X-energy, Inc.: J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

X-energy, Inc.: J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

24 June 2026

X-energy, Inc. Overweight

XE, XE US

J.P. Morgan Natural Resources Conference Takeaways Price (24 Jun 26):$19.10

Head of North America Power,

X-Energy management, CEO J. Clay Sell, presented today at the J.P. Morgan Utilities, Midstream, LNG, and

Nuclear

Natural Resources Conference, where we hosted a fireside chat. Please see below

for some quick takeaways. Jeremy Tonet, CFA AC

(1-212) 622-4915

Net Takeaway: At the first investor conference as a public company, XE detailed jeremy.b.tonet@jpmorgan.com

a heads-down focus on execution as the company continues to target reactor Vrathan Reddy

deployments in the early 2030s. At Dow’s Seadrift project, XE expects a NRC (1-212) 622-4692

vrathan.reddy@jpmchase.com

construction permit license by 1Q27, which will precipitate the next gating

Francina Kolluri

decisions for Dow and enable construction commencement in 2027. At Energy

(1-212) 270-5796

Northwest, XE expects a construction permit application submission in 1H27, francina.kolluri@jpmchase.com

leveraging learnings from the Dow process. Importantly, licensing does not J.P. Morgan Securities LLC

represent a critical path item for the project (coming on roughly a year after

Seadrift), highlighting the company’s regulatory successes. On the supply chain,

XE remains highly confident in their strategy to identify bottlenecks well in

advance and establish strategies to procure necessary components.

• Fuel progress grounds key competitive moat. With HALEU supply

chain development front of mind for investors, management emphasized

strong relations with the DOE, which will provide a seven ton allocation to

support XE’s first Dow project.