REG - JSC NAC Kazatomprom - Kazatomprom 3Q25 Operations and Trading Update

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RNS Number : 8686F  JSC National Atomic Co. Kazatomprom  03 November 2025

AIX: KAP, KAP.Y (GDR)

LSE: KAP (GDR)

 

 
3 November 2025, Astana, Kazakhstan
Kazatomprom 3Q25 Operations and Trading Update

National Atomic Company "Kazatomprom" JSC ("Kazatomprom", "KAP" or "the
Company") announces the following operations and trading update for the third
quarter and nine months ended 30 September 2025.

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

Market Overview

The 50th anniversary World Nuclear Symposium, held 3-5 September in London,
brought together over a thousand experts, policymakers, finance leaders, as
well as tech and energy decision-makers. The event demonstrated an
unprecedented level of support for the nuclear industry. The World Nuclear
Fuel Report 2025, published at the event, reinforced forecasts of a long-term
demand growth, which is projected to reach 150,525 tU (~391 million pounds
U(3)O(8)) by 2040, up from current requirements of 68,920 tU (~179 million
pounds U(3)O(8)). However, the global uranium supply may halve between 2030
and 2040 due to resource depletion unless significant investments in
greenfield projects are made, according to the World Nuclear Fuel Report 2025.

During another industry gathering, the World Atomic Week held 25-28 September
in Moscow, a series of major deals and announcements were made, including:

·    Russian President highlighted the proximity of the future uranium
supply shortage, with 8 million tonnes (21 billion pounds) of uranium
resources to be potentially exhausted by 2090, or as early as 2060, under the
future demand projections, depending on the OECD estimates scenario;

·   Rosatom and the Ethiopian Electric Power Corporation signed an action
plan for developing a nuclear power plant (NPP) project in Ethiopia, including
the establishment of working group and preparation of a roadmap for a
feasibility study and intergovernmental agreement;

·     Uzbekistan and Russia signed two agreements: first, to expand on
the earlier arrangements and define the integrated NPP's layout, combining two
VVER‑1000 units and two small modular reactors (SMRs) RITM‑200N. The
second agreement covers the key terms for future fuel supply contracts;

·     Rosatom and Iran's Atomic Energy Organization signed a Memorandum
of Understanding for cooperation in the building of SMRs in Iran.

Yellow Cake PLC initiated a raise of US$125 million to exercise its 2025
purchase option of up to US$100 million worth of U(3)O(8) from Kazatomprom,
under the existing Framework Agreement. Due to strong investor demand, the
share placement was upsized to US$175 million. Additional proceeds are
intended to be used for identified value accretive purchase opportunities.

Following the adoption of four Executive Orders in May aimed at accelerating
the expansion of nuclear energy in the United States, several downstream
producers announced major development milestones:

·    Urenco USA received authorisation from U.S. regulators to enrich
uranium up to 10%, potentially becoming the first commercial enricher to
produce LEU+. The milestone is a part of Urenco USA's broader expansion plans
to add 700,000 Separative Work Units (SWU) of new capacity between 2025-2027
and increase the plant's capacity by 15%. In the Netherlands, Urenco announced
plans to bring online additional 1.5 million SWU by 2030;

·     Global Laser Enrichment's Test Loop facility in Wilmington, North
Carolina, demonstrated the commercial viability of laser enrichment as a
result of a large-scale technology testing campaign. The company is set to
begin commercial enrichment operations in early 2030s;

·     Uranium Energy Corp (UEC), a uranium producer with projects'
combined licensed annual capacity of 12.1 million pounds U(3)O(8) (~4,654 tU),
launched a new subsidiary, United States Uranium Refining & Conversion.
The proposed facility has a planned capacity of 10,000 tU per year as UF(6).
This represents a "substantial share" of the U.S. demand of 18,000 tU per
year, according to the UEC statement;

·     U.S. Department of Energy selected four producers - Terrestrial
Energy, TRISO-X, Valar Atomics, and Oklo - to build advanced nuclear fuel
lines under the state Fuel Line Pilot Program, which addresses the shortage of
domestic nuclear fuel resources.

Following the selection of Rosatom as the leader of the consortium to build
Kazakhstan's first NPP, the potential site survey works commenced to determine
the exact plant location. Furthermore, Kazakhstan's First Deputy Prime
Minister announced that China National Nuclear Corporation (CNNC), or other
Chinese companies, would potentially build Kazakhstan's second and third NPPs.

The SMR market, which is projected to reach the capacity of 49 GWe by 2040,
according to the Nuclear Fuel Report 2025, was also marked by major
developments around the world in the latest quarter:

·      Amazon released a statement on the progress of the Cascade
Advanced Energy Facility, a complex which is to feature up to 12 X-energy's
SMRs and supply from 320 to 960 MWe for Amazon's data centers in Washington
state in cooperation with Energy Northwest;

·     CNNC completed the cold testing of its 125 MWe ACP100, the world's
first land-based commercial SMR, a key step before the final stages of testing
to begin commercial operation;

·     The study by X-energy Canada confirmed the feasibility of
repurposing an existing thermal generation site in Alberta with X-energy's
SMRs;

·    Tennessee Valley Authority (TVA) and Kairos Power, the developer of
Hermes 2 SMR, signed a Power Purchase Agreement to deliver up to 50 MW to
power Google data centers in Tennessee and Alabama by 2030;

·    Korea Hydro & Nuclear Power signed an agreement with Zimbabwe's
Centre for Education, Innovation Research and Development (CEIRD) to cooperate
on a preliminary feasibility study for the deployment of a 150 MWe i-SMR.

During the reporting period, events impacting the demand market included:

·      UK's Heysham and Hartlepool NPPs, operated by EDF Energy,
received extensions to continue operating until March 2028;

·    In Belgium, Unit 1 of Tihange NPP, with a 962 MWe pressurised water
reactor, was taken offline and disconnected from the grid after 50 years of
operation;

·    U.S. Nuclear Regulatory Commission approved the Subsequent License
Renewal applications filed by operator NextEra Energy for Units 1 and 2 of the
Point Beach NPP for an additional 20 years, with Unit 1 now licensed through
October 2050 and Unit 2 - through March 2053;

·     Japan's Nuclear Regulation Authority concluded that Unit 3 of
Hokkaido Electric Power Company's Tomari NPP meets revised safety standards,
which allows the operator to progress toward the unit restart planned for
2027;

·     The Canadian Nuclear Safety Commission renewed the license for the
Darlington NPP for a 20-year term, authorizing Ontario Power Generation to
operate the facility until 2045. The plant has four CANDU units, supplying 20%
of Ontario's electricity needs.

On the supply side:

·    Denison Mines Corp. received Canada's Ministerial approval under the
Environment Assessment Act to proceed with the development of the Wheeler
River's Phoenix ISR mine, which is scheduled to begin production in 2029. The
producer also released the results of the Preliminary Economic Assessment for
its 25.17%-owned Midwest Main uranium deposit, outlining total ISR mine
production (on a 100% basis) of 37.4 million pounds U(3)O(8) (14,386 tU) over
a 6 year mine life;

·    Rosatom commenced development of the Shirondukuyskoye uranium
deposit in eastern Siberia, with plans to start production in 2028. The
deposit has estimated reserves of 8,000 tU (~20.8 million pounds U(3)O(8));

·     Peninsula Energy Ltd. announced the production of the first dried
yellowcake from its recent restart of the Lance Central Processing Plant in
Wyoming. The plant is designed to process uranium from Peninsula's satellite
projects, with a goal towards the nameplate capacity of ~2 million pounds
U(3)O(8) (~770 tU) per year;

·     Lotus Resources' Kayelekera mine in Malawi produced its first
yellowcake since 2014, when it was put into care and maintenance by the
previous owner. The mine's production is scheduled to ramp up to 2.4 million
pounds U(3)O(8) (~923 tU) per year at the beginning of 2026;

·    The pilot uranium processing plant was commissioned at the Mkuju
River project in Tanzania. Partially owned by Rosatom's subsidiary, Mantra
Tanzania Ltd, it will be used to test uranium processing technologies for the
main processing complex, with a nameplate capacity of 3,000 tU (~7.6 million
pounds U(3)O(8)) per year, which is scheduled to be commissioned in 2029;

·    World Bank's International Centre for Settlement of Investment
Disputes ordered Niger to halt the sale or transfer of uranium mined at
SOMAÏR joint mining venture before Orano suspended operations. According to
the French producer 1,500 tU (~3.9 million pounds U(3)O(8)) are stockpiled at
SOMAÏR now.

Market Pricing and Activity

* Average of UxC and TradeTech reported prices

The first weeks of July demonstrated low buying interest. The activity picked
up in the second half of the month, but the price remained at the US$70.85/lb
U(3)O(8) level. As of the beginning of August, the spot price was in the upper
US$72/lb U(3)O(8) range rising to $74.48/lb U(3)O(8)by the end of the month.
Commonly low activity in the beginning of September due to the WNA Symposium
reflected at the price levels remaining at the US$75/lb. Following Yellow
Cake's placement and increased buying activity of Sprott Physical Uranium
Fund, which purchased over 5.8 million pounds U(3)O(8) (~2,230 tU) after its
US$200 million raise in June, the spot price jumped to $82.38/lb U(3)O(8) at
the end of September.

According to third-party assessments, during the first nine months of 2025
spot market participants purchased 31.4 million pounds U(3)O(8) (~12,077 tU)
at an average weekly spot price of $70.91/lb U(3)O(8), compared to 27.3
million pounds U(3)O(8) (~10,480 tU) at an average weekly spot price of
$88.92/lb U(3)O(8) for the same reporting period last year. Thus, the volume
of spot transactions for the nine months of 2025 increased by 15%
year-on-year, whilst the average weekly spot price declined by 20% for the
same reporting period.

An increase in long-term market activity in Q3 2025, primarily driven by the
U.S. utilities, resulted in a moderate price rise in term price to $83/lb
U(3)O(8) (published by third-party sources on a monthly basis). Although total
transaction volumes for the 9 months 2025 amounted to 44 million pounds
U(3)O(8) (~15,270 tU) - a 17% decline compared to 53 million pounds U(3)O(8)
(~17,000 tU) for the same period in 2024 - this recent upward change in the
long-term price reflected the continued dynamics of growing uncovered demand
and supply-side constraints.

Company Developments

Kazatomprom Mine Tour

The Company hosted its regular mine tour on 8-9 September, bringing together
interested stakeholders from all over the world. The mine tour included visits
to the sites of Kazatomprom-SaUran LLP and JV KATCO LLP in Turkestan region
providing an opportunity for the participants to see the full cycle of ISR
uranium production and processing. Participants had a chance to witness the
highest level of compliance of all operations and activities to the leading
environmental and social standards.

Participants expressed their highest consideration and appreciation to the
level of professionalism and expertise of site workers and its management
team. Analysts were able to verify that Kazatomprom as an ESG-compliant and
low-risk jurisdiction is fully capable of keeping its leadership position as a
reliable supplier of natural uranium.

Credit Rating

On 10 September, Moody's published a periodic review of the Company's credit
rating. Kazatomprom's rating ("Baa1", outlook - "Stable") remains unchanged.

The Company's rating reflects its strong financial and low-cost positions,
leading share of about 20% in the global uranium production and second-largest
uranium reserve base globally, strong business fundamentals, solid operational
diversification, and a wide sales geography.

Corresponding Moody's press release can be accessed at the following link
(https://www.moodys.com/research/Moodys-Ratings-announces-completion-of-a-periodic-review-of-ratings--PR_512418)
.

EGM results

On 21 October, Kazatomprom announced the results of its absentee Extraordinary
General Meeting of Shareholders. The EGM has approved the conclusion of the
Letter Agreement No. 3 to the Long-term contract with CNNC Overseas Limited
for the sale and purchase of natural uranium concentrates as well as the
updated version of the Long-term agreement for the sale and purchase of
natural uranium concentrates with China National Uranium Corporation Limited.

Detailed information on the EGM voting results is available on the Company's
website (https://ir-esg.kazatomprom.kz/en/investment/meeting) .

EGM notice on approval of a new version of the Corporate Governance Code

On 31 October 2025, the Company announced the Board of Directors decision to
convene an EGM in order to approve a new edition of the Corporate Governance
Code of National Atomic Company "Kazatomprom" Joint Stock Company, which
reflects best corporate governance practices and mirrors the updated Corporate
Governance Code of the majority shareholder - Samruk-Kazyna JSC ("the Fund").
The key new provisions of the Code include introduction of a competitive
selection process for independent directors, gender quota for the Company's
governing bodies, principles aimed at further reduction of the Fund's
interference in the Company's operations, and other amendments aimed at
bringing the current edition of the Code up to date.

The notice of the upcoming EGM, scheduled on 19 December 2025, is available on
the Company's website
(https://kazatomprom.kz/en/media/view/notice_of_kazatomprom%E2%80%99s_AGM_2021_dividend_recommendation_and_board_meeting_results)
, www.kazatomprom.kz (https://ir-esg.kazatomprom.kz/en/investment/meeting) .

 

Kazatomprom's 2025 Third-Quarter and Nine-Months Operational Results(1)

                                                   Three months                    Nine months

                                                   ended 30 September              ended

                                                                                   30 September
                                                   2025        2024        Change  2025     2024     Change
 Production volume U(3)O(8        tU               6,467       5,894       10%     18,709   16,751   12%
 ) (100% basis)(2)
                                  Mlbs             16.81       15.32       48.64            43.55
 Production volume U(3)O(8)       tU               3,375       3,130       8%      9,806    8,908    10%

(attributable basis)(3)
                                  Mlbs             8.78        8.14        25.49            23.16
 Group U(3)O(8) sales volume(4)   tU               5,151       3,860       33%     12,776   11,639   10%
                                  Mlbs             13.39       10.04       33.22            30.26
 KAP U(3)O(8) sales volume        tU               4,124       3,133       32%     11,111   9,850    13%

(incl. in Group)(5)
                                  Mlbs             10.72       8.15        28.89            25.61
 Group average realized price(6)  USD/lb U(3)O(8)  68.78       68.05       1%      62.97    66.81    -6%
 KAP average realized price(7)    USD/lb U(3)O(8)  67.75       65.64       3%      61.37    63.46    -3%
 Average month-end spot price(8)  USD/lb U(3)O(8)  76.28       81.58       -6%     71.68    87.93    -18%

(1) All values are preliminary.

(2) Production volume U(3)O(8) (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): are is not equal to
the volumes purchased by KAP. 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, concluded between participants of the entity, according to which
the share of the second shareholder of JV Inkai LLP was recalculated based on
2024 production results. 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 was higher in the
first nine months 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.

For the nine months of 2025, sales volume for the Group and KAP saw a
noticeable increase compared to the same period in 2024. The variation in
sales volumes at both the Group and KAP levels is due to the timing of
customers' requests 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 18% 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 6% and 3%, 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 10.1 Uranium sales price sensitivity analysis, in the Company's
Operating and Financial Review six months ended 30 June 2025.

Kazatomprom's 2025 Updated Guidance
                                                         Updated Guidance for 2025  Previous Guidance for 2025
                                                         525 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            13,500 - 14,500

(included in Group sales volume)(5)
                                                Mlbs     35.10 - 37.70              35.10 - 37.70
 Revenue - consolidated(6)                      KZT bln  1,750 - 1,850              1,600 - 1,700
 Revenue from Group U(3)O(8) sales(6)           KZT bln  1,550 - 1,650              1,400 - 1,500
 C1 cash cost (attributable basis)*             USD/lb   17.00 - 18.50              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 annual share of production on attributable basis is
determined by the Implementation Agreement, concluded between participants of
the entity. 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 - 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).
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 and KZT/USD exchange rate
taken at a single point in time from third-party sources. The prices and
KZT/USD exchange rate used do not reflect any internal estimate from
Kazatomprom, and 2025 revenue could be materially impacted by how actual
uranium prices and KZT/USD exchange rates vary from the third-party estimates.

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

* 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).

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

Taking into account how the actual spot and exchange rate metrics for the nine
months of 2025 resulted and the Company's expectations for the fourth quarter,
certain forecasts such as Consolidated revenue, Revenue from Group U(3)O(8)
sales, and C1 сash сost are expected to be higher than initially guided
for the year (as disclosed in FY2024 Operating and Financial Review).
Increases in the spot price and the KZT/USD exchange rate (compared to the
initially used assumptions) impact both revenue and C1 cash cost, where
Mineral Extraction Tax is a significant component. As a result, the Company is
increasing Guidance ranges for these indicators based on updated spot price
and exchange rate assumptions compared to the originally budgeted forecast
estimates.

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.

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)

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
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