FUSION FUEL CYCLES INC. a Canadian Nuclear Laboratories & Kyoto Fusioneering joint venture. Innovating the D-T fusion fuel cycle with Get in touch at [email protected]

Canadian Nuclear Laboratories (CNL), Canada’s premier nuclear science and technology organization, and Kyoto Fusioneering (KF), a global pioneer in designing and developing fusion plant systems, have established a joint venture, Fusion Fuel Cycles Inc. (FFC), headquartered in Chalk River, Ontario. The information in this document is subject to change based on market conditions. FFC Get in touch at [email protected]

• Fusion Fuel Cycles Inc. (FFC) merges Canadian Nuclear Laboratories’ (CNL) tritium processing and handling capabilities with Kyoto Fusioneering’s (KF) fusion fuel cycle plant expertise and technology to deliver safe and efficient tritium fuel cycle systems for fusion programs globally. We invite fusion developers to work with us to design and build their tritium processing systems. • FFC will build and operate UNITY-2, a tritium fuel cycle test facility, a user facility that will close key tritium processing science and technology gaps to support the development of a fusion pilot plant (FPP) on a decadal timeframe. UNITY-2 is expected to begin operations by mid-2026. Researchers and technologists are invited to become users. Please email [email protected] to learn more. Summary FFC FUSION FUEL CYCLES INC. | MAY 2024 | 3

Fusion Fuel Cycle Inc. Company Overview FFC Get in touch at [email protected]

Canadian Nuclear Laboratories The largest science and technology laboratory in Canada • 9,000 acres in size, 200 acres lab complex • 17 nuclear facilities, 70 major buildings • 3,100 employees (500 PhDs and Masters) • 1,600 engineering, scientific and technical staff • >300 skilled trades people FFC FUSION FUEL CYCLES INC. | MAY 2024 | 5 Get in touch at [email protected]

Kyoto Fusioneering Designing and developing critical path fusion power plant systems Headquarters Otemachi Bldg. 5th Floor, 1-6-1 Otemachi, Chiyoda-ku, Tokyo, Japan 100-0004 CEO Satoshi Konishi Established October 1, 2019 Locations Tokyo Office (Tokyo Otemachi, Japan) UK Office (Reading) US Office (Seattle) Research Center (Kyoto, Hyogo, Japan) Joint Research Institute (Kyoto University Uji Campus, Kyoto, Japan) Total Funds 13.7 Billion Yen (April 2024) Team Members 124 (including contractors) Select Shareholders *As of April 1, 2024 *logos that we have obtained permission to use, in alphabetical order FFC FUSION FUEL CYCLES INC. | MAY 2024 | 6 Get in touch at [email protected]

Fusion Fuel Cycles Inc. Derisking and commercializing the DT fuel cycle to enable an FPP on a decadal timeframe FFC • FFC is now able to support fusion development programs’ tritium fuel cycle needs throughout each phase – scoping and costing, technology selection, design, engineering, procurement, assembly, and commissioning (page 12). • In 2026, FFC will demonstrate a fully integrated deuterium-tritium (DT) fuel cycle system and open the facility for researchers’ and technologists’ use (pages 13-15). • FFC develops confinement-concept-agnostic designs, technology, and systems in the functional areas depicted to the right. FFC FUSION FUEL CYCLES INC. | MAY 2024 | 7 Get in touch at [email protected] DT Fusion FFC scope Air & Water Detritiation Note: CNL and KF will work with existing partners and clients to ensure no disruption to ongoing work.

Expertise Supporting FFC FFC FUSION FUEL CYCLES INC. | MAY 2024 | 8 Ian Castillo Head, Hydrogen & Tritium Technologies Directorate, CNL Dr. Castillo directs the R&D activities of CNL’s Hydrogen and Tritium Directorate, aligning with government stakeholder needs, market trends, and leveraging CNL’s extensive hydrogen isotopes expertise both nationally and internationally. With over 17 years in the nuclear industry, he is an expert in hydrogen production, recombination, heavy water and tritium management, chemistry, and process engineering. Dr. Castillo earned his Ph.D. in Chemical Engineering from McGill University. Satoshi Konishi Co-Founder, CEO & Chief Fusioneer Kyoto Fusioneering Ltd. Prof. Satoshi Konishi co-founded Kyoto Fusioneering in 2019. With a Ph.D. in Engineering from the University of Tokyo, Satoshi brings four decades of expertise in R&D, specializing in fusion technology, advanced nuclear system design, and tritium engineering, including significant contributions to the ITER project. He holds dual roles as Chief Fusioneer, overseeing technology development, strategic planning, and execution, and as CEO, a position he has held since 2023. Kiyoshi Seko Director & COO Kyoto Fusioneering Ltd. Mr. Seko oversees business development, fundraising, PR, and marketing from Kyoto Fusioneering’s Tokyo office. With nearly a decade at Mitsubishi Corporation, he facilitated several international JVs and M&As. Seko's VC experience at Coral Capital, investing in deeptech, adds depth to his role. Holding degrees from Kyoto University, University of Tokyo, and an MBA from IE Business School, Spain, his interests span reading, sports, and emerging technologies. Stephen Bushby Vice-President, Science & Technology Canadian Nuclear Laboratories Dr. Bushby is a senior nuclear executive with a long and accomplished career, previously working as the Chief Nuclear Officer at AIC Global Holdings, where he identified and assessed investment opportunities in small modular reactor (SMR), clean energy and targeted radio therapy technologies. Dr. Bushby spent much of his career working at AECL in progressive leadership roles, including serving as the Vice-President of Science, Technology and Commercial Oversight. Get in touch at [email protected] Executive and Business Yuhei Nozoe Senior Manager, Business Development Kyoto Fusioneering Ltd. Yuhei has a comprehensive background in business development and M&A. Formerly with Mitsui & Co., he led M&As and developed business ranging from oil & gas, chemical, IT (AI, Optimization, Digital Twin, etc). After MBA from IE Business School, Spain, he established/operated industrial IT startup as intrapreneur and provided clients with consultancy business for growth of SMBs and startups as his personal career. Bibake Uppal Head of Kyoto Fusioneering America Kyoto Fusioneering America Ltd. Bibake leads KF's North American expansion, building partnerships and commercial ties to accelerate the development and commercialization of KF’s technology. He has a wealth of experience in M&A and strategy consulting in the ERI industry, and corporate communications and government relations in the Canadian public sector. An MBA and MSc. graduate from IE Business School, Bibake is a decisive, outcome-focused leader in the evolving energy landscape. Sam Suppiah Technical Director, Hydrogen & Tritium Canadian Nuclear Laboratories Dr. Suppiah, with over 35 years' expertise, drives hydrogen and tritium technology advancements at CNL. Formerly with the British Gas Corporation, he's an expert in Tritium Technologies, Catalysis, and Energy Storage. He's Canada's delegate for the GEN IV VHTR Hydrogen Production Board and a CHFCA board member. A regular at IAEA presentations, he holds a Ph.D. in Chemical Engineering from the University of Birmingham, UK. Denys Elliot Director, Business Development Canadian Nuclear Laboratories Denys Elliot is the Director of Business Development for Advanced Reactors (AR) at CNL. He is the primary liaison between CNL and AR vendors for contract establishment and advancing AR technologies. Additionally, Denys oversees CNL’s Canadian Nuclear Research Initiative, supporting collaborative AR research in Canada. His expertise lies in contract formation with AR developers throughout the commercialization process.

Expertise Supporting FFC FFC FUSION FUEL CYCLES INC. | MAY 2024 | 9 Colin Baus Co-Vice President of Plant Technology Kyoto Fusioneering Ltd. Dr. Baus co-leads Kyoto Fusioneering’s plant technology division. Having received his PhD at Large Hadron Collider (CMS experiment at CERN) on heavy-ion cross sections and astroparticle physics. Having co-authored the simulation tool, CRMC, he carries deep knowledge in nuclear physics. Author of the high-temperature fusion blanket SCYLLA and oversees technical development of UNITY project for fusion thermal cycle and fusion fuel cycle in Japan. Christian Day Sr. VP, Head of Fuel Cycle Kyoto Fusioneering Ltd. Ph.D. in Process Engineering from University of Karlsruhe, Germany. Nearly three decades at Karlsruhe Institute of Technology, Germany, in all areas of tritium, fueling and vacuum technologies for ITER and other fusion devices. Developed the concept of Direct Internal Recycling to arrive at an attractive reactor scale fuel cycle architecture. Responsible for the EUROfusion fuel cycle program for 10 years prior to joining KF. Get in touch at [email protected] Technical & Delivery Yoshinao Matsunaga Fuel Cycle Lead, Plant Technology Kyoto Fusioneering Ltd. Yoshinao specializes in chemical engineering. He previously worked at Mitsubishi Chemical and engaged in operations management and improvement of facilities at an ethylene production plant for 10 years. Currently, he is working on R&D for Exhaust Pumping Train, Direct Internal Recycling (DIR), Fuel Clean Up System (FCUS), and other systems, and is spearheading the overall R&D of KF's Fuel Cycle Team. On the UNITY-2 project, he performed overall process and equipment studies. Yoshifumi Kume Co-Vice President of Plant Technology Kyoto Fusioneering Ltd. Yoshifumi specializes in fusion plant process engineering and supply chain management, drives fusion fuel cycle and thermal cycle technology advancements at KF. Formerly with Mitsubishi Corporation, he orchestrated investments and industry-academia partnerships in decarbonizing chemical technology across the European region in London office and led commodity physical and derivative trading in Singapore office. Simon Ellison Program Manager, Hydrogen & Tritium Canadian Nuclear Laboratories Mr. Ellison is an accomplished manager with more than 25 years in industry with a proven track-record in project management, operations and engineering. Prior to re-joining CNL, Mr. Ellison was the Director of Major Projects at Bruce Power leading the major component replacement of the CANDU Reactors. Mr. Ellison led the AECL Capital Projects Team, managing the Laboratory Renewal, Infrastructure and Isotope Supply Reliability Programs. Todd Whitehorne Section Head, Tritium Technologies Canadian Nuclear Laboratories Todd, with a doctorate in chemistry, specializes in material science, nano-technology, and catalysis. For 6 years, his focus has been tritium R&D, emphasizing control, capture, and purification in its elemental and tritiated water forms. He's contributed to tritium strategies for FLiBe-based molten salt reactors and PbLi eutectic fusion projects. Furthermore, he has consulted on tritium decommissioning for reactors and accelerators. He divides his time between consultation and tritium projects at CNL. Hugh Boniface Senior Research Scientist Canadian Nuclear Laboratories Hugh boasts 36 years in heavy water and tritium processing facility operations. His expertise spans control and instrumentation, catalyst testing, and process design development. Recently, he's delved into tritium control strategies in lead- lithium-eutectic and molten salt breeder blankets. A notable accomplishment was his leadership in commissioning the Wolsong Tritium Removal Facility. Hugh earned his Ph.D. in Chemical Engineering from the University of New Brunswick. Mitch King R&D Engineer Canadian Nuclear Laboratories Mitch, an R&D engineer at Chalk River Laboratories for over 30 years, specializes in designing electro-mechanical equipment and process systems. His projects range from designing laboratory test equipment to collaborating with natural scientists and inspection experts. His proficiency spans machine design, material selection, seals, and process systems, with notable success in interdisciplinary collaborations, encompassing fields like physics, chemistry, and ultrasonic inspections.

FFC Fusion Fuel Cycle Inc. Key Activities and Focus Areas Get in touch at [email protected]

4 Innovations and Research Needed to Address Key Fusion Pilot Plant Goals | Bringing Fusion to the U.S. Grid | The National A cademies Press Recommendations ▪ Aim to have a viable design by 2028 and begin pilot plant operations between 2035-2040. ▪ Both extraction of fusion power and closing the fusion fuel cycle should be developed alongside fusion confinement concepts. Innovations Needed for Closing the Fuel Cycle ▪ D-T fusion reactors need a closed tritium fuel cycle for functionality. ▪ Tritium is crucial for the fusion fuel cycle, but is challenging for control, accounting, and safety. ▪ Comprehensive understanding of processes involving tritium is essential for safe fusion operation and minimal environmental impacts. ▪ The tritium fuel cycle significantly impacts a fusion facility: ▪ Tritium burn fraction in plasma. ▪ Tritium processing time from plasma exhaust to fueling. ▪ Extraction efficiencies from the breeder and coolant streams. ▪ Tritium losses from and inventories in fusion core, near- core, and ex-core subsystems. ▪ A series of other complexities in the fuel cycle system. Challenges & Requirements ▪ Closing the fuel cycle safely and efficiently is a significant challenge. ▪ For deuterium-tritium fusion designs, processes to fuel, exhaust, confine, extract, and separate tritium in large quantities are required. ▪ To achieve economical fusion energy in the coming decades, rapid escalation in R&D of essential materials, components, and fusion nuclear technologies is crucial. Need for Tritium Fuel Cycle Innovation The NASEM report—backbone of Bold Decadal Vision—makes clear the need to further develop the tritium fuel cycle FUSION FUEL CYCLES INC. | MAY 2024 | 11 FFC Get in touch at [email protected]

FFC’s Role in Promoting FPP on Decadal Timeframe Elevating technology and system readiness level of tritium fuel cycle. FUSION FUEL CYCLES INC. | MAY 2024 | 12 FFC 1 Such as Kyoto Research Center Research & Development • Differing technology readiness level (TRL) in the various functional areas of the tritium processing plant. • FFC working with parents (KF & CNL), as well as broader fusion technology supply chain to elevate component-wise TRL from low to medium with protium and deuterium surrogates in a non-radiological facility1. Note: FFC will work with public and private entities to “onboard” their technology into an integrated tritium system. System Integration • FFC will integrate medium to high TRL components into a radiological facility with continuous tritium processing in prototypical FPP conditions to elevate the system readiness level (SRL). • Optimized for tritium inventory reduction, minimized cycle time, improved tritium confinement, accurate tritium accountability, high diagnosability, and reduced waste. • Facility to be in operations by mid-2026. Learn more on pages 13 to 15. FFC’s activities are closely aligned needs of fusion communities in Japan, UK, US, Germany, and Canada, including those identified in the FESAC long-range plan. Get in touch at [email protected] TRL Legend 1-3 4-6 7-9 DT Fusion Storage Coolant/ Breeder Loop Air & Water Detritiation

FFC’s Role in Promoting FPP on Decadal Timeframe Enabling fusion developers to focus on their strengths, while relying on FFC expertise to meet tritium fuel cycle needs. FUSION FUEL CYCLES INC. | MAY 2024 | 13 FFC Services: • Scoping and costing • Technology selection • Tritium plant design and engineering • Fabrication and procurement • Testing and performance validation • Commissioning and operations support • Waste management consultation and technical support • Licensing and safety case support T-Compatible Component Supply: • High vacuum (<1 Pa) pumping • Reciprocating pumps for rough pumping • Pd diffuser for fuel cleanup • Direct internal recycling • Pellet injection system • Isotope separation system • Water detritiation system • Atmosphere detritiation system • dU and ZrCo tritium storage • Liquid metal loops • Vacuum sieve tray Central to this collaboration is UNITY-2. Designed to emulate fusion power plant conditions, it will be a global first integrated deuterium-tritium fusion fuel cycle test facility with the highest safety and tritium handling standards. Get in touch at [email protected] DT Fusion Air & Water Detritiation

UNITY-2 – Centerpiece of FFC World’s first integrated D-T fuel cycle test facility FUSION FUEL CYCLES INC. | MAY 2024 | 14 FFC UNITY-2 will be a radiological fuel cycle test and user facility constructed in an existing tritium-licensed building at Chalk River Laboratories, a 9,100-acre nuclear site in Ontario, Canada. Currently in preliminary design, UNITY-2 is expected to begin operations by mid-2026. A tritium fuel cycle facility is critical to advance the necessary fuel cycle systems that are at an early stage of development, and to show their feasibility for use in future larger scale systems. UNITY-2 aims to: • Enable Tritium Research and Product Development by providing a platform for the development, testing and demonstration of new and medium TRL technologies, to develop them to be productized for use in the fusion industry. • Advance tritium safety by establishing a robust tritium accountancy systems and undergoing thorough risk and environmental impact assessments to ensure regulatory compliance and provide safety engineering blueprints for future fusion facilities. • Provide a robust, flexible, and well-diagnosed platform for researchers and technologists to use. UNITY-1 (BCTF) UNITY-2 (FCTF) Demonstration devices FPP FOAK UNITY-2 Parameters Footprint 15 m x 15 m Tritium inventory >20 g Tritium release < 5 Ci/year Fueling rate 2.6 Pa.m3/s Breeder LiPb Breeder inventory 50 L Get in touch at [email protected]

UNITY-2 Overview FUSION FUEL CYCLES INC. | MAY 2024 | 15 FFC Location: Chalk River, Ontario Components: ▪ Tritium extraction from ~50L Li-Pb loop ▪ Fusion reactor conditions for vacuum chamber (including PEG gases) ▪ Multiple tritium storage solutions (dU, ZrCo) ▪ Multiple ISS ▪ Outer fuel cycle (WDS, ADS) ▪ Pellet injection system Tritium: ▪ >20g inventory ▪ Vacuum chamber fuelling at ~2.6 Pa m3/s Modelling: ▪ Dynamic fuel cycle modelling ▪ Coolant/breeder inventory ▪ Pumps, Pd diffuser, getter beds, DT delivery mechanism 2023 Initiation: Concept design and individual component testing 2024 Design & Procurement: key systems and components 2025 Installation: Integration of systems 2026 Commissioning: Commissioning and start of operations Get in touch at [email protected]

UNITY-2 Location Housed in CNL’s existing tritium-licensed facility in Chalk River, Ontario FUSION FUEL CYCLES INC. | MAY 2024 | 16 FFC Location of UNITY-2 Building B215 at Chalk River, Ontario Licensed for 100g of Tritium Get in touch at [email protected]

THANK YOU Find out how you can work with us by reaching out to [email protected]