Encore Energy Corp. · TSXV:EU
Encore Energy — Investor Presentation (April 2026)
37 slides from Encore Energy's investor presentation, Apr 21, 2026
Slide 1: Uranium Extraction in the U.S.
Uranium Extraction in the U.S. April 2026 NASDAQ:EU | TSX.V:EU encoreuranium.com
Slide 2: Disclaimer
Disclaimer ©2026 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 present
Slide 3: enCore Energy: America's Clean Energy Company
enCore Energy: America’s Clean Energy Company Reliable & Responsible Domestic Uranium Extraction South Texas ISR Uranium S-K 1300 Resources9, 10, 11, 12 In-Situ Recovery: Uranium Operations 30.94 Mlbs – Measured and Extraction process with proven Operations are presently underway at Indicated (“M&
Slide 4: U.S. Uranium Supply and Demand
U.S. Uranium Supply and Demand The World’s Largest Consumer and Minimal Uranium Production Declining U.S. Supply: -200K lbs/yr Increasing U.S. Demand: +48 MM lbs/yr Uranium concentrate production in the United States, 2000 to fourth-quarter 2023 P = Preliminary data Data source: U.S. Energy Informat
Slide 5: enCore Corporate Summary
enCore Corporate Summary Analyst Coverage Marcus Giannini Haywood Securities Inc. NASDAQ:EU | TSX.V:EU Mike Kozak Cantor Fitzgerald, L.P. Market Capitalization (@ $1.85 USD) $ 359,299,883 USD Shares Issued and Outstanding 194,216,153 Anthony Taglieri, CPA Canaccord Genuity Corp. (Canada) Stock Optio
Slide 6: Board of Directors
Richard H. Little Chief Executive Officer & Director Board of Directors Richard Little brings over 30 years of industry and public company experience primarily focused on enhancing production, well performance, operational efficiency, acquisitions and divestitures. His career in the resource industr
Slide 7: Management
Management Richard H. Little Robbie Hudson, JD Chief Executive Officer & Director General Counsel & Corporate Secretary Richard Little brings over 30 years of industry and public company Mr. Hudson joined enCore in October 2025 and has almost 20 years experience primarily focused on enhancing produc
Slide 8: Technical Advisory Committee
Technical Advisory Committee Dennis Stover, PhD Jim Clay, PhD Technical Advisory Chairman Technical Advisor Dr. Stover has a 50+ year career focused on direct involvement with For 20+ years, Mr. Clay has worked in uranium ISR operations, wellfield commercial uranium exploration, project development,
Slide 9: enCore Energy in the Nuclear Fuel Cycle
enCore Energy in the Nuclear Fuel Cycle enCore’s role in the cycle Wellfield Processing Yellow Cake Transport Conversion Enrichment Fabrication Nuclear Domestic Oxygenated Plant (U3O8) Licensed and The The gas is The now Plant Consumers water liquifies The liquified The now insured third yellowcake
Slide 10: In-Situ Recovery (ISR)
In-Situ Recovery (ISR) Environmentally Superior and Economically Competitive Injection wells 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
Slide 11: The Path Forward Proposed Project Pipeline
The Path Forward Proposed Project Pipeline NASDAQ:EU | TSX.V:EU 11
Slide 12: South Texas
South Texas A prolific U.S. district for sandstone-hosted ISR production totaling ~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
Slide 13: South Texas In-Situ Recovery Uranium Central Processing Plants (CPP)
South Texas In-Situ Recovery Uranium Central Processing Plants (CPP) Rosita ISR Uranium Central Processing Plant Alta Mesa ISR Uranium Central Processing Plant NASDAQ:EU | TSX.V:EU 13
Slide 14: Alta Mesa ISR CPP & Wellfields
South Texas Alta Mesa ISR CPP & Wellfields Alta Mesa CPP commenced operations in Q2/2024.9 Operates under a 70/30 joint venture with enCore Energy Corp. and Boss Energy Limited, with enCore as the managing partner. Collaboration Agreement on the use and joint technological advancement of enCore’
Slide 15: Alta Mesa ISR CPP & Wellfields: 2025 Operations Summary
South Texas Alta Mesa ISR CPP & Wellfields: 2025 Operations Summary Wellfield 7 has been producing throughout 2025, and additional wells are being be brought online in Q1 of 2026. Work began in late 2025 and is well advanced on Wellfield 3 Extension where installation of monitoring wells and ini
Slide 16: Alta Mesa Mesteña Grande Uranium Project
South Texas 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
Slide 17: Alta Mesa Uranium Project S-K 1300 Resources
South Texas Alta Mesa Uranium Project S-K 1300 Resources NASDAQ:EU | TSX.V:EU 17
Slide 18: Alta Mesa Project Expansion: The Alta Mesa East Property
South Texas Alta Mesa Project Expansion: The Alta Mesa East Property Over 5,900 acres of private land consisting of mineral and surface leases located immediately adjacent to and east of enCore’s Alta Mesa wellfields and CPP. Expected to provide continued feed for the Alta Mesa CPP. Uranium mi
Slide 19: Rosita Uranium Project: Satellite Ion Exchange (IX) Plants
Rosita Uranium Project: Satellite lon Exchange (IX) Plants (Model) Uranium is captured on resin (a tiny bead-like material that traps uranium) at remote Satellite IX Plants and trucked to the Central Processing Plant (CPP), where it is processed into yellowcake (UsOs) Upper Spring Creek-Brown Satell
Slide 20: Rosita CPP & Uranium Project
South Texas Rosita CPP & Uranium Project One of enCore’s three licensed CPPs, the Rosita CPP has an 800,000 lbs U₃O₈ annual capacity and is located ~60 miles west of Corpus Christi. Rosita is equipped to receive uranium loaded resins from remote Project areas across the Rosita Uranium Project (“
Slide 21: Rosita Uranium Project
South Texas Rosita Uranium Project Satellite IX Plant at the Rosita Uranium Project NASDAQ:EU | TSX.V:EU 21
Slide 22: Dewey Burdock ISR Uranium Project
South Dakota Dewey Burdock ISR Uranium Project Approved for U.S. Government Fast Track Permitting (August 2025). Edgemont uranium district in southwest South Dakota, approximately 75 miles from Cameco’s Crow Butte ISR facility in Nebraska. Approved Nuclear Regulatory Commission (“NRC”) license
Slide 23: Dewey Burdock Project
South Dakota Dewey Burdock Project Initial capital costs of US$264.2M. Pre-tax IRR of 39% at U.S. $86.34/lb long-term uranium price (post-tax IRR of 33%). State permitting expected to complete by end of 2027. 28 years Mine Life (incl. 2-year ramp-up) Plant engineering is expected to start in
Slide 24: Gas Hills Project
Wyoming Gas Hills Project Wyoming has long history of successful ISR operations and is an Agreement State with positive permitting timelines. The Gas Hills Project is 100% company-owned, with a proposed Project pipeline commencing in 2028. Located in Fremont and Natrona Counties, Wyoming. Mine L
Slide 25: enCore's Contract and Sales Strategy
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 c
Slide 26: Other Assets
Other Assets Exclusive access to privately-held databases of world-wide uranium data. On-going 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 wi
Slide 27: enCore Energy: America's Clean Energy Company
enCore Energy: America’s Clean Energy Company Reliable & Responsible Domestic Uranium Extraction Leading U.S. Uranium Advanced Assets: U.S. 100% In-Situ Recovery Extraction Production Pipeline Uranium Extraction Operations are underway at two plants, Alta Mesa CPP and Rosita CPP, with pending satell
Slide 28: www.encoreuranium.com info@encoreuranium.com 972.891.8664
www.encoreuranium.com info@encoreuranium.com 972.891.8664 NASDAQ:EU | TSX.V:EU 28
Slide 29: U.S. Uranium Sector Renaissance
U.S. Uranium Sector Renaissance Global Geopolitics Domestic Supply Needed White House Policy Nuclear Energy Industry Continued bi-partisan support is required to 44% of all imported uranium to US is Recent executive orders prioritize uranium Numerous Executive Orders supporting maintain the momentum
Slide 30: enCore Energy: America's Clean Energy Company
enCore Energy: America’s Clean Energy Company NASDAQ:EU | TSX.V:EU 30 TradeTech/UxC
Slide 31: ISR Central Processing Plants
ISR Central Processing Plants Processing Plants Wellfield Resin Resin Recharge Filter Press Dryer Packaging Transport Conversion Oxygenated Reloading Uranium is removed The Filter Press The zero emissions Yellowcake The transport is Plant water liquifies The uranium rich from the resin beads separat
Slide 32: Global Uranium & Nuclear Environment
Global Uranium & Nuclear Environment Globally, there are about 440 operable commercial nuclear power reactors across approximately 31 countries, contributing around 9% of the world's electricity generation. As of February 2026, there are approximately 70 nuclear reactors under construction worldwide
Slide 33: enCore Energy: America's Clean Energy Company
enCore Energy: America’s Clean Energy Company Fully funded uranium extraction strategy to provide clean, reliable, and carbon-free domestic energy. NASDAQ:EU | TSX.V:EU 33
Slide 34: Energy Returned On Invested (EROI) of Various Energy Sources
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. 80 75 70 60 EROI, with energy storage
Slide 35: U.S. Production History
U.S. Production History Among largest U.S. ISR facilities, operating until uranium prices depressed post-Fukushima 21st Century US ISR Production 24 22.0 22 20 Historic Production (Mlbs U3O8) 18 16 14 12 11.1 10 8 6 4.6 4 2.9 2.8 2 1.3 0.7 0.6 0.4 0 Smith Ranch Crow Butte Alta Mesa Lost Creek Willow
Slide 36: Uranium Supply & Demand Forecast
250 $104 Million lbs U3O8 200 Supply Gap (Required New Production) Uranium Supply & 150 Demand Forecast Uranium Spot Price 100 Established Production 50 1Source: Historical Ux Weekly Prices, UxC.com as at February 10, 2026 2Source: Uranium Market Study 2022 Issue 4, TradeTech, LLC 3Source: World Nuc
Slide 37: References
enCore Energy References 1. Nuclear Fuel Cycle: In-Situ Leach Mining of Uranium, 10. “Mesteña Grande Uranium Project, Brooks and Jim Hogg World Nuclear Association, https://world- Counties, Texas, USA, S-K 1300 Technical Report nuclear.org/information-library/nuclear-fuel-cycle/mining- Summary, Init