Core Viewpoint - enCore Energy Corp. has successfully started its second Ion Exchange Circuit at the Alta Mesa In-Situ Recovery Uranium Central Processing Plant, doubling the total flow capacity from 2,500 GPM to 5,000 GPM, which is crucial for increasing uranium capture rates [1][4]. Group 1: Expansion and Capacity - The second IX Circuit and additional injection and extraction wells in Wellfield 7 utilize approximately 75% of the current processing capacity [2]. - The Alta Mesa CPP now operates two of its three fully licensed IX Circuits, with a total flow capacity of 5,000 GPM [4][6]. - A third IX Circuit is planned for recommissioning in 2026, which will increase processing capacity to 7,500 GPM, achieving 100% IX capacity [13]. Group 2: Uranium Capture Efficiency - The wellfield decline curve at Alta Mesa shows a steep recovery, achieving approximately 80% uranium capture in just over 4 months, compared to 12 to 15 months for other Wyoming ISR operations [4]. - The company has added 43 injection wells and 36 recovery wells to Wellfield 7, contributing to a flow rate of 1,450 GPM [4]. - An aggressive drilling and well completion schedule is necessary to maintain high uranium capture rates, with 17 drill rigs currently focused on increasing extraction at Alta Mesa [4]. Group 3: Future Developments - Work is underway to return Wellfield 6 to operation within the next 6 months, which has a remaining resource of 370,000 lbs. of uranium [4]. - The company plans to expand its drilling program, with additional rigs expected to come online in the coming months [4]. - Construction and installation of the wellfield at the Upper Spring Creek Project will commence once final permits are received, anticipated before year-end [4]. Group 4: Company Overview - enCore Energy Corp. is the only U.S. uranium company with multiple Central Processing Plants in operation, committed to providing clean and reliable nuclear fuel [8]. - The Alta Mesa Project operates under a 70/30 joint venture with Boss Energy Limited and has a total operating capacity of 1.5 million lbs. U3O8 per year [5]. - The company utilizes well-known ISR technology for uranium extraction, which is a non-invasive process [6].

Core Insights - enCore Energy Corp. is under investigation by Block & Leviton for potential securities law violations following a significant drop in share price [1][2] - The company's shares fell over 45% on March 3, 2025, due to a delay in filing its Form 10-K, which was attributed to material weaknesses in internal controls over financial reporting [2] - KPMG, the company's auditor, issued an adverse opinion on enCore's internal controls, coinciding with leadership changes including the departure of CEO Paul Goranson [2] Company Information - enCore Energy Corp. is facing scrutiny from investors who have experienced losses, with Block & Leviton encouraging affected investors to reach out for potential recovery options [3][4] - The investigation by Block & Leviton may lead to legal action aimed at recovering losses for investors [4] Investor Guidance - Investors who have lost money on enCore Energy Corp. shares are advised to contact Block & Leviton for more information on recovery options [5] - The firm is recognized as a leading securities class action firm, having recovered billions for defrauded investors [7]

Core Insights - enCore Energy Corp. is under investigation for potential violations of federal securities laws and unlawful business practices [1] - The company reported financial results for Q4 2024, revealing the departure of CEO Mr. Goranson and identified material weaknesses in internal controls over financial reporting [2] Company Developments - enCore's stock price declined following the announcement of the CEO's departure and the identification of material weaknesses [2] - The law firm Bragar Eagel & Squire, P.C. is representing enCore stockholders who may have suffered losses and is seeking information regarding these claims [3] Legal Context - The investigation by Bragar Eagel & Squire, P.C. focuses on the potential legal claims against enCore Energy Corp. related to its business practices and financial reporting [1][3] - The law firm specializes in representing investors in complex litigation, indicating a serious approach to the investigation [4]

Core Viewpoint - enCore Energy Corp. is accelerating its expansion plans for uranium extraction operations in South Texas, focusing on the Alta Mesa asset, which has shown a high success rate in uranium capture [2][4]. Group 1: Corporate Update - The Alta Mesa project has achieved approximately 80% uranium capture within just over 4 months, necessitating an aggressive drilling and well completion schedule [2]. - The board has directed management to implement an accelerated action plan to meet uranium capture goals, with daily progress reports to senior management [2][6]. - enCore's technical team, led by industry experts, is actively engaged in the In-Situ Recovery (ISR) uranium sector, with ongoing operations at two Central Processing Plants [3][6]. Group 2: Future Projects - Future projects include the Dewey-Burdock Project in South Dakota and the Gas Hills Project in Wyoming, alongside non-core assets in New Mexico and conventional projects in Arizona, Utah, and Wyoming [4]. - The company is committed to collaborating with local communities and Indigenous governments to ensure positive impacts from its developments [4]. Group 3: Management and Operations - Dr. Dennis Stover, a leader in ISR technology, is on-site to oversee the implementation of the accelerated drilling program [6]. - Mark Pelizza, with extensive permitting experience, is working to expedite regulatory processes at the state level [6]. - The board is actively seeking a new Chief Executive Officer with significant experience in the extractive industries [6].

Group 1 - enCore Energy Corp. shares fell over 45% on March 3, 2025, due to a delay in filing its Form 10-K, citing material weaknesses in internal controls over financial reporting [2] - The company's auditor, KPMG, issued an adverse opinion on enCore's internal controls, which follows recent leadership changes, including the departure of CEO Paul Goranson [2] - Block & Leviton is investigating potential securities law violations by enCore Energy Corp. and may file an action to recover losses for affected investors [4] Group 2 - Investors who purchased enCore Energy Corp. common stock and experienced a decline in share value may be eligible to recover losses, regardless of whether they sold their investment [3] - Block & Leviton is recognized as a leading securities class action firm, having recovered billions for defrauded investors through litigation in federal courts [7] - Whistleblowers with non-public information about enCore Energy Corp. may assist in the investigation and could receive rewards of up to 30% of any successful recovery from the SEC [6]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Table of Contents FORM 10-K (Mark One) | x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 | | --- | --- | | | FOR THE FISCAL YEAR ENDED December 31, 2024 | | o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 | | | FOR THE TRANSITION PERIOD OF _________ TO _________. | Commission File Number: 001-41489 ENCORE ENERGY CORP. (Exact name of registrant as speci ...

Financial Performance - enCore reported total revenue of $58 million for fiscal year 2024, a 163% increase from $22 million in 2023, primarily due to increased uranium extraction[5] - The company recorded a net loss of $61.3 million for 2024, compared to a net loss of $25.6 million in 2023, with a loss per share of $0.34[7] - enCore's cash and cash equivalents at year-end 2024 totaled $39.7 million[7] - enCore's transition to U.S. GAAP is expected to lower future non-cash expenses, positively impacting reported earnings[4] Uranium Sales and Production - enCore completed eight uranium sales totaling 720,000 pounds U3O8 at an average sales price of $81.02 per pound U3O8 in 2024[7] - The company captured 288,589 pounds U3O8 on ion exchange resin in 2024, the largest amount by any U.S. producer[7] - enCore has executed twelve uranium sales agreements, representing 8.30 million pounds U3O8 in committed sales from 2025 through 2033[9] - The company increased its drilling rig count to 17 in South Texas to enhance uranium extraction capacity[9] - The company plans to advance extraction-ready projects and strengthen its ISR uranium production capacity in 2025[8] Inventory Management - As of December 31, 2024, enCore held 358,408 pounds U3O8 as inventory after acquiring 825,000 pounds during the year[7] - Total inventory held by the company as of December 31, 2024, is valued at $20,967,000[26] - The company has purchased inventory at a cost of $14,407,920, representing a significant portion of total inventory[26] - Total extracted U3O8 inventory amounts to 358,408 pounds, with 113,408 pounds extracted and 245,000 pounds purchased[26] Cost Structure - Cash costs associated with extracted inventory amount to $4,883,059, indicating operational efficiency[26] - Non-cash costs related to extracted inventory total $1,676,022, impacting overall cost structure[27] - The cost per pound of total extracted U3O8 is $57.84, with cash costs at $43.06 per pound[26] - The company’s cash costs of extracted pounds serve as a key metric for evaluating extraction efficiency[26] - Non-cash costs provide insight into additional expenses affecting financial performance[27]

Core Viewpoint - enCore Energy Corp. has filed Technical Report Summaries (TRS) for four key uranium projects, providing updated mineral resource estimates and preliminary economic assessments in compliance with SEC Regulation S-K 1300 [1][2]. Group 1: Project Details - The Alta Mesa Project has estimated capital costs of $25.9 million, with operating costs projected at $27.44 per pound of U3O8, and a pre-tax net cash flow estimated at $83.3 million [3][6]. - The Mesteña Grande Project has estimated capital costs of $108.1 million, with operating costs projected at $25.49 per pound of U3O8, and a pre-tax net cash flow estimated at $366.6 million [3][7]. - The South Texas Integrated Uranium Projects report indicates combined measured and indicated resources of 3,527,000 lbs. U3O8, with a pre-tax NPV of $104.3 million at an 8% discount rate [14][19]. Group 2: Mineral Resource Summaries - The Alta Mesa Project's inferred mineral resource includes 2,223.4 thousand tons at an average grade of 0.112% U3O8, totaling 5,200.5 thousand lbs. U3O8 [6][8]. - The Mesteña Grande Project's inferred mineral resource includes 5,852.8 thousand tons at an average grade of 0.119% U3O8, totaling 13,887.9 thousand lbs. U3O8 [9][10]. - The Gas Hills Project has measured and indicated resources of 7,705,000 lbs. U3O8, with inferred resources of 428,000 lbs. U3O8 [24][27]. Group 3: Economic Assessments - The economic analysis for the Alta Mesa Project assumes an 80% recovery of mineral resources, with an after-tax cash flow estimated at $64.9 million [3][5]. - The Mesteña Grande Project's economic analysis also assumes a 60% recovery of mineral resources, with an after-tax cash flow estimated at $276.5 million [7][10]. - The Gas Hills Project's PEA indicates a pre-tax NPV of $166.9 million at an 8% discount rate, with an internal rate of return of 54.8% [24][29]. Group 4: Regulatory Compliance - enCore is now reporting all mineral resources in accordance with SEC Regulation S-K 1300, aligning U.S. disclosures with global regulatory standards [2][12]. - The TRS for each project was prepared in compliance with both S-K 1300 and Canadian NI 43-101, ensuring transparency for investors [12][20]. Group 5: Company Overview - enCore Energy Corp. is focused on providing clean, reliable, and affordable fuel for nuclear energy, utilizing In-Situ Recovery (ISR) technology for uranium extraction [33][34]. - The company controls significant land and mineral rights in South Texas and is advancing multiple uranium projects, including the Dewey-Burdock project in South Dakota and the Gas Hills Project in Wyoming [34][33].

Group 1 - enCore Energy Corp. will participate in the Prospectors & Developers Association of Canada's Convention from March 2 to March 5, 2025 [1] - The event will take place at the Metro Toronto Convention Centre [1] - Attendees can meet enCore Energy team members at Booth 3028 in the Investor's Exchange [2] Group 2 - Executive Chairman William M. Sheriff will present at the Investor's Forum in the uranium track on March 4 at 3:38 pm in room 801A [2]

Core Viewpoint - enCore Energy Corp. has filed a new S-K 1300 Technical Report Summary for its Dewey-Burdock Project, highlighting updated mineral resources and a preliminary economic assessment that underscores the project's potential as a significant supplier of uranium for clean energy in the U.S. [1][2] Company Overview - enCore Energy Corp. is positioned as America's Clean Energy Company™, focusing on providing clean, reliable, and affordable fuel for nuclear energy, utilizing In-Situ Recovery (ISR) technology for uranium extraction [12][13]. Project Details - The Dewey-Burdock Project is an advanced-stage uranium exploration project located in South Dakota, covering over 16,000 acres, with more than 10,500 acres within the project’s permit boundary [4]. - The project has received necessary licenses and permits from the U.S. Nuclear Regulatory Commission and the U.S. Environmental Protection Agency [6]. Mineral Resource Summary - The updated mineral resource estimates include: - Measured and Indicated Resources: 17,122,147 lbs. eU3O8 (7,388,222 tons) at an average grade of 0.12% eU3O8 - Inferred Resource: 712,624 lbs. eU3O8 (645,546 tons) at an average grade of 0.06% eU3O8 [5][6]. Economic Assessment - The preliminary economic assessment (PEA) indicates robust economics with: - After-tax Net Present Value (NPV): $133.6 million using an 8% discount rate - Internal Rate of Return (IRR): 33% - Estimated total capital costs: $264.2 million over the project's life - Estimated operating cost: $23.81/lb of U3O8 [6][11]. Future Plans - The project timeline includes ongoing permitting and licensing actions expected to complete by Q3 2026, with engineering commencing in early 2026 and construction of the ISR Uranium Central Processing Plant starting in early 2027 [7][11]. - The project anticipates an annual capacity to process 1 million pounds of uranium, with over 14 million pounds expected to be recovered based on current plans [11]. ISR Technology - In-Situ Recovery (ISR) is highlighted as an eco-friendly and economically competitive method for uranium extraction, minimizing surface disturbance and streamlining the permitting process [9].