⁠Eagle Nuclear Energy (NASDAQ:NUCL)

NEWS

Eagle Nuclear Energy Announces Commencement of Environmental Baseline Studies in Advance of PFS-Related Drill Program at Aurora

Numerous consultants engaged to commence a multi-faceted environmental baseline studies program in advance of the PFS-related drill program at Aurora

RENO, NV – May 5, 2026 – Eagle Nuclear Energy Corp. (“Eagle” or the “Company”) (NASDAQ: NUCL), a next-generation nuclear energy company that owns the largest conventional, measured and indicated uranium deposit in the United States, today announced that it has launched a comprehensive environmental baseline studies campaign prior to the commencement of the previously announced 27,000 ft Pre-Feasibility Study (“PFS”) related drill program at its flagship Aurora Uranium Project (“Aurora” or the “Project”) site located along the Oregon–Nevada border.

Eagle’s VP of Operations, Vishal Gupta, stated, “Initiating environmental baseline studies marks an important milestone in the responsible advancement of Aurora toward a PFS. These studies are designed to collect critical environmental data across multiple disciplines, including hydrology, hydrogeology, surface water quality, groundwater quality, flora and fauna, wetlands delineation, geochemistry, meteorology, and cultural heritage. Once collected, this data will support environmental impact assessments, mine design optimization, and future permitting activities at Aurora. We are committed to developing Aurora in a manner that meets or exceeds regulatory standards and reflects best practices in environmental stewardship.”

Additional Details Regarding Environmental Baseline Studies

As part of this campaign, Eagle has, through its lead permitting manager, SLR International Corporation (“SLR”), started the permitting and procurement process for a 10-meter-high meteorological (“MET”) station that is expected to be installed at the Project by early-June. Once installed, the MET station will collect ambient weather-related data, including wind speed (both horizontal and vertical), wind direction, temperature (and temperature contrasts), relative humidity, barometric pressure, and solar radiation. The data collected from the MET station will be used to support air-quality permitting and other related air-quality studies at Aurora.

On behalf of Eagle, SLR has also initiated detailed delineation of wetlands and other jurisdictional aquatic resources across the specific areas at Aurora where the upcoming PFS-related drill program will be conducted. Field teams will identify and map wetland boundaries, streams, and other waters, and assess their functional characteristics, hydrologic connectivity, and ecological value. The resulting data will inform project design, support avoidance and minimization strategies, and serve as a critical input for permitting compliance with the US Army Corps of Engineers at the federal level, and the Oregon Department of State Lands at the state level.

The Company has engaged Native-X, Inc. (“Native-X”), a well-reputed, full-service archeological consulting firm that works extensively throughout Oregon, Nevada, and California. Native-X has commenced cultural and archeological baseline studies across the Project area to identify and document any historical properties or cultural resources that may be present. The results from these studies will support early engagement with relevant agencies and Tribal Nations, inform project design to avoid or mitigate potential impacts, and contribute to future permitting and environmental review processes.

The Company is in various stages of discussion with numerous other consultants regarding their engagement for additional environmental baseline studies, including but not limited to hydrology, hydrogeology, surface water quality, groundwater quality, flora and fauna, and geochemistry. Work on most, if not all, of these areas is expected to commence in advance of, or during, the PFS-related drill program this summer.

Aurora anchors Eagle’s long-term strategy to develop an integrated nuclear energy platform combining domestic uranium resources with advanced SMR technology. As global demand for nuclear power accelerates and the U.S. looks to strengthen domestic fuel supply chains, the Company believes Aurora is positioned to become a strategic source of uranium for the next generation of nuclear energy.

About Eagle Nuclear Energy Corp.

Eagle Nuclear Energy Corp. is a next-generation nuclear energy company that combines domestic uranium exploration with exclusive Small Modular Reactor (SMR) technology. The Company owns the largest conventional, measured and indicated uranium deposit in the United States, located in southeastern Oregon. This includes the Aurora deposit, with 32.75Mlbs Indicated and 4.98Mlbs Inferred (SK-1300 TRS) of near-surface uranium resource, and the adjacent Cordex deposit, which the Company believes offers significant potential to expand the project’s overall resource inventory. BBA USA Inc. previously completed Aurora’s S-K 1300 Mineral Resource Estimate and authored the related Technical Report Summary in August 2025, providing technical continuity as the Project advances. By integrating advanced SMR technology with a sizeable uranium asset, Eagle is building an integrated nuclear platform positioned to help restore American leadership in the global nuclear industry.

For more information about Eagle Nuclear Energy Corp., visit www.eaglenuclear.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements included in this press release are not historical facts but are forward-looking statements. All statements other than statements of historical facts contained in this press release are forward-looking statements. Any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are also forward-looking statements. In some cases, you can identify forward-looking statements by words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “strategy,” “future,” “opportunity,” “may,” “target,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” “preliminary,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements include, without limitation, Eagle’s, or its management team’s expectations concerning the PFS-related drill program; the outlook for Eagle’s business; the ability to execute Eagle’s strategies and reach permitting and operational milestones timely or at all; projected and estimated financial performance; anticipated industry trends; the future price of minerals; future capital expenditures; success of exploration activities; mining or processing issues; government regulation of mining operations; and environmental risks; as well as any information concerning possible or assumed future results of operations of Eagle. The forward-looking statements are based on the current expectations of the management teams of Eagle, and are inherently subject to uncertainties and changes in circumstance and their potential effects. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, (i) market risks; (ii) the effect of the Company’s previously completed business combination with Spring Valley Acquisition Corp. II (the “Business Combination”) on Eagle’s business relationships, performance, and business generally; (iii) risks that the Business Combination disrupts current plans of Eagle and potential difficulties in its employee retention as a result of the Business Combination; (iv) the outcome of any legal proceedings that may be instituted against Eagle related to the Business Combination; (v) failure to realize the anticipated benefits of the Business Combination; (vi) the inability to maintain the listing of Eagle’s securities on Nasdaq Capital Market or a comparable exchange; (vii) the risk that the price of Eagle’s securities may be volatile due to a variety of factors, including changes in laws, regulations, technologies, natural disasters or health epidemics/pandemics, national security tensions, and macro-economic and social environments affecting its business; (viii) fluctuations in spot and forward markets for uranium and certain other commodities (such as natural gas, fuel oil and electricity); (ix) restrictions on mining in the jurisdictions in which Eagle operates; (x) laws and regulations governing Eagle’s operation, exploration and development activities, and changes in such laws and regulations; (xi) Eagle’s ability to obtain or renew the licenses and permits necessary for the operation and expansion of its existing operations and for the development, construction and commencement of new operations; (xii) risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, potential unintended releases of contaminants, industrial accidents, unusual or unexpected geological or structural formations, pressures, cave-ins and flooding); (xiii) inherent risks associated with tailings facilities and heap leach operations, including failure or leakages; the speculative nature of mineral exploration and development; the inability to determine, with certainty, production and cost estimates; inadequate or unreliable infrastructure (such as roads, bridges, power sources and water supplies); (xiv) environmental regulations and legislation; (xv) the effects of climate change, extreme weather events, water scarcity, and seismic events, and the effectiveness of strategies to deal with these issues; (xvi) risks relating to Eagle’s exploration operations; (xvii) fluctuations in currency markets; (xviii) the volatility of the metals markets, and its potential to impact Eagle’s ability to meet its financial obligations; (xix) disputes as to the validity of mining or exploration titles or claims or rights, which constitute most of Eagle’s property holdings; (xx) Eagle’s ability to complete and successfully integrate acquisitions; (xxi) increased competition in the mining industry for properties and equipment; (xxii) limited supply of materials and supply chain disruptions; (xxiii) relations with and claims by indigenous populations; (xxiv) relations with and claims by local communities and non-governmental organizations; and (xxv) the risk that other capital needed by Eagle may not be raised on favorable terms, or at all. The foregoing list is not exhaustive, and there may be additional risks that Eagle presently does not know or that Eagle currently believes are immaterial. You should carefully consider the foregoing factors, any other factors discussed in this press release and the other risks and uncertainties described in the registration statement on Form S-4 initially filed by Eagle on September 30, 2025, and the definitive proxy statement / prospectus contained therein, and any amendments or supplements thereto, and those discussed and identified in other filings made with the SEC by Eagle from time to time, which may be found on the SEC’s website at www.sec.gov. Eagle cautions you against placing undue reliance on forward-looking statements, which reflect current beliefs and are based on information currently available as of the date a forward-looking statement is made. Forward-looking statements set forth in this press release speak only as of the date of this press release. Eagle undertakes no obligation to revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs. In the event that any forward-looking statement is updated, no inference should be made that Eagle will make additional updates with respect to that statement, related matters, or any other forward-looking statements.

Investor Relations Contact:

775-335-2029

Investors@eaglenuclear.com

Media Relations Contact:

Gateway Group

Zach Kadletz, Brenlyn Motlagh

949-574-3860

EAGLE@Gateway-grp.com

VIDEO – Spotlight on America: Upstart company plans to fuel ‘Nuclear Renaissance’ by mining massive uranium deposit

OREGON — In a three-car caravan, we made our way through a dusty trail in a desolate corner of Oregon near the Nevada border. It’s a tough journey, filled with ruts and bumps, but we eventually made it to the rim of the McDermitt Caldera, the remnant of an ancient volcano. While the view of the valley below is spectacular, Mark Mukhija sees something more: a metal that will fuel a nation. Just under the surface of this expanse is minable uranium—an estimated 37 million pounds of it.

Click to Watch Video & Read Article

Source: https://thenationaldesk.com/news/spotlight-on-america/upstart-company-plans-to-fuel-nuclear-renaissance-by-mining-massive-uranium-deposit

RENO, Nev., April 15, 2026 (GLOBE NEWSWIRE) — Eagle Nuclear Energy Corp. (“Eagle” or the “Company”) (NASDAQ: NUCL), a next-generation nuclear energy company which owns the largest conventional, measured and indicated uranium deposit in the United States, today announced a corporate update and financial results for the first quarter of 2026, ending February 28, 2026.

Management Commentary

“During the first quarter, Eagle made significant progress as we completed our business combination with Spring Valley Aqcuisition Corp. II, commenced trading on the Nasdaq, and simultaneously advanced our flagship Aurora Uranium Project (“Aurora”) site,” stated, Mark Mukhija, Eagle’s CEO. “In subsequent weeks, we have seen that momentum continue, led by the announcement of our drill program plan at Aurora which is scheduled to commence in July 2026. The 47 diamond drill hole program, collectively totaling 27,000 ft of drilling, advances one of the largest undeveloped uranium deposits in the U.S. toward a Pre-Feasibility Study (“PFS”), which is expected to be completed in the second half of 2027.”

“Alongside our drill program announcement, we have moved swiftly to secure drill rigs with a premier contactor in the mining industry and file permit applications that are essential to beginning the program,” said Mukhija. “Aurora anchors Eagle’s long-term strategy to develop an integrated nuclear energy platform combining domestic uranium resources with advanced SMR technology, and these steps move us closer to this goal.”

“We are excited about the path forward for Eagle and our positioning to help restore a secure domestic nuclear supply chain that addresses the rapid growth of electricity demand. We look forward to providing further updates as our progress continues.”

Recent Operational Updates

  • January 2026: Announced engagement with BBA USA Inc. (“BBA”) to develop a comprehensive “Gap Analysis” study designed to address data gaps at Aurora in order to advance the Project toward a PFS. BBA designed and optimized the number, location, and orientation of drill holes to achieve critical objectives in the completion of the PFS.
  • February 2026: Completed business combination (the “Business Combination”) with Spring Valley Acquisition Corp. II (“SVII”). This resulted in the new combined company, Eagle Nuclear Energy Corp., commencing trading on the Nasdaq on February 25, 2026 under the ticker symbol “NUCL”.
  • March 2026: Selected SLR International Corporation (“SLR”) to lead the permitting effort at Aurora. The engagement with SLR initially focused on filing permit applications with the federal Bureau of Land Management (“BLM”) and the Oregon Department of Geology and Mineral Industries (“DOGAMI”) for approval of the Aurora drill program. Additionally, we joined the Uranium Producers of America (“UPA”). Membership in UPA highlights Eagle’s commitment to strengthening America’s domestic uranium supply.
  • April 2026: Announcement of drill program, engagement with Harris Exploration Drilling & Associates Inc. to provide the drill rigs that will be used to complete the drill program at Aurora. Formally filed our permit applications with BLM and DOGAMI. All of these actions have advanced Eagle towards a pre-feasibility study and development of our Aurora site.

Liquidity and Balance Sheet

At February 28, 2026, the Company had a cash balance of $31.3 million and no outstanding interest-bearing debt, with liabilities consisting primarily of operating obligations.

Additional detail on the Company’s quarterly financial results can be found in the recent 10-Q filed with the SEC on April 15, 2026.

About Eagle Nuclear Energy Corp.

Eagle Nuclear Energy Corp. is a next-generation nuclear energy company that combines domestic uranium exploration with exclusive Small Modular Reactor (SMR) technology. The Company owns the largest conventional, measured and indicated uranium deposit in the United States, located in southeastern Oregon. This includes the Aurora deposit, with 32.75Mlbs Indicated and 4.98Mlbs Inferred (SK-1300 TRS) of near-surface uranium resource, and the adjacent Cordex deposit, which offers significant potential to expand the project’s overall resource inventory. By integrating advanced SMR technology with a sizeable uranium asset, Eagle is building an integrated nuclear platform positioned to help restore American leadership in the global nuclear industry.

For more information about Eagle Nuclear Energy Corp., visit www.eaglenuclear.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements included in this press release are not historical facts but are forward-looking statements. All statements other than statements of historical facts contained in this press release are forward-looking statements. Any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are also forward-looking statements. In some cases, you can identify forward-looking statements by words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “strategy,” “future,” “opportunity,” “may,” “target,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” “preliminary,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements include, without limitation, Eagle’s, or its management team’s expectations concerning the Business Combination and expected benefits thereof; the outlook for Eagle’s business; the ability to execute Eagle’s strategies and reach permitting and operational milestones timely or at all; projected and estimated financial performance; anticipated industry trends; the future price of minerals; future capital expenditures; success of exploration activities; mining or processing issues; government regulation of mining operations; and environmental risks; as well as any information concerning possible or assumed future results of operations of Eagle. The forward-looking statements are based on the current expectations of the management teams of Eagle, and are inherently subject to uncertainties and changes in circumstance and their potential effects. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, (i) market risks; (ii) the effect of the Business Combination on Eagle’s business relationships, performance,

and business generally; (iii) risks that the Business Combination disrupts current plans of Eagle and potential difficulties in its employee retention as a result of the Business Combination; (iv) the outcome of any legal proceedings that may be instituted against Eagle related to the Business Combination; (v) failure to realize the anticipated benefits of the Business Combination; (vi) the inability to maintain the listing of Eagle’s securities on Nasdaq Capital Market or a comparable exchange; (vii) the risk that the price of Eagle’s securities may be volatile due to a variety of factors, including changes in laws, regulations, technologies, natural disasters or health epidemics/pandemics, national security tensions, and macro-economic and social environments affecting its business; (viii) fluctuations in spot and forward markets for lithium and uranium and certain other commodities (such as natural gas, fuel oil and electricity); (ix) restrictions on mining in the jurisdictions in which Eagle operates; (x) laws and regulations governing Eagle’s operation, exploration and development activities, and changes in such laws and regulations; (xi) Eagle’s ability to obtain or renew the licenses and permits necessary for the operation and expansion of its existing operations and for the development, construction and commencement of new operations; (xii) risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, potential unintended releases of contaminants, industrial accidents, unusual or unexpected geological or structural formations, pressures, cave-ins and flooding); (xiii) inherent risks associated with tailings facilities and heap leach operations, including failure or leakages; the speculative nature of mineral exploration and development; the inability to determine, with certainty, production and cost estimates; inadequate or unreliable infrastructure (such as roads, bridges, power sources and water supplies); (xiv) environmental regulations and legislation; (xv) the effects of climate change, extreme weather events, water scarcity, and seismic events, and the effectiveness of strategies to deal with these issues; (xvi) risks relating to Eagle’s exploration operations; (xvii) fluctuations in currency markets; (xviii) the volatility of the metals markets, and its potential to impact Eagle’s ability to meet its financial obligations; (xix) disputes as to the validity of mining or exploration titles or claims or rights, which constitute most of Eagle’s property holdings; (xx) Eagle’s ability to complete and successfully integrate acquisitions; (xxi) increased competition in the mining industry for properties and equipment; (xxii) limited supply of materials and supply chain disruptions; (xxiii) relations with and claims by indigenous populations; (xxiv) relations with and claims by local communities and non-governmental organizations; and (xxv) the risk that other capital needed by Eagle may not be raised on favorable terms, or at all. The foregoing list is not exhaustive, and there may be additional risks that Eagle presently does not know or that Eagle currently believes are immaterial. You should carefully consider the foregoing factors, any other factors discussed in this press release and the other risks and uncertainties described in the registration statement on Form S-4 initially filed by Eagle on September 30, 2025, and the definitive proxy statement / prospectus contained therein, and any amendments or supplements thereto, and those discussed and identified in other filings made with the SEC by Eagle from time to time, which may be found on the SEC’s website at www.sec.gov. Eagle cautions you against placing undue reliance on forward-looking statements, which reflect current beliefs and are based on information currently available as of the date a forward-looking statement is made. Forward-looking statements set forth in this press release speak only as of the date of this press release. Eagle undertakes no obligation to revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs. In the event that any forward-looking statement is updated, no inference should be made that Eagle will make additional updates with respect to that statement, related matters, or any other forward-looking statements.

Investor Relations Contact:

775-335-2029

Investors@eaglenuclear.com

Media Relations Contact:

Gateway Group

Zach Kadletz, Brenlyn Motlagh

949-574-3860

EAGLE@Gateway-grp.com

Eagle Nuclear Energy Engages Drilling Company And Files Permit Applications For PFS-Related Drill Program at Aurora

Eagle secures drill rigs for its PFS-related drill program by engaging Harris Exploration Drilling; SLR files permit applications for drill program with BLM and DOGAMI

RENO, NV – April 9, 2026 – Eagle Nuclear Energy Corp. (“Eagle” or the “Company”) (NASDAQ: NUCL), a next-generation nuclear energy company which owns the largest conventional, measured and indicated uranium deposit in the United States, today announced that it has signed a Drilling Services Agreement with Fallon, NV based Harris Exploration Drilling & Associates Inc. (“Harris Drilling”) to complete the previously announced 27,000 ft PFS-related drill program at its flagship Aurora Uranium Project (“Aurora” or the “Project”) located along the Oregon–Nevada border, this summer.

Harris Drilling has committed to providing up to three track-mounted core drill rigs to complete the 47 drill hole program that has been specifically designed by Eagle’s resource consultants, BBA USA Inc. (“BBA”) to advance Aurora toward a Pre-Feasibility Study (“PFS”) by helping achieve the following objectives:

  • Resource expansion and definition;
  • Resource classification enhancement;
  • Advanced metallurgy and process flow-sheet design;
  • Rock mechanics and geotechnical analysis for pit engineering; and
  • Hydrogeological analysis.

Eagle’s VP of Operations, Vishal Gupta, stated, “Harris Drilling has an excellent reputation as a top drilling contractor in the mining industry with deep experience in uranium projects, and comes highly recommended from within Eagle’s management team’s network. Above-ground mud systems will be used during the drill program in order to avoid digging sumps and reduce overall surface disturbance. The drill program is scheduled to commence in July and is expected to be completed within a 3-4 month time-frame. The PFS is slated to be completed in the second half of 2027.”

Eagle is also pleased to announce that the Company’s permitting manager, SLR International Corporation (“SLR”) has submitted permit applications on behalf of Eagle with the federal Bureau of Land Management (“BLM”) and the Oregon Department of Geology and Mineral Industries (“DOGAMI”) for approval of the PFS-related drill program. Both the BLM and DOGAMI have acknowledged receipt of the applications. Eagle anticipates obtaining the necessary approvals in time to commence the drill program in July.

Concurrent with advancing the Project on a technical and operational basis with assistance from BBA and Harris Drilling, Eagle’s management team is also progressing Aurora on the permitting front with the help of SLR. The Company is currently formalizing plans to commence a multi-faceted environmental baseline program in advance of this summer’s drill campaign at the Project.

Aurora anchors Eagle’s long-term strategy to develop an integrated nuclear energy platform combining domestic uranium resources with advanced SMR technology. As global demand for nuclear power accelerates and the U.S. looks to strengthen domestic fuel supply chains, the Company believes Aurora is positioned to become a strategic source of uranium for the next generation of nuclear energy.

About Eagle Nuclear Energy Corp.

Eagle Nuclear Energy Corp. is a next-generation nuclear energy company that combines domestic uranium exploration with exclusive Small Modular Reactor (SMR) technology. The Company owns the largest conventional, measured and indicated uranium deposit in the United States, located in southeastern Oregon. This includes the Aurora deposit, with 32.75Mlbs Indicated and 4.98Mlbs Inferred (SK-1300 TRS) of near-surface uranium resource, and the adjacent Cordex deposit, which offers significant potential to expand the project’s overall resource inventory. By integrating advanced SMR technology with a sizeable uranium asset, Eagle is building an integrated nuclear platform positioned to help restore American leadership in the global nuclear industry.

 

For more information about Eagle Nuclear Energy Corp., visit www.eaglenuclear.com.

 

Cautionary Note Regarding Forward-Looking Statements

Certain statements included in this press release are not historical facts but are forward-looking statements. All statements other than statements of historical facts contained in this press release are forward-looking statements. Any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are also forward-looking statements. In some cases, you can identify forward-looking statements by words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “strategy,” “future,” “opportunity,” “may,” “target,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” “preliminary,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements include, without limitation, Eagle’s, or its management team’s expectations concerning the PFS-related drill program; the outlook for Eagle’s business; the ability to execute Eagle’s strategies and reach permitting and operational milestones timely or at all; projected and estimated financial performance; anticipated industry trends; the future price of minerals; future capital expenditures; success of exploration activities; mining or processing issues; government regulation of mining operations; and environmental risks; as well as any information concerning possible or assumed future results of operations of Eagle. The forward-looking statements are based on the current expectations of the management teams of Eagle, and are inherently subject to uncertainties and changes in circumstance and their potential effects. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, (i) market risks; (ii) the effect of the Company’s previously completed business combination with Spring Valley Acquisition Corp. II (the “Business Combination”) on Eagle’s business relationships, performance, and business generally; (iii) risks that the Business Combination disrupts current plans of Eagle and potential difficulties in its employee retention as a result of the Business Combination; (iv) the outcome of any legal proceedings that may be instituted against Eagle related to the Business Combination; (v) failure to realize the anticipated benefits of the Business Combination; (vi) the inability to maintain the listing of Eagle’s securities on Nasdaq Capital Market or a comparable exchange; (vii) the risk that the price of Eagle’s securities may be volatile due to a variety of factors, including changes in laws, regulations, technologies, natural disasters or health epidemics/pandemics, national security tensions, and macro-economic and social environments affecting its business; (viii) fluctuations in spot and forward markets for lithium and uranium and certain other commodities (such as natural gas, fuel oil and electricity); (ix) restrictions on mining in the jurisdictions in which Eagle operates; (x) laws and regulations governing Eagle’s operation, exploration and development activities, and changes in such laws and regulations; (xi) Eagle’s ability to obtain or renew the licenses and permits necessary for the operation and expansion of its existing operations and for the development, construction and commencement of new operations; (xii) risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, potential unintended releases of contaminants, industrial accidents, unusual or unexpected geological or structural formations, pressures, cave-ins and flooding); (xiii) inherent risks associated with tailings facilities and heap leach operations, including failure or leakages; the speculative nature of mineral exploration and development; the inability to determine, with certainty, production and cost estimates; inadequate or unreliable infrastructure (such as roads, bridges, power sources and water supplies); (xiv) environmental regulations and legislation; (xv) the effects of climate change, extreme weather events, water scarcity, and seismic events, and the effectiveness of strategies to deal with these issues; (xvi) risks relating to Eagle’s exploration operations; (xvii) fluctuations in currency markets; (xviii) the volatility of the metals markets, and its potential to impact Eagle’s ability to meet its financial obligations; (xix) disputes as to the validity of mining or exploration titles or claims or rights, which constitute most of Eagle’s property holdings; (xx) Eagle’s ability to complete and successfully integrate acquisitions; (xxi) increased competition in the mining industry for properties and equipment; (xxii) limited supply of materials and supply chain disruptions; (xxiii) relations with and claims by indigenous populations; (xxiv) relations with and claims by local communities and non-governmental organizations; and (xxv) the risk that other capital needed by Eagle may not be raised on favorable terms, or at all. The foregoing list is not exhaustive, and there may be additional risks that Eagle presently does not know or that Eagle currently believes are immaterial. You should carefully consider the foregoing factors, any other factors discussed in this press release and the other risks and uncertainties described in the registration statement on Form S-4 initially filed by Eagle on September 30, 2025, and the definitive proxy statement / prospectus contained therein, and any amendments or supplements thereto, and those discussed and identified in other filings made with the SEC by Eagle from time to time, which may be found on the SEC’s website at www.sec.gov. Eagle cautions you against placing undue reliance on forward-looking statements, which reflect current beliefs and are based on information currently available as of the date a forward-looking statement is made. Forward-looking statements set forth in this press release speak only as of the date of this press release. Eagle undertakes no obligation to revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs. In the event that any forward-looking statement is updated, no inference should be made that Eagle will make additional updates with respect to that statement, related matters, or any other forward-looking statements.

Investor Relations Contact:

775-335-2029

Investors@eaglenuclear.com

Media Relations Contact:

Gateway Group

Zach Kadletz, Brenlyn Motlagh

949-574-3860

EAGLE@Gateway-grp.com

BBA and SLR help Eagle design a limited drill program at Aurora, as one of the largest undeveloped uranium deposits in the U.S. progresses toward a PFS

RENO, NV – April 1, 2026 – Eagle Nuclear Energy Corp. (“Eagle” or the “Company”) (NASDAQ: NUCL), a next-generation nuclear energy company which owns the largest conventional, measured and indicated uranium deposit in the United States, today announced its intention to conduct a 27,000 ft drill program at its flagship Aurora Uranium Project (“Aurora” or the “Project”) located along the Oregon–Nevada border, this summer.

Following the recommendations of a comprehensive “Gap Analysis” study completed by Eagle’s resource consultants, BBA USA Inc. (“BBA”), the limited drill program has been designed to address data gaps at Aurora in order to advance the Project toward a Pre-Feasibility Study (“PFS”). Specifically, the drill program has been formulated to achieve the following objectives:

  • Resource expansion and definition;
  • Resource classification enhancement;
  • Advanced metallurgy and process flow-sheet design;
  • Rock mechanics and geotechnical analysis for pit engineering; and
  • Hydrogeological analysis.

The samples and data generated from the drill program will feed into the individual studies stated above, which in turn will collectively form the bulk of the eventual PFS. Management has been working very closely with BBA and Eagle’s permitting manager, SLR International Corporation (“SLR”), since September, 2025 to meticulously plan this drill program.

The drill program is scheduled to commence in early July and shall consist of 47 diamond drill holes, collectively totaling 27,000 ft of drilling. Every drill hole will be surveyed by a gamma probe in order to get a detailed downhole radiometric log in addition to chemical assays from the drill core itself. A few specific drill holes have also been earmarked for an Acoustic Televiewer survey that will provide detailed structural geology information relevant to resource delineation and advanced pit engineering. Six of the 47 drill holes have been designated to provide hydrogeological data for the deposit, including information on groundwater elevation and flow-rates.

Eagle’s VP of Operations, Vishal Gupta, stated, “While each drill hole has been assigned a primary purpose, it has also been carefully crafted to concurrently fulfill additional secondary and tertiary goals, thereby limiting the size of the overall drill program without compromising on any of its objectives. It was imperative for us to have an integral contribution to the planning process for this drill program from both BBA and SLR, since these two firms have been tasked to help Eagle take Aurora through to the PFS stage from a technical and a permitting perspective, respectively.”

Eagle’s management has sent Requests for Proposals (“RFPs”) to numerous drilling contractors in order to secure drill rigs in time to commence the drill program in early July. It is anticipated that the entire drill program will be completed in a 3-4 month time-frame using 2-3 drill rigs. Eagle has requested track-mounted drill rigs with above-ground mud systems in order to avoid digging sumps and reduce overall surface disturbance. The PFS is slated to be completed in the second half of 2027.

Aurora anchors Eagle’s long-term strategy to develop a vertically integrated nuclear energy platform combining domestic uranium resources with advanced SMR technology. As global demand for nuclear power accelerates and the U.S. looks to strengthen domestic fuel supply chains, the company believes Aurora is positioned to become a strategic source of uranium for the next generation of nuclear energy.

About Eagle Nuclear Energy Corp.

Eagle Nuclear Energy Corp. is a next-generation nuclear energy company that combines domestic uranium exploration with exclusive Small Modular Reactor (SMR) technology. The Company owns the largest conventional, measured and indicated uranium deposit in the United States, located in southeastern Oregon. This includes the Aurora deposit, with 32.75Mlbs Indicated and 4.98Mlbs Inferred (SK-1300 TRS) of near-surface uranium resource, and the adjacent Cordex deposit, which offers significant potential to expand the project’s overall resource inventory. By integrating advanced SMR technology with a sizeable uranium asset, Eagle is building an integrated nuclear platform positioned to help restore American leadership in the global nuclear industry.

 

For more information about Eagle Nuclear Energy Corp., visit www.eaglenuclear.com.

 

Cautionary Note Regarding Forward-Looking Statements

Certain statements included in this press release are not historical facts but are forward-looking statements. All statements other than statements of historical facts contained in this press release are forward-looking statements. Any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are also forward-looking statements. In some cases, you can identify forward-looking statements by words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “strategy,” “future,” “opportunity,” “may,” “target,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” “preliminary,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements include, without limitation, Eagle’s, or its management team’s expectations concerning the Business Combination and expected benefits thereof; the outlook for Eagle’s business; the ability to execute Eagle’s strategies and reach permitting and operational milestones timely or at all; projected and estimated financial performance; anticipated industry trends; the future price of minerals; future capital expenditures; success of exploration activities; mining or processing issues; government regulation of mining operations; and environmental risks; as well as any information concerning possible or assumed future results of operations of Eagle. The forward-looking statements are based on the current expectations of the management teams of Eagle, and are inherently subject to uncertainties and changes in circumstance and their potential effects. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, (i) market risks; (ii) the effect of the Business Combination on Eagle’s business relationships, performance, and business generally; (iii) risks that the Business Combination disrupts current plans of Eagle and potential difficulties in its employee retention as a result of the Business Combination; (iv) the outcome of any legal proceedings that may be instituted against Eagle related to the Business Combination; (v) failure to realize the anticipated benefits of the Business Combination; (vi) the inability to maintain the listing of Eagle’s securities on Nasdaq Capital Market or a comparable exchange; (vii) the risk that the price of Eagle’s securities may be volatile due to a variety of factors, including changes in laws, regulations, technologies, natural disasters or health epidemics/pandemics, national security tensions, and macro-economic and social environments affecting its business; (viii) fluctuations in spot and forward markets for lithium and uranium and certain other commodities (such as natural gas, fuel oil and electricity); (ix) restrictions on mining in the jurisdictions in which Eagle operates; (x) laws and regulations governing Eagle’s operation, exploration and development activities, and changes in such laws and regulations; (xi) Eagle’s ability to obtain or renew the licenses and permits necessary for the operation and expansion of its existing operations and for the development, construction and commencement of new operations; (xii) risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, potential unintended releases of contaminants, industrial accidents, unusual or unexpected geological or structural formations, pressures, cave-ins and flooding); (xiii) inherent risks associated with tailings facilities and heap leach operations, including failure or leakages; the speculative nature of mineral exploration and development; the inability to determine, with certainty, production and cost estimates; inadequate or unreliable infrastructure (such as roads, bridges, power sources and water supplies); (xiv) environmental regulations and legislation; (xv) the effects of climate change, extreme weather events, water scarcity, and seismic events, and the effectiveness of strategies to deal with these issues; (xvi) risks relating to Eagle’s exploration operations; (xvii) fluctuations in currency markets; (xviii) the volatility of the metals markets, and its potential to impact Eagle’s ability to meet its financial obligations; (xix) disputes as to the validity of mining or exploration titles or claims or rights, which constitute most of Eagle’s property holdings; (xx) Eagle’s ability to complete and successfully integrate acquisitions; (xxi) increased competition in the mining industry for properties and equipment; (xxii) limited supply of materials and supply chain disruptions; (xxiii) relations with and claims by indigenous populations; (xxiv) relations with and claims by local communities and non-governmental organizations; and (xxv) the risk that other capital needed by Eagle may not be raised on favorable terms, or at all. The foregoing list is not exhaustive, and there may be additional risks that Eagle presently does not know or that Eagle currently believes are immaterial. You should carefully consider the foregoing factors, any other factors discussed in this press release and the other risks and uncertainties described in the registration statement on Form S-4 initially filed by Eagle on September 30, 2025, and the definitive proxy statement / prospectus contained therein, and any amendments or supplements thereto, and those discussed and identified in other filings made with the SEC by Eagle from time to time, which may be found on the SEC’s website at www.sec.gov. Eagle cautions you against placing undue reliance on forward-looking statements, which reflect current beliefs and are based on information currently available as of the date a forward-looking statement is made. Forward-looking statements set forth in this press release speak only as of the date of this press release. Eagle undertakes no obligation to revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs. In the event that any forward-looking statement is updated, no inference should be made that Eagle will make additional updates with respect to that statement, related matters, or any other forward-looking statements.

 

Investor Relations Contact:

 

775-335-2029

Investors@eaglenuclear.com

 

Media Relations Contact:

 

Gateway Group

Zach Kadletz, Brenlyn Motlagh

949-574-3860

EAGLE@Gateway-grp.com

“Did you know that a singular ChatGPT search is equivalent to leaving your light bulb on for 20 minutes?”

I learned a lot from Mark Mukhija, Eagle Nuclear Energy Corp, NUCL, and this was an absolute blast to find out how much uranium we need just to update our nuclear fleet, and how much we still buy from other countries.

Click to visit Podcast

Link: https://podcasts.apple.com/ca/podcast/building-americas-nuclear-future-from-uranium-to-smrs/id1564334366?i=1000758529646

Steve Yang (NaturalResourceStocks.net) sits down with Mark Mukhija, CEO of Eagle Nuclear Energy Corp, to break down why Eagle Nuclear believes it has one of the most important domestic uranium stories in the market right now.

Click to Watch Video

Link: https://www.youtube.com/watch?v=Djunfk1oaZQ

About Eagle Nuclear Energy Corp.

Eagle Nuclear Energy Corp. (NASDAQ: NUCL) is an America-first nuclear energy company that describes itself as the nation’s only integrated nuclear platform. The company’s core asset is the Aurora Uranium Project in southeastern Oregon — a near-surface, conventionally mined deposit hosting a SK1300-compliant resource of 32.75 million pounds Indicated and 4.98 million pounds Inferred uranium, making it the largest conventional uranium deposit in the United States. With over 500 drill holes completed at Aurora, and the adjacent Cordex property offering additional scalable resource potential, Eagle has assembled a uranium asset base of genuine national significance at a time when domestic uranium supply is a stated U.S. national security priority.

Beyond its uranium assets, Eagle Nuclear is simultaneously developing proprietary modular reactor technology — specifically, the Small Long-Life Modular (SLLIM) and Very Small Long-Life Modular (VSLLIM) reactor designs — intended for industrial and grid-scale power applications. This dual-track strategy creates a vertically integrated business model encompassing uranium extraction, domestic fuel production, and reactor deployment. The company’s March 2026 NASDAQ listing, engagement of SLR International Corporation to lead Aurora permitting, and membership in the Uranium Producers of America signal a decisive transition from early-stage exploration to active development and commercial execution.

Eagle Nuclear’s mission is to power America from the ground to the grid. The company’s strategic thesis rests on vertical integration across the nuclear fuel cycle — controlling uranium in the ground at Aurora, extracting it domestically, and ultimately deploying electricity through its own SMR technology. This positions Eagle as fundamentally different from a conventional uranium explorer: it is building toward a complete nuclear energy platform spanning resource ownership, fuel supply, and power generation. Management frames this as a direct response to two structural U.S. energy vulnerabilities: foreign dependence on uranium enrichment and grid fragility in the face of surging electricity demand from AI data centers, cryptocurrency, and industrial electrification. The global SMR market is projected to grow from approximately US$3.4 billion in 2024 to over US$18 billion by 2030, and Eagle’s proprietary SLLIM and VSLLIM designs — backed by a Head of Licensing with 27 years of nuclear sector experience — position the company within this rapidly expanding market (eaglenuclear.com).

Aurora Uranium Project: Scale and Strategic Importance

The Aurora Uranium Project is the cornerstone of Eagle Nuclear’s value proposition. With a SK1300-compliant Indicated Resource of 32.75 million pounds and Inferred Resource of 4.98 million pounds of U₃O₈, it is the largest conventional uranium deposit in the United States. The deposit features near-surface mineralization, low stripping ratios, and a well-understood geometry supported by over 500 drill holes — an unusually high level of geological confidence for a pre-production asset. The adjacent Cordex deposit, with approximately 100 holes drilled, provides an additional resource expansion pathway as data digitisation progresses. Aurora’s engagement of SLR International Corporation in March 2026 to lead environmental permitting marks the most critical near-term execution milestone, as permitting represents the primary de-risking hurdle between exploration and eventual production (eaglenuclear.com News, March 18, 2026).

The Uranium Supply Deficit: A Structural Tailwind

The macroeconomic backdrop for Eagle Nuclear’s uranium assets is strongly supportive. Global uranium demand is expected to increase materially over the next decade as nations accelerate nuclear buildouts to address energy security and net-zero commitments. Analysts project uranium spot prices approaching US$92 per pound as tightening primary supply — including Kazatomprom output constraints, geopolitical restrictions on Russian supply, and years of underinvestment — converges with accelerating reactor demand (Critical Minerals Institute, March 2026). The U.S. Prohibiting Russian Uranium Imports Act, passed in 2024, eliminated approximately 24% of U.S. enriched uranium supply overnight, creating an acute domestic sourcing imperative that places a company controlling the nation’s largest conventional uranium deposit in an exceptionally advantaged commercial position.

Leadership, Listing, and Commercial Momentum

Eagle Nuclear completed its NASDAQ listing and rang the Opening Bell in March 2026 — providing institutional investor access that few uranium development companies at this stage have achieved. The leadership team is notably experienced: CEO Mark Mukhija brings 16+ years at Teck Resources, Barrick, BHP, and TransAlta; Director Rob Kaplan previously led the Spring Valley Acquisition Corp. II merger with Eagle Nuclear and executed NuScale Power’s NASDAQ listing, providing direct precedent experience for a nuclear SMR company’s path to public markets; and the company became a member of the Uranium Producers of America in March 2026, positioning it favourably for government offtake discussions and defence-related procurement opportunities as the domestic nuclear supply chain buildout accelerates.

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