Welcome to Nuclear Update.

Today we are going to talk about one of the most elegant business models ever invented.

Someone else does the work. Someone else takes the risk. Someone else puts up the capital, manages the operations, and deals with every expensive problem that comes with running a business.

And you just collect a percentage of the revenue.

Every time. For as long as the business runs. Without lifting a finger.

It is a structure that has existed for centuries, and the companies that have built their empires around it are some of the most powerful in the world.

It is called a royalty.

And it’s finding its way into the Nuclear industry.

This is a sponsored feature in collaboration with Fusion Fuel Green (NASDAQ: HTOO).

⚛️ A New Business Model for Nuclear

It is one of the oldest wealth-building structures in human history.

You provide capital or rights early, before the hard work begins. In return you receive a percentage of revenue from whatever gets produced.

The business runs. The product sells. And you collect a slice of every transaction, indefinitely, without being involved in any of it.

But here is what makes it truly magical. That royalty income gets deployed into the next royalty. And the one after that.

Each new royalty generates its own income stream, which funds the next acquisition, which generates more income, which funds the next one. The portfolio compounds on itself.

It applies to music, to patents, to franchises, but nowhere has it been more ruthlessly refined than in the mining industry.

Franco-Nevada built a multi-billion dollar business on it in gold. Wheaton Precious Metals in silver. The logic is always the same: let the operators do what operators do, and sit upstream collecting a percentage of the result.

The royalty holder never touches a shovel. And that is precisely the point.

🟢 Now Apply That to Uranium

The uranium market is sitting on one of the cleanest supply and demand setups in the commodity world right now.

Production runs at 173 million pounds a year against reactor demand of 204 million. On the demand side the buildout is accelerating. Over 75 reactors are under construction worldwide. More than 30 nations have pledged to triple nuclear capacity by 2050.

And yet almost nobody has thought to apply the royalty model to uranium.

The structure that built Franco-Nevada and Wheaton into titans of the gold and silver world, passive income, no operating risk, compounding portfolios, has been sitting largely untouched in one of the most compelling commodity markets of the decade.

Until one company decided to change that.

⚛️ Fusion Fuel Green

Fusion Fuel Green (NASDAQ: HTOO) is a diversified energy platform built around the reality that energy has driven economic growth for the past 200 years and that is not going to be changing.

Most energy companies pick a side. Fusion Fuel's thesis is the opposite: build a platform that participates across nuclear, hydrogen, gas, and biomass, so that when governments back all of them simultaneously, which is exactly what is happening right now, you have assets in each.

Today that platform spans three operating verticals already generating revenue, and a fourth incoming that applies everything we just discussed about royalties directly to uranium.

👀 The Business Behind the Vision

BrightHy is Fusion Fuel's green hydrogen solutions arm, based in Spain. BrightHy designs, builds, and manages green hydrogen facilities end to end, from concept and equipment sourcing through to installation and ongoing operations.

They earn engineering and construction fees per project, in addition to the earnings from the management fees from the hydrogen infrastructure platform that has received a $35m commitment. The first plant of this infrastructure platform, a green hydrogen facility for a cement operator in Spain, will break ground in 2026.

The second vertical, and the core revenue engine, is Al Shola Gas, a UAE utility and systems company operating since 1980. Al Shola serves over 38,000 end customers on metered LPG deliveries and maintenance contracts. In 2025 the business posted over $16 million in revenue. Bulk supply margins run above 40% and the engineering backlog stretches 18 months.

The third vertical is BioSteam Energy, a South Africa joint venture that replaces fossil fuel boilers with biomass-powered steam for industrial clients. BioSteam earns through long-term steam supply agreements, with carbon credit income layered on top. The first plant at Fairfield Dairies is completing final testing, with 17 projects in the pipeline behind it.

Across all three, the model is capital-light: recurring utility income, project management fees, and long-term supply contracts, none of which require Fusion Fuel to write large capital checks.

And they are close to implementing a fourth vertical which brings us to their uranium move.

▶️ The Uranium Royalty Play

On February 18, 2026, Fusion Fuel announced a definitive agreement to acquire a controlling interest in Royal Uranium Inc., a private royalty company holding a diversified portfolio of uranium and natural gas royalties across the Americas.

The deal gives Fusion Fuel exposure to 16 uranium royalties and 3 natural gas royalties without funding any exploration, mine development, or operating costs.

The royalties include some of the most serious names in the Athabasca Basin: Cameco Corporation, Denison Mines, IsoEnergy, and Uranium Energy Corp, among others.

The headline assets include 2.0% Net Smelter Return royalties. One is on PLS Regional, 12,067 hectares in the Athabasca Basin, operated by Cameco in joint venture with Denison Mines, sitting on the same geological trend as Triple R, Arrow, Bow, and Spitfire.

Another one is on Shea Creek, one of the largest undeveloped uranium resources in Canada, with 67.57 million pounds indicated, operated by Orano Canada in joint venture with Uranium Energy Corp.

Fusion Fuel is not trying to become a mine builder. They are building a capital-efficient platform that participates in uranium price upside and exploration success without taking on the capital intensity and operating risk of the underlying assets.

💡 The Stock, The Structure, and What Investors Should Know

In July 2025, the company executed a 1-for-35 reverse share split of its Class A ordinary shares. That is relevant context for anyone looking at a price chart for the first time. The split was part of a broader effort to regain compliance with Nasdaq minimum bid price requirements, which was confirmed resolved on August 5, 2025.

Also worth knowing: Fusion Fuel closed a $4.3 million private placement in July 2025 and has a $25 million committed equity facility in place that has not yet been drawn. The balance sheet has been actively cleaned up over the past 12 months.

The Royal Uranium acquisition is structured as a share exchange valued at approximately $15 million and is targeting close in the first half of 2026,pending shareholder approval. That window is now. Investors paying attention to catalysts should be watching for a closing announcement.

This is not a company that has been standing still.

⚛️ Wrapping Up

The royalty model has built some of the most powerful businesses in the resource world. Let the operators take the risk, collect a percentage of the result, and deploy that income into the next royalty. Repeat.

It worked in gold. It worked in silver. And the uranium market, structural deficit, accelerating buildout, a decade before meaningful new supply arrives, is sitting there waiting for someone to apply the same playbook.

Fusion Fuel Green is a platform with three operating verticals already generating revenue, and a fourth incoming that could fundamentally re-rate what the business is worth.

Sometimes the uranium story starts with a mine discovery.

Sometimes a policy announcement.

And sometimes it starts with someone figuring out they do not have to own the mine at all.

-Fredrik

For more information on Fusion Fuel Green and their work across hydrogen engineering and the uranium royalty space, visit their website at www.fusion-fuel.eu or contact their team at [email protected].

Disclosure: Nuclear Update (“NU”) is an independent publication focused on uranium, energy, and related markets. Data and information in this article are provided from third-party sources, and NU is not responsible for their accuracy or completeness. Readers should always perform their own research and due diligence on any company or investment discussed. NU does not provide personalized investment advice and is not an investment advisor; any companies or profiles mentioned may not be suitable for all investors. NU received compensation from Fusion Fuel for the preparation and dissemination of this sponsored edition.

DISCLAIMER: The content in this article is for informational and educational purposes only and is not financial advice. It should not be interpreted as a recommendation or solicitation to buy or sell any securities. Markets move quickly, opinions can change, and outcomes are uncertain. Always consult a licensed professional before making any investment decisions. NU and its authors are not responsible for any gains or losses arising from the use of this information.