Eagle Nuclear Energy Corp. is born. On February 23, shareholders approved the business combination of Eagle Energy Metals Corp. and Spring Valley Acquisition Corp. II; the merger closed the next day, February 24. The combined company begins trading on Nasdaq on February 25 under the tickers NUCL (common) and NUCLW (public warrants).
Why this deal matters The tie-up pairs a sizeable domestic uranium resource with in‑house small modular reactor (SMR) technology — a deliberate play to shorten nuclear fuel supply chains and support growing U.S.
electricity demand. Management pitches Eagle Nuclear as an integrated platform that can move material from mine to reactor more quickly than a collection of independent specialists, and as a contribution to energy security and decarbonization goals.
The asset picture – Aurora deposit: 32.75 million pounds indicated and 4.98 million pounds inferred (SK‑1300 TRS, near‑surface). – Cordex: management calls it a nearby target with “meaningful upside,” though no formal resource has been published yet.
Taken together, these holdings make Eagle Nuclear one of the more prominent conventional uranium resource owners in the U.S, with exploration upside next to an already defined deposit.
Management voice CEO Mark Mukhija framed the combination as the result of “extensive preparation and company building,” saying the company is positioned to help reestablish American leadership in nuclear energy by pairing domestic uranium with advanced SMR capability. Spring Valley II’s chairman and CEO, Chris Sorrells, emphasized the transaction’s role in reinforcing domestic supply of uranium for U.S. reactor programs.
What to watch next Near‑term catalysts investors will watch closely: – Nasdaq debut and early trading liquidity under NUCL/NUCLW (Feb 25). – Exploration and drill results at Aurora and Cordex. – Permitting milestones, technical studies and SMR demonstration progress. – Any offtake agreements, strategic partnerships or fabrication/enrichment arrangements.
Financial and operational realities Listing provides access to public capital, but near‑term free cash flow is likely limited. Revenue from mining is not expected immediately; licensing, technology partnerships or supply contracts could create earlier cash streams. Key project economics will depend on uranium prices, financing availability, permitting speed and the pace of SMR certification and construction.
Risks and variables The company’s path is punctuated by familiar development risks: permitting delays, community and indigenous engagement, supply‑chain bottlenecks for fuel fabrication and reactor components, commodity price swings (uranium volatility matters), and the need to raise follow‑on capital on reasonable terms. Each significant milestone — drilling results, feasibility studies, regulatory filings and partner agreements — will be read as either validation or a warning sign by markets.
Market and sector implications If Eagle Nuclear can advance permitting and move toward demonstration SMR projects while securing downstream fabrication capacity, it could become a model for vertical integration in the U.S. nuclear sector. That prospect may pressure peers to consolidate resources with technology partners and could attract further private capital into domestic nuclear infrastructure. Conversely, setbacks could reinforce investor caution toward hybrid resource‑technology propositions.
Advisors and governance Cohen & Company Capital Markets served as exclusive financial advisor, lead capital markets advisor and private placement agent to Spring Valley II. Legal counsel for Spring Valley II was Greenberg Traurig, LLP; Nelson Mullins Riley & Scarborough LLP represented Eagle. Gateway Group was retained for investor and public relations. The board is being structured to blend resource‑development experience with reactor‑technology expertise.
Why this deal matters The tie-up pairs a sizeable domestic uranium resource with in‑house small modular reactor (SMR) technology — a deliberate play to shorten nuclear fuel supply chains and support growing U.S. electricity demand. Management pitches Eagle Nuclear as an integrated platform that can move material from mine to reactor more quickly than a collection of independent specialists, and as a contribution to energy security and decarbonization goals.0
