Government of Canada Releases Nuclear Strategy; Supportive of CANDU

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Government of Canada Releases Nuclear Strategy; Supportive of CANDU

TD SECURITIES INC. - CANADA QUICK TAKE: INDUSTRY UPDATE

June 22, 2026

■Industrial Products Government of Canada Releases Nuclear

Strategy; Supportive of CANDU

Michael Tupholme, CFA^ THE TD COWEN INSIGHT

416 307 9389

The Gov't of Canada today unveiled a nuclear energy strategy that articulates how Canada

michael.tupholme@tdsecurities.com

plans to expand nuclear leadership domestically, assert leadership in export mkts., secure the

Atharva Zaveri^ uranium fuel cycle, and invest in innovations. It provides a strong endorsement for CANDU

416 983 9717 domestically and in export mkts. (supports our positive stance on ATRL-T). We also see

atharva.zaveri@tdsecurities.com

favorable reads for ARE-T & BDT-T.

Event:

The Gov't of Canada today unveiled its new Nuclear Energy Strategy, built around four

pillars: enabling new builds, being a global nuclear exporter of choice, expanding fuel-cycle

capabilities, and advancing nuclear innovation. Read the full Nuclear Energy Strategy HERE.

Impact: POSITIVE

What this means for Top Pick ATRL? Support for CANDU by the Gov't of Canada in today's

strategy release strengthens our confidence in the potential selection of the CANDU

technology for Bruce C, OPG’s Wesleyville site, and other prospective new-build nuclear

projects across Canada. We believe the market is beginning to converge with our view that

CANDU technology is well positioned to serve as the reactor of choice for large-scale nuclear

new-builds in Canada. For context, ATRL shares are up ~13% since last Thursday (Gov't of

Canada announced last Friday that Energy Minister, Tim Hodgson, would make a significant

announcement regarding the future direction of Canada’s nuclear energy industry today).