enCore Energy (EU) Status update summary

Leadership transition and management focus

• New CEO Rich Little appointed, bringing extensive oil and gas experience and a track record of operational efficiency and cost reduction.

• Board and executive chairman emphasize team consolidation and leadership alignment for future growth.

• Rich Little aims to focus on high-return assets, responsible growth, and accretive M&A, leveraging synergies between oil/gas and uranium sectors.

• Emphasis on efficient operations, permitting expertise, and proactive management to drive value.

Operational and strategic updates

• Active drilling continues at the Alta Mesa East project, with updates on permitting and other assets expected soon.

• Renewed focus on M&A, with a preference for domestic consolidation but openness to being acquired if it benefits stakeholders.

• Cost control, operational tightening, and pipeline development are key priorities.

• Increased investor communication and outreach planned, including participation in upcoming conferences.

Contracting, market outlook, and permitting

• Contracting activity remains strong, with the company currently fully contracted and some contracts secured at favorable prices.

• Permitting is identified as a bottleneck compared to oil and gas, with efforts underway to educate regulators and improve efficiency.

• Uranium market described as healthy and steady, with long-term supply-demand fundamentals strengthening.

• Government support, especially via the Defense Production Act, is increasing for domestic uranium production and enrichment.