NNE Roth Capital Initiating Coverage June 17, Buy, 45 PT

INDUSTRIAL GROWTH AND TACTICAL OPPORTUNITIES Initiation of Coverage June 17, 2026

NANO Nuclear Energy Inc. (NNE) NNE: Catalysts are Aligning for an Early MMR NASDAQ

Rating Buy Leader; Initiating at Buy & $45 PT Price (06/16/26) $24.01 12-Mo.Price Target $45.00 Initiating coverage on NANO Nuclear at Buy with a $45 target. Management is making rapid progress toward commercializing its 15 MWe KRONOS micro- Stock Data modular-reactor (MMR), while diversifying operations across the uranium lifecycle. NANO is one of just four companies to submit an MMR construction permit 52-Week Range $19.00- $56.63 application to NRC, and its first plant at the University of Illinois Urbana-Champlain Shares Out. (mil) 52.08 (UIUC) should start construction in 2027. Valuation catalysts should include Mkt. Cap.(mil) $1,306.25 3-Mo. Avg. Vol. 2,551,385 customer announcements, technical demonstrations, supply chain commitments, Cash (mil) $577.5 and M&A executing on vertical integration. We would be buyers at current levels. Tot. Debt (mil) $0.0 • NANO Nuclear is introducing a differentiated MMR as a solution to serve Rev ($M) the opportunity relieving global power constraints. The company's KRONOS Yr Sep Q1 Q2 Q3 Q4 FY MMR generates 15MW electric power incorporating an inherently safe high- 2025A 0.0A 0.0A 0.0A 0.0A 0.0A temperature gas-cooled reactor (HTGR) design, meltdown-resistant 9.9% low- 2026E 0.0A 0.0A 1.0E 1.0E 2.0E enriched uranium (LEU+) fuel, and automatic shutdown mechanisms. NNE was 2027E 1.5E 1.5E 2.0E 2.0E 7.0E formed in 2022, went public in 2024, and over $120M has been directly invested EPS $ in KRONOS to-date. Yr Sep Q1 Q2 Q3 Q4 FY • The opportunity for SMR reactors will likely be very large as EIA says 2025A (0.17)A (0.57)A (0.19)A (0.19)A (1.06)A electricity demand grew by 849 TWh in '25, and demand is accelerating. 2026E (0.13)A (0.18)A (0.23)E (0.27)E (0.80)E Potential advance orders from hyperscalers are an obvious catalyst. 2027E (0.27)E (0.35)E (0.41)E (0.47)E (1.50)E • We watch for progress building the first KRONOS unit at the University of EBITDA Illinois, expected in '27, which should deliver multiple catalysts. The reactor Yr Sep Q1 Q2 Q3 Q4 FY will be an exact copy of the planned commercial KRONOS MMR, and will function 2025A (3.9)A (5.9)A (8.2)A (8.8)A (20.6)A as the basis for evaluation during NRC licensing. This reactor will cost ~$350M to 2026E (9.2)A (11.1)A (13.2)E (15.2)E (48.7)E build, but capital offsets including 30% ITC and a 10% community energy subsidy 2027E (15.6)E (20.1)E (23.0)E (26.5)E (85.1)E could both be available, in addition to possible DOE fuel subsidies. • We expect rapid supply chain development. Management says KRONOS NNE One-Year Price and Volume History nuclear island components are at 6-8 technical readiness level (TRL), implying late-stage prototypes completed demonstrations in a relevant environment, or are fully qualified, integrated, and compete. Balance of plant components include the steam generator, turbine, and molten salt system, which are technically mature. 6.0 4.0 30.00 • NNE is diversifying its business across the uranium processing lifecycle, 20.00 2.0 expanding beyond investments in enrichment tech. While NANO Nuclear can 0.0 10.00 buy LEU+ fuel from Urenco or Centrus (LEU-Neutral) today, the investment in Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Vol (m) Price LIS Technologies offers strategic purchasing potential if laser-based enrichment is proven more cost-effective than centrifuge or gas diffusion methods. The MOU for a minority partnership with and an investment in Dioxitek S.A. is consistent Craig Irwin, Managing Director, Sr. Research Analyst with President Milei's support for the nuclear industry through private investment. There are opportunities to further diversify its business reach across the value ( chain from mining to transportation, components, testing, and spent fuel services. Andrew Scutt, Associate, Research • We model the first commercial KRONOS delivery in FY30, and profitability in FY31. Our model assumes 10 and 25 units delivered in FY31 and FY32, Sales ( , Trading ( respectively, scaling to 50 units…