enCore Energy Corp. (NASDAQ: EU) (TSXV: EU) announced the successful startup of production at the Alta Mesa Uranium Central Processing Plant and Wellfield. With the restart of the previously producing Alta Mesa Project, enCore Energy is now the only uranium producer in the United States with multiple production facilities in operation. The initial ramp up will be a progressive process to advance and continually increase uranium production via direct feed to the CPP.  enCore is anticipating its first shipment of yellowcake (uranium) from the Alta Mesa Project to occur in approximately 60 to 90 days.

Paul Goranson, Chief Executive Officer said: “The enCore team has advanced the Alta Mesa Project from acquisition in February 2023, to completion of upgrades, wellfield installation and production in fifteen months’ time. This effort has brought our second producing asset on-line achieving our commitment to commence production in Q2 of 2024. Our strategy at Alta Mesa is to initiate phased ramp-up from the wellfield located in Production Authorization Area 7, increasing production progressively and consistently as additional injection and recovery wells are systematically tied into the production lines. As we continue to increase production from PAA-7, work has commenced on the second new wellfield at Production Authorization Area 8 with a goal of achieving full operational capacity by 2026. We are very pleased with our initial early production providing enCore with a second revenue source as we continue to build out the Alta Mesa Project.”

Alta Mesa In-Situ Recovery Uranium Central Processing Plant & Wellfield

The Alta Mesa Project hosts a fully licensed and constructed CPP and operational wellfield located on 200,000+ acres of private land and mineral rights in and regulated by the state of Texas. Only 5% of the project area has been explored with 52 linear miles of stacked uranium roll fronts identified; 5 miles of which have been explored to date. The Alta Mesa Project operates under a 70/30 joint venture with Boss Energy Limited (ASX: BOE) (OTCQX: BQSSF) that is managed by enCore Energy Corp.

Total operating capacity at the Alta Mesa CPP is 1.5 million lbs. U₃O₈ (uranium) per year with additional  drying capacity of  0.5 million lbs. The Alta Mesa CPP historically produced nearly 5 million lbs. of uranium between 2005 and 2013 when production was curtailed as a result of low prices.  The Alta Mesa 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 CPP.  Expansion of the wellfield will continue with production to steadily increase from the wellfield as expansion continues through 2024 and beyond.

To view the South Texas project maps please visit: https://bit.ly/3KFDitK

John M. Seeley, Ph.D., P.G., C.P.G., enCore’s Manager of Geology and Exploration, and a Qualified Person under NI 43-101, has reviewed and approved the technical disclosure in this news release on behalf of the Company.

Stock Option Grant

The Company also announces that it intends to grant incentive stock options to certain of its directors, officers and consultants, to purchase an aggregate of up to 1,700,000 common shares in the capital of the Company at an exercise price equal to the closing price on the TSX Venture Exchange on June 13, 2024.  The Options will be effective for five years and vesting will occur over a twenty-four month period with 25% of the Options vesting every six months until fully vested.

About enCore Energy Corp.

enCore Energy Corp., America’s Clean Energy Company™, is committed to providing clean, reliable, and affordable fuel for nuclear energy as the only United States uranium producer with multiple production facilities in operation. The enCore team is led by industry experts with extensive knowledge and experience in all aspects of In-Situ Recovery (“ISR”) uranium operations and the nuclear fuel cycle. enCore solely utilizes ISR for uranium extraction, a well-known and proven technology co-developed by the leaders at enCore Energy.

Following upon enCore’s demonstrated production success in South Texas, future projects in enCore’s production pipeline include the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming.  The Company holds other assets including significant New Mexico resources, non-core assets and proprietary databases. enCore is committed to working with local communities and indigenous governments to create positive impact from corporate developments.