Eagle Nuclear Energy Corp.

What they do

Eagle Nuclear Energy Corp. is a vertically integrated nuclear energy company that owns uranium mining claims in Oregon and Nevada, including the Aurora Uranium Project (AUP) in Malheur County, Oregon, covering approximately 43 square kilometers with 263 unpatented lode and 71 unpatented placer mining claims, plus 27 placer claims in Humboldt County, Nevada. The company is also developing proprietary small modular reactor (SMR) technology intended to supply power for industrial use and electricity grids. As of May 31, 2026, the company has not yet commenced principal operations.

Revenue drivers

• Uranium exploration and production (Aurora Uranium Project) — The company's flagship asset is the Aurora Uranium Project, described as one of the largest undeveloped uranium deposits in the US, but it is pre-revenue with no production to date.
• Small modular reactor (SMR) technology development — The company is developing proprietary SMR technology, but it is at an early design stage with no revenue generated; it has engaged Tensor Medium Corporation for AI-enabled reactor modeling and simulation.

Recent performance

In the second quarter ending May 31, 2026, the company reported no revenue, with net income of $-5.3M for 2025 and operating cash flow of $-5.2M for 2025, compared to net income of $-1.0M and operating cash flow of $-163,524 for 2024. As of May 31, 2026, the company had total assets of $43.1M, total liabilities of $24.3M, and a shareholder equity deficit of $-7.0M, with cash and equivalents of $28.3M.

Strategy

Management's stated strategy is to advance the Aurora Uranium Project toward a Pre-Feasibility Study (PFS) scheduled for completion in late-2027, supported by a 27,000-ft drill program planned for summer 2026. The company is conducting environmental baseline studies, installing meteorological stations, and completing wetland delineation and cultural surveys to support permitting and mine design. In parallel, it is advancing its SMR program through a partnership with Tensor Medium for reactor modeling and simulation, and engaging with policymakers, including the Uranium Producers of America and the U.S. Department of Energy's Office of Critical Minerals and Energy Innovation, to support domestic uranium production.

Risks

• Pre-revenue and negative equity — The company has no revenue, reported a shareholder equity deficit of $-7.0M as of May 31, 2026, and has incurred net losses of $5.3M in 2025.
• Licensing and permitting uncertainty — The drill program and future uranium mining at Aurora require permits from the BLM and DOGAMI, which have been filed but not yet approved, and any delays could derail the PFS timeline.
• SMR development is early stage — The SMR technology is still in design and simulation phases, with no reactor built or licensed, and the engagement with Tensor Medium is only for modeling support, not a guarantee of regulatory approval.
• De-SPAC related overhang — The reverse recapitalization completed in February 2026 involved complex share exchanges and 2,299,982 shares issued to holders of SVII rights, which could lead to dilution or shareholder litigation.

Outlook

Management expects to commence the drill program at Aurora during the summer of 2026, with environmental baseline studies ongoing to support permitting and mine design. The company aims to complete a Pre-Feasibility Study by late-2027 and continues to build partnerships for SMR development and domestic uranium policy engagement.