American Uranium Projects

Overview

enCore Energy holds a portfolio of uranium assets located in Texas, New Mexico, Wyoming, Utah and Arizona, USA. The portfolio is highlighted by the Rosita and Kingsville Dome licensed ISR uranium production facilities with combined nameplate capacity of over 1.6 million pounds of U3Oin South Texas.

The Company also owns 300,000+ acres of private mineral rights in New Mexico that includes all of or the majority of the Crownpoint & Hosta Butte, Nose Rock, West Largo and Ambrosia Lake – Treeline properties. The Company also controls nearly 19,000 acres (7,572 ha) of private land leases including the Marquez-Juan Tafoya Property.

A summary of Current Mineral Resources and Historic Mineral Resources that have been reported within the Company’s key properties is available below.

CURRENT MINERAL RESOURCES

ROSITA CENTRAL PROCESSING PLANT, TEXAS

Currently under development and modernization Completion date Q3/2022
RESOURCE CATEGORYMILLION TONSGRADE EU3O8%ATTRIBUTABLE U3O8 (Million LBS*)
TOTAL Indicated Mineral Resource  90.0
TOTAL Inferred Mineral Resource  9.9
DEWEY BURDOCK PROJECT, SOUTH DAKOTA15
RESOURCE CATEGORYMILLION TONSGRADE EU3O8%ATTRIBUTABLE U3O8 (Million LBS*)
Indicated mineral resource7.390.11617.12
Inferred mineral resource0.650.0550.71
GAS HILLS PROJECT, WYOMING17
RESOURCE CATEGORYMILLION TONSGRADE EU3O8%ATTRIBUTABLE U3O8 (Million LBS*)
Measured & Indicated mineral resource (ISR)3.830.1017.71
Inferred mineral resource (ISR)0.410.0520.43
Measured & Indicated mineral resource (non-ISR)3.200.0483.06
Inferred mineral resource (non-ISR)0.120.0300.06
CROWNPOINT AND HOSTA BUTTE, NEW MEXICO1
RESOURCE CATEGORYMILLION TONSGRADE EU3O8%ATTRIBUTABLE U3O8 (Million LBS*)
Indicated mineral resource12.680.10526.6
Inferred mineral resource2.760.1106.10
MARQUEZ-JUAN TAFOYA, NEW MEXICO2
RESOURCE CATEGORYMILLION TONSGRADE EU3O8%ATTRIBUTABLE U3O8 (Million LBS*)
Indicated mineral resource (Minimum GxT = 0.60)7.100.12718.10
CENTENNIAL PROJECT, WYOMING14
RESOURCE CATEGORYMILLION TONSGRADE EU3O8%ATTRIBUTABLE U3O8 (Million LBS*)
Indicated mineral resource6.870.09010.37
Inferred mineral resource1.360.0902.33
JUNIPER RIDGE PROJECT, WYOMING13
RESOURCE CATEGORYMILLION TONSGRADE EU3O8%ATTRIBUTABLE U3O8 (Million LBS*)
Indicated mineral resource (non-ISR)5.140.0586.01
Inferred mineral resource (non-ISR)0.110.0850.18
ALADDIN PROJECT, WYOMING16
RESOURCE CATEGORYMILLION TONSGRADE EU3O8%ATTRIBUTABLE U3O8 (Million LBS*)
Indicated mineral resource0.470.1111.04
Inferred mineral resource0.040.1190.10
HISTORIC MINERAL RESOURCES – SIGNIFICANT PROJECTS*
PROJECTMILLION TONSGRADE EU3O8%ATTRIBUTABLE U3O8 (Million LBS*)
Marquez – Juan Tafoya (New Mexico)
Southeast Deposit6
1.100.112.48
Nose Rock (New Mexico)7,811.80.14835.0
West Largo (New Mexico)9,102.900.30017.2
Ambrosia Lake (New Mexico)10,11,122.000.1767.1
Moonshine Springs (Arizona)181.400.1654.7
Total Historic Mineral Resources  66.50


Mineral resources that are not mineral reserves do not have demonstrated economic viability.

*A Qualified Person (as defined in NI 43-101) has not done sufficient work to classify the historical estimate as a current mineral resource. Additional work will be required to verify and update historical estimates, including a review of assumptions, parameters, methods and testing. Historical estimates do not use the current mineral resources categories prescribed under NI 43-101. enCore is not treating the historical estimate as a current mineral resource and it should not be relied upon.

References

1.NI-43-101 Technical Report, Crownpoint and Hosta Bute Uranium Project, McKinley County, New Mexico, USA completed by BRS Inc. and enCore Energy Corp. (effective February 25, 2022).

2.NI-43-101 Technical Report, Preliminary Economic Assessment, Marquez-Juan Tafoya Uranium Project, McKinley County, New Mexico, USA competed by BRS, Inc. and McNulty and Associates, Inc. (effective June 9, 2021).

3.S. Hall, M. Mihalasky, K. Turek, J. Hammarstrom & M. Hannon“Genetic and grade and tonnage models for sandstone-hosted roll-type uranium deposits, Texas Coastal Plain, USA”, published in Ore Geology Reviews 80 (2017).

4.M. Mihalsky and S Hall, “Assessment of Undiscovered Sandstone-Hosted Uranium Resources in the Texas Coastal Plain, 2015” U.S. Department of the Interior, U.S. Geological Survey, ISSN 2327-6916 (print), Fact Sheet 2015-3069, November 2015.

5.McLemore, Virginia T., Prin. Senior Economic Geologist, “Uranium Resources in New Mexico”, New Mexico Bureau of Geology & Mineral Resources” which incorporates a table entitled:  Estimated uranium resources in New Mexico, 2017 (updated from McLemore, et al., 2011, 2013.

6.NI-32-101 Technical Report, Preliminary Economic Assessment, Marquez-Juan Tafoya Uranium Project, McKinley County, New Mexico, USA competed by BRS, Inc. and McNulty and Associates, Inc. (effective June 9, 2021).

7.M. Hassan Alief, Technical Report on Section 1, T18N, R12W, Nose Rock Uranium Property, McKinley County, New Mexico, reported an effective February 9, 2009 for Strathmore Minerals Corp.

8.Behre Dolbear & Company (USA) Inc., 2011, Technical Report on the Nose Rock Project of Uranium Resources Inc., prepared by Robert D. Maxwell, CPG.

9.Behre Dolbear & Company (USA) Inc., 2011, Technical Report on the West Largo Project of Uranium Resources Inc., prepared by Robert D. Maxwell, CPG.

10.Conoco Inc., Internal Memorandum, Treeline Uranium Property, McKinley County, New Mexico, 1978.

11.Behre Dolbear & Company (USA) Inc., 2010, Technical Report on the Ambrosia Lake Project of Uranium Resources Inc., prepared by Robert D. Maxwell, CPG and Bernard J. Guarnera, RPG, CPG. The report references Historic Mineral Resources with sources including:

1.Sec 27-14N-10W estimated by Capitan, Melvin, Feb 25, 2008, Uranium Resources Inc., “Ore Reserve Calculation Sheet 3, T14N R10W Section 27”, in Maxwell, Robert, CPG and Bernard Guarnera, March 1, 2010, Technical Report on Ambrosia Lake Project, Section 27, et al., Behre Dolbear Report  07-019 .

12.Wilton, Dean T., CPG, PG, MAIG, Chief Geologist Westwater Resources, 2018, Technical Report on the Ambrosia Lake Uranium Project, McKinley County, USA. This report outlines several Historic Mineral Resources including:

1.Sec 25-14N-10W estimated by Yancy & Associates, May 1997, Mine Plan – Sections 23 and 25 Ambrosia Lake, New Mexico, for Rio Algom Mining Corporation, Quivira Mining Company2.Sec 7-14N-10W estimated by Pathfinder Mines, 1980, Mine PlanExxon Minerals Company, Moonshine Springs, Mohave County, Arizona, 1982.

3.Sec 17-13N-9W estimated by Nelson, Jon, Uranium Resources Inc., January 18, 2008.

4.Sec 13-13N-9W estimated by Nelson, Jon, Uranium Resources Inc., June 29, 2007.

13.Juniper Ridge Uranium Project, Carbon County, Wyoming USA. Amended and Restated NI 43-101 Mineral Resource and Preliminary Economic Assessment, completed by Douglass L.Beahm, P.E., P.G., Principal Engineer, BRS Inc. and Terrance P. (Terry) McNulty. P.E, D.Sc., T.P McNulty and  Associates (effective 9 June 2017).

14.NI 43-101 Preliminary Assessment, Powertech Uranium Corp., Centennial Uranium Project, Weld County, Colorado completed by SRK Consulting (effective 2 June 2010) (“Centennial Technical Report and PEA”).

15.NI 43-101 Technical Report, Preliminary Economic Assessment. Dewey-Burdock Uranium ISR Project, South Dakota, USA, completed by Woodard & Curran and Rough Stock Mining Services (effective 3 December 2019) (“Dewey Burdock Technical Report and PEA”).

16.Technical Report on the Aladdin Uranium Project, Cork County, Wyoming, completed by Jerry D.Bush, certified Professional Geologist (effective 21 June 2012).

17.NI 43-101 Technical Report, Preliminary Economic Assessment, Gas Hills Uranium Project, Fremont and Natrona Counties, Wyoming, USA, completed by WWC Engineering and Rough Stock Mining Services (effective 28 June 2021) (“Gas Hills Technical Report and PEA”).

18.Sec 7-14N-10W estimated by Pathfinder Mines, 1980, Mine Plan, “Economic Geology of the Moonshine Spring Project, Mohave County, Arizona, Exxon Minerals Company, October 1981.