Continued Encounters Of High Grade Drill Results At Alta Mesa Uranium Project

DALLAS, TX - enCore Energy Corp. reported on-going positive results from its Alta Mesa In-Situ Recovery Central Processing Plant (CPP) and Wellfield drill program. Drilling, designed to expand the producing wellfield capacity, continues to significantly exceed the cutoff grade thickness requirements for In-Situ Recovery (ISR) of uranium. The Company also reports that production from its first wellfield continues to progress with increases to the number of Alta Mesa production and injection wells on schedule for 2024 and continuing into 2025.

Drilling results, to mid-September 2024, at Alta Mesa Wellfield 7 (also known as Production Area Authorization 7 or PAA-7), include intercepts with Grade Thickness ("GT") up to 3.615. Maximum total thickness encountered is 17.5 feet. The cutoff GT for ISR in South Texas is generally accepted to be 0.3 with GT being the relevant factor in determining reasonable prospects for economic extraction. GT is defined as grade multiplied by intercept thickness. The Alta Mesa CPP is processing, on average, 1,700 gallons per minute of pregnant solution from initial patterns in Wellfield 7. Additional injection and production wells are currently being installed to increase the processing and production rate. The Alta Mesa CPP continues to dry, package and ship uranium yellowcake (U3O8). Production from Alta Mesa Wellfield 7 is expected to increase as additional production patterns are completed and plumbed into the Alta Mesa CPP. Drilling and wellfield installation for the additional production patterns is well underway and will continue as the Alta Mesa CPP capacity is reached and maintained.