environmentally superior & economically competitive
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12 NASDAQ:EU | TSX.V:EU Wellfield Oxygenated water liquifies uranium, which is pumped to the surface. Resin Reloading The uranium rich solution is transported through tanks of resin beads. The resin beads act like magnets & pull the uranium out of the water. Recycled, fresh oxygenated water is returned to the wellfield. Resin Recharge Uranium is removed from the resin beads using salt water (similar to a home water softener) The resin beads, also recycled, are washed and returned to adsorb more uranium extracted from the wellfield. Filter Press The Filter Press separates the water from the uranium using a series of cloths, piping and hoses. This stage creates a uranium paste. Dryer The zero emissions dryer removes any remaining water from the uranium and turns it into dry and very heavy powder known as yellowcake. Packaging Yellowcake Yellowcake is packed in steel drums and shipped, under strict regulations, safely to the conversion facility in Metropolis, IL. Transport the transport is handled by licensed and insured transportation companies. Conversion Plant Yellowcake is converted to a gas which is shipped to enrichment and fabrication plants to assemble fuel for nuclear power plants. Processing Plants ISR Central Processing Plants
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13 NASDAQ:EU | TSX.V:EU The Path Forward Project Pipeline
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14 NASDAQ:EU | TSX.V:EU A prolific US district for sandstone-hosted ISR extraction with historic extraction of ~80 million lbs.5, 6 Well established and mature regulatory environment in a well- known energy producing State. The United States Geological Survey (“USGS”) estimates the potential to discover an additional 220 million lbs.7 Three licensed South Texas In-Situ Recovery uranium processing plants with two currently processing uranium, all capable of multiple regional satellite feeds. South Texas Rosita ISR Uranium Central Processing Plant
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15 NASDAQ:EU | TSX.V:EU South Texas In-Situ Recovery Uranium Central Processing Plants (CPP) Rosita ISR Uranium Central Processing Plant Alta Mesa ISR Uranium Central Processing Plant
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16 NASDAQ:EU | TSX.V:EU Alta Mesa CPP commenced operations in Q2/2024. 9 Operates under a 70/30 joint venture with enCore Energy/Boss Energy Limited, with enCore as the managing partner. Collaboration Agreement on the use and joint technological advancement of enCore’s proprietary Prompt Fission Neutron (“PFN”) technology. Fully licensed CPP & existing resource located 80 miles from the Rosita CPP and 75 miles from the Kingsville Dome CPP. Located on ~200,000 acres of private land in South Texas uranium belt with further exploration opportunities. The plant was constructed with capacity for 1.5 million lbs of U₃O₈ annually, plus 500,000 lbs from satellite IX plants, for a total design capacity of 2 million lbs. It is currently configured to operate at 1 million lbs per year and is running at 60% of that capacity. Accelerated drilling will increase capacity utilization. Alta Mesa ISR CPP & Wellfields South Texas
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17 NASDAQ:EU | TSX.V:EU Initial uranium extraction strategy: phased ramp-up currently in progress from the wellfield located in Wellfield 7 increasing processing progressively and consistently as additional injection and recovery wells are systematically tied into the production lines.9 Simultaneously, work has commenced on the second new wellfield at Wellfield 3 Extension (3Ext) with a goal of achieving full operational capacity by early 2026. Daily production averaged 2,678 pounds per day in June 2025, 2,103 pounds per day in May 2025 and 1,942 pounds per day in April 2025. Wellfield development continues to expand with the addition of 75 wells: 35 extraction wells and 40 injection wells in Q2/25. Wellfield development has been ongoing at an accelerated rate with a total of 24 drill rigs in operation across the South Texas operations at the end of the quarter. The Company anticipates increasing the number of drill rigs operating to 30 in the third quarter of 2025. Alta Mesa ISR CPP & Wellfields: 2025 Operations South Texas
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18 NASDAQ:EU | TSX.V:EU Alta Mesa Mesteña Grande Uranium Project Exploration project designed to support future uranium supply for the Alta Mesa Central Processing Plant (CPP). The Mesteña Grande Project properties include multiple project areas within the ~ 200,000 acres holding.10 The project extends to cover approximately 30 miles in an east-west direction, and approximately 35 miles in a north- south direction. 52 linear miles of stacked uranium REDOX-front have been identified; only 5 miles explored to date. Exploration opportunities exist with in the Oakville and Goliad Formations beneath the site. South Texas
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19 NASDAQ:EU | TSX.V:EU South Texas Alta Mesa Uranium Project S-K 1300 Resources
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20 NASDAQ:EU | TSX.V:EU Alta Mesa Project Expansion: The Alta Mesa East Property South Texas Over 5,900 acres of private land consisting of mineral and surface leases with private parties located immediately adjacent to and east of enCore’s Alta Mesa’s wellfields and CPP. Expected to provide continued feed for the Alta Mesa CPP. The Alta Mesa East Property’s uranium mineralization occurs as roll fronts in multiple stacked sands within the Goliad Formation just as it does at Alta Mesa. Historical drilling completed by Chevron Minerals during the late 1970’s discovered multiple uranium roll fronts located at various depths within sand units interpreted to be the lower C, middle C, B and A sands, all of which have been or are productive at Alta Mesa. Additional exploration will be required to fully explore and delineate uranium mineralization on the Alta Mesa East Property. Projected continuation of productive roll fronts from Alta Mesa wellfields 1, 3, 4, 5B and the currently operating wellfield 7. It was announced in October 2025 that exploration of the project has identified uranium mineralized roll fronts in at least three areas to date. The new uranium discoveries were made in areas in or near existing wellfields.
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22 NASDAQ:EU | TSX.V:EU Rosita CPP & Uranium Project One of enCore’s 3 licensed CPPs, the Rosita CPP has an 800,000 lbs U₃O₈ annual capacity; and is located ~60 miles west of Corpus Christi. Rosita receives uranium loaded resins from existing remote project areas across the Rosita Uranium Project (“Rosita Project”) using satellite Ion Exchange (“IX”) plants.8 Located near wellfields, satellite IX plants capture uranium from the solution pumped from underground. The recycled resin is then trucked back to the Satellite IX Plant for further uranium capture. Satellite IX Plants are modular, efficient, and relocatable—ideal for operating multiple sites without building full processing plants at each one. They can also be moved when a wellfield is fully depleted. The Rosita Project Radioactive Materials License (“RML”) is now amended to include the Upper Spring Creek (“USC”) Project. This has allowed for the commencement of wellfield installation and the construction of the USC IX Plant. 4 drill rigs are currently onsite and foundations for the facilities are being installed. The remaining permits are in process with the TCEQ. South Texas Satellite IX Plant at the Rosita Uranium Project
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23 NASDAQ:EU | TSX.V:EU Rosita Uranium Project South Texas Satellite IX Plant at the Rosita Uranium Project
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24 NASDAQ:EU | TSX.V:EU Dewey Burdock ISR Uranium Project Approved for US Government Fast Track Permitting (Aug 28/25) South Dakota Edgemont uranium district in southwest South Dakota, approximately 60 miles from Cameco’s Crow Butte mine in Nebraska. Approved NRC license, now in timely renewal, EPA and Aquifer Exemption approved and held in abeyance. Underground storage permit approved. Mineral rights and surface rights covering approximately 16,960 acres and 12,610 acres, respectively. 16 miles from Edgemont, serviced by two-lane, all-weather gravel road. Major power lines located across the project. Next steps include coordinated permitting, engineering and design plans.
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25 NASDAQ:EU | TSX.V:EU Initial capital costs of US$105M Pre-tax IRR of 39% at US $86.34/lb long-term uranium price (post-tax IRR of 33%) South Dakota Mine Life 21 years (incl. 2-year ramp-up) Annual Production 750 Klbs/yr LOM Production 14.1 Mlbs Initial Capital Costs US$105.0M (US$7.44/lb) Cash Operating Costs - Plant and well field operation - Restoration /de-commissioning - Site management / overhead US$23.81/lb US$19.61/lb US$2.19/lb US$2.00/lb Local Taxes & Royalties US$5.00/lb Pre / Post Tax NPV8% * US$180.1M / US$133.6M Pre / Post Tax IRR* 39% / 33% Dewey Burdock Project
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26 NASDAQ:EU | TSX.V:EU Gas Hills Uranium Project Wyoming Wyoming has long history of successful ISR operations and is an Agreement state with positive permitting timelines. Historic cumulative extraction of ~100 million lbs U3O8 in the district, mostly from open pit mining (1957-1989). Located in Fremont and Natrona Counties, Wyoming. Sandstone hosted roll-front uranium mineralization. 100% ownership; road, power, natural gas and water access available nearby.
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27 NASDAQ:EU | TSX.V:EU Gas Hills Project Initial capital costs of US$55.2M Pre-tax IRR of 54.8% at US$87/lb long-term uranium price (post-tax IRR of 101%) Wyoming Mine Life 11 years Annual Production 880 Klbs/yr LOM Production 6.1 Mlbs Initial Capital Costs US$55.2M (US$8.96/lb) Cash Operating Costs - Plant and well field operation - Restoration / de-commissioning - Site management / overhead US$15.51/lb US$11.79/lb US$1.65/lb US$2.08/lb Local Taxes & Royalties US$5.59/lb Pre / Post Tax NPV8%* US$166.9 M / US$141.8 M Pre / Post Tax IRR* 54.8% / 50.2 %
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28 NASDAQ:EU | TSX.V:EU enCore’s Contract and Sales Strategy A blend of contracts with pricing collars and significant exposure to spot Contracts are structured with pricing that reflects market conditions at the time of execution with floors and ceilings that are adjusted for inflation; Inflation adjusted floor and ceiling prices provide base levels of revenue assuring an operating margin while providing significant upside exposure to spot market pricing; At current prices we plan to contract less than 50% of our planned annual extraction rates. Contracting will likely increase if spot prices begin to spike. Current contracts represent less than 38% of our planned extraction through 2033; We are reviewing additional contracting opportunities from 2029 and beyond.
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29 NASDAQ:EU | TSX.V:EU Corporate Social Responsibility As a leading In-Situ Recovery uranium producer, enCore Energy has the potential to impact—and be impacted by—a range of sustainability topics. We are examining our sustainability impacts and priorities through a materiality assessment process, defining the topics that matter most to our business and stakeholders. enCore Energy has commenced key initiatives: enCore’s Education Society 501(c)(3) status is pending and at the discretion of the IRS. Created to provide youth and young adults in communities near our Projects with the educational tools and resources to build careers in various sectors; Scholarship Programs available to a wide range of counties near our projects and to families of our employees; Dr. Dennis Stover Fellowship established at Texas A&M University Kingsville, honoring Dennis Stover, PhD, to provide financial support for outstanding graduate students pursuing a master’s degree in chemical engineering. Sustainability Report Outlines enCore’s commitment to being a responsible steward of natural and social capital. Creates a roadmap for meaningful progress towards sustainability goals and communicates our strategy and progress. Greenhouse Gas Emissions Report Provides a detailed accounting of our expected greenhouse gas emissions from our Texas operations and outlines opportunities for continued improvement.
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30 NASDAQ:EU | TSX.V:EU Exclusive access to privately-held databases of world-wide uranium data. Ongoing non-core asset divestment strategy: Non-core assets that can provide value and reduce shareholder dilution. Investing in new technology: Prompt Fission Neutron (PFN) technology, providing enCore with a clear competitive advantage by providing direct downhole content for uranium that cannot be achieved using conventional coring and assay methods. Vastly superior to conventional downhole gamma logging which measures daughter products, not uranium. Investing in future resource potential through Nuclear Fuels: enCore Energy currently owns an ~18% equity stake in Nuclear Fuels, with a right to maintain pro rata along with board representation, and the right to back-in to a 51% interest in the flagship Kaycee ISR uranium project in Wyoming under certain conditions, for a 2.5x expenditures and a carry-to- production (repayable out of cash flow). Other Assets Rosita ISR Uranium Central Processing Plant
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31 NASDAQ:EU | TSX.V:EU Leading US uranium extraction, underway at Rosita CPP & Alta Mesa CPP Industry-Leading Leadership and Operational Team Advanced Assets: US Production Pipeline enCore Energy: America’s Clean Energy Company Reliable, Responsible Domestic Uranium Extraction 100% In-Situ Recovery Uranium Extraction Balanced Contract and Spot Sales Strategy Non-Core Divestment Strategy, PFN & Other Assets
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32 NASDAQ:EU | TSX.V:EU 32 NASDAQ:EU | TSX.V:EU www.encoreuranium.com info@encoreuranium.com 972.891.8664
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33 NASDAQ:EU | TSX.V:EU Global Uranium & Nuclear Environment Globally, there are about 440 operable commercial nuclear power reactors across approximately 30 countries, contributing around 9% of the world's electricity generation. As of January 2025, there are approximately 70 nuclear reactors under construction worldwide, with about 100 additional reactors planned. Nuclear Industry Growth & Standardization – Global efforts to standardize nuclear plant designs, such as the UK’s Sizewell C, aim to cut costs and accelerate deployment. Uranium Market Strength – Despite a recent price dip to ~$60/lb, strong long-term demand and planned production increases from major suppliers' position uranium for sustained growth in the expanding nuclear energy sector, driven by rising demand and global policy shifts favoring nuclear energy. U.S. Energy Independence Push – The U.S. is investing in domestic uranium production and enrichment while banning Russian uranium imports to secure its nuclear fuel supply. The U.S. Energy Department has awarded initial contracts to six companies to produce domestic uranium fuel for conventional nuclear power plants. This move seeks to reduce U.S. dependence on Russian enriched uranium imports, which have constituted about 25% of the supply in recent years. Institutional & Policy Support – Major banks, including Goldman Sachs and Morgan Stanley, back initiatives to triple nuclear capacity by 2050, reinforcing its role in the clean energy transition. US Government Support – Recent executive orders prioritize uranium production and nuclear energy expansion, streamlining regulations and declaring a national energy emergency to accelerate domestic energy independence. Sources: 1. World Nuclear Association – Plans for New Reactors Worldwide 2. IAEA PRIS (Power Reactor Information System) – Under Construction Reactors by Country 3. World Nuclear Association – Nuclear Power in the World Today 4. Reuters 5. TradingEconomics 6. Business Insider 7. WhiteHouse.gov 8. InvestingNews.com 9. MarketWatch.com Uranium supply in a net deficit position 2025: Expected demand of 200 Mlbs 2025: Expected primary supply of 70 Mlbs
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34 NASDAQ:EU | TSX.V:EU Fully funded uranium extraction strategy to provide clean, reliable and carbon-free domestic energy. enCore Energy: America’s Clean Energy Company
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35 NASDAQ:EU | TSX.V:EU NASDAQ:EU | TSX.V:EU D. Weissbach, et.al./ENERGY 52 (2013) pg 210-221, Elsevier Ltd. Energy Returned On Invested (EROI) of Various Energy Sources This chart compares the lifetime electricity output of different power sources to the energy needed to create and run them 24/7. For example, nuclear plants generate 75 times the energy they consume. *includes EROI required for energy storage necessary to provide electricity on a 24/7 basis EROI, with energy storage* 80 70 60 50 40 30 20 10 0 Solar PV (Germany) Biomass (corn) Wind (E-66) Solar CSP (desert) Combined Cycle Gas Turbine Coal Hydro (med.-size) Nuclear (PWR) economical threshold 1.6 3.5 3.9 9 28 30 35 75
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36 NASDAQ:EU | TSX.V:EU 22.0 11.1 4.6 2.9 2.8 1.3 0.7 0.6 0.4 0 2 4 6 8 10 12 14 16 18 20 22 24 Smith Ranch Crow Butte Alta Mesa Lost Creek Willow Creek Nichols Ranch Kingsville Hobson Lance Historic Production (Mlbs U3O8) 21st Century US ISR Production United States Production History Among largest US ISR facilities, operating until uranium prices depressed post-Fukushima Source: Capital IQ, Company Reports Numbers may not add exactly due to rounding
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37 NASDAQ:EU | TSX.V:EU Uranium Supply & Demand Forecast 1Source: Historical Ux Weekly Prices, UxC.com 2Source: Uranium Market Study 2022 Issue 4, TradeTech, LLC 3Source: World Nuclear Association Note: Modified from: World Nuclear Association Million lbs U3O8 50 100 250 150 200 Uranium Spot Price Established Production Supply Gap (Required New Production) $104 as of January 12, 2024
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38 NASDAQ:EU | TSX.V:EU 1. Nuclear Fuel Cycle: In-Situ Leach Mining of Uranium, World Nuclear Association, https://world-nuclear.org/information- library/nuclear-fuel-cycle/mining-of-uranium/in-situ-leach- mining-of-uranium 2. Nuclear Fuel Cycle: World Uranium Mining Production, World Nuclear Association, https://world- nuclear.org/information-library/nuclear-fuel-cycle/mining- of-uranium/world-uranium-mining-production 3. United States Nuclear Regulatory Commissions (www.nrc.gov ) 4. Trade Tech, Nuclear Review, October 2016 5. “Uranium in America” , Uranium Producers of America, https://www.theupa.org/uranium_in_america/ 6. Estimates of Potential Uranium in South Texas Could Equal Five Years of U.S. Needs” , U.S. Geological Survey, December 2015, https://www.usgs.gov/news/national- news-release/estimates-potential-uranium-south-texas- could-equal-five-years-us-needs 7. M. Mihalsky and S. Hall, "Assessment of Undiscovered Sandstone-Hosted Uranium Resources in the Texas Coastal Plain, 2015" , U.S. Department of the Interior, U.S. Geological Survey, ISSN 2327-6916 (print), Fact Sheet 2015-3069, November 2015 https://pubs.usgs.gov/fs/2015/3069/fs20153069.pdf 8. “Technical Report on the South Texas Integrated Uranium Projects, Texas, USA, ” dated February 13, 2025, and effective December 31, 2024, prepared by Chris McDowell, P .G. and Ray Moores, P .E. of Western Water Consultants d/b/a WWC Engineering 9. "Alta Mesa Uranium Project, Brooks County, Texas, USA, S-K 1300 Technical Report Summary” and “Alta Mesa Uranium Project, Brooks County, Texas, USA, National Instrument 43-101, Technical Report” dated February 19, 2025, and effective December 31, 2024, prepared by Stuart Bryan Soliz, PG of SOLA Project Services 10. “Mesteña Grande Uranium Project, Brooks and Jim Hogg Counties, Texas, USA, S-K 1300 Technical Report Summary, Initial Assessment” and “Mesteña Grande Uranium Project, Brooks and Jim Hogg Counties, Texas, USA, National Instrument 43-101, Preliminary Economic Assessment, ” dated February 19, 2025, and effective December 31, 2024, prepared by Stuart Bryan Soliz, PG of SOLA Project Services 11. “Dewey Burdock Project, South Dakota, USA, S-K 1300 Technical Report Summary” and “Dewey Burdock Project South Dakota, USA, National Instrument 43-101, Preliminary Economic Assessment Technical Report” dated January 6, 2025, and effective as of October 8, 2024, prepared by Stuart Bryan Soliz, PG of SOLA Project Services 12. “Technical Report Preliminary Economic Assessment Gas Hills Uranium Project. Fremont and Natrona Counties, ” dated February 4, 2025, and effective December 31, 2024, prepared by Chris McDowell, P .G. and Ray Moores, P .E. of Western Water Consultants d/b/a WWC Engineering References enCore Energy