Lightbridge (LTBR) Investor presentation summary

Strategic vision and market opportunity

• Aims to set a new global standard in nuclear fuel, targeting both existing and new reactors with a $20+ billion market opportunity.

• Focuses on safety, waste reduction, improved economics, and proliferation resistance.

• Designed to enable higher power output, longer fuel cycles, and better load-following for renewable integration.

• Anticipates significant waste reduction and enhanced non-proliferation benefits.

• Seeks to offer the lowest-cost, reliable zero-carbon electricity for the grid.

Technology and product development

• Advanced metallic fuel operates ~1000°C cooler than standard fuel, improving safety and efficiency.

• Features include absence of spacer grids, metallurgic bonding, increased cladding thickness, and no fuel-clad gap.

• Ongoing testing at U.S. national labs, with recent co-extrusion demonstration at Idaho National Laboratory.

• Initiated irradiation testing of enriched uranium-zirconium alloy at INL's Advanced Test Reactor in November 2025.

• Patent portfolio protects core innovations in fabrication and fuel rod design.

Safety and operational benefits

• Fuel designed to operate at 360°C vs. 1250°C for conventional fuel, reducing accident risks.

• Improved heat transfer, no hydrogen generation under accident conditions, and enhanced structural integrity.

• Metallurgical bonding and unique rod shape improve coolability and reduce radiation exposure risk.

• Enables longer fuel cycles and rapid power adjustments, supporting higher capacity factors and load-following.