enCore Energy — Six Months Ended June 30, 2026 Earnings Summary

Financial Performance

• Reported a net loss per share of $0.19 for the six months ended June 30, 2026, compared to $0.16 in the same period of 2025.
• Delivered 485,000 pounds of U3O8 at an average sales price of $70.10 per pound, up from 350,000 pounds at $62.58 per pound in the prior year period.
• Weighted average cost of delivered U3O8 increased to $75.54 per pound (including 360,000 purchased pounds) versus $59.42 per pound in the prior year period.
• U3O8 extraction volume decreased to 131,274 pounds from 317,613 pounds in the same period of 2025.
• Year-to-date extraction costs rose to $57.36 per pound from $42.92 per pound in 2025, driven by lower extraction volumes.
• Closing inventory balance stood at 203,304 pounds of U3O8 with a weighted average cost of $70.81 per pound, compared to 244,204 pounds at $39.63 per pound in June 2025.
• Total liquidity was $88.4 million, comprising $21.8 million in unrestricted cash, $52.2 million in marketable securities, and $14.4 million in inventory.
• Adjusted total liquidity as of June 30, 2026, was $73.5 million, excluding $14.9 million in marketable securities related to Verdera Energy Corp.

Guidance and Future Outlook

• Final permitting for extraction operations at the Alta Mesa Wellfield 3 Extension is anticipated in Q4 2026.
• Alta Mesa Wellfield 7 is scheduled to cease recovery during Q3 2026 due to anticipated depletion.
• Final permits for Alta Mesa Wellfield 8 are anticipated by the end of Q1 2027.
• Initial start-up extraction from the Upper Spring Creek Wellfield and Satellite IX Plant is anticipated to feed the Rosita Central Processing Plant immediately upon receipt of final permits in Q4 2026.
• The Dewey Burdock ISR Uranium Project has received all necessary federal permits and entered state permitting; development is anticipated in 2028, subject to state approval.
• Management expects improved extraction and greater operating efficiency in 2027 driven by the new Upper Spring Creek operation and new wellfields at Alta Mesa.
• Significant cost savings from workforce reductions initiated in Q2 2026 are expected to be realized in Q3 2026 financials and beyond.

Business Segments and Product Lines

• Alta Mesa Project: Drilling with 3 to 5 rigs for Alta Mesa East Exploration is ongoing, with initial permitting underway and results meeting or exceeding expectations.
• Alta Mesa Project: New drill results for Alta Mesa East are projected to be reported in the coming weeks and months.
• Rosita Project and Upper Spring Creek Project: Costs for these projects have been fully expensed in prior periods, and facilities are ready for immediate operation upon permit receipt.
• Dewey Burdock ISR Uranium Project: Received a 20-year renewal of the Source Materials License (SUA-1600) effective until June 2046 following Bureau of Land Management approval.

Market and Competitive Landscape

• The Company is focused on strengthening its balance sheet and improving uranium extraction to meet growing U.S. utility demand.
• enCore exclusively uses In-Situ Recovery (ISR) technology, described as minimally invasive, eco-friendly, and economically competitive.

Risks and Challenges

• Increased net loss was driven by lower extraction volumes and a fair value adjustment of Verdera Energy Corp. shares.
• Higher costs per pound were a result of lower extraction volumes.
• Future development timelines, including the Dewey Burdock project, are subject to receiving state permits.
• Forward-looking statements regarding extraction, permitting, and cost savings are subject to risks including regulatory developments, commodity price changes, and exploration risks.

Management Commentary and Tone

• Management executed a workforce reduction in July 2026 following a rationalization of staffing needs to reduce costs.
• The Company remains focused on disciplined execution and strengthening its balance sheet.
• Management expressed confidence that the new operations at Upper Spring Creek and Alta Mesa will position the Company for improved extraction and efficiency in 2027.

Other Key Points

• On August 17, 2026, the Company will award equity grants under its 2024 Long-Term Incentive Plan, including:
  • 351,350 restricted stock units (RSUs) vesting in one year.
  • 409,189 RSUs vesting ratably over three years.
  • 461,757 performance stock units vesting based on goals through December 31, 2028.
  • 101,351 stock options vesting ratably over three years with a five-year expiration.
• Interim financial statements and Management's Discussion and Analysis for the six months ended June 30, 2026, are available in the Form 10-Q filed with the SEC and SEDAR+.