# EDGAR Filing Document

**Accession Number:** 0002101996
**File Stem:** 0001213900-26-042714
**Filing Date:** 2026-4
**Character Count:** 1116488
**Document Hash:** b643035401a8c2bfefce01b1f5b51c44
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-042714.hdr.sgml**: 20260413

**ACCESSION NUMBER**: 0001213900-26-042714

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 43

**FILED AS OF DATE**: 20260413

**DATE AS OF CHANGE**: 20260410

**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
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-295006
- **FILM NUMBER:** 26856300

**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 10, 2026.

#### Registration No. [\*]

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

#### _______________________________

#### 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)

#### _______________________________

---

| | | |
|:---|:---|:---|
|  **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 "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 10, 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
**Prospectus April 10, 2026**

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#### **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 8, 2026 as reported by the Bank of Canada for the conversion of USD into CAD was USD$1.00 equals CAD$1.3851.

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

---

| | |
|:---|:---|
|  *"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

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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 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. 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 patents, 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, others 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.

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.

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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 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

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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.

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.

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.

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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. 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 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

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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 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.

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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 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.

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#### 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, 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*".

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***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 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.

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#### 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.

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

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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 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* 

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*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:

---

| | |
|:---|:---|
|  **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:

---

| | |
|:---|:---|
|  | **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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 |

---

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.

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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

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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 (</u><u>starting the date of the consummation of this Offering</u><u>)</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

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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 the for basic design of the Morpheus reactor is in the public domain. Our co-founder and Head of Reactor Design, Dr. Eleodor 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.

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 United States 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., announced on April 21, and for XRP Healthcare, announced on July 9. 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 Environmental Solutions Inc. (OTC: TESI) ("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 following summary describes, as of the date hereof, the material Canadian federal income tax considerations generally applicable to a purchaser who acquires, as a beneficial owner, Common Shares pursuant to this prospectus and who, at all relevant times, for the purposes of the application 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 regards 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 Non-Canadian Holder that is a beneficial owner of the dividends, is a U.S. resident for the purposes of and is entitled

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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 Underwriter of this offering. 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 | 5555556 |
|  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.

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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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**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.

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**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.

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

**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** | $**—** |

---

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

**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.

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

**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.

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

**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.

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

#### 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.

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

#### 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.

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

#### 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.

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

#### 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.

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

#### 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.

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

#### 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.

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

#### 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.

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

#### 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.

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

#### 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 1 5 — 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.

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

#### NUCLEA ENERGY INC.<br> Notes to the Condensed Consolidated Financial Statements (Unaudited)

#### NOTE 1 5 — 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

#### ____________________________

#### Joseph Gunnar & Co., LLC

#### [ ] , 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 10 , 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

---

| | |
|:---|:---|
|  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.

------

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

#### 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\*

3.1 [Notice of Articles and Articles of the Company, as currently in effect†](ea027004309ex3-1.htm)

3.2 Amended and Restated Notice and Articles of Nuclea Energy Inc. to be effective as of the closing of the offering.\*

4.1 [Specimen Share Certificate†](ea027004309ex4-1.htm)

5.1 [Opinion of Oakridge Law LLP as to the validity of the Common Shares†](ea027004309ex5-1.htm)

10.1 [Independent Consulting Agreement, dated as of December 19, 2025, between Nuclea Energy Inc. and Josef Freundorfer †](ea027004309ex10-1.htm)

10.2 [Consulting Agreement, dated as of December 9, 2025, between Nuclea Energy Inc. and NxtEra Consulting Ltd. †](ea027004309ex10-2.htm)

10.3 [Amendment to Consulting Agreement, dated as of February 28, 2026, between Nuclea Energy Inc. and NxtEra Consulting Ltd. †](ea027004309ex10-3.htm)

10.4 [Consulting Agreement, dated as of March 30, 2026, between Nuclea Energy Inc. and Sagar Sanghera†](ea027004309ex10-4.htm)

10.5 [Consulting Agreement, dated as of February 25, 2026, between Nuclea Energy Inc. and Irydyum Scientific Inc.†](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. †](ea027004309ex10-6.htm)

10.7 [Form of Lock -up agreement with the Company's directors and executive officers and 10% shareholders†](ea027004309ex10-7.htm)

10.8 [Form of Lock -up agreement with the Company's 3% to 10% shareholders†](ea027004309ex10-8.htm)

10.9 [Form of Subscription Agreement for Nuclea Energy Inc. November 7, 2025 financing round†](ea027004309ex10-9.htm)

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

---

| | |
|:---|:---|
| 14.1 | [Code of Business Conduct and Ethics†](ea027004309ex14-1.htm) |
| 21.1 | [List of Subsidiaries†](ea027004309ex21-1.htm) |
| 23.1 | [Consent of Reliant CPA PC†](ea027004309ex23-1.htm) |
| 23.2 | [Consent of Oakridge Law LLP (included in Exhibit 5.1)†](ea027004309ex5-1.htm) |
| 24.1 | [Power of Attorney (included on signature page to the registration statement)†](#T99999) |
| 99.1 | [Charter of the Audit Committee†](ea027004309ex99-1.htm) |
| 99.2 | [Charter of the Compensation Committee†](ea027004309ex99-2.htm) |
| 99.3 | [Charter of the Nominating and Corporate Governance Committee†](ea027004309ex99-3.htm) |
| 99.4 | [Consent of Director Nominee Subhash Paluru†](ea027004309ex99-4.htm) |
| 99.5 | [Consent of Director Nominee John McVey†](ea027004309ex99-5.htm) |
| 99.6 | [Consent of Director Nominee Magaly Bianchini†](ea027004309ex99-6.htm) |
| 99.7 | [Consent of Director Nominee George Kovalyov†](ea027004309ex99-7.htm) |
| 107 | [Registration Fee Table†](ea027004309ex-fee.htm) |

---

____________

\* To be filed by amendment.

† 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.

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

#### 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 10, 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 10, 2026 |
|  Josef Freundorfer | (Principal executive officer) |  |
|  /s/ Sagar Sanghera | Chairman of the Board of Directors and President | April 10, 2026 |
|  Sagar Sanghera |  |  |
|  /s/ Anna Skowron | Chief Financial Officer | April 10, 2026 |
|  Anna Skowron | (Principal financial and accounting officer) |  |

---

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

#### 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 10, 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 3.1

**Exhibit 3.1**

**Incorporation number: BC1435274**

**BUSINESS *CORPORATIONS* ACT**

**ARTICLES**

**OF**

**NUCLEA ENERGY INC.**

(the "**Company**")

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART 1.** | **INTERPRETATION** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | Business Corporations Act and Interpretation Act Definitions Applicable | 1 |
| **PART 2.** | **SHARES AND SHARE CERTIFICATES** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Authorized Share Structure | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Form of Share Certificate | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Shareholder Entitled to Certificate or Acknowledgment | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Delivery by Mail | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | Replacement of Worn Out or Defaced Certificate or Acknowledgement | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | Replacement of Lost, Destroyed or Wrongfully Taken Certificate | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | Recovery of New Share Certificate | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | Splitting Share Certificates | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | Certificate Fee | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | Recognition of Trusts | 3 |
| **PART 3.** | **ISSUE OF SHARES** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Directors Authorized | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Commissions and Discounts | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | Brokerage | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | Conditions of Issue | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 | Share Purchase Warrants and Rights | 4 |
| **PART 4.** | **SHARE REGISTERS** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Central Securities Register | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Closing Register | 5 |
| **PART 5.** | **SHARE TRANSFERS** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | Registering Transfers | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1A | Waivers of Requirements for Transfer | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | Form of Instrument of Transfer | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | Transferor Remains Shareholder | 6 |

---

- i -

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | Signing of Instrument of Transfer | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | Enquiry as to Title Not Required | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 | Transfer Fee | 7 |
| **PART 6.** | **TRANSMISSION OF SHARES** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | Legal Personal Representative Recognized on Death | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | Rights of Legal Personal Representative | 7 |
| **PART 7.** | **ACQUISITION OF COMPANY'S SHARES** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | Company Authorized to Purchase or Otherwise Acquire Shares | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | No Purchase, Redemption or Other Acquisition When Insolvent | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | Sale and Voting of Purchased, Redeemed or Otherwise Acquired Shares | 8 |
| **PART 8.** | **BORROWING POWERS** | **8** |
| **PART 9.** | **ALTERATIONS** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | Alteration of Authorized Share Structure | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | Special Rights or Restrictions | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | Change of Name | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 | Other Alterations | 9 |
| **PART10.** | **MEETINGS OF SHAREHOLDERS** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | Annual General Meetings | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | Resolution Instead of Annual General Meeting | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | Calling of Meetings of Shareholders | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | Notice for Meetings of Shareholders | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 | Notice of Resolution to Which Shareholders May Dissent | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 | Record Date for Notice | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 | Record Date for Voting | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 | Failure to Give Notice and Waiver of Notice | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 | Notice of Special Business at Meetings of Shareholders | 11 |
| **PART 11.** | **PROCEEDINGS AT MEETINGS OF SHAREHOLDERS** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 | Special Business | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 | Special Majority | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 | Quorum | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 | One Shareholder May Constitute Quorum | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 | Persons Entitled to Attend Meeting | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 | Requirement of Quorum | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 | Lack of Quorum | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 | Lack of Quorum at Succeeding Meeting | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 | Chair | 13 |

---

- ii -

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 | Selection of Alternate Chair | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 | Adjournments | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 | Notice of Adjourned Meeting | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 | Decisions by Show of Hands or Poll | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14 | Declaration of Result | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 | Motion Need Not be Seconded | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16 | Casting Vote | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17 | Manner of Taking Poll | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18 | Demand for Poll on Adjournment | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19 | Chair Must Resolve Dispute | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.20 | Casting of Votes | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.21 | No Demand for Poll on Election of Chair | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.22 | Demand for Poll Not to Prevent Continuance of Meeting | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.23 | Retention of Ballots and Proxies | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.24 | Meeting by Telephone or Other Communications Medium | 16 |
| **PART 12.** | **VOTE OF SHAREHOLDERS** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 | Number of Votes by Shareholder or by Shares | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 | Votes of Persons in Representative Capacity | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 | Votes by Joint Holders | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 | Legal Personal Representatives as Joint Shareholders | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 | Representative of a Corporate Shareholder | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 | When Proxy Holder Need Not Be Shareholder | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 | When Proxy Provisions Do Not Apply to the Company | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 | Appointment of Proxy Holders | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 | Alternate Proxy Holders | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 | Deposit of Proxy | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 | Validity of Proxy Vote | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 | Form of Proxy | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 | Revocation of Proxy | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 | Revocation of Proxy Must Be Signed | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.15 | Chair May Determine Validity of Proxy | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16 | Production of Evidence of Authority to Vote | 20 |
| **PART 13.** | **DIRECTORS** | **20** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 | First Directors; Number of Directors | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 | Change in Number of Directors | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 | Directors' Acts Valid Despite Vacancy | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 | Qualifications of Directors | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 | Remuneration of Directors | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 | Reimbursement of Expenses of Directors | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 | Special Remuneration for Directors | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 | Gratuity, Pension or Allowance on Retirement of Director | 22 |

---

- iii -

---

| | | |
|:---|:---|:---|
| **PART 14. ELECTION AND REMOVAL OF DIRECTORS** | **PART 14. ELECTION AND REMOVAL OF DIRECTORS** | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 | Election at Annual General Meeting | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 | Consent to be a Director | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 | Failure to Elect or Appoint Directors | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 | Places of Retiring Directors Not Filled | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 | Directors May Fill Casual Vacancies | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 | Remaining Directors' Power to Act | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 | Shareholders May Fill Vacancies | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 | Additional Directors | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 | Ceasing to be a Director | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 | Removal of Director by Shareholders | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 | Removal of Director by Directors | 24 |
| **PART15. ALTERNATE DIRECTORS** | **PART15. ALTERNATE DIRECTORS** | **24** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 | Appointment of Alternate Director | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 | Notice of Meetings | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 | Alternate for More Than One Director Attending Meetings | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 | Consent Resolutions | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 | Alternate Director Not an Agent | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 | Revocation of Appointment of Alternate Director | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 | Ceasing to be an Alternate Director | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8 | Remuneration and Expenses of Alternate Director | 26 |
| **PART 16. POWERS AND DUTIES OF DIRECTORS** | **PART 16. POWERS AND DUTIES OF DIRECTORS** | **26** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 | Powers of Management | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 | Appointment of Attorney of Company | 26 |
| **PART 17. INTERESTS OF DIRECTORS AND OFFICERS** | **PART 17. INTERESTS OF DIRECTORS AND OFFICERS** | **26** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 | Obligation to Account for Profits | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 | Restrictions on Voting by Reason of Interest | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 | Interested Director Counted in Quorum | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 | Disclosure of Conflict of Interest or Property | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 | Director Holding Other Office in the Company | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 | No Disqualification | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7 | Professional Services by Director or Officer | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8 | Director or Officer in Other Corporations | 28 |
| **PART18. PROCEEDINGS OF DIRECTORS** | **PART18. PROCEEDINGS OF DIRECTORS** | **28** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 | Meetings of Directors | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 | Voting at Meetings | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3 | Chair of Meetings | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4 | Meetings by Telephone or Other Communications Medium | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5 | Calling of Meetings | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6 | Notice of Meetings | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7 | When Notice Not Required | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.8 | Meeting Valid Despite Failure to Give Notice | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.9 | Waiver of Notice of Meetings | 30 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.10 | Quorum | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.11 | Validity of Acts Where Appointment Defective | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.12 | Consent Resolutions in Writing | 30 |
| **PART19.** | **EXECUTIVE AND OTHER COMMITTEES** | **31** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 | Appointment and Powers of Executive Committee | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 | Appointment and Powers of Other Committees | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 | Obligations of Committees | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 | Powers of Board | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5 | Committee Meetings | 32 |
| **PART20.** | **OFFICERS** | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 | Directors May Appoint Officers | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 | Functions, Duties and Powers of Officers | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3 | Qualifications | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4 | Remuneration and Terms of Appointment | 33 |
| **PART21.** | **INDEMNIFICATION** | **33** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 | Definitions | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 | Mandatory Indemnification of Directors | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3 | Permitted Indemnification | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4 | Non-Compliance with Business Corporations Act | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5 | Company May Purchase Insurance | 34 |
| **PART22.** | **DIVIDENDS** | **34** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1 | Payment of Dividends Subject to Special Rights | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2 | Declaration of Dividends | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3 | No Notice Required | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4 | Record Date | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5 | Manner of Paying Dividend | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.6 | Settlement of Difficulties | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.7 | When Dividend Payable | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.8 | Dividends to be Paid in Accordance with Number of Shares | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.9 | Receipt by Joint Shareholders | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.10 | Dividend Bears No Interest | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.11 | Fractional Dividends | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.12 | Payment of Dividends | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.13 | Capitalization of Retained Earnings or Surplus | 36 |
| **PART23.** | **ACCOUNTING RECORDS AND AUDITOR** | **36** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 | Recording of Financial Affairs | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 | Inspection of Accounting Records | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 | Remuneration of Auditor | 36 |

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- v -

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| | | |
|:---|:---|:---|
| **PART24.** | **NOTICES** | **36** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1 | Method of Giving Notice | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2 | Deemed Receipt | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3 | Certificate of Sending | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.4 | Notice to Joint Shareholders | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.5 | Notice to Legal Personal Representatives and Trustees | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.6 | Undelivered Notices | 38 |
| **PART25.** | **SEAL** | **38** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1 | Who May Attest Seal | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2 | Sealing Copies | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.3 | Mechanical Reproduction of Seal | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.4 | Execution of Documents Generally | 39 |
| **PART26.** | **PROHIBITIONS** | **39** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1 | Definitions | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2 | Application | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.3 | Consent Required for Transfer of Shares or Transfer Restricted Securities | 39 |

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- vi -

**PART 1. **INTERPRETATION**

1.1 **Definitions** 

In these Articles, unless the context otherwise requires:

(1) **"appropriate person"** has the meaning assigned in the *Securities Transfer Act*;

(2) **"board of directors"**, **"directors"** and **"board"** mean
the directors or sole director of the Company;

(3) **"Business Corporations Act"** means the *Business Corporations Act* (British Columbia)
and all amendments thereto, including all regulations and amendments thereto made pursuant to that Act;

(4) **"Interpretation Act"** means the *Interpretation Act* (British Columbia) and all
amendments thereto, including all regulations and amendments thereto made pursuant to that Act;

(5) **"legal personal representative"** means the personal or other legal representative of a shareholder;

(6) **"protected purchaser"** has the meaning assigned in the *Securities Transfer Act*;

(7) **"registered address"** of a shareholder means the shareholder's address as recorded
in the central securities register;

(8) **"seal"** means the seal of the Company, if any;

(9) **"securities legislation"** means statutes concerning the regulation of securities markets
and trading in securities and the regulations, rules, forms and schedules under those statutes, all as amended from time to time, and
the blanket rulings and orders, as amended from time to time, issued by the securities commissions or similar regulatory authorities appointed
under or pursuant to those statutes; **"Canadian securities legislation"** means the securities legislation in any province
or territory of Canada and includes the *Securities Act* (British Columbia); and **"U.S. securities legislation"** means
the securities legislation in the federal jurisdiction of the United States and in any state of the United States and includes the Securities
Act of 1933 and the Securities Exchange Act of 1934;

(10) **"Securities Transfer Act"** means the *Securities Transfer Act* (British Columbia)
and all amendments thereto, including all regulations and amendments thereto made pursuant to that Act.

1.2 **Business Corporations Act and Interpretation Act Definitions Applicable** 

The definitions in the *Business Corporations Act* and the definitions and rules of construction in the *Interpretation Act*, with the necessary changes, so far as applicable, and unless the context requires otherwise, apply to these Articles as if they were an enactment. If there is a conflict between a definition in the *Business Corporations Act* and a definition or rule in the *Interpretation Act* relating to a term used in these Articles, the definition in the *Business Corporations Act* will prevail. If there is a conflict or inconsistency between these Articles and the *Business Corporations Act*, the *Business Corporations Act* will prevail.

**PART 2. **SHARES AND SHARE CERTIFICATES**

2.1 **Authorized Share Structure** 

The authorized share structure of the Company consists of shares of the class or classes and series, if any, described in the Notice of Articles of the Company.

2.2 **Form of Share Certificate** 

Each share certificate issued by the Company must comply with, and be signed as required by, the *Business Corporations Act*.

2.3 **Shareholder Entitled to Certificate or Acknowledgment** 

Unless the registered shares of the shareholder are uncertificated shares within the meaning of the *Business Corporations Act*, each shareholder is entitled, without charge, to (a) one share certificate representing the shares of each class or series of shares registered in the shareholder's name or (b) a non-transferable written acknowledgment of the shareholder's right to obtain such a share certificate, provided that in respect of a share held jointly by several persons, the Company is not bound to issue more than one share certificate or acknowledgment. Delivery of a share certificate or an acknowledgment to one of several joint shareholders or to a duly authorized agent of one of the joint shareholders will be sufficient delivery to all.

2.4 **Delivery by Mail** 

Any share certificate or non-transferable written acknowledgment of a shareholder's right to obtain a share certificate may be sent to the shareholder by mail at the shareholder's registered address and neither the Company nor any director, officer or agent of the Company is liable for any loss to the shareholder because the share certificate or acknowledgement is lost in the mail or stolen.

2.5 **Replacement of Worn Out or Defaced Certificate or Acknowledgement** 

If the directors are satisfied that a share certificate or a non-transferable written acknowledgment of the shareholder's right to obtain a share certificate is worn out or defaced, they must, on production to them of the share certificate or acknowledgment on such other terms, if any, as they think fit:

(1) order the share certificate or acknowledgment, as the case may be, to be cancelled; and

(2) issue a replacement share certificate or acknowledgment, as the case may be.

2.6 **Replacement of Lost, Destroyed or Wrongfully Taken Certificate** 

If a person entitled to a share certificate claims that the share certificate has been lost, destroyed or wrongfully taken, the Company must issue a new share certificate, if that person:

(1) requests before the Company has notice that the share certificate has been acquired by a protected purchaser;

(2) provides the Company with an indemnity bond sufficient in the Company's judgment to protect the
Company from any loss that the Company may suffer by issuing a new certificate; and

(3) satisfies any other reasonable requirements imposed by the directors.

A person entitled to a share certificate may not assert against the Company a claim for a new share certificate where a share certificate has been lost, destroyed or wrongfully taken if that person fails to notify the Company of that fact within a reasonable time after that person has notice of it and the Company registers a transfer of the shares represented by the certificate before receiving a notice of the loss, destruction or wrongful taking of the share certificate.

2.7 **Recovery of New Share Certificate** 

If, after the issue of a new share certificate, a protected purchaser of the original share certificate presents the original share certificate for the registration of transfer, then in addition to any rights under the indemnity bond, the Company may recover the new share certificate from a person to whom it was issued or any person taking under that person other than a protected purchaser.

2.8 **Splitting Share Certificates** 

If a shareholder surrenders a share certificate to the Company with a written request that the Company issue in the shareholder's name two or more share certificates, each representing a specified number of shares and in the aggregate representing the same number of shares as represented by the share certificate so surrendered, the Company must cancel the surrendered share certificate and issue replacement share certificates in accordance with that request.

2.9 **Certificate Fee** 

There must be paid to the Company, in relation to the issue of any share certificate under Articles 2.5, 2.6 or 2.8, the amount, if any, which must not exceed the amount prescribed under the *Business Corporations Act*, determined by the directors.

2.10 **Recognition of Trusts** 

Except as required by law or statute or these Articles, no person will be recognized by the Company as holding any share upon any trust, and the Company is not bound by or compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or partial interest in any share or fraction of a share or (except as required by law, statute, these Articles or as ordered by a court of competent jurisdiction) any other rights in respect of any share except an absolute right to the entirety thereof in the shareholder.

**PART 3. **ISSUE OF SHARES**

3.1 **Directors Authorized** 

Subject to the *Business Corporations Act* and the rights, if any, of the holders of issued shares of the Company, the Company may issue, allot, sell or otherwise dispose of the unissued shares, and issued shares held by the Company, at the times, to the persons, including directors, in the manner, on the terms and conditions and for the issue prices (including any premium at which shares with par value may be issued) that the directors may determine. The issue price for a share with par value must be equal to or greater than the par value of the share.

3.2 **Commissions and Discounts** 

The Company may at any time pay a reasonable commission or allow a reasonable discount to any person in consideration of that person purchasing or agreeing to purchase shares of the Company from the Company or any other person or procuring or agreeing to procure purchasers for shares of the Company.

3.3 **Brokerage** 

The Company may pay a brokerage fee or other consideration as may be lawful for or in connection with the sale or placement of its securities.

3.4 **Conditions of Issue** 

Except as provided for by the *Business Corporations Act*, no share may be issued until it is fully paid. A share is fully paid when:

(1) consideration is provided to the Company for the issue of the share by one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) past services performed for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) money; and

(2) the value of the consideration received by the Company equals or exceeds the issue price set for the share
under Article 3.1.

3.5 **Share Purchase Warrants and Rights** 

**PART 4. **SHARE REGISTERS**

4.1 **Central Securities Register** 

As required by and subject to the *Business Corporations Act*, the Company must maintain a central securities register. The directors may, subject to the *Business Corporations Act*, appoint an agent to maintain the central securities register. The directors may also appoint one or more agents, including the agent which keeps the central securities register, as transfer agent for its shares or any class or series of its shares, as the case may be, and the same or another agent as registrar for its shares or such class or series of its shares, as the case may be. The directors may terminate such appointment of any agent at any time and may appoint another agent in its place, except where the terms of the agent's appointment require otherwise.

4.2 **Closing Register** 

The Company must not at any time close its central securities register.

**PART 5. **SHARE TRANSFERS**

5.1 **Registering Transfers** 

The Company must register a transfer of a share of the Company if either:

(1) the Company or the transfer agent or registrar for the class or series of share to be transferred has
received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case where the Company has issued a share certificate in respect of the share to be transferred,
that share certificate and a written instrument of transfer (which may be on a separate document or endorsed on the share certificate)
made by the shareholder or other appropriate person or by an agent who has actual authority to act on behalf of that person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a share that is not represented by a share certificate (including an uncertificated share
within the meaning of the *Business Corporations Act* and including the case where the Company has issued a non-transferable written
acknowledgment of the shareholder's right to obtain a share certificate in respect of the share to be transferred), a written instrument
of transfer made by the shareholder or other appropriate person or by an agent who has actual authority to act on behalf of that person;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such other evidence, if any, as the Company or the transfer agent or registrar for the class or series
of share to be transferred may require to prove the title of the transferor or the transferor's right to transfer the share, that
the written instrument of transfer is genuine and authorized and that the transfer is rightful or to a protected purchaser.

(2) all the preconditions for a transfer of a share under the *Securities Transfer Act* have been met
and the Company is required under the *Securities Transfer Act* to register the transfer.

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| | |
|:---|:---|
| 5.1A | **Waivers of Requirements for Transfer** |

---

The Company may waive any of the requirements set out in Article 5.1(1) and any of the preconditions referred to in Article 5.1(2).

5.2 **Form of Instrument of Transfer** 

The instrument of transfer in respect of any share of the Company must be either in the form, if any, on the back of the Company's share certificates or in any other form that may be approved by the company or the transfer agent for the class or series of shares to be transferred.

5.3 **Transferor Remains Shareholder** 

Except to the extent that the *Business Corporations Act* otherwise provides, the transferor of shares is deemed to remain the holder of the shares until the name of the transferee is entered in a securities register of the Company.

5.4 **Signing of Instrument of Transfer** 

If a shareholder or other appropriate person or an agent who has actual authority to act on behalf of that person signs an instrument of transfer in respect of shares registered in the name of the shareholder, the signed instrument of transfer constitutes a complete and sufficient authority to the Company and its directors, officers and agents to register the number of shares specified in the instrument of transfer or specified in any other manner, or, if no number is specified but share certificates are deposited with the instrument of transfer, all the shares represented by such share certificates:

(1) in the name of the person named as transferee in that instrument of transfer; or

(2) if no person is named as transferee in that instrument of transfer, in the name of the person on whose
behalf the instrument is deposited for the purpose of having the transfer registered.

5.5 **Enquiry as to Title Not Required** 

Neither the Company nor any director, officer or agent of the Company is bound to inquire into the title of the person named in the instrument of transfer as transferee or, if no person is named as transferee in the instrument of transfer, of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered or is liable for any claim related to registering the transfer by the shareholder or by any intermediate owner or holder of the shares, of any interest in the shares, of any share certificate representing such shares or of any written acknowledgment of a right to obtain a share certificate for such shares.

5.6 **Transfer Fee** 

There must be paid to the Company, in relation to the registration of any transfer, the amount, if any, determined by the directors.

**PART 6. **TRANSMISSION OF SHARES**

**6.1** **Legal Personal Representative Recognized on Death** 

In the case of the death of a shareholder, the legal personal representative of the shareholder, or in the case of shares registered in the shareholder's name and the name of another person in joint tenancy, the surviving joint holder, will be the only person recognized by the Company as having any title to the shareholder's interest in the shares. Before recognizing a person as a legal personal representative of a shareholder, the directors may require the original grant of probate or letters of administration or a court certified copy of them or the original or a court certified or authenticated copy of the grant of representation, will, order or other instrument or other evidence of the death under which title to the shares or securities is claimed to vest.

**6.2** **Rights of Legal Personal Representative** 

The legal personal representative of a shareholder has the rights, privileges and obligations that attach to the shares held by the shareholder, including the right to transfer the shares in accordance with these Articles, if the appropriate evidence of appointment or incumbency within the meaning of s. 87 of the *Securities Transfer Act* has been deposited with the Company. This Article 6.2 does not apply in the case of the death of a shareholder with respect to shares registered in the shareholder's name and the name of another person in joint tenancy.

**PART 7. ACQUISITION OF COMPANY'S SHARES**

**7.1** **Company Authorized to Purchase or Otherwise Acquire Shares** 

Subject to Article 7.2, the special rights or restrictions attached to the shares of any class or series of shares and the *Business Corporations Act*, the Company may, if authorized by the directors, purchase or otherwise acquire any of its shares at the price and upon the terms determined by the directors.

**7.2** **No Purchase, Redemption or Other Acquisition When Insolvent** 

The Company must not make a payment or provide any other consideration to purchase, redeem or otherwise acquire any of its shares if there are reasonable grounds for believing that:

(1) the Company is insolvent; or

(2) making the payment or providing the consideration would render the Company insolvent.

**7.3** **Sale and Voting of Purchased, Redeemed or Otherwise Acquired Shares** 

If the Company retains a share redeemed, purchased or otherwise acquired by it, the Company may sell, gift or otherwise dispose of the share, but, while such share is held by the Company, it:

(1) is not entitled to vote the share at a meeting of its shareholders;

(2) must not pay a dividend in respect of the share; and

(3) must not make any other distribution in respect of the share.

**PART 8. BORROWING POWERS**

The Company, if authorized by the directors, may:

(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 and at such discounts or premiums and on such other terms as the directors consider appropriate;

(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.

**PART 9. ALTERATIONS**

**9.1** **Alteration of Authorized Share Structure** 

Subject to Article 9.2 and the *Business Corporations Act*, the Company may by special resolution:

(1) create one or more classes or series of shares or, if none of the shares of a class or series of shares are allotted or issued, eliminate that class or series of shares;

(2) increase, reduce or eliminate the maximum number of shares that the Company is authorized to issue out of any class or series of shares or establish a maximum number of shares that the Company is authorized to issue out of any class or series of shares for which no maximum is established;

(3) subdivide or consolidate all or any of its unissued, or fully paid issued, shares;

(4) if the Company is authorized to issue shares of a class of shares with par value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) decrease the par value of those shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if none of the shares of that class of shares are allotted or issued, increase the par value of those shares;

(5) change all or any of its unissued, or fully paid issued, shares with par value into shares without par value or any of its unissued shares without par value into shares with par value;

(6) alter the identifying name of any of its shares; or

(7) otherwise alter its shares or authorized share structure
when required or permitted to do so by the *Business Corporations Act*; and, if applicable, alter its Notice of Articles and/or
its Articles.

**9.2** **Special Rights or Restrictions** 

Subject to the *Business Corporations Act*, the Company may by special resolution:

(1) create special rights or restrictions for, and attach those special rights or restrictions to, the shares of any class or series of shares, whether or not any or all of those shares have been issued; or

(2) vary or revoke any special rights or restrictions attached to the shares of any class or series of shares, whether or not any or all of those shares have been issued;

and alter its Articles and Notice of Articles accordingly.

**9.3** **Change of Name** 

The Company may by special resolution authorize an alteration to its Notice of Articles in order to change its name and may, by ordinary resolution or directors' resolution, adopt or change any translation of that name.

**9.4** **Other Alterations** 

If the *Business Corporations Act* does not specify the type of resolution and these Articles do not specify another type of resolution, the Company may by special resolution alter these Articles.

**PART 10. MEETINGS OF SHAREHOLDERS**

**10.1** **Annual General Meetings** 

Unless an annual general meeting is deferred or waived in accordance with the *Business Corporations Act*, the Company must hold its first annual general meeting within 18 months after the date on which it was incorporated or otherwise recognized, and after that must hold an annual general meeting at least once in each calendar year and not more than 15 months after the last annual reference date at such time and place as may be determined by the directors.

**10.2** **Resolution Instead of Annual General Meeting** 

If all the shareholders who are entitled to vote at an annual general meeting consent by a unanimous resolution to all of the business that is required to be transacted at that annual general meeting, the annual general meeting is deemed to have been held on the date of the unanimous resolution. The shareholders must, in any unanimous resolution passed under this Article 10.2, select a Company's annual reference date that would be appropriate for the holding of the applicable annual general meeting.

**10.3** **Calling of Meetings of Shareholders** 

The directors may, at any time, call a meeting of shareholders to be held at such time and place as may be determined by the directors.

**10.4** **Notice for Meetings of Shareholders** 

The Company must send notice of the date, time and location of any meeting of shareholders (including, without limitation, any notice specifying the intention to propose a resolution as an exceptional resolution, a special resolution or a special separate resolution and any notice to consider approving an amalgamation into a foreign jurisdiction, an arrangement or the adoption of an amalgamation agreement, and any notice of a general meeting, class meeting or series meeting), in the manner provided in these Articles, or in such other manner, if any, as may be prescribed by ordinary resolution (whether previous notice of the resolution has been given or not), to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless these Articles otherwise provide, at least the following number of days before the meeting:

(1) if and for so long as the Company is a public company, 21 days;

(2) otherwise, 10 days.

**10.5** **Notice of Resolution to Which Shareholders May Dissent** 

The Company must send to each of its shareholders, whether or not their shares carry the right to vote, a notice of any meeting of shareholders at which a resolution entitling shareholders to dissent is to be considered specifying the date of the meeting and containing a statement advising of the right to send a notice of dissent together with a copy of the proposed resolution at least the following number of days before the meeting:

(1) if and for so long as the Company is a public company, 21 days;

(2) otherwise, 10 days.

**10.6** **Record Date for Notice** 

The directors may set a date as the record date for the purpose of determining shareholders entitled to notice of any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the *Business Corporations Act*, by more than four months. The record date must not precede the date on which the meeting is held by fewer than:

(1) if and for so long as the Company is a public company, 21 days;

(2) otherwise, 10 days.

If no record date is set, the record date is 5:00 pm PST on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

**10.7** **Record Date for Voting** 

The directors may set a date as the record date for the purpose of determining shareholders entitled to vote at any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the *Business Corporations Act*, by more than four months. If no record date is set, the record date is 5:00 pm PST on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

**10.8** **Failure to Give Notice and Waiver of Notice** 

The accidental omission to send notice of any meeting of shareholders to, or the non-receipt of any notice by, any of the persons entitled to notice does not invalidate any proceedings at that meeting. Any person entitled to notice of a meeting of shareholders may, in writing or otherwise, waive that entitlement or agree to reduce the period of that notice. Attendance of a person at a meeting of shareholders is a waiver of entitlement to notice of the meeting unless that person attends the meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called.

**10.9** **Notice of Special Business at Meetings of Shareholders** 

If a meeting of shareholders is to consider special business within the meaning of Article 11.1, the notice of meeting must:

(1) state the general nature of the special business; and

(2) if the special business includes considering, approving, ratifying, adopting or authorizing any document or the signing of or giving of effect to any document, have attached to it a copy of the document or state that a copy of the document will be available for inspection by shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the Company's records office, or at such other reasonably accessible location in British Columbia as is specified in the notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) during statutory business hours on any one or more specified days before the day set for the holding of the meeting.

**PART 11. PROCEEDINGS AT MEETINGS OF SHAREHOLDERS**

**11.1** **Special Business** 

At a meeting of shareholders, the following is special business:

(1) at a meeting of shareholders that is not an annual general meeting, all business is special business except that relating to the conduct of or voting at the meeting;

(2) at an annual general meeting, all business is special business except for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) business relating to the conduct of or voting at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consideration of any financial statements of the Company presented to the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) consideration of any reports of the directors or auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the setting or changing of the number of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the election or appointment of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the appointment of an auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the setting of the remuneration of an auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) business arising out of a report of the directors not requiring the passing of a special resolution or an exceptional resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any other business which, under these Articles or the *Business Corporations Act*, may be transacted at a meeting of shareholders without prior notice of the business being given to the shareholders.

**11.2** **Special Majority** 

The majority of votes required for the Company to pass a special resolution at a general meeting of shareholders is two-thirds of the votes cast on the resolution.

**11.3** **Quorum** 

Subject to the special rights or restrictions attached to the shares of any class or series of shares and to Article 11.4, 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.

**11.4** **One Shareholder May Constitute Quorum** 

If there is only one shareholder entitled to vote at a meeting of shareholders:

(1) the quorum is one person who is, or who represents by proxy, that shareholder, and

(2) that shareholder, present in person or by proxy, may constitute the meeting.

**11.5** **Persons Entitled to Attend Meeting** 

In addition to those persons who are entitled to vote at a meeting of shareholders, the only other persons entitled to be present at the meeting are the directors, the president (if any), the secretary (if any), the assistant secretary (if any), any lawyer for the Company, the auditor of the Company, any persons invited to be present at the meeting by the directors or by the chair of the meeting and any persons entitled or required under the *Business Corporations Act* or these Articles to be present at the meeting. If any of those persons does attend the meeting, that person is not to be counted in the quorum and is not entitled to vote at the meeting unless that person is a shareholder or proxy holder entitled to vote at the meeting.

**11.6** **Requirement of Quorum** 

No business, other than the election of a chair of the meeting and the adjournment of the meeting, may be transacted at any meeting of shareholders unless a quorum of shareholders entitled to vote is present at the commencement of the meeting, but such quorum need not be present throughout the meeting.

**11.7** **Lack of Quorum** 

If, within one-half hour from the time set for the holding of a meeting of shareholders, a quorum is not present:

(1) in the case of a general meeting requisitioned by shareholders, the meeting is dissolved, and

(2) in the case of any other meeting of shareholders, the meeting stands adjourned to the same day in the next week at the same time and place.

**11.8** **Lack of Quorum at Succeeding Meeting** 

If, at the meeting to which the meeting referred to in Article 11.7(2) was adjourned, a quorum is not present within one-half hour from the time set for the holding of the meeting, the person or persons present and being, or representing by proxy, one or more shareholders entitled to attend and vote at the meeting constitute a quorum.

**11.9** **Chair** 

The following individual is entitled to preside as chair at a meeting of shareholders:

(1) the chair of the board, if any; or

(2) if the chair of the board is absent or unwilling to act as chair of the meeting, the president, if any.

**11.10** **Selection of Alternate Chair** 

If, at any meeting of shareholders, there is no chair of the board or president present within 15 minutes after the time set for holding the meeting, or if the chair of the board and the president are unwilling to act as chair of the meeting, or if the chair of the board and the president have advised the secretary, if any, or any director present at the meeting, that they will not be present at the meeting, the directors present must choose one of their number to be chair of the meeting or if all of the directors present decline to take the chair or fail to so choose or if no director is present, the shareholders entitled to vote at the meeting who are present in person or by proxy may choose any person present at the meeting to chair the meeting.

**11.11** **Adjournments** 

The chair of a meeting of shareholders may, and if so directed by the meeting must, adjourn the meeting, but no business may be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.

**11.12** **Notice of Adjourned Meeting** 

It is not necessary to give any notice of an adjourned meeting of shareholders or of the business to be transacted at an adjourned meeting of shareholders except that, when a meeting is adjourned for 30 days or more, notice of the adjourned meeting must be given as in the case of the original meeting.

**11.13** **Decisions by Show of Hands or Poll** 

Subject to the *Business Corporations Act*, every motion put to a vote at a meeting of shareholders will be decided on a show of hands unless a poll, before or on the declaration of the result of the vote by show of hands, is directed by the chair or demanded by any shareholder entitled to vote who is present in person or by proxy.

**11.14** **Declaration of Result** 

The chair of a meeting of shareholders must declare to the meeting the decision on every question in accordance with the result of the show of hands or the poll, as the case may be, and that decision must be entered in the minutes of the meeting. A declaration of the chair that a resolution is carried by the necessary majority or is defeated is, unless a poll is directed by the chair or demanded under Article 11.13, conclusive evidence without proof of the number or proportion of the votes recorded in favour of or against the resolution.

**11.15** **Motion Need Not be Seconded** 

No motion proposed at a meeting of shareholders need be seconded unless the chair of the meeting rules otherwise, and the chair of any meeting of shareholders is entitled to propose or second a motion.

**11.16** **Casting Vote** 

In the case of an equality of votes, either on a show of hands or on a poll, the chair of a meeting of shareholders does not have a second or casting vote in addition to the vote or votes to which the chair may be entitled as a shareholder.

**11.17** **Manner of Taking Poll** 

Subject to Article 11.18, if a poll is duly demanded at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the poll must be taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the meeting, or within seven days after the date of the meeting, as the chair of the meeting directs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the manner, at the time and at the place that the chair of the meeting directs;

(2) the result of the poll is deemed to be the decision of the meeting at which the poll is demanded; and

(3) the demand for the poll may be withdrawn by the person who demanded it.

**11.18** **Demand for Poll on Adjournment** 

A poll demanded at a meeting of shareholders on a question of adjournment must be taken immediately at the meeting.

**11.19** **Chair Must Resolve Dispute** 

In the case of any dispute as to the admission or rejection of a vote given on a poll, the chair of the meeting must determine the dispute, and his or her determination made in good faith is final and conclusive.

**11.20** **Casting of Votes** 

On a poll, a shareholder entitled to more than one vote need not cast all the votes in the same way.

**11.21** **No Demand for Poll on Election of Chair** 

No poll may be demanded in respect of the vote by which a chair of a meeting of shareholders is elected.

**11.22** **Demand for Poll Not to Prevent Continuance of Meeting** 

The demand for a poll at a meeting of shareholders does not, unless the chair of the meeting so rules, prevent the continuation of the meeting for the transaction of any business other than the question on which a poll has been demanded.

**11.23** **Retention of Ballots and Proxies** 

The Company must, for at least three months after a meeting of shareholders, keep each ballot cast on a poll and each proxy voted at the meeting, and, during that period, make them available for inspection during normal business hours by any shareholder or proxy holder entitled to vote at the meeting. At the end of such three-month period, the Company may destroy such ballots and proxies.

**11.24** **Meeting by Telephone or Other Communications Medium** 

A shareholder or proxy holder may participate in a meeting of the shareholders in person or by telephone if all shareholders or proxy holders participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other. A shareholder or proxy holder may participate in a meeting of the shareholders by a communications medium other than telephone if all shareholders or proxy holders participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other and if all shareholders or proxy holders who wish to participate in the meeting agree to such participation. A shareholder who participates in a meeting in a manner contemplated by this Article 11.24 is deemed for all purposes of the *Business Corporations Act* and these Articles to be present at the meeting and to have agreed to participate in that manner.

**PART 12. VOTE OF SHAREHOLDERS**

**12.1** **Number of Votes by Shareholder or by Shares** 

Subject to any special rights or restrictions attached to any shares and to the restrictions imposed on joint shareholders under Article 12.3:

(1) on a vote by show of hands, every person present who is a shareholder or proxy holder and entitled to vote on the matter has one vote; and

(2) on a poll, every shareholder entitled to vote on the matter has one vote in respect of each share entitled to be voted on the matter and held by that shareholder and may exercise that vote either in person or by proxy.

**12.2** **Votes of Persons in Representative Capacity** 

A person who is not a shareholder may vote at a meeting of shareholders, whether on a show of hands or on a poll, and may appoint a proxy holder to act at the meeting, if, before doing so, the person satisfies the chair of the meeting, or the directors, that the person is a legal personal representative or a trustee in bankruptcy for a shareholder who is entitled to vote at the meeting.

**12.3** **Votes by Joint Holders** 

If there are joint shareholders registered in respect of any share:

(1) any one of the joint shareholders may vote at any meeting of shareholders, personally or by proxy, in respect of the share as if that joint shareholder were solely entitled to it; or

(2) if more than one of the joint shareholders is present at any meeting of shareholders, personally or by proxy, and more than one of them votes in respect of that share, then only the vote of the joint shareholder present whose name stands first on the central securities register in respect of the share will be counted.

**12.4** **Legal Personal Representatives as Joint Shareholders** 

Two or more legal personal representatives of a shareholder in whose sole name any share is registered are, for the purposes of Article 12.3, deemed to be joint shareholders registered in respect of that share.

**12.5** **Representative of a Corporate Shareholder** 

If a corporation that is not a subsidiary of the Company is a shareholder, that corporation may appoint a person to act as its representative at any meeting of shareholders of the Company, and:

(1) for that purpose, the instrument appointing a representative must be received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice for the receipt of proxies, or if no number of days is specified, two business days before the day set for the holding of the meeting or any adjourned meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the meeting or any adjourned meeting, by the chair of the meeting or adjourned meeting or by a person designated by the chair of the meeting or adjourned meeting;

(2) if a representative is appointed under this Article 12.5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the representative is entitled to exercise in respect of and at that meeting the same rights on behalf of the corporation that the representative represents as that corporation could exercise if it were a shareholder who is an individual, including, without limitation, the right to appoint a proxy holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the representative, if present at the meeting, is to be counted for the purpose of forming a quorum and is deemed to be a shareholder present in person at the meeting.

Evidence of the appointment of any such representative may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages.

**12.6** **When Proxy Holder Need Not Be Shareholder** 

A person must not be appointed as a proxy holder unless the person is a shareholder, although a person who is not a shareholder may be appointed as a proxy holder if:

(1) the person appointing the proxy holder is a corporation or a representative of a corporation appointed under Article 12.5;

(2) the Company has at the time of the meeting for which the proxy holder is to be appointed only one shareholder entitled to vote at the meeting;

(3) the shareholders present in person or by proxy at and entitled to vote at the meeting for which the proxy holder is to be appointed, by a resolution on which the proxy holder is not entitled to vote but in respect of which the proxy holder is to be counted in the quorum, permit the proxy holder to attend and vote at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Company is a public company or is a pre-existing reporting company that has the Statutory Reporting Company Provisions as part of these Articles or to which the Statutory Reporting Company Provisions apply.

**12.7** **When Proxy Provisions Do Not Apply to the Company** 

If and for so long as the Company is a public company or is a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of these Articles or to which the Statutory Reporting Company Provisions apply, Articles 12.8 to 12.16 apply only insofar as they are not inconsistent with any Canadian securities legislation applicable to the Company, any U.S. securities legislation applicable to the Company or any rules of an exchange on which securities of the Company are listed.

**12.8** **Appointment of Proxy Holders** 

Every shareholder of the Company, including a corporation that is a shareholder but not a subsidiary of the Company, entitled to vote at a meeting of shareholders may, by proxy, appoint one or more proxy holders to attend and act at the meeting in the manner, to the extent and with the powers conferred by the proxy.

**12.9** **Alternate Proxy Holders** 

A shareholder may appoint one or more alternate proxy holders to act in the place of an absent proxy holder.

**12.10** **Deposit of Proxy** 

A proxy for a meeting of shareholders must:

(1) be received at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice, or if no number of days is specified, two business days before the day set for the holding of the meeting or any adjourned meeting; or

(2) unless the notice provides otherwise, be received at the meeting or any adjourned meeting, by the chair of the meeting or adjourned meeting or by a person designated by the chair of the meeting or adjourned meeting.

A proxy may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages.

**12.11** **Validity of Proxy Vote** 

A vote given in accordance with the terms of a proxy is valid notwithstanding the death or incapacity of the shareholder giving the proxy and despite the revocation of the proxy or the revocation of the authority under which the proxy is given, unless notice in writing of that death, incapacity or revocation is received:

(1) at the registered office of the Company, at any time up to and including the last business day before the day set for the holding of the meeting or any adjourned meeting at which the proxy is to be used; or

(2) at the meeting or any adjourned meeting, by the chair of the meeting or adjourned meeting, before any vote in respect of which the proxy has been given has been taken.

**12.12** **Form of Proxy** 

A proxy, whether for a specified meeting or otherwise, must be either in the following form or in any other form approved by the directors or the chair of the meeting:

**NUCLEA ENERGY INC.**<br> (the "**Company**")

The undersigned, being a shareholder of the Company, hereby appoints *[name]* or, failing that person, *[name]*, as proxy holder for the undersigned to attend, act and vote for and on behalf of the undersigned at the meeting of shareholders of the Company to be held on *[month, day, year]* and at any adjournment of that meeting.

Number of shares in respect of which this proxy is given (if no number is specified, then this proxy is given in respect of all shares registered in the name of the undersigned):

Signed [month, day, year] [Signature of shareholder] [Name of shareholder—printed]

**12.13** **Revocation of Proxy** 

Subject to Article 12.14, every proxy may be revoked by an instrument in writing that is received:

(1) at the registered office of the Company at any time up to and including the last business day before the day set for the holding of the meeting or any adjourned meeting at which the proxy is to be used; or

(2) at the meeting or any adjourned meeting by the chair of the meeting or adjourned meeting, before any vote in respect of which the proxy has been given has been taken.

**12.14** **Revocation of Proxy Must Be Signed** 

An instrument referred to in Article 12.13 must be signed as follows:

(1) if the shareholder for whom the proxy holder is appointed is an individual, the instrument must be signed by the shareholder or their legal personal representative or trustee in bankruptcy;

(2) if the shareholder for whom the proxy holder is appointed is a corporation, the instrument must be signed by the corporation or by a representative appointed for the corporation under Article 12.5.

**12.15** **Chair May Determine Validity of Proxy** 

The chair of any meeting of shareholders may determine whether or not a proxy deposited for use at the meeting, which may not strictly comply with the requirements of this Part 12 as to form, execution, accompanying documentation, time of filing or otherwise, shall be valid for use at such meeting and any such determination made in good faith shall be final, conclusive and binding upon such meeting.

**12.16** **Production of Evidence of Authority to Vote** 

The chair of any meeting of shareholders may, but need not, inquire into the authority of any person to vote at the meeting and may, but need not, demand from that person production of evidence as to the existence of the authority to vote.

**PART 13. DIRECTORS**

**13.1** **First Directors; Number of Directors** 

The first directors are the persons designated as directors of the Company in the Notice of Articles that applies to the Company when it is recognized under the *Business Corporations Act*. The number of directors, excluding additional directors appointed under Article 14.8, is set at:

(1) subject to paragraphs (2) and (3), the number of directors that is equal to the number of the Company's first directors;

(2) if the Company is a public company, the greater of three and the most recently set of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the number of directors set by ordinary resolution (whether or not previous notice of the resolution was given); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of directors set under Article 14.4;

(3) if the Company is not a public company, the most recently set of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the number of directors set by ordinary resolution (whether or not previous notice of the resolution was given); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of directors set under Article 14.4.

**13.2** **Change in Number of Directors** 

If the number of directors is set under Articles 13.1(2)(a) or 13.1(3)(a):

(1) the shareholders may elect or appoint the directors needed to fill any vacancies in the board of directors up to that number;

(2) if the shareholders do not elect or appoint the directors needed to fill any vacancies in the board of directors up to that number contemporaneously with the setting of that number, then the directors, subject to Article 14.8, may appoint, or the shareholders may elect or appoint, directors to fill those vacancies.

**13.3** **Directors' Acts Valid Despite Vacancy** 

An act or proceeding of the directors is not invalid merely because fewer than the number of directors set or otherwise required under these Articles is in office.

**13.4** **Qualifications of Directors** 

A director is not required to hold a share of the Company as qualification for their office but must be qualified as required by the *Business Corporations Act* to become, act or continue to act as a director.

**13.5** **Remuneration of Directors** 

The directors are entitled to the remuneration for acting as directors, if any, as the directors may from time to time determine. If the directors so decide, the remuneration of the directors, if any, will be determined by the shareholders. That remuneration may be in addition to any salary or other remuneration paid to any officer or employee of the Company, who is also a director.

**13.6** **Reimbursement of Expenses of Directors** 

The Company must reimburse each director for the reasonable expenses that they may incur in and about the business of the Company.

**13.7** **Special Remuneration for Directors** 

If any director performs any professional or other services for the Company that in the opinion of the directors are outside the ordinary duties of a director, or if any director is otherwise specially occupied in or about the Company's business, they may be paid remuneration fixed by the directors, or, at the option of that director, fixed by ordinary resolution, and such remuneration may be either in addition to, or in substitution for, any other remuneration that they may be entitled to receive.

**13.8** **Gratuity, Pension or Allowance on Retirement of Director** 

Unless otherwise determined by ordinary resolution, the directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any director who has held any salaried office or place of profit with the Company or to their spouse or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

**PART 14. ELECTION AND REMOVAL OF DIRECTORS**

**14.1** **Election at Annual General Meeting** 

At every annual general meeting and in every unanimous resolution contemplated by Article 10.2:

(1) the shareholders entitled to vote at the annual general meeting for the election of directors must elect, or in the unanimous resolution appoint, a board of directors consisting of the number of directors for the time being set under these Articles; and

(2) all the directors cease to hold office immediately before the election or appointment of directors under paragraph (1) but are eligible for re-election or re-appointment.

**14.2** **Consent to be a Director** 

No election, appointment or designation of an individual as a director is valid unless:

(1) that individual consents to be a director in the manner provided for in the *Business Corporations Act*;

(2) that individual is elected or appointed at a meeting at which the individual is present, and the individual does not refuse at the meeting to be a director; or

(3) with respect to first directors, the designation is otherwise valid under the *Business Corporations Act*.

**14.3** **Failure to Elect or Appoint Directors** 

If:

(1) the Company fails to hold an annual general meeting, and all the shareholders who are entitled to vote at an annual general meeting fail to pass the unanimous resolution contemplated by Article 10.2, on or before the date by which the annual general meeting is required to be held under the *Business Corporations Act*; or

(2) the shareholders fail, at the annual general meeting or in the unanimous resolution contemplated by Article 10.2, to elect or appoint any directors;

then each director then in office continues to hold office until the earlier of:

(3) when their successor is elected or appointed; and

(4) when their otherwise ceases to hold office under the *Business Corporations Act* or these Articles.

**14.4** **Places of Retiring Directors Not Filled** 

If, at any meeting of shareholders at which there should be an election of directors, the places of any of the retiring directors are not filled by that election, those retiring directors who are not reelected and who are asked by the newly elected directors to continue in office will, if willing to do so, continue in office to complete the number of directors for the time being set pursuant to these Articles until further new directors are elected at a meeting of shareholders convened for that purpose. If any such election or continuance of directors does not result in the election or continuance of the number of directors for the time being set pursuant to these Articles, the number of directors of the Company is deemed to be set at the number of directors actually elected or continued in office.

**14.5** **Directors May Fill Casual Vacancies** 

Any casual vacancy occurring in the board of directors may be filled by the directors.

**14.6** **Remaining Directors' Power to Act** 

The directors may act notwithstanding any vacancy in the board of directors, but if the Company has fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the directors may only act for the purpose of appointing directors up to that number or of calling a meeting of shareholders for the purpose of filling any vacancies on the board of directors or, subject to the *Business Corporations Act*, for any other purpose.

**14.7** **Shareholders May Fill Vacancies** 

If the Company has no directors or fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the shareholders may elect or appoint directors to fill any vacancies on the board of directors.

**14.8** **Additional Directors** 

Notwithstanding Articles 13.1 and 13.2, between annual general meetings or unanimous resolutions contemplated by Article 10.2, the directors may appoint one or more additional directors, but the number of additional directors appointed under this Article 14.8 must not at any time exceed:

(1) one-third of the number of first directors, if, at the time of the appointments, one or more of the first directors have not yet completed their first term of office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in any other case, one-third of the number of the current directors who were elected or appointed as directors other than under this Article 14.8.

Any director so appointed ceases to hold office immediately before the next election or appointment of directors under Article 14.1(1) but is eligible for re-election or re-appointment.

**14.9** **Ceasing to be a Director** 

A director ceases to be a director when:

(1) the term of office of the director expires;

(2) the director dies;

(3) the director resigns as a director by notice in writing provided to the Company or a lawyer for the Company; or

(4) the director is removed from office pursuant to Articles 14.10 or 14.11.

**14.10** **Removal of Director by Shareholders** 

The Company may remove any director before the expiration of his or her term of office by special resolution. In that event, the shareholders may elect, or appoint by ordinary resolution, a director to fill the resulting vacancy. If the shareholders do not elect or appoint a director to fill the resulting vacancy contemporaneously with the removal, then the directors may appoint or the shareholders may elect, or appoint by ordinary resolution, a director to fill that vacancy.

**14.11** **Removal of Director by Directors** 

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, and the directors may appoint a director to fill the resulting vacancy.

**PART 15. ALTERNATE DIRECTORS**

**15.1** **Appointment of Alternate Director** 

Any director (an "appointor") may by notice in writing received by the Company appoint any person (an "appointee") who is qualified to act as a director to be their alternate to act in their place at meetings of the directors or committees of the directors at which the appointor is not present unless (in the case of an appointee who is not a director) the directors have reasonably disapproved the appointment of such person as an alternate director and have given notice to that effect to their appointor within a reasonable time after the notice of appointment is received by the Company.

**15.2** **Notice of Meetings** 

Every appointed alternate director is entitled to notice of meetings of the directors and of committees of the directors of which their appointor is a member and to attend and vote as a director at any such meetings at which their appointor is not present.

**15.3** **Alternate for More Than One Director Attending Meetings** 

A person may be appointed as an alternate director by more than one director, and an alternate director:

(1) will be counted in determining the quorum for a meeting of directors once for each of their appointors and, in the case of an appointee who is also a director, once more in that capacity;

(2) has a separate vote at a meeting of directors for each of their appointors and, in the case of an appointee who is also a director, an additional vote in that capacity;

(3) will be counted in determining the quorum for a meeting of a committee of directors once for each of their appointors who is a member of that committee and, in the case of an appointee who is also a member of that committee as a director, once more in that capacity;

(4) has a separate vote at a meeting of a committee of directors for each of their appointors who is a member of that committee and, in the case of an appointee who is also a member of that committee as a director, an additional vote in that capacity.

**15.4** **Consent Resolutions** 

Every alternate director, if authorized by the notice appointing them, may sign in place of their appointor any resolutions to be consented to in writing.

**15.5** **Alternate Director Not an Agent** 

Every alternate director is deemed not to be the agent of their appointor.

**15.6** **Revocation of Appointment of Alternate Director** 

An appointor may at any time, by notice in writing received by the Company, revoke the appointment of an alternate director they appointed.

**15.7** **Ceasing to be an Alternate Director** 

The appointment of an alternate director ceases when:

(1) their appointor ceases to be a director and is not promptly re-elected or re-appointed;

(2) the alternate director dies;

(3) the alternate director resigns as an alternate director by notice in writing provided to the Company or a lawyer for the Company;

(4) the alternate director ceases to be qualified to act as a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) their appointor revokes the appointment of the alternate director.

**15.8** **Remuneration and Expenses of Alternate Director** 

The Company may reimburse an alternate director for the reasonable expenses that would be properly reimbursed if they were a director, and the alternate director is entitled to receive from the Company such proportion, if any, of the remuneration otherwise payable to the appointor as the appointor may direct.

**PART 16. POWERS AND DUTIES OF DIRECTORS**

**16.1** **Powers of Management** 

The directors must, subject to the *Business Corporations Act* and these Articles, manage or supervise the management of the business and affairs of the Company and have the authority to exercise all such powers of the Company as are not, by the *Business Corporations Act* or by these Articles, required to be exercised by the shareholders of the Company.

**16.2** **Appointment of Attorney of Company** 

The directors may from time to time, by power of attorney or other instrument, under seal if so required by law, appoint any person to be the attorney of the Company for such purposes, and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the directors under these Articles, except the power to fill vacancies in the board of directors, to remove a director, to change the membership of, or fill vacancies in, any committee of the directors, to appoint or remove officers appointed by the directors and to declare dividends) and for such period, and with such remuneration and subject to such conditions as the directors may think fit. Any such power of attorney may contain such provisions for the protection or convenience of persons dealing with such attorney as the directors think fit. Any such attorney may be authorized by the directors to sub-delegate all or any of the powers, authorities and discretions for the time being vested in them.

**PART 17. INTERESTS OF DIRECTORS AND OFFICERS**

**17.1** **Obligation to Account for Profits** 

A director or senior officer who holds a disclosable interest (as that term is used in the *Business Corporations Act*) in a contract or transaction into which the Company has entered or proposes to enter is liable to account to the Company for any profit that accrues to the director or senior officer under or as a result of the contract or transaction only if and to the extent provided in the *Business Corporations Act*.

**17.2** **Restrictions on Voting by Reason of Interest** 

A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter is not entitled to vote on any directors' resolution to approve that contract or transaction, unless all the directors have a disclosable interest in that contract or transaction, in which case any or all of those directors may vote on such resolution.

**17.3** **Interested Director Counted in Quorum** 

A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter and who is present at the meeting of directors at which the contract or transaction is considered for approval may be counted in the quorum at the meeting whether or not the director votes on any or all of the resolutions considered at the meeting.

**17.4** **Disclosure of Conflict of Interest or Property** 

A director or senior officer who holds any office or possesses any property, right or interest that could result, directly or indirectly, in the creation of a duty or interest that materially conflicts with that individual's duty or interest as a director or senior officer, must disclose the nature and extent of the conflict as required by the *Business Corporations Act*.

**17.5** **Director Holding Other Office in the Company** 

A director may hold any office or place of profit with the Company, other than the office of auditor of the Company, in addition to their office of director for the period and on the terms (as to remuneration or otherwise) that the directors may determine.

**17.6** **No Disqualification** 

No director or intended director is disqualified by their office from contracting with the Company either with regard to the holding of any office or place of profit the director holds with the Company or as vendor, purchaser or otherwise, and no contract or transaction entered into by or on behalf of the Company in which a director is in any way interested is liable to be voided for that reason.

**17.7** **Professional Services by Director or Officer** 

Subject to the *Business Corporations Act*, a director or officer, or any person in which a director or officer has an interest, may act in a professional capacity for the Company, except as auditor of the Company, and the director or officer or such person is entitled to remuneration for professional services as if that director or officer were not a director or officer.

**17.8** **Director or Officer in Other Corporations** 

A director or officer may be or become a director, officer or employee of, or otherwise interested in, any person in which the Company may be interested as a shareholder or otherwise, and, subject to the *Business Corporations Act*, the director or officer is not accountable to the Company for any remuneration or other benefits received by them as director, officer or employee of, or from their interest in, such other person.

**PART 18. PROCEEDINGS OF DIRECTORS**

**18.1** **Meetings of Directors** 

The directors may meet together for the conduct of business, adjourn and otherwise regulate their meetings as they think fit, and meetings of the directors held at regular intervals may be held at the place, at the time and on the notice, if any, as the directors may from time to time determine.

**18.2** **Voting at Meetings** 

Questions arising at any meeting of directors are to be decided by a majority of votes and, in the case of an equality of votes, the chair of the meeting does not have a second or casting vote.

**18.3** **Chair of Meetings** 

The following individual is entitled to preside as chair at a meeting of directors:

(1) the chair of the board, if any;

(2) in the absence of the chair of the board, the president, if any, if the president is a director; or

(3) any other director chosen by the directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) neither the chair of the board nor the president, if a director, is present at the meeting within 15 minutes after the time set for holding the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) neither the chair of the board nor the president, if a director, is willing to chair the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the chair of the board and the president, if a director, have advised the secretary, if any, or any other director, that they will not be present at the meeting.

**18.4** **Meetings by Telephone or Other Communications Medium** 

A director may participate in a meeting of the directors or of any committee of the directors:

(1) in person;

(2) by telephone; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) with the consent of all directors who wish to participate in the meeting, by other communications medium;

if all directors participating in the meeting, whether in person, by telephone or other communications medium, are able to communicate with each other. A director who participates in a meeting in a manner contemplated by this Article 18.4 is deemed for all purposes of the *Business Corporations Act* and these Articles to be present at the meeting and to have agreed to participate in that manner.

**18.5** **Calling of Meetings** 

A director may, or the secretary or an assistant secretary of the Company, if any, on the request of a director must, call a meeting of the directors at any time.

**18.6** **Notice of Meetings** 

Other than for meetings held at regular intervals as determined by the directors pursuant to Article 18.1 or as provided in Article 18.7, reasonable notice of each meeting of the directors, specifying the place, day and time of that meeting must be given to each of the directors and the alternate directors by any method set out in Article 24.1 or orally or by telephone.

**18.7** **When Notice Not Required** 

It is not necessary to give notice of a meeting of the directors to a director or an alternate director if:

(1) the meeting is to be held immediately following a meeting of shareholders at which that director was elected or appointed, or is the meeting of the directors at which that director is appointed; or

(2) the director or alternate director, as the case may be, has waived notice of the meeting.

**18.8** **Meeting Valid Despite Failure to Give Notice** 

The accidental omission to give notice of any meeting of directors to, or the non-receipt of any notice by, any director or alternate director, does not invalidate any proceedings at that meeting.

**18.9** **Waiver of Notice of Meetings** 

Any director or alternate director may send to the Company a document signed by them waiving notice of any past, present or future meeting or meetings of the directors and may at any time withdraw that waiver with respect to meetings held after that withdrawal. After sending a waiver with respect to all future meetings and until that waiver is withdrawn, no notice of any meeting of the directors need be given to that director or, unless the director otherwise requires by notice in writing to the Company, to their alternate director, and all meetings of the directors so held are deemed not to be improperly called or constituted by reason of notice not having been given to such director or alternate director. Attendance of a director or alternate director at a meeting of the directors is a waiver of notice of the meeting unless that director or alternate director attends the meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called.

**18.10** **Quorum** 

The quorum necessary for the transaction of the business of the directors may be set by the directors and, if not so set, is deemed to be set at two directors or, if the number of directors is set at one, is deemed to be set at one director, and that director may constitute a meeting.

**18.11** **Validity of Acts Where Appointment Defective** 

Subject to the *Business Corporations Act*, an act of a director or officer is not invalid merely because of an irregularity in the election or appointment or a defect in the qualification of that director or officer.

**18.12** **Consent Resolutions in Writing** 

A resolution of the directors or of any committee of the directors may be passed without a meeting:

(1) in all cases, if each of the directors entitled to vote on the resolution consents to it in writing; or

(2) in the case of a resolution to approve a contract or transaction in respect of which a director has disclosed that they have or may have a disclosable interest, if each of the other directors who have not made such a disclosure consents in writing to the resolution.

Consent in writing under this Article 18.12 may be by any written instrument, fax, e-mail or any other method of transmitting legibly recorded messages in which the consent of the director is evidenced, whether or not the signature of the director is included in the record. Consent in writing may be in two or more counterparts which together are deemed to constitute one consent in writing. A resolution of the directors or of any committee of the directors passed in accordance with this Article 18.12 is effective on the date stated in the consent in writing or on the latest date stated on any counterpart and is deemed to be a proceeding at a meeting of the directors or of the committee of the directors and to be as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors that satisfies all the requirements of the *Business Corporations Act* and all the requirements of these Articles relating to meetings of the directors or of a committee of the directors.

**PART 19. EXECUTIVE AND OTHER COMMITTEES**

**19.1** **Appointment and Powers of Executive Committee** 

The directors may, by resolution, appoint an executive committee consisting of the director or directors that they consider appropriate, and during the intervals between meetings of the board of directors all of the directors' powers are delegated to the executive committee, except:

(1) the power to fill vacancies in the board of directors;

(2) the power to remove a director;

(3) the power to change the membership of, or fill vacancies in, any committee of the directors; and

(4) such other powers, if any, as may be set out in the resolution or any subsequent directors' resolution.

**19.2** **Appointment and Powers of Other Committees** 

The directors may, by resolution:

(1) appoint one or more committees (other than the executive committee) consisting of the director or directors that they consider appropriate;

(2) delegate to a committee appointed under paragraph (1) any of the directors' powers, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the power to fill vacancies in the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the power to remove a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the power to change the membership of, or fill vacancies in, any committee of the directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the power to appoint or remove officers appointed by the directors; and

(3) make any delegation referred to in paragraph (2) subject to the conditions set out in the resolution or any subsequent directors' resolution .

**19.3** **Obligations of Committees** 

Any committee appointed under Articles 19.1 or 19.2, in the exercise of the powers delegated to it, must:

(1) conform to any rules that may from time to time be imposed on it by the directors; and

(2) report every act or thing done in exercise of those powers at such times as the directors

may require.

**19.4** **Powers of Board** 

The directors may, at any time, with respect to a committee appointed under Articles 19.1 or 19.2:

(1) revoke or alter the authority given to the committee, or override a decision made by the committee, except as to acts done before such revocation, alteration or overriding;

(2) terminate the appointment of, or change the membership of, the committee; and

(3) fill vacancies in the committee.

**19.5** **Committee Meetings** 

Subject to Article 19.3(1) and unless the directors otherwise provide in the resolution appointing the committee or in any subsequent resolution, with respect to a committee appointed under Articles 19.1 or 19.2:

(1) the committee may meet and adjourn as it thinks proper;

(2) the committee may elect a chair of its meetings but, if no chair of a meeting is elected, or if at a meeting the chair of the meeting is not present within 15 minutes after the time set for holding the meeting, the directors present who are members of the committee may choose one of their number to chair the meeting;

(3) a majority of the members of the committee constitutes a quorum of the committee; and

(4) questions arising at any meeting of the committee are determined by a majority of votes of the members present, and in the case of an equality of votes, the chair of the meeting does not have a second or casting vote.

**PART 20. OFFICERS**

**20.1** **Directors May Appoint Officers** 

The directors may, from time to time, appoint such officers, if any, as the directors determine and the directors may, at any time, terminate any such appointment.

**20.2** **Functions, Duties and Powers of Officers** 

The directors may, for each officer:

(1) determine the functions and duties of the officer;

(2) delegate to the officer any of the powers exercisable by the directors on such terms and conditions and with such restrictions as the directors think fit; and

(3) revoke, withdraw, alter or vary all or any of the functions, duties and powers of the officer.

**20.3** **Qualifications** 

No officer may be appointed unless that officer is qualified in accordance with the *Business Corporations Act*. One person may hold more than one position as an officer of the Company. Any person appointed as the chair of the board or as a managing director must be a director. Any other officer need not be a director.

**20.4** **Remuneration and Terms of Appointment** 

All appointments of officers are to be made on the terms and conditions and at the remuneration (whether by way of salary, fee, commission, participation in profits or otherwise) that the directors think fit and are subject to termination at the pleasure of the directors, and an officer may in addition to such remuneration be entitled to receive, after they cease to hold such office or leaves the employment of the Company, a pension or gratuity.

**PART 21. INDEMNIFICATION**

**21.1** **Definitions** 

In this Article 21:

(1) "eligible penalty" means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, an eligible proceeding;

(2) "eligible proceeding" means a legal proceeding or investigative action, whether current, threatened, pending or completed, in which a director, former director or alternate director of the Company (an "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 alternate director of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or may be joined as a party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding;

(3) "expenses" has the meaning set out in the *Business Corporations Act*.

**21.2** **Mandatory Indemnification of Directors** 

Subject to the *Business Corporations Act*, the Company must indemnify a director, former director or alternate director of the Company and their 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 this Article 21.2.

**21.3** **Permitted Indemnification** 

Subject to any restrictions in the *Business Corporations Act*, the Company may indemnify any person.

**21.4** **Non-Compliance with Business Corporations Act** 

The failure of a director, alternate director or officer of the Company to comply with the *Business Corporations Act* or these Articles or, if applicable, any former *Companies Act* or former Articles, does not invalidate any indemnity to which they are entitled under this Part 21.

**21.5** **Company May Purchase Insurance** 

The Company may purchase and maintain insurance for the benefit of any person (or their heirs or legal personal representatives) who:

(1) is or was a director, alternate director, officer, employee or agent of the Company;

(2) is or was a director, alternate director, officer, employee or agent of a corporation at a time when the corporation is or was an affiliate of the Company;

(3) at the request of the Company, is or was a director, alternate director, officer, employee or agent of a corporation or of a partnership, trust, joint venture or other unincorporated entity;

(4) at the request of the Company, holds or held a position equivalent to that of a director, alternate director or officer of a partnership, trust, joint venture or other unincorporated entity;

against any liability incurred by them as such director, alternate director, officer, employee or agent or person who holds or held such equivalent position.

**PART 22. DIVIDENDS**

**22.1** **Payment of Dividends Subject to Special Rights** 

The provisions of this Part 22 are subject to the rights, if any, of shareholders holding shares with special rights as to dividends.

**22.2** **Declaration of Dividends** 

Subject to the *Business Corporations Act* and the rights of the holders of the issued shares of the Company, the directors may from time to time declare and authorize payment of such dividends as they may consider appropriate.

**22.3** **No Notice Required** 

The directors need not give notice to any shareholder of any declaration under Article 22.2.

**22.4** **Record Date** 

The directors may set a date as the record date for the purpose of determining shareholders entitled to receive payment of a dividend. The record date must not precede the date on which the dividend is to be paid by more than two months. If no record date is set, the record date is 5:00 pm PST on the date on which the directors pass the resolution declaring the dividend.

**22.5** **Manner of Paying Dividend** 

A resolution declaring a dividend may direct payment of the dividend wholly or partly in money or by the distribution of specific assets or of fully paid shares or of bonds, debentures or other securities of the Company or any other corporation, or in any one or more of those ways.

**22.6** **Settlement of Difficulties** 

If any difficulty arises in regard to a distribution under Article 22.5, the directors may settle the difficulty as they deem advisable, and, in particular, may:

(1) set the value for distribution of specific assets;

(2) determine that money in substitution for all or any part of the specific assets to which any shareholders are entitled may be paid to any shareholders on the basis of the value so fixed in order to adjust the rights of all parties; and

(3) vest any such specific assets in trustees for the persons entitled to the dividend.

**22.7** **When Dividend Payable** 

Any dividend may be made payable on such date as is fixed by the directors.

**22.8** **Dividends to be Paid in Accordance with Number of Shares** 

All dividends on shares of any class or series of shares must be declared and paid according to the number of such shares held.

**22.9** **Receipt by Joint Shareholders** 

If several persons are joint shareholders of any share, any one of them may give an effective receipt for any dividend, bonus or other money payable in respect of the share.

**22.10** **Dividend Bears No Interest** 

No dividend bears interest against the Company.

**22.11** **Fractional Dividends** 

If a dividend to which a shareholder is entitled includes a fraction of the smallest monetary unit of the currency of the dividend, that fraction may be disregarded in making payment of the dividend and that payment represents full payment of the dividend.

**22.12** **Payment of Dividends** 

Any dividend or other distribution payable in money in respect of shares may be paid by cheque, made payable to the order of the person to whom it is sent, and mailed to the registered address of the shareholder, or in the case of joint shareholders, to the registered address of the joint shareholder who is first named on the central securities register, or to the person and to the address the shareholder or joint shareholders may direct in writing. The mailing of such cheque will, to the extent of the sum represented by the cheque (plus the amount of the tax required by law to be deducted), discharge all liability for the dividend unless such cheque is not paid on presentation or the amount of tax so deducted is not paid to the appropriate taxing authority.

**22.13** **Capitalization of Retained Earnings or Surplus** 

Notwithstanding anything contained in these Articles, the directors may from time to time capitalize any retained earnings or surplus of the Company and may from time to time issue, as fully paid, shares or any bonds, debentures or other securities of the Company as a dividend representing the retained earnings or surplus so capitalized or any part thereof.

**PART 23. ACCOUNTING RECORDS AND AUDITOR**

**23.1** **Recording of Financial Affairs** 

The directors must keep adequate records for accounting and financial affairs and the condition of the Company to comply with the *Business Corporations Act*.

**23.2** **Inspection of Accounting Records** 

Unless the directors determine otherwise, or unless otherwise determined by ordinary resolution, no shareholder of the Company is entitled to inspect or obtain a copy of any accounting records of the Company.

**23.3** **Remuneration of Auditor** 

The directors may set the remuneration of the auditor of the Company.

**PART 24. NOTICES**

**24.1** **Method of Giving Notice** 

Unless the *Business Corporations Act* or these Articles provide otherwise, a notice, statement, report or other record required or permitted by the *Business Corporations Act* or these Articles to be sent by or to a person may be sent by any one of the following methods:

(1) mail addressed to the person at the applicable address for that person as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for a record mailed to a shareholder, the shareholder's registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for a record mailed to a director or officer, the prescribed address for mailing shown for the director or officer in the records kept by the Company or the mailing address provided by the recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other case, the mailing address of the intended recipient;

(2) delivery at the applicable address for that person as follows, addressed to the person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for a record delivered to a shareholder, the shareholder's registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for a record delivered to a director or officer, the prescribed address for delivery shown for the director or officer in the records kept by the Company or the delivery address provided by the recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other case, the delivery address of the intended recipient;

(3) unless the intended recipient is the auditor of the Company, sending the record by fax to the fax number provided by the intended recipient for the sending of that record or records of that class;

(4) unless the intended recipient is the auditor of the Company, sending the record by e-mail to the e-mail address provided by the intended recipient for the sending of that record or records of that class;

(5) physical delivery to the intended recipient.

&nbsp;&nbsp;&nbsp;&nbsp;**24.2** **Deemed Receipt** 

A notice, statement, report or other record that is:

(1) mailed to a person by ordinary mail to the applicable address for that person referred to in Article 24.1 is deemed to be received by the person to whom it was mailed on the day (Saturdays, Sundays and holidays excepted) following the date of mailing;

(2) faxed to a person to the fax number provided by that person referred to in Article 24.1 is deemed to be received by the person to whom it was faxed on the day it was faxed; and

(3) e-mailed to a person to the e-mail address provided by that person referred to in Article 24.1 is deemed to be received by the person to whom it was e-mailed on the day it was emailed.

&nbsp;&nbsp;&nbsp;&nbsp;**24.3** **Certificate of Sending** 

A certificate signed by the secretary, if any, or other officer of the Company or of any other corporation acting in that capacity on behalf of the Company stating that a notice, statement, report or other record was sent in accordance with Article 24.1 is conclusive evidence of that fact.

&nbsp;&nbsp;&nbsp;&nbsp;**24.4** **Notice to Joint Shareholders** 

A notice, statement, report or other record may be provided by the Company to the joint shareholders of a share by providing such record to the joint shareholder first named in the central securities register in respect of the share.

**24.5** **Notice to Legal Personal Representatives and Trustees** 

A notice, statement, report or other record may be provided by the Company to the persons entitled to a share in consequence of the death, bankruptcy or incapacity of a shareholder by:

(1) mailing the record, addressed to them:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by name, by the title of the legal personal representative of the deceased or incapacitated shareholder, by the title of trustee of the bankrupt shareholder or by any similar description; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the address, if any, supplied to the Company for that purpose by the persons claiming to be so entitled; or

(2) if an address referred to in paragraph (1)(b) has not been supplied to the Company, by giving the notice in a manner in which it might have been given if the death, bankruptcy or incapacity had not occurred.

**24.6** **Undelivered Notices** 

If on two consecutive occasions, a notice, statement, report or other record is sent to a shareholder pursuant to Article 24.1 and on each of those occasions any such record is returned because the shareholder cannot be located, the Company shall not be required to send any further records to the shareholder until the shareholder informs the Company in writing of their new address.

**PART 25. SEAL**

**25.1** **Who May Attest Seal** 

Except as provided in Articles 25.2 and 25.3, the Company's seal, if any, must not be impressed on any record except when that impression is attested by the signatures of:

(1) any two directors;

(2) any officer, together with any director;

(3) if the Company has only one director, that director; or

(4) any one or more directors, officers or persons as may be determined by the directors.

**25.2** **Sealing Copies** 

For the purpose of certifying under seal a certificate of incumbency of the directors or officers of the Company or a true copy of any resolution or other document, despite Article 25.1, the impression of the seal may be attested by the signature of any director or officer or the signature of any other person as determined by the directors.

**25.3** **Mechanical Reproduction of Seal** 

The directors may authorize the seal to be impressed by third parties on share certificates or bonds, debentures or other securities of the Company as they may determine appropriate from time to time. To enable the seal to be impressed on any share certificates or bonds, debentures or other securities of the Company, whether in definitive or interim form, on which facsimiles of any of the signatures of the directors or officers of the Company are, in accordance with the *Business Corporations Act* or these Articles, printed or otherwise mechanically reproduced, there may be delivered to the person employed to engrave, lithograph or print such definitive or interim share certificates or bonds, debentures or other securities one or more unmounted dyes reproducing the seal and such persons as are authorized under Article 25.1 to attest the Company's seal may in writing authorize such person to cause the seal to be impressed on such definitive or interim share certificates or bonds, debentures or other securities by the use of such dies. Share certificates or bonds, debentures or other securities to which the seal has been so impressed are for all purposes deemed to be under and to bear the seal impressed on them.

**25.4** **Execution of Documents Generally** 

The directors may from time to time by resolution appoint any one or more persons, officers or directors for the purpose of executing any instrument, document or agreement in the name of and on behalf of the Company for which the seal need not be affixed, and if no such person, officer or director is appointed, then any one officer or director of the Company may execute such instrument, document or agreement.

**PART 26. PROHIBITIONS**

**26.1** **Definitions** 

In this Part 26:

(1) **"security"** has the meaning assigned in the *Securities Act* (British Columbia);

(2) "transfer restricted security" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a share of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a security of the Company convertible into shares of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other security of the Company which must be subject to restrictions on transfer in order for the Company to satisfy the requirement for restrictions on transfer under the "private issuer" exemption of Canadian securities legislation or under any other exemption from prospectus or registration requirements of Canadian securities legislation similar in scope and purpose to the "private issuer" exemption.

**26.2** **Application** 

Article 26.3 does not apply to the Company if and for so long as it is a public company or a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of these Articles or to which the Statutory Reporting Company Provisions apply.

**26.3** **Consent Required for Transfer of Shares or Transfer Restricted Securities** 

No share or other transfer restricted security 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.

## Exhibit 4.1

**Exhibit 4.1**

**NUCLEA ENERGY INC.**

BRITISH COLUMBIA BUSINESS CORPORATIONS ACT

---

| | |
|:---|:---|
| **CERTIFICATE NO.**<br>SPECIMEN | **CUSIP NO.** |
| THIS CERTIFIES THAT Shareholder Name | **Shares** |
| **IS THE REGISTERED HOLDER OF** | COMMON SHARES |
|  | COMMON SHARES |
| Number of Shares | |

---

FULLY PAID AND NON-ASSESSABLE COMMON SHARES

WITHOUT PAR VALUE IN THE CAPITAL OF

NUCLEA ENERGY INC.

in the Authorized share structure of the above named Company subject to the Articles of the Company transferable on the Central Securities Register of the Company by the registered holder in person or by attorney duly authorized in writing upon surrender of this certificate properly endorsed.

This certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company.

IN WITNESS WHEREOF the Company has caused this certificate to be signed on its behalf by the facsimile signatures of its duly authorized officers, at Vancouver, British Columbia.

**SPECIMEN ONLY – NOT NEGOTIABLE**

Countersigned

ENDEAVOR TRUST CORPORATION<br> Suite 702 – 777 Hornby Street<br> Vancouver, BC, V6Z 1S4 ISSUE DATE:

By:

TRANSFER AGENT – AUTHORIZED SIGNATURE SAGAR SANGHERA, CEO

For value received the undersigned hereby sells, assigns and transfers unto

_______________________________________________________________________<br> **Insert the name and address of transferee**

______________________________________________________________________shares represented by this certificate and does hereby irrevocably constitute and appoint

______________________________________________________________________the attorney of the undersigned to transfer the said shares on the books of the Company with full power of substitution in the premises.

DATED       <br> Signature of Shareholder Signature of Guarantor

**Signature Guarantee:**

**The Signature on this assignment must correspond with the name as written upon the face of the certificate(s), in every particular, without alteration or enlargement, or any change whatsoever and must be guaranteed by a major Canadian Schedule 1 Chartered bank or a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, MSP). The guarantor must affix a stamp bearing the actual words "Signature Guaranteed".**

**In the USA, Signature guarantees must be done by members of a "Medallion Signature Guarantee Program" only.**

**Signature guarantees are not accepted from Treasury Branches, Credit Unions, or Caisses Populaires unless they are members of the Stamp Medallion Program.**

## Exhibit 5.1

**Exhibit 5.1**

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|:---|:---|
| ![A blue text on a black background Description automatically generated](ea027004309ex5-1_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 |

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April 10, 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. The statements contained in the Registration Statement under the heading "Certain Canadian Federal Income 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.

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 on the cover page and under the caption "Legal Matters" and "Enforcement of Civil Liabilities" in the prospectus included in the Registration Statement.

Yours very truly,

/s/ Oakridge Law LLP

**Oakridge Law LLP**

## Exhibit 10.1

**Exhibit 10.1**

**<u>INDEPENDENT CONSULTANT AGREEMENT</u>**

**THIS CONSULTANT AGREEMENT** (this, "**Agreement**") is entered into as of the 19 day December, 2025 (the "**Effective Date**"), by and among Nuclea Energy Inc. (the "**Company**"), Nuclear Potential Canada (the "**Consultant**"), and Josef Freundorfer (the "**Principal**").

**WHEREAS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company desires to retain the Consultant to assist the Company with the business of the Company, on
the terms and subject to the conditions herein set out.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Consultant desires to provide its services to the Company, on the terms and subject to the conditions
in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Principal is a principal of the Consultant and has agreed to become a party to this Agreement and
to guarantee each and every one of the Consultant's obligations pursuant to this Agreement.

**NOW THEREFORE, THIS AGREEMENT WITNESSES THAT,** in consideration of the mutual promises, covenants and agreements contained in this Agreement, and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each party), the parties covenant and agree as follows:

1. SERVICES TO BE PROVIDED

1.1 The Company hereby agrees to retain the Consultant to provide the Company with the services detailed in
Schedule "A" attached hereto (the "Services"), and such other services as the Company and the Consultant may from
time to time agree upon. The Consultant hereby agrees to provide the Services to the Company in accordance with the terms and conditions
of this Agreement. The Services to be provided hereunder to the Company shall be provided by the Principal personally, unless otherwise
specified. In performing the Services and fulfilling his obligations under this Agreement, the Principal shall devote his best efforts
and a sufficient number of hours, as the Consultant acting in good faith deems advisable, per each calendar month. The Principal shall
provide the Services at such times as are reasonably necessary for the proper performance of the Services. Notwithstanding the foregoing,
the Principal shall be entitled to devote reasonable amounts of time to personal or outside business, charitable and professional activities
and such activities shall not constitute a violation of this Agreement provided such activities do not materially interfere with the Services
required to be rendered hereunder.

1.2 The Consultant and Principal will perform the Services in a workmanlike and professional manner, and in
accordance with applicable law.

2. REMUNERATION

2.1 The Company shall pay the Consultant a fee of 20,000 CAD per month.

2.2 The Consultant will not be entitled to participate in any medical, dental, extended health or group life
insurance plans of the Company (if any).

2.3 The Consultant shall be eligible to participate in any stock option or restricted share unit plan established
by the Company, subject to the terms of such plan and applicable board approval.

2.4 The parties agree that the Consultant is not an employee of the Company and, as such, there will be no
deductions for any statutory withholdings such as income tax, Canada Pension Plan, Employment Insurance or Worker's Compensation.
The Consultant will retain control over the manner and means by which the Consultant provides the Services, subject to the Company's
specification of the results to be achieved. The Consultant agrees to remit and be responsible for any and all withholdings, taxes, worker's
compensation

remittances, income taxes and other deductions and remittances required by applicable statutes for the Consultant.

3. TERM AND TERMINATION

3.1 This Agreement shall commence on the Effective Date and shall continue until terminated in accordance
with the provisions of this Agreement.

3.2 The Consultant may terminate this Agreement at any time by providing the Company with thirty (30) days'
prior written notice. The Company may terminate this Agreement at any time by providing the Consultant with six (6) months' prior
written notice or by paying to the Consultant a lump sum amount equal to six (6) months of the fees payable hereunder.

3.3 Notwithstanding any other provision of this Agreement, the Company may terminate this Agreement (except
with respect to the obligations contained in this Agreement that expressly survive the termination of this Agreement) immediately without
advance written notice to the Consultant upon the occurrence of any one of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The conviction of the Consultant or the Principal of a criminal offence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any material breach by the Consultant of any of the terms of this Agreement that remains uncured after
the expiration of thirty (30) days following the delivery of written notice of such breach to the Consultant by the Company, describing
in reasonable detail the nature of such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where the entering into of this Agreement constitutes any material breach by the Consultant of another
agreement, or a third party does any act that, in the reasonable opinion of the Company, would restrict the ability of the Consultant
to provide the Services as contemplated under this Agreement.

3.4 Upon termination of this Agreement, the Consultant will return to the Company or destroy if such destruction
is consented to by the Company, all property of the Company including all written information, tapes, discs or memory devices and copies
thereof, and any other material on any medium in the Consultant's possession or control pertaining to the consulting relationship,
without retaining any copies or records of any confidential information whatsoever. Furthermore, the Consultant and Principal acknowledge
that any obligations pursuant to the provisions concerning Confidential Information shall survive termination of this Agreement.

4. INDEPENDENT CONSULTANT RELATIONSHIP

4.1 It is expressly agreed that the Consultant is acting as an independent contractor in performing the Services
under this Agreement, and the Consultant does not have any right to make contracts or other legal commitments or obligations for or on
behalf of the Company.

4.2 The Consultant need only devote such portion of the Consultant's time as is agreed to pursuant to
this Agreement or as otherwise agreed upon in writing by the Company and the Consultant. The Consultant is not precluded from acting in
any other capacity for any other person, firm or company provided that it does not conflict with delivery of the Services as set out in
this Agreement or the terms of any other agreement to which the Consultant and the Company or its affiliates are party.

4.3 The Consultant represents and warrants that the Consultant has the right to provide the Services required
under this Agreement without violation of obligations to others and that all advice, information, and documents given by the Consultant
to the Company under this Agreement may be used fully and freely by the Company, unless otherwise so designated orally or in writing by
the Consultant at the time of communication of such information (e.g. information shared with the Company in a confidential manner or
on a non-attribution basis).

4.4 The Consultant and Principal acknowledge that securities laws prohibit anyone with material undisclosed
information regarding a reporting issuer (including the Company) from trading in the securities of, or communicating to others such information
regarding, the reporting issuer.

5. COVENANTS

5.1 The Consultant acknowledges that in the course of providing the Services, the Consultant may create or
have access to information that is treated as confidential and proprietary by the Company, including, without limitation, information
pertaining to business operations, strategies, intellectual property, customers, and pricing (collectively, the "Confidential Information").
The Consultant agrees to treat all Confidential Information as strictly confidential and shall not, without the prior written authorization
of the Company, use or disclose such information for any purpose other than providing the Services. This obligation shall survive the
termination of this Agreement.

5.2 The Company is and shall be the sole and exclusive owner of all right, title, and interest throughout
the world in and to all the results and proceeds of the Services performed under this Agreement (collectively, the "Deliverables"),
including all patents, copyrights, trademarks, trade secrets, and other intellectual property rights therein. The Consultant hereby irrevocably
assigns to the Company all rights, title, and interest in and to the Deliverables and waives all moral rights in favor of the Company.

5.3 The Consultant agrees that during the term of this Agreement and for a period of twelve (12) months following
its termination, the Consultant shall not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) solicit, induce, recruit or encourage any of the Company's employees or consultants to leave their

employment or engagement, or take away such employees or consultants; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) solicit or divert the business or patronage of any person or entity known by the Consultant to be a client
or customer of the Company.

5.4 The Consultant agrees that during the term of this Agreement and for a period of six (6) months following
its termination, the Consultant shall not, directly or indirectly, engage in or provide services to any business that is directly competitive
with the primary business of the Company within the Province of British Columbia.

6. INDEMNITIES

6.1 The Consultant shall defend, indemnify and hold harmless the Company and its officers, directors, employees,
agents, successors and assigns from and against all losses, damages, liabilities, deficiencies, actions, judgments, interest, awards,
penalties, fines, costs or expenses of whatever kind, arising out of or resulting from the Consultant's breach of any covenant,
warranty or obligation under this Agreement.

6.2 The Company shall defend, indemnify and hold harmless the Consultant and its officers, directors, employees,
agents, successors and permitted assigns from and against all losses, damages, liabilities, deficiencies, actions, judgments, interest,
awards, penalties, fines, costs or expenses of whatever kind, arising out of or resulting from the Company's breach of any covenant,
warranty or obligation under this Agreement.

7. GENERAL

7.1 The Company shall have the authority to establish from time to time the policies and procedures to be
followed by the Principal in performing services for the Company. The Principal shall abide by the provisions of any contract entered
into by the Company under which the Principal provides the Services. The Principal shall comply with the terms and conditions of all contracts
entered into by the Company that are applicable to the provision of the Services by the Principal.

7.2 The Consultant may not sell, assign or transfer any rights or interests created under this Agreement or
delegate any of the Consultant's duties without the prior written consent of the Company.

7.3 This Agreement will be governed by and construed in accordance with the laws of the Province of British
Columbia and the federal laws of Canada applicable therein and each party submits to the exclusive jurisdiction of the courts of the Province
of British Columbia.

7.4 This Agreement may be executed in one or more counterparts, each of which shall be deemed an original
hereof and all of which together shall constitute one and the same instrument. Electronic copies of signatures shall be deemed as originals
and shall have binding effect.

7.5 This Agreement will be to the benefit of and be binding on the respective heirs, executors, administrators,
successors and permitted assigns, as applicable, of each of the parties.

7.6 In case any provision in this Agreement shall be invalid, illegal or unenforceable, whether in whole or
in part, the validity, legality and enforceability of the remaining provisions (or remaining parts thereof) shall not in any way be affected
or impaired thereby and such remaining provision(s) (or remaining parts thereof) shall be ineffective only to the extent of such invalidity,
illegality or unenforceability.

7.7 Notwithstanding anything to the contrary in this Agreement, the issuance of any securities of the Company
in satisfaction of any compensation to be paid or delivered to the Consultant hereunder shall in all cases be subject to all Applicable
Laws, and further, shall be conditional on (i) the Consultant duly executing and returning all documents required by Applicable Laws and
doing such further and other things as may be necessary to give effect to the said issuance of securities, and (ii) the issuance of such
securities being exempt from the prospectus requirements under Applicable Laws relating to the issuance of such securities.

[Remainder of page intentionally left blank. Signature page follows.]

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| Per: | /s/ Sagar Sanghera |
|  | Sagar Sanghera, President |
| **Nuclear Potential Canada** | **Nuclear Potential Canada** |
| Per: | /s/ Josef Freundorfer |
|  | Authorized Signing Officer |
| Josef Freundorfer | Josef Freundorfer |
| Acknowledged and agreed to by the undersigned Principal: | Acknowledged and agreed to by the undersigned Principal: |

---

---

| | |
|:---|:---|
| /s/ Josef Freundorfer | /s/ Josef Freundorfer |
| Name: | Josef Freundorfer |

---

**SCHEDULE "A"<br> SERVICES**

The Consultant shall provide the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Executive Leadership:* Serve as the Company's Principal Executive Officer; develop and execute
the Company's strategic plan, including the "18-Month Development Roadmap" outlined in the Company's public filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Regulatory Execution:* Oversee the Company's engagement with the Canadian Nuclear Safety Commission
(CNSC) for Vendor Design Review and the U.S. Nuclear Regulatory Commission (NRC) for Standard Design Approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Capital Markets & Investor Relations:* Serve as the primary face of the Company to investors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. lead roadshows, and manage the Company's obligations as a Nasdaq-listed reporting issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Operational Oversight:* Manage the Company's day-to-day operations, including the recruitment
of key technical staff (e.g., VP Engineering) and the establishment of the R&D laboratory in Ontario.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Governance:* Report directly to the Board of Directors and ensure compliance with the Business Corporations
Act (British Columbia) and applicable securities laws.

## Exhibit 10.2

**Exhibit 10.2**

**CFO CONSULTING AGREEMENT**

This CFO CONSULTING AGREEMENT dated as of December 9th, 2025 (this" "Agreement"), is made and entered into between Nuclea Energy Inc. (the" "<u>Company</u>", a British Colombia, Canada corporation), and NxtEra Consulting Ltd. an Ontario, Canada corporation (the" "<u>Consultant</u>").

WHEREAS, the Company desires to engage the Consultant to provide certain consulting services described on **Exhibit A** (the" "Services") to the Company pursuant to the terms and conditions of this Agreement;

WHEREAS, the Consultant has designated Anna Skowron to perform the Services as non-employee Fractional Chief Financial Officer (the "Designee");

WHEREAS, the Board of Directors of the Company (the" "Board") has appointed the Designee, to serve as the Chief Financial Officer of the Company, upon the terms and subject to the conditions hereinafter set forth; and

WHEREAS, the Designee has the necessary skills and qualifications to serve as the Fractional Chief Financial Officer and has agreed to serve as such, upon the terms and subject to the conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the above premises and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the parties hereto agree as follows:

1. <u>Independent Consultant</u>. During the term of this Agreement, Consultant will perform the Services
in a diligent and professional matter, and in compliance with all applicable laws and regulations. The Company, through the action of
its Board, hereby engages the Consultant, and the Consultant will serve the Company, as a consultant. During the term of this Agreement,
the Designee will serve as the non-employee chief financial officer ("CFO") of the Company. The Company confirms that the
Designee has been duly appointed as the CFO and will remain as an executive officer of the Company during the term of this Agreement.

2. <u>Duties, Term, and Compensation</u>. The Consultant's term of engagement, compensation and provisions
for payment thereof are detailed in the attached **Exhibit B**, which may be amended in writing from time to time by the Consultant
and agreed to by the Company, and which collectively are hereby incorporated by reference.

3. <u>Expenses</u>. The Company will reimburse the Consultant for all reasonable business expenses Consultant
incurs in conducting her duties hereunder, pursuant to the Company's usual expense reimbursement policies, but in no event later
than ninety (90) days after the end of the calendar month following the month in which such expenses were incurred by the Consultant;
provided that the Consultant supplies the appropriate substantiation for such expenses no later than the end of the calendar month following
the month in which such expenses were incurred by the Consultant.

4. <u>Confidentiality</u>. The Consultant acknowledges that during the engagement it will have access to
and become acquainted with various trade secrets, inventions, innovations, processes, information, records and specifications owned or
licensed by the Company and/or used by the Company in connection with the operation of its business including, without limitation, the
Company's business and product processes, methods, customer lists, accounts and procedures. The Consultant agrees that it will not
disclose any of the aforesaid, directly or indirectly, or use any of them in any manner, either during the term of this Agreement or at
any time thereafter, except as required in the course of this engagement with the Company. All files, records, documents, blueprints,
specifications, information, letters, notes, media lists, original artwork/creative, notebooks, and similar items relating to the business
of the Company, whether prepared by the Consultant or otherwise coming into the Consultant's possession, shall remain the exclusive
property of the Company. The Consultant shall not retain any copies of the foregoing without the Company's prior written permission.
Upon the expiration or earlier termination of this Agreement, or whenever requested by the Company, the Consultant shall immediately deliver
to the Company all such files, records, documents, specifications, information, and other items in her possession or under her control.
The Consultant confirms that all restrictions in Section 4 are reasonable and valid, and any defenses to the strict enforcement thereof
by the Company are waived by the Consultant. The provisions of this Section shall survive any termination of this Agreement.

5. <u>Conflicts of Interest; Performance of Duties</u>. The Consultant represents that it is free to enter
into this Agreement, and that this engagement does not violate the terms of any agreement between the Consultant, any of its personnel
or owners and any third party. Further, the Consultant, in rendering the Services, shall not utilize any invention, discovery, development,
improvement, innovation, or trade secret in which it does not have a proprietary interest.

6. <u>Other Business Activities</u>. The Consultant agrees that she is not, and during the Term of this Agreement
shall not be, engaged or employed in any business, trade, profession, or other activity that would create a conflict of interest with
the Company. If any such actual or potential conflict arises during the Term of this Agreement, the Consultant shall immediately notify
the Company in writing. If the Company determines, in its sole discretion, that the conflict is material, the Company may terminate the
Agreement immediately upon written notice in accordance with provisions under" "Term" under Exhibit B.

7. <u>Indemnification and D&O Insurance</u>. Consultant shall have full responsibility for applicable
withholding taxes or other taxes, U.S., Canadian or otherwise, for all compensation paid to Consultant under this Agreement, and for compliance
with all applicable labor and employment requirements with respect to Consultant's self-employment, franchise tax, worker's
compensation insurance coverage requirements and U.S. immigration visa requirements. Consultant shall indemnify, defend and hold Company
harmless from any liability for, or assessment of, any claims or penalties with respect to such withholding taxes, labor or employment
requirements including, without limitation, any liability for, or assessment of, withholding taxes imposed on Company by any relevant
taxing authorities with respect to any compensation paid to Consultant. In addition to the Compensation, the Company shall pay applicable
GST/HST upon receipt of a valid tax invoice.

Notwithstanding the foregoing, the Company shall defend and indemnify the Designee in his capacity as Chief Financial Officer of the Company to the fullest extent permitted under the Business Corporations Act (British Columbia). The Company shall also maintain a policy for indemnifying its officers and directors, including but not limited to the Designee, for all actions permitted under the BCBCA taken in good faith pursuit of their duties for the Company, including but not limited to maintaining an appropriate level of Directors and Officers Liability coverage and maintaining the inclusion of such provisions in the Company's by-laws or certificate of incorporation, as applicable and customary. The rights to indemnification shall survive any termination of this Agreement.

8. <u>Independent Contractor.</u> This Agreement shall not render the Consultant or the Designee an employee,
partner, agent of, or joint venturer with the Company for any purpose. The Consultant is and will remain an independent Consultant in
her relationship with the Company. The Consultant acknowledges that it is responsible for all taxes applicable to it in Canada and/or
the United States, and specifically confirms that as a Canadian corporation, it shall not receive an IRS Form 1099 unless required by
specific US tax residency rules. The Consultant or Designee shall have no claim against the Company hereunder or otherwise for vacation
pay, sick leave, retirement benefits, social security, worker's compensation, health or disability benefits, unemployment insurance
benefits, or employee benefits of any kind. The Consultant agrees to indemnify and save the Company harmless from and against any and
all assessments, losses or penalties actually incurred by the Company in respect of any unpaid taxes or other fees and charges by the
Consultant which are charged back to the Company, including, without limitation, contributions to any pension/retirement plans, employment
insurance or workers compensation premiums.

9. <u>Successors and Assigns.</u> All of the provisions of this Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective heirs, if any, successors, and assigns.

10. <u>Choice of Law.</u> The laws of the Province of British Columbia shall govern the validity of this Agreement,
the construction of its terms and the interpretation of the rights and duties of the parties hereto.

11. <u>Arbitration.</u> Any controversies arising out of the terms of this Agreement or its interpretation
shall be settled in Vancouver, British Columbia in accordance with the rules of the British Columbia International Commercial Arbitration
Centre, and the judgment upon award may be entered in any court having jurisdiction thereof.

12. <u>Submission to Jurisdiction.</u> Each of the parties irrevocably submits to the jurisdiction of the
courts of the Province of British Columbia.

13. <u>Headings.</u> Section headings are not to be considered a part of this Agreement and are not intended
to be a full and accurate description of the contents hereof.

14. <u>Waiver.</u> Waiver by one party hereto of breach of any provision of this Agreement by the other shall
not operate or be construed as a continuing waiver.

15. <u>Assignment.</u> The Consultant shall not assign any of her rights under this Agreement, or delegate
the performance of any of its duties hereunder, except as set forth herein, without the prior written consent of the Company.

16. <u>Notices.</u> All notices required or permitted to be given under this Agreement shall be in writing
and shall be deemed to have been given and received (a) when personally delivered, or delivered by same-day courier; or (b) on the third
business day after mailing by registered or certified mail, postage prepaid, return receipt requested; or (c) upon delivery when sent
by prepaid overnight express delivery service (e.g., FedEx, UPS); or (d) when sent by email and upon the receipt by the sending party
of written confirmation by the receiving party; provided, however, that an automated email confirmation of delivery or read receipt shall
not constitute such confirmation; and, in any case addressed to either party, and in the case of the Company, at its normal business address,
and in the case of Consultant, at her residential address or other address provided, which address may be updated by either party in writing
from time to time.

17. <u>Modification or Amendment.</u> No amendment, change or modification of this Agreement shall be valid
unless in writing signed by the parties hereto.

18. <u>Counterparts.</u> This Agreement may be executed originally or electronically, and any number of counterparts,
each of which shall be deemed an original, and together shall constitute one and the same instrument. Signatures provided electronically
shall be deemed original signatures.

19. <u>Entire Agreement.</u> This Agreement sets forth the entire understanding of the parties hereto with
respect to its subject matter and supersedes all prior agreements, promises, statements, representations, negotiations, and understandings,
written or oral, with respect to matters covered hereby. The Consultant and Designee each hereby agrees to waive all present and future
claims under any prior agreements with the Company (collectively, the" "Prior Agreement"). The Consultant acknowledges
that the Prior Agreement is cancelled in all respects and that no amounts are due and owed to Consultant or Designee under the Prior Agreement
and that each of the Consultant and Designee is not entitled to any other benefits under the Prior Agreement.

20. <u>Unenforceability of Provisions.</u> If any provision of this Agreement, or any portion thereof, is
held to be invalid and unenforceable, then the remainder of this Agreement shall nevertheless remain in full force and effect.

[Signature Page Follows]

IN WITNESS WHEREOF the undersigned have executed this Agreement as of the day and year first written above.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Nuclea Energy</u>** | **<u>Nuclea Energy</u>** | **<u>NxEra Consulting Ltd.</u>** | **<u>NxEra Consulting Ltd.</u>** |
| By: | /s/ Sagar Sanghera | By: | /s/ Anna Skowron |
| Name: | Sagar Sanghera | Name: | Anna Skowron |
| Title: | Chief Executive Officer | Title: | Partner |
| **<u>Designee</u>** | **<u>Designee</u>** |  |  |
| By: | /s/ Reem Chalhoub |  |  |
| Name: | Reem Chalhoub |  |  |

---

**<u>EXHIBIT A</u>**

**DESCRIPTION OF SERVICES**

Consultant agrees to provide the below Services to the Company:

NxtEra Consulting Ltd. (the" "Consultant") will perform all duties typically required of a Fractional Chief Financial Officer, including, but not limited to accounting oversight for the preparation of quarterly and annual financial statements to be filed with the U.S. Securities and Exchange Commission (SEC), including filings required on Form 20-F (or Form 10-K, as applicable), Form 6-K (or Forms 10-Q/8-K, as applicable), and such other filings as may be required.

The Consultant will provide oversight, assist the Company with best accounting practices as well as other services such as preparing or reviewing financial information for management and investors, as well as provide the necessary reports for the preparation of income tax returns. The Consultant's duties shall include, but shall not be limited to:

● Cause Designee to sign regulatory certifications (e.g., SOX 302/906 certifications) as CFO;

● Release cash payments and payroll based on Company and Audit Committee approval and Company's internal control procedures;

● Oversee existing accounting department processes and operations;

● Monitor the accuracy of financial records and accounts in accordance with US GAAP (or IFRS, if adopted by the Company);

● Monitor and analyze financial performance, develop reports, and provide recommendations to improve performance;

● Oversee monthly and quarterly closing procedures and reporting;

● Review schedules utilized in the quarterly and annual filings;

● Resolve day-to-day transactional issues;

● Oversee auditor requests of transactions and support documentation;

● Assist with cash flow management/ projections and strategic planning;

● Respond in a timely manner to all requests for financial information by management, regulatory bodies or stock exchange;

● Review third party payroll provider payroll reports and tax filings;

● Assist management's review, efforts, and control over its accounting activities;

● Make recommendations to improve organizational efficiency and cost-effectiveness; and

● Assist in the preparation of data needed in the preparation of budgets.

Consultant will report directly to the CEO and Audit Committee Chairman of the Company and to any other party designated by the Audit Committee Chairman in connection with the performance of the duties under this Agreement and shall fulfill any other duties reasonably requested by the Company and agreed to by the Consultant.

**<u>EXHIBIT B</u>**

<u>TERM AND TERMINATION</u>:

This engagement shall commence effective December 9th, 2025, and shall continue until terminated in accordance with the terms of this Agreement. Either party may terminate this Agreement at any time by providing the other party with no less than ninety (90) days' prior written notice. If the Company terminates the Agreement without providing the required ninety (90) days' notice, it shall pay the Contractor an amount equal to the fees that would have been payable during the notice period, in lieu of such notice. This payment in lieu shall be calculated based on the average monthly fees invoiced by the Contractor during the three (3) months immediately preceding termination.

<u>COMPENSATION</u>:

The Company shall pay the Consultant compensation in the amount of $13,500 CAD per month, plus applicable taxes, payable in advance on the 1st day of each month, for the Services provided under this Agreement. This compensation reflects a fractional (part-time, 20 hours a week) role and shall be subject to periodic review and adjustment at the sole discretion of the Company and Consultant. Should the scope of services required exceed the expectations of a fractional engagement, the parties agree to negotiate in good faith an adjusted compensation arrangement to reflect the additional responsibilities and time commitment.

## Exhibit 10.3

**Exhibit 10.3**

**AMENDMENT NO. 1**

**to**

**CFO CONSULTING AGREEMENT**

This Amendment No. 1 (the "Amendment") is made effective as of **February 28, 2026**, by and between Nuclea Energy Inc. (the "Company") and NxtEra Consulting Ltd. (the "Consultant").

WHEREAS, the parties entered into that certain CFO Consulting Agreement dated December 9th, 2025 (the "Agreement"); and WHEREAS, the parties desire to amend Exhibit B of the Agreement to modify the time commitment and compensation terms; NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties agree as follows:

1. Amendment to Exhibit B – Compensation The "COMPENSATION" section of Exhibit B is hereby deleted in its entirety and replaced with the following: COMPENSATION The Company shall pay the Consultant compensation in the amount of $25,000 CAD per month, plus applicable GST/HST, payable in advance on the 1st day of each month, for the Services provided under the Agreement. This compensation reflects a full-time engagement of approximately forty (40) hours per week. The Consultant shall be eligible to participate in any incentive compensation, bonus, stock option, equity purchase, restricted stock unit (RSU), or other equity-based compensation plans that the Company makes available to its management and executives on substantially the same terms, conditions, and levels as are offered to such individuals, subject to the terms of the applicable plan documents.

2. No Other Changes Except as expressly amended herein, all other terms and conditions of the Agreement shall remain in full force and effect.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

---

| | |
|:---|:---|
| Nuclea Energy Inc. | Nuclea Energy Inc. |
| By: | /s/ Sagar Sanghera |
| Name: | Sagar Sanghera |
| Title: | President and Chairman of the Board |
| NxtEra Consulting Ltd. | NxtEra Consulting Ltd. |
| By: | /s/ Anna Skowron |
| Name: | Anna Skowron |
| Title: | CEO |

---

Signature Page

## Exhibit 10.4

**Exhibit 10.4**

**EXECUTIVE CONSULTING AGREEMENT**

**THIS EXECUTIVE CONSULTING AGREEMENT** (this "**Agreement**") is made as of March 30, 2026 (the "**Effective Date**") between:

**NUCLEA ENERGY INC.,** a corporation organized under the laws of British Columbia (the "**Corporation**");

and

**1239405 BC LTD.** (the "**Consultant**") and **SAGAR SANGHERA** (the "**Executive**").

The Corporation, the Consultant, and the Executive are each a "**Party**" and together the "**Parties.**"

**RECITALS**

A. The Executive currently serves as President and Chairman of the board of directors of the Corporation.

B. The Corporation wishes to engage the Consultant to provide the services of the Executive as President and Chairman of the board of directors of the Corporation ("**Chairman**"), and the Consultant wishes to provide such services on the terms set out below.

**NOW THEREFORE**, in consideration of the mutual covenants and agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

**ARTICLE 1 SERVICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **Engagement.** The Corporation hereby engages the Consultant to provide the services of the Executive
to serve as President and Chairman of the board of directors of the Corporation (the "**Board** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **Duties.** The Executive's duties and responsibilities as President and Chairman are set out
in Schedule A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 **Standard of Performance.** The Consultant and the Executive shall perform the services diligently
and professionally, in good faith, and in compliance with all applicable laws and regulations.

**ARTICLE 2 COMPENSATION AND EXPENSES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **Base Compensation.** The compensation payable to the Consultant for the Executive's services
as President and Chairman is as follows: $120,000 CAD per year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Post-Going Public Compensation.** Effective immediately upon the Corporation successfully completing
a going public transaction on a recognized stock exchange, the Consultant's compensation for the Executive's roles as President
and Chairman shall be amended to $250,000 USD per year and the Executive shall be eligible to participate in the Corporation's stock
option plan. This provision shall supersede any conflicting compensation terms on and after the date of the going public transaction.
The executive will also be provided with additional compensation of $30,000 USD per year to serve as the Chairman of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 **Equity Participation.** The Executive shall be eligible to participate in any stock option or restricted
share unit plan when adopted by the Corporation, subject to the terms of such plan and applicable Board approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 **Expenses.** The Corporation will reimburse the Consultant for all reasonable out-of-pocket business
expenses properly incurred in the performance of the services under this Agreement, in accordance with the Corporation's expense
reimbursement policy (if any), provided that the Consultant submits appropriate supporting documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 **Invoicing and Taxes.** All compensation payable to the Consultant under this Agreement is exclusive
of applicable GST/HST, which, if required by law, will be added to each invoice and remitted by the Consultant. The Consultant shall invoice
the Corporation for services rendered, and the Corporation shall make payment against such invoice in accordance with its standard payment
practices or as otherwise agreed by the Parties in writing.

**ARTICLE 3 TERM AND TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **Term.** This Agreement commences on the Effective Date and continues until terminated in accordance
with this Article 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **Termination Without Cause.** Either the Corporation or the Consultant may terminate this Agreement
without cause upon ten (10) business days' prior written notice to the other Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 **Termination for Cause or Conflict.** The Corporation may terminate this Agreement immediately upon
written notice if the Consultant or the Executive commits fraud, willful misconduct, gross negligence, a material breach of this Agreement,
or an actual or potential conflict of interest that the Board determines is material and not capable of satisfactory resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 **Accrued Rights.** Upon termination of this Agreement, the Corporation shall pay the Consultant any
accrued and unpaid compensation and properly reimbursable expenses owing up to and including the effective date of termination, and the
rights and obligations of the Parties that by their nature are intended to survive termination shall survive, including confidentiality,
indemnification, non-disparagement, and the miscellaneous provisions intended to survive.

**ARTICLE 4 INDEPENDENT CONTRACTOR; TAXES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **Independent Contractor.** The Consultant is and shall remain an independent contractor. Nothing in
this Agreement renders the Consultant, the Executive, or any of their personnel an employee, partner, agent of, or joint venturer with
the Corporation for any purpose, except that the Executive may hold officer and director roles with the Corporation as expressly contemplated
by this Agreement and applicable corporate law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **Tax Responsibility.** The Consultant shall be solely responsible for the payment and remittance of
all applicable federal, provincial, and other taxes and statutory remittances in respect of compensation received under this Agreement,
including GST/HST, if applicable, and for compliance with all laws governing its business. The Consultant shall indemnify and hold harmless
the Corporation from and against any assessments, losses, claims, penalties, interest, or liabilities actually incurred by the Corporation
arising from the Consultant's failure to remit any required taxes or other charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **No Employment Benefits.** The Consultant acknowledges and agrees that neither the Consultant nor
the Executive is entitled under this Agreement to vacation pay, sick leave, Canada Pension Plan contributions, Employment Insurance, Workers'
Compensation, health or disability benefits, or any other statutory or non-statutory employment benefits solely by virtue of the consulting
relationship established under this Agreement.

**ARTICLE 5 CONFLICTS OF INTEREST; OTHER ACTIVITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **Freedom to Contract.** The Consultant represents that it is free to enter into this Agreement and
that the execution and performance of this Agreement do not violate the terms of any agreement binding upon the Consultant, the Executive,
or any third party through whom services are provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **No Improper Use of Third-Party Rights.** In rendering the services, neither the Consultant nor the
Executive shall improperly use or disclose any confidential information, trade secrets, inventions, or other proprietary rights of any
third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **Other Activities.** The Consultant and the Executive may engage in other business activities, provided
such activities do not create an actual conflict of interest with the Corporation or materially interfere with the proper performance
of the services under this Agreement. The Consultant shall promptly notify the Corporation in writing of any actual or potential conflict
of interest arising during the term of this Agreement.

**ARTICLE 6 CONFIDENTIALITY; CORPORATE INFORMATION; PROPERTY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **Continuing Confidentiality.** The Executive reaffirms continuing confidentiality obligations under
the Existing Agreement (if any) and at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Corporation Property.** All files, records, documents, specifications, information, equipment, and
other materials relating to the business of the Corporation, whether prepared by the Consultant or otherwise coming into the possession
of the Consultant or the Executive, shall remain the exclusive property of the Corporation. The Consultant and the Executive shall not
retain copies of such materials except as reasonably required in the performance of services or with the Corporation's prior written
consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **Return of Property.** Upon the termination of this Agreement, or whenever requested by the Corporation,
the Consultant and the Executive shall promptly deliver to the Corporation all Corporation property and confidential information in their
possession or under their control, subject to any legal or professional record-retention requirements applicable to the Consultant.

**ARTICLE 7 INDEMNIFICATION; D&O INSURANCE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Indemnification Preserved.** The Corporation confirms that any indemnification rights the Executive
has as a director and/or officer under the Corporation's constating documents and applicable law are not limited by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **Corporation Indemnity.** To the fullest extent permitted by applicable law, the Corporation shall
defend and indemnify the Executive for acts undertaken in good faith in the course and scope of the Executive's duties as President,
Chairman, director, or officer of the Corporation, subject to the limitations imposed by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 **D&O Insurance.** Upon listing on a recognized stock exchange in Canada or the United States,
the Corporation will maintain directors' and officers' liability insurance on commercially reasonable terms while the Executive
serves as a director or officer, subject to availability on reasonable terms and cost.

**ARTICLE 8 NON-DISPARAGEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **Non-Disparagement.** Each Party agrees not to make statements that are reasonably likely to materially
harm the reputation of another Party, except truthful statements required by law or made to professional advisers, auditors, regulators,
or courts.

**ARTICLE 9 MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 **Notices.** All notices required or permitted to be given under this Agreement shall be in writing
and shall be deemed to have been given and received (a) when personally delivered or delivered by courier, (b) on the third business day
after mailing by registered or certified mail, postage prepaid, return receipt requested, (c) upon delivery when sent by prepaid overnight
express delivery service, or (d) when sent by email and acknowledged in writing by the recipient (for clarity, an automated delivery or
read receipt does not constitute such acknowledgement). Notices to the Corporation shall be sent to its registered or principal business
address. Notices to the Consultant shall be sent to its registered office or such other address as may be notified in writing to the Corporation
from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 **Assignment.** Neither the Consultant nor the Executive may assign any rights under this Agreement,
or delegate performance of any duties hereunder, without the prior written consent of the Corporation, except that the Consultant may
provide the services through the Executive as contemplated by this Agreement. This Agreement shall be binding upon and enure to the benefit
of the Parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 **Governing Law.** This Agreement is governed by the laws of the Province of British Columbia and the
federal laws of Canada applicable therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 **Arbitration.** Any controversy, dispute, or claim arising out of or relating to this Agreement or
its interpretation shall be finally resolved by a single arbitrator in Vancouver, British Columbia, in accordance with the rules of the
Vancouver International Arbitration Centre (VanIAC), and judgment upon the award rendered by the arbitrator may be entered in any court
having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 **Waiver.** No waiver by any Party of any breach of any provision of this Agreement shall operate or
be construed as a waiver of any subsequent breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 **Amendments.** No amendment, change, or modification of this Agreement shall be valid unless in writing
and signed by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 **Entire Agreement.** This Agreement, including the Schedule hereto, constitutes the entire agreement
regarding its subject matter and supersedes prior discussions relating to such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 **Severability.** If any provision of this Agreement, or any portion thereof, is held to be invalid
or unenforceable, the remainder of this Agreement shall remain in full force and effect and the invalid or unenforceable provision shall
be deemed modified to the minimum extent necessary to make it valid and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 **Counterparts; Electronic Signature.** This Agreement may be executed in counterparts and delivered
electronically. Each counterpart is deemed an original and all counterparts together constitute one and the same instrument. Signatures
delivered electronically are deemed original signatures for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 **Schedule.** The following Schedule is attached to and forms part of this Agreement: Schedule A –
President and Chairman Duties and Responsibilities.

**IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date.**

---

| | |
|:---|:---|
| **1239405 BC LTD.** | **NUCLEA ENERGY INC.** |
| Per: */s/ Sagar Sanghera* | Per: */s/ Josef Freundorfer* |
| Sagar Sanghera, Chief Executive Officer | Josef Freundorfer, Chief Executive Officer |
| *I have the authority to bind the Corporation.* | *I have the authority to bind the Corporation.* |

---

**EXECUTIVE**

---

| |
|:---|
| */s/ Sagar Sanghera* |
| **SAGAR SANGHERA** |

---

**SCHEDULE A**

**PRESIDENT AND CHAIRMAN DUTIES AND RESPONSIBILITIES**

The Executive, as President and Chairman of the Board, shall have the following duties and responsibilities:

1. *Board Leadership.* Preside over all meetings of the Board and shareholders; set agendas in consultation with the Chief Executive Officer and corporate secretary; and ensure that Board meetings are conducted effectively and efficiently.

2. *Corporate Governance.* Oversee the Corporation's corporate governance practices; ensure that the Board fulfills its duties to the Corporation and its shareholders; and lead the Board in its oversight of management.

3. *Strategic Guidance.* Provide strategic guidance and counsel to the Chief Executive Officer and senior management; participate in investor relations and stakeholder engagement activities as appropriate; and represent the Corporation at industry events and with key stakeholders.

4. *Director Relations.* Facilitate effective communication among directors; ensure that directors receive timely and accurate information necessary to fulfill their duties; and lead director orientation and continuing education initiatives.

5. *CEO Relationship.* Act as primary liaison between the Board and the Chief Executive Officer; provide mentorship and support to the Chief Executive Officer; and lead the Board's evaluation of the Chief Executive Officer's performance.

6. *Time Commitment.* Devote such time as is reasonably necessary to fulfill the duties set out herein, which the Parties anticipate will require approximately <u>40</u> (number) hours per <u>week</u> (week/month).

7. *Other Duties.* Perform such other duties as are customarily performed by a chairman of the board or as may be reasonably assigned by the Board from time to time.

## Exhibit 10.5

**Exhibit 10.5**

**CONSULTING AGREEMENT**

**THIS AGREEMENT** is effective as of the <u>25th</u> day of February 2026 by and between Nuclea Energy Inc. (the "**Corporation**") and Irydyum Scientific Inc. (the "**Consultant**"), collectively known as the "**Parties**".

**RECITALS:**

A. The Corporation is a nuclear energy company in the business of developing an innovative nuclear reactor concept (the "**Business**"); and

B. The Corporation wishes to retain the Consultant, as Senior Technology Advisor to the Corporation, to provide certain services to the Corporation upon the terms and conditions hereinafter set forth.

**NOW THEREFORE IN CONSIDERATION** of the mutual promises and covenants contained in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows.

**Article 1: INTERPRETATION**

1.1 All payments contemplated herein shall be paid in Canadian funds by electronic transfer or cheque.

1.2 The division of this Agreement into Articles and Sections is for convenience of reference only and shall
not affect the interpretation or construction of this Agreement or any part thereof. Any reference herein to this "**Agreement** "
shall mean this Consulting Agreement and the Schedules herein and any amendments, modifications, deletions or alterations which may be
made thereto in accordance with the provisions hereof and includes any recitals or any schedule hereto and any supplementary or confirming
agreement or agreements hereafter executed.

1.3 All words and personal pronouns shall be read and construed as the number and gender of the party or parties
referred to in each case as required and the verb shall be construed as agreeing with the required word and pronoun.

1.4 Any references herein to any law, by-law, rule, regulation, order or act of any government, governmental
body or other regulatory body shall be construed as a reference thereto as amended or re-enacted from time to time or as a reference to
any successor thereto.

**Article 2: DUTIES**

2.1 Subject to the terms of this Agreement, the Corporation hereby engages the Consultant to provide such
technical advisory and consulting services as may be agreed by the Parties from time to time during the term of this Agreement (the "**Services** "),
which Services may include, without limitation, the services generally described in the in the general statement of work attached hereto
as <u>Schedule "A"</u>.

2.2 From time to time, the Parties may agree that the Consultant will perform specific projects or development
work (each, a "**Project** "). Each Project shall be governed by a separate written statement of work or project agreement
(each, a "**Statement of Work** "), which shall describe the scope of services, deliverables, fees, timelines, and any additional
terms applicable to such Project.

2.3 The Parties acknowledge that the Services covered by this agreement are not expected to result in the
creation or development of any intellectual property or work product. Any services that are anticipated to result in the creation of intellectual
property or work product will have to be governed by separate agreements. The ownership, licensing, and use of any such intellectual property
or work product shall be governed exclusively by the applicable Statement of Work to which such intellectual property or work product
was created or developed, and nothing in this Agreement shall by construed to grant any rights in or to such intellectual property..

2.4 Except as otherwise provided in this Agreement, the Consultant shall have full discretion with respect
to working time, methods, and decision-making in the performance of the Services. The Consultant shall perform the Services independently
and not under the direction or control of the Corporation, while remaining reasonably responsive to the Corporation's needs and
requirements.

**Article 3: COMPENSATION AND EXPENSES**

3.1 In consideration of the performance of the Services, the Corporation shall pay to the Consultant a monthly
fee of $7,500 CAD (the "**Consulting Fees**") plus applicable GST/HST (and any other applicable sales taxes), which amount
shall be pro-rated for any partial month. The Consulting Fees shall be paid monthly in arrears within 15 days of the end of each month.

3.2 The Parties acknowledge and agree that any Project undertaken pursuant to a Statement of Work may provide
for additional fees payable to the Consultant. Unless otherwise expressly stated in a Statement of Work, such fees shall be payable in
addition to the Consulting Fees and in accordance with the payment terms set out in the applicable Statement of Work.

3.3 The parties acknowledge and agree that the Consultant is being engaged as an independent contractor and
no taxes, deductions, assessments, premiums, remittances or withholdings shall be made by the Corporation with respect to any individual
who is engaged by the Consultant and performs services for and on behalf of the Corporation pursuant to this Agreement.

3.4 Except as otherwise provided in this Agreement or mutually consented to by the Parties, the Consultant
shall, at its own expense, furnish all equipment, software, materials, and other supplies necessary for the performance of the Services.

3.5 The Consultant shall be eligible to participate in any stock option or restricted share unit plan established
by the Company, subject to the terms of such plan and applicable board approval.

**Article 4: CONFIDENTIALITY**

4.1 Definition of Confidential Information. "**Confidential Information**" means any and all
non-public information, whether oral, written, electronic, or otherwise, relating to the Corporation, its business, technology, or affairs,
that is disclosed to or accessed by the Consultant, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) reactor designs, technical data, schematics, engineering specifications, and research and development
data; (b) business plans, financial information, and investor lists; and (c) any other information that a reasonable person would understand
to be confidential given the nature of the information or the circumstances of disclosure.

4.2 Non-Disclosure and Non-Use. The Consultant agrees that it shall: (a) keep the Confidential Information
strictly confidential and take all reasonable precautions to protect it from unauthorized access or disclosure; (b) not disclose, publish,
or disseminate the Confidential Information to any third party without the prior written consent of the Corporation, except to the Consultant's
legal counsel, accountants, or other advisors, as necessary; and (c) not use the Confidential Information for any purpose other than the
strict performance of the Services for the benefit of the Corporation without the prior written consent of the Corporation.

4.3 Exceptions. The obligations in this Article shall not apply to information that: (a) is or becomes generally
available to the public other than as a result of a breach of this Agreement by the Consultant; (b) was or came in the Consultant's
lawful possession independently from the disclosure by the Corporation; or (c) is required to be disclosed by law or court order, provided
the Consultant gives the Corporation prompt written notice to allow the Corporation to seek a protective order.

4.4 Return of Materials. Upon the termination of this Agreement, or at any time upon the Corporation's
request, the Consultant shall promptly return to the Corporation or destroy (and certify such destruction in writing) all documents, materials,
and data containing or reflecting any Confidential Information.

**Article 5: REPRESENTATIONS, WARRANTIES & COVENANTS**

5.1 The Consultant makes the following representations, warranties and covenants for the benefit of Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Consultant has all necessary authority and capacity to enter into this Agreement and to perform the
Consultant's obligations herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Consultant represents and further covenants that in the performance of the Services, the Consultant
will not knowingly violate any law, statute, or regulation of any provincial, state, federal or municipal government.

5.2 The Corporation represents, warrants and covenants for the benefit of the Consultant that the Corporation
has all necessary authority and capacity to enter into this Agreement and to perform its obligations herein.

**Article 6: TERM AND TERMINATION**

6.1 Subject to the terms and conditions hereinafter described, the term of this Agreement shall commence on
the date hereof and shall continue until terminated in accordance with the terms of this Agreement (the "**Term** ").

6.2 **Termination by Agreement**. Notwithstanding any other provision in this Agreement, the Parties may
mutually agree at any time in writing to terminate this Agreement.

6.3 **Termination by either party** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Either party may terminate this Agreement by providing thirty (30) days' prior written

notice (the "**Notice Period**") to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Consultant provides such notice to the Corporation, the Corporation may require the Consultant
to cease duties prior to the expiry of the Notice Period, provided that the Corporation shall pay to the Consultant any accrued but unpaid
Consulting Fees up to the end of the Notice Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Corporation provides such notice to the Consultant, the Corporation may, at its option, (a) require
the Consultant to continue performing the Services during the Notice Period, or (b) direct the Consultant to cease performing Services
prior to the expiry of the Notice Period, in which case the Corporation shall pay to the Consultant any accrued but unpaid Consulting
Fees up to the effective date the Corporation directs the Consultant to cease performing Services.

6.4 **Termination by the Corporation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation may terminate the engagement of the Consultant at any time without notice or compensation
in lieu thereof upon the occurrence of any of the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) refusal or repeated failure to perform the Services that is not remedied by the Consultant promptly, following
written notice from the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any act or omission or series of acts or omissions which would at law permit the Corporation to terminate
the Consultant's engagement without notice or compensation in lieu thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any material breach by the Consultant (not covered by any of the foregoing clauses) and not cured (if
curable) within 10 days after written notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of termination of this Agreement pursuant to the provisions of this Section 6.4 the Consultant
shall not be entitled to receive prior notice nor compensation in lieu of notice and the Corporation shall not be obligated to continue
to pay the Consulting Fees or any other amounts under this Agreement beyond the date of termination, except to pay to the Consultant any
accrued but unpaid Consulting Fees.

6.5 **Termination by the Consultant** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Consultant may terminate this Agreement at any time without notice upon the occurrence of any material
breach by the Corporation that is not cured (if curable) within 10 days after written notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of termination of this Agreement pursuant to the provisions of this Section 7.5, the Corporation
shall not be entitled to receive prior notice nor compensation in lieu of notice and the Consultant shall not be obligated to continue
to perform the Services beyond the date of termination and shall have no further liability or obligation whatsoever to the Corporation
under this Agreement after the date of such except for any obligations that expressly survive termination (including Articles 4) and any
rights or obligations that accrued prior to termination.

6.6 **Obligations Upon Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon termination of this Agreement under Section 7.2 or 7.3 unless the Corporation provides otherwise,
the Consultant shall not commence providing services to the Corporation which may extend beyond the end of the Notice Period without the
express consent of the Corporation and the Consultant shall complete all Services in progress to the extent possible during the Notice
Period.

6.7 **Termination Upon Change of Control** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purposes of this Agreement, a "**Change of Control**" means (i) the acquisition,
directly or indirectly, by any person or group of persons acting jointly or in concert, of more than fifty percent (50%) of the voting
securities of the Corporation; or (ii) the sale of all or substantially all of the assets of the Corporation to a third party that is
not an affiliate; or (iii) the completion of an initial public offering of the Corporation's equity securities pursuant to a prospectus
filed with, and receipted by, the applicable securities regulatory authorities; or (iv) any other transaction or event pursuant to which
the Corporation first offers or lists its equity securities to the public on any recognized exchange, marketplace, alternative trading
system, or digital asset platform, including but not limited to by way of a reverse takeover, qualifying transaction, or business combination
with a special purpose acquisition company, whether or not conducted by way of a prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, following a Change of Control and within ninety (90) days thereafter, the Corporation (or its successor)
elects not to continue the Consultant's engagement, or offers continued engagement on terms that are materially less favourable
in scope or economics than those set out herein, the Corporation shall pay to the Consultant a one-time transition fee equal to six (6)
months of the Consulting Fees, payable in a lump sum.

**Article 7: RELATIONSHIP OF THE PARTIES**

7.1 The Parties acknowledge and agree that, throughout the Term, the Consultant shall remain an independent
contractor. Nothing contained in this Agreement shall be deemed to create a partnership, joint venture or relationship of principal and
agent or employer and employee between the parties or to provide either party with the right, power or authority, whether express or implied,
to create any such duty or obligation on behalf of the other party. Each party covenants and agrees that it will not hold itself out as
a partner, joint venturer, co-principal or co-employer with the other party, or any of its affiliates, by reason of this Agreement.

7.2 The Parties acknowledge and agree that this Agreement is non-exclusive and that, during or after the Term,
nothing herein shall restrict either Party from engaging or contracting with third parties for the provision of services similar to the
Services.

**Article 8: INDEMNIFICATION AND LIMITATION OF LIABILITY**

8.1 The Corporation shall indemnify and hold harmless the Consultant and its directors, officers, employees,
shareholders and permitted successors and assigns (collectively, the "**Consultant Indemnitees**") from and against any
and all losses, damages, liabilities, costs, and reasonable expenses suffered or incurred by any of the Consultant Indemnitees and against
each and every claim made against any of the Consultant Indemnitees to the extent they are arising out of: (a) the Services; (b) the Corporation's
use of any of the advice, works or information received from the Consultant Indemnitees; (c) the gross negligence, willful misconduct
or fraud of the Corporation; or (d) any material breach by the Corporation of its obligations under this Agreement, except where the Consultant
Indemnitees were grossly negligent in the development of the results, materials, works or information used by the Corporation.

8.2 The Consultant shall indemnify and hold harmless the Corporation and its directors, officers, employees
and permitted successors and assigns (collectively, the "**Corporation Indemnitees**") from and against any and all losses,
damages, liabilities, costs, fines and penalties suffered or incurred by any of the Corporation Indemnitees arising out of or relating
to: (a) the gross negligence, willful misconduct, or fraud of the Consultant; or (b) any material breach by the Consultant of its
obligations, representations, or warranties under this Agreement.

8.3 In the event that the Corporation or any third party asserts a claim against the Consultant, in no event
shall the total cumulative liability of the Consultant (including its principals, employees, directors, officers, or agents), for all
claims arising out of or relating to this Agreement, exceed actual direct, provable damages, up to the amount actually received by the
Consultant from the Corporation in respect of the Agreement.

8.4 The Corporation acknowledges and agrees that the Consultant will not be liable for any consequential damages,
lost profits, lost savings, loss of anticipated revenue, or any exemplary, punitive, special or indirect damages of the Corporation pursuant
to or in any way connected to this Agreement, regardless of the form or cause of action, whether or not such damages could reasonably
be foreseen or whether or not the Consultant was advised of or was aware of the possibility of such damages in advance.

8.5 The Consultant makes no warranty, statutory, express, implied, or by estoppel, as to the outcome of the
Services, advice or product or service, whether tangible or intangible, made or developed pursuant to this Agreement. The Consultant expressly
disclaims any implied warranty of merchantability, non-infringement of third-party rights, or fitness for a particular purpose concerning
the Services or the advice or product or service therefrom.

8.6 The Parties acknowledge and agree that any advice or information provided pursuant to this Agreement is
provided on an "as is" basis. The Consultant makes no representations and extends no warranties of any kind, either express
or implied, with respect to the Services or any work or service performed under this Agreement. Without restricting the generality of
the foregoing, there are no express or implied warranties of merchantability or fitness for a particular purpose, or that the Services
or the use of such information provided thereby will not infringe any patent, copyright, trademark, or other proprietary right of any
third party.

**Article 9: MISCELLANEOUS**

9.1 Any notice which is required or permitted by this Agreement to be given shall be in writing and shall
be sufficiently given if delivered personally or sent by registered mail or facsimile or email to the Consultant at:

105 Consumer Drive

Whitby, Ontario L1N 1C4

Attention: Eleodor Nichita

Email: enichita@irydyum.ca

and to the Corporation at:

15315 66 Ave #201

Surrey, British Columbia V3S 2A2

Attention: Sagar Sanghera

Email: sagar@nuclea.energy

Any such notice or other written communication if: (a) delivered personally shall be conclusively deemed to be received on the day the notice or other communication is delivered or the next business day if the day of delivery is not a business day, (b) if sent by prepaid registered or certified mail shall be conclusively deemed to be received on the fifth business day next following its post-marked date provided, however, that in the event of an interruption of normal postal service it shall be deemed to have been given and received on the fifth business day following the day on which normal postal service is restored and (c) if sent by facsimile or email transmission shall be deemed to be received on the day transmitted provided such transmission occurs prior to 5:00 p.m. (local time of the recipient) on a business day, otherwise it will be deemed to have been given and received on the business day next following the date of transmission.

9.2 Subject to the terms and conditions hereof, each party agrees to use reasonable efforts to do, or cause
to be done, all things necessary, proper or advisable to effect the transactions contemplated by this Agreement including, without limitation,
the performance of such further acts or the execution and delivery of any additional instruments or documents as either party may reasonably
request in order to carry out the purposes of this Agreement and the transactions contemplated hereby.

9.3 This Agreement constitutes the complete understanding of the parties with respect to the subject matter
hereof and supersedes any and all prior agreements and understandings between the parties with respect to the subject matter hereof, and
no statement, representation, warranty or covenant has been made by either party with respect thereto except as expressly set forth herein.

9.4 Time shall be of the essence of this Agreement.

9.5 Any provision hereof which by its terms is intended to survive the termination or expiration of this Agreement
shall survive the termination or expiration of this Agreement and remain in full force and effect as necessary to give effect thereto.

9.6 This Agreement shall be governed by the laws of the Province of Ontario and the federal laws of Canada
applicable therein, and each of the parties attorns to the jurisdiction of the courts of the Province of Ontario and all courts competent
to hear appeals therefrom.

9.7 This Agreement shall enure to the benefit of and be binding on the parties and their respective and applicable
successors and permitted assigns. Except as expressly permitted in this agreement, neither this Agreement nor any of the rights, benefits
or obligations of either party under this Agreement may be assigned without the prior written consent of the other party.

9.8 The Parties acknowledges that they each have obtained independent legal advice or have waived such right
with respect to entering into this Agreement.

9.9 Subject to the terms herein, this Agreement may not be amended except upon the written consent of each
of the parties. By an instrument in writing, either party may waive compliance by the other with any term or provision of this Agreement
that the other party was or is obligated to comply with or perform; provided, however, that such waiver shall not operate as a waiver
of, or estoppel with respect to, any other or subsequent failure.

9.10 In the event that any provision of this Agreement shall be deemed void or invalid by a court of competent
jurisdiction, the remaining provisions or parts of this Agreement shall be and remain in full force and effect.

9.11 This Agreement may be executed in one or more counterparts, each of which will constitute an original
and all of which together will constitute one and the same agreement. DocuSign and portable document format (PDF) copies of signatures
shall for all purposes be treated as original signatures.

9.12 The provisions of Article 4 shall survive termination of the Agreement for any reason whatsoever.

9.13 If any dispute or controversy occurs between the Parties relating to the interpretation or implementation
of any of the provisions of this Agreement, the dispute will be resolved by arbitration at Canadian Arbitration Association pursuant to
the Canadian Arbitration Association Expedited Arbitration Rules. The parties agree that the Canadian Arbitration Association Expedited
Arbitration Rules give the parties a fair opportunity to present their case and respond to the case of the other side. The arbitration
shall be held in Toronto, Ontario. The arbitration shall proceed in accordance with the provisions of the *Arbitration Act*, 1991,
R.S.O. 1991, c.17. The decision arrived at by the arbitrator(s) shall be final and binding and no appeal shall lie therefrom. Judgement
upon the award rendered by the arbitrator may be entered in any court having jurisdiction. The costs of the arbitrator shall be divided
equally between the parties.

**[*Signature Page Follows*]**

**IN WITNESS WHEREOF** the parties have duly executed this Agreement on the date first above mentioned.

---

| | |
|:---|:---|
| **NUCLEA ENERGY INC.** | **NUCLEA ENERGY INC.** |
|  | /S/ Sagar Sanghera |
| Name: | Sagar Sanghera |
| Title: | Director |
| *I have authority to bind the corporation* | *I have authority to bind the corporation* |
| **IRYDYUM SCIENTIFIC INC.** | **IRYDYUM SCIENTIFIC INC.** |
|  | /S/ Eleodor Nichita |
| Name: | Eleodor Nichita |
| Title: | President |
| *I have authority to bind the corporation* | *I have authority to bind the corporation* |

---

Signature Page

**<u>Schedule "A"<br> Technical Advisory Services</u>**

● Participating in discussions for deciding development steps and making recommendations.

● Participating in discussions with service and equipment providers and making recommendations with respect to such providers.

● Interfacing with the licensing manager to establish specific design and analysis effort required by licensing.

● Participating in discussions with nuclear regulator and, when necessary, making technical presentations to nuclear regulator.

● Establishing computational framework and tools for safety analysis.

● Working with the design authority to establish policies, processes and procedures.

● Training of personnel.

Schedule A

## Exhibit 10.6

**Exhibit 10.6**

**INDUSTRY FUNDED RESEARCH COLLABORATION AGREEMENT ("Agreement")**

---

| | |
|:---|:---|
| PARTIES: | **University of Ontario Institute of Technology**, located at 2000 Simcoe Street N., Oshawa, ON L1G 0C5 ("**Ontario Tech**") |

---

and

**Nuclea Energy Inc.**, located at 201-15315 66 Ave, Surrey, British Columbia V3S 2A2 ("**Company**")

**WHEREAS:**

A. Ontario Tech, through its Ontario Tech Contributors, wishes to undertake a research project entitled,
"Calculation of Dynamic Parameters of NUCLEA Energy's Lead-Cooled Reactor Concept" (hereinafter called the "**Project** "),
which is set out and described in the Project proposal, attached hereto as Appendix "A"; and

B. The Company has agreed to provide cash and in-kind support for the Project.

**NOW THEREFORE**, in consideration of the premises, mutual covenants, terms and conditions contained herein, and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Parties agree as follows:

1. **DEFINITIONS**

For the purpose of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Background Intellectual Property**" means Intellectual Property and/or know how of Ontario Tech, Ontario Tech Contributors, or the Company, which is acquired or developed prior to or independently of the Project. For clarity, in the case of the Company, Background Intellectual Property includes, but is not limited to, the SMR Lattice Designs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Confidential Information**" means any non-public, proprietary or commercially sensitive information disclosed by one Party to the other before or during the term of this Agreement relating directly or indirectly to the Project. Confidential Information of a Party includes, but is not limited to, proprietary information and ideas, patentable ideas, existing and/or contemplated products and services, technical, research and development, marketing, sales, operating, performance, costs, profit, margin and other financial information, know how, business and process information, computer programs (or techniques), and all record-bearing media containing or disclosing such information and documents, books, manuals, reports, computer reports, software or data files, financial data, product specifications, samples, drawings, software demonstrations, documents, models or prototypes, and future products and plans that are specifically disclosed pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Computer Software**" means any computer programs in source, object-code, or executable form, computer program documentation recorded in any form or medium, including any modification to such programs and documentation, excluding third party computer software which includes, but is not limited to, commercially available consumer-off-the-shelf computer software and computer software subject to Open-Source or Open Access Software licenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Controlled Items**" means materials, documentation or other items that are subject to the export control laws and regulations of Canada or the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Effective Date**" means the date of last signature below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Intellectual Property**" means patents, trademarks, trade names, design rights, Computer Software, Open-Source Software, copyright (including rights in Computer Software and moral rights), dataset and database rights, rights in know-how and other intellectual property rights, in each case whether registered or unregistered and including applications for the grant of any of the foregoing and all rights or forms of protection having equivalent or similar effect to any of the foregoing which may subsist anywhere in the world.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Ontario Tech Contributors**" means the Principal Investigator and all other Ontario Tech faculty, contractors, students, post-doctoral fellows and research associates who participate in the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Open-Source Software**" means any software component, application or collection of files in human- or machine-readable form that is publicly available in source code form and licensed under an open-source license listed at http://www.opensource.org/licenses or similar license.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Parties**" means Ontario Tech and the Company and "**Party**" means any one of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Principal Investigator**" means Dr. Eleodor Nichita, an academic faculty member in the Faculty of Engineering and Applied Science at Ontario Tech.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Project Intellectual Property**" means the Intellectual Property developed by a Party as a direct result of the performance of the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**SMR Lattice Designs**" means the Company's proprietary reactor core lattice design for small modular reactors, which involves arranging fuel and moderator materials in a specific pattern to improve some aspects of the reactor core's performance, such as power output, efficiency, reliability, or fuel burnup.

2. **SCOPE AND PERFORMANCE OF THE PROJECT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Performance</u>. Each Party agrees that it shall perform its obligations in respect of the Project in accordance with this Agreement and all applicable laws, regulations, bylaws and research guidelines, including without limitation, the Tri-Agency Framework: Responsible Conduct of Research and if the Project includes research involving human participants, the *Tri-Council Policy Statement: Ethical Conduct for Research Involving Humans* ("**Terms and Conditions**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Changes to the Project or the Parties</u>. Neither Party shall make any material changes to the Project without the prior, written consent of the other Party. Company agrees to immediately notify Ontario Tech of any change in its status, including but not limited to, contact name at Company, a buyout or change of ownership and subsequent name change of Company, or a withdrawal or adjustment of Company's Research Fee (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Controlled Items and Compliance</u>. The Parties agree that, at the time of the execution of this Agreement, it is not anticipated that the Project Intellectual Property would contain any Controlled Items. Company agrees that, upon receipt of the Project Intellectual Property, Company shall assess the Project Intellectual Property to determine whether it contains any Controlled Items and Company shall advise Ontario Tech if and when such Controlled Items are identified. At such time, Company and the Ontario Tech shall mutually agree upon the appropriate measures to ensure that any Controlled Items are compliant with the Terms and Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Company acknowledges that if the Project Intellectual Property contains any Controlled Items subject to export control laws and regulations of applicable jurisdiction(s), that the Company is responsible for satisfying itself as to the applicability of such laws and regulations. Company will accept and use the Project Intellectual Property only in accordance with all applicable laws and after obtaining all permits legally required for such import and use. Should the provision of the Project Intellectual Property require permits or licenses for export, import, or other reasons, each Party will provide the other Party with reasonable assistance in the preparation of any applications for such permits and licenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Should Ontario Tech, in its sole discretion, decide that an end use certificate is required for provision of the Project Intellectual Property, Company will complete such end use certificate as a necessary pre-requisite of the supply of Project Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary in this Agreement, Company warrants that it is a duly incorporated, organized and subsisting corporation, and has all of the requisite powers, capacities, licenses and permissions under its governing legislation and other laws applicable to it, and under its articles of incorporation, by-laws and governing resolutions to,

&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) own and receive the Project Intellectual Property in accordance with the terms of this Agreement;

&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) enter into, exercise its rights and perform and comply with its obligations under this Agreement; and

&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) and all actions, conditions and things have been done, taken or fulfilled with respect thereto, that are required by law, contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Company agrees that full use of the Project Intellectual Property may require additional permits and licenses, and that Company is fully responsible for obtaining, maintaining, and staying in compliance with those permits and licenses. Company warrants that it will not make use of the Project Intellectual Property in any way without all CNSC or other regulatory bodies licenses or permits required for that use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Company forever releases and discharges Ontario Tech from liability associated with Company's acceptance of the Project Intellectual Property from the instance of receipt, and forever releases Ontario Tech from responsibility for Company's use of the Project Intellectual Property, whether or not such use is in accordance with the terms of this Agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Company acknowledges that use of the Project Intellectual Property under the appropriate license may make it an operator under the *Nuclear Liability and Compensation Act (S.C. 2015, c. 4, s. 120)*, and as such Company would be solely and absolutely liable for any liability associated with a nuclear incident involving the Project Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Each Party represents and warrants that

&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) neither it nor its personnel (including its employees, students, research associates, post-doctoral fellows, contractors, officers, directors and principal owners) are currently included in any published lists maintained by the governments of Canada, the U.S., U.K., E.U. and other countries and international organizations of persons and entities whose export or import privileges have been denied or restricted

&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) it will not use Controlled Items in any activity prohibited by United States 15 C.F.R. Part 744, including without limitation nuclear, chemical, or biological weapons proliferation activities;

&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) it will not disclose Items to any countries for which Canada, the U.S., the U.K., the E.U. and other applicable governments maintain an embargo or to citizens or residents thereof if prohibited by such embargo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Each Party shall fully comply with all such laws and regulations with regards to the Controlled Items it receives hereunder and shall cooperate in good faith with the reasonable requests of the other Party made for purposes of its compliance with such Applicable Laws. Notwithstanding any other provisions in the Agreement, the obligations set forth in this Article shall survive so long as the relevant Applicable Laws are in effect.

3. **INTELLECTUAL PROPERTY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Background Intellectual Property</u>. Nothing herein shall serve to, or should be construed to, transfer any ownership or commercial rights whatsoever in the Background Intellectual Property or any improvements, enhancements or changes thereto, of either Party or that of its personnel, or any Background Intellectual Property of another third party that is disclosed or used by a Party for purposes of the Project. Background Intellectual Property must be used solely by the other Party for the purpose of performing activities specified in the Project. Company represents and warrants that it has all rights and permissions to use, practice, incorporate, integrate, manufacture, sell, offer for sale or import or export any and all of the Background Intellectual Property it provides for the Project, including but not limited to the SMR Lattice Designs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Ownership of Project Intellectual Property</u>. Subject to the Company fulfilling its obligations as set out in this Agreement, ownership of Project Intellectual Property created solely or in part by Ontario Tech Contributors, but excluding any Background Intellectual Property of Ontario Tech and/or Ontario Tech Contributors, shall be fully assigned to the Company. Company assumes all risk and liability for the results obtained by the use of any Project Intellectual Property in the practice of any process, whether in terms of operating costs, general effectiveness, success or failure, and regardless of any oral or written statements made by Ontario Tech, by way of technical advice or otherwise, related to the use of the Project Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Ontario Tech License for Non-Commercial Use</u>. Company hereby grants Ontario Tech a non-exclusive, world-wide, fully-paid, royalty free, perpetual, irrevocable right and license to use all Project Intellectual Property owned by the Company for teaching, non-commercial research and administrative purposes. Ontario Tech shall have the right to sublicense such Project Intellectual Property to other not-for-profit research institutions solely for the purpose of non-commercial research collaborations, provided that such other institution(s) agree to be bound by the obligations and/or restrictions relating to confidentiality contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Open Source.</u> Notwithstanding anything to the contrary herein, the Parties agree that any and all rights, titles and licenses as may be provided hereunder are subject to their applicable Open-Source Software terms and conditions.

4. **PUBLICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Drafts & Timelines</u>. In order to comply with the Tri-Agency's Policy on Intellectual Property, the Company recognizes that the data, methods and results of the Project ("**Results**"), which may include Intellectual Property hereunder, will be published or otherwise publicly disseminated , and agrees that Ontario Tech, through its Ontario Tech Contributors, shall be permitted to present the Results at professional meetings or symposia and to publish the Results in journals, theses or dissertations (each a "**Publication**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Copyright</u>. Notwithstanding anything to the contrary in this Agreement, copyright to any Publication produced by Ontario Tech, through its Ontario Tech Contributors, shall remain with Ontario Tech and/or Ontario Tech Contributors, as per Ontario Tech's institutional policies.

5. **CONFIDENTIALITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Protection of Confidential Information</u>. Each Party agrees to maintain in confidence and safeguard all Confidential Information of the other Party disclosed to it as part of the Project. More specifically, each Party agrees to: (i) use the Confidential Information only for the purposes of fulfilling the intent of this Agreement; (ii) use the same degree of care as with its own confidential information, which shall be at least a reasonable standard of care, to prevent disclosure of the Confidential Information; (iii) disclose Confidential Information only to its employees, directors, officers, students and contractors who have a "need to know" and who shall be made aware of, and be required to observe and comply with the covenants and obligations contained herein; and (iv) assume all liability for any breach of the confidentiality obligations herein by it or its and employees, directors, officers, students and contractors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Exceptions</u>**.** Notwithstanding any other provision of this Agreement, each Party agrees that the obligations of confidentiality and non-use under this Article 5 shall not apply to Confidential Information which is: (i) published or becomes generally available to the public other than as a result of a breach of the undertakings of this Agreement by the receiving Party; (ii) in the possession of the receiving Party prior to its receipt from the disclosing Party, as evidenced by contemporaneous written evidence, and is not subject to a duty of confidentiality; (iii) rightfully received from a third party not subject to a duty of confidentiality to the disclosing Party and/or without breach of this Agreement; (iv) independently developed by the receiving Party without the use of any of the disclosing Party's Confidential Information; or (v) expressly permitted to be disclosed either under this Agreement or with the written approval of the disclosing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Compliance with Court Order or Statute</u>. In the event that a Party is required to disclose any of the other Party's Confidential Information in order to comply with applicable laws or regulations, or pursuant to the order of a court, tribunal or government agency, such Confidential Information may be disclosed without breach of this Agreement. The Party making a disclosure under this paragraph shall, if it does not violate its duty to disclose, promptly notify the other Party of the obligation to disclose. Notwithstanding anything to the contrary in this Agreement, any Confidential Information disclosed under this paragraph shall remain as Confidential Information for all other purposes and the disclosure shall be limited in scope to only include that portion of Confidential Information that is required to be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Survival of Confidentiality Obligations</u>. The obligations of confidentiality and non-use in this Article 5 shall continue for five (5) years from the expiration or early termination of this Agreement.

6. **REPRESENTATIONS & WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. Each Party represents and warrants to the other Party that it is duly organized, validly existing and in good standing, and it has the right and authority to enter this Agreement and do all acts and things as required or contemplated to be done, observed and performed by it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Warranty for Research/Project IP</u>. Ontario Tech's Background Intellectual Property and the Project Intellectual Property provided under this Agreement are provided "as is". Except as provided in this Agreement, Ontario Tech makes no representations and extends no warranties of any kind, either express or implied, with respect to the Background Intellectual Property, Project Intellectual Property, any work or service performed under this Agreement or the research undertaken in connection with the Project and/or this Agreement. Without restricting the generality of the foregoing, there are no express or implied warranties of merchantability or fitness for a particular purpose, or that the use of the Background Intellectual Property or Project Intellectual Property will not infringe any patent, copyright, trademark, or other proprietary right of any third party.

7. **LIMITATION OF LIABILITY AND INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General Limitation</u>. Other than with respect to the Parties' indemnity obligations set out herein, in no event shall the total cumulative liability of Ontario Tech or the Company (including their employees, directors, officers, students or agents), for all claims arising out of or relating to this Agreement, exceed actual direct, provable damages, up to the amount actually received by Ontario Tech from the Company in respect of the Project. The foregoing provision limiting the liability of Ontario Tech and the Company (including their employees, directors, officers, students or agents) shall apply regardless of the form or cause of action, whether in contract or tort (including negligence), strict liability or under any other theory of liability connected with or arising out of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Consequential Damages</u>. Notwithstanding anything to the contrary in this Agreement, no Party will be liable for any consequential damages, lost profits, lost savings, loss of anticipated revenue, or any exemplary, punitive, special or indirect damages of the other Party pursuant to or in any way connected to this Agreement, whether arising in contract (including fundamental breach), tort (including negligence) or otherwise and whether or not such damages could reasonably be foreseen or whether or not such Party has been advised of or was aware of the possibility of such damages in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Indemnity</u>. Each Party ("**Indemnifying Party**") shall indemnify, defend and save harmless the other Party and its officers, directors, employees, students, contractors and agents (collectively, "**Indemnitees**") from any and all liability, loss, damage and expense (including reasonable legal fees) that an Indemnitee may suffer as the result of claims, demands, actions, costs or judgments of whatever nature or kind (each a "**Claim**"), asserted against any one of the Indemnitees by a third party arising out of: (i) the wilful or negligent act or omission of the Indemnifying Party or its officers, directors, employees, contractors and/or agents; (ii) the permitted use or misuse of the Project Intellectual Property by the Indemnifying Party, its affiliates, customers or licensees whether or not in accordance with the rights granted to the Indemnifying Party in this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Indemnifying Party's breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Insurance.</u> During the term of this Agreement and for the duration of its obligations surviving expiration or early termination of this Agreement, each Party shall maintain in full force and effect a policy of commercial general liability in the minimum amount(s) of two million ($2,000,000) Canadian dollars per occurrence, and any other insurance that a prudent person would deem necessary in the business in which each Party is engaged. Each Party will provide evidence of such insurance upon the written request of the other Party and will provide the other Party thirty (30) days' prior written notice of modification, cancellation or non-renewal of such coverage.

8. **SUPPORT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Research Fee</u>. In consideration of Ontario Tech's work on the Project, Company shall pay to Ontario Tech the aggregate sum of CDN$42,000 ("**Research Fee**"). The Research Fee shall be paid in two instalments with half ($21,000) due upon execution of this Agreement and half ($21,000) due upon completion of the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payment</u>. All payments under this Agreement shall be made payable to: University of Ontario Institute of Technology; and directed to: Manager, Research Accounting, Ontario Tech University, 2000 Simcoe Street N., Oshawa, ON L1G 0C5; research-accounting@ontariotechu.ca.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Return of Unspent Funds</u>. Ontario Tech shall not be required to return any unspent portion of the Research Fee to Company following the completion of the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Consequences of Early Termination</u>. If this Agreement is terminated early in accordance with the terms herein, Ontario Tech shall immediately cease carrying out the Project and conduct an accounting, and Company shall pay within ten (10) business days of the date of termination, to Ontario Tech the amount of the balance owing under Appendix "A" to reflect work actually performed by Ontario Tech up to the date of termination and any previously agreed upon non-cancellable obligations and expenses; or, if applicable, Ontario Tech shall refund within ten (10) business days of the date of termination, a prorated amount of any advance payments for the percentage of work not fully performed in Appendix "A" as of the date of termination, less any previously agreed upon non-cancellable obligations and expenses.

9. **TERM & SURVIVAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Term</u>. This Agreement is effective as of the Effective Date and, unless terminated earlier in accordance with the terms herein, will terminate ten (10) months after the Effective Date ("**Term**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Survival</u>. The following provisions shall survive the expiry or earlier termination of this Agreement: Article 3 (Intellectual Property); Article 4 (Publication); Article 5 (Confidentiality); Article 6 (Representations and Warranties); Article 7 (Liability and Indemnification); Paragraph 8(c) (No Return of Unspent Funds), Paragraph 8(d) (Consequences of Early Termination), Paragraph 9(b) (Survival); Paragraph 9(e) (Return of Property and Confidential Information); Article 10 (Equipment); Paragraph 12(a) (Disclosure of Project Details); Paragraph 12(d) (Governing Law and Jurisdiction); 12(l) (Notices); and any other provisions which are expressly or by implication intended to continue in force after such expiration or early termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination by Ontario Tech</u>. Ontario Tech may immediately terminate this Agreement (including the obligation to make any assignment or enter into any license hereunder) if: (i) any proceeding in bankruptcy, receivership, liquidation or insolvency is commenced against the Company or its property; (ii) the Company makes any assignment for the benefit of its creditors, becomes insolvent, commits any act of bankruptcy, ceases to do business as a going concern, or seeks any arrangement or compromise with its creditors under any statute or otherwise; or (iii) the Company breaches any material term of this Agreement and fails to remedy such breach within thirty (30) days of receiving written notice of the breach. In the event this Agreement is terminated by Ontario Tech for cause, Ontario Tech shall have no obligation to transfer ownership in any Project Intellectual Property to Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Principal Investigator Unable to Continue</u>. If for any reason the Principal Investigator cannot complete the Project at Ontario Tech, the Parties shall agree to either: (i) appoint a successor to continue the Project, subject to the approval of the Parties, which the Parties' approval shall not be unreasonably withheld; or (ii) terminate the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Return of Property and Confidential Information</u>. Subject to the terms of this Agreement, following the expiration or early termination of this Agreement for any reason, a Party ("**non-requesting Party**") shall, at the request of the other Party ("**requesting Party**"), return to the requesting Party all property and materials in the other Party's possession or control belonging to the requesting Party, and all items containing any Confidential Information of the requesting Party; provided that the non-requesting Party may retain copies of the Confidential Information (i) as part of archival records (including backup systems) that the non-requesting Party keeps in the ordinary course of its business, but only as required by its records retention policies, (ii) for the purposes of legal record keeping; and/or (iii) if it is relevant to a dispute between the Parties.

10. **ACADEMIC FREEDOM**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Academic Freedom</u>. Under no circumstance shall this Agreement be read as granting the Company or its representatives any right to participate in matters related to the academic affairs of Ontario Tech. In no event shall the terms of this Agreement supersede or contravene Ontario Tech's existing academic policies or collective agreements (collectively, "**Academic Policies**"). In the event that there is an inconsistency between any provision of this Agreement and the Academic Policies, Ontario Tech shall promptly notify the Company and propose a modification to the terms herein so as to eliminate such inconsistency. If the Parties are unable to agree on a mutually acceptable modification of the offending provision(s) within thirty (30) days, Ontario Tech shall be permitted to terminate this Agreement immediately upon five (5) days' written notice to the Company.

11. **GENERAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Disclosure of Project Details</u>. Except for disclosures made under Article 4, neither Party shall be permitted to use the name and/or logo of the other without the other Party's prior written permission. Any request for such permission must be made in accordance with Section 12(l) (Notices). Notwithstanding the limitations above, either Party may, at its own discretion, provide a brief listing of the Project as part of any public compendium disclosing research taking place at or being supported by such Party. Such disclosure may include the existence of this Agreement, the title of the Project, the approximate value of the Project and the name of the other Party involved in the Project. In any permitted statements, the Parties shall describe the scope and nature of their participation accurately. Ontario Tech shall also be permitted to identify the Company as one of its research partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Regulatory and Ethics Approvals</u>. The Parties agree that no work under this Agreement, which requires regulatory or ethics approvals shall commence until such time as the necessary approvals have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Giving Effect to the Agreement</u>. The Parties agree to do all things and execute all documents required to give effect to the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Governing Law and Jurisdiction</u>. This Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein. Any legal action, claim or other legal proceeding commenced by one Party against the other Party, arising out of this Agreement, shall be commenced in the courts of the Province of Ontario and the Parties shall attorn to such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Independent Parties</u>. Company and Ontario Tech are independent parties and nothing in this Agreement shall constitute either Party in an employment, principal-agent, partnership or joint venture relationship with the other Party. No Party has any authority to assume or create any obligation or liability, either express or implied, on behalf of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Assignment, Successors and Assigns</u>. This Agreement shall not be assigned by any Party without the prior written consent of the other Party. This Agreement shall be binding upon and enure to the benefit of the Parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Entire Agreement</u>. This Agreement sets forth the entire agreement between the Parties and supersedes all other understandings, whether written or oral, between the Parties with respect to the same subject matter. No modification, variation or amendment of it shall be binding upon the Parties unless it is in writing and signed by duly authorized representatives of both Parties. In the event of any conflict between the terms of the main body of this Agreement and the terms of any appendices attached hereto, the terms in the main body of the Agreement shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Waiver</u>. No waiver by either Party of any delay, default or omission by the other Party shall affect or impair the rights of the non-defaulting Party in respect of any subsequent delay, default or omission of the same or different kind. For the avoidance of doubt, no waiver by either Party shall be valid unless made in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Force Majeure</u>. Neither Party shall be deemed to be in default hereunder for any delay or failure to perform its non-monetary obligations resulting from unforeseeable causes beyond its reasonable control ("**Force Majeure**"). Each Party will use its best efforts to anticipate such delays and failures, and to devise means to eliminate or minimize them. However, if the delay in performance by a Party is more than three (3) months because of the Force Majeure event, the non-affected Party may immediately terminate this Agreement by giving prior written notice to the affected Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Severability</u>. The provisions of this Agreement shall be deemed severable. If any provision of this Agreement shall be held unenforceable by any court of competent jurisdiction, it shall be severed from this Agreement and the remaining provisions shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Counterparts</u>. This Agreement may be executed in any number of counterparts and by different Parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which together shall constitute one and the same agreement. Delivery by electronic transmission in portable document form (PDF) of an executed counterpart of this Agreement is as effective as delivery of an originally executed counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Notices</u>. All notices, demands or requests required or permitted hereunder shall be deemed properly given when sent in writing to the designated representative of the other Party at the addresses set out below, or such other address as a Party may from time to time advise, by way of: (a) registered first class mail; (b) commercial courier, return receipt requested; (c) personal delivery; or (d) electronic mail. In the case of (a) through (c) above, notices shall be deemed received when physically received by the recipient. In the case of (d) above, notices shall be deemed received on the following business day. Notices under this Agreement shall be sent to the Parties as follows:

---

| | |
|:---|:---|
| **Company:**<br>Sagar Sanghera<br> CEO<br> Nuclea Energy Inc.<br> 201-15315 66 Ave<br> Surrey, BC V3S 2A1<br>Tel: 604-727-6969<br> Email: sagar@nuclea.energy | **Ontario Tech:**<br>Jennifer Freeman<br> Executive Director, Office of Research Services<br> Ontario Tech University<br> 2000 Simcoe Street North<br> Oshawa, ON L1G 0C5<br>Tel: 905-721-8668 Ext. 3176<br> Email: Jennifer.freeman@ontariotechu.ca<br> With a copy to: research@ontariotechu.ca |

---

 

*---signature page(s) to follow---*

 

 

**IN WITNESS WHEREOF** the Parties have caused this Agreement to be executed by their duly authorized representatives.

**For Company:**

---

| |
|:---|
| /s/ Sagar Sanghera |
| AUTHORIZED SIGNATURE |
| Sagar Sanghera |
| PRINT NAME |
| CEO |
| TITLE |
| December 9<sup>th</sup> 2025 |
| DATE |

---

I have the authority to bind the Company

**For Ontario Tech:**

---

| |
|:---|
| /s/ Jennifer Freeman |
| Jennifer Freeman |
| Executive Director, Office of Research Services |
| December 10<sup>th</sup> 2025 |
| **DATE** |

---

I have authority to bind the Ontario Tech

**Acknowledgement:**

I, the Principal Investigator, having read this Agreement and in consideration of receiving access to the cash and in-kind contributions of the Company contemplated hereunder, hereby acknowledge all of the terms and conditions herein and further confirm that all Ontario Tech Contributors are informed of their obligations under such terms and conditions and consent to the same.

---

| |
|:---|
| /s/ Eleodor Nichita |
| SIGNATURE |
| Dr. Eleodor Nichita |

---

**Appendix A**

**Principal Investigator's Project Proposal**

## Exhibit 10.7

**Exhibit 10.7**

**Lock-Up Agreement**

[To be executed by the Company's directors and executive officers and 10% shareholders]

[_______], 2026

JOSEPH GUNNAR & CO., LLC.

as Representative of the several Underwriters named on Schedule 1 attached hereto

40 Wall Street, Suite 3004

New York, New York 10005

Ladies and Gentlemen:

The undersigned understands that Joseph Gunnar& Co., LLC (the "**Representative**") proposes to enter into an Underwriting Agreement (the "**Underwriting Agreement**") with Nuclea Energy Inc, a British Columbia, Canada company (the "**Company**"), providing for the initial public offering (the "**Public Offering**") of common shares of the Company, par value CAD$0.01 per share (the "**Common Shares**" or "**Securities**"). Capitalized terms used herein and not otherwise defined shall have the meanings set forth for them in the Underwriting Agreement.

To induce the Representative to continue its efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior written consent of the Representative, the undersigned will not, during the period commencing on the date hereof and ending 180 days after the date of the Underwriting Agreement (such period, or such shorter period as described herein, the "**Lock-Up Period**"): (1) offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Shares or any securities convertible into or exercisable or exchangeable for the Common Shares, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (collectively, the "**Lock-Up Securities**"), 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; (2) file or caused to be filed any registration statement with the Securities and Exchange Commission related to the offering of any Lock-Up Securities or any securities convertible into or exercisable or exchangeable for Lock-Up Securities; (3) complete any offering of debt securities of the Company, other than entering into a line of credit with a traditional bank; (4) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1)-(4) above is to be settled by delivery of Lock-Up Securities, in cash or otherwise; (5) make any demand for or exercise any right with respect to the registration of any Lock-Up Securities; or (6) 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 Lock-Up Securities.

Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent of the Representative in connection with (a) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of the Public Offering; <u>provided</u> that no filing under Section 13 or Section 16(a) of the Securities Exchange Act of 1934, as amended (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; (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 undersigned or an immediate family member of the undersigned, or (iii) by will or intestacy or to a family member or trust for the benefit of the undersigned or a family member (for purposes of this Lock-Up Agreement, "family member" means any relationship by blood, marriage or adoption, not more remote than first cousin); (c) transfers of Lock-Up Securities to a charity or educational institution; or (d) if the undersigned, 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 undersigned, as the case may be; (e) if the undersigned 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 1933, as amended (the "**Securities Act**")) of the undersigned or to the estates of any of the foregoing; (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; (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; (h) the sale by the Company (on behalf of the undersigned) 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 undersigned that are outstanding as of the date hereof; <u>provided</u> that if the undersigned is required to file a report under Section 16(a) of the Exchange Act during the Lock-Up Period, the undersigned shall include a statement in any such report to the effect that such transfer was solely pursuant to the circumstances described in this clause; (i) no other Shares were sold and that the undersigned's securities are subject to a lock-up agreement with the Representative; (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 below) of the Company (for purposes hereof, "**Change of Control**" shall mean the transfer (whether by tender offer, merger, consolidation or other similar transaction), in one transaction or a series of related transactions, to a person or group of affiliated persons, of shares of capital stock if, after such transfer, such person or group of affiliated persons would hold at least a majority of the outstanding voting securities of the Company (or the surviving entity)); <u>provided</u> that in the event that such tender offer, merger, consolidation or other similar transaction is not completed, the undersigned's Lock-Up Securities shall remain subject to the provisions of this Lock-Up Agreement; or (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; <u>provided</u> 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 this 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 hereto; (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 shall 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 shall be a condition to any such transfer that no public filing, report or announcement shall 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 shall be legally required during the Restricted Period, such filing, report or announcement shall clearly indicate in the footnotes thereto the nature and conditions of such transfer; and (iv) the undersigned notifies the Representative at least two (2) business days prior to the proposed transfer or disposition.

In addition, the foregoing restrictions shall 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 shall apply to any of the undersigned's Common Shares issued upon such exercise, (ii) the conversion or exercise of convertible debt or warrants; provided that it shall apply to any of the undersigned's Common Shares issued upon such exercise, or (iii) the establishment of any new plan (a "**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 undersigned's Securities shall be made pursuant to such new Plan prior to the expiration of the Lock-Up Period (as such may have been extended pursuant to the provisions hereof), and such a 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 undersigned, the Company or any other person, shall be required, and no such announcement or filing is made voluntarily, by the undersigned, the Company or any other person, prior to the expiration of the Lock-Up Period (as such may have been extended pursuant to the provisions hereof).

The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's Securities subject to this Lock-Up Agreement except in compliance with this Lock-Up Agreement.

If the undersigned is an officer or director of the Company: (i) the undersigned agrees that the foregoing restrictions shall be equally applicable to any Securities that the undersigned may purchase in the Public Offering; (ii) the Representative agrees that, at least three (3) business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the Representative will notify the Company of the impending release or waiver; and (iii) the Company has agreed in the Underwriting Agreement to announce the impending release or waiver by press release through a major news service at least two (2) business days before the effective date of the release or waiver. Any release or waiver granted by the Representative hereunder to any such officer or director shall only be effective two (2) business days after the publication date of such press release. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration or that is to an immediate family member as defined in FINRA Rule 5130(i)(5) and (b) the transferee has agreed in writing to be bound by the same terms described in this Lock-Up Agreement to the extent and for the duration that such terms remain in effect at the time of such transfer.

The undersigned understands that the Company and the Representative are relying upon this Lock-Up Agreement in proceeding toward consummation of the Public Offering. The undersigned further understands that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representatives, successors and assigns.

The undersigned understands that, if the Underwriting Agreement does not become effective, or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Securities to be sold thereunder, the undersigned shall be released from all obligations under this Lock-Up Agreement.

This Lock-Up Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

---

| |
|:---|
| Very truly yours, |
| (Name - Please Print) |
| (Signature) |
| (Name of Signatory, in the case of entities - Please Print) |
| (Title of Signatory, in the case of entities - Please Print) |
| Address: |

---

## Exhibit 10.8

**Exhibit 10.8**

**Lock-Up Agreement**

[To be executed by the Company's 3% to 10% shareholders and the Selling Shareholders]

[_______], 2026

JOSEPH GUNNAR & CO., LLC.

as Representative of the several Underwriters named on Schedule 1 attached hereto

40 Wall Street, Suite 3004

New York, New York 10005

Ladies and Gentlemen:

The undersigned understands that Joseph Gunnar& Co., LLC (the "**Representative**") proposes to enter into an Underwriting Agreement (the "**Underwriting Agreement**") with Nuclea Energy Inc, a British Columbia, Canada company (the "**Company**"), providing for the initial public offering (the "**Public Offering**") of common shares of the Company, par value CAD$0.01 per share (the "**Common Shares**" or "**Securities**"). Capitalized terms used herein and not otherwise defined shall have the meanings set forth for them in the Underwriting Agreement.

To induce the Representative to continue its efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior written consent of the Representative, the undersigned will not, during the period commencing on the date hereof and ending 180 days after the date of the Underwriting Agreement (such period, or such shorter period as described herein, the "**Lock-Up Period**"): (1) offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Shares or any securities convertible into or exercisable or exchangeable for the Common Shares, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (collectively, the "**Lock-Up Securities**"), 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; (2) file or caused to be filed any registration statement with the Securities and Exchange Commission related to the offering of any Lock-Up Securities or any securities convertible into or exercisable or exchangeable for Lock-Up Securities; (3) complete any offering of debt securities of the Company, other than entering into a line of credit with a traditional bank; (4) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1)-(4) above is to be settled by delivery of Lock-Up Securities, in cash or otherwise; (5) make any demand for or exercise any right with respect to the registration of any Lock-Up Securities; or (6) 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 Lock-Up Securities.

Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent of the Representative in connection with (a) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of the Public Offering; <u>provided</u> that no filing under Section 13 or Section 16(a) of the Securities Exchange Act of 1934, as amended (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; (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 undersigned or an immediate family member of the undersigned, or (iii) by will or intestacy or to a family member or trust for the benefit of the undersigned or a family member (for purposes of this Lock-Up Agreement, "family member" means any relationship by blood, marriage or adoption, not more remote than first cousin); (c) transfers of Lock-Up Securities to a charity or educational institution; or (d) if the undersigned, 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 undersigned, as the case may be; (e) if the undersigned 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 1933, as amended (the "**Securities Act**")) of the undersigned or to the estates of any of the foregoing; (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; (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; (h) the sale by the Company (on behalf of the undersigned) 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 undersigned that are outstanding as of the date hereof; <u>provided</u> that if the undersigned is required to file a report under Section 16(a) of the Exchange Act during the Lock-Up Period, the undersigned shall include a statement in any such report to the effect that such transfer was solely pursuant to the circumstances described in this clause; (i) no other Shares were sold and that the undersigned's securities are subject to a lock-up agreement with the Representative; (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 below) of the Company (for purposes hereof, "**Change of Control**" shall mean the transfer (whether by tender offer, merger, consolidation or other similar transaction), in one transaction or a series of related transactions, to a person or group of affiliated persons, of shares of capital stock if, after such transfer, such person or group of affiliated persons would hold at least a majority of the outstanding voting securities of the Company (or the surviving entity)); <u>provided</u> that in the event that such tender offer, merger, consolidation or other similar transaction is not completed, the undersigned's Lock-Up Securities shall remain subject to the provisions of this Lock-Up Agreement; or (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; <u>provided</u> 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 this 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 hereto; (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 shall 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 shall be a condition to any such transfer that no public filing, report or announcement shall 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 shall be legally required during the Restricted Period, such filing, report or announcement shall clearly indicate in the footnotes thereto the nature and conditions of such transfer; and (iv) the undersigned notifies the Representative at least two (2) business days prior to the proposed transfer or disposition.

In addition, the foregoing restrictions shall 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 shall apply to any of the undersigned's Common Shares issued upon such exercise, (ii) the conversion or exercise of convertible debt or warrants; provided that it shall apply to any of the undersigned's Common Shares issued upon such exercise, or (iii) the establishment of any new plan (a "**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 undersigned's Securities shall be made pursuant to such new Plan prior to the expiration of the Lock-Up Period (as such may have been extended pursuant to the provisions hereof), and such a 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 undersigned, the Company or any other person, shall be required, and no such announcement or filing is made voluntarily, by the undersigned, the Company or any other person, prior to the expiration of the Lock-Up Period (as such may have been extended pursuant to the provisions hereof).

The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's Securities subject to this Lock-Up Agreement except in compliance with this Lock-Up Agreement.

Notwithstanding anything herein to the contrary, 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, the undersigned may sell an aggregate 33% of its Lock-Up Securities, 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, the undersigned may sell an aggregate of 66% of its Lock-Up Securities, 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, the undersigned may sell all of its Lock-Up Securities, subject to a maximum sale on any trading day of 3% of the daily volume. Upon request from the Company, the undersigned agrees to promptly provide evidence to support its compliance with the limitations set forth in clauses (i) – (iii) of this paragraph.

The undersigned understands that the Company and the Representative are relying upon this Lock-Up Agreement in proceeding toward consummation of the Public Offering. The undersigned further understands that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representatives, successors and assigns.

The undersigned understands that, if the Underwriting Agreement does not become effective, or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Securities to be sold thereunder, the undersigned shall be released from all obligations under this Lock-Up Agreement.

This Lock-Up Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

---

| |
|:---|
| Very truly yours, |
| (Name - Please Print) |
| (Signature) |
| (Name of Signatory, in the case of entities - Please Print) |
| (Title of Signatory, in the case of entities - Please Print) |
| Address: |

---

## Exhibit 10.9

**Exhibit 10.9**

**Nuclea Energy Inc.**

**SUBSCRIPTION AGREEMENT – COMMON SHARES**

**<u>INSTRUCTIONS</u>**

1. All Purchasers: <br> Complete and sign pages (ii) and (iii) of this subscription agreement.

2. All Purchasers must complete the appropriate appendices based on their residency and investor status:<br> (a) Canadian Accredited Investors: Complete and sign Appendix I and its required Exhibits.<br> (b) U.S. Purchasers: Complete and sign Appendix I (including Exhibits) AND Appendix II.<br> (c) International Purchasers (non-Canadian, non-U.S.): Complete and sign Appendix III.

\*\*\*\*\*<br> PLEASE READ THE ABOVE INSTRUCTIONS CAREFULLY TO ENSURE ALL DOCUMENTS, AS APPLICABLE TO YOUR SUBSCRIPTION, ARE COMPLETED PROPERLY. PLEASE RETURN YOUR COMPLETED SUBSCRIPTION AGREEMENT TO NUCLEA ENERGY INC., 9525 GRANT PLACE, DELTA, BRITISH COLUMBIA, V4C 6A2, ATTENTION: Sagar Sanghera (EMAIL: sagar@nuclea.energy).<br> \*\*\*\*\*

**SUBSCRIPTION AGREEMENT**

---

| | |
|:---|:---|
| **TO:** | **Nuclea Energy Inc. (the "Issuer")** |

---

The undersigned (the "Purchaser"), on its own behalf, and, if applicable, on behalf of those for whom the undersigned is contracting hereunder, hereby irrevocably subscribes for and agrees to purchase the number of common shares (each a "Share") of the Issuer set out below to be issued for the aggregate consideration set out below, representing a subscription price of US$1.40 per Share, subject to the following terms and conditions. This agreement, which for greater certainty includes and incorporates the attached Schedules and Appendices, is referred to herein as the "Agreement". The Purchaser agrees to be bound by the terms and conditions set forth in the attached "Terms and Conditions of Subscription" including, without limitation, the representations, warranties and covenants set forth in the appendices attached thereto. The Purchaser further agrees, without limitation, that the Issuer may rely on the Purchaser's representations, warranties and covenants contained in such documents.

All references to monetary amounts are to United States Dollars.

**Please print all information (other than signatures), as applicable, in the space provided below** 

The Subscriber hereby provides the Corporation the following instructions in connection with the settlement of the Shares being purchased hereunder and hereby directs the Corporation to issue and register (and deliver any definitive certificates, if applicable) the Shares as follows:

---

| | | |
|:---|:---|:---|
| <u>Subscriber Information and Signature</u> | <u>Subscriber Information and Signature</u> |  |
| By: |  | Principal Amount US$: |
|  | Authorized Signature | &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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the "**Principal Amount**") |
| (Official Capacity or Title – if the Subscriber is not an individual) | (Official Capacity or Title – if the Subscriber is not an individual) | **<u>State whether Subscriber is an Insider\* of the Corporation:</u>** |
|  |  | Yes No |
| (Name of individual whose signature appears above if different than the name of the Subscriber printed above.) | (Name of individual whose signature appears above if different than the name of the Subscriber printed above.) | **<u>State whether Subscriber is a Registrant\*:</u>** |
|  |  | Yes No |
| (Subscriber's Residential Address, including Municipality and Province) | (Subscriber's Residential Address, including Municipality and Province) | (\*see Article I, section 1.1. – Definitions) |
| (Subscriber's Telephone Number) (Email Address) | (Subscriber's Telephone Number) (Email Address) |  |
| **<u>Account Registration Information:</u>** | **<u>Account Registration Information:</u>** | **<u>Delivery Instructions:</u>** |
| (Name) | (Name) | (Name) |
| (Account Reference, if applicable) | (Account Reference, if applicable) | (Account Reference, if applicable) |
| (Address, including Postal Code) | (Address, including Postal Code) | (Address, including Postal Code) |
|  |  | (Telephone Number) (Fax Number) |
|  |  | (Contact Name) |

---

**to be completed by the issuer only**

The Issuer accepts the subscription on the terms and conditions of this Agreement, including the attached "Terms and Conditions of Subscription", for the number of Shares as set forth on the front page of this Agreement.

---

| | | |
|:---|:---|:---|
| **Nuclea Energy Inc.** | **Nuclea Energy Inc.** |  |
| By: |  |  |
|  | Authorized Signing Officer |  |
| Date: |  | , 2025 |

---

**IN CONSIDERATION OF THE MUTUAL PROMISES CONTAINED IN THIS AGREEMENT, THE PARTIES AGREE AS FOLLOWS:**

1.0 interpretation

1.1 In
 this Agreement, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**1933 Act**" means the United States Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Acts** "
 means, collectively, the applicable securities laws of each of the Designated Jurisdictions
 and the respective regulations made and forms prescribed thereunder, together with all applicable
 rules, published policy statements, blanket orders, rulings and instruments of the Commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Agreement** "
 means this subscription agreement and, for greater certainty, includes all appendices and
 exhibits attached hereto, in each case as they may be amended or supplemented from time to
 time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Applicable Securities Laws**" means, in respect of each and every offer and sale of Shares,
 the securities legislation having application thereto and the rules, policies, notices and
 orders issued by applicable securities regulatory authorities having application thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**B.C. Act**" means the *Securities Act* (British Columbia), the regulations and rules
 thereunder and all administrative policy statements, instruments, blanket orders, notices,
 directions and rulings issued or adopted by the British Columbia Securities Commission, all
 as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**BCSC** "
 means the British Columbia Securities Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**business day**" means a day which is not a Saturday, Sunday or legal holiday in Vancouver,
 British Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Closing Date**" has the meaning set forth in section 6.1 herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Closing** "
 means the completion of the sale and purchase of the Shares in accordance with section 6.0,
 of which there may be one or more Closings on one or more Closing Dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Commissions** "
 means, collectively, the securities commission or other securities regulatory authority in
 each of the Designated Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Common Shares**" means the common shares with a par value of C$0.01 in the capital of the
 Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Designated Jurisdictions**" means each of the provinces and territories of Canada in which Purchasers
 are resident;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Escrow Agent**" means Endeavor Trust Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Escrow Agreement**" means the escrow agreement to be entered into between the Issuer and
 the Escrow Agent governing the holding and release of the Subscription Proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Exemptions** "
 means the exemptions from prospectus or registration statement requirements or equivalent
 requirements under Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**General Solicitation**" or "**General Advertising**" means "general
 solicitation or general advertising", as used under Rule 502(c) of Regulation D
 under the 1933 Act, including any advertisements, articles, notices or other communications
 published in any newspaper, magazine or similar media or the internet or broadcast over radio,
 internet or television, or any seminar or meeting whose attendees had been invited by general
 solicitation or general advertising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**National Instrument 45-106**" means National Instrument 45-106 – *Prospectus Exemptions*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Person** "
 means an individual, a firm, a corporation, a syndicate, a partnership, a trust, an association,
 an unincorporated organization, a joint venture, an investment club, a government or agency
 or political subdivision thereof and every other form of legal or business entity of whatsoever
 nature or kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Purchaser** "
 has the meaning set forth on page (ii) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Regulation S**" means Regulation S promulgated under the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Regulatory Authorities**" means the Commissions, collectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Shares** "
 has the meaning set forth on page (ii) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Subscribed Shares**" means the number of Shares being purchased by the Purchaser as set out
 on page (ii) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Subscription Price**" means the price per Share to be paid by the Purchaser to purchase Share
 under the Offering, being US$1.40 per Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Subscription Proceeds**" means the aggregate Subscription Price for the Subscribed Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**U.S. Person**" means a "U.S. person" as that term is defined in Rule 902(k)
 of Regulation S;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**U.S. Purchaser**" means (a) any U.S. Person, (b) any person purchasing securities for
 the account or benefit of any U.S. Person or any person in the United States, (c) any person
 that receives or received an offer of the Shares while in the United States (except persons
 excluded from the definition of U.S. person pursuant to Rule 902(k)(2)(vi) of Regulation
 S (as defined herein) or persons holding accounts excluded from the definition of U.S. person
 pursuant to Rule 902(k)(2)(i) of Regulation S, solely in their capacities as holders of such
 accounts), and (d) any person that is in the United States at the time the subscriber's
 buy order was made or this Agreement was executed or delivered (except persons excluded from
 the definition of "U.S. person" pursuant to Rule 902(k)(2)(vi) of Regulation
 S (as defined herein) or persons holding accounts excluded from the definition of "U.S.
 person" pursuant to Rule 902(k)(2)(i) of Regulation S, solely in their capacities as
 holders of such accounts); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**United States**" has the meaning ascribed to such term in Rule 902(l) of Regulation S;

1.2 In
 this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unless
 otherwise indicated, "$" or "currency" mean United States Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 statute or code or a specific provision thereof includes every regulation made pursuant thereto,
 all amendments to the statute, under or to any regulation in force, from time to time, and
 any statute, code or regulation that supplements or supersedes such statute, code or any
 such regulation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an
 entity includes any entity that is a successor of such entity.

1.3 Time
 is of the essence of this Agreement and will be calculated in accordance with the provisions
 of the *Interpretation Act* (British Columbia).

1.4 This
 Agreement is to be read with all changes in gender or number as are required by the context.

1.5 The
 headings in this Agreement are for convenience of reference only and do not affect the interpretation
 of this Agreement.

1.6 This
 Agreement is governed by, subject to and interpreted in accordance with the laws prevailing
 in the Province of British Columbia and the federal laws of Canada applicable therein, and
 the parties hereby agree to attorn to the exclusive jurisdiction of the courts of the Province
 of British Columbia regarding any dispute arising in connection with this Agreement.

2.0 THE
 PRIVATE PLACEMENT

2.1 The
 Purchaser hereby confirms its irrevocable subscription for and offer to purchase the Subscribed
 Shares, and hereby tenders the Subscription Proceeds, which, upon acceptance by the Issuer,
 will constitute a binding agreement of the Purchaser with the Issuer to purchase from the
 Issuer, and, on the part of the Issuer, to sell to the Purchaser, the Subscribed Shares,
 on and subject to the terms and condition set out in this Agreement, for the Subscription
 Price which is payable as described herein.

2.2 The
 Purchaser acknowledges and agrees that notwithstanding section 2.1 above, the Issuer reserves
 the right to reject this subscription for the Subscribed Shares, in whole or in part, at
 any time prior to the Closing. If this subscription is rejected in whole, any cheques or
 other forms of payment delivered to the Issuer on account of the Subscription Price will
 be promptly returned to the Purchaser without interest or deduction. If this subscription
 is accepted only in part, a cheque representing any refund of the Subscription Price for
 that portion of the Subscription for the Subscribed Shares which is not accepted will be
 promptly delivered to the Purchaser without interest or deduction.

2.3 The
 Shares will be offered in each of the Designated Jurisdictions and the United States, and
 in certain other jurisdictions as determined by the Issuer.

3.0 Offering
 Size; Maximum; Minimum Subscription.

3.1 The
 offering of Shares (the "Offering") is for aggregate gross proceeds targeted
 at US$2,700,000, and the Issuer may accept subscriptions up to an aggregate maximum of US$4,000,000.
 The minimum subscription amount per Purchaser is US$50,000, which the Issuer may waive in
 its sole discretion.

4.0 ESCROW
 OF SUBSCRIPTION PROCEEDS

4.1 The
 Purchaser acknowledges and agrees that all Subscription Proceeds will be delivered to and
 held in trust by the Escrow Agent in accordance with the terms of this Agreement and the
 Escrow Agreement.

4.2 The
 Closing of the Offering is conditional upon the Issuer receiving subscriptions for a minimum
 of US$2,000,000 (the "Minimum Offering Amount").

4.3 The
 Escrow Agent shall release the aggregate Subscription Proceeds to the Issuer only if the
 Minimum Offering Amount has been subscribed for within forty-five (45) days of the Opening
 Date of the Offering (the "Escrow Period"), as further detailed in the Escrow
 Agreement. For purposes of this Section "Opening Date" means the first date on
 which the Issuer accepts any subscription agreement for the Offering and deposit of Subscription
 Proceeds into escrow is first permitted.

4.4 If
 the Minimum Offering Amount is not subscribed for by the end of the Escrow Period, the Purchaser's
 subscription shall be cancelled, and the Escrow Agent shall return the Subscription Proceeds
 to the Purchaser without interest or deduction, in accordance with the terms of the Escrow
 Agreement.

5.0 REPRESENTATIONS,
 WARRANTIES, COVENANTS AND ACKNOWLEDGEMENTS OF THE Purchaser

5.1 The
 Purchaser, on its own behalf, and if applicable, on behalf of each beneficial purchaser for
 whom the Purchaser is contracting hereunder, hereby acknowledges, represents and warrants
 to, and covenants with, the Issuer as follows as at the date hereof and as at the Closing
 Date and acknowledges that the Issuer and its counsel are relying on such representations
 and warranties in connection with the transactions contemplated herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Purchaser certifies that it or its disclosed principal, as the case may be, is resident in
 the jurisdiction set out as the "Purchaser's Residential or Head Office Address"
 or "Address of disclosed principal", if applicable, on pages ii and iii
 of this Agreement, which address is the residence or place of business of the Purchaser or
 disclosed principal, and that such address was not obtained or used solely for the purpose
 of acquiring the Subscribed Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Purchaser is purchasing the Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as
 principal for its own account and not for the benefit of any other person or is deemed under
 the Acts to be purchasing the Shares as principal, and in either case, is purchasing the
 Shares for investment only and not with a view to the resale or distribution of all or any
 of the Shares provided, however, that it is not a trust company or trust corporation registered
 under the laws of Prince Edward Island that is not registered under the *Trust and Loan Company Act* (Canada) or under comparable legislation in another jurisdiction of Canada;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as
 agent for a principal disclosed on page (iii) hereof and is not deemed under the Acts to
 be purchasing the Shares as principal, and the Purchaser is the duly authorized trustee or
 agent of such disclosed principal with due and proper power and authority to execute and
 deliver, on behalf of each such disclosed principal, this Agreement and all other documentation
 in connection with the purchase of the Subscribed Shares hereunder, to agree to the terms
 and conditions herein and therein set out and to make the representations, warranties, acknowledgements
 and covenants herein and therein contained, all as if each such beneficial purchaser were
 the Purchaser and is subscribing as principal for its own account and not for the benefit
 of any other person for investment only and not for resale and Purchaser's actions
 as trustee or agent are in compliance with applicable law and the Purchaser and each beneficial
 purchaser acknowledges that the Issuer may be required by law to disclose to certain regulatory
 authorities the identity of each beneficial purchaser of the Subscribed Shares for whom it
 may be acting provided, however, that it is not a trust company or trust corporation registered
 under the laws of Prince Edward Island that is not registered under the *Trust and Loan Company Act* (Canada) or under comparable legislation in another jurisdiction of Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no
 person has made to the Purchaser any written or oral representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that
 any person will resell or repurchase any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that
 any person will refund the purchase price of any of the Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as
 to the future price or value of any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Purchaser is not and will not become a "control person" (as defined in the B.C.
 Act) of the Issuer by virtue of the purchase of the Shares and does not intend to act in
 concert with any other person to form a control group of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Purchaser and any beneficial purchaser for whom the Purchaser is contracting hereunder is
 not a "promoter" of the Issuer within the meaning of the B.C. Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this
 subscription has not been solicited in any manner contrary to the Acts or the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Shares have not been registered under the 1933 Act or the securities laws of any state of
 the United States, the Shares may not be offered or sold, directly or indirectly, in the
 United States or to or for the account or benefit of a U.S. Person or person in the United
 States except pursuant to registration under the 1933 Act and the securities laws of all
 applicable states or available exemptions therefrom, and the Issuer has no obligation or
 present intention of filing a registration statement under the 1933 Act or any state securities
 laws in respect of any of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)  **<u>Non-U.S. Purchasers</u>:** unless the Purchaser is a U.S. Purchaser who has completed and delivered
 the Accredited Investor Certificate attached as Appendix I AND the U.S. Accredited Investor
 Certificate attached as Appendix III hereto (in which case the Purchaser makes the representations
 warranties and covenants contained therein), the Purchaser acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) unless
 the Purchaser is excluded from the definition of "U.S. person" pursuant to Rule
 902(k)(2)(vi) of Regulation S (as defined herein) or a person holding accounts excluded from
 the definition of "U.S. person" pursuant to Rule 902(k)(2)(i) of Regulation S,
 solely in their capacity as holder of such accounts, the offer to purchase the Shares was
 not made to the Purchaser when either the Purchaser or any beneficial purchaser for whom
 it is acting, if applicable, was in the United States and at the time the Purchaser's
 subscription for Shares was executed and delivered to the Issuer, the Purchaser and any beneficial
 purchaser for whom it is acting, if applicable, was outside the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Purchaser is not a U.S. Person and is not purchasing the Shares for the account or benefit
 of a U.S. Person or a person in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 current structure of this transaction and all transactions and activities contemplated hereunder
 is not a scheme to avoid the registration requirements of the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Purchaser and any beneficial purchaser for whom it is acting, if applicable, acknowledges
 that the Shares have not been registered under the 1933 Act or any applicable securities
 laws of any state of the United States and has no intention to distribute either directly
 or indirectly any of the Shares in the United States, except in compliance with the 1933
 Act and any applicable securities laws of any state of the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Purchaser or any beneficial purchaser for whom it is acting, if applicable, is not purchasing
 the Subscribed Securities as the result of any "directed selling efforts" (as
 defined in Rule 902(c) of the 1933 Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 the Purchaser, or its disclosed principal, as the case may be, is resident outside of Canada
 and the United States, the Purchaser has completed, executed, and delivered the Certificate
 of International Purchaser attached as Appendix III hereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Purchaser or such disclosed principal, as the case may be, is knowledgeable of, or has been
 independently advised as to, the Applicable Securities Laws of the securities regulatory
 authorities (the "**Authorities**") having application in the jurisdiction
 in which the Purchaser or such disclosed principal, as the case may be, is resident (the
 "**International Jurisdiction**") which would apply to the acquisition of
 the Shares, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Purchaser is purchasing the Shares pursuant to a duly available Exemption in the International
 Jurisdiction or, if such is not applicable, the Purchaser is permitted to purchase the Shares
 under the Applicable Securities Laws of the Authorities in the International Jurisdiction
 without the need to rely on any Exemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Applicable Securities Laws of the Authorities in the International Jurisdiction do not require
 the Issuer to make any filings or seek any approvals of any kind whatsoever from any Authority
 of any kind whatsoever in the International Jurisdiction in connection with the issue and
 sale or resale of the Subscribed Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Purchaser will provide such evidence of compliance with all such matters as the Issuer or
 its counsel may request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 purchase of the Subscribed Shares by the Purchaser does not trigger:

&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) any
 obligation for the Issuer to prepare and file a registration statement, prospectus or similar
 document, or any other report with respect to such purchase in the International Jurisdiction;
 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) any
 continuous disclosure reporting obligation of the Issuer in the International Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the
 Purchaser has no knowledge of a "material fact" or "material change"
 (as those terms are defined in the Acts) in respect of the Issuer that has not been generally
 disclosed to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the
 Purchaser's decision to tender this subscription and purchase the Shares has not been
 made as a result of any verbal or written representation as to fact or otherwise made by
 or on behalf of the Issuer or any other person other than as set out in this Agreement, and
 is based entirely upon currently available public information concerning the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) this
 subscription is irrevocable and requires only acceptance by the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the
 Issuer will have the right to accept this subscription in whole or in part and the acceptance
 of this subscription will be conditional upon the sale of the Subscribed Shares to the Purchaser
 being made pursuant to applicable Exemptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) if
 the Purchaser is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 corporation, the Purchaser is duly incorporated and is validly subsisting under the laws
 of its jurisdiction of incorporation and has all requisite legal and corporate power and
 authority to execute and deliver this Agreement, to subscribe for the Shares as contemplated
 herein and to carry out and perform its obligations under the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 partnership, syndicate or other form of unincorporated organization, the Purchaser has the
 necessary legal capacity and authority to execute and deliver this Agreement and to observe
 and perform its covenants and obligations hereunder and has obtained all necessary approvals
 in respect thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an
 individual, the Purchaser is of full age of majority and is legally competent to execute
 this Agreement and to observe and perform his or her covenants and obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the
 entering into of this Agreement and the transactions contemplated hereby will not result
 in the violation of any of the terms or provisions of any law applicable to, or the constating
 documents of, the Purchaser or of any agreement, written or oral, to which the Purchaser
 may be a party or by which it is or may be bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) this
 Agreement has been duly executed and delivered by the Purchaser and constitutes a legal,
 valid and binding obligation of the Purchaser enforceable against the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) all
 certificates representing the Shares will bear such legends as are required under Applicable
 Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the
 Purchaser acknowledges and agrees that the Shares will be subject to such trade restrictions
 as may be imposed by operation of Applicable Securities Laws and that the Issuer will be
 required to legend the certificates representing such Shares with those restrictions. This
 will prevent the Purchaser from reselling these securities except in very limited circumstances.
 The Purchaser further acknowledges that the Issuer is not a reporting issuer in any province
 or territory of Canada and, accordingly, any applicable hold period under Applicable Securities
 Laws may never expire, and the Shares may be subject to restrictions on resale for an indefinite
 period of time. The Purchaser further acknowledges and agrees that it is the Purchaser's
 obligation to comply with the trade restrictions in all of the applicable jurisdictions and
 the Issuer offers no advice as to those trade restrictions except as provided for herein.
 The Purchaser further acknowledges that it may never be able to resell these Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) the
 Purchaser acknowledges that the Shares may be subject to escrow or other resale restrictions
 under Applicable Securities Laws and agrees to comply with such restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) the
 Purchaser's investment in the Shares is speculative and involves a high degree of risk,
 substantial financing for the Issuer may be required in the future, and there is no assurance
 that any such additional financing can be obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) if
 required by Applicable Securities Laws or by any securities commission, stock exchange or
 other regulatory authority, or if reasonably requested by the Issuer, the Purchaser will
 execute, deliver, file and otherwise assist the Issuer in filing such reports, undertakings
 and other documents with respect to the transfer or issue of the Shares as may be required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Purchaser has not purchased the Shares as a result of any form of General Solicitation or
 General Advertising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(w)** **the Purchaser acknowledges that the Shares are highly speculative in nature and that there are significant risks associated with the purchase of the Shares and the Purchaser has such knowledge, sophistication and experience in business and financial matters as to be capable of evaluating the merits and risks of its investment in the Shares, fully understands the speculative nature of the Shares and is able to bear the economic risk of loss of its entire investment;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the
 Issuer may be required by law or otherwise to disclose to regulatory authorities the identity
 of the Purchaser and each beneficial purchaser for whom the Purchaser may be acting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the
 Purchaser has not received, nor has it requested, nor does it have any need to receive, any
 offering memorandum or any other document from the Issuer describing the business and affairs
 of the Issuer, and the Purchaser has not become aware of any advertisement in printed media
 of general and regular paid circulation, radio or television with respect to the distribution
 of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) this
 subscription is not enforceable by the Purchaser unless it has been accepted by the Issuer
 and the Purchaser waives any requirement on the Issuer's behalf to immediately communicate
 their acceptance of this subscription to the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) in
 connection with the Purchaser's subscription, the Purchaser has not relied upon the
 Issuer for investment, legal or tax advice, and has in all cases sought or elected not to
 seek the advice of the Purchaser's own personal investment advisers, legal counsel
 and tax advisers and the Purchaser is able, without impairing its financial condition, to
 hold the Shares for an indefinite period of time and to bear the economic risk of, and withstand
 a complete loss of, the investment and it can otherwise be reasonably assumed to have the
 capacity to protect its own interest in connection with its investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) all
 costs and expenses incurred by the Purchaser (including any fees and disbursements of any
 counsel or other advisors retained by the Purchaser) relating to the purchase of the Shares
 shall be borne by the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) the
 Purchaser acknowledges that the Issuer and its counsel are relying on the representations,
 warranties and covenants contained herein and in the applicable Appendices attached hereto
 to determine the Purchasers eligibility to subscribe for Shares under Applicable Securities
 Laws and the Purchaser agrees to indemnify the Issuer and its directors and officers against
 all losses (other than loss of profits), claims costs, expenses, damages or liabilities which
 any of them may suffer or incur as a result of or arising from reliance thereon. The Purchaser
 undertakes to immediately notify the Issuer if any change in any statement or other information
 relating to the Purchaser set forth in such applicable Appendices which takes place prior
 to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) the
 Purchaser acknowledges that the Issuer's legal counsel are acting as counsel to the
 Issuer and not as counsel to the Purchaser, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) the
 funds representing the aggregate Subscription Price for the Subscribed Shares which will
 be advanced by the Purchaser hereunder are not proceeds of crime as defined in the *Proceeds of Crime (Money Launderin* g) and *Terrorist Financing Act (Canada)* (the "**PCMLTFA** "),
 the *United Kingdom Proceeds of Crime Act 2002* (the "**POCA**") or the *Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act* (the "**PATRIOT Act** "), and the Purchaser
 acknowledges that the Issuer may in the future be required by law to disclose the Purchaser's
 name and other information relating to this Agreement and the Purchaser's subscription
 hereunder, on a confidential basis, pursuant to the PCMLTFA, POCA or the PATRIOT Act. To
 the best of the Purchaser's knowledge (i) none of the subscription funds to be provided
 by the Purchaser (A) have been or will be derived from or related to any activity that is
 deemed criminal under the law of Canada, the United Kingdom, the United States of America,
 or any other jurisdiction, or (B) are being tendered on behalf of a person or entity who
 has not been identified to the Purchaser, and (ii) the Purchaser shall promptly notify the
 Issuer if the Purchaser discovers that any of such representations ceases to be true, and
 to provide the Issuer with appropriate information in connection therewith.

5.2 The
 Purchaser acknowledges and agrees that the foregoing representations and warranties and any
 representations and warranties contained in the applicable Appendices attached hereto are
 made by the Purchaser with the intent that they may be relied upon in determining its eligibility
 as a purchaser of the Shares under relevant securities legislation and the Purchaser hereby
 agrees to indemnify and hold harmless the Issuer and its representatives, directors, officers,
 employees, legal counsel and agents from and against all losses, liability, claims, costs,
 expenses and damages from reliance thereon in the event that any of such representations
 or warranties are untrue in any material respect. The Purchaser further agrees that by accepting
 the Shares, the Purchaser shall be representing and warranting that the foregoing representations
 and warranties contained herein or in any document furnished by the Purchaser to the Issuer
 are true as at the Closing with the same force and effect as if they had been made by the
 Purchaser as at the Closing.

5.3 The
 representations, warranties and covenants of the Purchaser contained in this Agreement shall
 survive the Closing, notwithstanding such Closing or any investigation made by or on behalf
 of the Issuer with respect thereto, shall continue in full force and effect for the benefit
 of the Issuer.

6.0 REPRESENTATIONS,
 WARRANTIES AND COVENANTS OF THE ISSUER

The Issuer represents and warrants as follows to the Purchaser at the date of this Agreement and at the Closing Date and acknowledges and confirms that the Purchaser is relying upon such representations and warranties in connection with the offer, sale and issuance of the Shares to the Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Issuer is a valid and subsisting Issuer duly incorporated and in good standing under the
 laws of the jurisdiction in which it was incorporated, continued or amalgamated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Issuer has good and sufficient right and authority to enter into this Agreement and complete
 the transactions contemplated hereby on the terms and conditions set forth herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 execution and delivery of this Agreement, the performance of its obligations under this Agreement
 and the completion of its transactions contemplated under this Agreement will not conflict
 with, or result in the breach of or the acceleration of any indebtedness under, or constitute
 default under, the constating documents of the Issuer or any indenture, mortgage, agreement,
 lease, license or other instrument or any kind whatsoever to which the Issuer is a party
 or by which it is bound, or any judgment or order of any kind whatsoever or any Court or
 administrative body of any kind whatsoever by which it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) with
 respect to the Shares to be offered and sold hereunder in reliance on Rule 506(b) of
 Regulation D under the 1933 Act (the "**Regulation D Securities** "),
 none of the Issuer, any of its predecessors, any affiliated entity of the Issuer, any director
 or executive officer of the Issuer, any other officer of the Issuer participating in the
 Offering of the Regulation D Securities, any general partner or managing member of the
 Issuer, any beneficial owner of 20% or more of the Issuer's outstanding voting equity
 securities, calculated on the basis of voting power, or any promoter connected with the Issuer
 in any capacity at the time of sale of the Regulation D Securities is subject to any
 of the "Bad Actor" disqualifications provisions described in Rule 506(d)
 under the 1933 Act (a "**Disqualification Event** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if
 Shares are being issued under the prospectus exemption contained in Section 2.6.1 of
 National Instrument 45-106, the Issuer confirms that it is not an "investment
 fund" as defined in National Instrument 45-106.

6.2 Subject
 to receipt of all completed documentation, the Closing will take place at the offices of
 the Issuer on such date or dates and at such time as may be determined by the Issuer in its
 sole discretion (the "Closing Date"). The Subscription Proceeds will be returned
 to the Purchaser without interest or deduction should the Issuer determine that Closing will
 not occur.

6.3 Upon
 execution of this Subscription Agreement, the Purchaser will deliver to the Issuer the following
 documents, each duly completed and executed by the Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payment
 of the Subscription Proceeds hereunder by way of wire transfer delivered to the Escrow Agent
 in accordance with the wire instructions set forth in Schedule "A" attached hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Purchaser, or its disclosed principal, as the case may be, is an "accredited investor"
 as defined in National Instrument 45-106 or for residents of Ontario as defined in section 73.3(2)
 of the OSA, an Accredited Investor Certificate in the form set out in Appendix I including
 Exhibit "1" and, if the Purchaser is an "accredited investor"
 who is an individual, Exhibit "2" thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 the Purchaser, or its disclosed principal, as the case may be, is a U.S. Purchaser, an Accredited
 Investor Certificate in the form set out in Appendix I including Exhibit "I"
 and, if the Purchaser is an "accredited investor" who is an individual, Exhibit "2"
 thereto; <u>and</u> a U.S. Accredited Investor
 Certificate in the form set out in Appendix II.

6.4 Subject
 to receipt of all completed documentation in accordance with subsection 6.2 above, at the
 Closing, the Issuer will deliver to the Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 photocopy of this Agreement confirming the execution hereof by the Issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) definitive
 certificates representing the number of Subscribed Shares registered in the name of the Purchaser
 or in such other name as set forth under "Registration Instructions" on page
 (iii) of this Agreement.

6.5 The
 Purchaser acknowledges that the Offering may be completed at one or more partial closings
 in the discretion of the Issuer and that the Closing as contemplated in this Agreement may
 be effected at one or more of such partial closings.

6.6 Upon
 the Closing, the Issuer is irrevocably entitled to the Subscription Proceeds, subject to
 the rights of the Purchaser under this Agreement and any applicable laws.

7.0 8.
 POST-LISTING RESALE RESTRICTIONS

7.1 The
 Purchaser acknowledges and agrees that in the event the Issuer completes an initial public
 offering or other stock exchange listing transaction in the United States (the "Listing
 Event"), all Shares acquired hereunder shall be subject to a contractual restriction
 from trading for a period of six (6) months following the date of the Listing Event (the
 "Lock-Up Period").

7.2 Notwithstanding
 Section 7.1, the trading restriction may be partially lifted prior to the expiry of the Lock-Up
 Period under the following conditions:<br>
 (a) if the high bid price per Share on the applicable stock exchange exceeds $7.50 USD for
 ten (10) consecutive trading days, with a minimum of 100,000 Shares traded per day, the Purchaser
 may thereafter sell up to thirty-three percent (33%) of the Shares held, provided that any
 sales on a single trading day do not exceed 3% of that day's total trading volume;<br>
 (b) if the high bid price per Share on the applicable stock exchange exceeds $10.00 USD for
 ten (10) consecutive trading days, with a minimum of 100,000 Shares traded per day, the Purchaser
 may thereafter sell up to sixty-six percent (66%) of the Shares held, subject to the same
 daily volume limitation; and<br>
 (c) if the high bid price per Share on the applicable stock exchange exceeds $15.00 USD for
 ten (10) consecutive trading days, with a minimum of 100,000 Shares traded per day, the Purchaser
 may thereafter sell all of the Shares held, subject to the same daily volume limitation.

7.3 The
 Purchaser agrees to execute any additional lock-up or escrow agreement required by the Issuer,
 its underwriters, or any regulatory authority in connection with the Listing Event.

7.4 The
 Purchaser acknowledges that these contractual restrictions are in addition to any resale
 restrictions imposed by Applicable Securities Laws.

8.0 LEGENDS

The Purchaser acknowledges that the certificates representing the Shares will bear the following legends, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;(a) For ALL purchasers (Canadian Legend): "**UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [THE DATE THAT IS 4 MONTHS AND A DAY AFTER THE DISTRIBUTION DATE]".**

&nbsp;&nbsp;&nbsp;&nbsp;(b) For U.S. Purchasers and Regulation S purchasers (U.S. Legend): "**THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE ISSUER THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE ISSUER; (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE 1933 ACT; (C) IN ACCORDANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS; OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT OR ANY APPLICABLE STATE LAWS, AND THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE ISSUER AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER."** 

&nbsp;&nbsp;&nbsp;&nbsp;(c) For ALL purchasers (Contractual Lock-Up Legend): **"THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CONTRACTUAL RESTRICTIONS ON TRANSFER AS SET FORTH IN A SUBSCRIPTION AGREEMENT DATED SEPTEMBER [●], 2025. THESE RESTRICTIONS INCLUDE A SIX-MONTH HOLDING PERIOD FROM ANY STOCK EXCHANGE LISTING WITH PROVISIONS FOR EARLY RELEASE AT US$7.50, US$10.00, AND US$15.00 PRICE THRESHOLDS SUBJECT TO VOLUME CONDITIONS. A COPY OF SUCH RESTRICTIONS MAY BE OBTAINED FROM THE ISSUER."**

&nbsp;&nbsp;&nbsp;&nbsp;(d) Such other legends as may be required by applicable securities laws, the Issuer's constating documents, or any agreement to which the Purchaser is a party to.

9.0 INDEMNITY

9.1 The
 Issuer shall indemnify, defend and hold the Purchaser harmless against any and all liabilities,
 loss, cost or damage, together with all reasonable costs and expenses related thereto, arising
 from an untrue, inaccurate or breached statement, representation, warranty or covenant of
 the Issuer contained herein.

9.2 The
 Purchaser (on its own behalf and, if applicable, on behalf of any person for whose benefit
 the Purchaser is subscribing) acknowledges and consents to the fact the Issuer is collecting
 the Purchaser's (and any beneficial purchaser's) personal information for the
 purpose of completing the Purchaser's subscription. The Purchaser (on its own behalf
 and, if applicable, on behalf of any person for whose benefit the Purchaser is subscribing)
 acknowledges and consents to the Issuer retaining the personal information for as long as
 permitted or required by applicable law or business practices. The Purchaser (on its own
 behalf and, if applicable, on behalf of any person for whose benefit the Purchaser is subscribing)
 further acknowledges and consents to the fact the Issuer may be required by Applicable Securities
 Laws and stock exchange rules to provide regulatory authorities any personal information
 provided by the Purchaser respecting itself (and any beneficial purchaser). The Purchaser
 represents and warrants that it has the authority to provide the consents and acknowledgements
 set out in this paragraph on behalf of all beneficial purchasers.

The Purchaser hereby acknowledges and consents to: (i) the collection, use and disclosure by the Issuer of Personal Information (as defined below) concerning the Purchaser to a securities commission or other regulatory authority (a "**Securities Commission**") divisions; and (ii) the collection, use and disclosure of Personal Information by any stock exchange on which the Issuer's securities are listed for the following purposes.

The Purchaser also acknowledges that a Securities Commission may indirectly collect the Personal Information under the authority granted to them by securities legislation. The Personal Information is being collected for the purposes of the administration and enforcement of the securities legislation of the jurisdiction of each Securities Commission. For questions about the collection of Personal Information by the Ontario Securities Commission, the Purchaser may contact the Administrative Support Clerk, Ontario Securities Commission at Suite 1903, Box 5520, Queen Street West, Toronto, Ontario, M5H 3S8, (416) 593-3684.

Herein, "Personal Information" means any information about an identifiable individual and includes information provided by the Purchaser pursuant to this Agreement.

10.0 FINDER'S
 FEES

10.1 The
 Purchaser understands that in connection with the Offering, certain finders at arm's
 length to the Issuer may receive from the Issuer on the Closing a commission, payable in
 cash or Shares of the Issuer.

11.0 Further
 Assurances

11.1 The
 parties hereto each covenant and agree to execute and deliver such further agreements, documents
 and writings and provide such further assurances as may be required by the parties to give
 effect to this Agreement and without limiting the generality of the foregoing to do all acts
 and things, execute and deliver all documents, agreements and writings and provide such assurances,
 undertakings and information as may be required from time to time by all regulatory or governmental
 bodies or stock exchanges having jurisdiction over the Issuer's affairs or as may be
 required from time to time under the Applicable Securities Laws.

12.0 POWER
 OF ATTORNEY

12.1 The
 Purchaser hereby irrevocably appoints the president of the Issuer, or his successor in office
 from time to time, as the Purchaser's due and lawful attorney in fact for the Purchaser
 and authorize him as such to make and sign on the Purchaser's behalf and to deliver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 pooling and escrow agreements, whether voluntary or not, and other documents which such attorney
 sees fit in his discretion to give on its behalf to the securities regulatory authorities
 in the jurisdictions in which the Shares are sold pursuant to their policies concerning seed
 share resale restrictions or other policies in connection with any distribution to the public
 of securities of the Issuer, on such terms and subject to such conditions as such attorney
 may in his discretion deem fit or advisable and whether or not such pooling and escrow agreement
 is required by applicable regulatory authorities or by the Issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 and all resolutions of shareholders, as may be deemed desirable by the directors of the Issuer
 to provide for any changes in the Issuer's constating documents necessary to enable
 the Issuer to offer its shares to the public.

12.2 The
 foregoing appointment will remain effective until the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such
 time (if ever) as the Issuer may complete an initial public offering of its securities to
 the public pursuant to applicable securities legislation or other going public transaction
 and becomes listed on a stock exchange in Canada; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 24
 months from the date of acceptance of this Agreement by the Issuer.

12.3 The
 power of attorney granted herein is an irrevocable power coupled with an interest and it
 shall survive the death, disability, mental infirmity, or bankruptcy of the Purchaser or
 the assignment by the Purchaser of the whole or any part of the interest of the Purchaser
 in the Shares.

12.4 The
 Purchaser agrees to be bound by any representations made and actions taken by the Issuer
 pursuant to this power of attorney in accordance with the terms hereof and hereby waives
 any and all defences which may be available to the Purchaser to contest, negate or disaffirm
 the action of the Issuer taken under this power of attorney.

12.5 The
 Issuer, its directors, officers, employees, advisors and agents shall not be liable for any
 act done or omitted hereunder as attorney for the Purchaser. The Purchaser hereby agrees
 to indemnify the Issuer, its directors, officers, employees, advisors and agents and holds
 them harmless against any loss, liability or expense arising out of, or in connection with,
 any actions taken pursuant to this power of attorney.

13.0 MISCELLANEOUS

13.1 The
 Purchaser consents to the filing of such documents and any other documents as may be required
 to be filed with any stock exchange or securities regulatory authority in connection with
 the Offering.

13.2 This
 Agreement, which includes any interest granted or right arising under this Agreement, may
 not be assigned or transferred.

13.3 Except
 as expressly provided in this Agreement and in the agreements, instruments and other documents
 contemplated or provided for herein, this Agreement contains the entire agreement between
 the parties with respect to the Shares and there are no other terms, conditions, representations
 or warranties whether expressed, implied, oral or written, by statute, by common law, by
 the Issuer, or by anyone else.

13.4 The
 Purchaser hereby authorizes the Issuer to correct any minor errors in, or complete any minor
 information missing from any part of this Agreement and any other appendices, exhibits, schedules,
 forms, certificates or documents executed by the Purchaser and delivered to the Issuer in
 connection with the Private Placement.

13.5 This
 Agreement enures to the benefit of and is binding upon the parties and, as the case may be,
 their respective heirs, executors, administrators and successors.

13.6 Any
 notice, direction or other instrument required or permitted to be given to any party hereto
 shall be in writing and shall be sufficiently given if delivered personally, or transmitted
 by facsimile or electronic mail to the party, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of the Issuer, to:

Nuclea Energy Inc.<br> 9525 Grant Place<br> Delta, British Columbia, V4C 6A2,

Attention: Sagar Sanghera<br> E-mail: sagar@nuclea.energy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of the Purchaser to the address of the Purchaser set out on page (ii) of this Agreement.

Any such notice, direction or other instrument, if delivered personally, shall be deemed to have been given and received on the day on which it was delivered, provided that if such day is not a business day then the notice, direction or other instrument shall be deemed to have been given and received on the first business day next following such day and if transmitted by fax or electronic mail, shall be deemed to have been given and received on the day of its transmission, provided that if such day is not a business day or if it is transmitted or received after the end of normal business hours then the notice, direction or other instrument shall be deemed to have been given and received on the first business day next following the day of such transmission. Any party hereto may change its address for service from time to time by notice given to each of the other parties hereto in accordance with the foregoing provisions.

13.7 The
 contract arising out of this Agreement and all documents relating thereto, have been or will
 be drafted in English only by common accord among the parties. Le soussigné reconnaît
 par les présentes qu'il a exigé que le contrat résultant de cette
 convention de souscription ainsi que tous documents y afférents soient rédigés
 en langue anglaise seulement.

13.8 This
 Agreement may be executed in counterparts, each of which when delivered will be deemed to
 be an original and all of which together will constitute one and the same document and the
 Issuer will be entitled to rely on delivery by facsimile machine, computer scanner or other
 electronic transmission of an executed copy of this Agreement, and acceptance by the Issuer
 of such copy will be equally effective to create a valid and binding agreement between the
 Purchaser and the Issuer as if the Issuer had accepted the Agreement originally executed
 by the Purchaser.

14.0 13.
 CONFIDENTIALITY

14.1 13.1
 The Purchaser agrees that the terms and conditions of this Agreement, the existence of the
 Offering, and all information provided by the Issuer in connection herewith are confidential
 and shall not be disclosed to any third party, other than the Purchaser's legal, financial,
 and tax advisors who are bound by a duty of confidentiality, without the prior written consent
 of the Issuer.

14.2 15

**APPENDIX I**

**ACCREDITED INVESTOR CERTIFICATE**

**FOR ALL PURCHASERS PURCHASING SECURITIES AS AN "ACCREDITED INVESTOR"** 

**To: Nuclea Energy Inc. (the "Issuer")**

Capitalized terms used in this Appendix I and defined in the subscription agreement to which this Appendix I is attached have the meaning defined in such subscription agreement unless otherwise defined herein.

In connection with the purchase by the undersigned purchaser (the "**Purchaser**") of Shares of the Issuer, the Purchaser hereby represents, warrants, covenants and certifies to the Issuer that the Purchaser (or any principal for which the undersigned is acting as agent) at the date of this Certificate and as of the Closing Date is and will be resident in the jurisdiction as set out on page (ii) of this Agreement and is an "accredited investor" within the meaning of National Instrument 45-106 and if resident in Ontario within the meaning of section 73.3(2) of the Ontario *Securities Act* by virtue of satisfying one of the indicated criteria as set out in Exhibit "1" to this Accredited Investor Certificate and as so marked by the Purchaser.

**If the Purchaser is an individual "accredited investor" within the meaning of National Instrument 45-106 by virtue of satisfying one of the indicated criteria in paragraphs (j), (k) or (l) as set out in Exhibit "1" to this Accredited Investor Certificate, the Purchaser has also completed and signed the Form 45-106F9 - *Form for Individual Accredited Investors* attached as Exhibit "2" to this Accredited Investor Certificate.**

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| |
|:---|
| Name of Purchaser |
| Signature |
| If the Purchaser is a corporation, name and office or title of Signatory |

---

**EXHIBIT "1"**

**\*\* Please check the appropriate box\*\*** 

"**accredited investor**" means:

---

| | | |
|:---|:---|:---|
| ☐ | (a) | except in Ontario, a **Canadian financial institution**, or a Schedule III bank; |
| ☐ | (a1) | in Ontario, a financial institution that is (i) a bank listed in Schedule I, II or III of the *Bank Act* (Canada); (ii) an association to which the *Comparative Credit Associations Act* (Canada) applies or a central cooperative credit society for which an order has been made under subsection 473(1) of the *Securities Act* (Ontario); or (iii) a loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse populaire, financial services cooperative or credit union league or federation that is authorized by a statute of Canada or Ontario to carry on business in Canada or Ontario, as the case may be; |
| ☐ | (b) | the Business Development Bank of Canada incorporated under the *Business Development Bank of Canada Act* (Canada); |
| ☐ | (c) | a **subsidiary** of any **person** referred to in paragraph (a), (a1) or (b), if the **person** owns all of the voting securities of the **subsidiary**, except the voting securities required by law to be owned by directors of that **subsidiary**; |
| ☐ | (d) | a **person** registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer; |
| ☐ | (e) | an **individual** registered under the securities legislation of a jurisdiction of Canada, as a representative of a **person** referred to in paragraph (d); |
| ☐ | (e1) | an **individual** formerly registered under the securities legislation of a jurisdiction of Canada, other than an individual formerly registered solely as a representative of a limited market dealer under one or both of the Securities Act (Ontario) or the Securities Act (Newfoundland and Labrador); |
| ☐ | (f) | the Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada; |
| ☐ | (g) | a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l'île de Montréal or an intermunicipal management board in Québec; |
| ☐ | (h) | any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government; |
| ☐ | (i) | a pension fund that is regulated by the Office of the Superintendent of Financial Institutions (Canada), a pension commission or similar regulatory authority of a jurisdiction of Canada; |
| ☐ | (j) | an **individual** who, either alone or with a **spouse**, beneficially owns **financial assets** having an aggregate realizable value that, before taxes but net of any **related liabilities**, exceeds Cdn$1,000,000, **IF YOU INITIAL THIS CATEGORY, YOU MUST COMPLETE, INITIAL, AND SIGN THE RISK ACKNOWLEDGEMENT FORM (Form 45-106F9 – *Form for Individual Accredited* Investors) ATTACHED AS EXHIBIT "2"**; |
| ☐ | (j1) | an **individual** who beneficially owns **financial assets** having an aggregate realizable value that, before taxes but net of any **related liabilities**, exceeds Cdn$5,000,000; |
| ☐ | (k) | an **individual** whose net income before taxes exceeded Cdn$200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a **spouse** exceeded Cdn$300,000 in each of the two most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year, **IF YOU INITIAL THIS CATEGORY, YOU MUST COMPLETE, INITIAL, AND SIGN THE RISK ACKNOWLEDGEMENT FORM (Form 45-106F9 – *Form for Individual Accredited* Investors) ATTACHED AS EXHIBIT "2"**; |
| ☐ | (l) | an **individual** who, either alone or with a **spouse**, has **net assets** of at least Cdn$5,000,000, **IF YOU INITIAL THIS CATEGORY, YOU MUST COMPLETE, INITIAL, AND SIGN THE RISK ACKNOWLEDGEMENT FORM (Form 45-106F9 – *Form for Individual Accredited* Investors) ATTACHED AS EXHIBIT "2"**; |
| ☐ | (m) | a person, other than an **individual** or **investment fund**, that has **net assets** of at least Cdn$5,000,000 as shown on its most recently prepared financial statements; |

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---

| | | |
|:---|:---|:---|
| ☐ | (n)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an **investment fund** that distributes or has distributed its securities only to:<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 person that is or was an accredited investor at the time of the distribution,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 person that acquires or acquired securities in the circumstances referred to in sections 2.10
 [Minimum amount investment], or 2.19 [Additional investment in investment funds] of NI 45-106,
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 person described in paragraph (i) or (ii) that acquires or acquired securities under
 section 2.18 [Investment fund reinvestment] of NI 45-106;

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| | | |
|:---|:---|:---|
| ☐ | (o) | an **investment fund** that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt; |
| ☐ | (p) | a trust company or trust corporation registered or authorized to carry on business under the *Trust and Loan Companies Act* (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a **fully managed account** managed by the trust company or trust corporation, as the case may be; |
| ☐ | (q) | a person acting on behalf of a **fully managed account** managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction; |
| ☐ | (r) | a registered charity under the *Income Tax Act* (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded; |
| ☐ | (s) | an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) in form and function; |
| ☐ | (t) | a **person** in respect of which all of the owners of **interests**, direct, **indirect** or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors; |
| ☐ | (u) | an **investment fund** that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser; |
| ☐ | (v) | a **person** that is recognized or designated by the securities regulatory authority or, except in Ontario and Québec, the regulator as an accredited investor; or |
| ☐ | (w) | a trust established by an accredited investor for the benefit of the accredited investor's family members of which a majority of the trustees are accredited investors and all of the beneficiaries are the accredited investor's **spouse**, a former **spouse** of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited investor, of that accredited investor's **spouse** or of that accredited investor's former **spouse**. |

---

For the purposes hereof:

"**Canadian financial institution**" means (a) an association governed by the *Cooperative Credit Associations Act* (Canada) or a central cooperative credit society for which an order has been made under section 473(1) of that Act, or (b) a bank, loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse populaire, financial services cooperative, or league that, in each case, is authorized by an enactment of Canada or a jurisdiction of Canada to carry on business in Canada or a jurisdiction of Canada.

"**financial assets**" for the purposes of paragraphs (j) and (j.1) means (a) cash; (b) securities; or (c) a contract of insurance, a deposit or an evidence of a deposit that is not a security for the purposes of securities legislation. These financial assets are generally liquid or relatively easy to liquidate. The value of the Purchaser's personal residence or other real estate is not included in a calculation of financial assets.

"**fully managed account**" means an account of a client for which a person makes the investment decisions if that person has full discretion to trade in securities for the account without requiring the client's express consent to a transaction.

"**indirect interest**" means an economic interest in the person referred to in paragraph (t).

"**investment fund**" means a mutual fund or a non-redeemable investment fund, and, for greater certainty in British Columbia, includes an EVCC and a VCC.

"**net assets**" for the purposes of paragraph (l) means all of the Purchaser's total assets minus all of the Purchaser's total liabilities. The calculation of total assets includes the value of a purchaser's personal residence and the calculation of total liabilities includes the amount of any liability (such as a mortgage) in respect of the Purchaser's personal residence. The value attributed to assets should reasonably reflect their estimated fair value. Income tax should be considered a liability if the obligation to pay it is outstanding at the time of the distribution of the securities to the Purchaser.

"**NI 45-106**" means National Instrument 45-106 *Prospectus Exemptions*.

"**person**" includes (a) an individual; (b) a corporation; (c) a partnership, trust, fund and an association, syndicate, organization or other organized group of persons, whether incorporated or not; and (d) an individual or other person in that person's capacity as a trustee, executor, administrator or personal or other legal representative.

"**related liabilities**" means (a) liabilities incurred or assumed for the purpose of financing the acquisition or ownership of **financial assets**; or (b) liabilities that are secured by **financial assets**.

"**spouse**" means an individual who,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 married to another individual and is not living separate and apart within the meaning of
 the *Divorce Act* (Canada), from the other individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is
 living with another individual in a marriage-like relationship, including a marriage-like
 relationship between individuals of the same gender, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 Alberta, is an individual referred to in paragraph (a) or (b), or is an adult interdependent
 partner within the meaning of the *Adult Interdependent Relationships Act* (Alberta).

"**subsidiary**" means an issuer that is controlled directly or indirectly by another issuer and includes a subsidiary of that subsidiary.

Affiliate and Control

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. an
 issuer is an affiliate of another issuer if (a) one of them is the subsidiary of the
 other; or (b) each of them is controlled by the same person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. a
 person (first person) is considered to control another person (second person) if (a) the
 first person beneficially owns or directly or indirectly exercises control or direction over
 securities of the second person carrying votes which, if exercised, would entitle the first
 person to elect a majority of the directors of the second person, unless that first person
 holds the voting securities only to secure an obligation; (b) the second person is a
 partnership, other than a limited partnership, and the first person holds more than 50% of
 the interests of the partnership; or (c) the second person is a limited partnership
 and the general partner of the limited partnership is the first person.

**EXHIBIT "2"**

**Form 45-106F9<br> *Form for Individual Accredited Investors***

 ****

**WARNING!<br> This investment is risky. Don't invest unless you can afford to lose all the money you pay for this<br> investment.**

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| | |
|:---|:---|
| &nbsp;&nbsp;**SECTION 1 TO BE COMPLTED BY THE ISSUER OR SELLING SECURITY HOLDER** | &nbsp;&nbsp;**SECTION 1 TO BE COMPLTED BY THE ISSUER OR SELLING SECURITY HOLDER** |
| &nbsp;&nbsp;**1. About your investment** | &nbsp;&nbsp;**1. About your investment** |
| &nbsp;&nbsp;Type of securities: Common Shares of the Issuer | &nbsp;&nbsp;Issuer: Nuclea Energy Inc. |
| &nbsp;&nbsp;Purchased from: Issuer | &nbsp;&nbsp;Purchased from: Issuer |
| &nbsp;&nbsp;**SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** | &nbsp;&nbsp;**SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**2. Risk acknowledgement** | &nbsp;&nbsp;**2. Risk acknowledgement** |
| &nbsp;&nbsp;This investment is risky. Initial that you understand that: | &nbsp;&nbsp;**Your <br> initials** |
| &nbsp;&nbsp;**Risk of loss –** You could lose your entire investment of $______________. *[Instruction: Insert the total dollar amount of the investment.]* |  |
| &nbsp;&nbsp;**Liquidity risk –** You may not be able to sell your investment quickly – or at all. |  |
| &nbsp;&nbsp;**Lack of information –** You may receive little or no information about your investment. |  |
| &nbsp;&nbsp;**Lack of advice –** You will not receive advice from the salesperson about whether this investment is suitable for you unless the salesperson is registered. The salesperson is the person who meets with, or provides information to, you about making this investment. To check whether the salesperson is registered, go to www.aretheyregistered.ca. |  |
| &nbsp;&nbsp;**3. Accredited investor status** | &nbsp;&nbsp;**3. Accredited investor status** |
| &nbsp;&nbsp;You must meet at least **one** of the following criteria to be able to make this investment. Initial the statement that applies to you. *(You may initial more than one statement.)* The person identified in section 6 is responsible for ensuring that you meet the definition of accredited investor. That person, or the salesperson identified in section 5, can help you if you have questions about whether you meet these criteria. | &nbsp;&nbsp;**Your <br> initials** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Your net income before taxes was more than $200,000 in each of the 2 most recent calendar years, and you expect it to be more than $200,000 in the current calendar year. *(You can find your net income before taxes on your personal income tax return.)* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Your net income before taxes combined with your spouse's was more than $300,000 in each of the 2 most recent calendar years, and you expect your combined net income before taxes to be more than $300,000 in the current calendar year. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Either alone or with your spouse, you own more than $1 million in cash and securities, after subtracting any debt related to the cash and securities. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Either alone or with your spouse, you have net assets worth more than $5 million. *(Your net assets are your total assets (including real estate) minus your total debt.)* |  |
| &nbsp;&nbsp;**4. Your name and signature** | &nbsp;&nbsp;**4. Your name and signature** |
| &nbsp;&nbsp;By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. |  |

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---

| | |
|:---|:---|
| &nbsp;&nbsp;First and last name (please print): | &nbsp;&nbsp;First and last name (please print): |
| &nbsp;&nbsp;Signature: | &nbsp;&nbsp;Date: |
| &nbsp;&nbsp;**SECTION 5 TO BE COMPLETED BY THE SALESPERSON** | &nbsp;&nbsp;**SECTION 5 TO BE COMPLETED BY THE SALESPERSON** |

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---

| | |
|:---|:---|
| &nbsp;&nbsp;**5. Salesperson information** | &nbsp;&nbsp;**5. Salesperson information** |
| &nbsp;&nbsp;*[Instruction: The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That could include a representative of the issuer or selling security holder, a registrant or a person who is exempt from the registration requirement.]* | &nbsp;&nbsp;*[Instruction: The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That could include a representative of the issuer or selling security holder, a registrant or a person who is exempt from the registration requirement.]* |
| &nbsp;&nbsp;First and last name of salesperson *(please print)*: | &nbsp;&nbsp;First and last name of salesperson *(please print)*: |
| &nbsp;&nbsp;Telephone: | &nbsp;&nbsp;Email: |
| &nbsp;&nbsp;Name of firm *(if registered)*: | &nbsp;&nbsp;Name of firm *(if registered)*: |
| &nbsp;&nbsp;**SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** | &nbsp;&nbsp;**SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** |
| &nbsp;&nbsp;**6. For more information about this investment** | &nbsp;&nbsp;**6. For more information about this investment** |
| &nbsp;&nbsp;For investment in a non-investment fund<br> *Nuclea Energy Inc.<br> 9525 Grant Place*<br> *Delta, British Columbia, V4C 6A2,*<br> *Attention:* Sagar Sanghera<br> *Email:* Sagar Sanghera<br> **For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at www.securities-administrators.ca.** | &nbsp;&nbsp;For investment in a non-investment fund<br> *Nuclea Energy Inc.<br> 9525 Grant Place*<br> *Delta, British Columbia, V4C 6A2,*<br> *Attention:* Sagar Sanghera<br> *Email:* Sagar Sanghera<br> **For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at www.securities-administrators.ca.** |

---

**Form instructions:**

*1.* *This form does not mandate the use of a specific font size or style but the font must be legible.* 

*2.* *The information in sections 1, 5 and 6 must be completed before the purchaser completes and signs the form.* 

3. *The purchaser must sign this form. Each of the purchaser and the issuer or selling security holder must receive a copy of this form signed by the purchaser. The issuer or selling security holder is required to keep a copy of this form for 8 years after the distribution.* 

**APPENDIX II**

**(U.S. Purchasers)**

**U.S. ACCREDITED INVESTOR CERTIFICATE**

---

| | |
|:---|:---|
| **TO:** | **Nuclea Energy Inc. (**the "**Issuer**") |

---

Capitalized terms used in this Appendix II and defined in the subscription agreement to which this Appendix II is attached have the meaning defined in such subscription agreement unless otherwise defined herein.

The Purchaser represents, warrants and covenants (which representations, warranties and covenants shall survive the Closing) to the Issuer (and acknowledges that the Issuer is relying thereon) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 understands and agrees that the Shares have not been and will not be registered under the
 1933 Act, or any applicable securities laws of any state of the United States, and the Shares
 are being offered and sold only to "accredited investors", that satisfy one or
 more of the criteria set forth in Rule 501(a) of Regulation D under the 1933 Act ()"**Accredited Investors** "), in reliance on the exemption from such registration requirements provided
 by Rule 506(b) of Regulation D under the 1933 Act and/or section 4(a)(2) under the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it
 is purchasing the Shares for its own account or for the account or benefit of one or more
 persons for whom it is exercising sole investment discretion, (a **"Beneficial Purchaser"**),
 for investment purposes only and not with a view to resale or distribution and, in particular,
 neither it nor any Beneficial Purchaser for whose account it is purchasing the Shares has
 any intention to distribute either directly or indirectly any of the Shares in the United
 States or to, or for the account or benefit of, U.S. Persons or person in the United States;
 provided, however, that this paragraph shall not restrict the Purchaser from selling or otherwise
 disposing of any of the Shares pursuant to registration thereof pursuant to the 1933 Act
 and any applicable state securities laws or under an exemption from such registration requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it,
 and if applicable, each Beneficial Purchaser for whose account it is purchasing the Shares,
 is an Accredited Investor and satisfies one or more of the categories of an Accredited Investor,
 as indicated below (**the Purchaser must initial "P" for the Purchaser, and "BP" for each Beneficial Purchaser, if any, on the appropriate line(s)**):

---

| | | |
|:---|:---|:---|
| <u> </u> | Category 1. | A bank, as defined in Section 3(a)(2) of the 1933 Act, whether acting in its individual or fiduciary capacity; or |
| <u> </u> | Category 2. | A savings and loan association or other institution as defined in Section 3(a)(5)(A) of the 1933 Act, whether acting in its individual or fiduciary capacity; or |
| <u> </u> | Category 3. | A broker or dealer registered pursuant to Section 15 of the United States Securities Exchange Act of 1934, as amended; or |
| <u> </u> | Category 4. | An insurance company as defined in Section 2(a)(13) of the 1933 Act; or |
| <u> </u> | Category 5. | An investment company registered under the United States Investment Company Act of 1940; or |
| <u> </u> | Category 6. | A business development company as defined in Section 2(a)(48) of the United States Investment Company Act of 1940; or |
| <u> </u> | Category 7. | A small business investment company licensed by the U.S. Small Business Administration under Section 301 (c) or (d) of the United States Small Business Investment Act of 1958; or |

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---

| | | |
|:---|:---|:---|
| <u> </u> | Category 8. | A plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, with total assets in excess of US$5,000,000; or |
| <u> </u> | Category 9. | An employee benefit plan within the meaning of the United States Employee Retirement Income Security Act of 1974 in which the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company or registered investment adviser, or an employee benefit plan with total assets in excess of US$5,000,000 or, if a self-directed plan, with investment decisions made solely by persons who are accredited investors; or |
| <u> </u> | Category 10. | A private business development company as defined in Section 202(a)(22) of the United States Investment Advisers Act of 1940; or |
| <u> </u> | Category 11. | An organization described in Section 501(c)(3) of the United States Internal Revenue Code, a corporation, a Massachusetts or similar business trust, or a partnership, not formed for the specific purpose of acquiring the Shares offered, with total assets in excess of US$5,000,000; or |
| <u> </u> | Category 12. | Any director or executive officer of the Issuer; or |
| <u> </u> | Category 13. | A natural person whose individual net worth, or joint net worth with that person's spouse, at the time of this purchase exceeds US$1,000,000; provided, however, that (i) a person's primary residence shall not be included as an asset; (ii) indebtedness that is secured by the person's primary residence, up to the estimated fair market value of the primary residence at the time of the sale of securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of the sale of securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and (iii) indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the primary residence at the time of the sale of securities shall be included as a liability; or |
| <u> </u> | Category 14. | A natural person who had an individual income in excess of US$200,000 in each of the two most recent years or joint income with that person's spouse in excess of US$300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; or |
| <u> </u> | Category 15. | A trust, with total assets in excess of US$5,000,000, not formed for the specific purpose of acquiring the Shares offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the 1933 Act; or |
| <u> </u> | Category 16. | Any entity in which all of the equity owners are Accredited Investors (if this alternative is checked, you must identify each equity owner and provide statements signed by each demonstrating how each qualifies as an Accredited Investor); |

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&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;(d) it
 acknowledges that the Securities are "restricted securities", as such term is
 defined under Rule 144 under the 1933 Act, and may not be offered, sold, pledged, or otherwise
 transferred, directly or indirectly, without prior registration under the 1933 Act and any
 applicable securities laws of any state of the United States, and it agrees that if it decides
 to offer, sell, pledge or otherwise transfer, directly or indirectly, any of the Securities
 absent such registration, it will not offer, sell, pledge or otherwise transfer, directly
 or indirectly, any of the Securities, directly or indirectly, except;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 the Issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) outside
 the United States in an "offshore transaction" in compliance with the requirements
 of Rule 904 of Regulation S under the 1933 Act, if available, and in compliance with applicable
 local laws and regulations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 compliance with an exemption from registration under the 1933 Act provided by Rule 144 thereunder,
 if available, and in accordance with any applicable state securities or "Blue Sky"
 laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in
 a transaction that does not require registration under the 1933 Act or any applicable state
 securities laws;

and, in the case of subparagraph (iii) or (iv), it has furnished to the Issuer an opinion of counsel of recognized standing, or such other evidence as the Issuer or its transfer agent may require, in form and substance reasonably satisfactory to the Issuer to such effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it
 understands and acknowledges that upon the original issuance of the Securities, and until
 such time as it is no longer required under applicable requirements of the 1933 Act or any
 applicable securities laws of any state of the United States, all certificates representing
 the Securities and all certificates issued in exchange therefor or in substitution thereof,
 shall bear the following legend:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT") OR ANY APPLICABLE STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF Nuclea Energy Inc. (THE "CORPORATION") THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE 1933 ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES OR "BLUE SKY" LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND, IN THE CASE OF SUBPARAGRAPH (C) OR (D), THE SELLER FURNISHES TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR SUCH OTHER EVIDENCE AS THE CORPORATION MAY REQUIRE IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION TO SUCH EFFECT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

provided, that if the Securities are being sold under clause (B) above (and in compliance with Canadian local laws and regulations), at a time when the Issuer is a "foreign issuer" as defined in Rule 902(e) of Regulation S under the 1933 Act, the legend set forth above may be removed by providing a declaration and broker letter in the forms attached to this Appendix II, or in such form as the Issuer may from time to time prescribe, together with such other documentation as the Issuer may reasonably require, including, but not limited to, an opinion of counsel of recognized standing or other evidence of exemption, in either case reasonably satisfactory to the Issuer, to the effect that the sale of the securities is being made in compliance with Rule 904 of Regulation S under the 1933 Act; and

provided further, that, if any of the Securities are being sold pursuant to Rule 144 of the 1933 Act, the legend may be removed by delivery to the Issuer of an opinion of counsel of recognized standing in form and substance satisfactory to the Issuer, to the effect that the legend is no longer required under applicable requirements of the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it
 understands and acknowledges that the Issuer has no obligation or present intention of filing
 with the United States Securities and Exchange Commission or with any state securities administrator
 any registration statement in respect of resales of the Securities in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 office or other address of the Purchaser at which the Purchaser received and accepted the
 offer to purchase the Shares is the address listed as the "Purchaser's Residential
 or Head Office Address" on page (ii) of the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) it
 acknowledges that it has not purchased the Shares as a result of any form of General Solicitation
 or General Advertising, including, but not limited to, any press releases made by the Issuer
 relating to the proposed offering of the Shares or any report, notification or summary of
 the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it
 acknowledges that it had a prior relationship with either the Issuer or a finder of the Issuer
 before such time as any announcement, press release, or other notice or report of the offering
 of the Shares was made by the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) it
 understands and agrees that there may be material tax consequences to the Purchaser of an
 acquisition, disposition or exercise of any of the Securities; the Issuer gives no opinion
 and makes no representation with respect to the tax consequences to the Purchaser under United
 States, state, local or foreign tax law of the Purchaser's acquisition or disposition
 of such Securities; in particular, no determination has been made whether the Issuer will
 be a "passive foreign investment company" within the meaning of Section 1297
 of the United States Internal Revenue Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) it
 understands that the Issuer has an obligation to provide "cost basis" tax information
 to the United States Internal Revenue Service related to transactions in the Issuer's
 securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) it
 understands and agrees that the financial statements of the Issuer have been prepared in
 accordance with Canadian generally accepted accounting principles and International Financial
 Reporting Standards, which differ in some respects from United States generally accepted
 accounting principles, and thus may not be comparable to financial statements of United States
 companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) it
 understands that all documents, records and books pertaining to this investment have been
 made available for inspection by it or its representatives, and that the books and records
 of the Issuer will be available, upon reasonable notice, for inspection by prospective investors
 during reasonable business hours at the Issuer's principal place of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) it
 has had the opportunity to ask questions of and receive answers from the Issuer regarding
 the investment, and has received all the information regarding the Issuer that it has requested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) it
 understands that the Issuer may instruct its registrar and transfer agent not to record any
 transfer of any Securities of the Issuer without first being notified by the Issuer that
 it is satisfied that such transfer is exempt from or not subject to the registration requirements
 of the 1933 Act and applicable securities laws of any state of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) it
 consents to the Issuer making a notation on its records or giving instruction to the registrar
 and transfer agent of the Issuer order to implement the restrictions on transfer set forth
 and described herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) it
 understands and acknowledges that the Issuer (i) is not obligated to remain a "foreign
 issuer" within the meaning of Regulation S under the 1933 Act, (ii) may not, at the
 time the Securities are resold or otherwise transferred by it or at any other time, be a
 foreign issuer, and (iii) may engage in one or more transactions that could cause the Issuer
 not to be a foreign issuer, and if the Issuer is not a foreign issuer at the time of any
 resale or other transfer of Securities pursuant to Rule 904 of Regulation S under the 1933
 Act, the certificates representing the Securities may continue to bear the legend described
 in paragraph (e) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) it
 understands that (i) the Issuer may be deemed to be an issuer that is, or that has been at
 any time previously, an issuer with no or nominal operations and no or nominal assets other
 than cash and cash equivalents (a "Shell Company"), (ii) if the Issuer is deemed
 to be, or to have been at any time previously, a Shell Company, Rule 144 under the 1933 Act
 may not be available for resales of the Securities, and (iii) the Issuer is not obligated
 to make Rule 144 under the 1933 Act available for resales of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) it
 understands that the Issuer is incorporated under the laws of the Province of British Columbia,
 that substantially all of the Issuer's assets are located outside the United States
 and that most or all of its directors and officers are residents of countries other than
 the United States, and, as a result, it may be difficult for the Purchaser to effect service
 of process within the United States upon the Issuer or such directors or officers, or to
 realize in the United States upon judgments of courts of the United States predicated upon
 civil liability of the Issuer and the directors and officers under the U.S. federal securities
 laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) it
 confirms that it or the Beneficial Purchaser, if any, (i) is able to bear the economic risk
 of the investment in the Shares, (ii) is able to hold the Shares for an indefinite period
 of time, (iii) is able to afford a complete loss of its investment and that it has adequate
 means of providing for its current needs and possible personal contingencies, and that it
 has no need for liquidity in this investment, (iv) finds this investment is suitable for
 it based upon its investment holdings and financial situation and needs, and this investment
 does not exceed ten percent of its net worth, and (v) by reason of its business or financial
 experience could be reasonably assumed to have the capacity to protect its own interests
 in connection with this investment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) it
 acknowledges that the Issuer may pay a finders fee to certain parties in connection with
 the placement of certain Shares in the United States.

The foregoing representations, warranties and covenants are made by the undersigned with the intent that they be relied upon in determining its suitability as a purchaser of Shares. The undersigned undertakes to notify the Issuer immediately of any change in any statement set forth herein which takes place prior to the Closing.

---

| | | |
|:---|:---|:---|
| Dated at | on________________________ | , 2025. |
| If a Corporation, Partnership or Other Entity: | If an Individual: | If an Individual: |
| Name of Entity | Signature | Signature |
| Type of Entity | Print or Type Name | Print or Type Name |
| Signature of Person Signing |  |  |
| Print or Type Name and Title of Person Signing |  |  |

---

**<u>FORM OF DECLARATION FOR REMOVAL OF U.S. LEGEND</u>**

---

| | |
|:---|:---|
| To: | **Nuclea Energy Inc.** (the "**Issuer**") |

---

The undersigned (A) acknowledges that the sale of __________________ (the "Securities") of the Corporation, represented by certificate number(s) __________________, to which this declaration relates is being made in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and (B) certifies that (1) the undersigned is not (a) an "affiliate" of the Corporation (as that term is defined in Rule 405 under the U.S. Securities Act, except any officer or director of the Company who is an affiliate solely by virtue of holding such position) (b) a "distributor" as defined in Regulation S or (c) an affiliate of a distributor; (2) the offer of such Securities was not made to a person in the United States and either (a) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believed that the buyer was outside the United States, or (b) the transaction was executed on or through the facilities of the Toronto Stock Exchange, the TSX Venture Exchange, the Canadian Securities Exchange and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States; (3) neither the seller nor any affiliate of the seller nor any person acting on their behalf has engaged or will engage in any directed selling efforts in the United States in connection with the offer and sale of such Securities; (4) the sale is bona fide and not for the purpose of "washing off" the resale restrictions imposed because the Securities are "restricted securities" (as that term is defined in Rule 144(a)(3) under the U. S. Securities Act); (5) the seller does not intend to replace such Securities with fungible unrestricted securities; and (6) the contemplated sale is not a transaction, or part of a series of transactions, which, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the U.S. Securities Act.

Terms used herein have the meanings given to them by Regulation S.

---

| | |
|:---|:---|
| DATED: |  |
|  | By: |
|  | Name: |
|  | Title: |

---

**Affirmation by Seller's Broker-Dealer**

We have read the foregoing representations of our customer, _________________________ (the "Seller"), dated ____________, with regard to the sale, for such Seller's account, of _________________ (the "Securities") of the Corporation represented by certificate number(s) ______________. We have executed sales of the Securities pursuant to Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), on behalf of the Seller. In that connection, we hereby represent to you as follows:

(1) no
 offer to sell Securities was made to a person in the United States;

(2) the
 sale of the Securities was executed in, on or through the facilities of the Toronto Stock
 Exchange, the TSX Venture Exchange, the Canadian Securities Exchange or another "designated
 offshore securities market" (as defined in Rule 902(b) of Regulation S under the U.S.
 Securities Act), and, to the best of our knowledge, the sale was not pre-arranged with a
 buyer in the United States;

(3) no
 "directed selling efforts" were made in the United States by the undersigned,
 any affiliate of the undersigned, or any person acting on behalf of the undersigned; and

(4) we
 have done no more than execute the order or orders to sell the Securities as agent for the
 Seller and will receive no more than the usual and customary broker's commission that
 would be received by a person executing such transaction as agent.

For purposes of these representations: "affiliate" means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the undersigned; "directed selling efforts" means any activity undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for the Securities (including, but not be limited to, the solicitation of offers to purchase the Securities from persons in the United States); and "United States" means the United States of America, its territories or possessions, any State of the United States, and the District of Columbia.

---

| | |
|:---|:---|
| Name of Firm | Name of Firm |
| By: |  |
|  | Authorized Officer |
| Date: |  |

---

**APPENDIX III<br> CERTIFICATE OF INTERNATIONAL PURCHASER**

**(FOR NON-CANADIAN PURCHASERS, OTHER THAN U.S. PURCHASERS)**

*If you are unsure as to the meanings of the words and phrases which are used in this Certificate of International Purchaser, or are unsure as to the meaning of this Certificate of International Purchaser, please contact your broker and/or legal advisor before completing this certificate.*

 ****

In connection with the purchase by the undersigned Subscriber of the Shares, the undersigned Subscriber hereby represents, warrants, covenants and certifies to the Corporation (and acknowledges that the Corporation and its legal counsel are relying thereon) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Subscriber is, and (if applicable) any beneficial purchaser for whom it is acting hereunder
 is, a resident of, or otherwise subject to, the securities legislation of a jurisdiction
 other than Canada and the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Subscriber is, and (if applicable) any other purchaser for whom it is acting hereunder, is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 purchaser that is recognized by the securities regulatory authority in the jurisdiction in
 which it is, and (if applicable) any other purchaser for whom it is acting hereunder is resident
 or otherwise subject to the securities laws of such jurisdiction, as an exempt purchaser
 and is purchasing the Shares as principal for its, or (if applicable) each such other purchaser's,
 own account, and not for the benefit of any other person, for investment only and not with
 a view to resale or distribution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 purchaser which is purchasing the Shares pursuant to an exemption from any prospectus or
 securities registration requirements (particulars of which are enclosed herewith) available
 to the Corporation, the Subscriber and any such other purchaser under applicable securities
 laws of their jurisdiction of residence or to which the Subscriber and any such other purchaser
 are otherwise subject to, and the Subscriber and any such other purchaser shall deliver to
 the Corporation such further particulars of the exemption and their qualification thereunder
 as the Corporation may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 purchase of the Shares by the Subscriber, and (if applicable) each such other purchaser,
 does not contravene any of the applicable securities laws in such jurisdiction and does not
 trigger: (i) any obligation to prepare and file a prospectus, an offering memorandum or similar
 document, or any other ongoing reporting requirements with respect to such purchase or otherwise;
 or (ii) any registration or other obligation on the part of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Subscriber, and (if applicable) any other purchaser for whom it is acting hereunder will
 not sell or otherwise dispose of the Shares except in accordance with applicable Canadian
 securities laws, and if the Subscriber, or (if applicable) such beneficial purchaser sell
 or otherwise dispose of any Shares to a person other than a resident of Canada, the Subscriber,
 and (if applicable) such beneficial purchaser, will obtain from such purchaser representations,
 warranties and covenants in the same form as provided in this Exhibit and shall comply with
 such other requirements as the Corporation may reasonably require.

 **

***[Remainder of page intentionally left blank. Signature page follows.]***

 **

 ****

The foregoing representations contained in this Certificate of International Purchaser are true and accurate as of the date of this certificate and will be true and accurate as of the Closing Time (as defined in the Subscription Agreement to which this Exhibit is attached) and the Subscriber acknowledges that this Certificate of International Purchaser is incorporated into and forms a part of the Subscription Agreement to which it is attached. If any such representations shall not be true and accurate prior to the Closing Time, the undersigned shall give immediate written notice of such fact to the Corporation prior to the Closing Time.

**EXECUTED** at _____________________, this ________ day of ___________________, 202__.

---

| | | |
|:---|:---|:---|
| **IF A CORPORATION, PARTNERSHIP OR<br> OTHER ENTITY:** | *\** | **IF AN INDIVIDUAL:** |
|  | \* |  |
|  | \* | |
|  | *\** | *Signature* |
| *Name of Subscriber* |  |  |
|  | \* |  |
|  | \* | |
|  | *\** | *Print Name* |
| *Signature of Authorized Signatory* |  |  |
|  | *\** |  |
|  | \* |  |
| *Name and Position of Authorized Signatory* |  |  |

---

**APPENDIX IV**<br> Term Sheet

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;Nuclea Energy Inc., a British Columbia corporation (the "Issuer") |
| &nbsp;&nbsp;**Securities / Price** | &nbsp;&nbsp;Non-brokered private placement of common shares (the "Shares") at US$1.40 per Share |
| &nbsp;&nbsp;**Offering Size /<br> Minimum Ticket** | &nbsp;&nbsp;Target US$2,700,000, up to US$4,000,000; minimum subscription US$50,000 (Issuer may waive) |
| &nbsp;&nbsp;**Escrow &<br> Minimum Raise** | &nbsp;&nbsp;Subscription proceeds to be held in trust by Endeavor Trust Corporation (the "Escrow Agent") pursuant to an escrow agreement and released on reaching a US$2,000,000 minimum within 45 days of opening; otherwise returned by the Escrow Agent without interest |
| &nbsp;&nbsp;**Use of Proceeds** | &nbsp;&nbsp;General corporate purposes |
| &nbsp;&nbsp;**Jurisdictions** | &nbsp;&nbsp;Canada, United States, and certain offshore jurisdictions where lawful and no local prospectus/registration is required |
| &nbsp;&nbsp;**Exemptions** | &nbsp;&nbsp;The Private Placement will be made in accordance with exemptions from registration and prospectus requirements including the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the "private issuer" exemption found in section 2.4 of National Instrument 45-106 *Prospectus Exemptions* ("**National Instrument 45-106**"); and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the "accredited investor" exemption found in section 2.3 of National Instrument 45-106 and for residents of Ontario as found in section 73.3(2) of the Ontario *Securities Act.*<br>With respect to U.S. Purchasers (defined below), the Private Placement will be made only to "accredited investors" that satisfy one of the criteria of an "accredited investor" found in section 2.4 of National Instrument 45-106 **<u>and</u>** one or more of the criteria set forth in Rule 501(a) of Regulation D under the 1933 Act, in reliance on the exemption from such registration requirements provided by Rule 506(b) of Regulation D under the 1933 Act and/or section 4(a)(2) under the 1933 Act. Purchasers are advised to consult with their own legal counsel or advisors to determine the resale restrictions that may be applicable to them. |
| &nbsp;&nbsp;**Lock-Up (U.S. Listing)** | &nbsp;&nbsp;6-month post-listing with staged releases at $7.50 (33%), $10.00 (66%), $15.00 (100%) upon 10-day/100k volume triggers; 3% daily volume cap. |
| &nbsp;&nbsp;**Resale / Legends** | &nbsp;&nbsp;Indefinite Canadian hold while non-reporting; U.S. 1933 Act restrictive legend; stop-transfer and removal via Rule 904 (Reg S) or Rule 144 if available (with opinion/broker letter as applicable) |
| &nbsp;&nbsp;**Finders** | &nbsp;&nbsp;The Issuer may pay a finder's fee in connection with the Private Placement, payable in cash or securities of the Issuer on terms to be negotiated. |
| &nbsp;&nbsp;**Conditions** | &nbsp;&nbsp;Execution of definitive subscription agreement and delivery of funds; Issuer acceptance |
| &nbsp;&nbsp;**Governing Law** | &nbsp;&nbsp;Province of British Columbia |
| &nbsp;&nbsp;**Closing** | &nbsp;&nbsp;One or more tranches on or about September [●], 2025 , at Issuer's discretion |

---

SCHEDULE "A"

## Exhibit 14.1

**Exhibit 14.1**

**NUCLEA ENERGY INC.**

**CODE OF CONDUCT AND ETHICS**

(Conditionally adopted by a board resolution dated April 4, 2026

with effect from the effective date of the

registration statement of the Company)

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| I. | Introduction | 1 |
| II. | Standards of Conduct | 1 |
| III. | Compliance with Laws, Rules and Regulations | 1 |
| IV. | Insider Trading | 2 |
| V. | Conflicts of Interest | 2 |
| VI. | No Loans to Executive Officers or Directors | 3 |
| VII. | Outside Directorships and Other Outside Activities | 3 |
| VIII. | Corporate Opportunities | 3 |
| IX. | Fair Dealing | 4 |
| X. | Customer Relationships | 4 |
| XI. | Supplier Relationships | 4 |
| XII. | Export Controls | 4 |
| XIII. | Gifts and Entertainment | 4 |
| XIV. | Government Business | 5 |
| XV. | Political Contributions | 5 |
| XVI. | Protection and Proper Use of Company Assets | 5 |
| XVII. | Use of Computers and Other Equipment | 5 |
| XVIII. | Use of Software | 6 |
| XIX. | Use of Electronic Communications | 6 |
| XX. | Confidentiality | 6 |
| XXI. | Recordkeeping | 6 |
| XXII. | Records on Legal Hold | 7 |
| XXIII. | Disclosure | 7 |
| XXIV. | Outside Communications | 7 |
| XXV. | Discrimination and Harassment | 8 |
| XXVI. | Health and Safety | 8 |
| XXVII. | Compliance Standards and Procedures | 8 |
| XXVIII. | General Compliance Guidelines | 10 |
| XXIX. | Amendment, Modification and Waiver | 10 |

---

-i-

**<u>I. Introduction</u>**

This Code of Conduct and Ethics (the "**Code**") summarizes the ethical standards and key policies that guide the business conduct of Nuclea Energy Inc. (the "**Company**").

The purpose of this Code is to promote ethical conduct and deter wrongdoing. The policies outlined in this Code are designed to ensure that the Company's employees, including its officers (collectively referred to herein as "**employees**"), and members of its board of directors ("**directors**") act in accordance with not only the letter but also the spirit of the laws and regulations that apply to the Company's business. The Company expects its employees and directors to exercise good judgment to uphold these standards in their day-to-day activities and to comply with all applicable policies and procedures in the course of their relationship with the Company.

Employees and directors are expected to read the policies set forth in this Code and ensure that they understand and comply with them. All employees and directors are required to abide by the Code. The Code should also be provided to and followed by the Company's agents and representatives, including consultants. The Code does not cover every issue that may arise, but it provides general guidelines for exercising good judgment. Employees and directors should refer to the Company's other policies and procedures for implementing the general principles set forth below. Any questions about the Code or the appropriate course of conduct in a particular situation should be directed to the Company's Chief Executive Officer, Chief Financial Officer, or General Counsel, as appropriate. Any violations of laws, rules, regulations or this Code should be reported immediately. The Company will not allow retaliation against an employee or director for such a report made in good faith. Employees and directors who violate this Code will be subject to disciplinary action.

Each employee and director must sign the acknowledgement form at the end of this Code and return the form to the Company's Chief Executive Officer indicating that he or she has received, read, understood and agreed to comply with the Code. The signed acknowledgment form will be placed in the individual's personnel file.

**<u>II. Standards of Conduct</u>**

The Company expects all employees and directors to act with the highest standards of honesty and ethical conduct. The Company considers honest conduct to be conduct that is free from fraud or deception and is characterized by integrity. The Company considers ethical conduct to be conduct conforming to accepted professional standards of conduct. Ethical conduct includes the ethical handling of actual or apparent conflicts of interest between personal and professional relationships, as discussed below.

**<u>III. Compliance With Laws, Rules And Regulations</u>**

Employees and directors must comply with all laws, rules and regulations applicable to the Company and its business, as well as applicable Company policies and procedures. Each employee and director must acquire appropriate knowledge of the legal requirements relating to his or her duties sufficient to enable him or her to recognize potential problems and to know when to seek advice from the Company's Chief Financial Officer or General Counsel. Violations of laws, rules and regulations may subject the violator to individual criminal or civil liability, as well as to discipline by the Company. These violations may also subject the Company to civil or criminal liability or the loss of business. Any questions as to the applicability of any law, rule or regulation should be directed to the Company's Chief Financial Officer or General Counsel.

**<u>IV. Insider Trading</u>**

The purpose of the Company's insider trading policy is to establish guidelines to ensure that all employees and directors comply with laws prohibiting insider trading. No employee or director in possession of material, non-public information may trade the Company's securities (or advise others to trade) from the time they obtain such information until after adequate public disclosure of the information has been made. Employees and directors who knowingly trade Company securities while in possession of material, non-public information or who tip information to others will be subject to appropriate disciplinary action up to and including termination. Insider trading is also a crime.

Employees and directors also may not trade in the shares of other companies about which they learn material, non-public information through the course of their employment or service with the Company.

Any questions as to whether information is material or has been adequately disclosed should be directed to the Company's Chief Financial Officer or General Counsel. Additional information regarding insider trading can be found in the Company's Insider Trading Policy.

**<u>V. Conflicts Of Interest</u>**

A "conflict of interest" occurs when a person's private interest interferes in any way – or even appears to interfere – with the interests of the Company as a whole.

A conflict situation can arise when an employee or director takes actions or has interests that may make it difficult to perform his or her Company work objectively and effectively. Conflicts of interest may also arise when an employee or director, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Company. Loans to, or guarantees of obligations of, such persons are of special concern.

Conflicts of interest are prohibited as a matter of Company policy. The mere existence of a relationship with outside firms is not automatically prohibited. Nonetheless, conflicts of interest may not always be clear, so if a question arises, higher levels of management or the Company's Audit Committee should be consulted. Any employee or director who becomes aware of a conflict or a potential conflict should bring it to the attention of a supervisor, manager or other appropriate persons within the Company.

In certain exceptional circumstances, a situation involving a conflict of interest may be permitted. See Section XXVIII regarding waivers of this Code.

**<u>VI. No Loans To Executive Officers Or Directors</u>**

It is the policy of the Company not to extend or maintain credit, to arrange for the extension of credit, or to renew an extension of credit, in the form of a personal loan to or for any director or executive officer of the Company. Any questions about whether a loan has been made to a director or executive officer in violation of this policy should be directed to the Company's Chief Executive Officer or Chief Financial Officer.

**<u>VII. Outside Directorships And Other Outside Activities</u>**

Although an employee's activities outside the Company are not necessarily a conflict of interest, a conflict could arise depending upon the employee's position with the Company and the Company's relationship with the other employer or activity. Outside activities may also be a conflict of interest if they cause, or are perceived to cause, an employee to choose between that interest and the interests of the Company.

An employee may not serve as a director, partner, employee of or consultant to, or otherwise work for or receive compensation for personal services from, any affiliate, customer, partner, supplier, distributor, reseller, licensee or competitor of the Company or any other business entity that does or seeks to do business with the Company. In certain exceptional circumstances, an executive officer may be permitted to serve as a director of such an entity (but in no circumstances will an employee be permitted to serve as a director of a competitor of the Company). See Section XXVIII regarding waivers of this Code. Serving in such a capacity for a company that is not an affiliate, customer, partner, supplier, distributor, reseller, licensee or competitor of the Company may be permitted, but such activities must be approved in advance by the employee's supervisor, the Chief Executive Officer and the Company's Chief Financial Officer.

Employees are encouraged to serve as a director, trustee or officer of non-profit organizations in their individual capacity and on their own time, but they must obtain prior approval from the Company's Chief Financial Officer to do so as a representative of the Company.

The guidelines in this Section VII are not applicable to directors that do not also serve in management positions within the Company.

**<u>VIII. Corporate Opportunities</u>**

Employees and directors are prohibited from:

● Personally taking for themselves opportunities that are discovered through the use of corporate property, information or position;

● Using corporate property, information or position for personal gain; and

● Competing with the Company.

In the interest of clarifying the definition of "Competing with the Company," if any member of the Board of Directors of the Company who is also a partner or employee of an entity that is a holder of the Company's Common Shares, or an employee of an entity that manages such an entity (each, a "Fund"), acquires knowledge of an opportunity of interest for both the Company and such Fund other than in connection with such individual's service as a member of the Board of Directors (including, if applicable, such board member acquiring such knowledge in such individual's capacity as a partner or employee of the Fund or the manager or general partner of a Fund), then, provided that such director has acted in good faith, such an event shall be deemed not to be "Competing with the Company" under this Section VIII.

Employees and directors owe a duty to the Company to advance its legitimate interests when the opportunity to do so in a legal and ethical manner arises.

**<u>IX. Fair Dealing</u>**

The Company seeks to excel while operating fairly and honestly, never through unethical or illegal business practices. Each employee and director should endeavor to deal fairly with the Company's customers, suppliers, competitors and employees. No employee or director should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair dealing practices.

**<u>X. Customer Relationships</u>**

Employees must act in a manner that creates value for the Company's customers and helps to build a relationship based upon trust. The Company and its employees have provided products and services for many years and have built up significant goodwill over that time. This goodwill is one of our most important assets, and Company employees must act to preserve and enhance the Company's reputation.

**<u>XI. Supplier Relationships</u>**

The Company's suppliers make significant contributions to the Company's success. To create an environment where the Company's suppliers have an incentive to work with the Company, suppliers must be confident that they will be treated lawfully and in an ethical manner. The Company's policy is to purchase supplies based on need, quality, service, price and terms and conditions. The Company's policy is to select significant suppliers or enter into significant supplier agreements though a competitive bid process where possible. In selecting suppliers, the Company does not discriminate on the basis of race, color, religion, sex, national origin, age, sexual preference, marital status, medical condition, veteran status, physical or mental disability, or any other characteristic protected by applicable law. A supplier to the Company is generally free to sell its products or services to any other party, including Company competitors. In some cases where the products or services have been designed, fabricated, or developed to the Company's specifications, the agreement between the parties may contain restrictions on sales.

**<u>XII. Export Controls</u>**

The Company requires compliance with laws and regulations governing export controls in both the United States and in the countries where the Company conducts its business. A number of countries maintain controls on the destinations to which products may be exported. Some of the strictest export controls are maintained by the United States against countries that the U.S. government considers unfriendly or as supporting international terrorism. The U.S. regulations are complex and apply both to exports from the United States and to exports of products from other countries, when those products contain U.S.-origin components or technology. In some circumstances, an oral presentation containing technical data made to foreign nationals in the United States may constitute an export subject to control. Any questions about export control laws and regulations should be directed to the General Counsel.

**<u>XIII. Gifts And Entertainment</u>**

Business gifts and entertainment are designed to build goodwill and sound working relationships among business partners. A problem may arise if:

● The receipt by one of our employees of a gift or entertainment would compromise, or could reasonably be viewed as compromising, that person's ability to make objective and fair business decisions on behalf of the Company; or

● The offering by one of our employees of a gift or entertainment would appear to be an attempt to obtain business through improper means or to gain any special advantage in our business relationships, or could reasonably be viewed as such an attempt.

Employees must use good judgment and ensure there is no violation of these principles. No gift or entertainment should be given or accepted by any Company employee, family member of an employee or agent unless it: (1) is not a cash gift, (2) is consistent with customary business practices, (3) is not excessive in value, (4) cannot be construed as a bribe or payoff, (5) does not violate any laws or regulations and (6) is not one of a series of small gifts or entertainments that can be construed as part of a larger, expensive gift. Any questions about whether any gifts or proposed gifts are appropriate should be directed to the Company's Chief Financial Officer.

**<u>XIV</u>. <u>Government Business</u>**

Employees should understand that special requirements might apply when contracting with any governmental body (including national, state, provincial, municipal, or other similar governmental divisions on local jurisdictions). Because government officials are obligated to follow specific codes of conduct and laws, special care must be taken in government procurement. Some key requirements for doing business with government are:

● Accurately representing which Company products are covered by government contracts;

● Not improperly soliciting or obtaining confidential information, such as sealed competitors' bids, from government officials prior to the award of a contract; and

● Hiring present and former government personnel may only occur in compliance with applicable laws and regulations (as well as consulting the Company's Chief Financial Officer or General Counsel and the Chief Executive Officer).

When dealing with public officials, employees and directors must avoid any activity that is or appears illegal or unethical. Promising, offering or giving of favors, gratuities or gifts, including meals, entertainment, transportation, and lodging, to government officials in the various branches of U.S. government, as well as state and local governments, is restricted by law. Employees and directors must obtain pre-approval from the Company's Chief Executive Officer or Chief Financial Officer, as appropriate, before providing anything of value to a government official or employee. The foregoing does not apply to lawful personal political contributions.

In addition, the U.S. Foreign Corrupt Practices Act prohibits giving anything of value, directly or indirectly, to officials of foreign governments or foreign political candidates in order to obtain or retain business. Illegal payments to government officials of any country are strictly prohibited.

**<u>XV. Political Contributions</u>**

It is the Company's policy to comply fully with all local, state, federal, foreign and other applicable laws, rules and regulations regarding political contributions. The Company's funds or assets must not be used for, or be contributed to, political campaigns or political practices under any circumstances without the prior written approval of the Company's Chief Financial Officer and, if required, the Company's Board of Directors.

**<u>XVI. Protection And Proper Use Of Company Assets</u>**

Theft, carelessness and waste have a direct impact on the Company's profitability. Employees and directors should protect the Company's assets and ensure their efficient use. All Company assets should be used for legitimate business purposes.

Company assets include intellectual property such as patents, trademarks, copyrights, business and marketing plans, engineering and manufacturing ideas, designs, salary information and any unpublished financial data and reports. Unauthorized use or distribution of this information is a violation of Company policy.

**<u>XVII. Use Of Computers And Other Equipment</u>**

The Company strives to furnish employees with the equipment necessary to efficiently and effectively perform their jobs. Employees must care for that equipment and use it responsibly and only for Company business purposes. If employees use Company equipment at their home or off site, precautions must be taken to protect such Company equipment from theft or damage. Employees must immediately return all Company equipment when their employment relationship with the Company ends. While computers and other electronic devices are made accessible to employees to assist them to perform their jobs and to promote our interests, all such computers and electronic devices, whether used entirely or partially on the Company's premises or with the aid of the Company's equipment or resources, must remain fully accessible to the Company and will remain the sole and exclusive property of the Company.

Employees should not maintain any expectation of privacy with respect to any electronic communications made using Company equipment. To the extent permitted by applicable law, the Company retains the right to gain access to any such information, at any time, with or without your knowledge, consent or approval.

**<u>XVIII. Use Of Software</u>**

All software used by employees to conduct Company business must be appropriately licensed. Employees should never make or use illegal or unauthorized copies of any software, whether in the office, at home, or on the road, since doing so may constitute copyright infringement and may expose the employee and the Company to potential civil and criminal liability. The Company's information technology department will inspect Company computers periodically to verify that only approved and licensed software has been installed. Any non-licensed/supported software will be removed.

**<u>XIX. Use Of Electronic Communications</u>**

Employees must use electronic communication devices in a legal, ethical, and appropriate manner. Electronic communications devices include computers, e-mail, connections to the Internet, intranet and extranet and any other public or private networks, voice mail, video conferencing, facsimiles, telephones or future types of electronic communication. Employees may not post or discuss information concerning Company products or business on the Internet without the prior written consent of the Company's Chief Executive Officer or Chief Financial Officer. It is not possible to identify every standard and rule applicable to the use of electronic communications devices. Employees are therefore encouraged to use sound judgment whenever using any feature of the Company's communications systems.

**<u>XX. Confidentiality</u>**

Employees and directors should maintain the confidentiality of information entrusted to them by the Company or its affiliates, customers, partners, distributors and suppliers, except when disclosure is specifically authorized by the Company's Chief Executive Officer or Chief Financial Officer or required by law.

Confidential information includes all non-public information that might be of use to competitors, or harmful to the Company or its affiliates, customers, partners, distributors and suppliers if disclosed. Any questions about whether information is confidential should be directed to the Company's Chief Executive Officer, Chief Financial Officer or General Counsel.

**<u>XXI . Recordkeeping</u>**

All of the Company's books, records, accounts and financial statements must be maintained in reasonable detail, must appropriately reflect the transactions and matters to which they relate and must conform both to applicable legal requirements and to the Company's system of internal controls. All assets of the Company must be carefully and properly accounted for. The making of false or misleading records or documentation is strictly prohibited. Unrecorded funds or assets should not be maintained.

The Company complies with all laws and regulations regarding the preservation of records. Records should be retained or destroyed only in accordance with the Company's document retention policies. Any questions about these policies should be directed to the Company's Chief Financial Officer or General Counsel, as appropriate.

**<u>XXII. Records On Legal Hold</u>**

A legal hold suspends all document destruction procedures in order to preserve appropriate records under special circumstances, such as litigation or government investigations. The General Counsel determines and identifies what types of Company records or documents are required to be placed under a legal hold and will notify employees if a legal hold is placed on records for which they are responsible. Employees must not destroy, alter or modify records or supporting documents that have been placed under a legal hold under any circumstances. A legal hold remains effective until it is officially released in writing by the General Counsel. If an employee is unsure whether a document has been placed under a legal hold, such employee should preserve and protect that document while the Legal Department is contacted.

**<u>XXIII. Disclosure</u>**

The information in the Company's public communications, including filings with the Securities and Exchange Commission, must be full, fair, accurate, timely and understandable. All employees and directors are responsible for acting in furtherance of this policy. In particular, each employee and director is responsible for complying with the Company's disclosure controls and procedures and internal controls for financial reporting. Any questions concerning the Company's disclosure controls and procedures and internal controls for financial reporting should be directed to the Company's Chief Executive Officer, Chief Financial Officer or General Counsel, as appropriate.

Anyone that believes that questionable accounting or auditing conduct or practices have occurred or are occurring should report it immediately to the Company's Chief Executive Officer, Chief Financial Officer or General Counsel, as appropriate.

**<u>XXIV. Outside Communications</u>**

The Company has established specific policies regarding who may communicate information to the public, the press and the financial analyst communities:

● The Company's Chief Executive Officer, Chief Financial Officer and investor relations personnel are official spokespeople for financial matters.

● The Company's corporate communications personnel are official spokespeople for public comment, press, marketing, technical and other such information.

● All communications made to public audiences, including formal communications and presentations made to investors, customers or the press, require prior approval in accordance with the Company's established policies for such communications, including review by investor relations or corporate communications personnel, as applicable, with final review by the Company's Chief Executive Officer or Chief Financial Officer, who will ensure that all necessary review is undertaken.

These designees are the only people who may communicate externally on behalf of the Company. Employees and directors should refer all inquiries or calls from the press, from shareholders or from financial analysts to the investor relations department or the Company's Chief Financial Officer, who will see that the inquiry is directed to the appropriate authority within the Company.

Employees and directors may not publish or make public statements outside the scope of employment with or service to the Company that might be perceived or construed as attributable to the Company without preapproval from the Company's Chief Executive Officer or Chief Financial Officer, as appropriate. Any such statement must include the Company's standard disclaimer that the publication or statement represents the views of the specific author and not of the Company.

**<u>XXV. Discrimination And Harassment</u>**

The diversity of the Company's employees is a tremendous asset. We are firmly committed to providing equal opportunity in all aspects of employment and will not tolerate any illegal discrimination or harassment of any kind. Examples include derogatory comments based on racial or ethnic characteristics and unwelcome sexual advances.

**<u>XXVI. Health And Safety</u>**

The Company strives to provide each employee with a safe and healthy work environment. Each employee has responsibility for maintaining a safe and healthy workplace for all employees by following safety and health rules and practices and reporting accidents, injuries and unsafe equipment, practices or conditions.

Violence and threatening behavior are not permitted. Employees should report to work in condition to perform their duties, free from the influence of illegal drugs or alcohol. The use or possession of illegal drugs in the workplace will not be tolerated.

**<u>XXVII. Compliance Standards And Procedures</u>**

No code of conduct and ethics can replace the thoughtful behavior of an ethical employee or director or provide definitive answers to all questions. Since the Company cannot anticipate every potential situation, certain policies and procedures have been put in place to help employees and directors approach questions or problems as they arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Designated Ethics Officer**

The Company's Chief Financial Officer has been designated as the Company's Ethics Officer with responsibility for overseeing and monitoring compliance with the Code. The Ethics Officer reports directly to the Chief Executive Officer with respect to these matters and also will make periodic reports to the Company's Audit Committee regarding the implementation and effectiveness of this Code as well as the policies and procedures put in place to ensure compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Seeking Guidance**

Employees and directors are encouraged to seek guidance from supervisors, managers or other appropriate personnel when in doubt about the best course of action to take in a particular situation. In most instances, questions regarding the Code should be brought to the attention of the Company's Chief Executive Officer, General Counsel or Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Reporting Violations**

If an employee or director knows of or suspects a violation of the Code, or of applicable laws and regulations, he or she must report it immediately to the Company's Chief Executive Officer, Chief Financial Officer or General Counsel, as appropriate. If the situation warrants or requires it, the reporting person's identity will be kept anonymous to the extent legally permitted and practical.

Anyone that believes that questionable accounting or auditing conduct or practices have occurred or are occurring should report it immediately to the Company's Chief Executive Officer, Chief Financial Officer or General Counsel, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. No Retaliation**

Any employee or director who observes possible unethical or illegal conduct is encouraged to report his or her concerns. Reprisal, threats, retribution or retaliation against any person who has in good faith reported a violation or suspected violation of law, this Code or other Company policies, or against any person who is assisting in any investigation or process with respect to such a violation, is prohibited.

Any employees involved in retaliation will be subject to serious disciplinary action by the Company. Furthermore, the Company could be subject to criminal or civil actions for acts of retaliation against employees who "blow the whistle" on U.S. federal securities law violations and other federal offenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Investigations**

Reported violations will be promptly investigated. The Board of Directors or its designated committee will be responsible for investigating violations and determining appropriate disciplinary action for matters involving members of the Board of Directors or executive officers. The Board of Directors or its designated committee may designate others to conduct or manage investigations on its behalf and recommend disciplinary action. Subject to the general authority of the Board of Directors to administer this Code, the Chief Financial Officer and the General Counsel will be jointly responsible for investigating violations (including the initiating of any such investigation) and determining appropriate disciplinary action for other employees, agents and contractors. The Chief Financial Officer and the General Counsel may designate others to conduct or manage investigations on their behalf and recommend disciplinary action. The Board of Directors reserves the right to investigate violations and determine appropriate disciplinary action on its own or to designate others to do so in place of, or in addition to, the Chief Financial Officer and the General Counsel. It is imperative that the person reporting the violation not conduct an investigation on his or her own. However, employees and directors are expected to cooperate fully with any investigation made by the Company into reported violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Discipline/Penalties**

Employees and directors who violate the laws or regulations governing the Company's business, this Code, or any other Company policy, procedure or requirement may be subject to disciplinary action, up to and including termination. Employees and directors who have knowledge of a violation and fail to move promptly to report or correct it, or who direct or approve violations, may also be subject to disciplinary action, up to and including termination.

Furthermore, violations of some provisions of this Code are illegal and may subject the employee or director to civil and criminal liability.

**<u>XXVIII</u>. <u>General Compliance Guidelines</u>**

We must all work to ensure prompt and consistent action against violations of this Code. However, in some situations it is difficult to know if a violation has occurred. Since we cannot anticipate every situation that will arise, it is important that we have a way to approach a new question or problem. These are the steps to keep in mind:

● Make sure you have all the facts possible. To reach the right solutions, we must be as fully informed as possible.

● Ask yourself: What specifically am I being asked to do? Does it seem unethical or improper? This will enable you to focus on the specific question you are faced with, and the alternatives you have. Use your judgment and common sense; if something seems unethical or improper, follow up on it.

● Clarify your responsibility and role. In most situations, there is shared responsibility. Are your colleagues informed? It may help to get others involved and discuss the problem.

● Discuss the problem with your manager. This is the basic guidance for all situations. In many cases, your manager will be more knowledgeable about the question, and will appreciate being brought into the decision-making process. Remember that it is your manager's responsibility to help solve problems.

● Seek help from Company resources. If you do not feel comfortable approaching your manager with your question, discuss it with the Chief Executive Officer.

● You may report ethical violations in confidence and without fear of retaliation. If you find yourself in a situation that requires that your identity be kept confidential, your anonymity will be protected to the extent possible. The Company does not permit retaliation of any kind against employees for good faith reports of ethical violations.

● Always ask first, act later when confronted with an ethical issue: If you are unsure of what to do in any situation, seek guidance before you act.

**<u>XXIX</u>. <u>Amendment, Modification And Waiver</u>**

This Code may be amended or modified by the Board of Directors or a committee of the Board of Directors.

Any amendment or waiver of this Code for a director, executive officer or any financial or accounting officer at the level of the principal accounting officer or controller or above, may be made only by the Board of Directors, and must be promptly disclosed to shareholders if and as required by applicable law or the rules of the securities exchange(s) on which the Company's securities are listed. Waivers with respect to other employees or applicable contractors may be made only by the Company's Chief Executive Officer. Any waiver of this Code with respect to a conflict of interest transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated under the Securities Act of 1933, as amended, must be approved in advance by the Company's Audit Committee.

\* \* \* \* \*

## Exhibit 21.1

**Exhibit 21.1**

**List of Subsidiaries of the Registrant**

---

| | |
|:---|:---|
| **Subsidiaries** | **Place of Incorporation** |
| Nuclea Energy Canada Inc. | Canada |
| Nuclea Energy USA Inc. | USA |

---

## 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, 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 10, 2026

## Exhibit 99.1

**Exhibit 99.1**

**NUCLEA ENERGY INC.**

**AUDIT COMMITTEE CHARTER**

**(THE "CHARTER")**

**1.** **PURPOSE** 

The purpose of the Audit Committee (the "Committee") of the Board of Directors (the "Board") of Nuclea Energy Inc. (the "Corporation") is to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) assist the Board in fulfilling its responsibility to oversee the Corporation's accounting and financial
reporting processes and audits of the Corporation's financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) review the Corporation's financial reports and other financial information, disclosure controls
and procedures and internal accounting and financial controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) review the Corporation's financial statements, management's discussion and analysis and annual
and interim profit or loss press releases before public release;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) serve as an independent and objective party to monitor the Corporation's financial reporting processes
and internal control systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) recommend to the Board the appointment of the external auditors, to be approved by the shareholders, compensation,
and retention (and where appropriate, replacement) of the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) oversee the work of the external auditor in preparing or issuing an audit report or related work, monitor
the independence of the external auditor and pre-approve all auditing services and permitted non-audit services provided by the external
auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) receive direct reports from the external auditor and resolve any disagreements between management and
the external auditor regarding financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) review the Corporation's hiring policies regarding partners, employees and former partners and employees
of the present and former external auditor of the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) carry out the specific responsibilities set forth below in furtherance of this stated purpose.

**2.** **COMPOSITION AND TERM** 

Committee members shall be appointed by the Board, and shall serve at the pleasure of the Board. Any member of the Committee may be removed or replaced at any time by the Board and shall, in any event, cease to be a member of the Committee upon ceasing to be a member of the Board. The Board shall designate one member as chair of the Committee (the "Chair").

The Committee shall be comprised of three or more directors, each of whom shall be "independent" and "financially literate", as required by and defined in National Instrument 52-110, Audit Committees, the rules and regulations of the U.S. Securities and Exchange Commission, and the applicable rules of any stock exchange upon which the Corporation's securities are listed (collectively, the "Applicable Rules"), subject to any exceptions permitted under the Applicable Rules.

**3.** **DUTIES AND RESPONSIBILITIES** 

***Disclosure Controls and Procedures***

The Committee shall review periodically with management the Corporation's disclosure controls and procedures.

***Internal Controls***

The Committee shall discuss periodically with management and the external auditor the quality and adequacy of the Corporation's internal controls and internal auditing procedures, if any, including any significant deficiencies in the design or operation of those controls which could adversely affect the Corporation's ability to record, process, summarize and report financial data and any fraud, whether or not material, that involves management or other employees who have a significant role in the Corporation's internal controls. The Committee shall also discuss with the external auditor how the Corporation's financial systems and controls compare with industry practices.

***Accounting Policies***

The Committee shall review periodically with management and the external auditor the quality, as well as acceptability, of the Corporation's accounting policies, and discuss with the external auditor how the Corporation's accounting policies compare with those in the industry. The Committee shall discuss with the external auditors the quality and not just the acceptability of the Corporation's accounting principles, including all critical accounting policies and estimates used, any alternate treatment of financial information that have been discussed with management, the ramifications of use of such alternative classifications, recognitions, derecognitions, measurements, presentations and disclosures and treatments and the auditor's preferred treatment, as well as any other material communications with management.

***Pre-approval of All Audit Services and Permitted Non-Audit Services***

The Committee shall approve, in advance, all audit services and all permitted non-audit services to be provided to the Corporation by the external auditor; provided that any non-audit services performed pursuant to an exception to the pre-approval requirement permitted by applicable securities regulators shall not be deemed unauthorized and as permitted under the rules of professional conduct of the Chartered Professional Accountants of Ontario.

***Annual Audit***

In connection with the annual audit of the Corporation's financial statements, the Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) request from the external auditor a formal written statement delineating all relationships between the
external auditor and the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) discuss with the external auditor any disclosed relationships and their impact on the external auditor's
objectivity and independence, and take appropriate action to oversee the independence of the external auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) approve the selection, and the terms of the engagement, of the external auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) review with management and the external auditor the audited financial statements to be filed on the System
for Electronic Document Analysis and Retrieval ("SEDAR+") and the SEC's EDGAR system, and review and consider with the
external auditor the matters required to be discussed under applicable statements of auditing standards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) review with the Corporation's counsel, external auditors and management any legal or regulatory
matter that could have a significant impact on the Corporation's financial statements.

***Complaints***

Any issue of significant financial misconduct shall be brought to the attention of the Committee for its consideration. In this regard, the Committee shall establish and maintain procedures for (i) the receipt, retention and treatment of complaints received by the Corporation regarding accounting, internal accounting controls or auditing matters, and (ii) the confidential, anonymous submission by employees of the Corporation of concerns regarding questionable accounting or auditing matters.

***Authority to Engage Advisors***

The Committee shall have the authority to engage, at the expense of the Corporation, such outside advisors as it determines necessary or advisable to carry out its duties, including legal, financial, tax, technical and accounting advisors, and establish the compensation of such advisors.

## Exhibit 99.2

**Exhibit 99.2**

**NUCLEA ENERGY INC.**

**COMPENSATION COMMITTEE CHARTER**

**(THE "CHARTER")**

**1.** **PURPOSE** 

The purpose of the Compensation Committee (the "Committee") of the Board of Directors (the "Board") of Nuclea Energy Inc. (the "Corporation") is to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) oversee the development and regular assessment of the Corporation's compensation structure for directors
and members of senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) review the recommendations of the Chief Executive Officer ("CEO") in determining whether to
make a recommendation to the Board or recommend any further changes to compensation for the executives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) annually review and make recommendations to the Board regarding the compensation for the CEO.

**2.** **COMPOSITION AND TERM** 

Committee members shall be appointed by the Board, and shall serve at the pleasure of the Board. The members of the Committee shall have a general familiarity with executive compensation matters or other appropriate post-secondary education and professional training as a lawyer, professional accountant or other relevant professional qualifications. Any member of the Committee may be removed or replaced at any time by the Board and shall, in any event, cease to be a member of the Committee upon ceasing to be a member of the Board. The Board shall designate one member as chair of the Committee (the "Chair").

The Committee shall be comprised of three or more directors, each of whom shall be "independent" as defined in National Instrument 52-110, Audit Committees, the rules and regulations of the U.S. Securities and Exchange Commission, and the applicable rules of any stock exchange upon which the Corporation's securities are listed.

**3.** **MANDATE AND RESPONSIBILITIES** 

The Committee's role is to establish, review and oversee the compensation policies of the Corporation and compensation of the named executive officers, in consultation with the CEO. In performance of its duties, the Committee will be guided by the following principles: (i) offering competitive compensation to attract, retain and motivate qualified executives in order for the Corporation to meet its goals; (ii) aligning the interests of the Board and other senior management members with the Corporation's shareholders; and (iii) acting in the interests of the Corporation and its shareholders by being fiscally responsible.

The mandate and responsibilities of the Committee are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to compensation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) review the compensation structure and policies in respect of senior management and may recommend any changes
to such structure and policies to the Board for consideration, on an annual basis, having regard to:

&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) competitive position;

&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) individual performance; and

&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) a review of the remuneration practices of peers in the same industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) seek and consider the CEO's recommendations for compensation of the other members of senior management
and may recommend any changes to such compensation to the Board for consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) review the Corporation's incentive compensation and other equity-based plans and recommend changes
to such plans to the Board when necessary, and exercise all authority of the Board with respect to the administration of such plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) annually review directors' compensation and may recommend any changes to the Board for consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Ensure the Corporation's compensation policies for directors and senior management:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) properly reflect their respective duties and responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) are competitive in attracting, retaining and motivating qualified candidates for such roles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) align the interests of the directors and senior management with that of shareholders and the Corporation
as a whole; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) are based on established corporate and individual performance goals and objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Review and recommend to the Board for approval any senior management employment contracts including offers
of employment, retiring allowance agreements or any agreement to take effect in the event of termination or change in control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Review and recommend to the Board for its approval the remuneration of the members of the Board (whether
in cash or otherwise) who are not employees of the Corporation and amounts to which each such director shall be entitled for each meeting
of the Board or a committee thereof attended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Administer the Corporation's equity-based compensation plans and other long term incentive plans
(subject to the approval of the Board and, as applicable, any necessary shareholder or regulatory approval), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determining those directors, officers, employees and consultants of the Corporation and its affiliates
who may participate in such plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) determining the number of shares, options or other securities or performance awards of the Corporation
allocated to each participant under such plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) determining the time or times when such shares, options or other securities or performance awards will
vest for each participant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reviewing and approving all matters relating to any equity-based compensation plan or other long term
incentive plan and any employee bonus plan to which the Committee has been delegated authority pursuant to the terms of such plans or
any resolutions passed by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Review and approve, prior to public disclosure, executive compensation disclosure by the Corporation (including
any Statement of Executive Compensation in a management information circular).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Consider the implications of the risks associated with the Corporation's compensation policies and
practices.

**4.** **MEETINGS AND PROCEDURES** 

4.1 **Meetings.** The time at which and the place where the meetings of the Committee shall be held, the
calling of meetings and the procedure at such meetings shall be determined by the Chair. The Committee shall meet as many times as it
considers necessary to carry out its responsibilities effectively.

4.2 **Quorum.** Unless otherwise determined by the Committee, two or more members of the Committee shall
constitute a quorum.

4.3 **Attendance.** The Committee may invite such officers, directors or employees of the Corporation,
human resources, compensation or legal advisors, or other persons as it sees fit, from time to time, to attend at meetings of the Committee
and to assist in the discussion of matters being considered by the Committee.

4.4 **Chair.** The Chair shall preside at all meetings of the Committee. In the Chair's absence,
or if the position is vacant, the Committee may select another member as Chair. The Chair will have the right to exercise all powers of
the Committee between meetings but will attempt to involve all other members as appropriate prior to the exercise of any powers and will,
in any event, advise all other members of any decisions made or powers exercised. In case of an equality of votes on any matter voted
on by the Committee, the Chair shall have a second, casting vote.

4.5 **Decisions.** Decisions of the Committee shall be evidenced by resolutions passed at meetings of the
Committee and recorded in the minutes of such meetings or by an instrument in writing signed by all of the members of the Committee.

4.6 **Secretary and Minutes.** The Chair shall appoint a secretary for each meeting to keep minutes of
such meeting. The minutes of the Committee will be in writing and duly entered into the books of the Corporation. The minutes of the Committee
will be circulated to all members of the Board, redacted as may be determined necessary by the Chair to remove any sensitive personnel
information not otherwise material to the Board.

4.7 **Authority to Engage Advisors.** The Committee shall have the authority to engage, at the expense
of the Corporation, such outside advisors as it determines necessary or advisable to carry out its duties, including human resources,
compensation and legal advisors, and establish the compensation of such advisors.

4.8 **Reporting to the Board.** The Committee shall report to the Board on such matters and questions relating
to the mandate and activities of the Committee as the Committee may deem appropriate or as the Board may from time to time request or
refer to the Committee.

**5.** **RESOURCES AND AUTHORITY** 

The Committee is granted the authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) investigate any matter brought to its attention with full access to all books, records, facilities and
personnel of the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) engage independent legal or other advisors to obtain such advice and assistance as the Committee determines
necessary to carry out its duties and set and pay the compensation for any advisors so engaged.

The Committee may request any officer or employee of the Corporation or the Corporation's counsel or other advisors to attend a meeting of the Committee or to meet with any member of, or consultants to, the Committee.

The Corporation shall provide the Committee all appropriate funding, as determined by the Committee, for payment of compensation to any such advisors, as well as for any ordinary administrative expenses of the Committee that it determines are necessary or appropriate in carrying out its responsibilities.

**This Charter is not intended to give rise to civil liability on the part of the Corporation or its directors or officers to shareholders, other security holders, customers, suppliers, competitors, employees or other persons or to any other liability whatsoever on their part.**

**Effective Date:** April 4, 2026.

## Exhibit 99.3

**Exhibit 99.3**

**NUCLEA ENERGY INC.**

**NOMINATING AND CORPORATE GOVERNANCE COMMITTEE CHARTER**

**(THE "CHARTER")**

**1.** **INTRODUCTION** 

1.1 This charter is the charter (the "Nominating and Corporate Governance Committee Charter")
of the nominating and corporate governance committee (the "Nominating and Corporate Governance Committee") of the board of
directors (the "Board") of Nuclea Energy Inc. (the "Company").

1.2 This Nominating and Corporate Governance Committee Charter was adopted by the Board on April 4, 2026 and
is effective as from April 4, 2026 and shall remain in full force and effect until amended or terminated (in whole or in part).

**2.** **ROLE AND RESPONSIBILITIES** 

2.1 Without prejudice to this Charter, the Nominating and Corporate Governance Committee advises the Board
in relation to its responsibilities and shall prepare resolutions of the Board in relation thereto. The Board shall remain collectively
responsible for decisions prepared by the Nominating and Corporate Governance Committee.

2.2 The Nominating and Corporate Governance Committee shall in any event focus on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) monitoring and assessing that the Company pays attention to sustainability, environmental, social, corporate
governance and other human capital matters in setting the Company's general strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) drawing up selection criteria and appointment procedures for Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) periodically assessing the size and composition of the Board, and making a proposal for the needs of the
Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) periodically assessing the functioning of individual Directors and the Board as a whole, and reporting
on this to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) drawing up a plan for the succession of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) making proposals for appointments and reappointments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) supervising the policy of the Board on the selection criteria and appointment procedures and evaluation
for senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) assessing the entering into transactions by the Company or any of its subsidiaries with a third company
of which a Director of the Company is a management board member or controlling shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) making recommendations to the Board regarding the independence of the independent directors and/or members
of the Nominating and Corporate Governance Committee within the meaning of applicable securities laws.

2.3 The Board shall receive a report from the Nominating and Corporate Governance Committee of their deliberations
and findings.

2.4 Every Board member shall have unrestricted access to all records of the Nominating and Corporate Governance
Committee.

**3.** **COMPOSITION AND SIZE OF THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE** 

3.1 The Nominating and Corporate Governance Committee shall consist of at least three (3) members. More than
half of the members of the Nominating and Corporate Governance Committee shall be independent within the meaning of applicable securities
laws. Furthermore, all of the members of the Nominating and Corporate Governance Committee must be independent as determined by the rules
and regulations of the NYSE or such other national securities exchange on which the Company's equity securities may be listed.

3.2 All Nominating and Corporate Governance Committee members must be independent directors.

3.3 The Board shall appoint the Nominating and Corporate Governance Committee members. The Board may substitute
the members of the Nominating and Corporate Governance Committee at any time provided they meet the independence requirements described
above.

3.4 The chairperson of the Nominating and Corporate Governance Committee shall be designated by the Board.

3.5 Generally, the term of office of a member of the Nominating and Corporate Governance Committee will not
be set in advance. It will *inter alia* depend on the composition of the Board as a whole and the other Committees from time to time.

3.6 The composition of the Nominating and Corporate Governance Committee shall be mentioned in the Company's
annual corporate governance disclosure.

3.7 The Company Secretary shall act as the secretary to the Nominating and Corporate Governance Committee.

3.8 No member of the Nominating and Corporate Governance Committee may receive, directly or indirectly, any
compensation from the Company other than compensation paid to independent directors for service on the Board or a Committee thereof. For
the avoidance of doubt, the compensation may be awarded in the form of shares and/or rights to acquire shares in the capital of the Company.

3.9 The chairperson of the Nominating and Corporate Governance Committee or one of the other Nominating and
Corporate Governance Committee members shall use its best efforts to be available to answer questions about the Nominating and Corporate
Governance Committee's activities at the annual General Meeting.

**4.** **MEETINGS OF THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE** 

4.1 The Nominating and Corporate Governance Committee shall hold at least one (1) meeting per year and whenever
one or more of its members have requested a meeting. The meetings shall generally be held at the office of the Company, but may also take
place elsewhere or by means of a conference call, video-conference, or similar communications equipment provided that all members of the
Nominating and Corporate Governance Committee participating in the meeting can hear each other and none of them has objected to this way
of decision-making.

4.2 An attendance register shall be kept and signed by the Company Secretary, or in his absence or inability
to act, by a person designated by the chairperson of the meeting, and shall include the names of the members who attended the meeting
in person and, if applicable, the names of the members who participated in such meeting by conference call, video conference or by any
other means of communication.

4.3 The convocation notices of a Nominating and Corporate Governance Committee meeting shall be given in writing,
at such time that all the members of the Nominating and Corporate Governance Committee are given opportunity to participate in and prepare
themselves for the meeting. Any notice of the Nominating and Corporate Governance Committee meeting shall contain the agenda for the meeting.
The agenda stating the matters for decision, shall be drawn up by the chairperson of the Nominating and Corporate Governance Committee.
The other information and decision material for the meeting shall be circulated as soon as possible, but in any case no later than two
business days before the meeting.

4.4 Resolutions of the Nominating and Corporate Governance Committee shall require a simple majority of the
votes cast in a meeting in which a majority of the members of the Nominating and Corporate Governance Committee is present. In lieu of
meetings, actions may be taken by unanimous written consent of the members.

4.5 The Company Secretary shall take minutes of the meeting. If the Company Secretary is not present at the
meeting, the meeting may designate another secretary. The minutes shall be adopted in the same meeting or in a next meeting of the Nominating
and Corporate Governance Committee, and shall be signed by the chairperson and the secretary of the meeting. A copy of the minutes will
be sent to the Board.

4.6 If and when required, the chairperson of the Nominating and Corporate Governance Committee shall provide
further information to the Board during its meetings on the results of the Nominating and Corporate Governance Committee's discussions.

4.7 The number of meetings of the Nominating and Corporate Governance Committee and the main items discussed
shall be mentioned in the Company's annual corporate governance disclosure.

**5.** **OUTSIDE ADVISORS** 

The Nominating and Corporate Governance Committee shall have the authority, in its sole discretion, to select, retain and obtain the advice of a director search firm as necessary to assist with the execution of its duties and responsibilities as set forth in this Nominating and Corporate Governance Committee Charter. The Nominating and Corporate Governance Committee shall set the compensation and oversee the work of the executive search firm. The Nominating and Corporate Governance Committee shall also have the authority, in its sole discretion, to retain and obtain the advice and assistance of outside counsel, an executive search firm and such other advisors as it deems necessary to fulfil its duties and responsibilities under this Nominating and Corporate Governance Committee Charter. The Nominating and Corporate Governance Committee shall set the compensation and oversee the work of its outside counsel, the executive search firm and any other advisors. The Nominating and Corporate Governance Committee shall receive appropriate funding from the Company, as determined by the Nominating and Corporate Governance Committee in its capacity as a committee of the Board, for the payment of compensation to its search consultants, outside counsel and any other advisors.

**6.** **CONFIDENTIALITY** 

Each member of the Nominating and Corporate Governance Committee shall treat all information and documents obtained within the framework of their position as member of the Nominating and Corporate Governance Committee with the necessary discretion and, in the case of classified information, with the appropriate secrecy. Classified information shall not be disclosed outside the Nominating and Corporate Governance Committee, made public or otherwise made available to third parties, even after resignation of the Nominating and Corporate Governance Committee, unless it has been made public by the Company or it has been established that the information is already in the public domain.

**7.** **NON-COMPLIANCE AND AMENDMENT** 

7.1 The Board may amend this Nominating and Corporate Governance Committee Charter and/or revoke any powers
granted by it to the Nominating and Corporate Governance Committee.

7.2 If one or more provisions of this Nominating and Corporate Governance Committee Charter are or become
invalid, this shall not affect the validity of the remaining provisions. The Board may replace the invalid provisions by provisions, which
are valid, and the effect of which, given the contents and purpose of this Nominating and Corporate Governance Committee Charter is, to
the greatest extent possible, similar to that of the invalid provisions.

**8.** **WEBSITE** 

This Nominating and Corporate Governance Committee Charter, and any amendments thereto, shall be published on the Company's website.

## Exhibit 99.4

**Exhibit 99.4**

**CONSENT OF SUBHASH PALURU**

Nuclea Energy Inc. (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

Dated: March 25, 2026

---

| | |
|:---|:---|
| By*:* | *Subhash Paluru* |
|  | **Subhash Paluru** |

---

## Exhibit 99.5

**Exhibit 99.5**

**CONSENT OF John McVey**

Nuclea Energy Inc. (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

Dated: March 13, 2026

---

| | |
|:---|:---|
| By*:* | *John McVey* |
|  | **John McVey** |

---

## Exhibit 99.6

**Exhibit 99.6**

**CONSENT OF MAGALY BIANCHINI**

Nuclea Energy Inc. (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

Dated: March 13, 2026

By*:* <u>*Magaly Bianchini*</u> <br> Magaly Bianchini

## Exhibit 99.7

**Exhibit 99.7**

**CONSENT OF GEORGE KOVALYOV**

Nuclea Energy Inc. (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

Dated: March 25, 2026

---

| | |
|:---|:---|
| By*:* | *Geroge Kovalyov* |
|  | **Geroge Kovalyov** |

---

## 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) | 5555556 | $10.00 | $55555560.00 | 0.0001381 | $7672.22 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $55555560.00 |  | 7672.22 |
| 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: |  |  |  |
| 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: |  |  | $7672.22 |

---

**__________________________________________ 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.