Prepared by Inflection Venture Partners · Embedded Growth Capital Advisory
SR&ED — FY2025 & FY2026 (Contingency) · New Engagement
📋 Recap
The expanded general ledger came through and it changed the picture materially. Working through it identified roughly $75,000 in additional eligible costs beyond what the first spreadsheet showed, which moves the FY2025 claim estimate up substantially from where the initial cost analysis had landed it.
That reconciliation mattered: the FY2025 statements showed $648,980 in professional fees against roughly $150,000 in the original spreadsheet. The per-person breakdown Ashley supplied resolved it — thank you for the same-afternoon turnaround on that.
FY2025 time allocations are recorded: approximately 15% for Ryan and 25% for Pablo, with both substantially higher in FY2026.
The eligibility analysis of professional services spend is complete against the arm's-length and technical-work tests.
The FY2025 technical picture from the September 28 interview is mapped — the dry and wet UF6 conversion routes, the wet-process selection made in October 2025, and the mass and energy balances and PFDs covering roughly three-quarters of the plant.
We have set out the open items in detail so nothing is discovered late: the equity positions for Dustin Wilkes and Douglas Gray (both appear in the ledger and both go to the arm's-length test), the roles and ownership status of Paul Toupin and Greg Lamarre, and whether Ron sits on payroll rather than in the contractor ledger.
🔭 Outlook
We will walk you through the revised FY2025 estimate and the reasoning behind it directly rather than sending a number cold — the figure has moved in both directions as the ledger detail came in, and the reasoning matters more than the headline.
With it, a clear choice on FY2025: file to establish a CRA track record, or concentrate the effort on FY2026. We will set out the case for each, including an honest read on audit probability for a first-time claim, and let you make the call.
The outstanding document list is what everything else waits on: the 2025 general ledger including payroll, reports and documentation of the development work, and contracts plus invoices for the named contractors.
Clarify what Ryan and Pablo contributed technically in 2025 relative to Ron's end-of-year process workflow build, and confirm T4 versus contractor status for each.
The FY2025 technical narrative goes to Ron for accuracy review before anything is finalised.
Confirm the filing entity and payroll structure across Nucleon Energy and Nucleon Fuel.
December 31, 2026 — FY2026 year end. We want lightweight time and activity tracking running before then, with ERA overlap tracked as it accrues. FY2026 is shaping up as the stronger claim year and we would rather capture it as it happens than reconstruct it.
📝 Notes
This engagement is contingency-based — fees arise only from credits actually received — so the file-or-skip decision on FY2025 is yours to make on the merits, with no cost either way.