Key Highlights

• Eagle Nuclear Energy signed a binding LOI to acquire 100% of Noble Plains Uranium in an all-stock transaction at a 92% premium to Noble Plains' closing price.

• The Acquisition adds Duck Creek, a Wyoming-based ISR-amenable uranium project with 5.32 million lbs Indicated and 1.04 million lbs Inferred U3O8 resources.

• Upon closing, existing Eagle stockholders would hold approximately 95.22% and former Noble Plains shareholders approximately 4.78% of the combined entity.

• Eagle plans a systematically phased exploration program at Duck Creek over the next 12–18 months to expand the resource.

Eagle Nuclear Energy Corp.(NASDAQ:NUCL) announced on November 4, 2026, that it has signed a binding Letter of Intent (LOI) to acquire 100% of Noble Plains Uranium Corp.(TSXV:NOBL) in an all-stock transaction. The deal, which remains subject to the negotiation of a definitive agreement and customary closing conditions, would expand Eagle's domestic uranium resource portfolio into Wyoming.

Transaction Structure and Terms

Under the LOI, Eagle will acquire all issued and outstanding Noble Plains common shares at a deemed price of CAD $0.125 per share. Based on the exchange ratio of 0.0167 Eagle shares for each Noble Plains share, the Offer Price represents a premium of approximately 92% to Noble Plains' closing price of CAD $0.065 on October 29, 2026.

Upon closing, existing Eagle stockholders would hold approximately 95.22% and former Noble Plains shareholders approximately 4.78% of the combined Equity on an issued and outstanding share basis. The transaction requires customary board, stock exchange, regulatory, and any necessary Shareholder approvals.

What Noble Plains Brings to the Table

Noble Plains is a U.S.-focused uranium exploration and development company advancing two In-Situ Recovery (ISR)-amenable projects in Wyoming's Powder River and Shirley basins. ISR is characterized by lower Capital intensity, faster development timelines, and a smaller environmental footprint compared to conventional mining.

The flagship Duck Creek project, located in the Powder River basin, hosts a U3O8 resource reported under Canadian NI 43-101 standards containing 5.32 million lbs in the Indicated category and 1.04 million lbs in the Inferred category on a 100% basis. Eagle's technical team noted that this resource estimate covers only 2.5 miles of a total 5.25-mile trend and sits entirely in the shallower of two prospective mineralized formations, suggesting potential for further resource expansion.

Noble Plains also holds the Shirley Central project, an earlier-stage uranium prospect in the Shirley basin. Noble Plains' ISR portfolio covers approximately 5,965 acres of demonstrated ISR geology near established uranium operators.

Strategic Rationale

The acquisition provides Eagle with jurisdictional Diversification within the U.S., adding Wyoming to its existing Oregon-based assets. Wyoming has produced over 238 million lbs of uranium since 1951. The addition of ISR-potential projects diversifies Eagle's geological and developmental approach beyond the conventional Mining methods applicable to its Aurora deposit in Oregon.

Eagle's Aurora deposit, its primary asset, contains 32.75 million lbs Indicated and 4.98 million lbs Inferred uranium resource under SK-1300 standards. The Duck Creek acquisition, subject to Noble Plains exercising its option on the project, would provide additional uranium resources to Eagle's portfolio.

Mark Mukhija, CEO of Eagle Nuclear Energy, stated that the transaction gives the company greater scale at a time when Demand for U.S. uranium is growing. Drew Zimmerman, CEO of Noble Plains, noted that combining with Eagle provides more scale and capital to execute the company's strategy of acquiring uranium Assets with historical data and advancing them efficiently.

What It All Means

Eagle Nuclear Energy's proposed acquisition of Noble Plains Uranium would add ISR-amenable uranium projects in Wyoming to a portfolio already anchored by one of the largest conventional uranium deposits in the United States. The transaction's all-stock structure and 92% premium reflect Eagle's interest in expanding its resource base while Noble Plains shareholders gain exposure to a larger platform. A 12–18 month exploration program at Duck Creek could meaningfully alter the resource picture if additional mineralization is confirmed along the untested portions of the trend. The deal remains subject to definitive agreement and regulatory approvals, with neither company having completed a technical report for Noble Plains' projects under U.S. S-K 1300 standards.