enCore Energy Corp. announced the first shipment of uranium from the Rosita Central Processing Plant ("Rosita Plant") to be followed by the first sales delivery. The first shipment of uranium, and delivery into the sales contract comes after the commencement of production in November 2023 and the Grand Opening of the Rosita Plant in February 2024.

enCore is also pleased to announce its fifth long-term supply contract. Significant Highlights Include: enCore has executed its initial shipment of uranium from theRosita Plant with an expected delivery to the conversion facility the week of March 11th. This is followed by delivery of uranium to the utility customer under sales contracts; enCore has executed the fifth commercial uranium sales contract, with a fourth U.S. utility with deliveries from 2026 through 2032.

Overview of enCore Energy Contract and Sales Strategy: To support production pipeline and development plans, enCore has implemented a uranium sales strategy providing the Company with a base level of projected income while preserving significant ability to realize opportunities in the spot market. This strategy assures that enCore will have committed sales to support the capital necessary for construction of new projects, while maintaining flexibility to be opportunistic as market conditions continue to change in favorable ways. In 2021, enCore announced two term supply agreements, one with UG USA and one with a Fortune 150 U.S. utility.

In 2022, enCore announced a third term supply agreement with a U.S. utility; subsequently, enCore announced a fourth sales agreement with another Fortune 500 U.S. utility in February 2023. In February 2024, enCore signed its fifth sales agreement with a U. S. utility that extends future deliveries to 2032 securing demand that supports production growth strategy. enCore's utility contracts are all spot related with minimum floor and maximum ceiling prices that are adjusted upward annually for inflation.

Minimum floor prices are set at such levels to provide the Company with a comfortable margin over its expected costs of operations in Texas, while giving the Company participation in anticipated escalations of the price of uranium. Combined, enCore has secured 4.25 million pounds U3O8 in committed uranium sales contracts from 2023 to 2032. Three of the contracts provide the optionality to extend with an additional 1.65 million pounds U3O8 to 2032.

enCore will continue to assess opportunities to secure future term agreements that will support its continued project and production growth strategies.