enCore Energy (EU) investor relations material

Operational highlights

• Two in situ recovery uranium plants are operational in the US, with a focus on short permitting times and environmentally friendly processes.

• Nearly 50 million pounds of SK 1,300 resources are held, supported by a highly experienced technical team.

• Management changes in March led to internal promotions and nearly tripled production within four months.

• Cash balance is around $100–115 million, with a recent $115 million convertible note funding future exploration and project development.

• Dewey Burdock project in South Dakota is on the US Government's fast track, expected online by 2028.

Market and industry context

• US uranium production is recovering, with projected output of 3–4 million pounds this year against a 48 million pound annual demand.

• Only two ISR operations and one conventional mill are currently in commercial production in the US.

• The uranium market is experiencing a significant demand increase, with supply lagging behind.

• Sales strategy targets 50% contracted and 50% spot market exposure, with 14 contracts over the next 8–9 years.

• Cash flow is lumpy due to infrequent but large contract deliveries, mainly in Q3 and Q4.

Project pipeline and development

• Upper Spring Creek project is under construction, with production ramp-up dependent on permitting, expected by year-end or early next year.

• Additional projects include Rosita South and Mostana Grande, with ongoing land procurement and permitting.

• Alta Mesa project has 200,000 acres under lease, with a recent acquisition of Alta Mesa East, where drilling starts in October.

• Granular studies of wellfields have identified new mineralized layers, extending project life and resource base.

• Infill drilling and permitting are ongoing to expand resources and production capacity.