1. Like NuScale Power, but also mining its own uranium.

2. A vertically integrated nuclear energy company, similar to how an oil major like ExxonMobil explores for and refines its own fuel.

3. A nuclear energy startup aiming to be the 'Tesla of nuclear power' by controlling both its fuel supply and reactor technology.

• Uranium Exploration and Development: The company conducts mineral exploration and development in North America, primarily focused on domestic uranium resources.
• Small Modular Reactor (SMR) Technology: Eagle Nuclear Energy develops proprietary SMR technology for nuclear power generation.
• Modular Nuclear Reactors: They develop and provide modular nuclear reactors designed to supply power for various industrial and grid applications.

Due to Eagle Nuclear Energy's recent founding in 2023 and the nature of its business in uranium mining/exploration and Small Modular Reactor (SMR) development, specific major customer names are not publicly disclosed or may not yet be established. However, based on the company's operations, its major customers would primarily be other companies within the following categories:

• Electric Utilities and Power Generators: These companies would be key customers for Eagle Nuclear Energy's Small Modular Reactors (SMRs) designed for "grid applications." They would integrate SMRs into their power grids to provide baseload electricity.
• Industrial Sector Companies: Businesses requiring reliable, often significant, power for "industrial applications" would be customers for SMRs. This could include heavy manufacturing, chemical processing plants, large data centers, or even other mining operations seeking on-site power solutions.
• Nuclear Fuel Cycle Companies and Other Utilities: As a uranium exploration and mining company, Eagle Nuclear Energy's customers for its uranium would be entities involved in the nuclear fuel supply chain. This includes utilities operating nuclear power plants that require uranium for fuel fabrication, as well as companies specializing in uranium conversion, enrichment, and fuel fabrication.

Mark Mukhija, Chief Executive Officer

Mark Mukhija, also known as Manavdeep Singh Mukhija, is a mining executive with over 16 years of global experience in the industry, holding senior roles at major companies such as Teck Resources, Barrick, BHP, and TransAlta. He previously served as General Manager Australia for Motion Metrics Pty Australia Ltd., an AI/machine learning firm focused on mining safety and productivity. Mr. Mukhija holds a Bachelor of Applied Science in Mining Engineering from the University of British Columbia and is a registered Professional Engineer.

Ajaypreet Toor, Chief Financial Officer

Ajaypreet Toor is an experienced finance professional specializing in corporate finance, financial reporting, and public company compliance within the mining and technology sectors. He has held numerous executive roles with public issuers, including CFO and director positions at NextGen Digital Platforms Inc., American Tungsten Corp., and Rush Gold Corp. Mr. Toor, a CPA, has also provided advisory services on listings and financings as a Corporate Finance Analyst.

Vishal Gupta, Vice President of Operations

Vishal Gupta is an accomplished mining executive, professional geologist, and investment banker with nearly two decades of experience in the mining industry and capital markets. His expertise spans precious metals, base metals, battery metals, and energy metals, and his background includes roles as an investment banker and equity research analyst. Mr. Gupta holds a Master of Science degree in geology from the University of Toronto.

Ben Egnew, Head of Licensing

Ben Egnew is a licensing specialist with over 27 years of experience in the military and nuclear sectors, having worked on Boiling Water Reactor (BWR) and Pressurized Water Reactor (PWR) nuclear power plants. His background includes extensive experience in operations, maintenance, training, and licensing. Mr. Egnew holds dual Bachelor of Science degrees in Nuclear Engineering and Engineering Physics from Rensselaer Polytechnic Institute and an MBA from the University of Phoenix.

Kuljit Basi, VP of Project Development & Director

Kuljit Basi serves as the Vice President of Project Development and a Director for Eagle Nuclear Energy Corp. Specific background details regarding his previous companies, sales, or private equity involvement are not extensively detailed in the provided search results.

Here are the key risks to Eagle Nuclear Energy (symbol: NUCL), listed in order from most significant to less significant:

1. Unproven Small Modular Reactor (SMR) Technology and Lengthy Regulatory Approval: Eagle Nuclear Energy's core business model relies on the successful development and deployment of proprietary Small Modular Reactor (SMR) technology. However, SMR technology is largely unproven at scale, with many designs still in the research and development phase and using new cooling and fuel systems that lack extensive validation. Bringing advanced SMR designs to market involves significant technological development and licensing risks. The nuclear industry faces lengthy regulatory approval timelines for new designs, which can take several years for certification, and there are currently no working examples of SMRs in the United States. The absence of established regulatory pathways creates a potential bottleneck, making the licensing process time-consuming and uncertain.
2. Substantial Capital Requirements and Funding Risks: Eagle Nuclear Energy is a relatively new company, founded in 2023, and is currently pre-revenue, reporting a net loss. Developing both uranium exploration projects and SMR technology requires significant capital investment, with each SMR unit alone potentially costing up to US$1 billion. The company has less than one year of cash runway, indicating a strong reliance on future funding to finance its operations and development, which is likely to involve issuing new stock and potentially diluting existing shareholders. Nuclear power projects, including SMRs, are characterized by large upfront capital costs, long lead times, and exposure to regulatory and political risks that can deter investment.
3. Environmental, Regulatory, and Supply Chain Risks in Uranium Mining: The company is involved in domestic uranium exploration and development. Uranium mining carries inherent environmental and health risks, including contamination from radioactive dust, radon gas, water-borne toxins, and increased background radiation, which can lead to community opposition and significant regulatory hurdles. While there is a push for domestic uranium production due to the US importing over 95% of its uranium, the establishment of a robust and specialized fuel supply chain, particularly for High-Assay Low-Enriched Uranium (HALEU) required by some SMR designs, remains a major challenge. The absence of a large-scale commercial HALEU supply chain in the US represents an existential risk to the SMR business model.

Other nuclear energy companies developing and deploying superior or more advanced Small Modular Reactor (SMR) technology faster and more cost-effectively, thus gaining a significant advantage in the nascent SMR market.

Eagle Nuclear Energy (NUCL) operates in two primary markets: domestic uranium exploration and development, and Small Modular Reactor (SMR) technology.

Small Modular Reactor (SMR) Market

The global Small Modular Reactor (SMR) market was valued at approximately USD 5.81 billion in 2024, with projections indicating a rise to USD 6.48 billion by 2031 at a compound annual growth rate (CAGR) of 1.6% between 2025 and 2031. Other estimates place the global SMR market size at USD 6.00 billion in 2024, growing to USD 7.14 billion by 2030 with a CAGR of 3.0%. The market was also valued at USD 5.96 billion in 2025, projected to reach USD 8.77 billion by 2034 with a CAGR of 4.59%.

More optimistically, the global SMR market, valued at approximately USD 5.32 billion in 2023, is projected to reach USD 48.0 billion by 2032, exhibiting a significant CAGR of 27.69%. Another report states the global nuclear microreactor small modular reactor market was valued at $4.8 billion in 2025 and is expected to reach $26.4 billion by 2034 with a CAGR of 19.3% from 2026 to 2034.

For North America, which holds a commanding position in the SMR market, the market was valued at approximately USD 2.4 billion in 2024, representing a 38.3% share of the global market. Another source indicates the North America SMR market is currently valued at USD 1.5 billion. North America commanded the largest share of the global nuclear microreactor small modular reactor market, accounting for USD 1.84 billion, or 38.4%, of total revenues in 2025. North America is also estimated to hold approximately 50% of the global SMR market share, driven by increasing energy demands and regulatory support.

Uranium Exploration and Mining Market

The North America uranium mining market size was valued at USD 3419.28 million in 2024 and is projected to grow to USD 4490.3 million by 2031, with a CAGR of 2.7% from 2024 to 2031. Within this region, the United States held a significant share, with a market size of USD 2697.81 million in 2024. North America dominated the overall uranium market with a 55% share in 2023. Furthermore, North America is projected to account for approximately 27–28% of the global uranium market, valued at USD 3.16 billion in 2026 and expected to reach USD 4.36 billion by 2035 at a CAGR of 3.6%.

Globally, the uranium market size was valued at USD 15.57 billion in 2024 and is projected to increase from USD 16.16 billion in 2025 to USD 21.78 billion by 2033, demonstrating a CAGR of 3.8% during the forecast period. The global uranium ore mining market was valued at USD 11,740.45 million in 2025 and is expected to reach USD 16,300.97 million by 2032, with a CAGR of 4.8%. The broader uranium market size is forecast to reach US$12.7 billion by 2030, growing at a CAGR of 4.3% during 2024-2030.

Eagle Nuclear Energy (NUCL) anticipates several key drivers for future revenue growth over the next 2-3 years, stemming from its strategic focus on domestic uranium resources and advanced nuclear technology.

1. Advancement and Eventual Production from the Aurora Uranium Project: A primary driver is the progression of the Aurora Uranium Project, which is recognized as the largest conventional, measured, and indicated uranium deposit in the United States. The company announced a substantial drill program slated to commence in July 2026, with the aim of advancing the project towards a Pre-Feasibility Study (PFS) by the second half of 2027. This development is a critical step toward future uranium extraction and sales.

2. Development and Deployment of Proprietary Small Modular Reactor (SMR) Technology: Eagle Nuclear Energy is actively developing its proprietary Small Modular Reactor (SMR) technology, including small, long-life (SLLIM) and very small, long-life (VSLLIM) modular nuclear reactors. These reactors are designed to provide scalable and reliable power for industrial and grid applications, offering a distinct revenue stream beyond uranium mining and positioning the company as an integrated nuclear energy platform provider.

3. Capitalization on Increasing Global and Domestic Demand for Nuclear Energy and Uranium: The company is poised to benefit from the significant global expansion in nuclear energy, with 78 gigawatts of nuclear reactor capacity currently under construction worldwide and projections for substantial growth by 2050. This surge in demand is expected to drive an increase in uranium prices, which analysts forecast could reach $100 to $125 per pound for the year. Eagle Nuclear Energy's strategic positioning to provide domestic uranium resources and SMR solutions aligns with the growing emphasis on U.S. energy security and reducing reliance on foreign fuel suppliers.

Share Issuance

• Eagle Nuclear Energy completed a business merger with Spring Valley Acquisition Corp. II in February 2026, which involved a private investment in public equity (PIPE) of $29.7 million that issued Series A Cumulative Convertible Preferred Stock and 2.5 million warrants.
• The company has registered a primary issuance of up to 29,362,133 shares of common stock, which includes shares issuable upon the exercise of public, private, and PIPE warrants, and conversion of Series A cumulative convertible preferred stock.

Inbound Investments

• Eagle Nuclear Energy received $29.7 million through a PIPE financing, which included the issuance of Series A Cumulative Convertible Preferred Stock and 2.5 million warrants.
• This $29.7 million public-private investment from the merger with Spring Valley Acquisition Corp. II is expected to fund the company's operations for about two years.

Outbound Investments

• The company acquired Oregon Energy LLC, adding mineral rights for the Aurora Uranium Project, valued at $12.8 million.
• The Aurora Uranium Project asset was acquired in late 2024 from an Australian group called Aurora Energy Metals.

Capital Expenditures

• Eagle Nuclear Energy plans to commence a 47-hole, 27,000-foot diamond drill program at its Aurora Uranium Project in July 2026.
• The drilling program for the Aurora Uranium Project is expected to cost $4.7 million.
• The primary focus of these capital expenditures is to advance the Aurora Uranium Project toward a Pre-Feasibility Study (PFS) targeted for the second half of 2027.