Uranium Explorer Finds Excellent U.S. Portfolio Breakthrough With DOE Supply Chain Initiative

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Terra Clean Energy Corp. (TCEC:CSE; TCEFF:OTC; C900:FSE) noted in a January 5 release that it welcomes a recent announcement from the U.S. Department of Energy regarding uranium and has appointed Jon Li as the new Chief Financial Officer, effective January 1, 2026.

In late December 2025, the U.S. Department of Energy (DOE) revealed the launch of a New Domestic Nuclear Fuel Supply Chain and Uranium Agreement to form a new consortium under the Defense Production Act to bolster the U.S. nuclear fuel supply chain, encompassing uranium mining, milling, enrichment, and fuel fabrication.

This initiative aims to decrease reliance on foreign enriched uranium and critical minerals, the company said in the release. The DOE is actively inviting companies with U.S. assets to join the Nuclear Fuel Cycle Consortium through voluntary agreements under DPA Section 708, which will provide access to federal incentives, targeted funding, and expedited permitting for U.S. uranium projects.

"With past producing uranium mines in the U.S., Terra will no doubt benefit from this sweeping new legislation as it develops its portfolio of U.S. uranium assets," said Chief Executive Officer Greg Cameron. "I strongly believe that 2026 will be the year of uranium, and with uranium assets in Utah and additional uranium claims being staked, Terra will have a significant portfolio of U.S. Uranium assets to complement its Fraser Lakes B uranium deposit in the Athabasca Basin, Saskatchewan."

Li’s appointment as Chief Financial Officer follows the resignation of Brian Shin and aligns with the company’s strategy to centralize its operations and management in Toronto, the release said. Li brings over 20 years of finance experience, specializing in the mining, technology, and financial services industries. As Vice President of WD Numeric, a full-service accounting firm, he leads process improvement efforts, conducts quality control reviews of client files, and provides CFO services to a portfolio of clients.

Before joining WD Numeric, Jon was the Financial Controller at Strategic Pricing Management Group (SPMG), where he managed all financial activities, including setting up and maintaining the general ledger accounting system, budgeting, forecasting, cash management, and financial reporting. Jon is a CPA (US and Canada) and holds an MBA with a concentration in accounting, Terra Clean said.

Results of Annual General Meeting

Additionally, the company announces that all proposals presented at the annual general meeting of shareholders on December 8, 2025, received approval. During the meeting, shareholders re-elected the current directors of the company, namely Greg Cameron, Alex Klenman, and Tony Wonnacott, and elected two new directors, Michael Gabbani and Brian Polla. Shareholders also ratified the appointment of Crowe MacKay LLP, Chartered Professional Accountants, as auditors for the year ending December 31, 2024, and approved their appointment for the following year.

"Mike is an accomplished engineer with decades of experience in the nuclear industry, possessing a deep understanding of the sector's direction and the connections to position the company for success," Cameron noted. "Brian is a serial entrepreneur and seasoned veteran of the capital markets, as well as a significant shareholder of Terra. We are fortunate to have their expertise to guide the company forward."

The company also announced the award of 2 million restricted share units under its Omnibus Incentive Plan to directors, officers, and consultants of the company. Each RSU entitles the recipient to receive one common share of the company upon vesting. The RSUs will vest one year from the date of grant. The grant of RSUs is subject to receiving all necessary regulatory approvals, including approval from the Canadian Securities Exchange.

Expert: 'Wide Zones of Uranium Mineralization'

Terra Clean Energy's strategy focuses on building a diversified uranium portfolio in North America, targeting both the Athabasca Basin, known for its high-grade uranium deposits, and the San Rafael Swell, a historically productive district in the U.S. with shallow deposits.

The San Rafael West Project now encompasses nine former mines with historical grades reported up to 1% U₃O₈ and surface readings of about 21,000 counts per second, equivalent to roughly 0.22% U₃O₈. Emery County's infrastructure offers year-round access, with roads, power, and a uranium mill located within 75 miles.

The staged earn-in structure allows Terra to scale its exploration efforts based on results while maintaining exposure to U.S. uranium assets at a time when domestic supply is limited; less than 10% of U.S. nuclear fuel is sourced domestically. The management team includes industry veterans with direct experience in the Athabasca region, such as Vice President of Exploration Trevor Perkins and Technical Advisor Jordan Trimble, who is also the CEO of Skyharbour Resources Ltd.

With an early-stage capital structure and projects situated in stable jurisdictions, Terra aims to advance its programs in both Utah and Saskatchewan through systematic exploration and data-driven development planning.

In a December 1, 2025, research note, Analyst Sid Rajeev, head of research at Fundamental Research Corp. (FRC), noted that TCEC's South Falcon East's winter 2025 drill program results showed that "four of the seven holes hit wide zones of uranium mineralization."

The Catalyst: AI Drives Search for More Energy

Artificial intelligence is emerging as a significant new driver of global electricity demand, strengthening the investment case for nuclear power and tightening the outlook for uranium markets as we approach 2026, according to a report by Mining.com on December 26, 2025.

"A global investor survey commissioned by Uranium.io shows that the rapid expansion of AI systems and hyperscale data centers is already reshaping long-term expectations for nuclear generation and uranium procurement," the article noted. "Based on responses from more than 600 investors, the study finds that electricity demand linked to AI is increasingly viewed as structural rather than cyclical, at a time when uranium supply is already constrained."

More than 63% of respondents believe AI-related consumption will become a significant factor in nuclear planning over the next decade, suggesting that traditional demand models underestimate the power needs of large-scale computing, the survey said. Consequently, nuclear energy is gaining renewed attention as a reliable, carbon-free baseload option capable of supporting the surge in digital infrastructure.

This demand signal is colliding with a market facing ongoing supply challenges. A majority of surveyed investors expect mined uranium to meet less than 75% of future reactor requirements, citing years of underinvestment, lengthy permitting processes, and declining secondary supplies. Against this backdrop, more than 85% anticipate higher prices into 2026, with many pointing to a US$100–US$120/pound range and some referencing upside scenarios as high as US$135/pound if supply fails to respond.

Sprott Asset Management echoes this view in its latest uranium outlook, describing a market defined by "two speeds": short-term volatility masking increasingly bullish long-term fundamentals. The firm expects a supply deficit to widen over the coming decade as global mine production continues to lag behind reactor demand, while utility contracting remains below replacement levels. According to Sprott, Mining.com reported, higher prices will be necessary to incentivize restarts and greenfield developments needed to close the gap. Despite a turbulent 2025, Sprott sees conditions aligning for a catch-up trade in 2026.

Long-term uranium prices have begun to rise, with utilities showing greater willingness to accept elevated contract levels, even as spot prices remain relatively stable. The firm argues that utilities can defer procurement only so long before replacement needs force them back into the market.

Uranium prices increased in 2025 due to a significant transformation in the uranium market, which has put pressure on the supply sector to meet a growing demand for nuclear power not seen in decades, according to a report by EIN Newswire published by The News Journal on January 2.

TradeTech’s monthly spot price, known as the Exchange Value, rose over 11% to US$81.70 per pound of uranium oxide (U3O8) on December 31, 2025 — an increase of US$5.95 from the November 30 Value. The industry consultant’s spot uranium price has climbed US$17.70 since hitting a 2025 low of US$64.00 per pound U3O8 at the end of March 2025.

The rising demand for nuclear power is bolstered by a variety of energy policies and is driven by specific economic interests, particularly those promoting and constructing information technology infrastructure fueled by a shift to artificial intelligence.

"This forecasted growth has pushed uranium requirements up 17% in the past five years as plans for nuclear new build projects continue to develop and reactor restarts and operating extensions support the need for energy around the world. The nuclear fuel market realizes that true, durable demand is already here, and the supply side must now respond to it," said TradeTech President Treva Klingbiel, according to the EIN report.

Ownership and Share Structure¹

Insiders and management own about 12% of the company, and institutions own 20%. The rest is in retail.

Terra Clean Energy has 57.43 million outstanding shares, and its market cap is CA$6.34 million. Its 52-week range is CA$0.07–CA$0.31 per share.