enCore Energy (EU) investor relations material

Strategic positioning and market environment

• Operates multiple central processing plants in South Texas, leveraging in-situ recovery (ISR) for uranium extraction with economic and environmental advantages.

• Holds 30.94 million lbs measured and indicated and 20.54 million lbs inferred uranium resources under S-K 1300.

• U.S. uranium demand is rising (+51 million lbs/yr) while domestic production is minimal, creating a significant supply gap.

• U.S. policy and institutional support are accelerating domestic uranium production and enrichment, with recent executive orders and $2.7 billion in DOE contracts.

• Global uranium market is strong, with spot prices exceeding $100/lb in January 2026 and robust long-term demand driven by nuclear expansion.

Project pipeline and operations

• Operates three licensed South Texas ISR processing plants, two currently operational, with capacity for multiple satellite feeds.

• Alta Mesa CPP (70/30 JV with Boss Energy) began operations in Q2 2024, with 1.5 million lbs/year capacity and ongoing exploration at Alta Mesa East.

• Rosita CPP, operational since November 2023, is ready to process uranium from Upper Spring Creek IX Plant, with 800,000 lbs/year capacity.

• Dewey Burdock (South Dakota) is an advanced ISR project with all federal permits, 28-year mine life, and pre-tax IRR of 39% at $86.34/lb uranium.

• Gas Hills (Wyoming) is 100% owned, with initial capital costs of $55.2M, 11-year mine life, and pre-tax IRR of 54.8% at $87/lb uranium.

Technology and operational advantages

• ISR technology offers lower CAPEX (less than 15% of conventional mines) and is responsible for ~60% of global uranium production.

• Proprietary Prompt Fission Neutron (PFN) technology provides a competitive edge in uranium content measurement.

• Modular, relocatable satellite IX plants enable efficient multi-site operations without full processing plants at each site.

• Exclusive access to global uranium databases and ongoing non-core asset divestment to reduce shareholder dilution.