Eagle Nuclear Energy

01

What the company does

Eagle Nuclear Energy Corp. is the Nevada company that listed on Nasdaq in February 2026. It continues the business of Eagle Energy Metals Corp. Filing 2

The company says it aims to combine uranium exploration and development with proprietary small modular reactor (SMR) technology. Company claim 2

Those are plans. As of May 31, 2026, the company had not started its principal operations. Filing 2 Eagle Energy Metals reported no revenue in its 2025 offering statement. Filing 1

Its main asset is the Aurora Uranium Project in Malheur County, Oregon. In 2025 it held only an option on the project. It acquired Oregon Energy LLC, which holds the project’s claims, when the merger closed. Filing 1 Filing 2

Together with claims in Humboldt County, Nevada, its claims cover about 43 square kilometres. Aurora is at the exploration stage, and the company says it may never establish a mineral reserve there. Filing 2

In 2025 the company estimated that Aurora held 50.6 million pounds of U3O8 under the 2012 JORC Code. It also said that, by its own research, Aurora was the largest measured and indicated uranium resource in the United States in a jurisdiction without a uranium mining moratorium and without reliance on in-situ recovery. Company claim 1 A resource estimate does not establish a reserve. Our reading

That SMR technology is licensed. The company says it depends on that single licence, and calls its SMR development conceptual and at an early stage. Filing 2

02

The private financing

In March 2025, Eagle Energy Metals offered common stock at $0.61 a share through a Regulation Crowdfunding (Reg CF) offering on the Equifund portal. Filing 1

It also sold shares in private placements between December 2024 and May 2025. Filing 2

When the merger closed, holders of its nonredeemable common stock received one new share for every 5.8349 old shares. Filing 2

At $0.61 per old share, 5.8349 old shares cost $3.559289. That is about $3.56 per new share. Our reading

Eagle Nuclear’s later financial statements report the same figure. They restate the crowdfunding shares at $3.56: 1,318,287 new shares in April 2025 and 77,644 in May 2025. The private placements are restated at the same price. Filing 2

That is why the comparison starts at $3.56. Measured from the unadjusted $0.61, the change to the April 24 intraday high would be +2,231.1%. That figure mixes old and new shares, so it is wrong. Our reading

03

The SPAC merger and listing

Eagle did not hold a conventional IPO. It became public by merging with Spring Valley Acquisition Corp. II (SVII), a special purpose acquisition company (SPAC) incorporated in the Cayman Islands. Filing 3 Filing 2

The merger agreement was signed on July 30, 2025, and amended on September 29, 2025. Filing 2

The merger closed on February 24, 2026. Filing 3 Exchange notice 4 For accounting purposes, Eagle Energy Metals was treated as the acquirer. Filing 2

At the closing, the company also raised $29.7 million in gross proceeds by selling convertible preferred stock and warrants in a private placement. Filing 3

Its common stock first traded on the Nasdaq Capital Market as NUCL on February 25, 2026. Its warrants trade as NUCLW. Exchange notice 4

04

Price history after listing

NUCL opened at $7.64 on its first day of trading and closed at $8.65. Market data 5

Two days later, on February 27, 2026, it traded as low as $4.55. Market data 5

On April 24, 2026, it reached an intraday high of $14.22 and closed at $13.09. Market data 5

That was the highest intraday price from listing to September 23, 2026. The highest close in that period was $13.21, on April 23, 2026. Market data 5

On September 23, 2026, NUCL closed at $6.22. That is 56.3% below the April 24 intraday high and 74.7% above the adjusted financing price. Market data 5

The milestone table lists selected dates only. The price moved on every trading day in between.

05

Transfer restrictions and liquidity

Crowdfunding shares came with a one-year holding period. Filing 2

Eagle Energy Metals said it would refuse transfer requests in the first year after issue, with narrow exceptions such as transfers to accredited investors or family members. Filing 1

The crowdfunding shares were issued in April and May 2025. Depending on the issue date, some may still have been inside that year on April 24, 2026. Our reading

SVII’s sponsor and certain other shareholders agreed to a lock-up. It ended 180 days after the February 24, 2026 closing, around August 23, 2026. Filing 2

The filing describes that lock-up for those holders only. It does not say every shareholder was locked up. Restrictions depended on who held the shares and how they got them. Our reading

The offering statement also let the chief executive agree to a lock-up of up to 300 days on investors’ behalf around certain later offerings. Filing 1 We did not find a filing that says whether this was used. Our reading

A quoted high is the price of the day’s highest trade. It does not show how many shares changed hands at that price. Our reading On April 24, 2026, 1,022,460 NUCL shares traded in total. Market data 5

06

What this example shows

Our reading These points are our interpretation of the facts above.

• A headline percentage depends on the two prices chosen. From the adjusted financing price, the change was +299.4% to the April 24 intraday high, +267.7% to that day’s close and +74.7% to the September 23 close.
• Hindsight picks the peak. April 24 is in this case study because it turned out to be the high.
• Buyers after the listing saw a different result. From the first-day close of $8.65, the change to the September 23 close was −28.1%.
• Share adjustments matter. Without the consolidation, the same high would show +2,231.1% instead of +299.4%.
• Quoted prices and investor outcomes differ. Holding periods, lock-ups and trading volume limited who could sell, when and at what price.
• One case says nothing about other private companies. Past performance does not predict future results.

07

Milestones

08

How the figures are calculated

When the merger closed, holders of Eagle Energy Metals’ nonredeemable common stock received one new share for every 5.8349 old shares. At $0.61 per old share, that is 5.8349 × $0.61 = $3.559289, about $3.56 per new share. Eagle Nuclear’s later financial statements report the crowdfunding shares at $3.56.

• +299.4%. Historical price increase from adjusted financing price to the April 24, 2026 intraday high. ($14.22 ÷ $3.56 − 1) × 100 = 299.4382%. It uses the rounded $3.56 adjusted financing price. With the unrounded $3.559289, it would be +299.5%.
• +267.7%. Change from the adjusted financing price to the April 24, 2026 close. ($13.09 ÷ $3.56 − 1) × 100 = 267.6966%. It uses the rounded $3.56 adjusted financing price. With the unrounded $3.559289, it would be +267.8%.
• +74.7%. Change from the adjusted financing price to the September 23, 2026 close. ($6.22 ÷ $3.56 − 1) × 100 = 74.7191%. It uses the rounded $3.56 adjusted financing price. With the unrounded $3.559289, it would be +74.8%.
• −56.3%. Change from the April 24, 2026 intraday high to the September 23, 2026 close. ($6.22 ÷ $14.22 − 1) × 100 = −56.2588%.
• −28.1%. Change from the February 25, 2026 first-day close to the September 23, 2026 close. ($6.22 ÷ $8.65 − 1) × 100 = −28.0925%.
• +2,231.1%. Unadjusted change from the old-share price to the April 24, 2026 intraday high. ($14.22 ÷ $0.61 − 1) × 100 = 2,231.1475%. Shown only to explain the adjustment. It mixes old and new shares.

Prices are in US dollars. Percentages are rounded to one decimal place.

Market prices are daily figures for NUCL from ChartExchange, starting with the first trading day, February 25, 2026. The same page also lists NUCL rows from 2013 and 2014. They predate Eagle and are not used.

An intraday high is the price of the day’s highest trade. A close is the day’s last price. This case study reports them separately.

These are historical price comparisons. They are not realized gains, subscriber returns or results achieved by Ora. They ignore fees and taxes.

09

Relationship and independence

Relationship review

Completed

Basis

Confirmed by Ora’s owner

Disclosure

Ora has no relationship with Eagle Nuclear Energy.

10

Sources

Filing

Stated in a document filed with the SEC.

Company claim

Asserted by the company. Not independently confirmed.

Exchange notice

Stated in a notice published by the exchange.

Market data

Daily prices from a market-data provider. Not a regulatory filing.

Our reading

Our inference from the sources named. Not a fact about the company.