Under the terms of the MOU, the parties will conduct a technical and economic assessment to determine the viability of a long-term collaboration for the supply of high assay low enriched uranium (HALEU) with uranium-235 content of greater than 10%. The MOU outlines a potential framework where the European partner would agree to provide uranium feedstocks to QLE's planned conversion and enrichment facilities, and QLE would agree to enrich such feedstocks to produce HALEU, including potential deconversion, for delivery to the partner company.

The term of the MOU extends through December 31, 2030, subject to early termination by either party. The scope of the activities contemplated by the MOU includes the parties' assessment of operational requirements, production scalability for conversion and enrichment, and associated costs and commercial models. The MOU also includes non-binding estimates of quantities of HALEU, with potential deliveries beginning in 2028 and quantities scaling up through 2036, based on the partner's reactor development timeline and anticipated fuel requirements.

The MOU comes amid growing global urgency to establish diverse and reliable HALEU production capabilities. With increasing demand from next-generation reactor developers worldwide and evolving geopolitical dynamics affecting nuclear fuel supply chains, domestic U.S. enrichment capacity capable of serving both domestic and international customers is expected to be critical for the advancement of advanced nuclear energy systems.