Eagle Nuclear Energy (NUCL) Corporate presentation summary

Investment thesis

• Rising demand from AI, data centers, quantum computing, industrial electrification and cryptocurrency is increasing interest in reliable, always-on nuclear power.

• Electricity demand is projected to reach 76,838 TWh by 2050 versus 28,200 TWh in 2021; the presentation cites electricity rising from 20% of energy use today to ~50% by 2050.

• U.S. policy initiatives highlighted include quadrupling nuclear power over 25 years, adding 5 GW of reactor uprates and starting 10 large-reactor builds by 2030.

Uranium market

• Structural supply constraints reflect years of low prices, reduced mine investment, depletion and drawdowns of secondary inventories; the model projects a deficit widening to 1.7B lbs over 2026–2045.

• Data centers could add ~100M lbs of uranium demand by 2040; expanding reactor fleets in Asia and nuclear-capacity targets also support demand.

• U.S. utilities purchased >50M lbs in 2025, while domestic production remains limited and imports supply a significant share of U.S. needs.

• Uranium purchased for U.S. reactors in 2024 was sourced from Canada 36%, Kazakhstan 24%, Australia 17%, Uzbekistan 9%, Russia 4% and other sources 8%.

Aurora and Cordex assets

• Aurora in Oregon is presented as the largest conventional U.S. uranium deposit, with 32.75M lbs indicated and 4.98M lbs inferred under an SK1300 technical report summary.

• Aurora is described as shallow and near-surface, with 600+ holes drilled, low-grade open-pit potential and mineralization open to the northwest; the project is on BLM land.

• Adjacent Cordex has 100+ drilled holes; existing holes are being digitized, and exploration could add to the resource inventory. Its uranium discovery mineralization is not JORC classified.

• The proposed plan places mining in Oregon and processing on private land in Nevada, with existing roads, power lines and nearby airport access cited as infrastructure advantages.

• Indicated and inferred resources carry uncertainty, and mineral resources have not demonstrated economic viability or assurance of conversion to reserves.