- **enCore Energy Corp.** (NASDAQ: EU) (TSXV: EU) announced the immediate appointment of **Ms. Ashley Forbes** as **Vice President, Permitting and Regulatory Affairs**.  **[1500881_20251001VA86100:0]** 
- Ms. Forbes brings **over 25 years of experience as an environmental regulator**, having previously served for seven years as the Deputy Director of the Texas Commission on Environmental Quality's (TCEQ) Radioactive Materials Division.  **[1500881_20251001VA86100:0]** 
- Her appointment is expected to be instrumental in advancing the company's projects, including the **Dewey Burdock In-Situ Recovery Uranium Project**, which recently received federal approval for fast-track permitting.  **[1500881_20251001VA86100:0]**

enCore Energy Corp. Appoints Vice President, Permitting and Regulatory Affairs

- enCore Energy Corp. formally appointed **Robert Willette** as its Chief Executive Officer on **September 24, 2025**, effective **September 22, 2025**, after he served as Acting CEO for six months.  **[1500881_0001193125-25-216392_d39200dex991.htm:0]** **[1500881_0001193125-25-216392_d39200d8k.htm:1]** 
- As CEO, Mr. Willette's compensation package includes an **annual base salary of $550,000**, eligibility for an **annual target bonus of 75% of his base salary**, a target annual award opportunity of **150% of his base salary** under the Long-Term Incentive Plan, and one-time inducement equity grants totaling **125,000 RSUs**, **125,000 stock options**, and an additional **500,000 RSUs**.  **[1500881_0001193125-25-216392_d39200dex991.htm:0]** **[1500881_0001193125-25-216392_d39200d8k.htm:1]** **[1500881_0001193125-25-216392_d39200dex101.htm:1]** **[1500881_0001193125-25-216392_d39200d8k.htm:2]** **[1500881_0001193125-25-216392_d39200dex101.htm:2]** 
- **William M. Sheriff**, Executive Chairman, will receive an increased **annual base salary of $425,000**, eligibility for an **annual target bonus of 75% of his base salary**, a target annual award opportunity of **200% of his base salary** in stock options under the Long-Term Incentive Plan, and a one-time equity grant of **320,000 stock options**.  **[1500881_0001193125-25-216392_d39200dex102.htm:1]** **[1500881_0001193125-25-216392_d39200d8k.htm:2]** **[1500881_0001193125-25-216392_d39200dex102.htm:2]**

enCore Energy Corp. Appoints Robert Willette as CEO and Details Executive Compensation

- The U.S. Environmental Protection Agency's (EPA) Environmental Appeals Board (EAB) **denied a petition** challenging the Class III and Class V Underground Injection Control (UIC) permits for **enCore Energy Corp.'s Dewey Burdock In-Situ Recovery (ISR) Uranium Project**.  **[1500881_20250916VA74106:0]** 
- This decision allows the **Dewey Burdock Project** to **advance through federal permitting**, with state permitting activities planned to begin in **2025**, accelerating its development.  **[1500881_20250916VA74106:0]** 
- The project, which was approved for fast-track federal permitting on **August 28, 2025**, now has all major federal authorizations, including EPA UIC permits and the NRC Source Materials License, **final and effective**.  **[1500881_20250916VA74106:0]** **[1500881_20250916VA74106:1]**

enCore Energy's Dewey Burdock Uranium Project Secures Final EPA Permit Approval

- enCore Energy, a leading US in situ recovery (ISR) uranium producer, maintains **14 contracts** with US utilities over the next eight to nine years, with **100% of its 2025 production already contracted**.  **[1500881_2140907_0]** 
- The company's cash balance is between **$100,000,000 and $115,000,000**, bolstered by a recently completed **$115,000,000 convertible note** to fund future exploration and capital expenditures.  **[1500881_2140907_1]** 
- A significant **management change in March 2025** led to an almost **tripling of production in three to four months**.  **[1500881_2140907_1]** **[1500881_2140907_2]** 
- Key projects advancing include **Dewey Burdock**, anticipated to come online in **2028** as a multi-decade operation, and **Upper Spring Creek**, under construction and expected to begin production ramp-up by **early 2026**.  **[1500881_2140907_1]** **[1500881_2140907_2]** **[1500881_2140907_3]** 
- Drilling is scheduled to commence in **October 2025** at **Alta Mesa East**, a newly acquired extension of the Alta Mesa wellfields.  **[1500881_2140907_3]**

enCore Energy Highlights Production Growth, Strategic Projects, and Management Impact

- enCore Energy, dedicated to in situ recovery (ISR) in the US, operates **two plants** and has almost **tripled its production in three to four months** following a management change in March 2025.  **[1500881_2141066_0]** **[1500881_2141066_1]** **[1500881_2141066_2]** 
- The company has a market capitalization of approximately **$500,000,000** and a cash balance between **$100,000,000 and $115,000,000**.  **[1500881_2141066_1]**  It recently completed a **$115,000,000 convertible note** to fund future exploration and capital for projects.  **[1500881_2141066_1]** 
- Key projects include Upper Spring Creek, with construction expected to be completed by **October 2025** and production potentially starting in **December 2025** or **February 2026** depending on permitting.  **[1500881_2141066_2]**  The multi-decade Dewey Burdock project is anticipated to come online in **2028**.  **[1500881_2141066_1]** 
- enCore aims for a sales strategy of **50% contracted and 50% spot market exposure**, holding **14 contracts** with US utilities over the next 8-9 years.  **[1500881_2141066_0]**  In 2025, they are **100% contracted**, and in 2024, they were **110% contracted**.  **[1500881_2141066_0]**

enCore Energy Highlights Production Growth and Project Pipeline

- enCore Energy has significantly increased its daily production rates by **200% to 300%** since March, with production averaging **over 2,500 pounds per day** and reaching **over 3,500 pounds in June**.  **[1500881_tx_378977_0]** **[1500881_tx_378977_1]**  The efficiency in bringing new production wells online has improved from **seven days to just over one day**.  **[1500881_tx_378977_1]** **[1500881_tx_378977_2]** 
- The company recently closed a **$115 million convertible note offering**, which was oversubscribed and attracted a new tier of investors.  **[1500881_tx_378977_0]** **[1500881_tx_378977_3]**  This financing has a **5.5% cost of capital** and includes a capped call arrangement, providing a **75% premium** over the stock price before the deal announcement to minimize dilution.  **[1500881_tx_378977_3]** **[1500881_tx_378977_12]** 
- Proceeds from the note offering are allocated to key growth projects, including **$10 million** for additional plant equipment and upgrades, **$10 million** for Alta Mesa East exploration, and **$10-12 million** for Dewey Burdock engineering and state permitting.  **[1500881_tx_378977_5]** **[1500881_tx_378977_6]**  Construction is underway at Upper Spring Creek, with final permitting expected in **2026**.  **[1500881_tx_378977_2]** 
- enCore Energy has a **$30 million** budget for M&A and general corporate purposes, anticipating consolidation among US ISR producers.  **[1500881_tx_378977_6]**  The company is open to being part of a larger entity if a compelling offer arises, while also actively pursuing its own growth opportunities.  **[1500881_tx_378977_6]** **[1500881_tx_378977_11]**

enCore Energy Provides Corporate Update on Operations, Financing, and Growth Initiatives

- enCore Energy Corp. is hosting a corporate update on **Wednesday, August 27th** at **1:15 PM ET**, which will cover current operations at South Texas, expansion of the Alta Mesa project, and details of the recently closed Convertible Notes offering.  **[1500881_20250825VA58659:0]** 
- On **August 22, 2025**, enCore Energy closed a **$115 MM USD** senior unsecured convertible notes offering due **August 15, 2030**, bearing a **5.50%** cash interest rate.  **[1500881_20250825VA58659:0]** 
- This financing provides long-term capital and balance sheet flexibility, allowing the company to elect to pay the principal in cash, common shares, or a combination upon investor conversions.  **[1500881_20250825VA58659:0]** 
- The company also retains the right to redeem the notes and force convertibility if the stock exceeds **$4.28 USD** for 20 out of 30 trading days from **August 21, 2028** onward.  **[1500881_20250825VA58659:0]** 
- A private Capped-Call arrangement was entered into, raising the effective conversion premium from **127.5% to 175%**, which aims to minimize future dilution until the stock price exceeds approximately **$4.52 USD** per share.  **[1500881_20250825VA58659:0]**

enCore Energy (EU)