Cauldron Energy (CXU) Investor presentation summary

Macro environment and uranium market trends

• Global nuclear energy demand is surging, driven by decarbonization and AI-related power needs, with major tech companies investing in nuclear projects and data centers requiring vast energy supplies.

• The uranium market is already in deficit, with demand projected to rise sharply by 2040, while existing production sources are expected to decline, necessitating new supply.

• Australia holds the world’s largest uranium resources but is only the fourth-largest producer, with Western Australia (WA) seen as a key future supplier.

• WA’s uranium mining ban is increasingly viewed as outdated, with growing advocacy for policy change and recognition of uranium as a critical mineral globally.

• Economic and environmental arguments highlight the benefits of overturning the ban, including diversification of state revenue, job creation, and supporting global decarbonization.

Project and resource development

• The Yanrey Project area is highly prospective for ISR uranium, with five deposits already defined and three new discoveries in the last two years.

• Global resource base now exceeds 55 million pounds of uranium oxide (JORC), following successful 2025 drilling and resource updates at Manyingee North and South.

• Scoping study for Yanrey shows compelling economics: pre-tax NPV of A$449M, IRR of 79%, payback in 1.5 years, and AISC of US$35.79/lb at US$75/lb uranium price.

• ISR (In Situ Recovery) is the preferred mining method, offering lower capex, opex, and environmental impact, with recent water analysis confirming suitability for ISR at Yanrey.

• Exploration success is driven by advanced geophysics, strong technical expertise, and a funded pipeline for further drilling and resource growth.

Corporate and strategic positioning

• Recent board changes aim to attract institutional investment and bring in directors with direct uranium experience, positioning for future policy change.

• Strong financial position with ~$4.5M cash and funding secured for the next drill campaign; market capitalization at A$59.1M as of February 2026.

• Active engagement with stakeholders, government, and the investment community, including submissions to WA and federal inquiries and broad media presence.

• Strategic partnerships, such as with Navoiyuran, and industry advocacy reinforce leadership in the WA uranium sector.

• The company is recognized for its leading presence in industry events, investor platforms, and community education efforts.