Slide 1: Lightbridge – August 2026 | NASDAQ: LTBR
© 0 % of 8BBEsRe @ © Lightbridge AUGUST 2026 | NASDAQ: LTBR
Slide 2: Safe Harbor Statement
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 statements are based on current expectations and involve a number of risks and uncertainties
Slide 3: Lightbridge Pioneering Advanced Nuclear Fuel
LIGHTBRIDGE PIONEERING ADVANCED NUCLEAR FUEL We are a leading developer of nuclear fuel technology for current and future reactors, expected to enhance the safety, economics, and proliferation resistance of nuclear fuel, enabling power uprates and extended cycle lengths. 01 02 03 04 05 06 Proprietar
Slide 4: The Path to Becoming the Global Standard
THE PATH TO BECOMING THE GLOBAL STANDARD OUR GOAL: TO POW ER MOST OF THE W ORLD’S NUCLEAR REACTORS — THE REACTOR’S FUEL PRODUCES ALL OF THE ENERGY Lead test assemblies (LTAs) — our commercial fuel, in commercial reactors, targeting early 2030s 1 2 3 4 5 Test & Qualify Demonstrate Supply Commercially
Slide 5: Lightbridge Fuel Total Addressable Market
LIGHTBRIDGE FUEL TOTAL ADDRESSABLE TAM measured in MWe of Lightbridge Fuel-compatible reactor capacity. Current TAM: compatible operating fleet plus estimated uprate opportunity (~9% average uprate availability). 2050 TAM assumes 80% of projected new capacity MARKET: THE CAPACITY BASE worldwide is c
Slide 6: Translating the Market into Dollars
HOW GWE BECOMES DOLLARS TRANSLATING THE MARKET INTO DOLLARS COMPATIBLE BASE CAPACITY 363 GWe operating today → 794 GWe by 2050 The compatible fleet represents ~$44B of annual × utility value creation today, growing to ~$95B by 2050 INCREMENTAL VALUE PER GW PER YEAR Annual Value-Creation TAM ($B per
Slide 7: Value the Whole Grid Can See
VALUE THE WHOLE GRID CAN SEE BENEFITS FOR UTILITIES AND RATEPAYERS What Utilities Gain 1 More Electricity To Sell Uprates and/or longer cycles increase saleable megawatt-hours from P O TE N TI A L A N N U A L V A L U E the same asset. Tens of 2 Fewer Outages millions Longer cycles reduce costly repl
Slide 8: Multiple Paths to Revenue: The Lightbridge Business Model
MULTIPLE PATHS TO REVENUE THE LIGHTBRIDGE BUSINESS MODEL A flexible model designed to monetize the technology at every stage of adoption. 1 Complete Fuel Assemblies Fabrication and sale of complete fuel assemblies to utility 2 Metallic Fuel Rod Supply Fabrication and supply of metallic fuel rods to
Slide 9: Milestones on the Path to Commercialization
MILESTONES ON THE PATH TO COMMERCIALIZATION LAB SCALE → PILOT SCALE → COMMERCIAL SCALE 1 Fabrication Process Development & 2 Regulatory Authorization & 3 Lead Test Assembly 4 Commercial Demonstration & Testing Qualification Production Supply Co-extrusion scale-up, Fuel qualification data Fabrication
Slide 10: SHED: Special HALEU Extrusion Demonstration Facility
SHED: SPECIAL HALEU EXTRUSION DEMONSTRATION FACILITY LAB SCALE → PILOT SCALE SHED is the next step in Lightbridge Fuel fabrication — the bridge from lab-scale development to commercial-scale production Production-Scale Equipment Process Tuning at Commercial Scale Full-size production equipment imple
Slide 11: LEFF: Lightbridge Expandable Fuel Facility
LEFF: LIGHTBRIDGE EXPANDABLE FUEL FACILITY PILOT SCALE → COMMERCIAL SCALE LEFF is the next step after SHED — the commercial-scale facility that unlocks Lightbridge Fuel commercialization Expandable Throughput Customized, Automated Equipment Same proven process as SHED, at far larger capacity — start
Slide 12: A Step-Change Over Conventional Fuel
A STEP-CHANGE OVER CONVENTIONAL FUEL LIGHTBRIDGE FUEL VS. CONVENTIONAL FUEL Conventional Fuel Lightbridge Fuel Stacked ceramic pellets in a thin metal tube. Stanford University (2011) Helically twisted multi-lobe fuel rod — three-lobe cross-section at right • Ceramic uranium-dioxide pellets • Metall
Slide 13: More Power from the Same Reactor
MORE POWER FROM THE SAME REACTOR THE LIGHTBRIDGE POWER ADVANTAGE Two Sources Of 110% Added Power Power output after a 10% power 1. Power Uprate uprate in existing reactors Higher power density can safely enable an increase in power output in existing or new-build reactors 120% 2. Load-Following An i
Slide 14: Lightbridge Fuel: Designed for Safety
LIGHTBRIDGE FUEL: DESIGNED FOR SAFETY Lightbridge Fuel is designed to operate nearly 1000oC cooler than conventional nuclear fuel. AVG. FUEL TEMP ANTICIPATED SAFETY BENEFITS NRC TAKES NOTICE Nuclear Reg ulatory Commission - Wikipedia Metal fuel has better heat transfer 1250oC Reduces fuel operating
Slide 15: Lightbridge Fuel Features
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 circulation of the water coolant. Cross-section Metallurgical Bond… between fuel components signifi
Slide 16: Robust Intellectual Property Portfolio
ROBUST INTELLECTUAL PROPERTY PORTFOLIO PROTECTS RETURN ON INVESTMENT • Lightbridge has invented and developed its technology to meet the needs of the growing energy marketplace, backed by a robust worldwide patent portfolio and trade secrets. • Expanding our patent portfolio and trade secrets contin
Slide 17: Fortified Financial Positioning
FORTIFIED FINANCIAL POSITIONING $237M ASSETS Current Assets Cash and cash equivalents 30-Jun-26 $237,466,174 31-Dec-25 $201,862,421 Cash Position Prepaid expenses & other current assets Total Current Assets 1,025,865 238,492,039 712,983 202,575,404 @ June 30, 2026 Other Assets Prepaid project costs
Slide 18: Seasoned Leadership Team
SEASONED LEADERSHIP TEAM Seth Grae Andrey Mushakov, Ph.D. Chairman & CEO S EVP, Nuclear Operations INDUSTRY POLICY. FABRICATION R&D Chairman of the American Nuclear Society’s International Council, Nuclear Leads the Fuel Technology Division and strategic initiatives at Lightbridge, Energy Institute’
Slide 19: Board of Directors
BOARD OF DIRECTORS Sherri Goodman Daniel Magraw Jr. Director Director NOMINATING COMP. NOMINATING GOVERNANCE Vice-Chair of the U.S. Secretary of State’s ISAB and a President Emeritus of the Center for International member of EXIM Bank's Climate Council. Secretary General Environmental Law, Senior Fe
Slide 20: Lightbridge Fuel: Why We Win
LIGHTBRIDGE FUEL WHY WE WIN? 1 Proprietary We invented the only truly new nuclear fuel — a next- generation metallic design. Others build new water-cooled 2 Protected A global patent portfolio and trade secrets protect the fuel design, its fabrication process, and the economics it unlocks. reactors
Slide 21: Advanced Nuclear Fuel Technologies
ADVANCED NUCLEAR FUEL TECHNOLOGIES for clean power and energy security NASDAQ: LTBR ADDRESS INVESTOR W EBSITE x LinkedIn Youtube 11710 Plaza America Drive RELATIONS www.ltbridge.com @lightbridgecorp @ltbridge @lightbridgecorporation Suite 2000 ir@ltbridge.com Reston, VA 20190 USA
Slide 22: Appendix: Supplemental Materials
SUPPLEMENTAL MATERIALS Appendix 22
Slide 23: Irradiation Testing of Lightbridge Fuel Material at INL's ATR
IRRADIATION TESTING OF LIGHTBRIDGE FUEL MATERIAL AT INL’S ATR Capsules containing Lightbridge Fuel material Loading fuel into the inner capsule RECENT MILESTONES samples before loading into an experimental assembly. COMMENCED NOVEMBER 2025 | FIRST BATCH OF SAMPLES REMOVED MAY 2026 Enriched uranium-z
Slide 24: Key Development & Commercialization Dependencies
KEY DEVELOPMENT & COMMERCIALIZATION DEPENDENCIES Funding & Strategic Support ATR Test Loop Availability Industry Partnerships Continued access to capital markets Highly competitive irradiation test Utility engagement is required for financing, government funding, and capacity is limited; insufficien
Slide 25: The Need for More Power
THE NEED FOR MORE POWER ELECTRICITY DEMAND IS SURGING U.S. electricity demand is surging. AI data centers alone are projected to demand 123 GW of power by 20351, a 30-fold increase from current levels. Data centers could consume up to 12% of U.S. electricity by 2030 2, with massive AI growth requiri
Slide 26: Increasing Capacity Factor
INCREASING CAPACITY FACTOR Capacity Factor Overview • Capacity factor measures how often a power plant runs for a specific Major energy source capacity factors period, indicating how fully a unit’s capacity is used. Solar thermal 20.5% • The U.S. nuclear fleetwide capacity factor is about 92.7%, top
Slide 27: The Nuclear Resurgence
THE NUCLEAR RESURGENCE A TIMELY IMPERATIVE Unmatched Power Economics OpenAI CEO Sam Altman calls Reactors powered by Lightbridge Fuel will deliver massive amounts of power more reliably — and at a lower cost per unit of electricity — than any other way of power — “electrons” — his providing it. comp
Slide 28: Large Reactors Leading the Way
LARGE REACTORS LEADING THE WAY America Northern Asia Far East Proven Technology With Global Scale Large nuclear reactors have a proven history of reliable and safe baseload power generation. Multiple reactors are currently under construction in the US, China, and Europe, reflecting Europe Western gl
Slide 29: How We Design Safer Fuel
HOW WE DESIGN SAFER FUEL Fabrication Shape The three components of Lightbridge Fuel are Helically-twisted multi-lobe fuel rod – increased metallurgically bonded during the fabrication coolant mixing, increased fuel surface area, and process. This bonding improves the structural shorter distance for
Slide 30: Glossary: Key Terms & Acronyms
GLOSSARY KEY TERMS & ACRONYMS Acronyms & Abbreviations Industry Terms LTA lead test assembly: full-size fuel assemblies identical to our Power uprate A licensed increase in a reactor’s power output. commercial product, proven in a commercial reactor. Batch reload The portion of a core’s fuel replace