The Nuclear Fuel Cycle Is Tightening. These Companies Are Positioned at Every Stage.

Issued on behalf of Eagle Nuclear Energy Corp.

VANCOUVER, BC, March 2, 2026 /CNW/ -- Equity-Insider.com News Commentary -- Global nuclear power capacity is projected to triple by 2050, with reactor requirements expected to more than double from roughly 68,900 metric tons of uranium in 2025 to over 150,000 metric tons by 2040^[1]. U.S. utilities purchased more than 51 million pounds of uranium in 2023, yet less than 5% came from domestic production, leaving the vast majority sourced from foreign suppliers including Russia and Kazakhstan^[2]. These supply dynamics are converging around Eagle Nuclear Energy Corp. (NASDAQ:NUCL), Cameco (NYSE:CCJ), Energy Fuels (NYSE-A: UUUU), Vistra (NYSE:VST), and BWX Technologies (NYSE:BWXT).

Forward contract prices for uranium are now signaling ceilings upwards of $140-$150 per pound, reflecting growing urgency among utilities to lock in long-term supply in a market where secondary sources are thinning and new production timelines are being pushed further out^[3]. Meanwhile, global data center electricity consumption is projected to reach 620 to 1,050 terawatt hours by 2026, with nuclear maintaining an 18% share of U.S. electricity generation as technology companies seek firm, carbon-free baseload power^[4].

Eagle Nuclear Energy Corp. (NASDAQ:NUCL), a next-generation nuclear energy company, officially commenced trading on the Nasdaq on February 25 following the closing of its business combination with Spring Valley Acquisition Corp. II. The company's common stock and warrants now trade under the ticker symbols NUCL and NUCLW, respectively. Shareholders overwhelmingly approved the transaction, with approximately 83% of outstanding shares represented and more than 99% of votes cast in favor across all six proposals.

The transaction was led by the same SPAC team that brought NuScale Power (NYSE:SMR) public in 2022, backed by Pearl Energy, a $3.0 billion Texas-based firm focused on the North American energy sector. Eagle is the first domestic uranium resource exploration company with exclusive small modular reactor technology to list on a U.S. exchange.

Eagle holds rights to what it describes as the largest open pit-constrained, measured and indicated uranium deposit in the United States. The Aurora deposit sits on the Oregon-Nevada border with 32.75 million pounds of indicated uranium and 4.98 million pounds inferred, based on over 500 drill holes.

In January, the company engaged BBA USA, a consulting firm with over 45 years of energy sector experience, to design a targeted drilling campaign at Aurora in support of a Pre-Feasibility Study. BBA will design and optimize the number, location, and orientation of drill holes across five key objectives, including advanced metallurgical testing, hydrogeological analysis, and mineral resource expansion.

"We're seeing sustained demand for nuclear power translate into real demand for uranium, particularly for projects located in the U.S.," said Mark Mukhija, CEO of Eagle Nuclear Energy Corp.. "Advancing Aurora with BBA is about making sure this asset is ready to meet that demand as the market continues to tighten."

Adjacent to Aurora is the Cordex deposit, which offers significant potential to expand the project's overall resource inventory as the company digitizes existing drill data. Recent metallurgical optimization results demonstrated uranium recoveries in the high 80% range and significantly reduced acid consumption to approximately 70 to 90 kg/t, enhancing project economics.

Beyond uranium, Eagle also holds rights to Small Modular Reactor technology. By integrating advanced SMR technology with a sizeable uranium asset, the company is building an integrated nuclear platform positioned to help restore American leadership in the global nuclear industry.

In other industry developments:

Cameco (NYSE:CCJ) (TSX:CCO) reported its fourth quarter and full-year 2025 results with adjusted EBITDA increasing by approximately $398 million to $1.9 billion compared to 2024. The company has approximately 230 million pounds of uranium committed under long-term contracts, positioning it to capture value in a tightening supply environment where secondary sources continue to thin.

"The underlying message is clear to us: the fundamentals that have been steadily improving over the past several years gained further traction in 2025, and we expect these trends to continue through 2026 and beyond," said Tim Gitzel, CEO of Cameco.

The company's Westinghouse segment delivered a 30% increase in adjusted EBITDA over 2024, with a US$350 million cash distribution tied to Westinghouse's participation in the Dukovany nuclear project. Cameco maintains a disciplined supply strategy aligned with its tier-one uranium assets, declining to bring forward uncommitted supply that could disrupt long-term contracting cycles.

Energy Fuels (NYSE-A: UUUU) (TSX:EFR) announced plans to acquire Australian Strategic Materials (ASM) in a transaction valued at US$299 million, creating what it calls the largest fully integrated mine-to-metal rare earth producer outside China. The deal combines ASM's operating Korean Metals Plant with Energy Fuels' White Mesa Mill, the only U.S. facility currently separating monazite into light and heavy rare earth oxides.

"Energy Fuels is executing our plan to create the largest fully integrated producer of REE materials outside of China, including REE oxides, metals and alloys, while supporting U.S. and allied critical mineral supply chains," said Mark S. Chalmers, CEO of Energy Fuels.

The combined entity plans to produce 6,000 tonnes per annum of NdPr, 240 tonnes of dysprosium, and 66 tonnes of terbium oxides. Beyond rare earths, the company continues to produce uranium and vanadium from its White Mesa Mill, maintaining a dual role across multiple segments of the nuclear and critical minerals supply chain.

Vistra (NYSE:VST) signed 20-year agreements with Meta Platforms to provide over 2,600 megawatts of zero-carbon nuclear energy from its Beaver Valley, Davis-Besse, and Perry nuclear power plants. The deal includes 2,176 megawatts from existing operations plus 433 megawatts from nuclear uprates, representing the largest nuclear capacity expansion supported by a single corporate customer in the United States.

"This is a unique and exciting collaboration, and Vistra is proud to partner with Meta on these long-term power purchase agreements, which ensure the continued safe and reliable operation of Vistra's Beaver Valley, Davis-Besse, and Perry nuclear power plants for decades to come," said Jim Burke, President and CEO of Vistra.

Power delivery from the uprated facilities is expected to begin in late 2026 and continue through 2034. The agreements will extend the operating life of three carbon-free nuclear plants for another 20 years, underscoring the accelerating demand from technology companies for firm baseload energy to support AI infrastructure and large-scale data center operations.

BWX Technologies (NYSE:BWXT) opened its Centrifuge Manufacturing Development Facility in Oak Ridge, Tennessee, marking a significant step in reestablishing sovereign U.S. uranium enrichment capability. The facility supports a $1.5 billion NNSA contract awarded in September for a comprehensive program to supply enriched uranium for defense fuel needs.

"With the CMDF now operational, we are positioned to move centrifuge technology from development into production readiness while strengthening America's sovereign nuclear supply chain," said Rex D. Geveden, President and CEO of BWX Technologies.

The company's advanced gas centrifuge technology directly supports the broader effort to rebuild a secure domestic nuclear fuel cycle, reducing dependence on foreign enrichment services at a time when geopolitical tensions have disrupted traditional supply routes.

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Additional Information and Where to Find It



In connection with the transactions (the "Proposed Business Combination") contemplated by the related Spring Valley Acquisition Corp. II ("SVII") merger agreement (the "A&R Merger Agreement") with Eagle Energy Metals Corp ("Eagle"), Eagle Nuclear Energy Corp. ("New Eagle") filed with the Securities and Exchange Commission (the "SEC") a registration statement on Form S-4 (File No. 333-290631) (the "Registration Statement"), which was declared effective on January 30, 2026. On February 2, 2026, New Eagle also filed a final prospectus with respect to New Eagle's securities to be issued in connection with the Proposed Business Combination and a final proxy statement that was distributed to holders of SVII's Class A Ordinary Shares in connection with SVII's solicitation of proxies for the vote by SVII's shareholders with respect to the Proposed Business Combination and other matters described in the Registration Statement (collectively, the "Proxy Statement"). This document does not contain all of the information that should be considered concerning the Proposed Business Combination and is not a substitute for the Registration Statement, Proxy Statement or for any other document that SVII, New Eagle or Eagle may file with the SEC. Before making any investment or voting decision, investors and security holders of SVII, New Eagle and Eagle are urged to read the Registration Statement and the Proxy Statement, and any amendments or supplements thereto, as well as all other relevant materials filed or that will be filed with the SEC in connection with the Proposed Business Combination as they become available because they will contain important information about New Eagle, Eagle, SVII and the Proposed Business Combination. Investors and security holders will be able to obtain free copies of the Registration Statement, the Proxy Statement and all other relevant documents filed or that will be filed with the SEC by SVII, New Eagle or Eagle through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by SVII may be obtained free of charge from SVII's website at www.sv-ac.com or by directing a request to Spring Valley Acquisition Corp. II, Attn: Corporate Secretary, 2100 McKinney Avenue, Suite 1675, Dallas, Texas 75201. The information contained on, or that may be accessed through, the websites referenced in this document is not incorporated by reference into, and is not a part of, this document.

SOURCES:

1. https://world-nuclear.org/our-association/publications/global-trends-reports/world-nuclear-fuel-report-2025
2. https://www.eia.gov/uranium/marketing/
3. https://sprottetfs.com/insights/uranium-outlook-2026/
4. https://www.spencerfane.com/insight/nuclear-power-in-the-u-s-times-they-are-a-changin/

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