enCore Energy Corp. provided an update from the South Texas Alta Mesa In-Situ Recovery (ISR) Uranium Central Processing Plant (CPP) and Wellfield. Upgrades and refurbishments continue to advance on schedule for the planned 2024 resumption of uranium production.

The Company also announced continuing positive results from the wellfield delineation drill program. Further, planned production for the Rosita CPP continues to advance as projected. At the Alta Mesa CPP, enCore continues work on the refurbishment of the processing circuits.

The elution circuit, used to strip uranium from the ion exchange beads, has been completed, and represents a significant milestone in the pathway for production restart. All of the process pumps for the startup IX circuit have been rebuilt and replaced, including the main injection pumps. The company anticipates completing the refurbishment of the startup portion of the IX circuit before the end of 2023.

The yellowcake processing circuit refurbishment has started with the rebuilding of key components of the yellowcake storage systems and ordering of long lead time items such as the filter press and yellowcake transfer pumps. Refurbishment work commenced on the yellowcake drying system, and that work is expected to be completed just prior to the anticipated production restart date. Within Production Authorization Area 7 (PAA-7), enCore is installing injection and production wells in the wellfield and has received and staged the equipment to install the pipelines to connect the wellfield to the Alta Mesa CPP.

All of the necessary equipment for the start-up of production in the PAA-7 wellfield has been received or has been ordered with a confirmed delivery schedule. There are currently six drill rigs in full operation at the Alta Mesa CPP and Wellfield, with contracts pending for three additional rigs. The wellfield drilling operations, delineating the roll front mineralization within PAA-7, which commenced in March 2023, are advancing rapidly with 92 holes drilled since the previous update (September 5, 2023).

In total, 367 drill holes have been completed through November 17, 2023. Further refined delineation drilling within the PAA-7 continues to establish the exact pattern of injection and recovery wells from which to maximize production efficiency. To date, eighty-six holes have been cased with seventeen holes completed.

Two drill rigs are currently casing with one drill rig focused on completion activities. An additional drill rig will be moving to completion activities in the coming weeks. The Alta Mesa CPP and Wellfield hosts a fully licensed and constructed ISR uranium plant, located on 200,000+ acres of private land in the state of Texas.

Alta Mesa will be enCore's second producing location following planned resumption of uranium production at the South Texas Rosita Uranium Processing Plant scheduled for 2023. Total operating capacity at the Alta Mesa CPP is 1.5 million lbs. U3O8 (uranium) per year.

The Alta Mesa CPP historically produced nearly 5 million lbs. U3O8 between 2005 and 2013, when full production was curtailed as a result of low uranium prices. Alta Mesa CPP and Wellfield highlights: The Alta Mesa CPP is enCore's third fully licensed production facility, along with the Rosita CPP and Kingsville Dome CPP, all located in the business-friendly state of Texas.

There are only eleven (11) licensed and constructed uranium production facilities in all of the United States (US); Advancing the Alta Mesa CPP, in conjunction with planned production in 2023 at the Rosita CPP, will cement enCore Energy's position as the early leader in In-Situ Recovery (ISR) uranium production in the United States; Alta Mesa CPP's operations are located on private land, with 100% of minerals privately owned, and in a supportive jurisdiction with primary regulatory authority residing with the State of Texas; The Alta Mesa CPP utilizes well-known ISR technology to extract uranium in a non-invasive process using natural groundwater and oxygen, coupled with a proven ion exchange process, to recover the uranium. The Company advised that it is not basing its production decisions at Alta Mesa CPP or Rosita CPP on a feasibility study of mineral reserves demonstrating economic and technical viability. The production decision is based on known past In-Situ Recovery (ISR) and processing operations at these two production facilities and surrounding lands.

However, the Company understands that there is increased uncertainty, and consequently a higher risk of failure, when production is undertaken in advance of a feasibility study. The Company has determined to proceed with a production decision based on past operations at the Alta Mesa CPP and Rosita CPP, including past ISR operations in the known mineral resource areas.