1. Project Title: Dewey-Burdock In-Situ Recovery Uranium Project

Sector: Mining – Conventional Energy Production (Uranium Recovery)

2. Project Location: Fall River County and Custer County, South Dakota, US

The Dewey-Burdock In-Situ Recovery Uranium Project is located in a rural area of southwestern South Dakota, near the Wyoming border, approximately 13 miles northwest of Edgemont, South Dakota.

3. Project Coordinates: Latitude 43.462° N, Longitude -103.947° W

4. Sponsor Information

Project Sponsor: enCore Energy Corp. (via wholly owned subsidiary Powertech (USA) Inc.)

Type of Entity: Publicly traded corporation (Nasdaq American: EU, TSX.V: EU) engaged in uranium exploration, development, and production.

Corporate Relationship to the Project:  enCore Energy Corp., through its wholly owned subsidiary Powertech (USA) Inc., is the holder of NRC Source Material License SUA-1600 for the Dewey-Burdock In-Situ Recovery (ISR) Uranium Project in Fall River and Custer Counties, South Dakota. The sponsor is responsible for all permitting, construction, operation, aquifer restoration, and decommissioning activities associated with the project.

Sponsor Mailing Address
enCore Energy Corp.
5950 Berkshire Lane, Suite 210

Dallas, TX 75225
United States

Primary Contact Person
Rob Willette
Chief Executive Officer (or designate)
5950 Berkshire Lane, Suite 210

Dallas, TX 75225
United States
Phone: +1 (346) 435-7758
Email: rwillette@encoreuranium.com

Secondary Contact (Regulatory Lead)
Dain McCoig
Chief Operating Officer
Powertech (USA) Inc.
101 North Shoreline Blvd.
Phone: +1 (361) 443-7838
Email: DMcCoig@encoreuranium.com

Authorized Signatory for FAST-41 Application
Rob Willette, CEO, enCore Energy Corp.
 

5. Project Purpose and Objectives

The Dewey-Burdock In-Situ Recovery (ISR) Uranium Project, located in Fall River and Custer Counties, South Dakota, is designed to produce uranium from subsurface ore bodies using environmentally responsible ISR methods. The project’s objectives are to:

1. Secure and Maintain Regulatory Approvals – Complete and maintain all necessary federal, state, and local authorizations to construct, operate, restore, and decommission the ISR facility.
2. Implement Commercial ISR Operations – Construct and operate wellfields, processing circuits, and supporting infrastructure to recover uranium while maintaining strict environmental and radiological controls.
3. Protect Groundwater and Surface Water Resources – Implement aquifer restoration and monitoring programs to ensure compliance with NRC, EPA, and state water quality standards.
4. Preserve Cultural and Tribal Resources – Conduct ongoing consultation with Tribal Historic Preservation Offices (THPOs) and implement agreed-upon measures to protect cultural resources.
5. Support Local Economic Development – Provide employment opportunities, tax revenue, and community benefits to Fall River and Custer Counties.
6. Advance Domestic Uranium Supply – Strengthen U.S. energy security by supplying domestically produced uranium to the nuclear fuel cycle.
 

6. NEPA Status

The Dewey-Burdock Project is subject to the National Environmental Policy Act (NEPA) and has completed the following major NEPA milestones:

-Final Supplemental Environmental Impact Statement (FSEIS)
  a.       NUREG-1910, Supplement 4 (Volumes 1 & 2)
  b.       Prepared by the U.S. Nuclear Regulatory Commission (NRC) with cooperating  agencies including the Environmental Protection Agency (EPA) and Bureau of Land Management (BLM).
  c.       Completion Date: January 2014
  d.       ADAMS Accession Nos.: ML14024A477 (Vol. 1) and ML14024A478 (Vol. 2)
  e.       Scope: Construction, operation, aquifer restoration, and decommissioning impacts; groundwater and surface water; radiological safety; cultural resources; wildlife and habitat; socioeconomic considerations.

- Generic Environmental Impact Statement (GEIS) Reference
  NUREG-1910 (May 2009) – Provides baseline environmental analysis for ISR uranium facilities, incorporated by reference into the site-specific FSEIS.

- Ongoing Supplemental Reviews (2023–2024)
a.         NRC and EPA have conducted updated evaluations in support of license renewal and permitting, including updated hydrogeologic data and enhanced tribal consultation records.
b.         NEPA Compliance Lead Agency: U.S. Nuclear Regulatory Commission
Cooperating Agencies: Environmental Protection Agency, Bureau of Land Management
c.          NEPA Decision: Record of Decision (ROD) issued with NRC license SUA-1600, incorporating environmental mitigation measures and monitoring requirements.
 

7. Project Description

The Dewey-Burdock In-Situ Recovery (ISR) Uranium Project is a proposed commercial uranium production facility located in Fall River and Custer Counties, South Dakota. The project will recover uranium from subsurface sandstone ore bodies through ISR technology, which involves the injection of a lixiviant solution into production wellfields to dissolve uranium minerals in place and pump the uranium-bearing solution to a central processing plant (CPP) for recovery.

The project consists of:
- Wellfield Areas: Multiple wellfield units located within the project boundary, including injection wells, recovery wells, monitoring wells, and perimeter control wells.
- Central Processing Plant (CPP): A processing facility designed to receive uranium-bearing solution, extract uranium using ion exchange, elute the uranium from resin, precipitate and dry uranium oxide concentrate (U₃O₈), and package for shipment.
- Supporting Infrastructure: Water treatment facilities, pipelines, electrical supply, roads, stormwater controls, administrative buildings, and maintenance facilities.
- Environmental Protection Systems: Groundwater monitoring networks, aquifer restoration systems, reverse osmosis water treatment, and waste management facilities for liquid and solid waste streams.
- Operational Phases:
  1. Construction Phase – Site preparation, CPP construction, wellfield development, and installation of monitoring systems.
  2. Operations Phase – Continuous ISR production, uranium processing, and product shipment.
  3. Restoration and Decommissioning Phase – Aquifer restoration, dismantling of facilities, reclamation of disturbed areas, and long-term monitoring.

The project site is situated in a rural area with existing access to utility corridors and transportation routes, minimizing the need for new off-site infrastructure. The use of ISR technology allows for minimal surface disturbance compared to conventional open-pit or underground uranium mining, reducing land disruption and allowing phased reclamation as individual wellfields are depleted.

The Dewey-Burdock Project has been licensed by the NRC (Source Material License SUA-1600) and is progressing toward final state and federal authorizations required to begin commercial production. Once operational, the facility will produce uranium oxide concentrate for shipment to conversion facilities, contributing to the U.S. nuclear fuel supply chain.
 

8. Technical and Financial Ability

Technical Ability
enCore Energy Corp., through its wholly owned subsidiary Powertech (USA) Inc., possesses the technical expertise, operational resources, and regulatory experience to successfully construct, operate, and restore the Dewey-Burdock In-Situ Recovery (ISR) Uranium Project. The company’s technical team includes experienced ISR project managers, engineers, geologists, hydrologists, and regulatory specialists with direct experience in U.S. NRC-licensed ISR operations. enCore operates multiple ISR facilities in the United States, including the Rosita and Alta Mesa Central Processing Plants in Texas, providing active operational insight, established safety protocols, and proven environmental monitoring systems.

The Dewey-Burdock project benefits from more than a decade of site-specific environmental and engineering studies, extensive baseline hydrogeologic data, and an NRC-approved Source Material License (SUA-1600). enCore maintains established contractor and vendor relationships for ISR wellfield drilling, ion-exchange system installation, aquifer restoration, and reclamation services, ensuring execution capability throughout the project lifecycle.

 

Financial Ability
enCore Energy Corp. is a publicly traded company (NYSE American: EU, TSX.V: EU) with access to U.S. and Canadian equity capital markets and strong institutional investor support. The company maintains an active financing strategy that combines equity, project-level debt, and strategic offtake agreements to fund capital expenditures and working capital requirements. enCore’s balance sheet reflects a low-debt structure and a cash position sufficient to advance permitting, initial construction activities, and pre-operations readiness at Dewey-Burdock.

enCore’s recent capital market transactions demonstrate its ability to raise significant funding for uranium project development, including offerings in excess of $50 million. The company also benefits from operational revenue streams at its Texas ISR facilities, which can be reinvested to support Dewey-Burdock development. This combination of proven market access, liquidity, and financial discipline ensures the project will be adequately funded through construction, operations, and final reclamation.
 

9. Summary of Financing, Reviews, and Authorizations

Financing
The Dewey-Burdock Project will be funded through a combination of enCore Energy Corp.’s existing cash reserves, revenue from current ISR operations in Texas, and access to U.S. and Canadian equity capital markets. Additional financing options may include project-level debt, strategic partnerships, and offtake agreements. enCore has a demonstrated track record of raising significant capital for uranium development projects, having completed financings exceeding $50 million in recent years. This proven market access ensures sufficient capital availability for permitting completion, construction, commissioning, and operations, as well as aquifer restoration and reclamation.

Reviews and Authorizations Required to Complete the Project
The project has completed the primary NEPA review with the NRC’s Final Supplemental Environmental Impact Statement (NUREG-1910, Supplement 4) and Record of Decision. Remaining reviews and authorizations include:

Federal
- U.S. Environmental Protection Agency (EPA): Class III and Class V Underground Injection Control (UIC) permits.
- U.S. Nuclear Regulatory Commission (NRC): Ongoing license amendments and operational approvals under SUA-1600 as construction and wellfield development progress.
- Bureau of Land Management (BLM): Review and approval of any surface use or access involving federal lands.

State of South Dakota
- South Dakota Department of Agriculture and Natural Resources (DANR): State-level Class III and Class V UIC permits, water rights permits, and discharge permits.
- Other state environmental and cultural resource clearances, as applicable.

Local and Tribal
- County construction and access permits, as required.
- Ongoing consultation and mitigation measures with Tribal Historic Preservation Offices.

All identified reviews and authorizations will be incorporated into the Coordinated Project Plan under FAST-41 to provide schedule certainty, agency accountability, and public transparency.
 

10. Project Assessment

Assessment Under 42 U.S.C. § 4370m(6)(A)
The Dewey-Burdock In-Situ Recovery (ISR) Uranium Project qualifies as a “covered project” under the Fixing America’s Surface Transportation Act (FAST Act), codified at 42 U.S.C. § 4370m(6)(A), based on the following criteria:

1. Subject to NEPA Review – The project is subject to review under the National Environmental Policy Act (NEPA), as evidenced by the completion of a Final Supplemental Environmental Impact Statement (NUREG-1910, Supplement 4) prepared by the U.S. Nuclear Regulatory Commission (NRC) in cooperation with the Environmental Protection Agency (EPA) and the Bureau of Land Management (BLM).
 

2. Sector Inclusion – The project falls within a FAST-41 eligible sector—specifically mining and conventional energy production—as enumerated in the statute and implementing regulations.
 

3. Size and Complexity – The estimated capital investment to complete construction and commissioning of the project exceeds the $200 million threshold, meeting the objective investment criterion for coverage. Additionally, the project involves complex environmental, cultural, and hydrological reviews and requires authorizations from multiple federal agencies.
 

4. Multiple Federal Authorizations – The project requires permits and approvals from multiple federal agencies, including NRC, EPA, and BLM, and will benefit from interagency coordination and timetable management provided under FAST-41.

Statement of Reasons Supporting the Assessment

The Dewey-Burdock Project meets the intent and statutory definition of a covered project because it is a major infrastructure project that:

- Has completed substantial NEPA review and is advancing toward final authorizations.
- Involves multiple federal, state, and local agencies whose actions must be coordinated to ensure timely and efficient decision-making.
- Will provide significant national benefits by contributing to U.S. energy security and supporting clean nuclear power generation with domestically sourced uranium.
- Meets or exceeds the financial investment threshold established by statute and is of sufficient complexity to warrant enhanced federal permitting oversight.

FAST-41 coverage will ensure transparent, coordinated, and accountable interagency review, reducing the risk of unnecessary delays while maintaining full compliance with all environmental, cultural, and public engagement requirements.