0001104659-26-115550 | 10-Q | XBRL Viewer | Eagle Nuclear Energy Corp

Print Document

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY - Stock Option Continuity (Details)	9 Months Ended
	Aug. 31, 2026 $ / shares shares
Stock options outstanding roll forward
Number of stock options, Granted \| shares	887,375
Number of stock options, Ending \| shares	887,375
Number of stock options, Exercisable \| shares	307,251
Weighted average exercise price roll forward
Weighted average exercise price, Granted \| $ / shares	$ 9.87
Weighted average exercise price, Ending \| $ / shares	9.87
Weighted average exercise price, Exercisable \| $ / shares	$ 9.84
Weighted average remaining life, Outstanding (years)	4 years 7 months 17 days
Weighted average remaining life, Exercisable (years)	4 years 7 months 20 days

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS - USD ($)

3 Months Ended

9 Months Ended

Aug. 31, 2026

Aug. 31, 2025

Aug. 31, 2026

Aug. 31, 2025

Operating expenses

General and administrative

$ 3,364,327

$ 1,130,009

$ 11,409,951

$ 2,753,537

Exploration expense

360,486

147,297

1,084,406

211,280

Total operating expenses

(3,724,813)

(1,277,306)

(12,494,357)

(2,964,817)

Other income (expense)

Change in fair value of warrant liability

8,075,000

(9,675,724)

Other expenses

(4,246)

(5,025)

(17,807)

(9,615)

Total other income (expense)

8,070,754

(5,025)

(9,693,531)

(9,615)

Net income (loss)

4,345,941

(1,282,331)

(22,187,888)

(2,974,432)

Accretion of mezzanine equity

(197,095)

(401,171)

Preferred stock dividends

(928,460)

(1,709,611)

Net income (loss) attributable to common stockholders

$ 3,220,386

$ (1,282,331)

$ (24,298,670)

$ (2,974,432)

Common stock, subject to possible redemption

Other income (expense)

Weighted average number of shares outstanding, common stock - Basic (in shares)

^[1]

986,413

331,204

Weighted average number of shares outstanding, common stock - Diluted (in shares)

986,413

331,204

^[1]

Earnings (loss) per share, common stock - Basic (in dollars per share)

^[1]

$ (0.06)

$ (0.16)

Earnings (loss) per share, common stock - Diluted (in dollars per share)

$ (0.06)

$ (0.16)

Common stock, not subject to possible redemption

Other income (expense)

Weighted average number of shares outstanding, common stock - Basic (in shares)

^[2]

29,799,474

18,888,289

26,363,840

17,801,944

Weighted average number of shares outstanding, common stock - Diluted (in shares)

^[2]

29,849,667

18,888,289

26,363,840

17,801,944

Earnings (loss) per share, common stock - Basic (in dollars per share)

^[2]

$ 0.1

$ (0.06)

$ (0.92)

$ (0.16)

Earnings (loss) per share, common stock - Diluted (in dollars per share)

^[2]

$ 0.1

$ (0.06)

$ (0.92)

$ (0.16)

[1]	The shares of the Company’s common stock, prior to the de-SPAC (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 5.8:1 established in the de-SPAC, as described in Note 3.
[2]	The shares of the Company’s common stock, prior to the de-SPAC (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 5.8349:1 established in the de-SPAC, as described in Note 3

EARNINGS (LOSS) PER SHARE (Tables)

9 Months Ended

Aug. 31, 2026

EARNINGS (LOSS) PER SHARE

Schedule of computations for basic and diluted earnings per share



		For the three			For the three			For the nine			For the nine
		months ended			months ended			months ended			months ended
		August 31, 2026			August 31, 2025			August 31, 2026			August 31, 2025
Numerator:
Net income (loss) attributable to common stockholders		$	3,220,386		$	(1,282,331)		$	(24,298,670)		$	(2,974,432)
Undistributed loss allocated to redeemable common stock			—			63,644			—			54,328
Undistributed earnings allocated to participating securities			(256,500)			—			—			—
Net income (loss) attributable to common stockholders (basic)			2,963,886			(1,218,687)			(24,298,670)			(2,920,104)
Reallocation of undistributed earnings allocated to common stockholders			397			—			—			—
Net income (loss) attributable to common stockholders (diluted)		$	2,964,283		$	(1,218,687)		$	(24,298,670)		$	(2,920,104)

Denominator:
Weighted average number of shares outstanding, common stock – Basic⁽¹⁾			29,799,474			18,888,289			26,363,840			17,801,944
Dilutive effect of share-based awards			50,193			—			—			—
Weighted average number of shares outstanding, common stock – Diluted			29,849,667			18,888,289			26,363,840			17,801,944

Earnings (loss) per share, common stock – Basic		$	0.10		$	(0.06)		$	(0.92)		$	(0.16)
Earnings (loss) per share, common stock – Diluted		$	0.10		$	(0.06)		$	(0.92)		$	(0.16)

(1)

The shares of the Company’s common stock, prior to the de-SPAC (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 5.8349:1 established in the de-SPAC, as described in Note 3.

Schedule of anti-dilutive securities



Nine months ended		August 31, 2026		August 31, 2025
Warrants		23,421,916		—
Stock options		887,375		—
RSUs		360,374		—
Earnout shares		1,500,000		—
Series A Cumulative Convertible Preferred Stock		2,578,904		—
		28,748,569		—



Three months ended		August 31, 2026		August 31, 2025
Warrants		23,421,916		—
Stock options		887,375		—
Earnout shares		1,500,000		—
Series A Cumulative Convertible Preferred Stock		2,578,904		—
		28,388,195		—

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended		9 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Aug. 31, 2026	Aug. 31, 2025	Aug. 31, 2026	Aug. 31, 2025	Nov. 30, 2025
RELATED PARTY TRANSACTIONS
General and administrative expense	$ 3,364,327	$ 1,130,009	$ 11,409,951	$ 2,753,537
Accounts payable and accrued liabilities	332,733		332,733		$ 530,339
Related party
RELATED PARTY TRANSACTIONS
General and administrative expense	106,178	255,000	415,928	846,500
Professional fees		90,000	102,250	270,000
Consulting	106,178	165,000	313,678	576,500
Related party \| CEO and Director
RELATED PARTY TRANSACTIONS
Professional fees		45,000	70,000	135,000
Related party \| CFO
RELATED PARTY TRANSACTIONS
Professional fees			32,250
Accounts payable and accrued liabilities	0		0		10,750
Related party \| Former CFO
RELATED PARTY TRANSACTIONS
Professional fees		45,000		135,000
Accounts payable and accrued liabilities	0		0		15,000
Related party \| Significant shareholders
RELATED PARTY TRANSACTIONS
Consulting	61,178	75,000	196,178	306,250
Accounts payable and accrued liabilities	0		0		67,875
Related party \| Formerly significant shareholders
RELATED PARTY TRANSACTIONS
Consulting		45,000		135,250
Accounts payable and accrued liabilities	0		0		0
Related party \| Directors
RELATED PARTY TRANSACTIONS
Consulting	45,000	$ 45,000	117,500	$ 135,000
Accounts payable and accrued liabilities	0		0		22,500
Related party \| CEO
RELATED PARTY TRANSACTIONS
Accounts payable and accrued liabilities	$ 0		$ 0		$ 15,000
Related party \| Eagle Energy \| Significant shareholders
RELATED PARTY TRANSACTIONS
Ownership percentage of stockholders	5.00%		5.00%		5.00%
Related party \| Eagle Energy \| Formerly significant shareholders
RELATED PARTY TRANSACTIONS
Ownership percentage of stockholders	5.00%		5.00%

SEGMENT INFORMATION - Narratives (Details)	3 Months Ended	9 Months Ended
SEGMENT INFORMATION - Narratives (Details)	Aug. 31, 2026 USD ($)	Aug. 31, 2026 USD ($) segment	Nov. 30, 2025 USD ($)
SEGMENT INFORMATION
Number of operating segments \| segment		1
Number of reportable segments		1
Total assets	$ 40,252,095	$ 40,252,095	$ 2,887,962
Single reportable segment
SEGMENT INFORMATION
Total assets	40,252,095	40,252,095	$ 2,887,962
Stock based compensation	$ 944,016	$ 4,044,926

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 64
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481620/480-10-55-64

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-25

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 27: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 28: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 35: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (j)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

SEGMENT INFORMATION (Tables)

9 Months Ended

Aug. 31, 2026

SEGMENT INFORMATION

Summary of significant expense categories regularly reviewed by the CODM, and reconciles to the Company's condensed consolidated net loss



		For the three			For the three			For the nine			For the nine
		months ended			months ended			months ended			months ended
		August 31, 2026			August 31, 2025			August 31, 2026			August 31, 2025

General and administrative
Office and administrative		$	644,241		$	51,325		$	1,882,926		$	142,905
Professional fees			1,176,481			906,228			3,646,242			2,119,681
Salaries and wages⁽¹⁾			1,147,096			—			4,500,942			—
Other general and administrative items ⁽²⁾			396,509			172,456			1,379,841			490,951
Total general and administrative			(3,364,327)			(1,130,009)			(11,409,951)			(2,753,537)
Exploration expense			(360,486)			(147,297)			(1,084,406)			(211,280)
Change in fair value of warrant liability			8,075,000			—			(9,675,724)			—
Other segment items⁽³⁾			(4,246)			(5,025)			(17,807)			(9,615)
Net income (loss)		$	4,345,941		$	(1,282,331)		$	(22,187,888)		$	(2,974,432)

(1)

Inclusive of stock-based compensation of $944,016 and $4,044,926 for the three and nine months ended August 31, 2026, respectively.

(2)

Other general and administrative items consist of business development, amortization and depreciation, rent expense, investor relations, licensing fee expense, travel and entertainment, none of which is individually significant.

(3)

Other segment items consist of interest income, and loss on foreign currency transactions, none of which is individually significant.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

RECLAMATION AND ENVIRONMENTAL OBLIGATION (Details) - USD ($)	1 Months Ended	9 Months Ended
	Feb. 28, 2025	Aug. 31, 2026
RECLAMATION AND ENVIRONMENTAL OBLIGATION
Restricted cash		$ 140,960
Refunds received	$ 19,510
Carrying amount of reclamation and environmental obligation		0
Oregon Energy LLC
RECLAMATION AND ENVIRONMENTAL OBLIGATION
Deposits made		$ 160,470

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

WARRANT LIABILITY (Details) - USD ($)	3 Months Ended	9 Months Ended
WARRANT LIABILITY (Details) - USD ($)	Aug. 31, 2026	Aug. 31, 2026
WARRANT LIABILITY
Change in fair value of warrant liabilities	$ 8,075,000	$ (9,675,724)
Ending balance	13,850,000	13,850,000
Derivative warrants
WARRANT LIABILITY
Issuance		4,174,276
Change in fair value of warrant liabilities		9,675,724
Ending balance	$ 13,850,000	$ 13,850,000

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY - Redeemable common stock (Details) - USD ($)		1 Months Ended	9 Months Ended
	Feb. 24, 2026	Jul. 31, 2025	Aug. 31, 2026	Aug. 31, 2025	Nov. 30, 2025
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Common stock, par value (in dollars per share)			$ 0.0001		$ 0.0001
Proceeds from the issuance of redeemable common stock				$ 300,000
Conversion of redeemable common stock			$ 300,000
Common stock, subject to possible redemption
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Issuance of preferred stock		2,750,000
Common stock, par value (in dollars per share)		$ 0.0001
Proceeds from the issuance of redeemable common stock		$ 300,000
Stock issuance costs charges against additional paid-in capital		$ 170
Conversion of redeemable common stock	$ 300,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-13

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 27: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY - Stock Option Assumptions (Details)	9 Months Ended
	Aug. 31, 2026 shares
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Number of stock options, Granted	887,375
Employee Stock Option Member \| Black-Scholes
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Number of stock options, Granted	137,375
Expected volatility	114.01%
Contractual term	5 years
Risk free interest rate	3.99%
Dividend yield	0.00%
Employee Stock Option Member \| Monte Carlo Pricing Model
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Number of stock options, Granted	750,000
Expected volatility	120.00%
Contractual term	5 years
Risk free interest rate	3.83%
Early exercise price hurdle	2.5
Employee Stock Option Member \| Minimum \| Black-Scholes
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Expected term	2 years 9 months
Employee Stock Option Member \| Maximum \| Black-Scholes
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Expected term	3 years

EARNINGS (LOSS) PER SHARE - Basic and diluted earnings (Details)

3 Months Ended

9 Months Ended

Aug. 31, 2026

USD ($)

$ / shares

Aug. 31, 2025

USD ($)

$ / shares

Aug. 31, 2026

USD ($)

$ / shares

Aug. 31, 2025

USD ($)

$ / shares

Numerator:

Net income (loss) attributable to common stockholders

$ 3,220,386

$ (1,282,331)

$ (24,298,670)

$ (2,974,432)

Undistributed loss allocated to redeemable common stock

63,644

54,328

Undistributed earnings allocated to participating securities

(256,500)

Net income (loss) attributable to common stockholders (basic)

2,963,886

(1,218,687)

(24,298,670)

(2,920,104)

Reallocation of undistributed earnings allocated to common stockholders

397

Net income (loss) attributable to common stockholders (diluted)

$ 2,964,283

$ (1,218,687)

$ (24,298,670)

$ (2,920,104)

Common stock, not subject to possible redemption

Denominator:

Weighted average number of shares outstanding, common stock - Basic (in shares) | shares

^[1]

29,799,474

18,888,289

26,363,840

17,801,944

Dilutive effect of share-based awards | shares

50,193

Weighted average number of shares outstanding, common stock - Diluted | shares

^[1]

29,849,667

18,888,289

26,363,840

17,801,944

Earnings (loss) per share, common stock - Basic (in dollars per share) | $ / shares

^[1]

$ 0.1

$ (0.06)

$ (0.92)

$ (0.16)

Earnings (loss) per share, common stock - Diluted (in dollars per share) | $ / shares

^[1]

$ 0.1

$ (0.06)

$ (0.92)

$ (0.16)

Exchange ratio

5.8349

[1]	The shares of the Company’s common stock, prior to the de-SPAC (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 5.8349:1 established in the de-SPAC, as described in Note 3

WARRANT LIABILITY (Tables)

9 Months Ended

Aug. 31, 2026

WARRANT LIABILITY

Schedule of derivative warrant liabilities



Balance as at November 30, 2025		$	—
Issuance			4,174,276
Change in fair value of warrant liabilities			9,675,724
Balance as at August 31, 2026		$	13,850,000

Schedule of of fair value



				February 24, 2026
	August 31, 2026			(at issuance)
Share price	$	6.99		$	6.99
Exercise price reset date		November 23, 2026			November 23, 2026
Floor price	$	7.50		$	7.50
Discount for lack of marketability		—			64.9	%
Expected volatility		120	%		100	%
Risk free interest rate		4.37	%		3.55	%
Expected life of warrant		4.49 years			5 years

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY - Earnout Shares (Details) - shares	9 Months Ended
	Aug. 31, 2026	Feb. 24, 2026
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Additional Common Shares Reserved For Future Issuance		1,500,000
Number of shares that will be granted to the eligible shareholders		1,500,000
Number of Earnout Shares issued	0

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY - Warrants (Details) - $ / shares		9 Months Ended
	Feb. 24, 2026	Aug. 31, 2026
Number of warrants
Exercised (shares)		(200)
Adjustment (shares)		(17)
Ending balance		23,421,916
Exercisable		23,421,916
Weighted Average Exercise Price
Exercised		$ 11.5
Adjustment		11.5
Ending balance		11.55
Exercisable price		$ 11.55
Remaining life (in Years)
Remaining life (in Years)		4 years 5 months 26 days
Remaining life, Exercisable (in Years)		4 years 5 months 26 days
PIPE financing warrants
Number of warrants
Warrants issued	2,500,000	2,500,000
Weighted Average Exercise Price
Warrants issued		$ 12
Reverse recapitalization warrants
Number of warrants
Warrants issued		20,922,133
Weighted Average Exercise Price
Warrants issued		$ 11.5

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS (Parenthetical)	3 Months Ended		6 Months Ended		9 Months Ended
	May 31, 2026	May 31, 2025	May 31, 2026	May 31, 2025	Aug. 31, 2026
Common stock, subject to possible redemption
Exchange ratio	5.8	5.8	5.8	5.8	5.8
Common stock, not subject to possible redemption
Exchange ratio					5.8349

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY - Series A Cumulative Convertible Preferred Stock (Details)		3 Months Ended	9 Months Ended
	Feb. 24, 2026 USD ($) $ / shares shares	Aug. 31, 2026 USD ($) $ / shares	Aug. 31, 2026 USD ($) $ / shares
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Accretion of mezzanine equity \| $		$ 197,095	$ 401,171
Preferred stock dividends \| $		928,460	1,709,611
Dividends payable \| $		$ 772,230	$ 772,230
Derivative warrants
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Number of warrants issuable (in shares) \| shares	2,500,000
Exercise price of warrants (in dollars per share)	$ 12
PIPE agreement \| Derivative warrants
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Number of warrants issuable (in shares) \| shares	2,500,000
Exercise price of warrants (in dollars per share)	$ 12
Series A cumulative preferred stock, redeemable
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Issuance of preferred stock \| shares	29,700
Conversion price (in dollars per share)		$ 11.88	$ 11.88
Conversion ratio	84.18	0.0115	0.0115
Accretion of mezzanine equity \| $		$ 197,095
Preferred stock dividends \| $		$ 928,460
Temporary equity, redemption price (in dollars per share)	$ 1,000	$ 1,031.56	$ 1,031.56
Dividends payable \| $		$ 772,230	$ 772,230
Conversion price reset trigger period			6 months
Conversion price reset, threshold trading days			20 days
Conversion price reset, floor price			$ 7.5
Series A cumulative preferred stock, redeemable \| PIPE agreement
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Issuance of preferred stock \| shares	29,700
Aggregate purchase price \| $	$ 29,700,000
Temporary equity, initial stated value (in dollars per share)	$ 1,000
Dividend rate, if paid in kind (as a percent)	12.00%
Dividend rate, if paid in cash (as a percent)	10.00%
Conversion price (in dollars per share)	$ 11.88
Conversion ratio	0.0119
Temporary equity, redemption price (in dollars per share)	$ 1,000
Series A cumulative preferred stock, redeemable \| PIPE agreement \| Derivative warrants
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Number of warrants issuable (in shares) \| shares	2,500,000
Exercise price of warrants (in dollars per share)	$ 12
Grant-date fair value \| $	$ 4,174,276
Series A cumulative preferred stock, redeemable \| PIPE agreement \| Prior to the first anniversary of issuance
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Redemption price, percentage	150.00%
Series A cumulative preferred stock, redeemable \| PIPE agreement \| On or after the first anniversary but prior to the second anniversary
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Redemption price, percentage	140.00%
Series A cumulative preferred stock, redeemable \| PIPE agreement \| On or after the second anniversary but prior to the third anniversary
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Redemption price, percentage	130.00%
Series A cumulative preferred stock, redeemable \| PIPE agreement \| On or after the third anniversary but prior to the fourth anniversary
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Redemption price, percentage	120.00%
Series A cumulative preferred stock, redeemable \| PIPE agreement \| On or after the fourth anniversary but prior to the fifth anniversary
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Redemption price, percentage	110.00%
Series A cumulative preferred stock, redeemable \| PIPE agreement \| On or after the fifth anniversary
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Redemption price, percentage	100.00%

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY - Reconciliation (Details)	9 Months Ended
	Aug. 31, 2026 USD ($)
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Redeemable common stock, beginning balance	$ 300,000
Series A cumulative preferred stock, redeemable
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Gross proceeds	29,700,000
Allocation to warrant liability	(4,174,276)
Accretion	401,171
Dividends paid-in-kind	937,381
Redeemable common stock, ending balance	$ 26,864,276

- Definition

Value of accretion of temporary equity to its redemption value during the period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(c)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-13

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

+ Details

- Definition

Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(c)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(c)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

+ Details

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)

Common Stock

Additional Paid-In Capital

Obligations to Issue Shares (Subscription receivables)

Accumulated Deficit

Total

Balance beginning at Nov. 30, 2024

$ 1,645

$ 227,093

$ 167,750

$ (1,020,057)

$ (623,569)

Balance beginning (in shares) at Nov. 30, 2024

^[1]

16,452,690

Issuance of common shares

$ 226

8,015,622

8,015,848

Issuance of common shares (in shares)

^[1]

2,252,083

Issuance of shares to consultants

$ 8

304,992

(167,750)

137,250

Issuance of shares to consultants (in shares)

^[1]

85,690

Share issuance costs

$ 10

(579,550)

(579,540)

Share issuance costs (in shares)

^[1]

97,826

us-gaap:NetIncomeLoss

(2,974,432)

Balance ending at Aug. 31, 2025

$ 1,889

7,968,157

(3,994,489)

3,975,557

Balance ending (in shares) at Aug. 31, 2025

^[1]

18,888,289

Balance beginning at May. 31, 2025

$ 1,889

7,970,577

(427)

(2,712,158)

5,259,881

Balance beginning (in shares) at May. 31, 2025

^[1]

18,888,289

Issuance of common shares

$ 427

427

Share issuance costs

(2,420)

us-gaap:NetIncomeLoss

(1,282,331)

Balance ending at Aug. 31, 2025

$ 1,889

7,968,157

(3,994,489)

3,975,557

Balance ending (in shares) at Aug. 31, 2025

^[1]

18,888,289

Balance beginning at Nov. 30, 2025

$ 1,889

7,968,157

(6,280,689)

1,689,357

Balance beginning (in shares) at Nov. 30, 2025

^[1]

18,888,289

Conversion of redeemable common stock

$ 275

299,725

300,000

Conversion of redeemable common stock (in shares)

^[1]

2,750,000

Reverse recapitalization, net of expenses

$ 623

1,990,561

1,991,184

Reverse recapitalization, net of expenses (in shares)

^[1]

6,230,033

Issuance of common shares for acquisition of Oregon Energy LLC

$ 171

11,959,656

11,959,827

Issuance of common shares for acquisition of Oregon Energy LLC (in shares)

^[1]

1,710,991

Accretion of mezzanine equity

(401,171)

Correction of share issuance (in shares)

^[1]

285

Shares issued for warrant exercises

2,300

$ 2,300

Shares issued for warrant exercises (in shares)

^[1]

200

Shares issued for vesting of RSUs

$ 10

(10)

Shares issued for vesting of RSUs (in shares)

104,168

^[1]

104,168

Stock based compensation

6,080,147

$ 6,080,147

Preferred stock dividends

(1,709,611)

us-gaap:NetIncomeLoss

(22,187,888)

Balance ending at Aug. 31, 2026

$ 2,968

26,189,754

(28,468,577)

(2,275,855)

Balance ending (in shares) at Aug. 31, 2026

^[1]

29,683,966

Balance beginning at May. 31, 2026

$ 2,958

26,612,495

(33,595,669)

(6,980,216)

Balance beginning (in shares) at May. 31, 2026

^[1]

29,579,798

Accretion of mezzanine equity

(197,095)

Shares issued for vesting of RSUs

$ 10

(10)

Shares issued for vesting of RSUs (in shares)

^[1]

104,168

Stock based compensation

1,483,975

Reclassification of preferred stock dividends

(781,151)

781,151

Preferred stock dividends

(928,460)

us-gaap:NetIncomeLoss

4,345,941

Balance ending at Aug. 31, 2026

$ 2,968

$ 26,189,754

$ (28,468,577)

$ (2,275,855)

Balance ending (in shares) at Aug. 31, 2026

^[1]

29,683,966

[1]	The shares of the Company’s common stock, prior to the de-SPAC (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 5.8349:1 established in the de-SPAC, as described in Note 3.

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY - Common stock (Details) - $ / shares	Aug. 31, 2026	Feb. 24, 2026	Nov. 30, 2025
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Common stock, shares authorized	300,000,000		350,000,000
Common stock, par value (in dollars per share)	$ 0.0001		$ 0.0001
Eagle Energy
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Common stock, shares authorized		350,000,000
Common stock, par value (in dollars per share)		$ 0.0001

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

ACQUISITION OF OREGON ENERGY (Details)							9 Months Ended
ACQUISITION OF OREGON ENERGY (Details)	Feb. 24, 2026 USD ($) shares	Nov. 26, 2025	Nov. 18, 2025 USD ($)	May 18, 2025 USD ($)	Dec. 18, 2024 USD ($)	Nov. 18, 2024 USD ($) item	Aug. 31, 2026 USD ($)	Aug. 31, 2025 USD ($)
ACQUISITION OF OREGON ENERGY
Cash paid as consideration							$ 18,155	$ 773,651
Oregon Energy LLC
ACQUISITION OF OREGON ENERGY
Percentage of interests acquired						100.00%
Percentage of interest acquired	100.00%					100.00%
Cash paid as consideration					$ 300,000
Minimum amount raised in connection with Listing Event						$ 6,800,000
NSR Royalty, percentage	1.00%					1.00%
Consideration for half repurchase of NSR						$ 1,000,000
Consideration for full repurchase of NSR						$ 2,000,000
Number of extensions \| item						2
Extension term						6 months
Number of days deadline for the grant of net smelter return (NSR)	10 days
Percentage increase in the spot price						50.00%
Value of common shares issued						$ 1,600,000
Adjusted value of shares	$ 1,710,991
Number of common shares issued for acquisition of Oregon Energy \| shares	1,710,991
Mineral rights							$ 12,755,725
Oregon Energy LLC \| First Six-Month Extension
ACQUISITION OF OREGON ENERGY
Payments for extension						300,000
Expenditure incurred						250,000
Oregon Energy LLC \| Second Six-Month Extension
ACQUISITION OF OREGON ENERGY
Extension term		225 days
Payments for extension						400,000
Expenditure incurred						$ 250,000
Eagle Energy
ACQUISITION OF OREGON ENERGY
Reimbursement for expenses	$ 219,545
Eagle Energy \| Oregon Energy LLC \| Maximum
ACQUISITION OF OREGON ENERGY
Expenditure incurred			$ 500,000
Eagle Energy \| Oregon Energy LLC \| First Six-Month Extension
ACQUISITION OF OREGON ENERGY
Extension term				6 months
Payments for extension				$ 300,000
Eagle Energy \| Oregon Energy LLC \| Second Six-Month Extension
ACQUISITION OF OREGON ENERGY
Extension term			6 months
Payments for extension			$ 400,000

RELATED PARTY TRANSACTIONS

9 Months Ended

Aug. 31, 2026

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

11.RELATED PARTY TRANSACTIONS

Related Party Transactions

Total related party transactions reported for the three and nine months ended August 31, 2026 and 2025 are as follows:



		Three months ended August 31,						Nine months ended August 31,
		2026			2025			2026			2025

General and administrative		$	106,178		$	255,000		$	415,928		$	846,500

Management Compensation

The CEO, the CFO, and the former CFO were paid through consulting arrangements prior to the de-SPAC transaction (Note 3). Their compensation, reported in general and administrative expenses, was as follows:



		Three months ended August 31,						Nine months ended August 31,
		2026			2025			2026			2025

CEO and Director⁽¹⁾		$	—		$	45,000		$	70,000		$	135,000
CFO⁽²⁾			—			—			32,250			—
Former CFO⁽³⁾			—			45,000			—			135,000
Total		$	—		$	90,000		$	102,250		$	270,000

(1)

As of August 31, 2026 and November 30, 2025, $0 and $15,000, respectively, of management compensation from consulting arrangements owed to the CEO were included in accounts payable and accrued liabilities.

(2)

As of August 31, 2026 and November 30, 2025, $0 and $10,750, respectively, of management compensation from consulting arrangements owed to the CFO were included in accounts payable and accrued liabilities.

(3)

As of August 31, 2026 and November 30, 2025, $0 and $15,000, respectively, of management compensation from consulting arrangements owed to the former CFO were included in accounts payable and accrued liabilities.

Consulting fees

The Company incurred other general and administrative expenses to significant shareholders and directors as follows:



		Three months ended August 31,						Nine months ended August 31,
		2026			2025			2026			2025

Significant shareholders⁽¹⁾		$	61,178		$	75,000		$	196,178		$	306,250
Formerly significant shareholder⁽²⁾			—			45,000			—			135,250
Directors⁽³⁾			45,000			45,000			117,500			135,000
Total		$	106,178		$	165,000		$	313,678		$	576,500

(1)

As of August 31, 2026 and November 30, 2025, $0 and $67,875, respectively, of consulting fees owed to companies controlled by a >5% stockholder were included in accounts payable and accrued liabilities.

(2)

The stockholder no longer held more than 5% of the Company’s stock during the nine months ended August 31, 2026. No amounts were owed to this stockholder as of November 30, 2025.

(3)

As of August 31, 2026 and November 30, 2025, $0 and $22,500, respectively, of consulting fees owed to a company controlled by a director were included in accounts payable and accrued liabilities.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(7)(e)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY

9 Months Ended

Aug. 31, 2026

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY

9.STOCKHOLDERS’ EQUITY (DEFICIT) AND MEZZANINE EQUITY

Common stock

The Company has 300,000,000 shares of common stock authorized with a par value of $0.0001 per share. Prior to the de-SPAC transaction (Note 3) on February 24, 2026, the Company, being Eagle Energy at the time, had 350,000,000 shares of common stock authorized with a par value of $0.0001 per share.

Activities during the nine months ended August 31, 2026:

On February 24, 2026, the Company completed its de-SPAC transaction (Note 3), with each share of former nonredeemable Eagle Energy common stock converted to common stock of the Company on a 5.8349:1 basis, representing 18,888,289 shares of common stock. All disclosures in these unaudited condensed consolidated interim financial statements on number of shares have been accordingly converted on the same basis. The former shareholders of SVII received an aggregate of 5,930,033 shares of common stock in the Company as consideration for the de-SPAC transaction. The Company also issued 300,000 shares of common stock in respect of transaction costs. The Company recorded a net contribution from reverse recapitalization of $1,991,184 as a result of the de-SPAC transaction.

On February 24, 2026, upon the completion of the de-SPAC transaction (Note 3), 2,750,000 shares of common stock previously subject to redemption were no longer redeemable and reclassified to permanent equity. The Company reclassified $300,000 from redeemable common stock in mezzanine equity to permanent equity.

On February 24, 2026, the Company also issued 1,710,991 shares of common stock with a fair value of $11,959,827 as consideration for the acquisition of Oregon Energy (Note 4).

During the nine months ended August 31, 2026, the Company issued 104,168 shares of common stock upon vesting of RSUs.

Preferred stock

The Company has 3,500,000 shares of preferred stock authorized with a par value of $0.0001 per share. Prior to the de-SPAC transaction (Note 3) on February 24, 2026, the Company, being Eagle Energy at the time, had 50,000,000 shares of preferred stock authorized with a par value of $0.0001 per share.

Mezzanine equity

Redeemable common stock

In July 2025, the Company issued 2,750,000 common shares, with a par value of $0.0001 per share, to an investor pursuant to a Common Stock Purchase Agreement for total proceeds of $300,000. Prior to the closing of the de-SPAC transaction as contemplated by the BCA (Note 3), the shares were subject to automatic redemption if such transaction did not close. In accordance with the ASC 480-10-S99-3A, Classification and Measurement of Redeemable Securities, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Immediately upon the closing of the private placement, the Company recognized a charge against additional paid-in capital of $170 for share issuance costs incurred in this private placement. On February 24, 2026, upon the completion of the de-SPAC transaction (Note 3), these common shares are no longer redeemable. The face value of $300,000 is reclassified to permanent equity.

As of August 31, 2026, the amount of redeemable common stock reflected on the unaudited condensed consolidated interim balance sheets is reconciled in the following table:


Redeemable common stock, November 30, 2025	$	300,000
Less: transfer to permanent equity		(300,000)
Redeemable common stock, August 31, 2026	$	—

Series A Cumulative Convertible Preferred Stock

On February 24, 2026, in connection with the de-SPAC transaction (Note 3), the Company, Eagle Energy, and SVII entered into an Amended and Restated Securities Purchase Agreement (the “PIPE Agreement”) with an accredited investor, pursuant to which the investor agreed to purchase 29,700 shares of Series A Cumulative Convertible Preferred Stock of the Company with an initial stated value of $1,000 per share for an aggregate price of $29,700,000. The shares of Series A Cumulative Convertible Preferred Stock have an initial stated value of $1,000 per share and are redeemable at the holder’s option beginning February 24, 2031. The Series A Cumulative Convertible Preferred Stock accrues dividends at an annual rate of 12% if paid in kind or 10% if paid in cash, the manner of which is at the election of the Company. Dividends are due semi-annually, on June 1 and December 1. The preferred stock carries the rights, preferences, and privileges as set forth in its certificate of designation, including the holder’s right to convert the preferred stock into common stock of the Company at any time, at an initial conversion price of $11.88 per share, representing an initial conversion ratio of 1-to-84.18, subject to adjustment. In addition, the investor received warrants to purchase an aggregate of 2,500,000 shares of common stock of the Company at an exercise price of $12.00 per share, which had a grant-date fair value of $4,174,276. The proceeds of the PIPE financing were first allocated to the liability-classified warrants (Note 8), with the residual allocated to the Series A Cumulative Convertible Preferred Stock.

The Series A Cumulative Convertible Preferred Stock is also redeemable at the option of the Company:

●

prior to the first anniversary of issuance, at a redemption price per share equal to 150% of the initial stated value, plus paid in kind dividends, plus accrued but unpaid cash dividends (the “Accrued Value”);

●

on or after the first anniversary of issuance but prior to the second anniversary of the issuance, at a redemption price per share equal to 140% of the Accrued Value;

●

on or after the second anniversary of issuance but prior to the third anniversary of the issuance, at a redemption price per share equal to 130% of the Accrued Value;

●

on or after the third anniversary of issuance but prior to the fourth anniversary of the issuance, at a redemption price per share equal to 120% of the Accrued Value;

●

on or after the fourth anniversary of issuance but prior to the fifth anniversary of the issuance, at a redemption price per share equal to 110% of the Accrued Value; and,

●

on or after the fifth anniversary of issuance, at a redemption price per share equal to 100% of the Accrued Value.

As of August 31, 2026, the amount of redeemable Series A Cumulative Convertible Preferred Stock reflected on the unaudited condensed consolidated interim balance sheets is reconciled in the following table:


Redeemable Series A Cumulative Convertible Preferred Stock, November 30, 2025	$	—
Gross proceeds		29,700,000
Allocation to warrant liability (Note 8)		(4,174,276)
Accretion		401,171
Dividends paid-in-kind		937,381
Redeemable Series A Cumulative Convertible Preferred Stock, August 31, 2026	$	26,864,276

For the three months ended August 31, 2026, mezzanine equity accretion and preferred stock dividend accruals recognized were $197,095 and $928,460, respectively.

As of August 31, 2026, the stated value of each share of Series A Cumulative Convertible Preferred Stock is approximately $1,031.56 per share, as a result of dividends paid-in-kind. The current conversion ratio into common stock is 1-to-86.83.

As of August 31, 2026, the Company accrued dividends of $772,230 which the Company may have an obligation to settle in cash, should holders of the Series A Cumulative Convertible Preferred Stock exercise the right to convert into common stock prior to a Semi-Annual Dividend Date.

The conversion price is subject to a price reset. If, on the twenty-first trading day following the date that is six months after the Effective Date of the Registration Statement (which became effective on April 24, 2026), the VWAP of the Company’s common stock for the 20 trading days preceding such date (the “Measurement Price”) is less than the conversion price then in effect (initially $11.88 per share), the conversion price will be reduced to the greater of the Measurement Price and $7.50.

Equity incentive plan

Upon the de-SPAC transaction (Note 3), the Company implemented a 2025 Equity Incentive Plan (“EIP”). The Company may grant stock-based awards under the EIP, including options, stock appreciation rights (“SARs”), restricted stock units (“RSUs”), restricted stock awards (“RSAs”) and other stock-based awards. The maximum number of shares the Company may issue pursuant to awards granted under the 2025 EIP is 4,437,008 shares, subject to an annual increase to be added on the first day of each fiscal year, commencing on January 1, 2027 and continuing until, and including, January 1, 2035, equal to the lesser of (i) 5% of the outstanding shares of all classes of common stock on such date or (ii) such lesser number of shares of common stock as determined by the board of directors. As of August 31, 2026, the remaining unused capacity under the 2025 EIP is 2,957,508 shares.

Stock options

As of August 31, 2026, the continuity of stock options is as follows:



				Weighted average			Weighted average
		Number of stock options		exercise price			remaining life (years)
Outstanding, November 30, 2025		—		$	—		—
Granted		887,375			9.87		—
Outstanding, August 31, 2026		887,375		$	9.87		4.63
Exercisable, August 31, 2026		307,251		$	9.84		4.64

As of August 31, 2026, the aggregate intrinsic values of outstanding options and exercisable options were $0 and $0, respectively.

On August 19, 2026, 4,687 stock options issued to a former director were accelerated to vest immediately. Stock-based compensation cost of $19,639 was recognized associated with the acceleration.

The fair value of the options was determined using the Black-Scholes option pricing model or the Monte Carlo model depending on characteristics of the terms of the options, and is recognized as stock-based compensation expense over the requisite service period. Monte Carlo model is selected where stock options issued are not “plain vanilla”, and expected life of the option is not readily determinable, for which a closed-form model such as Black-Scholes option pricing model is found to be inadequate. The Company issued 137,375 stock options with an at-the-money exercise price upon grant, having a contractual term of 5 years, and a requisite service period of 1 to 2 years; and 750,000 stock options with an out-of-the-money exercise price upon grant, having a contractual term of 5 years, and a requisite service period of 2 years. The Company determined that the stock options had an aggregate grant-date fair value of $5,696,173 during the nine months ended August 31, 2026.

The grant-date fair values of 137,375 stock options were calculated using the Black-Scholes option pricing model. The key inputs used were as follows:



Expected volatility	114.01	%
Expected term	2.75 years – 3 years
Risk free interest rate	3.99	%
Dividend yield	0	%

The grant-date fair values of 750,000 stock options were calculated using the Monte Carlo model. The key inputs used were as follows:



Expected volatility	120.0	%
Contractual term to expiry	5 years
Risk free interest rate	3.83	%
Early exercise price hurdle	2.5x

During the three and nine months ended August 31, 2026, the Company recognized stock-based compensation relating to stock options of $702,691 and $3,011,559 (August 31, 2025 – $0 and $0), respectively, recognized in general and administrative expenses. As of August 31, 2026, future unrecognized stock-based compensation expense arising from the stock options amount to $2,684,614, which will be recognized over 1.68 years.

Restricted stock units (“RSUs”)

As of August 31, 2026, the continuity of RSUs is as follows:



		Weighted average grant
	Number of RSUs	date fair value
Unvested, November 30, 2025	—		—
Granted	592,125	$	9.31
Vested	(231,751)		9.28
Unvested, August 31, 2026	360,374	$	9.32

On August 19, 2026, 14,062 RSUs issued to a former director were accelerated to vest immediately. Stock-based compensation cost of $87,071 was recognized associated with the acceleration.

During the three and nine months ended August 31, 2026, the Company recognized stock-based compensation relating to RSUs of $781,284 and $3,068,588 (August 31, 2025 - $0 and $0), respectively, recognized in general and administrative expenses. As of August 31, 2026, future unrecognized stock-based compensation expense arising from the RSUs amount to $2,441,856, which will be recognized over 1.68 years. 127,583 RSUs are vested but not yet settled.

Warrants

As of August 31, 2026, the continuity of share purchase warrants is as follows:



	Number of	Weighted Average		Remaining
	warrants	Exercise price		life (Years)
Balance, November 30, 2025	—	$	—	—
Issued for PIPE financing	2,500,000		12.00	—
Issued on reverse recapitalization (Note 3)	20,922,133		11.50	—
Exercised	(200)		11.50	—
Adjustment	(17)		11.50	—
Balance, August 31, 2026	23,421,916	$	11.55	4.49
Exercisable, August 31, 2026	23,421,916	$	11.55	4.49

Activities during the nine months ended August 31, 2026:

On February 24, 2026, in connection with its reverse recapitalization (Note 3), the Company issued the following warrants:

●

11,500,000 public warrants to former public shareholders of SVII as replacements for the former SVII public warrants. Each whole warrant entitles the holder to purchase one share of common stock at an exercise price of $11.50 per share;

●

7,000,000 warrants to the SVII Sponsor for replacement of the former SVII private warrants. Each whole warrant entitles the holder to purchase one share of common stock at an exercise price of $11.50 per share; and

●

2,422,133 warrants to the SVII Sponsor in exchange for settlement of $2,422,133 of loans owed by SVII to the SVII Sponsor, at $1.00 per warrant. Each whole warrant entitles the holder to purchase one share of common stock at an exercise price of $11.50 per share.

The issuance of 2,422,133 warrants in settlement of loans owed by SVII to the SVII Sponsor has been accounted for as a capital transaction with a shareholder of the Company, in connection with the reverse recapitalization (Note 3).

On February 24, 2026, in connection with the PIPE financing, the Company issued warrants to an accredited investor to purchase an aggregate of 2,500,000 shares of the Company’s common stock at an exercise price of $12.00 per share. These warrants are classified as liabilities and had a fair value of $4,174,276 at issuance (Note 8).

Earnout shares

In connection with the de-SPAC transaction (Note 3), the Company has reserved an additional 1,500,000 shares of common stock (“Earnout Share Pool”) in the EIP to be granted to eligible shareholders of the Company. During the Earnout Period, if the Earnout Target is met, or if a change of control transaction occurs during the Earnout Period and the Earnout Target was not already met, the Company will grant 1,500,000 Earnout Shares to the eligible shareholders. The Company evaluated the Earnout Shares under ASC 815-40, and concluded the Earnout Shares meet the definition of an equity instrument, and accordingly will be accounted for as part of additional paid-in capital. No Earnout Share has been issued as of August 31, 2026.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-4

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481520/505-30-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 1.D.2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479921/505-20-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 1.B.3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480148/855-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

+ Details

MINERAL RIGHTS (Details)		9 Months Ended
MINERAL RIGHTS (Details)	Nov. 18, 2024 USD ($) D lb	Aug. 31, 2026 USD ($)
MINERAL RIGHTS
Beginning balance		$ 1,201,390
Ending balance		12,755,725
Aurora Uranium Project
MINERAL RIGHTS
Beginning balance		1,201,390
Reimbursement of mining operations expenditures		18,155
Acquisition of Oregon Energy		11,536,180
Ending balance		$ 12,755,725
Increase in value of common shares issued	$ 5,000,000
Trading days	30 days
Threshold consecutive trading days prior to announcement of mineral resource update \| D	30
Threshold consecutive trading days prior to announcement of pre-feasibility study \| D	30
Aurora Uranium Project \| Mineral Resource of At Least 40 Million Pounds
MINERAL RIGHTS
Minimum volume of mineral resource \| lb	40,000,000
Value of common shares issued	$ 4,000,000
Aurora Uranium Project \| Mineral Resource for Additional 1,000,000 Pound
MINERAL RIGHTS
Additional volume of mineral resource \| lb	1,000,000
Increase in value of common shares issued	$ 200,000
Aurora Uranium Project \| Mineral Resource for Additional 1,000,000 Pound \| Maximum
MINERAL RIGHTS
Value of common shares issued	5,000,000
Increase in value of common shares issued	$ 1,000,000

SEGMENT INFORMATION

9 Months Ended

Aug. 31, 2026

SEGMENT INFORMATION

SEGMENT INFORMATION

13.SEGMENT INFORMATION

Operating segments are defined as components of an entity for which separate financial information is available and regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s CODM is the Chief Executive Officer. The Company has determined that it operates in a single operating segment, as the Company is an integrated uranium exploration and SMR development operation. Substantially all of the Company’s long-lived assets are located in the United States.

The CODM receives and reviews financial information on a consolidated basis. The CODM evaluates performance and allocates resources based on consolidated net loss, as presented in the Company’s unaudited condensed consolidated interim statement of operations, and monitors budget-to-actual variances for significant expense categories given their direct relationship to cash burn. The CODM also reviews the consolidated balance sheet to assess liquidity.

Segment assets are the same as consolidated total assets of $40,252,095 as of August 31, 2026, and $2,887,962 as of November 30, 2025.

The table below summarizes the significant expense categories regularly reviewed by the CODM, and reconciles to the Company’s condensed consolidated net loss as presented in the unaudited condensed consolidated statement of operations:



		For the three			For the three			For the nine			For the nine
		months ended			months ended			months ended			months ended
		August 31, 2026			August 31, 2025			August 31, 2026			August 31, 2025

General and administrative
Office and administrative		$	644,241		$	51,325		$	1,882,926		$	142,905
Professional fees			1,176,481			906,228			3,646,242			2,119,681
Salaries and wages⁽¹⁾			1,147,096			—			4,500,942			—
Other general and administrative items ⁽²⁾			396,509			172,456			1,379,841			490,951
Total general and administrative			(3,364,327)			(1,130,009)			(11,409,951)			(2,753,537)
Exploration expense			(360,486)			(147,297)			(1,084,406)			(211,280)
Change in fair value of warrant liability			8,075,000			—			(9,675,724)			—
Other segment items⁽³⁾			(4,246)			(5,025)			(17,807)			(9,615)
Net income (loss)		$	4,345,941		$	(1,282,331)		$	(22,187,888)		$	(2,974,432)

(1)

Inclusive of stock-based compensation of $944,016 and $4,044,926 for the three and nine months ended August 31, 2026, respectively.

(2)

(3)

Other segment items consist of interest income, and loss on foreign currency transactions, none of which is individually significant.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

+ Details

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY - Activities during the year (Details)		3 Months Ended		9 Months Ended
	Feb. 24, 2026 USD ($) shares	Aug. 31, 2026	Aug. 31, 2025	Aug. 31, 2026 USD ($) shares
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Exchange ratio for nonredeemable common stock		5.8349	5.8349
Conversion of redeemable common stock \| $				$ 300,000
Shares issued for vesting of RSUs (in shares)				104,168
Common stock, subject to possible redemption
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Conversion of redeemable common stock (in shares)	2,750,000
Conversion of redeemable common stock \| $	$ 300,000
Oregon Energy LLC
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Number of common shares issued for acquisition of Oregon Energy	1,710,991
Share consideration \| $	$ 11,959,827
Eagle Energy
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Exchange ratio for nonredeemable common stock	5.8349
Number of shares exchanged for nonredeemable common stock	18,888,289
Eagle Energy \| SVII and Eagle Energy Nuclear Corp
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Number of shares issued for transaction costs	300,000
Net contributions from reverse recapitalization \| $	$ 1,991,184
Eagle Energy \| SVII
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Number of shares issued in a reverse recapitalization transaction	5,930,033

WARRANT LIABILITY - Additional information (Details)		9 Months Ended
WARRANT LIABILITY - Additional information (Details)	Feb. 24, 2026 USD ($) $ / shares shares	Aug. 31, 2026 $ / shares
Derivative warrants
WARRANT LIABILITY
Number of warrants issuable (in shares) \| shares	2,500,000
Exercise price of warrants (in dollars per share) \| $ / shares	$ 12
Fair value of warrants upon issuance \| $	$ 4,174,276
Trigger period		6 months
Threshold trading days		20 days
Derivative warrants \| Exercise price
WARRANT LIABILITY
Derivative liability \| $ / shares		12
Derivative warrants \| Floor price
WARRANT LIABILITY
Derivative liability \| $ / shares		7.5
Derivative warrants \| Discount for lack of marketability
WARRANT LIABILITY
Derivative liability	0.649	0
PIPE agreement \| Derivative warrants
WARRANT LIABILITY
Number of warrants issuable (in shares) \| shares	2,500,000
Exercise price of warrants (in dollars per share) \| $ / shares	$ 12
Fair value of warrants upon issuance \| $	$ 4,174,276
Series A cumulative preferred stock, redeemable
WARRANT LIABILITY
Issuance of preferred stock \| shares	29,700
Series A cumulative preferred stock, redeemable \| PIPE agreement
WARRANT LIABILITY
Issuance of preferred stock \| shares	29,700
Series A cumulative preferred stock, redeemable \| PIPE agreement \| Derivative warrants
WARRANT LIABILITY
Number of warrants issuable (in shares) \| shares	2,500,000
Exercise price of warrants (in dollars per share) \| $ / shares	$ 12

REVERSE RECAPITALIZATION (Tables)

9 Months Ended

Aug. 31, 2026

REVERSE RECAPITALIZATION

Schedule of information pertaining to reverse recapitalization

The following summarizes the common stock outstanding immediately following the de-SPAC transaction, on February 24, 2026:



		Number of shares
SVII Public Shareholders		1,101,717
SVII Rights Conversion		2,299,982
SVII Founders		2,528,334
Total SVII		5,930,033
Eagle Energy Shareholders		21,638,289
Shares Issued for Transaction Costs		300,000
Total Common Stock at Closing		27,868,322
Series A Cumulative Convertible Preferred Stock, As Converted		2,500,000
Total Shares		30,368,322

A reconciliation of net contributions from reverse recapitalization is as follows:



Cash	$	4,894,595
Less: transaction costs		(2,916,782)
Cash assumed on reverse recapitalization	$	1,977,813

Net liabilities assumed by the Company:
Prepaid expenses	$	24,284
Accounts payable and accrued liabilities		(10,913)
Promissory notes payable		(2,422,133)
Net assets (liabilities)	$	(2,408,762)

Add: conversion of promissory notes to warrants	$	2,422,133
Net contributions from reverse recapitalization	$	1,991,184

NATURE OF OPERATIONS AND LIQUIDITY

9 Months Ended

Aug. 31, 2026

NATURE OF OPERATIONS AND LIQUIDITY

NATURE OF OPERATIONS AND LIQUIDITY

1.NATURE OF OPERATIONS AND LIQUIDITY

a)Nature of operations

Eagle Nuclear Energy Corp. (the “Company”) was incorporated on December 19, 2025, under the laws of the state of Nevada. The Company’s corporate office is located at 5470 Kietzke Lane, Suite 300, Reno, NV 89511. The Company is a next-generation nuclear energy company that seeks to combine domestic uranium exploration and development with proprietary small modular reactor (“SMR”) technology, with the intent of establishing a vertically integrated business model, combining uranium exploration, extraction, and production with the design and development of modular nuclear reactors intended to supply reliable power for industrial use and electricity grids. Through this approach, the Company aims to support energy security and meet growing demand for clean and scalable nuclear power solutions.

The Company was incorporated as a subsidiary of Spring Valley Acquisition Corp. II (“SVII”), a special purpose acquisition corporation incorporated in the Cayman Islands, for the purpose of completing a reverse acquisition between Eagle Energy Metals Corp. (“Eagle Energy”) and SVII (Note 3), pursuant to an agreement and plan of merger (“BCA”) entered into on July 30, 2025 and as amended on September 29, 2025. On February 24, 2026, the Company, Eagle Energy, and SVII completed the reverse acquisition transaction. The transaction is also referred to as the “de-SPAC” transaction. Each of Eagle Energy and SVII became a subsidiary of the Company as part of the de-SPAC transaction. Eagle Energy is deemed the acquirer for accounting purposes, and therefore its assets, liabilities and operations are included in the unaudited condensed consolidated interim financial statements at their historical carrying values. The Company’s operations are considered to be a continuance of the business and operations of Eagle Energy, with the Company’s operations being included beginning on February 24, 2026, the closing date of the de-SPAC transaction.

The Company is a public company, and its common stock and public warrants are listed on the Nasdaq Capital Market (“Nasdaq”) under the ticker symbols of “NUCL” and “NUCLW,” respectively.

On February 24, 2026, the Company also completed the acquisition of Oregon Energy LLC (“Oregon Energy”) (Note 4), through which the Company acquired mining claims to explore and extract uranium (Aurora Uranium Project (“AUP”)) located in Malheur County, Oregon, approximately 16 kilometers northwest of McDermitt, Nevada. As of August 31, 2026, the Company holds 263 unpatented lode mining claims and 71 unpatented placer mining claims in the AUP, along with 27 unpatented placer mining claims in Humboldt County, Nevada. These claims collectively cover an area of approximately 43 square kilometers.

b)Going concern

The unaudited condensed consolidated interim financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company has accumulated deficits, historically operated at a loss and had negative cash flows from operations. However, during the nine months ended August 31, 2026, as a result of the successful completion of the de-SPAC transaction (Note 3) and a PIPE financing (Note 9), the Company possesses sufficient financial resources to sustain its operations over the next 12 months from August 31, 2026 and from the filing date of these unaudited condensed consolidated financial statements. Thus the substantial doubt regarding the Company’s ability to continue as a going concern has been alleviated.

As of the date of filing the quarterly report on Form 10-Q for the three months ended August 31, 2026, the Company has sufficient cash to fund its corporate activities and general and administrative costs and has undertaken project activities related to permitting and continued exploration and development. However, in order to advance any of its projects past the aforementioned objectives, the Company will need to raise additional funds. Such financing may not be available at acceptable terms, if at all. If the Company is unable to obtain additional funding when it becomes necessary it could have a material adverse effect on the Company’s business, results of operations and financial condition.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Aug. 31, 2026
BASIS OF PRESENTATION
Basis of presentation and principles of consolidation	Basis of presentation and principles of consolidation The accompanying unaudited condensed consolidated interim financial statements are presented using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for financial information. Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. In the opinion of management, the unaudited condensed consolidated interim financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The interim results for the three and nine months ended August 31, 2026 are not necessarily indicative of the results of operations to be anticipated for the full year ending November 30, 2026. All significant intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated interim financial statements should be read in conjunction with the financial statements for the year ended November 30, 2025 and the period from December 14, 2023 (inception) through November 30, 2024, included in the Registration Statement on Form S-1 initially filed with the Securities and Exchange Commission (the “SEC”) on March 19, 2026 (File No. 333-294464) (the “Registration Statement”) and declared effective by the SEC on April 24, 2026 (the “Effective Date”). These unaudited condensed consolidated interim financial statements include the accounts of the Company, and its wholly-owned subsidiaries, Eagle Energy and SVII, following the reverse recapitalization as further discussed in Note 3, as well as its wholly-owned subsidiary, Oregon Energy, following the acquisition of Oregon Energy as further discussed in Note 4. For periods prior to the reverse recapitalization and acquisition of Oregon Energy, the reported share and per share amounts have been retroactively adjusted, with the exception of authorized shares. Accompanying financial statements as of November 30, 2025, and accompanying unaudited condensed interim financial statements for the three and nine months ended August 31, 2025, include only the accounts of Eagle Energy. The unaudited condensed consolidated interim financial statements for the three and nine months ended August 31, 2026 reflect (i) the historical operating results of Eagle Energy prior to the de-SPAC transaction, (ii) the combined results of the Company, Eagle Energy, SVII, and Oregon Energy following the closing of the de-SPAC transaction and the acquisition of Oregon Energy, (iii) the assets and liabilities of Eagle Energy at their historical costs, (iv) the assets and liabilities of the Company and SVII at their historical costs, (v) the assets and liabilities assumed in the acquisition of Oregon Energy as recognized in an asset acquisition, as further discussed in Note 4, and (vi) the Company’s equity structure for all periods presented.
Functional and presentation currencies	Functional and presentation currencies The unaudited condensed consolidated interim financial statements of the Company are presented in United States dollars, which is the Company’s functional currency. A significant portion of the Company’s vendor payments and expenses is denominated in Canadian dollars. Foreign exchange gains and losses resulting from the translation of Canadian-dollar transactions into United States dollars at the exchange rates in effect on the transaction dates are recognized in the accompanying unaudited condensed consolidated interim statements of operations within other income (expense).
Use of estimates and judgments	Use of estimates and judgments The preparation of unaudited condensed consolidated interim financial statements in conformity with U.S. GAAP requires the Company’s management to make judgments, estimates and assumptions about future events that may impact the amounts reported in the unaudited condensed consolidated interim financial statements. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. Significant items subject to such estimates include the useful lives of the Company’s long-lived assets, the valuation of stock-based compensation, and valuation of warrant liability.
Reverse recapitalization with SVII	Reverse recapitalization with SVII While Eagle Energy was a legal acquiree in the BCA, and the Company is the legal parent of both SVII and Eagle Energy after the de-SPAC transaction, for financial accounting and reporting purposes under U.S. GAAP, Eagle Energy is the accounting acquirer and the de-SPAC transaction is accounted for as a “reverse recapitalization”. For accounting purposes, the de-SPAC transaction was treated as the equivalent of Eagle Energy issuing stock for the net assets of SVII and the Company, accompanied by a recapitalization. The Company was determined to be a vehicle through which the reverse recapitalization is effected. The net assets of SVII and the Company are stated at historical cost, and no goodwill or other intangible assets were recorded. As Eagle Energy was deemed the accounting acquirer in the de-SPAC transaction, the Company is a continuation of the operations of Eagle Energy. The historical financial statements of Eagle Energy are the historical financial statements of the Company upon the consummation of the de-SPAC transaction. The equity structure has been retroactively restated in all comparative periods up to the consummation of the de-SPAC transaction to reflect the number of shares of the Company’s common stock, $0.0001 par value per share, issued to Eagle Energy stockholders in connection with the Business Combination. As such, the shares and corresponding capital amounts and earnings per share have been retroactively restated as shares reflecting the exchange ratios established in the de-SPAC transaction. Reported shares of common stock, weighted average number of shares outstanding, and loss per share available to the Company’s common stock, prior to the de-SPAC transaction, have been retroactively restated to reflect the exchange ratio established in the BCA. Amounts in common stock and additional paid-in capital were recast for reallocation, in order to reflect the par value of shares post-consolidation.
Asset acquisitions and business combinations	Asset acquisitions and business combinations The Company assesses acquisition transactions under ASC 805, Business Combinations (“ASC 805”) as to whether or not the transaction should be accounted for as a business combination or asset acquisition, by first applying a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the initial screen test is met, the transaction is considered an asset acquisition and not a business combination. If the initial screen test is not met, further assessment is necessary to determine if the following are present: outputs, inputs and substantive processes, an organized workforce to convert existing inputs into output. Based on the results of this analysis and conclusion on an acquisition’s classification of a business combination or asset acquisition, the accounting treatment is determined. Business combinations are accounted for under the acquisition method, where identifiable assets, liabilities and contingent liabilities are measured at their fair values at the date of acquisition, with excesses or shortfalls in purchase price recognized as goodwill or bargain purchase. Asset acquisitions are accounted for by using a cost accumulation model, with no recognition of goodwill. The purchase price was allocated to the identifiable assets acquired and liabilities assumed based on their relative fair value as of the acquisition date, excluding assets or liabilities for which the subsequent accounting under other U.S. GAAP principles would result in recognition of an immediate impairment.
Restricted cash	Restricted cash Restricted cash consists of cash balances that are legally or contractually restricted as to withdrawal or use and are not available for general operations. Such amounts are classified as current or noncurrent based on the expected timing of release. As of August 31, 2026, this includes $140,960 held as collateral for reclamation and environmental obligations (Note 5), and $50,114 held as collateral for a corporate credit card. All restricted cash balances are classified as noncurrent.
Preferred stock dividends	Preferred stock dividends Preferred stock dividends are recognized in accordance with the contractual terms of the underlying instruments. Dividends on preferred stock are recorded when declared; however, for cumulative preferred stock, dividends are accrued as they are earned, whether or not declared, if the terms require payment upon redemption or otherwise create an obligation, on the basis of the expected manner of settlement upon such an event. Such dividends are generally recorded as a reduction of retained earnings (or decrease in additional paid-in capital, if no retained earnings are available) and, where applicable, as an increase to the carrying amount of the preferred stock. Dividends payable in cash, common stock, or additional preferred shares are measured based on the fair value or contractual amount at the declaration date, depending on the nature of the arrangement. Preferred stock dividends reduce income available to common stockholders in the calculation of earnings per share.
Redeemable preferred stock	Redeemable preferred stock Applicable accounting guidance requires an equity instrument that is redeemable for cash or other assets to be classified outside of permanent equity if it is redeemable (a) at a fixed or determinable price on a fixed or determinable date, (b) at the option of the holder, or (c) upon the occurrence of an event that is not solely within the control of the issuer. Conditionally redeemable preferred stock is classified as temporary equity. Such redeemable preferred stock is presented at the present value of its redemption amount. Present value of redemption amounts is accreted over the period from date of issuance to the earliest date on which the Company cannot avoid redemption of the preferred stock, using the effective interest method. Accretion of the present value of redemption amounts is recognized to retained earnings or additional paid-in capital.
Warrants	Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own Common Stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be liability classified and recorded at their initial fair value on the date of issuance and remeasured at fair value and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the unaudited condensed consolidated interim statements of operations.
Stock-based compensation	Stock-based compensation The Company applies the provisions of ASC 718, Compensation-Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all stock-based awards in the consolidated statements of operations. For stock options issued, the Company estimates each option’s grant-date fair value using the Black-Scholes option pricing model or the Monte Carlo model. The use of the Black-Scholes option pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock consistent with the expected life of the option, risk-free interest rates, and expected dividend yields of the Common Stock. The use of the Monte Carlo model requires management to make assumptions with respect to the expected volatility of the common stock, risk-free interest rates, and price hurdles for early exercises. For RSUs issued, the grant-date fair value is determined using the closing price of the Company’s common stock traded on the public market on the day of grant. For awards subject to service-based vesting conditions, including those with a graded vesting schedule, the Company recognizes stock-based compensation expense equal to the grant date fair value of stock options on a ratable basis over the requisite service period, where each tranche is accounted for separately. Forfeitures are recorded as incurred instead of estimated at the time of grant and revised.
Earnout shares	Earnout shares Earnout shares are first evaluated under ASC 718 to determine whether they are conditioned on the grantees’ future service to the Company. To the extent where earnout shares are outside the scope of ASC 718, they are evaluated under ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity (“ASC 815-40”), to determine whether they are deemed to be indexed to the Company’s common stock and meet the equity classification criteria. If the equity-classification criteria are met, the earnout shares are accounted for as part of additional paid-in capital; otherwise they are classified as liabilities.
Earnings (loss) per share	Earnings (loss) per share Basic earnings (loss) per share (“EPS”) exclude dilution for common stock equivalents and is computed by dividing net income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. The Company computes basic and diluted net loss per share under the two-class method required for participating securities. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Basic and diluted net loss for common stock equivalents is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is calculated based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period. Potentially dilutive securities consist of common stock options, warrants, RSUs, earnout shares and convertible preferred securities. The dilutive effect of stock options, warrants and RSUs is reflected in diluted EPS by application of the treasury stock method. The dilutive effect of earnout shares is only reflected to the extent if the preconditions of issuances would be satisfied by the end of the reporting period, if the end of the reporting period were the end of the contingency period. The dilutive effect of convertible preferred securities is reflected in the diluted EPS by application of the “if-converted” method. The “if-converted” method is only assumed in periods where such application would be dilutive. Basic and diluted net income (loss) per share is determined by dividing income (loss) by the weighted average ordinary shares outstanding during the period. For periods presented with a net loss, the shares underlying the ordinary share options, warrants, RSUs and preferred stock have been excluded from the calculation because their effect would be anti-dilutive. Therefore, the weighted-average shares outstanding used to calculate both basic and diluted loss per share is the same for periods with a net loss.
Reclassification	Reclassification Certain balances in the unaudited condensed consolidated interim financial statements for the three and nine months ended August 31, 2025 have been reclassified to conform to the presentation in the unaudited condensed consolidated interim financial statements for the three and nine months ended August 31, 2026. In the prior year, the Company separately disclosed bank charges, business development, amortization, office and administrative, professional fees, rent expense, investor relations, salaries and wages, licensing fee expense and travel and entertainment, and in the current year the Company has reclassified these costs on the unaudited condensed consolidated statement of operations within general and administrative. The Company also previously separately disclosed gain (loss) on foreign currency transactions, and in the current year the Company has reclassified these costs on the unaudited condensed consolidated statement of operations within other expenses. These reclassifications had no effect on the Company’s previously reported results of operations, changes in stockholders’ equity, or cash flows.
Recent accounting pronouncements	Recent accounting pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of specified information about certain costs and expenses (such as purchases of inventory, employee compensation, depreciation, and amortization) within the relevant expense captions presented on the face of the statements of operations and comprehensive loss. In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses: Clarifying the Effective Date to clarify that all public business entities are required to adopt the guidance for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted, and should be applied either prospectively or retrospectively. The Company is evaluating the impact of this amendment to the related financial statement disclosures. In April 2026, the FASB issued ASU 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock, which requires that paid-in-kind (“PIK”) dividends on equity-classified preferred stock, including preferred stock that is classified as temporary equity, be initially measured on the basis of the PIK dividend rate stated in the preferred stock agreement. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted and may be applied using a prospective or modified retrospective approach. The Company is evaluating the impact of this amendment to the financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The ASU provides clarity on the current interim reporting disclosures and introduces a disclosure principle which requires us to disclose events since the end of the last annual reporting period that have a material impact on us. The guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and may be applied using a prospective or retrospective approach. The Company is evaluating the impact of this amendment to the financial statements.

SUBSEQUENT EVENTS (Details) - shares		9 Months Ended
SUBSEQUENT EVENTS (Details) - shares	Oct. 08, 2026	Aug. 31, 2026
SUBSEQUENT EVENTS
Number of stock options, Granted		887,375
Restricted Stock Units
SUBSEQUENT EVENTS
Granted (in shares)		592,125
SUBSEQUENT EVENTS \| Employee Stock Option Member
SUBSEQUENT EVENTS
Number of stock options, Granted	200,750
SUBSEQUENT EVENTS \| Restricted Stock Units
SUBSEQUENT EVENTS
Granted (in shares)	870,583

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY - Continuity of RSUs (Details) - Restricted Stock Units	9 Months Ended
	Aug. 31, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares) \| shares	592,125
Vested (in shares) \| shares	(231,751)
Ending balance (in shares) \| shares	360,374
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average exercise price, granted \| $ / shares	$ 9.31
Weighted average exercise price, vested \| $ / shares	9.28
Weighted average exercise price, ending \| $ / shares	$ 9.32

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY - Share based compensation related to RSUs (Details) - Restricted Stock Units - USD ($)	3 Months Ended		9 Months Ended
	Aug. 31, 2026	Aug. 31, 2025	Aug. 31, 2026	Aug. 31, 2025
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Stock based compensation	$ 781,284	$ 0	$ 3,068,588	$ 0
Future unrecognized stock based compensation expense	$ 2,441,856		$ 2,441,856
Recognized period for recognition			1 year 8 months 4 days
Awards vested but not yet settled			127,583

REVERSE RECAPITALIZATION - Common stock outstanding immediately following the de-SPAC transaction (Details)	Feb. 24, 2026 shares
REVERSE RECAPITALIZATION
Total Common Stock at Closing	27,868,322
Total Shares	30,368,322
Series A cumulative preferred stock, redeemable
REVERSE RECAPITALIZATION
Series A Cumulative Convertible Preferred Stock, As Converted	2,500,000
Eagle Energy
REVERSE RECAPITALIZATION
Eagle Energy Shareholders	21,638,289
Eagle Energy \| SVII and Eagle Energy Nuclear Corp
REVERSE RECAPITALIZATION
Shares Issued for Transaction Costs	300,000
Eagle Energy \| SVII
REVERSE RECAPITALIZATION
SVII Public Shareholders	1,101,717
SVII Rights Conversion	2,299,982
SVII Founders	2,528,334
Total SVII	5,930,033

WARRANT LIABILITY - Fair value of warrant liability (Details)	Aug. 31, 2026 Y $ / shares	Feb. 24, 2026 Y $ / shares
Share price
WARRANT LIABILITY
Derivative liability	6.99	6.99
Floor price
WARRANT LIABILITY
Derivative liability	7.5	7.5
Discount for lack of marketability
WARRANT LIABILITY
Derivative liability		0.649
Expected volatility
WARRANT LIABILITY
Derivative liability	1.20	1
Risk free interest rate
WARRANT LIABILITY
Derivative liability	0.0437	0.0355
Expected life of warrant
WARRANT LIABILITY
Derivative liability \| Y	4.49	5

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Aug. 31, 2026	Feb. 24, 2026
ACQUISITION OF OREGON ENERGY
Number of shares that will be granted to the eligible shareholders		1,500,000
Number of Earnout Shares issued	0
Oregon Energy LLC
ACQUISITION OF OREGON ENERGY
Additional shares payment	$ 10,000,000

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY - Share Based Compensation (Details) - Employee Stock Option Member - USD ($)	3 Months Ended		9 Months Ended
	Aug. 31, 2026	Aug. 31, 2025	Aug. 31, 2026	Aug. 31, 2025
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Stock based compensation	$ 702,691	$ 0	$ 3,011,559	$ 0
Future unrecognized stock-based compensation expense	$ 2,684,614		$ 2,684,614
Recognized period for recognition			1 year 8 months 4 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY - Common stock subject to possible redemption reflected on the unaudited condensed consolidated interim balance sheets (Details)	9 Months Ended
	Aug. 31, 2026 USD ($)
Common stock subject to possible redemption reflected on the balance sheets
Redeemable common stock, beginning balance	$ 300,000
Less: transfer to permanent equity	$ (300,000)

- Definition

+ References

+ Details

REVERSE RECAPITALIZATION

9 Months Ended

Aug. 31, 2026

REVERSE RECAPITALIZATION

REVERSE RECAPITALIZATION

3.REVERSE RECAPITALIZATION

As described in Note 1, on July 30, 2025, and as amended on September 29, 2025, Eagle Energy, SVII, and the Company entered into the BCA. Pursuant to the BCA, on February 24, 2026, the Company, Eagle Energy, and SVII completed a business combination through which each of Eagle Energy and SVII amalgamated with a wholly owned subsidiary of the Company domiciled in Nevada and the Cayman Islands, respectively, with Eagle Energy and SVII surviving the amalgamations.

Under the BCA, former shareholders of nonredeemable common stock of Eagle Energy received 18,888,289 shares of common stock in the Company, representing a consolidation on a 5.8349:1 basis. The former shareholder of redeemable common stock of Eagle Energy received 2,750,000 shares of common stock in the Company, representing a consolidation on a 5.8:1 basis. Reported shares of common stock, weighted average number of shares outstanding, and loss per share available to the Company’s common stock, prior to the de-SPAC transaction, have been retroactively restated to reflect the exchange ratio established in the BCA. Amounts in common stock and additional paid-in capital were recast for reallocation, in order to reflect the par value of shares post-consolidation.

Concurrently, former shareholders of SVII received 3,630,051 shares of common stock in the Company, representing a one-for-one exchange of Class A and Class B ordinary shares of SVII. The Company also issued 2,299,982 shares of common stock to holders of 23,000,000 rights of SVII, which were converted into shares of SVII on a 10:1 basis upon the consummation of a business combination by SVII. A total of 5,930,033 shares of common stock are retained by former shareholders of SVII.

Upon completion of the de-SPAC transaction, the Company also issued 300,000 shares of common stock with fair value of $2,097,000 to a service provider in consideration for transaction costs associated with the de-SPAC transaction, and was included in additional paid-in capital of the Company.

Concurrently with the completion of the de-SPAC transaction, the Company received $29,700,000 from a PIPE financing (Note 9) consisting of the (i) issuance of 29,700 shares of Series A Cumulative Convertible Preferred Stock and (ii) 2,500,000 PIPE warrants. The Series A Cumulative Preferred Stock have an initial stated value of $1,000 per share, and are initially convertible into common stock on a 1-to-84.18 basis.

Upon completion of the de-SPAC transaction, the Company also assumed 18,500,000 warrants of SVII (Note 9). The Company also issued 2,422,133 warrants (Note 9) to the sponsor of SVII (the “SVII Sponsor”) in exchange for settlement of $2,422,133 of loans owed by SVII to the SVII Sponsor, at $1.00 per warrant, which has been accounted for as a capital transaction with a shareholder of the Company.

In addition, in accordance with the BCA, certain former shareholders of Eagle Energy will have the contingent right to receive, in aggregate, 1,500,000 shares of common stock (the “Earnout Shares”), if at any time before February 24, 2031 (the “Earnout Period”), the VWAP (as defined in the BCA) of the shares of common stock of the Company equals or exceeds $16.00 for any 20 trading days within a period of 30 consecutive trading days (the “Earnout Target”), or if a change of control transaction occurs during the Earnout Period, and the Earnout Target was not already met. The Company evaluated the Earnout Shares under ASC 815-40, and concluded the Earnout Shares meet the definition of an equity instrument, and accordingly will be accounted for as part of additional paid-in capital.

The de-SPAC transaction was accounted for as a reverse recapitalization, with the net assets of Eagle Energy stated at historical cost, with no recognition of goodwill or other intangible assets. Under this method of accounting, the de-SPAC transaction was accounted for as a capital transaction of Eagle Energy and equivalent to the issuance of shares by Eagle Energy for the net assets of SVII, accompanied by a recapitalization for financial reporting purposes. This determination was primarily based on relative voting rights, composition of the board of directors, and management. The reported amounts from operations included herein prior to the de-SPAC transaction are those of Eagle Energy.

The following summarizes the common stock outstanding immediately following the de-SPAC transaction, on February 24, 2026:



		Number of shares
SVII Public Shareholders		1,101,717
SVII Rights Conversion		2,299,982
SVII Founders		2,528,334
Total SVII		5,930,033
Eagle Energy Shareholders		21,638,289
Shares Issued for Transaction Costs		300,000
Total Common Stock at Closing		27,868,322
Series A Cumulative Convertible Preferred Stock, As Converted		2,500,000
Total Shares		30,368,322

A reconciliation of net contributions from reverse recapitalization is as follows:



Cash	$	4,894,595
Less: transaction costs		(2,916,782)
Cash assumed on reverse recapitalization	$	1,977,813

Net liabilities assumed by the Company:
Prepaid expenses	$	24,284
Accounts payable and accrued liabilities		(10,913)
Promissory notes payable		(2,422,133)
Net assets (liabilities)	$	(2,408,762)

Add: conversion of promissory notes to warrants	$	2,422,133
Net contributions from reverse recapitalization	$	1,991,184

NATURE OF OPERATIONS AND LIQUIDITY (Details)	9 Months Ended
NATURE OF OPERATIONS AND LIQUIDITY (Details)	Aug. 31, 2026 km² claim
NATURE OF OPERATIONS AND LIQUIDITY
Number of unpatented lode mining claims	263
Claims collectively coverage area \| km²	43
Oregon
NATURE OF OPERATIONS AND LIQUIDITY
Number of unpatented placer mining claims	71
Nevada
NATURE OF OPERATIONS AND LIQUIDITY
Number of unpatented placer mining claims	27

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended	9 Months Ended
	Aug. 31, 2026	Aug. 31, 2026	Aug. 31, 2025
Cash flows from operating activities
Net loss		$ (22,187,888)	$ (2,974,432)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization and depreciation		13,426	674
Change in fair value of warrant liability	$ (8,075,000)	9,675,724
Loss on foreign currency transactions		17,952	9,615
Amortization of right of use assets		96,877
Non-cash consulting fees			15,250
Stock based compensation		6,080,147
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities		(213,195)	57,243
Prepaid expenses		(485,908)	(237,364)
Due to related parties		(264,106)	(329,080)
Lease liabilities		(74,200)
Net cash used in operating activities		(7,341,171)	(3,458,094)
Cash flows from investing activities
Purchase of property, plant and equipment		(54,854)
Purchase of intangible assets		(32,459)	(67,430)
Investment in mineral rights		(18,155)	(773,651)
Cash assumed on acquisition of Oregon Energy LLC		141,262
Net cash provided by (used in) investing activities		35,794	(841,081)
Cash flows from financing activities
Proceeds from the issuance of common stock, net of issuance costs			7,436,478
Proceeds from the issuance of redeemable common stock			300,000
Proceeds from exercise of warrants		2,300
Proceeds from PIPE financing		29,700,000
Proceeds from reverse recapitalization		4,894,595
Cash paid for transaction costs of de-SPAC		(2,916,782)
Net cash provided by financing activities		31,680,113	7,736,478
Effects of foreign exchange on cash		(18,967)	(8,003)
Increase in cash and restricted cash		24,355,769	3,429,300
Cash and restricted cash, beginning of period		1,301,928	717
Cash and restricted cash, end of period	25,657,697	25,657,697	3,430,017
Presented as:
Cash	25,466,623	25,466,623	3,430,017
Restricted cash	191,074	191,074
Cash and restricted cash, end of period	25,657,697	25,657,697	3,430,017
Supplemental disclosure of non-cash information
Share issuance costs in accounts payable			170
Share issuance costs settled in shares		2,097,000	348,194
Share issuance for acquisition of Oregon Energy LLC		11,959,827
Fair value allocated to mineral rights on acquisition of Oregon Energy LLC		11,536,180
Conversion of redeemable common stock into nonredeemable common stock		300,000
Net non-cash assets assumed upon reverse recapitalization		13,371
Warrants issued for settlement of loans from SVII Sponsor		2,422,133
Initial fair value of warrant liability recognized under PIPE financing		4,174,276
Accretion of mezzanine equity		401,171
Series A Preferred Stock dividend paid-in-kind		937,381
Accrued Series A Preferred Stock dividend	$ 772,230	772,230
Additions to intangible assets in accounts payable		4,115
Operating right of use assets obtained by lease obligation		$ 678,096
Additions to mineral rights in accounts payable			12,128
Prepaid expenses paid by issuance of shares			122,000
Consultant bonus settled by issuance of bonus shares			$ 183,000

ACQUISITION OF OREGON ENERGY - Allocation of the purchase price (Details) - USD ($)	Feb. 24, 2026	Nov. 18, 2024	Aug. 31, 2026	Nov. 30, 2025
ACQUISITION OF OREGON ENERGY
Mineral rights	$ 1,201,390		$ 12,755,725	$ 1,201,390
Fixed assets			286,612
Restricted cash			140,960
Oregon Energy LLC
ACQUISITION OF OREGON ENERGY
Net smelter return royalty on the mineral rights	1.00%	1.00%
Percentage of interest acquired	100.00%	100.00%
Number of common shares issued for acquisition of Oregon Energy	1,710,991
Fair value per share	$ 6.99
Share consideration	$ 11,959,827
Cash consideration from prior option payments (Note 9)	1,219,545
Total consideration	$ 13,179,372
Net assets (liabilities)			13,179,372
Mineral rights			12,755,725
Fixed assets			242,012
Restricted cash			140,960
Net assumed assets			$ 40,675

SEGMENT INFORMATION (Details) - USD ($)	3 Months Ended		9 Months Ended
SEGMENT INFORMATION (Details) - USD ($)	Aug. 31, 2026	Aug. 31, 2025	Aug. 31, 2026	Aug. 31, 2025
General and administrative
Total general and administrative	$ (3,364,327)	$ (1,130,009)	$ (11,409,951)	$ (2,753,537)
Exploration expense	(360,486)	(147,297)	(1,084,406)	(211,280)
Change in fair value of warrant liability	8,075,000		(9,675,724)
Net income (loss)	4,345,941	(1,282,331)	(22,187,888)	(2,974,432)
Single reportable segment
General and administrative
Office and administrative	644,241	51,325	1,882,926	142,905
Professional fees	1,176,481	906,228	3,646,242	2,119,681
Salaries and wages	1,147,096		4,500,942
Other general and administrative items	396,509	172,456	1,379,841	490,951
Total general and administrative	(3,364,327)	(1,130,009)	(11,409,951)	(2,753,537)
Exploration expense	(360,486)	(147,297)	(1,084,406)	(211,280)
Change in fair value of warrant liability	8,075,000		(9,675,724)
Other segment items	$ (4,246)	$ (5,025)	$ (17,807)	$ (9,615)
Segment Reporting, Other Segment Item, Composition, Description	Other segment items consist of interest income, and loss on foreign currency transactions, none of which is individually significant.	Other segment items consist of interest income, and loss on foreign currency transactions, none of which is individually significant.	Other segment items consist of interest income, and loss on foreign currency transactions, none of which is individually significant.	Other segment items consist of interest income, and loss on foreign currency transactions, none of which is individually significant.
Net income (loss)	$ 4,345,941	$ (1,282,331)	$ (22,187,888)	$ (2,974,432)

MINERAL RIGHTS

9 Months Ended

Aug. 31, 2026

MINERAL RIGHTS

MINERAL RIGHTS

6.MINERAL RIGHTS

The Company capitalized the following acquisition costs for the payments made to Aurora Energy beginning on November 30, 2025 through August 31, 2026.



	Aurora Uranium Property
Balance, November 30, 2025	$	1,201,390
Reimbursement of mining operations expenditures		18,155
Acquisition of Oregon Energy (Note 4)		11,536,180
Balance, August 31, 2026	$	12,755,725

If the Company identifies a measured and/or indicated mineral resource, in its next newly prepared SK1300 mineral resources update, of at least 40 million pounds of U3O8, Aurora Energy will be entitled to receive additional shares of the Company’s common stock having an aggregate value of $4,000,000 (the “Resource Payment”). Each additional 1,000,000 pounds of U3O8 above 40 million pounds will further increase the total value of the Resource Payment by $200,000, up to a maximum of $1,000,000, resulting in an overall maximum of $5,000,000 of Resource Payment. The number of shares issuable for a Resource Payment is calculated based on the 30-day volume-weighted average trading price (“VWAP”) of the Company’s shares for the 30 trading days prior to the date of the announcement of the SK1300 mineral resource update.

Further, upon completion of a positive pre-feasibility study on the project following a Listing Event, the Company will issue to Aurora Energy additional payment in shares (the “Pre-Feasibility Bonus”) with a value of $5,000,000, determined by the 30-day VWAP of the Company’s shares during the 30 days prior to the announcement of the pre-feasibility study.

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY - Stock Option - Narrative (Details) - USD ($)		9 Months Ended
	Aug. 19, 2026	Aug. 31, 2026
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Outstanding Options, Intrinsic value		$ 0
Exercisable Options, Intrinsic value		$ 0
Number of stock options, Granted		887,375
Employee Stock Option Member
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Stock-based compensation cost	$ 19,639
Options fair value		$ 5,696,173
Employee Stock Option Member \| Black-Scholes
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Number of stock options, Granted		137,375
Contractual term		5 years
Employee Stock Option Member \| Black-Scholes \| Minimum
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Requisite service period		1 year
Employee Stock Option Member \| Black-Scholes \| Maximum
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Requisite service period		2 years
Employee Stock Option Member \| Monte Carlo Pricing Model
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Number of stock options, Granted		750,000
Contractual term		5 years
Requisite service period		2 years
Former director \| Employee Stock Option Member
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Number of stock options, Granted	4,687

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY - Preferred stock (Details) - $ / shares	Aug. 31, 2026	Feb. 24, 2026	Nov. 30, 2025
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Preferred stock, shares authorized	3,500,000		50,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001		$ 0.0001
Eagle Energy
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Preferred stock, shares authorized		50,000,000
Preferred stock, par value (in dollars per share)		$ 0.0001

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

REVERSE RECAPITALIZATION - Reconciliation of net contributions from reverse recapitalization (Details) - Eagle Energy - SVII and Eagle Energy Nuclear Corp	Feb. 24, 2026 USD ($)
REVERSE RECAPITALIZATION
Cash	$ 4,894,595
Less: transaction costs	(2,916,782)
Proceeds from the reverse recapitalization	1,977,813
Net liabilities assumed by the Company:
Prepaid expenses	24,284
Accounts payable and accrued liabilities	(10,913)
Promissory notes payable	(2,422,133)
Net assets (liabilities)	(2,408,762)
Add: conversion of promissory notes to warrants	2,422,133
Net contributions from reverse recapitalization	$ 1,991,184

RELATED PARTY TRANSACTIONS (Tables)

9 Months Ended

Aug. 31, 2026

RELATED PARTY TRANSACTIONS

Schedule of related party transactions



		Three months ended August 31,						Nine months ended August 31,
		2026			2025			2026			2025

General and administrative		$	106,178		$	255,000		$	415,928		$	846,500



		Three months ended August 31,						Nine months ended August 31,
		2026			2025			2026			2025

CEO and Director⁽¹⁾		$	—		$	45,000		$	70,000		$	135,000
CFO⁽²⁾			—			—			32,250			—
Former CFO⁽³⁾			—			45,000			—			135,000
Total		$	—		$	90,000		$	102,250		$	270,000

(1)

(2)

(3)



		Three months ended August 31,						Nine months ended August 31,
		2026			2025			2026			2025

Significant shareholders⁽¹⁾		$	61,178		$	75,000		$	196,178		$	306,250
Formerly significant shareholder⁽²⁾			—			45,000			—			135,250
Directors⁽³⁾			45,000			45,000			117,500			135,000
Total		$	106,178		$	165,000		$	313,678		$	576,500

(1)

(2)

The stockholder no longer held more than 5% of the Company’s stock during the nine months ended August 31, 2026. No amounts were owed to this stockholder as of November 30, 2025.

(3)

As of August 31, 2026 and November 30, 2025, $0 and $22,500, respectively, of consulting fees owed to a company controlled by a director were included in accounts payable and accrued liabilities.

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS - USD ($)

Aug. 31, 2026

Nov. 30, 2025

Current assets

Cash

$ 25,466,623

$ 1,301,928

Prepaid expenses

715,693

162,897

Total current assets

26,182,316

1,464,825

Restricted cash

191,074

Deposits

71,506

Property, plant and equipment, net

286,612

Intangible asset, net

99,317

65,915

Mineral rights

12,755,725

1,201,390

Right of use assets - operating leases, net

665,545

84,326

Total assets

40,252,095

2,887,962

Current liabilities

Accounts payable and accrued liabilities

332,733

530,339

Due to related parties

15,919

280,025

Dividends payable

772,230

Lease liabilities - operating leases, current

144,572

33,155

Total current liabilities

1,265,454

843,519

Warrant liability

13,850,000

Lease liabilities - operating leases, non-current

548,220

55,086

Total liabilities

15,663,674

898,605

Commitments and contingencies (Note 12)

Mezzanine equity

Redeemable stock

300,000

Stockholders' equity (deficit)

Common stock, $0.0001 par value, 300,000,000 shares authorized; 29,683,966 shares issued and outstanding as of August 31, 2026 ($0.0001 par value, 350,000,000 shares authorized; 18,888,289 shares issued and outstanding, excluding 2,750,000 shares subject to possible redemption as of November 30, 2025)

^[1]

2,968

1,889

Preferred stock, $0.0001 par value, 3,500,000 shares authorized; none issued and outstanding as of August 31, 2026, excluding 29,700 shares designated to Series A Cumulative Preferred Stock ($0.0001 par value, 50,000,000 shares authorized; none issued and outstanding as of November 30, 2025)

Additional paid-in capital

^[1]

26,189,754

7,968,157

Accumulated deficit

(28,468,577)

(6,280,689)

Total stockholders' equity (deficit)

(2,275,855)

1,689,357

Total liabilities, mezzanine equity and stockholders' equity (deficit)

40,252,095

2,887,962

Common stock, subject to possible redemption

Mezzanine equity

Redeemable stock

^[2]

$ 300,000

Series A cumulative preferred stock, redeemable

Current liabilities

Dividends payable

772,230

Mezzanine equity

Redeemable stock

$ 26,864,276

[1]	The shares of the Company’s common stock, prior to the de-SPAC (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 5.8349:1 established in the de-SPAC, as described in Note 3.
[2]	The shares of the Company’s common stock, prior to the de-SPAC (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 5.8:1 established in the de-SPAC, as described in Note 3.

REVERSE RECAPITALIZATION - Narrative (Details)		3 Months Ended		9 Months Ended
REVERSE RECAPITALIZATION - Narrative (Details)	Feb. 24, 2026 USD ($) D $ / shares shares	Aug. 31, 2026 $ / shares	Aug. 31, 2025	Aug. 31, 2026 USD ($) $ / shares shares
REVERSE RECAPITALIZATION
Exchange ratio for nonredeemable common stock		5.8349	5.8349
Fair value of shares issued for transaction costs \| $	$ 2,097,000
Proceeds from PIPE financing \| $	$ 29,700,000			$ 29,700,000
Series A cumulative preferred stock, redeemable
REVERSE RECAPITALIZATION
Series A Cumulative Convertible Preferred Stock issued	29,700
Conversion ratio	84.18	0.0115		0.0115
Temporary equity, redemption price (in dollars per share) \| $ / shares	$ 1,000	$ 1,031.56		$ 1,031.56
PIPE financing warrants
REVERSE RECAPITALIZATION
Warrants issued	2,500,000			2,500,000
Reverse recapitalization warrants
REVERSE RECAPITALIZATION
Warrants issued				20,922,133
SVII
REVERSE RECAPITALIZATION
Number of shares issued for Class A and Class B common stock	3,630,051
Eagle Energy
REVERSE RECAPITALIZATION
Number of shares exchanged for nonredeemable common stock	18,888,289
Exchange ratio for nonredeemable common stock	5.8349
Number of shares exchanged for redeemable common stock	2,750,000
Exchange ratio for redeemable common stock	5.8
Number of earnout shares issuable	1,500,000
Stock price \| $ / shares	$ 16
Number of trading days \| D	20
Number of consecutive trading days \| D	30
Eagle Energy \| SVII and Eagle Energy Nuclear Corp
REVERSE RECAPITALIZATION
Number of shares issued for transaction costs	300,000
Eagle Energy \| SVII
REVERSE RECAPITALIZATION
Exchange ratio	1
Number of shares issued for rights	2,299,982
Number of rights	23,000,000
Rights exchange ratio	10
Number of shares issued	5,930,033
Settlement of pre-existing liabilities \| $	$ 2,422,133
Eagle Energy \| SVII \| Reverse recapitalization warrants
REVERSE RECAPITALIZATION
Warrants issued	18,500,000
Number of warrants issued for settlement of liability	2,422,133
Warrant issue price per share \| $ / shares	$ 1

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Aug. 31, 2026	Oct. 09, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 31, 2026
Document Transition Report	false
Entity File Number	001-43162
Entity Registrant Name	Eagle Nuclear Energy Corp.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	41-3113978
Entity Address, Address Line One	5470 Kietzke Lane
Entity Address, Adress Line Two	Suite 300
Entity Address, City or Town	Reno
Entity Address State Or Province	NV
Entity Address, Postal Zip Code	89511
City Area Code	775
Local Phone Number	335-2029
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		29,683,966
Entity Central Index Key	0002089283
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock, par value $0.0001 per share
Document and Entity Information
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	NUCL
Security Exchange Name	NASDAQ
Public Warrants, each warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
Document and Entity Information
Title of 12(b) Security	Public Warrants, each warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
Trading Symbol	NUCLW
Security Exchange Name	NASDAQ

- Details

Name:	us-gaap_StatementClassOfStockAxis=nucl_PublicWarrantsEachWarrantExercisableForOneShareOfCommonStockAtExercisePriceOf11.50PerShareMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY - RSUs outstanding and vested (Details) - Restricted Stock Units - USD ($)		9 Months Ended
	Aug. 19, 2026	Aug. 31, 2026
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Number of RSUs outstanding		360,374
Number of RSUs Vested		231,751
Stock-based compensation cost	$ 87,071
Related party
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Number of RSUs Vested	14,062

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY - Warrants additional information (Details)	Feb. 24, 2026 USD ($) $ / shares shares
Eagle Energy \| SVII
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Settlement of pre-existing liabilities \| $	$ 2,422,133
Reverse recapitalization warrants \| Eagle Energy \| SVII
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Number of shares issued for each warrants	1
Exercise price of warrants (in dollars per share) \| $ / shares	$ 11.5
Number of warrants issued for settlement of liability	2,422,133
Warrant issue price per share \| $ / shares	$ 1
Public warrants \| Eagle Energy \| SVII
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Number of warrants issued to shareholders	11,500,000
Number of shares issued for each warrants	1
Exercise price of warrants (in dollars per share) \| $ / shares	$ 11.5
Private warrants \| Eagle Energy \| SVII
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Number of shares issued for each warrants	1
Exercise price of warrants (in dollars per share) \| $ / shares	$ 11.5
Number of warrants issued to sponsor	7,000,000
Derivative warrants
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Exercise price of warrants (in dollars per share) \| $ / shares	$ 12
Number of warrants issuable (in shares)	2,500,000
Fair value of warrants upon issuance \| $	$ 4,174,276

WARRANT LIABILITY

9 Months Ended

Aug. 31, 2026

WARRANT LIABILITY

WARRANT LIABILITY

8.WARRANT LIABILITY

On February 24, 2026, in connection with the PIPE financing (Note 9), the Company issued warrants to an accredited investor to purchase an aggregate of 2,500,000 shares of common stock of the Company at an exercise price of $12.00 per share, in addition to 29,700 shares of Series A Cumulative Convertible Preferred Stock. The fair value of warrants upon issuance was $4,174,276.

These warrants were determined to meet the definition of a derivative liability and recorded at fair value. As such, the warrants are recognized initially at fair value and subsequently remeasured at fair value through earnings, reported as change in fair value of warrant liability in the unaudited condensed consolidated interim statements of operations.

The warrant liability is classified within Level 3 of the fair value hierarchy, as the valuation technique uses significant unobservable inputs, including expected volatility and, at issuance, a discount for lack of marketability.

The following is a continuity of the Company’s warrant liabilities:



Balance as at November 30, 2025		$	—
Issuance			4,174,276
Change in fair value of warrant liabilities			9,675,724
Balance as at August 31, 2026		$	13,850,000

The fair value of the warrant liability arising from 2,500,000 warrants issued with the PIPE financing was calculated using the Monte Carlo model. The key inputs used in the Monte Carlo model were as follows:



				February 24, 2026
	August 31, 2026			(at issuance)
Share price	$	6.99		$	6.99
Exercise price reset date		November 23, 2026			November 23, 2026
Floor price	$	7.50		$	7.50
Discount for lack of marketability		—			64.9	%
Expected volatility		120	%		100	%
Risk free interest rate		4.37	%		3.55	%
Expected life of warrant		4.49 years			5 years

A Monte Carlo model is utilized due to the existence of an exercise price reset mechanism attached to these warrants, that could be triggered on the twenty-first trading day following the date that is six months after the Effective Date of the Registration Statement, the VWAP of the Company’s common stock for the 20 trading days preceding such date (the “Measurement Price”) is less than the exercise price then in effect (initially $12.00 per share), the exercise price will be reduced to the greater of the Measurement Price and $7.50.

As of August 31, 2026, a discount for lack of marketability for warrant liability valuation has been reduced from 64.9% at issuance to nil, as a resale Registration Statement covering the underlying shares became effective on April 24, 2026, permitting holders to publicly resell those shares pursuant to the Registration Statement. A discount for lack of marketability of 64.9% was selected as of February 24, 2026 to calibrate the valuation model to the transaction price of the PIPE Financing, in line with the AICPA’s Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies guide.

Expected volatility was estimated based on the median observed historical share price volatility of a set of comparable publicly traded exploration stage uranium companies that have similar risk considerations as the Company, due to the Company’s limited trading history.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 181
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-181

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 184
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-184

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 185
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-185

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4H
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4H

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4H
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4H

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 15
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480960/815-15-50-3

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 183
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-183

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4F
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Aug. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Modified	false
Rule 10b5-1 Arrangement Modified	false

OPERATING LEASES

9 Months Ended

Aug. 31, 2026

OPERATING LEASES

OPERATING LEASES

7.OPERATING LEASES

On October 16, 2025, the Company entered into an office lease agreement in New York, NY for 5 years and 2 months from the lease commencement date, which is defined as the first business day following the substantial completion of the landlord’s work and delivery of possession of the premises to the Company. The lease commencement date was determined to be January 1, 2026, when the Company obtained possession of the premises. Lease liabilities are measured at the commencement date based on the present value of future lease payments. The Company recognized a right of use asset and a corresponding lease liability of $678,096 during the nine months ended August 31, 2026.

On November 3, 2025, the Company entered into an office lease agreement in Vancouver, Canada for 2 years. Lease liabilities are measured at the commencement date based on the present value of future lease payments.

As the Company’s lease did not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. The Company used a discount rate of 10.00% in determining its lease liabilities.

The discount is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of comparable value to the right-of-use asset in a similar economic environment. The discount rate therefore reflects what the Company “would have to pay”, which requires estimation when no observable rates are available or where the applicable rates need to be adjusted to reflect the terms and conditions of the lease. The Company estimates the discount using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates. The Company determined its discount rates based on the rate used by comparable public companies.

The following table presents the net lease cost and other supplemental lease information:



		For the three months			For the three months			For the nine months			For the nine months
		ended August 31, 2026			ended August 31, 2025			ended August 31, 2026			ended August 31, 2025
Lease cost:
Operating lease cost		$	53,678		$	—		$	147,259		$	—
Short term lease cost			11,147			—			71,164			—
Net lease cost		$	64,825		$	—		$	218,423		$	—
Cash paid for operating lease liabilities		$	(54,649)		$	—		$	(124,582)		$	—

Operating and short-term lease costs are reported with general and administrative expenses.

Lease balance sheet information as of August 31, 2026 and November 30, 2025:



Lease liabilities		August 31, 2026			November 30, 2025
Current portion of operating lease liabilities		$	144,572		$	33,155
Long-term portion of operating lease liabilities			548,220			55,086
		$	692,792		$	88,241

Future minimum lease payments to be paid by the Company as a lessee as of August 31, 2026 are as follows:



Operating lease commitments and lease liability:
2026	$	72,960
2027		209,188
2028		180,641
2029		179,938
2030		183,537
2031		31,201
Total future minimum lease payments		857,465
Discount		(164,673)
Total	$	692,792

As of August 31, 2026, the weighted average lease term remaining was 4.21 years, and incremental borrowing rate was 10%.

As of November 30, 2025, the weighted average lease term remaining was 2.17 years, and incremental borrowing rate was 10%.

EARNINGS (LOSS) PER SHARE (Details)	9 Months Ended
EARNINGS (LOSS) PER SHARE (Details)	Aug. 31, 2026 shares
Restricted Stock Units
EARNINGS (LOSS) PER SHARE
Awards vested but not yet settled	127,583

ACQUISITION OF OREGON ENERGY (Tables)

9 Months Ended

Aug. 31, 2026

ACQUISITION OF OREGON ENERGY

Schedule of allocation of the purchase price



Number of common shares issued for acquisition of Oregon Energy		1,710,991
Fair value per share	$	6.99
Share consideration	$	11,959,827
Cash consideration from prior option payments (Note 6)		1,219,545
Total consideration	$	13,179,372

OPERATING LEASES (Tables)

9 Months Ended

Aug. 31, 2026

OPERATING LEASES

Schedule of net lease cost and other supplemental lease information



		For the three months			For the three months			For the nine months			For the nine months
		ended August 31, 2026			ended August 31, 2025			ended August 31, 2026			ended August 31, 2025
Lease cost:
Operating lease cost		$	53,678		$	—		$	147,259		$	—
Short term lease cost			11,147			—			71,164			—
Net lease cost		$	64,825		$	—		$	218,423		$	—
Cash paid for operating lease liabilities		$	(54,649)		$	—		$	(124,582)		$	—

Schedule of lease balance sheet information



Lease liabilities		August 31, 2026			November 30, 2025
Current portion of operating lease liabilities		$	144,572		$	33,155
Long-term portion of operating lease liabilities			548,220			55,086
		$	692,792		$	88,241

Schedule of future minimum lease payments

Future minimum lease payments to be paid by the Company as a lessee as of August 31, 2026 are as follows:



Operating lease commitments and lease liability:
2026	$	72,960
2027		209,188
2028		180,641
2029		179,938
2030		183,537
2031		31,201
Total future minimum lease payments		857,465
Discount		(164,673)
Total	$	692,792

MINERAL RIGHTS (Tables)

9 Months Ended

Aug. 31, 2026

Aurora Uranium Project

MINERAL RIGHTS

Schedule of mineral rights



	Aurora Uranium Property
Balance, November 30, 2025	$	1,201,390
Reimbursement of mining operations expenditures		18,155
Acquisition of Oregon Energy (Note 4)		11,536,180
Balance, August 31, 2026	$	12,755,725

OPERATING LEASES - Future minimum lease payments to be paid (Details) - USD ($)	Aug. 31, 2026	Nov. 30, 2025
Operating lease commitments and lease liability:
2026	$ 72,960
2027	209,188
2028	180,641
2029	179,938
2030	183,537
2031	31,201
Total future minimum lease payments	857,465
Discount	(164,673)
Total	$ 692,792	$ 88,241
Average lease term	4 years 2 months 15 days	2 years 2 months 1 day
Incremental borrowing rate	10.00%	10.00%

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Aug. 31, 2026

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

12.COMMITMENTS AND CONTINGENCIES

Commitments

In relation to the Oregon Acquisition (Note 4), the aggregate maximum Resource Payment and Pre-Feasibility Bonus potentially payable to Aurora Energy is $10,000,000, payable in additional payment shares. This contingent consideration was not included in the cost of the acquired mineral rights (Note 6) recognized at the closing date and will be recognized as an addition to the cost basis of the asset if and when the applicable milestone is achieved and the obligation becomes probable. As of August 31, 2026, neither milestone had been achieved. The Company currently expects a pre-feasibility study to be completed by the end of calendar year 2027. The Company expects to prepare its next SK1300 mineral resources update in connection with the completion of the pre-feasibility study.

In connection with the de-SPAC transaction (Note 3), the Company has reserved an Earnout Share Pool in the EIP to be granted to eligible shareholders of the Company. During the Earnout Period, if the Earnout Target is met, or if a change of control transaction occurs during the Earnout Period and the Earnout Target was not already met, the Company will grant 1,500,000 Earnout Shares to the eligible shareholders. The Company evaluated the Earnout Shares under ASC 815-40, and concluded the Earnout Shares meet the definition of an equity instrument, and accordingly will be accounted for as part of additional paid-in capital. No Earnout Share has been issued as of August 31, 2026.

Contingencies

The Company could potentially become involved in various lawsuits, actions and claims, from time to time, arising in the ordinary course of business, although management is not aware of any such lawsuits, actions or claims at the date of issuance of these unaudited condensed consolidated interim financial statements. In management’s opinion, should any such items occur, the ultimate outcome will not have a material adverse effect on the financial position or results of operations of the Company.

SUBSEQUENT EVENTS

9 Months Ended

Aug. 31, 2026

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

14.SUBSEQUENT EVENTS

On October 8, 2026, the compensation committee of the board of directors and the board of directors approved the grant of 200,750 stock options and 870,583 RSUs to various employees, consultants, executives and directors.

EARNINGS (LOSS) PER SHARE - Anti-dilutive securities (Details) - shares	3 Months Ended	9 Months Ended
	Aug. 31, 2026	Aug. 31, 2026
Anti-dilutive securities
Anti-dilutive securities	28,388,195	28,748,569
Warrants
Anti-dilutive securities
Anti-dilutive securities	23,421,916	23,421,916
Stock options
Anti-dilutive securities
Anti-dilutive securities	887,375	887,375
RSUs
Anti-dilutive securities
Anti-dilutive securities		360,374
Earnout shares
Anti-dilutive securities
Anti-dilutive securities	1,500,000	1,500,000
Series A Cumulative Convertible Preferred Stock
Anti-dilutive securities
Anti-dilutive securities	2,578,904	2,578,904

EARNINGS (LOSS) PER SHARE

9 Months Ended

Aug. 31, 2026

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

10.EARNINGS (LOSS) PER SHARE

Basic and diluted earnings per share is computed using the two-class method. The two-class method is an earnings allocation formula that determines net income per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Per share amounts are computed by dividing net income attributable to common shareholders by the weighted average shares outstanding during each period. The Company’s Series A Cumulative Convertible Preferred Stock does not participate in net losses.

As of August 31, 2026, 127,583 RSUs are vested but not yet settled, which are included in the calculation of basic weighted average number of shares of common stock outstanding, but not included in the number of shares of common stock outstanding in the unaudited condensed consolidated interim statements of changes in stockholders’ equity (deficit).

The computations for basic and diluted earnings per share for the periods presented are as follows:



		For the three			For the three			For the nine			For the nine
		months ended			months ended			months ended			months ended
		August 31, 2026			August 31, 2025			August 31, 2026			August 31, 2025
Numerator:
Net income (loss) attributable to common stockholders		$	3,220,386		$	(1,282,331)		$	(24,298,670)		$	(2,974,432)
Undistributed loss allocated to redeemable common stock			—			63,644			—			54,328
Undistributed earnings allocated to participating securities			(256,500)			—			—			—
Net income (loss) attributable to common stockholders (basic)			2,963,886			(1,218,687)			(24,298,670)			(2,920,104)
Reallocation of undistributed earnings allocated to common stockholders			397			—			—			—
Net income (loss) attributable to common stockholders (diluted)		$	2,964,283		$	(1,218,687)		$	(24,298,670)		$	(2,920,104)

Denominator:
Weighted average number of shares outstanding, common stock – Basic⁽¹⁾			29,799,474			18,888,289			26,363,840			17,801,944
Dilutive effect of share-based awards			50,193			—			—			—
Weighted average number of shares outstanding, common stock – Diluted			29,849,667			18,888,289			26,363,840			17,801,944

Earnings (loss) per share, common stock – Basic		$	0.10		$	(0.06)		$	(0.92)		$	(0.16)
Earnings (loss) per share, common stock – Diluted		$	0.10		$	(0.06)		$	(0.92)		$	(0.16)

(1)

The Company has the following anti-dilutive securities for the nine months ended August 31, 2026 and 2025:



Nine months ended		August 31, 2026		August 31, 2025
Warrants		23,421,916		—
Stock options		887,375		—
RSUs		360,374		—
Earnout shares		1,500,000		—
Series A Cumulative Convertible Preferred Stock		2,578,904		—
		28,748,569		—

The following securities are anti-dilutive for the three months ended August 31, 2026 and 2025:



Three months ended		August 31, 2026		August 31, 2025
Warrants		23,421,916		—
Stock options		887,375		—
Earnout shares		1,500,000		—
Series A Cumulative Convertible Preferred Stock		2,578,904		—
		28,388,195		—

ACQUISITION OF OREGON ENERGY

9 Months Ended

Aug. 31, 2026

ACQUISITION OF OREGON ENERGY

ACQUISITION OF OREGON ENERGY

4.ACQUISITION OF OREGON ENERGY

On November 18, 2024 (the “Option Effective Date”), Eagle Energy entered into a property option agreement (the “Aurora Option Agreement”) with Aurora Energy and its then-wholly owned subsidiary Oregon Energy who, through Oregon Energy, is the owner of 100% interest in the AUP. As part of the Aurora Option Agreement, Aurora Energy, agreed to grant Eagle Energy the sole, exclusive option to acquire all of the issued and outstanding equity interests in Oregon Energy. The option was exercised on February 24, 2026, upon which Eagle Energy acquired 100% of Oregon Energy including all of its right, title and interest in the AUP.

In order to exercise the option, Eagle Energy was required to:

●

Pay $300,000 cash consideration on or before December 18, 2024 (paid)

●

Complete a measured and/or indicated SK1300 technical report and mineral resource estimate (an “SK1300 Report”) for the project, in accordance with the standards of Subpart 1300 of Regulation S-K of the Securities Act (completed);

●

Issue shares of common stock in Eagle Energy (“Aurora Option Payment Shares”) on the closing date (issued) of:

an initial public offering of Eagle Energy’s shares and listing thereof on a national securities exchange, or

a different transaction which results in the listing of Eagle Energy’s shares on a national securities exchange, or

the acquisition of substantially all Eagle Energy’s outstanding equity securities or substantially all of Eagle Energy’s assets by a public company with common equity that is listed on a national securities exchange, in each case prior to May 18, 2025 (the “Listing Event”); and

●

Raise a minimum of $6,800,000 in connection with the Listing Event (met).

●

Grant Aurora Energy a 1% NSR in the project’s future revenue (granted), half or all of which may be repurchased by the company for consideration of $1,000,000 or $2,000,000, respectively, prior to commencement of the project’s commercial operations;

The Aurora Option Agreement provided for up to two six-month extensions to the date of the Listing Event, each subject to additional consideration. For the first extension, Eagle Energy was required to pay $300,000 to Aurora Energy and fund $250,000 of Oregon Energy’s mining expenditures. For the second extension, Eagle Energy was required to pay $400,000 and fund an additional $250,000 of such expenditures.

On May 18, 2025, Eagle Energy exercised its right to the first six-month extension and made an additional payment of $300,000 to Aurora Energy. On November 18, 2025, Eagle Energy exercised its right to the second six-month extension and made an additional payment of $400,000 to Aurora Energy. As part of the extensions, Eagle Energy was obligated to reimburse up to $500,000 of mining operations expenditures of Oregon Energy. As of February 24, 2026, prior to the exercise of the option, Eagle Energy made reimbursements totaling $219,545.

On November 26, 2025, Eagle Energy, Aurora Energy, and Oregon Energy executed a First Amendment to the Property Option Agreement. The amendment (i) revised the second extension to complete a Listing Event from a six month period (deadline of May 18, 2026) to a 225 day period (deadline of July 2, 2026), and (ii) provides that the Resource Payment provisions under which Aurora Energy may be entitled to additional payment shares as mentioned hereinafter are amended such that the determination is made following the next newly prepared SK1300 mineral resource update published by the Company.

On February 24, 2026, immediately before the completion of the de-SPAC transaction (Note 3), Eagle Energy, Aurora Energy, and Oregon Energy executed a Second Amendment to the Property Option Agreement. The amendment (i) confirmed the number of Aurora Option Payment Shares to be issued, (ii) set the deadline for grant of NSR to Aurora Energy to be on or before 10 business days after the closing date, and (iii) clarified certain terms and conditions of the Aurora Option Agreement, including terms related to the Resource Payment and the Pre-Feasibility Bonus (as hereinafter defined) are intended to survive closing until those covenants have been fully performed.

The number of Aurora Option Payment Shares to be issued was to be adjusted to provide for additional shares based on an increase in uranium spot price over the period between the Option Effective Date and the Listing Event, equal to the product of (I) 50% of the percentage increase in the spot price and (II) the number of Aurora Option Payment Shares, which was initially set at 1,600,000 shares. If the spot price did not increase, there will be no adjustment to the number of Aurora Option Payment Shares. The number of Aurora Option Payment Shares was adjusted to be 1,710,991 shares on February 24, 2026, immediately before closing.

On February 24, 2026, the Company completed the acquisition of Oregon Energy. The number of Aurora Option Payment Shares issued by the Company was 1,710,991. At a fair value of $6.99 per share, the total share consideration had a fair value of $11,959,827. The Company also made cash payments totaling $1,219,545 to Aurora Energy pursuant to the terms of the Aurora Option Agreement prior to closing, which were previously capitalized as mineral rights (Note 6), which had a balance of $1,201,390 in mineral rights as of November 30, 2025. Upon completion, the Company acquired 100% membership interest in Oregon Energy.

Under the terms of the Aurora Option Agreement, Aurora Energy retained a 1.0% net smelter return (“NSR”) royalty on the mineral rights, which constitutes a perpetual interest in the underlying assets.

The acquisition was accounted for as an asset acquisition under ASC 805, as Oregon Energy did not qualify as a business according to the definition of ASC 805. The purchase price was allocated to the identifiable assets acquired and liabilities assumed based on their estimated fair value as of the acquisition date. The Company utilized a market approach, based on observed and implied valuation multiples of public companies, to assess the components of its purchase price allocation. The allocation of the purchase price is summarized below:



Number of common shares issued for acquisition of Oregon Energy		1,710,991
Fair value per share	$	6.99
Share consideration	$	11,959,827
Cash consideration from prior option payments (Note 6)		1,219,545
Total consideration	$	13,179,372

Total net assets (liabilities) acquired was $13,179,372, with asset acquired comprised of $12,755,725 of mineral rights, $242,012 of fixed assets, $140,960 of restricted cash and $40,675 of net assumed assets.

The acquisition also included contingent considerations payable upon the achievement of certain post-closing milestones related to future measured and/or indicated mineral resources and the completion of a positive pre-feasibility study (Note 12). Such contingent considerations were not included in the purchase consideration recognized on the closing date of the asset acquisition, as the related milestones are dependent on future events with uncertain outcomes and were not considered probable as of the closing date.

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY - Equity incentive plan (Details) - shares	Aug. 31, 2026	Feb. 24, 2026
STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY
Number of shares authorized		4,437,008
Maximum percentage of outstanding shares		5.00%
Maximum number of shares available for grant (in shares)	2,957,508

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical)	3 Months Ended		9 Months Ended
	Aug. 31, 2026	Aug. 31, 2025	Aug. 31, 2026	Aug. 31, 2025
Common stock, not subject to possible redemption
Exchange ratio	5.8349	5.8349	5.8349	5.8349

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Aug. 31, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation and principles of consolidation

The accompanying unaudited condensed consolidated interim financial statements are presented using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for financial information. Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. In the opinion of management, the unaudited condensed consolidated interim financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The interim results for the three and nine months ended August 31, 2026 are not necessarily indicative of the results of operations to be anticipated for the full year ending November 30, 2026. All significant intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated interim financial statements should be read in conjunction with the financial statements for the year ended November 30, 2025 and the period from December 14, 2023 (inception) through November 30, 2024, included in the Registration Statement on Form S-1 initially filed with the Securities and Exchange Commission (the “SEC”) on March 19, 2026 (File No. 333-294464) (the “Registration Statement”) and declared effective by the SEC on April 24, 2026 (the “Effective Date”).

These unaudited condensed consolidated interim financial statements include the accounts of the Company, and its wholly-owned subsidiaries, Eagle Energy and SVII, following the reverse recapitalization as further discussed in Note 3, as well as its wholly-owned subsidiary, Oregon Energy, following the acquisition of Oregon Energy as further discussed in Note 4. For periods prior to the reverse recapitalization and acquisition of Oregon Energy, the reported share and per share amounts have been retroactively adjusted, with the exception of authorized shares. Accompanying financial statements as of November 30, 2025, and accompanying unaudited condensed interim financial statements for the three and nine months ended August 31, 2025, include only the accounts of Eagle Energy.

The unaudited condensed consolidated interim financial statements for the three and nine months ended August 31, 2026 reflect (i) the historical operating results of Eagle Energy prior to the de-SPAC transaction, (ii) the combined results of the Company, Eagle Energy, SVII, and Oregon Energy following the closing of the de-SPAC transaction and the acquisition of Oregon Energy, (iii) the assets and liabilities of Eagle Energy at their historical costs, (iv) the assets and liabilities of the Company and SVII at their historical costs, (v) the assets and liabilities assumed in the acquisition of Oregon Energy as recognized in an asset acquisition, as further discussed in Note 4, and (vi) the Company’s equity structure for all periods presented.

Functional and presentation currencies

The unaudited condensed consolidated interim financial statements of the Company are presented in United States dollars, which is the Company’s functional currency. A significant portion of the Company’s vendor payments and expenses is denominated in Canadian dollars. Foreign exchange gains and losses resulting from the translation of Canadian-dollar transactions into United States dollars at the exchange rates in effect on the transaction dates are recognized in the accompanying unaudited condensed consolidated interim statements of operations within other income (expense).

Use of estimates and judgments

The preparation of unaudited condensed consolidated interim financial statements in conformity with U.S. GAAP requires the Company’s management to make judgments, estimates and assumptions about future events that may impact the amounts reported in the unaudited condensed consolidated interim financial statements. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively.

Significant items subject to such estimates include the useful lives of the Company’s long-lived assets, the valuation of stock-based compensation, and valuation of warrant liability.

Reverse recapitalization with SVII

While Eagle Energy was a legal acquiree in the BCA, and the Company is the legal parent of both SVII and Eagle Energy after the de-SPAC transaction, for financial accounting and reporting purposes under U.S. GAAP, Eagle Energy is the accounting acquirer and the de-SPAC transaction is accounted for as a “reverse recapitalization”.

For accounting purposes, the de-SPAC transaction was treated as the equivalent of Eagle Energy issuing stock for the net assets of SVII and the Company, accompanied by a recapitalization. The Company was determined to be a vehicle through which the reverse recapitalization is effected. The net assets of SVII and the Company are stated at historical cost, and no goodwill or other intangible assets were recorded. As Eagle Energy was deemed the accounting acquirer in the de-SPAC transaction, the Company is a continuation of the operations of Eagle Energy. The historical financial statements of Eagle Energy are the historical financial statements of the Company upon the consummation of the de-SPAC transaction.

The equity structure has been retroactively restated in all comparative periods up to the consummation of the de-SPAC transaction to reflect the number of shares of the Company’s common stock, $0.0001 par value per share, issued to Eagle Energy stockholders in connection with the Business Combination. As such, the shares and corresponding capital amounts and earnings per share have been retroactively restated as shares reflecting the exchange ratios established in the de-SPAC transaction.

Reported shares of common stock, weighted average number of shares outstanding, and loss per share available to the Company’s common stock, prior to the de-SPAC transaction, have been retroactively restated to reflect the exchange ratio established in the BCA. Amounts in common stock and additional paid-in capital were recast for reallocation, in order to reflect the par value of shares post-consolidation.

Asset acquisitions and business combinations

The Company assesses acquisition transactions under ASC 805, Business Combinations (“ASC 805”) as to whether or not the transaction should be accounted for as a business combination or asset acquisition, by first applying a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the initial screen test is met, the transaction is considered an asset acquisition and not a business combination. If the initial screen test is not met, further assessment is necessary to determine if the following are present: outputs, inputs and substantive processes, an organized workforce to convert existing inputs into output. Based on the results of this analysis and conclusion on an acquisition’s classification of a business combination or asset acquisition, the accounting treatment is determined. Business combinations are accounted for under the acquisition method, where identifiable assets, liabilities and contingent liabilities are measured at their fair values at the date of acquisition, with excesses or shortfalls in purchase price recognized as goodwill or bargain purchase. Asset acquisitions are accounted for by using a cost accumulation model, with no recognition of goodwill. The purchase price was allocated to the identifiable assets acquired and liabilities assumed based on their relative fair value as of the acquisition date, excluding assets or liabilities for which the subsequent accounting under other U.S. GAAP principles would result in recognition of an immediate impairment.

Restricted cash

Restricted cash consists of cash balances that are legally or contractually restricted as to withdrawal or use and are not available for general operations. Such amounts are classified as current or noncurrent based on the expected timing of release. As of August 31, 2026, this includes $140,960 held as collateral for reclamation and environmental obligations (Note 5), and $50,114 held as collateral for a corporate credit card. All restricted cash balances are classified as noncurrent.

Preferred stock dividends

Preferred stock dividends are recognized in accordance with the contractual terms of the underlying instruments. Dividends on preferred stock are recorded when declared; however, for cumulative preferred stock, dividends are accrued as they are earned, whether or not declared, if the terms require payment upon redemption or otherwise create an obligation, on the basis of the expected manner of settlement upon such an event. Such dividends are generally recorded as a reduction of retained earnings (or decrease in additional paid-in capital, if no retained earnings are available) and, where applicable, as an increase to the carrying amount of the preferred stock. Dividends payable in cash, common stock, or additional preferred shares are measured based on the fair value or contractual amount at the declaration date, depending on the nature of the arrangement. Preferred stock dividends reduce income available to common stockholders in the calculation of earnings per share.

Redeemable preferred stock

Applicable accounting guidance requires an equity instrument that is redeemable for cash or other assets to be classified outside of permanent equity if it is redeemable (a) at a fixed or determinable price on a fixed or determinable date, (b) at the option of the holder, or (c) upon the occurrence of an event that is not solely within the control of the issuer. Conditionally redeemable preferred stock is classified as temporary equity. Such redeemable preferred stock is presented at the present value of its redemption amount. Present value of redemption amounts is accreted over the period from date of issuance to the earliest date on which the Company cannot avoid redemption of the preferred stock, using the effective interest method. Accretion of the present value of redemption amounts is recognized to retained earnings or additional paid-in capital.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own Common Stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be liability classified and recorded at their initial fair value on the date of issuance and remeasured at fair value and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the unaudited condensed consolidated interim statements of operations.

Stock-based compensation

The Company applies the provisions of ASC 718, Compensation-Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all stock-based awards in the consolidated statements of operations. For stock options issued, the Company estimates each option’s grant-date fair value using the Black-Scholes option pricing model or the Monte Carlo model. The use of the Black-Scholes option pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock consistent with the expected life of the option, risk-free interest rates, and expected dividend yields of the Common Stock. The use of the Monte Carlo model requires management to make assumptions with respect to the expected volatility of the common stock, risk-free interest rates, and price hurdles for early exercises. For RSUs issued, the grant-date fair value is determined using the closing price of the Company’s common stock traded on the public market on the day of grant. For awards subject to service-based vesting conditions, including those with a graded vesting schedule, the Company recognizes stock-based compensation expense equal to the grant date fair value of stock options on a ratable basis over the requisite service period, where each tranche is accounted for separately. Forfeitures are recorded as incurred instead of estimated at the time of grant and revised.

Earnout shares

Earnout shares are first evaluated under ASC 718 to determine whether they are conditioned on the grantees’ future service to the Company. To the extent where earnout shares are outside the scope of ASC 718, they are evaluated under ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity (“ASC 815-40”), to determine whether they are deemed to be indexed to the Company’s common stock and meet the equity classification criteria. If the equity-classification criteria are met, the earnout shares are accounted for as part of additional paid-in capital; otherwise they are classified as liabilities.

Earnings (loss) per share

Basic earnings (loss) per share (“EPS”) exclude dilution for common stock equivalents and is computed by dividing net income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. The Company computes basic and diluted net loss per share under the two-class method required for participating securities. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Basic and diluted net loss for common stock equivalents is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period.

Diluted EPS is calculated based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period. Potentially dilutive securities consist of common stock options, warrants, RSUs, earnout shares and convertible preferred securities. The dilutive effect of stock options, warrants and RSUs is reflected in diluted EPS by application of the treasury stock method. The dilutive effect of earnout shares is only reflected to the extent if the preconditions of issuances would be satisfied by the end of the reporting period, if the end of the reporting period were the end of the contingency period. The dilutive effect of convertible preferred securities is reflected in the diluted EPS by application of the “if-converted” method. The “if-converted” method is only assumed in periods where such application would be dilutive. Basic and diluted net income (loss) per share is determined by dividing income (loss) by the weighted average ordinary shares outstanding during the period. For periods presented with a net loss, the shares underlying the ordinary share options, warrants, RSUs and preferred stock have been excluded from the calculation because their effect would be anti-dilutive. Therefore, the weighted-average shares outstanding used to calculate both basic and diluted loss per share is the same for periods with a net loss.

Reclassification

Certain balances in the unaudited condensed consolidated interim financial statements for the three and nine months ended August 31, 2025 have been reclassified to conform to the presentation in the unaudited condensed consolidated interim financial statements for the three and nine months ended August 31, 2026. In the prior year, the Company separately disclosed bank charges, business development, amortization, office and administrative, professional fees, rent expense, investor relations, salaries and wages, licensing fee expense and travel and entertainment, and in the current year the Company has reclassified these costs on the unaudited condensed consolidated statement of operations within general and administrative. The Company also previously separately disclosed gain (loss) on foreign currency transactions, and in the current year the Company has reclassified these costs on the unaudited condensed consolidated statement of operations within other expenses. These reclassifications had no effect on the Company’s previously reported results of operations, changes in stockholders’ equity, or cash flows.

Recent accounting pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of specified information about certain costs and expenses (such as purchases of inventory, employee compensation, depreciation, and amortization) within the relevant expense captions presented on the face of the statements of operations and comprehensive loss. In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses: Clarifying the Effective Date to clarify that all public business entities are required to adopt the guidance for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted, and should be applied either prospectively or retrospectively. The Company is evaluating the impact of this amendment to the related financial statement disclosures.

In April 2026, the FASB issued ASU 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock, which requires that paid-in-kind (“PIK”) dividends on equity-classified preferred stock, including preferred stock that is classified as temporary equity, be initially measured on the basis of the PIK dividend rate stated in the preferred stock agreement. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted and may be applied using a prospective or modified retrospective approach. The Company is evaluating the impact of this amendment to the financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The ASU provides clarity on the current interim reporting disclosures and introduces a disclosure principle which requires us to disclose events since the end of the last annual reporting period that have a material impact on us. The guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and may be applied using a prospective or retrospective approach. The Company is evaluating the impact of this amendment to the financial statements.

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (Parenthetical)	3 Months Ended	9 Months Ended
	Aug. 31, 2026 USD ($) $ / shares shares	Aug. 31, 2026 USD ($) $ / shares shares	Nov. 30, 2025 $ / shares shares
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000	350,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	3,500,000	3,500,000	50,000,000
Common stock, subject to possible redemption
Temporary equity, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	300,000,000	300,000,000	350,000,000
Temporary equity, shares issued	0	0	2,750,000
Aggregate liquidation preference \| $	$ 0	$ 0
Temporary equity, shares outstanding	0	0
Temporary equity, redemption price (in dollars per share) \| $ / shares			$ 0.11
Exchange ratio		5.8
Common stock, not subject to possible redemption
Common stock, shares issued	29,683,966	29,683,966	18,888,289
Common stock, shares outstanding	29,683,966	29,683,966	18,888,289
Exchange ratio	5.8349	5.8349
Preferred stock not subject to possible redemption
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Series A cumulative preferred stock, redeemable
Temporary equity, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	29,700	29,700
Temporary equity, shares issued	29,700	29,700	29,700
Aggregate liquidation preference \| $	$ 30,637,381	$ 30,637,381
Temporary equity, redemption price (in dollars per share) \| $ / shares	$ 1,031.56	$ 1,031.56

OPERATING LEASES (Details) - USD ($)	3 Months Ended	9 Months Ended
OPERATING LEASES (Details) - USD ($)	Aug. 31, 2026	Aug. 31, 2026	Nov. 30, 2025	Nov. 03, 2025	Oct. 16, 2025
OPERATING LEASE
Operating right of use assets obtained by lease obligation		$ 678,096
Lease cost:
Operating lease cost	$ 53,678	147,259
Short term lease cost	11,147	71,164
Net lease cost	64,825	218,423
Cash paid for operating lease liabilities	(54,649)	(124,582)
Lease liabilities
Current portion of operating lease liabilities	144,572	144,572	$ 33,155
Long-term portion of operating lease liabilities	548,220	548,220	55,086
Total lease liability	$ 692,792	$ 692,792	$ 88,241
Office Lease, New York, NY
OPERATING LEASE
Lease term					5 years 2 months
Office Lease, Vancouver, Canada
OPERATING LEASE
Lease term				2 years
Discount rate				10.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Aug. 31, 2026	Nov. 30, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Common stock, par value per share (in dollars per share)	$ 0.0001	$ 0.0001
Collateral held	$ 140,960
Reclamation and environmental obligations
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Collateral held	140,960
Corporate credit card
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Collateral held	$ 50,114

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 905
-SubTopic 360
-Name Accounting Standards Codification
-Section 25
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478704/905-360-25-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 30
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482222/360-10-30-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

+ Details

RECLAMATION AND ENVIRONMENTAL OBLIGATION

9 Months Ended

Aug. 31, 2026

RECLAMATION AND ENVIRONMENTAL OBLIGATION

RECLAMATION AND ENVIRONMENTAL OBLIGATION

5.RECLAMATION AND ENVIRONMENTAL OBLIGATION

Reclamation and environmental costs are based principally on legal and regulatory requirements. Management estimates the costs associated with reclamation of land to its original condition following mineral exploration activities. These estimates are reviewed periodically; however, actual results may differ from those estimates.

In connection with the acquisition of Oregon Energy (Note 4), reclamation and environmental obligations were evaluated in accordance with ASC 805, and recorded at their estimated fair value as of the acquisition date. The Company also considered the guidance under ASC 410, Asset Retirement and Environmental Obligations, for subsequent measurement of such obligations.

Prior to the acquisition, Oregon Energy posted cash bonds as financial assurance with the Bureau of Land Management of the United States Department of the Interior (“BLM”) and the Oregon Department of Geology and Mineral Industries (“DOGAMI”) to satisfy reclamation requirements. As of August 31, 2026, restricted cash representing amounts held as collateral for these obligations totaled $140,960 which were assumed as part of the Oregon Acquisition (Note 4). These bonds relate to mineral exploration activities conducted in fiscal years prior to the acquisition, dating back to 2023, for which reclamation activities have been completed prior to the acquisition.

Oregon Energy originally deposited $160,470 with BLM and DOGAMI. In February 2025, refunds of $19,510 were received from the BLM following partial satisfaction of reclamation requirements. The remaining bonds are retained by the BLM and DOGAMI, until revegetation was deemed successful by these regulatory agencies.

As reclamation and environmental obligations were substantially settled prior to the acquisition, and the Company has yet to commence new exploration activities, the carrying amount of reclamation and environmental obligation was $0 as of August 31, 2026.

Increases in reclamation and environmental obligation associated with exploration activities of the Company are not capitalized to mineral rights (Note 6), as only acquisition costs are capitalizable in accordance with ASC 930, Extractive Activities – Mining.

- Definition

The entire disclosure for environmental loss contingencies, such as presence of hazardous waste, relevant information from reports issued by regulators, and estimated costs to achieve compliance with regulatory requirements. This element may be used for all of an entity's disclosures about environmental loss contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481899/410-30-55-11

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481899/410-30-55-16

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/410-30/tableOfContent

Reference 7: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 8: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 9: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 10: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-10

Reference 11: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-11

Reference 12: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-14

Reference 13: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481931/410-30-50-17

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481899/410-30-55-17

+ Details

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY (Tables)

9 Months Ended

Aug. 31, 2026

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY

Schedule of continuity of stock options and stock options outstanding and exercisable



				Weighted average			Weighted average
		Number of stock options		exercise price			remaining life (years)
Outstanding, November 30, 2025		—		$	—		—
Granted		887,375			9.87		—
Outstanding, August 31, 2026		887,375		$	9.87		4.63
Exercisable, August 31, 2026		307,251		$	9.84		4.64

Schedule of continuity of RSUs



		Weighted average grant
	Number of RSUs	date fair value
Unvested, November 30, 2025	—		—
Granted	592,125	$	9.31
Vested	(231,751)		9.28
Unvested, August 31, 2026	360,374	$	9.32

Schedule of warrants activity

As of August 31, 2026, the continuity of share purchase warrants is as follows:



	Number of	Weighted Average		Remaining
	warrants	Exercise price		life (Years)
Balance, November 30, 2025	—	$	—	—
Issued for PIPE financing	2,500,000		12.00	—
Issued on reverse recapitalization (Note 3)	20,922,133		11.50	—
Exercised	(200)		11.50	—
Adjustment	(17)		11.50	—
Balance, August 31, 2026	23,421,916	$	11.55	4.49
Exercisable, August 31, 2026	23,421,916	$	11.55	4.49

Black-Scholes

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY

Schedule of company determined that stock options had a fair value



Expected volatility	114.01	%
Expected term	2.75 years – 3 years
Risk free interest rate	3.99	%
Dividend yield	0	%

Monte Carlo Pricing Model

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY

Schedule of company determined that stock options had a fair value



Expected volatility	120.0	%
Contractual term to expiry	5 years
Risk free interest rate	3.83	%
Early exercise price hurdle	2.5x

Common stock, subject to possible redemption

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY

Schedule of redeemable common stock


Redeemable common stock, November 30, 2025	$	300,000
Less: transfer to permanent equity		(300,000)
Redeemable common stock, August 31, 2026	$	—

Series A cumulative preferred stock, redeemable

STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY

Schedule of redeemable common stock


Redeemable Series A Cumulative Convertible Preferred Stock, November 30, 2025	$	—
Gross proceeds		29,700,000
Allocation to warrant liability (Note 8)		(4,174,276)
Accretion		401,171
Dividends paid-in-kind		937,381
Redeemable Series A Cumulative Convertible Preferred Stock, August 31, 2026	$	26,864,276