Jeff Grant

Jeff Grant inquired about NANO Nuclear Energy's assessment of the longest lead times and most challenging parts of the nuclear fuel supply chain, specifically asking if any solutions are needed imminently in calendar 2026. He also sought an update on the maturity and intensity of discussions regarding strategic acquisitions or opportunities in the fuel cycle.

Answer

James Walker, CEO of NANO Nuclear Energy, identified nuclear-grade graphite (limited global producers, long lead times for new mines) and fuel supply (enrichment capacity, conversion, TRISO fabrication) as the most critical long-lead items. He highlighted the company's strategy to use LEU fuel initially and engage early with suppliers. Walker also indicated substantial progress in discussions with national governments for acquiring uranium hexafluoride conversion facilities, with major announcements expected this year.

Jeff Grant with Northland Capital Markets inquired about NANO Nuclear Energy's assessment of the longest lead times and most challenging parts of the nuclear fuel supply chain puzzle, specifically nuclear-grade graphite, fuel supply, and TRISO fabrication, and asked for an update on acquisition or strategic opportunities in the fuel cycle.

Answer

James Walker, CEO of NANO Nuclear Energy, identified nuclear-grade graphite (limited global producers, long lead times for new sources) and fuel supply (enrichment capacity, uranium hexafluoride conversion, TRISO fabrication bottlenecks) as the longest lead items. He noted that KRONOS's LEU compatibility provides an advantage. Walker also indicated substantial progress with national governments on acquiring fuel supply facilities, with big announcements expected this year.

Jeff Grant from Alliance Global Partners asked about the major risks to finalizing the data center agreement and sought details on the company's criteria, or "buy box," for acquiring other power assets, including the importance of controlling the fuel supply.

Answer

CEO Brent Bilsland identified timing as a key variable but expressed confidence due to increasing power demand and the necessity of accredited capacity, which Hallador possesses. He highlighted the exclusivity period ending in early June as the best indicator of timing. Regarding acquisitions, Bilsland explained that the company evaluates both coal and gas assets on a case-by-case basis across different markets. He noted that while controlling fuel supply is an advantage, as with their current vertically integrated model, it is not a mandatory requirement for future deals.