EU.V · 2022-08-02 12:00:00

Encore Energy Q2/2022 Uranium Drilling Update; New Trend Discovery at Rosita Project, Texas

Exploration Programs

ENCORE ENERGY Q2/2022 URANIUM DRILLING UPDATE; NEW

TREND DISCOVERY AT ROSITA PROJECT, TEXAS

TSX.V: EU

OTCQB:ENCUF

www.encoreuranium.com

CORPUS CHRISTI, Texas

Aug. 2, 2022

CNW/ -

enCore Energy Corp.

enCore

" or the "

Company

") (TSXV: EU) (OTCQB: ENCUF) today

announced continuing positive results from its uranium delineation drilling programs at its 100% owned Rosita Project in

South Texas

. The on-going

drilling program is currently concentrating on the Rosita Extension PAA (Production Authorization Area), adjacent to enCore's fully licensed Rosita ISR

(In-Situ Recovery) Processing Plant. The drilling program has confirmed, expanded and upgraded the historic mineralized trends, which will be the initial

source of uranium feed for processing at the Rosita Plant.

Highlights of the Rosita Extension Project uranium delineation drill program include:

Significant mineralization in 59 of 145 holes with Grade Thickness (GT) above 0.3 encountered in 37 holes ("GT" or "Grade Thickness" is defined

as the grade multiplied by the thickness of a mineralized intercept). A GT of 0.3 is the established minimum for inclusion in a wellfield for shallow

ISR, with 0.45 considered typical ISR ore-grade for shallow deposits;

High-grade mineralization was encountered in 8 holes which have a GT of 0.85 to 1.73;

Delineation drill results have established three distinct mineralized horizons in the sandstone host rock as opposed to only one that was previously

identified within the PAA;

The Company has expanded the drill program to four drill rigs on site.

Please visit

https://bit.ly/3Q6WJMG

to view Rosita project maps and view the Rosita drill program video at:

https://www.youtube.com/watch?v=DlFSTsFvPnA&t=1s

Paul Goranson

, enCore Energy Chief Executive Officer

said, "enCore continues to be pleased with the drill results in terms of both grade and

extent of mineralization at our Rosita Extension area. We look forward to additional drilling results as we advance the project into development. enCore

remains on budget and on schedule to meet its 2023 operational plans and contract delivery commitments."

Rosita Extension Project – Highlights of Delineation Drill Results

Drill Hole

Mineralized Horizon*

Grade

% U

Thickness

(feet)

Grade

Thickness

(GT)**

T-2402

Middle Horizon

0.112

11.5

1.293

T-2413

Middle Horizon

0.160

5.5

0.878

T-2419

Middle Horizon

0.247

7.0

1.730

T-2425

Lower Horizon

0.223

6.0

1.401

T-2438

Middle Horizon

Lower Horizon

0.095

0.049

12.5

3.5

1.187

0.171

T-2440

Middle Horizon

Lower Horizon

0.106

0.075

6.0

5.5

0.636

0.414

T-2441

Middle Horizon

0.148

8.0

1.188

T-2456

Lower Horizon

0.159

7.0

1.110

T-2457

Middle Horizon

Lower Horizon

0.054

0.146

4.5

6.5

0.241

0.951

*All intercepts are located in the Rosita PAA which hosts mineralization within the Pliocene aged Goliad Formation. The Company has identified three saturated (required for ISR), mineralized sandstone horizons within the Goliad Formation lying approximately 210 to 245 feet

below the surface. The water table is located approximately 95 to 115 feet below surface.

**Grade Thickness, or GT, is defined as the product of the mineral grade (at the .02% U

cutoff) multiplied by the thickness of the mineralization at or above the cutoff value.

Rosita Central Uranium Processing Plant (Rosita Plant)

enCore's Rosita Plant, located approximately 60 miles from

Corpus Christi, Texas

, is a licensed, past-producing in-situ recovery (ISR) uranium plant

that is completing refurbishment. The final stage of refurbishment work will be completed with the delivery of six pumps that have been delayed due to

unexpected supply chain interruptions. We remain on budget and the delay is not expected to impact scheduled production startup in 2023. The Rosita

Plant is designed to process uranium feed from multiple satellite operations, all located in the

South Texas

area, and is 1 of 11 licensed and constructed

uranium processing plants in

the United States

, 2 of which are owned by enCore Energy.

Quality Assurance/Quality Control

All drill holes are 5.625-inch diameter rotary-mud holes. Each hole is logged with electrical and gamma methods upon completion. Any anomalous

gamma readings are followed up with Prompt Fission Neutron (PFN) surveys which provide direct and accurate in-situ uranium values eliminating any

concerns over disequilibrium. The Company owns and operates 2 logging trucks and 5 PFN tools.

Many uranium deposits have a degree of disequilibrium, whereby the radioactivity measured in drill holes using traditional gamma methods does not

accurately correspond to ore grade, due to the continued decay of uranium daughter products including potassium, thorium, lead and bismuth relative to

radium (Ra

226

), a significant gamma emitter. Traditionally, accurate uranium values are therefore determined by chemical assay of drill core which is

time consuming and expensive.

Without accurate uranium values, the potential for inaccurate estimates of mineralization on both the high and low side is ever present. Real-time PFN

analysis accurately eliminates potential errors by using neutron activation to directly detect and quantify uranium content in place down the drill hole.

The PFN tool creates very fast neutrons (14MeV) and fires 10

neutrons per second. Therefore, the neutrons emitted by the PFN tool excite, at an

atomic level, in-situ uranium atoms in the drill hole, creating fast (epithermal) neutrons and slow (thermal) neutrons. The ratio of epithermal to thermal

neutrons is proportional to uranium, allowing the U

ore grade to be accurately calculated. This provides a relatively inexpensive and instantaneous

means for accurate assaying of in-situ ore grades over large areas, and it allows for accurate ore body mapping, resource estimation, and wellfield

planning.

Mark Pelizza

, MSc. Geo. Eng., CPG-11821, a Director for the Company, and a Qualified Person under NI 43-101, has approved the technical

disclosure in this news release.

About enCore Energy Corp.

With approximately 90 million pounds of U3O8 estimated in the measured and indicated categories and 9 million pounds of U3O8 estimated in the

inferred category

, enCore is the most diversified in-situ recovery uranium development company in

the United States

. enCore is focused on becoming

the next uranium producer from its licensed and past-producing South Texas Rosita Processing Plant by 2023. The

South Dakota

-based

Dewey

Burdock

project and the Wyoming Gas Hills project offer mid-term production opportunities, with significant

New Mexico

uranium resource endowments

providing long-term opportunities. The enCore team is led by industry experts with extensive knowledge and experience in all aspects of ISR uranium

operations and the nuclear fuel cycle.

Mineral resource estimates are based on technical reports prepared in accordance with NI43-101 and available on SEDAR as well as company websites at

www.encoreuranium.com

NEITHER THE 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.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

Certain information in this news release constitutes forward-looking

statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be

deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect",

"potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are

not limited to, statements relating to the intended use of the net proceeds of the Offering and the completion of any capital project or property

acquisitions. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general

economic conditions; adverse industry events; future legislative and regulatory developments; inability to access additional capital; the ability of enCore

to implement its business strategies; and other risks. Readers are cautioned not to place undue reliance on forward-looking statements as there can be

no assurance that the plans, intentions or expectations upon which they are placed 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.

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SOURCE

enCore Energy Corp.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/August2022/02/c1041.html

%SEDAR: 00029787E

For further information:

Please contact:

William M. Sheriff, Executive Chairman, 972-333-2214, [email protected]

CO: enCore Energy Corp.

CNW 07:00e 02-AUG-22

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