Cauldron Energy (CXU) Investor presentation summary

Industry and market context

• Global nuclear power demand is rising, with record-breaking electricity generation and upgraded uranium demand forecasts through 2040, driven by decarbonization and AI/data center energy needs.

• Australia holds the world’s largest uranium resources but is only the fourth-largest producer, with production in decline due to policy constraints.

• Western Australia (WA) is under increasing pressure to overturn its uranium mining ban, with strong business, political, and public support emerging.

Policy and advocacy developments

• A WA Parliamentary Inquiry is underway, examining the state’s role in global decarbonization and considering green fuel exports, with uranium mining a key topic.

• Major industry groups and polls indicate growing support for lifting the uranium ban, citing economic diversification, job creation, and global climate obligations.

• WA’s mining safety record and infrastructure are highlighted as robust, with comparisons to South Australia’s long-standing uranium operations.

Project and operational highlights

• The Yanrey Project contains over 42 million lbs of uranium resources across Bennet Well and Manyingee South, with significant exploration upside from multiple paleochannel targets.

• Recent passive seismic surveys and drilling programs are underway to expand resources, with a focus on new tenements and updating resource estimates.

• A scoping study for Yanrey indicates a pre-tax NPV10 of A$449M, 79% IRR, 1.5-year payback, and AISC of US$35.79/lb at US$75/lb uranium price, supporting robust project economics.