enCore Energy Corp. announced the completion of the sale of the Marquez-Juan Tafoya Uranium Project to Anfield Energy Inc. for aggregate consideration of CAD 5,000,000 payable in cash and 185,000,000 common shares of Anfield. The deemed value of the share consideration at the time of closing is CAD 9,250,000 (based on a share price of CAD 0.05).

A total of CAD 4,000,000 of the cash payment was received on closing, and a further CAD 1,000,000 is payable by September 25, 2023. The transaction was completed pursuant to a share purchase agreement dated June 5, 2023 (EU NR June 6, 2023). Under the terms of the agreement, on closing Anfield acquired all of the outstanding shares of the Company's wholly owned subsidiary, Neutron Energy Inc., which holds the Marquez-JuanTafoya Uranium Project as its sole asset.

Under the terms of the agreement with Anfield, enCore maintains the right to one seat on the board of directors of Anfield, for as long as the Company holds at least 10% of the issued shares of Anfield. Mr. Eugene Spiering, with extensive experience in conventional uranium, is the Company's initial board appointee. enCore also has the right to maintain its percentage equity interest in Anfield in subsequent share issuances for so long as it holds at least 10% of The outstanding shares of Anfield.

Red Cloud Securities Inc. acted as an advisor in connection with the transaction.