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1. Barrick Gold, but focused on extracting uranium in the U.S.
2. ConocoPhillips, but focused on U.S. uranium extraction.

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• Uranium Concentrate (U3O8): The primary physical product extracted and processed from their uranium properties, primarily sold as fuel for nuclear power generation.

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enCore Energy (EU) sells primarily to other companies, specifically within the nuclear fuel cycle.

Its major customers are typically:

• Nuclear Utilities: Companies that operate nuclear power plants and require uranium as fuel.
• Intermediaries in the Nuclear Fuel Cycle: This can include companies involved in the conversion, enrichment, or fuel fabrication processes that supply the nuclear utilities.

Due to the commercial sensitivity and confidentiality of long-term supply contracts in the uranium market, enCore Energy, like most uranium producers, does not publicly disclose the specific names of its individual major customers. However, their financial reports indicate that during the nine months ended September 30, 2023, they recognized revenue from two customers.

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• Energy Fuels Inc. (NYSE American: UUUU)

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Robert Willette, Chief Executive Officer

Mr. Willette was formally appointed Chief Executive Officer in September 2025, after serving as Acting CEO since April 2025. He is an accomplished general counsel and business executive with over 20 years of experience managing corporate legal functions for public and privately held entities across various sectors, including industrial, manufacturing, transportation, oil & gas, and renewables. He previously served as enCore's Chief Legal Officer. His background includes working with both publicly traded and private equity companies.

Kevin Kremke, Chief Financial Officer

Mr. Kremke was appointed Chief Financial Officer, effective October 1, 2025. He is a seasoned finance executive and strategic operator with deep expertise in corporate finance, mergers and acquisitions (M&A), capital markets, and operational leadership. He has held CFO roles in both large publicly traded and private equity companies, and has broad experience from the oil and gas, electric power, and energy transition industries. Mr. Kremke holds an M.B.A. from the University of Chicago Booth School of Business and a B.S. from Ball State University.

William M. Sheriff, Executive Chairman

Mr. Sheriff is the founder and Executive Chairman of enCore Energy Corp., having advanced the company from its inception to a uranium producer. An entrepreneur and visionary, he possesses over 40 years of experience in the minerals and securities industries, having raised over $500 million in public markets and demonstrating extensive expertise in mergers and acquisitions. He co-founded and served as Chairman of Energy Metals Corp., which compiled the largest domestic uranium resource base in U.S. history before its acquisition by Uranium One Corp. for $1.8 billion in 2007. Mr. Sheriff is also a Director and co-founder of Group 11 Technologies Inc. (a private company) and serves as Chairman of Nuclear Fuels Inc. and C2C Metals Corp., both publicly-traded companies. He holds a B.Sc. in Geology and an M.Sc. in Mining Geology.

Dr. Dennis Stover, PhD, Chief Technical Officer and Director

Dr. Stover is a pioneering developer and co-inventor of In-Situ Recovery (ISR) technology, holding numerous related patents. His career spans over 40 years, focusing on commercial uranium exploration, project development, and mining operations. He previously served as CEO of enCore Energy and as Executive Vice President, Americas for Uranium One, Inc., where he oversaw the commercial development of substantial U.S. uranium assets. Dr. Stover was also Chief Operating Officer for Energy Metals Corporation (EMC) and played a key role in advancing its U.S. assets prior to its sale to Uranium One, Inc. He holds BSE, MSE, and PhD degrees in Chemical Engineering and a BA in Chemistry, and has co-authored three IAEA Guidebooks and Manuals on ISR technology, in addition to authoring six U.S. Patents.

Gregory Zerzan, Chief Administrative Officer and General Counsel

Mr. Zerzan was appointed Chief Administrative Officer and General Counsel, effective July 15, 2022. He is a proven executive and recognized legal expert with over 20 years of experience in public and regulatory policies. His public service career includes prominent roles such as Principal Deputy Solicitor of the United States Department of the Interior, where he directed legal efforts in areas including energy development and environmental reform. He also served as Deputy Assistant Secretary of the U.S. Treasury and as counsel to three different Congressional committees. In the private sector, Mr. Zerzan has been Counsel and Head of Global Public Policy for the International Swaps and Derivatives Association, a Director at Koch Companies, and a shareholder in the law firm Jordan Ramis PC.

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The key risks to enCore Energy (symbol: EU) include:

1. Material Weakness in Internal Controls and Financial Reporting: enCore Energy recently disclosed a "material weakness" in its internal controls over financial reporting for 2024, citing deficiencies in risk assessment and monitoring processes. This issue, along with an inability to capitalize certain exploratory and development costs under U.S. Generally Accepted Accounting Principles (GAAP), contributed to a significant increase in net losses for fiscal year 2024. These financial reporting concerns have also led to a class-action lawsuit against the company and a leadership change, potentially impacting investor confidence and the company's ability to secure future financing.
2. Ongoing Losses and Potential for Shareholder Dilution: The company has consistently reported net losses over the past decade as it is in the early phases of development and production. While enCore Energy commenced uranium extraction operations at its Alta Mesa project in Q2 2024, it continues to post losses. To fund its operations and development, the company may need to issue new shares, which could lead to significant dilution for existing shareholders.
3. Execution Risks on Future Projects: While the Alta Mesa project is considered a key growth driver with relatively low execution risk due to its maturity, enCore Energy has other projects expected to come online between 2026 and 2030. These future projects inherently carry significant execution risks, including exploration and development challenges, the availability of materials and equipment, timeliness of government approvals, and unanticipated environmental impacts.

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enCore Energy's main product is uranium (U₃O₈), which is primarily used as fuel for nuclear power generation. The addressable markets for uranium are as follows:

• Global Uranium Market: The global uranium market was valued at approximately US$ 9.30 billion in 2024. This market is projected to grow to approximately US$ 13.59 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.86% during the forecast period 2025-2032.
• North American Uranium Market: The North American uranium mining market size was estimated at USD 3.42 billion in 2024. It is projected to increase to approximately USD 4.49 billion by 2031, growing at a CAGR of 2.7% from 2024 to 2031. North America held more than 40% of the global uranium mining revenue in 2024. The United States had a significant share within the North American market, with a market size of USD 2.70 billion in 2024, and is projected to grow at a CAGR of 2.5% during the forecast period.

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enCore Energy (EU) is poised for future revenue growth over the next 2-3 years, driven by several key factors in the uranium market and its operational expansions:

1. Increased Uranium Production and Sales Volume: enCore Energy expects significant revenue growth from increased uranium extraction and sales. The company successfully commissioned its Alta Mesa processing plant, making it the only U.S. company with two operational uranium processing plants. Accelerated drilling and well completion activities in Texas and Wyoming, including the Alta Mesa project expansion, are anticipated to boost production volume. enCore aims to process over one million pounds of uranium annually by 2025.

2. New Long-Term Uranium Supply Contracts: The company continues to secure new uranium supply agreements with U.S. nuclear utilities, providing stable and predictable future revenue streams. For instance, in Q3 2024, enCore Energy signed its eighth uranium supply contract to deliver 300,000 pounds of yellowcake between 2028 and 2029 at favorable long-term prices.

3. Favorable Uranium Market Conditions and Pricing: Current contracting conditions in the uranium market remain favorable, with term contract pricing exceeding current spot prices. The global demand for nuclear fuel is projected to grow, positioning enCore Energy to capitalize on potentially higher uranium prices and benefit from its role as a domestic uranium supplier for U.S. nuclear power plants.

4. Operational Efficiency and Cost Optimization: While not a direct revenue driver, improvements in operational efficiency and reductions in production costs are expected to enhance profitability and contribute to net revenue growth. enCore Energy has focused on accelerating drilling operations, cutting well installation timelines, and reducing cash costs per pound of uranium, which will improve gross margins as sales volumes increase.

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Share Issuance

• enCore Energy filed a $350 million shelf registration in October 2025, providing flexibility to issue various types of securities, including common shares, to raise capital.
• In August 2025, enCore Energy priced an upsized $100 million offering of 5.50% Convertible Senior Notes due 2030, which could increase to $115 million if initial purchasers exercise their option, providing access to long-term capital.
• Historically, the company's operations have been funded primarily through the issuance of share capital due to a lack of operating cash flow.

Outbound Investments

• In November 2024, enCore Energy acquired 5,200,000 units of Nuclear Fuels Inc. for $2,080,000, increasing its ownership to approximately 17.05% of Nuclear Fuels Inc.

Capital Expenditures

• Capital expenditures and mineral property exploration expenditures at the Alta Mesa project largely contributed to increased cash used in investing activities during Q1 2025.
• The company reported Capital Expenditures of $2.022 million in 2024.
• EnCore Energy is focused on expanding its Alta Mesa project in Texas, with wellfield development at Wellfield 7 continuing throughout Q2 2025 through the addition of 75 new wells (35 extraction and 40 injection wells).