Eagle Nuclear Energy 10-Q 顯示反向合併後現金增至2828萬美元，淨虧損擴大至2653萬美元

Eagle Nuclear Energy Corp._May 31, 2026
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Table of Contents

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​
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended May 31, 2026
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to _________
Commission File Number: 001-43162
Eagle Nuclear Energy Corp.
(Exact name of registrant as specified in its charter)
Nevada
  ​ ​ ​
41-3113978

(State or other jurisdiction of organization)
​
(I.R.S. employer identification no.)

​
5470 Kietzke Lane, Suite 300
Reno, NV
  ​ ​ ​
89511

(Address of principal executive offices)
​
(Zip code)

​
(775) 335-2029
(Registrant’s telephone number, including area code)
Not Applicable
 (Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
​
Title of each class
  ​ ​ ​
Trading Symbol(s)
  ​ ​ ​
Name of each exchange on which registered

Common Stock, par value $0.0001 per share
​
NUCL
​
The Nasdaq Capital Market

Public Warrants, each warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
​
NUCLW
​
The Nasdaq Capital Market

​
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, during the preceding 12 months (or for such shorter period than the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐

Non-accelerated filer
☒
Smaller reporting company
☒

Emerging growth company
☒

​
If an emerging growth company, 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 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 20, 2026, there were 29,579,798 shares of the registrant’s common stock issued and outstanding.
​
​
​

Table of Contents

Eagle Nuclear Energy Corp.
Quarterly Report on Form 10-Q
TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION
5

​
​

Item 1.
Financial Statements
5

​
​
​

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
37

​
​
​

Item 3.
Quantitative and Qualitative Disclosure About Market Risk
48

​
​
​

Item 4.
Controls and Procedures
49

​
​
​

PART II – OTHER INFORMATION
51

​
​

Item 1.
Legal Proceedings
51

​
​
​

Item 1A.
Risk Factors
51

​
​
​

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
51

​
​
​

Item 3.
Defaults Upon Senior Securities
51

​
​
​

Item 4.
Mine Safety Disclosures
51

​
​
​

Item 5.
Other Information
51

​
​
​

Item 6.
Exhibits
52

​
​
​

SIGNATURES
53

​
​

2

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
We make statements in this Quarterly Report on Form 10-Q (the “Quarterly Report”) that are forward-looking statements within the meaning of the federal securities laws. The words “believe,” “estimate,” “expect,” “anticipate,” “intend,” “plan,” “seek,” “may,” and similar expressions or statements regarding future periods are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any predictions of future results, performance or achievements that we express or imply in this Quarterly Report or in the information incorporated by reference into this Quarterly Report.
The forward-looking statements included in this Quarterly Report are based upon our current expectations, plans, estimates, assumptions and beliefs that involve numerous risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, taking into account the information currently available to us, we cannot guarantee future transactions, results, performance, achievements or outcomes, and our actual results and performance could differ materially from those set forth in any forward-looking statements. The cautionary statements set forth in this Quarterly Report identify important factors which you should consider in evaluating our forward-looking statements. These factors include, without limitation:
●We are an early-stage company with limited to no operating history upon which investors can evaluate our future prospects.
●We may be dependent on additional financing to conduct our business plan.
●We have not generated profits or revenues and do not expect to do so in the near term.
●Volatility in uranium prices may adversely affect the economic viability of the Aurora Uranium Project and increase investor dilution.
●Our business is subject to risks inherent in mineral exploration and development activities.
●We and our target customers operate in a politically sensitive environment, and public perception of nuclear energy can affect us and our target customers.
●Intense competition in the mining and SMR markets could limit our ability to capture and retain market share.
●Public acceptance of nuclear energy and competition from other energy sources is unknown.
●Unfavorable media coverage of mining or nuclear energy could negatively affect our business.
●Mining operations involve a high degree of risk.
●The Aurora Uranium Project is in the exploration stage, and there is no assurance that we can establish the existence of any mineral reserve in commercially exploitable quantities. Until then, we cannot earn any revenues from the Aurora Uranium Project, and our business could fail.
●Mining and mineral exploration are inherently dangerous and subject to conditions or events beyond our control, which could have a material adverse effect on our business and plans.
●Mining presents potential health risks, and payment of any liabilities arising from these health risks may adversely impact us.
●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.
●Loss of government incentives to use nuclear power may have an adverse impact on the market for SMRs.

3

Table of Contents

●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.
●Our licensed SMR technology is at an early stage, may never achieve commercial viability, and loss of the license would terminate our ability to pursue this business.
●We depend entirely on a single license for our SMR technology platform.
●Our SMR development remains conceptual and faces significant technical risk.
●We lack the manufacturing infrastructure to scale any future SMR prototype, and early production efforts may cause significant cost overruns and delays.
●Our directors and executive management team may have conflicts of interest.
●The loss of key personnel, an inability to attract and retain additional personnel, or difficulties integrating new members of our management team could affect our ability to successfully grow our business.
●If demand for our uranium resources does not develop as expected, our projected revenues and profits will be adversely affected.
●Russia’s invasion of Ukraine is severely and unpredictably impacting global energy markets and supply chains, and rising concerns over a second severe nuclear accident in Ukraine could seriously hurt public reception to nuclear energy.
●Developments related to the ongoing wars between Russia and Ukraine, conflicts in the Middle East, economic instability in Venezuela, and the global response thereto, could adversely affect our business, financial condition and results of operations.

A number of additional factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For more information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the “Risk Factors” section of our Registration Statement on Form S-1 initially filed with the Securities and Exchange Commission (the “SEC”) on March 19, 2026 (File No. 333-294464) (the “Registration Statement”) and the “Risk Factors” section of this Quarterly Report. Our securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov.
You are cautioned not to place undue reliance on any forward-looking statements included in this Quarterly Report. All forward-looking statements are made as of the date of this Quarterly Report, and the risk that actual results will differ materially from the expectations expressed in this Quarterly Report will increase with the passage of time. Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements after the date of this Quarterly Report, whether as a result of new information, future events, changed circumstances or any other reason. In light of the significant uncertainties inherent in the forward-looking statements included in this Quarterly Report, the inclusion of such forward-looking statements should not be regarded as a representation by us or any other person that the objectives and plans set forth in this Quarterly Report will be achieved.
​
​

4

Table of Contents

PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
EAGLE NUCLEAR ENERGY CORP.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED MAY 31, 2026 AND 2025
(UNAUDITED)
​
​
​

5

Table of Contents

​
​
Page

Condensed Consolidated Interim Balance Sheets as of May 31, 2026 (unaudited) and November 30, 2025
7

Unaudited Condensed Consolidated Interim Statements of Operations for the Three and Six Months Ended May 31, 2026 and 2025 
8

Unaudited Condensed Consolidated Interim Statements of Changes in Stockholders’ Equity (Deficit) for the Six Months Ended May 31, 2026 and 2025
9

Unaudited Condensed Consolidated Interim Statements of Changes in Stockholders’ Equity (Deficit) for the Three Months Ended May 31, 2026 and 2025
10

Unaudited Condensed Consolidated Interim Statements of Cash Flows for the Six Months Ended May 31, 2026 and 2025 
11

Notes to Unaudited Condensed Consolidated Interim Financial Statements
12

​
​

6

Table of Contents

EAGLE NUCLEAR ENERGY CORP.
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS
AS OF MAY 31, 2026 AND NOVEMBER 30, 2025
​

​

​

​

​

​

​

​
  ​ ​ ​
May 31, 2026
  ​ ​ ​
November 30, 2025

​
​
(Unaudited)
  ​ ​ ​
(Audited)

Assets
 
​
  ​
 
​
  ​

​
​
​
​
​
​
​

Current assets
 
​
  ​
 
​
  ​

Cash
​
$
 28,091,090
​
$
 1,301,928

Prepaid expenses
​
 
 898,822
​
 
 162,897

Total current assets
​
 
 28,989,912
​
 
 1,464,825

​
​
​
​
​
​
​

Restricted cash
​
 
 190,960
​
 
 —

Deposits
​
 
 71,506
​
 
 71,506

Property, plant and equipment
​
 
 283,877
​
 
 —

Intangible asset, net
​
 
 96,450
​
 
 65,915

Mineral rights
​
 
 12,755,725
​
 
 1,201,390

Right of use asset – operating lease, net
​
 
 701,311
​
 
 84,326

Total assets
​
$
 43,089,741
​
$
 2,887,962

​
​
​
​
​
​
​

Liabilities, Mezzanine Equity, and Stockholders’ Equity (Deficit)
​
 
  ​
​
 
  ​

​
​
​
​
​
​
​

Current liabilities
​
 
  ​
​
 
  ​

Accounts payable and accrued liabilities
​
$
 783,866
​
$
 530,339

Due to related parties
​
 
 120,130
​
 
 280,025

Dividends payable
​
 
 781,151
​
 
 —

Lease liabilities – current
​
 
 140,075
​
 
 33,155

Total current liabilities
​
 
 1,825,222
​
 
 843,519

​
​
​
​
​
​
​

Warrant liability
​
 
 21,925,000
​
 
 —

Lease liabilities – non-current
​
 
 589,935
​
 
 55,086

Total liabilities
​
 
 24,340,157
​
 
 898,605

​
​
​
​
​
​
​

Commitments and contingencies (Note 16)
​
 
  ​
​
 
  ​

Mezzanine equity
​
 
  ​
​
 
  ​

Redeemable common stock, $0.0001 par value, 300,000,000 shares authorized; none issued and outstanding as of May 31, 2026 ($0.0001 par value, 350,000,000 shares authorized; 2,750,000 issued and subject to possible redemption at $0.11 per share as of November 30, 2025)(1)
​
 
 —
​
 
 300,000

Series A Cumulative Preferred Stock, redeemable, $0.0001 par value, 3,500,000 shares authorized; 29,700 shares issued and subject to possible redemption beginning February 24, 2031 at $1,000 per share plus accrued and unpaid dividends, as of May 31, 2026 ($0.0001 par value, 50,000,000 shares authorized; none as of November 30, 2025)
​
 
 25,729,800
​
 
 —

​
​
​
​
​
​
​

Stockholders’ equity (deficit)
​
 
  ​
​
 
  ​

Common stock, $0.0001 par value, 300,000,000 shares authorized; 29,579,798 shares issued and outstanding as of May 31, 2026 ($0.0001 par value, 350,000,000 shares authorized; 18,888,289 shares, excluding 2,750,000 shares subject to possible redemption as of November 30, 2025)(1)
​
 
 2,958
​
 
 1,889

Preferred stock, $0.0001 par value, 3,500,000 shares authorized; none issued and outstanding, excluding 29,700 shares subject to possible redemption as of May 31, 2026 ($0.0001 par value, 50,000,000 shares authorized; none as of November 30, 2025)
​
 
 —
​
 
 —

Additional paid-in capital(1)
​
 
 26,612,495
​
 
 7,968,157

Accumulated deficit
​
 
 (33,595,669)
​
 
 (6,280,689)

Total stockholders’ equity (deficit)
​
 
 (6,980,216)
​
 
 1,689,357

Total liabilities, mezzanine equity and stockholders’ equity (deficit)
​
$
 43,089,741
​
$
 2,887,962

(1)
The shares of the Company’s common stock, prior to the de-SPAC (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 5.8349:1 established in the de-SPAC, as described in Note 4.

​
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

7

Table of Contents

EAGLE NUCLEAR ENERGY CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED MAY 31, 2026 AND 2025 (UNAUDITED)
​

​

​

​

​

​

​

​

​

​

​

​

​

​
  ​ ​ ​
For the three
  ​ ​ ​
For the three
  ​ ​ ​
For the six
  ​ ​ ​
For the six 

​
​
months ended
​
months ended
​
months ended
  ​ ​ ​
months ended

​
​
May 31, 2026
​
May 31, 2025
​
May 31, 2026
​
May 31, 2025

Operating expenses
​
  ​
​
​
​
​
​
​
​
​
  ​
​

Business development
​
$
 267,827
​
$
 —
​
$
 348,277
​
$
 —

Amortization and depreciation
​
 
 5,602
​
​
 —
​
​
 8,026
​
 
 —

Exploration expense
​
 
 496,419
​
​
 56,678
​
​
 723,920
​
 
 63,983

Office and administrative
​
 
 831,489
​
​
 60,539
​
​
 1,238,685
​
 
 91,580

Professional fees
​
 
 2,010,841
​
​
 710,540
​
​
 2,469,761
​
 
 1,213,453

Rent expense
​
 
 80,856
​
​
 22,483
​
​
 153,598
​
 
 48,943

Investor relations
​
 
 69,390
​
​
 —
​
​
 159,211
​
 
 —

Salaries and wages
​
 
 3,295,905
​
​
 —
​
​
 3,353,846
​
 
 —

Licensing fee expense
​
 
 12,603
​
​
 —
​
​
 26,249
​
 
 —

Travel and entertainment
​
 
 236,509
​
​
 170,706
​
​
 287,971
​
 
 269,552

Total operating expenses
​
 
 (7,307,441)
​
​
 (1,020,946)
​
​
 (8,769,544)
​
 
 (1,687,511)

​
​
​
​
​
​
​
​
​
​
​
​
​

Other income (expense)
​
 
  ​
​
​
​
​
​
​
​
 
  ​

Change in fair value of warrant liability
​
​
 (17,750,724)
​
​
 —
​
​
 (17,750,724)
​
​
 —

Interest income
​
​
 31
​
​
 —
​
​
 31
​
​
 —

Loss on foreign currency transactions
​
 
 (3,813)
​
​
 (4,160)
​
​
 (13,592)
​
 
 (4,590)

Total other expense
​
 
 (17,754,506)
​
​
 (4,160)
​
​
 (17,764,285)
​
 
 (4,590)

​
​
​
​
​
​
​
​
​
​
​
​
​

Net loss
​
$
 (25,061,947)
​
$
 (1,025,106)
​
$
 (26,533,829)
​
$
 (1,692,101)

​
​
​
​
​
​
​
​
​
​
​
​
​

Preferred stock dividends
​
 
 (748,603)
​
​
 —
​
​
 (781,151)
​
 
 —

​
​
​
​
​
​
​
​
​
​
​
​
​

Net loss attributable to common stockholders
​
$
 (25,810,550)
​
$
 (1,025,106)
​
$
 (27,314,980)
​
$
 (1,692,101)

​
​
​
​
​
​
​
​
​
​
​
​
​

Weighted average number of shares outstanding, common stock – Basic and diluted(1)
​
 
 29,657,841
​
​
 17,717,143
​
​
 24,567,206
​
 
 17,252,802

​
​
​
​
​
​
​
​
​
​
​
​
​

Loss per share, common stock – Basic and diluted(1)
​
$
 (0.87)
​
$
 (0.06)
​
$
 (1.11)
​
$
 (0.10)

(1)The shares of the Company’s common stock, prior to the de-SPAC (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 5.8349:1 established in the de-SPAC, as described in Note 4.

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
​

8

Table of Contents

EAGLE NUCLEAR ENERGY CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
FOR THE SIX MONTHS ENDED MAY 31, 2026 AND 2025 (UNAUDITED)
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Common Stock
​
​
​
​
​
​
​
​
​
​
Total

​
​
Number of
​
​
​
​
Additional
​
Obligation to
​
Accumulated
​
Stockholders’

​
  ​ ​ ​
Shares(1)
  ​ ​ ​
Amount
  ​ ​ ​
Paid-In Capital
  ​ ​ ​
Issue Shares
  ​ ​ ​
Deficit
  ​ ​ ​
Equity (Deficit)

Balance November 30, 2024
​
 16,452,690
​
$
 1,645
​
$
 227,093
​
$
 167,750
​
$
 (1,020,057)
​
$
 (623,569)

Issuance of common shares
​
 2,252,083
​
  ​
 226
​
  ​
 8,015,622
​
  ​
 (427)
​
  ​
 —
​
  ​
 8,015,421

Issuance of shares to consultants
​
 85,690
​
  ​
 8
​
  ​
 304,992
​
  ​
 (167,750)
​
  ​
 —
​
  ​
 137,250

Share issuance costs
 
 97,826
 
​
 10
 
​
 (577,130)
 
​
 —
 
​
 —
 
​
 (577,120)

Net loss 
 
 —
 
​
 —
 
​
 —
 
​
 —
 
​
 (1,692,101)
 
​
 (1,692,101)

Balance, May 31, 2025
 
 18,888,289
​
$
 1,889
 
$
 7,970,577
​
$
 (427)
​
$
 (2,712,158)
​
$
 5,259,881

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Balance November 30, 2025
 
 18,888,289
​
$
 1,889
 
$
 7,968,157
​
$
 —
​
$
 (6,280,689)
​
$
 1,689,357

Conversion of redeemable common stock
 
 2,750,000
​
 
 275
 
 
 299,725
​
 
 —
​
 
 —
​
 
 300,000

Reverse recapitalization
 
 6,230,033
​
 
 623
 
 
 1,990,561
​
 
 —
​
 
 —
​
 
 1,991,184

Issuance of common shares for acquisition of Oregon Energy LLC
 
 1,710,991
​
 
 171
 
 
 11,959,656
​
 
 —
​
 
 —
​
 
 11,959,827

Accretion of mezzanine equity
 
 —
​
 
 —
 
 
 (204,076)
​
 
 —
​
 
 —
​
 
 (204,076)

Correction of share issuance
​
 285
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 —

Shares issued for warrant exercises
​
 200
​
​
 —
​
​
 2,300
​
​
 —
​
​
 —
​
​
 2,300

Stock based compensation - Options
​
 —
​
​
 —
​
​
 2,308,868
​
​
 —
​
​
 —
​
​
 2,308,868

Stock based compensation - RSUs
 
 —
​
 
 —
 
 
 2,287,304
​
 
 —
​
 
 —
​
 
 2,287,304

Net loss attributable to common stockholders
 
 —
​
 
 —
 
 
 —
​
 
 —
​
 
 (27,314,980)
​
 
 (27,314,980)

Balance, May 31, 2026
 
 29,579,798
​
$
 2,958
 
$
 26,612,495
​
$
 —
​
$
 (33,595,669)
​
$
 (6,980,216)

(1)The shares of the Company’s common stock, prior to the de-SPAC (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 5.8349:1 established in the de-SPAC, as described in Note 4.

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
​

9

Table of Contents

EAGLE NUCLEAR ENERGY CORP. 
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
FOR THE THREE MONTHS ENDED MAY 31, 2026 AND 2025 (UNAUDITED)
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
  ​ ​ ​
Common Stock
  ​ ​ ​
  ​ ​ ​
​
  ​ ​ ​
  ​ ​ ​
​
  ​ ​ ​
  ​ ​ ​
​
  ​ ​ ​
Total

​
​
Number of 
​
​
​
Additional
​
Obligation to 
​
Accumulated 
​
Stockholders’

​
​
Shares(1)
  ​ ​ ​
Amount
  ​ ​ ​
Paid-In Capital
  ​ ​ ​
Issue Shares
  ​ ​ ​
Deficit
  ​ ​ ​
Equity (Deficit)

Balance February 28, 2025
​
 16,816,111
​
$
 1,681
​
$
 1,483,144
​
$
 1,350,470
​
$
 (1,687,052)
​
$
 1,148,243

Issuance of common shares
​
 1,940,076
​
​
 195
​
​
 6,905,124
​
​
 (1,350,897)
​
​
 —
​
​
 5,554,422

Issuance of shares to consultants
 
 34,276
 
​
 3
 
​
 121,997
 
​
 —
 
​
 —
 
​
 122,000

Share issuance costs
 
 97,826
 
​
 10
 
​
 (539,688)
 
​
 —
 
​
 —
 
​
 (539,678)

Net loss
 
 —
 
​
 —
 
​
 —
 
​
 —
 
​
 (1,025,106)
 
​
 (1,025,106)

Balance, May 31, 2025
 
 18,888,289
​
$
 1,889
​
$
 7,970,577
​
$
 (427)
​
$
 (2,712,158)
​
$
 5,259,881

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Balance February 28, 2026
 
 29,579,313
​
$
 2,958
​
$
 22,209,619
​
$
 —
​
$
 (7,785,119)
​
$
 14,427,458

Conversion of redeemable common stock
 
 —
​
 
 —
​
 
 —
​
 
 —
​
 
 —
​
 
 —

Reverse recapitalization
 
 —
​
 
 —
​
 
 —
​
 
 —
​
 
 —
​
 
 —

Issuance of common shares for acquisition of Oregon Energy LLC
 
 —
​
 
 —
​
 
 —
​
 
 —
​
 
 —
​
 
 —

Accretion of mezzanine equity
 
 —
​
 
 —
​
 
 (195,596)
​
 
 —
​
 
 —
​
 
 (195,596)

Correction of share issuance
 
 285
​
 
 —
​
 
 —
​
 
 —
​
 
 —
​
 
 —

Shares issued for warrant exercises
 
 200
​
 
 —
​
 
 2,300
​
 
 —
​
 
 —
​
 
 2,300

Stock based compensation - Options
 
 —
​
 
 —
​
 
 2,308,868
​
 
 —
​
 
 —
​
 
 2,308,868

Stock based compensation - RSUs
 
 —
​
 
 —
​
 
 2,287,304
​
 
 —
​
 
 —
​
 
 2,287,304

Net loss attributable to common stockholders
 
 —
​
 
 —
​
 
 —
​
 
 —
​
 
 (25,810,550)
​
 
 (25,810,550)

Balance, May 31, 2026
 
 29,579,798
​
$
 2,958
​
$
 26,612,495
​
$
 —
​
$
 (33,595,669)
​
$
 (6,980,216)

(1)The shares of the Company’s common stock, prior to the de-SPAC (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 5.8349:1 established in the de-SPAC, as described in Note 4.

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
​

10

Table of Contents

EAGLE NUCLEAR ENERGY CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED MAY 31, 2026 AND 2025 (UNAUDITED)
​

​

​

​

​

​

​

​
  ​ ​ ​
For the six months
  ​ ​ ​
For the six months

​
​
ended May 31, 2026
  ​ ​ ​
ended May 31, 2025

Cash flows from operating activities
​
  ​
​
​
  ​
​

Net loss attributable to common stockholders
​
$
 (27,314,980)
​
$
 (1,692,101)

Adjustments to reconcile net loss attributable to common stockholders to net cash used in operating activities:
 
​
​
 
​
  ​

Amortization and depreciation
 
​
 8,026
 
​
 —

Change in fair value of warrant liability
 
​
 17,750,724
 
​
 —

Loss on foreign currency transactions
 
​
 13,592
 
​
 —

Non-cash lease adjustment
 
​
 23,648
 
​
 —

Non-cash consulting fees
 
​
 —
 
​
 17,874

Preferred stock dividends
​
​
 781,151
​
​
 —

Stock based compensation
​
​
4,596,172
​
​
 —

​
​
​
​
​
​
​

Changes in operating assets and liabilities:
 
​
​
 
​
  ​

Accounts payable and accrued liabilities
 
​
 171,677
 
​
 50,911

Prepaid expenses
 
​
 (581,992)
 
​
 (119,939)

Due to related parties
 
​
 (159,895)
 
​
 (200,998)

Net cash used in operating activities
 
​
 (4,711,877)
 
​
 (1,944,253)

​
​
​
​
​
​
​

Cash flows from investing activities
 
​
  ​
 
​
  ​

Purchase of property, plant and equipment
 
​
 (47,967)
 
​
 —

Purchase of intangible assets
 
​
 (11,925)
 
​
 —

Investment in mineral rights 
 
​
 (18,155)
 
​
 (600,000)

Cash assumed on acquisition of Oregon Energy LLC 
 
​
 141,262
 
​
 —

Net cash provided by (used in) investing activities
 
​
 63,215
 
​
 (600,000)

​
​
​
​
​
​
​

Cash flows from financing activities
 
​
  ​
 
​
  ​

Proceeds from the issuance of common stock, net of issuance costs
 
​
 —
 
​
 7,438,301

Proceeds from exercise of warrants
 
​
 2,300
 
​
 —

Proceeds from PIPE financing
 
​
 29,700,000
 
​
 —

Cash assumed on reverse recapitalization
 
​
 1,939,457
 
​
 —

Net cash provided by financing activities
 
​
 31,641,757
 
​
 7,438,301

​
​
​
​
​
​
​

Effects of foreign exchange on cash
 
​
 (12,973)
 
​
 —

​
​
​
​
​
​
​

Increase in cash
 
​
 26,980,122
 
​
 4,894,048

Cash and restricted cash, beginning of period
 
​
 1,301,928
 
​
 717

Cash and restricted cash, end of period
​
$
 28,282,050
​
$
 4,894,765

​
​
​
​
​
​
​

Presented as:
​
 
  ​
​
 
  ​

Cash
​
$
 28,091,090
​
$
 4,894,765

Restricted cash
​
 
 190,960
​
 
 —

Cash and restricted cash, end of period
​
$
 28,282,050
​
$
 4,894,765

​
​
​
​
​
​
​

Supplemental disclosure of non-cash information 
​
​
​
​
​
​

Share issuance costs in accounts payable 
​
$
 —
​
$
 14,540

Share issuance costs settled in shares
​
$
 2,097,000
​
$
 348,194

Share issuance for acquisition of Oregon Energy LLC
​
$
 11,959,827
​
$
 —

Conversion of redeemable common stock into nonredeemable common stock
​
$
 300,000
​
$
 —

Reverse recapitalization
​
$
 1,991,184
​
$
 —

Accretion of mezzanine equity
​
$
 204,076
​
$
 —

Additions to intangible assets in accounts payable
​
$
 20,534
​
$
 —

Prepaid expenses paid by issuance of shares
​
$
 —
​
$
 122,000

Consultant bonus settled by issuance of bonus shares
​
$
 —
​
$
 183,200

​
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
​
​

11

Table of Contents
EAGLE NUCLEAR ENERGY CORP.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED MAY 31, 2026 AND 2025 (UNAUDITED)

1.NATURE OF OPERATIONS
Eagle Nuclear Energy Corp. (the “Company”) was incorporated on December 19, 2025, under the laws of the state of Nevada. The Company’s corporate office is located at 5470 Kietzke Lane, Suite 300, Reno, NV 89511. The Company is a next-generation nuclear energy company that seeks to combine domestic uranium exploration and development with proprietary small modular reactor (“SMR”) technology, with the intent of establishing a vertically integrated business model, combining uranium exploration, extraction, and production with the design and development of modular nuclear reactors intended to supply reliable power for industrial use and electricity grids. Through this approach, the Company aims to support energy security and meet growing demand for clean and scalable nuclear power solutions.
The Company has not yet commenced its principal operations as of May 31, 2026.
The Company was incorporated as a subsidiary of Spring Valley Acquisition Corp. II (“SVII”), a special purpose acquisition corporation incorporated in the Cayman Islands, for the purpose of completing a reverse acquisition between Eagle Energy Metals Corp. (“Eagle Energy”) and SVII (Note 4), pursuant to an agreement and plan of merger (“BCA”) entered into on July 30, 2025 and as amended on September 29, 2025. On February 24, 2026, the Company, Eagle Energy, and SVII completed the reverse acquis