Cauldron Energy Limited · ASX:CXU
Cauldron Energy — Conference Presentation (February 2026)
35 slides from Cauldron Energy's conference presentation, Feb 19, 2026
Slide 1: Can U feel it? Nuclear is BACK
ASX: CXU Cauldron Energy Limited ABN 22 102 912 783 Can U feel it? Nuclear is BACK. 92 92 238 U 238 17-19 February 2026, Fremantle Jonathan Fisher Chief Executive Officer Jonathan.fisher@cauldronenergy.com.au @cxuasx 1
Slide 2: Important Information
Important Information This Presentation may include statements that could be deemed ‘forward looking statements.’ Although the Company believes the expectations Forward Looking Statements expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guaran
Slide 3: TODAY: Macro, WA Situation, Project, Corporate
TODAY: Macro, WA Situation, Project, Corporate Delivering results for shareholders through on ground milestones and advocacy. Macro Western Australia! Project Corporate Undeniable Global Growth Developing support… RESOURCE UPDATE!!! Building for the future • New build in The West starting (China, •
Slide 4: This says it ALL! Nuclear Energy is BACK
This says it ALL! Nuclear Energy is BACK “IT WAS A SERIOUS STRATEGIC MISTAKE TO “International climate objectives will not be met PHASE OUT NUCLEAR ENERGY” if nuclear power is excluded” - GERMAN CHANCELLOR MERZ, January 2026 – United Nations Yes, the cartoons on this page were drawn using ChatGPT 4
Slide 5: Nuclear and AI: REAL or HYPE?
Nuclear and AI: REAL or HYPE? TLDR: Its real BUT it will take time. “Energy constraints have become the largest bottleneck to building out AI data centers” – Mark Zuckerberg, April 2024 Source: META 9 January Source: https://www.datacenterdynamics.com/en/news/metas-mark- zuckerberg-says-energy-const
Slide 6: The New Nuclear Fuel Report – GAME ON.
The New Nuclear Fuel Report – GAME ON. New report released at WNA Sept 205, showing huge increases in future expected demand for uranium. CURRENT LOW 2040 BASE HIGH Commentary STATE CASE 2040 CASE 2040 INSTALLED 372 GW 582 GW 686 GW 966 GW • These are 2040 CAPACITY (+210 GW) (+314 GW) (+594 GW) numb
Slide 7: Cracking Start to 2026 for Uranium Sentiment
Cracking Start to 2026 for Uranium Sentiment “Slowly at first (2024 & 2025) and then all at once (2026)” – Colin McClelland, Uranium Analyst, Petra Capital (Feb 2026) Nuclear delivers record-breaking year in electricity generation Issued 1 September 2025, WNA Source: Stockhead 22 January 2026 7
Slide 8: The U Should Come From Australia (and specifically WA)
The U Should Come From Australia (and specifically WA) World leading mining jurisdiction; geopolitically aligned and with significant expertise. Australia has world largest resources Australian Production Trend (ASNO data) Country Tonnes U Percentage of • Long history of production; but has Resource
Slide 9: Is URANIUM A CRITICAL MINERAL?
Is URANIUM A CRITICAL MINERAL? We continue to advocate for Australia to add Uranium to its critical minerals list! Australia has a BIG card to play Commentary • US recently added uranium to its Critical Minerals list: • JAPAN, CANADA, South Korea, Russia and others also include U on Critical / Strat
Slide 10: A LOT IS GOING ON IN THE WA URANIUM SECTOR
A LOT IS GOING ON IN THE WA URANIUM SECTOR Major companies are starting to position ahead of a change in WA policy. This international interest coming back to the State is a recent occurrence and demonstrates global recognition of WA’s role to play. ISO Energy taking multiple The prevailing view is
Slide 11: The Uranium Ban in WA is costing the State DEARLY
The Uranium Ban in WA is costing the State DEARLY REAL ECONOMIC COSTS What has Changed since 2017? • When ban was enacted in 2017, there was no economic cost: • Uranium price at the time was ~$20; Nuclear renaissance hadn’t started • No projects were going get up anyways; This should • Mining was ri
Slide 12: … and COSTING THE GLOBE IN TERMS OF CARBON
… and COSTING THE GLOBE IN TERMS OF CARBON • xxx “This is the industry that will lead “Make no mistake – industry experts the decarbonisation charge. This including the World Nuclear Association are warning that a shortage of available is the industry that will uranium post 2030 could slow down the
Slide 13: A Message from Premier Cook on Decarbonisation and URANIUM
A Message from Premier Cook on Decarbonisation and URANIUM Comments from the Premier WA / Japan Trading Relationship is Very Important 1• “We have our own role to play as part of the global fight against climate change and we will play that role, but it will be a unique role” 2• Yes, we will continu
Slide 14: Cauldron Leading the Charge! WA and FEDERAL Inquiries
Cauldron Leading the Charge! WA and FEDERAL Inquiries Advocacy is important; but it takes time… >60% of ALL SUBMISSIONS were supporting the removal of the URANIUM BAN! (Despite it being a broad inquiry covering gas, green hydrogen, ammonia, CCS, etc) • Available for download (Submission 5) • Availab
Slide 15: How Uranium is safely mined and exported from Australia
How Uranium is safely mined and exported from Australia Uranium is safely mined in South Australia and is transported on public roads and exported through standard container ports! HISTORY OF SAFE PRODUCTION FOR ~40 YEARS!! SOCIAL LICENCE HAS BEEN PROVEN Mining Production Mine to Port At the Port 1
Slide 16: WA Uranium provides ASYMMETRIC upside
WA Uranium provides ASYMMETRIC upside Worth putting on your watch screen?? Global nuclear is a big positive driver. WA policy is bigger Upside scales as momentum builds Cartoon drawn using ChatGPT WA uranium provides exposure to strong nuclear thematic as well the turbo charge related to Western Aus
Slide 17: SIMANDOU IS REAL – IRON ORE PRICES WILL FALL
SIMANDOU IS REAL – IRON ORE PRICES WILL FALL Western Australia must act NOW to prepare for the future decline in iron ore royalties. Simandou commences production Protecting WA’s Future 1• Initial tonnes (~200kt) have not affected market price but Simandou expected to ramp to ~120M tpa 2• Displace h
Slide 18: Yanrey Project Area
Yanrey Project Area NUMBERS STILL A prolific region for ISR uranium. WRONG • Yanrey Uranium Province - NE-SW trending coastal plain developed along the western margin of the Gascoyne Orogen / Pilbara block. • Extensive early Cretaceous palaeodrainage system. • Palaeorivers every 3-5km, Major palaeor
Slide 19: Benefits of ISR (In Situ Recovery) – Capex, Opex, Enviro
Benefits of ISR (In Situ Recovery) – Capex, Opex, Enviro ISR has completely transformed the uranium production market; now accounting for >50% of global production; assets amenable to ISR are therefore highly sought after. • Most popular and fastest growing process route for global uranium productio
Slide 20: Incredible Exploration Track Record at Yanrey
Incredible Exploration Track Record at Yanrey Exceptional track record of success demonstrates the strength of the exploration model and Cauldrons technical understanding of the region. We know what we are looking for; and how to find it. Most successful uranium exploration team in Australia in last
Slide 21: Announcement: Resource Update!
Announcement: Resource Update! Updated resource published for Manyingee North/South following the successful 2025 drill progamme! Global resource now >55M Lb (+13M) Updated Manyingee North and South1 INFERRRED Tonnes (Mt) Grade Contained (100 ppm cutoff) (ppm eU3O8) Metal Oxide (Mlb) North 14.9 297
Slide 22: Building the Resource Base at Yanrey
Building the Resource Base at Yanrey WE ARE NOT WAITING AROUND. Building pounds on the balance sheet is the most effective manner of driving shareholder value as we advocate for policy change. Resource Pounds U3O8, 1• Planning well underway for 2026 programme Nearest million • Passive seismic – Marc
Slide 23: The Importance of Good WATER for ISR
The Importance of Good WATER for ISR Latest test work by ANSTO Minerals confirms suitability of our water for ISR. Recent announcement (4 February 2026) Commentary 1• Analysis recently conducted by ANSTO Minerals on Manyingee North, South and Cosgrove 2• Water quality is crucial for ISR – high level
Slide 24: Yanrey Scoping Study – Compelling Economics
Yanrey Scoping Study – Compelling Economics1 Stage 1 scoping study shows highly attractive economics at prevailing market prices NPV10 (pre tax) IRR (pre tax) Payback Period Upfront Capital A$449M 79% 1.5 yrs A$118M Assuming US$75/lb and 0.70 Assuming US$75/lb and 0.70 AUD:USD AUD:USD Production rat
Slide 25: Driving Industry and Community Engagement
Driving Industry and Community Engagement We are at the forefront of providing information and education to the community to drive a change in perception and suggest to the Government that policy change is appropriate. 1 2 3 5 1 Headlining the WA Mining Club Lunch, July 2024 2. Nuclear community inf
Slide 26: Active Investor Engagement Across Platforms
Active Investor Engagement Across Platforms Cauldron is recognized as having a leading presence across platforms including conferences, webinars, and social media. We rarely pay for exposure – platforms seek us out for our knowledge; ensuring we get exposure and allowing us to spend our money in the
Slide 27: Recent Board Changes for CXU
Recent Board Changes for CXU First stages of Board strategy completed; more to come. Announced Change of Directors Current Board and Management Ian Mulholland Michael Fry Non Exec Chair Exec Director, CoSec, CFO • Geologist with over 30 years • Decades of experience as experience CoSec CFO of variou
Slide 28: Corporate Overview
Corporate Overview Right team, right commodity, right project, massive potential. Already funded for next drill campaign. Company ASX Code CXU Share Price Performance Share Price as at close of market Friday 13 February 2026 2.9c Ordinary Shares on Issue ~2,037M Options and performance rights (vario
Slide 29: Summary
Summary Building a world scale uranium company, right here in WA. Please join us on the journey! 1. Over 55M Lbs of Uranium Resource in JORC amenable to In Situ Recovery (ISR) 2. Scoping Study indicates excellent returns 3. Exciting exploration ground at Yanrey - 3 new discoveries in 2 years! 4. Inc
Slide 30: Contacts
Contacts Jonathan Fisher Chief Executive Officer linkedin icon circle jonathan.fisher@cauldronenergy.com.au Michael Fry Director / CoSec Michael.fry@cauldronenergy.com.au Cauldron Chairman Ian Mulholland and CEO Jonathan Fisher on site at Yanrey @cxuasx 30
Slide 31: Competent Person Information
Competent Person Information The information in this Presentation that relates to Exploration Results for the Yanrey Project is based on information compiled by Mr. John Higgins, B.Sc. (Hons), GCPG&G, who is a member of the Australian Institute of Geoscientists. Mr. Higgins is a full-time employee o
Slide 32: Mineral Resources – Bennet Well Deposit
Mineral Resources – Bennet Well Deposit The Mineral Resource (JORC 2012) estimate is: Inferred Resource: 16.9 Mt at 335 ppm eU3O8 for total contained uranium-oxide of 12.5 Mlb (5,670 t) at 150 ppm cut-off. Indicated Resource: 21.9 Mt at 375 ppm eU3O8 for total contained uranium-oxide of 18.1 Mlb (8,
Slide 33: Mineral Resources – Manyingee South Deposit
Mineral Resources – Manyingee South Deposit The Mineral Resource (JORC 2012) estimate is: Inferred Resource: 15.5 Mt at 325 ppm eU3O8 for total contained uranium-oxide of 11.1 Mlb (5,045 t) at 100 ppm cut-off. Deposit Cut-off Deposit Mass Deposit Mass U3O8 (ppm U3O8) (Mt) Grade (ppm U3O8) (Mlbs) Man
Slide 34: Mineral Resources – Manyingee North Deposit
Mineral Resources – Manyingee North Deposit The Mineral Resource (JORC 2012) estimate is: Inferred Resource: 15.5 Mt at 325 ppm eU3O8 for total contained uranium-oxide of 11.1 Mlb (5,045 t) at 100 ppm cut-off. Deposit Cut-off Deposit Mass Deposit Mass U3O8 (ppm U3O8) (Mt) Grade (ppm U3O8) (Mlbs) Man
Slide 35: Yanrey Uranium Project – Exploration Target
Yanrey Uranium Project – Exploration Target Competent Person The information in this Presentation that relates to an Exploration Target for the Yanrey Project is extracted from a report released to the ASX on 24 January 2024 titled “Yanrey Project Exploration Target” which is available to view at ww
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