Corporate Presentation - May 2021 - enCore Energy Corp.
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w w w. e n c o r e e n e r g y c o r p . c o m Corporate Presentation May 2021
Disclaimer
©2021 enCore Energy Corp., All rights reserved. Unless otherwise noted, “enCore” and all other marks used in this presentation are trademarks of enCore Energy (the “Company”). Any reproduction or
dissemination of any feature of this presentation, in whole or in part, or any use of this presentation for any unlawful purposes, is strictly prohibited.
The technical contents of this presentation were reviewed and approved by Dr. Douglas Underhill, CPG, a Qualified Person as defined by National Instrument 43-101 and a consultant for the Company.
This presentation contains certain statements that may be deemed "forward-looking statements". Information set forth may involve forward-looking statements under applicable securities laws. Forward-
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performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks identified in the management discussion and analysis
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The information provided in this presentation is provided solely for general knowledge purposes. This presentation is not intended to be a comprehensive review of all matters and developments
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THE FOREGOING LIMITATIONS AND DISCLAIMERS APPLY REGARDLESS OF THE CAUSES OR CIRCUMSTANCES GIVING RISE TO THE LOSS, DAMAGE, CLAIM OR LIABILITY, EVEN IF SUCH LOSS, DAMAGE,
CLAIM OR LIABILITY IS BASED UPON BREACH OF CONTRACT (INCLUDING, WITHOUT LIMITATION, A CLAIM OF FUNDAMENTAL BREACH OR A BREACH OF A FUNDAMENTAL TERM), TORT (INCLUDING,
WITHOUT LIMITATION, NEGLIGENCE) OR STRICT LIABILITY.
TSX.V: EU | OTCQB: ENCUF | 2
Clear focus, strategy and asset base to become the premier ISR uranium
production company in the United States
‘ISR First’ approach to achieve financial success and leverage operational,
financial experience with the benefits of ISR production methods
Led by an experienced technical team whose members dominated the last
uranium cycle by building and operating the Mesteña, Texas ISR facility
and advancing Energy Metals to +$1.8 billion acquisition by Uranium One
Operating with improving global uranium market fundamentals and a
Investment national focus on reinvigorating all aspects of the U.S. nuclear fuel cycle
supply chain
Overview o Increasing global demand
o Decreased global primary uranium production.
Two licensed processing plants in Texas, two of only 11 licensed in the US
Both NI 43-101 and Historic Mineral Resources in New Mexico. Historic
Mineral Resources in Texas. Exploration assets in Wyoming USA
TSX.V: EU | OTCQB: ENCUF | 3
Capital Structure
Market Capitalization (@ $1.56 CAD)* $309.7 MM CAD
48%
Shares Issued and Outstanding 198.5 M 10% Institutions
Warrants (0.225-.60/sh. CAD.) 16.4 M Management
Retail
Options 10.5 M
43%
Fully Diluted 225.4 M
* As at June 6, 2021
Physical Uranium Inventory: 300,000 lbs.
TSX.V: EU | OTCQB: ENCUF | 4
Board and Management
Paul Goranson, MSc, P. E. Richard M. Cherry, MSc, P.E.
Chief Executive Officer and Director Independent Director
Mr. Goranson has over 30 years of mining, processing and regulatory Mr. Cherry is a veteran executive with over 40-years of experience in the
experience in the uranium extraction industry that includes both nuclear industry, having worked for several leading companies in the areas of
conventional and ISR mining. Previously served as Chief Operating Officer of uranium mining, production, conversion, marketing and power generation.
Energy Fuels Inc., President of Cameco Resources, Uranerz Energy Corp. and
has held senior positions with Mestena Uranium LLC, Rio Algom Mining and
Uranium Resources Inc.
Mark Pelizza, MSc, CPG
Independent Director
William M. Sheriff, MSc Mr. Pelizza has spent over 40 years in the uranium industry with direct
Executive Chairman
project experience including several ISR operations in Texas. He also led
permitting and licensing of the Church Rock and Crownpoint projects in NM.
Mr. Sheriff was a pioneer in the uranium renaissance as co-founder and
Chairman of Energy Metals Corp., which was acquired in 2008 for $1.8
billion. He was responsible for compiling the largest domestic uranium William B. Harris, MBA
resource base in US history. Independent Director & Audit Chair
Mr. Harris previously served as CEO of Hoechst Fibers Worldwide, a $5 billion
operation, comprised of 21,000 employees and production locations in 14
different countries.
Dr. Dennis Stover, PhD
Chief Technical Officer and Director
Dr. Stover has a +40-year career focused on direct involvement with
Nathan A. Tewalt, BSc
Independent Director
commercial uranium exploration, project development, and mining
operations. Dr. Stover previously served as Executive Vice President, Mr. Tewalt has over 25 years of experience in exploration and management
Americas for Uranium One, Inc. where he oversaw commercial development positions in the Western U.S. He served as President and CEO of Standard
of Uranium One’s substantial U.S. conventional and ISR uranium assets. Uranium Inc, which was acquired by Energy Metals Corp. in 2006.
TSX.V: EU | OTCQB: ENCUF | 5
Leadership Team
Carrie Mierkey, CPA Douglas Underhill, PhD, MSc, MBA, CPG
Chief Financial Officer Chief Geologist
Ms. Mierkey is a Certified Public Accountant with over 13 years of Dr. Underhill is an internationally recognized uranium expert with 40 years
experience in finance for both private and public companies, including of international experience in exploration, development and analysis, 30
U.S. operational experience with Energy Fuels Inc. and Cameco Resources. years with a specific emphasis in all phases of uranium programs.
John Seeley, PhD Gordon R. Peake, CPL
Manager, Texas Geology and Exploration Director of Lands
Mr. Seeley is a Professional Geologist with extensive exploration Mr. Peake previously served as Vice‐President of Lands for Uranium One
experience in South Texas, including serving as the Exploration Manager Americas, Inc. from 2007 to 2010 and with Energy Metals Corporation (US)
for both Cameco Resources and Uranium Resources. from 2004 until 2007.
Joseph Harrington, BSc Eugene Spiering, BSc
Advisory Committee Member Advisory Committee Member
Mr. Harrington serves as the President of Mine Water LLC. Formerly Vice Mr. Spiering is a geologist with over 30 years of experience, including
President of Business & Strategic Development with Alexco Environmental 10 years focused on uranium in the US. He served as VP Exploration
Group. for Quaterra Resources.
Lawrence Jacobi, Jr., P. Eng, J.D.
Consultant
Mr. Jacobi is a Licensed Nuclear Engineer, member of the State Bar of Texas and an internationally recognized expert on the management of radioactive waste storage,
processing and disposal facilities.
TSX.V: EU | OTCQB: ENCUF | 6
*Full team biographies are found in the Appendix
Major Asset Summary
Two licensed ISR uranium production facilities with combined nameplate capacity of over 1.6
TEXAS: million pounds of U3O8
Dominant position in United States’ largest historic uranium district with 300,000 acres
NEW
(468 sq. miles) of patented mineral rights containing at least 26 M lbs. of Indicated
MEXICO: NI 43-101 resources1, 6 M lbs. of Inferred1 and 89 M lbs. of Historic Mineral Resources5-12
o Growth pipeline of exploration assets in Wyoming, Utah and Arizona
OTHER
ASSETS: o 40% interest in Group 11 Technologies, a private company developing in-situ recovery methods
using non-toxic solutions to recover precious and other metals from a variety of deposit types
TSX.V: EU | OTCQB: ENCUF | 7
Texas Uranium Assets
Texas
A prolific US district for sandstone-hosted ISR
production with historic production of ~80
million pounds
Most progressive permitting and production
jurisdiction in the US
47 identified deposits with ~60 million pounds of
in-situ mineralization remaining2
The USGS estimates the potential to discover an
additional 220 million pounds3
TSX.V: EU | OTCQB: ENCUF | 8
Near Term Growth Production
Rosita Processing Facility
South Texas
Kingsville Dome and Rosita Central Processing Plants (“CPP”) have
combined nameplate uranium production capacity of 1.6 million
pounds U3O8 per year
Kingsville Dome Central Processing Plant located in Kleberg County
Rosita CPP received a full refurbishment and drying capacity in
2008.
First in line for additional refurbishments because it is the lowest cost
and fastest timeline to return to commercial production capability
Kingsville Dome CPP received a full refurbishment in 2005
Will require additional refurbishments, dependent on market
Designed to process feed from multiple satellite operations
Experienced and trained workforce to act as a core to build a Rosita Central Processing Plant located in Duval County
production operations organization
TSX.V: EU | OTCQB: ENCUF | 9
Near Term Growth
South Texas Resource
Development
Existing wellfield with production resources at Rosita and a
significant land package
Exploration drilling in South Texas
Butler Ranch project provides significant Historic Mineral
Resources to be confirmed using NI 43-101 standards
Acquired large database with previously permitted and
licensed, but never produced, resources that will provide
near term uranium feed for the Rosita CPP
Actively evaluating acquisition opportunities with an
emphasis on near-term production potential
Geologic profile of a typical South Texas drillhole showing the geochemistry.
TSX.V: EU | OTCQB: ENCUF | 10Dominant New Mexico Position
Several properties already identified as amenable to ISR, consistent with EnCore’s ‘ISR First’ strategy
New Mexico’s Grants Uranium District has produced ~350 M enCore holds a ‘checkerboard’ position of 468 sq. miles
lbs. of U3O8, or nearly 40% of all uranium mined in the US and (300,000 acres) of mineral rights
is one of the largest uranium districts in the world (known as the Frisco and Santa Fe railroad grants) with no
holding costs or work commitments
Additionally. over 400 M lbs. of unmined mineralization has
been identified and several projects are being advanced The mineral rights cover several deposits and vast area along
towards production4 the trend with excellent exploration potential
TSX.V: EU | OTCQB: ENCUF | 11Uranium Deposit Resource Overview
Current Mineral Resources – Crownpoint and Hosta Butte Project, New Mexico1
Resource Category Million Tons Grade eU3O8% Attributable U3O8 (M lbs.*)
Indicated 12.68 0.105 26.6
Inferred 2.76 0.110 6.1
Historic Mineral Resources – Significant Projects*
Project Million Tons Grade eU3O8% U3O8 (M lbs.*)
Juan Tafoya - Marquez (New Mexico)5,6 12.3 0.119 29.3
Nose Rock (New Mexico)7,8 11.8 0.148 35.0
West Largo (New Mexico)9,10 2.9 0.300 17.2
Ambrosia Lake (New Mexico)10,11,12 2.0 0.176 7.1
Moonshine Springs (Arizona)13 1.4 0.165 4.7
Butler Ranch (Texas)14 0.4 0.15 1.3
Rosita (Texas)15 0.4 0.082 0.6
Total Historic Mineral Resources 95.2
*The Company’s QP has not done sufficient work to classify the historical estimate as a current mineral resource. The Company is not treating the historical estimate as a current mineral resource and it should
not be relied upon.
TSX.V: EU | OTCQB: ENCUF | 12New Mexico: Crownpoint & Hosta Butte Project
A large ISR-amenable project that hosts 26 million Indicated
pounds and 6.1 million Inferred pounds1
Crownpoint is permitted under Laramide Resources’ (“LAM”)
Nuclear Regulatory Commission License to recover up to
3 million pounds per year
Located within 5 miles to a licensed processing facility site
Three existing shafts for underground production were
developed by Conoco in the 1980s A view of the LAM’s processing facility site on Section 24
Crownpoint and Hosta Butte Current Mineral Resource Estimate1
Resource Category Million Tons Grade eU3O8% Attributable U3O8 (M lbs)
Crownpoint Indicated 7.88 0.102 16.1
Hosta Butte Indicated 4.80 0.109 10.5
Total Indicated 12.68 0.105 26.6
Crownpoint Inferred 0.71 0.105 1.5
Hosta Butte Inferred 2.05 0.112 4.6
Total Inferred 2.76 0.110 6.1
TSX.V: EU | OTCQB: ENCUF | 13New Mexico: Juan Tafoya-Marquez Project
An underground mine site with more than $65 million in historic
expenditures
Potential to target higher grade mineralization within the deposit to
improve production viability at lower prices
Significant portions may be ISR amenable
A production shaft was sunk and a 2,200 ton per day mill was permitted
and built during the 1980s (now dismantled)
Located on leased land grants, which could allow for accelerated
development timeline
Overview of the Marquez Mine Surface Facilities (1978)
Recently consolidated 100% ownership of the deposit
Historic Mineral Resource Category5,6 Million Tons Grade eU3O8% U3O8 (M lbs)
Measured 1.0 0.126 2.5
Indicated 2.6 0.127 6.6
Total M+I 3.6 0.126 9.1
Inferred 8.7 0.117 20.2
*The Company’s QP has not done sufficient work to classify the historical estimate as a current mineral resource. The Company is not treating the historical estimate as a current mineral resource and it should
not be relied upon.
TSX.V: EU | OTCQB: ENCUF | 14New Mexico: Nose Rock Project
ISR amenable deposit with previous work by Phillips
Petroleum in the 1970s
~3,000 drill holes completed defining mineralization
Recently consolidated land position
Historic Mineral Resource Category7,8 Million Tons Grade eU3O8% U3O8 (M lbs)
Measured 3.0 0.143 8.6
Indicated 5.4 0.151 16.2
Total M+I 8.4 0.148 24.8
Inferred 3.4 0.149 10.2
*The Company’s QP has not done sufficient work to classify the historical estimate as a current mineral resource. The Company is not treating the historical estimate as a current mineral resource and it should
not be relied upon.
TSX.V: EU | OTCQB: ENCUF | 15New Mexico: West Largo Project
Conventional uranium deposit may be amenable to
ISR, located 6 miles from Ambrosia Lake District
Discovered by Gulf Minerals with subsequent drilling
by Gulf, Kerr McGee, Pathfinder and Sante Fe
Minerals to delineate the deposit
~1500 holes drilled, well mineralized deposit with
potential to target higher grades to improve
production viability
Historic Mineral Resource Category9 Million Tons Grade eU3O8% U3O8 (M lbs)
Indicated 2.8 0.307 16.9
Inferred 0.1 0.217 0.3
*The Company’s QP has not done sufficient work to classify the historical estimate as a current mineral resource. The Company is not treating the historical estimate as a current mineral resource and it should
not be relied upon.
TSX.V: EU | OTCQB: ENCUF | 16New Mexico: Ambrosia Lake-Treeline Project
Conventional deposit may be partially amenable to ISR,
located ~10 miles from the West Largo project
Deeded mineral rights covering a large portion of the
Ambrosia Lake district
The Ambrosia Lake district was mined from the 1950s to
1990s, over 22 million pounds mined with significant
resources remaining
Recently consolidated adjacent land position
Historic Mineral Resource Category10,11,12 Million Tons Grade eU3O8% U3O8 (M lbs)
Total Historic Mineral Resource 2.0 0.126 7.1
*The Company’s QP has not done sufficient work to classify the historical estimate as a current mineral resource. The Company is not treating the historical estimate as a current mineral resource and it should
not be relied upon.
TSX.V: EU | OTCQB: ENCUF | 17Data
Exclusive access to one of the largest
uranium databases in the US
Data sources include Westwater Resources
(formerly Uranium Resources), Mobil Oil,
Santa Fe Railroad, Neutron Energy, Union
Carbide, US Smelting (UV Industries), US
Vanadium, Ranchers Exploration and
Development Corp. (Hecla), Atlas Minerals,
Metamin US and Vane Minerals
Significant resources to aid in the
evaluation and acquisition of uranium
properties
TSX.V: EU | OTCQB: ENCUF | 18Investment Summary
A clear goal to become the premier ISR
Existing 43-101 Compliant Resources
uranium production company in the USA
A strong team with vast industry Leading land position in the Grants
expertise across the nuclear fuel cycle Mineral District and the SW United States
Two uranium production facilities in
Solid growth plan
Texas with potential for expansion
TSX.V: EU | OTCQB: ENCUF | 191
Investor Relations Contact
361-595-5401 info@encoreenergycorp.com www.encoreenergycorp.com
TSX.V: EU | OTCQB: ENCUF | 20Appendix - Investment Asset: Group 11
Non-Invasive In-Situ Gold Recovery…
40% EU ownership of Group 11 Technologies Inc., a private US Corporation
6
4 5
1 E6 DIAMOX
ETI Gold Recovery
Electrochemical
Process
Regeneration
The Future of
Water-based solution is pumped/delivered into injection wells
Gold Mining… The solution moves in a controlled way through rock
Group 11 3
Solution is pumped to the surface from extraction wells
Solution is pumped into the gold extraction and recovery system
Technologies 2 Solution is regenerated by DIAMOX electrochemical cell for reuse
Solution is recycled and reused in a sustainable fashion
An alternate solution to conventional precious metals extraction
www.gr11tech.com
TSX.V: EU | OTCQB: ENCUF | 21Appendix – Technical Team
William Paul Goranson, P.E.
Chief Executive Officer and Director
Mr. Goranson has over 30 years of mining, processing and regulatory experience in the uranium extraction industry that includes both conventional and in-
situ recovery (ISR) mining. Most recently, Mr. Goranson was the Chief Operating Officer for Energy Fuels Inc., where he was responsible for the operations of
the White Mesa Uranium Mill located in Southeast Utah, the Nichols Ranch ISR uranium and Sheep Mountain projects located in central Wyoming and the
Alta Mesa ISR uranium project located in South Texas. He was closely involved with the company’s efforts at the federal level on trade actions and the
President’s Nuclear Fuel Working Group interagency process. Prior to the acquisition by Energy Fuels Inc. of Uranerz Energy Corporation, Mr. Goranson
served as President, Chief Operating Officer and Director for Uranerz, where he was responsible for commissioning, operating and expanding the Nichols
Ranch ISR Uranium Project. In addition to those duties, he also managed uranium marketing, regulatory and government affairs, exploration, and land
groups.
Mr. Goranson served as President of Cameco Resources, where he led the operations at the Smith Ranch-Highland, Crow Butte and North Butte ISR uranium
recovery facilities. Prior to Cameco Resources, Mr. Goranson was Vice President of Mesteña Uranium LLC where he led the construction, startup and
operation of the Alta Mesa project, in Texas, that achieved over one million pounds of uranium production per year under his stewardship. At Mesteña ,his
responsibilities included responsibility for marketing uranium where he negotiated long term uranium supply contracts with nuclear utilities as well as spot
uranium sales. Prior to Mesteña, Mr. Goranson was the manager for radiation safety, regulatory compliance and licensing with Rio Algom Mining LLC, a
division of BHP Billiton, in Utah, New Mexico, and Wyoming, and he served in various operational management positions for Uranium Resources, Inc. (now
Westwater Resources) in South Texas.
Mr. Goranson most recently served as the President of the Uranium Producers of America, immediate past President of the Wyoming Mining Association,
immediate Chairman of the Uranium Environmental Subcommittee for the National Mining Association, Board member of the National Mining Association,
and is currently a Board member of the Brush Country Groundwater Conservation District. Mr. Goranson is a registered Professional Engineer in the State of
Texas, and he holds a Master of Science in Environmental Engineering and a Bachelor of Science in Natural Gas Engineering from Texas A&M University-
Kingsville and Texas A&I University, respectively.
TSX.V: EU | OTCQB: ENCUF | 22Appendix – Technical Team
William M. Sheriff, MSc
Executive Chairman
An entrepreneur and visionary with over 30 years’ experience in the minerals industry and the securities industry, and has been responsible for capital
raises in excess of $300 million. Mr. Sheriff was a pioneer in the uranium renaissance as co-founder and Chairman of Energy Metals Corp., and was
responsible for compiling the largest domestic uranium resource base in US history before the company was acquired by Uranium One Inc. for $1.8 billion in
2008. Mr. Sheriff served as a Director of Uranium One Inc. and currently serves as Chair of Golden Predator Mining Corp, Director of Ely Gold Corp. Director
of Exploits Discovery Corp. and Director of Group 11 Technologies Inc, a private company committed to the development and application of environmentally
and socially responsible precious metals mineral extraction as an alternate to conventional mining methods. Mr. Sheriff holds a B.Sc. degree (Geology) from
Fort Lewis College, Colorado and an M.Sc. in Mining Geology from the University of Texas-El Paso and compiled one of the largest privately held mining
databases in the world.
Dr. Dennis Stover, PhD
Chief Technical Officer and Director
Dr. Stover has career spanning more than 40 years focused on direct involvement with commercial uranium exploration, project development, and mining
operations. Dr. Stover served as Executive Vice President, Americas for Uranium One, Inc. where he oversaw commercial development of Uranium One’s
substantial U.S. uranium assets as well other uranium assets in the Americas. Previous to this position, he served as Chief Operating Officer for Energy
Metals Corporation (EMC) and was instrumental in advancing its US assets prior to its sale to Uranium One, Inc. He is also an author of numerous papers
regarding In–Situ Uranium Recovery, he has co-authored three IAEA Guidebooks and Manuals related to both Acidic and Alkaline Uranium ISL technology.
He is the author of six United States Patents concerning various aspect of in situ recovery of uranium and reservoir restoration. Dr. Stover holds BSC, MSC,
and PhD degrees in Chemical Engineering from the University of Michigan as well as a BA in Chemistry from Kalamazoo College.
TSX.V: EU | OTCQB: ENCUF | 23Appendix – Technical Team
Richard M. Cherry, MSc, P.E.
Director
Mr. Cherry is a veteran executive of the nuclear industry, having worked for several leading companies in the areas of uranium mining, production,
conversion, marketing and power generation operations for 40 years. He is currently employed as a consultant to the uranium mining industry. Mr. Cherry
previously served as President and CEO of Cotter Corporation and Nuclear Fuels Corporation, both affiliates of General Atomics Corporation. Mr. Cherry was
responsible for all aspects of Cotter’s mining and milling operations in Colorado, including uranium and vanadium ores with over 200 employees. As the CEO
of Nuclear Fuels Corporation, he also led the worldwide uranium marketing efforts for all General Atomics’ affiliates. Mr. Cherry holds an M.S. in Mechanical
Engineering from Wichita State University and a B.S. in Engineering Physics from the University of Oklahoma. He is a Licensed Professional Engineer (State
of Kansas) and a Member of the American Nuclear Society and has made presentations at industry conferences including the Nuclear Energy Institute.
Mark Pelizza, MSc, CPG
Director
Mr. Pelizza has spent over 40 years in the uranium industry with direct project experience including the Alta Mesa, Benavides, Kingsville Dome, Longoria,
Palangana, Rosita, West Cole and the Vasquez projects, all in Texas. He was also responsible for the permitting and licensing of the Church Rock, Crownpoint
and Unit 1 projects in New Mexico and the North Platte project in Wyoming. Currently, Mr. Pelizza is the Principal of M.S. Pelizza & Associates. He previously
served as Sr. Vice President of Health, Safety and Environmental Affairs with Uranium Resources, Inc. He has also previously worked with Union Carbide
Corp. Mr. Pelizza received his B.S. in Geology from Fort Lewis College and his M.S. in Geological Engineering from the Colorado School of Mines. He is a
licensed Professional Geoscientist in Texas. He is the former Chairman of the Texas Mining and Reclamation Association and former Chairman of the Uranium
Producers of America.
TSX.V: EU | OTCQB: ENCUF | 24Appendix – Technical Team
Nathan A. Tewalt, BSc
Director
Mr. Tewalt served as the CEO of Wolfpack Gold Corp. and has over 25 years of experience in exploration and executive management positions in the
western United States. Prior to its merger with Silver Predator Corp., Mr. Tewalt founded Nevgold Resource Corp. in 2007 and Columbian Mines
Corporation in 2006, serving as Chief Executive Officer for both companies. In 2006, as President and CEO of Standard Uranium Inc., Mr. Tewalt
completed a private company acquisition in Texas that resulted in the uranium explorer progressing from a private start-up in 2003, gaining a public
listing in 2004, and winding up as a successful buy-out in 2006 by Energy Metals Corp. (subsequently acquired by Uranium One for $1.8 billion). Prior to
Standard Uranium, he was the co-founder and Chief Executive Officer of Great Basin Gold Ltd., where he and his exploration team discovered the
Midas-style vein system and completed the Hollister “Ivanhoe” Mine acquisition. Mr. Tewalt is a Registered Geologist (Washington) specializing in
Nevada-style precious metals systems.
William B. Harris, MBA
Director & Audit Chair
Mr. Harris is a partner in Solo Management Group, LLC, an investment and management consulting partnership. Mr. Harris is currently a member of the
board of directors and Audit Committees of Scandium International Mining Corp. and enCore Energy Corp.. He was previously a board member of Energy
Metals Corporation, Chairman and Executive Committee member of the American Fiber Manufacturers Association, and President and Chief Executive
Officer of Hoechst Fibers Worldwide, the global acetate and polyester business of Hoechst AG. At Hoechst Fibers Worldwide, Mr. Harris managed the
business’ $5 billion operation, comprised of 21,000 employees and production locations in 14 different countries. Mr. Harris is a graduate of Harvard
College, BA in English, and Columbia University Graduate School of Business, MBA in finance. He is a Trustee of the Williamstown (MA) Theatre Festival.
TSX.V: EU | OTCQB: ENCUF | 25Appendix – Technical Team
Carrie Mierkey, CPA
Chief Financial Officer
Ms. Mierkey is a Certified Public Accountant with over 13 years of experience in finance for both private and public companies. She has spent most of
her career working in various financial roles at Energy Fuels, Inc. and Cameco Resources (Cameco, Inc.’s U.S. uranium operations). She has experience in
operational and production financial reporting and accounting, as well as U.S. GAAP and tax reporting. She also has experience in managing the
financial aspects of mergers and acquisitions. Ms. Mierkey comes to the Company from Motion & Flow Control Products, Inc. where she recently served
as Corporate Controller.
Douglas Underhill, PhD, MSc, MBA, CPG
Chief Geologist
Dr. Underhill is a consulting geologist with over 40 years of international experience with natural resource exploration, development and analysis, 30
years with a specific emphasis on uranium. He is an internationally recognized uranium expert, with broad based knowledge in all phases of both
commercial and International Atomic Energy Agency (“IAEA”) uranium programs. His specialties range from world uranium geology and resources,
resource estimation, through ISL technology and supply-demand analysis. Dr. Underhill has a PhD Geology from McMaster University (Ontario, Canada);
an MBA from Colorado State System (USA); an MSc Geology from McGill University (Montreal, Canada); and a BA Geology from the University of
Connecticut (USA). He has made presentations on uranium resources, production and supply-demand on five continents, and advised governments,
including the USA, Australia and China, on uranium resources and production technology.
TSX.V: EU | OTCQB: ENCUF | 26Appendix – Technical Team
John Seeley, PhD
Manager, Texas Geology and Exploration
Dr. Seeley is a Professional Geoscientist by training and experience and brings over thirty years of technical project and program management, including
direct expertise in mineral resources, water resources, remote sensing and GIS sciences, environmental assessment and remediation, consulting and
academics. Raised in South Texas, Dr. Seeley has extensive regional experience including serving as the Manager of Texas Exploration, Manager of
Geospatial Services, and Senior Geologist for Cameco Resources and as an Regional Exploration Geologist and GIS Manager for Uranium Resources,
Inc. Since 1999, Dr. Seeley has provided consulting services though his firm Seeley Geosciences in the areas of geology, hydrogeology, geophysics and
geoinformatics. He holds a B.Sc. in Geology and Computational Methods from Texas A&I University, a M.Sc. degree in Geology from Texas A&M University
- Kingsville, and a Ph.D. degree in Geosciences (Geology and Geophysics) from the University of Texas at El Paso.
Gordon R. Peake, CPL
Director of Lands
Mr. Peake previously served as Vice‐President of Lands for Uranium One Americas, Inc. from 2007 to 2010 and with Energy Metals Corporation (US) from
2004 until 2007. He brings over 40 years of experience in natural resource exploration, development and production having worked with major and junior
mining companies acquiring and managing surface and mineral rights for uranium and other metals. Mr. Peake is a Certified Professional Landman
designation from the American Association of Professional Landmen (“AAPL”).
TSX.V: EU | OTCQB: ENCUF | 27Appendix – Technical Team
Joseph Harrington, BSc.
Advisory Committee Member
Mr. Harrington serves as the President of Mine Water LLC. Formerly he was Vice President of Business & Strategic Development with Alexco
Environmental Group, he previously served as the CEO and Founder of Green World Science, and the patent inventor of the heavy metals
immobilization treatment technology now owned by Alexco Resource Corp. Prior to his role at Alexco, Mr. Harrington was the Vice President of the
mining and metals business for ARCADIS, conducted research and development for controlled release fertilizers, fuel ethanol, phosphate mineral
processing and bioremediation technologies for the J.R. Simplot Company. Mr. Harrington previously served on the advisory board of Energy Metals
Corporation. Mr. Harrington graduated summa cum laude from the University of Idaho in 1996 with majors in Chemistry and Microbiology and
completed his graduate work at the University of Idaho in 1998 in Metallurgical Engineering.
Lawrence Jacobi, Jr., P. Eng, J.D.
Consultant
As a Licensed Nuclear Engineer, Health Physicist, and member of the State Bar of Texas , Mr. Jacobi provides technical assistance to a variety of nuclear
and radiological facilities including waste disposal companies, industrial users, uranium miners, transportation companies, oil and gas exploration and
production companies, and investment companies who are seeking an expert opinion on the acquisition of nuclear facilities.
TSX.V: EU | OTCQB: ENCUF | 28Appendix – Technical Team
Eugene Spiering, BSc.
Advisory Committee Member
Mr. Spiering is a registered geologist with over 30 years of experience in the mineral exploration sector, including 10 years focused on uranium
exploration in the US. He recently served as VP Exploration for Quaterra Resources where he led the discovery of the only two breccia pipe
uranium deposits found in Arizona since the 1990s. Mr. Spiering utilized advances in modern geophysical technology to assist in target evaluation
prior to drill testing which resulted in new uranium discoveries. He has also been involved in the discovery and development the Aguablanca
nickel sulfide mine, El Valle and Carles gold mines along with two copper porphyry deposits in Nevada. Prior to his role with Quaterra, he served
as VP Exploration with Rio Narcea Gold Mines Ltd. which was subsequently acquired for $858M by Lundin Mining in 2007. Mr. Spiering
graduated from the University of Utah with a Bachelor of Science in 1978.
TSX.V: EU | OTCQB: ENCUF | 29References
1. NI 43-101, Technical Report, Crownpoint & Hosta Butte , McKinley County, New Mexico, prepared by BRS Engineering, dated May 14, 2012. Crownpoint & Hosta Butte hosts Indicated resource of
12.7 Mt of 0.105% eU3O8 totaling 26.6 M lbs, Inferred resource of 2.8 Mt of 0.110% eU3O8 totaling 6.1 M lbs.
2. 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) 716-753.
3. 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.
4. 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
5. M. Hassan Alief, Marquez Uranium Property, McKinley and Sandoval Counties, New Mexico, National Instrument 43-101 Mineral Resource Report, reported and effective June 10, 2010, prepared for
Strathmore Minerals Corp.
6. Broad Oak Associates, 2014, NI 43-101 Technical Report on Mineral Resources: Juan Tafoya Uranium Project, Cibola, McKinley, and Sandoval Counties, New Mexico, USA, reported and effective May
15, 2014, prepared for Uranium Resources Inc. by Geoffrey S. Carter, P.Eng.
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 Company
2. 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. Uranium Resources, Inc., News Release dated July 7, 2015
14. Uranium Resources Inc., Form 10K, US Security and Exchange Commission, March 27, 2014.
TSX.V: EU | OTCQB: ENCUF | 30You can also read
