ENCORE ENERGY RECEIVES URANIUM PRODUCTION LICENSE FOR DEWEY BURDOCK, SOUTH DAKOTA | Texas News

CORPUS CHRISTI, Texas, February 14, 2022 /PRNewswire/ – enCore Energy Corp. (“bis“or the”Society“) (TSXV: EU) (OTCQB: ENCUF) is pleased to announce that the United States Nuclear Regulatory Commission (“NRC“) has accepted the change of control, to enCore, of the Dewey Burdock Source and By-Product Materials License.

Chief executive officer Paul Goranson said, “enCore appreciates the speed with which the NRC handled the license transfer of the Azarga acquisition. This license, issued in 2014 by the NRC, authorizes the production of uranium using in situ recovery technologies at the company’s Dewey-Burdock project located in South Dakota, a key component of enCore Energy’s medium to long-term production target. Our immediate production target remains our South Texas Rosita ISR uranium project, currently under development, with an expected production date of 2023.

The Company also announces that it has granted incentive stock options (the “Options”) to certain of its directors, officers, employees and consultants to purchase an aggregate of up to 7,090,000 common shares in the capital of the Company at the price of $1.40 per share for a period of five years, in accordance with its stock option plan. Vesting will occur over a twenty-four month period, with 25% of the options initially vesting six months after the grant date, followed by an additional 25% of the options every six months thereafter until they are fully acquired.

The Company also announces that it has terminated the previously announced capital market advisory agreement with Red Cloud Securities Inc. and Red Cloud Financial Services Inc. The Company also thanks red cloud for their support and contributions.

About enCore Energy Corp.

With approximately 90 million pounds of U3O8 estimated in the measured and indicated categories and 9 million pounds of U3O8 estimated in the inferred category1 enCore is the most diversified in situ uranium development company in the United States. enCore aims to become the next producer of uranium from its licensed and formerly producing South Texas Rosita processing plant by 2023. South Dakota-based Dewey Burdock project and the Wyoming Gas Hills project offer medium-term production opportunities with New Mexico uranium resource endowments offering long-term opportunities. The enCore team is led by industry experts with in-depth knowledge and experience of all aspects of ISR uranium operations and the nuclear fuel cycle.

dr. Douglas H. UnderhillCPG, the Company’s Chief Geologist and Qualified Person under NI 43-101, has approved the technical disclosure contained in this press release.

www.encoreuranium.com

Certain information contained herein constitutes forward-looking information or statements under applicable securities laws and rules. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements are frequently identified by words such as may, will, plan, expect, anticipate, estimate, intend, indicate, scheduled, target, objective, potential, subject, efforts, option and similar words , or their negative connotations, referring to future events and results. There can be no assurance that such statements will prove to be accurate. Readers should not place undue reliance on forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy shares of enCore common stock, and there will be no offer or sale of shares of enCore common stock in any jurisdiction in which a such offer, solicitation or sale would be unlawful. .

Neither TSX, TSX Venture Exchange, nor its Regulation Services Provider (as that term is defined in the policies of the TSX and TSX Venture Exchange) accepts responsibility for the appropriateness or accuracy of this release.

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SOURCE enCore Energy Corp.

Margie D. Carlisle