Published: March 22, 2024 |

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enCore Energy has made its first shipment of uranium from the Rosita Central Processing Plant to be followed by the first sales delivery.

The first shipment of uranium, and delivery into the sales contract comes after the commencement of production in November 2023 and the grand opening of the Rosita Plant in February 2024. enCore has made its fifth long-term supply contract.

“We are so very happy to have had the longest serving Governor in Texas’ history, and former United States Secretary of Energy, Rick Perry, deliver the keynote address at our grand opening of the Rosita Plant in February 2024,” said Executive Chairman William Sheriff.

“Approximately 300 attendees including our senior management, staff, family, landowners as well as federal, state, and local elected officials, community members and investors attended the grand opening. Perry’s remarks highlighted the urgent need for domestic uranium production to provide baseload power in the United States. The realization of nuclear power as the keystone to America’s green electrical generation capacity was a central theme as the large crowd celebrated the newest domestic source of uranium to fuel clean energy for Texas and the United States,” added Sheriff.

“It was a great honor to share the grand opening with all our staff and family along with our guests, providing everyone with the opportunity to see a uranium processing plant and wellfield in full operation. It is equally exciting to now be in a position where we are shipping uranium to our customers, again fulfilling our commitments,” said Paul Goranson, chief executive officer.

“With Rosita underway, we are now moving aggressively to re-start the Alta Mesa Plant which we expect will commence production as planned in Q2/2024,” added Goranson.

To support their production pipeline and development plans, enCore has implemented a uranium sales strategy providing the company with a base level of projected income while preserving significant ability to realize opportunities in the spot market. This strategy assures that enCore will have committed sales to support the capital necessary for construction of new projects, while maintaining flexibility to be opportunistic as market conditions continue to change in favorable ways.

In 2021, enCore inked two term supply agreements, one with UG USA and one with a Fortune 150 U.S. utility. In 2022, enCore inked a third term supply agreement with a U.S. utility; subsequently, enCore made a fourth sales agreement with another Fortune 500 U.S. utility in February 2023.  In February 2024, enCore signed its fifth sales agreement with a U.S. utility that extends their future deliveries to 2032 securing demand that supports its production growth strategy.

Combined, enCore has secured 4.25 million pounds U3O8 in committed uranium sales contracts from 2023 to 2032. Three of the contracts provide the optionality to extend with an additional 1.65 million pounds U3O8 to 2032.

enCore Energy is committed to providing clean, reliable, and affordable domestic nuclear energy by becoming the next United States uranium producer in 2023. enCore solely utilizes In-Situ Recovery (ISR) for uranium extraction, a well-known and proven technology co-developed by the leaders at enCore Energy. In-Situ Recovery extracts uranium in a non-invasive process through the use of natural groundwater and oxygen, coupled with a proven ion exchange process, to recover the uranium. Uranium production is planned at enCore’s licensed and past-producing South Texas Rosita Processing Plant in 2023, and at its licensed and past-producing South Texas Alta Mesa Processing Plant in 2024. Future projects in enCore’s production pipeline include the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming, along with significant uranium resource endowments in New Mexico providing long-term opportunities. The enCore team is led by industry experts with extensive knowledge and experience in all aspects of ISR uranium operations and the nuclear fuel cycle. enCore diligently works to realize value from other owned assets, including our proprietary uranium database that includes technical information from many past producing companies, from our various non-core assets, and by leveraging our ISR expertise in researching opportunities that support the use of this technology as applied to other metals. enCore is also committed to working with local communities and indigenous governments to create positive impact from corporate developments.

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