Disclaimer ABOUT THIS PRESENTATION Company Update 4Q 2025 1 This presentation is provided by Oklo Inc. ("Oklo") for informational purposes only. The information contained herein does not purport to be all inclusive and no representations or warranties, express or implied, are given in, or in respect of, this presentation. To the fullest extent permitted by law, in no circumstances will Oklo or any of its subsidiaries, interest holders, affiliates, representatives, partners, directors, officers, employees, a ...

Core Insights - Centrus Energy operates in a tightening nuclear fuel market as Western utilities seek alternatives to Russian supply, positioning itself as a key participant in the evolving uranium supply chain [1] - The company is investing heavily in domestic enrichment capacity and advanced fuel production to support the next generation of nuclear reactors and enhance U.S. nuclear fuel security [1] Business Model - Centrus Energy's operations focus on supplying low-enriched uranium (LEU), which is essential for commercial nuclear reactors, providing enrichment services and nuclear fuel components primarily to utilities [2] - The LEU segment is the largest revenue driver, generating approximately $346.2 million in fiscal 2025, accounting for about 77% of total sales [3] - The Technical Solutions segment, which provides uranium enrichment and technical services, generated around $102.5 million in fiscal 2025, representing about 23% of total sales [4] Expansion Initiatives - Centrus is advancing a multi-billion-dollar expansion of its uranium enrichment facility in Piketon, OH, aimed at significantly increasing LEU and High Assay Low-Enriched Uranium (HALEU) production capacity [5] - The expansion includes developing domestic centrifuge manufacturing capabilities and a 150,000-square-foot training facility to support workforce development [6][7] Market Opportunities - Centrus Energy leads in HALEU production, which is expected to fuel a new generation of advanced nuclear reactors, with market projections suggesting HALEU could reach approximately $8 billion annually by 2035 [8][11] - The company is currently the only licensed producer of HALEU in the Western world, operating enrichment capacity under a contract with the U.S. Department of Energy [9] Backlog and Revenue Visibility - As of December 31, 2025, Centrus reported a total backlog of approximately $3.8 billion extending through 2040, with the LEU segment accounting for about $2.9 billion [10][12] - Approximately $2.3 billion of the LEU backlog is contingent on future capacity expansion and funding milestones, with much already under definitive agreements [13]

Core Viewpoint - The S&P 500 is showing signs of recovery after a dip, with advanced nuclear energy stock Oklo benefiting from investor enthusiasm due to a new contract announcement [1][2]. Group 1: Company Developments - Oklo has signed a binding contract with Siemens Energy to initiate engineering and design activities for the Aurora powerhouse at the Idaho National Laboratory [4]. - The Aurora powerhouse is expected to be deployed in late 2027 or early 2028, marking a significant milestone for Oklo and the advanced nuclear industry [4][6]. - Alex Renner, Oklo's chief product officer, emphasized that the design philosophy of using proven technologies will shorten timelines and lower costs, making advanced nuclear a deployable product [4]. Group 2: Market Reaction - Following the contract announcement, Oklo's stock rose by 4%, having previously gained as much as 9.6% during the trading session [1][2]. - The market's positive response reflects investor confidence in Oklo's progress towards developing the Aurora powerhouse [5]. Group 3: Investment Considerations - While Oklo shows promise, it is noted that the company still has significant challenges ahead in proving the profitability of advanced nuclear reactors [5]. - For investors with lower risk tolerances, a nuclear energy ETF may be a more suitable investment option compared to Oklo stock [5][6]. - The Motley Fool Stock Advisor has identified ten stocks they believe are better investment opportunities than Oklo at this time [7].

Industry Trend & Opportunity - Power demand is experiencing a generational opportunity with increased demand not seen in decades [2] - The energy sector needs to add nuclear to the fuel mix for a sustainable, clean, and reliable system [2] - Economic development in Kansas requires nuclear energy [6] Technology & Project - TerraPower's Natrium reactor in Wyoming is scheduled to load nuclear fuel in 2030 [5] - TerraPower is examining deploying Natrium reactors in Evergy's service region in Kansas after the first Wyoming reactor [6] - Natrium reactors are expected to need less than half the concrete, steel, and labor to build, improving the ability to deliver plants at scale [11] - Natrium plant is expected to be a fairly large plant, a third of a gigawatt (0.33 GW) per plant, with built-in energy storage [12] Company Strategy & Collaboration - Evergy will meet near-term power needs with natural gas and solar, but will add nuclear for a sustainable system [2] - Evergy and TerraPower are collaborating to examine deploying Natrium reactors in Kansas [6] - Evergy's safe operation of the Wolf Creek plant for 30+ years has built confidence in nuclear safety and made Kansas welcoming to new nuclear [7] Challenges & Solutions - The main obstacle to nuclear energy is the capital expenditure (capex) [10] - Moving to new technology like TerraPower's Natrium reactor is essential to reduce capital intensity [8][11]

Core Viewpoint - NANO Nuclear Energy Inc. has signed a letter of intent to sell its ODIN™ low-pressure coolant microreactor design to Cambridge Atom Works for a total of $6.2 million, allowing the company to focus on its gas-cooled reactor portfolio and enhance developmental efficiencies [2][3][4]. Group 1: Transaction Details - The sale includes a $250,000 upfront non-refundable down payment and a $5.95 million payment scheduled for 2026, along with future low single-digit royalties based on net sales if ODIN is commercialized [3]. - The transaction is subject to the execution of definitive documentation and customary closing conditions [3]. Group 2: Strategic Implications - The sale of ODIN is part of NANO Nuclear's strategy to streamline its product line and concentrate resources on its gas-cooled microreactors: KRONOS MMR, LOKI MMR, and ZEUS [4][6]. - This strategic move aligns with the recent Atlantic Partnership for Advanced Nuclear Energy between the U.S. and the U.K., which aims to accelerate nuclear power development and streamline regulatory frameworks [5][6]. Group 3: Product Portfolio and Development - NANO Nuclear's flagship KRONOS MMR is designed to deliver up to 45 MWth in a single-unit configuration and can scale to gigawatt-level power in multi-unit configurations, enhancing energy resiliency and economics [6]. - The company is actively working with the U.S. Nuclear Regulatory Commission to license the KRONOS MMR and has initiated site preparation activities at the University of Illinois Urbana-Champaign [6][7]. Group 4: Future Outlook - The retention of LOKI MMR and ZEUS microreactors is seen as a strategic decision due to their shared features with the KRONOS MMR, which is expected to provide synergistic benefits across the portfolio [9][10]. - The company anticipates that the development of KRONOS MMR will directly benefit LOKI and ZEUS, enhancing performance and regulatory efficiency [10].

Core Insights - Alphabet's Google and Kairos Power will deploy an advanced nuclear plant, Hermes 2, connected to the Tennessee Valley Authority's electric grid by 2030 [1][4] - TVA has agreed to purchase up to 50 megawatts of power from the Hermes 2 reactor, marking the first power purchase agreement in the U.S. for an advanced reactor [1][2] - The reactor's output will be sufficient to power approximately 36,000 homes, supporting Google's data centers in Tennessee and Alabama [2] Financial and Operational Aspects - The collaboration aims to mitigate financial risks for consumers by having Kairos and Google bear the costs associated with building the plant, while TVA provides a revenue stream through the power purchase agreement [3][4] - TVA's CEO emphasized that this arrangement allows for innovation without placing the financial burden on consumers [4] - The construction permit for Hermes 2 was received from the Nuclear Regulatory Commission in November 2024, with an operating license application required before operations can commence [4] Additional Information - TVA did not disclose the electricity pricing from Hermes 2, nor did Kairos provide estimated costs for the plant [5]

Company Overview - ASP Isotopes Inc. is an advanced materials company focused on developing technology and processes for isotope production across multiple industries [13] - The company employs proprietary technology, the Aerodynamic Separation Process, and aims to produce highly enriched isotopes for healthcare and technology, as well as nuclear energy using Quantum Enrichment technology [13][14] Leadership Appointment - Dr. Ryno Pretorius has been appointed as the Chief Executive Officer of Quantum Leap Energy LLC, a subsidiary of ASP Isotopes, which is focused on developing advanced nuclear fuels [1][5] - Paul Mann will continue as the chairman and CEO of ASP Isotopes and chairman of QLE [2] Dr. Ryno Pretorius' Background - Dr. Pretorius has over 15 years of experience as a chemical engineer, including four years at Necsa, where he gained insights into the nuclear fuel supply chain [3] - He has served as technical director and CEO of Free Radical Process Design, a consulting firm that has worked with ASP Isotopes on isotope enrichment challenges [3] Strategic Initiatives - QLE is preparing for a spin-out anticipated in the second half of 2025, which involves building a senior leadership team to establish it as a standalone company [5] - The company has entered into a loan agreement with TerraPower for financing the construction of a uranium enrichment facility in South Africa [7] Technology and Market Potential - ASP Isotopes believes its Quantum Enrichment process can produce High Assay Low-Enriched Uranium (HALEU) at competitive prices, promoting the adoption of new nuclear energy [8] - The Nuclear Energy Institute estimates a potential HALEU supply demand of approximately 3,000 metric tons by 2035, with indications that actual demand may be higher [10] Future Energy Landscape - Global energy consumption is expected to double in the next 30 years, necessitating a zero increase in carbon emissions to meet 2050 climate goals [11] - Advanced nuclear fuels, particularly HALEU, will be essential for the operation of future small modular reactors [10][11]