Encore Energy Corp. · TSXV:EU
Encore Energy — Investor Presentation (August 2025)
42 slides from Encore Energy's investor presentation, August 2025
Slide 1: Domestic Uranium in the USA
Domestic Uranium in the USA August 2025 NASDAQ:EU | TSX.V:EU encoreuranium.com
Slide 2: Disclaimer
Disclaimer ©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 present
Slide 3: enCore Energy: America's Clean Energy Company
enCore Energy: America’s Clean Energy Company Reliable, Responsible Domestic Uranium South Texas ISR Uranium S-K 1300 Resources In-Situ Recovery: Uranium Operations 30.94 Mlbs – M&I category. Extraction process with proven Processing Uranium at Rosita Central 20.54 Mlbs – Inferred category. economic
Slide 4: United States Uranium Supply and Demand
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 Uranium concentrate production in the United States, 2000 to fourth-quarter 2023 P = Preliminary data Data source: U.S. Energy Inf
Slide 5: enCore Energy: America's Clean Energy Company
enCore Energy: Uranium Spot Price (USD$) America’s Clean Energy 150 Company 100 URANIUM 50 0 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2025 Energy Metals enCore Energy Acquisition of Acquisition of Alta Uranium processing Completion of 70/30 Uranium processing Corp. formed to Corp. esta
Slide 6: enCore Corporate Summary
enCore Corporate Summary NASDAQ:EU | TSX.V:EU Analyst Coverage Marcus Giannini Market Capitalization (@$ 2.93 USD)* $ 548,080,889 USD Haywood Securities Inc. Shares Issued & Outstanding** 187,058,324 Warrants*** 20,434,640 Mike Kozak Cantor Fitzgerald Options** 6,555,017 Fully Diluted**** 213,454,98
Slide 7: Board of Directors
Board of Directors Dr. Dennis Stover, PhD Director Dr. Stover, a co-inventor of the ISR process, has a +40-year career focused on direct involvement with William M. Sheriff, MSc commercial uranium exploration, project development, and Founder & Executive Chairman mining operations. Dr. Stover previo
Slide 8: 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 yellow insured third yell
Slide 9: In-Situ Recovery (ISR) environmentally superior & economically competitive
In-Situ Recovery (ISR) environmentally superior & economically competitive ▪ 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 uraniu
Slide 10: ISR Central Processing Plants
ISR Central Processing Plants Processing Plants Wellfield Resin Reloading Resin Recharge Filter Press Dryer Packaging Transport Conversion Oxygenated The uranium rich Uranium is removed The Filter Press The zero emissions Yellowcake the transport is Plant water liquifies solution is from the resin b
Slide 11: The Path Forward Project Pipeline
The Path Forward Project Pipeline NASDAQ:EU | TSX.V:EU 11
Slide 12: South Texas
South Texas ▪ 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 a
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/Boss Energy Limited, with enCore as the managing partner. Collaboration Agreement on the use and joint technological advancement of enCore’s proprie
Slide 15: Alta Mesa ISR CPP & Wellfields: 2025 Operations
South Texas Alta Mesa ISR CPP & Wellfields: 2025 Operations ▪ 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 in
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 to
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: Rosita Satellite Ion Exchange (IX) Plants (Model)
Wellfield Welifield extracts uranium rich solution from ground Butler Ranch Satellite IX Plant Upper Spring Creek-Brown 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 tru
Slide 19: Rosita CPP & Uranium Project
South Texas Rosita CPP & Uranium Project ▪ One of enCore’s 3 licensed CPPs and among only 11 in the U.S., began operations in November 2023 with 800,000 lbs U₃O₈ annual capacity; located ~60 miles west of Corpus Christi, covering 3,500+ acres. ▪ The Rosita Central Processing Plant will receive urani
Slide 20: Rosita Uranium Project
South Texas Rosita Uranium Project Satellite IX Plant at the Rosita Uranium Project NASDAQ:EU | TSX.V:EU 20
Slide 21: Dewey-Burdock Project
South Dakota Dewey-Burdock Project ▪ The priority project following successful uranium extraction ramp up in South Texas. ▪ Edgemont uranium district in southwest South Dakota, approximately 60 miles from Cameco’s Crow Butte mine in Nebraska. ▪ Mineral rights and surface rights covering approximatel
Slide 22: Dewey-Burdock Project
South Dakota Dewey-Burdock Project ▪ 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%) 21 years Mine Life (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
Slide 23: Gas Hills Uranium Project
Wyoming Gas Hills Uranium Project ▪ 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
Slide 24: Gas Hills Project
Wyoming 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%) 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 US$15.51/lb - Plan
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 ce
Slide 26: Strategic Non-Core Asset Divestment
Strategic Non-Core Asset Divestment Ongoing Proven Program to Strengthen Balance Sheet Recent Strategic Asset Divestment: enCore Energy has completed a sales agreement with Verdera Energy Corp. to transfer a subsidiary holding five uranium projects in New Mexico: ▪ Crownpoint, Hosta Butte, Nose Rock
Slide 27: Corporate Social Responsibility
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
Slide 28: Other Assets
Other Assets ▪ 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
Slide 29: enCore Energy: America's Clean Energy Company
enCore Energy: America’s Clean Energy Company Reliable, Responsible Domestic Uranium Extraction Extraction at Advanced Assets: US 100% In-Situ Recovery Rosita CPP & Alta Mesa CPP Production Pipeline Uranium Extraction Industry-Leading Leadership Balanced Contract and Spot Non-Core Divestment Strateg
Slide 30: www.encoreuranium.com info@encoreuranium.com
www.encoreuranium.com info@encoreuranium.com (647) 847-7825 NASDAQ:EU | TSX.V:EU 30
Slide 31: US Uranium Sector Renaissance
US Uranium Sector Renaissance Global Geopolitics Domestic Supply Needed White House Policy Nuclear Energy Industry Bipartisan support is needed to secure 60% of US uranium flows through Russia Recent executive orders prioritize uranium Numerous Executive Orders supporting domestic uranium supply. Ru
Slide 32: Global Uranium & Nuclear Environment
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. Uranium supply in a As of January 2025, there are approximately 65 nuclear reactors under con
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: United States Production History
United States Production History Among largest US ISR facilities, operating until uranium prices depressed post-Fukushima 21st Century US ISR Production 24 22.0 22 Historic Production (Mlbs U3O8) 20 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
Slide 36: Uranium Spot Price (USD) Timelines for Supply Shortage
Uranium Spot Price (USD) 150 6 100 Timelines for URANIUM 7 10 Supply 9 Shortage 5 4 50 Events in the 3 8 Uranium 1 2 March 2007- Sector: June 2009 Financial Crisis 0 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 History of Events 1. April 2003 McArthur River Mine Flood 6. February 2007 Rang
Slide 37: The nuclear industry
The nuclear industry Strong public and private backing for development of Small Modular Reactors (SMRs) ▪ A key part of the Department of Energy’s goal to develop safe, clean, and affordable nuclear power options. ▪ A multi-year cost-shared funding opportunity was issued to support innovative, domes
Slide 38: Uranium Supply & Demand Forecast
250 Million lbs U3O8 $104 200 Supply Gap (Required New Production) Uranium Supply & 150 Demand Forecast 100 Uranium Spot Price Established Production 50 1Source: Historical Ux Weekly Prices, UxC.com as of January 12, 2024 2Source: Uranium Market Study 2022 Issue 4, TradeTech, LLC 3Source: World Nucl
Slide 39: Windmills vs Nuclear Energy
Windmills vs Nuclear Energy 300m 13-15MW 9MW 200m 7MW 1750 MW nuclear 4MW power plant 2MW 100m 1.2MW 1-12KW 0.5MW 19th C 1990 1995 2000 2005 2010 2015 2025 Sources: Various, Bloomberg New Energy Finance NASDAQ:EU | TSX.V:EU 39
Slide 40: 1 nuclear energy plant vs wind power
1 nuclear energy plant vs wind power NASDAQ:EU | TSX.V:EU 40
Slide 41: Safe nuclear power
Safe nuclear power Comparative death rates per unit of electricity production Brown coal 32.72 Coal 24.62 Oil 18.43 Biomass 4.63 Gas 2.82 Hydropower 1.3 Wind 0.04 Nuclear 0.03 Solar 0.02 0 5 10 15 20 25 30 Source: Markandya & Wilkinson (2007); Sovacool et al. (2016); UNSCEAR (2008; & 2018) OurWorldI
Slide 42: References
enCore Energy References 1. Nuclear Fuel Cycle: In-Situ Leach Mining of Uranium, World 10. “Mesteña Grande Uranium Project, Brooks and Jim Hogg Nuclear Association, https://world-nuclear.org/information- Counties, Texas, USA, S-K 1300 Technical Report Summary, library/nuclear-fuel-cycle/mining-of-ur