Exhibit 10.9

ROYALTY DEED

This ROYALTY DEED (“Royalty Deed”), effective as of May 15, 2025 (the “Effective Date”), is given by Verdera Energy Corp., a corporation organized under the laws of the province of British Columbia (“Grantor”) whose address is 1200 – 750 West Pender Street, Vancouver, British Columbia V6T 2T8, to enCore Energy Corp., a corporation organized under the laws of British Columbia (“Grantee”), whose address is 101 N. Shoreline Blvd, Suite 450, Corpus Christi, Texas, 78401 United States, (each a “party” and together “the parties”).

NOW, THEREFORE, for and in consideration of $10.00 and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Grantor hereby GRANTS, ASSIGNS, CONVEYS, and WARRANTS unto Grantee, the Royalties as herein defined, with respect to all Uranium and other minerals mined or otherwise derived from properties identified in Schedule “A” to the Share Purchase Agreement (“Share Purchase Agreement”) entered into between the parties, dated March 17, 2025, (the “Properties”), which is mined, produced, or otherwise prepared for sale.

Amount and Basis

Definitions

provided that if smelting, refining or other intermediate or final treatment or beneficiation is carried out in facilities owned or controlled, in whole or in part, by the Grantor or its affiliates, then the Allowable Deductions shall include the lesser of: (A) the amount that the Grantor would have incurred if such smelting, refining or other treatment or beneficiation were carried out at facilities not owned or controlled by the Payor then offering comparable services for comparable products on prevailing terms and (B) the actual charges and costs incurred by the Grantor with respect to such smelting, refining, or other intermediate or final treatment or beneficiation;

Any costs for processing or upgrading Uranium and any other costs not specifically mentioned in the definition of “Net Proceeds” above shall not be deducted from total revenues generated by sales of Uranium in calculating the Net Proceeds Royalty.

Non-Arm’s Length Sales

Payment

Grantee shall have the right at any time to request free copies of other records which Grantee may deem necessary to verify the accuracy of any or all royalty payments. Each statement furnished to Grantee shall be deemed to be correct and binding unless Grantee, within one year of its receipt, notifies Grantor that it disputes the correctness of such statement or requests an audit as defined in paragraph 1.14; provided, however, that the foregoing one-year limitation shall not apply in the case of fraud.

Right to Inspect and Audit

Annual Report

No Implied Obligations

Release, Abandonment or Surrender

by following the procedures provided in this paragraph 2.3. Upon such surrender, abandonment or release, Grantor’s obligations hereunder shall terminate and end as to such released Mining Claim or Minig Claims, or part or parts thereof, except for obligations accrued, and Grantor shall have no obligation hereunder to Grantee except for those that had previously accrued as to the Mining Claim or Mining Claims, or part or parts thereof.

(b)            If Grantor determines to surrender, abandon, or release all or any part of a Mining Claim as provided in paragraph 2.3(a)(i), or all or any part of its interest in a Mining Claim as provided in paragraph 2.3(a)(ii), it shall notify Grantee in writing not less than ninety days prior to such surrender, abandonment. or release. Within thirty days after receipt of that notice, Grantee shall provide Grantor written notice as to whether Grantee elects to receive a conveyance by quitclaim deed or other applicable instrument of transfer of the interest which Grantor proposes to release, surrender, or abandon. If Grantee elects to receive such a conveyance, then Grantor shall quitclaim, or otherwise transfer or assign to Grantee its interest in such Mining Claim or claims, or part thereof. Grantor shall not surrender, abandon. or release all or any part of a Mining Claim as provided in paragraph 2.3(a)(i), or all or any part of its interest in a Mining Claim as provided in paragraph 2.3(a)(ii), until the expiration of thirty days after Grantee’s receipt of the notice described in this paragraph.

(c)            If Grantor proposes an abandonment, surrender, or release of all or part of a Mining Claim or claims before March 1 of the year in which it makes such proposal, Grantor shall have no obligation whatsoever in connection with any Annual Report described in paragraph 2.1 on the claim or claims, or parts thereof, to which the proposal relates. If Grantor’s proposal is made after March 1 of the year in which it is made, it shall do assessment work as to such claim or claims involved up to the date of such abandonment, surrender, or release.

(d)            If Grantor shall abandon title to one or more of the unpatented Mining Claims forming part of the Properties in accordance with this paragraph 2.3, Grantor shall have no further obligation whatsoever to Grantee with respect to such claims, except obligations existing at the time the claims were released.

Sampling, Assay, and Analysis

Method of Payment

Notices

Right of Offset

Grantor shall have the right to commingle Uranium or Products mined from the Properties with ores from other lands and properties; provided, however, that Grantor shall calculate from representative samples the average grade of the ore and shall weigh (or calculate by volume) the ore before commingling using generally accepted industry practices. In obtaining representative samples, calculating the average grade of the ore and average recovery percentages subject to paragraph 2.4, Grantor may use any procedures generally accepted in the mining and metallurgical industry which it reasonably believes suitable for the type of mining and processing activity being conducted and, in the absence of fraud, its choice of such procedures shall be final and binding on Grantee.

Less Interest

Other Royalties

Equal Rank

The Royalties shall apply to any Mining Claim or section acquired, staked, or claimed by the Grantor, partially or wholly within a 2 mile radius from the perimeter of the location of any historical or current resource on any part of the Properties (determined pursuant to paragraph 7 below), or if a perimeter of an historical resource is not determinable, then a 2 mile radius from the border of the claim or section in which any such historical resource is located.

The Grantor shall have the option (the “Buyback Right”) to purchase, at its sole discretion and exercisable in whole or in part from time to time following the Going Public Transaction (as defined in the Share Purchase Agreement), up to 100% of both the Net Proceeds Royalty and the NSR Royalty by making a single aggregate cash payment to the Grantee. The aggregate cash payment to purchase 100% of both the Net Proceed Royalty and the NSR Royalty shall be calculated based on the total historical and/or current resources on the Properties as follows:

For the purposes of the calculation in this paragraph 7, the determination of resources categories as Inferred, Indicated, Measured or historical, if applicable, shall be as set out in the most recent technical report(s) prepared pursuant to National Instrument 43-101 by or for the Grantor and publicly disclosed. If the Grantor elects to exercise the Buyback Right for less than 100% of the Net Proceeds and the NSR Royalty, the buyback price shall be reduced proportionally based on the percentage of the Net Proceeds Royalty and NSR Royalty purchased.

(a) to an affiliate, consultant, contractor or subcontractor of the disclosing party that has a bona fide need to be informed;

(b) to any third party to whom a party contemplates a transfer of all or any part of its interest in or to this Royalty Deed;

(c) to a governmental agency, stock exchange or to the public if such disclosing party believes in good faith that the disclosure is required by applicable law or regulation or the rules of any stock exchange; or

(d) in connection with arbitration or judicial proceedings that require such disclosure.

In any case to which an exception to confidentiality under this paragraph is applicable, the disclosing party shall give notice to the other party at least twenty-four hours prior to making such disclosure. As to any disclosure pursuant to paragraphs 8.1(a) and 8.1(b) only such confidential information as such third party shall have a legitimate business need to know shall be disclosed and such third party shall first agree in writing to protect the confidential information from further disclosure to the same extent as the parties are obligated under this paragraph.

Further Acts

Waiver of Breach

Sophistication of Parties

Assignment

(b)            The Properties or any part thereof may be conveyed, sold, transfer, assigned, or encumbered by Grantor upon the Grantor providing written notice of such action to the Grantee, including, if applicable, a copy of the agreement by the assignee to be bound by this Royalty Deed, and provided that the foregoing right shall, prior to the Grantor completing a “Going Public Transaction”, as defined in the Share Purchase Agreement, be subject to the Grantor receiving the prior written consent of the Grantee.

Entire Agreement

Severability

Governing Law

Dispute Resolution.

Parties Bound

Counterparts

Third-Parties:

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IN WITNESS WHEREOF, Grantor and Grantee have duly executed this Royalty Deed to be effective as of the date set forth above.

On this ________ day of ____________________, personally appeared before me Janet Lee-Sheriff proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that she executed the same in her authorized capacity as a director of Verdera Energy Corp., a British Columbia corporation, and that by her signature on the instrument said entity executed such instrument as grantor as its act and deed.

[Signature Page to Royalty Deed]

IN WITNESS WHEREOF, Grantor and Grantee have duly executed this Royalty Deed to be effective as of the date set forth above.

On this ________ day of ____________________, personally appeared before me Robert Willette proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity as Interim Chief Executive Officer of enCore Energy Corp., a British Columbia corporation, and that by his signature on the instrument said entity executed such instrument as grantor as its act and deed.

[Signature Page to Royalty Deed]