NANO Nuclear Energy (NNE) TD Nuclear Roundtable (Virtual) summary

KRONOS construction preparation and schedule

• Advancing EPCM and construction-partner discussions, final schedule development, hiring, and vendor due diligence; definitive contracts targeted in the coming one to two quarters.

• EPCM award potentially in Q4; construction management/general contractor RFP completion and potential award targeted for Q1.

• TRISO fuel and enriched uranium contracts targeted in Q4, as is graphite procurement; reactor pressure vessel contract targeted for Q1-Q2.

• Targeting construction in H2 2027, beginning as soon as the construction permit is approved; a one- to two-month lag is possible.

• NRC safety evaluation is expected in September 2027, with approval thereafter; management sees potential for the review timeline to compress.

Licensing, commissioning and project costs

• Operating license application ideally targeted for late 2027 to early 2028; approval targeted in 2029, followed by fueling and commissioning in 2029 or 2030.

• Current gross CapEx estimate is $300 million-$350 million; an updated Class Five estimate, with much of it at Class Four standards, is targeted around year-end or January, potentially for the February earnings call.

• Exploring 30%-40% investment tax credits, including a potential IRS private letter ruling; eligibility work reflects the University of Illinois ownership and operation model and research-reactor classification.

• Updated cost work will support a State of Illinois funding request; DOE university fuel services and University of Illinois funding are also under discussion to reduce project costs.

Customer pipeline and Tillman framework

• Tillman Global Holdings announced a nonbinding commercial framework for a $100 million investment; definitive warrant and restricted-stock agreements are being developed.

• Most of the proposed investment is tied to firm purchase orders, with a minority tied to development milestones; potential milestones include site development, NRC licensing, site characterization and drilling.

• Targets associated with the Tillman opportunity include 2 GW of nuclear capacity by the mid-2030s and potentially 6 GW by 2040.

• Joint development agreements and formal NRC licensing for projects could advance in the coming one to two years, ahead of the University of Illinois project coming online in 2029 or 2030.