enCore Energy Corp. (NYSE American: EU) (TSXV: EU) announced it has entered into a definitive agreement with Anfield Energy Inc. (TSX-V: AEC) (OTCQB: ANLDF) whereby Anfield will acquire, from enCore, the Marquez-Juan Tafoya Uranium Project located in New Mexico in exchange for C$5,000,000 in cash and 185,000,000 of its common shares. This is the third transaction in enCore’s ongoing program of divesting uranium assets that are not in its production pipeline.

William M. Sheriff, enCore’s Executive Chairman stated: “enCore has acquired a series of quality U.S. projects through several mergers and acquisitions at a time when there were few competitors due to the industry downturn of recent years. We are now capitalizing on those assets that do not meet our criteria for development such as early-stage projects and, in this case, an advanced project that is conventional in nature rather than In-Situ Recovery (ISR)-amenable.”

“By gaining a significant equity interest in Anfield, a company dedicated to conventional uranium development, we gain an immediate cash payment and participation as a significant shareholder in their broad portfolio of advanced projects in the southwestern United States. Anfield holds one of the very few licensed conventional uranium mills in the US making them a logical and desirable developer of the Marquez-Juan Tafoya asset. With board representation, and the right to maintain our leading shareholder position, we look forward to our involvement with Anfield as they advance this key project along with their other conventional assets,” Sheriff said.

Pursuant to the Agreement, on closing of the Transaction, enCore will have the right to one seat on the board of directors of Anfield, which will be ongoing for so long as enCore holds at least 10% of the issued shares of Anfield. enCore will have the right to maintain its percentage equity interest in Anfield in subsequent share issuances as long as it holds at least 10% of the issued shares of Anfield.

Pursuant to the agreement, Anfield will, on closing, acquire all of the issued and outstanding shares of Neutron Energy, Inc. a wholly-owned subsidiary of the Company which holds the Marquez-Juan Tafoya Uranium Project as its sole asset.

Closing of the Transaction is anticipated to take place on or before July 21, 2023 and is subject to stock exchange approval and other customary conditions. Red Cloud Securities Inc. acted as an advisor in connection with the Transaction.

About enCore Energy Corp.

enCore Energy Corp. is committed to providing clean, reliable, and affordable domestic nuclear energy by becoming the next United States uranium producer in 2023. enCore solely utilizes In-Situ Recovery (ISR) for uranium extraction, a well-known and proven technology co-developed by the leaders at enCore Energy. In-Situ Recovery extracts uranium in a non-invasive process using natural groundwater and oxygen, coupled with a proven ion exchange process, to recover the uranium. Uranium production is planned at enCore’s licensed and past-producing South Texas Rosita Processing Plant in 2023, and at its licensed and past-producing South Texas Alta Mesa Processing Plant in 2024. Future projects in enCore’s production pipeline include the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming, along with significant uranium resource endowments in New Mexico providing long term opportunities. The enCore team is led by industry experts with extensive knowledge and experience in all aspects of ISR uranium operations and the nuclear fuel cycle. enCore diligently works to realize value from other owned assets, including our proprietary uranium database that includes technical information from many past producing companies, from our various non-core assets, and by leveraging our ISR expertise in researching opportunities that support the use of this technology as applied to other metals. enCore is also committed to working with local communities and indigenous governments to create positive impact from corporate developments.