REG - JSC NAC Kazatomprom - Kazatomprom 2Q25 Operations and Trading Update

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RNS Number : 5816T  JSC National Atomic Co. Kazatomprom  01 August 2025

AIX: KAP, KAP.Y (GDR)

LSE: KAP (GDR)

 

 
1 August 2025, Astana, Kazakhstan
 
Kazatomprom 2Q25 Operations and Trading Update

 

National Atomic Company "Kazatomprom" JSC ("Kazatomprom", "KAP" or "the
Company") announces the following operations and trading update for the second
quarter and half-year ended 30 June 2025.Kazatomprom notes that it begins
reporting its production and sales metrics in million pounds U(3)O(8) (Mlbs)
in addition to tonnes of uranium in line with uranium market's general
reporting format and investor communities' expectations.

 

This update provides a summary of recent developments in the uranium industry,
as well as provisional information related to the Company's key second quarter
and half-year operating and trading results. The information contained in this
Operations and Trading Update may be subject to change.

 
Market Overview

 

Changes in the U.S. trade policy have dominated headlines throughout the first
half-year. On 7 July, a new Executive Order titled "Extending the Modification
of the Reciprocal Tariff Rates" was introduced extending earlier decision on
reciprocal tariffs until 1 August 2025. The Republic of Kazakhstan has also
received an official letter from the U.S. President stating that a 25% tariff
may apply to exports of "any and all Kazakh goods, separately from all the
sectoral tariffs". Based on the consultations with several pertinent
third-party organizations, the consensus is that uranium remains excluded from
the tariff modifications mentioned in the 7 July Executive Order. This
position was also officially stated by Kazakhstan's Ministry of Trade and
Integration.

 

Canada, a major trading partner and uranium exporter to the U.S., was also
notified on a potential tariff rate increase, to 35% from the current 25%.
Nonetheless, goods covered by the United States-Mexico-Canada Agreement on
trade are expected to remain exempt, pending further commentaries from U.S.
officials.

 

On 23 May, President Trump signed four Executive Orders aimed at accelerating
the expansion of nuclear energy and quadrupling of nuclear capacities in the
United States by 2040. These measures include fast-tracking regulatory
approval for new reactor designs, boosting federal procurement of
nuclear-generated electricity, increasing support for domestic nuclear fuel
production, and expanding research partnerships.

 

The World Bank lifted its long-standing ban on funding new nuclear energy
projects. The decision also applied to acceleration of Small Modular Reactors
(SMRs) deployment and life extension of existing nuclear power plants (NPPs),
as was noted by the World Bank's President Ajay Banga. This move is a part of
a broader strategy to tackle the projected doubling of electricity demand by
2035, which would require annual investment to rise from $280 billion today to
$630 billion. In the wake of the World Bank's decision, the Asian Development
Bank announced that it was also considering lifting its ban on financing
nuclear power projects to help meet the expected surge in demand for energy
across the region.

 

Constellation Energy announced a landmark 20-year power purchase agreement
with Meta to supply 1,121 MWe of electricity from Clinton NPP in Illinois,
starting June 2027. The announcement followed a broader stride of strategic
partnerships between nuclear industry and the tech sector: Amazon with
Constellation and Talen, Google with Kairos Power, and several others.

 

Sprott Physical Uranium Trust (SPUT) raised $200 million through a bought deal
with Canaccord Genuity, pursuant to which 11.6 million units of the Trust were
issued at a price of $17.25 per unit. According to the official statement,
proceeds from the deal will be used to purchase physical uranium in the form
of natural uranium concentrates. Since its inception SPUT has acquired over 68
million pounds of U(3)O(8) (~26,260 tU), making it the largest physical
uranium investment vehicle in the world.

 

UK's Great British Energy - Nuclear announced the selection of Rolls-Royce SMR
as the preferred bidder to construct the country's first SMRs, subject to
final government approvals. The final investment decision is expected in 2029,
with the goal to connect the project to the grid in mid-2030s. The
announcement came alongside UK Government's $19.2 billion investment to build
Sizewell C NPP, replicating the plant currently being built at Hinkley Point
C. French EDF has agreed in principle to invest $1.5 billion, taking a 12.5%
stake in Sizewell C, which will feature two EPR reactors. On 22 July, Centrica
announced its decision to acquire a 15% stake in Sizewell C.

Kazakhstan's Atomic Energy Agency announced the selection of Rosatom as the
leader of an international consortium to build the country's first large-scale
NPP. Based on the same basement, China National Nuclear Corporation (CNNC) was
placed second and is expected to potentially lead the construction of the
second and the third NPP in Kazakhstan.

 

Several countries also announced major changes to their national nuclear
energy strategies:

 

·   Taiwan's Central Election Commission approved the proposal to hold a
referendum on restarting the Maanshan NPP, setting the date to 23 August 2025.
The decision followed the reverse in the "nuclear-free" policy, aimed at
decommissioning all nuclear reactors after the expiry of their 40-year
operating licenses.

·     Belgium's Federal Parliament has repealed with an overwhelming
majority the 2003 law for the phase-out of nuclear power and banning the
construction of new nuclear generating capacity.

·     Germany, under newly appointed Chancellor Friedrich Merz, is now
more open to treat nuclear energy on par with renewables in EU's energy
legislation, which was highlighted after a meeting in May between the German
leader and French President Emmanuel Macron.

·    Spain's Congress of Deputies approved the initiation of the Popular
Party's bill to guarantee the contribution of nuclear energy to the
decarbonisation of country's energy system. The bill includes "the urgent
re-evaluation of the situation of the nuclear fleet and the planned closure
plan adopted by the Government".

 

The following events underscored key developments on the demand side during
the reporting period:

 

·      In South Korea, the first safety-related concrete has been poured
for Unit 3 at the Shin Hanul NPP. The APR-1400 reactor is scheduled to be
completed in 2032.

·    France's Nuclear Safety and Radiation Protection Authority
authorized EDF to operate its fleet of 20 pressurised water reactors (PWRs),
each with a capacity of 1,300 MWe, beyond the 40-year design lifespan. The
extension is conditional upon on the timely implementation of extensive safety
upgrades.

·     Russia's Rostechnadzor approved an operating license extension for
Unit 1 of the Kalinin NPP through 2044. The 1,000 MWe VVER can now operate for
a total of 60 years, following confirmation of compliance with all safety and
regulatory requirements.

·     Belgium's Federal Agency for Nuclear Control has formally granted
a 10-year life extension for Unit 3 at the Tihange NPP, allowing it to restart
operations on 15 July 2025. A similar extension is anticipated for Unit 4 of
the Doel NPP.

·    In China, the first safety-related concrete was poured for Unit 3 at
the Taipingling NPP in Guangdong province. This is the third of six HPR1000
(Hualong One) units planned for the site, with Unit 1 scheduled for launch by
the end of 2025.

·     U.S. Nuclear Regulatory Commission issued a supportive inspection
report advising on the 20-year license renewal of Diablo Canyon NPP. The
two-unit NPP with a total capacity of 2,240 MWe remains the last operating
nuclear site in the state of California.

·     South Korea's Nuclear Safety and Security Commission approved the
decommissioning of Unit 1 at the Kori NPP. The 576 MWe PWR started commercial
operation in 1978 and was permanently shut down in 2017, becoming the first
South Korean reactor to enter decommissioning.

 

On the supply side:

 

·      McClean Lake, a joint venture between Orano Canada and Denison
Mines, commenced uranium mining at McClean Lake North using Surface Access
Borehole Resource Extraction (SABRE) method, recovering about 250 tonnes of
high-grade ore (10+% U(3)O(8)) from the first mining cavity.

·     In its Q2 2025 report Ur-Energy highlighted progress at the
flagship Lost Creek Project, having recently completed construction and
startup of header house 2-15. During Q2 Ur-Energy also produced and packaged
112,033 pounds of U(3)O(8) (~43 tU), a 35% increase compared to Q1 2025.

·     CNNC announced that its largest domestic project - the National
Uranium No.1 demonstration project in Ordos, Inner Mongolia - produced the
first barrel of natural uranium using a CO(2) and O(2) in-situ recovery
method.

·      The U.S. Department of the Interior approved Anfield Energy's
Velvet-Wood uranium project in Utah, after the Bureau of Land Management
completed its fast-track review of the project in less than 14 days. The
combined Velvet and Wood mines are estimated to have 5.15 million pounds of
U(3)O(8) (~1,980 tU) of measured, indicated, and inferred resources.

·   Orano and Kazatomprom announced the inauguration of its new uranium
processing plant at the JV KATCO's South Tortkuduk mining site in Kazakhstan
allowing technical capabilities for the JV to reach to its nominal production
level by 2026.

·    Rössing Uranium announced plans to develop the Z20 mine to extend
the main Rössing mine's life beyond the planned closure in 2036. The project
involves open-pit mining, construction of a crushing and sorting complex, and
associated infrastructure. Z20 mine's resources are estimated at 46,250 tU. A
final decision on production commencement is expected by 2030.

·     Orano stated that SOMAÏR, the company's principal mining asset in
Niger, is on the verge of bankruptcy as a result of export restrictions
imposed by the current Niger's Government. Earlier, Niger's Council of
Ministers announced plans to appropriate and nationalise the SOMAÏR joint
venture, which Orano intended to overturn through litigation.

 
Market Pricing and Activity

* Average of UxC and TradeTech reported prices

 

In early April, the market continued to experience moderate volatility, but by
the end of the month spot prices rose to $67.73/lb U(3)O(8). In May, spot
prices reached $71.55/lb U(3)O(8). The growth continued in June, reaching a
new high of $78.50/lb U(3)O(8) at the end of the month. This growth is mainly
attributed to the entry of SPUT into the market (after raising $200 million)
creating additional demand.

 

According to third-party assessments, during the first half of 2025, spot
market participants purchased 19.9 million pounds of U(3)O(8) (~7,654 tU) at
an average weekly spot price of $69.11/lb of U(3)O(8), compared to 18.1
million pounds (~6,962 tU) of U(3)O(8) at an average weekly spot price of
$92.62/lb U(3)O(8) for the same reporting period last year. Thus, the volume
of spot transactions for the first half of 2025 increased by 10% year-on-year.

 

Long-term market's activity in the second quarter 2025 was moderate, showing
low trading volumes. According to third-party assessments, transaction volumes
for the first half of 2025 amounted to 27 million pounds of U(3)O(8) (~10,385
tU) compared to 31 million pounds of U(3)O(8) (~11,923 tU) for the same period
of 2024. However, the long-term price indicators remained stable at $80/lb
U(3)O(8) (published by third-party sources on a monthly basis).

 
Company Developments

 

Update on the sulphuric acid plant project

 

As previously announced, the Company has guaranteed debt financing for the
construction of sulphuric acid plant from the Development Bank of Kazakhstan
JSC through opening a credit line to Taiqonyr Qyshqyl Zauyty LLP (TQZ). The
total cost of the investment project is about KZT 113 billion, the amount of
loan financing from the Development Bank of Kazakhstan is expected at KZT 85
billion. The plant is scheduled for completion in the first quarter of 2027.

 

Commencement of a new processing plant at JV KATCO

 

On 3 July JV KATCO, the Company's joint venture with Orano, launched the new
uranium processing plant that marks the successful implementation of the South
Tortkuduk project. The new processing plant has an annual capacity of 2,000
tU, dedicated to uranium solutions from the southern area of the deposit,
which is expected to gradually replace currently exploited areas.

 

The commissioning of this plant will allow the South Tortkuduk mine to reach
its full nominal capacity. The JV's actual 2026 production plans will depend
on Kazatomprom's 2026 production strategy, which is determined based on
value-over-volume approach.

 

Prospects for expansion of EU sales geography

 

Kazatomprom, the Ministry of Energy of Romania, and the state company SN
Nuclearelectrica S.A. held negotiations on expanding bilateral cooperation in
the supply of natural uranium and the development of the beryllium industry.
The discussion of a ten-year contract terms for the supply of Kazakh natural
uranium for the Romania's nuclear energy needs marked a productive conclusion
to the meeting. Moreover, Romanian side expressed interest in joint scientific
and technical work with Ulba Metallurgical Plant JSC and further exploration
of opportunities for processing beryllium ore from Romanian deposits.

 

Kazatomprom has also announced the signing of a Memorandum of Understanding
(MoU) with Slovenské elektrárne a.s. (SEAS), Slovakia's largest electricity
producer, reflecting the mutual interest of both parties in developing
long-term cooperation in nuclear energy sector. The MoU outlines the parties'
intent to establish supplies of natural uranium concentrate and potential
deliveries of uranium dioxide (UO(2)) for Slovak nuclear power plants, as well
as to explore additional areas of future cooperation. This is the first
official document signed between Kazatomprom and SEAS, marking the beginning
of a new phase of collaboration.

 

Inaugural election of Kazatomprom to WNA's Board of Governors

 

Company's CEO Meirzhan Yussupov has been elected to the Board of Governors of
the World Nuclear Association (WNA). He is the first representative from
Kazakhstan to join this key governing body. It is a significant milestone that
opens up a number of opportunities for the Company:

 

·    participation in shaping the global agenda and strategic initiatives
in the field of regulation, sustainable development, and innovation;

·     opportunity to promote national interests through dialogue with
key international institutions, including the IAEA;

·      priority access to WNA's analytical and strategic documents;

·      recognition of Kazatomprom's status as a global leader in the
nuclear industry;

·      new opportunities for cooperation with global partners,
regulators, and investors.

 

Completion of 2024 dividend payment and Amendments to the Dividend Policy

 

The Company has completed the payment of its 2024 dividends to shareholders on
22 July 2025. A total of KZT 327,857,875,304.96 (three hundred twenty seven
billion eight hundred fifty seven million eight hundred seventy five thousand
three hundred and four tenge 96 tiyn) or KZT 1,264.12 (one thousand two
hundred and sixty four tenge 12 tiyn) per one ordinary share (one GDR is equal
to one ordinary share) was paid out to the Company's shareholders, according
to the decision adopted by the Annual General Meeting of Shareholders (the
AGM) held on 27 May 2025.

 

The AGM also approved amendments to the Company's dividend policy in terms of
revising the approach to calculating consolidated free cash flow. The revision
mainly relates to excluding cash flows attributable to non-controlling
interests and taking into account proceeds from investment activities,
specifically the disposal of assets and dividends received by the Company's
subsidiaries from their associated and jointly controlled entities. The
amended calculation formula will be applied when determining the amount of
dividends to be distributed based on the results of 2025 and beyond.

 

Composition of the Board of Directors

 

The AGM decided to terminate the powers of Mr. Yernat Berdigulov, a member of
Kazatomprom's Board of Directors and a representative of the interests of
Samruk-Kazyna JSC, and elected Mrs. Saltanat Satzhan to the Company's Board of
Directors as a new representative of Samruk-Kazyna interests (for the whole
term of office of Kazatomprom Board of Directors). Kazatomprom's Board of
Directors is currently composed as follows:

• Arman Argingazin - independent director, Chairman of the Board of
Directors;

• Armanbay Zhubayev - independent director;

• Nodir Sidikov - independent director;

• Aidar Ryskulov - representative of the interests of Samruk-Kazyna JSC;

• Yelzhas Otynshiyev - representative of the interests of Samruk-Kazyna JSC;

• Saltanat Satzhan - representative of the interests of Samruk-Kazyna JSC;

• Meirzhan Yussupov - Chief Executive Officer, Kazatomprom.

 

Full biographies of the members of the Board of Directors are available at
www.kazatomprom.kz (https://www.kazatomprom.kz) .

Kazatomprom's 2025 Second-Quarter and Half-Year Operational Results(1)
                                                   Three months ended 30 June              Six months

                                                                                           ended 30 June
                                                   2025            2024            Change  2025      2024      Change
 Production volume U(3)O(8        tU               6,609           5,780           14%     12,242    10,857    13%
 ) (100% basis)(2)
                                  Mlbs             17.18           15.03           31.83             28.23
 Production volume U(3)O(8)       tU               3,467           3,073           13%     6,431     5,797     11%

(attributable basis)(3)
                                  Mlbs             9.01            7.99            16.72             15.07
 Group U(3)O(8) sales volume(4)   tU               5,065           5,027           1%      7,625     7,779     (2%)
                                  Mlbs             13.17           13.07           19.82             20.22
 KAP U(3)O(8) sales volume        tU               4,429           4,397           1%      6,987     6,717     4%

(incl. in Group)(5)
                                  Mlbs             11.51           11.43           18.16             17.46
 Group average realized price(6)  USD/lb U(3)O(8)  60.36           68.28           (12%)   58.54     66.19     (12%)
 KAP average realized price(7)    USD/lb U(3)O(8)  58.67           65.92           (11%)   57.27     62.47     (8%)
 Average month-end spot price(8)  USD/lb U(3)O(8)  72.59           87.88           (17%)   69.38     91.10     (24%)

(1) All values are preliminary.

(2) U(3)O(8) Production volume (100% basis): Amounts represent the entirety of
production of an entity in which the Company has an interest; it therefore
disregards the fact that some portion of that production may be attributable
to the Group's joint venture partners or other third party shareholders.
Precise actual production volumes remain subject to converter adjustments and
adjustments for in-process material.  (3) Production volume U(3)O(8) (tU)
(attributable basis): Amounts represent the portion of production of an entity
in which the Company has an interest, which corresponds only to the size of
such interest; it excludes the portion attributable to the JV partners or
other third party shareholders, except for production from JV Inkai LLP, where
the annual share of production is determined as per the Implementation
Agreement as disclosed in IPO Prospectus. Actual drummed production volumes
remain subject to converter adjustments and adjustments for in-process
material.

(4) Group U(3)O(8) sales volume: includes the sales of U(3)O(8) by Kazatomprom
and those of its consolidated subsidiaries (companies that KAP controls by
having (i) the power to direct their relevant activities that significantly
affect their returns, (ii) exposure, or rights, to variable returns from its
involvement with these entities, and (iii) the ability to use its power over
these entities to affect the amount of the Group's returns. The existence and
effect of substantive rights, including substantive potential voting rights,
are considered when assessing whether KAP has power to control another
entity). For consistency, Group U(3)O(8) sales volumes do not include other
forms of uranium products (including, but not limited to the sales of fuel
pellets and enriched uranium product (EUP)). Yet, some part of Group U(3)O(8)
production may go to the production of EUP, fuel pellets and fuel assemblies
(FA) at Ulba-FA LLP.

(5) KAP U(3)O(8) sales volume (incl. in Group): includes only the total
external sales of U(3)O(8) of KAP HQ and Trade House KazakAtom AG (THK).
Intercompany transactions between KAP HQ and THK are not included.

(6) Group average realized price (USD/lb U(3)O(8)): average includes
Kazatomprom's sales and those of its consolidated subsidiaries, as defined in
parenthesis in footnote 4 above.

(7) KAP average realized price (USD/lb U(3)O(8)): the weighted average price
per pound for the total external sales of KAP HQ and THK. The pricing of
intercompany transactions between KAP HQ and THK are not included.

(8) Source: UxC LLC, TradeTech. Values provided are the average of the
month-end uranium spot prices quoted by UxC and TradeTech, and not the average
of each weekly quoted spot price throughout the month. Contract price terms
generally refer to a month-end price.

* For some JVs, the Company has a right to purchase additional volumes beyond
its attributable share if the JV partner chooses to forgo its entitled share.

** For JV Budenovskoye LLP, 100% of the 2024-2026 annual production is fully
committed for supplying the needs of the Russian civil nuclear energy
industry, under an offtake contract at market-related terms.

*** Please note the conversion of kgU to pounds U(3)O(8) is 2.5998.

Production on both a 100% basis and an attributable basis were higher in the
first half of 2025 compared to the same period in 2024, due to an increase in
2025 production plan in line with the Company's guidance for 2025 compared to
2024.

 

In the first half of 2025, sales for the Group were lower compared to the same
period in 2024, while KAP sales exceeded the 2024's first half volumes. The
variation in sales volumes at both the Group and KAP levels is due to the
timing of customers' request of scheduled deliveries. Sales volumes can vary
substantially each quarter, and quarterly sales volumes vary year to year due
to variable timing of customer delivery requests during the year, and physical
delivery activity.

 

The 24% decline in the spot price during the reporting period had a limited
effect on the Group's and Kazatomprom's average realized prices, with them
decreasing by 12% and 8%, respectively, compared to the same period in 2024.
The Company's current sales portfolio includes long-term contracts linked to
the uranium spot prices. Certain deliveries under long-term contracts in 2025
incorporated a portion of fixed pricing components, including price ceilings
that were negotiated during a different price environment.

 

In the uranium market, the trends in quarterly metrics and interim results are
rarely representative of annual expectations; for annual expectations, please
see the Company's guidance metrics, as well as its price sensitivity table
from section 12.1 Uranium sales price sensitivity analysis, in the Company's
Operating and Financial Review for 2024, which will be updated with half-year
financial results disclosure.

 

Kazatomprom's 2025 Updated Guidance
                                                         Updated Guidance for 2025  Previous Guidance for 2025
                                                         520 KZT/1 USD              520 KZT/1 USD
 Production volume U(3)O(8)                     tU       25,000 - 26,500            25,000 - 26,500

(100% basis)(1, 2)
                                                Mlbs     64.99 - 68.89              64.99 - 68.89
 Production volume U(3)O(8)                     tU       13,000 - 14,000            13,000 - 14,000

(attributable basis)(2,3)
                                                Mlbs     33.79 - 36.40              33.79 - 36.40
 Group sales volume                             tU       17,500 - 18,500            17,500 - 18,500

(consolidated)(4)
                                                Mlbs     45.50 - 48.10              45.50 - 48.10
 Incl. KAP sales volume                         tU       13,500 - 14,500            14,000 - 15,000

(included in Group sales volume)(5)
                                                Mlbs     35.10 - 37.70              36.40 - 39.00
 Revenue - consolidated(6)                      KZT bln  1,600 - 1,700              1,600 - 1,700
 Revenue from Group U(3)O(8) sales(6)           KZT bln  1,400 - 1,500              1,400 - 1,500
 C1 cash cost (attributable basis)*             USD/lb   16.50 - 18.00              16.50 - 18.00
 All-in sustaining cash cost                    USD/lb   29.00 - 30.50              29.00 - 30.50

(attributable C1 + capital cost)*
 Total capital expenditures of mining entities  KZT bln  385 - 415                  385 - 415

(100% basis)(7)

( )

(1) Production volume U(3)O(8) (tU) (100% basis): Amounts represent the
entirety of production of an entity in which the Company has an interest; it
disregards that some portion of production may be attributable to the Group's
JV partners or other third-party shareholders. Precise actual production
volumes remain subject to converter adjustments and adjustments for in-process
material.

(2) The duration and full impact including, but not limited to sanctions
pressure due to the Russian-Ukrainian conflict and limited access to some key
materials are not known. As a result, annual production volumes may differ
from internal expectations.

(3) Production volume U(3)O(8) (tU) (attributable basis): Amounts represent
the portion of production of an entity in which the Company has an interest,
corresponding only to the size of such interest; it excludes the portion
attributable to the JV partners or other third-party shareholders, except for
JV Inkai LLP, where the annual share of production is determined as per
Implementation Agreement as disclosed in IPO Prospectus. Actual drummed
production volumes remain subject to converter adjustments and adjustments for
in-process material. For JV Budenovskoye LLP, 100% of the 2024-2026 annual
production is fully committed for supplying the needs of the Russian civil
nuclear energy industry, under an offtake contract at market-related terms.

(4) Group sales volume: includes Kazatomprom's sales and those of its
consolidated subsidiaries (according to the definition of the Group provided
on page one of this document). Group U(3)O(8) sales volumes do not include
other forms of uranium products (including, but not limited to, the sales of
fuel pellets and enriched uranium).

(5) KAP sales volume (included in Group sales volume): includes only the total
external sales of KAP HQ and THK. Intercompany transactions between KAP HQ and
THK are not included.

(6) Revenue expectations are based on uranium prices taken at a single point
in time from third-party sources. The prices used do not reflect any internal
estimate from Kazatomprom, and 2025 revenue could be materially impacted by
how actual uranium prices and exchange rates vary from the third-party
estimates.

(7) Total capital expenditures (100% basis): includes only capital
expenditures of the mining entities, includes significant CAPEX for investment
and expansion projects. Excludes liquidation funds and closure costs. For 2025
includes development costs for mining infrastructure of JV Budenovskoye LLP,
JV Katco LLP (South Tortkuduk) and MC Ortalyk LLP (Zhalpak) for a total amount
of approximately KZT 153 billion.

* Please note that the conversion ratio of kgU to pounds U(3)O(8) is 2.5998.

** For some JVs, the Company has a right to purchase additional volumes beyond
its attributable share if the JV partner chooses to forgo its entitled share
of production (beyond the production volume attributable to Company).

 

The Company leaves all guidance metrics for 2025 unchanged, except for the KAP
sales volume range, which is reduced by 500 tonnes. This adjustment resulted
from a shift in 2025 delivery schedule, where a contract delivery has been
re-scheduled to a later period as per the customer's request.

 

Revenue, C1 cash cost (attributable basis) and All-in Sustaining cash cost
(attributable C1 + capital cost) may vary from the ranges shown, to the extent
that the USD/KZT exchange rate and uranium spot price differ significantly
from the Company's assumptions.

 

The Company only intends to update annual guidance in relation to operational
factors and internal changes that are within its control. Key assumptions used
for external metrics, such as exchange rates and uranium prices, are
established using third-party sources during the Company's annual budget
process in the previous year; such assumptions will only be updated on an
interim basis in exceptional circumstances.

 
Conference Call Notification - 2025 Half-Year Operating and Financial Review (22 August 2025)

 

Kazatomprom has scheduled a conference call to discuss its 2025 half-year
operating and financial results, after they are released on 22 August 2025.
The call will begin at 17:00 (GMT+5) / 13:00 (BST) / 08:00 (ET). Following
management remarks, an interactive English Q&A session will be held with
investors.

 

For the English live webcast registration and conference call dial-in details,
please visit:

https://sparklive.lseg.com/JSCNationalAtomicCoKazatomprom/events/17cf86b5-f50b-4456-917f-8452ef2714db/2025-half-year-operating-and-financial-review-conference-call
(https://sparklive.lseg.com/JSCNationalAtomicCoKazatomprom/events/17cf86b5-f50b-4456-917f-8452ef2714db/2025-half-year-operating-and-financial-review-conference-call)

 

For the Russian live webcast registration and corresponding dial-in details,
please visit:

https://sparklive.lseg.com/JSCNationalAtomicCoKazatomprom/events/22de6fed-41f8-434d-989b-40d64f104146/2025
(https://sparklive.lseg.com/JSCNationalAtomicCoKazatomprom/events/22de6fed-41f8-434d-989b-40d64f104146/2025)

 

A recording of the webcast will be available at www.kazatomprom.kz
(https://www.kazatomprom.kz/)  shortly after it concludes.

 

 

For more information, please contact:

 

Investor Relations Inquiries

Botagoz Muldagaliyeva, Director, Investor Relations

Tel: +7 7172 45 81 80 / 69

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

 

Public Relations and Media Inquiries

Daniyar Oralov, Director, Public Relations

Tel: +7 7172 45 80 63

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

 

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

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.

Kazatomprom securities are listed on the London Stock Exchange and Astana
International Exchange. Kazatomprom is the national atomic company in the
Republic of Kazakhstan. The Group's primary customers are operators of nuclear
generation capacity, the principal 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) .

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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