enCore Energy Announces Filing of S-K 1300 Technical Report Summaries for Key Projects in Texas and Wyoming
Rhea-AI Summary
Brightmark RNG Holdings , a joint venture between Chevron U.S.A. Inc. and Brightmark Fund Holdings , has announced first gas delivery at 10 new renewable natural gas (RNG) projects across the Midwest. This expansion makes Brightmark one of the leading dairy RNG providers in the U.S., now operating 15 RNG projects in the region that generates 43% of the nation's agricultural products.
The company has achieved a reduction of over 1.2 million tons of CO₂eq through its RNG circularity centers, equivalent to carbon sequestered by 20 million trees over 10 years. The process involves collaborating with farmers to produce RNG through anaerobic digestion, collecting organic waste and upgrading it into transportation fuel.
Positive
- Successful launch of 10 new RNG projects expanding total operations to 15 sites
- Achieved significant environmental milestone: 1.2M tons CO₂eq emissions reduction
- Strategic presence in Midwest region covering 43% of U.S. agricultural production
- Additional revenue stream created for participating dairy farms
Negative
- None.
Insights
Brightmark RNG Holdings' achievement of first gas at 10 new dairy RNG projects represents a significant expansion in the U.S. renewable natural gas market. With 15 total operational projects, Brightmark has positioned itself as one of the leading dairy RNG providers in America, particularly in the agriculturally important Midwest region.
The environmental impact is substantial, with 1.2 million tons of CO₂eq emissions already reduced—equivalent to removing approximately 260,000 gasoline-powered passenger vehicles from roads for a year. This scale demonstrates that dairy RNG is moving beyond pilot projects to become a commercially viable waste-to-energy solution.
From an economic perspective, these projects create a triple-value proposition: farmers gain additional revenue streams, Chevron secures valuable low-carbon fuel credits, and rural communities benefit from infrastructure investment. The anaerobic digestion technology effectively monetizes what was previously considered a waste management challenge.
For Chevron, this expansion represents a strategic diversification within its energy transition portfolio. While these RNG projects won't materially impact Chevron's overall production volumes, they provide valuable regulatory compliance options under various low-carbon fuel programs and help address scope 3 emissions from transportation fuels.
The dairy RNG market benefits from multiple value streams, including commodity natural gas prices, federal Renewable Fuel Standard credits (RINs), and state-level programs like California's Low Carbon Fuel Standard. These incentives substantially improve project economics, though they also create regulatory dependency.
Despite impressive growth, dairy RNG faces scalability constraints including geographic limitations (projects must be near gas pipeline infrastructure) and the finite number of large-scale dairy operations. Nevertheless, this announcement confirms that the dairy RNG sector has achieved commercial maturity and represents one of the more immediately deployable solutions for reducing agricultural methane emissions.
Brightmark's expansion to 15 operational dairy RNG projects represents a significant scaling of agricultural methane capture technology in the U.S. Midwest. The environmental significance extends beyond the 1.2 million tons of CO₂eq emissions reduction reported—dairy methane has approximately 25 times the warming potential of carbon dioxide over a 100-year period, making these reductions particularly valuable for near-term climate mitigation.
These projects capitalize on a critical policy landscape that makes dairy RNG economically viable. The captured methane generates premium value through multiple incentive mechanisms: federal Renewable Fuel Standard RINs (particularly valuable D3 cellulosic biofuel RINs), state-level Low Carbon Fuel Standard credits in California and Oregon, and the base commodity value of the natural gas itself. This policy-enabled revenue stack transforms what was previously a waste management cost center for farmers into a profit center.
From an environmental policy perspective, dairy RNG represents one of the most immediately deployable solutions for agricultural methane reduction. Unlike many climate technologies still in development, anaerobic digestion is proven, commercially available, and can be implemented today at farms of sufficient scale.
However, important limitations exist. The economic viability typically requires large-scale operations (generally 3,000+ cows), proximity to natural gas pipeline infrastructure, and continued policy support. This raises equity considerations about which agricultural operations can benefit from these projects.
The technology also presents an interesting paradox—while effectively reducing emissions from current agricultural systems, it potentially entrenches industrial-scale dairy operations rather than incentivizing more fundamental system changes. Nevertheless, given the urgency of reducing methane emissions in the near term, these projects deliver measurable climate benefits while the agricultural sector works toward longer-term transformations.
For Chevron, these projects represent a relatively low-cost method to acquire valuable environmental credits and improve the carbon intensity of their fuel portfolio—though the scale remains modest relative to their overall environmental footprint.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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As of January 1, 2025, enCore is reporting all mineral resources in accordance with Item 1302 of S-K 1300 in addition to Canadian National Instrument 43-101 ("NI 43-101"). S-K 1300 was adopted by the SEC to modernize mineral property disclosure requirements for mining registrants and to align
About the Alta Mesa Project and Mesteña Grande Project
The Alta Mesa Project, and the Mesteña Grande Project are located in
- The Alta Mesa Project's estimated capital costs are
$25.9 $2.5 $23.4 M for wellfield development. - Operating costs are estimated to be
$27.44 - Taxes, royalties, and other interests are applicable to production and revenue. Total federal income tax is estimated at
$18.8 $9.13 Texas does not impose a corporate income tax, but the Alta Mesa Project is subject to property taxes in the form of ad valorem in the amount of$0 $0.30 3.0% surface and mineral royalty at an average life of mine ("LOM") sales price of$83.43 $5 $2.61 - The economic analysis assumes that
80% of the mineral resources are recoverable. The pre-tax net cash flow incorporates estimated sales revenue from recoverable uranium, less costs for surface and mineral royalties, property tax, plant and wellfield operations, product transactions, administrative support, D&D and restoration. The after-tax analysis includes the above information plus amortized development costs, depreciated plant and wellfield capital costs, existing and forecasted operating losses to estimate federal income tax. - Less federal tax, the Alta Mesa Project's cash flow is estimated at
$83.3 $42.89 8% discount rate, the Alta Mesa Project's NPV is$66 $64 $52.03 8.0% discount rate, the Alta Mesa Project's NPV is$51 - The Mesteña Grande Project's estimated capital costs are
$108.1 $13.7 $94.4 - Operating costs are estimated to be
$25.49 - Taxes, royalties, and other interests are applicable to production and revenue. Total federal income tax is estimated at
$90.1 $10.82 Texas does not impose a corporate income tax, but the Mesteña Grande Project is subject to property taxes in the form of ad valorem in the amount of$2.5 $0.30 3.6% surface and mineral royalty at an average LOM sales price of$85.48 $30.0 $3.60 - The economic analysis assumes that
60% of the mineral resources are recoverable. The pre-tax net cash flow incorporates estimated sales revenue from recoverable uranium, less costs for surface and mineral royalties, property tax, plant and wellfield operations, product transactions, administrative support, D&D and restoration. The after-tax analysis includes the above information plus depreciated plant and wellfield capital costs, to estimate federal income tax. - Less federal tax, the Mesteña Grande Project's cash flow is estimated at
$366.6 $41.48 8% discount rate, the Mesteña Grande Project's NPV is$205.8 $276.5 $53.18 8.0% discount rate, the Mesteña Grande Project's NPV is$154.4 - Both the Alta Mesa Project and the Mesteña Grande Project are located entirely within private land holdings of the Jones Ranch in
South Texas . The Jones Ranch is an approximately 380,000-acre ranch that was founded in 1897, and enCore controls over 200,000 of the 380,000 acres with mineral leases and options for uranium exploration and development. - The Alta Mesa Project is an established In-Situ Recovery ("ISR") uranium project with a CPP and wellfields undergoing extraction operations in PAA7. The Alta Mesa CPP and mine office are located at the Alta Mesa property approximately 22 miles south of the town of Falfurrias. The Alta Mesa CPP and wellfield operations are located on a 4,598-acre mining lease adjacent to the 198,000+ acres Mesteña Grande exploration option. The Alta Mesa wellfields and CPP are located entirely in
Brooks County, Texas . - The Mesteña Grande Project is an exploration-stage ISR uranium project comprised of multiple prospective areas within the region and primarily located northwest of the Alta Mesa operations within the 198,000+ acre exploration option. enCore plans to develop and advance the Mesteña Grande Project and process uranium at the Alta Mesa CPP. The Mesteña Grande exploration projects are in both
Brooks andJim Hogg Counties,Texas . - Uranium mineralization at both the Alta Mesa and Mesteña Grande projects occur as roll-front deposits hosted in permeable sandstones of the Miocene Catahoula, the Miocene Oakville, and the Pliocene Goliad Formations. Significant additional potential exists both regionally and within the wellfield boundary within the Goliad Formation at depths between 400 and 600 feet, within the Oakville Formation at depths between 800 and 1300 feet, and within the Catahoula Formation to the west at depths between 450 and 600 feet. Only
5% of the Mesteña Grande Project areas have been explored, with previous exploration efforts having identified 52 linear miles of stacked reduction/oxidation ("REDOX") fronts, with only 5 miles of the REDOX fronts closely drilled out to date.
*The above preliminary economic assessments are preliminary in nature, and include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessments will be realized. |
Alta Mesa Project Mineral Resource Summary
Alta Mesa Project Inferred Mineral Resource Summary
Category | Tons (x 1,000) | Avg Grade (%) U3O8 | Total Lbs. (x 1000) U3O8 |
Measured | 263.7 | 0.136 | 691.4 |
Indicated | 630.0 | 0.150 | 1,894.5 |
Total Measured and Indicated | 894.0 | 0.145 | 2,585.9 |
Inferred | 2,223.4 | 0.112 | 5,200.5 |
Total Inferred | 2,223.4 | 0.112 | 5,200.5 |
Notes: | |
1. | enCore reports mineral reserves and mineral resources separately. Reported mineral resources do not include mineral reserves. |
2. | The geological model used is based on geological interpretations on section and plan derived from surface drillhole information. |
3. | Mineral resources have been estimated using a minimum grade-thickness cut-off of 0.30 ft% U3O8. |
4. | Mineral resources are estimated based on the use of ISR for mineral extraction. |
5. | Inferred mineral resources are estimated with a level of sampling sufficient to determine geological continuity but less confidence in grade and geological interpretation such that inferred resources cannot be converted to mineral reserves. |
6. | Mineral resources that are not mineral reserves do not have demonstrated economic viability. |
Mesteña Grande Project Mineral Resource Summary
Mesteña Grande Project Inferred Mineral Resource Summary
Category | Tons (x 1,000) | Avg Grade (%) U3O8 | Total Lbs. (x 1000) U3O8 |
Measured | 0.0 | 0.000 | 0.0 |
Indicated | 0.0 | 0.000 | 0.0 |
Total Measured and Indicated | 0.0 | 0.000 | 0.0 |
Inferred | 5,852.8 | 0.119 | 13,887.9 |
Total Inferred | 5,852.8 | 0.119 | 13,887.9 |
Notes: | |
1. | enCore reports mineral reserves and mineral resources separately. Reported mineral resources do not include mineral reserves. |
2. | The geological model used is based on geological interpretations on section and plan derived from surface drillhole information. |
3. | Mineral resources have been estimated using a minimum grade-thickness cut-off of 0.30 ft% U3O8. |
4. | Mineral resources are estimated based on the use of ISR for mineral extraction. |
5. | Inferred mineral resources are estimated with a level of sampling sufficient to determine geological continuity but less confidence in grade and geological interpretation such that inferred resources cannot be converted to mineral reserves. |
6. | Mineral resources that are not mineral reserves do not have demonstrated economic viability. |
Alta Mesa and Mesteña Grande Technical Report Summaries
The TRS entitled "Alta Mesa Uranium Project,
The TRS entitled "Mesteña Grande Uranium Project,
The TRS filing for each of the Alta Mesa Project and the Mesteña Grande Project was prepared pursuant to S-K 1300 and filed with the SEC as an exhibit to a Current Report on Form 8-K. In addition, a separate TRS for each project was prepared in accordance with the form requirements under Canadian NI 43-101 and was filed with Canadian securities regulators on SEDAR+.
About the South Texas Integrated Properties Project
This filing discloses a mineral resource and PEA for the Company's key pipeline ISR uranium projects located in
- Combined Measured and Indicated Resources for the South Texas Project are 3,527,000 lbs. U3O8, with Inferred Resources of 308,000 lbs. U3O8.
- The PEA indicates a pre-tax net present value ("NPV") of
$104.3 million 8% discount rate. When income taxes are included in the calculation, the after tax NPV is$81.8 million 8% discount rate. The mine plan and economic analysis are based on the following assumptions:- A recovery factor of
80% on the measured and indicated mineral resource (inferred mineral resource was excluded). - A variable U3O8 sales price ranging from
$78.37 $92.04 $87.05 - A mine life of nine years (six years production followed by three years of restoration/surface reclamation); and
- A pre-income tax cost including royalties, state and local taxes, operating costs, and capital costs of
$43.12
- A recovery factor of
- The South Texas Project consists of five project areas:
- The Rosita CPP, including the Cadena ISR Project ("Rosita South - Cadena ISR Project" or "Cadena"), Butler Ranch Uranium ISR Project ("Butler Ranch"), Upper Spring Creek - Brevard Area ISR Uranium Project ("USC – Brevard" or "Brevard"), Upper Spring Creek - Brown Area ISR Uranium Project ("USC –
Brown " or "Brown"). The South Texas Project's properties are located inKarnes ,Bee ,Live Oak andDuval Counties,Texas, USA . - The Rosita CPP will serve as the central location and uranium processing facility for the South Texas Project, with the other project areas serving as wellfields with remote ion exchange facilities. The Rosita CPP will process all uranium bearing resin from each of the other South Texas Project areas. The South Texas Project extracts uranium using ISR technology (see below).
- enCore currently controls over 5,724 acres in total within region. Mineral rights for the South Texas Project are all private (fee) mineral leases and/or owned by URI, Inc. ("URI"), a wholly owned subsidiary of enCore. Fee mineral leases are obtained through negotiation with individual mineral owners. The uranium mineral resource estimates for the South Texas Project are based on data from 4,523 drill holes that included survey coordinates, collar elevations, depths and grade/grade thickness of uranium intercepts.
- The Rosita CPP, including the Cadena ISR Project ("Rosita South - Cadena ISR Project" or "Cadena"), Butler Ranch Uranium ISR Project ("Butler Ranch"), Upper Spring Creek - Brevard Area ISR Uranium Project ("USC – Brevard" or "Brevard"), Upper Spring Creek - Brown Area ISR Uranium Project ("USC –
South Texas Properties Mineral Resource Summary
*The in-place resources were estimated separately for each project area. Tables list the Project resources by the project area. The effective date of the resource estimate is December 31, 2024. |
South Texas Uranium Project Measured and Indicated Resource Summary*
Project Area | GT Cutoff | Average GT | Uranium (lbs. U3O8) |
Upper Spring Creek – Brevard Area | |||
Measured | 0.3 | 0.59 | 800,000 |
Indicated | 0.3 | 0.40 | 38,000 |
Total Measured and Indicated | - | - | 838,000 |
Upper Spring Creek – | |||
Measured | 0.3 | 1.17 | 1,339,000 |
Indicated | 0.2 | 2.15 | 720,000 |
Total Measured and Indicated | - | - | 2,059,000 |
Rosita South - Cadena | |||
Measured | 0.3 | 0.80 | 615,000 |
Indicated | 0.3 | 0.42 | 15,000 |
Total Measured and Indicated | - | - | 630,000 |
Project Totals | |||
Measured | 2,754,000 | ||
Indicated | 773,000 | ||
Total Measured and Indicated | 3,527,000 | ||
Notes: | |
1. | Mineral resources as defined in 17 CFR § 229.1300 and as used in NI 43-101. |
2. | All resources occur below the static water table. |
3. | The point of reference for mineral resources is in-situ at the Project. |
4. | Mineral resources that are not mineral reserves do not have demonstrated economic viability. |
5. | An |
6. | There are no measured or indicated resources at Rosita CPP or Butler Ranch. |
South Texas Uranium Project Inferred Resource Summary*
Project Area | GT Cutoff | Average GT | U3O8 (lbs.) |
Upper Spring Creek – | |||
Total Inferred | 0.2 | 1.35 | 308,000 |
Notes: | |
1. | Mineral resources as defined in 17 CFR § 229.1300 and as used in NI 43-101. |
2. | All resources occur below the static water table. |
3. | The point of reference for mineral resources is in-situ at the Project. |
4. | Mineral resources that are not mineral reserves do not have demonstrated economic viability. |
5. | There are no inferred resources at Rosita CPP, Butler Ranch, Brevard or Cadena. |
South Texas Properties Technical Report Summary
The TRS, entitled "Technical Report on the South Texas Integrated Uranium Projects Texas, USA" with an effective date of December 31, 2024 (referred to herein as the "South Texas TRS"), was prepared under S-K 1300 and filed with the SEC as a Current Report on Form 8-K. In addition, the South Texas TRS was prepared in accordance with the form requirements under NI 43-101 and was filed with Canadian securities regulators on SEDAR+. The South Texas TRS was prepared by WWC Engineering, 1849 Terra Avenue,
About the Gas Hills Project
The Gas Hills Project is located in
- Measured and Indicated ISR Resources for the Gas Hills Project are 7,705,000 lbs. U3O8 for the current project areas, with Inferred ISR Resource for the Gas Hills Project of 428,000 lbs. U3O8.
- The PEA indicates a pre-tax NPV of
$166.9 million 8% discount rate with an internal rate of return ("IRR") of54.8% compared to an after-tax NPV of$141.8 million 8% discount rate with an IRR of50.2% . The mine plan and economic analysis are based on the following assumptions:- A recovery factor of
80% of the measured and indicated mineral resource (no inferred mineral resource is included); - A U3O8 sales price of
$87.00 - A mine life of 11 years;
- A pre-income tax cost including royalties, state and local taxes, operating costs, and capital costs of
$40.61 - Initial capital costs
$55.2 million
- A recovery factor of
- The Company's
100% owned Gas Hills Project is one of enCore's development priorities following the focus on production inSouth Texas , and Dewey-Burdock (refer to the separate TRS news release for Dewey-Burdock here: https://encoreuranium.com/news/encore-energy-files-dewey-burdock-s-k-1300-technical-resource-summary/).- The Gas Hills Project consists of approximately 1,280 surface acres and 12,960 net mineral acres of unpatented lode mining claims, a state of
Wyoming mineral lease, and private mineral leases, within a brownfield site which has experienced extensive development including mine and mill site cumulative production in excess of 100 million pounds of uranium, mainly from open-pit mining, but also from underground mining and ISR.
- The Gas Hills Project consists of approximately 1,280 surface acres and 12,960 net mineral acres of unpatented lode mining claims, a state of
Gas Hills Project Mineral Resource Summary
Note - The mineral resource estimation method utilized in this report is the Grade Thickness (GT) contour method. This method is considered appropriate for this type of deposit.
Gas Hills Project Measured and Indicated Mineral Resource Summary
December 31, 2024, Combined (GT cutoff 0.10) | |||||
Pounds | Tons | Avg. Grade | Avg. Thickness | Avg. GT | |
Measured | 2,051,000 | 994,000 | 0.10 % | 5.35 | 0.552 |
Indicated | 8,713,000 | 6,031,000 | 0.07 % | 6.13 | 0.443 |
Total M&I | 10,764,000 | 7,025,000 | 0.08 % | 6.05 | 0.463 |
December 31, 2024, ISR Only (GT cutoff 0.10) | |||||
Pounds | Tons | Avg. Grade | Avg. Thickness | Avg. GT | |
Measured | 2,051,000 | 994,000 | 0.10 % | 5.35 | 0.552 |
Indicated | 5,654,000 | 2,835,000 | 0.10 % | 4.92 | 0.491 |
Total M&I | 7,705,000 | 3,829,000 | 0.10 % | 4.99 | 0.502 |
December 31, 2024, Non-ISR Only (GT cutoff 0.10) | |||||
Pounds | Tons | Avg. Grade | Avg. Thickness | Avg. GT | |
Indicated | 3,059,000 | 3,196,000 | 0.05 % | 8.6 | 0.412 |
Total M&I | 3,059,000 | 3,196,000 | 0.05 % | 8.6 | 0.412 |
Notes: | |
1. | Mineral resources as defined in 17 CFR § 229.1300 and as used in NI 43-101. |
2. | All ISR Only resources occur below the static water table. |
3. | The point of reference for mineral resources is in-situ at the Project. |
4. | Mineral resources that are not mineral reserves do not have demonstrated economic viability. |
5. | An |
6. | Totals may not sum due to rounding. |
Gas Hills Project Inferred Mineral Resource Summary
December 31, 2024, Combined (GT cutoff 0.10) | |||||
Pounds | Tons | Avg. Grade | Avg. Thickness | Avg. GT | |
Inferred | 490,000 | 514,000 | 0.05 % | 6.16 | 0.293 |
December 31, 2024, ISR Only (GT cutoff 0.10) | |||||
Pounds | Tons | Avg. Grade | Avg. Thickness | Avg. GT | |
Inferred | 428,000 | 409,000 | 0.05 % | 5.94 | 0.31 |
December 31, 2024, Non-ISR Only (GT cutoff 0.10) | |||||
Pounds | Tons | Avg. Grade | Avg. Thickness | Avg. GT | |
Inferred | 62,000 | 105,000 | 0.03 % | 7.01 | 0.208 |
Notes: | |
1. | Mineral resources as defined in 17 CFR § 229.1300 and as used in NI 43-101. |
2. | All ISR Only resources occur below the static water table. |
3. | The point of reference for mineral resources is in-situ at the Project. |
4. | Mineral resources that are not mineral reserves do not have demonstrated economic viability. |
5. | Totals may not sum due to rounding. |
Gas Hills Technical Report Summary
The TRS, entitled "Technical Report on the Gas Hills Uranium Project,
Technical Disclosure and Qualified Person
All technical information in this news release was approved by John M. Seeley, Ph.D., P.G., C.P.G., enCore's Manager of Geology and Exploration, and a Qualified Person of the Company and a Qualified Person as defined in NI 43-101 and S-K 1300.
About In-Situ Recovery Technology
In-Situ Recovery offers a minimally intrusive, eco-friendly, and economically competitive approach to mineral extraction. It's been proven to be a successful technique for obtaining uranium that replaces conventional open pit or underground workings with wellfield technology. ISR does not involve open pits, waste dumps, or tailings, making it more environmentally considerate. This method also streamlines the permitting, development, and remediation processes. With ISR, uranium is extracted without disturbing the surface, and once the process is complete, the land is restored to its original state and purpose.
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
Following upon enCore's demonstrated success in
Learn more at www.encoreuranium.com.
Cautionary Note Regarding Forward Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and Canadian securities laws that are based on management's current expectations, assumptions and beliefs. Forward-looking statements can often be identified by such words as "will", "expects", "plans", "believes", "intends", "estimates", "projects", "continue", "potential", and similar expressions or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results "may", "could", or "will" be taken.
Forward-looking statements and information that are not statements of historical fact include, but are not limited to, any information relating to statements regarding future or potential extraction, and any other statements regarding future expectations, beliefs, goals or prospects, statements regarding the potential for future extraction at each of the projects, the success of current and future ISR operations, including projects in our pipeline, our future extraction plans and associated economics, including the assumptions underlying the economic analyses, initial economic assessment of the projects, continued demonstration of robust economics of the projects, after-tax NPVs, project IRRs, that the projects will be a reliable supplier of fuel, that the Rosita CPP will process all the mineral mined on each of the other South Texas Project areas, the expected timing of a commercial operation, estimated mineral resources and financials, expected major plant aspects that the projects will be successfully operable ISR operations and our commitment to working with local communities and indigenous governments to create positive impact from corporate developments should be considered forward-looking statements. All such forward-looking statements are not guarantees of future results and forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond the Company's ability to control or predict, that could cause actual results to differ materially from those expressed in any forward looking statement, including those described in greater detail in our filings with the SEC and on SEDAR+, particularly those described in our Annual Report on Form 10-K. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with assumptions regarding project economics; discount rates; expenditures and the current cost environment; timing and schedule of the projects, general economic conditions; adverse industry events; future legislative and regulatory developments; the ability of enCore to implement its business strategies; and other risks. A number of important factors could cause actual results or events to differ materially from those indicated or implied by such forward-looking statements, including without limitation exploration and development risks, changes in commodity prices, access to skilled personnel, the results of exploration and development activities; extraction risks; uninsured risks; regulatory risks; defects in title; the availability of materials and equipment, timeliness of government approvals and unanticipated environmental impacts on operations; litigation risks; risks posed by the economic and political environments in which the Company operates and intends to operate; increased competition; assumptions regarding market trends and the expected demand and desires for the Company's products and proposed products; reliance on industry equipment manufacturers, suppliers and others; the failure to adequately protect intellectual property; the failure to adequately manage future growth; adverse market conditions, the failure to satisfy ongoing regulatory requirements and factors relating to forward looking statements listed above which include risks as disclosed in the Company's filings on SEDAR+ and with the SEC, including its management discussion and analysis and annual information form. Should one or more of these risks materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Company assumes no obligation to update the information in this communication, except as required by law. Additional information identifying risks and uncertainties is contained in filings by the Company with the various securities commissions which are available online at www.sec.gov and www.sedarplus.ca. Forward-looking statements are provided for the purpose of providing information about the current expectations, beliefs and plans of management. Such statements may not be appropriate for other purposes and readers should not place undue reliance on these forward-looking statements, that speak only as of the date hereof, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.