Operational Efficiency Improvements At Alta Mesa In-Situ Recovery

DALLAS, TX – enCore Energy Corp. reported that improvements in operational efficiency at Alta Mesa In-Situ Recovery (ISR) Uranium CPP and Wellfield (Alta Mesa) continued through the second quarter with monthly increases in U3O8 extraction during the second quarter. 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 at the Alta Mesa Project’s Wellfield 7 continued to expand throughout the second quarter with the addition of 75 wells: 35 extraction wells and 40 injection wells. This is part of the ongoing ramp up strategy to advance wellfield expansion every 4 to 5 weeks. 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.
Important permitting progress during the second quarter was highlighted by the inclusion of the Upper Spring Creek ISR Uranium Project in the existing Radioactive Materials License (RML) from the Texas Commission on Environmental Quality (TCEQ). This license allows the Company to handle radioactive materials, which includes the final product, U3O8. The current RML includes the Rosita ISR Uranium Project, which has now been extended to cover the Upper Spring Creek Project’s Brown Area. The RML allows the construction of wellfields and a Satellite Ion Exchange (IX) Plant which will provide feed for the Rosita ISR Uranium Central Processing Plant.
The Alta Mesa Uranium Project hosts a fully licensed and constructed ISR Central Processing Plant and operational wellfield located on 200,000+ acres of private land and mineral rights in and regulated by the state of Texas. Total operating capacity at the Alta Mesa CPP is 1.5 million pounds uranium per year with additional drying capacity of 0.5 million pounds. The Alta Mesa Uranium Project operates under a 70/30 joint venture with Boss Energy Limited which is managed by the Company.
The Alta Mesa CPP historically produced nearly 5 million pounds of uranium between 2005 and 2013 when production was curtailed as a result of low prices. The Alta Mesa Uranium Project utilizes well known ISR technology to extract uranium in a non-invasive process using natural groundwater and oxygen. Currently, oxygenated water is being circulated in the wellfield through injection or extraction wells plumbed directly into the primary pipelines feeding the Alta Mesa CPP. Expansion of the wellfield will continue, with extraction to steadily increase from the wellfield as expansion continues through 2025 and beyond.
The 100% Company-owned Project is a planned Satellite ion exchange (IX) Plant operation for the Rosita CPP. The Project consists of several future potential production units within the historic Clay West uranium district. The Project was previously held by Signal Equities LLC, who previously licensed and permitted the property as an ISR uranium project, maintaining the aquifer exemption and ceased work following continued low uranium spot prices. In December 2020, the Company acquired the Upper Spring Creek Project. The uranium mineralized sands that are associated with the project area lie within the Oakville Formation.  These historic uranium producing sands stretch across an area of approximately 120 miles long by approximately 20 miles wide in South Texas.  The uranium mineralized ore body at the Upper Spring Creek Project occurs at depths typically between 300 and 450 feet from the surface.
The Rosita CPP can receive uranium-loaded resin from remote project areas across the South Texas region through a network of Satellite IX Plants. These Satellite IX Plants, located near wellfields, are a key component of the ISR uranium extraction process. A lixiviant, consisting of groundwater mixed with oxygen and sodium bicarbonate, is injected into the wellfield using ISR technology, where it dissolves uranium from the underground sandstone. The uranium-bearing solution is then pumped to the surface and directed through the IX columns at the nearby Satellite IX Plant, where uranium is absorbed onto resin beads. The uranium-loaded resin is then transported to the Rosita CPP, where the uranium is removed from the resin and processed into yellowcake. Once processed, the resin is recycled and trucked back to the Satellite IX Plants for reuse. These modular, efficient, and relocatable IX Plants allow for cost-effective operation across multiple sites without the need to construct full processing facilities at each location, and they can be relocated once a wellfield is depleted.