enCore Energy Provides Alta Mesa Acquisition Update

Rhea-AI Summary

enCore Energy Corp. announced that the acquisition of the Alta Mesa project from Energy Fuels Inc. is set to close by February 15, 2023, pending final stock exchange approval. This strategic move positions enCore as a leading US-focused ISR uranium company, enhancing its portfolio with multiple production opportunities. The company aims to become the next uranium producer from its South Texas Rosita Processing Plant in 2023, with additional mid-term and long-term projects in South Dakota and New Mexico.

Positive

• Acquisition of Alta Mesa project strengthens enCore's position in the ISR uranium sector.
• Expected to enhance production opportunities with existing projects in Texas, South Dakota, and Wyoming.

Negative

• None.

TSX.V: EU
OTCQB: ENCUF
www.encoreuranium.com 

CORPUS CHRISTI, Texas, Jan. 9, 2023 /PRNewswire/ - enCore Energy Corp. ("enCore" or the "Company") (TSXV: EU) (OTCQB: ENCUF) today announced  that the previously announced purchase of the Alta Mesa project from Energy Fuels Inc. (EU new releases dated Nov. 14/22 and Dec. 6/22) is scheduled to close on or before February 15, 2023.  Closing is subject to obtaining final stock exchange approval and all closing conditions. 

About enCore Energy Corp.

enCore Energy is the most diversified In-Situ Recovery uranium development company in the United States and recently announced it entered into a definitive agreement to acquire the Alta Mesa In-Situ Recovery uranium project (the "Transaction"). The Transaction will position enCore as a leading US-focused ISR uranium company with the proven management expertise required to advance multiple production opportunities within its portfolio.  enCore is focused on becoming the next uranium producer from its licensed and past-producing South Texas Rosita Processing Plant by 2023. The South Dakota-based Dewey-Burdock project and the Wyoming Gas Hills project offer mid-term production opportunities, with significant New Mexico uranium resource endowments providing long-term opportunities. The enCore team is led by industry experts with extensive knowledge and experience in all aspects of ISR uranium operations and the nuclear fuel cycle. enCore is committed to engaging and working with local communities and indigenous governments to create positive impact from corporate developments.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:  Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements relating to the intended use of the net proceeds of ‎the Offering and the completion of any capital project or property acquisitions. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; future legislative and regulatory developments; inability to access additional capital; the ability of enCore to implement its business strategies; and other risks. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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SOURCE enCore Energy Corp.

FAQ

What is the significance of the Alta Mesa acquisition for enCore Energy?

The acquisition positions enCore as a leading ISR uranium company in the US, enhancing its production capabilities.

When will the Alta Mesa project acquisition close?

The acquisition is scheduled to close on or before February 15, 2023, subject to final stock exchange approval.

What are enCore Energy's future production plans?

enCore aims to become a uranium producer from its South Texas Rosita Processing Plant by 2023, with ongoing projects in South Dakota and New Mexico.

How does the Alta Mesa project fit into enCore's overall strategy?

The Alta Mesa project expands enCore's portfolio and is a key part of its strategy to grow as a leader in the ISR uranium market.