Fueling the Future:

Alta Mesa Acquisition,

South Texas

November 2022 TSX.V: EU | OTCQB: ENCUF | encoreuranium.com

Disclaimer

©2022 enCore Energy Corp., All rights reserved. Unless otherwise noted, "enCore" and all other marks used in this presentation are trademarks of enCore Energy (the "Company"). Any reproduction or dissemination of any feature of this presentation, in whole or in part, or any use of this presentation for any unlawful purposes, is strictly prohibited.

The technical contents of this presentation were reviewed and approved by John M. Seeley, Ph.D., P.G., enCore's Manager of Geology and Exploration, the Qualified Person as defined under National Instrument 43-101 and has reviewed and verified the information presented throughout this enCore Uranium website.

This presentation contains certain statements that may be deemed "forward-looking statements". Information set forth may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks identified in the management discussion and analysis section of the Company's interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulators. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the respective companies undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward- looking statements.

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THE FOREGOING LIMITATIONS AND DISCLAIMERS APPLY REGARDLESS OF THE CAUSES OR CIRCUMSTANCES GIVING RISE TO THE LOSS, DAMAGE, CLAIM OR LIABILITY, EVEN IF SUCH LOSS, DAMAGE, CLAIM OR LIABILITY IS BASED UPON BREACH OF CONTRACT (INCLUDING, WITHOUT LIMITATION, A CLAIM OF FUNDAMENTAL BREACH OR A BREACH OF A FUNDAMENTAL TERM), TORT (INCLUDING, WITHOUT LIMITATION, NEGLIGENCE) OR STRICT LIABILITY.

TSX.V: EU | OTCQB: ENCUF

2

enCore Energy:

FUELING THE FUTURE

Fully funded uranium production strategy to provide clean, reliable and carbon-free domestic energy

Uranium Spot Price

150

100

M U I N A R U

50

0

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

Energy Metals

Energy Metals Corp. formed to pursue

ISR operations in the USA.

Consolidates sector, sold to Uranium

One for $1.8Bn

TSX.V: EU | OTCQB: ENCUF

enCore Energy

enCore Energy Corp. established to develop ISR operations in the USA

enCore Energy

Acquires Westwater Resources. Commences consolidation strategy. Addition of Paul Goranson as CEO

enCore Energy

enCore Energy

Announces acquisition of

Advancement of production

Azarga Uranium. Advances

facilities. Continue consolidation

Texas facilities towards

through M&A

production

TSX.V: EU | OTCQB: ENCUF

3

enCore Energy:

reliable domestic uranium supply

South Texas Focus: Rosita, Kingsville Dome, and Alta Mesa facilities

On schedule and on budget for planned 2023 production, focused solely on the US production; 3.6 mm lbs/yr production capacity

Advanced Assets: US Production Pipeline

  1. Mlbs in the M&I category, 25.8 Mlbs in the Inferred category, and
  1. Mlbs in the historic category*

In-Situ Recovery: Uranium

Extraction process with proven economic advantages and minimal environmental impact

Industry-Leading Experts

Experienced management in ISR uranium development, production and sales

Uranium Sales Strategy

Supported by base sales agreements while preserving exposure to the market

Other Assets & Investments

M&A strategy; non-core asset strategy; investing in new technology; exclusive database access

A Qualified Person (as defined in NI 43-101) has not done sufficient work to classify the historical estimate as a current mineral resource. Additional work will be required to verify and update historical estimates, including a review of assumptions, parameters, methods and testing. Historical estimates do not use the current mineral resources categories prescribed under NI 43-101. enCore is not treating the historical estimate as a current mineral resource and it should not be relied upon.

TSX.V: EU | OTCQB: ENCUF

4

enCore corporate summary

AS AT NOVEMBER 11, 2022

Market Capitalization (@$3.65)

$349,724,586 CDN

Shares Issued & Outstanding

107,607,565

Warrants

8,536,820

Options

7,326,670

Fully Diluted

123,471,055

Cash*

$11.5 mm USD

Mark-to-Market Uranium Purchase

$2.5 mm USD

Marketable Securities

$2.5 mm USD

Debt

0

Note:

  • Does not include an option to buy
    200,000 lb U3O8 in Q1/23 @ $43.75 USD/Ib U3O8
  • Numbers do not account for the November 14, 2022 news release pertaining to the Alta Mesa project or bought deal financing.

TSX.V: EU | OTCQB: ENCUF

TSX.V: EU | OTCQB: ENCUF

5

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enCore Energy Corp. published this content on 14 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2022 04:11:01 UTC.