

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, included herein including, without limitation are forward-looking statements. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. These and other forward-looking statements in this MD&A are statements that relate to future, not past, events. These statements are based on available information to date, and such plans are subject to ongoing evaluation and analysis, and to date our properties remain in the exploration stage and no economic studies have been completed with respect to any restart of operations at our existing plants. Information set forth may involve forward- looking statements under applicable securities laws. Additional information related to the Company is available on SEDAR at This MD&A contains certain statements that may be deemed "forward-looking statements". All dollar figures included in this management's discussion and analysis ("MD&A") are quoted in United States dollars unless otherwise indicated. The following information is prepared as of Apand should be read in conjunction with the consolidated financial statements for the years ended Decemand 2021, and the accompanying notes thereto, which have been prepared in accordance with International Financial Reporting Standards ("IFRS"). and its subsidiaries ("enCore", or the "Company") for the years ended Decemand 2021.

Set out below is management's assessment and analysis of the results of operations and financial condition of enCore Energy Corp.
