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NASDAQ: LTBR INVESTOR PRESENTATION | NOV EMBER 2025
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22 SAFE HARBOR STATEMENT With the exception of historical matters, the matters discussed in this presentation and today’s oral comments, including in response to questions, are forward-looking statements. These statements are based on current expectations and involve a number of risks and uncertainties that may cause actual results or outcomes to differ significantly from such estimates and expectations. The risks include, but are not limited to: Lightbridge’s ability to commercialize its nuclear fuel technology; the degree of market adoption of Lightbridge’s product and service offerings; Lightbridge’s ability to fund general corporate overhead and outside research and development costs; market competition; our ability to attract and retain qualified employees; dependence on strategic partners; demand for fuel for nuclear reactors; Lightbridge’s ability to manage its business effectively in a rapidly evolving market; the availability of nuclear test reactors and the risks associated with unexpected changes in Lightbridge’s fuel development timeline; the increased costs associated with metallization of Lightbridge’s nuclear fuel; public perception of nuclear energy generally; changes in the political environment; risks associated with war in Europe; changes in the laws, rules and regulations governing Lightbridge’s business; development and utilization of, and challenges to, Lightbridge’s intellectual property; risks associated with potential shareholder activism; potential and contingent liabilities; as well as other factors described in Lightbridge's filings with the Securities and Exchange Commission (the “SEC”). A further description of risks and uncertainties can be found in Lightbridge’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in its other filings with the SEC, including in the sections thereof captioned “Risk Factors” and “Forward-Looking Statements”, all of which are available at http://www.sec.gov/ and www.ltbridge.com. Lightbridge does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise, except as required by law. ® A B O U T OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT
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LIGHTBRIDGE: Pioneering Advanced Nuclear Fuel ® A B O U T OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT We’re a leading developer of nuclear fuel technology for current and future reactors, expected to enhance the safety, economics, and proliferation resistance of nuclear fuel by operating ~1000 °C cooler than standard fuel, enabling power uprates and extended cycle lengths, and producing less plutonium than standard fuel. 33 Delivering More Power: Substantial increases to the power output of reactors and to the economics and safety of the reactors Fuel for Today’s and Tomorrow’s Reactors: Large numbers of existing reactors can benefit from Lightbridge Fuel, as well as most reactors under construction and planned Ongoing testing at U.S. National Laboratories Recent co-extrusion demonstration at Idaho National Laboratory February 2025
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KEY DRIVERS FOR GROWTH ® A B O U T OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT 44 ENHANCED SAFETY & EFFICIENCY o Lightbridge Fuel improves safety, economics, and proliferation resistance for nuclear power plants INCREASED CAPACITY & REDUCED COSTS o Helps meet energy demands while cutting emissions & operator expenses STRONG PATENT PORTFOLIO o Extensive patents protect our IP and support commercialization into the future GOVERNMENT SUPPORT & FUNDING o US bipartisan policies and DoE funding are helping to accelerate nuclear innovation. GLOBAL COMMITMENT TO NUCLEAR EXPANSION o COP28 agreement saw 20 countries agree to triple the world’s nuclear capacity by 2050 to 1,110 GWe LARGE MARKET OPPORTUNITY o Lightbridge Fuel is compatible with nearly every reactor in the world, including existing and planned reactors & future water- cooled SMRs
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OUR FUEL ® 5 ABOUT O U R F U E L MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT
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OUR VISION: Lightbridge Fuel as the Global Standard for Nuclear ® ABOUT O U R F U E L MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT 66 The market is lucrative & large Lightbridge Fuel is designed to work in both new and existing ($20+ billion market) reactors. Anticipated waste reduction benefits There is less spent fuel created per plant power output when using Lightbridge Fuel and the spent fuel is useless for weapons purposes. Expected safety benefits Lightbridge Fuel is expected to meet or exceed the performance of conventional fuel in many accident scenarios. There’s an anticipated economic benefit Lightbridge Fuel may be able to increase power output and extend the length of the fuel cycle, potentially offering the lowest cost to add reliable zero-carbon electricity to the grid in existing reactors. A quicker ramp-rate may enable load following Lightbridge Fuel is expected to offer nuclear plants a better solution for load-follow operations on a grid with renewables, potentially replacing natural gas plants and coal plants. Lightbridge Fuel will offer step-change improvements in safety, fuel performance, power plant economics, waste reduction, and proliferation resistance compared to the current industry standard nuclear fuel LIGHTBRIDGE TEST ASSEMBLY MOCKUP USED FOR A THERMAL -HYDRAULIC EXPERIMENT
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® LIGHTBRIDGE FUEL FEATURES: Powering next-generation performance 7 CLADDING FUEL CORE DISPLACER Absence of spacer grids… may reduce core pressure drop by up to 50%, which contributes to enabling power uprates and improves the natural circulation of the water coolant. Metallurgic bond… between fuel components significantly reduces radiological consequences of cladding breach due to fuel-cladding mechanical interactions & provides a robust design. Increased cladding thickness… at the lobes increases the durability of the fuel at the contact points as seen in the image on the left. Absence of fuel-clad gap… eliminates the mechanism for widespread coolant-cladding interaction on the inner surface in case of cladding breach & improves heat transfer from fuel to coolant. Coextrusion fabrication process… eliminates several possible sources of undesired manufacturing defects (e.g., pellet chipping). CROSS -SECTION OF A TRI -LOBE FUEL ROD SAMPLE ABOUT O U R F U E L MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT
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® ABOUT O U R F U E L MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT LIGHTBRIDGE FUEL: DESIGNED FOR SAFETY Lightbridge Fuel is designed to operate nearly 1000oC cooler than conventional nuclear fuel. A N T I C I P A T E D S A F E T Y B E N E F I T S : Improves non-proliferation benefits of used fuel Enhances structural integrity of the fuel Buys more time to restore active cooling during accidents Does not generate hydrogen gas under design basis accidents Reduces fuel operating temperature Metal fuel has better heat transfer CONVENTIONAL FUEL: 1250oC LIGHTBRIDGE FUEL: 360oC A V G . I N T E R N A L T E M P : N R C T A K E S N O T I C E : 8 Nuclear Regulatory Commission - Wikipedia The company Lightbridge is developing a new fuel design that incorporates an extruded metallic bar composed of a zirconium-uranium matrix within a zirconium alloy cladding. -January 12, 2021 CLICK THIS LOGO TO VIEW THE FULL ARTICLE
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® ABOUT O U R F U E L MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT HOW WE DESIGN SAFER FUEL 9 FABRICATION The three components of Lightbridge Fuel are metallurgically bonded during the fabrication process. This bonding improves the structural integrity of the fuel rod and may reduce a potential radiation exposure to plant workers if the cladding is breached during off- normal events. OPERATIONS At lower fuel operating temperatures, fission products are expected to behave like solids (versus gases) and remain where they are created. No fission product release is anticipated during design-basis events. SHAPE Helically-twisted multi-lobe fuel rod – increased coolant mixing, increased fuel surface area, and shorter distance for heat generated in the fuel rod to reach the water may improve the coolability of the fuel. Swelling is expected to occur primarily in the valleys between the lobes & along the rod. MATERIALS 1. Displacer helps to reduce centerline temperature and may contain burnable poison material for reactivity control. 2. Fuel core made out of a uranium-zirconium alloy, which has higher thermal conductivity. 3. Metallurgically bonded barrier made out of corrosion-resistant zirconium-niobium alloy that reduces the consequences of cladding breach due to fuel-cladding mechanical interactions.
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® ABOUT O U R F U E L MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT INCREASING CAPACITY FACTOR 10 92.7% 71.0% 63.5% 62.4% 59.5% 54.4% 49.3% 37.1% 34.6% 24.6% 20.5% Nuclear Geothermal Other biomass Other gas Wood Natural gas Coal Hydroelectric Wind Solar photovoltaic Solar thermal MAJOR ENERGY SOURCE CAPACITY FACTORS Capacity factor measures how often a power plant runs for a specific period, indicating how fully a unit’s capacity is used. The U.S. nuclear fleetwide capacity factor is about 92.7%, topping out at over 98% in 2014. Utilities would like to find ways to increase capacity factor but have struggled to do so economically. CAPACITY FACTOR OVERVIEW Longer fuel cycles (lengthening from 18 to 24 months eliminates the need for one refueling outage in every six-year period) Quicker ramp-up when adjusting power (the current fuel requires longer periods to ramp-up power level to prevent cladding breach, thus inhibiting load-follow operation). Lightbridge Fuel, like other metallic fuels, is expected to accommodate rapid power adjustments – enabling load-follow operation. WAYS LIGHTBRIDGE FUEL COULD INCREASE CAPACITY
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ROBUST PATENT PLATFORM PROTECTS RETURN ON INVESTMENT ® ABOUT O U R F U E L MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT 11 o Lightbridge has invented and developed its technology to meet the needs of the growing energy marketplace, backed by a powerful worldwide patent portfolio. o Expanding our patent portfolio continues to be a strategic focus for Lightbridge. o These new patents will help safeguard the Company’s intellectual property, which is an integral element of our plans to monetize Lightbridge Fuel. EXISTING PATENTS RELATED TO THE FOLLOWING CORE AREAS Fabrication method using the casting route Fab. method using the powder metallurgic route An all-metal fuel assembly design Multi-lobe metallic fuel rod design
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RECENT FUEL DEVELOPMENT MILESTONES ® 12 ABOUT OUR FUEL M I L E S T O N E S THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT
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13 ABOUT OUR FUEL M I L E S T O N E S THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT ® LIGHTBRIDGE ACHIEVES CRITICAL FABRICATION MILESTONE: From Extrusion to Co-Extrusion (March 2024 – February 2025) EXTRUSION PROCESS AT THE TRANSFORMATION OF THE ALLOY:URANIUM -ZIRCONIUM ROD POST -EXTRUSION: o Successfully extruded a sample of depleted uranium- zirconium alloy at Idaho National Laboratory o Established foundational parameters for Lightbridge Fuel material fabrication o Prepared for future HALEU-based fuel sample production March 2024: Initial Extrusion Process Demo o Completed co-extrusion demonstration integrating depleted uranium-zirconium alloy with nuclear-grade zirconium alloy cladding o Produced 8-foot cylindrical rod demoing commercial- scale potential o Material composition identical to planned commercial Lightbridge Fuel product February 2025: Advanced Co-Extrusion Achieved o Idaho National Laboratory collaboration validates Lightbridge's innovative approach o Technical progression advances safety, efficiency, and performance capabilities o Establishes critical pathway toward capsule irradiation testing in Advanced Test Reactor (expected to begin in 2026) o Progress supports regulatory licensing strategy for commercial deployment Strategic Significance
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14 ABOUT OUR FUEL M I L E S T O N E S THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT ® LIGHTBRIDGE & OKLO COLLABORATION: Fuel Fabrication and Recycling o Conduct feasibility assessment for co-locating Lightbridge's Commercial-scale Fuel Fabrication Facility at Oklo's proposed commercial fuel fabrication site o Evaluate capital expenditure synergies and operational cost efficiencies o Develop integrated facility planning approach Facility Co-Location Study o Investigate joint opportunities in nuclear waste recycling technologies o Align complementary capabilities to advance sustainable nuclear solutions o Support circular economy principles in nuclear fuel management Advanced Fuel Recycling Exploration o This collaboration represents a pivotal development in nuclear innovation, combining Lightbridge's advanced fuel technology with Oklo's expertise in next- generation nuclear power and recycling capabilities. Strategic Significance o The partnership establishes a framework for two strategic initiatives -> Collaboration Objectives
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15 ABOUT OUR FUEL M I L E S T O N E S THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT ® LIGHTBRIDGE LAUNCHES ENGINEERING STUDY: To assess our fuel for use in CANDU reactors o Location: Institutul de Cercetări Nucleare Pitești, a subsidiary of Regia Autonoma Tehnologii pentru Energia Nucleara (RATEN ICN) in Romania o Study Completed: Q4 2024 o Purpose: To assess the compatibility and suitability of Lightbridge Fuel for use in CANDU reactors o Focus: Assessment included mechanical design, neutronic analysis & thermal / thermal-hydraulic evaluations o Results: indicate doubling the normal CANDU discharge burnup using less than 3% enrichment in Lightbridge Fuel Dr. Constantin Paunoiu , Director of Institutul de Cercetări Nucleare Pitești , and Dr. Andrey Mushakov , Lightbridge Executive Vice President, Nuclear Operations SIGNING CEREMONY
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16 ABOUT OUR FUEL M I L E S T O N E S THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT ® BREAKTHROUGH LONG-TERM STRATEGIC PARTNERSHIP PROJECT WITH IDAHO NATIONAL LAB (INL) o Seven-year agreement o INL to manufacture and irradiate in the Advanced Test Reactor coupon material samples consisting of enriched uranium o Data will support fuel performance modeling and regulatory licensing efforts for commercial deployment of Lightbridge Fuel. 16 INL’S ADVANCED TEST REACTOR PARTNERSHIP SUMMARY
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POTENTIAL COMMERCIAL PATHWAYS: From Research Reactors to Commercial Reactors ® 17 ABOUT OUR FUEL M I L E S T O N E S THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT SMALL MODULAR REACTORS (PWRs & BWRs) o Uses fuel rods up to 6 feet in length o Half the length of large PWRs & BWRs LARGE LIGHT WATER REACTORS (PWRs & BWRs) o Virtually all currently operating power reactors in the world other than PHWRs are large LWRs (PWRs include Russian- designed VVERs) PRESSURIZED HEAVY WATER REACTORS (CANDU) o ~40 PHWRs in the world o Uses fuel with uranium enrichment levels below 10% o Uses fuel rods up to 20 inches in length ATR CANAL
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ABOUT OUR FUEL M I L E S T O N E S THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT ® COLLABORATION W/ MIT IN DoE FUNDED STUDY o Investigate near term opportunities of accident tolerant fuels for light water cooled small modular reactors (LWR-SMR) design spaces o Simulate the fuel and safety performance of Lightbridge Fuel for the NuScale SMR o Provide scoping analysis of promising longer term advanced fuel forms to improve the safety and economics of LWR-SMRs 18 PARTNERSHIP OBJECTIVES Accident Tolerant Fuels in SMRs $800,000
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ABOUT OUR FUEL M I L E S T O N E S THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT ® COLLABORATION W/ TEXAS A&M IN DoE FUNDED STUDY o Develop pressure drop correlations for Lightbridge fuel in NuScale LW-SMR conditions o Increase the understanding of the overall performance of the fuel under simulated NuScale’s SMR normal and off-normal conditions o Train the next generation of engineering students to use advanced, multi-scale, multi-physics simulation tools o Identify any critical parameters for further evaluation and design 19 PARTNERSHIP OBJECTIVES $1,000,000 Advanced Nuclear Fuels in SMRs
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2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023-2025 2010 Lightbridge announced initial concept of metallic fuel as the optimal way for power up-rates and longer fuel cycles. Confirmatory design and calculations initiated. 2013 Lightbridge began developing fuel rod fabrication methods. 2012 Siemens Industry completed an independent economic study confirming the economic benefits of Lightbridge Fuel for power uprates and longer fuel cycles. 2014 Lightbridge is granted first key U.S. patent for its metallic fuel rod design. 2019 Lightbridge awarded GAIN voucher with INL. 2021 Lightbridge awarded its second GAIN Lightbridge demonstrates high-temperature coextrusion of surrogate fuel rods for commercial-scale SMRs. voucher with PNNL. 2022 Entered into SPP umbrella agreement to acquire HALEU samples for testing in a reactor. 2024-2025 Fabrication of fuel material samples for irradiation testing in the Advanced Test Reactor. 2023 Lightbridge launches engineering study to assess Lightbridge Fuel for use in CANDU reactors. TIMELINE OF LIGHTBRIDGE FUEL EVENTS & MILESTONES ABOUT OUR FUEL M I L E S T O N E S THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT 20 ®
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UPCOMING FUEL DEVELOPMENT MILESTONES Anticipated to be completed over the next 2-3 years ABOUT OUR FUEL M I L E S T O N E S THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT 21 ® Advancing Research and Testing at INL Producing test materials (samples, coupons, and rodlets) to fulfill INL agreements. Continuing SPP/CRADA collaboration at INL to cast and extrude enriched uranium fuel materials for irradiation testing in the Advanced Test Reactor. Computational Modeling & Performance Prediction Continuing development and validation benchmarking of Lightbridge-specific methodologies and modifications to existing modeling codes to accurately predict Lightbridge Fuel performance across all operating conditions required for licensing. Developing a Fuel Qualification Plan Developing a comprehensive plan that outlines our methodology for characterizing and validating the performance of Lightbridge Fuel rods, assemblies, and assembly components under relevant operational scenarios, and validating the modeling tools that accurately predict fuel performance under applicable conditions. Regulatory Strategy & Compliance Roadmap Prepare and submit the NRC Engagement Plan that outlines how and when Lightbridge will engage the NRC regarding submission of relevant information and supporting documentation for license applications. Advanced Manufacturing & Fuel Production Infrastructure Continued initiatives to establish a co-extrusion process for cladded rodlets for loop irradiation testing and other fuel testing applications. Additionally, we will complete site selection and begin deploying a Lightbridge Pilot Fuel Fabrication Facility (LPFFF) capable of producing fuel samples, coupons, rodlets, and full-length fuel rods for lead test rods and assemblies to demonstrate our fuel in commercial reactors. Thermal-Hydraulic Analysis and Experiments Conducting thermal-hydraulic modeling of Lightbridge Fuel in preparation for thermal-hydraulic experiments to verify pressure drop, critical heat flux performance, and other thermal-hydraulic parameters under various operating conditions across different reactor types.
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OUR ROLE IN THE GLOBAL NUCLEAR ENERGY RESURGENCE ® 22 ABOUT OUR FUEL MILESTONES T H E F U T U R E THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT
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ABOUT OUR FUEL MILESTONES T H E F U T U R E THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT 23 ® Our fuel is expected to provide SMRs the same benefits afforded to large reactors, but the benefits may be more meaningful to the economic case for deploying SMRs. Our ongoing R&D initiatives are entirely compatible with Lightbridge Fuel powering SMRs for multiple purposes. B E N E F I T S T O E X I S T I N G L I G H T W A T E R R E A C T O R S o Our work today is applicable for fuel in large reactors as well as shorter length version of fuels for SMRs. o Lightbridge Fuel is expected to provide significant safety and economic benefits to utilities B E N E F I T S T O S M A L L M O D U L A R R E A C T O R S o Generate more power, reducing the cost per unit of electricity generated by the SMR o Enhance ability of SMRs to ramp up and down in power quickly, to pair with renew- ables on a zero-carbon electric grid UPCOMING FUEL DEVELOPMENT MILESTONES We expect the significant government funding for nuclear energy in the coming years may help accelerate our fuel development for existing nuclear power plants and future SMR applications.
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ABOUT OUR FUEL MILESTONES T H E F U T U R E THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT 24 ® SMALL MODULAR REACTORS: Nimble Nuclear ✓ Relatively small physical footprints ✓ Reduced capital investment vs large reactors ✓ Ability to be sited in locations not possible for larger nuclear plants ✓ Provisions for incremental power additions ✓ Security and nonproliferation advantages. STRATEGIC ADVANTAGES SMRs under development vary in size from tens to hundreds of megawatts, offering diverse technology options, capabilities, and deployment scenarios for power generation, process heat, desalination, and other industrial uses. *ARTIST RENDERING OF AN SMR WITHIN AN INDUSTRIAL HUB *From Third Way Think Tank – Artwork by GENSLER
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ABOUT OUR FUEL MILESTONES T H E F U T U R E THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT 25 ® LIGHTBRIDGE FUEL IN SMRs OF THE FUTURE Lightbridge Fuel is expected to significantly improve the economics, safety, and operational flexibility for water-cooled SMRs. An SMR can replace coal power plants and utilize the existing electrical switchyard already on the site, supporting employment in the region. The US can support the manufacturing of SMRs and fuel for domestic and export markets. 1Pressurized water reactors & boiling water reactors Existing & New Reactors Currently Operating Future Small Modular Reactors (SMRs)1 Future Fusion Reactors Future Advanced Reactors 2020s 2030s 2040s 2050s ✓ Emergency planning zone limited to site boundary (rather than paying for emergency services for a much larger radius) ✓ Fewer personnel in the control room ✓ Fewer security personnel SMR ADVANTAGESREACTOR TIMELINE
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ABOUT OUR FUEL MILESTONES T H E F U T U R E THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT 26 ® DESIGNED FOR SUPERIOR RAMP RATE FOR LOAD FOLLOWING IN SMRs Facilitates the versatile & efficient use of carbon-free energy at a greater scale SMRs powered with Lightbridge Fuel are expected to have a vastly improved load following capability compared to traditional reactors. May allow SMRs to work more efficiently in different missions, including replacing natural gas plants to back-up renewables. An SMR designed to produce 30% more power with Lightbridge Fuel may be used to produce liquid hydrogen-based fuels and utilize existing oilfield pipeline infrastructure. Can be used in hard-to-decarbonize sectors, including aviation, shipping, cement and steel production, heavy trucks, and trains. LIQUID HYDROGEN- BASED FUELS All 3 Sources Working Together to transport energy to the grid E N E R G Y 0 Carbon Solar 0 Carbon Wind The Grid ELECTROLYSIS PLANT LIGHTBRIDGE FUEL SMR
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ABOUT OUR FUEL MILESTONES T H E F U T U R E THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT 27 ® THE COAL TO NUCLEAR TRANSITION In September 2022, the DOE published a study* that explored converting retiring coal plants into nuclear plants throughout the United States: o It is estimated that 80% of retired and operating coal power plant sites have the basic characteristics to be considered amenable to host an SMR. o 190 sites throughout the U.S. o 198.5 GWe capacity potential (approximately double total current U.S. nuclear generation) o Repurposing coal plant infrastructure may lead to savings on capital costs that range from 15% to 35%. o Depending on the nuclear design under consideration, job growth could increase by over 650 new, permanent jobs, leading to nearly $270 million in new economic activity, with GHG emissions in a community falling by as much as 86%. *U.S. DOE, “Investigating Benefits and Challenges of Converting Retiring Coal Plants into Nuclear Plants 2022 H.R.5376 - 117th Congress (2021-2022): Inflation Reduction Act of 2022
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GLOBAL ENERGY DEMAND IS GROWING ® 28 ABOUT OUR FUEL MILESTONES THE FUTURE T H E M A R K E T INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT
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ABOUT OUR FUEL MILESTONES THE FUTURE T H E M A R K E T INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT 29 ® COMPELLING ECONOMICS: Large Water-Cooled Reactor Market (PWR, BWR, PHWR) Nuclear fuel supply agreements are expected to generate long-term, high margin recurring revenue. 100 U.S. WATER-COOLED REACTORS $40M AVG. ANNUAL FUEL SPEND PER REACTOR, PER YEAR* 419 WATER-COOLED REACTORS WORLDWIDE $4B TOTAL ADDRESSABLE MARKET (U.S.) $16.7B TOTAL ADDRESSABLE MARKET (GLOBAL) Lightbridge Fuel is designed to power nearly every reactor in the world, both under construction & planned. *World Nuclear Association data based on fuel costs of $1,663 per kg of UO2, 35 -40 metric tons of UO2 in an 18 -month batch reload in a 1,100-Mwe, resulting in approx. $60 -65M fuel costs per 18 months or $40 -45M/year.
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ABOUT OUR FUEL MILESTONES THE FUTURE T H E M A R K E T INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT 30 ® ENHANCED REACTOR MARGINS $60 million projected annual gross revenue increase to utility per large pressurized water reactor **The plant sells electricity on days it otherwise would have been shut down ***Avoid paying for as many outages, including temporary workers $48,000,000 $8,000,000 $4,000,000 Increase in Electricity Production (10%) Increase in Reactor Operating Cycle from 18 to 24 mos. Reduction in Downtime $60M per 1,100 Mwe reactor o Projected incremental annual revenue to utility with Lightbridge 10% power uprate o Does not include the added economic benefits of carbon credits or cost to utility of buying replacement power during an outage o Assumes wholesale power price of $55/MWh, which is the average wholesale power price in the U.S. over the past decade. Utilities are now exploring with the US Nuclear Regulatory Commission extending operating licenses to 100 years. ASSUMPTIONS:** ***
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ABOUT OUR FUEL MILESTONES THE FUTURE T H E M A R K E T INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT 31 ® ENHANCED REACTOR MARGINS 1U.S. Energy Information Administration CONTRIBUTORS TO INCREASED DEMAND: Electrified transportation Personal and industrial electric vehicles. Increased digitalization of our world Digital technologies, IoT devices, AI, crypto, data centers Government regulations & incentives Tax breaks for EVs, heat pumps, solar panels and more. 4,067 4,000 4,101 4,185 4,269 4,354 4,441 4,530 4,621 4,713 4,807 3,000 3,200 3,400 3,600 3,800 4,000 4,200 4,400 4,600 4,800 5,000 2022 2023 2024 2025e 2026e 2027e 2028e 2029e 2030e 2031e 2032e US ELECTRICITY DEMAND (TWH)1
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ABOUT OUR FUEL MILESTONES THE FUTURE T H E M A R K E T INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT 32 ® THE FUTURE OF NUCLEAR POWER: AMBITION & REALITY 1Scientific American 400 1,200 15,000 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 CURRENT CAPACITY COP28 GOAL PROJECTED DEMAND BY 2050 ENERGY DEMAND & CURRENT CAPACITY (GWe) By the year 2030 the electric power requirement will be 10 times the present capacity. Because of the expected decline in fossil-fuel resources, and in the absence of any other large source of energy at reasonable cost, fission power would be counted on to supply about 85 percent of this need.” - Scientific American Magazine, May 1967 1 “ o Total Capacity: ~400 GWe / No. of Reactors: ~420 / Avg. Reactor Size: 0.95 GWe NUCLEAR POWER TODAY o COP28 Goal: Tripling of nuclear to 1,200 GWe by 2050 o Impact on companies like Lightbridge: Positive INDUSTRY PERSPECTIVE o 1,200 GWe from nuclear is beneficial but insufficient for global challenges. o Mass production potential similar to Boeing 737s & Airbus A320s o A balance between tripling nuclear power & unlocking much larger potentials OUR PERSPECTIVE
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ABOUT OUR FUEL MILESTONES THE FUTURE T H E M A R K E T INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT 33 ® MASS PRODUCING NUCLEAR? In 1939, the U.S. produced fewer than 3,000 military aircraft. In 1944, total output was over 96,000. Total production during WWII was over 300,000. SMR designers are currently in the phase of developing bespoke prototypes, with some having the capacity to become mass-produced solutions to the world’s energy needs. The industry transformed from craftsmen producing airplanes to assembly-line efficiency. Interestingly, an SMR nuclear reactor module is about the same size as a WWII airplane.
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LEVERAGING GLOBAL, BIPARTISAN SUPPORT FOR NUCLEAR ENERGY ® 34 ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET I N D U S T R Y D R I V E R S FINANCIALS OUR TEAM CONTACT
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ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT 35 ® THE WORLD DEMANDS TRIPLING NUCLEAR ENERGY CAPACITY AT COP28 For the first time, the 198 signatory countries to the UN Framework Convention on Climate Change (UNFCCC) officially called for accelerating the deployment of low - emission technologies, including nuclear energy, at the United Nations Climate Change Conference (COP 28) in Dubai .
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ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT 36 ® o Nuclear power plants soon to be decommissioned are having their operating licenses extended. Operating License Extensions o Russia's invasion of Ukraine highlighted energy vulnerabilities o Nations are seeking greater energy independence & security Energy Security Concerns o COP28 saw over 20 countries commit to 3x nuclear capacity by 2050 o The European Union has designated nuclear as a “green” energy source. Green Energy Commitments o Countries that were moving away from nuclear, such as Japan, are now reversing course, showing renewed interest. Major Powers Reversing Course o Provides nuclear production tax credits to help preserve the existing fleet of U.S. nuclear plants and significant money for advanced nuclear tech. U.S. Inflation Reduction Act THE POLITICAL LANDSCAPE IS SHIFTING
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ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT 37 ® AMERICAN NUCLEAR RESURGENCE WHITE HOUSE MEETINGS1 & THE NUCLEAR FUEL WORKING GROUP REPORT2 1 Photo of President Trump meeting with leaders of US nuclear companies, including Lightbridge CEO Seth Grae. 2 The Nuclear Fuel Working Group report was issued on April 23, 2020. 3 Lightbridge CEO Seth Grae is a member.
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ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT 38 ® BIPARTISAN INFRASTRUCTURE BILL Civil Nuclear Credit Program $6B to support financially challenged plants Advanced Reactor Demonstration Program (ARDP) Funding $2.5B funding for two projects Nuclear Hydrogen Hub $8B total in the bill INFLATION REDUCTION ACT Production Tax Credit (PTC) for Operating Plants Up to $15 per MWh Technology-Inclusive PTC for Clean Electricity $30 per MWh Technology-Inclusive Investment Tax Credit (ITC) for Clean Electricity 30% + 10% in energy communities + 10% using U.S. components Clean Hydrogen Credit $3 per kilogram ROBUST BIPARTISAN FEDERAL LEGISLATION FOR NUCLEAR The Infrastructure Investment and Jobs Act of 2021 and the Inflation Reduction Act of 2022 included key federal government commitments for the nuclear industry. Lightbridge’s technology is aligned with US government goals, enabling policies outlined in the report because of the design of Lightbridge Fuel.
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ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT 39 ADVANCED NUCLEAR RACE POSES UNIQUE OPPORTUNITIES FOR LIGHTBRIDGE ® Government support, financial investment and policy change has spurred a race for nuclear innovation. ADVANCED NUCLEAR TECHNOLOGY FIRMS, INCL. LIGHTBRIDGE, POISED TO BENEFIT STRATEGIC OBJECTIVES GLOBAL LEADERSHIP ON CLIMATE CHANGE ▪ Critical infrastructure resilience enabled through nuclear energy ▪ 100-year relationship from planning the plant to decommissioning ▪ Workforce and supplier base ▪ Climate goals can only be met with an energy generating mix that includes growth in nuclear power ▪ US companies poised to be global suppliers of solutions to prevent climate change ▪ US manufacturing jobs According to the Nuclear Fuel Working Group report, “The United States is missing out on a nuclear reactor market that the US Department of Commerce (DOC) estimates is valued at $500-740 billion over the next 10 years.”
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FINANCIAL OVERVIEW ® 40 ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS F I N A N C I A L S OUR TEAM CONTACT
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FORTIFIED FINANCIAL POSITIONING ® ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS F I N A N C I A L S OUR TEAM CONTACT ASSETS 30-Sep-25 31-Dec-24 Current Assets Cash and cash equivalents $153,330,134 $39,990,827 Prepaid expenses & other current assets 1,293,501 324,378 Total Current Assets 154,623,635 40,315,205 Other Assets Prepaid project costs & other long-term assets 327,148 528,805 Trademarks 114,982 108,865 Total Assets $155,065,765 $40,952,875 LIABILITIES & STOCKHOLDERS’ EQUITY Current Liabilities Accounts payable & accrued liabilities $1,560,097 $424,585 Total Current Liabilities 1,560,097 424,585 Stockholders’ Equity Common stock 30,385 18,784 Additional paid-in capital 330,050,816 204,694,348 Accumulated deficit (176,575,533) (164,184,842) Total Stockholders’ Equity 153,505,668 40,528,290 Total Liabilities and Stockholders’ Equity $155,065,765 $40,952,875 $153M CASH POSITION @ SEP 30, 2025 $0 DEBT ON BALANCE SHEET
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® 42 ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS O U R T E A M CONTACT OUR TEAM
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ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS O U R T E A M CONTACT SEASONED LEADERSHIP TEAM 43 ® DARLA M. BOND Human Resources Manager Darla brings 30+ years of HR leadership across corporate and small business sectors. Since 2011, has provided HR consulting in all facets of human resources. National member of the Society for Human Resource Management (SHRM), holds a Professional in Human Resources Certification (PHR) from the HR Certification Institute. LARRY GOLDMAN, CPA Chief Financial Officer Larry is a seasoned executive with 40+ years in financial, assurance, tax, and advisory services. With Lightbridge since 2006, serving as Chief Accounting Officer since 2008 and CFO since 2018. Member of the AICPA and NYSSCPA CFO Committee, previously serving on the SEC Practice and Management Consulting Committees. SETH GRAE Chairman and Chief Executive Officer Member of Civil Nuclear Trade Advisory Committee (CINTAC) to the U.S. Secretary of Commerce, Nuclear Energy Institute’s Board of Directors, Nuclear Energy and National Security Coalition, Working Group on Climate, Nuclear,& Security Affairs of the Council on Strategic Risks, Virginia Nuclear Energy Consortium Board of Directors. SCOTT HOLCOMBE, Ph.D. VP, Engineering Oversees R&D and demonstration efforts to commercialize proprietary nuclear fuel technologies. Brings 20+ years of experience from industry and research labs. Expertise in nuclear fuel performance, manufacturing, inspections, and licensing. Held management roles at the Halden Reactor, INL, and the OECD Halden Reactor Project. SHERRIE HOLLOWAY Controller Sherri bring 30+ years in corporate accounting for public and private companies,. Background includes ‘Big 4’ public accounting, energy, natural gas, transportation, and international business. Member of U.S. Women in Nuclear, supporting the advancement of women in nuclear energy and technology. ANDREY MUSHAKOV, Ph.D. Executive VP, Nuclear Operations Leads the Fuel Technology Division and strategic initiatives at Lightbridge, securing key collaborations and joint development projects. Instrumental in securing two DOE GAIN voucher awards for fuel development, as well as two 7- year framework agreements with Battelle Energy Alliance, DOE’s operating contractor for INL.
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ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS O U R T E A M CONTACT INDEPENDENT BOARD OF DIRECTORS 44 ® SETH GRAE Chairman and Chief Executive Officer Member of Civil Nuclear Trade Advisory Committee (CINTAC) to the U.S. Secretary of Commerce, Nuclear Energy Institute’s Board of Directors, Nuclear Energy and National Security Coalition, Working Group on Climate, Nuclear,& Security Affairs of the Council on Strategic Risks, Virginia Nuclear Energy Consortium Board of Directors. SWETA CHAKRABORTY, Ph.D. Director Globally recognized risk and behavioral scientist specializing in risks from climate change to COVID-19. Advises government agencies on integrating behavioral science into policy, programs & communication. Developed science-based communication strategies with Fortune 100 companies, including Mars Inc., Novartis, and PVH Corp. JESSE FUNCHES Director Former CFO of the U.S. Nuclear Regulatory Commission (NRC) and Operations Research Analyst at the Pentagon. Recipient of the 2004 Donald L. Scantlebury Memorial Award for excellence in financial management. Three-time Presidential Rank Award honoree and two-time NRC Distinguished Service Award winner. SHERRI GOODMAN Director Vice-Chair of the U.S. Secretary of State’s ISAB and a member of EXIM Bank's Climate Council. Secretary General of IMCCS. Chairs the Council on Strategic Risks Board and Sandia Labs’ Advisory Board on Energy & Homeland Security. Also serves on the National Academies Advisory Board for the U.S. Global Change Research Program. DANIEL MAGRAW JR. Director President Emeritus of the Center for International Environmental Law, Senior Fellow at Johns Hopkins SAIS, and former Director of the EPA’s International Environmental Law Office. Member of the Trade and Environment Policy Advisory Committee to the U.S. Trade Representative. MARK TOBIN Director Over 24 years in international investment banking and public company leadership. CFO of National Underground Group and board member at Qualstar Corporation. Former CFO of Printronix and Nanoflex Power, and audit chair at Innovation Pharmaceuticals. Previously Director of Research and Senior Analyst at Roth Capital.
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HISTORY PERFORMANCE ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM C O N T A C T ® 45 ir@ltbridge.com 2000-11710 Plaza America Drive Reston, VA 20190 USA ltbridge.com COMPANY CONTACT @lightbridgecorp Linkedin.com/company/ltbridge ADVANCED NUCLEAR FUEL TECHNOLOGIES f o r c l e a n p o w e r a n d e n e r g y s e c u r i t y @lightbridgecorporation