Nucleon Fuel Ltd. is conducting a feasibility study to evaluate the siting, regulatory, engineering, and market pathways for a facility to convert triuranium octoxide (U3O8, yellowcake) — a compound of uranium — into uranium hexafluoride (UF6) — a white solid used in enriching uranium for nuclear reactors. This facility would be Canada’s first uranium conversion facility specifically dedicated to converting Canadian-mined yellowcake into UF6. Nucleon is proposing a modular, train-based design, expandable in increments to match demand for end-users in both heat and power generation applications. The approach aims to enable Alberta to secure its position in the global nuclear fuel supply chain while supporting decarbonization through the deployment of both large-scale and Small Modular Reactors (SMRs). During the study, Nucleon plans to assess all aspects of developing a modular conversion facility capable of processing 5,000 tonnes per year of yellowcake, with an ultimate design of 15,000 tonnes each year, expandable through additional trains. This study is focused on technical feasibility, siting evaluation, supply chain assessment, regulatory planning, and financial modelling. This facility fills a critical gap in the Western nuclear supply chain and will directly support Canadian and international nuclear projects by enabling a secure and transparent fuel cycle aligned with non-proliferation goals and low-carbon industrial development. It also enables further repatriation of value from uranium mined in Canada, helping scale up the country’s transition from a resource exporter to a strategic supplier of low-carbon energy.