REG - JSC NAC Kazatomprom - KAP Announces Amendments to the Subsoil Use Code

NAK Kazatomprom AOAnnouncement

29/12/2025 08:00

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RNS Number : 9751M  JSC National Atomic Co. Kazatomprom  29 December 2025

AIX: KAP, KAP.Y (GDR)

LSE: KAP (GDR)

 

 

29 December 2025, Astana, Kazakhstan
 

Kazatomprom Announces Amendments to the Subsoil Use Code

National Atomic Company "Kazatomprom" JSC ("Kazatomprom") announces that on 26
December 2025 the President of the Republic of Kazakhstan signed a law on the
"Amendments and Additions to the Code of the Republic of Kazakhstan 'On
Subsoil and Subsoil Use' regarding the improvement of subsoil use in the
hydrocarbon and uranium sectors" (the "Law").

Kazatomprom highlights the following key uranium-related changes introduced in
the Law that impact its operations as the national company in the uranium
sector (the "National Company").

Uranium Exploration at Prospective Areas

In accordance with the Law, the National Company is granted priority rights to
obtain exploration licenses for prospective areas, along with the ability to
reserve blocks containing uranium mineralization and/or deposits.

If uranium mineralization and/or deposits are discovered on solid mineral
blocks held by other subsoil users, license extensions for such areas are
contingent upon the subsoil users relinquishing the relevant blocks to the
State. Furthermore, should other subsoil users discover a uranium deposit
within solid mineral formation, they do not acquire a priority right to
uranium production.

Production Rights under New Subsoil Use Agreements

Should the National Company be awarded a new subsoil use agreement ("SUA") for
uranium production, any subsequent transfer of the SUA is permitted only to a
legal entity in which the National Company directly or indirectly holds an
interest of more than 75%. The previous version of the Code allowed for such
transfers to entities where the National Company held an interest of more than
50%. These new requirements apply exclusively to new SUAs and do not affect
existing SUAs.

Extensions of SUA's Expiration Periods and Increases in Production/Reserve
Volumes

The extension of the SUA's expiration periods, as well as increases in
production volumes and/or uranium reserves beyond currently approved
obligations (or levels) under the existing SUAs for uranium production, are
permitted only if one of the following conditions is introduced to such SUA.
The National Company's direct or indirect ownership interest in the joint
venture holding such SUA ("JV") is at least 90%, or the foreign partner
(shareholder) of the JV transfers uranium conversion and enrichment
technologies to the National Company or to a jointly established legal entity
under the terms specified in the Law. These terms include the construction of
a plant and a guaranteed contract for at least 50% of the output of such plant
for the entire duration of the SUA extension.

Additional Regulatory Provisions

The amendments introduced by the Law also clarify the grounds for the early
termination of SUAs. Specifically, these grounds now include cases involving
the full depletion and/or development of uranium reserves under existing SUAs
as of 1 January 2024, as well as the failure to fulfill obligations regarding
the increase of the National Company's ownership interest or the transfer of
conversion and enrichment technologies specified above.

Furthermore, the right to conduct additional exploration at producing uranium
deposits is reserved exclusively for the National Company or entities in which
the National Company holds at least a 90% interest. If additional exploration
was conducted by another subsoil user after 1 January 2024 and resulted in an
increase in uranium reserves, the right to such incremental reserves is not
transferred to that subsoil user. Under such circumstances, the National
Company is required to reimburse the actual exploration costs incurred,
provided they are substantiated and verified by an independent auditor.

Kazatomprom emphasizes that the regulatory changes do not entail revisions or
changes of ownership interests in existing JVs within the parameters
established under current SUAs.

Kazatomprom remains committed to the efficient utilization and replenishment
of its resource base creating long-term value for all stakeholders,
strengthening its position as a global leader in the nuclear industry, and
contributing to the global transition to clean energy.

For more information, please contact:

Public Relations and Media Inquiries

Daniyar Oralov, Director, Public Relations

Tel: +7 7172 45 80 63

Email: pr@kazatomprom.kz (mailto:pr@kazatomprom.kz)

Investor Relations Inquiries

Botagoz Muldagaliyeva, Director, Investor Relations

Tel.: +7 7172 45 81 80/69

Email: ir@kazatomprom.kz (mailto:ir@kazatomprom.kz)

A copy of this announcement is available at www.kazatomprom.kz
(https://www.kazatomprom.kz/en) .

About Kazatomprom

Kazatomprom is the world's largest producer of uranium with the Company's
attributable production representing approximately 21% of global primary
uranium production in 2024. The Group benefits from the largest reserve base
in the industry and operates, through its subsidiaries, JVs and Associates, 27
deposits grouped into 14 mining assets. All of the Company's mining operations
are located in Kazakhstan and extract uranium using ISR technology with a
focus on maintaining industry-leading health, safety and environment standards
(ISO 45001 and ISO 14001 certified).

Kazatomprom securities are listed on the London Stock Exchange and Astana
International Exchange. Kazatomprom is the national atomic company in the
Republic of Kazakhstan, and the Group's primary customers are operators of
nuclear generation capacity, the main export markets for the Group's products
are Asia, Europe and North America. The Group sells uranium and uranium
products under long-term contracts, short-term contracts as well as in the
spot market, directly from its headquarters in Astana, Kazakhstan, and through
its Switzerland-based trading subsidiary, Trade House KazakAtom AG (THK).

For more information, please see the Company website at www.kazatomprom.kz
(https://www.kazatomprom.kz/en) .

 

Forward-looking statements

All statements other than statements of historical fact included in this
communication or document are forward-looking statements. Forward-looking
statements give the Company's current expectations and projections relating to
its financial condition, results of operations, plans, objectives, future
performance and business. These statements may include, without limitation,
any statements preceded by, followed by or including words such as "target,"
"believe," "expect," "aim," "intend," "may," "anticipate," "estimate," "plan,"
"project," "will," "can have," "likely," "should," "would," "could" and other
words and terms of similar meaning or the negative thereof. Such
forward-looking statements involve known and unknown risks, uncertainties and
other important factors beyond the Company's control that could cause the
Company's actual results, performance or achievements to be materially
different from the expected results, performance or achievements expressed or
implied by such forward-looking statements. Such forward-looking statements
are based on numerous assumptions regarding the Company's present and future
business strategies and the environment in which it will operate in the
future.

THE INFORMATION WITH RESPECT TO ANY PROJECTIONS PRESENTED HEREIN IS BASED ON A
NUMBER OF ASSUMPTIONS ABOUT FUTURE EVENTS AND IS SUBJECT TO SIGNIFICANT
ECONOMIC AND COMPETITIVE UNCERTAINTY AND OTHER CONTINGENCIES, NONE OF WHICH
CAN BE PREDICTED WITH ANY CERTAINTY AND SOME OF WHICH ARE BEYOND THE CONTROL
OF THE COMPANY. THERE CAN BE NO ASSURANCES THAT THE PROJECTIONS WILL BE
REALISED, AND ACTUAL RESULTS MAY BE HIGHER OR LOWER THAN THOSE INDICATED. NONE
OF THE COMPANY NOR ITS SHAREHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES, ADVISORS
OR AFFILIATES, OR ANY REPRESENTATIVES OR AFFILIATES OF THE FOREGOING, ASSUMES
RESPONSIBILITY FOR THE ACCURACY OF THE PROJECTIONS PRESENTED HEREIN.

The information contained in this communication or document, including but not
limited to forward-looking statements, applies only as of the date hereof and
is not intended to give any assurances as to future results. The Company
expressly disclaims any obligation or undertaking to disseminate any updates
or revisions to such information, including any financial data or
forward-looking statements, and will not publicly release any revisions it may
make to the Information that may result from any change in the Company's
expectations, any change in events, conditions or circumstances on which these
forward-looking statements are based, or other events or circumstances arising
after the date hereof.

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