Slides
Page 1
AUGUST 2026 | NASDAQ: LTBR
Page 2
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. Lightbridge team in front of the ATR facility (May 6, 2026) 2 SAFE HARBOR STATEMENT
Page 3
Proprietary We invented the only truly new nuclear fuel — a next-generation metallic design. Others build new water-cooled reactors around 1950s-era pellet fuel. We are a leading developer of nuclear fuel technology for current and future reactors, expected to enhance the safety, economics, and proliferation resistance of nuclear fuel, enabling power uprates and extended cycle lengths. LIGHTBRIDGE PIONEERING ADVANCED NUCLEAR FUEL 01 Protected A global patent portfolio and trade secrets protect the fuel design, its fabrication process, and the economics it unlocks. 02 Validated Our fuel is in irradiation testing at Idaho National Laboratory, backed by our own out-of-reactor testing and peer- reviewed research. 03 Commercializing Fabrication and irradiation milestones being executed on a defined roadmap to licensing and commercial deployment. 04 Capitalized $216M in cash, zero debt — anticipated to last for at least several years based on projected funding needs. 05 Massive Global Addressable Market A ~$115B global annual fuel market across today’s 396 GWe fleet, growing to ~$252B as nuclear capacity is expected to double by 2050. 06 3
Page 4
Test & Qualify Produce: Fuel samples at INL O U R G O A L : T O P O W E R M O S T O F T H E W O R L D ’ S N U C L E A R R E A C T O R S — T H E R E A C T O R ’ S F U E L P R O D U C E S A L L O F T H E E N E R G Y 1 Demonstrate Produce: LTAs at a future SHED, DOE- authorized pilot facility (slide 11) — Lightbridge-led. 2 53 Supply Commercially Produce: Batch reloads & full cores at LEFF, our future NRC- licensed facility (slide 11). Scale Globally Produce: Regional commercial-scale facilities worldwide via JVs & tech licensing. THE PATH TO BECOMING THE GLOBAL STANDARD Lead test assemblies (LTAs) — our commercial fuel, in commercial reactors, targeting early 2030s 4 Enable Tomorrow’s Reactors Produce: Fuel designs for new reactor designs. Power: Irradiation testing in INL’s test reactors – INL-led, Lightbridge-supported. Power: Utilities obtain NRC licensing to use the LTAs. Power: NPPs that license Lightbridge Fuel. Power: Reactor fleets in every region. Power: Additional types of reactors. Almost every reactor operating or under construction today could run on Lightbridge Fuel. 4
Page 5
LIGHTBRIDGE FUEL TOTAL ADDRESSABLE MARKET: THE CAPACITY BASE Addressable reactor capacity expected to double from ~396 GWe today to ~794 GWe by 2050 396 GWe Current TAM — 395 compatible operating reactors plus uprate capacity 794 GWe 2050 TAM — driven by projected new nuclear build-out worldwide +100% TAM growth, 2026–2050 Addressable Reactor Capacity (Gwe) 106 232 290 562 0 100 200 300 400 500 600 700 800 Current 2050 U.S. Non-U.S. What Builds The TAM INSTALLED FLEET 395 compatible PWR, BWR & PHWR reactors operating worldwide (~363 GWe) HIGH COMPATIBILITY ~97% of global operating reactor capacity can adopt Lightbridge Fuel UPRATE UPSIDE Uprate potential across the existing fleet can add ~34 GWe of capacity opportunity NEW BUILD PIPELINE 58 compatible reactors under construction (~62 GWe), plus 2050 targets of 290 GW U.S. / 992 GW global TAM measured in MWe of Lightbridge Fuel-compatible reactor capacity. Current TAM: compatible operating fleet plus estimated uprate opportunity (~9% average uprate availability). 2050 TAM assumes 80% of projected new capacity worldwide is compatible. Sources: IAEA (Sep 2025) 992 GW global; U.S. DOE (Nov 2024) 290 GW U.S.; company analysis, July 2026. 5
Page 6
TRANSLATING THE MARKET INTO DOLLARS The compatible fleet represents ~$44B of annual utility value creation today, growing to ~$95B by 2050 HOW GWE BECOMES DOLLARS COMPATIBLE BASE CAPACITY 363 GWe operating today → 794 GWe by 2050 × INCREMENTAL VALUE PER GW PER YEAR +20% uprate with 18-month cycles adds ~1.65 TWh of generation and ~192 MW of capacity per reactor: $87M at $40/MWh energy (low) $120M at $60/MWh energy (base) $153M at $80/MWh energy (high) = ANNUAL VALUE-CREATION TAM The value pool Lightbridge Fuel pricing can capture a share of Annual Value-Creation TAM ($B per year) $32 $69 $44 $95 $56 $122 $0 $20 $40 $60 $80 $100 $120 $140 Current Fleet 2050 Build-Out Low ($40/MWh) Base ($60/MWh) High ($80/MWh) $32–$56B per year, today’s compatible fleet (base case: $44B) $69–$122B per year at 2050 nuclear targets (base case: $95B) Dollar figures apply value per base GW to compatible base capacity (363 GWe today, vs. 396 GWe TAM on the prior page, which includes ~34 GWe of resulting uprate output). Value per GW = incremental energy (~2.37 TWh/yr per 1,000 MW base reactor at $80– $160/MWh; 18-month cycles per the 19.75% max HALEU enrichment level) plus incremental capacity (~301 MW at $300/MW-day, ~$33M/yr). 2050: 794 GWe, assuming 80% compatibility of projected build worldwide. Figures represent utility value creation, not Lightbridge revenue. Company analysis, July 2026. BASE CASE MATH: 363 GWe × $120M/GW = ~$44B/yr today 794 GWe × $120M/GW = ~$95B/yr by 2050 6
Page 7
BENEFITS FOR UTILITIES AND RATEPAYERS VALUE THE WHOLE GRID CAN SEE What Utilities Gain 1 More Electricity To Sell Uprates and/or longer cycles increase saleable megawatt-hours from the same asset. 2 Fewer Outages Longer cycles reduce costly replacement-power purchases and lost generation. 3 Load-following Revenue Faster ramp rates capture value in increasingly dynamic power markets. 4 Enhanced Safety Wider safety margins support operating efficiency and asset longevity. POTENTIAL ANNUAL VALUE Tens of millions of dollars in added value per year at a typical large reactor, depending on configuration and market. AND IT REACHES EVERY HOUSEHOLD A lower cost per unit of electricity generated — helping keep electricity bills down, a top priority for American families and policymakers. 7
Page 8
THE LIGHTBRIDGE BUSINESS MODEL MULTIPLE PATHS TO REVENUE A flexible model designed to monetize the technology at every stage of adoption. Complete Fuel Assemblies Fabrication and sale of complete fuel assemblies to utility customers — Lightbridge as a full-service fuel vendor. Metallic Fuel Rod Supply Fabrication and supply of metallic fuel rods to other fuel vendors, which build and sell complete fuel assemblies to their utility customers. Licensing & Royalties Licensing the technology to fabrication partners and earning royalties as adoption scales globally. Services & Software Engineering, analytical, and fuel-management services that surround the core product. One flexible model — addressing the entire global reactor fleet. 1 2 3 4 8
Page 9
EXECUTION ROADMAP MILESTONES ON THE PATH TO COMMERCIALIZATION LAB SCALE → PILOT SCALE → COMMERCIAL SCALE Fabrication Process Development & Testing Co-extrusion scale-up, thermal-hydraulic validation, and irradiation testing at national laboratories. Acceleration Opportunities Advanced Testing Methods Modeling, simulation, and accelerated irradiation testing. Strategic Partnerships Fabrication infrastructure and manufacturing process development. Regulatory Streamlining Pre-submission consultations and ADVANCE Act provisions. Policy Support Federal government action prioritizing next-generation nuclear energy. 1 Regulatory Authorization & Qualification Fuel qualification data package, analytical model validation, and ongoing regulatory engagement. 2 Lead Test Assembly Production Fabrication of lead test assemblies for demonstration in a commercial reactor. 3 Commercial Demonstration & Supply Demonstration in a commercial reactor, followed by commercial batch reloads through dedicated fabrication. 4 9
Page 10
SHED is the next step in Lightbridge Fuel fabrication — the bridge from lab-scale development to commercial-scale production Production-Scale Equipment Full-size production equipment implementing the complete processing line, using proven off-the-shelf industrial equipment. Process Tuning at Commercial Scale Validating models and establishing tolerances and acceptance specifications for full-length Lightbridge fuel rods. Siting: INL Site under Launch Pad INL Program The Lightbridge project was selected by DOE and INL for deployment of the SHED facility at the INL site under DOE authorization. Depleted Uranium → HALEU Initial production at SHED will use depleted uranium for process validation before transitioning to HALEU. 2 MTU/yr Anticipated annual production capability 10 LTAs/yr Up to 10 full-size lead test assemblies per year 10+ yrs of operation Primary prototyping line, even after LEFF operates SHED: SPECIAL HALEU EXTRUSION DEMONSTRATION FACILITY LAB SCALE → PILOT SCALE 10
Page 11
LEFF is the next step after SHED — the commercial-scale facility that unlocks Lightbridge Fuel commercialization Expandable Throughput Same proven process as SHED, at far larger capacity — starting at ~2 batch reloads/year, expandable up to ~20 reloads/year. Customized, Automated Equipment Purpose-built equipment optimized for Lightbridge’s process, with automation (vs. SHED’s off-the-shelf, primarily manual line). Multiple Product Lines Able to fabricate multiple product lines simultaneously — e.g., PWR & BWR fuel. Initially, Parallel Operation with SHED LEFF and SHED will operate in parallel for some time, with SHED serving as the prototyping facility until SHED’s capabilities are transitioned to LEFF. ~2 → ~20 Batch reloads per year — expandable capacity Location: TBD Siting study underway with Amentum NRC Facility licensing pathway LEFF: LIGHTBRIDGE EXPANDABLE FUEL FACILITY PILOT SCALE → COMMERCIAL SCALE 11
Page 12
LIGHTBRIDGE FUEL VS. CONVENTIONAL FUEL Conventional Fuel Lightbridge Fuel Stacked ceramic pellets in a thin metal tube. Stanford University (2011) Helically twisted multi-lobe fuel rod — three-lobe cross-section at right • Ceramic uranium-dioxide pellets • Runs near 1,250°C average fuel temperature • Fuel-to-cladding gap limits heat transfer • Spacer grids increase coolant pressure drop • Limited room to uprate or extend cycles • Metallic uranium-zirconium alloy • Operates roughly 1,000°C cooler than conventional fuel • Metallurgical bond — no fuel-cladding gap • No spacer grids — lower pressure drop • Enables uprates, longer cycles, faster ramp rates More power. Longer cycles. Load-following. Enhanced safety. Less waste. A STEP-CHANGE OVER CONVENTIONAL FUEL 12
Page 13
110% Power output after a 10% power uprate in existing reactors 120% Power output after a 20% power uprate 130% Potential output in new-build reactors after a 30% power uprate Two Sources Of Added Power 1. Power Uprate Higher power density can safely enable an increase in power output in existing or new-build reactors 2. Load-Following An improved ramp rate allows reactors to follow demand and complement renewables. More electricity from existing or new-build reactors. THE LIGHTBRIDGE POWER ADVANTAGE MORE POWER FROM THE SAME REACTOR 13
Page 14
Lightbridge Fuel is designed to operate nearly 1000oC cooler than conventional nuclear fuel. ANTICIPATED SAFETY BENEFITS Enhances structural integrity of the fuel Improves the non-proliferation benefits 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 Lightbridge Fuel 360oC AVG. FUEL TEMP NRC TAKES NOTICE 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.” “ Click this logo to view the full article LIGHTBRIDGE FUEL: DESIGNED FOR SAFETY Conventional Fuel 1250oC 14 -January 12, 2021
Page 15
Powering next-generation performance 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. Metallurgical 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 LIGHTBRIDGE FUEL FEATURES 15
Page 16
PROTECTS RETURN ON INVESTMENT 16 • Lightbridge has invented and developed its technology to meet the needs of the growing energy marketplace, backed by a robust worldwide patent portfolio and trade secrets. • Expanding our patent portfolio and trade secrets continues to be a strategic focus for Lightbridge. • These new patents and trade secrets 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 ROBUST INTELLECTUAL PROPERTY PORTFOLIO Lightbridge surrogate rods used for a thermal- hydraulic flow experiment 16
Page 17
ASSETS 30-Jun-26 31-Dec-25 Current Assets Cash and cash equivalents $237,466,174 $201,862,421 Prepaid expenses & other current assets 1,025,865 712,983 Total Current Assets 238,492,039 202,575,404 Other Assets Prepaid project costs & other long-term assets 2,007,231 1,140,000 Trademarks 127,187 119,391 Total Assets $240,626,457 $203,834,795 LIABILITIES & STOCKHOLDERS’ EQUITY Current Liabilities Accounts payable & accrued liabilities $2,046,144 $847,451 Total Current Liabilities 2,046,144 847,451 Stockholders’ Equity Common stock 37,405 33,407 Additional paid-in capital 434,407,448 386,719,120 Accumulated deficit (195,864,540) (183,765,183) Total Stockholders’ Equity 238,580,313 202,987,344 Total Liabilities and Stockholders’ Equity $240,626,457 $203,834,795 $237M Cash Position @ June 30, 2026 $0 Debt On Balance Sheet FORTIFIED FINANCIAL POSITIONING 17
Page 18
SEASONED LEADERSHIP TEAM Seth Grae Chairman & CEO Chairman of the American Nuclear Society’s International Council, 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. INDUSTRY POLICY. 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. FINANCE AUDIT EVP, 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. FABRICATION R&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. ENGINEERING LICENSING S Sherrie Holloway Project 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. ACCOUNTING ENERGY Controller Lesli brings over 15 years of experience in accounting policy, SEC reporting, U.S. GAAP, and financial services. She previously served in the Accounting Policy and External Reporting group at Freddie Mac and as a Director in PwC’s Financial Services practice, where she led complex audits and advised clients on regulatory and technical accounting matters. Member of the AICPA. SEC REPORTING GAAP I INL D DOEN NEI C CINTAC A AICPA N NYSSCPA I INL H Halden O OECD B4 Big 4 P PwC F Freddie Mac Andrey Mushakov, Ph.D. Scott Holcombe, Ph.D. Lesli Mills 18
Page 19
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. NOMINATING COMP. 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 COMPENSATION NOMINATING 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. AUDIT NOMINATING 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. NOMINATING GOVERNANCE Mark Tobin Director Extensive experience 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. ★ AUDIT CHAIR COMP. S Sandia IM IMCCS EPA EPA JHU SAIS NU Nat. Underground Q Qualstar NRC NRC P Pentagon F100 Fortune 100 Seth Grae Chairman & CEO ★ CHAIR EXECUTIVE Chairman of the American Nuclear Society’s International Council, 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. N NEI CINT CINTAC BOARD OF DIRECTORS 19
Page 20
1 Proprietary We invented the only truly new nuclear fuel — a next- generation metallic design. Others build new water-cooled reactors around 1950s-era pellet fuel. 2 Protected A global patent portfolio and trade secrets protect the fuel design, its fabrication process, and the economics it unlocks. 3 Validated Our fuel is in irradiation testing at Idaho National Laboratory, backed by our own out-of-reactor testing and peer-reviewed research. 4 Commercializing Fabrication and irradiation milestones being executed on a defined roadmap to licensing and commercial deployment. 5 Capitalized $216M in cash, zero debt — anticipated to last for at least several years based on projected funding needs 6 Massive Global Addressable Market A ~$115B global annual fuel market across today’s 396 GWe fleet, growing to ~$252B as nuclear capacity is expected to double by 2050. LIGHTBRIDGE FUEL WHY WE WIN? 20
Page 21
NASDAQ: LTBR INVESTOR RELATIONS ir@ltbridge.com WEBSITE www.ltbridge.com ADDRESS 11710 Plaza America Drive Suite 2000 Reston, VA 20190 USA for clean power and energy security ADVANCED NUCLEAR FUEL TECHNOLOGIES x @lightbridgecorp LinkedIn @ltbridge Youtube @lightbridgecorporation
Page 22
SUPPLEMENTAL MATERIALS Appendix 22
Page 23
23 C O M M E N C E D N O V E M B E R 2 0 2 5 | F I R S T B A T C H O F S A M P L E S R E M O V E D M A Y 2 0 2 6 Enriched uranium-zirconium fuel samples being irradiated in the ATR; first batch of irradiated samples removed May 2026 for post-irradiation examination. • Major milestone in fuel development program under SPP/CRADA with BEA • Advances pathway toward fuel qualification and commercial licensing Strategic Significance • Microstructural evolution analysis • Thermal performance Testing Objectives Loading fuel into the inner capsuleCapsules containing Lightbridge Fuel material samples before loading into an experimental assembly. Loading of one of the capsules into an experimental assembly in the ATR canal. The Core of the Advanced Test Reactor Lightbridge and INL Team Performing a Visual Inspection of a Finished Enriched Uranium- Zirconium Coupon Sample inside a Glovebox RECENT MILESTONES IRRADIATION TESTING OF LIGHTBRIDGE FUEL MATERIAL AT INL’S ATR 23
Page 24
Current infrastructure is designed for ≤5% enrichment. Lightbridge Fuel requires up to 19.75% enrichment; facilities must complete regulatory licensing for higher enrichment handling. Expanding US domestic HALEU production capacity is needed to meet HALEU demand. Highly competitive irradiation test capacity is limited; insufficient access may require alternative testing approaches ahead of full lead test assembly demonstration. Limited public data on metallic fuel performance. Irradiation testing data are needed to confirm fuel performance under various operating conditions. In addition, thermal-hydraulic experiments are needed for pressure drop and critical heat flux data. Utility engagement is required for commercial reactor demonstration and regulatory licensing. New or modified models and qualified fabrication processes for full-length rods are required. ATR T est Loop Availability Industry Partnerships Analytical Model Development & Fabrication Qualification Experimental Data Requirements HALEU Supply Chain Infrastructure & Access to HALEU Material Continued access to capital markets financing, government funding, and strategic partner support are essential to maintain projected timelines. Funding & Strategic Support KEY DEVELOPMENT & COMMERCIALIZATION DEPENDENCIES 24
Page 25
ELECTRICITY DEMAND IS SURGING 1. Deloitte, June 2025 - https://www.deloitte.com/us/en/insights/industry/power-and- utilities/data-center-infrastructure-artificial-intelligence.html 2. U.S. Department of Energy, August 2025 - https://www.energy.gov/articles/doe- releases-new-report-evaluating-increase-electricity-demand-data-centers 3. Nuclear Energy Institute, May 2025 - https://www.nei.org/news/2025/state-of-the- nuclear-energy-industry-2025 4. Pew Research Center, October 2025 - https://www.pewresearch.org/short- reads/2025/10/24/what-we-know-about-energy-use-at-us-data-centers-amid-the- ai-boom/ U.S. electricity demand is surging. AI data centers alone are projected to demand 123 GW of power by 20351, a 30-fold increase from current levels. Data centers could consume up to 12% of U.S. electricity by 20302, with massive AI growth requiring 28 GW of new electricity by 20263. Meeting that demand takes reliable, carbon-free, 24/7 baseload power — and the fastest way to add it is to generate more from the reactors already on the grid. That is the need Lightbridge Fuel is designed to meet. THE NEED FOR MORE POWER 25
Page 26
x 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 INCREASING CAPACITY FACTOR 26
Page 27
Reactors powered by Lightbridge Fuel will deliver massive amounts of power more reliably — and at a lower cost per unit of electricity — than any other way of providing it. 94 U.S. reactors that can use our fuel are operating today — out of about 400 worldwide. Hundreds more that can use it will likely be built, then maybe thousands. Silicon Valley is moving from spending little to make its products — mostly software — to the most massive capital spend ever: trillions, much of it to get electric power. Lightbridge intends to be on the receiving end of that spending. Unmatched Power Economics A Global Fleet Ready for Lightbridge Fuel Silicon Valley’s Trillion-Dollar Power Buildout Source: Matteo Wong, “Silicon Valley Has Lost Its Biggest Advantage,” The Atlantic, July 18, 2026, www.theatlantic.com/technology/2026/07/data-center-ai-heavy-industry/687990 A TIMELY IMPERATIVE THE NUCLEAR RESURGENCE OpenAI CEO Sam Altman calls power — “electrons” — his company’s biggest constraint. Elon Musk, Microsoft’s Satya Nadella, and former Google CEO Eric Schmidt have echoed him. — The Atlantic, July 2026 $1.1 trillion+ in projected AI infrastructure spend next year — much of it to secure electric power (J.P. Morgan). 27
Page 28
Large nuclear reactors have a proven history of reliable and safe baseload power generation. Multiple reactors are currently under construction in the US, China, and Europe, reflecting global commitment to this established technology. Major new reactor projects like Vogtle Units 3 and 4 in the US, Hualong One in China, and EPR in Europe are adding hundreds of gigawatts of clean energy capacity, supporting climate goals and energy security. Large reactors offer continuous, reliable power to meet rising electricity demand and support renewable integration, all while having a zero-carbon footprint that aligns with climate commitments for a sustainable energy future. Proven Technology With Global Scale Current Projects Driving Capacity Growth Stable, Zero-carbon Baseload Power 417 Nuclear Power Reactors in Operation 377,147 MWe Total Net Installed Capacity 23 Nuclear Power Reactors In Suspended Operation 19,687 MWe Total Net Installed Capacity 67 Nuclear Power Reactors under Construction 17,150 MWe Total Net Installed Capacity 20,606 Reactor-Years of Operation Net Capacity GW(e) International Atomic Energy Agency (IAEA) Power Reactor Information System (PRIS) Data as of March 8, 2026 LARGE REACTORS LEADING THE WAY 0 50 100 150 In Operation Under Construction 28 America Northern Asia Far East Europe Western Europe Central and Eastern Asia Middle East & South Latin America Africa
Page 29
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. HOW WE DESIGN SAFER FUEL 29
Page 30
Acronyms & Abbreviations Industry Terms Power uprate GLOSSARY KEY TERMS & ACRONYMS 30 LTA lead test assembly: full-size fuel assemblies identical to our commercial product, proven in a commercial reactor. SHED — Special HALEU Extrusion Demonstration Facility — our DOE- authorized pilot plant at the INL site. LEFF — Lightbridge Expandable Fuel Facility — our planned commercial-scale fuel plant. HALEU — high-assay low-enriched uranium (5–20% U-235). INL — Idaho National Laboratory (a U.S. DOE national lab). ATR — Advanced Test Reactor at INL. NRC — U.S. Nuclear Regulatory Commission. DOE — U.S. Department of Energy. NPP — nuclear power plant. PWR / BWR / PHWR — pressurized, boiling & pressurized heavy water reactors — the types compatible with Lightbridge Fuel. GWe / MWe — electric generating capacity; MWh / TWh — electricity generated. MTU — metric tons of uranium. TAM — total addressable market. Power uprate — a licensed increase in a reactor’s power output. Batch reload — the portion of a core’s fuel replaced at a refueling outage. Fuel cycle — the operating run between refuelings (typically 18–24 months). Load -following — ramping output up or down to track electricity demand. Capacity factor — actual generation as a share of maximum possible output. Cladding — the metal outer layer sealing fuel from the reactor coolant. Co -extrusion — forming fuel core and cladding into a single metallurgically bonded rod. Irradiation testing — testing fuel samples inside a reactor to validate performance. Enrichment — raising the share of fissile U-235 in uranium. lead test assembly: full-size fuel assemblies identical to our commercial product, proven in a commercial reactor. Special HALEU Extrusion Demonstration Facility — our DOE-authorized pilot plant at the INL site. Lightbridge Expandable Fuel Facility — our planned commercial-scale fuel plant. high-assay low-enriched uranium (5–20% U-235). Idaho National Laboratory (a U.S. DOE national lab). Advanced Test Reactor at INL. U.S. Nuclear Regulatory Commission. U.S. Department of Energy. Nuclear power plant. pressurized, boiling & pressurized heavy water reactors — the types compatible with Lightbridge Fuel. electric generating capacity; MWh / TWh — electricity generated. metric tons of uranium. total addressable market. A licensed increase in a reactor’s power output. The portion of a core’s fuel replaced at a refueling outage. The operating run between refuelings (typically 18–24 months). Ramping output up or down to track electricity demand. Actual generation as a share of maximum possible output. The metal outer layer sealing fuel from the reactor coolant. Forming fuel core and cladding into a single metallurgically bonded rod. Testing fuel samples inside a reactor to validate performance. Raising the share of fissile u-235 in uranium. LTA SHED LEFF HALEU INL ATR NRC DOE NPP PWR/BWR /PHWR Gw e/MWe MTU TAM Batch reload Fuel cycle Load -following Capacity factor Cladding Co -extrusion Irradiation testing Enrichment