Eagle Energy Metals Merges With SPAC to Debut U.S. Nuclear Uranium Producer With SMR Technology

Eagle Energy Metals has struck a definitive merger agreement with Spring Valley Acquisition Corp. II (NASDAQ: SVII), marking a significant move to bring America’s largest domestic uranium resource to the public markets. The combined entity will trade under the ticker “NUCL” on Nasdaq, positioning itself as the first publicly-listed domestic uranium exploration company integrated with proprietary Small Modular Reactor (SMR) technology.

The Deal Structure & Valuation

The proposed business combination values Eagle at a pro-forma equity value of $312 million. A lead institutional investor has committed approximately $30 million in Series A Convertible Preferred Stock at closing, providing immediate capital without imposing minimum cash conditions—a factor that increases certainty around deal completion. The transaction is targeted to close in late 2025, pending regulatory and shareholder approvals.

Current Eagle shareholders will retain approximately 75% ownership of the combined entity post-merger (excluding warrants and equity compensation), while existing SVII investors maintaining their stakes will comprise the remainder, subject to customary adjustments.

Aurora & Cordex: Anchoring A Domestic Uranium Platform

At the heart of Eagle’s strategy lies the Aurora uranium deposit, straddling the Oregon-Nevada border and representing the largest mineable, measured and indicated uranium resource in the United States. The asset contains over 50 million pounds of near-surface uranium, derived from more than 500 drill holes completed to date. Geologically classified as low-risk with favorable extraction economics, Aurora has targeted commencement of pre-feasibility study work in 2026.

Adjacent to Aurora sits the Cordex deposit, backed by over 100 additional drill holes. Cordex is undergoing ongoing data digitization and compilation; once completed, the deposit is expected to materially expand the project’s total uranium resource inventory, creating a multi-decade production foundation.

Addressing U.S. Uranium Scarcity

The rationale behind the merger reflects widening structural imbalances in uranium markets. In 2023, U.S. utilities consumed more than 50 million pounds of uranium, with less than 5% sourced domestically—meaning over 95% relied on foreign suppliers. This dependency creates both economic and strategic vulnerabilities as artificial intelligence, quantum computing, and cryptocurrency infrastructure drive record electricity demand.

Recent policy support has accelerated interest; the Trump administration signed four executive orders aimed at streamlining nuclear approvals and targeting a quadrupling of U.S. nuclear capacity over 25 years. Eagle’s dual strategy—combining a substantial domestic uranium asset with proprietary SMR technology—positions it to capture upside from this regulatory tailwind.

Management Pedigree & Market Conviction

Eagle CEO Mark Mukhija brings nearly two decades of global mining expertise from roles at Teck Resources, Barrick Gold, and BHP. SVII’s leadership duo—Chairman and CEO Chris Sorrells and CFO Robert Kaplan—contributed to over 40 years of combined capital markets and nuclear sector advisory work. Their SPAC track record includes the successful merger with NuScale Power, a pioneering SMR company now trading above $50 per share. Collectively, the SVII team has executed over 400 transactions and managed multi-billion-dollar portfolios.

Strategic Advantages & Technology Play

Beyond resource ownership, Eagle holds proprietary SMR technology, unlocking two distinct revenue channels: direct uranium supply to power generation facilities and licensing opportunities for distributed nuclear systems. This dual-path optionality provides downside protection and multiple growth vectors.

The company benefits from existing infrastructure proximity at its Oregon-Nevada project, reducing development timelines and capital intensity compared to greenfield opportunities. The combination of resource scale, geographic advantage, proven management, and emerging nuclear tailwinds creates a differentiated profile in a sector experiencing decades-long institutional capital inflows.

Path Forward

The merger represents Eagle’s entry into the public capital markets during a pivotal moment for nuclear energy infrastructure. With a clear asset base, experienced leadership, credible institutional backing, and supportive regulatory environment, the combined company is positioned to materially contribute to rebuilding domestic uranium supply chains at a critical juncture for U.S. energy security.