Powering 2026: The Strategic Shift to Domestic Uranium Security

USANewsGroup.com News Commentary As we enter 2026, the global uranium sector appears to be hitting a considerable supply wall[1]. With U.S. domestic production languishing at 90% below annual requirements[2], the push for North American fuel independence seems to have shifted from a political goal to a critical market priority. This structural supply-demand mismatch comes at a time when activity in the sector is picking up and positioning several key players as potentially essential infrastructure platforms, including Spring Valley Acquisition Corp. II (OTC: SVIIF), NexGen Energy (NYSE: NXE) (TSX: NXE), Gladiator Metals (TSXV: GLAD) (OTCQB: GDTRF), Premier American Uranium (TSXV: PUR) (OTCQB: PAUIF), and Uranium Energy Corp. (NYSE-A: UEC).

The primary catalyst is a significant increase in digital power; data center capacity is projected to triple by 2030 as AI workloads redefine the global grid^[3]. Consequently, the Western world appears locked in a strategic race to secure domestic critical minerals^[4], moving past simple exploration and into the high-stakes build-out of uranium and copper supplies in jurisdictions that prioritize geopolitical security.

Spring Valley Acquisition Corp. II (OTC: SVIIF), a special purpose acquisition company (SPAC) recently announced a pending merger with uranium miner Eagle Energy Metals, a next-generation nuclear energy company with the largest mineable, measured and indicted U.S. uranium deposit. Following the announcement, Eagle Energy Metals announced that it has engaged BBA USA Inc., a consulting firm with over 45 years of energy sector experience, to design a targeted drilling campaign at its Aurora Uranium Project in support of an eventual Pre-Feasibility Study. The timing matters because following the SPAC merger, the company is heading toward a NASDAQ listing, subject to customary closing conditions, under the ticker symbol NUCL. Notably, the team orchestrating this transaction is the same SPAC team that brought NuScale Power Corporation (NYSE: SMR) public in 2022.

Eagle Energy Metals holds rights to what it describes as the largest open pit-constrained, measured and indicated uranium deposit in the United States. The Aurora deposit sits on the Oregon-Nevada border with 32.75 million pounds of indicated uranium and 4.98 million pounds inferred, based on over 500 drill holes. Adjacent to Aurora is the Cordex deposit, which has seen over 100 holes drilled and offers potential resource expansion as the company digitizes existing data.

"We're seeing sustained demand for nuclear power translate into real demand for uranium, particularly for projects located in the U.S.," said Mark Mukhija, CEO of Eagle Energy Metals. "Advancing Aurora with BBA is about making sure this asset is ready to meet that demand as the market continues to tighten."

The domestic supply situation provides context for the company's positioning. According to the U.S. Energy Information Administration, in 2023, U.S. utilities purchased more than 50 million pounds of uranium, with less than 5% obtained from limited domestic production and over 95% sourced from abroad, including significant amounts from Russia and Kazakhstan.

President Trump recently signed four executive orders aimed at removing regulatory barriers and seeking to quadruple U.S. nuclear power over the next 25 years, while invoking the Defense Production Act to secure domestic uranium supply.

Meanwhile, electricity demand is accelerating as AI, quantum computing, and cryptocurrency operations strain global grids. Meta recently announced plans to build a $10 billion AI data center in Louisiana powered by nuclear energy from Constellation Energy, while Microsoft, Amazon, Oracle, and Nvidia have struck major deals to power their operations with nuclear.

Beyond uranium, Eagle Energy Metals also holds rights to exclusive Small Modular Reactor (SMR) technology. With BBA's technical continuity (they authored Aurora's SK-1300 Technical Report Summary in August 2025), existing infrastructure, and access to low-cost hydropower in a mining-friendly jurisdiction, the company is advancing its asset as domestic uranium supply becomes increasingly prioritized.

NexGen Energy (NYSE: NXE) (TSX: NXE) announced its highest-grade assay results to date at the 100%-owned Patterson Corridor East (PCE) with drill hole RK-25-256 returning 5.5 meters at 21.4% U₃O₈ between 590.0 and 595.5 meter depth, including 2.5 meters at 46.1% U₃O₈ and 0.5 meters at 74.8% U₃O₈. The high-grade uranium intersection is reportedly 119 meters down-dip of drill hole RK-25-232 and an additional 51 meters down-dip of recently reported RK-25-254, with intense high-grade uranium mineralization currently interpreted along a minimum of 215 meters of dip extent.

"RK-25-256 high-grade assay results, consisting of ultra-high grade 0.5 m 74.8% U₃O₈ takes PCE into a rare mineralized category on a world scale for uranium deposits," said Leigh Curyer, Founder and CEO of NexGen Energy. "This type of basement-hosted mineralization is synonymous with Arrow, only 3.5 km to the west."

NexGen indicated that it is developing a uranium project portfolio focused on multi-generational nuclear fuel supply, with Arrow as the inaugural deposit. The company controls the most prospective portfolio of over 190,000 hectares across 140 kilometers of the southwest Athabasca Basin in Saskatchewan, Canada.

Gladiator Metals (TSXV: GLAD) (OTCQB: GDTRF) announced a significant new discovery at its Whitehorse Copper Belt property in Yukon, with maiden drilling at Cub East intersecting 27 meters of 2.56% copper and 1.44 grams per tonne gold within 44.2 meters of 1.69% copper and 0.93 g/t gold. The five-hole program confirmed high-grade copper-gold-magnetite skarn mineralization over 300 meters of strike length, with all holes intersecting significant grades adjacent to the historic Black Cub South pit.

"Gladiator's maiden drilling campaign on the newly identified geophysical target at Cub East has delivered exceptional high-grade results and a major new discovery, fully validating the company's innovative exploration strategy," said Jason Bontempo, CEO of Gladiator Metals. "All five drillholes intersected previously unknown zones of high-grade copper-gold-magnetite skarn, confirming robust continuity across more than 350 meters of strike and 300 meters down-dip."

The discovery was identified through combined gravity and Induced Polarization surveys beneath shallow cover, with mineralization remaining open in all directions. Gladiator Metals says it is fully funded to execute over 50,000 meters of additional diamond drilling in 2026 targeting high-grade copper skarns throughout the Whitehorse Copper Belt.

Premier American Uranium (TSXV: PUR) (OTCQB: PAUIF) announced that it filed a technical report containing its Preliminary Economic Assessment and updated Mineral Resource Estimate for the Cebolleta Uranium Project in New Mexico, outlining the potential for a low-CAPEX, long-life uranium operation with strong baseline economics. The company indicated that the PEA demonstrates an after-tax net present value of US$83.9 million at an 8% discount rate, with average annual production of approximately 1.4 million pounds U₃O₈ over a 13-year mine life and total production of 18.1 million pounds.

According to the company, the project features direct capital expenditures of US$64.2 million and average operating costs of US$41.60 per pound U₃O₈ recovered, with heap leach processing costs of US$16.72 per short ton. The updated Mineral Resource Estimate includes indicated resources of 20.3 million pounds eU₃O₈ grading 0.12%, representing a 9% increase compared to the 2024 technical report, with significant upside potential through improved metallurgical recoveries that could increase the base case after-tax NPV by approximately 90% to US$159 million at 90% recovery assumptions.

Uranium Energy Corp. (NYSE-A: UEC) reported results for the first quarter of fiscal 2026, achieving a Total Cost per Pound of $34.35 based on production of 68,612 pounds of precipitated uranium and dried and drummed U₃O₈ for the quarter. The company announced that it completed major construction milestones at Burke Hollow setting the stage for initial operations at South Texas's newest in-situ recovery production facility, while advancing six additional header houses at Christensen Ranch in Wyoming's Powder River Basin and completing a full refurbishment of the yellowcake thickener and calciner at the Irigaray Central Processing Plant.

"This quarter represented a step change for UEC," said Amir Adnani, President and CEO of Uranium Energy. "With the launch of United States Uranium Refining & Conversion Corp, we added a new business line that positions the Company to become the only U.S. supplier with both uranium and UF₆ production capabilities."

Uranium Energy has stated that it maintains a strong balance sheet with $698 million of cash, uranium inventory and equities at market prices with no debt, and holds 1,356,000 pounds of U₃O₈ in inventory. The company's workforce has grown to 84 personnel in Wyoming and 86 in South Texas supporting expanding operations.

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Additional Information and Where to Find It

In connection with the transactions contemplated by the A&R Merger Agreement (the "Proposed Business Combination") between Eagle Nuclear Energy Corp. ("New Eagle"), Spring Valley Acquisition Corp. II's ("SVII") and Eagle Energy Metals Corp. ("Eagle"), New Eagle filed with the Securities and Exchange Commission (the "SEC") a registration statement on Form S-4 (File No. 333-290631) (the "Registration Statement"), which includes a preliminary prospectus with respect to New Eagle's securities to be issued in connection with the Proposed Business Combination and a preliminary proxy statement to be distributed to holders of SVII's Class A Ordinary Shares in connection with SVII's solicitation of proxies for the vote by SVII's shareholders with respect to the Proposed Business Combination and other matters described in the Registration Statement (collectively, the "Proxy Statement"). After the SEC declares the Registration Statement effective, SVII plans to file the definitive Proxy Statement with the SEC and to mail copies to shareholders of SVII as of a record date to be established for voting on the Proposed Business Combination and other matters described in the Registration Statement. This document does not contain all of the information that should be considered concerning the Proposed Business Combination and is not a substitute for the Registration Statement, Proxy Statement or for any other document that SVII, New Eagle or Eagle may file with the SEC. Before making any investment or voting decision, investors and security holders of SVII, New Eagle and Eagle are urged to read the Registration Statement and the Proxy Statement, and any amendments or supplements thereto, as well as all other relevant materials filed or that will be filed with the SEC in connection with the Proposed Business Combination as they become available because they will contain important information about New Eagle, Eagle, SVII and the Proposed Business Combination. Investors and security holders will be able to obtain free copies of the Registration Statement, the Proxy Statement and all other relevant documents filed or that will be filed with the SEC by SVII, New Eagle or Eagle through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by SVII may be obtained free of charge from SVII's website at www.sv-ac.com or by directing a request to Spring Valley Acquisition Corp. II, Attn: Corporate Secretary, 2100 McKinney Avenue, Suite 1675, Dallas, Texas 75201. The information contained on, or that may be accessed through, the websites referenced in this document is not incorporated by reference into, and is not a part of, this document.

Participants in the Solicitation

New Eagle, Eagle, SVII and their respective directors, executive officers and other members of management and employees may, under the rules of the SEC, be deemed to be participants in the solicitations of proxies from SVII's shareholders in connection with the Proposed Business Combination. For more information about the names, affiliations and interests of SVII's directors and executive officers, please refer to SVII's Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on April 11, 2025 (the "2024 Form 10-K") and the Registration Statement, Proxy Statement and other relevant materials filed or to be filed with the SEC in connection with the Proposed Business Combination when they become available. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, which may, in some cases, be different than those of SVII's shareholders generally, will be included in the Registration Statement and the Proxy Statement. Shareholders, potential investors and other interested persons should read the Registration Statement and the Proxy Statement, and any amendments or supplements thereto, carefully, before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

No Offer or Solicitation

This document shall not constitute a "solicitation" as defined in Section 14 of the Exchange Act. This document shall not constitute an offer to sell or exchange, the solicitation of an offer to buy or a recommendation to purchase, any securities, or a solicitation of any vote, consent or approval, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale may be unlawful under the laws of such jurisdiction. No offering of securities in the Proposed Business Combination shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom.

Cautionary Note Regarding Forward-Looking Statements

Certain statements included in this document are not historical facts but are forward-looking statements. All statements other than statements of historical facts contained in this document are forward-looking statements. Any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are also forward-looking statements. In some cases, you can identify forward-looking statements by words such as "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "strategy," "future," "opportunity," "may," "target," "should," "will," "would," "will be," "will continue," "will likely result," "preliminary," or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements include, without limitation, SVII's, New Eagle's, Eagle's, or their respective management teams' expectations concerning the Proposed Business Combination and expected benefits thereof; the outlook for Eagle's or New Eagle's business; the abilities to execute Eagle's or New Eagle's strategies; projected and estimated financial performance; anticipated industry trends; the future price of minerals; future capital expenditures; success of exploration activities; mining or processing issues; government regulation of mining operations; and environmental risks; as well as any information concerning possible or assumed future results of operations of Eagle or New Eagle. The forward-looking statements are based on the current expectations of the respective management teams of Eagle, New Eagle, and SVII, as applicable, and are inherently subject to uncertainties and changes in circumstance and their potential effects. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, (i) the risk that the Proposed Business Combination may not be completed in a timely manner or at all, which may adversely affect the price of SVII's securities; (ii) the risk that the Proposed Business Combination may not be completed by SVII's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by SVII; (iii) the failure to satisfy the conditions to the consummation of the Proposed Business Combination, including the approval of the A&R Merger Agreement by the shareholders of SVII and the receipt of regulatory approvals; (iv) market risks; (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the A&R Merger Agreement; (vi) the effect of the announcement or pendency of the Proposed Business Combination on Eagle's business relationships, performance, and business generally; (vii) risks that the Proposed Business Combination disrupts current plans of Eagle and potential difficulties in its employee retention as a result of the Proposed Business Combination; (viii) the outcome of any legal proceedings that may be instituted against Eagle or SVII related to the A&R Merger Agreement or the Proposed Business Combination; (ix) failure to realize the anticipated benefits of the Proposed Business Combination; (x) the inability to meet listing requirements and maintain the listing of the combined company's securities on Nasdaq Capital Market or a comparable exchange; (xi) the risk that the price of the combined company's securities may be volatile due to a variety of factors, including changes in laws, regulations, technologies, natural disasters or health epidemics/pandemics, national security tensions, and macro- economic and social environments affecting its business; (xii) fluctuations in spot and forward markets for lithium and uranium and certain other commodities (such as natural gas, fuel oil and electricity); (xiii) restrictions on mining in the jurisdictions in which Eagle operates; (xiv) laws and regulations governing Eagle's operation, exploration and development activities, and changes in such laws and regulations; (xv) Eagle's ability to obtain or renew the licenses and permits necessary for the operation and expansion of its existing operations and for the development, construction and commencement of new operations; (xvi) risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, potential unintended releases of contaminants, industrial accidents, unusual or unexpected geological or structural formations, pressures, cave-ins and flooding); (xvii) inherent risks associated with tailings facilities and heap leach operations, including failure or leakages; the speculative nature of mineral exploration and development; the inability to determine, with certainty, production and cost estimates; inadequate or unreliable infrastructure (such as roads, bridges, power sources and water supplies); (xviii) environmental regulations and legislation; (xix) the effects of climate change, extreme weather events, water scarcity, and seismic events, and the effectiveness of strategies to deal with these issues; (xx) risks relating to Eagle's exploration operations; (xxi) fluctuations in currency markets; (xxii) the volatility of the metals markets, and its potential to impact Eagle's ability to meet its financial obligations; (xxiii) disputes as to the validity of mining or exploration titles or claims or rights, which constitute most of Eagle's property holdings; (xxiv) Eagle's ability to complete and successfully integrate acquisitions; (xxv) increased competition in the mining industry for properties and equipment; (xxvi) limited supply of materials and supply chain disruptions; (xxvii) relations with and claims by indigenous populations; (xxviii) relations with and claims by local communities and non-governmental organizations; and (xxix) the risk that the Series A Preferred Stock Investment may not be completed, or that other capital needed by the combined company may not be raised on favorable terms, or at all. The foregoing list is not exhaustive, and there may be additional risks that neither SVII, Eagle, nor New Eagle presently know or that SVII, Eagle, and New Eagle currently believe are immaterial. You should carefully consider the foregoing factors, any other factors discussed in this document and the other risks and uncertainties described in the "Risk Factors" section of the 2024 Form 10-K, the risks described or to be described in the Registration Statement, the Proxy Statement, and any amendments or supplements thereto, and those discussed and identified in filings made with the SEC by SVII, New Eagle or Eagle from time to time. Eagle, New Eagle, and SVII caution you against placing undue reliance on forward-looking statements, which reflect current beliefs and are based on information currently available as of the date a forward-looking statement is made. Forward-looking statements set forth in this document speak only as of the date of this document. Neither Eagle, SVII, nor New Eagle undertakes any obligation to revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs. In the event that any forward-looking statement is updated, no inference should be made that New Eagle, Eagle or SVII will make additional updates with respect to that statement, related matters, or any other forward-looking statements. Any corrections or revisions and other important assumptions and factors that could cause actual results to differ materially from forward-looking statements, including discussions of significant risk factors, may appear, up to the consummation of the Proposed Business Combination, in SVII's public filings with the SEC, which are or will be (as appropriate) accessible at www.sec.gov, and which you are advised to review carefully.

SOURCES:

1. https://investingnews.com/uranium-forecast/
2. https://discoveryalert.com.au/us-uranium-supply-security-2026-energy-independence/
3. https://www.mckinsey.com/industries/technology-media-and-telecommunications/our-insights/the-next-big-shifts-in-ai-workloads-and-hyperscaler-strategies
4. https://www.globenewswire.com/news-release/2026/01/07/3214541/0/en/Critical-Minerals-Take-Center-Stage-as-U-S-Accelerates-Push-for-Domestic-Supply-Security.html