# EDGAR Filing Document

**Accession Number:** 0002101996
**File Stem:** 0001213900-26-015081
**Filing Date:** 2026-2
**Character Count:** 627168
**Document Hash:** cd35c953cab128d39598d3241004950e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-015081.hdr.sgml**: 20260410

**ACCESSION NUMBER**: 0001213900-26-015081

**CONFORMED SUBMISSION TYPE**: DRS/A

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260211

**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:** DRS/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-08847
- **FILM NUMBER:** 26622567

**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

**Draft registration statement as confidentially submitted to the U.S. Securities and Exchange Commission on February 11, 2026. This draft registration statement has not been publicly filed with the U.S. Securities and Exchange Commission and all information herein remains strictly confidential.**

#### 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.) |

---

**5343 Dundas Street West, Partial 6**<sup>th</sup> **Floor, Suite 601<br>Toronto, ON M9B 6H8, Canada<br>Tel: (437)784**-1600****<br> (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

#### [ ] <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 **[\*]** 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 **[\*]** 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 12;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they contain different "Use of Proceeds" sections on page 43;

&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 107 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 [ ], 2026*

#### [ ]

#### Common Shares
This is the initial public offering of [\*] Common Shares, par value CAD$0.01 per share, of Nuclea Energy Inc., a company incorporated under the laws of British Columbia, Canada (the "Company"). Prior to this Offering, there has been no public market for our Common Shares (the "Common Shares" or "Shares"). It is currently estimated that the initial public offering price per share will be between US$[\*] and US$[\*] per share. We are offering [\*] Common Shares, assuming an initial public offering price of US$[\*] (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 [\*] 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 NYSE American.

Currently, no public market exists for our Common Shares. We plan to apply to list our Shares on NYSE American under the symbol "NCLA." We will not close this offering unless NYSE American 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 [\*]% 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$ | [\*] | US$ | [\*] |
|  Underwriting discounts<sup>(1)(2)(3)</sup> | US$ | [\*] | US$ | [\*] |
|  Proceeds, before expenses, to us<sup>(3)</sup> | US$ | [\*] | US$ | [\*] |

---

____________

(1) Represents underwriting discounts equal to [\*] percent ([\*]%) 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 102.

(2) Underwriting discounts and commissions do not include a non-accountable expense allowance of [\*] 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 102.

(3) The underwriters have been granted a 45-day option to purchase up to [\*] 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$[\*] and the additional proceeds to us, before expenses, from the over-allotment option exercise will be US$[\*]. For additional information regarding the over-allotment option, see "*Underwriting*" beginning on page 102.

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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$[\*], exclusive of the above discounts and approximately US$[\*], 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 [\*]% 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** [\*]**, 2026**

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

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [PROSPECTUS SUMMARY](#T24) | 1 |
|  [THE OFFERING](#T23) | 12 |
|  [SELECTED CONSOLIDATED FINANCIAL AND OPERATING DATA](#T9901) | 14 |
|  [RISK FACTORS](#T22) | 15 |
|  [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#T21) | 41 |
|  [USE OF PROCEEDS](#T20) | 43 |
|  [DIVIDEND POLICY](#T19) | 44 |
|  [CAPITALIZATION](#T18) | 45 |
|  [DILUTION](#T17) | 46 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T9902) | 48 |
|  [OUR CORPORATE STRUCTURE AND HISTORY](#T16) | 54 |
|  [INDUSTRY OVERVIEW](#T15) | 56 |
|  [BUSINESS](#T14) | 59 |
|  [GOVERNMENT REGULATIONS](#T13) | 78 |
|  [MANAGEMENT](#T12) | 80 |
|  [PRINCIPAL SHAREHOLDERS](#T11) | 87 |
|  [RELATED PARTY TRANSACTIONS](#T10) | 88 |
|  [DESCRIPTION OF SHARE CAPITAL AND ORGANIZATIONAL DOCUMENTS](#T9) | 89 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T8) | 94 |
|  [TAXATION](#T7) | 96 |
|  [UNDERWRITING](#T6) | 102 |
|  [EXPENSES OF THE OFFERING](#T5) | 106 |
|  [LEGAL MATTERS](#T4) | 107 |
|  [EXPERTS](#T3) | 107 |
|  [ENFORCEMENT OF CIVIL LIABILITIES](#T2) | 108 |
|  [WHERE YOU CAN FIND MORE INFORMATION](#T1) | 109 |
|  [INDEX TO CONSOLIDATED 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 supplied by the Bank of Canada. These exchange rates are expressed as one United States dollar converted into Canadian dollars.

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| | |
|:---|:---|
|  **Period** | **Average** |
|  Year Ended June 30, 2025 | 1.3978 |
|  Year Ended June 30, 2024 | 1.3698 |

---

The daily average exchange rate on [\*], 2025 as reported by the Bank of Canada for the conversion of USD into CAD was USD$1.00 equals CAD$[\*].

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

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

#### Other Companies, Organizations and Agencies

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

---

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#### General

---

| | |
|:---|:---|
|  *"Articles" or "Amended and Restated Notice of Articles"* | The notice of articles and articles of the Company, as amended and restated and filed with the British Columbia Registrar of Companies immediately prior to the consummation of this offering. |
|  *"Audit Committee"* | The audit committee of our Board of Directors. |
|  *"Board" or "Board of Directors"* | The board of directors of our Company. |
|  *"Common Shares" or "Shares"* | Common Shares in the capital of the Company of nominal or par value CAD$0.01 and having the rights provided for in the articles of the Company, as amended or substituted from time to time. |
|  *"Compensation Committee"* | The compensation committee of our Board of Directors. |
|  *"Company" we", "us", "our company," "our," "the Company" or "Nuclea Energy"* | Nuclea Energy Inc., a British Columbia, Canada company that will issue the Common Shares being offered. |
|  *"Directors"* | The directors of our Company. |
|  *"Executive Officers"* | The executive officers of our Company. See section titled "Management." |
|  *"Fiscal Year" or "FY"* | Financial year ended or, as the case may be, ending, on June 30. |
|  *"Group"* | The Company, together with its directly owned subsidiary. |
|  *"Listing"* | The listing and quotation of our Common Shares on the NYSE American. |
|  *"Nominating and Corporate Governance Committee* | The nominating and corporate governance committee of our Board of Directors. |
|  *"Offering Price"* | US$[\*] 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 [\*] 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"* | **"Small modular reactor"** is 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 [\*], 2025 entered into between our Company and [\*], pursuant to which the Underwriters have agreed to purchase, and we have agreed to sell to them, [\*] 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 5343 Dundas Street West, Partial 6<sup>th</sup> Floor, Suite 601, Toronto ON M9B 6H8, Canada. We have one wholly owned subsidiary, Nuclea Energy USA Inc., incorporated under the laws of the State of Delaware on October 8, 2025.

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.

#### 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 began on January 1, 2026 and will be fully funded with capital on hand as well as the net proceeds of this offering (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 6). 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 upcoming 18 months, 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 on October 8 as our wholly owned subsidiary.

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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):

![](tflowchart_001.jpg)

____________

*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.

**Corporate Information**

Our principal office is 5343 Dundas Street West, Partial 6<sup>th</sup> Floor, Suite 601, Toronto ON M9B 6H8, Canada. The telephone number of our principal office is (437)784-1600. Our agent for service of process in the United States is [\*]. Our corporate website is *http://www.nuclea.energy*. Information contained on our website does not constitute part of this prospectus.

**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"). In consideration for the exclusivity rights, we have paid a non-refundable exclusivity fee of £268,861 (equivalent CAD$500,000 or USD$368,000). 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. 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. We do 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.

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.

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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 NYSE American 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;• Anti-takeover provisions in Canadian law could discourage, delay or prevent a change in control of our company and may 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Articles designate certain courts as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our shareholders, which could limit our shareholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.

#### 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:** | [\*] Common Shares (or [\*] 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:** | $____ per Common Share. |
|  **Number of Shares outstanding before this Offering:** | <br>33,752,619 Common Shares. |
|  **Shares to be outstanding immediately after this Offering:** | <br>[ ] Common Shares. |
|  **Over-allotment option to purchase additional Shares:** | <br>We have granted the Underwriters an option to purchase up to [ ] ([ ]%) 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 |

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| | |
|:---|:---|
|  | such resales. Additionally, our directors and officers and any other holder(s) of five 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 foregoing lock-up restrictions are subject to customary carve-outs and will not prohibit the resale, pursuant to the Resale Prospectus, of securities held by selling securityholders listed herein, to the extent permitted under the 'Plan of Distribution' and 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 NYSE American under the symbol "NCLA" We will not close this offering unless NYSE American 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 [\*]% of the total number of Common Shares sold in this offering ([\*] additional Common Shares, assuming an initial public offering price of US$[\*] 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 presents selected statements of operations and comprehensive income 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, 2024 and 2025, which have been derived from our audited financial statements included elsewhere in this prospectus. Our selected financial statements 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.

*(USD)*

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| | | |
|:---|:---|:---|
|  | **FY ended <br>June 30, <br>2025** | **For the <br>Period <br>from <br>August 24, <br>2023 to <br>June 30, <br>2024** |
|  Cash and cash equivalents | 99311 | 22 |
|  Total assets | 618675 | 22 |
|  Total liabilities | 188201 | 0 |
|  Stockholders' equity | 430474 | 22 |
|  Net loss | (251189) | (1475) |
|  Net cash used in operating activities | (46949) | (11) |

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The selected financial data above is derived from the Company's audited financial statements included elsewhere in this prospectus.

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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. 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 approximately $20 million. This allocation comprises approximately 30% dedicated to the research and development of products and technology, with a specific focus on the refinement of microreactor technology and the fuel fabrication process. An additional 40% is earmarked for miscellaneous costs essential to propelling the progress of our microreactors, encompassing the support of current personnel engaged in executive, finance, accounting, and other administrative functions. The remaining 30% is allocated to general and administrative expenses as well as investigating potential M&A opportunities.

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

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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 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.

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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.

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.

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***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 expiration of the exclusivity period on March 31, 2026, or any extension thereof, we will have paid the non-refundable exclusivity fee and potentially incurred significant transaction costs without completing the Moltex Asset Acquisition. Additionally, if the exclusivity period is extended beyond March 31, 2026, we may be required to provide additional funding to maintain the business and assets of Moltex Energy Limited during the 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, 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.

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***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.

&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.

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&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' 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.

#### 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

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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 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.

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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. Ms. Skowron is our Chief Financial Officer, and a part time consultant who devotes approximately 15 hours per week in that capacity. 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 has not yet been finalized as we engage with him on specific R&D projects that are governed under individual agreements (Irydyum Scientific) and through an agreement with Ontario Tech University where he is the lead researcher. 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.

#### 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.

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

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

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

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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.

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.

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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 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.

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

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

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

Litigation or other administrative proceedings may be necessary to enforce our intellectual property or proprietary rights, protect our trade secrets or determine the validity and scope of proprietary rights claimed by others. 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

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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 on our ability to generate revenues (or any future revenues) and our financial condition generally. Such laws and regulations can also give rise to liability such as fines and penalties, property damage, bodily injury, and cleanup costs. Failure to comply with such regulations could lead to withdrawal or recall of our products from the market, delay our projected revenues, increase cost, or make our business unviable if we are unable to modify our products to comply. Capital and operating expenses needed to comply with laws and regulations can be significant, and violations may result in substantial fines and penalties, third-party damages, suspension of production or a cessation of our operations. Any failure to comply with such laws or regulations could lead to withdrawal or recall of our products from the market.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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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.

#### 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 [\*]% 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

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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*".

***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

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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.

#### 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

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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 NYSE American, we are subject to the NYSE American corporate governance listing standards. However, NYSE American rules permit a foreign private issuer such as us to follow the corporate governance practices of its home country. Certain corporate governance practices in the Canada, which is our home country, may differ significantly from the NYSE American 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 American 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 American 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.

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#### 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 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. 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;

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&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;

&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.

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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.

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;

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&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;

&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.

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#### 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 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 $[\*] 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 and leak-out agreements. See sections titled "*Shares Eligible for Future Sale*" and "*Underwriting*" for more information. Following the consummation of this offering, there will be [\*] Common Shares outstanding immediately after this offering assuming full exercise of the Underwriters' over-allotment option, and [\*] Common Shares assuming no exercise of the Underwriters' over-allotment option. In connection with this offering, we and each of our directors and officers named in the section "*Management,*" and our existing shareholders holding five percent (5%) or more of our Common Shares prior to this offering have agreed not to sell Common Shares for a period of six (6) months from the date of the closing of this offering without the prior written consent of the representative of the Underwriters, subject to customary exceptions. In addition, most existing stockholders of our company who hold less than five percent (5%) of our Common Shares prior to this offering will be subject to leak-out agreement restricting sales of certain percentages of their Common Shares during a period ranging from 5 days to 180 days following the closing of this offering. 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 [\*] Common Shares previously issued by us. There are currently no agreements or understandings in place with the Selling Shareholders to restrict the sale of the Common Shares to be offered by the Selling Shareholders after the effective date of the registration statement of which this prospectus forms a part. Sales of a substantial number of our Common Shares by the Selling Shareholders at such time 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 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 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.

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#### Our failure to meet the continued listing requirements of NYSE American could result in a delisting of our Common Shares.
We cannot assure you that our securities will continue to be listed on NYSE American even if our securities are listed on NYSE American. Following this offering, in order to maintain our listing on NYSE American, we will be required to comply with certain NYSE American continuing listing rules, including those regarding minimum shareholders' equity (currently generally $4 million), minimum share price (currently generally $4.00), minimum market value of publicly held shares (currently between $50 million and $75 million), corporate governance and various additional requirements. If we are unable to satisfy NYSE American criteria for maintaining our listing, our securities could be subject to delisting. Such a 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 American minimum bid price requirement or prevent future non-compliance with NYSE American'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 [\*] shares in this offering at an initial public offering price of $[\*] per share, and after deducting underwriting discounts and estimated offering expenses payable by us, investors in this offering can expect an immediate dilution of $[\*] 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 June 30, 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.

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.

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***Anti-takeover provisions in Canadian law could discourage, delay or prevent a change in control of our company and may 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.

***Our Articles designate certain courts as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our shareholders, which could limit our shareholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.***

We recognize that the Forum Provision and the Federal Forum Provision in our bylaws may impose additional litigation costs on shareholders in pursuing any such claims, particularly if the shareholders do not reside in or near Province of British Columbia. Additionally, the Forum Provision and the Federal Forum Provision may limit our shareholders' ability to bring a claim in a forum that they find favorable for disputes with us or our directors, officers or employees, which may discourage such lawsuits against us and our directors, officers and employees even though an action, if successful, might benefit our shareholders. If the Federal Forum Provision is found to be unenforceable, we may incur additional costs associated with resolving such matters. The Federal Forum Provision may also impose additional litigation costs on shareholders who assert that the provision is not enforceable or invalid. The competent courts of the Province of British Columbia and the United States District Court may also reach different judgments or results than would other courts, including courts where a stockholder considering an action may be located or would otherwise choose to bring the action, and such judgments may be more or less favorable to us than our shareholders.

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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 $[\*] million, 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 $[\*] 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
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.

The following tables set forth our capitalization as of June 30, 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 transactions completed subsequent to June 30, 2025 and prior to this Offering, including (i) the conversion of convertible notes into Common Shares, (ii) the financing round completed on November 7, 2025, (iii) the issuance of Common Shares to consultants approved on August 26, 2025, and (iv) 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 [_____**] Common Shares in this Offering at an assumed public offering price of $[**_] per Common Share, after deducting underwriting discounts, the non-accountable expense allowance and other estimated offering expenses payable by us

You should read the tables together with our 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."

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>June 30, <br>2025** | **As of <br>June 30,<br> 2025** |
|  | **Actual** | **Pro forma as <br>adjusted** | **Pro forma <br>as further <br>adjusted** |
|  | **USD** | **USD** | **USD** |
|  Cash | $99311 | $4252311 | **[•]** |
|  Common Shares | $562915 | $10915915 | **[•]** |
|  Additional paid-in capital | $122387 | $122387 | **[•]** |
|  Accumulated comprehensive income (loss) | $(2164) | $(2164) | **[•]** |
|  Accumulated deficit | $(252664) | $(6305664) | **[•]** |
|  **Total equity** | $**430474** | $**4730474** | **[•]** |

---

____________

(1) Pro forma additional paid in capital reflects the net proceeds we expect to receive, after deducting underwriting discounts, non-accountable expense allowance and other offering expenses. We expect to receive net proceeds of approximately $[________] (offering proceeds of $[________], less underwriting discounts of $[_______], non-accountable expense allowance of $[_____] and offering expenses of $[________]). The Common Shares reflects the net proceeds we expect to receive, after deducting underwriting discounts, non-accountable expense allowance and other offering expenses.

Subsequent to June 30, 2025, the Company completed the conversion of its convertible notes and completed a financing round, each as described in "Our Corporate Structure and History," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Note 12 to the audited financial statements. These transactions occurred after June 30, 2025 and therefore are not reflected in the historical capitalization as of that date.

On August 26, 2025, the Company approved the issuance of up to 3,340,000 common shares to various consultants. The consultants are engaged to provide capital market consulting services in connection with the Company's preparation for an IPO.

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.

For additional clarity, the following supplemental, unaudited table sets forth the number of Common Shares issued and outstanding after giving effect to these subsequent issuances.

This table is provided for informational purposes only and does not represent a capitalization table or a statement of financial position.

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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 June 30, 2025 was US$430,474, or US$0.017 per Common Share.

As of June 30, 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 [_________] Common Shares in this Offering at an assumed initial public Offering Price of US$[____] per Common Share (the midpoint of the estimated price range set forth on the cover of this prospectus), and after deducting underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us, our pro forma as adjusted net tangible book value as of [\*] would have been US$[____] per outstanding Common Share. This represents an immediate increase in net tangible book value of US$[__________] to existing shareholders and an immediate dilution in net tangible book value of US$[____] 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 |  |
|  Net tangible book value as of [\*] |  |
|  Pro forma net tangible book value after giving effect to this Offering |  |
|  Amount of dilution in net tangible book value to investors in this Offering |  |

---

As of June 30, 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 [\*], 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 Offering Price of US$[____] 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 |  |  |  |  |  |
|  Investors in this Offering |  |  |  |  |  |
|  Total |  | 100 |  | 100 |  |

---

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Pro forma share counts used in the tables above include 214,284 Common Shares issued upon conversion of convertible notes subsequent to June 30, 2025 and prior to this Offering (see Note 12 to the audited 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.

Subsequent to June 30, 2025, the Company issued convertible notes that converted into an aggregate of 214,284 Common Shares prior to the completion of a qualified financing, as described in "Management's Discussion and Analysis" and Note 12 to the audited financial statements, and such conversions are reflected in the dilution table above.

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 [•] 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 [•] 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 [•] 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. 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.

#### 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, and long-term materials performance. Our entire R&D and partnership program is designed to generate

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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 NYSE American.

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.

#### Liquidity and Capital Resources
We currently do not have any material commitments to capital expenditures, and we believe that our existing cash as of the date of this prospectus will 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 on November 7, 2025.

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 June 30, 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 $252,664 and negative operating cash flow during fiscal 2024 and fiscal 2025. 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.

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.

Subsequent to June 30, 2025 and prior to the issuance of the financial statements, the Company completed financing transactions that significantly improved its liquidity position and alleviated the substantial doubt previously identified. In particular, on November 7, 2025, the Company completed an equity financing round in preparation for its initial public offering, issuing 2,853,008 Common Shares at a price of $1.40 per share for gross proceeds of approximately $4.0 million. These proceeds are intended to fund ongoing research and development activities, general corporate purposes, and working capital requirements.

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.

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Management is of the opinion that sufficient working capital is available to meet the Company's 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:

---

| | | |
|:---|:---|:---|
|  | **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 | $99311 |  |

---

*Cash Flows used in Operating Activities*

Net cash used by operating activities for the year ended June 30, 2025 was $46,949 which consisted of our net loss of $251,189, net of $425 in depreciation, $32,114 in shares issued for consulting services and $9,405 in options granted for consulting services as well as $25,905 in prepaid expenses and $188,201 in accounts payable and accrued liabilities. Net cash used by operating activities for the period from August 24, 2023 to June 30, 2024 was $11 which consisted of our net loss of $1,475 net of $1,464 in a shareholder contribution. The significant increase in cash used in operating activities during the year ended June 30, 2025 compared to the period from August 24, 2023 (inception) to June 30, 2024 was due to an increase in operations as we were not materially active until after June 30, 2024.

*Cash Flows provided by Financing Activities*

Net cash provided by financing activities for the year ended June 30, 2025 was $149,993 which consisted of $150,000 in shares issued for cash and a $15 share repurchase. Net cash provided by financing activities during the period from August 24, 2023 until 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.

#### 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.

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#### 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 June 30, 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.

#### 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.

---

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

---

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 |

---

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#### 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 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.

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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 one wholly owned subsidiary:

&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.

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:

![](tflowchart_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%.

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

____________

*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.

---

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

---

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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 [\*]% of our outstanding Common Shares, which represent [\*]% of the total voting power of our outstanding Shares assuming the Underwriters do not exercise their over-allotment option (or [\*]% 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.

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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.

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 one wholly owned subsidiary, 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.

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.

#### 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

____________

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

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

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

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

![](timage_001.jpg)

Morpheus Reactor Rendering

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

*Passive Safety for Arctic and Remote Environments*

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

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

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

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

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

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

____________

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

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

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

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

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

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

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

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

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

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

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

*A Flexible, Capital-Efficient Model*

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

____________

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

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

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

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

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

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

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

*A Regulatory-Focused Team*

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

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

*5-Year Core Life*

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

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

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

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

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

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

____________

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.

____________

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 capital on hand as well as 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 6). 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 (January 2026 – June 2027)</u></u>

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

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

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

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

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

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

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

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

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

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

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

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

Phase 4 (12 – 15 months): Advance R&D

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

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

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

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

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

____________

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

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*Beyond Phase 5*

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

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

*A Regulatory-Focused Team and Process*

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

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

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

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

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

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

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

Delays in any of these areas could extend the timelines.

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

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

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

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

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

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

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

*The Flagship: Morpheus Microreactor*

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

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

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

---

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

---

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

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

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

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

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

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

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

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

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

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

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#### 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 on or about Q1 2026.

#### 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).

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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.

____________

39 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.

*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.

#### 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.

____________

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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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 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.

____________

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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#### 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. 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 do not currently have any effective agreements with Irydyum in place, but we work with Dr. Nichita and Irydyum on an as needed basis through the provision of work orders and invoices.

*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

&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.

____________

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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*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>.

&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.

____________

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;• 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 5343 Dundas Street West, Partial 6<sup>th</sup> Floor, Suite 601, Toronto ON M9B 6H8, 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.

&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.

____________

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;&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:

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| | | |
|:---|:---|:---|
|  **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 |
|  Richard Paolone\* | 35 | Independent Director Nominee |
|  John Mcvey\* | 68 | Independent Director Nominee |
|  Magaly Bianchini\* | 69 | Independent Director Nominee |
|  Kinder Sidhu\* | 53 | 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. A licensed CPA, CA, she has been a member of the Institute of Chartered Accountants of Ontario since 2014.

**Richard Paolone.** Richard Paolone is a Toronto-based securities lawyer where his work focuses on securities, corporate finance, and mergers and acquisitions. As the principal of his own law practice, Richard specializes in navigating complex mandates, with expertise spanning corporate finance, capital markets, regulatory compliance, corporate restructuring, and M&A execution across multiple sectors. Richard's multifaceted career extends to board membership and advisory roles, where he guides management teams and boards of directors in maintaining legal and regulatory compliance while promoting business expansion. His extensive experience includes directorship and officer positions in numerous private and public companies, with listings on stock exchanges in the United States, Canada and the UK. Currently, Richard serves as a board member of Mixed Martial Arts Group Limited (MMA:NYSE), Safe Supply Streaming Corp (SPLY:CSE), Ashington Innovation PLC (ASHI:LSE). Further, Richard is a board member and CEO of Flurotech Ltd. (TEST:TSXV), Republic Goldfields Inc., and 1169032 B.C Ltd. Mr. Paolone holds a B.A. in Criminal Justice from Mount Royal University and a J.D. from Bond University and is a licensed lawyer in Ontario. Mr. Paolone is well-qualified to serve on the Board of Nuclea Energy Inc. due to his extensive experience in corporate and securities law, mergers and acquisition and business transactions.

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**John Mcvey.** Mr. Ivey 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.

**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.

**Kinder Sidhu CPA, CA.** Mr. Sidhu is the Co-Founder and Managing Partner of KS&A, a chartered professional accounting firm based in British Columbia. Born in Powell River and raised in the Fraser Valley, Mr. Sidhu earned his Bachelor of Commerce degree from the University of British Columbia in 1994 and obtained his Chartered Accountant designation in 1996. Prior to establishing KS&A in 2008, he served as a Senior Manager at KPMG LLP. Mr. Sidhu provides accounting, tax, estate planning, and business advisory services to a broad range of owner-managed businesses across Canada.

#### 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 NYSE American 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 American for U.S. companies. 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 American:

&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 American 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 American 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.

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&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 American. We may in the future decide to use the foreign private issuer exemption with respect to some or all of the other NYSE American 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 NYSE American, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of NYSE American. 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 NYSE American.

#### 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.

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 [\*], [\*] and [\*]. [\*] will be the chairperson of our audit committee. We have determined that each of our audit committee members satisfies the "independence" requirements of NYSE American rules and meets the independence standards under Rule 10A-3 under the Exchange Act. We have determined that [\*] qualifies as an "audit committee financial expert" within the meaning of the SEC rules and

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possesses financial sophistication within the meaning of the NYSE American 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 [\*], [\*] and [\*]. [\*] will be the chairman of our compensation committee. We have determined that each of our compensation committee members satisfies the "independence" requirements of NYSE American 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 [\*], [\*] and [\*]. [\*] will be the chairperson of our nominating and corporate governance committee. We have determined that each of our nominating and corporate governance committee members satisfies the "independence" requirements of NYSE American 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.

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#### 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.

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.

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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 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.

**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

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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.

#### 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 warrants that are 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 |  |  |  |
|  **Sagar Sanghera** | 10000000 | 29.6 |  |  |
|  Anna Skowron | 0 |  |  |  |
|  Richard Paolone | 0 |  |  |  |
|  John Mevey | 0 |  |  |  |
|  Magaly Bianchini | 0 |  |  |  |
|  Kinder Sidhu | 0 |  |  |  |
|  **All directors and executive officers as a group** | 10000000 | 29.6 |  |  |
|  **5% shareholders:** |  |  |  |  |
|  Vinayak Ashok Gunda | 10000000 | 29.6% |  |  |
|  Eleodor Nichita | 2222220 | 6.6% |  |  |

---

____________

\* Less than 1%.

(1) Unless otherwise noted, the business address of each of the following entities or individuals is 5343 Dundas Street West, Partial 6<sup>th</sup> Floor, Suite 601, Toronto ON M9B 6H8, 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 [ ] 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 directors and officers 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.

Further details regarding the nature, timing, and financial impact of related party transactions are included in Note 6 to the audited financial statements incorporated by reference in this prospectus.

#### Policies and Procedures for Related Party Transactions
Our board of directors has created an audit committee in connection with this offering which will be tasked with review and approval of all related party transactions.

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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 February 10, 2026, there were 33,752,619 Common Shares issued and outstanding, held by [\*] 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 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. 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 filed a Certificate of Change of Name with the British Columbia Registrar, changing its name to Nuclea Energy Inc.

&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.

#### 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.

#### 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.

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#### 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 specific anti-takeover provisions. However, Canadian securities laws regulate take-over bids and contain provisions that 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.

#### 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.

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#### Removal of Directors
BCBCA: A company may remove a director before the expiration of the director\u2019s 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.

#### 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.

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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). This legislation permits the Commissioner of Competition, or Commissioner, to review any acquisition of a significant interest in us. This legislation grants the Commissioner jurisdiction, for up to one year, to challenge this acquisition before the Competition Tribunal if the Commissioner believes that it would, or would be likely to, result in a substantial lessening or prevention of competition in any market in Canada. This legislation also requires any person who intends to acquire our Common Shares to file a notification with the Competition Bureau if certain financial thresholds are exceeded.

Investment Canada Act. The Investment Canada Act (Canada) requires each "**non**-Canadian" (as defined in the Investment Canada Act) who acquires "**control**" of an existing "**Canadian business**", to file a notification in prescribed form with the responsible federal government department or departments not later than 30 days after closing, provided the acquisition of control is not a reviewable transaction by Canadian authorities. Subject to certain exemptions, a transaction that is reviewable under the Investment Canada Act may not be implemented until an application for review has been filed and the responsible Minister of the federal cabinet has determined that the investment is likely to be of "**net benefit to Canada**" taking into account certain factors set out in the Investment Canada Act.

#### Listing
We plan to apply to list our Common Shares on NYSE American 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 [\*] 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 NYSE American, 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, not to (i) offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale, lend or otherwise dispose of, except in this offering, 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, or (ii) 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.

Furthermore, each of our directors, executive officers, and owners of 5% or more of our Common Shares has also entered into a similar lock-up agreement for a period of 180 days from the closing of this offering, subject to customary exceptions, with respect to our Common Shares and securities that are convertible into or exercisable or exchangeable for our Common shares. These parties collectively own 65.1% of our outstanding Common Shares, without giving effect to this offering. The lock-up agreements for these parties will be subject to the following leak out provisions and exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the high bid per Common Share exceeds $[\*] for ten consecutive trading days, with at least 100,000 Common Shares traded on each such trading day, the lock-up party may sell an aggregate 33% of its locked-up securities, subject to a maximum sale on any trading day of 3% of the daily volume;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the high bid per Common Share exceeds $[\*] for ten consecutive trading days, with at least 300,000 Common Shares traded on each such trading day, the lock-up party may sell an aggregate of 66% of its locked-up securities, subject to a maximum sale on any trading day of 3% of the daily volume; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the high bid per Common Share exceeds $[\*] for ten consecutive trading days, with at least 500,000 Company Shares traded on each such trading day, the lock-up party may sell all of its locked-up securities, held subject to a maximum sale on any trading day of 3% of the daily volume.

In addition, the lock-up parties may transfer lock-up securities as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the party is an entity, as a distribution to all of the shareholders, limited partners, members or other owners of similar equity interests of such party in accordance with its organizational documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the party is an individual, by gift to a member of the his or her immediate family, or to a trust, the beneficiary (or beneficiaries) of which is one or more members of such person's immediate family, or to a charitable organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the party is an individual, by virtue of the laws of descent and distribution upon death of the individual; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the party is an individual, pursuant to a qualified domestic relations order or in connection with a divorce settlement;

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provided, that in each such instance, unless the transferee is the Company, the transferee must enter into a written agreement in substantially the same form of lock-up agreement as the transferor, agreeing to be bound by the terms of such agreement.

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 NYSE American, 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 NYSE American, 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*."

#### 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 [\*] Common shares immediately after this Offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of our Shares on NYSE American 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.

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#### TAXATION
*The following are material Canada tax 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 Canada 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 Income Tax Regulations (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 us; (iii) is not affiliated with 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; (v) has not entered into, and will not enter into, with respect to the common shares, a "derivative forward agreement" or a "synthetic disposition arrangement", as that term is defined in the Canadian Tax Act and (vi) 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 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.**

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 and is a U.S. resident for the purposes of, and is entitled to benefits of, the Canada-U.S. Tax Treaty, the applicable rate of Canadian withholding tax is generally reduced to 15% (or 5% in the case of a U.S. Holder that is a corporation beneficially owning at least 10% of all of the issued voting shares). We will be required to withhold the applicable withholding tax from any dividend and remit it to the Canadian government for the Non-Canadian Holder's account. Non-Canadian Holders are urged to consult their own tax advisors to determine their entitlement to relief under an applicable income tax treaty.

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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 NYSE American, 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" and is not entitled to relief under an applicable income tax convention will generally be subject to capital gain or capital loss consequences in Canada. Effective June 25, 2024, the capital gains inclusion rate was increased from one-half to two-thirds. The increased inclusion rate will apply to capital gains realized annually above $250,000 by individuals, and on all capital gains realized by corporations and trusts. Under the current rules, generally, two-thirds of any capital gain (a "taxable capital gain") realized by a Non-Canadian Holder in a taxation year must be included in the Non-Canadian Holder's income for the year, and two-thirds of any capital loss (an "allowable capital loss") realized by a Non-Canadian Holder in a taxation year must be deducted from taxable capital gains realized by the Non-Canadian Holder in that year. However, under the Proposed Amendments, a Non-Canadian Holder that is an individual (excluding most types of trusts) is required to include in income only one-half of net capital gains realized (including net capital gains realized indirectly through a trust or partnership) in a taxation year up to a maximum of $250,000, with the new two-thirds inclusion rate applying to the portion of net capital gains realized in the year that exceed $250,000. Allowable capital losses in excess of taxable capital gains realized in a taxation year generally may be carried back and deducted in any of the three preceding taxation years or carried forward and deducted in any subsequent taxation year against net taxable capital gains realized in such years, to the extent and under the circumstances described in the Canadian Tax Act.

#### 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.

#### 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

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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;

&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.

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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.

**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 NYSE American, 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.

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#### 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 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

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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 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 |  |
|  Total |  |

---

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 [\*] additional Common Shares (equal to [\*]% 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$[\*] per share of which up to US$[\*] 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** |
|  | **Per Share** | **Offering <br>without <br>Over-Allotment <br>Option** | **Offering with <br>Over-Allotment <br>option** |
|  Public offering price | US$ | US$ | US$ |
|  Underwriting discounts and commissions ([\*]%) |  |  |  |
|  Non-accountable expense allowance ([\*]%) |  |  |  |
|  Proceeds, before expenses, to us | US$ | US$ | US$ |

---

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 $201,950.

#### 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 [\*]% 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
We agreed that for a period of 180 days after the closing of this offering 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;

&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 our debt securities, other than entering into a line of credit with a traditional bank; or

&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 is to be settled by delivery of Common Shares or such other securities, in cash or otherwise.

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In addition, each of our directors, officers and shareholders have agreed that for a period of (i) 180 days after the date of this prospectus in the case of our directors and officers and (ii) 180 days after the date of this prospectus in the case of our shareholders, 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;

&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 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.

#### 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

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.

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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 NYSE American 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.

#### 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). 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 Canadian securities laws. Canadian purchasers should refer to any applicable provisions of the securities legislation of their province or territory for particulars of these rights or consult with a legal advisor.

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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 American listing fee and the filing fee payable to Financial Industry Regulatory Authority, Inc., or FINRA, all amounts are estimates.

---

| | |
|:---|:---|
|  SEC registration fee | $|
|  The NYSE American listing fee |  |
|  FINRA filing fee |  |
|  Printing expenses |  |
|  Legal fees and expenses |  |
|  Accounting fees and expenses |  |
|  Transfer agent and registrar fee and expenses |  |
|  Miscellaneous |  |
|  **Total** |  |

---

____________

\* To be filed by amendment

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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.

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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 |

---

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#### Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors of <br>Nuclea Energy Inc.

#### Opinion on the Financial Statements
We have audited the accompanying balance sheets of Nuclea Energy Inc. (the "Company"), as of June 30, 2025 and 2024, and the related statements of loss and comprehensive loss, changes in stockholders' equity, and cash flows for the year ended June 30, 2025 and for the period from the incorporation on August 24, 2023 to June 30, 2024, and the related notes (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of Nuclea Energy Inc. as of June 30, 2025 and 2024, and the results of its operations and its cash flows for the year ended June 30, 2025 and for the period from the incorporation on August 24, 2023 to June 30, 2024 in accordance with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Company's internal control over financial reporting.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Reliant CPA PC

Reliant CPA PC

Served as Auditor since 2025

Newport Beach, CA

December 19, 2025

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#### NUCLEA ENERGY INC.<br>Balance Sheets<br>(Expressed in US Dollars)

---

| | | |
|:---|:---|:---|
|  | **June 30, <br>2025** | **June 30, <br>2024** |
|  **ASSETS** |  |  |
|  **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp; Cash | $99311 | $22 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 518209 |  |
|  **Total current assets** | 617520 | 22 |
| &nbsp;&nbsp;&nbsp; Equipment, net | 1155 |  |
|  **Total assets** | $**618675** | $**22** |
|  **LIABILITIES & STOCKHOLDERS' EQUITY** |  |  |
|  **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | 188201 |  |
|  **Total liabilities** | 188201 |  |
|  **Stockholders' equity** |  |  |
|  Common shares, no par value, unlimited shares authorized, 24,095,327 and 30,000,000 shares issued and outstanding as of June 30, 2025, and June 30, 2024 | 562915 | 22 |
|  Additional paid-in capital | 122387 | 1464 |
|  Cumulative translation adjustment | (2164) | 11 |
|  Accumulated deficit | (252664) | (1475) |
|  **Total stockholders' equity** | 430474 | 22 |
|  **Total liabilities and stockholders' equity** | $**618675** | $**22** |

---

The accompanying notes are an integral part of these financial statements.

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#### NUCLEA ENERGY INC.<br>Statements of Loss and Comprehensive Loss<br>(Expressed in US Dollars)

---

| | | |
|:---|:---|:---|
|  | **For the <br>year ended <br>June 30, <br>2025** | **For the <br>period from <br>incorporation <br>on August 24, <br>2023 <br>to June 30, <br>2024** |
|  **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | $13560 | $1475 |
| &nbsp;&nbsp;&nbsp; Consulting fees | 32114 |  |
| &nbsp;&nbsp;&nbsp; Depreciation expense | 425 |  |
| &nbsp;&nbsp;&nbsp; Management fees | 90343 |  |
| &nbsp;&nbsp;&nbsp; Professional fees | 111652 |  |
|  **Total operating expenses** | (248094) | (1475) |
|  **Other income (expenses)** |  |  |
| &nbsp;&nbsp;&nbsp; Foreign exchange loss | (3095) |  |
|  **Net loss** | (251189) | (1475) |
|  **Other comprehensive loss** |  |  |
| &nbsp;&nbsp;&nbsp; Currency translation adjustment | (2175) | 11 |
|  **Comprehensive loss** | $**(253364)** | $**(1464)** |
|  **Net loss per share, basic and diluted** | $**(0.01)** | $**(0.00)** |
|  **Weighted-average number of shares (\*) used to compute net loss per share, basic and diluted** | **27897550** | **30000000** |

---

____________

(\*) On April 7, 2025, the Company completed a stock split on the basis of 10 post-split common shares for each 1 pre-split common share. All current and comparable information related to the number of common shares, the weighted average number of common shares, loss per share, and stock options has been adjusted retrospectively to reflect this stock split.

The accompanying notes are an integral part of these financial statements.

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**NUCLEA ENERGY INC.<br>Statements of Stockholders' Equity<br>(Expressed in US Dollars)<br>For the year ended June 30, 2025 and the period from incorporation on August 24, 2023 to June 30, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Shares** | **Common Shares** | **Additional <br>Paid-In <br>Capital** | **Cumulative <br>Translation <br>Adjustment** | **Accumulated <br>Deficit** | **Total** |
|  | **Number of <br>Shares (\*)** | **Share <br>Capital** | **Additional <br>Paid-In <br>Capital** | **Cumulative <br>Translation <br>Adjustment** | **Accumulated <br>Deficit** | **Total** |
|  **Balance, at incorporation on August 24, 2023** |  |  |  |  |  |  |
|  Shares issued for cash | 30000000 | 22 |  |  |  | 22 |
|  Shareholder contribution |  |  | 1464 |  |  | 1464 |
|  Foreign exchange on translation |  |  |  | 11 |  | 11 |
|  Net loss |  |  |  |  | (1475) | (1475) |
|  **Balance, June 30, 2024** | **30000000** | **22** | **1464** | **11** | **(1475)** | **22** |
|  Shares issued for cash | 13177771 | 150008 |  |  |  | 150008 |
|  Shares repurchased | (20000000) | (15) |  |  |  | (15) |
|  Shares issued for consulting services | 917556 | 412900 |  |  |  | 412900 |
|  Stock-based compensation |  |  | 120923 |  |  | 120923 |
|  Foreign exchange on translation |  |  |  | (2175) |  | (2175) |
|  Net loss |  |  |  |  | (251189) | (251189) |
|  **Balance, June 30, 2025** | **24095327** | **562915** | **122387** | **(2164)** | **(252664)** | **430474** |

---

____________

(\*) On April 7, 2025, the Company completed a stock split on the basis of 10 post-split common shares for each 1 pre-split common share. All current and comparable information related to the number of common shares, the weighted average number of common shares, loss per share, and stock options has been adjusted retrospectively to reflect this stock split.

The accompanying notes are an integral part of these financial statements.

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**NUCLEA ENERGY INC.<br>Statements of Cash Flows<br>(Expressed in US Dollars)**

---

| | | |
|:---|:---|:---|
|  | **For the <br>Year Ended <br>June 30, <br>2025** | **For the <br>period from <br>incorporation <br>on August 24, <br>2023<br> to June 30, <br>2024** |
|  **Cash flows used in operating activities** |  |  |
|  Net loss | $(251189) | $(1475) |
|  Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation | 425 |  |
| &nbsp;&nbsp;&nbsp; Shares issued for consulting services | 32114 |  |
| &nbsp;&nbsp;&nbsp; Options granted for consulting services | 9405 |  |
| &nbsp;&nbsp;&nbsp; Shareholder contribution |  | 1464 |
|  Changes in non-cash working capital items: |  |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | (25905) |  |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | 188201 |  |
|  Net cash used in operating activities | (46949) | (11) |
|  **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp; Purchase of equipment | (1580) |  |
|  Net cash used in investing activities | (1580) |  |
|  **Cash flow from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (15) |  |
| &nbsp;&nbsp;&nbsp; Shares issued for cash | 150008 | 22 |
|  **Net cash provided by financing activities** | 149993 | 22 |
|  **Effect of foreign exchange on cash** | (2175) | 11 |
|  **Change in cash during the period** | 99289 | 22 |
|  **Cash, beginning of period** | 22 |  |
|  **Cash, end of period** | $**99311** | $**22** |
|  **Supplemental non-cash disclosures** |  |  |
|  Shares issued for consulting services | $**412900** | $— |
|  Options granted for consulting services | **120923** |  |

---

The accompanying notes are an integral part of these statements.

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**NUCLEA ENERGY INC.<br>NOTES TO FINANCIAL STATEMENTS**

#### NOTE 1 — NATURE OF OPERATIONS
Nuclea Energy Inc. (formerly Raise AI Technologies Inc.) (the "Company"), was incorporated in the Province of British Columbia, Canada on August 24, 2023. A Certificate of Change of Name was filed on March 13, 2025, with the British Columbia Registrar changing the name of the Company to Nuclea Energy Inc.

The Company is a Canadian-based advanced nuclear technology company developing the Morpheus Microreactor, the only lead-cooled micro-modular reactor (MMR) currently being designed in North America.

On April 7, 2025, the Company completed a stock split on the basis of 10 post-split common shares for each 1 pre-split common share. All current and comparable information related to the number of common shares, the weighted average number of common shares, loss per share, and stock options has been adjusted retrospectively to reflect this stock split.

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
*<u>*<u>Basis of presentation</u>*</u>*

The accompanying financial statements of the Company have been prepared in conformity with accounting principals generally accepted in the United States of America ("U.S. GAAP" or "GAAP").

*<u>*<u>Functional and Reporting Currency</u>*</u>*

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

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

All values presented are in USD unless otherwise denoted.

*<u>*<u>Use of Estimates</u>*</u>*

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions are used for stock-based compensation, presented as consulting fees as of June 30, 2025. Actual results could differ from those estimates, and such difference may be material to the financial statements.

*<u>*<u>Cash</u>*</u>*

The Company considers cash to include currency on hand and other kinds of accounts that have the general characteristics of demand deposits in that the Company may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. The Company had no cash equivalents as of June 30, 2025, and 2024.

*<u>*<u>Concentrations of Credit Risk</u>*</u>*

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash. The Company limits its exposure to credit loss by investing its cash with high credit quality financial institutions.

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#### NUCLEA ENERGY INC.<br>NOTES TO FINANCIAL STATEMENTS

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (cont.)
*<u>*<u>Equipment</u>*</u>*

Equipment is stated at historical cost less accumulated depreciation. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in the statement of loss and comprehensive loss. Property and equipment are capitalized at cost when acquired and depreciated over their estimated useful lives. The Company has not established a minimum capitalization threshold; all tangible assets expected to provide benefit for more than one year are capitalized. Repairs and maintenance are expensed as incurred. Depreciation is charged over the estimated useful lives using the declining balance method as follows:

---

| | |
|:---|:---|
|  Computer equipment | 55% |

---

*<u>*<u>Loss per Common Share</u>*</u>*

Net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted earnings per share takes into effect any dilutive instruments, except when doing so would be anti-dilutive. As of June 30, 2025 and 2024, there were no dilutive instruments.

*<u>*<u>Stock-based</u> <u>Compensation</u>*</u>*

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

*<u>*<u>Fair Value Measurements</u>*</u>*

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

---

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

---

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**NUCLEA ENERGY INC.<br>NOTES TO FINANCIAL STATEMENTS**

The Company's financial instruments consist of cash, accounts payable, accrued liabilities, and amounts due to related parties. Pursuant to ASC 820, the fair value of cash is determined based on "Level 1" inputs. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.

The following table sets forth by level, within the fair value hierarchy, the Company's assets measured at fair value as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Cash | $99311 | $— | $— | $99311 |
|  Total | $99311 | $— | $— | $99311 |

---

The Company's financial instruments consist of cash, accounts payable, accrued liabilities, and amounts due to related parties. Pursuant to ASC 820, the fair value of cash is determined based on "Level 1" inputs. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.

*<u>*<u>Currency Risk</u>*</u>*

Foreign currency exchange rate risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in foreign exchange rates. The Company's operations are carried out in Canada and the United States. As of June 30, 2025, and 2024, the Company had net monetary liabilities of approximately $118,000 and $Nil, respectively, denominated in Canadian dollars.

*<u>*<u>Segment Reporting</u>*</u>*

The Company currently operates in a single reportable operating segment, being the researching and developing of nuclear technology for clean energy solutions in the geographical areas of Canada and the United States of America. Based on the guidance of ASC 280, *Segment Reporting,* the Company has one operating segment. For the year ended June 30, 2025, and the period from August 24, 2023 to June 30, 2024, the Company operated in one geographical area: Canada.

These factors expose the Company to foreign currency exchange rate risk, which could have an adverse effect on the profitability of the Company. A 10% change in the exchange rate with the Canadian dollar would change net loss and comprehensive loss by approximately $18,600. At this time, the Company currently does not have plans to enter into foreign currency future contracts to mitigate this risk; however, it may do so in the future.

*<u>*<u>Income Taxes</u>*</u>*

The Company adopted ASC 740, *Income Taxes*, at its inception. Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry-forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

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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.

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**NUCLEA ENERGY INC.<br>NOTES TO FINANCIAL STATEMENTS**

#### NOTE 3 — GOING CONCERN (cont.)
Management's plans and actions completed to date concerning these matters include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the year, the Company completed two financing rounds, raising a total of $150,000. As of the date of these financial statements, the Company closed an equity financing round in preparation for an initial public offering ("IPO"), which resulted in proceeds of approximately $4 million. Refer to Note 5, "Share Capital" and Note 12, "Subsequent Events," for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 17, 2025 the Company entered into an engagement letter with Joseph Gunnar & Co., a FINRA-registered investment bank, appointing them as lead underwriter for a proposed $30 million IPO anticipated to occur during the first half of 2026. The Company is committed to completing the offering, and the process is currently underway. It is considered probable that the IPO will be completed within twelve months from the date of issuance of these financial statements. Refer to Note 12, "Subsequent Events," for additional information.

The Company continues to evaluate various strategies to strengthen its financial position, including but not limited to implementing cost-saving measures, seeking available government grants, exploring strategic partnership opportunities, and pursuing additional financing through private placements or offerings in both public and private markets.

Management's current forecasts and related assumptions indicate that the Company is able to meet its operational requirements for the next twelve months from the date of issuance of these financial statements, based on existing cash resources, anticipated future funding, and probable proceeds from planned transactions. If necessary additional capital cannot be raised when required, the Company may need to slow or reduce certain operations until further funding becomes available.

Based on management's plans and the receipt of additional funds subsequent to year end and prior to the issuance of these financial statements, management has concluded that substantial doubt regarding the Company's ability to continue as a going concern has been alleviated.

#### NOTE 4 — BALANCE SHEET COMPONENTS

#### Prepaid Expenses
Prepaid expenses consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>June 30, <br>2024** |
|  Options granted for consulting services (Note 5) | $111518 | $— |
|  Shares issued for consulting services (Note 5) | 380786 |  |
|  Advance for consulting services in cash (Note 6) | 24848 |  |
|  Office expenses | 1057 |  |
| &nbsp;&nbsp;&nbsp; **Prepaid expenses** | $**518209** | $— |

---

#### Equipment
During the year ended June 30, 2025, the Company purchased computer equipment for an aggregate of $1,580. Depreciation is determined based on the declining balance method.

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>June 30, <br>2024** |
|  Computer equipment | $1580 | $— |
|  Less: accumulated depreciation | (425) |  |
| &nbsp;&nbsp;&nbsp; **Total equipment, net** | $**1155** | $**—** |

---

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**NUCLEA ENERGY INC.<br>NOTES TO FINANCIAL STATEMENTS**

#### NOTE 4 — BALANCE SHEET COMPONENTS (cont.)
Depreciation expense for the year ended June 30, 2025 was $425 (period from August 24, 2023 to June 30, 2024 – $Nil).

#### Accounts payable and accrued liabilities

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>June 30, <br>2024** |
|  Accounts payable | $185306 | $— |
|  Other accrued liabilities | 2895 |  |
| &nbsp;&nbsp;&nbsp; **Accounts payable and accrued liabilities** | $**188201** | $**—** |

---

#### NOTE 5 — SHARE CAPITAL

#### Authorized Share Capital
The Company is authorized to issue the following share capital:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unlimited common voting shares without par value ("Common Share"), and without special rights or restrictions attached.

During the year ended June 30, 2025, the Company completed a stock split based on 10 new post-split common shares for every 1 pre-split common share. All current and comparative references to the number of common shares, weighted average number of common shares, loss per share, and stock options reflect this stock split.

On March 11, 2025, the Company repurchased 20,000,000 Common Shares at the original issuance price of CAD $0.000001 for total consideration of $15 (CAD $20) from former Directors who left the Company. The repurchased shares were retired and cancelled, and the transaction was recorded as a reduction of shareholders' equity in accordance with the Company's accounting policies.

On March 13, 2025, the Company issued 12,222,220 Common Shares at the original issuance price of CAD $0.000001 for total of $9 (CAD $12).

During the year ended June 30, 2025, the Company issued the following shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 8, 2025, the Company completed a Founders Round of financing by issuing 622,221 Common Shares at a price of $0.000001 CAD for gross proceeds of $0.50 (CAD $0.62).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 5, 2025, the Company issued 917,556 common shares, with a grant-date fair value of $412,900, to consultants in consideration for consultative and management advisory services related to capital markets, public market initiatives, and IPO readiness. The consulting arrangements commenced on May 5, 2025 (the "Effective Date") and continue until the earlier of: (i) 24 months from the Effective Date, (ii) the closing of the Company's initial public offering on the NASDAQ or NYSE American, 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.

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**NUCLEA ENERGY INC.<br>NOTES TO FINANCIAL STATEMENTS**

#### NOTE 8 — LIQUIDITY RISK
Liquidity risk is the risk that the Company will not be able to meet its financial obligations associated with financial liabilities. The Company's ultimate success depends on the outcome of its research and development and collaboration activities. The Company expects to incur additional losses in the future and anticipates the need to raise additional capital to continue to execute its long-range business plan. The Company manages its liquidity risk by forecasting cash flows from operations and anticipating any investing and financing activities. Management and the Board of Directors are actively involved in the review, planning and approval of significant expenditures and commitments.

Contractual undiscounted cash flow requirements for financial liabilities as of June 30, 2025, are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **≤1 Year** | **>1 Year** | **Total** |
|  Accounts payable and accrued liabilities | $188201 | $— | $188201 |
|  | $188201 | $— | $188201 |

---

Contractual undiscounted cash flow requirements for financial liabilities as of June 30, 2024, are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **≤1 Year** | **>1 Year** | **Total** |
|  Accounts payable and accrued liabilities | $— | $— | $— |
|  | $— | $— | $— |

---

#### NOTE 9 — NET LOSS PER SHARE
Net loss per common share has been computed on the basis of the weighted-average number of common shares outstanding during the year ended June 30, 2025, and the period from August 24, 2023 to June 30, 2024. Since the Company was in a loss position for the year ended June 30, 2025, and the period from August 24, 2023 to June 30, 2024, basic net loss per share was the same as diluted net loss per share for the period presented.

The following table sets forth the computation of (loss) earnings per share:

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>June 30, <br>2024** |
|  **Numerator** |  |  |
| &nbsp;&nbsp;&nbsp; Net loss – basic and diluted | $(251189) | $(1475) |
|  **Denominator** |  |  |
| &nbsp;&nbsp;&nbsp; Weighted average shares used to compute net loss per share, basic and diluted | 27897550 | 30000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net loss per share – basic and diluted** | $**(0.01)** | $**(0.00)** |

---

The following potentially dilutive common shares related to outstanding securities for the year ended June 30, 2025 were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive for the year, see below:

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>June 30, <br>2024** |
|  Common Share options | 355555 |  |
| &nbsp;&nbsp;&nbsp; **Total anti-dilutive options** | **355555** | **—** |

---

#### NOTE 10 — COMMITMENTS AND CONTINGENCIES
The Company does not have any commitments and contingencies as of June 30, 2025, and 2024.

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**NUCLEA ENERGY INC.<br>NOTES TO FINANCIAL STATEMENTS**

#### NOTE 11 — INCOME TAXES
There is no provision for income taxes because the Company has historically incurred operating losses and maintains a full valuation allowance against its net deferred tax assets. In 2025 and 2024, substantially all of the Company's net operating losses were generated in Canada.

The provision for Federal income tax consists of the following for the year ended June 30, 2025 and the period from incorporation on August 24, 2023 to June 30, 2024:

---

| | | |
|:---|:---|:---|
|  | **For the <br>Year Ended <br>June 30, <br>2025** | **For the <br>Period from <br>August 24, <br>2023 to <br>June 30, <br>2024** |
|  Federal income tax benefit attributable to: |  |  |
| &nbsp;&nbsp;&nbsp; Current operations | $(56480) | $— |
| &nbsp;&nbsp;&nbsp; Less: valuation allowance | 56480 |  |
|  Net deferred tax assets |  |  |
|  Deferred tax liability |  |  |
|  Net deferred taxes | $**—** | $**—** |

---

The combined federal and provincial statutory tax rate and a reconciliation of the expected income tax computed using the federal statutory income tax rate to the Company's effective income tax rate is as follows for the fiscal year ended June 30, 2025 and the period from incorporation on August 24, 2023 to June 30, 2024.

---

| | | |
|:---|:---|:---|
|  | **For the <br>Year Ended <br>June 30, <br>2025** | **For the <br>Period from <br>August 24, <br>2023 to <br>June 30, <br>2024** |
|  Federal and provincial tax benefit at statutory rate | 27.0% | 27.0% |
|  Meals & entertainment | (0.1)% |  |
|  Shares and options issued for services | (4.4)% |  |
|  Valuation allowance | (22.5)% | (27.0)% |
|  **Effective tax rate** | **—** | **—** |

---

As of June 30, 2025 and 2024, the components of net deferred tax assets, including a valuation allowance, were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>June 30, <br>2024** |
|  Net operating loss carryforwards | 209188 |  |
|  Valuation allowance | (209188) |  |
|  **Net deferred tax asset** | **—** | **—** |

---

At June 30, 2025, the Company had, for Canadian tax purposes, non-capital losses aggregating approximately $209,188. These losses are available to reduce taxable income earned by the Company in future years and expire in 2045.

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

**NUCLEA ENERGY INC.<br>NOTES TO FINANCIAL STATEMENTS**

#### NOTE 12 — SUBSEQUENT EVENTS
The Company evaluated subsequent events through December 19, 2025, the date the financial statements were issued.

Subsequent to the year ended June 30, 2025 the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approved the issuance of up to 3,340,000 common shares to various consultants on August 26, 2025. The consultants are engaged to provide capital market consulting services in connection with the Company's preparation for an IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entered into a non-interest bearing convertible note agreement for $100,000 on September 29, 2025 (the "Note"). The principal amount of the Note was to automatically convert, immediately prior to the initial closing of a "Qualified Financing", at a fixed conversion price of $1.40 per share, into the same securities and on the same terms as other investors in that financing. A "Qualified Financing" is the Company's next bona fide arm's-length equity financing in which equity securities are issued and sold for cash at a fixed price per share. The Company concluded that the fixed-price conversion feature qualifies for equity classification and does not contain an embedded derivative that would require separate accounting under ASC 815.

On November 6, 2025, immediately prior to the closing of the financing round on November 7, 2025, the Note converted into 71,428 common shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entered into a non-interest bearing convertible note agreement for $100,000 on September 30, 2025 (the "Note"). The principal amount of the Note was to automatically convert, immediately prior to the initial closing of a "Qualified Financing", at a fixed conversion price of $1.40 per share, into the same securities and on the same terms as other investors in that financing. A "Qualified Financing" is the Company's next bona fide arm's-length equity financing in which equity securities are issued and sold for cash at a fixed price per share. The Company concluded that the fixed-price conversion feature qualifies for equity classification and does not contain an embedded derivative that would require separate accounting under ASC 815.

On November 6, 2025, immediately prior to the closing of the financing round on November 7, 2025, the Note converted into 71,428 common shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entered into a non-interest bearing convertible note agreement for $100,000 on October 2, 2025 (the "Note"). The principal amount of the Note was to automatically convert, immediately prior to the initial closing of a "Qualified Financing", into the same securities and on the same terms as other investors in that financing, at a conversion price equal to the lesser of (a) $1.40 per share, and (b) the per-share price paid by cash investors in the "Qualified Financing". A "Qualified Financing" is the Company's next bona fide arm's-length equity financing in which equity securities are issued and sold for cash at a fixed price per share. The Company concluded that the fixed-price conversion feature qualifies for equity classification and does not contain an embedded derivative that would require separate accounting under ASC 815.

On November 6, 2025, immediately prior to the closing of the financing round on November 7, 2025, the Note converted into 71,428 common shares of the Company at $1.40 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Incorporated Nuclea Energy USA Inc., a wholly-owned subsidiary in Delaware, on October 8, 2025. As this subsidiary was incorporated after the balance sheet date, no adjustment has been made to the financial statements as of June 30, 2025. The Company is in the process of finalizing the subsidiary's set-up, and there have been no transactions in this entity subsequent to year end. The subsidiary is not expected to be material, and the financial results of this entity will be included in the Company's consolidated financial statements in future periods.

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

**NUCLEA ENERGY INC.<br>NOTES TO FINANCIAL STATEMENTS**

#### NOTE 12 — SUBSEQUENT EVENTS (cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entered into a Bridge Financing and Initial Public Offering Engagement Agreement on October 17, 2025 pursuant to which Joseph Gunnar & Co., LLC ("Joseph Gunnar") will act as the sole book-runner and underwriter for a proposed common share initial public offering (the "Offering"). The Offering is expected to raise gross proceeds of approximately $30 million.

In addition, Joseph Gunnar will serve as a non-exclusive placement agent in connection with a private placement bridge financing (the "Bridge") to be completed following the execution of the engagement agreement and prior to the contemplated Offering. As additional compensation for Joseph Gunnar's services, the Company shall issue to Joseph Gunnar at the closing of the Offering warrants (the "Underwriter Warrants") warrants to purchase 5.0% of the aggregate number of common stock sold in the Offering. The Underwriter Warrants will be exercisable at any time, in whole or in part, during the five-year period commencing six months from the effective date of the Offering, and shall be exercisable at 120% of the public Offering price per share of securities sold at the Offering. The Underwriter Warrants will provide for registration rights (including a one-time demand registration right and unlimited piggyback rights) and customary anti-dilution provisions (for stock dividends and splits and recapitalizations) consistent with FINRA Rule 5110.

The Company shall pay a $35,000 advance to Joseph Gunnar upon the execution of the Engagement Letter (the "Advance") which shall be applied against actual out-of-pocket accountable expenses and such Advance shall be reimbursed to the Company to the extent any portion thereof is not actually incurred in compliance with FINRA Rule 5110(f)(2)(C).

The Bridge Financing was expected to raise $3 million and closed for gross proceeds of $4 million on November 7, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed a financing round and issued 2,853,008 common shares at a price of $1.40 per share for gross proceeds of $4 million on November 7, 2025.

#### Moltex Asset Acquisition
On December 17, 2025, the Company entered into an exclusivity agreement to acquire certain assets of Moltex Energy Limited (in administration) for a purchase price of £6,183,793 (equivalent to CAD$11,500,000) (the "Moltex Asset Acquisition"). In consideration for the exclusivity rights, the Company paid a non-refundable exclusivity fee of £268,861 (equivalent CAD$500,000). The exclusivity period extends until March 31, 2026, unless extended by mutual agreement, during which time Moltex Energy Limited (acting through its joint administrators) has agreed to cease all third-party negotiations and will not solicit, entertain, or enter into discussions with any other potential acquirers. The Company has committed to negotiate in good faith to finalize a definitive sale and purchase agreement and to satisfy customary conditions precedent. The Company is required to provide weekly confirmations of its intention to proceed with the transaction at the offer price and to use reasonable endeavors to complete due diligence before the expiration of the exclusivity period. Additionally, if the joint administrators determine that additional funding is required to maintain the business and assets during any extension of the exclusivity period beyond March 31, 2026, the Company is obligated to provide such funding within three business days of a written request. The Company does not believe that the Moltex Asset Acquisition would constitute the acquisition of a "business" as defined in Rule 11-01(d) of Regulation S-X. The definitive terms of the Moltex Asset Acquisition remain subject to ongoing negotiations with the joint administrators of Moltex Energy Limited.

#### Appointment of CEO and CFO
On December 19, 2025 the Company appointed Josef Freundorfer as its CEO to replace Sagar Sanghera who remains the Company's President and the chairman of its board of directors.

On December 9, 2025 the Company appointed Anna Skowron as its Chief Financial Officer.

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

#### [ ] 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 [\*], 2026

#### [ ] Common Shares

#### NUCLEA ENERGY INC.
This prospectus relates to [\*] 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 NYSE American 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 $[\*] and $[\*] per share. Once, and if, our Common Shares are listed on NYSE American 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 NYSE American 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 [\*]% 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 15 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

------

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

#### The Offering

---

| | |
|:---|:---|
|  Shares offered by the Selling Shareholders: | <br>This prospectus relates to [\*] Common Shares that may be sold from time to time by the Selling Shareholders named in this prospectus. |
|  Shares outstanding<sup>(1)</sup>: | [\*] Common Shares (or [\*] 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 15 of the Primary Offering Prospectus. |
|  Trading market and symbol: | We intend to apply to list our Common Shares on NYSE American 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.

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

#### USE OF PROCEEDS
We will not receive any proceeds from the sale of Common Shares by the Selling Shareholders.

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

#### 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. See "Plan of Distribution."

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Name of Selling Shareholder** | **Common <br>Shares<br>Beneficially<br>Owned<br>Prior to this<br>Offering** | **<br>Number of<br>Shares <br>Being<br>Offered** | **<br>Common Shares<br> Beneficially Owned <br>After this Offering** | **<br>Common Shares<br> Beneficially Owned <br>After this Offering** |
|  **Name of Selling Shareholder** | **Common <br>Shares<br>Beneficially<br>Owned<br>Prior to this<br>Offering** | **<br>Number of<br>Shares <br>Being<br>Offered** | **Shares** | **Percent<sup>(1)</sup>** |
|  AAT SERVICES LTD. | 10714 |  |  |  |
|  ANDROS CAPITAL CORP. | 35721 |  |  |  |
|  ARSTREND OU | 35714 |  |  |  |
|  AZINCOURT ENERGY CORP | 35714 |  |  |  |
|  DARRYL CARDEY | 35714 |  |  |  |
|  FUNICULAR FUNDS, LP | 214286 |  |  |  |
|  GB CAPITAL LTD. | 17857 |  |  |  |
|  MATTHEW HAMILTON | 42857 |  |  |  |
|  OLEKSANDR HAVRYLOV | 25000 |  |  |  |
|  HAYWOOD SECURITIES INC. | 299285 |  |  |  |
|  LAURENS HOUTMAN | 71429 |  |  |  |
|  JUNEAU EXPLORATION COMPANY | 357143 |  |  |  |
|  NISHAL KUMAR | 21429 |  |  |  |
|  DAVID LAZAR | 71429 |  |  |  |
|  ROMAN LUBAVIN | 71429 |  |  |  |
|  MGK CONSULTING INC. | 7143 |  |  |  |
|  TAYLOR MOFFATT | 71429 |  |  |  |
|  MIKHAIL MUYINGO | 35714 |  |  |  |
|  JOHN NASH | 714286 |  |  |  |
|  NORTHSTRIVE COMPANIES INC. | 35714 |  |  |  |
|  OPTIMA HOLDINGS CORP. | 18000 |  |  |  |
|  KYLE PERMUT | 71429 |  |  |  |
|  PMGC CAPITAL LLC | 89286 |  |  |  |
|  JULIAS QUASHIE | 25000 |  |  |  |
|  ALAN REYF | 71429 |  |  |  |
|  RTHT LLC | 35714 |  |  |  |
|  RUTH CONSULTING UG | 7143 |  |  |  |
|  S2S TRADING LLC | 71429 |  |  |  |
|  VENTUM FINANCIAL CORP. | 217857 |  |  |  |
|  **TOTAL** | **[\*]** | **[\*]** |  |  |

---

____________

(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 $[\*] and $[\*] per share. Once, and if, our Common Shares are listed on NYSE American 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 NYSE American 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

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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 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.

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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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#### [ ] Common Shares

#### TO BE SOLD BY THE SELLING SHAREHOLDERS

#### NUCLEA ENERGY INC.

#### PRELIMINARY PROSPECTUS

#### ________, 2025
Until [\*], 2026 (25 days after the date of this prospectus), all dealers that buy, sell or trade our common shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

------

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#### Part II — Information Not Required in the Prospectus

#### Item 6. Indemnification of Directors and Officers.
Section 160 of the BCBCA authorizes companies to indemnify past and present directors, officers and certain other individuals for the liabilities incurred in connection with their services as such (including costs, expenses and settlement payments) unless such individual did not act honestly and in good faith with a view to the best interests of the company and, in the case of a proceeding other than a civil proceeding, if such individual did not have reasonable grounds for believing his or her conduct was lawful. In the case of a suit by or on behalf of the corporation, a court must approve the indemnification.

Our Articles provide that each director of the registrant shall be (and each officer may be) indemnified out of the assets of the registrant from and against all actions, costs, charges, losses, damages and expenses which they or any of them, shall or may incur or sustain by or by reason of any act done, concurred in or omitted in or about the execution of their duty, or supposed duty, in their respective offices or trust subject to the limitations contained in the *BCBCA*, including where such individual failed to act honestly and in good faith with a view to the best interests of the company.

Our Articles also permit us to purchase and maintain insurance for the benefit of any person who is or was a director, officer, employee or agent of the Company.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

#### Item 7. Recent Sales of Unregistered Securities.
Unless otherwise indicated, all share numbers and per-share prices disclosed in this section are presented on a post-stock-split basis, reflecting the Company's 10-for-1 stock split effected on April 7, 2025.

Set forth below is information regarding Common Shares issued by us during the last three years. None of the below described transactions involved any underwriters, underwriting discounts and commissions or commissions, or any public offering.

The Company was incorporated on August 24, 2023 under the laws of British Columbia, Canada, under the name Raise AI Technologies.

On August 24, 2023, in connection with incorporation, the Company issued 30,000,000 Common Shares at CAD$0.000001 per share for gross proceeds of US$22 (CAD$30) to founders and initial shareholders.

On March 11, 2025, the Company repurchased 20,000,000 Common Shares at the original issuance price of CAD $0.000001 for total consideration of $15 (CAD $20) from former Directors who left the Company. The repurchased shares were retired and cancelled, and the transaction was recorded as a reduction of shareholders' equity in accordance with the Company's accounting policies.

On March 13, 2025, the Company issued 12,222,220 Common Shares at the original issuance price of CAD$0.000001 per share for total proceeds of US$9 (CAD$12).

On April 7, 2025, the Company effected a 10-for-1 stock split of its common shares.

On April 8, 2025, the Company completed a founders financing round and issued 622,221 Common Shares at CAD$0.000001 per share for gross proceeds of approximately US$0.50 (CAD$0.62).

On May 5, 2025, the Company issued 917,556 Common Shares to non-US consultants as consideration for capital markets, NASDAQ initiatives, and IPO readiness services. The grant date fair value of the shares was approximately US$412,900. The consulting arrangements commenced on May 5, 2025 and continue until the earlier of (i) 24 months from the effective date, (ii) the closing of the Company's initial public offering on NASDAQ or NYSE, or (iii) earlier termination pursuant to the consulting agreements to a number of unaffiliated non-US investors.

On May 10, 2025, the Company completed a seed financing round and issued 333,330 Common Shares at US$0.45 per share for gross proceeds of US$150,000.

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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 Memorandum and Articles of Association of the Company, as currently in effect\*

3.2 Amended and Restated Memorandum and Articles of Association of the Company to become effective immediately prior to the closing of the offering\*

4.1 Specimen Share Certificate\*

5.1 Opinion of Oakridge Law LLP as to the validity of the Common Shares\*

5.2 Opinion of Loeb & Loeb LLP as to the legality of the underwriters' Over -Allotment Option\*

10.1 [Independent Consulting Agreement, dated as of December 25, 2025, between Nuclea Energy Inc. and Josef Freundorfer](ea027004302ex10-1_nuclea.htm)

10.2 [Consulting Agreement, dated as of December 9, 2025, between Nuclea Energy Inc. and NxtEra Consulting Ltd.](ea027004302ex10-2_nuclea.htm)

10.3 [Consulting Agreement, dated as of July 1, 2024, between Nuclea Energy Inc. and Sagar Sanghera](ea027004302ex10-3_nuclea.htm)

10.4 [Industry Funded Research Collaboration Agreement, dated December 9, 2025, between University of Ontario Institute of Technology and Nuclea Energy Inc.](ea027004302ex10-4_nuclea.htm)

14.1 Code of Business Conduct and Ethics\*

21.1 List of Subsidiaries\*

23.1 Consent of Reliant CPA PC\*

23.2 Consent of Oakridge Law LLP (included in Exhibit 5.1)\*

23.3 Consent of Loeb & Loeb LLP (included in Exhibit 5.2)\*

24.1 [Power of Attorney (included on signature page to the registration statement)\*](#T501)

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---

| | |
|:---|:---|
| 99.1 | Charter of the Audit Committee\* |
| 99.2 | Charter of the Compensation Committee\* |
| 99.3 | Charter of the Nominating and Corporate Governance Committee\* |
| 99.4 | Consent of Director Nominee Richard Paolone\* |
| 99.5 | Consent of Director Nominee John Mcvey\* |
| 99.6 | Consent of Director Nominee Magaly Bianchini\* |
| 99.7 | Consent of Director Nominee Kinder Sidhu\* |
| 107 | Registration Fee Table\* |

---

____________

\* To be filed by amendment.

(b) Financial Statement Schedules

None.

#### Item 9. Undertakings
The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to provide to the underwriter at the closing specified in the underwriting agreements, certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

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#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Toronto, Ontario, Canada, on [ ], 2026.

---

| | |
|:---|:---|
|  **Nuclea Energy Inc.** | **Nuclea Energy Inc.** |
|  By: |  |
|  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** |
|  | Chief Executive Officer | [\*], 2026 |
|  Josef Freundorfer | (Principal executive officer) and Director |  |
|  | Chief Financial Officer | [\*], 2026 |
|  Anna Skowron | (Principal financial and accounting officer) |  |

---

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#### Authorized U.S. Representative
Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Nuclea Energy Inc., has signed this registration statement in New York, on [ ], 2026.

---

| | |
|:---|:---|
|  **Authorized U.S. Representative<br>[\*]** | **Authorized U.S. Representative<br>[\*]** |
|  By: |  |
|  Name:  | [\*] |
|  Title: | [\*] |

---

## 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**

**CONSULTING AGREEMENT FOR NON-EMPLOYEE CHIEF EXECUTIVE OFFICER**

This CONSULTING AGREEMENT (this "Agreement") dated July 1st, 2024, is made and entered into between **Raise AI Technologies Inc** (a British Columbia, Canada Corporation) (the "Company"), and 1254044 BC LTD. (the "Consultant").

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 Sagar Sanghera, Director of the Consultant (the "Designee"), to perform the Services as non-employee Chief Executive Officer and Chairman of the Board.

WHEREAS, the Board of Directors of the Company (the "Board") has appointed the Designee, to serve as the Chairman of the Board and Chief Executive 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 Chairman of the Board and Chief Executive 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 executive officer ("CEO") of the Company and the
chairman of the board of directors of the Company ("Chairman"). The Company confirms that the Designee has been duly appointed
as the CEO and Chairman and will remain as an executive officer of the Company and Chairman 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 incurred in the performance of its duties under this Agreement, in accordance with
the Company's expense reimbursement policy, provided that the Consultant submits appropriate supporting documentation. Reimbursement
will be made within thirty (30) days of the Company's receipt of such documentation.

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 its possession or under its 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 it or any of its personnel or owners are 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>: The
Consultant shall be solely responsible for all applicable taxes and statutory remittances in respect of compensation received under this
Agreement and for compliance with all Canadian statutes, regulations, and requirements governing its business . The Consultant
shall indemnify and hold harmless the Company from and against any liability for, or assessment of, any claims or penalties with respect
to such taxes, remittances, pension or employment insurance contributions required under Canadian law. The Company shall defend and indemnify
the Designee for acts undertaken as Chief Executive Officer and Chairman of the Board to the fullest extent permitted under the British
Columbia Business Corporations Act ("BCBCA"), provided such actions are taken in good faith in the course and scope of their
duties. The Company confirms it maintains directors and officers liability insurance covering the Designee during the term of this Agreement
and will continue to do so. The rights to indemnification shall survive 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 shall remain an independent contractor in its relationship with the Company. The Consultant is solely responsible for
the payment and remittance of all applicable federal and provincial taxes (including without limitation GST/HST, if applicable), statutory
remittances, and for compliance with all tax and regulatory obligations under Canadian law. The Consultant shall invoice the Company for
services rendered, and the Company shall make all payments against such invoice. The Consultant acknowledges and agrees that the Company
will not issue a T4A or similar slip of remuneration for the Consultant, and the Consultant shall have no claim against the Company for
employment benefits, including 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. The Consultant agrees to indemnify and hold
harmless the Company from and against any assessments, losses, or penalties actually incurred by the Company arising from the Consultant's
failure to remit any required taxes or other charges.

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 British
Columbia, Canada shall govern the validity of this Agreement, the construction of its terms and the interpretation of the rights and duties
of

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

12. <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.

13. <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.

14. <u>Assignment</u>. The Consultant shall
not assign any of its 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.

15. <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 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 Company 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 Company from time to time.

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

17. <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.

18. <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.

19. <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>Raise AI Technologies Inc</u>** | **<u>Raise AI Technologies Inc</u>** | **<u>1254044 BC LTD</u>** | **<u>1254044 BC LTD</u>** |
| By: | /s/ Sagar Sanghera | By: | /s/ Sagar Sanghera |
| Name: | Sagar Sanghera | Name: | Sagar Sanghera |
| Title: | Chief Executive Officer | Title: | Chief Executive Officer |
| Date: | July 1<sup>st</sup>, 2024 | Date: | July 1<sup>st</sup>, 2024 |

---

Signature Page of Consulting Agreement for Non-Employee CEO

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

Exhibit A

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

Exhibit B

## Exhibit 10.4

**Exhibit 10.4**

**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:

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

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*---signature page(s) to follow---*

 

 

**IN WITNESS WHEREOF** the Parties have caused this Agreement to be executed by their duly authorized representatives.

**For Company:**

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| |
|:---|
| /s/ Sagar Sanghera |
| AUTHORIZED SIGNATURE |
| Sagar Sanghera |
| PRINT NAME |
| CEO |
| TITLE |
| December 9<sup>th</sup> 2025 |
| DATE |

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I have the authority to bind the Company

**For Ontario Tech:**

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| |
|:---|
| /s/ Jennifer Freeman |
| Jennifer Freeman |
| Executive Director, Office of Research Services |
| December 10<sup>th</sup> 2025 |
| **DATE** |

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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.

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| |
|:---|
| /s/ Eleodor Nichita |
| SIGNATURE |
| Dr. Eleodor Nichita |

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**Appendix A**

**Principal Investigator's Project Proposal**