# EDGAR Filing Document

**Accession Number:** 0002101996
**File Stem:** 0001213900-26-049394
**Filing Date:** 2026-4
**Character Count:** 851757
**Document Hash:** 2a398fde159c22de8909ecc819b42d0e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-049394.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001213900-26-049394

**CONFORMED SUBMISSION TYPE**: F-1/A

**PUBLIC DOCUMENT COUNT**: 24

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nuclea Energy Inc.
- **CENTRAL INDEX KEY:** 0002101996
- **STANDARD INDUSTRIAL CLASSIFICATION:** HEATING EQUIPMENT, EXCEPT ELECTRIC & WARM AIR FURNACES [3433]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-295006
- **FILM NUMBER:** 26917889

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 15315 66 AVENUE, #201
- **CITY:** SURREY
- **PROVINCE COUNTRY:** A1
- **ZIP:** BC V3S 2A2
- **BUSINESS PHONE:** 604-727-6969

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 15315 66 AVENUE, #201
- **CITY:** SURREY
- **PROVINCE COUNTRY:** A1
- **ZIP:** BC V3S 2A2

#### As filed with the U.S. Securities and Exchange Commission on April 29 , 2026.

#### Registration No. 333-295006

#### UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

#### _______________________________

#### AMENDMENT NO. 1 <br>TO<br> FORM F-1<br>REGISTRATION STATEMENT<br>UNDER<br>THE SECURITIES ACT OF 1933

#### _______________________________

#### NUCLEA ENERGY INC.<br> (Exact Name of Registrant as Specified in its Charter)

#### Not Applicable<br> (Translation of Registrant's Name into English)

#### _______________________________

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| | | |
|:---|:---|:---|
|  **British Columbia (Canada)** | **4911** | **Not Applicable** |
|  (State or other jurisdiction of <br>incorporation or organization) | (Primary Standard Industrial <br>Classification Code Number) | (I.R.S. Employer <br>Identification No.) |

---

**Unit 5 2425 Skymark Ave,<br>Mississauga, ON L4W 4Y6, Canada<br>Tel: (437)784**-1600****<br> (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

#### Cogency Global Inc.<br>122 East 42 <sup>nd</sup> Street, 18 <sup>th</sup> Floor<br>New York, NY 10168<br>+1 800-221-0102 <br> (Name, address, including zip code, and telephone number, including area code, of agent for service)

#### _______________________________
Copies of all communications, including communications sent to agent for service, should be sent to:

---

| | |
|:---|:---|
|  **Lawrence S. Venick, Esq.<br>Loeb & Loeb LLP<br>10100 Santa Monica Blvd, #2200**<br> **Los Angeles, CA 90067<br>Telephone: +1 310 728-5129** | **M. Ali Panjwani, Esq.<br>Pryor Cashman LLP<br>7 Times Square<br>New York, New York 10036<br>Telephone: (212) 421**-4100 |

---

**Approximate date of commencement of proposed sale to the public: As soon as practicable after this Registration Statement becomes effective.**

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box: ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company. ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the U.S. Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

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#### EXPLANATORY NOTE
This Registration Statement contains two prospectuses, as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Public Offering Prospectus.* A prospectus to be used for the public offering of 5,555,556 Common Shares of the Registrant (the "Public Offering Prospectus") through the underwriter named on the cover page of the Public Offering Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Resale Prospectus.* A prospectus to be used for the resale from time to time by the selling shareholders set forth therein of 2,817,294 Common Shares of the Registrant (the "Selling Shareholders"), as set forth in the resale prospectus (the "Resale Prospectus").

The Resale Prospectus is substantially identical to the Public Offering Prospectus, except for the following principal differences:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they contain different outside and inside front covers and back covers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they contain different "The Offering" sections in the Prospectus Summary section beginning on page 13;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they contain different "Use of Proceeds" sections on page 45;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Resale Prospectus does not include a "Capitalization" section;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Resale Prospectus does not include a "Dilution" section;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Selling Shareholder section is included in the Resale Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Underwriting section from the Public Offering Prospectus is deleted from the Resale Prospectus and a Selling Shareholder Plan of Distribution section is inserted in the Resale Prospectus in its place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Legal Matters section on page 116 deletes the reference to counsel for the underwriter in the Resale Prospectus.

The Registrant has included in this Registration Statement a set of alternate pages after the back cover page of the Public Offering Prospectus (the "Alternate Pages") to reflect the foregoing differences in the Resale Prospectus as compared to the Public Offering Prospectus. The Public Offering Prospectus will exclude the Alternate Pages and will be used for the public offering by the Registrant. The Resale Prospectus will be substantively identical to the Public Offering Prospectus except for the addition or substitution of the Alternate Pages and will be used for the resale offering by the Selling Shareholders. Consummation of the offering made by the Resale Prospectus is conditioned on consummation of the initial public offering of Common Shares of Nuclea Energy Inc. pursuant to the Public Offering Prospectus.

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*The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the U.S. Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.*

*PRELIMINARY PROSPECTUS (Subject to Completion)<br>Dated April 29, 2026*

#### 5,555,556 Common Shares
This is the initial public offering of 5,555,556 Common Shares of Nuclea Energy Inc., a company incorporated under the laws of British Columbia, Canada (the "Company"). Prior to this Offering, there has been no public market for our Common Shares (the "Common Shares" or "Shares"). It is currently estimated that the initial public offering price per share will be between US$8.00 and US$10.00 per share. We are offering 5,555,556 Common Shares, assuming an initial public offering price of US$9.00 (which is the midpoint of the estimated range of the initial public offering).

This registration statement also contains a Resale Prospectus, pursuant to which the Selling Shareholders are offering 2,817,294 of our Common Shares (the "Resale Offering") to be sold pursuant to the Resale Prospectus. The Resale Offering is separate from our initial public offering. We will not receive any proceeds from the sale of the Common Shares to be sold by the Selling Shareholders. No sales of our Common Shares covered by the Resale Prospectus shall occur until our Common Shares sold in our initial public offering begin trading on the New York Stock Exchange ("NYSE").

Currently, no public market exists for our Common Shares. We plan to apply to list our Shares on the NYSE under the symbol "NCLA." We will not close this offering unless the NYSE has approved our Shares for listing.

As of the date of this prospectus, each of Mr. Sagar Sanghera, our President and Chairman of the Board, and Mr. Vinayak Ashok Gunda, beneficially owns an aggregate of approximately 29.6% of our Common Shares and each is expected to own approximately 25.4% our Common Shares upon the completion of this offering assuming no exercise of the Underwriter's over-allotment option. Due to his ownership of a material percentage of our outstanding Common Shares, Mr. Sanghera and/or Mr. Gunda could have significant influence in determining the outcome of any corporate transaction or other matter submitted to the shareholders for approval, including mergers, consolidations, the appointment of directors and other significant corporate actions. In addition, if Mr. Sanghera and Mr. Gunda act together, they will control the management and affairs of the company and most matters requiring shareholder approval, including the election of directors and approval of significant corporate transactions.

**Investing in the Shares involves risks. See section titled "Risk Factors" of this prospectus.**

We are both an "emerging growth company" and a "foreign private issuer" under applicable U.S. Securities and Exchange Commission rules and will be eligible for reduced public company disclosure requirements. See section titled "*Prospectus Summary — Implications of Being an 'Emerging Growth Company' and a 'Foreign Private Issuer'*" for additional information.

**Neither the U.S. Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per <br>Common Share** | **Per <br>Common Share** | **TOTAL** | **TOTAL** |
|  Initial public offering price | US$ | 9.00 | US$ | 50000004 |
|  Underwriting discounts<sup>(1)(2)(3)</sup> | US$ | 0.63 | US$ | 3500000 |
|  Proceeds, before expenses, to us<sup>(3)</sup> | US$ | 8.37 | US$ | 46500004 |

---

____________

(1) Represents underwriting discounts equal to six percent (6%) per Common Share. The underwriters will receive compensation in addition to the discounts. For a description of compensation payable to the underwriters, see "*Underwriting*" beginning on page 108.

(2) Underwriting discounts and commissions do not include a non-accountable expense allowance of one (1%) percent of the initial public offering price payable to the underwriters. For a description of other terms of compensation to be received by the underwriters, see "*Underwriting*" beginning on page 108.

(3) The underwriters have been granted a 45-day option to purchase up to 833,333 additional Common Shares at the public offering price per share, less underwriting discounts and commissions, solely to cover over-allotments, if any. If the representative of the underwriters exercises the option in full, the total underwriting discounts and commissions will be US$4,025,000 and the additional proceeds to us, before expenses, from the over-allotment option exercise will be US$53,475,001. For additional information regarding the over-allotment option, see "*Underwriting*" beginning on page 108.

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We expect our total cash expenses for this offering (including cash expenses payable to our underwriters for their out-of-pocket expenses) to be approximately US$1,000,000, exclusive of the above discounts and approximately US$1,050,000, exclusive of the above discounts assuming the underwriters exercise their option in full. These payments will further reduce proceeds available to us before expenses. See "*Underwriting*."

This offering is being conducted on a firm commitment basis. The underwriters are obligated to take and pay for all of the Common Shares if any such shares are taken. We have granted the underwriters an option for a period of forty-five (45) days after the closing of this offering to purchase up to 15% of the total number of our Common Shares to be offered by us pursuant to this offering (excluding shares subject to this option), solely for the purpose of covering over-allotments, at the initial public offering price less the underwriting discounts and commissions. If we complete this offering, net proceeds will be delivered to us on the closing date.

The underwriters expect to deliver the Common Shares to purchasers against payment on [\*], 2026.

---

| | |
|:---|:---|
|  **Joseph Gunnar & Co., LLC** | **Yorkville Securities** |
|  *Sole Book*-Runner | *Co*-Manager |

---

**Prospectus , 2026**

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[**Table of Contents**](#TOC001)

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [PROSPECTUS SUMMARY](#T24) | 1 |
|  [THE OFFERING](#T23) | 13 |
|  [SELECTED CONSOLIDATED FINANCIAL AND OPERATING DATA](#T9901) | 15 |
|  [RISK FACTORS](#T22) | 16 |
|  [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#T21) | 43 |
|  [USE OF PROCEEDS](#T20) | 45 |
|  [DIVIDEND POLICY](#T19) | 46 |
|  [CAPITALIZATION](#T18) | 47 |
|  [DILUTION](#T17) | 48 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T9902) | 50 |
|  [OUR CORPORATE STRUCTURE AND HISTORY](#T16) | 58 |
|  [INDUSTRY OVERVIEW](#T15) | 60 |
|  [BUSINESS](#T14) | 63 |
|  [GOVERNMENT REGULATIONS](#T13) | 82 |
|  [MANAGEMENT](#T12) | 84 |
|  [PRINCIPAL SHAREHOLDERS](#T11) | 91 |
|  [RELATED PARTY TRANSACTIONS](#T10) | 92 |
|  [DESCRIPTION OF SHARE CAPITAL AND ORGANIZATIONAL DOCUMENTS](#T9) | 94 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T8) | 100 |
|  [TAXATION](#T7) | 102 |
|  [UNDERWRITING](#T6) | 108 |
|  [EXPENSES OF THE OFFERING](#T5) | 115 |
|  [LEGAL MATTERS](#T4) | 116 |
|  [EXPERTS](#T3) | 116 |
|  [ENFORCEMENT OF CIVIL LIABILITIES](#T2) | 117 |
|  [WHERE YOU CAN FIND MORE INFORMATION](#T1) | 118 |
|  [INDEX TO FINANCIAL STATEMENTS](#T100) | F-1 |
|  [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#T101) | F-2 |

---

For investors outside the United States: neither we nor the underwriters have done anything that would permit this Offering or possession or distribution of this prospectus in any jurisdiction, other than the United States, where action for that purpose is required. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the shares and the distribution of this prospectus outside the United States.

**Neither we, the Selling Shareholders nor the underwriters have authorized anyone to provide you with any information or to make any representations other than those contained in this prospectus, any amendment or supplement to this prospectus, or in any free writing prospectus we have prepared, and neither we nor the underwriters take responsibility for, and can provide no assurance as to the reliability of, any other information others may give you. Neither we nor the underwriters are making an offer to sell, or seeking offers to buy, these securities in any jurisdiction where the offer or sale is not permitted. The information contained in this prospectus is accurate only as of the date on the cover page of this prospectus, regardless of the time of delivery of this prospectus or the sale of shares. Our business, financial condition, results of operations and prospects may have changed since the date on the cover page of this prospectus.**

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#### Market and Industry Data
We are responsible for the information contained in this prospectus and any free writing prospectus we prepare or authorize. This prospectus includes statistical and other industry and market data that we obtained from industry publications and research, surveys and studies conducted by third parties, as well estimates by our management based on such data. While we believe that the information from these industry publications, surveys and studies is reliable, the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of important factors, including those described in the section titled "Risk Factors." These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

#### Trademarks, Service Marks, and Trade Names
Solely for convenience, the trademarks, service marks, and trade names referred to in this prospectus are without the® and TM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks and trade names. This prospectus contains additional trademarks, service marks, and trade names of others, which are the property of their respective owners. We do not intend our use or display of other companies' trademarks, service marks, or trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

#### Presentation of Financial and Other Information
Our financial statements are presented in United States Dollar. Unless otherwise indicated, all references in this Prospectus to "CAD", "CAD$" or "C$" are to Canadian dollars and all references to "U.S. dollars," "US$," "$" or "USD" are to United States dollars.

The following tables set forth the annual average exchange rate for the year ended June 30, 2025, and the year ended June 30, 2024, as well as for the six months ended December 31, 2025 and December 31, 2024, as supplied by the Bank of Canada. These exchange rates are expressed as one United States dollar converted into Canadian dollars.

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| | | | | |
|:---|:---|:---|:---|:---|
|  **(USD$1 = CAD)** | **December 31, <br>2025** | **June 30, <br>2025** | **December 31, <br>2024** | **June 30, <br>2024** |
|  Current CAD: US$1 exchange rate | C$1.3706 | C$1.3643 | C$1.4389 | C$1.3687 |
|  Average CAD: US$1 exchange rate | C$1.3857 | C$1.3947 | C$1.3812 | C$1.3591 |

---

The daily average exchange rate on April 28, 2026 as reported by the Bank of Canada for the conversion of USD into CAD was USD$1.00 equals CAD$1.3678.

We have made rounding adjustments to some of the figures contained in this prospectus. Accordingly, numerical figures shown as totals in some tables may not be exact arithmetic aggregations of the figures that preceded them.

#### Conventions Which Apply to this Prospectus
Throughout this prospectus, we use a number of key terms and provide a number of key performance indicators used by management. Unless the context otherwise requires, the following definitions apply throughout where the context so admits:

#### Other Companies, Organizations and Agencies

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| | |
|:---|:---|
|  *"BCBCA"* | The Business Corporations Act (British Columbia). |
|  *"CNSC"* | The Canadian Nuclear Safety Commission. |
|  *"NRC"* | The U.S. Nuclear Regulatory Commission. |
|  *"Independent Registered Public Accounting Firm":* | Reliant CPA PC |
|  *"Underwriters":* | The underwriters for the Offering, of which Joseph Gunnar & Co., LLC is serving as representative. |

---

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#### General

---

| | |
|:---|:---|
|  *"Articles" or "Amended and Restated Notice of Articles"* | The notice of articles and articles of the Company, as amended and restated and filed with the British Columbia Registrar of Companies immediately prior to the consummation of this offering. |
|  *"Audit Committee"* | The audit committee of our Board of Directors. |
|  *"Board" or "Board of Directors"* | The board of directors of our Company. |
|  *"British Columbia Registrar"* | British Columbia Registrar of Companies. |
|  *"Common Shares" or "Shares"* | Common Shares in the capital of the Company without par value and having the rights provided for in the articles of the Company, as amended or substituted from time to time. |
|  *"Compensation Committee"* | The compensation committee of our Board of Directors. |
|  *"Company" we", "us", "our company," "our," "the Company" or "Nuclea Energy"* | Nuclea Energy Inc., a British Columbia, Canada company that will issue the Common Shares being offered. |
|  *"Directors"* | The directors of our Company. |
|  *"Executive Officers"* | The executive officers of our Company. See section titled "Management." |
|  *"Fiscal Year" or "FY"* | Financial year ended or, as the case may be, ending, on June 30. |
|  *"Group"* | The Company, together with its directly owned subsidiary. |
|  *"Listing"* | The listing and quotation of our Common Shares on the NYSE. |
|  *"Nominating and Corporate Governance Committee* | The nominating and corporate governance committee of our Board of Directors. |
|  *"Offering Price"* | US$[\*] for each Common Share being offered in this Offering. |
|  *"Offering"* | The Offering of Common Shares by the Underwriters on behalf of our Company for subscription at the Offering Price, subject to and on the terms and conditions set out in this prospectus. |
|  *"Selling Shareholders"* | The Selling Shareholders are registering 2,817,294 our Common Shares for sale pursuant to the Resale Prospectus but such Shares are not underwritten nor sold by the Underwriters; |
|  *"Shareholders"* | Registered holders of Shares. |
|  *"SMR"* | Also known as a "small modular reactor," a type of nuclear fission reactor with a rated electrical power of 300 MWe or less. SMRs are designed to be factory-fabricated and transported to the installation site as prefabricated modules, allowing for streamlined construction, enhanced scalability, and potential integration into multi-unit configurations |
|  *"U.S. GAAP"* | Accounting principles generally accepted in the United States of America. |
|  *"Underwriting Agreement"* | The Underwriting Agreement dated [\*], 2026 entered into between our Company and the representative of the Underwriters, pursuant to which the Underwriters have agreed to purchase, and we have agreed to sell to them, 5,555,556 of our Common Shares at the Offering Price, less the underwriting discounts, as described in the sections titled "Underwriting" of this prospectus. |

---

See also *"Business — Technical Glossary"* for additional industry-related defined terms.

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#### PROSPECTUS SUMMARY
*This summary highlights selected information contained elsewhere in this prospectus. This summary does not contain all of the information that you should consider before investing in our Shares. For a more complete understanding of us and this Offering, you should read and carefully consider the entire prospectus, including the more detailed information set forth under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our financial statements and the related notes. Some of the statements in this prospectus are forward*-looking *statements. See section titled "Special Note Regarding Forward*-Looking *Statements."*

#### Overview
Nuclea Energy Inc. ("Nuclea" or the "Company") is a company incorporated under the laws of British Columbia, Canada. Our principal office is Unit 5 2425 Skymark Ave, Mississauga, ON L4W 4Y6, Canada. We have two wholly owned subsidiaries: Nuclea Energy USA Inc., incorporated under the laws of the State of Delaware on October 8, 2025; and Nuclea Energy Canada Inc., incorporated under the laws of British Columbia, Canada on February 12, 2026.

We are a pre-revenue, development-stage company. Our principal activities currently are focused on the technological development of our potential future products, and more specifically, on executing our 18-Month Development Roadmap (detailed in *"Business — Our Strategies and Future Plans — Strategic Roadmap and Milestones"* below), which is designed to advance our Morpheus Micro Reactor from its current pre-conceptual stage to regulatory and commercial readiness.

Since our inception on August 24, 2023, we have not generated any revenue. We have incurred operating losses since our inception; for the fiscal year ended June 30, 2025, we reported a net loss of $251,189, and for the period from August 24, 2023 until June 30, 2024 we reported a net loss of $1,475. For the six months ended December 31, 2025, we reported a net loss of $1,945,868, compared to a net loss of $83,657 for the six months ended December 31, 2024. As of December 31, 2025, we had cash of $3,230,952, total current assets of $4,200,704, total stockholders' equity of $4,108,805 and an accumulated deficit of $2,198,532.

#### Our Industry
Nuclea's initial commercial strategy targets four primary markets where our sales model is centered on direct reactor sales with long term service support:

*Remote Canadian Arctic & Indigenous Communities*

Canada's North and Arctic regions encompass over 200 off-grid communities, the majority of which rely entirely on diesel generators for both electricity and heat. Approximately 79 of these communities require power exceeding 1 MWe, placing them within Nuclea's optimal deployment range. Diesel dependence imposes significant economic and environmental burdens such that fuel must be airlifted or barged in during limited seasonal windows, at high cost. The result can be chronic energy insecurity, frequent blackouts, and elevated greenhouse gas emissions.

*Mining and Resource Extraction*

Mining and heavy industry are among Canada's most energy intensive sectors, consuming over 20% of total national electricity. Many sites, particularly northern gold, lithium, and critical mineral operations, remain off grid or are located at the edge of transmission capacity. Across Canada, there are 24 current or potential off grid mines, 92 oil sands facilities, and 85 heavy industrial complexes with base load demand profiles exceeding 5 MWe, making them prime candidates for modular nuclear adoption.

*Data Centers and Critical Infrastructure*

The global data center market is projected to exceed 1,000 TWh of annual electricity consumption by 2030, representing nearly 4% of global demand. In Canada and the U.S., hyperscale operators Meta, Microsoft, Amazon, and Oracle are encountering significant grid access constraints and regional moratoria due to insufficient transmission capacity and environmental permitting delays. Data centers increasingly require "five-nines" reliability (99.999%), which cannot be met by intermittent renewables alone.

[**Table of Contents**](#TOC001)

*Defense and National Security*

Energy resilience has emerged as a top defense priority. Both Canada and the U.S. maintain hundreds of critical defense sites, including 25 – 30 Canadian bases and 450 – 500 U.S. installations, many of which are remote or off-grid. Existing reliance on diesel convoys presents serious operational risks fuel supply lines are among the most frequently targeted vulnerabilities in forward operations.

We aim to provide a definitive solution for customers seeking to own and control their clean energy assets. Each of these markets faces acute energy, cost, and carbon challenges that the Morpheus Reactor platform is designed to directly address through scalability, fuel longevity, and autonomous operation.

Collectively, these markets represent a total addressable market exceeding USD $200 billion by 2040, with a serviceable addressable market for early deployable sites in North America estimated at $45 billion, and an initial serviceable obtainable market for Nuclea of roughly $2.5 – 3 billion within its first decade of operations (International Energy Agency [IEA], 2023; McKinsey & Company, 2024; Nuclear Energy Institute [NEI], 2023). Based on the Company's development plans, our target entry date into the market is currently projected to be 2030-2031.

There cannot, however, be any assurances that we will reach the production stage when currently estimated, or at all. Our business plan will be very costly, and our future cash needs will far exceed the net proceeds that the Company will receive from this offering. In order to develop and implement our business as currently planned and as described in this prospectus, the Company will need to raise substantial amounts of additional capital, potentially hundreds of millions of dollars. See "Risk Factors *— Our business plans will require us to raise substantial additional amounts of capital. Future capital needs will require us to sell additional equity or debt securities that will dilute or subordinate the rights of our shareholders. In addition, we may be unable to secure government grants as part of our funding strategy*.

![](tbarchart_001.jpg)

Source: International Energy Agency, 2023 Nuclear Energy Institute [NEI], 2023).

#### Our Core Product
The Company's main product, currently under development, is the Morpheus Microreactor (the "Morpheus Reactor" or "Morpheus"). Morpheus is designed to be a transportable, factory fabricated, sealed core nuclear reactor designed for sale to qualified customers. It is engineered as a scalable platform, with configurations ranging from 3.5 MWe to 50 MWe, to serve a wide array of customer needs, with some re-engineering work necessary for larger power outputs. The reactor is designed to fit within a transportable container.

[**Table of Contents**](#TOC001)

The Morpheus design is based on the ZAN4e conceptual design, a lead cooled and graphite moderated thermal spectrum reactor and uses HALEU fuel. This unique combination of features is intended to maximize inherent passive safety, minimize operational complexity, and ensure robust performance in extreme cold-weather environments, such as the Canadian Arctic.

![](timage_001.jpg)

Morpheus Reactor Rendering

#### Our Competitive Strengths
We believe Nuclea Energy has the potential to become a leader in the advanced nuclear market by capitalizing on the following key competitive strengths, if and when our Morpheus reactor becomes market ready.

*Passive Safety for Arctic and Remote Environments*

We believe that our core competitive advantage will be our selection of a lead cooled graphite moderated reactor, which is designed to provide passive safety, and we believe will make it well suited for deployment in remote and environmentally sensitive regions such as the Canadian Arctic. Lead-cooled reactors are uniquely suited for Arctic environments because their coolant remains liquid at extremely high temperatures. Their passive safety features and ability to operate without external water sources make them especially reliable in remote, cold, and infrastructure limited regions. We view these geographic areas as naturally complementary to the Morpheus offering.

*A Flexible, Capital-Efficient Model*

We intend to operate as a technology integrator rather than a fully integrated manufacturer. We do not plan to manufacture the broader balance of plant infrastructure such as power conversion units, district heating exchangers, or heavy civil containment structures. Instead our manufacturing focus is strictly limited to the proprietary reactor core module. Specifically, we intend to oversee the design and fabrication of the vacuum sealed graphite vessel, the internal fuel channel assemblies, and the lead coolant integration systems. The Morpheus microreactor serves as the specialized thermal energy source that drives third party power generation hardware. We plan to leverage qualified supply chains to provide standard components including the Stirling engines or steam turbines required for electricity generation. This approach is intended to reduce capital intensity and execution complexity while maintaining our control over the critical intellectual property and safety systems embedded within the reactor core.

This flexible model allows us to avoid the billions in capital expenditure typically associated with building new nuclear manufacturing facilities. It enables us to be more agile, scalable, and resilient, focusing our resources on innovation and regulatory success.

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*A Regulatory-Focused Team and Process*

We benefit from our leadership, which blends visionary technology development with the pragmatic, disciplined execution required to successfully navigate the complex nuclear regulatory landscape. Our founding team of Sagar Sanghera, Vinayak Ashok Gunda, and Dr. Eleodor Nichita was formed to bridge the gap between innovation and commercialization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Regulatory Activities to Date**

We have conducted preliminary pre-application engagements with NuMark, a US nuclear consultancy firm, that deals with the U.S. Nuclear Regulatory Commission (NRC) and have had limited informal exchange with the Canadian Nuclear Safety Commission (CNSC)'s advanced reactor review division, who are awaiting for us to proceed formally. These early interactions have informed our revised understanding of pathway requirements but do not guarantee approval timelines. We have not yet submitted formal applications in either jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Licensing and demonstration timeframe**

The microreactor industry is still in its infancy and many of the demonstration and licensing steps are in flux due to changing government regulations and processes. We believe that our estimated timelines are realistic given today's regulatory climate, but they remain highly sensitive to variables including: (i) securing funding for construction; (ii) availability of qualified manufacturing partners for specialized components; (iii) securing an appropriately licensed test site with community support; and (iv) resolution of design iterations during integrated testing.

While recent U.S. reforms, including the ADVANCE Act and Executive Order 14300, direct the NRC to develop streamlined pathways for microreactor licensing, these frameworks remain under development and untested with actual applications.

Similarly, Canada has established an SMR readiness action plan but ultimately the CNSC applies its comprehensive single licensing framework to all new reactor facilities, which historically involves multi-year environmental assessments and public hearings. Our projected licensing timeline assumes cooperative reviews but is subject to variables beyond our control, including: (i) finalization and applicability of new regulatory pathways to our design; (ii) resource allocation; (iii) completeness of our application and potential Requests for Additional Information; and (iv) resolution of novel technical issues.

Delays in any of these areas could extend the timelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Costs to complete licensing and demonstration between 2027 and 2031**

We expect that total capital required to advance development, demonstration, and licensing application activities through 2028 will be approximately $100 million dollars. These expenditures are expected to cover engineering and safety work, fuel qualification efforts, construction and operation of a prototype or research reactor, and regulatory engagement and regulatory application preparation in both jurisdictions. For the 2029–2031 period, when we expect to advance a commercial reactor design and associated licensing activities, we do not yet have clear line of sight on ultimate expenditures. Spending during this phase will depend significantly on regulatory pathways, design evolution, supply-chain conditions, and the scope and outcomes of the demonstration reactor, and could be materially higher if review cycles are extended or design modifications are required

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Basis for 2030–2031 Launch Projection**

Our launch target is grounded in: (i) regulatory modernization efforts in both jurisdictions; and (ii) internal milestone planning assuming successful capital raises and execution. We emphasize that this timeline is not guaranteed and remains contingent upon resolving the execution risks described above; however, we believe that the above described contingencies are typical for companies in our space and at our current stage of development.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>•</u> <u>Licensing and Regulatory Roadmap</u>**

![](timage_004.jpg)

*5-Year Core Life*

Our reactor is designed to operate for approximately five years before refueling. This extended core life is a fundamental competitive differentiator that directly addresses the primary cost and logistical drivers for our target customers. This advantage is enabled by our "Improved Annular Fuel/Lattice Configuration," which we plan to validate with Ontario Tech University. Our design, which utilizes 19.5% enriched UO2 (uranium dioxide or uranium(IV) oxide) fuel, is engineered to achieve a higher fuel burnup and a more efficient neutron economy, allowing it to generate power for significantly longer than competing designs.

#### Our Business Strategies and Future Plans
*Strategic Roadmap and Milestones*

Our development is guided by an 18-Month Development Roadmap which will begin upon the consummation of this offering and will be fully funded with the net proceeds of this offering as of such date (assuming no exercise of the over-allotment option), whether or not we complete the Moltex Asset Acquisition (as defined below; see "*Recent Developments*" section on Page 7). We currently believe that the Moltex Asset Acquisition will not have any effect on the timeframes set forth in our 18-Month Development Roadmap. Our 18-Month Development Roadmap plan is designed to achieve critical regulatory and technical milestones to de-risk the technology and unlock the next stage of financing. Over the 18 months starting on the date of the consummation of this offering, we plan to expand our technical and executive team, launch a new research laboratory, file additional patent applications, advance the engineering development of our reactor design, begin the regulatory review in both Canada and the U.S., and build and operate test loops and mockups to validate critical technologies. We also aim to build partnerships with national labs and universities to test fuel behavior and finalize the scope and plan for our CNSC Vendor Design Review ("VDR") Phase 1 submission.

#### Corporate Structure
We are organized as a corporation under the laws of British Columbia, Canada. The Company was incorporated on August 24, 2023, under the name of "Raise AI Technologies". A Certificate of Change of Name was filed on March 13, 2025, with the British Columbia Registrar changing the name of the Company to Nuclea Energy Inc. On October 8, 2025 we incorporated Nuclea Energy, USA under the laws of the State of Delaware, and on February 12, 2026, we incorporated Nuclea Energy Canada Inc. under the laws of British Columbia. Neither subsidiary has commenced active operations as of the date of this prospectus.

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The following diagram illustrates our corporate structure as of the date of this prospectus and after giving effect to this Offering (% of Shares/% of total voting power):

As of the date of this prospectus:

![](tflowcharta_001.jpg)

____________

*Notes*:

(1) Each of Sagar Sanghera and Vinayak Ashok Gunda, our two largest shareholders, holds sole voting and dispositive power over 10,000,000 Common Shares, representing approximately 29.6% of the issued and outstanding Common Shares each, as of the date of this prospectus. Eleodor Nichita holds sole voting and dispositive power over 2,222,220 Common Shares, representing approximately 6.6% of the issued and outstanding Common Shares, as of the date of this prospectus.

After giving effect to this Offering:

![](tflowchartb_001.jpg)

**Corporate Information**

Our principal office is Unit 5 2425 Skymark Ave, Mississauga, ON L4W 4Y6, Canada. The telephone number of our principal office is (437)784-1600. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor New York, NY 10168. Our registered office in British Columbia is 201-15315 66 Ave, Surrey, BC V3S 2A1, Canada. Our corporate website is *http://www.nuclea.energy*. Information contained on our website does not constitute part of this prospectus.

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**Recent Developments**

#### Moltex Asset Acquisition
On December 17, 2025, we entered into an exclusivity agreement to acquire certain assets of Moltex Energy Limited (in administration, which is a formal insolvency proceeding under English law that is broadly comparable to a court-supervised reorganization or restructuring process under United States bankruptcy law, for example, a proceeding under Chapter 11 of the United States Bankruptcy Code) for a purchase price of £6,183,793 (equivalent to CAD$11,500,000 or approximately US$8,500,000) (the "Moltex Asset Acquisition").

The assets we are seeking to acquire are expected to consist primarily of intellectual property and related rights, including patents and patent applications, technical know-how, engineering designs, technical documentation, experimental and modeling data, software, and regulatory work product. Based on information currently available and our ongoing due diligence, the assets in scope are expected to relate primarily to Moltex's Stable Salt Reactor — Wasteburner (SSR-W) reactor concept and the WAste To Stable Salt (WATSS) spent fuel recycling process, together with supporting development materials and documentation. The contemplated transaction does not involve the acquisition of all of the assets or liabilities of Moltex Energy Limited and, based on information currently available, we do not expect to assume historical liabilities of Moltex Energy Limited.

In consideration for the exclusivity rights, we have paid a non-refundable exclusivity fee of £268,861 (equivalent CAD$500,000 or approximately USD$368,000). The original exclusivity period ran until March 31, 2026, unless extended by mutual agreement, during which time Moltex Energy Limited (acting through its joint administrators) has agreed to cease all third-party negotiations and will not solicit, entertain, or enter into discussions with any other potential acquirers. We have committed to negotiate in good faith to finalize a definitive sale and purchase agreement and to satisfy customary conditions precedent. We are required to provide weekly confirmations of our intention to proceed with the transaction at the offer price and to use reasonable endeavors to complete our due diligence before the expiration of the exclusivity period. Additionally, if the joint administrators determine that additional funding is required to maintain the business and assets during any extension of the exclusivity period beyond March 31, 2026, we are obligated to provide such funding within three business days of a written request.

On March 31, 2026 we signed an exclusivity extension letter with the joint administrators for Moltex, which has extended our due diligence and negotiation exclusivity period until May 8, 2026 (the "Extension"). In consideration for the Extension, we have agreed to pay a fee of £110,000 (equivalent of approximately CAD$203,000 or approximately USD$146,000). The joint administrators have also requested that we pay CAD$145,000 (or approximately USD$105,000) to fund the costs of maintaining some of the intellectual property assets associated with the Moltex Asset Acquisition. We paid both of the above amounts from the proceeds of our last private placement financing and continue to conduct due diligence on the Moltex assets and negotiate the terms of a formal acquisition agreement.

Moltex Energy Limited is "in administration." In an administration, day-to-day control of the company passes from its directors to "joint administrators," who are licensed insolvency practitioners appointed to manage the company's affairs, business, and property for the benefit of its creditors. Joint administrators perform a role similar to that of a bankruptcy trustee or debtor-in-possession management under United States bankruptcy law, including identifying and executing value-maximizing sale transactions. As Moltex Energy Limited is in administration, the assets we are seeking to acquire are considered distressed assets, meaning assets being sold by or on behalf of a financially distressed or insolvent seller in a court- or creditor-supervised process, rather than in the ordinary course of business.

Prior to entering administration, Moltex Energy Limited and its subsidiaries were engaged in the research and development of advanced nuclear energy technologies, including the design and development of the SSR-W reactor concept and the WATSS spent fuel recycling process. Moltex's activities included engineering development, intellectual property development, technical studies, modeling and analysis, and regulatory engagement activities. Moltex completed Phase 1 of the Canadian Nuclear Safety Commission Vendor Design Review process for its SSR-W design, reflecting prior regulatory engagement in Canada.

Based on information currently available, we do not believe that the contemplated Moltex Asset Acquisition would constitute the acquisition of a "business" as defined in Rule 11-01(d) of Regulation S-X, as the transaction is expected to involve the acquisition of specified assets, primarily intellectual property and related development materials, rather than an integrated set of activities and assets capable of being conducted and managed for the purpose of providing a return to investors. Accordingly, based on information currently available, we do not believe that Rule 3-05 of Regulation S-X would require the inclusion of separate pre-acquisition financial statements of Moltex Energy Limited. The definitive terms of the Moltex Asset Acquisition remain subject to ongoing negotiations with the joint administrators of Moltex Energy Limited.

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#### Summary Risk Factors
*An investment in our Shares involves a high degree of risk. Before deciding whether to invest in our Shares, you should consider carefully the risks described below, together with all of the other information set forth in this prospectus, including the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operation" and our financial statements and related notes. If any of these risks actually occurs, our business, financial condition, results of operations or cash flow could be materially and adversely affected, which could cause the trading price of the Shares to decline, resulting in a loss of all or part of your investment. Further, if we fail to meet the expectations of the public market in any given period, the market price of the Shares could decline. Our business involves significant risks and uncertainties, some of which are outside of our control. If any of these risks actually occurs, our business and financial condition could suffer and the price of the Shares could decline. The risks described below are not the only ones that we face. Additional risks not presently known to us or that we currently deem immaterial may also affect our business. You should only consider investing in the Common Shares if you can bear the risk of loss of your entire investment.*

#### Risks Relating to Our Business and Industry
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have incurred losses and have not generated any revenue since our inception. We anticipate that we will continue to incur losses, and expect that we will not generate revenue, for the foreseeable future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are an early-stage company in an emerging market with an unproven business model, a new and unproven technology model, and a short operating history, which makes it difficult to evaluate our current business and prospects and may increase the risk of your investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business plans will require us to raise substantial additional amounts of capital. Future capital needs will require us to sell additional equity or debt securities that will dilute or subordinate the rights of our shareholders. In addition, we may be unable to secure government grants as part of our funding strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Morpheus Reactor is a first-of-a-kind design, and we may fail to validate its technical feasibility, scalability, or integration of key systems, which would prevent us from obtaining regulatory approval and commercializing the technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The failure of production and commercialization of nuclear micro reactors as planned will adversely and materially affect our business, financial condition, and result of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Morpheus Reactor requires 10% or 19.5% HALEU fuel, and the absence of a robust commercial supply chain for HALEU could prevent us from manufacturing and fueling our reactors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not complete the Moltex Asset Acquisition, and even if completed, the acquisition of these distressed assets may not yield anticipated benefits and could adversely affect our financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our "design led" manufacturing model depends on third-party suppliers, and any failure by these suppliers to meet our quality or delivery requirements could disrupt our ability to produce and deliver the Morpheus Reactor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we experience significant fluctuations in our operating results and rate of growth and fail to meet revenue and earnings expectations, our stock price may fall rapidly and without advance notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business model depends entirely on successfully navigating the complex, lengthy, and expensive nuclear licensing process, and failure to obtain regulatory approvals would prevent commercialization of the Morpheus Reactor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Government budget delays, government debt ceiling limitations, or reductions in government spending could adversely impact government spending for the products and services we provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The cost of electricity generated from nuclear sources may not be cost competitive with other electricity generation sources in some markets, which could materially and adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market for SMRs generating nuclear power is not yet established and may not achieve the growth potential we expect or may grow more slowly than expected.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We face competition from other advanced nuclear developers, and competitors that achieve commercialization first may capture market share and limit our growth opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our executive officers, including our Chief Executive Officer and Chief Financial Officer, currently serve on an independent contractor basis, which may adversely affect the continuity and effectiveness of our management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our success depends on retaining a small, highly specialized management team, and the loss of key individuals could significantly impair our ability to execute our business plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Potential conflicts of interest among directors and officers could adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be unable to manage our future growth effectively, which could make it difficult to execute our business strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We and our target customers operate in a politically sensitive environment, and the public perception of nuclear energy can affect our target customers and us.

#### Risks Related to Our Intellectual Property
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we are unable to protect the intellectual property underlying the Morpheus Reactor, our ability to complete development and achieve commercialization could be materially harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to protect or enforce our intellectual property or proprietary rights, our business and operating results could be harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on our unpatented proprietary technology, trade secrets, designs, experiences, work flows, data, processes, software and know-how.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be accused of infringing intellectual property rights of third parties and content restrictions of relevant laws, which may materially and adversely affect our business, financial condition, and results of operations.

#### Risks Related to Regulation and Compliance
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business is subject to a wide variety of extensive and evolving government laws and regulations. Changes in and/or failure to comply with such laws and regulations could have a material adverse effect on our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to laws and regulations governing the use, transportation, and disposal of toxic, hazardous and/or radioactive materials. Failure to comply with these laws and regulations could result in substantial fines and/or enforcement actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to U.S. and foreign anti-corruption and anti-money laundering laws and regulations. We can face criminal liability and other serious consequences for violations, which can harm our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to comply with the laws and regulations relating to the collection of sales tax and payment of income taxes in the various states in which we do business, we could be exposed to unexpected costs, expenses, penalties and fees as a result of our non-compliance, which could harm our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may become involved in legal and regulatory proceedings and commercial or contractual disputes, which could have an adverse effect on our profitability and financial position.

#### General Risk Factors Associated with Our Company
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are highly dependent on our senior management team and other highly skilled personnel. If we are unable to attract, retain and maintain highly qualified personnel, including our senior management team, we may not be able to implement our business strategy and our business and results of operations would be harmed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each of Mr. Sagar Sanghera, our President and Chairman of the Board, and Vinayak Ashok Gunda, has a significant influence over our company due to his ownership of a material percentage of our outstanding Common Shares. Also, their interests may not always be aligned with the interests of our other shareholders, which may lead to conflicts of interest that harm our company. In addition, if Mr. Sanghera and Mr. Gunda act together, they will control the management and affairs of the company and most matters requiring shareholder approval, including the election of directors and approval of significant corporate transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to establish and maintain effective internal control in accordance with Section 404 of the Sarbanes-Oxley Act could have a material adverse effect on our business and stock price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to effectively manage our anticipated growth and expansion of our operations will also require us to enhance our operational, financial and management controls and infrastructure, human resources policies and reporting system. These enhancements and improvements will require significant capital expenditures and allocation of valuable management and employee resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will incur significantly increased costs as a result of, and devote substantial management time to operating as, a public company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are a "foreign private issuer," and our disclosure obligations differ from those of U.S. domestic reporting companies. As a result, we may not provide you the same information as U.S. domestic reporting companies or we may provide information at different times, which may make it more difficult for you to evaluate our performance and prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are an "emerging growth company," and we cannot be certain if the reduced reporting and disclosure requirements applicable to emerging growth companies will make our Common Shares less attractive to investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If our estimates or judgments relating to our critical accounting policies prove to be incorrect, our results of operations could be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It may be difficult to enforce U.S. judgments and effect service of process against us or our management, as our operations and management are located outside the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our current insurance coverage may not be adequate, and we may not be able to obtain insurance at acceptable rates, or at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may pursue strategic acquisitions to accelerate our growth. These potential acquisitions may not be successful. We may not be able to successfully integrate future acquisitions or generate sufficient revenues from future acquisitions, which could cause our business to suffer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There can be no assurance that we will not be a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for any taxable year, which could result in adverse U.S. federal income tax consequences to U.S. holders of our Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business is subject to the risks of earthquakes, fire, floods and other natural catastrophic events, global pandemics, and interruptions by man-made problems, such as network security breaches, computer viruses or terrorism. Material disruptions of our business or information system resulting from these events could adversely affect our operating results.

#### Risks Related to Our Securities and this Offering
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No active trading market for our Common Shares currently exists, and an active trading market may not develop or be sustained following this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The trading price of our Common Shares may be volatile, and you could lose all or part of your investment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain recent initial public offerings of companies with public floats comparable to our anticipated public float have experienced extreme volatility that was seemingly unrelated to the underlying performance of the respective company. We may experience similar volatility, which may make it difficult for prospective investors to assess the value of our Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The offering price of the primary offering and resale offering could differ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Future sales of our Common Shares or securities convertible into our Common Shares may depress our stock price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The resale by the Selling Shareholders may cause the market price of our Common Shares to decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our failure to meet the continued listing requirements of the NYSE could result in a delisting of our Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our management will have broad discretion in how we use the net proceeds of this offering and might not use them effectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will experience immediate and substantial dilution as a result of this offering and may experience additional dilution in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An investment in our company may involve tax implications, and you are encouraged to consult your own advisors as neither we nor any related party is offering any tax assurances or guidance regarding our company or your investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain anti-takeover provisions in Canadian corporate and securities laws, including rules governing take-over bids and shareholder rights plans, could discourage, delay or prevent a change of control of our company and may adversely affect the trading price of our Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have never paid dividends on our capital stock, and we do not anticipate to pay dividends for the foreseeable future.

#### Implications of Being an "Emerging Growth Company" and a "Foreign Private Issuer"

#### Emerging Growth Company
We are an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). As such, we are eligible, for up to five years, to take advantage of certain exemptions from various reporting requirements that are applicable to other publicly traded entities that are not emerging growth companies. These exemptions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to include only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemptions from the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended (the "Sarbanes-Oxley Act"), in the assessment of our internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent that we no longer qualify as a foreign private issuer, (i) reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and (ii) exemptions from the requirement to hold a non-binding advisory vote on executive compensation, including golden parachute compensation.

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We may take advantage of these provisions until the last day of our fiscal year following the fifth anniversary of the consummation of this Offering or such earlier time that we are no longer an emerging growth company.

As a result, the information contained in this prospectus may be different from the information you receive from other public companies in which you hold shares. We do not know if some investors will find the Shares less attractive because we may rely on these exemptions. The result may be a less active trading market for the Shares, and the price of the Shares may become more volatile.

We will remain an emerging growth company until the earliest of: (1) the last day of the first fiscal year in which our annual gross revenue exceeds $1.235 billion; (2) the last day of the fiscal year following the fifth anniversary of the date of this Offering; (3) the date that we become a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of the Shares that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter; or (4) the date on which we have issued more than $1.00 billion in non-convertible debt securities during any three-year period.

Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 13(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), for complying with new or revised accounting standards. We intend to take advantage of the extended transition period for complying with new or revised accounting standards, as permitted under Section 107 of the JOBS Act. As a result, our financial statements may not be comparable to those of companies that comply with public company effective dates.

#### Foreign Private Issuer
Upon consummation of this Offering, we will report under the Exchange Act as a non-U.S. company with foreign private issuer status. Even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rules under the Exchange Act requiring domestic filers to issue financial statements prepared under U.S. GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time, which will no longer be available beginning March 18, 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rules under the Exchange Act requiring the filing with the Securities and Exchange Commission (the "SEC") of quarterly reports on Form 10-Q containing unaudited financial and other specific information, or current reports on Form 8-K, upon the occurrence of specified significant events.

Notwithstanding these exemptions, we will file with the SEC, within four months after the end of each fiscal year, or such applicable time as required by the SEC, an annual report on Form 20-F containing financial statements audited by an independent registered public accounting firm.

We may take advantage of these exemptions until such time as we are no longer a foreign private issuer. We would cease to be a foreign private issuer at such time as more than 50% of our outstanding voting securities are held by U.S. residents and any of the following three circumstances applies: (i) the majority of our Executive Officers or members of our Supervisory Board are U.S. citizens or residents, (ii) more than 50% of our assets are located in the United States, or (iii) our business is administered principally in the United States.

Both foreign private issuers and emerging growth companies are also exempt from certain more extensive executive compensation disclosure rules. Thus, even if we no longer qualify as an emerging growth company, but remain a foreign private issuer, we will continue to be exempt from the more extensive compensation disclosures required of companies that are neither an emerging growth company nor a foreign private issuer and will continue to be permitted to follow our home country practice on such matters.

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#### THE OFFERING

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| | |
|:---|:---|
|  **Shares offered by us:** | 5,555,556 Common Shares (or 6,388,889 Common Shares if the Underwriters exercise their option to purchase additional Shares within 45 days after the closing of this offering from us in full). |
|  **Offering Price:** | $9.00 per Common Share (which is the midpoint of the estimated range of the initial public offering). |
|  **Number of Shares outstanding before this Offering:** | <br>33,752,619 Common Shares. |
|  **Shares to be outstanding immediately after this Offering:** | <br>39,308,175 Common Shares. |
|  **Over-allotment option to purchase additional Shares:** | <br>We have granted the Underwriters an option to purchase up to 833,333 (15%) additional Common Shares from us within 45 days after the closing of this offering. |
|  **Use of proceeds:** | We intend to use the proceeds from this offering as follows: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• Approximately 25% to support the expansion of our core technology's functionality and value, including targeted product development, filing provisional utility patents from the initial tranches, and the establishment of an in-house research and development facility equipped for materials testing, design, and prototyping; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• Approximately 35% for strategic development and scaling of our business and operational footprint, including R&D collaborations with external industry partners on engineering initiatives and regulatory engagement as well as a third party validation process; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• Approximately 20% for exploration of potential mergers and acquisitions, including, if consummated, the Moltex Asset Acquisition; and |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• Approximately 20% for funding general administration and working capital. See "*Use of Proceeds*" for more information. |
|  **Lock-up:** | We have agreed, subject to certain exceptions, with the Underwriters, not to, during a period of 180 days after the closing of this offering, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of our capital stock or any securities convertible into or exercisable or exchangeable for shares of our capital stock; (ii) file or cause to be filed any registration statement with the Commission relating to the offering of any shares of our capital stock or any securities convertible into or exercisable or exchangeable for shares of our capital stock; (iii) complete any offering of our debt securities, other than entering into a line of credit with a traditional bank, or (iv) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our capital stock, whether any such transaction described in clause (i), (ii), (iii) or (iv) above is to be settled by delivery of shares of our capital stock or such other securities, in cash or otherwise. For the avoidance of doubt, these restrictions do not apply to the resale by the selling securityholders of the securities registered for resale pursuant to the Resale prospectus, and we will not receive any proceeds from<br>|

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| | |
|:---|:---|
|  | such resales. Additionally, our directors and officers and any other holder(s) of three percent or more of the outstanding Common Shares as of the effective date of the Registration Statement (and all holders of securities exercisable for or convertible into Common Shares) have agreed to enter into "lock-up" agreements pursuant to which such persons and entities shall agree, for a period of 180 days after the closing of this offering, that they shall not offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of our capital stock or any securities convertible into or exercisable or exchangeable for shares of our capital stock, subject to customary exceptions. The Selling Shareholders have signed lock-up agreements covering a period of 180 days after the closing of this offering. The foregoing lock-up restrictions are subject to customary carve-outs and, as to the director, officer and shareholder lock-ups, any applicable lock-up waivers granted by the Underwriters. <br> The director, officer and shareholder lock-ups will contain "leak out" provisions as further set forth in this prospectus.<br> See sections titled *"Shares Eligible for Future Sale"* and *"Underwriting"* for more information. |
|  **NYSE American symbol:** | We intend to apply to list the Common Shares on the NYSE under the symbol "NCLA" We will not close this offering unless the NYSE has approved our Common Shares for listing. |
|  **Risk factors:** | See section titled "*Risk Factors*" and other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in the Common Shares. |
|  **Underwriters' Over-Allotment Option:** | The registration statement of which this prospectus forms a part also registers for sale up to an additional 15% of the total number of Common Shares sold in this offering (833,333 additional Common Shares, assuming an initial public offering price of US$9.00 per share, which is the midpoint of the estimated range of the initial public offering price shown on the cover page of this prospectus), pursuant to the Underwriters' over-allotment option. The Underwriters have a 45-day option from the date of the closing of the offering to purchase these additional shares at the public offering price per share, less underwriting discounts and commissions, solely to cover sales of Common Shares in excess of the total number of Common Shares initially offered. If any of the additional Common Shares are purchased, the Underwriters will offer these shares at $[\*] per Common Share, which is the offering price per share. See "*Underwriting*" for additional details regarding the over-allotment option. |

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#### SELECTED FINANCIAL AND OPERATING DATA
The summary below presents selected statements of operations and comprehensive loss for the year ended June 30, 2025 and the period from August 24, 2023 until June 30, 2024 and selected balance sheet data as of June 30, 2025 and 2024, which have been derived from our audited financial statements included elsewhere in this prospectus. The summary below also presents selected statements of operations and comprehensive loss for the six months ended December 31, 2025 and 2024 and selected balance sheet data as of December 31, 2025, which have been derived from our unaudited condensed consolidated financial statements included elsewhere in this prospectus. Our selected financial data are prepared and presented in accordance with accounting principles generally accepted in the United States of America. Our historical results are not necessarily indicative of results expected for future periods. You should read this "*Selected Financial and Operating Data*" section together with our financial statements and the related notes and the "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" section included elsewhere in this prospectus.

#### Statements of operations and comprehensive income information:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **<br>For the six months ended <br>December 31,** | **<br>For the six months ended <br>December 31,** | **Year ended <br>June 30, <br>2025** | **For the period <br>from <br>August 24, <br>2023 to <br>June 30, <br>2024** |
|  *(USD)* | **2025** | **2024** | **Year ended <br>June 30, <br>2025** | **For the period <br>from <br>August 24, <br>2023 to <br>June 30, <br>2024** |
|  Operating expenses | $1946756 | $83657 | $248094 | $1475 |
|  Other income (expense) | $888 | $— | $(3095) | $— |
|  Net loss | $(1945868) | $(83657) | $(251189) | $(1475) |
|  Weighted average number of common shares used to compute net loss per share, basic and diluted | 27352329 | 30000000 | 27897550 | 30000000 |
|  Net loss per common share, basic and diluted | $(0.071) | $(0.003) | $(0.009) | $(0.000) |

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#### Balance sheets information:

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| | | | |
|:---|:---|:---|:---|
|  | **As of <br>December 31, <br>2025** | **<br>As of June 30,** | **<br>As of June 30,** |
|  *(USD)* | **As of <br>December 31, <br>2025** | **2025** | **2024** |
|  Cash | $3230952 | $99311 | $22  |
|  Total assets | $4203891 | $618675 | $22  |
|  Total liabilities | $95086 | $188201 | $— |
|  Stock holders' equity | $4108805 | $430474 | $22  |

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#### RISK FACTORS
*An investment in our securities is speculative and involves a high degree of risk. You should carefully consider the risks described below, which we believe represent certain of the material risks to our business, together with the information contained elsewhere in this prospectus, before you make a decision to invest in our Common Shares. Please note that the risks highlighted here are not the only ones that we may face. For example, additional risks presently unknown to us or that we currently consider immaterial or unlikely to occur could also impair our operations. If any of the following events occur or any additional risks presently unknown to us actually occur, our business, financial condition and operating results may be materially adversely affected. In that event, the trading price of our securities could decline and you could lose all or part of your investment. Some statements in this prospectus, including statements in the following risk factors, constitute forward*-looking *statements. Please refer to the section titled "Special Note Regarding Forward*-Looking *Statements."*

#### Risks Related to Our Industry and Business
***We have incurred losses and have not generated any revenue since our inception. We anticipate that we will continue to incur losses, and expect that we will not generate revenue, for the foreseeable future.***

We have incurred operating losses since our inception; for the fiscal year ended June 30, 2025, we reported a net loss of $251,189, and for the period from August 24, 2023 until June 30, 2024, we reported a net loss of $1,475. For the six months ended December 31, 2025, we reported a net loss of $1,945,868, compared to a net loss of $83,657 for the six months ended December 31, 2024. As of December 31, 2025, we had cash of $3,230,952, total current assets of $4,200,704, total stockholders' equity of $4,108,805 and an accumulated deficit of $2,198,532. We expect that operating losses and negative cash flows will increase in the coming years because of additional costs and expenses related to our research and development (which we refer to herein as R&D), business development activities and our status as a publicly traded company.

To date, we have not generated any revenue. We do not expect to generate any revenue unless and until we are able to commercialize our reactors and/or other lines of business. As we have incurred losses and experienced negative operating cash flows since our inception, and accordingly we have undertaken equity financing from investors to satisfy our funding needs, and we will consider applications for government grants; however, we may not raise adequate funding to offset our expenses and losses. Moreover, we may encounter unforeseen expenses, difficulties, complications, delays, and other unknown factors that may adversely affect our business. The magnitude of our future net losses will depend, in part, on the rate of future growth of our expenses and our ability to generate and grow revenue. We cannot predict the outcome of the actions to generate liquidity to fund our operations, whether such actions would generate the expected liquidity to fund our operations as currently planned or whether the costs of such actions will be available on reasonable terms or at all. Our continued solvency is dependent upon our ability to obtain additional working capital to complete our reactor development, to successfully market our reactors and to achieve commerciality for our reactors. Our prior losses and expected future losses have had and may continue to have adverse effects on our shareholders' equity (deficit) and working capital and may lead to the failure of our business.

***We are an early-stage company in an emerging market with an unproven business model, a new and unproven technology model, and a short operating history, which makes it difficult to evaluate our current business and prospects and may increase the risk of your investment.***

We only have a limited operating history upon which to base an evaluation of our current and future business prospects. We were founded in 2023 and are currently in the process of developing our first product as more fully described in the "*Business*" section of this prospectus. We anticipate that it will take several years for us to commence generating meaningful revenues. Moreover, we will be required to make significant expenditures over the near and long term just to achieve any level of revenues. Over the next twelve months, we will continue to progress our development of advanced nuclear microreactors, in particular Morpheus, with estimated expenditures to be in excess of $20 million. This allocation comprises approximately 25% dedicated to supporting the expansion of our core technology's functionality and value, including targeted product development, filing provisional utility patents from the initial tranches, and the establishment of an in-house research and development facility equipped for materials testing, design, and prototyping. An additional 35% is earmarked for strategic development and scaling of our business and operational footprint, including R&D collaborations with external industry partners on engineering initiatives and regulatory engagement as well as a third party validation process. The remaining 20% is allocated to the exploration of potential mergers and acquisitions, including, if consummated, the Moltex Asset Acquisition.

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We estimate that our microreactor demonstration work will be conducted between 2027 and 2028, our microreactor licensing application will be processed between 2028 and 2030, and our microreactors will be launched between 2030 and 2031. Notwithstanding the foregoing, these outlined expenditures and the timelines are estimations only and are inherently subject to change due to certain factors, including adjustments in the microreactor development plan and uncertainties associated with the licensing approval process. Given that these elements may exceed our initial expectations or lie beyond our control, we cannot guarantee the accuracy of the actual expenditures and timelines. There cannot be any assurances that we will reach the production stage when currently estimated, or at all.

Our limited operating history and early stage of our business makes an evaluation of our business and prospects very difficult. You must consider our business and prospects in light of the risks and difficulties we encounter as an early-stage company in the new and rapidly evolving market of the nuclear energy industry. These risks and difficulties include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtaining the necessary permits and licenses can be a lengthy and complex process, subject to rigorous safety and environmental regulations. Delays or denials in obtaining these approvals can significantly impact a project's timeline and cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensuring the safety of the reactor during operation and in case of accidents is paramount. Microreactors must be designed with robust safety features to prevent accidents, and emergency response plans must be in place to mitigate any potential incidents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security concerns, including the risk of theft or sabotage, need to be addressed through physical security measures and cybersecurity protocols.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Microreactor projects can be capital-intensive, and securing adequate financing can be a significant hurdle. Economic risks related to cost overruns, construction delays, or market uncertainties must be managed effectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The demand for microreactor-generated power may be uncertain, especially in the early stages of the business. Market fluctuations and changing energy policies can affect the profitability of the venture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Microreactors rely on specialized components and materials, which may have limited availability or long lead times. Supply chain disruptions can impact project timelines and costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Addressing environmental concerns that may affect the industry, including radioactive waste management and minimizing environmental impact, is important for public acceptance. However, the Company does not and does not intend to own or operate nuclear facilities or handle, transport, store, or dispose of hazardous or radioactive materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Public perception of nuclear technology can be a challenge. Overcoming public skepticism or opposition and gaining social acceptance for

We may not be able to successfully address any of these risks or others. Failure to adequately do so could seriously harm our business and cause our operating results to suffer.

Our nuclear reactors are still at the development stage and have not been put into production yet. Developing, producing, and commercializing nuclear reactors is a complex and challenging endeavor due to various technical, regulatory, financial, and public perception obstacles, which may adversely and materially affect our business, financial condition and results of operation.

***Our business plans will require us to raise substantial additional amounts of capital. Future capital needs will require us to sell additional equity or debt securities that will dilute or subordinate the rights of our shareholders. In addition, we may be unable to secure government grants as part of our funding strategy.***

Our business plan will be very costly, and our future cash needs will far exceed the net proceeds that the Company will receive from this offering. To develop and implement our business as currently planned and described in this prospectus, we will need to raise substantial amounts of additional capital, potentially hundreds of millions of dollars. We expect that we will need to make substantial investments in research and development of our products

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and technologies and other substantial investments before we can generate meaningful revenues. Moreover, our costs and expenses may be even greater than currently anticipated, and there may be investments or expenses that are presently unforeseen. In any case, we may be unable to raise sufficient capital to fund these costs and achieve significant revenue generation. In addition, given the relatively early stage of our company, our future capital requirements are also difficult to predict with precision, and our actual capital requirements may differ substantially from those we currently anticipate. We will need to consummate this offering in order to complete our 18-Month Development Roadmap.

As a result, even following this offering, we will need to seek equity or debt financing to finance a large portion of our future capital requirements. Such financing might not be available to us when needed or on terms that are acceptable, or at all. We will likely issue additional equity securities and may issue debt securities or otherwise incur debt in the future to fund our business plan. If we issue equity or convertible debt securities to raise additional funds, our existing shareholders will experience dilution, and the new equity (including preferred equity) or debt securities or other indebtedness may have rights, preferences, and privileges senior to those of our existing shareholders. If we incur additional debt, it may increase our leverage relative to our earnings or to our equity capitalization, requiring us to pay additional interest expense.

Our ability to obtain the necessary capital in the form of equity or debt to carry out our business plan is subject to several risks, including general economic and market conditions, as well as investor sentiment regarding our planned business. These factors may make the timing, amount, terms and conditions of any such financing unattractive or unavailable to us. The prevailing macroeconomic environment may increase our cost of financing or make it more difficult to raise additional capital on favorable terms, if at all. If we are unable to raise sufficient capital, we may have to significantly reduce our spending and/or delay or cancel our planned activities.

We may also seek to raise additional funds through collaborations and licensing arrangements. These arrangements, even if we are able to secure them, may require us to relinquish some rights to our technologies, or to grant licenses on terms that are not favorable to us.

Finally, we plan to apply for government funding in the form of grants or other funding from agencies such as the Innovation, Science and Economic Development Canada, Global Affairs Canada and Ontario Center for Innovation. We may not receive such funding for a variety of reasons, including the size of our company and the government's assessment of our prospects. Even if we do receive such funding, the government could condition such funding on contractual provisions such as granting the government rights to our technology or products. Moreover, government funding is subject to at least annual Congressional appropriations, which may not be forthcoming. The federal budget process is complex — the budget justification and Presidential budget requests are often incomplete; Congress may appropriate different amounts than those requested; and the DOE has varying degrees of discretion to reprogram or transfer appropriated funds. Nonetheless, to the extent Presidential budget requests or DOE budget justifications result in a shift of Congressional appropriations away from SMR funding generally or projects we are developing specifically, those shifts could materially and adversely affect the amount of DOE funding available to us and our business. However, even if we were successful in meeting our government funding goals, we nonetheless will be required to obtain additional funding over and above our government funding sources.

As a result of the foregoing, we might not be able to obtain any financing, and we might not have sufficient capital to conduct our business as projected, both of which could mean that we would be forced to curtail or discontinue our operations. If we cannot raise additional capital when we need or want to, our operations and prospects could be negatively affected, and our business could fail.

***The Morpheus Reactor is a first-of-a-kind design, and we may fail to validate its technical feasibility, scalability, or integration of key systems, which would prevent us from obtaining regulatory approval and commercializing the technology.***

Our flagship product, the Morpheus Microreactor, is a first-of-a-kind design that incorporates novel features, including a high-temperature (500 – 600°C) lead-cooled, graphite-moderated core, passive natural convection cooling, and integration with high-efficiency Stirling engines. The technical feasibility of these systems has not yet been fully validated in an integrated configuration. In particular, we must demonstrate the long-term performance of structural and fuel materials in a high-temperature lead-coolant environment, confirm the reliability and stability of passive natural convection under all operating conditions, and validate the performance and durability of the Stirling engines when coupled to the reactor system.

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In addition, the Morpheus design is intended to be scalable from approximately 3.5 MWe to 50 MWe to serve diverse customer needs. We must prove that the design can be adapted to different power levels without compromising safety, efficiency, or regulatory compliance. Achieving these validations will require extensive modeling, laboratory testing, and potentially prototype demonstrations, all of which are subject to technical uncertainties, cost overruns, and delays.

Failure to resolve any of these technical risks could prevent us from obtaining the necessary regulatory approvals from the Canadian Nuclear Safety Commission ("CNSC"), the U.S. Nuclear Regulatory Commission ("NRC"), or other international regulators. Without such approvals, we would be unable to commercialize the Morpheus Reactor, which would materially and adversely affect our business, financial condition, and prospects.

***The failure of production and commercialization of nuclear micro reactors as planned will adversely and materially affect our business, financial condition, and result of operations.***

We are in the process of developing the next-generation advanced nuclear microreactors, in particular, Morpheus, a lead-cooled, graphite moderated reactor. With this potential product, we seek to advance the development of next generation, portable, on-demand capable, advanced nuclear micro reactors. In collaboration with various nuclear engineering, research and laboratories in both the US and Canada, we believe our reactors will have the potential to bring change to the global energy landscape. Our goal is to commercially launch one of these products by 2030. If our plan to develop, manufacture or commercialize these products is delayed, suspended, interrupted, or cancelled for whatever reason, our business, financial condition, and results of operations will be adversely and materially disrupted, and the value of our securities may significantly decline or become worthless.

***Our Morpheus Reactor requires 10% or 19.5% HALEU fuel, and the absence of a robust commercial supply chain for HALEU could prevent us from manufacturing and fueling our reactors.***

The Morpheus Microreactor is designed to operate using high-assay low-enriched uranium ("HALEU") fuel enriched to approximately 10% or 19.5%. At present, there is no robust commercial supply chain for HALEU, and production is limited to a small number of government-authorized entities. The availability of HALEU is subject to significant constraints, including limited production capacity, regulatory controls, export restrictions, and geopolitical considerations.

Any failure to secure a reliable, long-term supply of HALEU at a predictable price would make it impossible for us to manufacture and fuel our reactors. Even if supply is available, price volatility or unfavorable contract terms could materially increase our costs and reduce the competitiveness of our product. Without assured access to HALEU, our business model would be non-viable, and our financial condition and prospects would be materially and adversely affected.

***We may not complete the Moltex Asset Acquisition, and even if completed, the acquisition of these distressed assets may not yield anticipated benefits and could adversely affect our financial condition.***

On December 17, 2025 we entered into an exclusivity agreement, pursuant to which we expect to acquire certain assets of Moltex Energy Limited (in administration) for a purchase price of £6,183,793 (CAD$11,500,000; US$8,500,000), and we have paid a non-refundable exclusivity fee of £268,861 (CAD$500,000; US$368,000). The Moltex Asset Acquisition remains subject to the negotiation and execution of a definitive sale and purchase agreement and the satisfaction of customary conditions precedent. There can be no assurance that we will successfully complete the Moltex Asset Acquisition on the terms currently contemplated, or at all. If we are unable to reach agreement on a definitive sale and purchase agreement before the current expiration of the exclusivity period on May 8, 2026, or any extension thereof, we will have paid the non-refundable exclusivity fee and the fees for the Extension, and potentially incurred significant transaction costs without completing the Moltex Asset Acquisition. Additionally, if the exclusivity period is extended beyond May 8, 2026, we may be required to provide additional funding to maintain the business and assets of Moltex Energy Limited during any further extension period, which could place unexpected demands on our capital resources.

The Moltex Asset Acquisition involves the purchase of assets from a company in administration, and such assets may be subject to claims, encumbrances, or other liabilities that could adversely affect their value or our ability to utilize them effectively. We may also be exposed to challenges or delays arising from the administration process itself,

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including the need to obtain consents or approvals from the joint administrators, creditors, or, in certain circumstances, the English court, and there can be no assurance that such consents or approvals will be obtained on a timely basis or on acceptable terms. The joint administrators are required to act in the interests of creditors as a whole, which may not align with our commercial objectives and could result in changes to the scope, structure, or timing of the proposed transaction. Even if we successfully complete the Moltex Asset Acquisition, we may face significant challenges in integrating the acquired assets into our operations, and the assets may require substantial additional investment to become operational or commercially viable. The negotiation, due diligence, and integration activities associated with the Moltex Asset Acquisition require significant time and attention from our management team, which could divert resources from our existing operations and other strategic initiatives. We currently believe that the Moltex Asset Acquisition will not have any effect on the timeframes set forth in our 18-Month Development Roadmap. However, if we are unable to complete the Moltex Asset Acquisition, or if the Moltex Asset Acquisition does not yield the anticipated benefits, our business strategy, financial condition, and prospects could be materially and adversely affected.

***Our "design led" manufacturing model depends on third-party suppliers, and any failure by these suppliers to meet our quality or delivery requirements could disrupt our ability to produce and deliver the Morpheus Reactor.***

We intend to operate under a "design led" manufacturing model, relying on specialized third-party suppliers such as Framatome for the fabrication of reactor components. Our suppliers must meet stringent nuclear quality assurance (QA) standards, including without limitation, (i) NQA-1, the American Society of Mechanical Engineers Quality Assurance standard governing the design, fabrication, testing, and operation of nuclear facility components in the US, and (ii) CSA N286, the Canadian Standards Association's quality assurance standard applicable to nuclear power plant systems and components in Canada.

The loss of a sole-source supplier for a critical component — such as our Qnergy Stirling engines — could require us to identify and qualify alternative suppliers, a process that may be costly, time-consuming, and subject to regulatory review. In addition, any failure by our suppliers to meet our quality standards or production schedules could halt our manufacturing operations, delay customer deliveries, and damage our reputation in the market. We have identified and confirmed the availability of the Qnergy Stirling engines, but other than the signing of a non-disclosure agreement, we have not yet entered into any contractual agreements with Qnergy to secure the supply of the engines. There can be no assurance that the Stirling engine will be available for acquisition when it is needed in our development process and we have no special relationship with Qnergy to ensure this availability. If the Stirling engine is not available when it is needed by us, we would need to find an analogous replacement, develop a replacement ourselves or re-engineer the reactor to adjust to a different type of engine.

Such disruptions could cause us to miss contractual deadlines, incur penalty costs, and lose future sales opportunities, particularly in the early stages of commercialization when establishing reliability is critical. Any such disruptions could materially adversely affect our ability to launch our product in 2030-2031 as currently projected.

***If we experience significant fluctuations in our operating results and rate of growth and fail to meet revenue and earnings expectations, our stock price may fall rapidly and without advance notice.***

Due to our limited operating history, our unproven and evolving business model and the unpredictability of our emerging industry, we may not be able to accurately forecast our rate of growth. We base our current and future expense levels and our investment plans on estimates of future revenue and future rate of growth. Our expenses and investments are, to a large extent, not fixed and we expect that these expenses will increase in the future. We may not be able to adjust our spending quickly enough if our revenue falls short of our expectations.

Our results of operations depend on both the growth of demand for the products and services we are going to offer in future and the general economic and business conditions throughout the world. A softening of demand for our products and services for any reason will harm our operating results. Terrorist attacks, armed hostilities and wars in the past created, and may in the future create economic and business uncertainty that may also adversely affect our results of operations.

Our revenue and operating results may also fluctuate due to other factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability of the design, developing, manufacturing and sales of smaller, cheaper, and safer advanced portable clean energy solutions, including nuclear reactors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to secure a consistent and economically viable source of HALEU fuel to supply the next generation of advanced nuclear reactors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumptions relating to the size of the market for our nuclear reactors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unanticipated regulations of nuclear energy that add barriers to our business and have a negative effect on our operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our estimates of expenses, future revenue, capital requirements and our needs for, or ability to obtain, additional financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new product and service introductions by our competitors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• technical difficulties or interruptions in our service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic conditions in our geographic markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional investment in our service or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory compliance costs.

As a result of these and other factors, we expect that our operating results may fluctuate significantly on a quarterly basis. We believe that period-to-period comparisons of our operating results may not be meaningful, and you should not rely upon them as an indication of future performance.

***Our business model depends entirely on successfully navigating the complex, lengthy, and expensive nuclear licensing process, and failure to obtain regulatory approvals would prevent commercialization of the Morpheus Reactor.***

Our entire business model is predicated on obtaining regulatory approvals for the Morpheus Microreactor from both Canadian and U.S. nuclear regulators. In Canada, this includes completing the CNSC Vendor Design Review ("VDR"), and in the United States, obtaining a Standard Design Approval ("SDA") from the NRC. These processes are complex, multi-stage, and require extensive technical documentation, safety analyses, and validation testing.

There is no guarantee that we will successfully complete either the VDR or the SDA. Regulators may determine that our design presents "fundamental barriers to licensing" that cannot be resolved without significant redesign, or may require additional, costly research and development to address technical or safety concerns. Even with recent initiatives to shorten review timelines (such as the NRC's 18-month target for certain phases), regulatory reviews can be delayed for reasons outside our control, including changes in regulatory priorities, resource constraints at the agencies, or public opposition.

Any delay or failure in obtaining these approvals would postpone our commercialization timeline indefinitely, prevent us from generating revenue, and could exhaust our available capital. If we are unable to secure the necessary licenses, our business, financial condition, and prospects would be materially and adversely affected.

***Our future operations in Canada will be subject to strict, no-fault nuclear liability under the Nuclear Liability and Compensation Act (Canada), and compliance with its mandatory financial security requirements may be costly.***

Under the *Nuclear Liability and Compensation Act*, S.C. 2015, c. 4 (the "NLCA"), the operator of a nuclear installation is subject to absolute liability for nuclear damage arising from a nuclear incident, without the need to prove fault. For nuclear power reactors, the operator's liability is limited to C$1 billion per nuclear incident, and the operator must maintain approved financial security (such as nuclear liability insurance) equal to this liability limit throughout the operational period of the facility. For other classes of nuclear installations, lower liability and financial-security limits apply as set by regulation. Nuclear liability insurance in Canada is limited in availability and expensive, and there can be no assurance that we will be able to obtain or maintain the required financial security on commercially reasonable terms, or at all. Failure to obtain or maintain such financial security would prevent us from obtaining or retaining the CNSC operating license necessary to operate nuclear facilities in Canada and would have a material adverse effect on our business, financial condition and results of operations.

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#### Government budget delays, government debt ceiling limitations, or reductions in government spending could adversely impact government spending for the products and services we provide.
Because we operate in the energy sector, our business may be sensitive to changes in government spending and policy in both Canada and the United States. Reductions in federal government spending could adversely impact Canadian and U.S. government programs related to our products or services. While we believe our technology aligns with strategic priorities regarding energy security and clean energy, government spending on these programs is subject to negative publicity, political factors, and public scrutiny. The risk of future budget delays or reductions is uncertain, and spending cuts may be applied to government programs across the board, regardless of strategic alignment. Any reduction in federal government spending in Canada or the United States could adversely impact programs in which we provide (or intend to provide) products or services. In addition, these cuts could adversely affect the viability of suppliers and subcontractors critical to our operations.

***The cost of electricity generated from nuclear sources may not be cost competitive with other electricity generation sources in some markets, which could materially and adversely affect our business.***

Some electricity markets experience very low power prices due to a combination of subsidized renewables and low-cost fuel sources, and we may not be able to compete in these markets unless the benefits of the carbon-free, reliable and/or resilient energy generation are sufficiently valued in the market. Given the relatively lower electricity prices in the United States when compared to many international markets, the risk may be greater with respect to business in the United States.

***The market for SMRs generating nuclear power is not yet established and may not achieve the growth potential we expect or may grow more slowly than expected.***

The market for SMRs has not yet been established. Our estimates for the total addressable market are based on a number of internal and third-party estimates, including our potential contracted revenue, the number of potential customers, assumed prices and production costs, our ability to leverage our current logistical and operational processes, and general market conditions. However, our assumptions and the data underlying our estimates may not be correct and the conditions supporting our assumptions or estimates may change at any time, thereby reducing the predictive accuracy of these underlying factors. As a result, our estimates of the annual total addressable market for our services, as well as the expected growth rate for the total addressable market for our services, may prove to be incorrect.

#### We face competition from other advanced nuclear developers, and competitors that achieve commercialization first may capture market share and limit our growth opportunities.
We compete with other advanced nuclear technology companies, including Terra Innovatum Global NV, Nano Nuclear Energy Inc, Oklo Inc, and Westinghouse Electric Corporation, among others. Some of these competitors may have greater financial resources, more advanced regulatory engagement, established manufacturing capabilities, or technological advantages such as the use of low-enriched uranium fuel, which may be easier to source than HALEU.

If a competitor achieves commercialization ahead of us, they may secure early customer contracts, establish exclusive supplier relationships, and capture significant market share in our target sectors. Such early-mover advantages could lock us out of key markets, reduce demand for our Morpheus Microreactor, and impair our ability to generate revenue. In addition, competitors' marketing efforts, pricing strategies, and technology developments could make our products less competitive or obsolete.

If we are unable to establish a competitive position before these market dynamics take hold, we may face prolonged delays in customer adoption, reduced pricing power, and diminished long-term growth potential.

***Our executive officers, including our Chief Executive Officer and Chief Financial Officer, currently serve on an independent contractor basis, which may adversely affect the continuity and effectiveness of our management.***

Rather than being employed on a full-time basis, our executive officers currently provide services to the Company as independent contractors. Given the rarity of nuclear science, operation and administration in the world, we need to be flexible in our hiring practices. Many of our consultants have other engagements and live in various places throughout North America and the world and will only engage with us on an independent contracting basis. While these arrangements provide flexibility at our current stage of development, they may limit the amount of time certain

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officers are able to dedicate exclusively to our business, they could result in delays or gaps due to the unavailability of a consultant due to other conflicting commitments, and they may increase the risk of management turnover or reduced continuity of leadership.

Certain of our officers may have other professional commitments outside the Company, which could from time to time limit the amount of time and attention they are able to devote to our business, particularly during periods of increased operational or strategic activity. Their divided focus could lead to delays in decision-making, hinder effective communication within our organization, give rise to potential conflicts of interest, and introduce a divergence in priorities, which could adversely affect the overall effectiveness of our management team.

The loss of, or a significant reduction in the involvement of, one or more members of our senior management team could adversely affect our ability to execute our business strategy, manage operations effectively and achieve our development and financing objectives.

***Our success depends on retaining a small, highly specialized management team, and the loss of key individuals could significantly impair our ability to execute our business plan.***

We rely heavily on the expertise of our core management team, which includes individuals with unique technical and regulatory experience in advanced nuclear reactor design and licensing. In particular, the loss of Mr. Josef Freundorfer, our Chief Executive Officer, Ms. Anna Skowron, our Chief Financial Officer, Dr. Eleodor Nichita, our Head of Reactor Design, or Amin Patel, our Head of Licensing, would be a material adverse event for the Company, as their specialized knowledge and industry relationships are difficult — if not impossible — to replace. Because our team is small, the departure of even one key member could disrupt ongoing design work, delay regulatory submissions, and weaken our ability to respond to technical or licensing challenges. Such a loss could force us to slow or suspend critical development activities while we attempt to recruit and onboard qualified replacements, increasing costs and jeopardizing our ability to meet commercialization timelines.

Mr. Freundorfer initially served as a part time consultant to the Company but as of December 19, 2025 became our full time CEO, in the capacity of a consultant. His consulting agreement is dated December 25, 2025.

Ms. Skowron is our Chief Financial Officer, and a part time consultant who devotes approximately 20 hours per week in that capacity. Her consulting agreement (with her personal service company NxtEra Consulting Ltd.), was signed on December 9, 2025 and amended on February 28, 2026. With respect to Ms. Skowron's service as CFO, including the Company, her engagements are structured on a fractional basis pursuant her consulting agreement. She allocates approximately 20 hours per week to each principal engagement and is supported by a dedicated accounting and finance team, including senior accounting personnel. This structure enables her to fulfill her responsibilities effectively.

Dr. Eleodor Nichita is one of our co-founders, a shareholder and a part-time consultant who devotes approximately 15 hours per week in assisting us with reactor design and development. His consulting agreement (with his personal service company Irydyum Scientific Inc.) is dated February 25, 2026.

As of January 7, 2026 Amin Patel is a part time consultant who devotes approximately 20 hours per week in assisting us with the Canadian Licensing process.

#### Potential conflicts of interest among directors and officers could adversely affect our business.
Some of our directors and officers may have affiliations with other companies in the nuclear energy or broader energy sectors. These affiliations could create actual, potential, or perceived conflicts of interest that may impact our ability to make impartial and timely strategic decisions. Such conflicts could arise if overlapping business interests lead to competition or if dual roles result in competing demands on their time and focus. Additionally, there is a risk that proprietary information could be inadvertently disclosed or misused, even with confidentiality measures in place. While we have procedures to identify and manage conflicts of interest, these measures may not fully address all risks. Any failure to effectively mitigate such issues could harm our reputation, delay our operations, and adversely affect our financial performance.

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#### We may be unable to manage our future growth effectively, which could make it difficult to execute our business strategy.
If our operations grow as planned, we likely will need to expand our sales and marketing, research and development, supply and manufacturing functions, and there is no guarantee that we will be able to scale our business as planned. If we are not able to achieve and maintain cost-competitiveness in the United States or elsewhere, our business could be materially and adversely affected.

***We and our target customers operate in a politically sensitive environment, and the public perception of nuclear energy can affect our target customers and us.***

Nuclear energy is closely tied to government policies and regulations due to its potential risks and benefits. Governments often play a central role in the approval, regulation, and funding of nuclear projects. Changes in political leadership or shifts in public sentiment can lead to shifts in nuclear energy policies, which can affect the viability and profitability of nuclear businesses. The regulatory framework for nuclear energy is stringent and subject to public scrutiny. Regulatory decisions can influence the cost, timeline, and feasibility of nuclear projects. Public concerns and political pressure can lead to tighter regulations or stricter enforcement of existing ones. Government policies and incentives, often influenced by public opinion and political considerations, can directly impact the growth and competitiveness of nuclear energy. Favorable policies such as subsidies, tax credits, or incentives for clean energy can attract more customers to the nuclear energy sector.

In addition, public perception of nuclear energy can range from positive to highly skeptical or negative, often influenced by historical events, accidents, and media coverage. Negative public sentiment can lead to protests, legal challenges, and public resistance to new nuclear projects, potentially delaying or preventing their development. Nuclear facilities often need to engage with local communities where they operate. Building and maintaining trust with these communities is crucial for obtaining social acceptance. Public opposition, fueled by concerns about safety or environmental impact, can hinder a company's ability to establish a presence in a particular location. Public perception of nuclear safety and viability can also influence the willingness of investors and financial institutions to fund nuclear projects. Negative public sentiment can increase financing costs and make it more difficult to secure the necessary capital. However, public preferences for energy sources can influence the demand for nuclear energy. A positive perception of nuclear power as a clean and reliable energy source can boost its market appeal. Conversely, public concerns about nuclear safety and waste disposal can lead to decreased demand, impacting a nuclear company's customer base. Additionally, public perception of a country's nuclear industry can affect its ability to export nuclear technology, reactors, and fuel assemblies to international customers. International perceptions of safety and reliability play a role in export decisions.

As a result, the risks associated with nuclear energy materials and the public perception of those risks can affect our business. Opposition by third parties can delay or prevent the construction of new nuclear power plants and can limit the operation of nuclear reactors. Adverse public reaction to developments in the use of nuclear power could directly affect our customers and indirectly affect our business. In the past, adverse public reaction, increased regulatory scrutiny and litigation have contributed to extended construction periods for new nuclear reactors, sometimes delaying construction schedules by decades or more or even shutting down operations. In addition, anti-nuclear groups in Germany successfully lobbied for the adoption of the Nuclear Exit Law in 2002, which led to the shutdown of all German nuclear power plants as of April 15, 2023. Adverse public reaction could also lead to increased regulation or limitations on the activities of our customers, more onerous operating requirements or other conditions that could have a material adverse impact on our target customers and our business.

Accidents involving nuclear power facilities, including but not limited to events similar to the Three Mile Island, Chernobyl and Fukushima Daiichi nuclear accidents, or terrorist acts or other high-profile events involving radioactive materials could materially and adversely affect our target customers and the markets in which we operate and increase regulatory requirements and costs that could materially and adversely affect our business.

Our future prospects are dependent upon a certain level of public support for nuclear power. Nuclear power faces strong opposition from certain competitive energy sources, individuals and organizations. The accident that occurred at the Fukushima nuclear power plant in Japan in 2011 increased public opposition to nuclear power in some countries, resulting in a slowdown in, or, in some cases, a complete halt to new construction of nuclear power plants, an early shut down of existing power plants or a dampening of the favorable regulatory climate needed to introduce new nuclear technologies, all of which could negatively impact our business and prospects. As a result of the Fukushima accident, some countries that were considering launching new domestic nuclear power programs delayed

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or cancelled the preparatory activities they were planning to undertake as part of such programs. If accidents similar to the Fukushima disaster or other events, such as terrorist attacks involving nuclear facilities, occur, public opposition to nuclear power may increase, regulatory requirements and costs could become more onerous, which could materially and adversely affect our business and operations.

#### Risks Related to Our Intellectual Property
***If we are unable to protect the intellectual property underlying the Morpheus Reactor, our ability to complete development and achieve commercialization could be materially harmed.***

We rely on intellectual property protection including patent, trademark, copyright, trade secret and other intellectual property rights protection and contractual restrictions to protect our proprietary technologies, all of which provide limited protection and may not adequately protect our rights or permit Nuclea Energy to gain or keep any competitive advantage. We believe the design of the Morpheus reactor reflects targeted improvements over certain aspects of the baseline "ZAN4e conceptual design" described in the 2023 white paper co-authored by our Dr. Eleodor Nichita (see footnote 3). The Morpheus Reactor is a first-of-a-kind design and represents the cornerstone of our business strategy. Its success is critical to our ability to establish a competitive position in the nuclear microreactor industry. While aspects of our technology are still in development, the Morpheus Microreactor incorporates novel features, including a high-temperature (500 – 600°C) lead-cooled, graphite-moderated core, passive natural convection cooling, and integration with high-efficiency Stirling engines. These features are supported by intellectual property that we have developed, including our fuel design (currently described in a U.S. provisional patent application), as well as related technology we maintain as trade secret and innovations we intend to develop as we refine and test the reactor's design. Protecting and enforcing our intellectual property rights is essential to ensuring the commercial viability of the Morpheus Reactor and safeguarding our competitive advantage.

The Morpheus Reactor is still in development, and the technical feasibility of certain systems are not yet fully validated in an integrated configuration. As we continue development, we expect the intellectual property protecting the Morpheus Reactor to expand including in terms of trade secrets and future patent application filings. Any failure to secure, maintain, or enforce these rights could materially and adversely affect our competitive advantage as well as our ability to complete development, obtain regulatory approvals, and commercialize the Morpheus Reactor. Key risks include:

*Challenges in Protecting Future Patents*

Any patents that we may obtain in the future that relate to the fuel designs and/or other proprietary technologies underlying the Morpheus Reactor or its use may be subject to challenges, such as claims of invalidity or prior art, by third parties. Additionally, as we refine and test the reactor, we anticipate developing additional innovations that we may choose to pursue new patent filings that we may, or may not, receive patents in the jurisdictions in which we seek patent protection. If we fail to secure, maintain, or defend any of such future patents, our ability to protect the unique features of the Morpheus Reactor could be significantly compromised.

We cannot assure investors that our currently pending or future patent applications will result in granted patents, and we cannot predict how long it will take for such patent applications to be granted or whether the scope of such patent claims, if granted, will adequately protect the Morpheus Reactor from competitors. It is possible that, for any of our patents that may be granted in the future, competitors will design alternatives that do not infringe upon our patented technologies. Further, we cannot assure investors that other parties will not challenge any future patents granted to us or that courts or regulatory agencies will hold such future patents to be valid or enforceable. We cannot guarantee investors that we will be successful in defending challenges made against our future patents and patent applications. Any successful third-party challenge to our patents could result in the unenforceability or invalidity of such patents, or to such patents being interpreted narrowly or otherwise in a manner adverse to our interests. Our ability to establish or maintain a technological or competitive advantage over our competitors may be diminished because of these uncertainties. For these and other reasons, our intellectual property may not provide us with any competitive advantage.

In addition, publications of discoveries in scientific literature often lag behind the actual discoveries, patent applications in the United States and other jurisdictions remain confidential for a period after filing, and some remain so until issued. Therefore, we cannot know with certainty whether we were the first to make the inventions claimed in our pending provisional patent application or future applications, or that we were the first to file for patent protection of such inventions. Further, we cannot guarantee that any patent office will agree that our technological improvements

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over the baseline Zan4e design are patentable. As a result, the issuance, scope, validity, enforceability and commercial value of our patent rights are highly uncertain. There is no assurance that all potentially relevant prior art relating to our patent rights has been found, and such prior art could potentially invalidate claims in a pending application of any future patent, if granted.

Moreover, our development efforts may not develop additional proprietary technologies that are patentable. Further, while we may apply for patents covering aspects of our technology and uses thereof, as we deem appropriate, we may fail to apply for patents on important technologies and aspects in a timely fashion or at all, or we may fail to apply for patents in potentially relevant jurisdictions.

To the extent our intellectual property offers inadequate protection, or is found to be invalid or unenforceable, we would be exposed to a greater risk of direct competition. If our intellectual property does not provide adequate coverage against our competitors, our competitive position could be adversely affected, as could our business.

*Uncertainty Around Future Intellectual Property Development*

The novel features of the Morpheus Reactor rely on innovations that are in development. There is no guarantee that our current provisional patent application will be granted, that we will be able to secure meaningful patent protection for our future technologies in which we choose to seek patent protection or that such patents, if granted, will provide sufficient commercial protection. For example, we must convert our current provisional application number 63/845,685 into a non-provisional application or a PCT application within one year of its filing date (July 17, 2025). Limitations in patent protections could allow competitors to replicate or develop similar designs, reducing the Morpheus Reactor's competitiveness.

*Risk of Third-Party Infringement Claims*

During the development and commercialization of the Morpheus Reactor, we may inadvertently use technologies that infringe on third-party intellectual property rights. Even if such claims are ultimately unfounded, they could result in costly litigation, delays in development, or the need to redesign critical systems, which could materially increase costs and impact timelines.

*Dependence on Trade Secrets*

In addition to any patents we may obtain in the future, we rely on trade secrets to protect certain proprietary aspects of the Morpheus Reactor. As further discussed below, the effectiveness of this protection depends on our ability to implement and enforce robust confidentiality measures, especially as we partner with contractors, collaborators, and regulatory bodies during development. Any unauthorized disclosure, theft, or misappropriation of our trade secrets could erode our competitive advantage.

*Risks to IP Protection in Canada and the United States*

As we plan to market the Morpheus Reactor in Canada and the United States, protecting our intellectual property in these key markets will be critical. However, there are inherent challenges in securing and enforcing intellectual property rights, even within these jurisdictions. Differences in patent examination standards and potential legal challenges, such as claims of invalidity or prior art, could limit the scope or enforceability of our potential patents. Additionally, unauthorized use or replication of our technologies in other international market could materially harm our competitive position and adversely affect our ability to commercialize the Morpheus Reactor.

The Morpheus Reactor is a represents a transformative opportunity for our business. However, failure to protect and enforce the intellectual property supporting this critical product, or to successfully address the technical, regulatory, and commercial challenges associated with its development, could prevent us from realizing its potential. Such outcomes would materially and adversely affect our business, financial condition, and prospects.

#### If we fail to protect or enforce our intellectual property or proprietary rights, our business and operating results could be harmed.
We currently own the rights to the significant majority of our intellectual property, including our pending provisional utility patent application relating our Morpheus reactor. We may enter into license agreements in future for our business development. There is no assurance that we, as the licensee, will be able to obtain or renew, if at

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all or in a timely manner, any of the license agreements upon its expiration. Failure to obtain or renew, or early termination of, any such agreement may materially and adversely affect our business, financial conditions and results of operations.

In addition to pursuing patents on our technology, we also rely upon trademarks, trade secrets, copyrights and unfair competition laws, as well as other contractual provisions, to protect our intellectual property and other proprietary rights. Despite these measures, any of our intellectual property rights could be challenged, invalidated, circumvented or misappropriated. In addition, we take steps to protect our intellectual property and proprietary technology by entering into confidentiality agreements and intellectual property assignment agreements with our employees, consultants, corporate partners and, when needed, our advisors. We may be subject to claims that former employees or other third parties have an ownership interest in our patents or other intellectual property. We may be subject to ownership disputes in the future arising from, for example, conflicting obligations of consultants or others who are involved in developing our product candidates. Although it is our policy to require our employees and contractors who may be involved in the conception or development of intellectual property to execute agreements assigning such intellectual property to us, we may be unsuccessful in executing such an agreement with each party who, in fact, conceives or develops intellectual property that we regard as our own, and we cannot be certain that our agreements with such parties will be upheld in the face of a potential challenge, or that they will not be breached, for which we may not have an adequate remedy. In addition, the laws of some countries may prohibit the contractual assignment of intellectual property prior to its creation. The assignment of intellectual property rights may not be self-executing or the assignment agreements may be breached, and litigation may be necessary to defend against these and other claims challenging inventorship or ownership.

Such agreements or provisions may not be enforceable or may not provide meaningful protection for our trade secrets or other proprietary information in the event of unauthorized use or disclosure or other breaches of the agreements, and we may not be able to prevent such unauthorized disclosure. Notwithstanding any such agreements, there is no assurance that our current or former manufacturers or suppliers will not use and/or supply our competitors with our trade secrets, know-how or other proprietary information to which these parties gained access or generated from their relationship with us. This could lead to our competitors gaining access to patented or other proprietary information. Moreover, if a party to an agreement with us has an overlapping or conflicting obligation to a third party, our rights in and to certain intellectual property could be undermined. Monitoring unauthorized disclosure is difficult, and we do not know whether the steps we have taken to prevent such disclosure are, or will be, adequate. If we were to enforce a claim that a third party had illegally obtained and was using our trade secrets, it would be expensive and time-consuming, the outcome would be unpredictable, and any remedy may be inadequate. In addition, courts outside the United States may be less willing to protect trade secrets.

We regard the protection of our trade secrets, licenses, trade dress, trademarks, patents and copyrights (if any, in future), domain names and other intellectual property or proprietary rights as critical to our success. We strive to protect our intellectual property rights by relying on federal, state and common law rights, as well as contractual restrictions. We seek to protect our confidential proprietary information, in part, by entering into consulting agreements, and/or services or employment agreements that contain non-disclosure and non-use provisions with our employees, consultants, advisors and any third parties who have access to our proprietary know-how, information or technology. However, we cannot be certain that we have executed such agreements with all parties who may have helped to develop our intellectual property or who had access to our proprietary information, nor can we be certain that our agreements will not be breached. Any party with whom we have executed such an agreement could potentially breach that agreement and disclose our proprietary information, including our trade secrets, and we may not be able to obtain adequate remedies for such breaches. We cannot guarantee that our trade secrets and other confidential proprietary information will not be disclosed or that competitors will not otherwise gain access to our trade secrets or independently develop substantially equivalent information and techniques. Detecting the disclosure or misappropriation of a trade secret and enforcing a claim that a party illegally disclosed or misappropriated a trade secret is difficult, time-consuming and could result in substantial costs and the outcome of such a claim is unpredictable. Further, the laws of certain foreign countries do not protect proprietary rights to the same extent or in the same manner as the laws of the United States. As a result, we may encounter significant problems in protecting and defending our intellectual property or proprietary rights both in the United States and abroad. If we are unable to prevent the disclosure of our trade secrets to third parties, or if our competitors independently develop any of our trade secrets, we may not be able to establish or maintain a competitive advantage in our market, which could harm our business.

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While we currently have only a single U.S. provisional application on file, the majority of our technology is maintained as trade secret. We balance the advantages of comprehensive development with the risk of potential delays in securing patent protection and continue to consult qualified intellectual property counsel so we can make informed decisions regarding the timing of patent filings and the overall protection strategy. Patent laws, and scope of coverage afforded by them, continue to be subject to change through the courts as well as legislative and policy changes.

The USPTO and various foreign governmental patent agencies require compliance with a number of procedural, documentary, fee payment and other provisions to maintain patent applications (including provisional applications) and issued patents. We may fail to take the necessary actions and to pay the applicable fees to obtain or maintain our patents in future. Non-compliance with these requirements can result in abandonment or lapse of a patent or patent application, resulting in partial or complete loss of patent rights in the relevant jurisdiction. In such an event, competitors might be able to use our technologies and enter the market earlier than would otherwise have been the case.

We may seek to protect our brand through our trademarks and patents (to the extent obtained in the future) and domain names in an increasing number of jurisdictions in future, a process that is expensive and time-consuming and may not be successful or which we may not pursue in every location.

Litigation or other administrative proceedings may be necessary to enforce our intellectual property or proprietary rights, protect our trade secrets or determine the validity and scope of proprietary rights claimed by others as well as to defend claims challenging inventorship or ownership. Any litigation of this nature, regardless of outcome or merit, could result in substantial costs, adverse publicity or diversion of management and technical resources, any of which could adversely affect our business and operating results. If we fail to maintain, protect and enhance our intellectual property or proprietary rights, our business may be harmed.

#### We rely on our unpatented proprietary technology, trade secrets, designs, experiences, work flows, data, processes, software and know-how .
We rely on proprietary information (such as trade secrets, know-how and confidential information) to protect intellectual property that may not be patentable and may not be subject to copyright, trademark, trade dress or service mark protection, or that we believe is best protected by means that do not require public disclosure. We generally seek to protect this proprietary information by entering into consulting agreements, and/or services or employment agreements that contain non-disclosure and non-use provisions with our employees, consultants, contractors and third parties. However, we may fail to enter into the necessary agreements, and even if entered into, these agreements may be breached or may otherwise fail to prevent disclosure, third-party infringement or misappropriation of our proprietary information, may be limited as to their term and may not provide an adequate remedy in the event of unauthorized disclosure or use of proprietary information. We have limited control over the protection of trade secrets used by our current or future partners and suppliers and could lose future trade secret protection if any unauthorized disclosure of such information occurs. In addition, our proprietary information may otherwise become known or be independently developed by our competitors or other third parties. To the extent that our employees, consultants, contractors, advisors and other third parties use intellectual property owned by others in their work for us, disputes may arise as to the rights in related or resulting know-how and inventions. Costly and time-consuming litigation could be necessary to enforce and determine the scope of our proprietary rights, and failure to obtain or maintain protection for our proprietary information could adversely affect our competitive business position. Furthermore, laws regarding trade secret rights in certain markets where we operate may afford little or no protection to its trade secrets.

We also rely on physical and electronic security measures to protect our proprietary information, but we cannot provide assurance that these security measures will not be breached or provide adequate protection for our property. There is a risk that third parties may obtain and improperly utilize our proprietary information to our competitive disadvantage. We may not be able to detect or prevent the unauthorized use of such information or take appropriate and timely steps to enforce our intellectual property rights.

***We may be accused of infringing intellectual property rights of third parties and content restrictions of relevant laws, which may materially and adversely affect our business, financial condition, and results of operations.***

Third parties may claim that the technology used in the operation of our business infringes upon their intellectual property rights. Although we have not in the past faced any litigation involving direct claims of infringement by us, the possibility of intellectual property claims against us increases as we continue to grow. Such claims, whether having merit, may result in our expenditure of significant financial and management resources, injunctions against us or payment of damages. We may need to obtain licenses from third parties who

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allege that we have infringed their rights, but such licenses may not be available on terms acceptable to us or at all. These risks have been amplified by the increase in third parties whose sole or primary business is to assert such claims.

The outcome of any claims, investigations and proceedings is inherently uncertain, and in any event defending against these claims could be both costly and time-consuming and could significantly divert the efforts and resources of our management and other personnel. An adverse determination in any such litigation or proceedings could cause us to pay damages, as well as legal and other costs, limit our ability to conduct business or require us to change the manner in which we operate.

#### Risks Related to Regulation and Compliance
***Our business is subject to a wide variety of extensive and evolving government laws and regulations. Changes in and/or failure to comply with such laws and regulations could have a material adverse effect on our business.***

We are subject to new or changing Canadian federal, state, and local regulations, including laws relating to the design, developing, manufacturing, marketing, servicing, or sales of our nuclear-fuel related products. Such laws and regulations may require us to pause sales and modify our products, which could result in a material adverse effect on our ability to generate revenues (or any future revenues) and our financial condition generally. Such laws and regulations can also give rise to liability such as fines and penalties, property damage, bodily injury, and cleanup costs. Failure to comply with such regulations could lead to withdrawal or recall of our products from the market, delay our projected revenues, increase cost, or make our business unviable if we are unable to modify our products to comply. Capital and operating expenses needed to comply with laws and regulations can be significant, and violations may result in substantial fines and penalties, third-party damages, suspension of production or a cessation of our operations. Any failure to comply with such laws or regulations could lead to withdrawal or recall of our products from the market.

Regulatory risk factors associated with our business also include our ability to obtain additional applicable approvals, licenses or certifications from regulatory agencies, if required, and to maintain current approvals, licenses or certifications. Any regulatory delays, delays imposed as a result of regulatory inspections and changing regulatory requirements, may impede our planned actions to be implemented or completed, many of which may be out of our control. Any natural disasters, changes in governmental regulations or in the status of our regulatory approvals or applications or other events that force us to cancel or reschedule our product development and production, could have an adverse impact on our business and financial condition.

***We ar*e* subject to laws and regulations governing the use, transportation, and disposal of toxic, hazardous and/or radioactive materials. Failure to comply with these laws and regulations could result in substantial fines and/or enforcement actions.***

In the U.S., Canada and possibly elsewhere, our operations will be subject to a variety of federal, state, local environmental, health and safety laws and regulations governing, among other things, air emissions, wastewater discharges, management and disposal of hazardous, non-hazardous, and radioactive materials and waste and remediation of releases of hazardous materials. Additionally, we are responsible for decommissioning of facilities where we conduct, or previously conducted, commercial, NRC-licensed, operations.

We may be liable if we fail to comply with federal, state, and local environmental, health and safety laws and regulations. Failing to comply with such laws and regulations, including failing to obtain any necessary permits, could result in substantial fines or enforcement actions. This might require us to stop or curtail operations or conduct or fund remedial or corrective measures, make additional investments into safety-related improvements or perform other actions. The enactment of more stringent laws, regulations or permit requirements or other unanticipated events may arise in the future and adversely impact the market for our products, which could materially and adversely affect our business, financial condition, and results of operations. We could incur substantial costs as a result of a violation of, or liabilities under, environmental laws.

***We are subject to U.S. and foreign anti-corruption and anti-money laundering laws and regulations. We can face criminal liability and other serious consequences for violations, which can harm our business.***

We are subject to the U.S. Foreign Corrupt Practices Act, the U.S. domestic bribery statute contained in 18 U.S.C. § 201, the U.S. Travel Act, the Money Laundering Control Act 18 U.S.C. §§ 1956 and 1957, and other anti-bribery and anti-money laundering laws in countries in which we conduct activities. Anti-corruption laws are interpreted broadly

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and prohibit companies and their employees, agents, contractors and other collaborators from authorizing, promising, offering or providing, directly or indirectly, improper payments or anything else of value to recipients in the public or private sector, and require that we keep accurate books and records and maintain internal accounting controls designed to prevent any such actions. We can be held liable for the corrupt or other illegal activities of our employees, agents, contractors and other collaborators, even if we do not explicitly authorize or have actual knowledge of such activities.

As we intend to conduct international cross-border business and expand our operations abroad, we may engage business partners and third-party intermediaries to market our products and to obtain necessary permits, licenses and other regulatory approvals overseas. In addition, we or our third-party intermediaries may have direct or indirect interactions with officials and employees of government agencies or state-owned or affiliated entities. We can be held liable for the corrupt or other illegal activities of these third-party intermediaries, our employees, representatives, contractors, partners and agents, even if we do not explicitly authorize such activities. We cannot assure you that all of our employees and agents will not take actions in violation of our policies and applicable law, for which we may be ultimately held responsible. As we intend to expand our international business, our risks under these laws may increase.

Detecting, investigating and resolving actual or alleged violations of anti-corruption laws can require a significant diversion of time, resources and attention from our management. In addition, non-compliance with anti-corruption or anti-bribery laws could subject us to whistleblower complaints, investigations, sanctions, settlements, prosecution, enforcement actions, fines, damages, other civil or criminal penalties, injunctions, suspension or debarment from contracting with certain persons, reputational harm, adverse media coverage and other collateral consequences. If any subpoenas are received or investigations are launched, or governmental or other sanctions are imposed, or if we do not prevail in any possible civil or criminal proceeding, our business, operating results and financial condition could be materially harmed.

***If we fail to comply with the laws and regulations relating to the collection of sales tax and payment of income taxes in the various states in which we do business, we could be exposed to unexpected costs, expenses, penalties and fees as a result of our non-compliance, which could harm our business.***

By engaging in business activities in the United States, we become subject to various state laws and regulations, including requirements to collect sales tax from our sales within those states, and the payment of income taxes on revenue generated from activities in those states. A successful assertion by one or more states that we were required to collect sales or other taxes or to pay income taxes where we did not could result in substantial tax liabilities, fees and expenses, including substantial interest and penalty charges, which could harm our business.

***We may become involved in legal and regulatory proceedings and commercial or contractual disputes, which could have an adverse effect on our profitability and financial position.***

We may be subject to claims, lawsuits, arbitration proceedings, government investigations and other legal, regulatory and administrative proceedings. The outcome of any such claims, investigations or proceedings cannot be predicted with any degree of certainty. In the ordinary course of business, we may in the future be the subject of various legal claims. Any such claims, investigations or proceedings against us, whether meritorious or not, could be time-consuming, result in costly litigation, be harmful to our reputation, require significant management attention and divert significant resources, and the resolution of any such claims, investigations or proceedings could result in substantial damages, settlement costs, fines or penalties that could adversely affect our business, financial condition or operating results or result in harm to our reputation and brand, sanctions, consent decrees, injunctions or other remedies requiring a change in our business practices.

Further, under certain circumstances, we may have contractual or other legal obligations to indemnify and to incur legal expenses on behalf of investors, directors, officers, employees, or other third parties. Our business contractual and legal obligations related to indemnification and the coverage of legal expenses for investors, directors, officers, employees, and other third parties are critical components of our risk management and corporate governance. These obligations are typically outlined in various agreements, contracts, and corporate articles.

In our company, the key aspects of indemnification will be included in our directors and officers (D&O) insurance, our corporate governing documents, and investor agreements and other relevant arrangements. Nuclear companies often purchase director and officer insurance policies to indemnify their directors and officers against personal liability for actions taken in their roles. These policies provide financial protection for individuals in the event of lawsuits, regulatory actions, or other legal proceedings related to their corporate duties. The corporate governing documents may include provisions that obligate our company to indemnify its directors, officers, and sometimes employees to the

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extent allowed by law, with some conditions or limitations on indemnification as applicable. In cases where investors, such as venture capitalists or private equity firms, are involved, investment agreements may include indemnification clauses that protect the investors from certain liabilities related to their investment in our company. In our agreements with third parties, such as suppliers, partners, or service providers, indemnification provisions may also be included to specify who is responsible for indemnifying the other party in the event of specified breaches, disputes, or liabilities.

We may also be required to cover the legal expenses and other costs on behalf of individuals or third parties incurred during any applicable legal proceedings, which may divest our company's resources and the management's attention, thus materially and adversely affect our business, financial condition and results of operations and result in our inability to sustain our growth and expansion strategies.

#### General Risk Factors Associated with Our Company
***We are highly dependent on our senior management team and other highly skilled personnel. If we are unable to attract, retain and maintain highly qualified personnel, including our senior management team, we may not be able to implement our business strategy and our business and results of operations would be harmed.***

Our business and prospectus are highly dependent on the continued services of our senior management team, particularly Josef Freundorfer, our Chief Executive Officer, Sagar Sanghera, our President, and Chairman of the Board and Eleodor Nichita, our Head of Reactor Design. Our senior management team has extensive experience in the energy industry, and we believe that their depth of experience is instrumental to our continued success. See "*Management*" for further details. The loss of any one or more members of our senior management team, for any reason, including resignation or retirement, could impair our ability to execute our business strategy and have a material adverse effect on our business and financial condition if we are unable to successfully attract and retain qualified and highly skilled replacement personnel.

In addition, our ability to execute our plans and grow our company will depend in large part on our ability to attract, motivate, develop, retain and maintain a sufficient number of other highly skilled personnel, including engineers, nuclear energy professionals, finance, marketing and sales personnel. Maintaining a diverse team of skilled personnel who can collectively address the technical, regulatory, financial, and operational aspects of our business, including but not limited to, nuclear engineers and scientists, regulatory and licensing experts, safety and security experts, quality control and assurance managers, environmental and waste management experts, and financial and legal professionals, is also essential to our business. Our goal is to build a well-rounded and experienced team with expertise in these areas to ensure the development, operation, and commercialization of our business, while ensuring safety, regulatory compliance, and long-term viability.

However, if we are unable to attract, retain, and maintain our senior management team and other highly skilled personnel, we may not be able to implement our business strategy, and our business, financial condition and results of operations may be adversely and materially affected. If any of our senior management team members were to terminate his or her employment with us, there can be no assurance that we would be able to find suitable replacements in a timely manner, at acceptable cost or at all. The loss of services of senior management team members or the inability to identify, hire, train and retain other qualified and managerial personnel in the future may materially and adversely affect our business, financial condition, results of operations and prospects.

***Each of Mr. Sagar Sanghera, our President and Chairman of the Board, and Mr. Vinayak Ashok Gunda, has a significant influence over our company due to his ownership of a material percentage of our outstanding Common Shares. Also, their interests may not always be aligned with the interests of our other shareholders, which may lead to conflicts of interest that harm our company. In addition, if Mr. Sanghera and Mr. Gunda act together, they will control the management and affairs of the company and most matters requiring shareholder approval, including the election of directors and approval of significant corporate transactions.***

As of the date of this prospectus, each of Mr. Sagar Sanghera, our President and Chairman of the Board, and Mr. Vinayak Ashok Gunda, beneficially owns an aggregate of approximately 29.6% of our Common Shares and each is expected to own approximately 25.4% our Common Shares upon the completion of this offering assuming no exercise of the Underwriter's over-allotment option. Due to his ownership of a material percentage of our outstanding Common Shares, Mr. Sanghera and/or Mr. Gunda could have significant influence in determining the outcome of any corporate transaction or other matter submitted to the shareholders for approval, including mergers, consolidations, the appointment of directors and other significant corporate actions. Without the consent of Mr. Sanghera and Mr. Gunda, we may be prevented from entering into transactions that could be beneficial to us or our other shareholders. Moreover,

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our interests and the interests of these shareholders may not always be aligned, which could create conflicts of interest for them and may not be resolved in favor of all of our shareholders or may otherwise harm our company. In addition, if Mr. Sanghera and Mr. Gunda act together, they will control the management and affairs of the company and most matters requiring shareholder approval, including the election of directors and approval of significant corporate transactions. Please note, however, that Mr. Sanghera and Mr. Gunda have not entered into any voting or similar agreement and each of them will act on shareholder voting matters with full personal discretion. For more information regarding Mr. Sanghera's and Mr. Gunda ownership of our company, see "*Principal Shareholders*".

***Failure to establish and maintain effective internal control in accordance with Section 404 of the Sarbanes-Oxley Act could have a material adverse effect on our business and stock price.***

Prior to the completion of this offering, we have been a private company with limited accounting personnel to adequately execute our accounting processes and limited supervisory resources with which to address our internal control over financial reporting. As a private company, we have not designed nor maintained an effective control environment as required of public companies under the rules of the SEC implementing Section 404 of the Sarbanes-Oxley Act and therefore are not required to make a formal assessment of the effectiveness of our internal control over financial reporting for that purpose. Specifically, we lack a sufficient number of professionals with an appropriate level of accounting knowledge, training and experience to appropriately analyze, record and disclose accounting matters timely and accurately while maintaining appropriate segregation of duties.

Upon becoming a publicly traded company, we will be required to comply with the SEC's rules implementing Sections 302 and 404 of the Sarbanes-Oxley Act, which will require management to certify financial and other information in our quarterly and annual reports and provide an annual management report on the effectiveness of controls over financial reporting. Though we will be required to disclose changes made in our internal controls and procedures on a quarterly basis, we will not be required to make our first annual assessment of our internal control over financial reporting pursuant to Section 404 until the year following our first annual report required to be filed with the SEC.

Proper system of internal control over financial accounting and disclosure controls and procedures are critical to the operation of a public company. We may be unable to effectively establish such system, especially in light of the fact that we expect to operate as a publicly reporting company. This would leave us without the ability to reliably assimilate and compile financial information about our company and significantly impair our ability to prevent error and detect fraud, all of which would have a negative impact on our company from many perspectives.

Moreover, we do not expect that disclosure control or internal control over financial reporting, even if established, will prevent all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in the control system, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Failure of our control system to prevent error or fraud could materially adversely impact us.

***Our ability to effectively manage our anticipated growth and expansion of our operations will also require us to enhance our operational, financial and management controls and infrastructure, human resources policies and reporting system. These enhancements and improvements will require significant capital expenditures and allocation of valuable management and employee resources.***

We expect to experience significant growth in the scope and nature of our operations. Our ability to manage our operations and future growth will require us to continue to improve our operational, financial and management controls, compliance programs and reporting system. We may not be able to implement improvements in an efficient or timely manner and may discover deficiencies in existing controls, programs, systems and procedures, which could have an adverse effect on our business, reputation and financial results. Additionally, rapid growth in our business may place a strain on our human and capital resources. Furthermore, we expect to continue to conduct our business internationally and anticipate increased business operations in the United States, Asia, and Europe. Asia and Europe are obvious destinations to launch manufacturing operations given the high demand for clean technologies, developed technical workforce, and strong manufacturing bases with nuclear experience. We will also be targeting developing countries that could benefit from the introduction of mobile, remote, power sources able to unlock a lot of economic resources. These diversified, global operations place increased demands on our limited resources and require us to

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substantially expand the capabilities of our administrative and operational resources and to attract, train, manage and retain qualified management, technical, experts, engineering, sales and other personnel, the failure of which may adversely affect our business, financial condition and results of operations.

#### We will incur significantly increased costs as a result of, and devote substantial management time to operating as, a public company.
As a public company, we will incur significant legal, accounting, and other expenses that we did not incur as a private company. For example, we will be subject to the reporting requirements of the Exchange Act, including those under section 16 of the Exchange Act starting from March 18, 2026, and will be required to comply with the applicable requirements of the Sarbanes-Oxley Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as rules and regulations subsequently implemented by the SEC, including the establishment and maintenance of effective disclosure and financial controls, changes in corporate governance practices and required filing of annual, quarterly and current reports with respect to our business and operating results. These requirements will increase our legal and financial compliance costs and will make some activities more time-consuming and costly. In addition, our management and other personnel will need to divert attention from operational and other business matters to devote substantial time to these public company requirements. We will also need to hire additional accounting and financial staff with appropriate public company experience and technical accounting knowledge and will need to establish an internal audit function. We also expect that operating as a public company will make it more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. This could also make it more difficult for us to attract and retain qualified people to serve on our board of directors, our board committees or as executive officers. In addition, after we no longer qualify as an "emerging growth company," as defined under the JOBS Act we expect to incur additional management time and cost to comply with the more stringent reporting requirements applicable to companies that are deemed accelerated filers or large accelerated filers, including complying with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. We are just beginning the process of compiling the system and processing documentation needed to comply with such requirements. We may not be able to complete our evaluation, testing and any required remediation in a timely fashion. In that regard, we currently do not have an internal audit function, and we will need to hire or contract for additional accounting and financial staff with appropriate public company experience and technical accounting knowledge.

We cannot predict or estimate the amount of additional costs we may incur as a result of becoming a public company or the timing of such costs.

***We are a "foreign private issuer," and our disclosure obligations differ from those of U.S. domestic reporting companies. As a result, we may not provide you the same information as U.S. domestic reporting companies or we may provide information at different times, which may make it more difficult for you to evaluate our performance and prospects.***

We are a foreign private issuer and, as a result, we are not subject to the same requirements as U.S. domestic issuers. Under the Exchange Act, we will be subject to reporting obligations that, to some extent, are more lenient and less frequent than those of U.S. domestic reporting companies. For example, we will not be required to issue quarterly reports or proxy statements. In addition, we will not be required to disclose detailed individual executive compensation information.

As a foreign private issuer, we will also be exempt from the requirements of Regulation FD (Fair Disclosure) which, generally, are meant to ensure that select groups of investors are not privy to specific information about an issuer before other investors. However, we will still be subject to the anti-fraud and anti-manipulation rules of the SEC, such as Rule 10b-5 under the Exchange Act, and we will be also subject to section 16 of the Exchange Act beginning March 18, 2026, which requires insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time. Since many of the disclosure obligations imposed on us as a foreign private issuer differ from those imposed on U.S. domestic reporting companies, you should not expect to receive the same information about us and at the same time as the information provided by U.S. domestic reporting companies.

The information we are required to file with or furnish to the SEC will be less extensive and less timely as compared to that required to be filed with the SEC by U.S. domestic issuers.

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As a Canada company listed on the NYSE, we are subject to the NYSE corporate governance listing standards. However, the NYSE rules permit a foreign private issuer such as us to follow the corporate governance practices of its home country. Certain corporate governance practices in the Canada, which is our home country, may differ significantly from the NYSE corporate governance listing standards. If we choose to follow home country practice in the future, our shareholders may be afforded less protection than they otherwise would under the NYSE corporate governance listing standards applicable to U.S. domestic issuers.

#### We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.
As discussed above, we are a foreign private issuer, and therefore, not required to comply with all the periodic disclosure and current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter. We would lose our foreign private issuer status if, for example, more than 50% of our Common Shares are directly or indirectly held by residents of the U.S. and we fail to meet additional requirements necessary to maintain our foreign private issuer status. If we lose our foreign private issuer status on this date, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to mandatorily comply with U.S. federal proxy requirements. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the NYSE listing rules. As a U.S. listed public company that is not a foreign private issuer, we will incur significant additional legal, accounting and other expenses that we will not incur as a foreign private issuer, and accounting, reporting and other expenses in order to maintain a listing on a U.S. securities exchange.

***We are an "emerging growth company," and we cannot be certain if the reduced reporting and disclosure requirements applicable to emerging growth companies will make our Common Shares less attractive to investors.***

We are an "emerging growth company," as defined in the JOBS Act, and we may take advantage of certain exemptions from reporting requirements that are applicable to other public companies that are not "emerging growth companies," including the auditor attestation requirements of Section 404, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Pursuant to Section 107 of the JOBS Act, as an emerging growth company, we have elected to use the extended transition period for complying with new or revised accounting standards until those standards would otherwise apply to private companies. As a result, our financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective dates for new or revised accounting standards that are applicable to public companies, which may make our Common Shares less attractive to investors. In addition, if we cease to be an emerging growth company, we will no longer be able to use the extended transition period for complying with new or revised accounting standards.

We will remain an emerging growth company until the earliest of: (1) the last day of the fiscal year following the fifth anniversary of our listing; (2) the last day of the first fiscal year in which our annual gross revenues exceed $1.235 billion; (3) the date on which we have, during the previous rolling three-year period, issued more than $1 billion in non-convertible debt securities; and (4) the date on which we are deemed to be a "large accelerated filer" under the rules of the SEC.

We cannot predict if investors will find our Common Shares less attractive if we choose to rely on these exemptions. For example, if we do not adopt a new or revised accounting standard, our future results of operations may not be comparable to the results of operations of certain other companies in our industry that adopted such standards. If some investors find our Common Shares less attractive as a result, there may be a less active trading market for our Common Shares, and our stock price may be more volatile.

#### If our estimates or judgments relating to our critical accounting policies prove to be incorrect, our results of operations could be adversely affected.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our financial statements and accompanying notes appearing elsewhere in this prospectus. We base our estimates on short duration historical experience and on various other

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assumptions that we believe to be reasonable under the circumstances, as provided in the section titled "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Policies and Estimates*." The results of these estimates form the basis for making judgments about the carrying values of assets, liabilities, and equity, and the amount of revenue and expenses. Significant estimates and judgments involve: legal contingencies; valuation of our Common Shares and equity awards; and income taxes. Our results of operations may be adversely affected if our assumptions change or if actual circumstances differ from those in our assumptions, which could cause our results of operations to fall below the expectations of securities analysts and investors, resulting in a decline in the market price of our Common Shares.

***It may be difficult to enforce U.S. judgments and effect service of process against us or our management, as our operations and management are located outside the United States.***

We are incorporated and headquartered in British Columbia, Canada, and our management and operations are primarily located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon us or our directors and officers, or to enforce judgments obtained in U.S. courts against us or them under U.S. securities laws.

In addition, because a significant portion of our assets and the assets of our directors and officers are located outside the United States, any judgment obtained in the United States against us or our management may need to be enforced in foreign courts. Except for Subhash Paluru who is a U.S. citizen and resident, each of our directors and executive officers is a citizen and a resident of Canada. The process of enforcing legal rights in foreign jurisdictions, including Canada, may be more costly, time-consuming, and uncertain than in the United States. Canadian courts may not permit lawsuits based on certain liabilities or violations of U.S. securities laws and may not enforce certain judgments obtained in U.S. courts, including those predicated solely upon civil liability provisions of U.S. securities laws.

As a result, U.S. investors may have limited legal recourse against us or our management in the event of disputes or claims under U.S. securities laws, which could materially and adversely affect your ability to protect your investment.

#### Our current insurance coverage may not be adequate, and we may not be able to obtain insurance at acceptable rates, or at all.
We currently do not have director & officer liability insurance for our officers and certain directors. We do not carry any key-man life insurance, business liability and other professional liability insurance. We have not purchased any property insurance or business interruption insurance. Even if we purchase these kinds of insurance, the insurance may not fully protect us from the financial impact of defending against product liability or professional liability claims that may occur in future. As we are still at the development stage and we have not produced any products yet, we have determined that our current insurance coverage is sufficient for our business operations at this time. However, the regulatory authorities may require us to purchase additional insurance to operate our business. If we fail to obtain the insurance as required by law or regulation, or if we were to incur substantial losses or liabilities due to fire, explosions, floods, other natural disasters or accidents or business interruption, our business and results of operations could be materially and adversely affected.

***We may pursue strategic acquisitions to accelerate our growth. These potential acquisitions may not be successful. We may not be able to successfully integrate future acquisitions or generate sufficient revenues from future acquisitions, which could cause our business to suffer.***

If we buy a company or a division of a company, there can be no assurance that we will be able to profitably manage such business or successfully integrate such business without substantial costs, delays or other operational or financial problems. There can be no assurance that the businesses we acquire in the future will achieve anticipated revenues and earnings. Additionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the key personnel of the acquired business may decide not to work for us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in management at an acquired business may impair its relationships with employees and customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may be unable to maintain uniform standards, controls, procedures and policies among acquired businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may be unable to successfully implement infrastructure, logistics and system integration;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may be held liable for legal claims (including environmental claims) arising out of activities of the acquired businesses prior to our acquisitions, some of which we may not have discovered during our due diligence, and we may not have indemnification claims available to us or we may not be able to realize on any indemnification claims with respect to those legal claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will assume risks associated with deficiencies in the internal control of acquired businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may not be able to realize the cost savings or other financial benefits we anticipated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ongoing business may be disrupted or receive insufficient management attention.

Future acquisitions may require us to obtain additional equity or debt financing, which may not be available on attractive terms. Moreover, to the extent an acquisition transaction financed by non-equity consideration results in additional goodwill, it will reduce our tangible net worth, which might have an adverse effect on our credit and bonding capacity.

***There can be no assurance that we will not be a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for any taxable year, which could result in adverse U.S. federal income tax consequences to U.S. holders of our Common Shares.***

In general, we will be treated as a PFIC for any taxable year in which either (1) at least 75% of our gross income (looking through certain 25% or more-owned subsidiaries) is passive income or (2) at least 50% of the average value of our assets (looking through certain 25% or more-owned subsidiaries) is attributable to assets that produce, or are held for the production of, passive income. Passive income generally includes, without limitation, dividends, interest, rents, royalties, and gains from the disposition of passive assets. If we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder (as defined in the Section of this prospectus captioned "*United States Federal Income Tax Considerations*") of our securities, the U.S. Holder may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements. The determination of whether we are a PFIC is a fact-intensive determination made on an annual basis applying principles and methodologies that in some circumstances are unclear and subject to varying interpretation. Our actual PFIC status for any taxable year will not be determinable until after the end of such taxable year. Accordingly, there can be no assurance with respect to our status as a PFIC for our current taxable year or any subsequent taxable year. We urge U.S. Holders to consult their own tax advisors regarding the possible application of the PFIC rules in light of their individual circumstances.

***Our business is subject to the risks of earthquakes, fire, floods and other natural catastrophic events, global pandemics, and interruptions by man-made problems, such as network security breaches, computer viruses or terrorism. Material disruptions of our business or information system resulting from these events could adversely affect our operating results.***

We are vulnerable to damage from catastrophic events, such as natural disasters, power loss, and similar unforeseen events beyond our control. The global pandemics or fear of spread of contagious diseases, such as COVID-19, Ebola virus disease (EVD), coronavirus disease 2019 (COVID-19), Middle East respiratory syndrome (MERS), severe acute respiratory syndrome (SARS), H1N1 flu, H7N9 flu, and avian flu, as well the catastrophic events could disrupt our business operations, reduce or restrict our supply of products and services, incur significant costs to protect our employees and facilities, or result in regional or global economic distress, which may materially and adversely affect our business, financial condition, and results of operations. Actual or threatened war, terrorist activities, political unrest, civil strife, and other geopolitical uncertainty could have a similar adverse effect on our business, financial condition, and results of operations. Any one or more of these events may adversely affect our operation results, or even for a prolonged period of time, which could materially and adversely affect our business, financial condition, and results of operations.

We cannot assure you that we are adequately protected from the effects of earthquakes, fire, floods, typhoons, earthquakes, global pandemics, power loss, telecommunications failures, break-ins, war, riots, network security breaches, computer viruses terrorist attacks, or similar events. Any of the foregoing events may give rise to interruptions, damage to our property, delays in production, breakdowns, system failures, technology platform failures, or internet failures, which could cause the loss or corruption of data or malfunctions of our internet system as well as adversely affect our business, financial condition, and results of operations.

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If a natural disaster, power outage or other event occurred that prevented us from using all or a significant portion of our headquarters, damaged critical infrastructure, or otherwise disrupted operations, it may be difficult or, in certain cases, impossible for us to continue our business for a substantial period of time. The disaster recovery and business continuity plans we have in place are unlikely to provide adequate protection in the event of a serious disaster or similar event. We may incur substantial expenses as a result of the limited nature of our disaster recovery and business continuity plans, which could have a material adverse effect on our business.

#### Risks Related to Our Securities and this Offering

#### No active trading market for our Common Shares currently exists, and an active trading market may not develop or be sustained following this offering.
Prior to this offering, there has not been an active trading market for our Common Shares. If an active trading market for our Common Shares does not develop following this offering, you may not be able to sell your shares quickly or at the market price. Our ability to raise capital to continue to fund operations by selling our Common Shares and our ability to acquire other companies or technologies by using our Common Shares as consideration may also be impaired.

#### The trading price of our Common Shares may be volatile, and you could lose all or part of your investment.
Prior to this offering, there has been no public market for shares of Common Shares. The initial public offering price of our Common Shares was determined through negotiations between us and the Underwriters. This price does not necessarily reflect the price at which investors in the market will be willing to buy and sell our Common Shares following this offering. In addition, the trading price of our Common Shares following this offering is likely to be volatile and could be subject to fluctuations in response to various factors, some of which are beyond our control. These fluctuations could cause you to lose all or part of your investment in our Common Shares as you might be unable to sell your shares at or above the price you paid in this offering. Factors that could cause fluctuations in the trading price of our Common Shares include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• price and volume fluctuations in the overall stock market from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• volatility in the trading prices and trading volumes of transportation stocks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in operating performance and stock market valuations of other transportation companies generally, or those in our industry in particular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales of our Common Shares by us or our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure of securities analysts to maintain coverage of us, changes in financial estimates by securities analysts who follow our company, or our failure to meet these estimates or the expectations of investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the financial projections we may provide to the public, any changes in those projections, or our failure to meet those projections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements by us or our competitors of new products, features, or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the public's reaction to our press releases, other public announcements and filings with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• rumors and market speculation involving us or other companies in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated changes in our results of operations or fluctuations in our results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated developments in our business, our competitors' businesses or the competitive landscape generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation involving us, our industry, or both, or investigations by regulators into our operations or those of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developments or disputes concerning our intellectual property or other proprietary rights;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announced or completed acquisitions of businesses, products, services or technologies by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new laws or regulations or new interpretations of existing laws or regulations applicable to our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting standards, policies, guidelines, interpretations or principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any significant change in our management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic conditions and slow or negative growth of our markets.

In recent years, the stock markets generally have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of listed companies. Broad market and industry factors may significantly affect the market price of our Common Shares, regardless of our actual operating performance. These fluctuations may be even more pronounced in the trading market for our Common Shares shortly following this offering. If the market price of our Common Shares after this offering does not ever exceed the initial public offering price, you may not realize any return on your investment in us and may lose some or all of your investment.

In addition, in the past, following periods of volatility in the overall market and in the market price of a particular company's securities, securities class action litigation has often been instituted against these companies. This litigation, if instituted against us, could result in substantial costs and a diversion of our management's attention and resources.

***Certain recent initial public offerings of companies with public floats comparable to our anticipated public float have experienced extreme volatility that was seemingly unrelated to the underlying performance of the respective company. We may experience similar volatility, which may make it difficult for prospective investors to assess the value of our Common Shares.***

In addition to the risks addressed above in "*Risks Relating to Our Securities and this Offering — The trading price of our Common Shares may be volatile, and you could lose all or part of your investment*," our Common Shares may be subject to extreme volatility that is seemingly unrelated to the underlying performance of our business. Recently, companies with comparable public floats and initial public offering sizes have experienced instances of extreme stock price run-ups followed by rapid price declines, and such stock price volatility was seemingly unrelated to the respective company's underlying performance. Although the specific cause of such volatility is unclear, our anticipated public float may amplify the impact the actions taken by a few shareholders have on the price of our Common Shares, which may cause the price of our Common Shares to deviate, potentially significantly, from a price that better reflects the underlying performance of our business. Should our Common Shares experience run-ups and declines that are seemingly unrelated to our actual or expected operating performance and financial condition or prospects, prospective investors may have difficulty assessing the rapidly changing value of our Common Shares. In addition, investors of our Common Shares may experience losses, which may be material, if the price of our Common Shares declines after this offering or if such investors purchase our Common Shares prior to any price decline.

***If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.***

The trading market for our Common Shares will depend in part on the research and reports that securities or industry analysts publish about us or our business. We do not currently have and may never obtain research coverage by securities and industry analysts. If no securities or industry analysts commence coverage of our company, the trading price for our stock would be negatively impacted. If we obtain securities or industry analyst coverage and if one or more of the analysts who covers us downgrades our stock or publishes inaccurate or unfavorable research about our business, our stock price would likely decline. If one or more of these analysts ceases coverage of us or fails to publish reports on us regularly, demand for our stock could decrease, which could cause our stock price and trading volume to decline.

#### The offering price of the primary offering and resale offering could differ.
The offering price of the primary offering (the initial public offering) has been determined by negotiations between the Company and the Underwriter based upon several factors, including our prospects and the history and prospects for the industry in which we compete; an assessment of our management; our prospects for future revenue

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and earnings; the recent prices of, and demand for, shares sold by us prior to this offering; the general condition of the securities markets at the time of this offering; the recent market prices of, and demand for, publicly traded securities of generally comparable companies; and other factors deemed relevant by us and the Underwriter. The offering price in the primary offering bears no relationship to our assets, earnings or book value, or any other objective standard of value. Additionally, the estimated offering price in the primary offering of $9.00 per share (which is the midpoint of the estimated range of the initial public offering price shown on the cover page of the Public Offering Prospectus) is substantially higher than the prices at which the Selling Shareholders acquired their shares.

#### Future sales of our Common Shares or securities convertible into our Common Shares may depress our stock price.
Sales of substantial amounts of our Common Shares in the public market after the completion of this Offering and from the sale of shares held by the Selling Shareholders through the Resale Prospectus, or the perception that these sales could occur, could adversely affect the market price of our Common Shares and could materially impair our ability to raise capital through equity offerings in the future.

The Common Shares sold in this offering will be freely tradable without restriction or further registration under the Securities Act, and shares held by our existing shareholders may also be sold in the public market in the future subject to the restrictions in Rule 144 under the Securities Act and the applicable lock-up agreements (some of which contain leak-out provisions). See sections titled "*Shares Eligible for Future Sale*" and "*Underwriting*" for more information. Following the consummation of this offering, there will be 40,141,508 Common Shares outstanding immediately after this offering assuming full exercise of the Underwriters' over-allotment option, and 39,308,175 Common Shares assuming no exercise of the Underwriters' over-allotment option.

Each of our directors, executive officers and 10%+ shareholders, who hold an aggregate of 22,222,220 Common Shares, is expected, prior to the closing of this Offering, to sign a lock-up agreement for a duration of 180 days. These lock-up agreements will have no leak-out provisions. Holders of between 3% and 10% of our Common Shares, who hold an aggregate of 6,074,459 Common Shares, are expected, prior to the closing of this Offering, to sign lock up agreements, also for a duration of 180 days. The lock-up agreements which are to be signed by these shareholders contain leak-out provisions which are described in the section "*Underwriting — Lock Up Agreements*". Lastly, our Selling Shareholders, who hold an aggregate of 2,817,294 Common Shares, have already signed lock-up agreements as part of their initial subscription. These agreements lock-up their shares for a period of 180 days, with leak-out provisions, as described in the section "*Underwriting — Lock Up Agreements*". In aggregate holders of 31,113,973 of our Common Shares have entered into, or are expected to enter into, lock-up agreements, of which holders of 8,891,753 of our Common Shares have leak-out provisions.

The representative of the Underwriters may release these securities from lock-up restrictions at any time, subject to applicable regulations of the Financial Industry Regulatory Authority, Inc. (or FINRA). We cannot predict what effect, if any, market sales of securities held by our significant shareholders or any other shareholders or the availability of these securities for future sale will have on the market price of our Common Shares. See "*Underwriting*" and "*Shares Eligible for Future Sale*" for a more detailed description of the restrictions on selling our securities after this offering.

#### The resale by the Selling Shareholders may cause the market price of our Common Shares to decline.
The resale of our Common Shares by the Selling Shareholders in the resale offering could result in resales of our Common Shares by our other shareholders concerned about selling volume. The registration statement of which this prospectus forms a part also registers on behalf of the Selling Shareholders an aggregate of 2,817,294 Common Shares previously issued by us. The resale by such Selling Shareholders is subject to certain lock-up restrictions, which are more fully described in "*Underwriting — Lock*-Up *Agreements.*" Once these lock-up restrictions are lifted, sales of a substantial number of our Common Shares by the Selling Shareholders at such time or times could cause the market price of our Common Shares to decrease (possibly below the initial public offering price of the Common Shares in this offering) and could impair our ability to raise capital in the future by selling additional Common Shares. In addition, the resale by the Selling Shareholders could have the effect of depressing the market price for our Common Shares. The Common Shares to be offered by us and all of the Common Shares offered by the Selling Shareholders will (subject to the aforementioned lock-up restrictions) be freely tradable without restriction or further registration under the Securities Act. Because these Selling Shareholders have paid a discounted price per Common Share than

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participants in this offering, when they are to sell their pre-offering shares, they may be more willing to accept a lower sales price than the Offering Price. This fact could impact the trading price of our Common Shares following completion of the offering, to the detriment of participants in this offering.

#### Our failure to meet the continued listing requirements of the NYSE could result in a delisting of our Common Shares.
We cannot assure you that our securities will continue to be listed on the NYSE even if our securities are listed on the NYSE. Following this offering, in order to maintain our listing on the NYSE, we will be required to comply with certain NYSE continuing listing rules, including those regarding minimum shareholders' equity (currently generally $50 million), minimum share price (currently generally an average of $1.00 over 30 consecutive days), minimum market value of publicly held shares (currently generally $50 million), corporate governance and various additional requirements. If we are unable to satisfy the NYSE criteria for maintaining our listing, our securities could be subject to delisting. Any such delisting would likely have a negative effect on the price of our Common Shares and would impair your ability to sell or purchase our Common Shares when you wish to do so. In the event of a delisting, we can provide no assurance that any action taken by us to restore compliance with continuing listing requirements would allow our Common Shares to become listed again, stabilize the market price or improve the liquidity of our Common Shares, prevent our Common Shares from dropping below the NYSE minimum bid price requirement or prevent future non-compliance with the NYSE's listing requirements.

#### Our management will have broad discretion in how we use the net proceeds of this offering and might not use them effectively.
Our management will have considerable discretion over the use of proceeds from this offering. We currently intend to use the net proceeds from this offering for (i) the expansion of our core technology's functionality and value, including targeted product development, filing provisional utility patents from the initial tranches, and the establishment of an in-house research and development facility equipped for materials testing, design, and prototyping; (ii) strategic development and scaling of our business and operational footprint, including R&D collaborations with external industry partners on engineering initiatives and regulatory engagement as well as a third party validation process; (iii) potential mergers and/or acquisitions and exploration of such opportunities; and (iv) working capital and general purposes, including hiring additional employees and retaining additional contractors. You will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used in a manner which you may consider most appropriate. Our management might spend a portion or all of the net proceeds from this offering in ways that our shareholders do not desire or that do not necessarily improve our operating results or enhance the value of our Common Shares. The failure of our management to apply these proceeds effectively could, among other things, result in unfavorable returns and uncertainty about our prospects, each of which could cause the price of our Common Shares to decline.

#### You will experience immediate and substantial dilution as a result of this offering and may experience additional dilution in the future .
You will incur immediate and substantial dilution as a result of this offering. After giving effect to the sale by us of 5,555,556 Common Shares in this offering at an initial public offering price of $9.00 per share (which is the midpoint of the estimated range of the initial public offering), and after deducting underwriting discounts and estimated offering expenses payable by us, investors in this offering can expect an immediate dilution of $7.74 per share at the initial public offering price. Additionally, to the extent that these warrants, or options we will grant to our officers, directors and employees, are ultimately exercised, you will sustain future dilution. We may also acquire new businesses or finance strategic alliances by issuing equity, which may result in additional dilution to our shareholders. Following the completion of this offering, our board of directors has the authority, within any limitations prescribed by relevant laws and our charter documents, to issue all or any part of our authorized but unissued shares of Common Shares, including shares issuable upon the exercise of options, or shares of our authorized but unissued preferred stock. Issuances of Common Shares or voting preferred stock would reduce your influence over matters on which our shareholders vote and, in the case of issuances of preferred stock, would likely result in your interest in us being subject to the prior rights of holders of that preferred stock. See the section entitled "*Dilution*."

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***An investment in our company may involve tax implications, and you are encouraged to consult your own advisors as neither we nor any related party is offering any tax assurances or guidance regarding our company or your investment.***

An investment in our company generally involves complex federal, state and local income tax considerations. Neither the Internal Revenue Service nor any State or local taxing authority has reviewed the transactions described herein and may take different positions than the ones contemplated by management. You are strongly urged to consult your own tax and other advisors prior to investing, as neither we nor any of our officers, directors or related parties is offering you tax or similar advice, nor are any such persons making any representations and warrants regarding such matters.

***Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our financial condition and results of operations.***

We will be subject to income taxes in the United States, and our domestic tax liabilities will be subject to the allocation of expenses in differing jurisdictions. Our future effective tax rates could be subject to volatility or adversely affected by a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the valuation of our deferred tax assets and liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected timing and amount of the release of any tax valuation allowances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax effects of stock-based compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs related to intercompany restructurings; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax laws, regulations or interpretations thereof.

In addition, we may be subject to audits of our income, sales and other transaction taxes by federal, state and local authorities. Outcomes from these audits could have an adverse effect on our financial condition and results of operations.

#### We are exposed to foreign currency exchange rate risk, which could adversely affect our results of operations and financial condition.
Our functional currency is the Canadian dollar, while our reporting currency is the U.S. dollar. As a result, fluctuations in foreign exchange rates may affect the translation of our financial results and the value of our monetary assets and liabilities.

As of December 31, 2025, we had net monetary liabilities denominated in Canadian dollars. Changes in exchange rates between the Canadian dollar and the U.S. dollar may result in foreign exchange losses and could adversely impact our results of operations, comprehensive loss and financial condition. A strengthening or weakening of the Canadian dollar relative to the U.S. dollar could increase our operating costs or negatively affect reported financial results.

We currently do not have foreign currency hedging arrangements in place. Although we may enter into hedging transactions in the future, such arrangements may not be available on acceptable terms or may not effectively mitigate our exposure to foreign currency exchange rate risk.

***We are dependent on completing this Offering and raising additional capital, and if we are unable to do so, our business and development plans could be materially adversely affected.***

We are a pre-revenue, development-stage company and have incurred losses since inception. We expect to continue to incur operating losses for the foreseeable future and will require additional capital to fund our operations, execute our development roadmap and advance our technology toward regulatory and commercial readiness.

Our ability to continue as a going concern and to execute our business strategy depends significantly on our ability to complete this Offering and to access additional financing. There can be no assurance that this Offering will be completed on acceptable terms, or at all, or that additional financing will be available when needed. Market conditions, investor demand, regulatory review, valuation considerations or other factors could delay, reduce or prevent the completion of this Offering.

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If we are unable to raise sufficient capital through this Offering or other financing transactions, we may be required to delay, scale back or discontinue certain development activities, reduce operating expenses, seek strategic alternatives or obtain financing on terms that may be highly dilutive to existing shareholders.

***Certain anti-takeover provisions in Canadian corporate and securities laws, including rules governing take-over bids and shareholder rights plans, could discourage, delay or prevent a change of control of our company and may adversely affect the trading price of our Common Shares.***

Some of the provisions of Canadian law may have the effect of delaying, deferring or discouraging another person from acquiring control of our company or removing our incumbent officers and directors. These provisions are expected to discourage certain types of coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors. We believe that the benefits of increased protection against an unfriendly or unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging such proposals.

#### We have never paid dividends on our capital stock, and we do not anticipate to pay dividends for the foreseeable future.
We have never declared or paid any cash dividends on our capital stock, and we do not anticipate paying any cash dividends in the foreseeable future. The payment of dividends, if any, in the future is within the discretion of our board of directors and will depend on our earnings, capital requirements and financial condition and other relevant facts. We currently intend to retain all future earnings, if any, to finance the development and growth of our business. Accordingly, you must rely on the sale of your Common Shares after price appreciation, which may never occur, as the only way to realize any future gain on your investment.

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#### SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements that involve risks and uncertainties. All statements other than statements of current or historical facts are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, including those listed under "*Risk Factors*," that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

In some cases, you can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "potential," "intend," "plan," "believe," "likely to" or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in political, social, and economic conditions, the regulatory environment, and laws and regulations (and the interpretation thereof) in the jurisdictions where we conduct business or expect to conduct business, including Canada, the United States, and other markets where we plan to license, manufacture, and deploy our advanced nuclear microreactor technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to execute our 18-Month Development Roadmap and advance the Morpheus Microreactor (the "Morpheus Reactor") from its current pre-conceptual stage to regulatory and commercial readiness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk that we may be unable to realize our anticipated growth strategies, including the successful execution of our development roadmap, achievement of key regulatory and technical milestones, commercialization of the Morpheus Microreactor, and our expected internal growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the availability and cost of professional staff and specialized talent required to operate our business and advance our technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in customers' preferences and needs, including demand for reliable, low-carbon, transportable energy solutions, advanced nuclear technologies, and long-cycle, passively safe microreactors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in competitive conditions and our ability to compete under such conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our future capital needs and the availability of financing and capital to fund such needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in nuclear regulatory frameworks, including delays, uncertainties, or changes in requirements from the CNSC, the NRC, or other international regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in public perception of nuclear energy and advanced nuclear technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in currency exchange rates or interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• projections of revenue, profits, earnings, capital structure and other financial items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors beyond our control.

You should read this prospectus and the documents that we refer to in this prospectus with the understanding that our actual future results may be materially different from and worse than what we expect. Other sections of this prospectus include additional factors which could adversely impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.

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You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should read this prospectus and the documents that we refer to in this prospectus and have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results may be materially different from what we expect.

This prospectus also contains statistical data and estimates that we obtained from industry publications and reports generated by government or third-party providers of market intelligence. Although we have not independently verified the data, we believe that the publications and reports are reliable.

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#### USE OF PROCEEDS
We estimate that we will receive net proceeds from this Offering of approximately $45,500,000, after deducting underwriting discounts, non-accountable expense allowance and other estimated offering expenses payable by us. These estimates are based upon an assumed initial Offering Price of $9.00 per Common Share, the midpoint of the estimated range of the initial public Offering Price shown on the front cover of this prospectus.

We plan to use the net proceeds of this Offering in the following order of priority:

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| | |
|:---|:---|
|  **Items** |  |
|  Support the expansion of our core technology's functionality and value, including targeted product development, filing provisional utility patents from the initial tranches, and the establishment of an in-house research and development facility equipped for materials testing, design, and prototyping | 25% |
|  Strategic development and scaling of our business and operational footprint, including R&D collaborations with external industry partners on engineering initiatives and regulatory engagement as well as a third party validation process; | 35% |
|  Exploration of potential mergers and acquisitions, including, if consummated, the Moltex Asset Acquisition; and | 20% |
|  General administration and working capital. | 20% |

---

The Company believes that whether or not it completes the Moltex Asset Acquisition, it will be able to complete that acquisition and also fund the 18-Month Development Roadmap using its available cash and the proceeds of this offering, assuming no exercise of the over-allotment option.

The Company believes that the proceeds from this offering will be sufficient for all of the uses and purposes disclosed above, including for the funding of the Moltex Asset Acquisition if that transaction ultimately proceeds to completion. If, however, the net proceeds from this offering are insufficient to fund all of the proposed uses, our management, in its broad discretion, may reallocate and reduce the amounts designated for such purposes, which may include (but nor must include) reducing allocations on a pro rata basis or otherwise prioritizing particular uses. We would anticipate raising additional capital through equity or debt financing sufficient to fund our proposed uses above.

The amounts and timing of any expenditures will vary depending on the amount of cash generated by our operations, and the rate of growth, if any, of our business, and our plans and business conditions. The foregoing represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this Offering. Our management will have significant flexibility in applying and discretion to apply the net proceeds of the offering. If an unforeseen event occurs or business conditions change, we may use the proceeds of this Offering differently than as described in this prospectus.

A portion of the net proceeds from this Offering will be used to fund our operating losses and ongoing operating expenses. Based on our current operating plan, management estimates that the net proceeds from this Offering, together with existing cash on hand, will be sufficient to fund our planned operations for at least the next eighteen months following the completion of this Offering. However, our actual cash requirements may vary depending on the timing and extent of our research and development activities, regulatory engagement, and other business initiatives.

Pending deployment of the net proceeds for the uses described above, the funds may be placed in short-term deposits with financial institutions or used to invest in short-term money market instruments.

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#### DIVIDEND POLICY
We have never declared or paid any cash dividends on our capital stock, and we do not anticipate paying any cash dividends in the foreseeable future. The payment of dividends, if any, in the future is within the discretion of our board of directors and will depend on our earnings, capital requirements and financial condition and other relevant facts. We currently intend to retain all future earnings, if any, to finance the development and growth of our business.

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#### CAPITALIZATION
The following table sets forth our equity capitalization as of December 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an actual basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma as adjusted basis, after giving effect to the issuance of Common Shares to consultants on January 26, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma as further adjusted basis to reflect the foregoing and also the issuance and sale of 5,555,556 Common Shares in this Offering at an assumed public offering price of $9.00 per Common Share, after deducting underwriting discounts, the non-accountable expense allowance and estimated offering expenses payable by us

You should read the table below together with our unaudited condensed consolidated financial statements and the related notes included elsewhere in this prospectus and the information under "Management's Discussion and Analysis of Financial Condition and Results of Operations."

<u>**<u>As of December 31, 2025 (USD)</u>**</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Adj (A)<br>January 26, <br>2026 <br>Consultant <br>Issuance** | **Pro Forma <br>as Adjusted** | **Adj (B)<br>IPO** | **Pro Forma <br>as Further <br>Adjusted** |
|  | **USD** | **USD** | **USD** | **USD** | **USD** |
|  **Cash** | **3230952** | **—** | **3230952** | **45500004** | **48730956** |
|  Common Shares | 6213126 | 4550000 | 10763126 | 45500004 | 56263130 |
|  Additional Paid-In capital | 122387 |  | 122387 |  | 122387 |
|  Cumulative Translation Adjustment | (28176) |  | (28176) |  | (28176) |
|  Accumulated Deficit | (2198532) | (4550000) | (6748532) |  | (6748532) |
|  **Total Equity** | **4108805** | **—** | **4108805** | **45500004** | **49608809** |

---

<u>**<u>Footnotes</u>**</u>

*<u>(A) January 26, 2026 Consultant Share Issuance</u>*

On January 26, 2026, the Company issued 3,250,000 Common Shares at $1.40 per share to consultants. The aggregate value of $4,550,000 was recognized as share-based compensation. This adjustment increases Common Shares by $4,550,000, with a corresponding charge to accumulated deficit, and increases the number of Common Shares outstanding from 30,502,619 to 33,752,619.

*<u>(B) Offering Adjustment</u>*

The pro forma as further adjusted column reflects the issuance of 5,555,556 Common Shares in this Offering at an assumed public offering price of $9.00 per Common Share.

The Company expects to receive net proceeds of approximately $45.5 million, after deducting underwriting discounts of $3 million, a non-accountable expense allowance of $500,000, and estimated offering expenses of $1 million.

Net proceeds will increase cash and Common Shares within stockholders' equity, net of underwriting discounts, the non-accountable expense allowance and estimated offering expenses.

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#### DILUTION
The dilution information set forth below is based on our audited historical financial statements as of June 30, 2025 and gives effect to the Company's equity structure existing as of that date, including all issued and outstanding common shares and equity instruments disclosed in our audited financial statements.

If you invest in our Common Shares, your interest will be diluted to the extent of the difference between the initial public Offering Price per share and our net tangible book value per share after this Offering. Dilution results from the fact that the initial public Offering Price per share is substantially in excess of the book value per Common Share attributable to the existing Shareholders for our presently outstanding shares.

Net tangible book value represents the amount of our total assets, excluding goodwill and other intangible assets, less our total liabilities. Our net tangible book value as of December 31, 2025 was US$4,106,733, or US$0.13 per Common Share.

As of December 31, 2025, our outstanding common shares included shares issued for consulting and advisory services, which were issued as non-cash consideration and are reflected in stockholders' equity in our audited financial statements. As a result, new investors in this Offering will experience dilution arising not only from the issuance of shares in this Offering, but also from equity previously issued for services.

No assumptions are made in the dilution table regarding the exercise of outstanding options.

After giving effect to the issuance and sale of 5,555,556 Common Shares in this Offering at an assumed initial public Offering Price of US$9.00 per Common Share (the midpoint of the estimated price range set forth on the cover of this prospectus), and after deducting underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us, our pro forma as adjusted net tangible book value as of December 31, 2025 would have been US$1.26 per outstanding Common Share. This represents an immediate increase in net tangible book value of US$1.14 per Common Share to existing shareholders and an immediate dilution in net tangible book value of US$7.74 per Common Share to investors purchasing Common Shares in this Offering.

The following table illustrates such dilution:

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| | |
|:---|:---|
|  | **Per Common<br>Share** |
|  Assumed initial public Offering Price | $9.00 |
|  As adjusted net tangible book value as of December 31, 2025 | $0.12 |
|  Pro forma as adjusted net tangible book value per share of common stock immediately after this offering | $1.14 |
|  Pro forma net tangible book value after giving effect to this Offering | $1.26 |
|  Amount of dilution in net tangible book value to investors in this Offering | $7.74 |

---

As of December 31, 2025, we had outstanding options to purchase 355,555 Common Shares at an exercise price of $0.45 per share. Although these options were anti-dilutive for purposes of earnings per share, their exercise would result in additional dilution to investors in this Offering. The dilution table above does not give effect to the exercise of these options, but investors should consider the potential dilutive impact of such securities.

The following table summarizes, on a pro forma as adjusted basis as of December 31, 2025, the total number of Common Shares purchased from us, the total cash consideration paid to us, and the average price per Common Share paid by existing Shareholders and by investors in this Offering. The table below reflects an assumed initial public

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Offering Price of US$9.00 per Common Share (the midpoint of the estimated price range set forth on the cover of this prospectus), for Common Shares purchased in this Offering and excludes underwriting discounts, non-accountable expense allowance and other estimated offering expenses payable by us.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares<br>Purchased** | **Shares<br>Purchased** | **Total <br>Consideration** | **Total <br>Consideration** | **Average<br>Price<br>per Share** |
|  | **Number** | **%** | **US$** | **%** | **US$** |
|  Existing Shareholders | 33752619 | 86% | 10763126 | 18% | 0.32 |
|  Investors in this Offering | 5555556 | 14% | 50000004 | 82% | 9.00 |
|  Total | 39308175 | 100% | 60763130 | 100% | 1.55 |

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Pro forma share counts used in the tables above include 3,250,000 Common Shares issued to consultants for services subsequent to December 31, 2025 and prior to this Offering (see Note 15 to the condensed consolidated financial statements).

The dilution information in this section is presented for illustrative purposes only. Our as adjusted net tangible book value following the consummation of this Offering is subject to adjustment based on the actual initial public Offering Price of our Common Shares and other terms of this Offering determined at pricing.

In connection with this Offering, we expect to issue warrants to the underwriter to purchase a number of common shares equal to 5.0% of the aggregate number of common shares sold in this Offering, at an exercise price equal to 120% of the public offering price. These underwriter warrants are not reflected in the dilution table above. If exercised, such warrants would result in additional dilution to investors in this Offering.

Assuming the sale of 5,555,556 Common Shares in this Offering (excluding any shares sold upon exercise of the over-allotment option), the underwriter warrants would be exercisable for an aggregate of 277,778 Common Shares (equal to 5.0% of the Common Shares sold in this Offering). If the underwriter exercises its over-allotment option in full, the underwriter warrants would be exercisable for up to 319,445 Common Shares (equal to 5.0% of the Common Shares sold in this Offering, including the over-allotment shares).

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF <br> FINANCIAL CONDITION AND RESULTS OF OPER ATIONS
*You should read the following discussion and analysis of our financial condition and results of operations together with the section titled "Summary of Financial Information" and our audited financial statements and related notes, each included elsewhere in this prospectus. Data as of and for the year ended June 30, 2025 and for the period from August 24, 2023 (inception) to June 30, 2024 has been derived from our audited financial statements appearing at the end of this prospectus. Data as of and for the six months ended December 31, 2025 and 2024 has been derived from our unaudited financial statements appearing at the end of this prospectus. This discussion and other parts of this prospectus contain forward*-looking *statements, such as those relating to our plans, objectives, expectations, intentions, and beliefs, which involve risks, uncertainties and assumptions. Our actual results could differ materially from those discussed in these forward*-looking *statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the sections titled "Cautionary Note Regarding Forward*-Looking *Statements" and "Risk Factors" included elsewhere in this prospectus.*

#### Overview
We are a pre-revenue, development-stage company. Our principal activities currently are focused on the technological development of our potential future products, and more specifically, on executing our 18-Month Development Roadmap (detailed in "*Business — Our Strategies and Future Plans — Strategic Roadmap and Milestones*" below), which is designed to advance our Morpheus Micro Reactor from its current pre-conceptual stage to regulatory and commercial readiness.

Since our inception on August 24, 2023, we have not generated any revenue. We incurred significant operating losses and had an accumulated deficit of $252,664 as of June 30, 2025. Net cash used in operating activities was $46,949 for the year ended June 30, 2025. As of December 31, 2025, we had cash of $3,230,952, an accumulated deficit of $2,198,532 and total stockholders' equity of $4,108,805. Net cash used in operating activities for the six months ended December 31, 2025 was $987,203. Cash flows from financing activities provided $4,147,211 during the six months ended December 31, 2025, primarily from the issuance of common shares for cash and proceeds from convertible notes.

#### Factors and Trends Affecting Our Business and Results of Operations
*Our Ability to Develop Our Microreactor*

The Company's main product, currently under development, is the Morpheus Microreactor. Morpheus is designed to be a transportable, factory fabricated, sealed core nuclear reactor designed for sale to qualified customers. It is engineered as a scalable platform, with configurations ranging from 3.5 MWe to 50 MWe, to serve a wide array of customer needs. The reactor is designed to fit within a transportable container. The Morpheus design is based on the ZAN4e conceptual design, a lead cooled and graphite moderated thermal spectrum reactor and uses HALEU fuel. This unique combination of features is intended to maximize inherent passive safety, minimize operational complexity, and ensure robust performance in extreme cold-weather environments, such as the Canadian Arctic. Our goal is to commercially launch one of these microreactors by 2030. The success of this endeavor will be dependent on our ability to effectively advance our microreactor design through the licensing process.

*Regulatory Approvals*

Our primary regulatory path and first market is in Canada, regulated by the CNSC. Our strategy is to obtain a Vendor Design Review (VDR) approval for our standard design, which provides a pre-vetted technical baseline that our customers can then reference in their site-specific applications.

Vendor Design Review (VDR): This is an optional, three-phase pre-licensing process (per REGDOC-3.5.4) where the CNSC reviews our standard Morpheus design for its compliance with Canadian requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Phase 1 (Concept Assessment):** This phase confirms our understanding of and alignment with key Canadian regulatory requirements (e.g., REGDOC-2.5.2, "Design of Reactor Facilities"). Our VDR-0 submission (planned for Month 6-12) formally initiates this phase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Phase 2 (Detailed Review):** This is the most critical and technically intensive stage. The CNSC will conduct a deep technical review to identify any "fundamental barriers to licensing." To be successful, we must provide comprehensive, independent validation of our passive safety systems, reactor physics,

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and long-term materials performance. Our entire R&D and partnership program is designed to generate the objective evidence required for this phase. This includes our work with Ontario Tech University on reactor dynamics modeling, Canadian Nuclear Laboratories (CNL) on long-term materials corrosion, and Kinectrics Inc. on coolant purity and radiological hazard reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Phase 3 (Confirmatory Assessment):** This final phase follows the completion of our prototype testing and is intended to resolve any outstanding items or confirm findings from the previous phases.

Customer Licensing: A successful VDR is not a license to operate. It is a pre-qualification of our design. Our customer (the owner) must still apply for a series of site-specific licenses: (1) License to Prepare Site, (2) License to Construct, (3) License to Operate, and (4) License to Decommission. Our VDR approval is designed to drastically simplify and de-risk this process for them, reducing their project timelines and financing costs.

#### U.S. Nuclear Safety Regulation (NRC)
To access the large U.S. market, we recently formed a U.S.-based subsidiary, Nuclea Energy USA Inc., with the goal of obtaining a Standard Design Approval (SDA) from the NRC.

Licensing Pathway: We intend to utilize the 10 CFR Part 52 licensing framework, which is structured for advanced reactors. An SDA certifies our standard design, which U.S. customers can then reference in their Combined License (COL) application.

Regulatory Engagement Plan (REP): we plan to submit an REP to the NRC to initiate pre-application activities. This is a crucial first step to gain early feedback on our lead-cooled design. A primary goal of the REP will be to engage the NRC on its technology-neutral, risk-informed, and graded approach for advanced reactors. We will use this engagement to demonstrate how the inherent passive safety of our lead-cooled reactor merits a more efficient and targeted review pathway.

Regulatory Tailwinds: We believe we are entering the market at a time of significant positive momentum for regulatory modernization. The new U.S. government policy targeting an 18-month review cycle for new reactors is a significant regulatory initiative. Historically, undefined and multi-year review timelines have been a major source of financial risk and uncertainty for nuclear developers. This initiative, if implemented, could dramatically reduce our timeline to the U.S. market, lower associated financial risks, and make our projects more attractive to investors and customers.

#### Results of Operations
We are an early-stage company, and our historical results may not be indicative of our future results. Accordingly, the drivers of our future financial results, as well as the components of such results, may not be comparable to our historical or future results of operations.

#### Comparison of the Period Ended June 30, 2024 and the Year Ended June 30, 2025.

#### Revenue
We have not generated any revenue from our inception through June 30, 2025.

#### Expenses
*Professional fees*

We incurred $111,652 in professional fees during the year ended June 30, 2025 compared to none during the period from inception on August 24, 2023 until June 30, 2024 due to the fact that we didn't begin any significant operations until after June 30, 2024.

*Management fees*

We incurred $90,343 in management fees during the year ended June 30, 2025 compared to none during the period from inception on August 24, 2023 until June 30, 2024 due to the fact that we didn't begin any significant operations until after June 30, 2024.

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*General and Administrative Expense*

G&A expenses include legal fees, professional fees paid for accounting, auditing, consulting services, advertising costs, and insurance costs. Following the IPO, we expect we will incur higher G&A expenses for public company costs such as compliance with the regulations of the SEC and the NYSE.

G&A expenses increased from $1,475 during the period from August 24, 2023 (inception) until June 30, 2024 to $13,560 during the year ended June 30, 2025; an increase of $12,085 due to an increase in operations and development of our Morpheus nuclear reactor design.

Net cash used in operating activities was $46,949 for the year ended June 30, 2025, reflecting the Company's early-stage operating profile and increased IPO-readiness activity.

#### Comparison of the Six Months Ended December 31, 2025 and December 31, 2024.

#### Revenue
We did not generate any revenue during the six months ended December 31, 2025 or during the six months ended December 31, 2024.

#### Expenses
*General and administrative expenses*

General and administrative expenses were $45,165 for the six months ended December 31, 2025 compared to $Nil for the six months ended December 31, 2024. The increase reflects the expansion of our operating activities, including corporate, administrative and development-stage infrastructure as we advanced our business plan.

*Consulting fees*

Consulting fees were $1,170,853 for the six months ended December 31, 2025 compared to $Nil for the six months ended December 31, 2024. The increase was primarily attributable to stock-based compensation and advisory services related to capital markets support and strategic initiatives. Of this amount, $1,037,397 related to the amortization of the grant-date fair value of Common Shares issued to consultants on August 26, 2025, and $133,456 related to amortization of prepaid share-based compensation associated with prior-period equity awards. Although the full fair value of $1,503,000 associated with the August 26, 2025 Common Share issuance was recorded as an increase to share capital, only the portion attributable to services rendered through December 31, 2025 was recognized as consulting fee expense during the period, with the remaining unamortized balance recorded in prepaid expenses.

*Depreciation expense*

Depreciation expense was $323 for the six months ended December 31, 2025 compared to $Nil for the six months ended December 31, 2024. The increase was attributable to depreciation of computer equipment acquired and placed in service.

*Management fees*

Management fees were $63,787 for the six months ended December 31, 2025 compared to $45,631 for the six months ended December 31, 2024. The increase reflects the continued development of the Company's management structure and operating activities.

*Professional fees*

Professional fees were $303,020 for the six months ended December 31, 2025 compared to $38,026 for the six months ended December 31, 2024. The increase was primarily due to higher legal, accounting, audit and advisory costs associated with expanded operations, financing activities and public company preparation.

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*Strategic transaction costs*

Strategic transaction costs were $363,608 for the six months ended December 31, 2025 compared to $Nil for the six months ended December 31, 2024. These costs related primarily to a non-refundable exclusivity payment and related advisory and legal costs incurred in connection with the evaluation of a contemplated acquisition of certain assets of Moltex Energy Ltd.

*Other income (expenses)*

Interest income was $13 for the six months ended December 31, 2025 compared to $Nil for the six months ended December 31, 2024.

Foreign exchange gain was $875 for the six months ended December 31, 2025 compared to $Nil for the six months ended December 31, 2024.

#### Net loss
As a result of the foregoing, net loss was $1,945,868 for the six months ended December 31, 2025 compared to $83,657 for the six months ended December 31, 2024. The increase in net loss was primarily driven by higher consulting fees, professional fees, strategic transaction costs and the general expansion of operating activities.

#### Liquidity and Capital Resources
We currently do not have any material commitments to capital expenditures, however, our existing cash as of the date of this prospectus will not be sufficient to fund our current operating and R&D plans through at least the next eighteen months, from the date of this offering. We had approximately $99,311 in cash as of June 30, 2025 (compared to none as of June 30, 2024) and working capital of approximately $429,319 as of June 30, 2025 (compared to approximately $22 as of June 30, 2024). Subsequent to June 30, 2025, we received net proceeds of approximately $4 million from our bridge financing, which we closed during November 2025. We have a going concern disclosure on our financial statements, included in this prospectus.

#### Update for the Six Months Ended December 31, 2025
As of December 31, 2025, we had cash of $3,230,952, compared to $99,311 as of June 30, 2025. Total current assets were $4,200,704 as of December 31, 2025, compared to $617,520 as of June 30, 2025. Working capital was approximately $4,105,618 as of December 31, 2025, compared to approximately $429,319 as of June 30, 2025. The increase in liquidity and working capital was primarily attributable to net proceeds of approximately $4 million from our bridge financing.

However, the future development of our business towards ultimate commercialization of our products will require significant amounts of cash resources. Since we do not anticipate generating meaningful revenues for several years, we intend to finance our future cash requirements for capital expenditures, R&D and business development activities and general working capital through public or private equity or debt financings, third-party (including government) funding, or any combination of these approaches. If we raise additional funds through further issuances of equity or equity-linked instruments, our existing stockholders could suffer significant dilution. Moreover, no assurances can be given that we will be able to raise required funding on favorable terms, if at all, and our inability to raise additional funding when needed could have a material adverse effect on our company and results of operations and could cause our business to fail.

#### Going Concern
As of December 31, 2025, the Company identified conditions and events that raised substantial doubt about its ability to continue as a going concern.

As part of issuing our condensed consolidated financial statements, we evaluated whether there were any conditions and events that raise substantial doubt about our ability to continue as a going concern over the twelve months after the date the financial statements are issued. Since inception, we have incurred significant operating losses, and have an accumulated deficit of approximately $2,198,532 and negative operating cash flow. Management expects that operating losses and negative cash flows may increase from the 2025 levels because of additional costs and expenses related to our R&D activities. Our continued solvency is dependent upon our ability to obtain additional working capital to complete our reactor development, to successfully market our reactor and to achieve commerciality for our reactors.

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To date, we have not generated any revenue and do not expect to generate any revenue unless and until we are able to commercialize our reactors. We will require additional capital to develop our reactors and to fund operations for the foreseeable future, and we expect our costs to increase as we advance our reactors toward commercialization and incur additional costs associated with operating as a public company.

While we believe that the proceeds of the IPO and other financings completed subsequent to year end may be sufficient to support the development of our reactors in the near term, certain costs are not reasonably estimable at this time and we may require additional funding to execute our long-term development and commercialization plans.

We do not have sufficient working capital to meet our liabilities and commitments as they come due for at least the next eighteen months, after the date the condensed consolidated financial statements are issued. To achieve the Company's long-term strategy, the Company expects to raise additional equity capital to support its growth.

#### Summary Statement of Cash Flows for the Year Ended June 2025 and the Period from Inception on August 24, 2023 to June 30, 2024.
The following table sets forth the primary sources and uses of cash for the periods presented below:

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| | | |
|:---|:---|:---|
|  | **For the <br>Year Ended <br>June 30, <br>2025** | **August 24, <br>2023 <br>(inception) to <br>June 30, <br>2024** |
|  Net cash used in operating activities | $46949 | $11 |
|  Net cash provided by financing activities | $149993 | $22 |
|  Net increase in cash | $99289 | 22 |

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*Cash Flows used in Operating Activities*

Net cash used in operating activities for the year ended June 30, 2025 was $46,949, which reflected our net loss of $251,189, adjusted for non-cash items consisting of $425 of depreciation, $32,114 of shares issued for consulting services and $9,405 of options granted for consulting services, as well as changes in non-cash working capital consisting of an increase in prepaid expenses of $25,905 and an increase in accounts payable and accrued liabilities of $188,201.

Net cash used in operating activities for the period from August 24, 2023 to June 30, 2024 was $11, which reflected our net loss of $1,475, partially offset by a shareholder contribution of $1,464.

The increase in net cash used in operating activities during the year ended June 30, 2025 compared to the period from August 24, 2023 to June 30, 2024 was primarily due to the expansion of our operating activities, as we were not materially active prior to June 30, 2024. Any increase in our cash balance during the year ended June 30, 2025 was attributable to financing activities, not operating activities.

*Cash Flows provided by Financing Activities*

Net cash provided by financing activities for the year ended June 30, 2025 was $149,993, consisting of $150,008 from shares issued for cash, offset by $15 used for share repurchases.

Net cash provided by financing activities for the period from August 24, 2023 to June 30, 2024 was $22 and consisted entirely of shares issued for cash.

*Commitments*

The Company does not have any commitments and contingencies as of June 30, 2025, and 2024.

*Off-Balance Sheet Arrangements*

As of June 30, 2025, and 2024, we have not engaged in any off-balance sheet arrangements, as defined in the rules and regulations of the SEC.

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#### Summary Statement of Cash Flows for the Six Months Ended December 31, 2025 December 31, 2024
The following table sets forth the primary sources and uses of cash for the periods presented below:

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| | | |
|:---|:---|:---|
|  | **For the <br>Six Months <br>Ended <br>December 31, <br>2025** | **For the <br>Six Months<br>Ended <br>December 31, <br>2024** |
|  Net cash used in operating activities | $987203 | $3384 |
|  Net cash used in investing activities | $2355 | $Nil |
|  Net cash provided by financing activities | $4147211 | $Nil |
|  Net increase in cash | $3131641 | $Nil |

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*Cash Flows used in Operating Activities*

Net cash used in operating activities for the six months ended December 31, 2025 was $987,203, which reflected our net loss of $1,945,868, adjusted for non-cash items consisting primarily of $323 of depreciation and $1,037,397 related to shares issued for consulting services, as well as changes in non-cash working capital including a decrease in prepaid expenses of $33,164, an increase in sales taxes receivable of $19,104 and a decrease in accounts payable and accrued liabilities of $93,115.

Net cash used in operating activities for the six months ended December 31, 2024 was $3,384, which primarily reflected our net loss of $83,657, partially offset by an increase in accounts payable and accrued liabilities of $80,273.

The increase in net cash used in operating activities during the six months ended December 31, 2025 compared to the six months ended December 31, 2024 was primarily due to the expansion of our operating activities, increased consulting, professional and strategic advisory costs, and broader development-stage corporate activity. A substantial portion of the operating loss for the six months ended December 31, 2025 related to non-cash share-based compensation.

*Cash Flows used in Investing Activities*

Net cash used in investing activities for the six months ended December 31, 2025 was $2,355, consisting of $2,072 related to trademark registration costs and $283 related to the purchase of computer equipment. There were no investing activities during the six months ended December 31, 2024.

*Cash Flows provided by Financing Activities*

Net cash provided by financing activities for the six months ended December 31, 2025 was $4,147,211, consisting of $300,000 of proceeds from convertible notes and $3,994,211 from shares issued for cash, offset by $147,000 of share issuance costs.

There were no financing activities during the six months ended December 31, 2024.

*Commitments*

As of December 31, 2025, the Company has the following commitments:

During the six months ended December 31, 2025, the Company entered into an exclusivity agreement, dated December 17, 2025, to acquire certain assets of Moltex Energy Limited (in administration) for a purchase price of £6,183,793 (equivalent to CAD $11,500,000) (the "Moltex Acquisition"). In consideration for the exclusivity rights, the Company paid a non-refundable exclusivity fee of £268,861 (equivalent to CAD $500,000).

Under the terms of the agreement, Moltex Energy Limited (acting through its joint administrators) agreed to cease all third-party negotiations and to negotiate exclusively with the Company. The Company committed to use reasonable endeavors to complete due diligence and to finalize a definitive agreement prior to the expiry of the exclusivity period. The Company may also be required to provide additional funding to support the business and assets during the exclusivity period, if requested by the joint administrators.

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During the six months ended December 31, 2025, the Company recognized $363,608 (CAD $500,000) of strategic transaction costs related primarily to the non-refundable exclusivity fee and related advisory and legal costs incurred in connection with this contemplated transaction. As no definitive sale and purchase agreement had been executed as of December 31, 2025 and no identifiable intangible asset had been acquired or controlled by the Company as of that date, such amounts were expensed as incurred.

In December 2025, the Company entered into a research collaboration agreement with Ontario Tech University with a total contractual value of CAD 42,000. Under the terms of the agreement, CAD 21,000 was payable upon execution of the agreement and the remaining CAD 21,000 is payable upon completion of the project.

As of December 31, 2025, CAD 21,000 (USD equivalent) had been accrued in accounts payable and accrued liabilities, and the remaining CAD 21,000 represents a contractual commitment of the Company.

The Company is not currently subject to any material legal proceedings, claims, or contingencies that, in the opinion of management, would require recognition or disclosure under U.S. GAAP.

*Off-Balance Sheet Arrangements*

As of December 31, 2025, we had not engaged in any off-balance sheet arrangements, as defined in the rules and regulations of the SEC.

#### Critical Accounting Policies
The functional currency of an entity is the currency of the primary economic environment in which the entity operates. The Company's functional currency is the Canadian dollar ("CAD") as it was incorporated in and primarily operates in Canada. The determination of functional currency was made in accordance with Accounting Standards Codification ("ASC") 830, *Foreign Currency Matters*, issued by the Financial Accounting Standards Board ("FASB").

The Company's reporting currency is the U.S. dollar ("USD"). For the purpose of presenting the financial statements in USD, the assets and liabilities of the Company's CAD operations are translated at the exchange rate prevailing at the reporting date. Revenues and expenses are translated at average exchange rates for the reporting period. Resulting translation adjustments are included in other comprehensive income (loss) as a separate component of shareholders' equity under "accumulated other comprehensive income (loss)."

All values presented are in USD unless otherwise denoted.

#### Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions are used for stock-based compensation, presented as consulting fees as of December 31, 2025. Actual results could differ from those estimates, and such difference may be material to the financial statements.

#### Stock-Based Compensation
The Company accounts for equity-based transactions with employees and non-employees under the provisions of FASB ASC Topic 718*, Compensation — Stock Compensation* (Topic 718), which establishes that equity-based payments to employees and non-employees are recorded at the grant date the fair value of the equity instruments the entity is obligated to issue when the employees and non-employees have rendered the requisite service and satisfied any other conditions necessary to earn the right to benefit from the instruments. Topic 718 also states that observable market prices of identical or similar equity or liability instruments in active markets are the best evidence of fair value and, if available, should be used as the basis for the measurement for equity and liability instruments awarded in these share-based payment transactions. However, if observable market prices of identical or similar equity or liability instruments are not available, the fair value shall be estimated by using a valuation technique or model that complies with the measurement objective, as described in FASB ASC Topic 718.

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#### Fair Value Measurements
ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a three-level fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. In accordance with ASC 820, the Company has categorized the financial assets and liabilities based on the priority of the inputs to the valuation technique as set forth below. If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

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| | |
|:---|:---|
|  *Level 1* — | Financial instruments whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market which the Company has the ability to access at the measurement date. |
|  *Level 2* — | Financial instruments whose values are based on quoted market prices in markets where trading occurs *infrequently* or whose values are based on quoted prices of instruments with similar attributes in active markets. |
|  *Level 3* — | Financial instruments whose values are based on prices or valuation techniques that require inputs that are *both* unobservable and significant to the overall fair value measurement. These inputs reflect management's own assumptions about the assumptions a market participant would use in pricing the instrument. |

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The Company's financial instruments consist of cash, prepaid expenses, sales taxes receivable, accounts payable, and accrued liabilities, are carried at historical cost. As December 31, 2025 and June 30, 2025, the carrying amounts of these instruments approximated their fair values because of the short-term nature of these instruments.

#### Emerging Growth Company ("EGC") Accounting Election
The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. As such, the Company is eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in the Company's periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. If some investors find the securities less attractive as a result, there may be a less active trading market for securities and the prices of securities may be more volatile.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards (that is, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies). The Company intends to take advantage of the benefits of this extended transition period.

#### Recent Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Topic 220), which requires enhanced disclosures regarding the nature and composition of certain expense categories presented in the statement of loss and comprehensive loss. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its financial statement disclosures.

The Company does not believe that any other recently issued but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

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#### OUR CORPORATE STRUCTURE AND HISTORY
We are a company incorporated on August 24, 2023 under the laws of British Columbia, Canada. We were originally incorporated under the name "Raise AI Technologies Inc." and subsequently changed our name to "Nuclea Energy Inc." to reflect our focus on advanced nuclear technologies. Since our establishment, we have recruited a leadership team with deep expertise in advanced reactor design and regulatory licensing, developed relationships with leading Canadian nuclear research and development organizations, and advanced our intellectual property portfolio through targeted R&D and the filing of a U.S. provisional patent application for an improved reactor fuel configuration.

We have two wholly owned subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To facilitate our engagement with U.S. regulators and access the significant U.S. market, we formed our wholly owned subsidiary, Nuclea Energy USA Inc., in Delaware. We expect that this entity will manage all of our planned U.S. regulatory engagement, including our Regulatory Engagement Plan (REP) with the NRC, and will be the primary vehicle for future U.S. sales and operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To facilitate our potential Moltex Asset Acquisition, we formed our wholly owned subsidiary, Nuclea Energy Canada Inc. in British Columbia, Canada.

Because we are incorporated under the laws of British Columbia, Canada, you may encounter difficulty protecting your interests as a shareholder, and your ability to enforce your rights through the U.S. federal court system may be limited. Please refer to the sections entitled "*Risk Factors*" and "*Enforcement of Civil Liabilities*" for more information.

The chart below illustrates our corporate structure and identifies our subsidiary as of the date of this prospectus and after giving effect to this Offering:

As of the date of this prospectus:

![](tflowcharta_001.jpg)

As of the date of this prospectus, Messrs. Sagar Sanghera and Vinayak Ashok Gunda each own 29.6% of our outstanding Common Shares, Mr. Eleodor Nichita owns 6.6% and our other shareholders together own 34.3%.

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After giving effect to this Offering:

![](tflowchartb_001.jpg)

After giving effect to this Offering, Messrs. Sagar Sanghera and Vinayak Ashok Gunda each will own 25.4% of our outstanding Common Shares, Mr. Eleodor Nichita will own 5.6%, and other shareholders together will own 29.5%, and the public shareholders together will own 14.1%.

____________

*Notes:*

(1) Each of Sagar Sanghera and Vinayak Ashok Gunda, our two largest shareholders, holds voting and/or dispositive power over 10,000,000 Common Shares as of the date of this prospectus.

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| | | |
|:---|:---|:---|
|  **Name** | **Background** | **Ownership** |
|  Nuclea Energy Inc. | Incorporated on August 24, 2023 under the laws of British Columbia, Canada. | See "*Principal Shareholders*" for details of our shareholding structures immediately prior to and after this offering. |
|  Nuclea Energy USA Inc. | Incorporated on October 8, 2025 under the laws of the State of Delaware. | 100% owned by Nuclea Energy Inc. |
|  Nuclea Energy Canada Inc. | Incorporated on February 12, 2026 under the laws of British Columbia, Canada. | 100% owned by Nuclea Energy Inc. |

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In November 2025, we commenced a private placement of our Common Shares at a price of US$1.40 per share, targeting gross proceeds of approximately US$4.3 million. The net proceeds of the offering will be used for general corporate purposes. In connection with any future U.S. listing or initial public offering, the shares sold in this private placement will be subject to transfer restrictions, including an initial six-month lock-up period after listing, subject to early release provisions tied to specified trading price and volume thresholds.

Upon consummation of this Offering, each of Mr. Sagar Sanghera and Mr. Vinayak Ashok Gunda will own 25.4% of our outstanding Common Shares, which represent 50.8% of the total voting power of our outstanding Shares assuming the Underwriters do not exercise their over-allotment option (or 49.8% of the total voting power assuming the Underwriters exercise their over-allotment option).

On April 7, 2025, the Company effected a 10-for-1 stock split of its common shares. All share and per-share amounts have been retroactively adjusted to reflect this stock split.

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#### INDUSTRY OVERVIEW
*Unless otherwise noted, all the information and data presented in this section have been derived from the publicly available sources While we believe that the information from these industry publications, surveys and studies is reliable, the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of important factors, including those described in the section titled "Risk Factors." These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.*

We are positioned at the confluence of three major global trends: (1) the urgent global drive for deep decarbonization to achieve net-zero emissions, (2) the exponential growth in electricity demand driven by data centers and artificial intelligence (AI), and (3) the strategic imperative for energy security and resilience in a geopolitically fragmented world. Together, these trends are transforming the global energy landscape and creating a once-in-a-century opportunity for advanced nuclear technologies, particularly micro modular reactors (MMRs) that deliver safe, reliable, and carbon-free power where it is most needed.

**A. The Global Energy Transition and Decarbonization Mandates**

According to the International Energy Agency (IEA) and McKinsey & Company, global electricity consumption is projected to nearly triple by 2050, rising from approximately 28,000 terawatt-hours (TWh) in 2023 to over 75,000 TWh by mid-century. This unprecedented surge in demand is being driven by the electrification of traditional sectors such as transportation, buildings, and manufacturing, alongside new, power-intensive industries such as artificial intelligence, cloud computing, and hydrogen production.

To meet this demand while also adhering to national and international "net-zero" climate targets, the world must undergo a massive expansion of clean, dispatchable energy generation. While renewable energy sources such as solar and wind play a crucial role, their inherent intermittency prevents them from supplying continuous, high-capacity baseload power without large-scale energy storage, which remains cost-prohibitive and technically limited at grid scale.

Nuclear power remains the only proven, carbon free, dispatchable energy source capable of operating continuously, with the highest reliability of any generation technology. According to the U.S. Energy Information Administration, nuclear plants maintain an average capacity factor of 93.1%, compared with natural gas (58.8%), coal (42.1%), wind (33.5%), and solar (23.3%). This exceptional reliability makes nuclear energy indispensable to maintaining grid stability as renewables scale.

The result is a global "nuclear renaissance" a policy driven and capital backed resurgence of investment in advanced nuclear technologies. Over 20 countries, including the United States, Canada, the United Kingdom, Japan, and South Korea, have enacted pro nuclear legislation or included nuclear in their national clean energy taxonomies. In the United States, the Inflation Reduction Act (IRA) and the Infrastructure Investment and Jobs Act (IIJA) together allocate tens of billions of dollars in production credits, loan guarantees, and R&D funding for new nuclear projects. Similarly, Canada's Small Modular Reactor Action Plan explicitly prioritizes microreactor development for remote communities and industrial decarbonization.

This combination of political will, regulatory modernization, and capital deployment has created an environment of unprecedented opportunity for new entrants developing scalable, factory-produced nuclear systems that can be deployed faster, at lower cost, and with fewer regulatory hurdles than traditional gigawatt-scale reactors.

**B. The "AI" and Data Center Power Imperative**

The fastest-growing segment of new power demand globally comes from data centers, driven by exponential growth in artificial intelligence, high-performance computing, and cloud infrastructure. AI workloads are uniquely power-hungry: for example, a single ChatGPT query consumes nearly 10 times the electricity of a standard Google search, and large language model (LLM) training cycles can consume megawatt-hours per session.

According to the International Energy Agency, global data center electricity consumption could reach 1,000 TWh annually by 2026 roughly equivalent to the electricity usage of Japan and by 2050, data centers could account for as much as 8 – 9% of total global electricity demand.

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This demand surge is not speculative. Major technology corporations are actively incorporating nuclear power into their operational strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Microsoft has initiated a program to integrate advanced nuclear power directly into its data center operations and is co-developing plans to restart the Three Mile Island nuclear plant for AI workloads.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amazon acquired a 1,200-acre data center campus adjacent to the Susquehanna nuclear power plant in Pennsylvania for approximately $650 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Oracle has disclosed plans to develop a 1-gigawatt (GW) nuclear-powered data center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Meta (Facebook) is exploring siting SMRs near its $10 billion AI facility in Louisiana.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NVIDIA CEO Jensen Huang stated publicly that "nuclear is going to be a vital, integral part of powering AI."

This convergence of AI and energy has created a new class of industrial customer the AI power buyer whose requirements align perfectly with the microreactor model: compact, transportable, 24/7 baseload systems that can be co-located directly with data centers, bypassing grid congestion and transmission constraints. This trend has established a multi-billion-dollar emerging market segment for advanced nuclear suppliers able to deliver reliable on-site generation.

**C. The Microreactor Market Segment (<10 MWe)**

Within the advanced nuclear industry, systems are typically classified by generating capacity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Large Conventional Reactors: >700 MWe

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Small Modular Reactors (SMRs): up to 300 MWe

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Micro Modular Reactors (MMRs): under 10 MWe

Nuclea Energy focuses exclusively on the microreactor segment, which occupies a distinct and rapidly growing niche within the broader nuclear market. Unlike SMRs, which target utility-scale grid applications, MMRs serve off-grid, high-demand, and logistically constrained environments such as defense installations, mining operations, island nations, industrial microgrids, and data center campuses.

Key differentiating attributes of the MMR category include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transportability: Factory-fabricated, sealed-core designs that can be shipped via standard truck, rail, or barge. Our proprietary Morpheus™ reactor is engineered to fit within a 3m x 3m x 3m standardized transport module.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rapid Deployment: Pre-fabricated modules require minimal on-site construction, significantly reducing cost, labor, and deployment time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Passive Safety: MMRs are designed for "walk-away" safety leveraging inherent physical processes (natural convection and heat dissipation) rather than active systems or operator intervention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Siting Flexibility: MMRs can be installed in remote, extreme, or security-sensitive environments from Arctic mining bases to hyperscale data centers where large reactors are impractical.

Industry analysts project the microreactor market to exceed $20 billion by 2035, representing one of the highest-growth sub-sectors in advanced nuclear. The U.S. Department of Defense and Department of Energy have each launched multi-billion-dollar initiatives (e.g., Project Pele, DOE Microreactor Program) to accelerate deployment of portable nuclear power systems, validating both technical feasibility and market demand.

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**D. Political and Regulatory Tailwinds**

The United States and Canada have explicitly positioned advanced nuclear technologies as central to their respective energy security and climate strategies. Recent federal initiatives are reshaping the regulatory and financial environment for nuclear development:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Accelerated Licensing Framework:** The U.S. Administration has directed the NRC to modernize and streamline reactor licensing, with a target review timeline of 18 months for new construction and operation applications. This marks a historic departure from legacy processes that could span a decade or more.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Massive Capacity Expansion Targets:** In 2024, the U.S. Department of Energy announced a national goal to triple nuclear capacity to 300 GW by 2050, up from approximately 100 GW today. Achieving this goal will require deployment of hundreds of advanced reactors, including MMRs, across commercial, defense, and industrial applications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Strategic Market Priorities:** Federal policy now explicitly prioritizes nuclear energy for AI data centers, military bases, and industrial decarbonization, directly aligning with Nuclea's target markets. The U.S. Department of Defense has committed to deploying multiple microreactors by the early 2030s, and the Department of Energy has announced strategic partnerships with the private sector to accelerate commercial demonstration projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Cross**-Border **Collaboration:** The U.S.–Canada SMR Action Plan and Global First Movers Coalition further support joint licensing, export readiness, and supply-chain localization, enabling North American MMR developers to scale globally.

These combined policy tailwinds significantly de-risk the regulatory pathway for microreactor developers, validate end-market demand, and provide direct government support mechanisms through loan guarantees, production tax credits, and procurement programs.

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#### BUSINESS

#### Overview
Nuclea Energy Inc. ("Nuclea" or the "Company") is a company incorporated under the laws of British Columbia, Canada. We have two wholly owned subsidiaries: Nuclea Energy USA Inc., incorporated under the laws of the State of Delaware, on October 8, 2025, and formed to begin our planned engagement with the NRC; and Nuclea Energy Canada Inc., incorporated under the laws of British Columbia, Canada, on February 12, 2026, and formed to facilitate the potential Moltex Asset Acquisition.

We are a pre-revenue, development-stage company. Our principal activities currently are focused on the technological development of our potential future products, and more specifically, on executing our 18-Month Development Roadmap (see below), which is designed to advance our Morpheus Micro Nuclear Reactor from its current pre-conceptual stage to regulatory and commercial readiness.

Since our inception on August 24, 2023, we have not generated any revenue. We have incurred operating losses since our inception; for the fiscal year ended June 30, 2025, we reported a net loss of $251,189, and for the period from August 24, 2023 until June 30, 2024 we reported a net loss of $1,475. For the six months ended December 31, 2025, we reported a net loss of $1,945,868, compared to a net loss of $83,657 for the six months ended December 31, 2024.

#### Our Vision & Mission
Our vision is to power the future of remote community and industrial energy markets by systematically displacing high-cost, high-emission fossil fuels with passively safe, transportable, and economically competitive nuclear energy.

Our mission is to become a leading technology developer advanced micro nuclear reactors. As a technology company, we are committed to advancing clean, reliable and secure energy solutions for off-grid applications that power remote communities, data centres, mining sites and remote military infrastructure. Our goal is to bring our Morpheus micro reactor "Morpheus" or the "Morpheus Microreactor") to a commercial readiness level by developing core elements and progressing the design through the licensing application in both Canada and the United States. Once we have reached the commercial stage, we will market and sell this reactor to vendors who require energy in off grid, remote settings, in data centres, mining sites, and to support remote military infrastructure, so that these entities can own and operate our reactor. We do not intend to operate any micro reactors (Vendor Owner Operator model), but instead we intend to allow the customer to operate and own the asset.

We believe this approach is distinct from the capital intensive Vendor Owner Operator model and represents the most scalable path to market. By remaining focused on our core technology rather than site development or plant operations, we align with the asset ownership preferences of our customers. We do not plan to develop nuclear energy sites or operate them, allowing us to dedicate our resources to designing and building superior hardware.

Our anticipated customer base is comprised of remote communities, mining sites, data centres and remote military sites<sup>1</sup>.

#### Our Core Product
The Company's main product, currently under development, is the Morpheus Microreactor. Morpheus is designed to be a transportable, factory fabricated, sealed core nuclear reactor designed for sale to qualified customers. It is engineered as a scalable platform, with configurations ranging from 3.5 MWe to 50 MWe, to serve a wide array of customer needs<sup>2</sup>. The reactor is designed to fit within a transportable container.

Our goal is to commercially launch Morpheus by 2030-31.

The Morpheus design is based on the ZAN4e conceptual design, a lead cooled and graphite moderated thermal spectrum reactor, and uses HALEU fuel<sup>3</sup>. This unique combination of features is intended to maximize inherent passive safety, minimize operational complexity, and ensure robust performance in extreme cold-weather environments, such

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1 Canada Energy Regulator. (2022). *Market snapshot: Off*-grid *communities in Canada and their reliance on diesel fuel.* Government of Canada.

2 Nuclea Energy Inc. (2025, September). *Nuclea Energy Investor Deck* PowerPoint slides. Slide 10: Major Technical Parameters.

3 Crowell, J., & Nichita, E. (2023). Conceptual Design of a Micro Nuclear Reactor for Canadian Arctic Communities. *Nuclear Technology, 209*(4), 504–514.

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as the Canadian Arctic. However, there are risks as to the availability of HALEU fuel. At present, there is no robust commercial supply chain for HALEU, and production is limited to a small number of government-authorized entities. The availability of HALEU is subject to significant constraints, including limited production capacity, regulatory controls, export restrictions, and geopolitical considerations. See *"Risk Factors — Our Morpheus Reactor requires 10% HALEU fuel, and the absence of a robust commercial supply chain for HALEU could prevent us from manufacturing and fueling our reactors."*

![](timage_001.jpg)

Morpheus Reactor Rendering

#### Our Competitive Strengths
We believe Nuclea Energy has the potential to become a leader in the advanced nuclear market by capitalizing on the following key competitive strengths, if and when our Morpheus reactor becomes market ready.

*Passive Safety for Arctic and Remote Environments*

We believe that our core competitive advantage will be our selection of a lead cooled graphite moderated reactor, which is designed to provide passive safety, and we believe will make it well suited for deployment in remote and environmentally sensitive regions such as the Canadian Arctic. Lead-cooled reactors are uniquely suited for Arctic environments because their coolant remains liquid at extremely high temperatures. Their passive safety features and ability to operate without external water sources make them especially reliable in remote, cold, and infrastructure limited regions. We view these geographic areas as naturally complementary to the Morpheus offering.

The inherent physics of our reactor design forms the foundation of our safety case<sup>4</sup>

#### Excellent Coolant Thermal, Physical, and Chemical Properties:
Lead has excellent thermal, physical and chemical properties, which form the basis of the technological and safety advantages od our reactor design.

Lead has a very high boiling point (+1737°C), a low melting point (+327°C) and a very low vapor pressure (2.9×10-5 Pa at 400°C). Accident scenarios with boiling lead in the core are therefore considered to be highly unlikely.<sup>5</sup>

The volumetric heat capacity of liquid lead is high (~1.54 J/cm<sup>3</sup>/K). The high volumetric heat capacity combined with the inventory of coolant present in the primary circuit provides high thermal inertia, which contributes to the slowing of any transient related to loss of coolant mass flow or loss of heat sink.

Lead is relatively chemically inert (does not react exothermically) in contact with water or air<sup>6</sup>, thus reducing the risk of chemical fires, explosions or hydrogen generation seen in other reactor types. The absence of a steam generator also eliminates the risk of a steam generator tube rupture (SGTR) event (accompanied by hot-lead-water interaction with steam production) present in other lead-cooled designs.

____________

4 Pioro, I. (Ed.). (2023). *Handbook of Generation IV Nuclear Reactors (2*<sup>nd</sup> *ed.)*. Woodhead Publishing. *https://www.sciencedirect.com/book/9780128205884/handbook*-of-generation-iv-nuclear-reactors

5 LFR Provisional System Steering Committee (endorsed by The Risk and Safety Working Group of the Generation IV International Forum), "Safety Design Criteria for Generation IV Lead-Cooled Fast Reactor System" (2021).

6 LFR Provisional System Steering Committee (endorsed by The Risk and Safety Working Group of the Generation IV International Forum), "Safety Design Criteria for Generation IV Lead-Cooled Fast Reactor System" (2021).

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#### Natural Convection:
Liquid lead has a large volumetric expansion coefficient (1.2×10-4 K-1) and the possibility to operate in a large range of temperatures, typically a few hundred degrees, without boiling. Natural circulation is therefore used, also thanks to the simple flow path design and due to neutronic characteristics of lead that allow larger distance between fuel pins and lower coolant velocities, together resulting in low pressure drops.<sup>7</sup>

#### Inherent Passive-Safety Features:
Unlike water cooled reactors, our lead-cooled reactor operates at near atmospheric pressure. This eliminates the need for a pressure vessel and high-pressure primary coolant circuit, which are drivers of cost, complexity, and failure risk in conventional designs.

Coolant leakage or pipe break does not lead to the type of loss of coolant accident experienced in an LWR with depressurization, coolant boiling and the loss of cooling capability. Therefore, emergency core cooling systems for coolant injection under high- and low-pressure conditions, as used in the LWR, are not necessary.<sup>8</sup>

In a loss-of-power event, our reactor is able to cool itself indefinitely through natural convection, creating a "walk-away safe" system that does not rely on active pumps or human intervention.

**Fission**-Product **Retention:** In the event of a fuel failure or accident, lead has good capacity for retaining iodine, cesium and other fission and activation products of concern, thus reducing the source term in containment and the release of radionuclides. For example, volatilized fractions<sup>9</sup> at 700°C for <sup>137</sup>Cs, <sup>90</sup>Sr, and <sup>131</sup>I are 1.1×10-6, 5.1×10-14 and 3.7×10-6, respectively. Consequently, requirements for emergency planning zones and emergency evacuation plans are also expected to be reduced.

#### Low <sup>210</sup> Po Production:
The rate of <sup>210</sup>Po production in pure lead is very low, typically several orders of magnitude lower, compared to Lead-Bismuth Eutectic (LBE)<sup>10</sup>. To further improve this, we are intending to pursue a dedicated research program with Kinectrics Inc. to develop a method for enriching our lead coolant, specifically to remove the <sup>208</sup>Pb isotope which transmutes into <sup>210</sup>Po. This is designed to significantly reduce long-term radiological hazards from coolant activation, a key consideration for regulators and end users.

**Inherent Radiation Shielding:** Lead is an excellent shielding material, simplifying the reactor's engineering and enhancing its radiological safety profile.

We are not just relying on the theoretical benefits of Lead cooled reactor technology; we plan to implement a comprehensive R&D program to validate key aspect of our safety case and have begun initial discussions with the Ontario Tech University to perform detailed calculations of our reactor's dynamic parameters, including reactivity effects of temperature and coolant voiding<sup>11</sup>.

*A Flexible, Capital-Efficient Model*

We intend to operate as a technology integrator rather than a fully integrated manufacturer. We do not plan to manufacture the broader balance of plant infrastructure such as power conversion units, district heating exchangers, or heavy civil containment structures. Instead our manufacturing focus is strictly limited to the proprietary reactor core module. Specifically, we intend to oversee the design and fabrication of the vacuum sealed graphite vessel, the internal fuel channel assemblies, and the lead coolant integration systems. The Morpheus microreactor serves as the specialized thermal energy source that drives third party power generation hardware. We plan to leverage qualified

____________

7 LFR Provisional System Steering Committee (endorsed by The Risk and Safety Working Group of the Generation IV International Forum), "Safety Design Criteria for Generation IV Lead-Cooled Fast Reactor System" (2021)

8 LFR Provisional System Steering Committee (endorsed by The Risk and Safety Working Group of the Generation IV International Forum), "Safety Design Criteria for Generation IV Lead-Cooled Fast Reactor System" (2021).

9 Generation IV International Forum (GIF). (2021). *Safety Design Criteria for Generation IV Lead*-Cooled *Fast Reactor System* (Revision 1).

10 LFR Provisional System Steering Committee (endorsed by The Risk and Safety Working Group of the Generation IV International Forum), "Safety Design Criteria for Generation IV Lead-Cooled Fast Reactor System" (2021).

11 Nichita, E. (2025, May 29). *Proposal for Technical Research on: Calculation of Dynamic Parameters of NUCLEA Energy's Lead*-Cooled *Reactor Concept (r0)*. Ontario Tech University.

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supply chains to provide standard components including the Stirling engines or steam turbines required for electricity generation. This approach is intended to reduce capital intensity and execution complexity while maintaining our control over the critical intellectual property and safety systems embedded within the reactor core.

This flexible model allows us to avoid the billions in capital expenditure typically associated with building new nuclear manufacturing facilities<sup>12</sup>. It enables us to be more agile, scalable, and resilient, focusing our resources on innovation and regulatory success.

*A Regulatory-Focused Team*

We benefit from our leadership, which blends visionary technology development with the pragmatic, disciplined execution required to successfully navigate the complex nuclear regulatory landscape. Our founding team of Sagar Sanghera, Vinayak Ashok Gunda, and Dr. Eleodor Nichita was formed to bridge the gap between innovation and commercialization.

Dr. Nichita, our technical co-founder and head of our primary R&D contractor Irydyum Scientific Inc., is the architect of our core technology and the author of our "Improved Annular Fuel/Lattice Configuration".

*5-Year Core Life*

Our reactor is designed to operate for approximately five years before refueling. This advantage is enabled by our "Improved Annular Fuel/Lattice Configuration," which we plan to validate with a third party laboratory as part of our development and engineering work on the Morpheus Reactor. We expect this validation process will begin approximately six months after the IPO, using a portion of the proceeds from this offering, and we expect that the validation process will be completed in approximately six months. Until we complete the third party validation, we cannot be certain of the anticipated benefits, but if, as we expect, our design is duly validated, we believe that the extended core life will be a fundamental competitive differentiator that directly addresses the primary cost and logistical drivers for our target customers. Our design, which, when fully developed, will utilize HALEU fuel, is engineered to achieve a higher fuel burnup and a more efficient neutron economy, allowing it to generate power for significantly longer than competing designs.

The benefits of a 5 year core life would be the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Improved Economics:* The 5 year life would reduce the reactor's total cost of ownership. Refueling outages are one of the most significant operational expenses for a nuclear plant, and minimizing them changes the economic proposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Logistical Simplicity:* For remote and Arctic communities, refueling is a complex and costly logistical operation. A 5 year core life would allow for operators to significantly streamline operations<sup>13</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Enhanced Proliferation Resistance:* A sealed core with a multi-year life would enhance the safeguards, security, and non-proliferation profile of the reactor, which could simplify licensing and be helpful in increasing international acceptability.

We view the Morpheus microreactor as a long term energy infrastructure solution rather than a temporary power source. While a conventional fossil fuel generator typically requires continuous refueling logistics to maintain operation, our design is intended to operate for approximately 5 years on a single fuel load. In terms of magnitude, a single 3.5MWe to 50 MWe Morpheus unit is designed to support significant electrical loads. For perspective, a deployment at the lower end of our capacity range is capable of powering the essential infrastructure for a remote community or a mining operation, which typically requires approximately 9 MW of reliable power<sup>14</sup> and often relies on millions of liters of diesel fuel. At the higher end of our capacity range, a unit is designed to support the energy intensive baseload requirements of hyperscale data centers, which can consume between 20 MW and 50 MW per facility<sup>15</sup>. This highlights the density of our energy yield, where a single uranium pellet the size of a fingertip contains the energy equivalent of approximately 149 gallons of oil or one ton of coal<sup>16</sup>.

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12 World Nuclear Association. (2024). *Nuclear Power Economics and Project Structuring*

13 Clean Energy for Rural and Remote Communities Program. (2023). *Government of Canada initiatives to reduce diesel reliance in northern communities.* Natural Resources Canada.

14 Knight Piésold Consulting. (2015). *Renewable Energy for Mines.*

15 ENCOR Advisors. (2025, October). *What is a Hyperscale Data Center: Comprehensive Guide.*

16 Nuclear Energy Institute. (2025). *Nuclear Fuel.*

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#### Our Challenges
We are a young company seeking to develop and launch an integrated nuclear energy business. Our efforts face and will continue to face many significant challenges, as our business involves complex nuclear technology, regulatory hurdles, and rapidly shifting market dynamics. These challenges include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtaining the necessary permits and licenses for nuclear reactors, facilities and transportation capabilities is time-consuming and expensive. Microreactors must meet stringent safety and environmental standards, and gaining regulatory approval can be a lengthy endeavor<sup>17</sup>. Additionally, ensuring the safety of a microreactor throughout its lifecycle is paramount. Developing, implementing, and maintaining robust safety systems and protocols are critical challenges. Implementing robust security measures to protect against theft, sabotage, or unauthorized access is also critical for both regulatory compliance and public safety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Building and operating a microreactor is very capital intensive. Securing the necessary significant funding and managing costs, including but not limited to operational and maintenance costs, are ongoing challenges for our business, that will continue after the completion of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The political and regulatory landscape can change, impacting the stability and viability of nuclear projects. International agreements and geopolitical factors can also affect nuclear technology access and export<sup>18</sup>.

See *"Risk Factors — The Morpheus Reactor is a first-of-a-kind design, and we may fail to validate its technical feasibility, scalability, or integration of key systems, which would prevent us from obtaining regulatory approval and commercializing the technology."*

#### Competition
Our competitors, such as Nano Nuclear Energy Inc., Newcleo SA and Blykalla AB (nearly all of which are significantly larger and have more cash resources than we do) are other power generation systems which provide energy within the 1MWe-50MWe range<sup>19</sup>. This competition includes fossil fuel power generating units, renewables, long duration storage and other nuclear reactors, including other microreactors. However, as described above in *"Our Competitive Strengths"*, we believe we are positioned better than our competition to emerge as a leading supplier of carbon-free round the clock energy generation.

*Traditional Energy Sources*

According to the Statistical Review of World Energy 2024, fossil fuels, comprising oil, coal, and natural gas, accounted for approximately 80% of global energy consumption in 2023<sup>20</sup>. Those traditional energy resources are carbon intensive, and we expect them to largely be replaced with carbon-free energy over time. Traditional large scale nuclear power plants, while carbon free, require significant upfront capital expenditures, have a history of extensive construction times, complex safety systems and do not have business cases apart from utility scale generation. We believe our carbon-free microreactor technology possesses all the positive attributes of traditional baseload energy and addresses many of the flaws of traditional nuclear power plants, such as large upfront capital costs.

*Renewables*

According to an article titled "More Than 40% of World's Electricity Came From Zero-Carbon Sources in 2023" released on Wall Street Journal in August 2024, renewable energy sources like wind and solar made up approximately 17% of total electricity generation, and hydroelectric and nuclear power contributed 24%. Although these sources generate carbon-free power, except for nuclear power, wind and solar are highly intermittent and non dispatchable, and hydroelectric is seasonal and subject to curtailment<sup>21</sup>. Additionally, since renewables are weather dependent, they are too unreliable to support certain end use cases, including mission critical applications or industrial applications that require extensive onsite, always available power. Due to their innovative design SMRs and microreactors, can operate as baseload generation, load-follow renewables and/or support key industrial applications.

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17 Canadian Nuclear Safety Commission. (2019). *REGDOC*-3*.5.4, Pre*-Licensing *Review of a Vendor's Reactor Design.*

18 U.S. Department of Energy. (n.d.). *10 CFR Part 810, Assistance to Foreign Atomic Energy Activities.*

19 Nano Nuclear Energy Inc. (2024). *Form S*-1 *Registration Statement.* United States Securities and Exchange Commission.

20 International Energy Agency (IEA). (2023). *World Energy Outlook 2023.* OECD/IEA.

21 IEA. (2024). *Electricity Market Report 2024.*

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*Other Advanced Nuclear Reactors*

There are several reactor technologies that are in various stages of development, such as high temperature gas-cooled reactors, fast reactors, molten salt reactors, fusion technologies, and others, and commercial SMRs are currently operating in China and Russia. These technologies, like ours, are designed to be clean, safe, and highly reliable. However, these technologies have not received regulatory approval in the United States, and many of the technologies do not have the fuel supply infrastructure necessary to succeed<sup>22</sup>. Currently, we believe, based on our market research, that there are no microreactor prototypes, and no other SMR companies other than NuScale — which caters to a different market than our planned market, has a licensed advance reactor.

#### Our Strategies and Future Plans
*Strategic Roadmap and Milestones*

Our development is guided by an 18-Month Development Roadmap which will be fully funded with the net proceeds of this offering (assuming no exercise of the over-allotment option), whether or not we complete the Moltex Asset Acquisition (see "Recent Developments" section on Page 7). We currently believe that the Moltex Asset Acquisition will not have any effect on the timeframes set forth in our 18-Month Development Roadmap. This plan is designed to achieve critical regulatory and technical milestones to de-risk the technology and unlock the next stage of financing.

<u><u>Next 18-Month Development Roadmap (starting the date of the consummation of this Offering)</u></u>

*Phase 1 (0 – 3 months): Foundation & Leadership*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hire a VP of Engineering and key technical staff to lead the design and licensing effort.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete the high-level plant description and safety philosophy to guide conceptual and detailed design.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Launch our new research laboratory in Ontario to begin core testing and development.

*Phase 2 (3 – 6 months): Core Design and Fuel Strategy*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Begin the calculation of dynamic parameters of Nuclea's lead cooled reactor concept at Ontario Tech University

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Define our HALEU fuel concepts and qualification plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Begin first experiments at the Ontario lab aligned with our core design milestones.

*Phase 3 (6 – 12 months): Regulatory Engagement and Expansion*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Begin engagement with the CNSC regarding Vendor Design Review (VDR) application (phase 0) for 3 key topics. A VDR is an *optional* pre-licensing review that provides early CNSC feedback on compliance with Canadian nuclear regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• File a Regulatory Engagement Plan (REP) with the U.S. NRC to open the U.S. licensing pathway.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Begin evaluating potential demonstration sites (i.e. CNL's available sites at Chalk River).

*Phase 4 (12 – 15 months): Advance R&D*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Build and operate test loops and mockups to validate critical technologies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Build partnerships with national labs and universities to test fuel behavior.

*Phase 5 (15 – 18 months): Integration and Regulatory Readiness*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Integrate all modeling and available test data to refine the Morpheus reactor design for VDR Phase 1 submission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Finalize the scope, team and plan for our CNSC VDR Phase 1 submission

____________

22 U.S. Department of Energy. (2024). *Pathways to Commercial Liftoff: Advanced Nuclear.*

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*Beyond Phase 5*

We estimate that our microreactor demonstration work will be conducted between 2027 and 2028, our microreactor licensing application will be processed between 2028 and 2030, and our microreactors will be launched between 2030 and 2031. There cannot, however, be any assurances that we will reach the production stage when currently estimated, or at all.

We plan to apply for government funding in the form of grants or other funding from agencies such as the Innovation, Science and Economic Development Canada, Global Affairs Canada and Ontario Center for Innovation. However, following this offering, we will need to seek equity or debt financing to finance a large portion of our future capital requirements. See *"Risk Factors — Our business plans will require us to raise substantial additional amounts of capital. Future capital needs will require us to sell additional equity or debt securities that will dilute or subordinate the rights of our shareholders. In addition, we may be unable to secure government grants as part of our funding strategy."*

*A Regulatory-Focused Team and Process*

We benefit from our leadership, which blends visionary technology development with the pragmatic, disciplined execution required to successfully navigate the complex nuclear regulatory landscape. Our founding team of Sagar Sanghera, Vinayak Ashok Gunda, and Dr. Eleodor Nichita was formed to bridge the gap between innovation and commercialization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Regulatory Activities to Date**

We have conducted preliminary pre-application engagements with NuMark, a US nuclear consultancy firm, that deals with the U.S. Nuclear Regulatory Commission (NRC) and have had limited informal exchange with the Canadian Nuclear Safety Commission (CNSC)'s advanced reactor review division, who are awaiting for us to proceed formally. These early interactions have informed our revised understanding of pathway requirements but do not guarantee approval timelines. We have not yet submitted formal applications in either jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Licensing and demonstration timeframe**

The microreactor industry is still in its infancy and many of the demonstration and licensing steps are in flux due to changing government regulations and processes. We believe that our estimated timelines are realistic given today's regulatory climate, but they remain highly sensitive to variables including: (i) securing funding for construction; (ii) availability of qualified manufacturing partners for specialized components; (iii) securing an appropriately licensed test site with community support; and (iv) resolution of design iterations during integrated testing.

While recent U.S. reforms, including the ADVANCE Act and Executive Order 14300, direct the NRC to develop streamlined pathways for microreactor licensing, these frameworks remain under development and untested with actual applications.

Similarly, Canada has established an SMR readiness action plan but ultimately the CNSC applies its comprehensive single licensing framework to all new reactor facilities, which historically involves multi-year environmental assessments and public hearings. Our projected licensing timeline assumes cooperative reviews but is subject to variables beyond our control, including: (i) finalization and applicability of new regulatory pathways to our design; (ii) resource allocation; (iii) completeness of our application and potential Requests for Additional Information; and (iv) resolution of novel technical issues.

Delays in any of these areas could extend the timelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Costs to complete licensing and demonstration between 2027 and 2031**

We expect that total capital required to advance development, demonstration, and licensing application activities through 2028 will be approximately $100 million dollars. These expenditures are expected to cover engineering and safety work, fuel qualification efforts, construction and operation of a prototype or research reactor, and regulatory engagement and regulatory application preparation in both jurisdictions.

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For the 2029–2031 period, when we expect to advance a commercial reactor design and associated licensing activities, we do not yet have clear line of sight on ultimate expenditures. Spending during this phase will depend significantly on regulatory pathways, design evolution, supply-chain conditions, and the scope and outcomes of the demonstration reactor, and could be materially higher if review cycles are extended or design modifications are required

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Basis for 2030–2031 Launch Projection**

Our launch target is grounded in: (i) regulatory modernization efforts in both jurisdictions; and (ii) internal milestone planning assuming successful capital raises and execution. We emphasize that this timeline is not guaranteed and remains contingent upon resolving the execution risks described above; however, we believe that the above described contingencies are typical for companies in our space and at our current stage of development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Licensing and Regulatory Roadmap**

#### Our Technology and Product Portfolio
Nuclea's technology strategy is centered on the Morpheus Reactor, a design specifically chosen for its robust, passive safety systems and suitability for cold weather environments.

*The Flagship: Morpheus Microreactor*

The Morpheus Reactor is a lead cooled, graphite moderated, thermal spectrum microreactor concept. Its design is based on the "ZAN4e conceptual design," co-authored by our Head of Reactor Design, Dr. Eleodor Nichita and has been significantly enhanced by our new fuel design for which we have filed a provisional patent application in U.S. The commercial version is being engineered for scalability and transportability. It has not yet been tested in any capacity and thus is subject to further design amendments. All operational features described below are theoretical based on the current engineering work on the Morpheus Reactor.

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<u><u>Core Technical Specifications (Commercial Target):</u></u>

The design leverages established materials and fuels in a novel, passively safe configuration.

---

| | | |
|:---|:---|:---|
|  **Parameter** | **Specification** | **Technical Rationale** |
|  Reactor Type | Lead-cooled, graphite-moderated, Thermal Spectrum | Design focused on passive safety and utilizes established thermal reactor physics. |
|  Electrical Capacity | 3.5 MWe to 50 MWe (Scalable) | Scalable to meet diverse customer needs, from remote communities (3.5 MWe) to large data centers (50 MWe). |
|  Fuel Type/Enrichment | Annular HALEU/10%/19.5% | Our new annular fuel design (Section IX) optimizes neutron economy and heat transfer. |
|  Refueling Cycle (Target) | 5 Years | Extended cycle is a major commercial advantage, reducing lifetime service and refueling costs. |
|  Dimensions | 3m x 3m x 3m | Designed for standard, containerized transport by truck, rail, or barge. |
|  Operating Temperature | 500°C – 600°C | A conservative operating temperature that provides a massive safety margin below the lead coolant's 1740°C boiling point. |
|  Operating Pressure | Unpressurized (1 atm) | Simplifies vessel design, reduces material stress, and eliminates LOCA pressure spike risk. |

---

<u>Inherent Passive Safety Philosophy</u>:

Our design philosophy is to eliminate risks by engineering, rather than mitigating them with complex, failure prone active systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *The Four Fold Advantage of Lead Coolant:* Our choice of lead coolant (as opposed to water, gas, or sodium) is a fundamental safety advantage:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High Boiling Point: Lead boils at 1,740°C, vastly higher than the reactor's 500-600°C operating temperature. This provides a massive thermal margin and makes a "Loss of Coolant Accident" (LOCA) from boiling impossible, allowing the system to be unpressurized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Arctic Resilience (Freezing): Unlike water, which expands and breaks pipes, lead shrinks when it solidifies. This is a critical, unique safety feature for Arctic deployment, ensuring a shutdown and containment of all radiological fission products in extreme cold does not mechanically damage the core.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chemically Benign: Lead is non-reactive with air or water. This avoids the significant fire and explosion risks associated with sodium cooled fast reactors (like those pursued by Oklo).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Massive Thermal Sink: The large mass of lead provides a massive thermal inertia, capable of absorbing decay heat for an extended period without active cooling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Hydrogen Free Safety:* By eliminating water from the primary system, we eliminate the risk of hydrogen generation and subsequent explosions, which were factors in the Fukushima and Chernobyl accidents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Self Stabilizing Reactivity:* The reactor possesses a negative temperature coefficient of reactivity. This is an inherent physics-based safety feature: as the reactor temperature increases, the nuclear reaction automatically slows down, helping to stabilize the reactor during any temperature excursions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Low Pressure Stirling Engine Cycle:* The Morpheus uses integrated Stirling engines for its power conversion, not a steam turbine. This is a non-pressurized system, eliminating the high-pressure steam loops and associated risks of a traditional Rankine cycle. This simplifies the entire balance-of-plant and containment structure.

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![](timage_002.jpg)

Source:http://www.oecd-nea.org/jcms/pl_28271/chernobyl-chapter-i-the-site-and-accident-sequence

https://world-nuclear.org/information-library/safety-and-safety-of-plants/fukushima-daiichi-accident

Nuclea Energy Inc. (2026). *Internal Company Assessment*.

#### Our Proposed Future Business Model
Once Nuclea reaches the production and manufacturing stage for its Morpheus unit, it will seek to sell the Morpheus unit directly to its target customers. Product sales are expected to be supplemented by a long term, optional business line in providing specialized maintenance, refueling, and operational support services for the Morpheus units that are sold to customers.

Under this model, the customer (e.g., a remote community, mining company, data center operator, or utility) would purchase and take ownership of the Morpheus reactor. This would make the customer the asset owner and the entity responsible for holding the site specific operating license. Nuclea's role would be to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Support Licensing:* Provide the complete, standardized design and safety analysis report which will be pre-certified by regulators that the customer uses to support its site-specific license application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Provide Optional Services:* Offer a long term, fee based service contract to customers to manage the specialized nuclear aspects of operation, including maintenance and refueling.

#### History and Development
Nuclea was incorporated in Canada on August 24, 2023. We were originally incorporated under the name "Raise AI Technologies Inc." and subsequently changed our name to "Nuclea Energy Inc." to reflect our focus on advanced nuclear technologies. Our development pathway is structured to leverage Canada's established nuclear infrastructure, world class regulatory environment, and deep expertise in nuclear science.

Since our establishment, the Company has achieved the following key milestones, which represent the foundation of our business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Corporate Formation (2023):* Nuclea Energy Inc. was established in 2023 and in 2024 became the exclusive commercial vehicle for the Morpheus Reactor (originally named ZAN4e) conceptual design. This design was authored by our Co-Founder Dr. Eleodor Nichita, and can be distinguished for its unique suitability for the extreme cold weather environments that define our primary target market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Key Leadership Recruitment (2024*-2025*):* We successfully assembled a world class executive and advisory team that together possesses expertise in two critical areas for our success: advanced reactor design and regulatory licensing. We believe this concentration of regulatory and technical expertise is a core competitive advantage. See "Management — Directors and Officers" and "Management — Scientific and Technical Advisory Board" for more information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Intellectual Property Development (2025):* We have funded targeted R&D that resulted in technological improvement over the baseline Zan4e design. This led to the filing of a U.S. provisional patent application titled "Annular Nuclear Fuel Rod and Utilizations Thereof" (U.S. prov. Application number 63/845,685, filed July 17, 2025). This new design is a key component of our strategy to achieve our target 5-year reactor core life, a major commercial and competitive advantage that would, if achieved, enhance our value proposition by reducing long-term service and refueling costs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *R&D* Infrastructure *Development (2025):* As part of our 18-Month Roadmap, we have commenced the establishment of an in house R&D lab in Ontario. This facility will be equipped to perform materials testing, component prototyping, and experimental validation of our core systems, such as the lead coolant loop. We expect this facility to be operational within approximately three months of the closing of this Offering.

#### Our Target Markets
Nuclea's commercial strategy targets four primary markets where our sales model is centered on direct reactor sales with long term service support. These markets are listed below. We aim to provide a definitive solution for customers seeking to own and control their clean energy assets. Each of these markets faces acute energy, cost, and carbon challenges that the Morpheus Reactor platform is designed to directly address through scalability, fuel longevity, and autonomous operation.

Collectively, these markets represent a Total Addressable Market exceeding USD $200 billion by 2040, with a Serviceable Addressable Market for early deployable sites in North America estimated at $45 billion, and an initial Serviceable Obtainable Market for Nuclea of roughly $2.5 – 3 billion within its first decade of operations<sup>24,25</sup> Based on the Company's development plans, our target entry date into the market is currently projected to be 2030 — 2031.

Our business plan will be very costly, and our future cash needs will far exceed the net proceeds that the Company will receive from this offering. In order to develop and implement our business as currently planned and as described in this prospectus, the Company will need to raise substantial amounts of additional capital, potentially hundreds of millions of dollars. See "Risk Factors — *Our business plans will require us to raise substantial additional amounts of capital. Future capital needs will require us to sell additional equity or debt securities that will dilute or subordinate the rights of our shareholders. In addition, we may be unable to secure government grants as part of our funding strategy*."

![](tbarchart_001.jpg)

Source: International Energy Agency, 2023 Nuclear Energy Institute [NEI], 2023).

____________

24 McKinsey & Company. (2024). *The future of energy: Global electrification and the path to net*-zero*.*

25 Nuclear Energy Institute (NEI). (2023). *Capacity factors and performance of nuclear versus other generation sources.*

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Our four initial primary target markets are as follows:

**A. Remote Canadian Arctic & Indigenous Communities**

*<u>Market Overview</u>:*

Canada's North and Arctic regions encompass over 200 off-grid communities, the majority of which rely entirely on diesel generators for both electricity and heat. Approximately 79 of these communities require power exceeding 1 MWe, placing them within Nuclea's optimal deployment range<sup>26</sup>. Diesel dependence imposes significant economic and environmental burdens such that fuel must be airlifted or barged in during limited seasonal windows, with total delivered costs exceeding $0.60–$1.20 per kWh, nearly 10× grid-connected rates. The result can be chronic energy insecurity, frequent blackouts, and elevated greenhouse gas emissions21.

*<u>Policy Drivers</u>:*

Federal initiatives under Canada's Clean Energy for Rural and Remote Communities Program, combined with Indigenous-led energy sovereignty frameworks, are actively funding zero-emission alternatives<sup>27</sup>. The Canadian federal government's 2030 target to eliminate diesel reliance in remote northern communities provides direct alignment with Nuclea's mission.

*<u>*<u>Alignment With Canada's Major Projects Office Priorities</u>*</u>*

The Government of Canada's Major Projects Office identifies Arctic development as a national priority under its Transformative Strategies and the Arctic Economic and Security Corridor initiative, which emphasize energy security, reduced diesel reliance, resilient northern infrastructure, and strengthened sovereignty. The Company believes its Morpheus Microreactor directly supports these objectives by providing transportable, carbon free, continuous baseload power engineered for remote and harsh environments where conventional infrastructure is limited.

The Morpheus Microreactor's small footprint, passive safety design, long refueling interval, and suitability for off grid deployment offer a practical pathway to replace diesel, enable critical minerals development, and support community and defense operations across the Arctic. In management's view, the Canadian-controlled nature of the technology and the Company's planned Indigenous partnerships further align with the MO's emphasis on northern participation, economic opportunity, and strategic autonomy.

**B. Mining and Resource Extraction**

*<u>*<u>Market Overview:</u>*</u>*

Mining and heavy industry are among Canada's most energy intensive sectors, consuming over 20% of total national electricity<sup>28</sup>. Many sites particularly northern gold, lithium, and critical mineral operations, remain off grid or are located at the edge of transmission capacity. Across Canada, as of 2018, there are 24 current or potential off grid mines, 92 oil sands facilities, and 85 heavy industrial complexes with base load demand profiles exceeding 5 MWe, making them prime candidates for modular nuclear adoption9.

*<u>*<u>Market Challenge:</u>*</u>*

Operators face mounting pressure from investors and regulators to decarbonize operations. Diesel and natural gas use exposes mines to price volatility and logistics challenges. Reliability requirements further compound the issue, as any power disruption halts extraction and processing, leading to operational losses.

____________

26 Clean Energy for Rural and Remote Communities Program. (2023). *Government of Canada initiatives to reduce diesel reliance in northern communities.* Natural Resources Canada.

27 Canadian Nuclear Association. (2023). *Small modular reactors: Unlocking the potential of nuclear innovation in Canada.*

28 Natural Resources Canada. (2024). *Critical minerals strategy: Powering the clean economy.*

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**C. Data Centers and Critical Infrastructure**

*<u>*<u>Market Overview:</u>*</u>*

The global data center market is projected to exceed 1,000 TWh of annual electricity consumption by 2030, representing nearly 4% of global demand<sup>29,30</sup>. In Canada and the U.S., hyperscale operators Meta, Microsoft, Amazon, and Oracle are encountering significant grid access constraints and regional moratoria due to insufficient transmission capacity and environmental permitting delays<sup>31,32,33,34</sup>. Data centers increasingly require "five-nines" reliability (99.999%), which cannot be met by intermittent renewables alone.

*<u>*<u>Market Challenge:</u>*</u>*

Current grid based energy supply models are unsustainable for AI and high performance computing growth. For example, a single 100MW AI campus consumes as much power as 75,000 homes. With grid congestion in Ontario, Virginia, and the Pacific Northwest, hyperscale developers are actively seeking behind the meter generation solutions10.

**D. Defense and National Security**

*<u>*<u>Market Overview:</u>*</u>*

Energy resilience has emerged as a top defense priority. Both Canada and the U.S. maintain hundreds of critical defense sites, including 25 – 30 Canadian bases and 450 – 500 U.S. installations, many of which are remote or off-grid. Existing reliance on diesel convoys presents serious operational risks fuel supply lines are among the most frequently targeted vulnerabilities in forward operations.

#### Our Business Lines and Commercial Strategy
Our commercial strategy is centered around designing and licensing micro nuclear reactors, and selling these to our target customer base. This structure is similar to the model employed by competitors like Terra Innovatum and differs from the vertically integrated model of Nano Nuclear Energy (NNE).

Our primary business line is the design, development, and direct sale of the Morpheus Microreactor. As the design lead, Nuclea plans to:

*Design and Certify:* Complete the design and obtain a standardized Vendor Design Review (VDR) from the CNSC and a Standard Design Approval (SDA) from the U.S. NRC.

*Sell the Asset:* Sell the completed, transportable Morpheus unit to the customer (utility, mine, data center, government). The customer becomes the asset owner.

*Support Licensing:* Provide the complete, standardized design and safety analysis report, which the customer will use to support their site specific License to Construct and License to Operate applications with the regulator.

*Provide Optional Services:* Offer a long term, fee based service agreements to customers to manage the specialized nuclear aspects of operation, including maintenance and refueling.

Revenue, if any, will be generated from the one time sale of each reactor unit and ongoing service agreements.

____________

29 Statista. (2024). *Global data center electricity consumption forecast 2020–2030.*

30 Office of Energy Efficiency & Renewable Energy. (2023). *Data center energy use and efficiency trends.* U.S. Department of Energy.

31 Meta Platforms, Inc. (2024, February 6). *Meta exploring nuclear power options for AI data centers.* Reuters.

32 Microsoft Corporation. (2024, April 10). *Microsoft explores powering data centers with advanced nuclear energy.* The Wall Street Journal.

33 Oracle Corporation. (2024, March 1). *Oracle to develop 1*-GW *nuclear*-powered *data center campus.* TechCrunch.

34 Amazon Web Services. (2023, December 15). *Amazon buys data center campus next to nuclear power plant in Pennsylvania.* Bloomberg News.

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#### INTELLECTUAL PROPERTY
Our long term competitive advantage will be dependent on a multifaceted intellectual property strategy that combines strategic patent protection and closely held trade secrets. We believe that this hybrid approach, which mirrors the strategies of competitors like Terra Innovatum and NNE, provides a robust defense for our technology<sup>35,36</sup>.

As of the date of this prospectus, the Company has no issued patents or registered trademarks.

The intellectual property for the basic design of the Morpheus reactor is in the public domain and is referred to above as the "ZAN4e conceptual design" from the 2023 white paper co-authored by our Head of Reactor Design, Dr. Eleodor Nichita (see footnote 3 above). However, that design has been significantly enhanced by our new fuel design for which we have filed a U.S. provisional patent application. Dr. Nichita, through Irydyum, acts as our R&D contractor for core reactor physics and design. This partnership has been central to developing our proprietary technology, resulting in the design and U.S. provisional patent application filing titled "Annular Nuclear Fuel Rod and Utilizations Thereof" in the name of the Company (U.S. prov. Application number 63/845,685, filed July 17, 2025).

In order to maintain the proper chain of ownership for any advancements of the reactor design and to ensure proper rights to our intellectual property, agreements which govern the development of new intellectual property specifically, such as the Industry Funded Research Collaboration Agreement, dated December 9, 2025, between University of Ontario Institute of Technology and Nuclea Energy Inc, filed as Exhibit 10.6 hereto have provisions relating to our continued ownership of any new intellectual property developments.

*Applications for Patent and Trademark Registration*

The Company has filed a provisional patent application in the United States, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  **Title** | **Jurisdiction** | **Date** | **Application Number** |
|  ANNULAR NUCLEAR FUEL ROD AND UTILIZATIONS THEREOF | United States | July 17, 2025 | 63/845,685 |

---

The Company has applied for a trademark in Canada, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  **Trademark** | **Jurisdiction** | **Date** | **Application Number** |
|  NUCLEA ENERGY | Canada | November 20, 2025 | 2438785 |

---

Our approach is to protect our technology while allowing our engineering team sufficient time to refine and strengthen the underlying concepts before we file additional patents. As our work progresses, we intend to convert our existing provisional patent application into a non provisional filing. This must be done within one year of filing our provisional application, or by July 17, 2026. We also expect to prepare and submit additional provisional applications for new advancements. We are evaluating the timing and scope of our future filings in consultation with intellectual property counsel.

*Hybrid IP Strategy*

We rely on intellectual property protection to support the development of our Morpheus micro modular reactor.

We have filed one United States provisional patent application that relates to early design advancements for our reactor.

We also have filed one Canadian trademark application for our corporate branding.

We also protect a significant portion of our early stage design work and analytical methods through trade secrets. These trade secrets relate to design improvements, safety system concepts, material strategies, and internal computational work. Access to this information is limited to individuals who have signed confidentiality agreements. We expect trade secret protection to remain an important part of our intellectual property strategy as we continue to advance our technology.

____________

35 Terra Innovatum Global, Srl. (2025). *Form F*-4 *Registration Statement*. United States Securities and Exchange Commission.

36 Nano Nuclear Energy Inc. (2024). *Form S*-1 *Registration Statement*. United States Securities and Exchange Commission.

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#### Employees / Consultants
As of the date of this prospectus, the Company has one employee, our CEO. The Company engages with all of our other executives, advisors, and consultants on a consulting basis. We have currently engaged full time consultants (CEO, President, and Licensing Advisor) as well as ten part time consultants and advisors.

*Human Resources Management*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consultants: As of the date of this filing, we operate with a lean team of founders, key executives, and expert consultants. We are actively hiring for the VP of Engineering position and will expand our full-time engineering and quality assurance staff using the proceeds of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Labor Relations: We have not experienced any labor disputes or employee-related claims. We believe our relationship with our team is strong. We will make all required statutory contributions for our employees.

As a pre-revenue, development stage technology company, our primary asset is our human capital. Our success is highly dependent on our small, specialized management team and our ability to attract and retain world class engineers and regulatory experts.

#### Sales and Marketing
As a pre revenue company, we have not yet generated sales, but we have a clearly defined B2B (Business-to-Business) sales and marketing model.

*Sales and Marketing Strategy*

Our sales process is long, technical, and built on relationships and regulatory credibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Sales Network:* We plan to build a small, highly specialized direct sales team at the appropriate time n the future, which we expect will be composed of nuclear engineers and commercial experts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Marketing Strategy:* We expect that marketing will be focused on B2B thought leadership and regulatory engagement. We participate in key industry events (e.g., Canadian Nuclear Society conference), publish technical papers (like the ZAN4e paper 3), and engage directly with potential customers through our Advisory Board's extensive network.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Key Differentiators:* Our anticipated marketing message is built on our key competitive strengths: (1) Unmatched passive safety for Arctic environments, (2) A flexible business model, (3) An esteemed, regulatory-focused team, and (4) A core life of 5 years.

*Pricing and Payment Arrangements*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Pricing Policy:* We expect that the Morpheus reactor will be sold at a fixed, per-unit price. This price will be determined by our Nth-of-a-Kind (NOAK) manufacturing cost plus a target margin. Our goal is to provide a total cost of ownership that is significantly lower than the lifetime cost of diesel generation<sup>37,38</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Payment Arrangements:* We anticipate that future sales will involve multi-stage milestone payments typical of large capital equipment: an initial down payment upon contract signing, progress payments tied to manufacturing milestones, and a final payment upon factory acceptance and delivery.

#### Research and Development
The majority of the research and development of Morpheus reactor was done within the academic setting by our co-founder, Dr. Nichita. Dr. Nichita devoted approximately two years to the development of the Morpheus reactor design and specifications. Our team has spent and additional one year on research and development and invested over an aggregate of approximately $220,000 on research and development related to Morpheus. Our current research and

____________

37 Canada Energy Regulator. (2022). *Market snapshot: Off*-grid *communities in Canada and their reliance on diesel fuel*. Government of Canada.

38 Clean Energy for Rural and Remote Communities Program. (2023). *Government of Canada initiatives to reduce diesel reliance in northern communities*. Natural Resources Canada

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development efforts are centered on optimizing reactor dimensions, developing safety and shutdown systems, material compositions, simplifying mechanical systems, and lowering the lifecycle cost of our microreactor and supporting future licensing.

Our research and development team, including our advisors and consultants who we have engaged to help with the design and testing of our reactor design, has over 100 years of collective experience related to nuclear energy and reactor design, involving scientists and engineers from McGill University, Ontario Tech University, the Canadian National Laboratories, Bruce Power LP, the NRC and the CNSC.

In the future, we expect our research and development expenses to increase significantly as we continue to accelerate the development of our products, services, and technologies.

#### Procurement and Strategic Partnerships, Key Partners, Suppliers, and Contractors
Our business model relies on a "design led" approach, where we act as the central integrator of technology, services, and components provided by a network of established and world class partners. We have begun communication and entered into statements of work with the following key partners to advance our research, development, engineering, and future commercialization.

*Irydyum Scientific Inc.*

Role: Primary Research & Development Contractor

From time to time, we engage Irydyum Scientific Inc. ("Irydyum") as our R&D contractor for core reactor physics and design. This relationship is led by Dr. Eleodor Nichita; Irydyum is his personal service company. This partnership has been central to developing our proprietary technology, resulting in the design and U.S. provisional patent application filing titled "Annular Nuclear Fuel Rod and Utilizations Thereof." Dr. Nichita's work and technical reports are foundational to our academic and simulation-based validation efforts. We entered into an agreement with Irydyum in July of 2025, the scope of which was completed in September 2025. We entered into another agreement with Irydyum on February 25, 2026, which provides that Dr. Nichita and the Company will work on various projects as mutually agreed by them from time to time.

*Ontario Tech University (UOIT)*

Role: Academic Partner for Simulation and Validation

Ontario Tech University serves as our academic partner for critical simulation, reactor dynamics benchmarking, and thermal hydraulic modeling. This partnership provides independent, third party validation of our reactor lattice designs, which is essential for our safety case and regulatory submissions.

On December 9, 2025, the Company and Ontario Tech University ("<u>Ontario Tech</u>") entered into an Industry Funded Research Collaboration Agreement. This agreement provides that Ontario Tech, through its Principal Investigator and research team, will perform technical research to calculate key dynamic neutronic parameters of the Company's lead-cooled reactor lattice designs, including both the current and improved configurations. The work will involve using appropriate reactor lattice simulation tools to analyze parameters such as prompt neutron generation time, delayed neutron fractions, and reactivity coefficients related to fuel, coolant, moderator temperature, and coolant voiding. Ontario Tech will deliver a preliminary report and a final report presenting the calculated results, and all intellectual property arising from this project will be assigned to the Company, subject to the terms of the agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Key Project: We have provided a Statement of Requirements and received a formal proposal from the university to calculate the dynamic parameters of our reactor lattice concepts<sup>39</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Scope: The work involves using industry-standard lattice codes, such as DRAGON, to calculate key safety parameters, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prompt generation time

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Six-group delayed-neutron fractions

____________

39 Nichita, E. (2025, May 29). *Proposal for Technical Research on: Calculation of Dynamic Parameters of NUCLEA Energy's Lead*-Cooled *Reactor Concept (r0)*.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reactivity effects of fuel, coolant, and moderator temperature

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reactivity effect of coolant voiding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Budget & Timeline: A proposal has been submitted to analyze both our original and improved lattice designs, with a final report scheduled for ten months after contract signing. This partnership also provides a development pipeline for specialized human capital.

*Canadian Nuclear Laboratories (CNL)*

Role: Strategic Partner for Licensing and Materials Testing

We intend to develop strategic partnership with Canadian Nuclear Laboratories (CNL), Canada's premier nuclear science and technology organization. This relationship covers strategic technology licensing and critical experimental support for our novel reactor design.

Materials Research: We have provided CNL with a Statement of Requirements for an extensive experimental study on the chemical interactions between metal alloys and high-temperature liquid lead<sup>40</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Objective: The study will investigate flow-assisted corrosion on key alloys, including 316L steel, 410 steel, HT-9 steel, and Zircalloy-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Scope: The experiments will test material coupons in stagnant and flowing lead (up to 2 m/s) at a wide range of temperatures (601 K to 2010 K) for an 180-day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deliverable: The primary goal is to produce formulas to extrapolate experimental data to 3,600 days, providing critical data on material thickness reduction, heat transfer coefficients, and corrosion layer composition. This data is essential for our long-term safety and licensing case.

*Qnergy*

Role: Power Conversion System Partner

We are in early conversations with Qnergy, a leading manufacturer of high efficiency Stirling engines, to develop our power conversion system. Our scalable reactor design requires a correspondingly scalable and reliable power conversion system. Qnergy is our partner in developing the specialized, high capacity engine array required to meet our target outputs, which range from 3.5 MWe to 50 MWe. This partnership is focused on integrating their proven engine technology with our reactor's thermal output. We have identified and confirmed the availability of the Qnergy Stirling engines, but other than the signing of a non-disclosure agreement, we have not entered into any contractual agreements with Qnergy to secure the supply of the engines. There can be no assurance that the Stirling engine will be available for acquisition when it is needed in our development process and we have no special relationship with Qnergy to ensure this availability. If the Stirling engine is not available when it is needed by us, we would need to find an analogous replacement, develop a replacement ourselves or re-engineer the reactor to adjust to a different type of engine.

*Ruffolo Nuclear Consulting (RNC)*

Role: Overall Plant Designer and Regulatory Integration Partner

We intend to engage Ruffolo Nuclear Consulting (RNC) as the designer for our overall Nuclear Power Plant (NPP) and as the primary integrator of our proprietary reactor core design. RNC is a specialized Canadian firm with expertise in nuclear design, licensing, and regulatory implementation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Key Responsibilities: RNC's primary role will be to develop the complete NPP design that envelops our reactor, including all auxiliary systems, balance of plant, and safety structures. Critically, RNC will be responsible for establishing our "Graded Approach Philosophy," a key regulatory strategy for efficiently meeting CNSC requirements<sup>41</sup>.

____________

40 NUCLEA Energy. (n.d.). *Statement of Requirements: Investigation of chemical interactions between metal alloys and high*-temperature *liquid lead, and associated flow*-assisted *corrosion (r1)*. [Unpublished statement of requirements].

41 Canadian Nuclear Safety Commission. (2020). *REGDOC*-2*.5.2, Design of Reactor Facilities: Nuclear Power Plants*.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Design Authority: As part of this engagement, RNC's President, Mike Ruffolo, will assume the role of Design Authority. This is a formal, CNSC required role accountable for approving all design requirements and ensuring the design is prepared by qualified personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VDR Phase 0: RNC will be tasked with developing the key engineering deliverables required to support our Vendor Design Review (VDR) Phase 0 submission, including the conceptual NPP description, defence in depth strategy, and regulatory requirements reports<sup>42</sup>.

#### Facilities
Our facilities are leased and are appropriate for our current development stage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Corporate Headquarters:* Our primary corporate headquarters is located at Unit 5 2425 Skymark Ave, Mississauga, ON L4W 4Y6, Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *R&D Laboratory:* As part of our 18 Month Roadmap (Phase 0-3 Months), we are in the process of establishing a new in house R&D laboratory in Ontario. This leased facility will be equipped for materials testing, component prototyping, and experimental validation of key systems

We do not own any real estate property. We believe our current and planned leased facilities are adequate for our near-term operational needs as defined in our 18 Month Roadmap.

#### Legal Proceedings
From time to time, we may be subject to various legal or administrative claims and proceedings arising in the ordinary course of business.

As of the date of this filing, we are not currently a party to any material legal or administrative proceedings, and we are not aware of any pending or threatened claims that could materially affect our operations or financial condition. We are not in default under any material contracts. No member of the Group is the subject of any winding-up proceedings.

<u>Technical Glossary</u>

Electrical Output: 3.5 MWe to 50 MWe

Definition: "MWe" stands for Megawatts Electric, representing the actual electricity output available for the grid or industrial use (as opposed to thermal heat).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Advantage: While traditional nuclear plants produce 1,000 MWe and require billions in infrastructure, the 3.5 MWe to 50 MWe range places Nuclea in the Micro Modular Reactor (MMR) category.

____________

42 Canadian Nuclear Safety Commission. (2019). *REGDOC*-3*.5.4, Pre*-Licensing *Review of a Vendor's Reactor Design*.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Real World Capacity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3.5 MWe (Low end): Sufficient to power approximately 3,000 average residential homes, a remote mining operation, or a military forward operating base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 50 MWe (High end): Sufficient to power approximately 35,000 homes, a large industrial manufacturing facility, or a data center campus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market Fit: This range allows Nuclea to serve markets that traditional nuclear cannot reach, such as remote communities, island nations, and off-grid industrial sites that currently rely on expensive, dirty diesel generators.

Transportable package: 3m x 3m x 3m

Definition: The physical dimensions of the core reactor module, measuring approximately 3 meters (approx. 10 feet) on all sides.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Logistics & Deployability: This specific footprint is critical because it allows the reactor to be transported via standard logistics infrastructure (standard flatbed trucks, rail cars, or heavy lift cargo aircraft) without the need for massive, custom built infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Factory Fabrication: Because it fits these dimensions, the reactor can be fully assembled in a controlled factory environment rather than built from scratch at the construction site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Economics: This size eliminates years of on-site civil construction work. The unit is shipped to the site, offloaded, and installed, drastically reducing the installation times from years to months.

HALEU fuel: high-assay low-enriched uranium ("HALEU") fuel enriched to approximately 10%.

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#### GOVERNMENT REGULATIONS
*This section sets forth a summary of the material rules and regulations that affect our business in material jurisdictions.*

#### Regulations Related to our Business Operation in Canada
As a developer of advanced nuclear technology, our business is subject to extensive and stringent government regulation. This regulatory framework represents the highest barrier to entry in our industry and is the primary risk factor for any new reactor design. Our corporate strategy is structured to address this challenge directly.

Our business model dictates that the customer (e.g., a utility or industrial operator) is the ultimate licensee and asset owner. Nuclea's role is that of an intellectual property holder, and technical expert supporting the customer's licensing application. This model strategically focuses our regulatory burden on design certification, while the customer manages the risks associated with site-specific licensing and operations.

#### Canadian Nuclear Safety Regulation (CNSC)
Our primary regulatory path and first market is in Canada, regulated by the CNSC. Our strategy is to obtain a Vendor Design Review (VDR) approval for our standard design, which provides a pre-vetted technical baseline that our customers can then reference in their site-specific applications.

Vendor Design Review (VDR): This is an optional, three-phase pre-licensing process (per REGDOC-3.5.4) where the CNSC reviews our standard Morpheus design for its compliance with Canadian requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Phase 1 (Concept Assessment):** This phase confirms our understanding of and alignment with key Canadian regulatory requirements (e.g., REGDOC-2.5.2, "Design of Reactor Facilities"). Our VDR-0 submission (planned for Month 6-12) formally initiates this phase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Phase 2 (Detailed Review):** This is the most critical and technically intensive stage. The CNSC will conduct a deep technical review to identify any "fundamental barriers to licensing." To be successful, we must provide comprehensive, independent validation of our passive safety systems, reactor physics, and long-term materials performance. Our entire R&D and partnership program is designed to generate the objective evidence required for this phase. This includes our work with Ontario Tech University on reactor dynamics modeling, Canadian Nuclear Laboratories (CNL) on long-term materials corrosion, and Kinectrics Inc. on coolant purity and radiological hazard reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Phase 3 (Confirmatory Assessment):** This final phase follows the completion of our prototype testing and is intended to resolve any outstanding items or confirm findings from the previous phases.

Customer Licensing: A successful VDR is not a license to operate. It is a pre-qualification of our design. Our customer (the owner) must still apply for a series of site-specific licenses: (1) License to Prepare Site, (2) License to Construct, (3) License to Operate, and (4) License to Decommission. Our VDR approval is designed to drastically simplify and de-risk this process for them, reducing their project timelines and financing costs.

#### U.S. Nuclear Safety Regulation (NRC)
To access the large U.S. market, we recently formed a U.S.-based subsidiary, Nuclea Energy USA Inc., with the goal of obtaining a Standard Design Approval (SDA) from the NRC.

Licensing Pathway: We intend to utilize the 10 CFR Part 52 licensing framework, which is structured for advanced reactors. An SDA certifies our standard design, which U.S. customers can then reference in their Combined License (COL) application.

Regulatory Engagement Plan (REP): we will submit an REP to the NRC to initiate pre-application activities. This is a crucial first step to gain early feedback on our lead-cooled design. A primary goal of the REP will be to engage the NRC on its technology-neutral, risk-informed, and graded approach for advanced reactors. We will use this engagement to demonstrate how the inherent passive safety of our lead-cooled reactor merits a more efficient and targeted review pathway.

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Regulatory Tailwinds: We believe we are entering the market at a time of significant positive momentum for regulatory modernization. The new U.S. government policy targeting an 18-month review cycle for new reactors is a significant regulatory initiative. Historically, undefined and multi-year review timelines have been a major source of financial risk and uncertainty for nuclear developers. This initiative, if implemented, could dramatically reduce our timeline to the U.S. market, lower associated financial risks, and make our projects more attractive to investors and customers.

As a developer of nuclear technology, we are subject to extensive and stringent government regulation. Our business model dictates that the customer is the ultimate licensee and asset owner; Nuclea's role is that of an and technical expert supporting the customer's licensing application.

#### Environmental and Public Engagement
The customer, as the applicant, is primarily responsible for the Environmental Assessment and public engagement, with our full support.

Impact Assessment Act (IAA 2019): In Canada, the customer's project will require a federal Environmental Assessment (EA). We will provide all necessary technical data on the Morpheus reactor to support their Environmental Impact Statement (EIS).

Indigenous Consultation: The Canadian constitution mandates a "Duty to Consult" with Indigenous Nations. Our strategy, guided by Bilal Cheema, is to support our customers in moving beyond consultation to Indigenous-led partnerships, including equity participation and workforce training.

#### Export Controls and Non-Proliferation
As an selling a nuclear reactor, we are subject to the world's most stringent export control regimes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DOE 10 CFR Part 810: This U.S. regulation governs the export of "unclassified nuclear technology and assistance."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NRC 10 CFR Part 110: Governs the export of nuclear equipment and materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CNSC Regulations: Canada's *Nuclear Non*-proliferation *Import and Export Control Regulations* implement Canada's international obligations.

Our model ensures that we only sell to customers in approved jurisdictions and that the customer, as the new owner, is fully compliant with all domestic and international safeguard agreements for the protection of nuclear material.

#### Decommissioning and Waste Management
Under the Sale model, the asset owner (the customer) is legally and financially responsible for the reactor's decommissioning and the long-term management of its spent fuel.

Decommissioning Liability: The customer is the licensee and must provide financial assurance (e.g., trust funds, surety bonds) to the regulator (CNSC or NRC) to guarantee that funds are available for decommissioning at the end of the reactor's life.

Nuclea's Service Offering: This liability represents a significant potential business opportunity for Nuclea. Our Long-Term Service Agreement (LTSA) (Business Line 2) will include an optional, fee-based service where Nuclea will manage the end-of-life retrieval of the sealed core, transport it to a licensed storage facility, and manage the decommissioning process on the customer's behalf. We believe that this will provide the customer with a simple, turnkey solution. There can be no assurances, however, that the Company will pursue this opportunity or that pursuing such opportunity will be successful.

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#### MANAGEMENT

#### Directors and Executive Officers
The following table sets forth information concerning our directors and executive officers, including their ages as of the date of this prospectus:

---

| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position** |
|  Sagar Sanghera† | 33 | Chairman of the Board of Directors and President |
|  Josef Freundorfer | 34 | Chief Executive Officer |
|  Anna Skowron | 38 | Chief Financial Officer |
|  Subhash Paluru\* | 56 | Independent Director Nominee |
|  John McVey\* | 68 | Independent Director Nominee |
|  Magaly Bianchini\* | 69 | Independent Director Nominee |
|  George Kovalyov\* | 41 | Independent Director Nominee |

---

____________

† Mr. Sanghera resigned as Chief Executive Officer of the Company on December 19, 2025.

\* Each of the independent director nominees has accepted our appointment to be our independent director, effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part.

**Sagar Sanghera.** Mr. Sanghera is our Co-founder, Chairman of the Board of Directors, and President. He served as our Chief Executive Officer from the inception of the Company until December 19, 2025. He is responsible for the overall strategic direction and development of our Company. Mr. Sanghera has over a decade of experience in the banking and financial sector, where he has held leadership and business development roles focused on growth and client strategy. Since the Company's incorporation in August 2023, Mr. Sanghera has served as Chief Executive Officer of Nuclea Energy Inc. Beyond finance, Mr. Sanghera is a partner in a consumer packaged goods company and an angel investor in several early-stage startups spanning technology, defense, and digital assets.

**Josef Freundorfer.** Mr. Freundorfer is our Chief Executive Officer. He currently is the President of Nuclear Potential Canada (NPC), a consulting firm advancing Canada's nuclear sector. Since founding NPC in 2021, Josef has combined technical expertise with strong advocacy, speaking across the country to promote nuclear energy and foster public understanding. With leadership experience in operations, engineering, and project management he brings a deep understanding of nuclear technology and industry dynamics to support strategic growth and innovation.

**Anna Skowron.** Anna Skowron is a highly experienced financial executive with over 14 years of accounting-related experience and a specialized focus on financial reporting, compliance, corporate governance, and business strategy. Since 2015, she has served as the principal of Skowron Accounting Professional Corporation and was appointed Interim Chief Financial Officer of Entero Therapeutics on March 7, 2025. Her professional reach was further expanded in 2025 through her appointments as Chief Financial Officer for Titan Environmental Solutions Inc. (OTC: TESI) ("Titan"), announced on April 21, 2025 and for XRP Healthcare, announced on July 9, 2025. Ms. Skowron has played a pivotal role in various business acquisitions and capital-raising initiatives across multiple industries, leveraging a background that includes a Bachelor of Commerce and Finance with specialization in Accounting and Economics from the University of Toronto. Effective January 30, 2026, Ms. Skowron was appointed as the chief financial officer of Powell Max Limited (NASDAQ: PMAX). Ms. Skowron was the chief financial officer of Titan from April 2025 until her resignation on February 9, 2026. We believe that Titan is delinquent in filing its Exchange Act reports. A licensed CPA, CA, she has been a member of the Institute of Chartered Accountants of Ontario since 2014.

**Subhash Paluru.** Dr. Subhash Paluru has served as Chief Executive Officer of Freedom Motors, Inc. since July 2019. He previously joined the company in July 2018 as Executive Director of Business Development before being appointed Chief Executive Officer by the board of directors. Dr. Paluru has more than two decades of experience in the electric power and utility industry, with expertise in power systems engineering, power operations, power marketing, supervisory control and data acquisition (SCADA) systems, information technology, substation automation, reliability compliance, and physical and cybersecurity for critical infrastructure. Prior to joining Freedom Motors, Dr. Paluru served in the U.S. federal government, including as a member of the Senior Executive Service at the U.S. Department of Energy beginning in 2014. In this role, he led the Sierra Nevada Regional Office of the Western Area Power Administration (WAPA), where he oversaw the marketing and delivery of federally generated hydroelectric power to public utilities, cooperatives, irrigation districts, government agencies, and other wholesale customers across Northern

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and Central California and portions of Nevada. Earlier in his career at WAPA (2007–2018), Dr. Paluru held multiple leadership positions in information technology, power operations, critical infrastructure protection and cybersecurity. During his tenure with the U.S. Department of Energy, he also served as Acting Deputy Assistant Secretary in the Office of Electricity Delivery and Energy Reliability, where he oversaw research and development programs related to power systems engineering and grid modernization. Dr. Paluru has advised several electric utilities and technology companies on grid modernization, power system operations, and cybersecurity for energy infrastructure. In addition, he has served in advisory and board roles with various technology and energy startups. Dr. Paluru holds a Ph.D. in Physics from Osmania University, where his research focused on high-temperature superconductors and their applications. Dr. Paluru also serves on the Company's Advisory Board.

**John McVey.** Mr. McVey is a seasoned leader with over 35 years of experience in the mining and energy sectors. He holds a Master's degree in Chemical Engineering from the University of Waterloo and currently serves on the boards of two mining companies. John previously sat on the advisory board of Ultra Safe Nuclear, where he led initiatives to secure off-take agreements with Indigenous groups and mining companies across Canada. Earlier in his career, he held senior leadership roles at major energy firms, including Director of Operations at SNC-Lavalin and Senior Process Engineer at Texaco. Mr. McVey also serves on the Company's Advisory Board.

**Magaly Bianchini.** Mr. Bianchini is an experienced public company director with a long career in real estate development, construction, and renewable energy. Since joining her family's firm, The Leader Group, in 1980, she has overseen major commercial and residential projects across Canada, including the structural formwork for many of Toronto's landmark towers. She later served as President of Leader Capital Corp., a publicly traded developer active in land and wind energy projects, including the 200 MW Kincardine wind farm sold to Enbridge in 2005. Ms. Bianchini has also been involved in multiple condominium and residential developments in Ontario and British Columbia and has served on the advisory board of a retirement home company for over 30 years.

**George Kovalyov.** George Kovalyov is a Chartered Professional Accountant (CPA, CA) with extensive experience across public markets, corporate finance, and governance. During the past five years, Mr. Kovalyov has held the following positions: Chief Financial Officer of Finx Group Inc., a Vancouver-based fintech company providing finance and insurance solutions in the automotive industry (November 2025 to present); Director, Chair of the Compensation Committee, and Member of the Audit Committee of PMGC Holdings Inc. (Nasdaq: ELAB), a diversified holdings company focused on cash-flowing manufacturing acquisitions (April 2024 to present); Director of Hydromer, Inc., a provider of hydrophilic coating solutions for medical devices and industrial applications (August 2023 to September 2025); Chief Financial Officer of Marizyme, Inc., a Florida-based cardiac medical device company whose device received FDA approval for use in CABG surgeries (December 2021 to November 2025); and Chief Financial Officer of Health Logic Interactive Inc. an early-stage medical device company developing a point-of-care diagnostic for chronic kidney disease (September 2020 to December 2021). Mr. Kovalyov holds a Bachelor of Business Administration in Accounting from Kwantlen University College and received his Chartered Accountant designation from the Institute of Chartered Accountants of British Columbia in 2011.

#### Family Relationships
There are no family relationships among our directors and executive officers.

#### Corporate Governance Practices

#### Foreign Private Issuer
After the consummation of this offering, we will qualify as a "foreign private issuer" under the SEC rules and the NYSE rules. As a foreign private issuer, we will be exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements. Also, we are not required to comply with Regulation FD, which restricts the selective disclosure of material information. However, we will file with the SEC, within 120 days after the end of each fiscal year, or such applicable time as required by the SEC, an annual report on Form 20-F containing financial statements audited by an independent registered public accounting firm, and we will submit to the SEC from time to time, on Form 6-K, reports of information that would likely be material to an investment decision in our Shares.

As a "foreign private issuer," as defined by the SEC, we are permitted to follow home country corporate governance practices, instead of certain corporate governance standards required by the NYSE for U.S. companies.

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The exemptions are subject to our disclosure of which requirements we are not following and the equivalent Canada requirements. Below are some of the exemptions afforded to foreign private issuers under the corporate governance requirements of the NYSE:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from filing quarterly reports on Form 10-Q, from filing proxy solicitation materials on Schedule 14A or 14C in connection with annual or special meetings of shareholders, from providing current reports on Form 8-K disclosing significant events within four (4) days of their occurrence, and from the disclosure requirements of Regulation FD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the NYSE Company Guide applicable to domestic issuers requiring disclosure within four (4) business days of any determination to grant a waiver of the code of business conduct and ethics to directors and officers. Although we will require Board approval of any such waiver, we may choose not to disclose the waiver in the manner set forth in the NYSE Company Guide, as permitted by the foreign private issuer exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirement that our Board of Directors have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirements that director nominees are selected, or recommended for selection by our Board of Directors, either by (i) independent directors constituting a majority of our Board of Directors' independent directors in a vote in which only independent directors participate, or (ii) a committee comprised solely of independent directors, and that a formal written charter or Board resolution, as applicable, addressing the nominations process is adopted.

We intend to comply with all of the rules generally applicable to U.S. domestic companies listed on the NYSE. We may in the future decide to use the foreign private issuer exemption with respect to some or all of the other NYSE corporate governance requirements. We also intend to comply with applicable Canadian corporate governance requirements under the BCBCA and, to the extent applicable to us, Canadian securities laws that also apply to us. If we rely on our home country corporate governance practices in lieu of certain of the rules of the NYSE, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of the NYSE. We may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.

#### Code of Business Conduct and Ethics, Insider Trading Policy and Executive Compensation Recovery Policy
Prior to the effectiveness of the registration statement of which this prospectus is a part, we intend to adopt: (i) a Code of Business Conduct and Ethics; (ii) an Insider Trading Policy that applies to our Directors, officers, and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions; and (iii) Executive Compensation Recovery Policy that applies to our officers, and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions, (collectively the "Policies"). We intend to disclose any amendments to the Policies, and any waivers of the Policies for our Directors, executive officers and senior finance executives, on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules of the NYSE.

#### Board of Directors
Our board of directors will consist of five directors upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. A director who is, directly or indirectly, interested in a contract or transaction or proposed contract or transaction with our company shall declare the nature of his or her interest at a meeting of our directors. A director may vote in respect of any contract or transaction or proposed contract or transaction notwithstanding that he or she may be interested therein and if he or she does so his or her vote shall be counted and he or she may be counted in the quorum at any meeting of our directors at which any such contract or transaction or proposed contract or transaction is considered. Our directors may exercise all the powers of our Company to issue debentures, debenture stock, bonds, and other securities, whether outright or as collateral security for any debt, liability or obligation of our company or of any third party. None of our non-executive directors have a service contract with us that provides for benefits upon termination of service.

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We recognize the importance and benefit of having a board of directors composed of highly talented and experienced individuals having regard to the need to foster and promote diversity among board members with respect to attributes such as gender, ethnicity and other factors. In support of this goal, we will consider criteria that promote diversity, including with regard to gender, ethnicity, and other dimensions; and consider the level of representation of women on our board of directors along with other markers of diversity.

#### Committees of the Board of Directors
We will establish three committees under the board of directors immediately upon the effectiveness of our registration statement on Form F-1, of which this prospectus is a part: an audit committee, a compensation committee, and a nominating and corporate governance committee. We expect to adopt a charter for each of the three committees. Each committee's members and functions are described below.

*Audit Committee.* Our audit committee will consist of George Kovalyov, John McVey and Magaly Bianchini. Mr. Kovalyov will be the chairperson of our audit committee. We have determined that each of our audit committee members satisfies the "independence" requirements of the NYSE rules and meets the independence standards under Rule 10A-3 under the Exchange Act. We have determined that Mr. Kovalyov qualifies as an "audit committee financial expert" within the meaning of the SEC rules and possesses financial sophistication within the meaning of the NYSE rules. The audit committee will oversee our accounting and financial reporting processes and the audits of the financial statements of our company. The audit committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing with the independent auditors any audit problems or difficulties and management's response;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing the annual audited financial statements with management and the independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving all proposed related-party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meeting separately and periodically with management and the independent auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

*Compensation Committee.* Our compensation committee will consist of Magaly Bianchini, John McVey and George Kovalyov. Mr. Bianchini will be the chairman of our compensation committee. We have determined that each of our compensation committee members satisfies the "independence" requirements of the NYSE rules. The compensation committee will assist the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present at any committee meeting during which his compensation is deliberated. The compensation committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving, or recommending to the board for its approval, the compensation for our chief executive officer and other executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending to the board for determination with respect to the compensation of our non-employee directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing periodically and approving any incentive compensation or equity plans, programs, or similar arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting compensation consultant, legal counsel, or other adviser only after taking into consideration all factors relevant to that person's independence from management.

*Nominating and Corporate Governance Committee.* Our nominating and corporate governance committee will consist of John McVey, Magaly Bianchini and George Kovalyov. Mr. McVey will be the chairperson of our nominating and corporate governance committee. We have determined that each of our nominating and corporate governance

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committee members satisfies the "independence" requirements of the NYSE rules. The nominating and corporate governance committee will assist the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting and recommending to the board nominees for election by the shareholders or appointment by the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing annually with the board the current composition of the board in regard to characteristics such as independence, knowledge, skills, experience, and diversity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making recommendations on the frequency and structure of board meetings and monitoring the functioning of the committees of the board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advising the board periodically in regard to significant developments in the law and practice of corporate governance, as well as our compliance with applicable laws and regulations, and making recommendations to the board on all matters of corporate governance and on any remedial action to be taken.

#### Duties of Directors
In accordance with the provisions of the BCBCA our directors and officers are required to (i) act honestly and in good faith with a view to the best interests of the Company; (ii) exercise the care, diligence and skill that a reasonably prudent individual would exercise in comparable circumstances; (iii) act in accordance with the BCBCA and its regulations; and (iv) subject to (i)-(iii), act in accordance with the Articles of the Company.

Our board of directors has all the powers necessary for managing, and for directing and supervising, our business affairs. The functions and powers of our board of directors include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• convening shareholders' annual and extraordinary general meetings and reporting its work to shareholders at such meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declaring dividends and distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing officers and determining the term of office of the officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercising the borrowing powers of our company and mortgaging the property of our company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving the transfer of Shares in our company, including the registration of such Shares in our Share register.

#### Conflicts of Interest
None of our directors or officers are directors or officers of, or have significant shareholdings in, other energy or technology companies. If this changes we will update our disclosure and in the event that any such conflict of interest arises, a director or officer who has such a conflict will disclose the conflict to a meeting of our directors and, if the conflict involves a director, the director will abstain from voting for or against the approval of such a participation or such terms. In accordance with the BCBCA, the directors of the Company are required to act honestly and in good faith with a view to the best interests of the Company. In appropriate cases, we will establish a special committee of independent directors to review a matter in which several directors, or management, may have a conflict.

#### Terms of Directors and Officers
Our directors may be elected by a resolution of our board of directors or by a resolution of members of our shareholders. Unless fixed by the resolution of members or resolution of directors appointing them, our directors are not subject to a term of office and hold office until such time as they are removed from office by resolution of members of our shareholders or by resolution of directors. A vacancy in relation to directors occurs if a director dies or otherwise ceases to hold office prior to the expiration of his term of office. A director may resign his office by giving written notice of his resignation to the Company and the resignation has effect from the date the notice is received by the Company at the office of its registered agent or from such later date as may be specified in the notice. A director must promptly resign as a director if the director ceases to be qualified to act as a director under the BCBCA.

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Our officers are selected by and serve at the discretion of our board of directors.

#### Agreements with Executive Officers and Other Consultants
We have entered into consulting agreements with our Chairman and President, our Chief Executive Officer, our Chief Financial Officer, and certain other consultants. Under these agreements, each of these executive officers and other consultants is engaged for a specific time period. We may terminate employment for cause for certain acts of executive officers and other consultants, such as commission of any serious or persistent breach or non-observance of the terms and conditions of the employment, conviction of a criminal offense, willful disobedience of a lawful and reasonable order, fraud or dishonesty, receipt of bribery, or severe neglect of his or her duties. We may also terminate an executive officer's or consultant's engagement without cause upon providing advance written notice as specified in such person's consulting agreement. An executive officer or consultant may resign anytime with advance written notice as specified in such person's consulting agreement.

Each consultant has agreed to hold, during his or her employment and after the termination or expiry of his or her consulting agreement, in strict confidence and not to use, except as required in the performance of his or her duties in connection with the employment or pursuant to applicable law, any of our confidential information or trade secrets, any confidential information or trade secrets of our customers or prospective customers, or the confidential or proprietary information of any third party received by us and for which we have confidential obligations.

We will also enter into indemnification agreements with each of our directors and executive officers. Under these agreements, we will agree to indemnify our directors and executive officers against certain liabilities and expenses incurred by such person in connection with claims made by reason of their being a director or officer of our company.

#### Scientific and Technical Advisory Board
We have established a Scientific and Technical Advisory Board (the "Advisory Board") to provide high-level guidance on regulatory strategy, market access, and commercialization planning for the Morpheus Microreactor. The Advisory Board is composed of recognized leaders in nuclear regulation, energy policy, and industrial market development, whose expertise supports our executive team and board of directors in critical decision-making.

**Dr. Michael Binder** — Advisor: Dr. Binder served as the President and Chief Executive Officer of the CNSC from 2008 to 2018. During his tenure, he modernized Canada's nuclear regulatory system and oversaw the development of the initial framework for small modular reactor (SMR) licensing. His insight into regulatory strategy, policy, and CNSC expectations is a key asset to our licensing approach.

**Dr. Eleodor Nichita, PhD** — Co-Founder and Head of Reactor Design: Dr. Nichita is the primary technical architect of the Morpheus Reactor. He is an Associate Professor at Ontario Tech University and a former President and fellow of the Canadian Nuclear Society. He is the first author of the ZAN4e technical paper and the author of our improved annular fuel design. Dr. Nichita also is the head of our primary R&D contractor Irydyum Scientific Inc.

**Jay Patel, P. Eng** — Advisor: Mr. Patel is an experienced nuclear consultant with extensive industry background in both the United States and Canada, including service with the Office of New Reactors at the NRC. He leads our U.S. regulatory alignment strategy and advises on cross-border licensing coordination.

**Dr. Subhash Paluru** — Advisor: Dr. Paluru is an energy executive with extensive leadership experience in the U.S. Department of Energy (DOE), where he served as Acting Deputy Assistant Secretary in the Office of Electricity Delivery and Energy Reliability. He provides strategic guidance on U.S. energy policy and governmental engagement.

**John McVey** — Advisor: Mr. McVey has over 35 years of leadership experience in the mining and energy sectors. He previously served on the advisory board of Ultra Safe Nuclear, where he led efforts to secure off-take agreements with Indigenous groups and mining companies. His experience directly informs our commercial strategy for industrial market penetration.

**Bilal Cheema** — Advisor: Mr. Cheema is a seasoned leader in policy development and strategic management. He has advised multiple Federal Ministers and served as a federal negotiator for First Nations treaties. His expertise is critical in supporting our customers' Indigenous consultation and partnership strategies.

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**Alnoor Baloo** — Advisor: Alnoor Bhaloo is an accomplished nuclear energy professional with extensive leadership experience in quality assurance, equipment reliability, and plant operations across the global nuclear sector. As a Quality Assurance Advisor at the Emirates Nuclear Energy Corporation (ENEC), he mentored the QA Director and provided strategic support for licensing initiatives involving new nuclear construction, fuel fabrication, and radioactive waste management. During his tenure as the Fleet Equipment Reliability Director at Ontario Power Generation (OPG), he enhanced equipment performance at the Pickering and Darlington Nuclear Generating Stations while also chairing the CANDU Owners Group Equipment Reliability Working Group. Additionally, as Chief Nuclear Engineer at NB Power, Mr. Bhaloo directed the safe return to service of the Point Lepreau Nuclear Generating Station, achieving a WANO 2 Rating and receiving the OPG President's Award for excellence.

**Suraj Persaud** — Advisor: Suraj Persaud is a lead consultant at Nuclear Materials Degradation Consulting Limited. He is also currently an Associate Professor in the Department of Mechanical and Materials Engineering at Queen's University. Dr. Persaud's research expertise is centred on corrosion of nuclear materials, including applications for current plant operation, nuclear waste management, and advanced small modular reactors. He was appointed the University Network of Excellence in Nuclear Engineering (UNENE) Research Chair in Corrosion Control and Materials Performance in July 2020. Prior to joining Queen's University, Dr. Persaud was a Research Scientist at Canadian Nuclear Laboratories (CNL) in the Radiation Chemistry and Corrosion branch.

The Advisory Board meets periodically with our management team to review progress against regulatory milestones, assess market entry strategies, and provide independent perspectives on technical and commercial risks.

The Company pays each Advisory Board member an hourly wage of $200 CAD per hour for his or her services on an as needed basis. Messrs. Paluru and McVey are also directors and will not receive any cash compensation for their services as members of the Advisory Board. The Company expects to make equity incentive grants to its Advisory Board members from time to time after the consummation of this offering.

#### Involvement in Certain Legal Proceedings
To the best of our knowledge, none of our directors or executive officers has, during the past 10 years, been involved in any legal proceedings described in subparagraph (f) of Item 401 of Regulation S-K.

#### Compensation of Directors and Executive Officers
For so long as we qualify as a foreign private issuer, we are not required to comply with the proxy rules applicable to U.S. domestic companies, including the requirement applicable to emerging growth companies to disclose the compensation of our executive officers on an individual, rather than an aggregate, basis. For the years ended June 30, 2024 and 2025, we paid an aggregate compensation of $0 and $202,235, respectively, to our executive officers and directors. We have not set aside any amount to provide pension, retirement or other similar benefits to our executive officers and directors. We have also not made any agreements with our directors or executive officers to provide benefits upon termination of employment.

#### Equity Incentive Plans
As of the date of this prospectus, we have not adopted any equity compensation plans.

#### Outstanding Equity Awards at Fiscal Year-End
As of June 30, 2024 and 2025, we had no outstanding equity awards.

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#### PRINCIPAL SHAREHOLDERS
The following table sets forth information regarding the beneficial ownership of our Common Shares as of the date of this prospectus by our officers, Directors, and 5% or greater beneficial owners of our Common Shares. There is no other person or group of affiliated persons known by us to beneficially own more than 5% of our Common Shares. The following table assumes that none of our officers, Directors, or 5% or greater beneficial owners of our Common Shares will purchase shares in this Offering. In addition, the following table assumes that the Underwriters' over-allotment option has not been exercised.

We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities. As of the date of this prospectus, the percentage of Shares beneficially owned prior to this Offering is based on 33,752,619 Common Shares outstanding as described in "*Our Corporate Structure And History*" section. None of the shareholders are located in the United States. We have options outstanding which allow the holders to acquire 355,555 of our Common Shares at a price of $0.45 per share until May 5, 2028; all of such options are fully vested as of the date of this prospectus. We do not have any warrants outstanding. The percentage of Shares beneficially owned after this Offering is based on the number of Shares outstanding prior to this Offering plus the Common Shares that we are selling in this Offering, assuming the Underwriters do not exercise the over-allotment option. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Unless otherwise indicated, the person identified in this table has sole voting and investment power with respect to all shares shown as beneficially owned by him, subject to applicable community property laws

As of the date of this prospectus, eleven of our outstanding Shares are held by record holders in the United States.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Name of Beneficial Owners<sup>(1)</sup>** | **Shares Beneficially <br>Owned Prior to This Offering<sup>(2)</sup>** | **Shares Beneficially <br>Owned Prior to This Offering<sup>(2)</sup>** | **Shares Beneficially <br>Owned After This Offering<sup>(3)</sup>** | **Shares Beneficially <br>Owned After This Offering<sup>(3)</sup>** |
|  **Name of Beneficial Owners<sup>(1)</sup>** | **Number** | **%** | **Number** | **%** |
|  **Directors and Executive Officers:** |  |  |  |  |
|  Josef Freundorfer | 0 |  | 0 | 0 |
|  Sagar Sanghera | 10000000 | 29.6 | 10000000 | 25.4 |
|  Anna Skowron | 0 |  | 0 | 0 |
|  Subhash Paluru | 0 |  | 0 | 0 |
|  John McVey | 0 |  | 0 | 0 |
|  Magaly Bianchini | 0 |  | 0 | 0 |
|  George Kovalyov | 0 |  | 0 | 0 |
|  **All directors and executive officers as a group** | 10000000 | 29.6 | 10000000 | 25.4 |
|  **5% shareholders:** |  |  |  |  |
|  Vinayak Ashok Gunda | 10000000 | 29.6% |  | 25.4 |
|  Eleodor Nichita | 2222220 | 6.6% | 2222220 | 5.7 |

---

____________

\* Less than 1%.

(1) Unless otherwise noted, the business address of each of the following entities or individuals is Unit 5 2425 Skymark Ave, Mississauga, ON L4W 4Y6, Canada.

(2) Applicable percentage of ownership is based on 33,752,619 Common Shares outstanding as of the date of this prospectus.

(3) Applicable percentage of ownership is based on 39,308,175 Common Shares outstanding immediately after the offering.

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#### RELATED PARTY TRANSACTIONS
The following is a summary of transactions since our incorporation on August 24, 2023 and up to the date of this prospectus to which we have been a party and in which any members of our board of directors, any Executive Officers, or shareholder that has a significant influence on the company had, has had or will have a direct or indirect material interest, other than compensation arrangements which are described under the section of this prospectus captioned "Management".

#### Nature of Relationships with Related Parties
The relationship and the nature of related party transactions are summarized as follows:

---

| | | |
|:---|:---|:---|
|  **Name** | **Relationship with the Company** | **Nature of transactions** |
|  Sagar Sanghera | Director, President and former CEO | Management fees |
|  Vinayak Ashok Gunda | 10%+ shareholder and co-founder | Consulting fees |
|  Eleodor Nichita | Head of Reactor Design | Consulting fees |
|  Divya Deep Sowpati | Former shareholder | Website development costs |

---

On March 11, 2025, the Company repurchased 20,000,000 Common Shares from former directors at the original issuance price for nominal consideration.

<u><u>Due to a related party.</u></u>

As of June 30, 2025, and 2024, $180,694 and $Nil, respectively, is owing to related parties and has been included in accounts payable and accrued liabilities. These balances are in relation to fees and management compensation and are non-interest bearing, unsecured and due on demand. Such amounts have been repaid subsequent to June 30, 2025, and as of the date of this prospectus, no such amount are owed to related parties. The related party transactions summarized above are consistent with and derived from the disclosures included in Note 6 — Related Party Transactions to our audited financial statements.

During the year ended June 30, 2025, the Company incurred management and consulting fees payable to certain directors, executive officers and founders in connection with operational, strategic, capital markets and corporate development activities. These amounts primarily relate to management fees, consulting services, professional services, and advisory support provided to the Company in the ordinary course of its development-stage operations.

As of June 30, 2025, amounts owing to related parties totaled $180,694 and were included in accounts payable and accrued liabilities. These balances were non-interest bearing, unsecured, and due on demand. No amounts were owing to related parties as of June 30, 2024.

As of the date of this prospectus, amounts previously owed to certain directors and officers, have been fully settled. Any remaining balances, if any, reflect ordinary course management or professional fee arrangements with other related parties, as disclosed in the financial statements.

In addition, during the year ended June 30, 2025, the Company issued common shares to certain consultants, including related parties, as non-cash consideration for consulting and advisory services. The fair value of such shares was recognized as stock-based compensation in accordance with U.S. GAAP and is disclosed in Note 5 — Share Capital to the audited financial statements.

On March 11, 2025, the Company repurchased 20,000,000 common shares from former directors at the original issuance price for nominal consideration, as disclosed in Note 5 — Share Capital.

#### Interim Update through December 31, 2025
As of December 31, 2025 and June 30, 2025, amounts of $35,670 and $180,694, respectively, were owing to directors, officers, and related parties of the Company and were included in accounts payable and accrued liabilities. These balances were non-interest bearing, unsecured, and due on demand. The decrease in amounts owing to related parties from June 30, 2025 to December 31, 2025 primarily reflected the partial settlement of balances outstanding at the end of the prior fiscal year. The remaining balance as of December 31, 2025 reflected unpaid amounts owing in the ordinary course of management, professional and related advisory arrangements.

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During the six months ended December 31, 2025 and 2024, the Company incurred the following transactions with related parties:

---

| | | |
|:---|:---|:---|
|  | **For the <br>six months <br>ended <br>December 31, <br>2025 <br>(Unaudited)** | **For the <br>six months <br>ended <br>December 31, <br>2024 <br>(Unaudited)** |
|  Management fees | $63787 | $45631 |
|  Professional fees | 43661 | 38026 |
| &nbsp;&nbsp;&nbsp; **Total related party transactions** | $**107448** | $**83657** |

---

On February 25, 2026, the Company and Irydyum Scientific Inc. entered into a consulting agreement with respect to the services provided by Dr. Eleodor Nichita. This agreement provides for the payment of a monthly consulting fee in the amount of CAD$7,500.

Further details regarding the nature, timing, and financial impact of related party transactions through June 30, 2025 are included in Note 6 to the audited financial statements incorporated by reference in this prospectus, and through December 31, 2025 are included in Note 9 to the unaudited condensed consolidated financial statements incorporated elsewhere in this prospectus.

#### Policies and Procedures for Related Party Transactions
Our board of directors will, prior to the consummation of this offering, create an audit committee, which will be tasked with review and approval of all related party transactions. Following the creation of the audit committee, related party transactions will be subject to review and approval in accordance with the audit committee's charter and applicable corporate governance standards.

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#### DESCRIPTION OF SHARE CAPITAL AND ORGANIZATIONAL DOCUMENTS

#### General
We are a company incorporated under the laws of the Province of British Columbia, Canada, and our affairs are governed by our Notice of Articles and Articles (collectively, our "**Articles**") and the Business Corporations Act (British Columbia) ("**BCBCA**").

#### Share Capital
Our authorized share capital consists of an unlimited number of Common Shares without par value. As of March 17, 2026, there were 33,752,619 Common Shares issued and outstanding, held by 54 shareholders of record.

#### Common Shares
Voting Rights. Each holder of Common Shares is entitled to one vote for each share held on all matters submitted to a vote of shareholders.

Dividends. Holders of Common Shares are entitled to receive dividends as, when, and if declared by the Board of Directors, subject to the BCBCA and the rights, if any, of the holders of any other class or series of shares that may be authorized and issued in the future and that are entitled to receive dividends in priority to or concurrently with the holders of the Common Shares.

Liquidation. In the event of the dissolution, liquidation or winding-up of the Company, whether voluntary or involuntary, or any other distribution of assets of the Company among its shareholders for the purpose of winding up its affairs, the holders of Common Shares are entitled to receive the remaining property and assets of the Company, subject to the rights, if any, of the holders of any other class or series of shares that may be authorized and issued in the future and that are entitled to receive assets in priority to or concurrently with the holders of the Common Shares.

Rights and Preferences. The holders of Common Shares have no preemptive, conversion, subscription or other rights, and there are no redemption or sinking fund provisions applicable to the Common Shares. The rights, preferences and privileges of the holders of Common Shares may be adversely affected by the rights of the holders of any other class or series of shares that may be created and issued in the future. We are not currently authorized to issue any class or series of shares other than Common Shares.

Fully Paid and Non-assessable. All of our outstanding Common Shares are, and the Common Shares to be issued in this offering will be, fully paid and non-assessable.

Transfer Restrictions. Our Articles provide that no Common Share may be sold, transferred or otherwise disposed of without the consent of the directors, and the directors are not required to give any reason for refusing to consent to any such sale, transfer or other disposition. This restriction does not apply if and for so long as the Company is a public company (or a pre-existing reporting company to which the statutory reporting company provisions apply).

#### History of Securities Issuances
The following is a summary of the Company's securities issuances during the past three years, presented by period and consistent with the audited financial statements.

On April 7, 2025, the Company completed a stock split on the basis of ten (10) post-split Common Shares for each one (1) pre-split Common Share. Unless otherwise indicated, all share numbers presented below are on a post-split basis.

Issuances from incorporation on August 24, 2023 to June 30, 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 24, 2023, the Company was incorporated as Raise AI Technologies Inc. and issued **30,000,000 Common Shares (post**-stock **split basis)** at a price of CAD $0.000001 per share for gross proceeds of $22 (CAD $30).

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Issuances during the year ended June 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On March 13, 2025, the Company issued 12,222,220 Common Shares at the original issuance price of CAD $0.000001 for total of $9 (CAD $12).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 8, 2025, the Company completed a founders financing round by issuing 622,221 Common Shares at a price of CAD $0.000001 per share for nominal proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 5, 2025, the Company issued 917,556 Common Shares to consultants as non-cash consideration for consulting and advisory services related to capital markets, public market initiatives, and IPO readiness. The grant-date fair value of these shares was $412,900.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 10, 2025, the Company completed a seed financing by issuing 333,330 Common Shares at a price of $0.45 per share for gross proceeds of $150,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On March 11, 2025, the Company repurchased 20,000,000 Common Shares from former directors at the original issuance price for nominal consideration. The repurchased shares were retired and cancelled.

Issuances subsequent to June 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to June 30, 2025, the Company completed additional equity financings and issued common shares and convertible securities, as described in Note 12 — Subsequent Events to the audited financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 14, 2025, we approved a convertible note financing of up to US$300,000, which notes were subsequently converted into Common Shares at a price of US$1.40 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In October and November 2025, we completed a private placement of Common Shares at a price of US$1.40 per share, issuing shares in multiple tranches.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 26, 2026, the Company issued 3,250,000 Common Shares at $1.40 per share to consultants.

#### Indemnification of Directors and Officers
Under the BCBCA, we may indemnify a present or former director or officer of the Company or of an affiliate of the Company, or a person who acts or acted at the Company's request as a director or officer of, or in a similar capacity for, another corporation or entity (an "**eligible party**"), against all judgments, penalties or fines awarded or imposed in, or an amount paid in settlement of, a proceeding in which the eligible party or any of the heirs and legal personal representatives of the eligible party, by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, the Company or an affiliate of the Company (an "**eligible proceeding**").

Our Articles provide that the Company must indemnify a director, former director or alternate director of the Company and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each director and alternate director is deemed to have contracted with the Company on the terms of the indemnity contained in our Articles.

However, under the BCBCA, we are prohibited from indemnifying an eligible party if: (a) the eligible party did not act honestly and in good faith with a view to the best interests of the Company; or (b) in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the eligible party did not have reasonable grounds for believing that his or her conduct was lawful. In addition, the BCBCA prohibits indemnification and payment of expenses in respect of eligible proceedings brought against an eligible party by or on behalf of the Company or an associated corporation.

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#### Material Differences between the BCBCA and the Delaware General Corporation Law
Our corporate affairs are governed by our Articles and the provisions of the BCBCA. The BCBCA differs from the various state laws applicable to U.S. corporations and their shareholders. The following provides a summary of the material differences between the provisions of the BCBCA applicable to us and the Delaware General Corporation Law (the "**DGCL**") applicable to companies incorporated in Delaware and their shareholders.

#### Fiduciary Duties of Directors
BCBCA: Directors and officers must act honestly and in good faith with a view to the best interests of the company and must exercise the care, diligence and skill that a reasonably prudent individual would exercise in comparable circumstances.

DGCL: The business and affairs of a corporation are managed by or under the direction of its board of directors. In exercising their powers, directors are charged with a fiduciary duty of care to protect the interests of the corporation and a fiduciary duty of loyalty to act in the best interests of its stockholders.

#### Shareholder Action by Written Consent
BCBCA: Shareholder action without a meeting may be taken by a consent resolution. In the case of an ordinary resolution, this requires written consent by shareholders holding at least a special majority of the votes entitled to be cast on the resolution, after the resolution has been submitted to all shareholders entitled to vote at general meetings. In the case of any other shareholder resolution, written consent must be unanimous.

DGCL: A corporation's certificate of incorporation may eliminate the right of stockholders to act by written consent. Unless otherwise provided in the certificate of incorporation, any action required or permitted to be taken at any annual or special meeting of stockholders may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, is signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.

#### Special Meetings of Shareholders
BCBCA: Shareholders holding, in the aggregate, at least 5% of the issued shares that carry the right to vote at general meetings may requisition the directors to call a general meeting. If the directors do not send notice of the general meeting within 21 days after receipt of the requisition, the requisitioning shareholders, or any one or more of them holding, in the aggregate, more than 1/40 of the issued voting shares, may send notice of the general meeting.

DGCL: A special meeting of stockholders may be called by the board of directors or by such person or persons as may be authorized by the certificate of incorporation or by the bylaws.

#### Anti-takeover Provisions
BCBCA: The BCBCA does not contain a statutory "business combination with interested shareholder" anti-takeover provision comparable to Delaware law. Corporate take-overs of British Columbia companies are instead principally regulated by Canadian securities laws governing take-over bids, which may delay or discourage a change of control.

DGCL: A corporation is prohibited from engaging in a "**business combination**" with an "**interested stockholder**" for three years following the date that such person becomes an interested stockholder. With certain exceptions, an interested stockholder is a person or group who or which owns 15% or more of the corporation's outstanding voting stock (including any rights to acquire stock pursuant to an option, warrant, agreement, arrangement or understanding, or upon the exercise of conversion or exchange rights, and stock with respect to which the person has voting rights only), or is an affiliate or associate of the corporation and was the owner of 15% or more of such voting stock at any time within the previous three years.

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#### Oppression Remedy
BCBCA: The BCBCA provides an oppression remedy that enables a court to make any order, both interim and final, to rectify the matters complained of if the court is satisfied that the affairs of the corporation are being conducted in a manner that is oppressive or unfairly prejudicial to one or more shareholders.

DGCL: The DGCL does not provide for a similar statutory oppression remedy. However, stockholders may bring derivative suits or class actions alleging breach of fiduciary duties by directors or controlling stockholders.

#### Removal of Directors
BCBCA: A company may remove a director before the expiration of the director's term of office by special resolution or, if the memorandum or articles so provide, by the resolution or method specified in the memorandum or articles.

DGCL: A director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise.

#### Amendment of Governing Documents
BCBCA: Under the BCBCA, an amendment to the Notice of Articles or Articles generally requires a special resolution, which requires a majority of two-thirds of the votes cast on the resolution. The directors may be authorized to make certain changes (such as a change of name) if the Articles so provide.

DGCL: Amendments to the certificate of incorporation require the approval of the board of directors and the approval of a majority of the outstanding shares entitled to vote. Bylaws may generally be amended by the board of directors (if authorized in the certificate of incorporation) or by the stockholders.

#### Appraisal / Dissent Rights
BCBCA: The BCBCA provides a right of dissent and appraisal in respect of certain fundamental changes, including: (i) the alteration of any restriction on the business carried on by the company; (ii) any amalgamation, merger or arrangement; (iii) the continuance of the company into another jurisdiction; (iv) the sale, lease or other disposition of all or substantially all of the undertaking of the company; and (v) the alteration of special rights or restrictions attached to shares.

DGCL: Stockholders have appraisal rights in the event of a merger or consolidation of the corporation, subject to certain limitations (e.g., no appraisal rights if the shares are listed on a national securities exchange).

#### Vacancies on Board of Directors
BCBCA: Under the BCBCA, a casual vacancy may be filled by the remaining directors. A vacancy resulting from the removal of a director by the shareholders may be filled by the shareholders at the meeting at which the director is removed, or, if not filled, by the remaining directors (unless the Articles provide otherwise).

DGCL: Vacancies and newly created directorships may be filled by a majority of the directors then in office (even if less than a quorum) or by a sole remaining director, unless the certificate of incorporation or bylaws provide otherwise.

#### Other Important Provisions of our Articles
Objects and Purposes. Our Articles do not contain any restrictions on the business that we may carry on.

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#### Directors.
Borrowing Powers. Our Articles provide that the Board of Directors may from time to time on behalf of the Company: (1) borrow money in the manner and amount, on the security, from the sources and on the terms and conditions that the directors consider appropriate; (2) issue bonds, debentures and other debt obligations either outright or as security for any liability or obligation of the Company or any other person; (3) guarantee the repayment of money by any other person or the performance of any obligation of any other person; and (4) mortgage, charge, whether by way of specific or floating charge, grant a security interest in, or give other security on, the whole or any part of the present and future assets and undertaking of the Company.

Qualification A director is not required to hold a share in the capital of the Company as qualification for his or her office but must be qualified as required by the BCBCA.

Removal. Our Articles provide that the Company may remove any director before the expiration of his or her term of office by special resolution. Our Articles provide that the special majority required to pass a special resolution is two-thirds of the votes cast on the resolution. The directors may remove any director before the expiration of their term of office if the director is convicted of an indictable offence, or if the director ceases to be qualified to act as a director of a company and does not promptly resign.

#### Meetings of Shareholders.
Quorum. Our Articles provide that, subject to the special rights or restrictions attached to the shares of any class or series of shares, the quorum for the transaction of business at a meeting of shareholders is two persons who are, or who represent by proxy, shareholders who, in the aggregate, hold at least 5% of the issued shares entitled to be voted at the meeting.

Advance Notice Procedures. Our Articles do not contain specific advance notice provisions for director nominations beyond the BCBCA requirements. The BCBCA provides a statutory shareholder proposal regime for public companies, under which a qualified shareholder (generally, a registered or beneficial owner of voting shares for an uninterrupted period of at least two years, subject to statutory exceptions) may submit a proposal if it is signed and supported by the requisite holders and is delivered to the company at least three months before the anniversary of the previous year's annual reference date.

#### Amalgamations and Mergers.
Complex business combinations such as amalgamations and arrangements require the approval of shareholders by a special resolution (2/3 majority).

#### Ownership and Exchange Controls
Competition Act. Limitations on the ability to acquire and hold our Common Shares may be imposed by the *Competition Act* (Canada) (the "Competition Act"). This legislation permits the Commissioner of Competition to review any acquisition of a significant interest in us, including through the purchase of our Common Shares, and to challenge such a transaction before the Competition Tribunal if the Commissioner concludes that it prevents or lessens, or is likely to prevent or lessen, competition substantially in any market in Canada. Certain acquisitions of our Common Shares may be subject to pre-merger notification requirements under the Competition Act if prescribed financial and share-ownership thresholds are exceeded, which thresholds are set by regulation and are subject to periodic adjustment. Prospective acquirers should consult their own legal counsel to determine whether a proposed acquisition of our Common Shares would be subject to notification or review under the Competition Act.

Investment Canada Act. The *Investment Canada Act* (Canada) ("Investment Canada Act") requires each "non-Canadian" (as defined in that statute) who acquires "control" of an existing "Canadian business" to file either an application for review or a notification in the prescribed form with the responsible federal authorities, depending on the size and nature of the investment. Subject to certain exemptions, a transaction that is reviewable under the Investment Canada Act may not be completed until the responsible Minister has determined that the investment is likely to be of "net benefit to Canada," taking into account the statutory factors. In addition, the Investment Canada

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Act provides for a separate national security review process that can apply to any investment by a non-Canadian, regardless of size, including minority investments. Given the nature of our business in advanced nuclear technology, acquisitions of our Common Shares or control of our Company by non-Canadians may be subject to national security review by the federal government of Canada, and there can be no assurance that any such review would result in approval of a proposed investment or acquisition. Any such review could delay, impose conditions on, or prevent a change-of-control transaction involving our Company.

#### Listing
We plan to apply to list our Common Shares on the NYSE under the symbol "NCLA".

#### Transfer Agent and Registrar
The transfer agent and registrar for our Common Shares is Endeavor Trust Corporation.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Upon the completion of this offering, we will have 39,308,175 Common Shares issued and outstanding, assuming no exercise of the Underwriters' over-allotment option.

Prior to this Offering, there has been no public market for our Shares, and while we plan to apply to list our Shares on the NYSE, we cannot assure you that a regular trading market for our Shares will develop or be sustained after this offering. Future sales of substantial amounts of Common Shares in the public market, or the perception that such sales may occur, could adversely affect the market price of our Common Shares. Further, since a large number of our Common Shares will not be available for sale shortly after this Offering because of the contractual and legal restrictions on resale described below, sales of substantial amounts of our Common Shares in the public market after these restrictions lapse, or the perception that such sales may occur, could adversely affect the prevailing market price and our ability to raise equity capital in the future.

#### Lock-up Agreements
We will agree, for a period of 180 days after the closing of this offering (the "Lock-Up Period"), not to (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares, whether now owned or hereafter acquired by the Company or with respect to which the Company has or hereafter acquires the power of disposition, except that the Company may grant awards under its equity incentive plan in the ordinary course of business as long as the Company does not file a Form S-8 or other registration statement covering Common Shares underlying the awards or otherwise issues as awards during the Lock-up Period, (ii) file or caused to be filed any registration statement with the Securities and Exchange Commission related to the offering of any Common Shares or any securities convertible into or exercisable or exchangeable or Common Shares, (iii) complete any offering of debt securities of the Company, other than entering into a line of credit with a traditional bank, (iv) file or cause to be filed any registration statement with the SEC relating to the offering of any shares of capital stock of the Company or any of our Common Shares or any securities that are convertible into or exchangeable for, or that represent the right to receive, our Common Shares or any such substantially similar securities, (v) complete any offering of debt securities, other than entering into a line of credit with a traditional bank, (vi) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our Common Shares, whether any such transaction, including the transactions described in the preceding bullet points, is to be settled by delivery of Common Shares or such other securities, in cash or otherwise, (vii) make any demand for or exercise any right with respect to the registration of any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares; or (viii) publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating to any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares.

Each of our directors, executive officers and 10%+ shareholders, who hold an aggregate of 22,222,220 Common Shares, is expected, prior to the closing of this Offering, to sign a lock-up agreement for a duration of 180 days. These lock-up agreements will have no leak-out provisions. Holders of between 3% and 10% of our Common Shares, who hold an aggregate of 6,074,459 Common Shares, are expected, prior to the closing of this Offering, to sign lock up agreements, also for a duration of 180 days. The lock-up agreements which are to be signed by these shareholders contain leak-out provisions which are described in the section "*Underwriting — Lock Up Agreements*". Lastly, our Selling Shareholders, who hold an aggregate of 2,817,294 Common Shares, have already signed lock-up agreements as part of their initial subscription. These agreements lock-up their shares for a period of 180 days, with leak-out provisions, as described in the section "*Underwriting — Lock Up Agreements*". In aggregate holders of 31,113,973 of our Common Shares have entered into, or are expected to enter into, lock-up agreements, of which holders of 8,891,753 of our Common Shares have leak-out provisions.

Other than this offering, we are not aware of any plans by any significant shareholders to dispose of significant numbers of our Common Shares. However, one or more existing shareholders or owners of securities convertible or exchangeable into or exercisable for our Common Shares may dispose of significant numbers of our Common Shares in the future. If our Common Shares are approved for listing on the NYSE, we cannot predict what effect, if any, future sales of our Common Shares, or the availability of Common Shares for future sale, will have on the trading price of our Common Shares from time to time. If our Common Shares are approved for listing on the NYSE, sales of substantial amounts of our Common Shares in the public market, or the perception that these sales could occur, could adversely affect the trading price of our Common Shares. See "*Underwriting — Lock*-Up *Agreements*."

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#### Rule 144
All of our Shares outstanding prior to this Offering are "restricted shares" as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the United States only if they are subject to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirements. Under Rule 144 as currently in effect, a person who has beneficially owned our Shares for at least six months is generally entitled to sell the restricted securities without registration under the Securities Act beginning 90 days after the date of this prospectus, subject to certain additional restrictions.

Subject to the Lock-Up Agreements, our affiliates may sell within any three-month period a number of Shares that does not exceed the greater of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the then outstanding Shares of the same class, which will equal approximately 393,082 Common shares immediately after this Offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of our Shares on the NYSE during the four calendar weeks preceding the date on which notice of the sale is filed with the SEC.

Affiliates who sell restricted securities under Rule 144 may not solicit orders or arrange for the solicitation of orders, and they are also subject to notice requirements and the availability of current public information about us.

Persons who are not our affiliates are only subject to one of these additional restrictions, the requirement of the availability of current public information about us, and this additional restriction does not apply if they have beneficially owned our restricted shares for more than one year.

#### Resale Prospectus
As described in the Explanatory Note to the registration statement of which this prospectus forms a part, the registration statement also contains the Resale Prospectus to be used in connection with the potential resale of our Common Shares held by the Selling Shareholders. These Common Shares have been registered to permit public resale of such shares, and the Selling Shareholders may offer the shares for resale from time to time pursuant to the Resale Prospectus. The Selling Shareholders may also sell, transfer or otherwise dispose of all or a portion of their shares in transactions exempt from the registration requirements of the Securities Act or pursuant to another effective registration statement covering those shares. Any shares sold by the Selling Shareholders until our Common Shares are listed or quoted on an established public trading market will take place at the public offering price of the Common Shares we are selling in our initial public offering. Thereafter, any sales will occur at prevailing market prices or in privately negotiated prices.

#### Rule 701
In general, under Rule 701 of the Securities Act as currently in effect, each of our employees, consultants or advisors who purchases our Common Shares from us in connection with a compensatory stock or option plan or other written agreement relating to compensation is eligible to resell such Shares 90 days after we became a reporting company under the Exchange Act in reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144.

#### Canadian Resale Restrictions
In addition to the resale restrictions under U.S. securities laws described above, Canadian purchasers of Common Shares in this offering are subject to resale restrictions under applicable Canadian securities laws. Because the Company is not a reporting issuer in any province or territory of Canada as of the date of this prospectus, Common Shares sold to Canadian purchasers will be subject to an indefinite hold period in Canada and may not be resold in Canada except pursuant to a prospectus filed with the securities regulatory authorities in the applicable Canadian jurisdictions or in reliance on an available prospectus exemption. Canadian purchasers may be able to resell Common Shares through the facilities of the NYSE in a bona fide trade outside Canada in reliance on an available prospectus exemption, including the exemption in Section 2.14 of National Instrument 45-102 — Resale of Securities, if the conditions of that exemption are satisfied at the time of resale.

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#### TAXATION
*The following are material Canadian and U.S. federal income tax considerations relevant to an investment in our Common Shares. This discussion does not address all of the tax consequences that may be relevant in light of the investor's particular circumstances. Potential investors should consult their tax advisers regarding the Canadian federal and provincial tax, U.S. federal, state and local, and non*-U*.S. tax consequences of owning and disposing of our Common Shares in their particular circumstances*

#### Canadian Tax Considerations
The statements contained in the following summary, insofar as they purport to summarize certain provisions of the laws of Canada and the Province of British Columbia, represent the opinion of Oakridge Law LLP, Canadian counsel to the Company, are accurate in all material respects and constitute a fair summary of the Canadian federal income tax considerations discussed herein. This summary describes, as of the date hereof, the material Canadian federal income tax considerations generally applicable to a purchaser who acquires, as beneficial owner, Common Shares pursuant to this prospectus and who, at all relevant times, for purposes of the Income Tax Act (Canada) and the regulations thereunder, which we collectively refer to as the Canadian Tax Act, (i) is not, and is not deemed to be, resident in Canada for purposes of the Canadian Tax Act and any applicable income tax treaty or convention; (ii) deals at arm's length with the Underwriters, the Selling Shareholders and us; (iii) is not affiliated with the Underwriters, the Selling Shareholders or us; (iv) does not use or hold, and is not deemed to use or hold, Common Shares in a business or part of a business carried on in Canada; and (v) holds the Common Shares as capital property, which we refer to as a Non-Canadian Holder. This summary does not apply to a Non-Canadian Holder that is an insurer carrying on an insurance business in Canada and elsewhere or an "authorized foreign bank", as that term is defined in the Canadian Tax Act. Such Non-Canadian Holders should consult their tax advisors for advice having regard to their particular circumstances. This summary does not deal with special situations, such as the particular circumstances of traders or dealers, tax exempt entities, insurers or financial institutions, or other purchasers of special status or in special circumstances. Such purchasers should consult their own tax advisors.

This summary is based on the current provisions of the Canadian Tax Act, and an understanding of the current administrative policies of the Canada Revenue Agency published in writing prior to the date hereof. It takes into account all specific proposals to amend the Canadian Tax Act and the Canada-United States Tax Convention (1980) (which we refer to as the Canada-U.S. Tax Treaty), as amended, publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (which we refer to as the Proposed Amendments) and assumes that all Proposed Amendments will be enacted in the form proposed. However, no assurances can be given that the Proposed Amendments will be enacted as proposed, or at all. This summary does not otherwise take into account or anticipate any changes in law or administrative policy or assessing practice whether by legislative, regulatory, administrative or judicial action nor does it take into account tax legislation or considerations of any province, territory or foreign jurisdiction, which may differ from those discussed herein.

**This summary is of a general nature only and is not, and is not intended to be, legal or tax advice to any particular shareholder, and no representations with respect to the income tax consequences to any particular shareholder are made. This summary is not exhaustive of all Canadian federal income tax considerations. Accordingly, you should consult your own tax advisor with respect to your particular circumstances.**

#### Currency Conversion
Generally, for purposes of the Canadian Tax Act, all amounts relating to the acquisition, holding or disposition of the Common Shares must be converted into Canadian dollars based on the exchange rates as determined in accordance with the Canadian Tax Act. The amount of any dividends, capital gains or capital losses realized by a Non-Canadian Holder may be affected by fluctuations in the Canadian exchange rate.

#### Dividends
Dividends paid or credited on the Common Shares or deemed to be paid or credited on the Common Shares to a Non-Canadian Holder will be subject to Canadian withholding tax at the rate of 25%, subject to any reduction in the rate of withholding to which the Non-Canadian Holder is entitled under any applicable income tax treaty or convention between Canada and the country in which the Non-Canadian Holder is resident. For example, under the Canada-U.S. Tax Treaty, where dividends on the Common Shares are considered to be paid to or derived by a

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Non-Canadian Holder that is a beneficial owner of the dividends, is a U.S. resident for the purposes of and is entitled to benefits of, the Canada-U.S. Tax Treaty, the applicable rate of Canadian withholding tax is generally reduced to 15% (or 5% in the case of a U.S. Holder that is a corporation beneficially owning at least 10% of all of the issued voting shares). We will be required to withhold the applicable withholding tax from any dividend and remit it to the Canadian government for the Non-Canadian Holder's account. Non-Canadian Holders are urged to consult their own tax advisors to determine their entitlement to relief under an applicable income tax treaty.

#### Dispositions
A Non-Canadian Holder will not be subject to tax under the Canadian Tax Act on any capital gain realized on a disposition or deemed disposition of a Common Share, nor will capital losses arising therefrom be recognized under the Canadian Tax Act, unless (i) the Common Shares are "taxable Canadian property" to the Non-Canadian Holder for purposes of the Canadian Tax Act at the time of disposition; and (ii) the Non-Canadian Holder is not entitled to relief under an applicable income tax treaty or convention between Canada and the country in which the Non-Canadian Holder is resident.

Generally, the Common Shares will not constitute "taxable Canadian property" to a Non-Canadian Holder at a particular time provided that the Common Shares are listed at that time on a "designated stock exchange" (as defined in the Canadian Tax Act), which includes the NYSE, unless at any particular time during the 60-month period that ends at that time the following two conditions are satisfied concurrently:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 25% of the issued shares of any class or series of our capital stock was owned by or belonged to any combination of (a) the Non-Canadian Holder, (b) persons with whom the Non-Canadian Holder does not deal at arm's length, and (c) partnerships in which the Non-Canadian Holder or a person described in (b) holds a membership interest directly or indirectly through one or more partnerships, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• more than 50% of the fair market value of the Common Shares was derived, directly or indirectly, from one or any combination of: (i) real or immoveable property situated in Canada, (ii) "Canadian resource properties" (as that term is defined in the Canadian Tax Act), (iii) "timber resource properties" (as that term is defined in the Canadian Tax Act) and (iv) options in respect of, or interests in, or for civil law rights in, property in any of the foregoing whether or not the property exists.

Notwithstanding the foregoing, in certain circumstances, Common Shares could be deemed to be "taxable Canadian property."

A Non-Canadian Holder that disposes of, or is deemed to have disposed of, a Common Share that constitutes "taxable Canadian property" should consult their own tax advisors with respect to the application of the Canadian Tax Act to any gains on the disposition of the Common Share, any potential relief under an applicable income tax treaty or convention between Canada and the country in which the Non-Canadian Holder is resident, and filing requirements under the Canadian Tax Act.

#### United States Federal Income Tax Considerations
The following discussion is a summary of U.S. federal income tax considerations generally applicable to U.S. Holders (as defined below) of the ownership and disposition of our Shares. This summary applies only to U.S. Holders that hold our Shares as capital assets (generally, property held for investment) and that have the U.S. dollar as their functional currency. This summary is based on U.S. tax laws in effect as of the date of this prospectus, on U.S. Treasury regulations in effect or, in some cases, proposed as of the date of this prospectus, and judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which could apply retroactively and could affect the tax consequences described below. No ruling has been sought from the Internal Revenue Service ("**IRS**") with respect to any U.S. federal income tax considerations described below, and there can be no assurance that the IRS or a court will not take a contrary position. Moreover, this summary does not address the U.S. federal estate, gift, backup withholding, and alternative minimum tax considerations, or any state, local, and non-U.S. tax considerations, relating to the ownership and disposition of our Shares. The following summary does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or to persons in special tax situations such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial institutions or financial services entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• underwriters;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pension plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cooperatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• grantor trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traders that elect to use a mark-to-market method of accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governments or agencies or instrumentalities thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain former U.S. citizens or long-term residents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities (including private foundations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons liable for alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding stock as part of a straddle, hedging, conversion or other integrated transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons whose functional currency is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• passive foreign investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• controlled foreign corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's officers or directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• holders who are not U.S. Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that actually or constructively own 5% or more of the total combined voting power of all classes of our voting stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding Shares through such entities.

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Shares that is, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in the United States or under the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions, or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Partnerships holding our Shares and their partners are urged to consult their tax advisors regarding an investment in our Shares.

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**PERSONS CONSIDERING AN INVESTMENT IN OUR SHARES SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE PARTICULAR TAX CONSEQUENCES APPLICABLE TO THEM RELATING TO THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR SHARES INCLUDING THE APPLICABILITY OF U.S. FEDERAL, STATE AND LOCAL TAX LAWS AND NON**-U**.S. TAX LAWS.**

#### Taxation of Dividends and Other Distributions on Our Shares
As discussed under "*Dividend Policy*" above, we do not anticipate that any dividends will be paid in the foreseeable future. Subject to the Passive Foreign Investment Company ("PFIC") rules discussed below, a U.S. Holder generally will be required to include in gross income, in accordance with such U.S. Holder's method of accounting for United States federal income tax purposes, as dividends the amount of any distribution paid on the Shares to the extent the distribution is paid out of our current or accumulated earnings and profits (as determined under United States federal income tax principles). Such dividends paid by us will be taxable to a corporate U.S. Holder as dividend income and will not be eligible for the dividends-received deduction generally allowed to domestic corporations in respect of dividends received from other domestic corporations. Dividends received by certain non-corporate U.S. Holders (including individuals) may be "qualified dividend income," which is taxed at the lower capital gains rate, provided that our Shares are readily tradable on an established securities market in the United States and the U.S. Holder satisfies certain holding periods and other requirements. In this regard, shares generally are considered to be readily tradable on an established securities market in the United States if they are listed on the NYSE, as our Shares are expected to be.

Distributions in excess of such earnings and profits generally will be applied against and reduce the U.S. Holder's basis in its Shares (but not below zero) and, to the extent in excess of such basis, will be treated as gain from the sale or exchange of such Shares. In the event that we do not maintain calculations of our earnings and profits under United States federal income tax principles, a U.S. Holder should expect that all cash distributions will be reported as dividends for United States federal income tax purposes. U.S. Holders should consult their own tax advisors regarding the availability of the lower rate for any cash dividends paid with respect to our Shares.

Dividends will generally be treated as income from foreign sources for U.S. foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's individual facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit not in excess of any applicable treaty rate in respect of any foreign withholding taxes imposed on dividends received on our Shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for U.S. federal income tax purposes, in respect of such withholding, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex and their outcome depends in large part on the U.S. Holder's individual facts and circumstances. Accordingly, U.S. Holders are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

#### Taxation of Sale or Other Disposition of Shares
Subject to the discussion below under "PFIC Rules," a U.S. Holder will generally recognize capital gain or loss upon the sale or other disposition of Shares in an amount equal to the difference between the amount realized upon the disposition and the U.S. Holder's adjusted tax basis in such Shares. Any capital gain or loss will be long term if the Shares have been held for more than one year and will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes. Long-term capital gains of non-corporate taxpayers are currently eligible for reduced rates of taxation. The deductibility of a capital loss may be subject to limitations. U.S. Holders are urged to consult their tax advisors regarding the tax consequences if a foreign tax is imposed on a disposition of our Shares, including the availability of the foreign tax credit under their particular circumstances.

#### Passive Foreign Investment Company Rules
A non-U.S. corporation, such as our company, will be classified as a PFIC, for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. For this purpose, cash and cash equivalents are categorized as passive assets and the company's goodwill and other unbooked intangibles are taken

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into account as non-passive assets. Passive income generally includes, among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.

No assurance can be given as to whether we may be or may become a PFIC, as this is a factual determination made annually that will depend, in part, upon the composition of our income and assets. Furthermore, the composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in this Offering. Under circumstances where our revenue from activities that produce passive income significantly increase relative to our revenue from activities that produce non-passive income, or where we determine not to deploy significant amounts of cash for active purposes, our risk of becoming classified as a PFIC may substantially increase. In addition, because there are uncertainties in the application of the relevant rules, it is possible that the Internal Revenue Service may challenge our classification of certain income and assets as non-passive or our valuation of our tangible and intangible assets, each of which may result in our becoming a PFIC for the current or subsequent taxable years. If we were classified as a PFIC for any year during which a U.S. Holder held our Shares, we generally would continue to be treated as a PFIC for all succeeding years during which such U.S. Holder held our Shares even if we cease to be a PFIC in subsequent years, unless certain elections are made. Our U.S. counsel expresses no opinion with respect to our PFIC status for any taxable year.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules that have a penalizing effect, regardless of whether we remain a PFIC, on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125 percent of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Shares), and (ii) any gain realized on the sale or other disposition of Shares. Under these rules,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are classified as a PFIC (each, a "pre-PFIC year"), will be taxable as ordinary income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect for individuals or corporations, as appropriate, for that year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each prior taxable year, other than a pre-PFIC year, of the U.S. Holder.

If we are treated as a PFIC for any taxable year during which a U.S. Holder holds our Shares, or if any of our subsidiaries is also a PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of any lower-tier PFICs for purposes of the application of these rules. U.S. Holders are urged to consult their tax advisors regarding the application of the PFIC rules to any of our subsidiaries.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that such stock is "regularly traded" within the meaning of applicable U.S. Treasury regulations. If our Shares qualify as being regularly traded, and an election is made, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Shares held at the end of the taxable year over the adjusted tax basis of such Shares and (ii) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the Shares over the fair market value of such Shares held at the end of the taxable year, but such deduction will only be allowed to the extent of the amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market election in respect of a corporation classified as a PFIC and such corporation ceases to be classified as a PFIC, the U.S. Holder will not be required to take into account the gain or loss described above during any period that such corporation is not classified as a PFIC. If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition of our Shares in a

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year when we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market election.

Because a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules with respect to such U.S. Holder's indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

Furthermore, as an alternative to the foregoing rules, a U.S. Holder that owns stock of a PFIC generally may make a "qualified electing fund" election regarding such corporation to elect out of the PFIC rules described above regarding excess distributions and recognized gains. However, we do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different from the general tax treatment for PFICs described above.

If a U.S. Holder owns our Shares during any taxable year that we are a PFIC, the U.S. Holder must generally file an annual Internal Revenue Service Form 8621 and provide such other information as may be required by the U.S. Treasury Department, whether or not a mark-to-market election is or has been made. If we are or become a PFIC, you should consult your tax advisor regarding any reporting requirements that may apply to you.

You should consult your tax advisors regarding how the PFIC rules apply to your investment in our Shares.

#### Information Reporting and Backup Withholding
Certain U.S. Holders are required to report information to the Internal Revenue Service relating to an interest in "specified foreign financial assets," including shares issued by a non-United States corporation, for any year in which the aggregate value of all specified foreign financial assets exceeds $50,000 (or a higher dollar amount prescribed by the Internal Revenue Service), subject to certain exceptions (including an exception for shares held in custodial accounts maintained with a U.S. financial institution). These rules also impose penalties if a U.S. Holder is required to submit such information to the Internal Revenue Service and fails to do so.

In addition, dividend payments with respect to our Shares and proceeds from the sale, exchange or redemption of our Shares may be subject to additional information reporting to the IRS and possible U.S. backup withholding. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on IRS Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required information. We do not intend to withhold taxes for individual Shareholders. However, transactions effected through certain brokers or other intermediaries may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required by law to withhold such taxes.

**EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE PARTICULAR U.S. FEDERAL, STATE, LOCAL AND NON**-U**.S. TAX CONSEQUENCES OF PURCHASING, HOLDING AND DISPOSING OF OUR SHARES, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS.**

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#### UNDERWRITING
Joseph Gunnar & Co., LLC, is the sole book-runner of this offering and is serving as representative of the Underwriters. We have entered into the Underwriting Agreement dated [\*], 2026, with the Underwriters named below. Subject to the terms and conditions of the Underwriting Agreement, we have agreed to sell to the Underwriters, and each Underwriter has agreed, severally and not jointly, to purchase the number of Common Shares at the initial public offering price, less the underwriting discounts and commissions, as set forth on the cover page of this prospectus and listed next to its name in the following table:

---

| | |
|:---|:---|
|  **Underwriter** | **Number of <br>Shares** |
|  Joseph Gunnar & Co., LLC |  |
|  Yorkville Securities, LLC |  |
|  Total | 5555556 |

---

The Underwriter has committed to purchase all Common Shares offered by us other than those covered by the over-allotment option described below, if any are purchased. The obligations of the Underwriter may be terminated upon the occurrence of certain events specified in the Underwriting Agreement. Furthermore, the Underwriting Agreement provides that the obligations of the Underwriter to pay for and accept delivery of the Common Shares offered by us in this prospectus are subject to various representations and warranties and other customary conditions specified in the Underwriting Agreement, such as receipt by the representative of officers' certificates and legal opinions.

We have agreed to indemnify the Underwriter against specified liabilities, including liabilities under the Securities Act, and to contribute to payments the Underwriters may be required to make in respect thereof.

The Underwriter is offering the Common Shares subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by its counsel and other conditions specified in the Underwriting Agreement. The Underwriter reserves the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

We have granted the Underwriter an over-allotment option. This option, which is exercisable for up to 45 days after the date of this prospectus, permits the Underwriter to purchase up to an aggregate of 833,333 additional Common Shares (equal to 15% of the Common Shares sold in this offering) at the public offering price per share, less underwriting discounts and commissions, solely to cover over-allotments, if any. If the Underwriter exercises this option in whole or in part, then the Underwriter will be committed, subject to the conditions described in the Underwriting Agreement, to purchase the additional Common Shares.

#### Discounts, Commissions and Reimbursement
The representative has advised us that the Underwriters propose to offer the shares to the public at the initial public offering price per share set forth on the cover page of this prospectus. The Underwriters may offer shares to securities dealers at that price less a concession of not more than US$0.54 per share of which up to US$0.00 per share may be reallowed to other dealers. After the initial offering to the public, the public offering price and other selling terms may be changed by the representative.

The following table summarizes the underwriting discounts and commissions, non-accountable Underwriter's expense allowance and proceeds, before expenses, to us assuming both no exercise and full exercise by the Underwriter of their over-allotment option:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Total** | **Total** | **Total** | **Total** |
|  | **Per Share** | **Per Share** | **Offering <br>without <br>Over-Allotment <br>Option** | **Offering <br>without <br>Over-Allotment <br>Option** | **Offering with <br>Over-Allotment <br>option** | **Offering with <br>Over-Allotment <br>option** |
|  Public offering price | US$ | 9.00 | US$ | 50000004 | US$ | 57500001 |
|  Underwriting discounts and commissions (6%) |  | 0.54 |  | 3000000 |  | 3525000 |
|  Non-accountable expense allowance (1%) |  | 0.09 |  | 500000 |  | 575000 |
|  Proceeds, before expenses, to us | US$ | 8.37 | US$ | 46500003 | US$ | 53475001 |

---

We have paid an expense deposit of $35,000 to the representative of the Underwriters upon execution of an engagement letter relating to this offering (the "Advance"), which will be reimbursed to us to the extent not incurred.

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We have also agreed to reimburse the Underwriter for reasonable out-of-pocket expenses not to exceed $201,950 in the aggregate, including: (i) up to $125,000 in fees and expenses of the Underwriter's legal counsel and (ii) up to $76,950 in other expenses related to the offering. We estimate that the total expenses of this offering payable by us, not including underwriting discounts, commissions and expenses, will be approximately $1,000,000.

#### Representative's Warrants
Upon the closing of this offering, we have agreed to issue to the representative warrants to purchase a number of Common Shares equal in the aggregate to 5% of the total shares sold in this public offering (the "Representative's Warrants"). The Representative's Warrants will be exercisable at a per share exercise price equal to 120% of the public offering price per share sold in this offering. The Representative's Warrants are exercisable at any time and from time to time, in whole or in part, during the five year period commencing six months after the effective date of the registration statement related to this offering. The Representative's Warrants also provide for one demand registration right of the shares underlying the Representative's Warrants, and unlimited "piggyback" registration rights with respect to the registration of the Common Shares underlying the Representative's Warrants and customary antidilution provisions. The demand registration right provided will not be greater than five years from the effective date of the registration statement related to this offering in compliance with FINRA Rule 5110(g)(8)(C). The piggyback registration right provided will not be greater than seven years from the effective date of the registration statement related to this offering in compliance with FINRA Rule 5110(g)(8)(D).

The Representative's Warrants and the Common Shares underlying the Representative's Warrants have been deemed compensation by the Financial Industry Regulatory Authority, or FINRA, and are therefore subject to a 180-day lock-up pursuant to Rule 5110(e)(1) of FINRA. The representative, or permitted assignees under such rule, may not sell, transfer, assign, pledge, or hypothecate the Representative's Warrants or the securities underlying the Representative's Warrants, nor will the representative engage in any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the Representative's Warrants or the underlying shares for a period of 180 days from the effective date of the registration statement. Additionally, the Representative's Warrants may not be sold transferred, assigned, pledged or hypothecated for a 180-day period following the effective date of the registration statement except to any Underwriter and selected dealer participating in the offering and their bona fide officers or partners. The Representative's Warrants will provide for adjustment in the number and price of the Representative's Warrants and the Common Shares underlying such Representative's Warrants in the event of recapitalization, merger, stock split or other structural transaction, or a future financing undertaken by us.

#### Discretionary Accounts
The Underwriter does not intend to confirm sales of the securities offered hereby to any accounts over which they have discretionary authority.

#### Lock-Up Agreements
*Company Lock*-Up*.* We agreed that for a period of 180 days after the closing of this offering (the "Lock-Up Period") we will not, without the prior written consent of the representative and subject to certain exceptions, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares, whether now owned or hereafter acquired by the Company or with respect to which the Company has or hereafter acquires the power of disposition, except that the Company may grant awards under its equity incentive plan in the ordinary course of business as long as the Company does not file a Form S-8 or other registration statement covering Common Shares underlying the awards or otherwise issues as awards during the Lock-up Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• file or caused to be filed any registration statement with the Securities and Exchange Commission related to the offering of any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complete any offering of debt securities of the Company, other than entering into a line of credit with a traditional bank;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• file or caused to be filed any registration statement with SEC relating to the offering of any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complete any offering of debt securities, other than entering into a line of credit with a traditional bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our Common Shares, whether any such transaction, including the transactions described in the preceding bullet points, is to be settled by delivery of Common Shares or such other securities, in cash or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any demand for or exercise any right with respect to the registration of any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating to any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares.

*Shareholder Lock*-Up. Each of our directors, executive officers and 10%+ shareholders, who hold an aggregate of 22,222,220 Common Shares, is expected, prior to the closing of this Offering, to sign a lock-up agreement for a duration of 180 days. These lock-up agreements will have no leak-out provisions. Holders of between 3% and 10% of our Common Shares, who hold an aggregate of 6,074,459 Common Shares, are expected, prior to the closing of this Offering, to sign lock up agreements, also for a duration of 180 days. The lock-up agreements which are to be signed by these shareholders contain leak-out provisions which are described in the section "*Underwriting — Lock Up Agreements*". Lastly, our Selling Shareholders, who hold an aggregate of 2,817,294 Common Shares, have already signed lock-up agreements as part of their initial subscription. These agreements lock-up their shares for a period of 180 days, with leak-out provisions, as described in the section "*Underwriting — Lock Up Agreements*". In aggregate holders of 31,113,973 of our Common Shares have entered into, or are expected to enter into, lock-up agreements, of which holders of 8,891,753 of our Common Shares have leak-out provisions. These lock-up parties have agreed that for the Lock-Up Period without the prior written consent of the representative and subject to certain exceptions, they will not directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, any of our Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares, whether now owned or hereafter acquired by the shareholder or with respect to which the shareholder has or hereafter acquires the power of disposition, except that the Company may grant awards under its equity incentive plan in the ordinary course of business as long as the Company does not file a Form S-8 or other registration statement covering Common Shares underlying the awards or otherwise issues as awards during the Lock-up Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• file or caused to be filed any registration statement with the Securities and Exchange Commission related to the offering of any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complete any offering of debt securities of the Company, other than entering into a line of credit with a traditional bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares, whether any such transaction, including the transactions described in the preceding bullet points, is to be settled by delivery of Common Shares or such other securities, in cash or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any demand for or exercise any right with respect to the registration of any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating to any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares.

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*Shareholder Lock*-Up *Leak*-Out *Provisions.* Pursuant to such agreements with our 3% to 10% shareholders and with the Selling Shareholders (but not with our officers and directors as well as 10%+ shareholders), we have agreed that if during the Lock-Up Period (i) the high bid price per Common Share exceeds $7.50 for ten (10) consecutive trading days, with at least 100,000 Common Shares traded on each such trading day, such shareholder may sell an aggregate of 33% of its Common Shares, subject to a maximum sale on any trading day of 3% of the daily volume; (ii) the high bid price per Common Share exceeds $10.00 for ten (10) consecutive trading days, with at least 300,000 Common Shares traded on each such trading day, such shareholder may sell an aggregate of 66% of its Common Shares, subject to a maximum sale on any trading day of 3% of the daily volume; and (iii) the high bid price per Company Share exceeds $15.00 for ten (10) consecutive trading days, with at least 500,000 Common Shares traded on each such trading day, such shareholder may sell all of its Common Shares, subject to a maximum sale on any trading day of 3% of the daily volume.

In addition, during the Lock-Up Period, the lock-up parties may not transfer securities subject to their respective lock-up agreements unless permitted to do so under the terms thereof. The lock-up parties may transfer their securities as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transactions relating to lock-up securities acquired in open market transactions after the completion of this offering; <u>provided</u> that no filing under Section 13 or Section 16(a) of the Exchange Act, or other public announcement shall be required or shall be voluntarily made during the Lock-Up Period in connection with subsequent sales of lock-up securities acquired in such open market transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfers of lock-up securities (i) as a *bona fide* gift, or for bona fide estate planning purposes, (ii) to an immediate family member (as defined below) or to any trust for the direct or indirect benefit of the lock-up party or his or her immediate family member, or (iii) by will or intestacy or to a family member or trust for the benefit of the lock-up party or a family member (for purposes of the lock-up agreement, "family member" means any relationship by blood, marriage or adoption, not more remote than first cousin);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) transfers of lock-up securities to a charity or educational institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the lock-up party, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of lock-up securities to any shareholder, partner or member of, or owner of similar equity interests in, the lock-up party, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if the lock-up party is a corporation, partnership, limited liability company, trust, or other business entity, transfers or distributions of lock-up securities to current or former general or limited partners, managers or members, stockholders, other equityholders or direct or indirect affiliates, including such entities under common control, (within the meaning of Rule 405 under the Securities Act) of the lock-up party or to the estates of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the transfer of lock-up securities that occurs by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree, settlement agreement or other court order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any transfer of lock-up securities to the Company pursuant to arrangements under which the Company has the option to repurchase such shares or a right of first refusal with respect to transfers of such shares or in connection with the death, disability or termination of employment or service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the sale by the Company (on behalf of the lock-up party) of up to such number of lock-up securities solely necessary to raise funds to satisfy the Company's income and payroll tax withholding obligations in connection with the vesting, exercise or settlement of restricted stock units held by the lock-up party that are outstanding as of the date of such lock-up agreement; provided that if the lock-up party is required to file a report under Section 16(a) of the Exchange Act during the Lock-Up Period, such lock-up party shall include a statement in any such report to the effect that such transfer was solely pursuant to the circumstances described in this clause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no other Common Shares were sold and that the lock-up party's securities are subject to a lock-up agreement with the Underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by the Board of Directors of the Company and made to all holders of the Company's capital stock involving a Change of Control (as defined in the lock-up agreements); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) transfers of Lock-Up Securities to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (b), (c), (d), (e) and (g) above; provided that in the case of any transfer pursuant to the foregoing clauses (b), (c), (d), (e) and (j), it shall be a condition to any such transfer that (i) the transferee/donee agrees to be bound by the terms of the lock-up agreement (including, without limitation, the restrictions set forth in the preceding sentence) to the same extent as if the transferee/donee were a party thereto; (ii) each party (donor, donee, transferor or transferee) shall not be required by law (including without limitation the disclosure requirements of the Securities Act and the Exchange Act) to make, and will agree to not voluntarily make, any filing or public announcement of the transfer or disposition prior to the expiration of the Lock-Up Period; (iii) in the case of any transfer pursuant to the foregoing clauses (e), (f) or (g), it will be a condition to any such transfer that no public filing, report or announcement will be voluntarily made and if any filing under Section 16(a) of the Exchange Act, or other public filing, report or announcement reporting a reduction in beneficial ownership of shares of lock-up securities in connection with such transfer or distribution will be legally required during the Lock-Up Period, such filing, report or announcement will clearly indicate in the footnotes thereto the nature and conditions of such transfer; and (iv) the lock-up party notifies the Underwriters at least two (2) business days prior to the proposed transfer or disposition.

The foregoing restrictions will not apply to (i) the exercise or vesting of stock options or other equity awards granted pursuant to the Company's equity incentive plans; provided that it will apply to any of the lock-up party's Common Shares issued upon such exercise, (ii) the conversion or exercise of convertible debt or warrants; provided that it will apply to any of the lock-up party's Common Shares issued upon such exercise, or (iii) the establishment of any new plan (a "**New Plan**") that satisfies all of the requirements of Rule 10b5-1(c)(1)(i)(B) under the Exchange Act; provided that no sales of the lock-up party's securities will be made pursuant to a New Plan prior to the expiration of the Lock-Up Period (as such may have been extended pursuant to the terms of the lock-up agreement), and such New Plan may only be established if no public announcement of the establishment or existence thereof and no filing with the Securities and Exchange Commission or other regulatory authority in respect thereof or transactions thereunder or contemplated thereby, by the lock-up party, the Company or any other person, will be required, and no such announcement or filing is made voluntarily, by the lock-up party, the Company or any other person, prior to the expiration of the Lock-Up Period (as such may have been extended).

The representative of the Underwriters may release the above securities from lock-up restrictions at any time (except that the restrictions on the Selling Shareholder shares can be released by the Company and not the representative of the Underwriters), subject to applicable regulations of the Financial Industry Regulatory Authority, Inc. (or FINRA). We cannot predict what effect, if any, market sales of securities held by our significant shareholders or any other shareholders or the availability of these securities for future sale will have on the market price of our Common Shares.

#### Right of First Refusal
Upon the closing of this offering, for a period of 15 months from the closing date of this offering, we will grant Joseph Gunnar the right of first refusal to act as sole managing underwriter and sole book runner, sole placement agent, or sole sales agent, for any and all future public or private equity or equity-linked offerings, for which we retain the service of an underwriter, agent, advisor, finder or other person or entity in connection with such offering during such 15 month period. The Company shall not offer to retain any entity or person in connection with any such offering on terms more favorable than terms on which it offers to retain Joseph Gunnar.

#### Electronic Offer, Sale and Distribution of Securities
A prospectus in electronic format may be made available on the websites maintained by the Underwriters or selling group members. The Underwriters may agree to allocate a number of securities to selling group members for sale to its online brokerage account holders. Internet distributions will be allocated by the Underwriters and selling group members that will make internet distributions on the same basis as other allocations. Other than the prospectus in electronic format, the information on these websites is not part of, nor incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved or endorsed by us, and should not be relied upon by investors.

#### Stabilization

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Stabilizing transactions permit bids to purchase shares so long as the stabilizing bids do not exceed a specified maximum, and are engaged in for the purpose of preventing or retarding a decline in the market price of the shares while this offering is in progress.

Over-allotment transactions involve sales by the Underwriters of Common Shares in excess of the number of Common Shares the Underwriters are obligated to purchase. This creates a syndicate short position which may be either a covered short position or a naked short position. In a covered short position, the number of Common Shares over-allotted by the Underwriters are not greater than the number of Common Shares that they may purchase in the over-allotment option. In a naked short position, the number of Common Shares involved is greater than the number of Common Shares in the over-allotment option. The Underwriters may close out any short position by exercising their over-allotment option and/or purchasing Common Shares in the open market.

Syndicate covering transactions involve purchases of Common Shares in the open market after the distribution has been completed to cover syndicate short positions. In determining the source of Common Shares to close out the short position, the Underwriters will consider, among other things, the price of Common Shares available for purchase in the open market as compared with the price at which it may purchase Common Shares through exercise of the over-allotment option. If the Underwriters sell more Common Shares than could be covered by exercise of the over-allotment option and, therefore, have a naked short position, the position can be closed out only by buying Common Shares in the open market. A naked short position is more likely to be created if the Underwriters are concerned that after pricing there could be downward pressure on the price of the Common Shares in the open market that could adversely affect investors who purchase in this offering.

Penalty bids permit an underwriter to reclaim a selling concession from a syndicate member when the Common Shares originally sold by that syndicate member are purchased in stabilizing or syndicate covering transactions to cover syndicate short positions.

These stabilizing transactions, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our Common Shares or preventing or retarding a decline in the market price of our Common Shares. As a result, the price of our Common Shares in the open market may be higher than it would otherwise be in the absence of these transactions. Neither we nor the Underwriters make any representation or prediction as to the effect that the transactions described above may have on the price of our Common Shares. These transactions may be effected in the over-the-counter market or otherwise and, if commenced, may be discontinued at any time.

#### Passive Market Making
In connection with this offering, the Underwriter and selling group members may engage in passive market making transactions in our securities on the NYSE in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the shares and extending through the completion of the distribution. A passive market maker must display its bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive market maker's bid, then that bid must then be lowered when specified purchase limits are exceeded.

#### Other Relationships
The Underwriter and its affiliates may in the future provide various investment banking, commercial banking and other financial services for us and our affiliates for which they may in the future receive customary fees.

#### Offer Restrictions Outside the United States
Other than in the United States, no action has been taken by us or the Underwriter that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to this offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

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#### Canada
The securities may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal, that are accredited investors, as defined in National Instrument 45-106 *Prospectus Exemptions* or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 *Registration Requirements, Exemptions and Ongoing Registrant Obligations.* Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws. Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor. Pursuant to section 3A.3 of National Instrument 33-105 *Underwriting Conflicts* ("NI 33-105"), the underwriter is not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this Offering.

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#### EXPENSES OF THE OFFERING
Set forth below is an itemization of the total expenses, excluding the underwriting discounts and non-accountable expense allowance, which are expected to be incurred in connection with the sale of Common Shares in this offering. With the exception of the registration fee payable to the SEC, the NYSE listing fee and the filing fee payable to Financial Industry Regulatory Authority, Inc., or FINRA, all amounts are estimates.

---

| | |
|:---|:---|
|  SEC registration fee | $7622.22 |
|  The NYSE listing fee | 325000.00 |
|  FINRA filing fee | 8000.00 |
|  Printing expenses | 25000.00 |
|  Legal fees and expenses | 450000.00 |
|  Accounting fees and expenses | 150000.00 |
|  Transfer agent and registrar fee and expenses | 10000.00 |
|  Miscellaneous | 24377.78 |
|  **Total** | 1000000.00 |

---

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#### LEGAL MATTERS
The validity of the Shares offered in the IPO and certain other legal matters as to the laws of the Province of British Columbia and the federal laws of Canada will be passed upon for us by Oakridge Law LLP, our Canadian counsel. Certain other legal matters as to United States Federal and New York State law in connection with this Offering will be passed upon for us by Loeb & Loeb LLP, New York, New York. The Underwriters are being represented by Pryor Cashman LLP, New York, New York with respect to certain legal matters of U.S. federal securities in connection with this Offering.

#### EXPERTS
The financial statements of Nuclea Energy Inc. as of June 30, 2024 and 2025, and for the years then ended, have been audited by Reliant CPA PC, Independent Registered Public Accounting Firm, as set forth in their report elsewhere herein. Such consolidated financial statements have been so included in reliance upon such report given upon the authority of such firm as experts in accounting and auditing.

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#### ENFORCEMENT OF CIVIL LIABILITIES
We are incorporated under the laws of the Province of British Columbia, Canada. A majority of our directors and officers, as well as the certain experts named in the "Experts" section of this prospectus are residents of Canada, or otherwise reside outside of the United States, and all or a substantial portion of their assets, and all or a substantial portion of our assets, are located outside of the United States.

Service of process upon these persons may be difficult or impossible to effect within the United States. Furthermore, because a substantial portion of our assets, and substantially all the assets of our directors and officers and the Canadian experts named herein, are located outside of the United States, any judgment based upon the civil liability provisions of United States federal securities laws, against us or any of such persons, may not be collectible within the United States. In addition, it may be difficult for an investor, or any other person or entity, to assert United States securities laws claims in original actions instituted in Canada.

The Supreme Court of Canada has repeatedly affirmed that the requirements to enforce a foreign judgment are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the judgment of the foreign court must be final and conclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the court granting the foreign judgment must have had jurisdiction over the parties and the cause of action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the action to enforce a foreign judgment must have been commenced within applicable limitation periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the judgment is not contrary to the law, public policy, security or sovereignty of Canada and its enforcement is not incompatible with Canadian concepts of justice or contrary to the laws governing enforcement of judgments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the judgment was not obtained by fraud and does not conflict with any other valid judgment in the same matter between the same parties.

Foreign judgments enforced by Canadian courts generally will be payable in Canadian dollars. A Canadian court hearing an action to recover an amount in a non-Canadian currency will render judgment for the equivalent amount in Canadian currency.

We have appointed Cogency Global Inc. as our agent to receive service of process with respect to any action brought against us in the United States in connection with this offering under the federal securities laws of the United States or of any State in the United States. The address of our agent is 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168.

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#### WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a Registration Statement on Form F-1 under the Securities Act, including amendments and relevant exhibits and schedules, covering the underlying Common Shares represented by the Common Shares to be sold in this Offering. You should read our registration statement and its exhibits and schedules thereto for further information with respect to us and the Common Shares.

Our SEC filings, including the Registration Statement on Form F-1, are also available to you on the SEC's website at *http://www.sec.gov* and our website at *www.nuclea.energy.*

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#### NUCLEA ENERGY INC.<br>(FORMERLY RAISE AI TECHNOLOGIES INC.)

#### Index to Financial Statements
**For the year ended June 30, 2025<br>and the period from incorporation on August 24, 2023 to June 30, 2024<br>*(Expressed in US dollars, unless otherwise stated)***

---

| | |
|:---|:---|
|  | **Page** |
|  [Report of Independent Registered Accounting Firm PCAOB ID: 6906](#T101) | F-2 |
|  [Balance Sheets](#T302) | F-3 |
|  [Statements of Loss and Comprehensive Loss](#T303) | F-4 |
|  [Statements of Stockholders' Equity](#T304) | F-5 |
|  [Statements of Cash Flows](#T305) | F-6 |
|  [Notes to the Financial Statements](#T306) | F-7 |

---

#### For the six months ended December 31, 2025 and 2024 (Unaudited)

---

| | |
|:---|:---|
|  | **Page** |
|  [Condensed Consolidated Balance Sheets (Unaudited)](#T501) | F-19 |
|  [Condensed Consolidated Statements of Loss and Comprehensive Loss (Unaudited)](#T502) | F-20 |
|  [Condensed Consolidated Statements of Stockholders' Equity (Unaudited)](#T503) | F-21 |
|  [Condensed Consolidated Statements of Cash Flows (Unaudited)](#T504) | F-22 |
|  [Notes to the Condensed Consolidated Financial Statements (Unaudited)](#T505) | F-23 |

---

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#### Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors of <br>Nuclea Energy Inc.

#### Opinion on the Financial Statements
We have audited the accompanying balance sheets of Nuclea Energy Inc. (the "Company"), as of June 30, 2025 and 2024, and the related statements of loss and comprehensive loss, changes in stockholders' equity, and cash flows for the year ended June 30, 2025 and for the period from the incorporation on August 24, 2023 to June 30, 2024, and the related notes (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of Nuclea Energy Inc. as of June 30, 2025 and 2024, and the results of its operations and its cash flows for the year ended June 30, 2025 and for the period from the incorporation on August 24, 2023 to June 30, 2024 in accordance with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Company's internal control over financial reporting.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Reliant CPA PC

Reliant CPA PC

Served as Auditor since 2025

Newport Beach, CA

December 19, 2025

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#### NUCLEA ENERGY INC.<br>Balance Sheets<br>(Expressed in US Dollars)

---

| | | |
|:---|:---|:---|
|  | **June 30, <br>2025** | **June 30, <br>2024** |
|  **ASSETS** |  |  |
|  **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp; Cash | $99311 | $22 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 518209 |  |
|  **Total current assets** | 617520 | 22 |
| &nbsp;&nbsp;&nbsp; Equipment, net | 1155 |  |
|  **Total assets** | $**618675** | $**22** |
|  **LIABILITIES & STOCKHOLDERS' EQUITY** |  |  |
|  **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | 188201 |  |
|  **Total liabilities** | 188201 |  |
|  **Stockholders' equity** |  |  |
|  Common shares, no par value, unlimited shares authorized, 24,095,327 and 30,000,000 shares issued and outstanding as of June 30, 2025, and June 30, 2024 | 562915 | 22 |
|  Additional paid-in capital | 122387 | 1464 |
|  Cumulative translation adjustment | (2164) | 11 |
|  Accumulated deficit | (252664) | (1475) |
|  **Total stockholders' equity** | 430474 | 22 |
|  **Total liabilities and stockholders' equity** | $**618675** | $**22** |

---

The accompanying notes are an integral part of these financial statements.

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#### NUCLEA ENERGY INC.<br>Statements of Loss and Comprehensive Loss<br>(Expressed in US Dollars)

---

| | | |
|:---|:---|:---|
|  | **For the <br>year ended <br>June 30, <br>2025** | **For the <br>period from <br>incorporation <br>on August 24, <br>2023 <br>to June 30, <br>2024** |
|  **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | $13560 | $1475 |
| &nbsp;&nbsp;&nbsp; Consulting fees | 32114 |  |
| &nbsp;&nbsp;&nbsp; Depreciation expense | 425 |  |
| &nbsp;&nbsp;&nbsp; Management fees | 90343 |  |
| &nbsp;&nbsp;&nbsp; Professional fees | 111652 |  |
|  **Total operating expenses** | (248094) | (1475) |
|  **Other income (expenses)** |  |  |
| &nbsp;&nbsp;&nbsp; Foreign exchange loss | (3095) |  |
|  **Net loss** | (251189) | (1475) |
|  **Other comprehensive loss** |  |  |
| &nbsp;&nbsp;&nbsp; Currency translation adjustment | (2175) | 11 |
|  **Comprehensive loss** | $**(253364)** | $**(1464)** |
|  **Net loss per share, basic and diluted** | $**(0.01)** | $**(0.00)** |
|  **Weighted-average number of shares (\*) used to compute net loss per share, basic and diluted** | **27897550** | **30000000** |

---

____________

(\*) On April 7, 2025, the Company completed a stock split on the basis of 10 post-split common shares for each 1 pre-split common share. All current and comparable information related to the number of common shares, the weighted average number of common shares, loss per share, and stock options has been adjusted retrospectively to reflect this stock split.

The accompanying notes are an integral part of these financial statements.

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**NUCLEA ENERGY INC.<br>Statements of Stockholders' Equity<br>(Expressed in US Dollars)<br>For the year ended June 30, 2025 and the period from incorporation on August 24, 2023 to June 30, 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Shares** | **Common Shares** | **Additional <br>Paid-In <br>Capital** | **Cumulative <br>Translation <br>Adjustment** | **Accumulated <br>Deficit** | **Total** |
|  | **Number of <br>Shares (\*)** | **Share <br>Capital** | **Additional <br>Paid-In <br>Capital** | **Cumulative <br>Translation <br>Adjustment** | **Accumulated <br>Deficit** | **Total** |
|  **Balance, at incorporation on August 24, 2023** |  |  |  |  |  |  |
|  Shares issued for cash | 30000000 | 22 |  |  |  | 22 |
|  Shareholder contribution |  |  | 1464 |  |  | 1464 |
|  Foreign exchange on translation |  |  |  | 11 |  | 11 |
|  Net loss |  |  |  |  | (1475) | (1475) |
|  **Balance, June 30, 2024** | **30000000** | **22** | **1464** | **11** | **(1475)** | **22** |
|  Shares issued for cash | 13177771 | 150008 |  |  |  | 150008 |
|  Shares repurchased | (20000000) | (15) |  |  |  | (15) |
|  Shares issued for consulting services | 917556 | 412900 |  |  |  | 412900 |
|  Stock-based compensation |  |  | 120923 |  |  | 120923 |
|  Foreign exchange on translation |  |  |  | (2175) |  | (2175) |
|  Net loss |  |  |  |  | (251189) | (251189) |
|  **Balance, June 30, 2025** | **24095327** | **562915** | **122387** | **(2164)** | **(252664)** | **430474** |

---

____________

(\*) On April 7, 2025, the Company completed a stock split on the basis of 10 post-split common shares for each 1 pre-split common share. All current and comparable information related to the number of common shares, the weighted average number of common shares, loss per share, and stock options has been adjusted retrospectively to reflect this stock split.

The accompanying notes are an integral part of these financial statements.

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**NUCLEA ENERGY INC.<br>Statements of Cash Flows<br>(Expressed in US Dollars)** 

---

| | | |
|:---|:---|:---|
|  | **For the <br>Year Ended <br>June 30, <br>2025** | **For the <br>period from <br>incorporation <br>on August 24, <br>2023<br> to June 30, <br>2024** |
|  **Cash flows used in operating activities** |  |  |
|  Net loss | $(251189) | $(1475) |
|  Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation | 425 |  |
| &nbsp;&nbsp;&nbsp; Shares issued for consulting services | 32114 |  |
| &nbsp;&nbsp;&nbsp; Options granted for consulting services | 9405 |  |
| &nbsp;&nbsp;&nbsp; Shareholder contribution |  | 1464 |
|  Changes in non-cash working capital items: |  |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | (25905) |  |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | 188201 |  |
|  Net cash used in operating activities | (46949) | (11) |
|  **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp; Purchase of equipment | (1580) |  |
|  Net cash used in investing activities | (1580) |  |
|  **Cash flow from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (15) |  |
| &nbsp;&nbsp;&nbsp; Shares issued for cash | 150008 | 22 |
|  **Net cash provided by financing activities** | 149993 | 22 |
|  **Effect of foreign exchange on cash** | (2175) | 11 |
|  **Change in cash during the period** | 99289 | 22 |
|  **Cash, beginning of period** | 22 |  |
|  **Cash, end of period** | $**99311** | $**22** |
|  **Supplemental non-cash disclosures** |  |  |
|  Shares issued for consulting services | $**412900** | $— |
|  Options granted for consulting services | **120923** |  |

---

The accompanying notes are an integral part of these statements.

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**NUCLEA ENERGY INC.<br>NOTES TO FINANCIAL STATEMENTS** 

#### NOTE 1 — NATURE OF OPERATIONS
Nuclea Energy Inc. (formerly Raise AI Technologies Inc.) (the "Company"), was incorporated in the Province of British Columbia, Canada on August 24, 2023. A Certificate of Change of Name was filed on March 13, 2025, with the British Columbia Registrar changing the name of the Company to Nuclea Energy Inc.

The Company is a Canadian-based advanced nuclear technology company developing the Morpheus Microreactor, the only lead-cooled micro-modular reactor (MMR) currently being designed in North America.

On April 7, 2025, the Company completed a stock split on the basis of 10 post-split common shares for each 1 pre-split common share. All current and comparable information related to the number of common shares, the weighted average number of common shares, loss per share, and stock options has been adjusted retrospectively to reflect this stock split.

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
*<u>*<u>Basis of presentation</u>*</u>*

The accompanying financial statements of the Company have been prepared in conformity with accounting principals generally accepted in the United States of America ("U.S. GAAP" or "GAAP").

*<u>*<u>Functional and Reporting Currency</u>*</u>*

The functional currency of an entity is the currency of the primary economic environment in which the entity operates. The Company's functional currency is the Canadian dollar ("CAD") as it was incorporated in and primarily operates in Canada. The determination of functional currency was made in accordance with Accounting Standards Codification ("ASC") 830, *Foreign Currency Matters*, issued by the Financial Accounting Standards Board ("FASB").

The Company's reporting currency is the U.S. dollar ("USD"). For the purpose of presenting the financial statements in USD, the assets and liabilities of the Company's CAD operations are translated at the exchange rate prevailing at the reporting date. Revenues and expenses are translated at average exchange rates for the reporting period. Resulting translation adjustments are included in other comprehensive income (loss) as a separate component of shareholders' equity under "accumulated other comprehensive income (loss)."

All values presented are in USD unless otherwise denoted.

*<u>*<u>Use of Estimates</u>*</u>*

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions are used for stock-based compensation, presented as consulting fees as of June 30, 2025. Actual results could differ from those estimates, and such difference may be material to the financial statements.

*<u>*<u>Cash</u>*</u>*

The Company considers cash to include currency on hand and other kinds of accounts that have the general characteristics of demand deposits in that the Company may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. The Company had no cash equivalents as of June 30, 2025, and 2024.

*<u>*<u>Concentrations of Credit Risk</u>*</u>*

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash. The Company limits its exposure to credit loss by investing its cash with high credit quality financial institutions.

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#### NUCLEA ENERGY INC.<br>NOTES TO FINANCIAL STATEMENTS

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (cont.)
*<u>*<u>Equipment</u>*</u>*

Equipment is stated at historical cost less accumulated depreciation. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in the statement of loss and comprehensive loss. Property and equipment are capitalized at cost when acquired and depreciated over their estimated useful lives. The Company has not established a minimum capitalization threshold; all tangible assets expected to provide benefit for more than one year are capitalized. Repairs and maintenance are expensed as incurred. Depreciation is charged over the estimated useful lives using the declining balance method as follows:

---

| | |
|:---|:---|
|  Computer equipment | 55% |

---

*<u>*<u>Loss per Common Share</u>*</u>*

Net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted earnings per share takes into effect any dilutive instruments, except when doing so would be anti-dilutive. As of June 30, 2025 and 2024, there were no dilutive instruments.

*<u>*<u>Stock-based</u> <u>Compensation</u>*</u>*

The Company accounts for equity-based transactions with employees and non-employees under the provisions of FASB ASC Topic 718*, Compensation — Stock Compensation* (Topic 718), which establishes that equity-based payments to employees and non-employees are recorded at the grant date the fair value of the equity instruments the entity is obligated to issue when the employees and non-employees have rendered the requisite service and satisfied any other conditions necessary to earn the right to benefit from the instruments. Topic 718 also states that observable market prices of identical or similar equity or liability instruments in active markets are the best evidence of fair value and, if available, should be used as the basis for the measurement for equity and liability instruments awarded in these share-based payment transactions. However, if observable market prices of identical or similar equity or liability instruments are not available, the fair value shall be estimated by using a valuation technique or model that complies with the measurement objective, as described in FASB ASC Topic 718.

*<u>*<u>Fair Value Measurements</u>*</u>*

ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a three-level fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. In accordance with ASC 820, the Company has categorized the financial assets and liabilities based on the priority of the inputs to the valuation technique as set forth below. If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

---

| | |
|:---|:---|
|  *Level 1* — | Financial instruments whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market which the Company has the ability to access at the measurement date. |
|  *Level 2* — | Financial instruments whose values are based on quoted market prices in markets where trading occurs *infrequently* or whose values are based on quoted prices of instruments with similar attributes in active markets. |
|  *Level 3* — | Financial instruments whose values are based on prices or valuation techniques that require inputs that are *both* unobservable and significant to the overall fair value measurement. These inputs reflect management's own assumptions about the assumptions a market participant would use in pricing the instrument. |

---

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**NUCLEA ENERGY INC.<br>NOTES TO FINANCIAL STATEMENTS**

The Company's financial instruments consist of cash, accounts payable, accrued liabilities, and amounts due to related parties. Pursuant to ASC 820, the fair value of cash is determined based on "Level 1" inputs. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.

The following table sets forth by level, within the fair value hierarchy, the Company's assets measured at fair value as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Cash | $99311 | $— | $— | $99311 |
|  Total | $99311 | $— | $— | $99311 |

---

The Company's financial instruments consist of cash, accounts payable, accrued liabilities, and amounts due to related parties. Pursuant to ASC 820, the fair value of cash is determined based on "Level 1" inputs. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.

*<u>*<u>Currency Risk</u>*</u>*

Foreign currency exchange rate risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in foreign exchange rates. The Company's operations are carried out in Canada and the United States. As of June 30, 2025, and 2024, the Company had net monetary liabilities of approximately $118,000 and $Nil, respectively, denominated in Canadian dollars.

*<u>*<u>Segment Reporting</u>*</u>*

The Company currently operates in a single reportable operating segment, being the researching and developing of nuclear technology for clean energy solutions in the geographical areas of Canada and the United States of America. Based on the guidance of ASC 280, *Segment Reporting,* the Company has one operating segment. For the year ended June 30, 2025, and the period from August 24, 2023 to June 30, 2024, the Company operated in one geographical area: Canada.

These factors expose the Company to foreign currency exchange rate risk, which could have an adverse effect on the profitability of the Company. A 10% change in the exchange rate with the Canadian dollar would change net loss and comprehensive loss by approximately $18,600. At this time, the Company currently does not have plans to enter into foreign currency future contracts to mitigate this risk; however, it may do so in the future.

*<u>*<u>Income Taxes</u>*</u>*

The Company adopted ASC 740, *Income Taxes*, at its inception. Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry-forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

[**Table of Contents**](#TOC001)

**NUCLEA ENERGY INC.<br>NOTES TO FINANCIAL STATEMENTS**

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2025, and 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

*<u>*<u>Emerging Growth Company</u>*</u>*

The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. As such, the Company is eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in the Company's periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. If some investors find the securities less attractive as a result, there may be a less active trading market for securities and the prices of securities may be more volatile.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards (that is, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies). The Company intends to take advantage of the benefits of this extended transition period.

*<u>*<u>Recently Issued Accounting Pronouncements</u>*</u>*

In November 2023, the FASB issued ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* which requires the Company to disclose significant segment expenses and other segment items for each reportable segment. The standard is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted this standard effective January 1, 2024.

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023*-09*")*, which will require the Company to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 will also require the Company to disaggregate its income taxes paid disclosure by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions. ASU 2023-09 is effective for Annual periods beginning after December 15, 2024.

The Company does not believe that any other recently issued but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

#### NOTE 3 — GOING CONCERN
These financial statements have been prepared on the going concern basis which assumes that the Company will continue in operation for the foreseeable future and, accordingly, will be able to realize its assets and discharge its liabilities in the normal course of operations as they come due, under the historical cost convention except for certain financial instruments that are measured at fair value, as detailed in the Company's accounting policies.

During the year ended June 30, 2025, the Company had no revenue and reported a net loss of $251,189. Therefore, there was uncertainty regarding the Company's ability to generate adequate cash flows from operations and to satisfy its short-term obligations as they become due.

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**NUCLEA ENERGY INC.<br>NOTES TO FINANCIAL STATEMENTS**

#### NOTE 3 — GOING CONCERN (cont.)
Management's plans and actions completed to date concerning these matters include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the year, the Company completed two financing rounds, raising a total of $150,000. As of the date of these financial statements, the Company closed an equity financing round in preparation for an initial public offering ("IPO"), which resulted in proceeds of approximately $4 million. Refer to Note 5, "Share Capital" and Note 12, "Subsequent Events," for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 17, 2025 the Company entered into an engagement letter with Joseph Gunnar & Co., a FINRA-registered investment bank, appointing them as lead underwriter for a proposed $30 million IPO anticipated to occur during the first half of 2026. The Company is committed to completing the offering, and the process is currently underway. It is considered probable that the IPO will be completed within twelve months from the date of issuance of these financial statements. Refer to Note 12, "Subsequent Events," for additional information.

The Company continues to evaluate various strategies to strengthen its financial position, including but not limited to implementing cost-saving measures, seeking available government grants, exploring strategic partnership opportunities, and pursuing additional financing through private placements or offerings in both public and private markets.

Management's current forecasts and related assumptions indicate that the Company is able to meet its operational requirements for the next twelve months from the date of issuance of these financial statements, based on existing cash resources, anticipated future funding, and probable proceeds from planned transactions. If necessary additional capital cannot be raised when required, the Company may need to slow or reduce certain operations until further funding becomes available.

Based on management's plans and the receipt of additional funds subsequent to year end and prior to the issuance of these financial statements, management has concluded that substantial doubt regarding the Company's ability to continue as a going concern has been alleviated.

#### NOTE 4 — BALANCE SHEET COMPONENTS

#### Prepaid Expenses
Prepaid expenses consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>June 30, <br>2024** |
|  Options granted for consulting services (Note 5) | $111518 | $— |
|  Shares issued for consulting services (Note 5) | 380786 |  |
|  Advance for consulting services in cash (Note 6) | 24848 |  |
|  Office expenses | 1057 |  |
| &nbsp;&nbsp;&nbsp; **Prepaid expenses** | $**518209** | $— |

---

#### Equipment
During the year ended June 30, 2025, the Company purchased computer equipment for an aggregate of $1,580. Depreciation is determined based on the declining balance method.

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>June 30, <br>2024** |
|  Computer equipment | $1580 | $— |
|  Less: accumulated depreciation | (425) |  |
| &nbsp;&nbsp;&nbsp; **Total equipment, net** | $**1155** | $**—** |

---

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**NUCLEA ENERGY INC.<br>NOTES TO FINANCIAL STATEMENTS**

#### NOTE 4 — BALANCE SHEET COMPONENTS (cont.)
Depreciation expense for the year ended June 30, 2025 was $425 (period from August 24, 2023 to June 30, 2024 – $Nil).

#### Accounts payable and accrued liabilities

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>June 30, <br>2024** |
|  Accounts payable | $185306 | $— |
|  Other accrued liabilities | 2895 |  |
| &nbsp;&nbsp;&nbsp; **Accounts payable and accrued liabilities** | $**188201** | $**—** |

---

#### NOTE 5 — SHARE CAPITAL

#### Authorized Share Capital
The Company is authorized to issue the following share capital:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unlimited common voting shares without par value ("Common Share"), and without special rights or restrictions attached.

During the year ended June 30, 2025, the Company completed a stock split based on 10 new post-split common shares for every 1 pre-split common share. All current and comparative references to the number of common shares, weighted average number of common shares, loss per share, and stock options reflect this stock split.

On March 11, 2025, the Company repurchased 20,000,000 Common Shares at the original issuance price of CAD $0.000001 for total consideration of $15 (CAD $20) from former Directors who left the Company. The repurchased shares were retired and cancelled, and the transaction was recorded as a reduction of shareholders' equity in accordance with the Company's accounting policies.

On March 13, 2025, the Company issued 12,222,220 Common Shares at the original issuance price of CAD $0.000001 for total of $9 (CAD $12).

During the year ended June 30, 2025, the Company issued the following shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 8, 2025, the Company completed a Founders Round of financing by issuing 622,221 Common Shares at a price of $0.000001 CAD for gross proceeds of $0.50 (CAD $0.62).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 5, 2025, the Company issued 917,556 common shares, with a grant-date fair value of $412,900, to consultants in consideration for consultative and management advisory services related to capital markets, public market initiatives, and IPO readiness. The consulting arrangements commenced on May 5, 2025 (the "Effective Date") and continue until the earlier of: (i) 24 months from the Effective Date, (ii) the closing of the Company's initial public offering on the NASDAQ or NYSE, or (iii) earlier termination in accordance with the respective consulting agreements.

The fair value of the shares issued for consulting services is being recognized as stock-based compensation expense on a straight-line basis over the initial 24-month service period. Upon the successful completion of the IPO, any remaining unrecognized compensation cost associated with these awards will be recognized immediately in earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 10, 2025, the Completed a Seed Round of financing by issuing 333,330 Common Shares at a price of $0.45 per share for gross proceeds of $150,000.

[**Table of Contents**](#TOC001)

**NUCLEA ENERGY INC.<br>NOTES TO FINANCIAL STATEMENTS**

#### NOTE 5 — SHARE CAPITAL (cont.)
During the period from incorporation on August 24, 2023, to June 30, 2024, the Company issued the following shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 24, 2023, the Company issued 30,000,000 Common Shares in connection with its incorporation at a price of CAD $0.000001 per share for gross proceeds of $22 (CAD $30).

#### Share Options
<u><u>Common Share Options</u></u>

During the year ended June 30, 2025, the board of directors individually reviewed and approved all options granted for services prior to issuance. The stock option plan under which these grants were made remains under review and has not yet been finalized or formally approved. Compensation expense for share-based payment awards issued during the year has been recognized in accordance with ASC 718, based on the fair value at the grant date and the approved terms and conditions of each specific grant.

The fair value of the Company's stock options granted during the year ended June 30, 2025, and the period from August 24, 2023 to June 30, 2024, was estimated on the grant dates using the Black-Scholes valuation option-pricing model with the following assumptions:

---

| | | |
|:---|:---|:---|
|  | **For the <br>Year Ended <br>June 30, <br>2025** | **For the <br>Period From <br>August 24, <br>2023 to <br>June 30, <br>2024** |
|  Risk-free interest rate | 2.6% |  |
|  Volatility | 135% |  |
|  Expected life (years) | 3.00 |  |
|  Weighted average fair value per option | $0.34 |  |

---

There were no stock options granted during the period from August 24, 2023 to June 30, 2024.

The risk-free interest rate was derived from the yield curves for zero-coupon bonds, as published by Bank of Canada as of the grant date for terms equal to the expected terms of the options. The expected volatility was based on the historical volatility of comparable companies over the expected term of the options. The expected term of the granted options was based on the anticipated duration of the services to be provided. A dividend yield of zero is applied because the Company has never paid dividends and has no intention to pay dividends in the near future.

The following table summarizes the total amount of stock-based compensation expense related to service conditions for common share options during the year ended June 30, 2025, and the period from August 24, 2023 to June 30, 2024:

---

| | | |
|:---|:---|:---|
|  | **For the <br>Year Ended <br>June 30, <br>2025** | **For the <br>Period from <br>August 24, <br>2023 to <br>June 30, <br>2024** |
|  Consulting fees | $120923 | $— |
| &nbsp;&nbsp;&nbsp; **Total stock-based compensation** | $**120923** | $**—** |

---

The options fully vested and were exercisable immediately upon grant.

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**NUCLEA ENERGY INC.<br>NOTES TO FINANCIAL STATEMENTS**

#### NOTE 5 — SHARE CAPITAL (cont.)
Common share option activity is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Options** | **Weighted<br>Average<br>Exercise<br>Price** | **Weighted<br>Average<br>Remaining<br>Contractual<br>Life (Years)** |
|  **Balance, June 30, 2024** | **—** | $**—** | **—** |
|  Granted | 355555 | 0.45 | **2.85** |
|  Exercised |  |  |  |
|  Cancelled |  | **—** | **—** |
|  **Balance, June 30, 2025** | **355555** | $**0.45** | **2.85** |
|  **Options exercisable, June 30, 2025** | **355555** | $**0.45** | **2.85** |

---

A summary of the Common Share options outstanding at June 30, 2025, is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  **Options <br>Outstanding** | **Options<br>Exercisable** | **Exercise <br>Price** | **Expiry <br>Date** |
| 355555 | 355555 | $0.45 | May 5, 2028 |

---

#### NOTE 6 — RELATED PARTY TRANSACTIONS AND BALANCES
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly. Key management personnel include the Company's executive officers and members of its Board of Directors.

On March 11, 2025, the Company repurchased 20,000,000 Common Shares at the original issuance price of CAD $0.000001 for total consideration of $15 (CAD $20) from former Directors who left the Company. Refer to Note 5, "Share Capital" for additional information.

As of June 30, 2025, and 2024, $180,694 and $Nil, respectively, is owing to directors and officers of the Company and has been included in accounts payable and accrued liabilities. These balances are in relation to fees and management compensation and are non-interest bearing, unsecured and due on demand.

Summary of key management personnel compensation:

---

| | | |
|:---|:---|:---|
|  | **For the <br>Year Ended <br>June 30, <br>2025** | **For the <br>Period from <br>August 24, <br>2023 to <br>June 30, <br>2024** |
|  Management and professional fees | $171707 |  |
|  Advance for consulting services in cash | 24848 |  |
|  Website development fees | 4230 | $— |
|  **Total related party transactions** | $**200785**  | $— |

---

#### NOTE 7 — CAPITAL DISCLOSURE AND MANAGEMENT
The Company defines its capital as all components of stockholders' equity. The Company's objective when managing capital is to safeguard the Company's ability to continue as a going concern.

The Company manages its capital structure to maximize its financial flexibility making adjustments to it in response to changes in economic conditions and the risk characteristics of the underlying assets and business opportunities. The Company does not presently utilize any quantitative measures to monitor its capital. The Company is not subject to externally imposed capital requirements.

[**Table of Contents**](#TOC001)

**NUCLEA ENERGY INC.<br>NOTES TO FINANCIAL STATEMENTS**

#### NOTE 8 — LIQUIDITY RISK
Liquidity risk is the risk that the Company will not be able to meet its financial obligations associated with financial liabilities. The Company's ultimate success depends on the outcome of its research and development and collaboration activities. The Company expects to incur additional losses in the future and anticipates the need to raise additional capital to continue to execute its long-range business plan. The Company manages its liquidity risk by forecasting cash flows from operations and anticipating any investing and financing activities. Management and the Board of Directors are actively involved in the review, planning and approval of significant expenditures and commitments.

Contractual undiscounted cash flow requirements for financial liabilities as of June 30, 2025, are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **≤1 Year** | **>1 Year** | **Total** |
|  Accounts payable and accrued liabilities | $188201 | $— | $188201 |
|  | $188201 | $— | $188201 |

---

Contractual undiscounted cash flow requirements for financial liabilities as of June 30, 2024, are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **≤1 Year** | **>1 Year** | **Total** |
|  Accounts payable and accrued liabilities | $— | $— | $— |
|  | $— | $— | $— |

---

#### NOTE 9 — NET LOSS PER SHARE
Net loss per common share has been computed on the basis of the weighted-average number of common shares outstanding during the year ended June 30, 2025, and the period from August 24, 2023 to June 30, 2024. Since the Company was in a loss position for the year ended June 30, 2025, and the period from August 24, 2023 to June 30, 2024, basic net loss per share was the same as diluted net loss per share for the period presented.

The following table sets forth the computation of (loss) earnings per share:

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>June 30, <br>2024** |
|  **Numerator** |  |  |
| &nbsp;&nbsp;&nbsp; Net loss – basic and diluted | $(251189) | $(1475) |
|  **Denominator** |  |  |
| &nbsp;&nbsp;&nbsp; Weighted average shares used to compute net loss per share, basic and diluted | 27897550 | 30000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net loss per share – basic and diluted** | $**(0.01)** | $**(0.00)** |

---

The following potentially dilutive common shares related to outstanding securities for the year ended June 30, 2025 were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive for the year, see below:

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>June 30, <br>2024** |
|  Common Share options | 355555 |  |
| &nbsp;&nbsp;&nbsp; **Total anti-dilutive options** | **355555** | **—** |

---

#### NOTE 10 — COMMITMENTS AND CONTINGENCIES
The Company does not have any commitments and contingencies as of June 30, 2025, and 2024.

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**NUCLEA ENERGY INC.<br>NOTES TO FINANCIAL STATEMENTS**

#### NOTE 11 — INCOME TAXES
There is no provision for income taxes because the Company has historically incurred operating losses and maintains a full valuation allowance against its net deferred tax assets. In 2025 and 2024, substantially all of the Company's net operating losses were generated in Canada.

The provision for Federal income tax consists of the following for the year ended June 30, 2025 and the period from incorporation on August 24, 2023 to June 30, 2024:

---

| | | |
|:---|:---|:---|
|  | **For the <br>Year Ended <br>June 30, <br>2025** | **For the <br>Period from <br>August 24, <br>2023 to <br>June 30, <br>2024** |
|  Federal income tax benefit attributable to: |  |  |
| &nbsp;&nbsp;&nbsp; Current operations | $(56480) | $— |
| &nbsp;&nbsp;&nbsp; Less: valuation allowance | 56480 |  |
|  Net deferred tax assets |  |  |
|  Deferred tax liability |  |  |
|  Net deferred taxes | $**—** | $**—** |

---

The combined federal and provincial statutory tax rate and a reconciliation of the expected income tax computed using the federal statutory income tax rate to the Company's effective income tax rate is as follows for the fiscal year ended June 30, 2025 and the period from incorporation on August 24, 2023 to June 30, 2024.

---

| | | |
|:---|:---|:---|
|  | **For the <br>Year Ended <br>June 30, <br>2025** | **For the <br>Period from <br>August 24, <br>2023 to <br>June 30, <br>2024** |
|  Federal and provincial tax benefit at statutory rate | 27.0% | 27.0% |
|  Meals & entertainment | (0.1)% |  |
|  Shares and options issued for services | (4.4)% |  |
|  Valuation allowance | (22.5)% | (27.0)% |
|  **Effective tax rate** | **—** | **—** |

---

As of June 30, 2025 and 2024, the components of net deferred tax assets, including a valuation allowance, were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>June 30, <br>2024** |
|  Net operating loss carryforwards | 209188 |  |
|  Valuation allowance | (209188) |  |
|  **Net deferred tax asset** | **—** | **—** |

---

At June 30, 2025, the Company had, for Canadian tax purposes, non-capital losses aggregating approximately $209,188. These losses are available to reduce taxable income earned by the Company in future years and expire in 2045.

[**Table of Contents**](#TOC001)

**NUCLEA ENERGY INC.<br>NOTES TO FINANCIAL STATEMENTS**

#### NOTE 12 — SUBSEQUENT EVENTS
The Company evaluated subsequent events through December 19, 2025, the date the financial statements were issued.

Subsequent to the year ended June 30, 2025 the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approved the issuance of up to 3,340,000 common shares to various consultants on August 26, 2025. The consultants are engaged to provide capital market consulting services in connection with the Company's preparation for an IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entered into a non-interest bearing convertible note agreement for $100,000 on September 29, 2025 (the "Note"). The principal amount of the Note was to automatically convert, immediately prior to the initial closing of a "Qualified Financing", at a fixed conversion price of $1.40 per share, into the same securities and on the same terms as other investors in that financing. A "Qualified Financing" is the Company's next bona fide arm's-length equity financing in which equity securities are issued and sold for cash at a fixed price per share. The Company concluded that the fixed-price conversion feature qualifies for equity classification and does not contain an embedded derivative that would require separate accounting under ASC 815.

On November 6, 2025, immediately prior to the closing of the financing round on November 7, 2025, the Note converted into 71,428 common shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entered into a non-interest bearing convertible note agreement for $100,000 on September 30, 2025 (the "Note"). The principal amount of the Note was to automatically convert, immediately prior to the initial closing of a "Qualified Financing", at a fixed conversion price of $1.40 per share, into the same securities and on the same terms as other investors in that financing. A "Qualified Financing" is the Company's next bona fide arm's-length equity financing in which equity securities are issued and sold for cash at a fixed price per share. The Company concluded that the fixed-price conversion feature qualifies for equity classification and does not contain an embedded derivative that would require separate accounting under ASC 815.

On November 6, 2025, immediately prior to the closing of the financing round on November 7, 2025, the Note converted into 71,428 common shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entered into a non-interest bearing convertible note agreement for $100,000 on October 2, 2025 (the "Note"). The principal amount of the Note was to automatically convert, immediately prior to the initial closing of a "Qualified Financing", into the same securities and on the same terms as other investors in that financing, at a conversion price equal to the lesser of (a) $1.40 per share, and (b) the per-share price paid by cash investors in the "Qualified Financing". A "Qualified Financing" is the Company's next bona fide arm's-length equity financing in which equity securities are issued and sold for cash at a fixed price per share. The Company concluded that the fixed-price conversion feature qualifies for equity classification and does not contain an embedded derivative that would require separate accounting under ASC 815.

On November 6, 2025, immediately prior to the closing of the financing round on November 7, 2025, the Note converted into 71,428 common shares of the Company at $1.40 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Incorporated Nuclea Energy USA Inc., a wholly-owned subsidiary in Delaware, on October 8, 2025. As this subsidiary was incorporated after the balance sheet date, no adjustment has been made to the financial statements as of June 30, 2025. The Company is in the process of finalizing the subsidiary's set-up, and there have been no transactions in this entity subsequent to year end. The subsidiary is not expected to be material, and the financial results of this entity will be included in the Company's consolidated financial statements in future periods.

[**Table of Contents**](#TOC001)

**NUCLEA ENERGY INC.<br>NOTES TO FINANCIAL STATEMENTS**

#### NOTE 12 — SUBSEQUENT EVENTS (cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entered into a Bridge Financing and Initial Public Offering Engagement Agreement on October 17, 2025 pursuant to which Joseph Gunnar & Co., LLC ("Joseph Gunnar") will act as the sole book-runner and underwriter for a proposed common share initial public offering (the "Offering"). The Offering is expected to raise gross proceeds of approximately $30 million.

In addition, Joseph Gunnar will serve as a non-exclusive placement agent in connection with a private placement bridge financing (the "Bridge") to be completed following the execution of the engagement agreement and prior to the contemplated Offering. As additional compensation for Joseph Gunnar's services, the Company shall issue to Joseph Gunnar at the closing of the Offering warrants (the "Underwriter Warrants") warrants to purchase 5.0% of the aggregate number of common stock sold in the Offering. The Underwriter Warrants will be exercisable at any time, in whole or in part, during the five-year period commencing six months from the effective date of the Offering, and shall be exercisable at 120% of the public Offering price per share of securities sold at the Offering. The Underwriter Warrants will provide for registration rights (including a one-time demand registration right and unlimited piggyback rights) and customary anti-dilution provisions (for stock dividends and splits and recapitalizations) consistent with FINRA Rule 5110.

The Company shall pay a $35,000 advance to Joseph Gunnar upon the execution of the Engagement Letter (the "Advance") which shall be applied against actual out-of-pocket accountable expenses and such Advance shall be reimbursed to the Company to the extent any portion thereof is not actually incurred in compliance with FINRA Rule 5110(f)(2)(C).

The Bridge Financing was expected to raise $3 million and closed for gross proceeds of $4 million on November 7, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed a financing round and issued 2,853,008 common shares at a price of $1.40 per share for gross proceeds of $4 million on November 7, 2025.

#### Moltex Asset Acquisition
On December 17, 2025, the Company entered into an exclusivity agreement to acquire certain assets of Moltex Energy Limited (in administration) for a purchase price of £6,183,793 (equivalent to CAD$11,500,000) (the "Moltex Asset Acquisition"). In consideration for the exclusivity rights, the Company paid a non-refundable exclusivity fee of £268,861 (equivalent CAD$500,000). The exclusivity period extends until March 31, 2026, unless extended by mutual agreement, during which time Moltex Energy Limited (acting through its joint administrators) has agreed to cease all third-party negotiations and will not solicit, entertain, or enter into discussions with any other potential acquirers. The Company has committed to negotiate in good faith to finalize a definitive sale and purchase agreement and to satisfy customary conditions precedent. The Company is required to provide weekly confirmations of its intention to proceed with the transaction at the offer price and to use reasonable endeavors to complete due diligence before the expiration of the exclusivity period. Additionally, if the joint administrators determine that additional funding is required to maintain the business and assets during any extension of the exclusivity period beyond March 31, 2026, the Company is obligated to provide such funding within three business days of a written request. The Company does not believe that the Moltex Asset Acquisition would constitute the acquisition of a "business" as defined in Rule 11-01(d) of Regulation S-X. The definitive terms of the Moltex Asset Acquisition remain subject to ongoing negotiations with the joint administrators of Moltex Energy Limited.

#### Appointment of CEO and CFO
On December 19, 2025 the Company appointed Josef Freundorfer as its CEO to replace Sagar Sanghera who remains the Company's President and the chairman of its board of directors.

On December 9, 2025 the Company appointed Anna Skowron as its Chief Financial Officer.

[**Table of Contents**](#TOC001)

#### NUCLEA ENERGY INC.<br>Condensed Consolidated Balance Sheets (Unaudited)<br>(Expressed in US Dollars)

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2025** | **As of <br>June 30, <br>2025** |
|  **ASSETS** |  |  |
|  **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp; Cash | $3230952 | $99311 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 950648 | 518209 |
| &nbsp;&nbsp;&nbsp; Sales taxes receivable | 19104 |  |
|  **Total current assets** | 4200704 | 617520 |
| &nbsp;&nbsp;&nbsp; Intangible assets | 2072 |  |
| &nbsp;&nbsp;&nbsp; Equipment, net | 1115 | 1155 |
|  **Total assets** | $**4203891** | $**618675** |
|  **LIABILITIES & STOCKHOLDERS' EQUITY** |  |  |
|  **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | $59416 | $7507 |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities – related parties | 35670 | 180694 |
|  **Total liabilities** | 95086 | 188201 |
|  **Stockholders' equity** |  |  |
|  Common shares, no par value, unlimited shares authorized, 30,502,619 and 24,095,327 shares issued and outstanding as of December 31, 2025 and June 30, 2025, respectively(\*). | 6213126 | 562915 |
|  Additional paid-in capital | 122387 | 122387 |
|  Cumulative translation adjustment | (28176) | (2164) |
|  Accumulated deficit | (2198532) | (252664) |
|  **Total stockholders' equity** | 4108805 | 430474 |
|  **Total liabilities and stockholders' equity** | $**4203891** | $**618675** |

---

____________

(\*) On April 7, 2025, the Company completed a stock split on the basis of 10 post-split common shares for each 1 pre-split common share. All current and comparable information related to the number of common shares, the weighted average number of common shares, loss per share, and stock options has been adjusted retrospectively to reflect this stock split.

The accompanying notes are an integral part of these condensed consolidated financial statements.

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#### NUCLEA ENERGY INC.<br> Condensed Consolidated Statements of Loss and Comprehensive Loss (Unaudited)<br>(Expressed in US Dollars)

---

| | | |
|:---|:---|:---|
|  | **For the <br>six months <br>ended <br>December 31, <br>2025** | **For the <br>six months <br>ended <br>December 31, <br>2024** |
|  **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | $(45165) | $— |
| &nbsp;&nbsp;&nbsp; Consulting fees | (1170853) |  |
| &nbsp;&nbsp;&nbsp; Depreciation expense | (323) |  |
| &nbsp;&nbsp;&nbsp; Management fees | (63787) | (45631) |
| &nbsp;&nbsp;&nbsp; Professional fees | (259359) |  |
| &nbsp;&nbsp;&nbsp; Professional fees – related parties | (43661) | (38026) |
| &nbsp;&nbsp;&nbsp; Strategic transaction costs | (363608) |  |
|  **Total operating expenses** | (1946756) | (83657) |
|  **Other income (expenses)** |  |  |
| &nbsp;&nbsp;&nbsp; Interest income | 13 |  |
| &nbsp;&nbsp;&nbsp; Foreign exchange gain | 875 |  |
|  **Net loss** | (1945868) | (83657) |
|  **Other comprehensive gain** |  |  |
| &nbsp;&nbsp;&nbsp; Currency translation adjustment | (26012) | 3384 |
|  **Comprehensive loss** | $**(1971880)** | $**(80273)** |
|  **Net loss per share, basic and diluted** | $**(0.071)** | $**(0.003)** |
|  **Weighted-average number of shares (\*) used to compute net loss per <br>share, basic and diluted** | **27352329** | **30000000** |

---

____________

(\*) On April 7, 2025, the Company completed a stock split on the basis of 10 post-split common shares for each 1 pre-split common share. All current and comparable information related to the number of common shares, the weighted average number of common shares, loss per share, and stock options has been adjusted retrospectively to reflect this stock split.

The accompanying notes are an integral part of these condensed consolidated financial statements.

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#### NUCLEA ENERGY INC.<br> Consolidated Statement of Stockholders' Equity (Unaudited)<br>(Expressed in US Dollars)<br>For the six months ended December 31, 2025 and 2024

#### For the Six Months Ended December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Shares** | **Common Shares** | **Additional <br>Paid-In <br>Capital** | **Cumulative <br>Translation <br>Adjustment** | **Accumulated <br>Deficit** | **Total** |
|  | **Number of <br>Shares (\*)** | **Share <br>Capital** | **Additional <br>Paid-In <br>Capital** | **Cumulative <br>Translation <br>Adjustment** | **Accumulated <br>Deficit** | **Total** |
|  **Balance, June 30, 2024** | **30000000** | **22** | **1464** | **11** | **(1475)** | **22** |
|  Foreign exchange on translation |  |  |  | 3384 |  | 3384 |
|  Net loss |  |  |  |  | (83657) | (83657) |
|  **December 31, 2024** | **30000000** | **22** | **1464** | **3395** | **(85132)** | **(80251)** |

---

#### For the Six Months Ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Shares** | **Common Shares** | **Additional <br>Paid-In <br>Capital** | **Cumulative <br>Translation <br>Adjustment** | **Accumulated <br>Deficit** | **Total** |
|  | **Number of <br>Shares (\*)** | **Share <br>Capital** | **Additional <br>Paid-In <br>Capital** | **Cumulative <br>Translation <br>Adjustment** | **Accumulated <br>Deficit** | **Total** |
|  **Balance, June 30, 2025** | **24095327** | **562915** | **122387** | **(2164)** | **(252664)** | **430474** |
|  Shares issued for cash | 2853008 | 3994211 |  |  |  | 3994211 |
|  Shares issued for conversion of convertible notes | 214284 | 300000 |  |  |  | 300000 |
|  Share issuance costs |  | (147000) |  |  |  | (147000) |
|  Shares issued for consulting services | 3340000 | 1503000 |  |  |  | 1503000 |
|  Foreign exchange on translation |  |  |  | (26012) |  | (26012) |
|  Net loss |  |  |  |  | (1945868) | (1945868) |
|  **December 31, 2025** | **30502619** | **6213126** | **122387** | **(28176)** | **(2198532)** | **4108805** |

---

____________

(\*) On April 7, 2025, the Company completed a stock split on the basis of 10 post-split common shares for each 1 pre-split common share. All current and comparable information related to the number of common shares, the weighted average number of common shares, loss per share, and stock options has been adjusted retrospectively to reflect this stock split.

#### Stock-based compensation
During the six months ended December 31, 2025, the Company recognized total consulting fee expense of $1,170,853 related to equity instruments issued for services. Of this amount, $1,037,397 relates to the amortization of the grant-date fair value of Common Shares issued during the period, and $133,456 relates to amortization of prepaid share-based compensation from prior-period equity awards (see Note 8). Although the full fair value of $1,503,000 associated with the Common Shares issued during the period was recorded as an increase in share capital, only the portion attributable to services rendered during the six months ended December 31, 2025 has been recognized as consulting fee expense, with the unamortized balance recorded in prepaid expenses.

The accompanying notes are an integral part of these condensed consolidated financial statements.

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#### NUCLEA ENERGY INC.<br> Condensed Consolidated Statements of Cash Flows (Unaudited)<br>(Expressed in US Dollars)<br>For the six months ended December 31, 2025 and 2024

---

| | | |
|:---|:---|:---|
|  | **For the <br>six months <br>ended <br>December 31, <br>2025** | **For the <br>six months <br>ended <br>December 31, <br>2024** |
|  **Cash flows used in operating activities** |  |  |
|  Net loss | $(1945868) | $(83657) |
|  Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation | 323 |  |
| &nbsp;&nbsp;&nbsp; Consulting fees (shares issued as consideration) | 1037397 |  |
|  Changes in non-cash working capital items: |  |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 33164 |  |
| &nbsp;&nbsp;&nbsp; Sales tax receivable | (19104) |  |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | 51909 |  |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities – related parties | (145024) | 80273 |
|  Net cash used in operating activities | (987203) | (3384) |
|  **Cash flows used in investing activities** |  |  |
| &nbsp;&nbsp;&nbsp; Intangible assets | (2072) |  |
| &nbsp;&nbsp;&nbsp; Purchase of equipment | (283) |  |
|  Net cash used in investing activities | (2355) |  |
|  **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from convertible notes | 300000 |  |
| &nbsp;&nbsp;&nbsp; Shares issued for cash | 3994211 |  |
| &nbsp;&nbsp;&nbsp; Share issuance costs | (147000) |  |
|  **Net cash provided by financing activities** | 4147211 |  |
|  **Effect of foreign exchange on cash and cash equivalents** | (26012) | 3384 |
|  **Change in cash during the period** | **3131641** | **—** |
|  **Cash, beginning of period** | 99311 | 70 |
|  **Cash, end of period** | $**3230952** | $**70** |
|  **Supplemental non-cash disclosures** |  |  |
|  Conversion of convertible notes into equity | $**300000** | $**—** |
|  Shares issued for consulting services | $**1503000** | $**—** |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

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#### NUCLEA ENERGY INC.<br> Notes to the Condensed Consolidated Financial Statements (Unaudited)

#### NOTE 1 — NATURE OF OPERATIONS
Nuclea Energy Inc. (formerly Raise AI Technologies Inc.) (the "Company") was incorporated in the Province of British Columbia, Canada on August 24, 2023. A Certificate of Change of Name was filed on March 13, 2025 with the British Columbia Registrar, changing the name of the Company to Nuclea Energy Inc.

The Company is a Canadian-based advanced nuclear technology company developing the Morpheus Microreactor, a lead-cooled micro-modular reactor currently being designed in North America. As of December 31, 2025, the Company is in the development stage and is focused on engineering design activities, capital markets initiatives, and strategic transactions to support commercialization.

On April 7, 2025, the Company completed a stock split on the basis of 10 post-split common shares for each 1 pre-split common share. All current and comparative information related to the number of common shares, the weighted average number of common shares, loss per share, and stock options has been adjusted retrospectively to reflect this stock split.

Nuclea Energy USA Inc., a wholly owned subsidiary of the Company, was incorporated in the State of Delaware on October 8, 2025. The subsidiary was formed to support the Company's planned regulatory engagement and future commercial activities in the United States.

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
*<u>*<u>Basis of presentation</u>*</u>*

These unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP" or "GAAP") for interim financial information.

In the opinion of management, all adjustments, consisting of normal recurring adjustments and other adjustments considered necessary for a fair presentation of the Company's financial position, results of operations, stockholders' equity, and cash flows for the interim periods presented, have been included.

These unaudited interim consolidated financial statements should be read in conjunction with the Company's audited financial statements for the year ended June 30, 2025. The results of operations for the six months ended December 31, 2025 are not necessarily indicative of the results that may be expected for the full fiscal year ending June 30, 2026 or any future interim period.

The condensed consolidated balance sheet as of June 30, 2025 has been derived from the Company's audited annual financial statements but does not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements.

*<u>*<u>Principles of consolidation</u>*</u>*

The unaudited interim consolidated financial statements include the accounts of Nuclea Energy Inc. and its wholly owned subsidiary, Nuclea Energy USA Inc., in accordance with ASC 810, Consolidation.

Nuclea Energy USA Inc. was incorporated in the State of Delaware on October 8, 2025 and had no assets, liabilities, revenues, or expenses as of and for the six months ended December 31, 2025.

Certain legal formation costs relating to Nuclea Energy USA Inc. were incurred and paid by the parent company. These amounts were included in the parent company's legal and professional fees and were not separately recorded in the subsidiary. Management considers the amount immaterial to the financial statements for the period presented.

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#### NUCLEA ENERGY INC.<br> Notes to the Condensed Consolidated Financial Statements (Unaudited)

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (cont.)
*<u>*<u>Functional and Reporting Currency</u>*</u>*

The functional currency of an entity is the currency of the primary economic environment in which the entity operates. The Company's functional currency is the Canadian dollar ("CAD") as it was incorporated in and primarily operates in Canada. The determination of functional currency was made in accordance with Accounting Standards Codification ("ASC") 830, *Foreign Currency Matters*, issued by the Financial Accounting Standards Board ("FASB").

The Company's reporting currency is the U.S. dollar ("USD"). For the purpose of presenting the financial statements in USD, the assets and liabilities of the Company's CAD operations are translated at the exchange rate prevailing at the reporting date. Revenues and expenses are translated at average exchange rates for the reporting period. Resulting translation adjustments are included in other comprehensive income (loss) as a separate component of stockholders' equity under "cumulative translation adjustment".

Share capital and additional paid-in capital are translated at historical exchange rates in effect at the dates of the underlying transactions.

All values presented are in USD unless otherwise denoted.

For the six months ended December 31, 2025, the Company used the following exchange rates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CAD to USD rate at June 30, 2025: 0.7330

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CAD to USD rate at December 31, 2025: 0.7296

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CAD to USD average rate July 1, 2025 to December 31, 2025: 0.7217

*<u>*<u>Use of Estimates</u>*</u>*

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions are used for stock-based compensation, presented as consulting fees as of December 31, 2025. Actual results could differ from those estimates, and such difference may be material to the financial statements.

*<u>*<u>Cash</u>*</u>*

The Company considers cash to include currency on hand and other kinds of accounts that have the general characteristics of demand deposits in that the Company may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. The Company had no cash equivalents as of December 31, 2025 and June 30, 2025.

Canadian bank deposits are insured by the Canada Deposit Insurance Corporation ("CDIC"), a Crown corporation of the Government of Canada, up to CAD $100,000 per insured category, per member institution.

As of December 31, 2025, substantially all of the Company's cash was held in one Canadian financial institution. The Company's cash balances exceeded insured limits as of December 31, 2025 and June 30, 2025. As of December 31, 2025, based on the Company's total cash balance of CAD $4,428,388, the amount in excess of insured limits was CAD $4,328,388 (USD $3,157,992). The Company has not experienced any losses on its cash balances and management believes the related credit risk to be low.

As of December 31, 2025, $2,879,119 of the Company's cash was denominated in U.S. dollars. As a result, the Company is exposed to foreign currency risk arising from its U.S. dollar-denominated cash balances.

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#### NUCLEA ENERGY INC.<br> Notes to the Condensed Consolidated Financial Statements (Unaudited)

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (cont.)
*<u>*<u>Concentrations of Credit Risk</u>*</u>*

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash. The Company limits its exposure to credit loss by placing its cash with high-credit-quality financial institutions.

*<u>*<u>Intangible Assets</u>*</u>*

Intangible assets are recognized and measured in accordance with ASC 350, *Intangibles — Goodwill and Other*. Intangible assets acquired by the Company are initially recorded at cost. Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Intangible assets determined to have indefinite useful lives are not amortized but are assessed for impairment at least annually, or more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired.

To the extent valuation inputs are required in connection with the initial recognition or subsequent measurement of an intangible asset, the Company applies the fair value framework under ASC 820, *Fair Value Measurement*.

As of December 31, 2025, management had not identified any indicators of impairment related to this asset.

*<u>*<u>Equipment</u>*</u>*

Equipment is stated at historical cost less accumulated depreciation. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in the statement of loss and comprehensive loss. Property and equipment are capitalized at cost when acquired and depreciated over their estimated useful lives. The Company has not established a minimum capitalization threshold; all tangible assets expected to provide benefit for more than one year are capitalized. Repairs and maintenance are expensed as incurred. Depreciation is charged over the estimated useful lives using the declining balance method as follows:

---

| | | |
|:---|:---|:---|
|  Computer equipment | 55 | % |

---

*<u>*<u>Convertible Notes</u>*</u>*

For convertible notes for which the fair value option is not elected, the Company evaluates the convertible notes for embedded features and bifurcates these features (such as conversion options and redemption options) from their host instruments and accounts for them as free standing derivative financial instruments if certain criteria are met. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument.

The Company accounted for a convertible note (see Note 14), under the fair value option in accordance with ASC 825. The fair value option was elected at initial recognition and applies to the entire instrument. Accordingly, the convertible note is measured at fair value, with changes in fair value recognized in other income (expense), net in the consolidated statements of loss, except for the portion of the change attributable to instrument-specific credit risk, which is recognized in other comprehensive income (loss), if applicable. No loss was attributed to changes in credit risk for the period presented therefore net loss was equal to comprehensive loss. The fair value option election was made to align the accounting for the convertible note with the Company's financial reporting objectives and reduce operational effort to account for embedded features that otherwise would require bifurcation as a separate unit of account. The Company evaluated the embedded conversion feature under ASC 815 and concluded that it does

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#### NUCLEA ENERGY INC.<br> Notes to the Condensed Consolidated Financial Statements (Unaudited)

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (cont.)
not qualify for equity classification under ASC 815-40 due to variable settlement terms, including the "lesser of" conversion price and related provisions. As a result, the features would require liability classification. The fair value option election eliminates the need to separately account for the embedded features.

*<u>Derivative Financial Instruments</u>*

The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations.

For its derivative financial instruments, the Company utilizes the most appropriate valuation model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the consolidated balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within twelve (12) months of the balance sheet date.

*<u>*<u>Basic and diluted loss per Common Share</u>*</u>*

Basic loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period.

Diluted loss per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. For the periods presented, potentially dilutive instruments were excluded from the calculation of diluted loss per share as their effect would have been anti-dilutive.

*<u>*<u>Stock-based</u> <u>Compensation</u>*</u>*

The Company accounts for equity-based transactions with employees and non-employees under the provisions of FASB ASC Topic 718*, Compensation — Stock Compensation* (Topic 718), which establishes that equity-based payments to employees and non-employees are recorded at the grant date the fair value of the equity instruments the entity is obligated to issue when the employees and non-employees have rendered the requisite service and satisfied any other conditions necessary to earn the right to benefit from the instruments. Topic 718 also states that observable market prices of identical or similar equity or liability instruments in active markets are the best evidence of fair value and, if available, should be used as the basis for the measurement for equity and liability instruments awarded in these share-based payment transactions. However, if observable market prices of identical or similar equity or liability instruments are not available, the fair value shall be estimated by using a valuation technique or model that complies with the measurement objective, as described in FASB ASC Topic 718.

The Company has issued both stock options and Common Shares in exchange for services. For certain share-based awards where services are provided over a defined service period, the Company recognizes compensation expense on a straight-line basis over the requisite service period. To the extent services are expected to be received in future periods, the unamortized portion of the fair value is recorded as a prepaid asset and amortized over the service period. If an acceleration event occurs, any remaining unrecognized balance is recognized immediately.

For equity instruments issued for services that are fully vested upon issuance and where the related services have been rendered at or prior to the grant date, the Company recognizes the full fair value as expense on the grant date. No subsequent remeasurement is performed for equity-classified awards.

Stock-based compensation is presented within operating expenses in the condensed consolidated statements of loss and comprehensive loss.

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#### NUCLEA ENERGY INC.<br> Notes to the Condensed Consolidated Financial Statements (Unaudited)

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (cont.)
Share-based compensation awards are measured at grant-date fair value in accordance with ASC 718 and are not subsequently remeasured. As such, these awards are not included in the recurring fair value hierarchy disclosure under ASC 820.

*<u>*<u>Fair Value Measurements</u>*</u>*

ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a three-level fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. In accordance with ASC 820, the Company has categorized the financial assets and liabilities based on the priority of the inputs to the valuation technique as set forth below. If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Level 1* — | Financial instruments whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market which the Company has the ability to access at the measurement date. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Level 2* — | Financial instruments whose values are based on quoted market prices in markets where trading occurs *infrequently* or whose values are based on quoted prices of instruments with similar attributes in active markets. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Level 3* — | Financial instruments whose values are based on prices or valuation techniques that require inputs that are *both* unobservable and significant to the overall fair value measurement. These inputs reflect management's own assumptions about the assumptions a market participant would use in pricing the instrument. |

---

The Company's financial instruments consist of cash, prepaid expenses, sales taxes receivable, accounts payable, and accrued liabilities, are carried at historical cost. As December 31, 2025 and June 30, 2025, the carrying amounts of these instruments approximated their fair values because of the short-term nature of these instruments.

*<u>*<u>Equity Issuance Costs</u>*</u>*

Incremental and directly attributable costs incurred in connection with the issuance of Common Shares are recorded as a reduction of share capital. Such costs are not recognized as expenses in the condensed consolidated Statements of Loss and Comprehensive Loss.

*<u>*<u>Currency Risk</u>*</u>*

Foreign currency exchange rate risk is the risk that the fair value of financial instruments or future cash flows will fluctuate as a result of changes in foreign exchange rates.

The Company's functional currency is the Canadian dollar. However, certain financing transactions and cash balances are denominated in U.S. dollars, while the majority of the Company's operating expenditures and monetary liabilities, including accounts payable and accrued liabilities, are denominated in Canadian dollars. As a result, the Company is exposed to foreign currency risk arising primarily from fluctuations in the CAD to USD exchange rate.

As of December 31, 2025, the Company held significant U.S. dollar-denominated cash balances. Fluctuations in the CAD to USD exchange rate could have an adverse effect on the Company's results. A 10% change in the CAD to USD exchange rate would change net loss and comprehensive loss by approximately $143,900.

The Company does not currently use derivative financial instruments to manage foreign currency risk and does not currently have plans to enter into foreign currency contracts to mitigate this risk, although it may do so in the future.

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#### NUCLEA ENERGY INC.<br> Notes to the Condensed Consolidated Financial Statements (Unaudited)

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (cont.)
*<u>*<u>Segment Reporting</u>*</u>*

ASC 280, Segment Reporting, requires disclosure of operating segments based on the manner in which management allocates resources and assesses performance. An operating segment is a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, and for which discrete financial information is available and regularly reviewed by the chief operating decision maker.

Our Chief Executive Officer ("CEO") is the chief operating decision maker who reviews financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company currently operates in a single reportable operating segment, being the research and development of nuclear technology for clean energy solutions, as the chief operating decision maker reviews financial information on a consolidated basis to allocate resources and assess performance. For the six months ended December 31, 2025 and 2024, the Company operated primarily in one geographical area, Canada.

*<u>*<u>Income Taxes</u>*</u>*

The Company adopted ASC 740, *Income Taxes*, at its inception. Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carryforwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2025, and 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

*<u>*<u>Related Parties</u>*</u>*

The Company accounts for related party transactions in accordance with ASC 850, *Related Party Disclosures*. Related parties include key management personnel, directors, officers, and entities in which such individuals have a significant ownership interest or influence.

The Company identifies related parties based on an evaluation of ownership, management relationships, and other indicators of significant influence. Transactions with related parties are recorded at the amounts agreed upon between the parties.

The Company discloses the nature of related party relationships, a description of transactions, and any outstanding balances, including amounts due to or from related parties, in the accompanying financial statements.

*<u>*<u>Emerging Growth Company</u>*</u>*

The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. As such, the Company is eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in the Company's periodic reports and proxy statements, and exemptions from the requirements of

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#### NUCLEA ENERGY INC.<br> Notes to the Condensed Consolidated Financial Statements (Unaudited)

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (cont.)
holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. If some investors find the securities less attractive as a result, there may be a less active trading market for securities, and the prices of securities may be more volatile.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards (that is, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies). The Company intends to take advantage of the benefits of this extended transition period.

Additionally, the Company is a "smaller reporting company" as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. The Company will remain a smaller reporting company until the last day of the fiscal year in which (1) the market value of the common shares held by non-affiliates equals or exceeds $250 million as of the prior September 30, and (2) the annual revenues equaled or exceeded $100 million during such completed fiscal year or the market value of the common shares held by non- affiliates equals or exceeds $700 million as of the prior September 30.

*<u>*<u>Recently Adopted Accounting Standards</u>*</u>*

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires the Company to disclose significant segment expenses and other segment items for each reportable segment. The standard is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis, and retrospective application is permitted. The Company adopted this guidance effective January 1, 2024 on a prospective basis.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires additional information in the income tax rate reconciliation and income taxes paid disclosures, including disaggregation by federal, state, and foreign taxes, with further disaggregation for significant individual jurisdictions. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company adopted ASU 2023-09 for the year ended June 30, 2026, and will apply the new disclosure requirements prospectively to the current annual period.

*<u>*<u>New Accounting Pronouncements Issued and Not Yet Adopted</u>*</u>*

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Topic 220), which requires enhanced disclosures regarding the nature and composition of certain expense categories presented in the statement of loss and comprehensive loss. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its financial statement disclosures.

The Company does not believe that any other recently issued but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

#### NOTE 3 — GOING CONCERN
These financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

Pursuant to the requirements of Financial Accounting Standards Board Accounting Standards Codification Topic 205-40, Presentation of Financial Statements — Going Concern, management is required to evaluate whether conditions or events, considered in the aggregate, raise substantial doubt about the Company's ability to continue as

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#### NUCLEA ENERGY INC.<br> Notes to the Condensed Consolidated Financial Statements (Unaudited)

#### NOTE 3 — GOING CONCERN (cont.)
a going concern within one year after the date these financial statements are issued. If substantial doubt is raised, management must also consider whether its plans alleviate that substantial doubt. Management's plans are only considered if it is probable that such plans will be effectively implemented within one year after the date these financial statements are issued and, when implemented, will mitigate the relevant conditions or events.

The Company is in the development stage and has not yet generated revenues from operations. For the six months ended December 31, 2025, the Company reported a net loss of $1,945,868 and had an accumulated deficit of $2,198,532 as of December 31, 2025. The Company's activities have historically been financed primarily through equity issuances and convertible note financings. During the six months ended December 31, 2025, the Company completed financing activities that improved its liquidity position, and as of December 31, 2025, the Company had cash of $3,230,952. However, the Company continues to incur operating cash expenditures to maintain its operations and to support its development-stage activities, regulatory and strategic workstreams, and execution of its business plan.

The Company's ability to continue as a going concern is dependent on its ability to obtain additional financing to support the continuation of its development-stage activities and broader business plan. As of the date of issuance of these financial statements, the Company did not have committed financing arrangements in place.

Accordingly, management concluded that these conditions and events raise substantial doubt about the Company's ability to continue as a going concern within one year after the date these financial statements are issued. Management may pursue additional financing, including through a potential initial public offering, private financing, or other strategic capital alternatives. However, because such plans are dependent on factors outside of the Company's control and no binding financing arrangements were in place as of the date of issuance, management concluded that these plans do not alleviate the substantial doubt about the Company's ability to continue as a going concern.

Accordingly, these financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

#### NOTE 4 — PREPAID EXPENSES
Prepaid expenses consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2025** | **As of <br>June 30, <br>2025** |
|  Options granted for consulting services (Note 8) | $81287 | $111518 |
|  Shares issued for consulting services (Note 8) | 743164 | 380786 |
|  Advance for consulting services in cash (Note 9) |  | 24848 |
|  Retainers | 124390 |  |
|  Office expenses | 1807 | 1057 |
| &nbsp;&nbsp;&nbsp; **Prepaid expenses** | $**950648** | $**518209** |

---

*Retainers*

Retainers represent advance payments made to professional service providers for services to be performed in future periods and are recorded as prepaid assets until the services are rendered.

During the period of six months ended December 31, 2025, the Company paid retainers primarily related to audit services, IPO and capital markets advisory, legal services, and other consulting deposits, which are expensed as the related services are performed.

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#### NUCLEA ENERGY INC.<br> Notes to the Condensed Consolidated Financial Statements (Unaudited)

#### NOTE 5 — INTANGIBLE ASSETS
Intangible assets consist of direct costs associated with trademark application and registration activities.

During the six months ended December 31, 2025, the Company recognized $2,072 of costs incurred in connection with filing and prosecuting the NUCLEA ENERGY trademark application.

These costs relate to obtaining a legal right and have been capitalized in accordance with ASC 350. As of December 31, 2025, the trademark remains in the application stage and registration has not yet been obtained. Accordingly, the Company has not commenced amortization of this asset. Management will continue to evaluate the appropriate classification and useful life of the asset upon completion of the registration process and based on the nature of the legal rights ultimately obtained.

The Company will assess the carrying value of the trademark-related asset for impairment if events or changes in circumstances indicate that the asset may not be recoverable, including but not limited to unsuccessful prosecution, abandonment of the application, or changes in the Company's intended use of the mark.

As of December 31, 2025, management did not identify any indicators of impairment.

#### NOTE 6 — EQUIPMENT
Equipment, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2025** | **As of <br>June 30, <br>2025** |
|  Computer equipment | $1866 | $1580 |
|  Less: accumulated depreciation | (751) | (425) |
| &nbsp;&nbsp;&nbsp; **Equipment, net** | $**1115** | $**1155** |

---

During the six months ended December 31, 2025, the Company purchased additional computer equipment. Depreciation expense for the six months ended December 31, 2025 was $323 (six months ended December 31, 2024 – $Nil).

#### NOTE 7 — ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Accounts payable and accrued liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br>December 31, <br>2025** | **As of <br>June 30, <br>2025** |
|  Accounts payable | $37321 | $4612 |
|  Other accrued liabilities | 22095 | 2895 |
|  Accounts payable and accrued liabilities | $59416 | $7507 |
|  Accounts payable and accrued liabilities – related parties | 35670 | 180694 |
| &nbsp;&nbsp;&nbsp; **Total accounts payable and accrued liabilities** | $**95086** | $**188201** |

---

Accounts payable consist primarily of trade payables related to professional services and operating expenses. Other accrued liabilities consist primarily of year-end accruals for audit fees, consulting fees, technical services, and other professional costs incurred in 2025 for which invoices were received subsequent to December 31, 2025.

Accounts payable and accrued liabilities — related parties consist of unpaid amounts due to directors, officers, and related parties of the Company arising in the ordinary course of management, professional, and advisory arrangements. These balances are non-interest bearing, unsecured, and due on demand.

The decrease in total accounts payable and accrued liabilities from June 30, 2025 to December 31, 2025 primarily reflects the settlement of outstanding balances with service providers and related parties that were accrued at the end of the prior fiscal year.

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#### NUCLEA ENERGY INC.<br> Notes to the Condensed Consolidated Financial Statements (Unaudited)

#### NOTE 8 — SHARE CAPITAL

#### Authorized Share Capital
The Company is authorized to issue an unlimited number of common voting shares without par value ("Common Shares"), with no special rights or restrictions attached.

#### Common Shares Issued
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 24, 2023, the Company issued 30,000,000 Common Shares in connection with its incorporation at a price of CAD $0.000001 per share for gross proceeds of $22 (CAD $30).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On March 11, 2025, the Company repurchased 20,000,000 Common Shares at the original issuance price of CAD $0.000001 for total consideration of $15 (CAD $20) from former Directors who left the Company. The repurchased shares were retired and cancelled and the transaction was recorded as a reduction of shareholders' equity in accordance with the Company's accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On March 13, 2025, the Company issued 12,222,220 Common Shares at the original issuance price of CAD $0.000001 for total of $9 (CAD $12).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 7, 2025, the Company completed a stock split based on 10 new post-consolidation common shares for every 1 pre-consolidation common share. All current and comparative references to the number of common shares, weighted average number of common shares, loss per share, and stock options reflect this stock split.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 8, 2025, the Company completed a Founders Round of financing by issuing 622,221 Common Shares at a price of $0.000001 CAD for gross proceeds of $0.50 (CAD $0.62).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 5, 2025, the Company issued 917,556 common shares, with a grant-date fair value of $412,900, to consultants in consideration for consultative and management advisory services related to capital markets, NASDAQ initiatives, and IPO readiness. The consulting arrangements commenced on May 5, 2025 (the "Effective Date") and continue until the earlier of: (i) 24 months from the Effective Date, (ii) the closing of the Company's initial public offering on the NASDAQ or NYSE, or (iii) earlier termination in accordance with the respective consulting agreements. The fair value of the shares issued for consulting services is being recognized as stock-based compensation expense on a straight-line basis over the initial 24-month service period. Upon the successful completion of the IPO, any remaining unrecognized compensation cost associated with these awards will be recognized immediately in earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 10, 2025, the Company completed a Seed Round of financing by issuing 333,330 Common Shares at a price of $0.45 per share for gross proceeds of $150,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 26, 2025, the Company issued 3,340,000 Common Shares to consultants in exchange for advisory and capital markets support services. The shares were measured at fair value based on the most recent arm's-length equity transactions prior to the issuance date, which were completed at $0.45 per share, for an aggregate fair value of $1,503,000. Because the related consulting services are to be performed over a defined service period, the Company recognizes the related consulting expense over the applicable service period. As of December 31, 2025, $1,037,397 had been recognized as consulting fee expense and the unamortized balance remained included in prepaid expenses.

On November 6, 2025, three convertible notes issued in September and October 2025 converted at $1.40 per share into an aggregate of 214,284 Common Shares (Note 14).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On November 7, 2025, the Company completed an equity financing and issued 2,853,008 Common Shares for cash at $1.40 per share for gross proceeds of $3,994,211. Incremental and directly attributable share issuance costs of $147,000, consisting primarily of brokerage commissions and legal fees, were recorded as a reduction of share capital.

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#### NUCLEA ENERGY INC.<br> Notes to the Condensed Consolidated Financial Statements (Unaudited)

#### NOTE 8 — SHARE CAPITAL (cont.)

#### Share-based compensation included in consulting fees
In accordance with ASC 718, the Company measures equity instruments issued for services at fair value on the grant date. Where the related consulting arrangements require ongoing services over a defined service period, the Company records the unamortized portion of the grant-date fair value as a prepaid asset and recognizes the related expense over the service period.

During the six months ended December 31, 2025, the Company recognized total consulting fee expense of $1,170,853 related to equity instruments issued for consulting and advisory services.

This amount consisted of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1,037,397 related to the amortization of the grant-date fair value of 3,340,000 Common Shares issued to consultants on August 26, 2025, recognized over the applicable service period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $133,456 related to amortization of prepaid share-based compensation associated with stock options and Common Shares granted on May 5, 2025, which was recognized as expense during the period with a corresponding reduction of prepaid expenses.

Although the full fair value of $1,503,000 associated with the August 26, 2025 Common Share issuance was recorded as an increase to share capital, only the portion attributable to services rendered through December 31, 2025 has been recognized as consulting fee expense. The remaining unamortized balance has been recorded as prepaid expenses and will be recognized over the remainder of the service period.

The $133,456 amortization recognized during the six months ended December 31, 2025 consisted of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $30,231 related to stock options granted for consulting services, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $103,225 related to Common Shares issued for consulting services.

The unamortized portion of these prior-year consulting arrangements remains included in prepaid expenses as of December 31, 2025. See Note 4.

#### Share Options
<u><u>Common Share Options</u></u>

During the year ended June 30, 2025, the Company granted 355,555 stock options to a consultant in connection with advisory services. The Board of Directors reviewed and approved the specific terms of the option grant. The stock option plan under which these grants were made has not yet been formally finalized. However, each award was approved by the Board with defined terms and conditions. Management believes that the absence of a formally adopted plan does not impact the accounting for the awards under ASC 718.

Compensation expense for share-based payment awards has been recognized in accordance with ASC 718, based on the grant-date fair value of the awards and the approved terms and conditions.

The options vested immediately upon grant and are exercisable immediately; however, the related compensation cost is recognized over the applicable service period, as the options were granted in exchange for services to be provided over time under the related consulting arrangement.

During the six months ended December 31, 2025, the Company recognized $30,231 of amortization related to the May 5, 2025 option grant, with the offset recorded as a reduction of prepaid expenses.

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#### NUCLEA ENERGY INC.<br> Notes to the Condensed Consolidated Financial Statements (Unaudited)

#### NOTE 8 — SHARE CAPITAL (cont.)
During the year ended June 30, 2025, the fair value of the options granted was estimated on the grant date using the Black-Scholes option-pricing model. The fair value was measured at the grant date of May 5, 2025. Accordingly, the valuation assumptions are based on conditions existing as of that date.

Common share option activity is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Options** | **Weighted<br>Average<br>Exercise<br>Price** | **Weighted<br>Average<br>Remaining<br>Contractual<br>Life (Years)** |
|  **Balance, June 30, 2024** | **—** | $**—** | **—** |
|  Granted | 355555 | 0.45 | 2.85 |
|  Exercised |  |  |  |
|  Cancelled |  | **—** | **—** |
|  **Balance, June 30, 2025** | **355555** | $**0.45** | **2.85** |
|  **Options exercisable, June 30, 2025** | **355555** | $**0.45** | **2.85** |
|  Granted |  |  |  |
|  Exercised |  |  |  |
|  Cancelled |  |  |  |
|  **Balance, December 31, 2025** | **355555** | $**0.45** | **2.35** |
|  **Options exercisable, December 31, 2025** | **355555** | $**0.45** | **2.35** |

---

A summary of the Common Share options outstanding at December 31, 2025, is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  **Options<br>Outstanding** | **Options<br>Exercisable** | **Exercise <br>Price** | **Expiry <br>Date** |
| 355555 | 355555 | $0.45 | May 5, 2028 |

---

#### NOTE 9 — RELATED PARTY TRANSACTIONS AND BALANCES
Related parties include directors, officers, key management personnel, significant shareholders, and entities controlled by, or subject to significant influence by, such individuals. Key management personnel are those persons having authority and responsibility for planning, directing, and controlling the activities of the Company, directly or indirectly.

The related party transactions during the period primarily relate to management, consulting, professional, and advisory services provided by directors, officers, founders, and related entities in support of the Company's operational, strategic, capital markets, and corporate development activities.

Management fees relate primarily to executive and management services provided by key management personnel. Professional fees relate primarily to consulting, advisory, and strategic support services provided by related parties.

As of December 31, 2025 and June 30, 2025, amounts of $35,670 and $180,694, respectively, were owing to directors, officers, and related parties of the Company and have been included in accounts payable and accrued liabilities. These balances are non-interest bearing, unsecured, and due on demand. The decrease from June 30, 2025 to December 31, 2025 primarily reflects the partial settlement of balances outstanding at the end of the prior fiscal year. The remaining balance as of December 31, 2025 relates to unpaid amounts arising in the ordinary course of management, professional, and advisory arrangements.

The Company considers that transactions with related parties are carried out on terms consistent with those that would be entered into with independent third parties, having regard to the nature of the services provided.

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#### NUCLEA ENERGY INC.<br> Notes to the Condensed Consolidated Financial Statements (Unaudited)

#### NOTE 9 — RELATED PARTY TRANSACTIONS AND BALANCES (cont.)
During the six months ended December 31, 2025 and 2024, the Company incurred the following transactions with related parties:

---

| | | |
|:---|:---|:---|
|  | **For the <br>six months <br>ended <br>December 31, <br>2025** | **For the <br>six months <br>ended <br>December 31, <br>2024** |
|  Management fees | $63787 | $45631 |
|  Professional fees | 43661 | 38026 |
| &nbsp;&nbsp;&nbsp; **Total related party transactions** | $**107448** | $**83657** |

---

#### NOTE 10 — CAPITAL DISCLOSURE AND MANAGEMENT
The Company defines its capital as all components of stockholders' equity. The Company's objective when managing capital is to maintain sufficient financial flexibility to continue as a going concern, to fund ongoing research and development activities, and to support its capital markets initiatives, including a potential public offering.

The Company manages its capital structure through the issuance of common shares and other equity instruments, including share-based compensation arrangements. During the six months ended December 31, 2025, the Company strengthened its capital base through the completion of an equity financing that generated gross proceeds of $3,994,211, as well as through the conversion of $300,000 of non-interest-bearing convertible notes into common shares.

The Company monitors its capital resources primarily through cash flow forecasting and liquidity analysis. The Company does not utilize formal quantitative capital management ratios and is not subject to externally imposed capital requirements.

#### NOTE 11 — LIQUIDITY RISK
Liquidity risk is the risk that the Company will not be able to meet its financial obligations associated with financial liabilities. The Company is in the development stage and has not yet generated revenues from operations.

As of December 31, 2025, the Company had cash of $3,230,952 and current liabilities consisting primarily of accounts payable and accrued liabilities, including related party balances. The Company's liquidity position improved during the six months ended December 31, 2025 as a result of completed financing activities. However, the Company continues to incur operating cash expenditures to support its development-stage activities, regulatory and strategic workstreams, and execution of its business plan.

The Company manages its liquidity risk by preparing cash flow forecasts, monitoring actual and projected cash requirements, and reviewing the timing and nature of operating, investing, and financing activities. Management and the Board of Directors are actively involved in the review, planning, and approval of significant expenditures and commitments.

The Company's ability to continue funding its operations and development activities is dependent on its available cash resources and its ability to obtain additional financing. As of the date of issuance of these financial statements, the Company did not have committed financing arrangements in place. Accordingly, management considered these matters in its going concern assessment. Refer to Note 3 - Going Concern.

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#### NUCLEA ENERGY INC.<br> Notes to the Condensed Consolidated Financial Statements (Unaudited)

#### NOTE 11 — LIQUIDITY RISK (cont.)
Contractual undiscounted cash flow requirements for financial liabilities as of December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **≤1 Year** | **>1 Year** | **Total** |
|  Accounts payable and accrued liabilities | $95086 | $— | $95086 |
|  | $95086 | $— | $95086 |

---

Contractual undiscounted cash flow requirements for financial liabilities as of June 30, 2025, are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **≤1 Year** | **>1 Year** | **Total** |
|  Accounts payable and accrued liabilities | $188201 | $— | $188201 |
|  | $188201 | $— | $188201 |

---

#### NOTE 12 — NET LOSS PER SHARE
Net loss per common share has been computed on the basis of the weighted-average number of common shares outstanding during the six months ended December 31, 2025 and December 31, 2024. Since the Company was in a loss position for both periods presented, basic and diluted net loss per share are the same.

The following table sets forth the computation of (loss) earnings per share:

---

| | | |
|:---|:---|:---|
|  | **For the <br>six months <br>ended <br>December 31, <br>2025** | **For the <br>six months <br>ended <br>December 31, <br>2024** |
|  **Numerator** |  |  |
| &nbsp;&nbsp;&nbsp; Net loss – basic and diluted | $(1945868) | $(83657) |
|  **Denominator** |  |  |
| &nbsp;&nbsp;&nbsp; Weighted average shares used to compute net loss per share, basic and <br>diluted | 27352329 | 30000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net loss per share – basic and diluted** | $**(0.071)** | $**(0.003)** |

---

The following potentially dilutive securities were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented.

---

| | | |
|:---|:---|:---|
|  | **For the <br>six months <br>ended <br>December 31, <br>2025** | **For the <br>six months <br>ended <br>December 31, <br>2024** |
|  Common Share options | 355555 |  |
| &nbsp;&nbsp;&nbsp; **Total anti-dilutive options** | **355555** | **—** |

---

#### NOTE 13 — COMMITMENTS AND CONTINGENCIES
The Company is engaged in the normal course of business in arrangements with service providers, including consulting, legal, and advisory agreements, which may include ongoing service commitments.

During the six months ended December 31, 2025, the Company entered into an exclusivity agreement, dated December 17, 2025, to acquire certain assets of Moltex Energy Limited (in administration) for a purchase price of £6,183,793 (equivalent to CAD $11,500,000) (the "Moltex Acquisition"). In consideration for the exclusivity rights, the Company paid a non-refundable exclusivity fee of £268,861 (equivalent to CAD $500,000).

[**Table of Contents**](#TOC001)

#### NUCLEA ENERGY INC.<br> Notes to the Condensed Consolidated Financial Statements (Unaudited)

#### NOTE 13 — COMMITMENTS AND CONTINGENCIES (cont.)
Under the terms of the agreement, Moltex Energy Limited (acting through its joint administrators) agreed to cease all third-party negotiations and to negotiate exclusively with the Company. The Company committed to use reasonable endeavors to complete due diligence and to finalize a definitive agreement prior to the expiry of the exclusivity period. The Company may also be required to provide additional funding to support the business and assets during the exclusivity period, if requested by the joint administrators.

During the six months ended December 31, 2025, the Company recognized $363,608 (CAD $500,000) of strategic transaction costs related primarily to the non-refundable exclusivity fee and related advisory and legal costs incurred in connection with this contemplated transaction. As no definitive sale and purchase agreement had been executed as of December 31, 2025 and no identifiable intangible asset had been acquired or controlled by the Company as of that date, such amounts were expensed as incurred.

In December 2025, the Company entered into a research collaboration agreement with Ontario Tech University with a total contractual value of CAD 42,000. Under the terms of the agreement, CAD 21,000 was payable upon execution of the agreement and the remaining CAD 21,000 is payable upon completion of the project.

As of December 31, 2025, CAD 21,000 (USD equivalent) had been accrued in accounts payable and accrued liabilities, and the remaining CAD 21,000 represents a contractual commitment of the Company.

The Company is not currently subject to any material legal proceedings, claims, or contingencies that, in the opinion of management, would require recognition or disclosure under U.S. GAAP.

#### NOTE 14 — CONVERTIBLE DEBT
On September 29, 2025 and October 2, 2025, the Company issued two unsecured convertible promissory notes in the principal amount of $100,000 per note, bearing no interest. The notes convert automatically into common shares of the Company upon the closing of a Qualified Financing at a fixed price of $1.40 per share. Notwithstanding the foregoing, if the Company raises aggregate proceeds of $3,000,000 or more through a Qualified Financing within 90 days of the note date, the Company is required to repay the outstanding principal in full in lieu of conversion. The Company has assessed the convertible notes under ASC Topic 815, Subtopic 815-15, and has identified the conversion option and the contingent mandatory repayment provision as potential embedded features requiring evaluation. The conversion feature was evaluated under ASC 815-40, and it was determined that it met equity classification. The mandatory repayment provision was further determined to be clearly and closely related to the debt host and does not require separate recognition. Accordingly, the convertible notes are recorded as a debt obligation at its face value of $100,000, with no separately recognised embedded derivative.

On September 30, 2025, the Company issued an unsecured convertible promissory note in the principal amount of US$100,000 (the "Third Note"), bearing no interest. The Third Note converts automatically into common shares of the Company upon the closing of a Qualified Financing at a price per share equal to the lesser of (i) US$1.40 or (ii) the per-share price paid by cash investors in the Qualified Financing. In addition, if the Qualified Financing includes price-based anti-dilution protection or warrant coverage for cash investors, the holder of the Third Note is entitled to receive equivalent protection or warrant coverage on the same terms. Notwithstanding the foregoing, if the Company raises aggregate proceeds of US$3,000,000 or more through a Qualified Financing within 90 days of the note date, the Company is required to repay the outstanding principal in full in lieu of conversion. The Company evaluated the embedded features, under ASC 815, and concluded that they do not qualify for equity classification under ASC 815-40 due to variable settlement terms, including the "lesser of" conversion price and anti-dilution and warrant coverage provisions. As a result, the features would require liability classification. The Company elected to account for the Third Note at fair value under the allowable fair value option election, as the fair value option election eliminates the need to separately account for the embedded features. As such, the Company initially recognized the Third Note at its fair value and will subsequently measure the note at fair value with changes in fair value recorded in current period earnings.

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#### NUCLEA ENERGY INC.<br> Notes to the Condensed Consolidated Financial Statements (Unaudited)

#### NOTE 14 — CONVERTIBLE DEBT (cont.)
The third convertible note was classified within Level 3 of the fair value hierarchy at the initial measurement date, due to the use of unobservable inputs. The key inputs into the closed form model used, were as follows at issuance.

---

| | |
|:---|:---|
|  | **September 28, <br>2025 <br>(issuance)** |
|  Risk-free interest rate | 4.15% |
|  Expected term (years) | 0.1 |
|  Stock price | $1.40 |
|  Volatility | 40% |
|  Discount rate | 25% |
|  Probability of qualified financing | 100% |

---

On issuance the Third Note, it was valued at $103,000 and on conversion, November 6, 2025, the fair value of the note was $100,000. The change in fair value had no financial impact on the Consolidated Statement of Loss for the six months ended December 31, 2025. Upon conversion, the carrying amount of the notes were reclassified from liabilities to equity.

#### NOTE 15 — SUBSEQUENT EVENTS
The Company evaluated subsequent events through April 10, 2026, the date these financial statements were available to be issued, in accordance with ASC 855, *Subsequent Events*.

*<u>*<u>Proposed Moltex Transaction</u>*</u>*

As of December 31, 2025, the Company had not completed the contemplated acquisition of certain assets of Moltex Energy Ltd., and no definitive sale and purchase agreement had been executed.

Subsequent to December 31, 2025, the Company continued its due diligence review and negotiations in respect of the contemplated transaction. On March 31, 2026, the Company entered into an extension agreement in respect of the exclusivity arrangements originally granted under the December 17, 2025 exclusivity agreement. The extension provided for continuation of the exclusivity period to May 8, 2026 and for a non-refundable extension fee of approximately GBP 110,000, which was paid on March 31, 2026.

As of the date these financial statements were available to be issued, no definitive sale and purchase agreement had been executed, and the contemplated transaction had not been completed. The final structure, timing, accounting treatment, and completion of the contemplated transaction remain subject to ongoing negotiations, regulatory review, and execution of definitive agreements. Management's preliminary conclusion that the contemplated transaction would not constitute the acquisition of a business remains subject to change based on the final transaction structure and the assets and obligations, if any, ultimately acquired.

As of the date these financial statements were available to be issued, management had not recognized any liability in respect of possible future funding obligations under the exclusivity extension arrangements, as no such obligation had been triggered or become probable and estimable.

No adjustment has been recorded in the accompanying financial statements in respect of these post-period developments.

*<u>*<u>Shares Issued to Consultants — January 2026</u>*</u>*

On January 26, 2026, the Company issued 3,250,000 Common Shares to consultants in connection with advisory and capital markets support services. The shares were issued at a fair value of $1.40 per share, consistent with the most recent arm's-length private placement transaction completed in November 2025. The aggregate fair value of the shares issued was approximately $4,550,000.

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#### NUCLEA ENERGY INC.<br> Notes to the Condensed Consolidated Financial Statements (Unaudited)

#### NOTE 15 — SUBSEQUENT EVENTS (cont.)
As the issuance occurred after December 31, 2025, no amounts related to these shares have been recognized in the accompanying financial statements.

The issuance increased the number of issued and outstanding Common Shares and, upon recognition, would increase share capital and stockholders' equity. Because the shares were issued as non-cash consideration for services, the transaction did not provide cash proceeds to the Company and therefore did not improve the Company's liquidity position.

*<u>*<u>Lease Agreement — January 2026</u>*</u>*

On January 19, 2026, the Company entered into a binding agreement to lease industrial and office premises located at 2425 Skymark Avenue, Mississauga, Ontario. The leased premises comprise approximately 5,166 rentable square feet and are intended to support the Company's research, development, testing, fabrication, and related office and engineering activities.

The lease term is three years, commencing on March 1, 2026 and expiring on February 28, 2029. Annual base rent is payable at rates ranging from $17.50 to $18.84 per square foot over the term, plus additional rent, utilities, and applicable taxes. The agreement also provides for a three-month basic rent-free period at the beginning of the term, during which the Company remains responsible for additional rent and other amounts payable under the lease.

In connection with the lease, the Company is required to provide a security deposit of $13,633 and prepaid rent of $27,266 in accordance with the lease terms. As the lease was entered into after December 31, 2025, no amounts related to this arrangement have been recognized in the accompanying financial statements. The Company will assess the accounting impact of this lease, including recognition under ASC 842, in the period commencing after the lease start date.

*<u>*<u>Ontario Tech Agreement</u>*</u>*

In January 2026, the Company received an invoice for CAD 21,000 representing the first installment due under the Ontario Tech University research collaboration agreement described in Note 13. The Company paid this amount on January 20, 2026. As this obligation arose upon execution of the agreement in December 2025, the related amount had been accrued in accounts payable and accrued liabilities as of December 31, 2025.

*<u>*<u>Nuclea Energy Canada Inc.</u>*</u>*

On February 12, 2026, the Company incorporated a wholly owned subsidiary in British Columbia under the name 1577533 B.C. LTD. On February 26, 2026, the subsidiary changed its name to Nuclea Energy Canada Inc. As the subsidiary was incorporated after December 31, 2025, no amounts related to this entity have been recognized in the accompanying financial statements.

Management has determined that no other material subsequent events occurred that require adjustment to or disclosure in these financial statements.

*<u>*<u>Regulatory Engagement Plan</u>*</u>*

In January 2026, the Company entered into a consulting arrangement with NUMARK Associates, Inc. to support the preparation of a Regulatory Engagement Plan ("REP") for the Company's engagement with the U.S. Nuclear Regulatory Commission in respect of its Morpheus microreactor design. The consulting arrangement was executed on January 22, 2026 and provides for fixed-fee services of $59,375. The REP is intended to support the Company's anticipated pre-application regulatory activities with the NRC. As this arrangement was entered into after December 31, 2025, no amounts related to this engagement have been recognized in the accompanying financial statements.

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#### 5,555,556 Common Shares

#### NUCLEA ENERGY INC.

#### ____________________________

#### PROSPECTUS

#### ____________________________

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| | |
|:---|:---|
|  **Joseph Gunnar & Co., LLC** | **Yorkville Securities** |
|  *Sole Book*-Runner | *Co*-Manager |

---

#### [ ] , 2026
**No dealer, salesperson or any other person is authorized to give any information or make any representations in connection with this Offering other than those contained in this prospectus and, if given or made, the information or representations must not be relied upon as having been authorized by us. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any security other than the securities offered by this prospectus, or an offer to sell or a solicitation of an offer to buy any securities by anyone in any jurisdiction in which the offer or solicitation is not authorized or is unlawful.**

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[RESALE PROSPECTUS ALTERNATE PAGE]

**The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.**

#### PRELIMINARY PROSPECTUS — SUBJECT TO COMPLETION, DATED APRIL 29 , 2026

#### 2,817,294 Common Shares

#### NUCLEA ENERGY INC.
This prospectus relates to 2,817,294 Common Shares that may be sold from time to time by the Selling Shareholders named in this prospectus.

Currently, there is no public market for our Common Shares. We intend to apply to list our Common Shares on the NYSE under the symbol "NCLA" in connection with an initial public offering of our Common Shares. We believe that upon the completion of the initial public offering, we will meet the standards for listing, and the closing of the initial public offering is contingent upon such listing. Since there is currently no public market established for our Common Shares, the Selling Shareholders will sell at the price at which we sell shares in our initial public offering pursuant to the registration statement of which this prospectus forms a part, which is expected to be between $8.00 and $10.00 per share. Once, and if, our Common Shares are listed on the NYSE and there is an established market for our Common Shares, the Selling Shareholders may sell their shares from time to time at the market price prevailing on the NYSE at the time of offer and sale, or at prices related to such prevailing market prices or in negotiated transactions or a combination of such methods of sale directly or through brokers. See "*Plan of Distribution*" for a more complete description of the ways in which the Common Shares may be sold. We will not receive any proceeds from the sales of outstanding Common Shares by the Selling Shareholders.

As of the date of this prospectus, each of Mr. Sagar Sanghera, our President and Chairman of the Board, and Mr. Vinayak Ashok Gunda, beneficially owns an aggregate of approximately 29.6% of our Common Shares and each is expected to own approximately 25.4% our Common Shares upon the completion of this offering assuming no exercise of the Underwriter's over-allotment option. Due to his ownership of a material percentage of our outstanding Common Shares, Mr. Sanghera and/or Mr. Gunda could have significant influence in determining the outcome of any corporate transaction or other matter submitted to the shareholders for approval, including mergers, consolidations, the appointment of directors and other significant corporate actions. In addition, if Mr. Sanghera and Mr. Gunda act together, they will control the management and affairs of the company and most matters requiring shareholder approval, including the election of directors and approval of significant corporate transactions.

**Investing in the Shares involves risks. See section titled "Risk Factors" of this prospectus.**

We are both an "emerging growth company" and a "foreign private issuer" under applicable U.S. Securities and Exchange Commission rules and will be eligible for reduced public company disclosure requirements. See section titled "*Prospectus Summary — Implications of Being an 'Emerging Growth Company' and a 'Foreign Private Issuer'*" of the Primary Offering Prospectus for additional information.

**Investing in our Common Shares involves a high degree of risk. Before buying any shares, you should carefully read the discussion of the material risks of investing in our Common Shares under the heading "Risk Factors" beginning on page 16 of the Primary Offering Prospectus.**

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**We have not authorized anyone to provide any information or to make any representations other than those contained in this prospectus. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its date.**

The date of this prospectus is , 2026

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#### The Offering

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| | |
|:---|:---|
|  Shares offered by the Selling Shareholders: | <br>This prospectus relates to 2,817,294 Common Shares that may be sold from time to time by the Selling Shareholders named in this prospectus. |
|  Shares outstanding<sup>(1)</sup>: | 39,308,175 Common Shares (or 40,141,508 Common Shares if the underwriters in the initial public offering exercise the over-allotment option in full). |
|  Use of proceeds: | We will not receive any proceeds from the sales of outstanding Common Shares by the Selling Shareholders. |
|  Risk factors: | Investing in our Common Shares involves a high degree of risk. As an investor, you should be able to bear a complete loss of your investment. You should carefully consider the information set forth in the "*Risk Factors*" section beginning on page 16 of the Primary Offering Prospectus. |
|  Trading market and symbol: | We intend to apply to list our Common Shares on the NYSE under the symbol "NCLA." The closing of our initial public offering is contingent upon such listing. |

---

____________

(1) The number of Common Shares outstanding assumes the issuance by us of Common Shares in the initial public offering.

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#### USE OF PROCEEDS
We will not receive any proceeds from the sale of Common Shares by the Selling Shareholders.

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#### SELLING SHAREHOLDERS
The Common Shares being offered by the Selling Shareholders are those restricted shares previously issued to the Selling Shareholders. We are registering the shares in order to permit the Selling Shareholders to offer the shares for resale from time to time. No Selling Shareholder is a broker-dealer or an affiliate of a broker-dealer.

The table below lists the Selling Shareholders and other information regarding the ownership of the Common Shares by each of the Selling Shareholders. The second column lists the number of Common Shares owned by each Selling Shareholder. The third column lists the Common Shares being offered by this prospectus by the Selling Shareholders. The fourth column assumes the sale of all of the Common Shares offered by the Selling Shareholders pursuant to this prospectus. None of the Selling Shareholders has held any position or office, or had any other material relationship, with the Company or any of its predecessors or affiliates.

Certain of the Selling Shareholders acquired their Common Shares on November 7, 2025, in connection with a Company financing round in which it issued 2,853,008 Common Shares at US$1.40 per share for gross proceeds of approximately US$4,000,000 to a number of unaffiliated non-US and US accredited investors.

The Selling Shareholders may sell all, some or none of their shares in this offering. Each Selling Shareholder has executed a lock-up agreement with the Company. See "*Plan of Distribution*." No Selling Shareholder currently owns 5% or more of the outstanding Common Shares.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Name of Selling Shareholder** | **Common Shares<br>Beneficially<br>Owned<br>Prior to this<br>Offering** | **Number of<br>Shares <br>Being<br>Offered** | **Common Shares<br> Beneficially Owned <br>After this Offering** | **Common Shares<br> Beneficially Owned <br>After this Offering** |
|  **Name of Selling Shareholder** | **Common Shares<br>Beneficially<br>Owned<br>Prior to this<br>Offering** | **Number of<br>Shares <br>Being<br>Offered** | **Shares** | **Percent<sup>(1)</sup>** |
|  AAT SERVICES LTD. | 10714 | 10714 | 0 | 0% |
|  ANDROS CAPITAL CORP. | 35721 | 35721 | 0 | 0% |
|  ARSTREND OU | 35714 | 35714 | 0 | 0% |
|  AZINCOURT ENERGY CORP | 35714 | 35714 | 0 | 0% |
|  DARRYL CARDEY | 35714 | 35714 | 0 | 0% |
|  FUNICULAR FUNDS, LP | 214286 | 214286 | 0 | 0% |
|  GB CAPITAL LTD. | 17857 | 17857 | 0 | 0% |
|  MATTHEW HAMILTON | 42857 | 42857 | 0 | 0% |
|  OLEKSANDR HAVRYLOV | 25000 | 25000 | 0 | 0% |
|  HAYWOOD SECURITIES INC. | 299285 | 299285 | 0 | 0% |
|  LAURENS HOUTMAN | 71429 | 71429 | 0 | 0% |
|  JUNEAU EXPLORATION COMPANY | 357143 | 357143 | 0 | 0% |
|  NISHAL KUMAR | 21429 | 21429 | 0 | 0% |
|  DAVID LAZAR | 71429 | 71429 | 0 | 0% |
|  ROMAN LUBAVIN | 71429 | 71429 | 0 | 0% |
|  MGK CONSULTING INC. | 7143 | 7143 | 0 | 0% |
|  TAYLOR MOFFATT | 71429 | 71429 | 0 | 0% |
|  MIKHAIL MUYINGO | 35714 | 35714 | 0 | 0% |
|  JOHN NASH | 714286 | 714286 | 0 | 0% |
|  NORTHSTRIVE COMPANIES INC. | 35714 | 35714 | 0 | 0% |
|  OPTIMA HOLDINGS CORP. | 18000 | 18000 | 0 | 0% |
|  KYLE PERMUT | 71429 | 71429 | 0 | 0% |
|  PMGC CAPITAL LLC | 89286 | 89286 | 0 | 0% |
|  JULIAS QUASHIE | 25000 | 25000 | 0 | 0% |
|  ALAN REYF | 71429 | 71429 | 0 | 0% |
|  RTHT LLC | 35714 | 35714 | 0 | 0% |
|  RUTH CONSULTING UG | 7143 | 7143 | 0 | 0% |
|  S2S TRADING LLC | 71429 | 71429 | 0 | 0% |
|  VENTUM FINANCIAL CORP. | 217857 | 217857 | 0 | 0% |
|  **TOTAL** | **2817294** | **2817294** | **0** | **0%** |

---

____________

(1) Applicable percentage ownership after this offering is based on Common Shares outstanding after the initial public offering. As noted above, for purposes of computing percentage ownership after this offering, we have assumed that all Common Shares offered by the Selling Shareholders will be sold in this offering.

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#### PLAN OF DISTRIBUTION
There is currently no public market established for our Common Shares. The Selling Shareholders will sell at the price at which we sell shares in our initial public offering pursuant to the registration statement of which this prospectus forms a part, which is expected to be between $8.00 and $10.00 per share. Once, and if, our Common Shares are listed on the NYSE and there is an established market for our Common Shares, the Selling Shareholders may sell their shares from time to time at the market price prevailing on the NYSE at the time of offer and sale, or at prices related to such prevailing market prices or in negotiated transactions or a combination of such methods of sale directly or through brokers. A Selling Shareholder may use any one or more of the following methods when selling the Common Shares:

\* ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

\* block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;

\* an exchange distribution in accordance with the rules of the applicable exchange;

\* privately negotiated transactions;

\* settlement of short sales;

\* in transactions through broker-dealers that agree with the Selling Shareholders to sell a specified number of such securities at a stipulated price per security;

\* through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

\* a combination of any such methods of sale; or

\* any other method permitted pursuant to applicable law.

The Selling Shareholders may also sell shares under Rule 144 of the Securities Act, if available, rather than under this prospectus. Each Selling Shareholder shall have the sole and absolute discretion not to accept any purchase offer or make any sale of shares if it deems the purchase price to be unsatisfactory at any particular time.

The Selling Shareholders or their respective pledgees, donees, transferees or other successors in interest, may also sell the shares directly to market makers acting as principals and/or broker-dealers acting as agents for themselves or their customers. Such broker-dealers may receive compensation in the form of discounts, concessions or commissions from the Selling Shareholders and/or the purchasers of shares for whom such broker-dealers may act as agents or to whom they sell as principal or both, which compensation as to a particular broker-dealer might be in excess of customary commissions. Market makers and block purchasers purchasing the shares will do so for their own account and at their own risk. It is possible that a Selling Shareholder will attempt to sell shares in block transactions to market makers or other purchasers at a price per share which may be below the then existing market price. We cannot assure that all or any of the shares offered in this prospectus will be issued to, or sold by, the Selling Shareholders. The Selling Shareholders and any brokers, dealers or agents, upon effecting the sale of any of the shares offered in this prospectus, may be deemed to be "underwriters" as that term is defined under the Securities Act, the Exchange Act and the rules and regulations of such acts. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act.

We are required to pay all fees and expenses incident to the registration of the shares, including fees and disbursements of counsel to the Selling Shareholders, but excluding brokerage commissions or underwriter discounts.

The Selling Shareholders, alternatively, may sell all or any part of the shares offered in this prospectus through an underwriter. The Selling Shareholders have not entered into any agreement with a prospective underwriter and there is no assurance that any such agreement will be entered into.

The Selling Shareholders may pledge their shares to their brokers under the margin provisions of customer agreements. If a Selling Shareholder defaults on a margin loan, the broker may, from time to time, offer and sell the pledged shares. The Selling Shareholders and any other persons participating in the sale or distribution of the shares will be subject to applicable provisions of the Exchange Act, and the rules and regulations under such act, including, without limitation, Regulation M. These provisions may restrict certain activities of, and limit the timing

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of purchases and sales of any of the shares by, the Selling Shareholders or any other such person. In the event that any of the Selling Shareholders are deemed an affiliated purchaser or distribution participant within the meaning of Regulation M, then the Selling Shareholders will not be permitted to engage in short sales of common shares. Furthermore, under Regulation M, persons engaged in a distribution of securities are prohibited from simultaneously engaging in market making and certain other activities with respect to such securities for a specified period of time prior to the commencement of such distributions, subject to specified exceptions or exemptions. In addition, if a short sale is deemed to be a stabilizing activity, then the Selling Shareholders will not be permitted to engage in a short sale of our shares. All of these limitations may affect the marketability of the shares.

If a Selling Shareholder notifies us that it has a material arrangement with a broker-dealer for the resale of the shares, then we would be required to amend the registration statement of which this prospectus is a part, and file a prospectus supplement to describe the agreements between the Selling Shareholder and the broker-dealer.

#### Lock-Up Agreements
*Company Lock*-Up*.* We agreed that for a period of 180 days after the closing of this offering (the "Lock-Up Period") we will not, without the prior written consent of the representative and subject to certain exceptions, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares, whether now owned or hereafter acquired by the Company or with respect to which the Company has or hereafter acquires the power of disposition, except that the Company may grant awards under its equity incentive plan in the ordinary course of business as long as the Company does not file a Form S-8 or other registration statement covering Common Shares underlying the awards or otherwise issues as awards during the Lock-up Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• file or caused to be filed any registration statement with the Securities and Exchange Commission related to the offering of any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complete any offering of debt securities of the Company, other than entering into a line of credit with a traditional bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• file or caused to be filed any registration statement with SEC relating to the offering of any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complete any offering of debt securities, other than entering into a line of credit with a traditional bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our Common Shares, whether any such transaction, including the transactions described in the preceding bullet points, is to be settled by delivery of Common Shares or such other securities, in cash or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any demand for or exercise any right with respect to the registration of any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating to any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares.

*Shareholder Lock*-Up*.* Each of our directors, executive officers and 10%+ shareholders, who hold an aggregate of 22,222,220 Common Shares, is expected, prior to the closing of this Offering, to sign a lock-up agreement for a duration of 180 days. These lock-up agreements will have no leak-out provisions. Holders of between 3% and 10% of our Common Shares, who hold an aggregate of 6,074,459 Common Shares, are expected, prior to the closing of this Offering, to sign lock up agreements, also for a duration of 180 days. The lock-up agreements which are to be signed by these shareholders contain leak-out provisions which are described in the section "*Underwriting — Lock Up Agreements*". Lastly, our Selling Shareholders, who hold an aggregate of 2,817,294 Common Shares, have already signed lock-up agreements as part of their initial subscription. These agreements lock-up their shares for a period of 180 days, with leak-out provisions, as described in the section "*Underwriting — Lock Up Agreements*". In aggregate holders of 31,113,973 of our Common Shares have entered into, or are expected to enter into, lock-up agreements, of which holders of 8,891,753 of our Common Shares have leak-out provisions.

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*Shareholder Lock*-Up *Leak*-Out *Provisions.* Pursuant to such agreements with our 3% to 10% shareholders and with the Selling Shareholders (but not with our officers and directors and 10% shareholders), we have agreed that if during the Lock-Up Period (i) the high bid price per Common Share exceeds $7.50 for ten (10) consecutive trading days, with at least 100,000 Common Shares traded on each such trading day, such shareholder may sell an aggregate of 33% of its Common Shares, subject to a maximum sale on any trading day of 3% of the daily volume; (ii) the high bid price per Common Share exceeds $10.00 for ten (10) consecutive trading days, with at least 300,000 Common Shares traded on each such trading day, such shareholder may sell an aggregate of 66% of its Common Shares, subject to a maximum sale on any trading day of 3% of the daily volume; and (iii) the high bid price per Company Share exceeds $15.00 for ten (10) consecutive trading days, with at least 500,000 Common Shares traded on each such trading day, such shareholder may sell all of its Common Shares, subject to a maximum sale on any trading day of 3% of the daily volume.

These lock-up parties have agreed that for the Lock-Up Period without the prior written consent of the representative and subject to certain exceptions, they will not directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, any of our Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares, whether now owned or hereafter acquired by the shareholder or with respect to which the shareholder has or hereafter acquires the power of disposition, except that the Company may grant awards under its equity incentive plan in the ordinary course of business as long as the Company does not file a Form S-8 or other registration statement covering Common Shares underlying the awards or otherwise issues as awards during the Lock-up Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• file or caused to be filed any registration statement with the Securities and Exchange Commission related to the offering of any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complete any offering of debt securities of the Company, other than entering into a line of credit with a traditional bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares, whether any such transaction, including the transactions described in the preceding bullet points, is to be settled by delivery of Common Shares or such other securities, in cash or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any demand for or exercise any right with respect to the registration of any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating to any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares.

In addition, during the Lock-Up Period, the lock-up parties may not transfer securities subject to their respective lock-up agreements unless permitted to do so under the terms thereof. The lock-up parties may transfer their securities as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transactions relating to lock-up securities acquired in open market transactions after the completion of this offering; provided that no filing under Section 13 or Section 16(a) of the Exchange Act, or other public announcement shall be required or shall be voluntarily made during the Lock-Up Period in connection with subsequent sales of lock-up securities acquired in such open market transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfers of lock-up securities (i) as a bona fide gift, or for bona fide estate planning purposes, (ii) to an immediate family member (as defined below) or to any trust for the direct or indirect benefit of the lock-up party or his or her immediate family member, or (iii) by will or intestacy or to a family member or trust for the benefit of the lock-up party or a family member (for purposes of the lock-up agreement, "family member" means any relationship by blood, marriage or adoption, not more remote than first cousin);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) transfers of lock-up securities to a charity or educational institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the lock-up party, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of lock-up securities to any shareholder, partner or member of, or owner of similar equity interests in, the lock-up party, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if the lock-up party is a corporation, partnership, limited liability company, trust, or other business entity, transfers or distributions of lock-up securities to current or former general or limited partners, managers or members, stockholders, other equityholders or direct or indirect affiliates, including such entities under common control, (within the meaning of Rule 405 under the Securities Act) of the lock-up party or to the estates of any of the foregoing;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the transfer of lock-up securities that occurs by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree, settlement agreement or other court order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any transfer of lock-up securities to the Company pursuant to arrangements under which the Company has the option to repurchase such shares or a right of first refusal with respect to transfers of such shares or in connection with the death, disability or termination of employment or service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the sale by the Company (on behalf of the lock-up party) of up to such number of lock-up securities solely necessary to raise funds to satisfy the Company's income and payroll tax withholding obligations in connection with the vesting, exercise or settlement of restricted stock units held by the lock-up party that are outstanding as of the date of such lock-up agreement; provided that if the lock-up party is required to file a report under Section 16(a) of the Exchange Act during the Lock-Up Period, such lock-up party shall include a statement in any such report to the effect that such transfer was solely pursuant to the circumstances described in this clause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no other Common Shares were sold and that the lock-up party's securities are subject to a lock-up agreement with the Underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by the Board of Directors of the Company and made to all holders of the Company's capital stock involving a Change of Control (as defined in the lock-up agreements); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) transfers of Lock-Up Securities to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (b), (c), (d), (e) and (g) above; provided that in the case of any transfer pursuant to the foregoing clauses (b), (c), (d), (e) and (j), it shall be a condition to any such transfer that (i) the transferee/donee agrees to be bound by the terms of the lock-up agreement (including, without limitation, the restrictions set forth in the preceding sentence) to the same extent as if the transferee/donee were a party thereto; (ii) each party (donor, donee, transferor or transferee) shall not be required by law (including without limitation the disclosure requirements of the Securities Act and the Exchange Act) to make, and will agree to not voluntarily make, any filing or public announcement of the transfer or disposition prior to the expiration of the Lock-Up Period; (iii) in the case of any transfer pursuant to the foregoing clauses (e), (f) or (g), it will be a condition to any such transfer that no public filing, report or announcement will be voluntarily made and if any filing under Section 16(a) of the Exchange Act, or other public filing, report or announcement reporting a reduction in beneficial ownership of shares of lock-up securities in connection with such transfer or distribution will be legally required during the Lock-Up Period, such filing, report or announcement will clearly indicate in the footnotes thereto the nature and conditions of such transfer; and (iv) the lock-up party notifies the Underwriters at least two (2) business days prior to the proposed transfer or disposition.

The foregoing restrictions will not apply to (i) the exercise or vesting of stock options or other equity awards granted pursuant to the Company's equity incentive plans; provided that it will apply to any of the lock-up party's Common Shares issued upon such exercise, (ii) the conversion or exercise of convertible debt or warrants; provided that it will apply to any of the lock-up party's Common Shares issued upon such exercise, or (iii) the establishment of any new plan (a "New Plan") that satisfies all of the requirements of Rule 10b5-1(c)(1)(i)(B) under the Exchange Act; provided that no sales of the lock-up party's securities will be made pursuant to a New Plan prior to the expiration of the Lock-Up Period (as such may have been extended pursuant to the terms of the lock-up agreement), and such New Plan may only be established if no public announcement of the establishment or existence thereof and no filing with the Securities and Exchange Commission or other regulatory authority in respect thereof or transactions thereunder or contemplated thereby, by the lock-up party, the Company or any other person, will be required, and no such announcement or filing is made voluntarily, by the lock-up party, the Company or any other person, prior to the expiration of the Lock-Up Period (as such may have been extended).

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#### LEGAL MATTERS
The validity of the Shares offered by the Selling Shareholders and certain other legal matters as to the laws of the Province of British Columbia and the federal laws of Canada will be passed upon for us by Oakridge Law LLP, our Canadian counsel. Certain other legal matters as to United States Federal and New York State law in connection with this Offering will be passed upon for us by Loeb & Loeb LLP, New York, New York.

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#### 2,817,294 Common Shares

#### TO BE SOLD BY THE SELLING SHAREHOLDERS

#### NUCLEA ENERGY INC.

#### PRELIMINARY PROSPECTUS

#### ________, 2025
Until [\*], 2026 (25 days after the date of this prospectus), all dealers that buy, sell or trade our common shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

------

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#### Part II — Information Not Required in the Prospectus

#### Item 6. Indemnification of Directors and Officers.
Section 160 of the BCBCA authorizes companies to indemnify past and present directors, officers and certain other individuals for the liabilities incurred in connection with their services as such (including costs, expenses and settlement payments) unless such individual did not act honestly and in good faith with a view to the best interests of the company and, in the case of a proceeding other than a civil proceeding, if such individual did not have reasonable grounds for believing his or her conduct was lawful. In the case of a suit by or on behalf of the corporation, a court must approve the indemnification.

Our Articles provide that each director of the registrant shall be (and each officer may be) indemnified out of the assets of the registrant from and against all actions, costs, charges, losses, damages and expenses which they or any of them, shall or may incur or sustain by or by reason of any act done, concurred in or omitted in or about the execution of their duty, or supposed duty, in their respective offices or trust subject to the limitations contained in the *BCBCA*, including where such individual failed to act honestly and in good faith with a view to the best interests of the company.

Our Articles also permit us to purchase and maintain insurance for the benefit of any person who is or was a director, officer, employee or agent of the Company.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

#### Item 7. Recent Sales of Unregistered Securities.
Unless otherwise indicated, all share numbers and per-share prices disclosed in this section are presented on a post-stock-split basis, reflecting the Company's 10-for-1 stock split effected on April 7, 2025.

Set forth below is information regarding Common Shares issued by us during the last three years. None of the below described transactions involved any underwriters, underwriting discounts and commissions or commissions, or any public offering.

The Company was incorporated on August 24, 2023 under the laws of British Columbia, Canada, under the name Raise AI Technologies.

On August 24, 2023, in connection with incorporation, the Company issued 30,000,000 Common Shares at CAD$0.000001 per share for gross proceeds of US$22 (CAD$30) to founders and initial shareholders.

On March 11, 2025, the Company repurchased 20,000,000 Common Shares at the original issuance price of CAD $0.000001 for total consideration of $15 (CAD $20) from former Directors who left the Company. The repurchased shares were retired and cancelled, and the transaction was recorded as a reduction of shareholders' equity in accordance with the Company's accounting policies.

On March 13, 2025, the Company issued 12,222,220 Common Shares at the original issuance price of CAD$0.000001 per share for total proceeds of US$9 (CAD$12).

On April 7, 2025, the Company effected a 10-for-1 stock split of its common shares.

On April 8, 2025, the Company completed a founders financing round and issued 622,221 Common Shares at CAD$0.000001 per share for gross proceeds of approximately US$0.50 (CAD$0.62).

On May 5, 2025, the Company issued 917,556 Common Shares to non-US consultants as consideration for capital markets, NASDAQ initiatives, and IPO readiness services. The grant date fair value of the shares was approximately US$412,900. The consulting arrangements commenced on May 5, 2025 and continue until the earlier of (i) 24 months from the effective date, (ii) the closing of the Company's initial public offering on NASDAQ or NYSE, or (iii) earlier termination pursuant to the consulting agreements to a number of unaffiliated non-US investors.

On May 10, 2025, the Company completed a seed financing round and issued 333,330 Common Shares at US$0.45 per share for gross proceeds of US$150,000.

[**Table of Contents**](#TOC001)

On August 26, 2025, the Company approved the issuance of up to 3,340,000 Common Shares to consultants engaged to provide capital markets advisory services in connection with the Company's IPO preparation.

On September 29, 2025, the Company issued a non-interest bearing convertible note for US$100,000 to an unaffiliated non-US investor, which automatically converted into 71,428 Common Shares on November 6, 2025, immediately prior to the closing of the November 7, 2025 financing.

On September 30, 2025, the Company issued a non-interest bearing convertible note for US$100,000, which automatically converted into 71,428 Common Shares on November 6, 2025.

On October 2, 2025, the Company issued a non-interest bearing convertible note for US$100,000 to an unaffiliated non-US investor, which automatically converted into 71,428 Common Shares at US$1.40 per share on November 6, 2025.

On November 7, 2025, the Company completed a financing round and issued 2,853,008 Common Shares at US$1.40 per share for gross proceeds of approximately US$4,000,000 to a number of unaffiliated non-US and US accredited investors. The net proceeds are intended to be used for general corporate purposes. In connection with any future U.S. listing or initial public offering, the Common Shares sold in this private placement will be subject to contractual transfer restrictions, including an initial six month lock up period following listing, subject to early release provisions tied to specified trading price and volume thresholds.

On January 26, 2026, the Company issued an aggregate of 3,250,000 Common Shares at US$1.40 per share to nine consultants as compensation for their services.

All of the securities described above were issued in transactions exempt from registration under the Securities Act of 1933, as amended. The issuances were made in reliance on Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder, and, where applicable, Regulation S, as transactions not involving a public offering. The securities were issued only to founders, directors, officers, consultants, and accredited investors, for cash consideration or in exchange for services rendered to the Company. No general solicitation or advertising was used in connection with the issuances, and all recipients represented their intent to acquire the securities for investment only and not with a view to distribution.

#### Item 8. Exhibits.
(a) The following documents are filed as part of this registration statement:

1.1 [Form of Underwriting Agreement †](ea027004312ex1-1.htm)

3.1 [Notice of Articles and Articles of the Company, as currently in effect\*\*](http://www.sec.gov/Archives/edgar/data/2101996/000121390026042714/ea027004309ex3-1.htm)

4.1 [Specimen Share Certificate\*\*](http://www.sec.gov/Archives/edgar/data/2101996/000121390026042714/ea027004309ex4-1.htm)

5.1 [Opinion of Oakridge Law LLP as to the validity of the Common Shares†](ea027004312ex5-1.htm)

10.1 [Independent Consulting Agreement, dated as of December 19, 2025, between Nuclea Energy Inc. and Josef Freundorfer\*\*](http://www.sec.gov/Archives/edgar/data/2101996/000121390026042714/ea027004309ex10-1.htm)

10.2 [Consulting Agreement, dated as of December 9, 2025, between Nuclea Energy Inc. and NxtEra Consulting Ltd.\*\*](http://www.sec.gov/Archives/edgar/data/2101996/000121390026042714/ea027004309ex10-2.htm)

10.3 [Amendment to Consulting Agreement, dated as of February 28, 2026, between Nuclea Energy Inc. and NxtEra Consulting Ltd.\*\*](http://www.sec.gov/Archives/edgar/data/2101996/000121390026042714/ea027004309ex10-3.htm)

10.4 [Consulting Agreement, dated as of March 30, 2026, between Nuclea Energy Inc. and Sagar Sanghera\*\*](http://www.sec.gov/Archives/edgar/data/2101996/000121390026042714/ea027004309ex10-4.htm)

10.5 [Consulting Agreement, dated as of February 25, 2026, between Nuclea Energy Inc. and Irydyum Scientific Inc.\*\*](http://www.sec.gov/Archives/edgar/data/2101996/000121390026042714/ea027004309ex10-5.htm)

10.6 [Industry Funded Research Collaboration Agreement, dated December 9, 2025, between University of Ontario Institute of Technology and Nuclea Energy Inc.\*\*](http://www.sec.gov/Archives/edgar/data/2101996/000121390026042714/ea027004309ex10-6.htm)

10.7 [Form of Lock -up agreement with the Company's directors and executive officers and 10% shareholders\*\*](http://www.sec.gov/Archives/edgar/data/2101996/000121390026042714/ea027004309ex10-7.htm)

10.8 [Form of Lock -up agreement with the Company's 3% to 10% shareholders\*\*](http://www.sec.gov/Archives/edgar/data/2101996/000121390026042714/ea027004309ex10-8.htm)

10.9 [Form of Subscription Agreement for Nuclea Energy Inc. November 7, 2025 financing round\*\*](http://www.sec.gov/Archives/edgar/data/2101996/000121390026042714/ea027004309ex10-9.htm)

14.1 [Code of Business Conduct and Ethics\*\*](http://www.sec.gov/Archives/edgar/data/2101996/000121390026042714/ea027004309ex14-1.htm)

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---

| | |
|:---|:---|
| 21.1 | [List of Subsidiaries\*\*](http://www.sec.gov/Archives/edgar/data/2101996/000121390026042714/ea027004309ex21-1.htm) |
| 23.1 | [Consent of Reliant CPA PC†](ea027004312ex23-1.htm) |
| 23.2 | [Consent of Oakridge Law LLP (included in Exhibit 5.1)†](ea027004312ex5-1.htm) |
| 24.1 | [Power of Attorney (included on signature page to the registration statement)†](#T99999) |
| 99.1 | [Charter of the Audit Committee\*\*](http://www.sec.gov/Archives/edgar/data/2101996/000121390026042714/ea027004309ex99-1.htm) |
| 99.2 | [Charter of the Compensation Committee\*\*](http://www.sec.gov/Archives/edgar/data/2101996/000121390026042714/ea027004309ex99-2.htm) |
| 99.3 | [Charter of the Nominating and Corporate Governance Committee\*\*](http://www.sec.gov/Archives/edgar/data/2101996/000121390026042714/ea027004309ex99-3.htm) |
| 99.4 | [Consent of Director Nominee Subhash Paluru\*\*](http://www.sec.gov/Archives/edgar/data/2101996/000121390026042714/ea027004309ex99-4.htm) |
| 99.5 | [Consent of Director Nominee John McVey\*\*](http://www.sec.gov/Archives/edgar/data/2101996/000121390026042714/ea027004309ex99-5.htm) |
| 99.6 | [Consent of Director Nominee Magaly Bianchini\*\*](http://www.sec.gov/Archives/edgar/data/2101996/000121390026042714/ea027004309ex99-6.htm) |
| 99.7 | [Consent of Director Nominee George Kovalyov\*\*](http://www.sec.gov/Archives/edgar/data/2101996/000121390026042714/ea027004309ex99-7.htm) |
| 107 | [Registration Fee Table†](ea027004312ex-fee.htm) |

---

____________

\* To be filed by amendment.

\*\* Previously filed.

† Filed herewith.

(b) Financial Statement Schedules

None.

#### Item 9. Undertakings
The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to provide to the underwriter at the closing specified in the underwriting agreements, certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

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#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Toronto, Ontario, Canada, on April 29, 2026.

---

| | |
|:---|:---|
|  **Nuclea Energy Inc.** | **Nuclea Energy Inc.** |
|  By: | /s/ Josef Freundorfer |
|  Name:  | Josef Freundorfer |
|  Title: | Chief Executive Officer |

---

KNOW ALL BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Sagar Sanghera his or her true and lawful agent, proxy and attorney-in-fact, with full power of substitution and resubstituting, for and in his or her name, place and stead, in any and all capacities, to (1) act on, sign and file with the Securities and Exchange Commission any and all amendments (including post-effective amendments) to this Registration Statement together with all schedules and exhibits thereto and any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, together with all schedules and exhibits thereto, (2) act on, sign and file such certificates, instruments, agreements and other documents as may be necessary or appropriate in connection therewith, (3) act on and file any supplement to any prospectus included in this Registration Statement or any such amendment or any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and (4) take any and all actions which may be necessary or appropriate to be done, as fully for all intents and purposes as he or she might or could do in person, hereby approving, ratifying and confirming all that such agent, proxy and attorney-in-fact or any of his or her substitutes may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  **Name** | **Position** | **Date** |
|  /s/ Josef Freundorfer | Chief Executive Officer | April 29, 2026 |
|  Josef Freundorfer | (Principal executive officer) |  |
|  /s/ Sagar Sanghera | Chairman of the Board of Directors and President | April 29, 2026 |
|  Sagar Sanghera |  |  |
|  /s/ Anna Skowron | Chief Financial Officer | April 29, 2026 |
|  Anna Skowron | (Principal financial and accounting officer) |  |

---

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#### Authorized U.S. Representative
Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Nuclea Energy Inc., has signed this registration statement in New York, on April 29, 2026.

---

| | |
|:---|:---|
|  **Authorized U.S. Representative<br>Cogency Global Inc.**  | **Authorized U.S. Representative<br>Cogency Global Inc.**  |
|  By: | /s/ Colleen A. DeVries |
|  Name:  | Colleen A. DeVries |
|  Title: | Senior Vice-President on behalf of Cogency Global Inc. |

---

## Exhibit 1.1

**Exhibit 1.1**

**NUCLEA ENERGY INC.<br> [__] COMMON SHARES, NO PAR VALUE PER SHARE<br> UNDERWRITING AGREEMENT**

[_______], 2026

Joseph Gunnar & Co., LLC

As the Representative of the several Underwriters listed in <u>Schedule A</u> hereto

c/o Joseph Gunnar & Co., LLC<br> 1000 RXR Plaza<br> Uniondale, New York 11556

Ladies and Gentlemen:

Nuclea Energy Inc., a corporation incorporated under the *Business Corporations Act* (British Columbia) (the "<u>Company</u>"), confirms its agreement with Joseph Gunnar & Co., LLC ("<u>Joseph Gunnar</u>") and each of the other underwriters, if any, named in <u>Schedule A</u> hereto (collectively, the "<u>Underwriters</u>," which term shall also include any underwriter substituted as hereinafter provided in Section 10 hereof), for which Joseph Gunnar acting as representative (in such capacity, the "<u>Representative</u>" and if there are no Underwriters other than Joseph Gunnar, references to multiple Underwriters shall be disregarded and the term Representative as used herein shall have the same meaning as Underwriters), with respect to (i) the sale by the Company and the purchase by the Underwriters, acting severally and not jointly, of the respective numbers of common shares, no par value, of the Company ("<u>Common Shares</u>") as set forth in <u>Schedule A</u> hereto and (ii) the grant by the Company to the Underwriters, acting severally and not jointly, of the option described in Section 2(b) hereof to purchase all or any part of [●] additional Common Shares. The aforesaid [●] Common Shares (the "<u>Firm Shares</u>") to be purchased by the Underwriters and all or any part of the [●] Common Shares subject to the option described in Section 2(b) hereof (the "<u>Option Shares</u>") are herein called, collectively, the "<u>Shares</u>."

The Company understands that the Underwriters propose to make a public offering of the Shares as soon as the Representative deems advisable after this Underwriting Agreement (this "<u>Agreement</u>") has been executed and delivered. The parties shall conduct the offering of Shares in compliance with applicable Canadian Securities Laws, including, in the Province of British Columbia, compliance with Section 4 of BC Instrument 72-503 – *Distribution of Securities outside British Columbia* ("<u>BCI 72-503</u>").

For greater certainty, unless otherwise agreed to in writing by the Company and Joseph Gunnar and unless conducted in compliance with applicable prospectus exemptions under Canadian Securities Laws, the Shares shall be distributed only (i) to purchasers that are not resident in Canada or (ii) on or through the facilities of an exchange or market outside Canada where the Company or the Underwriters have no reason to believe that the purchaser is resident in Canada.

The Company has filed with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") a registration statement on Form F-1 (File No. 333-295006), covering the public offering and sale of the Shares under the Securities Act of 1933, as amended, including the rules and regulations of the SEC promulgated thereunder (collectively, the "<u>Securities Act</u>"). Such registration statement, as of any time, means such registration statement, as amended, on file with the SEC at the time the registration statement became effective (including the preliminary prospectus included in the registration statement, financial statements, schedules, exhibits and all other documents filed as a part thereof or incorporated therein and all information deemed to be a part thereof pursuant to paragraph (b) of Rule 430A of the Securities Act (the "<u>Rule 430A Information</u>")), and is referred to herein as the "<u>Registration Statement</u>." Any registration statement filed pursuant to Rule 462(b) of the Securities Act in connection with the offer and sale of the Shares is herein called the "<u>Rule 462(b) Registration Statement</u>" and, after such filing, the term "<u>Registration Statement</u>" shall include the Rule 462(b) Registration Statement. Each preliminary prospectus used in connection with the offering of the Shares (including any preliminary prospectus that omitted the Rule 430A Information and used after effectiveness and prior to the execution and delivery of this Agreement) are collectively referred to herein as a "<u>preliminary prospectus</u>." The preliminary prospectus, subject to completion, dated [●], 2026, that was included in the Registration Statement immediately prior to the Applicable Time is hereinafter called the "<u>Pricing Prospectus</u>." Promptly after execution and delivery of this Agreement, the Company will prepare and file a final prospectus relating to the Shares in accordance with the provisions of Rule 424(b) under the Securities Act ("<u>Rule 424(b)</u>"). The final prospectus, in the form first furnished or made available to the Underwriters for use in connection with the offering of the Shares, is referred to herein as the "<u>Prospectus</u>." For purposes of this Agreement, all references to the Registration Statement, any preliminary prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the SEC pursuant to its Electronic Data Gathering, Analysis and Retrieval system (or any successor system) ("<u>EDGAR</u>").

As used in this Agreement:

"<u>Applicable Time</u>" means [__:00 [P./A.]M.], New York City time, on [●], 2026 or such other time as agreed by the Company and the Representative.

"<u>Canadian Disclosure Record</u>" means all documents required to be publicly filed by the Company under applicable Canadian Securities Laws and filed on the System for Electronic Document Analysis and Retrieval + (SEDAR+), other than any documents filed on a confidential basis.

"<u>Canadian Securities Regulators</u>" means the securities commissions or other securities regulatory authorities in each of the provinces and territories of Canada.

"<u>Canadian Securities Laws</u>" means securities laws emanating from governmental authorities, including the respective rules and regulations made thereunder together with applicable published national and local instruments, policy statements, notices, blanket rules and orders of the Canadian Securities Regulators.

"<u>Common Share Equivalents</u>" means any securities of the Company or the Subsidiaries (as hereinafter defined) that would entitle the holder thereof to acquire at any time Common Shares, including, without limitation, any debt, preferred shares, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Shares.

"<u>Company Equity Incentive Plan</u>" means any employee benefit plan of the Company in effect on the date hereof.

"<u>Exchange</u>" means NYSE (as hereinafter defined) and any predecessors or successors thereof.

"<u>Issuer Free Writing Prospectus</u>" means any "issuer free writing prospectus," as defined in Rule 433 of the Securities Act ("<u>Rule 433</u>"), including without limitation any "free writing prospectus" (as defined in Rule 405 of the Securities Act ("<u>Rule 405</u>")) relating to the Shares that is (i) required to be filed with the SEC by the Company, (ii) a "road show for an offering that is a written communication" within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with the SEC, or (iii) exempt from filing with the SEC pursuant to Rule 433(d)(5)(i) because it contains a description of the Shares or of the offering that does not reflect the final terms, in each case in the form filed or required to be filed with the SEC or, if not required to be filed, in the form retained in the Company's records pursuant to Rule 433(g).

"<u>Pricing Disclosure Package</u>" means any Issuer Free Writing Prospectuses issued at or prior to the Applicable Time, the Pricing Prospectus and the information included on <u>Schedule B-2</u> hereto, all considered together.

"<u>Testing-the-Waters Communication</u>" means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Securities Act.

"<u>Written Testing-the-Waters Communication</u>" means any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405.

All references in this Agreement to financial statements and schedules and other information which is "contained," "included" or "stated" (or other references of like import) in the Registration Statement, any preliminary prospectus or the Prospectus shall be deemed to include all such financial statements and schedules and other information incorporated or deemed incorporated by reference in the Registration Statement, any preliminary prospectus or the Prospectus, as the case may be, prior to the execution and delivery of this Agreement; and all references in this Agreement to amendments or supplements to the Registration Statement, any preliminary prospectus or the Prospectus shall be deemed to include the filing of any document under, incorporated or deemed to be incorporated by reference in the Registration Statement, such preliminary prospectus or the Prospectus, as the case may be, at or after the execution and delivery of this Agreement.

Section 1. <u>Representations and Warranties by the Company</u>. The Company represents and warrants to each Underwriter as of the date hereof, the Applicable Time, the Closing Time (as defined below) and any Date of Delivery (as defined below), and agrees with each Underwriter, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Registration Statement and Prospectuses</u>. Each of the Registration Statement and any amendment thereto has become effective under the Securities Act. No stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto has been issued by the SEC under the Securities Act, no order preventing or suspending the use of any preliminary prospectus or the Prospectus has been issued by the SEC, and no Legal Actions (as hereinafter defined) for any of those purposes have been instituted by the SEC or are pending or, to the Company's knowledge, contemplated by the SEC. The Company has complied with each request (if any) from the SEC for additional information.

Each of the Registration Statement and any post-effective amendment thereto, at the time of its effectiveness, complied in all material respects with the requirements of the Securities Act. Each preliminary prospectus, the Prospectus and any amendment or supplement thereto, at the time each was filed with the SEC, complied in all material respects with the requirements of the Securities Act. Each preliminary prospectus delivered to the Underwriters for use in connection with the offering and the Prospectus was or will be identical to the electronically transmitted copies thereof filed with the SEC pursuant to EDGAR, except to the extent permitted by Regulation S-T.

The Registration Statement, any preliminary prospectus and the Prospectus, and the filing of the Registration Statement, any preliminary prospectus and the Prospectus with the SEC, have been duly authorized by and on behalf of the Company, and the Registration Statement has been duly executed pursuant to such authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Accurate Disclosure</u>. Neither the Registration Statement nor any amendment thereto, at its effective time, at the Closing Time or at any Date of Delivery, contained, contains or will contain an untrue statement of a material fact or omitted, omits or will omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. As of the Applicable Time, none of (i) the Pricing Disclosure Package, (ii) any individual Issuer Free Writing Prospectus, when considered together with the Pricing Disclosure Package, (iii) any individual Written Testing-the-Waters Communication, when considered together with the Pricing Disclosure Package, or (iv) any filing made or to be made in the Canadian Disclosure Record with respect to the offering of the Shares pursuant to this Agreement included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. Neither the Prospectus nor any amendment or supplement thereto (including any prospectus wrapper), as of its issue date, at the time of any filing with the SEC pursuant to Rule 424(b), at the Closing Time or at any Date of Delivery, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

The representations and warranties in this subsection shall not apply to statements in or omissions from the Registration Statement (or any amendment thereto), the Pricing Disclosure Package or the Prospectus (or any amendment or supplement thereto, including any prospectus wrapper) made in reliance upon and in conformity with written information furnished to the Company by any Underwriter through the Representative expressly for use therein. For purposes of this Agreement, the only information so furnished shall be the names of the Underwriters and the information in the first paragraph under the caption "Discounts, Commissions and Expenses" and the statements under the captions "Passive Market Making," "Price Stabilization, Short Positions and Penalty Bids" and "Electronic Distribution," in each case, contained in the "Underwriting" section of the Prospectus (collectively, the "<u>Underwriter Information</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Issuer Free Writing Prospectuses</u>. No Issuer Free Writing Prospectus conflicts or will conflict with the information contained in the Registration Statement or the Prospectus and any preliminary or other prospectus deemed to be a part thereof that has not been superseded or modified. No filing of any "road show" (as defined in Rule 433(h)) is required in connection with the offering of the Shares. Any Issuer Free Writing Prospectus that the Company is required to file pursuant to Rule 433(d) under the 1933 Act has been, or will be, filed with the Commission in accordance with the requirements of the 1933 Act and the 1933 Act Regulations. Each Issuer Free Writing Prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) under the 1933 Act or that was prepared by or on behalf of or used or referred to by the Company complies or will comply in all material respects with the requirements of the 1933 Act and the 1933 Act Regulations. Except for the Issuer Free Writing Prospectuses, if any, identified in <u>Schedule B-2</u> hereto, and electronic road shows, if any, each furnished to the Representative before first use, the Company has not prepared, used or referred to, and will not, without the prior consent of the Representative, prepare, use or refer to, any Issuer Free Writing Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Testing-the-Waters Materials</u>. The Company (i) has not engaged in any Testing-the-Waters Communication and (ii) has not authorized anyone other than the Representative to engage in Testing-the-Waters Communications. The Company reconfirms that the Representative has been authorized to act on its behalf in undertaking Testing-the-Waters Communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Ineligible Issuer Status</u>. At the time of filing the Registration Statement and any post-effective amendment thereto, at the time of effectiveness of the Registration Statement and any amendment thereto, at the earliest time thereafter that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) of the Securities Act) of the Shares and at the date hereof, the Company was not and is not an "ineligible issuer," as defined in Rule 405, without taking account of any determination by the SEC pursuant to Rule 405 that it is not necessary that the Company be considered an ineligible issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Emerging Growth Company Status.</u> From the time of the initial filing of the Registration Statement with the SEC (or, if earlier, the first date on which the Company engaged directly or through any individual or entity authorized to act on its behalf in any Testing-the-Waters Communication) through the date hereof, the Company has been and is an "emerging growth company," as defined in Section 2(a) of the Securities Act (an "<u>Emerging Growth Company</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Foreign Private Issuer Status</u>. The Company is a "foreign private issuer" within the meaning of Rule 405.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Independent Accountants</u>. Reliant CPA PC (the "<u>Auditor</u>"), the accounting firm that certified the financial statements and supporting schedules of the Company that are included in the Registration Statement, the Pricing Disclosure Package and the Prospectus, is an independent registered public accounting firm as required by the Securities Act, the Securities Exchange Act of 1934, as amended, and including the rules and regulations promulgated thereunder (collectively, the "<u>Exchange Act</u>"), and the Public Company Accounting Oversight Board (United States) (the "<u>PCAOB</u>"). The Auditor has not, during the periods covered by the financial statements included in the Registration Statement, the Pricing Disclosure Package and the Prospectus, provided to the Company any non-audit services, as such term is used in Section 10A(g) of the Exchange Act. No "reportable event" (within the meaning of National Instrument 51-102 - *Continuous Disclosure Obligations* ("<u>NI 51-102</u>")) has occurred with the Auditor with respect to audits of the Company or its predecessors. To the Company's knowledge, the Auditor has not been, and the Auditor is not currently, in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002 (the "<u>Sarbanes-Oxley Act</u>") with respect to the Company. The Auditor is independent in accordance with the auditors' rules of professional conduct of the Chartered Professional Accountants of British Columbia, and is an independent public accountant as required under the Canadian Securities Laws of the Provinces of British Columbia, Alberta, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, and Saskatchewan.<sup>1</sup> There has not been any disagreement (within the meaning of NI 51-102) with the Auditor with respect to the audits of the Company.

<sup>1</sup> Note to Company: Confirm with the auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Disclosure</u>. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under applicable United States securities laws and Canadian Securities Laws during the two (2) years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such materials), on a timely basis or has received a valid extension of such time of filing and has filed any such required materials prior to the expiration of any such extension. As of their respective dates, the materials filed by the Company in the Canadian Disclosure Record complied in all material respects with the requirements of applicable Canadian Securities Laws and, when filed, did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Financial Statements</u>. The financial statements of the Company included in the Registration Statement and the Prospectus, collectively with the related notes and schedules, present fairly, in all material respects, the consolidated financial position of the Company and its Subsidiaries as of the dates indicated, and the consolidated loss and other comprehensive loss, cash flows, and changes in equity of the Company for the periods specified, and have been prepared in compliance with the requirements of the Securities Act, and in conformity with accounting principles generally accepted in the United States of America ("<u>GAAP</u>") established by the PCAOB, applied on a consistent basis during the periods involved; there are no financial statements (historical or pro forma) that are required to be included in the Registration Statement or the Prospectus that are not included as required; the Company and the Subsidiary do not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not described in the Registration Statement (excluding the exhibits thereto) and the Prospectus. The financial data set forth in each of the Registration Statement and the Prospectus under the captions "Prospectus Summary-Selected Financial and Operating Data" and "Capitalization" fairly present the information set forth therein on a basis consistent with that of the audited financial statements contained in the Registration Statement and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>No Material Adverse Change in Business</u>. Except as otherwise stated therein, since the respective dates as of which information is given in the Registration Statement, the Pricing Disclosure Package or the Prospectus, (i) there has not been any material change in the capital of the Company (other than the issuance of Common Shares upon exercise of options and warrants described as outstanding in, and the grant of options and awards under each Company Equity Incentive Plan described in, and the issuance of any Common Shares upon the conversion of Company securities described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, and the repurchase or retirement of Common Shares pursuant to agreements providing for an option to repurchase), any material change in short-term debt or long-term debt of the Company, or any dividend or distribution of any kind declared, set aside for payment, paid or made by the Company on any class of capital of the Company, or any material adverse change, or any development that would reasonably be expected to result in a material adverse change, in or affecting the business, properties, management, financial position, shareholders' equity, or results of operations of the Company, whether or not arising in the ordinary course of business (a "<u>Material Adverse Effect</u>"); (ii) the Company has not entered into any transaction or agreement (whether or not in the ordinary course of business) that is material to the Company or incurred any liability or obligation, direct or contingent, that is material to the Company; (iii) the Company has not sustained any loss or interference with its business that is material to the Company and that is either from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or any action, order or decree of any court or arbitrator or governmental or regulatory authority, except in each case as otherwise disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus; and (iv) there has been no dividend or distribution of any kind declared, paid or made by the Company on any class of capital of the Company; and (v) no officer or director of the Company has resigned from any position with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Litigation</u>. There is no action, claim, suit, investigation, inquiry, notice of violation, arbitration, enforcement, inspection, audit or proceeding (including, without limitation, an informal investigation or partial proceeding, including a deposition) pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, provincial, county, local or foreign) (collectively, a "<u>Legal Action</u>") which (i) adversely affects or challenges the legality, validity or enforceability of this Agreement or the Shares; or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director or officer thereof, is or has been the subject of any Legal Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the SEC involving the Company or any current or former director or officer of the Company. The SEC has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act. None of the Canadian Securities Regulators has issued an order ceasing or suspending trading in any securities of the Company, or to the knowledge of the Company, ceasing or suspending trading by the directors or officers of the Company, or any of them, or prohibiting the trade or distribution of any the securities referred to herein (the "**Cease Trade Order**") or has instituted or, to the Company's knowledge, threatened to institute, any proceedings with respect to such an order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Good Standing of the Company</u>. The Company has been duly organized and is validly existing and in good standing (or the foreign equivalent thereof) under the laws of its jurisdiction of organization, is duly qualified to do business and is in good standing in each jurisdiction in which its ownership or lease of property or the conduct of its business requires such qualification, and has all power and authority necessary to own or hold its properties and to conduct the business in which it is engaged, except where the failure to be so qualified or in good standing or have such power or authority would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and to the Company's knowledge, no Legal Action has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Good Standing of the Company's Subsidiaries</u>. Each subsidiary of the Company (each, a "<u>Subsidiary</u>" and, collectively, the "<u>Subsidiaries</u>") has been duly organized and is validly existing in good standing (or the foreign equivalent thereof) under the laws of the jurisdiction of its incorporation or organization, has corporate or similar power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure to be so qualified or to be in good standing would not result in a Material Adverse Effect, and to the Company's knowledge, no Legal Action has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification. Except as otherwise disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, all of the issued and outstanding capital of each Subsidiary has been duly authorized and validly issued, is fully paid and non-assessable and is owned by the Company, directly or through Subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity. None of the outstanding shares of capital stock of any Subsidiary was issued in violation of the preemptive or similar rights of any securityholder of such Subsidiary. The only Subsidiaries of the Company are the entities listed on Exhibit 21.1 to the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Capitalization</u>. The authorized, issued and outstanding shares of capital of the Company are as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus in the column entitled "Actual" under the caption "Capitalization" (except for subsequent issuances, if any, (i) pursuant to this Agreement, (ii) pursuant to reservations, agreements or employee benefit plans referred to in the Registration Statement, the Pricing Disclosure Package and the Prospectus; or (iii) pursuant to the conversion of convertible securities or exercise of options referred to in the Registration Statement, the Pricing Disclosure Package and the Prospectus). The outstanding shares of capital of the Company have been duly authorized and are validly issued, fully paid and non-assessable. No Person (as defined below) has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by this Agreement. Except for the purchase and sale of the Shares and except as set forth in the Prospectus, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any Common Shares, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional Common Shares or Common Share Equivalents. The issuance and sale of the Shares will not obligate the Company to issue Common Shares or other securities to any Person (other than the Underwriters) and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. There are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. The Company does not have any share appreciation rights or "phantom stock" plans or agreements or any similar plan or agreement. All of the outstanding shares in the capital of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all applicable federal, state and provincial securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. The authorized shares of the Company conform in all material respects to all statements relating thereto contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus. The offers and sales of the Company's securities were, at all relevant times, either registered under the Securities Act and the applicable state securities or U.S. state "blue sky" securities laws, qualified for distribution in Canada pursuant to a valid prospectus, or, based in part on the representations and warranties of the purchasers of such securities, exempt from such registration or prospectus requirements. No further approval or authorization of any shareholder, the Board of Directors of the Company (the "<u>Board of Directors</u>") or others is required for the Company's issuance and sale of the Shares as provided herein. There are no shareholder agreements, voting agreements or other similar agreements with respect to the Company's share capital to which the Company is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Equity Incentive Plans</u>. Each award granted by the Company under the applicable Company Equity Incentive Plan (if any) was granted (i) in accordance with the terms of such Company Equity Incentive Plan and (ii) in respect of each option award to purchase Common Shares, with an exercise price at least equal to the fair market value of a Common Share on the date such option would be considered granted under IFRS and applicable law. No award granted under any Company Equity Incentive Plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, awards prior to, or otherwise knowingly coordinate the grant of awards with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects. Each Company Equity Incentive Plan is accurately described in all material respects in the Registration Statement, the Pricing Disclosure Package and the Prospectus. The Company has not knowingly granted, and there is no and has been no policy or practice of the Company of granting, options to purchase Common Shares prior to, or otherwise coordinating the grant of options to purchase Common Shares with, the release or other public announcement of material information regarding the Company or its results of operations or prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Authorization</u>. This Agreement has been duly authorized, executed and delivered by the Company. The execution and delivery by the Company of, and the performance by the Company of its obligations under, this Agreement and the Underwriter Warrants will not contravene any provision of (i) applicable law, (ii) the articles of the Company, (iii) any agreement or other instrument binding upon the Company or any of its subsidiaries that is material to the Company and its subsidiaries, taken as a whole, or (iv) any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Company or any subsidiary, except that, in the case of clauses (i) and (iii) as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or on the power and ability of the Company to perform its obligations under this Agreement or the Underwriter Warrants, and no consent, approval, authorization or order of, or qualification with, any governmental body, agency or court is required for the performance by the Company of its obligations under this Agreement or the Underwriter Warrants, except such as may be required by the securities or Blue Sky laws of the various states in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Authorization and Description of Securities</u>. The Common Shares to be purchased by the Underwriters from the Company have been duly authorized for issuance and sale to the Underwriters pursuant to this Agreement and, when issued and delivered by the Company pursuant to this Agreement against payment of the consideration set forth herein, will be validly issued and fully paid and non-assessable; and the issuance of the Common Shares is not subject to the preemptive or other similar rights of any securityholder of the Company. The issuance of the Shares is not subject to the preemptive or other similar rights of any securityholder of the Company. The Common Shares conform in all material respects to all statements relating thereto contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus and such description conforms in all material respects to the rights set forth in the instruments defining the same. No holder of Common Shares will be subject to personal liability by reason of being such a holder. The Underwriter Warrants have been duly authorized and, when executed and delivered by the Company in accordance with this Agreement, will be valid and legally binding agreements of the Company, enforceable against the Company in accordance with their terms except as the enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles. The maximum number of Underwriter Warrant Shares (as defined below) to be issued by the Company upon exercise of the Underwriter Warrants in accordance therewith have been duly authorized and have been or will be reserved for issuance upon exercise of the Underwriter Warrants in a number sufficient to meet the current exercise requirements. The Underwriter Warrant Shares, when issued and delivered upon exercise of the Underwriter Warrants in accordance therewith, will be validly issued, fully paid and non-assessable, and the issuance of the Underwriter Warrant Shares is not subject to any preemptive or similar rights not otherwise validly waived or satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Registration Rights</u>. No Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Absence of Violations, Defaults and Conflicts</u>. Neither the Company nor any Subsidiary is (A) in violation of its charter, by-laws or similar organizational document, (B) in default in the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease or other agreement or instrument to which the Company or any Subsidiary is a party or by which either of them may be bound or to which any of the properties or assets of the Company or any Subsidiary is subject (collectively, "<u>Agreements and Instruments</u>"), except for such defaults that would not, individually or in the aggregate, result in a Material Adverse Effect, or (C) in violation of any law, statute, rule, regulation, judgment, order, writ or decree for which they have not received extension or exemption of any arbitrator, court, governmental body, regulatory body, administrative agency or other authority, body or agency having jurisdiction over the Company or its Subsidiaries or any of their respective properties, assets or operations (each, a "<u>Governmental Entity</u>"), except for such violations that would not, individually or in the aggregate, result in a Material Adverse Effect. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated herein and in the Registration Statement, the Pricing Disclosure Package and the Prospectus (including the issuance and sale of the Shares and the use of the proceeds from the sale of the Shares as described therein under the caption "<u>Use of Proceeds</u>") and compliance by the Company with its obligations hereunder have been duly authorized by all necessary corporate action and do not and will not, whether with or without the giving of notice or passage of time or both, conflict with or constitute a breach of, or default or Repayment Event (as defined below) under, or result in the creation or imposition of any lien, charge or encumbrance upon any properties or assets of the Company or its Subsidiaries pursuant to, the Agreements and Instruments (except for such conflicts, breaches, defaults or Repayment Events or liens, charges or encumbrances that would not, individually or in the aggregate, result in a Material Adverse Effect), nor will such action result in any violation of the provisions of the charter, by-laws or similar organizational document of the Company or its Subsidiaries or any law, statute, rule, regulation, judgment, order, writ or decree of any Governmental Entity. As used herein, a "<u>Repayment Event</u>" means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder's behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Pursuant to the Exchange Act</u>. The Company has filed with the SEC a Form 8-A (File Number 001-[●]) providing for the registration pursuant to Section 12(b) under the Exchange Act of the Common Shares. The registration of the Common Shares under the Exchange Act has been declared effective by the SEC on or prior to the date hereof. The Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Common Shares under the Exchange Act, nor has the Company received any notification that the SEC is contemplating terminating such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Listing</u>. The Common Shares have been approved for listing on the New York Stock Exchange ("<u>NYSE</u>"), subject to notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Absence of Labor Dispute</u>. No labor dispute with the employees of the Company or its Subsidiaries exists or, to the knowledge of the Company, is imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees of any of its or its Subsidiaries' principal suppliers, manufacturers, customers or contractors, which, in either case, would result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Absence of Legal Actions</u>. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there is no Legal Action before or brought by any Governmental Entity in any jurisdiction now pending or, to the knowledge of the Company, threatened, against or affecting the Company or its Subsidiaries, which would reasonably be expected to result in a Material Adverse Effect, or which would reasonably be expected to materially and adversely affect their respective properties or assets or the consummation of the transactions contemplated in this Agreement or the performance by the Company of its obligations hereunder; and the aggregate of all pending legal or governmental Legal Actions to which the Company or any such Subsidiary is a party or of which any of their respective properties or assets is the subject which are not described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, including ordinary routine litigation incidental to the business, would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Accuracy of Exhibits</u>. There are no contracts or documents that are required to be described in the Registration Statement, the Pricing Disclosure Package or the Prospectus or to be filed as exhibits to the Registration Statement that have not been so described and filed as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>No Consents Required</u>. No filing with, or authorization, approval, consent, license, order, registration, qualification or decree of, any Governmental Entity or any stock exchange is necessary or required for the performance by the Company of its obligations hereunder, in connection with the offering, issuance, sale and delivery of the Common Shares hereunder or the consummation of the transactions contemplated by this Agreement, except such as have been already obtained or as may be required under the Securities Act, the rules of the Exchange, U.S. state securities laws, Canadian Securities Laws or the rules of the Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Possession of Licenses and Permits</u>. The Company and its Subsidiaries possess such permits, licenses, registrations, approvals, consents and other authorizations (collectively, "<u>Governmental Licenses</u>") issued by the appropriate Governmental Entities necessary to conduct the business now operated by them (including, without limitation, all such required Governmental Licenses, or any other federal, state, provincial, local or foreign agencies or bodies engaged in the regulation of clinical or preclinical studies, pharmaceuticals, biologics, controlled substances, biohazardous substances or activities related to the business now operated by the Company and its Subsidiaries), except where the failure so to possess would not, individually or in the aggregate, result in a Material Adverse Effect. The Company and its Subsidiaries are in compliance with the terms and conditions of all Governmental Licenses, except where the failure so to comply would not, individually or in the aggregate, result in a Material Adverse Effect. The Company has fulfilled and performed all of its material obligations with respect to the Governmental Licenses and, to the knowledge of the Company, no event has occurred which allows, or after notice or lapse of time would allow, revocation or termination thereof or results in any other material impairment of the rights of the Company as a holder of any permit, except where the failure to so fulfill or perform, or the occurrence of such event, would not, individually or in the aggregate, result in a Material Adverse Effect. All of the Governmental Licenses are valid and in full force and effect, except where the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect would not, individually or in the aggregate, result in a Material Adverse Effect. Neither the Company nor its Subsidiaries has received any notice of Legal Actions relating to the revocation or modification of any Governmental Licenses which, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Title to Property</u>. All of the leases and subleases material to the business of the Company and its Subsidiaries, considered as one enterprise, and under which the Company or its Subsidiaries holds properties described in the Registration Statement, the Pricing Disclosure Package or the Prospectus, are in full force and effect, and neither the Company nor any such Subsidiary has any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company or any Subsidiary under any of the leases or subleases mentioned above, or affecting or questioning the rights of the Company or such Subsidiary to the continued possession of the leased or subleased premises under any such lease or sublease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Title to Intellectual Property</u>. The Company and each of its Subsidiaries owns or possesses or has valid rights to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights ("<u>Intellectual Property Rights</u>") necessary for the conduct of the business of the Company and its Subsidiaries as currently carried on and as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus. To the knowledge of the Company, no action or use by the Company or any of its Subsidiaries necessary for the conduct of its business as currently carried on and as described in the Registration Statement and the Prospectus will involve or give rise to any infringement of, or license or similar fees for, any Intellectual Property Rights of others. Neither the Company nor any of its Subsidiaries has received any written notice alleging any such infringement, fee or conflict with asserted Intellectual Property Rights of others. Except as described in the Registration Statement, the Pricing Disclosure Package or the Prospectus or as would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change (i) to the knowledge of the Company, there is no infringement, misappropriation or violation by third parties of any of the Intellectual Property Rights owned by the Company; (ii) there is no pending or, to the knowledge of the Company, threatened Legal Action by others challenging the rights of the Company in or to any such Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable basis for any such claim, that would, individually or in the aggregate, together with any other claims in this Section 1(dd), reasonably be expected to result in a Material Adverse Change; (iii) the Intellectual Property Rights owned by the Company and, to the knowledge of the Company, the Intellectual Property Rights licensed to the Company have not been adjudged by a court of competent jurisdiction invalid or unenforceable, in whole or in part, and there is no pending or, to the Company's knowledge, threatened Legal Action by others challenging the validity or scope of any such Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable basis for any such claim that would, individually or in the aggregate, together with any other claims in this Section 1(dd), reasonably be expected to result in a Material Adverse Change; (iv) there is no pending or, to the Company's knowledge, Legal Action by others that the Company infringes, misappropriates or otherwise violates any Intellectual Property Rights or other proprietary rights of others, the Company has not received any written notice of such claim and the Company is unaware of any other facts which would form a reasonable basis for any such claim that would, individually or in the aggregate, together with any other claims in this Section 1(dd), reasonably be expected to result in a Material Adverse Change; and (v) to the Company's knowledge, no employee of the Company is in or has ever been in violation in any material respect of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where the basis of such violation relates to such employee's employment with the Company, or actions undertaken by the employee while employed with the Company and could reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change. To the Company's knowledge, all material technical information developed by and belonging to the Company which has not been patented has been kept confidential. The Company is not a party to or bound by any options, licenses or agreements with respect to the Intellectual Property Rights of any other person or entity that are required to be set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus and are not described therein. The Registration Statement, the Pricing Disclosure Package and the Prospectus contain in all material respects the same description of the matters set forth in the preceding sentence. None of the technology employed by the Company has been obtained or is being used by the Company in violation of any contractual obligation binding on the Company or, to the Company's knowledge, any of its officers, directors or employees, or otherwise in violation of the rights of any persons. The Company is in compliance with the terms of each agreement pursuant to which Intellectual Property Rights have been licensed to the Company, and all such agreements are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Patents and Patent Applications</u>. The Company does not currently own any patents or have any pending patent applications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>Environmental Laws</u>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus or would not, individually or in the aggregate, result in a Material Adverse Effect, (A) neither the Company nor any Subsidiary is in violation of any federal, state, provincial, local or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products, asbestos-containing materials or mold (collectively, "<u>Hazardous Materials</u>") or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively, "<u>Environmental Laws</u>"), (B) the Company and its Subsidiaries have all permits, authorizations and approvals required under any applicable Environmental Laws and are each in compliance with their requirements, (C) there are no pending or, to the knowledge of the Company threatened, administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or other Legal Actions relating to any Environmental Law against the Company or any Subsidiary and (D) there are no events or circumstances that would reasonably be expected to form the basis of an order for clean-up or remediation, or an Legal Action by any private party or Governmental Entity, against or affecting the Company or any Subsidiary relating to Hazardous Materials or any Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>Accounting Controls and Disclosure Controls; Compliance with the Sarbanes-Oxley Act</u>. The Company and each of its Subsidiaries maintains effective internal control over financial reporting (as defined under Rule 13-a15 and 15d-15 under the Exchange Act) as well as in compliance with IFRS and a system of internal accounting controls designed to provide reasonable assurances that (A) transactions are executed in accordance with management's general or specific authorization; (B) transactions are recorded as necessary to permit preparation of financial statements in conformity with IFRS and in accordance with GAAS and to maintain accountability for assets; (C) access to assets is permitted only in accordance with management's general or specific authorization; and (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Since the date of the latest audited financial statements included in the Pricing Disclosure Package, (1) the Company has not been advised of (a) any significant deficiencies in the design or operation of internal controls that could adversely affect the ability of the Company or any of its Subsidiaries to record, process, summarize and report financial data, or any material weaknesses in the Company's or its Subsidiaries internal controls over financial reporting (whether or not remediated), and (2) since that date, there has been no change in the Company's internal control over financial reporting that has materially and adversely affected, or is reasonably likely to materially and adversely affect, the Company's internal control over financial reporting. The Company and each of its Subsidiaries have established and currently maintain an effective system of disclosure controls and procedures (as defined in Rule 13a-15 and Rule 15d-15 under the Exchange Act) that are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act will be made known on a timely basis to the individuals responsible for the preparation of the Company's Exchange Act filings and other public disclosure documents. The Company is and, at the Applicable Time and on the Closing Time, will be in material compliance with the provisions of the Sarbanes-Oxley Act that are applicable to it and has implemented or will implement such programs and has taken reasonable steps to ensure the Company's future compliance (not later than the relevant statutory and regulatory deadlines therefor) with all of the material provisions of the Sarbanes-Oxley Act at all times after the effectiveness of the Registration Statement (taking into account all exemptions and phase-in periods provided under the Jumpstart Our Business Startups Act and otherwise under applicable law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Payment of Taxes</u>. All income tax returns of the Company and its Subsidiaries required by law to be filed have been filed and all taxes shown by such returns or otherwise assessed, which are due and payable, have been paid, except assessments against which appeals have been or will be promptly taken and as to which adequate reserves have been provided in conformity with GAAS. The Company and its Subsidiaries have filed all other tax returns that are required to have been filed by them pursuant to applicable foreign, state, local or other law except insofar as the failure to file such returns would not result in a Material Adverse Effect, and have paid all taxes due pursuant to such returns or pursuant to any assessment received by the Company and its Subsidiaries, except for such taxes, if any, as are being contested in good faith and as to which adequate reserves have been established by the Company. The charges, accruals and reserves on the books of the Company in respect of any income and corporation tax liability for any years not finally determined are, in conformity with GAAS, adequate to meet any assessments or re-assessments for additional income tax for any years not finally determined, except to the extent of any inadequacy that would not result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Insurance</u>. The Company and its Subsidiaries carry or are entitled to the benefits of insurance, with financially sound and reputable insurers, in such amounts and covering such risks as is generally maintained by companies of established repute engaged in the same or similar business, and all such insurance is in full force and effect. The Company has no reason to believe that it or its Subsidiaries will not be able (A) to renew its existing insurance coverage as and when such policies expire or (B) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not result in a Material Adverse Effect. Neither of the Company nor its Subsidiaries has been denied any insurance coverage which it has sought or for which it has applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>Investment Company Act</u>. The Company is not required and, upon the issuance and sale of the Shares as herein contemplated and the application of the net proceeds therefrom as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, will not be required to register as an "investment company" under the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>Absence of Manipulation</u>. Neither the Company nor any affiliate of the Company has taken, nor will the Company or any affiliate take, directly or indirectly, any action which is designed, or would be expected, to cause or result in, or which constitutes, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares or to result in a violation of Regulation M under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Foreign Corrupt Practices Act</u>. None of the Company, its Subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee, affiliate or other person acting on behalf of the Company or its Subsidiaries is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the "<u>FCPA</u>"), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any "foreign official" (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA and the Company has and, to the knowledge of the Company, its affiliates have conducted their businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Money Laundering Laws</u>. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity (collectively, the "<u>Money Laundering Laws</u>"); and no Legal Action by or before any Governmental Entity involving the Company or its Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>Sanctions</u>. None of the Company, its Subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee, affiliate or representative of the Company or its Subsidiaries is an individual or entity ("<u>Person</u>") currently the subject or target of any sanctions administered or enforced by the United States government, including, without limitation, the U.S. Department of the Treasury's Office of Foreign Assets Control, the United Nations Security Council, the European Union, His Majesty's Treasury, or other relevant sanctions authority (collectively, "<u>Sanctions</u>"), nor is the Company located, organized or resident in a country or territory that is the subject of Sanctions; and the Company will not directly or indirectly use the proceeds of the sale of the Shares, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partners or other Person, to fund any activities of or business with any Person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions (each such country or territory, a "<u>Sanctioned Country</u>") or in any other manner that will result in a violation by any Person (including any Person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. For the past five years, the Company has not engaged in, and it is not now engaging in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions or is or was a Sanctioned Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) <u>Statistical and Market-Related Data</u>. Any statistical and market-related data included in the Registration Statement, the Pricing Disclosure Package or the Prospectus are based on or derived from sources that the Company believes, after reasonable inquiry, to be reliable and accurate and, to the extent required, the Company has obtained the written consent to the use of such data from such sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) <u>Privacy and Data Protection</u>. The Company and its Subsidiaries have operated their business in a manner compliant in all material respects with all privacy, data security and data protection laws and regulations applicable to the Company's collection, use, transfer, protection, disposal, disclosure, handling, storage and analysis of personal data. The Company and its Subsidiaries have been and are in compliance in all material respects with internal policies and procedures designed to ensure the integrity and security of the data collected, handled or stored in connection with its business; the Company and its Subsidiaries have been and are in compliance in all material respects with internal policies and procedures designed to ensure compliance with the Health Care Laws that govern privacy and data security and take, and have taken reasonably appropriate steps designed to assure compliance with such policies and procedures. The Company and its Subsidiaries have taken reasonable steps to maintain the confidentiality of its personally identifiable information, protected health information, consumer information and other confidential information of the Company, its Subsidiaries and any third parties in its possession ("<u>Sensitive Company Data</u>"). The tangible or digital information technology systems (including computers, screens, servers, workstations, routers, hubs, switches, networks, data communications lines, technical data and hardware), software and telecommunications systems used or held for use by the Company and its Subsidiaries (the "<u>Company IT Assets</u>") are adequate and operational for, in accordance with their documentation and functional specifications, the business of the Company and its Subsidiaries as now operated and as currently proposed to be conducted as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus. The Company and its Subsidiaries have used reasonable efforts to establish, and have established, commercially reasonable disaster recovery and security plans, procedures and facilities for the business consistent with industry standards and practices in all material respects, including, without limitation, for the Company IT Assets and data held or used by or for the Company and its Subsidiaries. The Company and its Subsidiaries have not suffered or incurred any security breaches, compromises or incidents with respect to any Company IT Asset or Sensitive Company Data, except where such breaches, compromises or incidents would not reasonably be expected to, individually or in the aggregate, result in a Material Adverse Effect; and to the Company's knowledge, there has been no unauthorized or illegal use of or access to any Company IT Asset or Sensitive Company Data by any unauthorized third party. The Company and its Subsidiaries have not been required to notify any individual of any information security breach, compromise or incident involving Sensitive Company Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) <u>No Broker Fees</u>. Except as disclosed in the Pricing Disclosure Package, there are no contracts, agreements or understandings between the Company and any person that would give rise to a valid claim against the Company or any Underwriter for a brokerage commission, finder's fee or other like payment in connection with the offering of the Shares contemplated hereby. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, to the Company's knowledge, the Company and its affiliates have not entered into any other arrangements, agreements or understandings during the 180-day period prior to the initial filing date of the Registration Statement with the Commission, which arrangement or agreement provides for the receipt of any "underwriting compensation," as defined in FINRA Rule 5110, by any underwriter. Without limiting the foregoing, except as set forth in the Prospectus, the Company has not made any direct or indirect payments (in cash, securities or otherwise) to: (i) any person, as a finder's fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company; (ii) any FINRA member; or (iii) any person or entity that has any direct or indirect affiliation or association with any FINRA member, within the twelve months prior to the date of this Agreement, other than the prior payment of $35,000 to the Representative as provided hereunder in connection with the offering. None of the net proceeds of the offering hereunder will be paid by the Company to any participating FINRA member or its affiliates, except as specifically authorized herein

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) <u>Transactions With Affiliates and Employees</u>. Except as set forth in the Pricing Disclosure Package, none of the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from, any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member or partner, in each case in excess of $120,000 other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including option agreements under any Company Equity Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) <u>Application of Takeover Protections</u>. The Company and the Board of Directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company's certificate of incorporation (or similar charter documents) or the laws of its state of incorporation that is or could become applicable as a result of the Underwriters and the Company fulfilling their obligations or exercising their rights under this Agreement, and any other documents or agreements executed in connection with the transactions contemplated hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) <u>No Integrated Offering</u>. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the offering of the Shares to be integrated with prior offerings by the Company for purposes of any applicable shareholder approval provisions of any trading market or exchange on which any of the securities of the Company are listed or designated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) <u>Solvency</u>. Based on the consolidated financial condition of the Company as of the Closing Time, after giving effect to the receipt by the Company of the proceeds from the sale of the Shares hereunder, (i) the fair saleable value of the Company's assets exceeds the amount that will be required to be paid on or in respect of the Company's existing debts and other liabilities (including known contingent liabilities) as they mature, (ii) the Company's assets do not constitute unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) <u>U.S. Real Property Holding Corporation</u>. The Company is not and has never been a U.S. real property holding corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon the Representative's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) <u>Bank Holding Company Act</u>. Neither the Company nor any of its Subsidiaries or affiliates is subject to the Bank Holding Company Act of 1956, as amended (the "<u>BHCA</u>") and to regulation by the Board of Governors of the Federal Reserve System (the "<u>Federal Reserve</u>"). Neither the Company nor any of its Subsidiaries or affiliates owns or controls, directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent (25%) or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any of its Subsidiaries or affiliates exercises a controlling influence over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) <u>D&O Questionnaires</u>. To the Company's knowledge, all information contained in the questionnaires completed by each of the Company's directors and officers immediately prior to the offering of the Shares and in the Lock-up Agreements (as defined below) provided to the Underwriters is true and correct in all material respects and the Company has not become aware of any information which would cause the information disclosed in such questionnaires become materially inaccurate and incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) <u>FINRA Affiliation</u>. No officer, director or any beneficial owner of 10% or more of the Company's unregistered securities has any direct or indirect affiliation or association with any FINRA member (as determined in accordance with the rules and regulations of FINRA) that is participating in the offering of the Shares. The Company will advise the Representative and Underwriters' counsel if it learns that any officer, director or owner of 10% or more of (i) the Company's outstanding Common Shares or (ii) any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Shares is or becomes an affiliate or associated person of a FINRA member firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) <u>Board of Directors</u>. The Board of Directors is comprised of the persons set forth under the heading of the Prospectus captioned "Management." The qualifications of the persons serving as board members and the overall composition of the Board of Directors comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder applicable to the Company and the rules of NYSE. At least one member of the Board of Directors qualifies as a "financial expert" as such term is defined under the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder and the rules of NYSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) <u>Cybersecurity</u>. (i)(x) There has been no material security breach or other compromise of or relating to any of the Company's or any Subsidiary's information technology and computer systems, networks, hardware, software, data (including the data of its respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of it), equipment or technology (collectively, "<u>IT Systems and Data</u>") and (y) the Company and the Subsidiaries have not been notified of, and has no knowledge of any event or condition that would reasonably be expected to result in, any security breach or other compromise to its IT Systems and Data; (ii) the Company and the Subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would not, individually or in the aggregate, have a Material Adverse Effect; (iii) the Company and the Subsidiaries have implemented and maintained commercially reasonable safeguards to maintain and protect its material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and Data; and (iv) the Company and the Subsidiaries have implemented backup and disaster recovery technology consistent with industry standards and practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) <u>No Reliance</u>. The Company has not relied upon the Underwriters or Underwriters' Counsel (as hereinafter defined) for any legal, tax or accounting advice in connection with the offering of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) <u>Canadian Securities Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company is not a reporting issuer in any province or territory of Canada, and is not in default of any material requirement of applicable Canadian Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company is in compliance in all material respects with its timely and continuous disclosure obligations under all applicable Canadian Securities Laws and the Company is not in default of its filings under, nor has it failed to file or publish any document required to be filed or published under all applicable Canadian Securities Laws and, without limiting the generality of the foregoing, there has not occurred any Material Adverse Change since the respective dates as of which information is given in the Canadian Disclosure Record which has not been publicly disclosed on a non-confidential basis and the Company has not filed any confidential material change reports since the date of such statements which remain confidential as at the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except as may have been corrected by subsequent disclosure, the Canadian Disclosure Record contain no untrue statement of a material fact as at the dates thereof nor do they omit to state a material fact which, at the date thereof, was required to have been stated or was necessary to prevent a statement that was made from being false or misleading in the circumstances in which it was made and were prepared in accordance with and comply with Canadian Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) There are no reports or information that, in accordance with the requirements of the Canadian Securities Regulators or applicable Canadian Securities Laws, must be made publicly available in connection with the offering of the Shares that have not been made publicly available as required. There are no documents required to be filed with the Canadian Securities Regulators as of the date hereof in connection with the offering the Shares that have not been filed as required, other than the filing of the Registration Statement and any post-closing filings required to be made by the Company pursuant to the Canadian Securities Laws.

Any certificate signed by any officer of the Company or any of its subsidiaries and delivered to any Underwriter or to counsel for the Underwriters in connection with the offering, or the purchase and sale, of the Shares shall be deemed a representation and warranty by the Company to each Underwriter as to the matters covered thereby.

The Company has a reasonable basis for making each of the representations set forth in this Section 1. The Company acknowledges that the Underwriters and, for purposes of the opinions to be delivered pursuant to Section 5 hereof, counsel to the Company and counsel to the Underwriters, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.

Section 2. <u>Sale and Delivery to Underwriters; Closing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Firm Shares</u>. On the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, the Company agrees to sell to each Underwriter, severally and not jointly, and each Underwriter, severally and not jointly, agrees to purchase from the Company, at the price per share set forth in <u>Schedule A</u>, the respective number of Firm Shares as set forth in <u>Schedule A</u> opposite the name of such Underwriter, plus any additional number of Firm Shares which such Underwriter may become obligated to purchase pursuant to the provisions of Section 10 hereof, subject, in each case, to such adjustments among the Underwriters as the Representative in its sole discretion shall make to eliminate any sales or purchases of fractional shares. For greater certainty and notwithstanding anything to the contrary in this Agreement, no Firm Shares will be offered or sold in Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Option Shares</u>. In addition, on the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, the Company hereby grants an option to the Underwriters, severally and not jointly, to purchase up to an additional [●] Common Shares, at the price per share set forth in <u>Schedule A</u>, less an amount per security equal to any dividends or distributions declared by the Company and payable on the Firm Shares but not payable on the Option Shares. The option hereby granted may be exercised for 45 days after the date hereof and may be exercised in whole or in part at any time from time to time upon notice by the Representative to the Company setting forth the number of Option Shares as to which the several Underwriters are then exercising the option and the time and date of payment and delivery for such Option Shares. Any such time and date of delivery (a "<u>Date of Delivery</u>") shall be determined by the Representative, but any Date of Delivery after the Closing Time shall not be later than seven full business days nor earlier than two full business days after the exercise of said option, nor in any event prior to the Closing Time. If the option is exercised as to all or any portion of the Option Shares, each of the Underwriters, acting severally and not jointly, will purchase that proportion of the total number of Option Shares then being purchased which the number of Firm Shares set forth in <u>Schedule A</u> opposite the name of such Underwriter bears to the total number of Firm Shares, subject, in each case, to such adjustments as the Representative in its sole discretion shall make to eliminate any sales or purchases of fractional securities. For greater certainty and notwithstanding anything to the contrary in this Agreement, no Option Shares will be offered or sold in Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Payment</u>. Payment of the purchase price for, and delivery of book-entry security entitlements for, the Firm Shares shall be made at the offices of Pryor Cashman LLP (the "<u>Underwriters' Counsel</u>"), or at such other place as shall be agreed upon by the Representative and the Company, at 10:00 A.M. (New York City time) on the first (second, if the pricing occurs after 4:30 P.M. (New York City time) on any given day) business day after the date hereof (unless postponed in accordance with the provisions of Section 10), or such other time not later than ten business days after such date as shall be agreed upon by the Representative and the Company (such time and date of payment and delivery being herein called "<u>Closing Time</u>" and "<u>Closing Date</u>", respectively). Delivery of the Firm Shares at the Closing Time shall be made through the facilities of The Depository Trust Company, unless the Representative shall otherwise instruct.

In addition, in the event that any or all of the Option Shares are purchased by the Underwriters, payment of the purchase price for, and delivery of certificates or security entitlements for, such Option Shares shall be made at the above-mentioned offices, or at such other place as shall be agreed upon by the Representative and the Company, on each Date of Delivery as specified in the notice from the Representative to the Company (the "<u>Option Closing Date</u>"). Delivery of the Option Shares on each such Date of Delivery shall be made through the facilities of The Depository Trust Company, unless the Representative shall otherwise instruct.

Payment shall be made to the Company by wire transfer of immediately available funds to a bank account designated by the Company, against delivery to the Representative for the respective accounts of the Underwriters of book-entry security entitlements for the Shares to be purchased by them. It is understood that each Underwriter has authorized the Representative, for its accounts, to accept delivery of, receipt for, and make payment of the purchase price for, the Firm Shares and the Option Shares, if any, which it has agreed to purchase. Joseph Gunnar, individually and not as representative of the Underwriters, may (but shall not be obligated to) make payment of the purchase price for the Firm Shares or the Option Shares, if any, to be purchased by any Underwriter whose funds have not been received by the Closing Time or the relevant Date of Delivery, as the case may be, but such payment shall not relieve such Underwriter from its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Underwriter Warrants</u>. The Company hereby agrees to issue to the Representative (and/or its affiliates, employees or third-party designees) at the Closing Time and each Date of Delivery, if any, warrants ("<u>Underwriter Warrants</u>") for the purchase of an aggregate of a number of Common Shares (the "<u>Underwriter Warrant Shares</u>"), representing 5.0% of the Firm Shares sold at the Closing Time and 5.0% of the Option Shares sold at each Date of Delivery, if any. The Underwriter Warrants, in form and substance acceptable to the Representative, shall be exercisable, in whole or in part, during the period commencing one hundred eighty (180) days from the issuance and ending on the fifth anniversary of the date of issuance, at an initial exercise price per Common Share of $[_____] (representing 120.0% of the public offering price of the Shares). No Underwriter Warrant or Underwriter Warrant Share shall be issued or delivered to any person resident in Canada except pursuant to a prospectus exemption available under applicable Canadian Securities Laws.

Section 3. <u>Covenants of the Company</u>. The Company covenants with each Underwriter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compliance with Securities Regulations, Commission Requests and Canadian Securities Laws</u>. The Company, subject to Section 3(b), will comply with the requirements of Rule 430A, and will notify the Representative as soon as practicable, and confirm the notice in writing, (i) when any post-effective amendment to the Registration Statement shall become effective or any amendment or supplement to the Prospectus shall have been filed, (ii) of the receipt of any comments from the SEC, (iii) of any request by the SEC for any amendment to the Registration Statement or any amendment or supplement to the Prospectus (including any document incorporated by reference therein) or for additional information, (iv) of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment or of any order preventing or suspending the use of any preliminary prospectus or the Prospectus, or of the suspension of the qualification of the Shares for offering or sale in any jurisdiction, or of the initiation or threatening of any Legal Actions for any of such purposes or of any examination pursuant to Section 8(d) or 8(e) of the Securities Act concerning the Registration Statement, (v) if the Company becomes the subject of a proceeding under Section 8A of the Securities Act in connection with the offering of the Shares or (iv) the issuance by the NYSE or any other market or exchange on which the Common Shares are then quoted or traded of any order preventing or suspending trading in the Common Shares or the use of any prospectus included in the Canadian Disclosure Record. The Company will effect all filings required under Rule 424(b), in the manner and within the time period required by Rule 424(b) (without reliance on Rule 424(b)(8)), and will take such steps as it deems necessary to ascertain promptly whether the form of prospectus transmitted for filing under Rule 424(b) was received for filing by the SEC and, in the event that it was not, it will promptly file such prospectus. The Company will make every reasonable effort to prevent the issuance of any stop order, prevention or suspension and, if any such order is issued, to obtain the lifting thereof at the earliest possible moment. The Company shall conduct the offering of the Shares in compliance with applicable Canadian Securities Laws so as to not require the filing of a prospectus or similar offering document in Canada, including in the Province of British Columbia, in compliance with BCI 72-50. Notwithstanding the foregoing, if any offering or distribution of the Shares is made to purchasers resident in Canada, the Company covenants that such offering or distribution shall be conducted solely pursuant to one or more prospectus exemptions available under applicable Canadian Securities Laws and shall be subject to all applicable resale restrictions. The Underwriters and the Company agree to conduct the offering of the Shares in such a manner so as not to require the filing of a prospectus or similar offering document under applicable Canadian Securities Laws or a registration statement under U.S. securities laws, other than in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Continued Compliance with Securities Laws</u>. The Company will comply with the Securities Act, the Exchange Act and the Canadian Securities Laws so as to permit the completion of the distribution of the Shares as contemplated in this Agreement and in the Registration Statement, the Pricing Disclosure Package and the Prospectus. If at any time when a prospectus relating to the Shares is (or, but for the exception afforded by Rule 172 of the Securities Act ("<u>Rule 172</u>"), would be) required by the Securities Act to be delivered in connection with sales of the Shares, any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for the Underwriters or for the Company, to (i) amend the Registration Statement in order that the Registration Statement will not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) amend or supplement the Pricing Disclosure Package or the Prospectus in order that the Pricing Disclosure Package or the Prospectus, as the case may be, will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light of the circumstances existing at the time it is delivered to a purchaser or (iii) amend the Registration Statement or amend or supplement the Pricing Disclosure Package or the Prospectus, as the case may be, in order to comply with the requirements of the Securities Act or the Securities Act, the Company will promptly (A) give the Representative notice of such event, (B) prepare any amendment or supplement as may be necessary to correct such statement or omission or to make the Registration Statement, the Pricing Disclosure Package or the Prospectus comply with such requirements and, a reasonable amount of time prior to any proposed filing or use, furnish the Representative with copies of any such amendment or supplement and (C) file with the SEC any such amendment or supplement; provided that the Company shall not file or use any such amendment or supplement to which the Representative or counsel for the Underwriters shall object. The Company will furnish to the Underwriters such number of copies of such amendment or supplement as the Underwriters may reasonably request. The Company has given the Representative notice of any filings made pursuant to the Exchange Act within 48 hours prior to the Applicable Time; the Company will give the Representative notice of its intention to make any such filing from the Applicable Time to the Closing Time and will furnish the Representative with copies of any such documents a reasonable amount of time prior to such proposed filing, as the case may be, and will not file or use any such document to which the Representative or counsel for the Underwriters shall reasonably object.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Delivery of Registration Statements</u>. The Company has furnished or will deliver to the Representative and counsel for the Underwriters, without charge, signed copies of the Registration Statement as originally filed and each amendment thereto (including exhibits filed therewith or incorporated by reference therein and documents incorporated or deemed incorporated by reference therein) and signed copies of all consents and certificates of experts, and will also deliver to the Representative, without charge, a conformed copy of the Registration Statement as originally filed and each amendment thereto (without exhibits) for each of the Underwriters. The copies of the Registration Statement and each amendment thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the SEC pursuant to EDGAR, except to the extent permitted by Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Delivery of Prospectuses</u>. The Company has delivered to each Underwriter, without charge, as many copies of each preliminary prospectus as such Underwriter reasonably requested, and the Company hereby consents to the use of such copies for purposes permitted by the Securities Act. The Company will furnish to each Underwriter, without charge, during the period when a prospectus relating to the Shares is (or, but for the exception afforded by Rule 172, would be) required to be delivered under the Securities Act, such number of copies of the Prospectus (as amended or supplemented) as such Underwriter may reasonably request. The Prospectus and any amendments or supplements thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the SEC pursuant to EDGAR, except to the extent permitted by Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Blue Sky Qualifications</u>. The Company will use its best efforts, in cooperation with the Underwriters, to qualify the Shares for offering and sale under the applicable securities laws of such U.S. states and other jurisdictions (domestic or foreign) as the Representative may reasonably designate and to maintain such qualifications in effect so long as required to complete the distribution of the Shares; provided, however, that the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Rule 158</u>. The Company will timely file such reports pursuant to the Exchange Act as are necessary in order to make generally available to its securityholders as soon as practicable an earning statement for the purposes of, and to provide to the Underwriters the benefits contemplated by, the last paragraph of Section 11(a) of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Use of Proceeds; Investment Limitations; Sanctions</u>. The Company will use the net proceeds received by it from the sale of the Shares in all material respects in the manner specified in the Registration Statement, the Pricing Disclosure Package and the Prospectus under the heading "Use of Proceeds." Without limiting the foregoing, the Company will not invest or otherwise use the proceeds received by the Company from the sale of the Shares (i) in such a manner as would require the Company or any of its Subsidiaries to register as an investment company under the Investment Company Act, (ii) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions or is a Sanctioned Country or (iii) in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering contemplated hereby, whether as an underwriter, advisor, investor or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Listing</u>. The Company will use its commercially reasonable efforts to effect the listing of the Common Shares on NYSE (or another market maintained by NYSE).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Restriction on Sale of Securities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) During a period of 180 days from the date of the Prospectus (the "<u>Restricted Period</u>"), the Company will not, without the prior written consent of the Representative, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares, except that the Company may grant awards under its Equity Incentive Plan in the ordinary course of business, or file or caused to be filed any registration statement with the SEC with respect to any of the foregoing, (ii) enter into any swap or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the Common Shares, whether any such swap or transaction described in clause (i) or (ii) above is to be settled by delivery of Common Shares or such other securities, in cash or otherwise, (iii) complete any offering of debt securities of the Company, other than entering into a line of credit with a traditional bank, or (iv) publicly announce an intention to effect any such swap, agreement or other transaction described in clauses (i), (ii) and (iii). The foregoing sentence shall not apply to (A) the Shares to be sold hereunder; (B) any Common Shares issued by the Company upon the exercise of an option or warrant or the conversion of a convertible security outstanding on the date hereof and referred to in the Registration Statement, the Pricing Disclosure Package and the Prospectus; (C) any Common Shares issued or options to purchase Common Shares granted pursuant to any Company Equity Incentive Plan, the Pricing Disclosure Package and the Prospectus as long as the Company does not file a Form S-8 or other registration statement covering Common Shares underlying the awards or otherwise issued as awards during the 180 day period; (D) any Common Shares issued pursuant to any existing non-employee director share plan or dividend reinvestment plan referred to in the Registration Statement, the Pricing Disclosure Package and the Prospectus; or (E) the filing of a resale registration statement with respect to existing registration rights of the Company, upon written consent of the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) From the date hereof until 180 days after the Closing Date, without the prior consent of the Representative, the Company shall be prohibited from effecting or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of Common Shares or Common Shares Equivalents (or a combination of units thereof) involving a Variable Rate Transaction. "Variable Rate Transaction" means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive, additional Common Shares either (A) at a conversion price, exercise price or exchange rate or other price that is based upon, and/or varies with, the trading prices of or quotations for the Common Shares at any time after the initial issuance of such debt or equity securities or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Common Shares or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit, whereby the Company may issue securities at a future determined price regardless of whether shares pursuant to such agreement have actually been issued and regardless of whether such agreement is subsequently canceled. Any Underwriter shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Reporting Requirements</u>. The Company, during the period when a Prospectus relating to the Shares is (or, but for the exception afforded by Rule 172, would be) required to be delivered under the Securities Act, will file all documents required to be filed with the SEC pursuant to the Exchange Act within the time periods required by the Exchange Act. Additionally, the Company shall report the use of proceeds from the issuance of the Shares as may be required under Rule 463 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Issuer Free Writing Prospectuses</u>. The Company agrees that it will not make any offer relating to the Shares that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a "free writing prospectus," or a portion thereof, required to be filed by the Company with the SEC or retained by the Company under Rule 433.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Testing-the-Waters Materials</u>. If at any time following the distribution of any Written Testing-the-Waters Communication there occurred or occurs an event or development as a result of which such Written Testing-the-Waters Communication included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company will promptly notify the Representative and will promptly amend or supplement, at its own expense, such Written Testing-the-Waters Communication to eliminate or correct such untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Emerging Growth Company Status</u>. The Company will promptly notify the Representatives if the Company ceases to be an Emerging Growth Company at any time prior to the later of (i) completion of the distribution of the Shares within the meaning of the Securities Act and (ii) completion of the Restricted Period referred to in Section 3(i) hereof.

Section 4. <u>Payment of Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Expenses</u>. The Company hereby agrees to pay on each of the Closing Date and each Option Closing Date, if any, to the extent not paid at the Closing Date, all expenses associated with the Offering or incident to the performance of the obligations of the Company under this Agreement, including, but not limited to: (a) all filing fees and communication expenses relating to the registration of the Shares to be sold in the Offering (including the Option Shares) with the SEC; (b) all FINRA Public Offering Filing System fees associated with the review of the Offering by FINRA; (c) the fees and expenses incurred in connection with the listing of the Common Shares on NYSE and such other stock exchanges as the Company and the Representative together determine; including any fees charged by The Depository Trust Company for new securities; (d) all fees, expenses and disbursements relating to background checks of the Company's officers, directors and entities in an amount not to exceed $15,000 in the aggregate; (e) all fees, expenses and disbursements relating to the registration or qualification of such Shares under the "blue sky" securities laws of such U.S. states, the Canadian Securities Laws and such other foreign jurisdictions as the Representative may reasonably designate (including, without limitation, all filing and registration fees, and the fees and expenses of blue sky or other appropriate local counsel, it being agreed that such fees and expenses will be limited to $5,000 to such counsel upon the commencement of "blue sky" work by such counsel and an additional $5,000 at the Closing Time); (f) all fees, expenses and disbursements relating to the registration, qualification or exemption of such Shares under the securities laws of such foreign jurisdictions as Joseph Gunnar may reasonably designate; (g) the costs of all mailing and printing of the underwriting documents (including, without limitation, the Underwriting Agreement, any blue sky surveys and, if appropriate, any Agreement Among Underwriters, Selected Dealers' Agreement, Underwriters' Questionnaire and Power of Attorney), Registration Statements, Prospectuses and all amendments, supplements and exhibits thereto and as many preliminary and final Prospectuses as the Representative may reasonably deem necessary; (h) the costs and expenses of the Company's public relations firm; (i) the costs of printing, preparing and delivering certificates representing the Shares; (j) fees and expenses of the Transfer Agent for the Common Shares (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company); (k) stock transfer and/or stamp taxes, if any, payable upon the transfer of securities from the Company to the Underwriters; (l) the costs associated with post-closing advertising the Offering in the national editions of the Wall Street Journal and New York Times; (m) up to a maximum of $7,000 related to costs associated with bound volumes of the public offering materials as well as commemorative mementos and lucite tombstones, each of which the Company or its designee will provide within a reasonable time after the Closing Time in such quantities as the Representative may reasonably request; (n) the fees and expenses of the Auditor; (o) the fees and expenses of the Company's legal counsel and other agents and representatives; (p) the fees and expenses of the Underwriter's legal counsel not to exceed $125,000; (q) the $19,950 cost associated with the use of Ipreo's book building, prospectus tracking and compliance software for the Offering; and (r) up to $25,000 of Joseph Gunnar's actual accountable "road show" expenses for the offering. The Company also agrees to pay the Representative a non-accountable expense allowance in the amount of one percent (1%) of the gross proceeds of the sale of Closing Shares at the Closing Time, to be paid at the Closing Time and each Date of Delivery, if any, by deduction from the proceeds on such date. The Underwriters may also deduct from the net proceeds of the offering payable to the Company on the Closing Date, or each Option Closing Date, if any, the expenses set forth herein to be paid by the Company to the Underwriters; provided that in no event shall the amount reimbursed to the Representative exceed the amounts described in the foregoing provisions of this Section 4(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination of Agreement</u>. If this Agreement is terminated by the Representative in accordance with the provisions of Section 5, Section 9(a)(i), Section 9(a)(iii) or Section 10 hereof, the Company shall reimburse the Underwriters for up to $100,000 of their reasonably documented out-of-pocket expenses, including the reasonable and documented fees and disbursements of counsel for the Underwriters; provided that if this Agreement is terminated by the Representative pursuant to Section 10 hereof, the Company will have no obligation to reimburse any defaulting Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Fee Tail</u>. The Representative shall be entitled to compensation calculated in the manner set forth herein with respect to any public or private offering or other financing or capital-raising transaction of any kind ("<u>Tail Financing</u>") unless the Company has terminated the Engagement Agreement (as defined below) for Cause (as defined in the Engagement Agreement), to the extent that such financing or capital is provided to the Company by investors whom the Representative introduced to the Company in connection with the Offering and with whom there was a formal meeting between the Company and such investor (excluding President's List investors provided to the Representative), during the period between the execution of the Engagement Agreement dated January 15, 2026 (the "<u>Engagement Agreement</u>") between the Representative and the Company and the date of the Prospectus, if such Tail Financing is consummated at any time prior to the twelve (12) month anniversary of the Closing Date.

Section 5. <u>Conditions of Underwriters' Obligations</u>. The obligations of the several Underwriters hereunder are subject to the accuracy of the representations and warranties of the Company contained herein or in certificates of any officer of the Company or any of its Subsidiaries delivered pursuant to the provisions hereof, to the performance by the Company of its covenants and other obligations hereunder, and to the following further conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Effectiveness of Registration Statement</u>. The Registration Statement has become effective and, at the Closing Time, no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto has been issued under the Securities Act, no order preventing or suspending the use of any preliminary prospectus or the Prospectus has been issued and no Legal Actions for any of those purposes have been instituted or are pending or, to the Company's knowledge, contemplated; and the Company has complied with each request (if any) from the SEC for additional information to the reasonable satisfaction of counsel to the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Opinion of Counsel for Company</u>. At the Closing Time, the Representative shall have received the opinion and the negative assurance letter, each dated the Closing Time, of Loeb & Loeb LLP, U.S. counsel for the Company, together with the opinion, dated the Closing Time, of Oakridge Law LLP, Canadian counsel for the Company (collectively, "<u>Company Counsel</u>"), each in form and substance reasonably satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Opinion of Counsel for Underwriters</u>. At the Closing Time, the Representative shall have received the opinion and negative assurance letter, each dated the Closing Time, of Pryor Cashman LLP, U.S. counsel for the Representative, together with the opinion, dated the Closing Time, of Cozen O' Connor LLP, Canadian counsel for the Representative, each in form and substance satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Officers' Certificate</u>. At the Closing Time, there shall not have been, since the date hereof or since the respective dates as of which information is given in the Registration Statement, the Pricing Disclosure Package or the Prospectus, any material adverse change in the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Company and its Subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, and the Representative shall have received a certificate of the principal executive officer of the Company and of the principal financial officer of the Company, dated the Closing Time, to the effect that (i) there has been no such material adverse change, (ii) the representations and warranties of the Company in this Agreement are true and correct with the same force and effect as though expressly made at and as of the Closing Time, (iii) the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied at or prior to the Closing Time, and (iv) no stop order suspending the effectiveness of the Registration Statement under the Securities Act has been issued, no order preventing or suspending the use of any preliminary prospectus or the Prospectus has been issued and no Legal Actions for any of those purposes have been instituted or are pending or, to their knowledge, contemplated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Comfort Letters</u>. At the time of the execution of this Agreement, the Representative shall have received from the Auditor a letter, dated such date, in form and substance reasonably satisfactory to the Representative, together with signed or reproduced copies of such letter for each of the other Underwriters containing statements and information of the type ordinarily included in accountants' "comfort letters" to underwriters with respect to the financial statements and certain financial information contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Bring-down Comfort Letters</u>. At the Closing Time, the Representative shall have received from the Auditor a letter, dated as of the Closing Time, to the effect that they reaffirm the statements made in the letter furnished by such Auditor pursuant to subsection (e) of this Section, except that the specified date referred to shall be a date not more than three business days prior to the Closing Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Approval of Listing</u>. The Common Shares shall have been approved for listing on NYSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>No Objection</u>. FINRA shall have raised no objection to the fairness and reasonableness of the underwriting terms and arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>No Cease Trade Order</u>. On each of the Closing Date and any Option Closing Date, no Cease Trade Order shall have been issued by any Canadian Securities Regulator and no proceedings for such purpose, to the knowledge of the Company, will be pending or threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Lock-up Agreements</u>. At the date of this Agreement, the Representative shall have received an agreement substantially in the form of <u>Exhibit A</u> hereto signed by each of the Company and its directors, executive officers and holders of more than 10% of any equity securities of the Company and an agreement substantially in the form of <u>Exhibit B</u> hereto signed by certain holders of between 3% and 10% of any equity securities, in each case, including, without limitation, as listed on <u>Schedule B-1</u> hereto (collectively, the "<u>Lock-up Agreements</u>"). The Company agrees to enforce the restrictions on transfer set forth in Lock-up Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Conditions to Purchase of Option Shares</u>. In the event that the Underwriters exercise their option provided in Section 2(b) hereof to purchase all or any portion of the Option Shares, the representations and warranties of the Company contained herein and the statements in any certificates furnished by the Company and any of its Subsidiaries hereunder shall be true and correct as of each Date of Delivery and, at the relevant Date of Delivery, the Representative shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Officers' Certificate</u>. A certificate, dated such Date of Delivery, of the principal executive officer of the Company and of the principal financial officer of the Company confirming that the certificate delivered at the Closing Time pursuant to Section 5(d) hereof remains true and correct as of such Date of Delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Opinion of Counsel for Company</u>. If requested by the Representative, the opinion and negative assurance letter of Loeb & Loeb LLP and the opinion of Oakridge Law LLP, each in form and substance reasonably satisfactory to Underwriters' Counsel, dated such Date of Delivery, relating to the Option Shares to be purchased on such Date of Delivery and otherwise to the same effect as the opinions and negative assurance letter required by Section 5(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Opinion of Counsel for Underwriters</u>. If requested by the Representative, the opinion and negative assurance letter of Pryor Cashman LLP and the opinion of Cozen O'Connor LLP, dated such Date of Delivery, relating to the Option Shares to be purchased on such Date of Delivery and otherwise to the same effect as the opinions and negative assurance letter required by Section 5(c) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Bring-down Comfort Letter</u>. If requested by the Representative, a letter from the Auditor, in form and substance reasonably satisfactory to the Representative and dated such Date of Delivery, substantially in the same form and substance as the letter furnished to the Representative by the Auditor pursuant to subsection (f) of this Section, except that the "specified date" in the letter furnished pursuant to this paragraph shall be a date not more than three business days prior to such Date of Delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Additional Documents</u>. At the Closing Time and at each Date of Delivery (if any), counsel for the Underwriters shall have been furnished with such other documents and opinions as they may reasonably require for the purpose of enabling them to pass upon the issuance and sale of the Shares as herein contemplated, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, herein contained; and all proceedings taken by the Company in connection with the issuance and sale of the Shares as herein contemplated shall be reasonably satisfactory in form and substance to the Representative and counsel for the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Termination of Agreement</u>. If any condition specified in this Section shall not have been fulfilled when and as required to be fulfilled, this Agreement, or, in the case of any condition to the purchase of Option Shares on a Date of Delivery which is after the Closing Time, the obligations of the several Underwriters to purchase the relevant Option Shares, may be terminated by the Representative by notice to the Company at any time at or prior to Closing Time or such Date of Delivery, as the case may be, and such termination shall be without liability of any party to any other party except as provided in Section 4 and except that Sections 1, 4, 6, 7, 8, 13, 14 and 15 shall survive any such termination and remain in full force and effect.

Section 6. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Indemnification of Underwriters</u>. The Company agrees to indemnify and hold harmless each Underwriter, its affiliates (as such term is defined in Rule 501(b) under the Securities Act (each, an "<u>Affiliate</u>")), the directors, officers, employees and agents of such Underwriter and each person, if any, who controls any Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) against any and all loss, liability, claim, damage and expense whatsoever (including any and all investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement effected with the written consent of the Company of, any action, suit or proceeding between any of the indemnified parties and any indemnifying parties or between any indemnified party and any third party, or otherwise, or any claim asserted), as incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), including any information deemed to be a part thereof pursuant to Rule 430B, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading or arising out of any untrue statement or alleged untrue statement of a material fact included (A) in any preliminary prospectus, any Issuer Free Writing Prospectus, any Written Testing-the-Waters Communication, the Pricing Disclosure Package or the Prospectus (or any amendment or supplement thereto), or (B) in any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the offering of the Shares ("<u>Marketing Materials</u>"), including any roadshow or investor presentations made to investors by the Company (whether in person or electronically), or the omission or alleged omission in any preliminary prospectus, any Issuer Free Writing Prospectus, any Written Testing-the-Waters Communication, the Pricing Disclosure Package, the Prospectus (or any amendment or supplement thereto) or in any Marketing Materials of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any Legal Action, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject to Section 6(d) below) any such settlement is effected with the written consent of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) against any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Representative), reasonably incurred in investigating, preparing or defending against any Legal Action, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under (i) or (ii) above;

provided, however, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in the Registration Statement (or any amendment thereto), including any information deemed to be a part thereof pursuant to Rule 430B, the Pricing Disclosure Package or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with the Underwriter Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification of Company, Directors and Officers.</u> Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, each of its officers who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any and all loss, liability, claim, damage and expense described in the indemnity contained in subsection (a) of this Section, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto), including any information deemed to be a part thereof pursuant to Rule 430B, the Pricing Disclosure Package or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with the Underwriter Information; provided, however, that in no case shall any Underwriter be liable or responsible for any amount in excess of the underwriting discount and commissions applicable to the Shares purchased by such Underwriter hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Actions against Parties; Notification</u>. Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement. In the case of parties indemnified pursuant to Section 6(a) above, counsel to the indemnified parties shall be selected by the Representative, and, in the case of parties indemnified pursuant to Section 6(b) above, counsel to the indemnified parties shall be selected by the Company. An indemnifying party may participate at its own expense in the defense of any such action; provided, however, that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party. In no event shall the indemnifying parties be liable for the reasonable fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any Legal Action, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought under this Section 6 hereof (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from all liability arising out of such Legal Action and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Settlement without Consent if Failure to Reimburse</u>. If at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by Section 6(a)(ii) effected without its written consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.

Section 7. <u>Contribution</u>. If the indemnification provided for in Section 6 hereof is for any reason unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, (i) in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Underwriters, on the other hand, from the offering of the Shares pursuant to this Agreement or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company, on the one hand, and of the Underwriters, on the other hand, in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations.

The relative benefits received by the Company, on the one hand, and the Underwriters, on the other hand, in connection with the offering of the Shares pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from the offering of the Shares pursuant to this Agreement (before deducting expenses) received by the Company, on the one hand, and the total underwriting discount received by the Underwriters, on the other hand, in each case as set forth on the cover of the Prospectus, bear to the aggregate public offering price of the Shares as set forth on the cover of the Prospectus.

The relative fault of the Company, on the one hand, and the Underwriters, on the other hand, shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or by the Underwriters and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 7. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section 7 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any Legal Action, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission.

Notwithstanding the provisions of this Section 7, no Underwriter shall be required to contribute any amount in excess of the underwriting discounts and commissions received by such Underwriter in connection with the Shares underwritten by it and distributed to the public.

No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

For purposes of this Section 7, each person, if any, who controls an Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and each Underwriter's Affiliates and selling agents shall have the same rights to contribution as such Underwriter, and each director of the Company, each officer of the Company who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Company. The Underwriters' respective obligations to contribute pursuant to this Section 7 are several in proportion to the number of Firm Shares set forth opposite their respective names in <u>Schedule A</u> hereto and not joint.

Section 8. <u>Representations, Warranties and Agreements to Survive</u>. All representations, warranties and agreements contained in this Agreement or in certificates of officers of the Company or any of its Subsidiaries submitted pursuant hereto, shall remain operative and in full force and effect regardless of (i) any investigation made by or on behalf of any Underwriter or its Affiliates or selling agents, any person controlling any Underwriter, its officers or directors or any person controlling the Company and (ii) delivery of and payment for the Shares.

Section 9. <u>Termination of Agreement.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Termination</u>. The Representative may terminate this Agreement, by notice to the Company, at any time at or prior to the Closing Time (i) if there has been, in the judgment of the Representative, since the time of execution of this Agreement or since the respective dates as of which information is given in the Registration Statement, the Pricing Disclosure Package or the Prospectus, any material adverse change in the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Company and its Subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, or (ii) if there has occurred any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective change in U.S. or international political, financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of the Representative, impracticable or inadvisable to proceed with the completion of the offering or to enforce contracts for the sale of the Shares, or (iii) if trading in any securities of the Company has been suspended by NYSE, or (iv) if trading generally on the Exchange, any other exchange or market maintained by NYSE or any exchange or market maintained by NYSE has been suspended or materially limited, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices have been required, by any of said exchanges or by order of the SEC, FINRA or any other Governmental Entity, or (v) a material disruption has occurred in commercial banking or securities settlement or clearance services in the United States or Canada (including at the federal, state or provincial level, as applicable), or (vi) if a banking moratorium has been declared by either Federal or New York authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Liabilities</u>. If this Agreement is terminated pursuant to this Section, such termination shall be without liability of any party to any other party except as provided in Section 4 hereof, and provided further that Sections 1, 4, 6, 7, 8, 14, 15 and 16 and this Section 9 shall survive such termination and remain in full force and effect.

Section 10. <u>Default by One or More of the Underwriters</u>. If one or more of the Underwriters shall fail at the Closing Time or a Date of Delivery to purchase the Shares which it or they are obligated to purchase under this Agreement (the "<u>Defaulted Securities</u>"), the Representative shall have the right, within 24 hours thereafter, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of the Defaulted Securities in such amounts as may be agreed upon and upon the terms herein set forth; if, however, the Representative shall not have completed such arrangements within such 24-hour period, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the number of Defaulted Securities does not exceed 10% of the number of Securities to be purchased on such date, each of the non-defaulting Underwriters shall be obligated, severally and not jointly, to purchase the full amount thereof in the proportions that their respective underwriting obligations hereunder bear to the underwriting obligations of all non-defaulting Underwriters, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the number of Defaulted Securities exceeds 10% of the number of Securities to be purchased on such date, this Agreement or, with respect to any Date of Delivery which occurs after the Closing Time, the obligation of the Underwriters to purchase, and the Company to sell, the Option Shares to be purchased and sold on such Date of Delivery shall terminate without liability on the part of any non-defaulting Underwriter.

No action taken pursuant to this Section shall relieve any defaulting Underwriter from liability in respect of its default.

In the event of any such default which does not result in a termination of this Agreement or, in the case of a Date of Delivery which is after the Closing Time, which does not result in a termination of the obligation of the Underwriters to purchase and the Company to sell the relevant Option Shares, as the case may be, either the (i) Representative or (ii) the Company shall have the right to postpone Closing Time or the relevant Date of Delivery, as the case may be, for a period not exceeding seven days in order to effect any required changes in the Registration Statement, the Pricing Disclosure Package or the Prospectus or in any other documents or arrangements. As used herein, the term "Underwriter" includes any person substituted for an Underwriter under this Section 10.

Section 11. <u>Notices</u>. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (i) the time of transmission, if such notice or communication is delivered via e-mail attachment at the email address set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a day on which NYSE is open for trading ("<u>Trading Day</u>"), (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via e-mail attachment at the e-mail address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (iv) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth below:

if sent to the Representative or any Underwriter, shall be delivered personally, by e-mail, or sent by a nationally recognized overnight courier service to:

Joseph Gunnar & Co., LLC<br> 1000 RXR Plaza<br> Uniondale, NY 11556<br> Attention: Stephan A. Stein<br> Email: sstein@JGunnar.com

with a copy to Underwriters' Counsel (which shall not constitute notice) at:

Pryor Cashman LLP<br> 7 Times Square<br> New York, NY 10036<br> Attention: M. Ali Panjwani<br> Email: mpanjwani@pryorcashman.com

and to

Cozen O'Connor LLP<br> 40 Temperance Street, Suite 2700<br> Toronto, Ontario M5H 0B4, Canada<br> Attention: Alexander Katznelson<br> Email: AKatznelson@cozen.com

if sent to the Company, shall be delivered personally, by e-mail, or sent by a nationally recognized overnight courier service to:

Nuclea Energy Inc.

Unit 5 2425 Skymark Avenue

Mississauga, Ontario L4W 4Y6, Canada<br> Attention: Josef Freundorfer<br> Email: josef@nuclea.energy

with a copy to the Company Counsel (which shall not constitute notice) at:

Loeb & Loeb LLP<br> 10100 Santa Monica Blvd, #2200<br> Los Angeles, CA 90067<br> Attention: Lawrence Venick<br> Email: lvenick@loeb.com

and to

Oakridge Law LLP<br> 151 Randall St, Suite 201<br> Oakville, Ontario L6J 1P5, Canada<br> Attention: Richard Paolone<br> Email: rpaolone@oakridgelawllp.com

Section 12. <u>No Advisory or Fiduciary Relationship</u>. The Company acknowledges and agrees that (a) the purchase and sale of the Shares pursuant to this Agreement, including the determination of the public offering price of the Shares and any related discounts and commissions, is an arm's-length commercial transaction between the Company, on the one hand, and the several Underwriters, on the other hand, (b) in connection with the offering of the Shares and the process leading thereto, each Underwriter is and has been acting solely as a principal and is not the agent or fiduciary of the Company, any of its Subsidiaries or their respective shareholders, creditors, employees or any other party, (c) no Underwriter has assumed or will assume an advisory or fiduciary responsibility in favor of the Company with respect to the offering of the Shares or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company or any of its Subsidiaries on other matters) and no Underwriter has any obligation to the Company with respect to the offering of the Shares except the obligations expressly set forth in this Agreement, (d) the Underwriters and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company and (e) the Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the offering of the Shares and the Company has consulted its own respective legal, accounting, regulatory and tax advisors to the extent it deemed appropriate.

Section 13. <u>Parties</u>. This Agreement shall each inure to the benefit of and be binding upon the Underwriters and the Company and their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than the Underwriters and the Company and their respective successors and the controlling persons and officers and directors referred to in Sections 6 and 7 and their heirs and legal representatives, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the Underwriters and the Company and their respective successors, and said controlling persons and officers and directors and their heirs and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of Securities from any Underwriter shall be deemed to be a successor by reason merely of such purchase.

Section 14. <u>GOVERNING LAW</u>. This agreement and any claim, controversy or dispute arising under or related to this agreement shall be governed by, and construed in accordance with the laws of, the state of New York without regard to its choice of law provisions to the extent that the same would result in the application of the laws of another jurisdiction.

Section 15. <u>Waiver of Trial by Jury</u>. The Company and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any Legal Action arising out of or relating to this Agreement or the transactions contemplated hereby.

Section 16. <u>Consent to Jurisdiction; Waiver of Immunity</u>. Any Legal Action arising out of or based upon this Agreement or the transactions contemplated hereby shall be instituted in (i) the federal courts of the United States of America located in the City and County of New York, Borough of Manhattan or (ii) the courts of the State of New York located in the City and County of New York, Borough of Manhattan (collectively, the "<u>Specified Courts</u>"), and each party irrevocably submits to the exclusive jurisdiction (except for Legal Actions instituted in regard to the enforcement of a judgment of any such court, as to which such jurisdiction is non-exclusive) of such courts in any such Legal Action. Service of any process, summons, notice or document by mail to such party's address set forth above shall be effective service of process for any Legal Action brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any Legal Action in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such Legal Action brought in any such court has been brought in an inconvenient forum.

Section 17. <u>TIME</u>. TIME SHALL BE OF THE ESSENCE OF THIS AGREEMENT. EXCEPT AS OTHERWISE SET FORTH HEREIN, SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME.

Section 18. <u>Partial Unenforceability</u>. The invalidity or unenforceability of any Section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other Section, paragraph or provision hereof. If any Section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.

Section 19. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same agreement. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

Section 20. <u>Effect of Headings</u>. The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed a part of this Agreement.

Section 21. <u>Entire Agreement</u>. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company and the Underwriters, or any of them, with respect to the subject matter hereof.

Section 22. <u>Authority of the Representative</u>. Any action by the Underwriters hereunder may be taken by the Representative on behalf of the Underwriters, and any such action taken by the Representative shall be binding upon the Underwriters.

Section 23. <u>Amendments or Waivers</u>. No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by all the parties hereto. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after the waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise of any other right, remedy, power or privilege.

Section 24. <u>Recognition of the U.S. Special Resolution Regimes</u>. In the event that any Underwriter that is a Covered Entity becomes subject to a Legal Action under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a Legal Action under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

For purposes of this Agreement, (A) "BHC Act Affiliate" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k); (B) "Covered Entity" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b); (C) "Default Right" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable; and (D) "U.S. Special Resolution Regime" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

[SIGNATURE PAGES FOLLOW]

Very truly yours,

**NUCLEA ENERGY INC.**

By:   <br> Name: Josef Freundorfer <br> Title: Chief Executive Officer

Accepted as of the date hereof

**JOSEPH GUNNAR & CO., LLC**

By:   <br> Name: <br> Title:

For itself and as Representative of the other Underwriters named in <u>Schedule A</u> hereto.

[Signature Page to Underwriting Agreement]

**SCHEDULE A**

Firm Shares: [●]

Option Shares: [●]

Public offering price per Share: $[●]

Underwriters' Discount per Share: $[●] (representing a 6% discount to the public offering price)

---

| | |
|:---|:---|
| Name of Underwriter | Number of<br> Shares |
| Joseph Gunnar & Co., LLC |  |
| Yorkville Securities, LLC |  |
| Total |  |

---

**SCHEDULE B-1**

<u>Lock-Up Parties</u> 

Company, directors, executive officers and 10% shareholders:

● Nuclea Energy Inc.

● Josef Freundorfer

● Sagar Sanghera

● Anna Skowron

● Subhash Paluru

● John McVey

● Magaly Bianchini

● George Kovalyov

● Vinayak Ashok Gunda

Shareholders of between 3% and 10%

● Eleodor Nichita

**SCHEDULE B-2** 

<u>Free-Writing Prospectuses</u> 

None <sup>2</sup>

<sup>2</sup> To update

**<u>Exhibit A</u>**

FORM OF LOCK-UP AGREEMENT FOR THE<br> COMPANY, DIRECTORS, EXECUTIVE OFFICERS AND 10% SHAREHOLDERS

**<u>Exhibit B</u>**

FORM OF LOCK-UP AGREEMENT<br> FOR 3% - 10% SHAREHOLDERS OF THE COMPANY

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![A blue text on a black background Description automatically generated](ea027004312ex5-1_img1.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakridge Law LLP<br> Suite 201 – 151 Randall St.<br> Oakville, ON, L6J 1P5<br> oakridge-goc.com<br>Richard Paolone, J.D.<br> Partner<br> Securities & Capital Markets<br> T: (416) 258-3059<br> rpaolone@oakridgelawllp.com |

---

April 29, 2026

Nuclea Energy Inc.

2425 Skymark Ave Unit 5

Mississauga, ON L4W 4Y6, Canada

**RE: Nuclea Energy Inc. - Registration Statement on Form F-1**

Ladies and Gentlemen:

We have acted as Canadian counsel to Nuclea Energy Inc. ("**Nuclea**" or the "**Company**") in connection with the Registration Statement on Form F-1 (the "**Registration Statement**") filed by the Company with the United States Securities and Exchange Commission (the "**Commission**") under the U.S. Securities Act of 1933, as amended (the "**Act**"), relating to the offering of common shares in the capital of the Company (the "**Common Shares**"), and the resale by certain shareholders of the Company named in the Registration Statement (the "**Selling Shareholders**") of certain Common Shares.

This opinion letter is being provided at the request of Nuclea. As Canadian counsel for Nuclea, we have examined a copy of the Registration Statement.

We are solicitors qualified to practice law in the Province of British Columbia and the opinions expressed herein relate only to the laws of the Province of British Columbia and the laws of Canada applicable therein as in effect on the date hereof.

We have considered such questions of law, examined such statutes, regulations, corporate documents, records and certificates, opinions and instruments and have made such other investigations as we have considered necessary or desirable in connection with the opinions hereinafter set forth including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a) a certificate of good standing dated April 9, 2026 issued by
the Registrar of Companies appointed under the Business Corporations Act (British Columbia) (the "BCBCA") in respect of the
Company without any independent verification or inquiry (the "Certificate of Good Standing"); and

&nbsp;&nbsp;&nbsp;&nbsp;(b) a certificate addressed to Oakridge Law LLP executed by the
Chief Executive Officer of the Company as to certain factual matters (the "**Corporate Certificate** "), dated the date
hereof, copies of which are being delivered to you concurrently with this opinion.

In our examinations, we have assumed the genuineness of all signatures, the legal capacity of all individuals, the authenticity and completeness of all documents submitted to us as originals and the conformity to the originals of all documents submitted to us as certified, conformed, telecopies, facsimiles or photostatic copies.

We have assumed the accuracy and completeness of all facts set forth in the Corporate Certificate. To the extent the Corporate Certificate, and any other certificate or document referenced herein, is based on any assumption, given in reliance on any other certificate or document, understanding or other criteria or is made subject to any limitation, qualification or exception, our opinions are also based on such assumption, given in reliance on such other certificate, document, understanding or other criteria and are made subject to such limitation, qualification and exception. For greater certainty, where the Corporate Certificate affirms a state of fact, understanding or other factor based on the belief, knowledge, awareness or understanding (or lack thereof, respectively) of the officer executing such Corporate Certificate, we have assumed without independent verification that such belief, knowledge, awareness or understanding (or lack thereof) is and remains fully accurate, correct and complete.

With respect to the opinion expressed herein, we have relied as to certain matters of fact on the Corporate Certificate.

Based upon the foregoing, and subject to the qualifications, assumptions and limitations stated herein, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Company is a corporation existing under the BCBCA and is in good standing with respect to the filing of annual reports under the
BCBCA.

&nbsp;&nbsp;&nbsp;&nbsp;2. The authorized share structure of the Company consists of an unlimited number of Common Shares without par value.

&nbsp;&nbsp;&nbsp;&nbsp;3. The Company has all requisite corporate power and capacity to issue and sell the Common Shares to be offered by the Company under
the Registration Statement, and has taken all requisite corporate action to authorize the issuance and sale of the Common Shares to be
offered by the Company under the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;4. The Common Shares to be offered by the Company have been validly authorized and, when issued and paid for as contemplated by the Registration
Statement, will be validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;5. The Common Shares which may be offered for resale by the Selling Shareholders have been validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;6. In our opinion, the statements contained in the Registration Statement under the heading "Canadian Tax Considerations",
insofar as they purport to summarize certain provisions of the laws of Canada and the Province of British Columbia, are accurate in all
material respects and constitute a fair summary of the Canadian federal income tax considerations discussed therein.

We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement and to the use of our name under the captions "Legal Matters" and "Canadian Tax Considerations" in the prospectus included in the Registration Statement.

Yours very truly,

/s/ Oakridge Law LLP

**Oakridge Law LLP**

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors of

Nuclea Energy Inc.

We consent to the inclusion in the Form F-1 Registration Statement filed with the Securities & Exchange Commission (No. 333-295006), of Nuclea Energy Inc. (the "Company") our report dated December 19, 2025 relating to our audits of the balance sheets as of June 30, 2025 and 2024 and statements of loss and comprehensive loss, stockholders' equity and cash flows for the year ended 2025 and from the incorporation on August 24, 2023 to June 30, 2024.

We also consent to the reference to us under the caption "Experts" in the Registration Statement.

**/s/ Reliant CPA PC**

Certified Public Accountants

Newport Beach, California

April 29, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**Nuclea Energy Inc.**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Common shares | (1) | 457(o) | 833333 | $10.00 | $8333330.00 | 0.0001381 | $1150.83 |
| Fees to be Paid | Equity | Common shares | (2) | 457(o) | 2817294 | 10.00 | 28172940.00 | 0.0001381 | 3890.69 |
| Fees Previously Paid | Equity | Common shares | (3) | 457(o) | 5555556 | $10.00 | $55555560.00 |  | $7672.22 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $92061830.00 |  | 12713.74 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 7672.22 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $5041.52 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to Rule 416 under the Securities Act of 1933, as amended (or the "Securities Act"), an indeterminate number of additional securities are registered hereunder that may be issued to prevent dilution in connection with a stock split, stock dividend, recapitalization, or similar event or adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;(2) This Registration Statement also covers the resale under a separate resale prospectus (the "Resale Prospectus") by selling shareholders of the Registrant of up to 2,817,294 shares of Common Stock previously issued to the selling stockholders as named in the Resale Prospectus. Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Registrant has paid $7,672.22 filing fee in connection with the initial filing of this registration statement.