Slide 1: Investor Presentation | July 2025
NASDAQ: LTBR INVESTOR PRESENTATION | JULY 2025
Slide 2: Safe Harbor Statement
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT SAFE HARBOR STATEMENT With the exception of historical matters, the matters discussed in this presentation and today’s oral comments, including in response to questions, are forward-looking statements. These
Slide 3: Lightbridge: Pioneering Advanced Nuclear Fuel
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT LIGHTBRIDGE: Pioneering Advanced Nuclear Fuel We’re a leading developer of nuclear fuel technology for current and future reactors, expected to enhance the safety, economics, and proliferation resistance of
Slide 4: Key Drivers for Growth
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT KEY DRIVERS FOR GROWTH ENHANCED SAFETY INCREASED CAPACITY STRONG PATENT & EFFICIENCY & REDUCED COSTS PORTFOLIO o Lightbridge Fuel improves o Helps meet energy demands o Extensive patents protect our IP safet
Slide 5: Our Fuel
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT OUR FUEL ® 5
Slide 6: Our Vision: Lightbridge Fuel as the Global Standard for Nuclear
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT OUR VISION: Lightbridge Fuel as the Global Standard for Nuclear Lightbridge Fuel will offer step-change improvements in safety, fuel performance, power plant economics, waste reduction, and proliferation res
Slide 7: Lightbridge Fuel Features: Powering next-generation performance
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT LIGHTBRIDGE FUEL FEATURES: Powering next-generation performance Absence of spacer grids… may reduce core pressure drop by up to 50%, which contributes to enabling power uprates and improves the natural circu
Slide 8: Lightbridge Fuel: Designed for Safety
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT LIGHTBRIDGE FUEL: DESIGNED FOR SAFETY o Lightbridge Fuel is designed to operate nearly 1000 C cooler than conventional nuclear fuel. AVG. INTERNAL TEMP: ANTICIPATED SAFETY BENEFITS: NRC TAKES NOTICE: Nuclear
Slide 9: How We Design Safer Fuel
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT HOW WE DESIGN SAFER FUEL FABRICATION SHAPE The three components of Lightbridge Fuel are Helically-twisted multi-lobe fuel rod – increased coolant metallurgically bonded during the fabrication process. mixing
Slide 10: Increasing Capacity Factor
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT INCREASING CAPACITY FACTOR CAPACITY FACTOR OVERVIEW MAJOR ENERGY SOURCE CAPACITY FACTORS Capacity factor measures how often a power plant runs for a specific period, indicating how fully a unit’s capacity is
Slide 11: Robust Patent Platform Protects Return on Investment
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT ROBUST PATENT PLATFORM PROTECTS RETURN ON INVESTMENT o Lightbridge has invented and developed its technology to meet the needs of the growing energy marketplace, backed by a powerful worldwide patent portfol
Slide 12: Recent Fuel Development Milestones
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT RECENT FUEL DEVELOPMENT MILESTONES ® 12
Slide 13: Lightbridge Achieves Critical Fabrication Milestone
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT LIGHTBRIDGE ACHIEVES CRITICAL FABRICATION MILESTONE: From Extrusion to Co-Extrusion (March 2024 – February 2025) March 2024: February 2025: Strategic Initial Extrusion Process Demo Advanced Co-Extrusion Achi
Slide 14: Lightbridge & Oklo Collaboration: Fuel Fabrication and Recycling
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT LIGHTBRIDGE & OKLO COLLABORATION: Fuel Fabrication and Recycling Collaboration Objectives o The partnership establishes a framework for two strategic initiatives -> Facility Co-Location Study o Conduct feasi
Slide 15: Lightbridge Launches Engineering Study for CANDU Reactors
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT LIGHTBRIDGE LAUNCHES ENGINEERING STUDY: To assess our fuel for use in CANDU reactors o Location: Institutul de Cercetări Nucleare Pitești, a subsidiary of Regia Autonoma Tehnologii pentru Energia Nucleara (R
Slide 16: Long-Term Strategic Partnership Project with Idaho National Lab
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT BREAKTHROUGH LONG-TERM STRATEGIC PARTNERSHIP PROJECT WITH IDAHO NATIONAL LAB (INL) INL’S ADVANCED TEST REACTOR PARTNERSHIP SUMMARY o Seven-year agreement o INL to manufacture and irradiate in the Advanced Te
Slide 17: Potential Commercial Pathways: From Research Reactors to Commercial Reactors
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT POTENTIAL COMMERCIAL PATHWAYS: From Research Reactors to Commercial Reactors ATR CANAL SMALL MODULAR REACTORS LARGE LIGHT WATER REACTORS PRESSURIZED HEAVY WATER (PWRs & BWRs) (PWRs & BWRs) REACTORS (CANDU) o
Slide 18: Collaboration with MIT in DoE Funded Study
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT COLLABORATION W/ MIT IN DoE FUNDED STUDY Accident Tolerant Fuels in SMRs $800,000 PARTNERSHIP OBJECTIVES o Investigate near term opportunities of accident tolerant fuels for light water cooled small modular
Slide 19: Collaboration with Texas A&M in DoE Funded Study
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT COLLABORATION W/ TEXAS A&M IN DoE FUNDED STUDY Advanced Nuclear Fuels in SMRs $1,000,000 PARTNERSHIP OBJECTIVES o Develop pressure drop correlations for Lightbridge fuel in NuScale LW-SMR conditions o Increa
Slide 20: Timeline of Lightbridge Fuel Events & Milestones
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT TIMELINE OF LIGHTBRIDGE FUEL EVENTS & MILESTONES 2010 2021 Lightbridge announced initial 2023 concept of metallic fuel as the Lightbridge awarded its second GAIN 2013 optimal way for power up-rates Lightbrid
Slide 21: Upcoming Fuel Development Milestones
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT UPCOMING FUEL DEVELOPMENT MILESTONES Anticipated to be completed over the next 2-3 years Advancing Research and Testing at INL Developing a Fuel Qualification Plan Regulatory Strategy & Compliance Roadmap Pr
Slide 22: Our Role in the Global Nuclear Energy Resurgence
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT OUR ROLE IN THE GLOBAL NUCLEAR ENERGY RESURGENCE ® 22
Slide 23: Upcoming Fuel Development Milestones
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT UPCOMING FUEL DEVELOPMENT MILESTONES We expect the significant government funding for nuclear energy in the coming years may help accelerate our fuel development for existing nuclear power plants and future
Slide 24: Small Modular Reactors: Nimble Nuclear
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT SMALL MODULAR REACTORS: Nimble Nuclear SMRs under development vary in size from tens to hundreds of megawatts, offering diverse technology options, capabilities, and deployment scenarios for power generation
Slide 25: Lightbridge Fuel in SMRs of the Future
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT LIGHTBRIDGE FUEL IN SMRs OF THE FUTURE Lightbridge Fuel is expected to significantly improve the economics, safety, and operational flexibility for water-cooled SMRs. An SMR can replace coal power plants and
Slide 26: Designed for Superior Ramp Rate for Load Following in SMRs
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT DESIGNED FOR SUPERIOR RAMP RATE FOR LOAD FOLLOWING IN SMRs Facilitates the versatile & efficient use of carbon-free energy at a greater scale SMRs powered with Lightbridge Fuel May allow SMRs to work more An
Slide 27: The Coal to Nuclear Transition
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT THE COAL TO NUCLEAR TRANSITION In September 2022, the DOE published a study* that explored converting retiring coal plants into nuclear plants throughout the United States: o It is estimated that 80% of reti
Slide 28: Global Energy Demand Is Growing
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT GLOBAL ENERGY DEMAND IS GROWING ® 28
Slide 29: Compelling Economics: Large Water-Cooled Reactor Market
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT COMPELLING ECONOMICS: Large Water-Cooled Reactor Market (PWR, BWR, PHWR) Nuclear fuel supply agreements are expected to generate long-term, high margin recurring revenue. 100 U.S. WATER-COOLED $ 40M AVG. ANN
Slide 30: Enhanced Reactor Margins
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT ENHANCED REACTOR MARGINS $60 million projected annual gross revenue increase to utility per large pressurized water reactor $4,000,000*** ASSUMPTIONS: $8,000,000** Increase in Electricity o Projected increme
Slide 31: Enhanced Reactor Margins: US Electricity Demand
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT ENHANCED REACTOR MARGINS CONTRIBUTORS TO INCREASED US ELECTRICITY DEMAND (TWH)1 DEMAND: 5,000 4,807 4,800 4,713 4,621 Electrified transportation 4,600 4,530 4,441 Personal and industrial electric vehicles. 4
Slide 32: The Future of Nuclear Power: Ambition & Reality
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT THE FUTURE OF NUCLEAR POWER: AMBITION & REALITY NUCLEAR POWER TODAY ENERGY DEMAND & CURRENT CAPACITY (GWe) o Total Capacity: ~400 GWe / No. of Reactors: ~420 / Avg. Reactor Size: 0.95 GWe 16,000 15,000 INDUS
Slide 33: Mass Producing Nuclear?
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT MASS PRODUCING NUCLEAR? In 1939, the U.S. produced SMR designers are currently in fewer than 3,000 military the phase of developing aircraft. In 1944, total output bespoke prototypes, with some was over 96,0
Slide 34: Leveraging Global, Bipartisan Support for Nuclear Energy
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT LEVERAGING GLOBAL, BIPARTISAN SUPPORT FOR NUCLEAR ENERGY ® 34
Slide 35: The World Demands Tripling Nuclear Energy Capacity at COP28
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT THE WORLD DEMANDS TRIPLING NUCLEAR ENERGY CAPACITY AT COP28 For the first time, the 198 signatory countries to the UN Framework Convention on Climate Change (UNFCCC) officially called for accelerating the de
Slide 36: The Political Landscape Is Shifting
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT THE POLITICAL LANDSCAPE IS SHIFTING Operating License Energy Security Green Energy Major Powers U.S. Inflation Extensions Concerns Commitments Reversing Course Reduction Act o Nuclear power plants soon o Rus
Slide 37: American Nuclear Resurgence
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT AMERICAN NUCLEAR RESURGENCE WHITE HOUSE MEETINGS1 & THE NUCLEAR FUEL WORKING GROUP REPORT2 ® 12 Photo of President Trump meeting with leaders of US nuclear companies, including Lightbridge CEO Seth Grae. The
Slide 38: Robust Bipartisan Federal Legislation for Nuclear
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT ROBUST BIPARTISAN FEDERAL LEGISLATION FOR NUCLEAR The Infrastructure Investment and Jobs Act of 2021 and the Inflation Reduction Act of 2022 included key federal government commitments for the nuclear indust
Slide 39: Advanced Nuclear Race Poses Unique Opportunities for Lightbridge
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT ADVANCED NUCLEAR RACE POSES UNIQUE OPPORTUNITIES FOR LIGHTBRIDGE Government support, financial investment and policy change has spurred a race for nuclear innovation. STRATEGIC GLOBAL LEADERSHIP OBJECTIVES O
Slide 40: Financial Overview
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT FINANCIAL OVERVIEW ® 40
Slide 41: Financial Positioning: Fortified Assets
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT FORTIFIED ASSETS 31-Mar-25 31-Dec-24 FINANCIAL POSITIONING Current Assets Cash and cash equivalents $56,929,988 $39,990,827 Prepaid expenses & other current assets 546,267 324,378 $57M ~2YR $0 Total Current
Slide 42: Our Team
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT OUR TEAM ® 42
Slide 43: Seasoned Leadership Team
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT SEASONED LEADERSHIP TEAM DARLA M. BOND SCOTT HOLCOMBE, Ph.D. Human Resources Manager VP, Engineering Darla brings 30+ years of HR leadership across corporate and small business Oversees R&D and demonstration
Slide 44: Independent Board of Directors
ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT INDEPENDENT BOARD OF DIRECTORS SETH GRAE SHERRI GOODMAN Chairman and Chief Executive Officer Director Member of Civil Nuclear Trade Advisory Committee (CINTAC) to the U.S. Vice-Chair of the U.S. Secretary of
Slide 45: Advanced Nuclear Fuel Technologies
HISTORY PERFORMANCE ABOUT OUR FUEL MILESTONES THE FUTURE THE MARKET INDUSTRY DRIVERS FINANCIALS OUR TEAM CONTACT ADVANCED NUCLEAR FUEL TECHNOLOGIES for clean power and energy security COMPANY CONTACT ir@ltbridge.com 2000-11710 Plaza America Drive Reston, VA 20190 USA ltbridge.com @lightbridgecorp Li