ATRL: Submits Notice of Intent for CANDU reactor licensing in the U.S.; decision likely within 18 months

Research evidence excerpt

ATRL: Submits Notice of Intent for CANDU reactor licensing in the U.S.; decision likely within 18 months

EQUITY RESEARCH QUICK TAKE

RBC Dominion Securities Inc.

Sabahat Khan (Analyst)

Arthur Nagorny, CFA (Analyst)

Padraig Murphy (Associate)

Bhaven Shah (AVP)

June 24, 2026

AtkinsRealis Group Inc.

Submits Notice of Intent for CANDU reactor licensing in the U.S.; decision likely within 18

months

TSX: ATRL | CAD 90.40 | Outperform | Price Target CAD 120.00

Sentiment: Positive

What happened – AtkinsRéalis announced today that it has formally submitted a Notice of Intent ("NOI") to the U.S. Nuclear

Regulatory Commission ("NRC") to begin the licensing process for the CANDU reactor design in the U.S. The NOI submission

is a formal pre-application engagement with the NRC (i.e. the initial regulatory milestone) towards the eventual licensing and

deployment of large-scale CANDU reactors in the U.S. The company also notes that it is in talks with different U.S. utilities,

state governments, and prospective anchor customers (including hyperscalers/data center operators and large industrial users) to

evaluate potential deployment opportunities (consistent with management's commentary at Q1/26 reporting; see more details

here).

Our thoughts – We note that an article published today in The Globe and Mail containing an interview with AtkinsRéalis' President

of Nuclear, Joe St. Julian, states that the company will be applying under a streamlined process known as Part 53, which compels

the NRC to make decisions on granting licenses for commercial power plants within 18 months. Comments from Mr. St. Julian in

the article also indicate that the company has been in talks with the NRC for over a year, and that the U.S. federal government

encouraged their application.