JSC NAC Kazatomprom - Kazatomprom 2Q25 Operations and Trading Update

Natsional'naya Atomnaya Kompaniya Kazatomprom AO

01/08/2025 07:00

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 U3O8 (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 U3O8 (~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+% U3O8) 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 U3O8 (~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 CO2 and O2 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 U3O8 (~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 U3O8. In May, spot prices reached $71.55/lb U3O8. The growth continued in June, reaching a new high of $78.50/lb U3O8 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 U3O8 (~7,654 tU) at an average weekly spot price of $69.11/lb of U3O8, compared to 18.1 million pounds (~6,962 tU) of U3O8 at an average weekly spot price of $92.62/lb U3O8 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 U3O8 (~10,385 tU) compared to 31 million pounds of U3O8 (~11,923 tU) for the same period of 2024. However, the long-term price indicators remained stable at $80/lb U3O8 (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 (UO2) 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.

Kazatomprom's 2025 Second-Quarter and Half-Year Operational Results1

Three months ended 30 June
Six months
ended 30 June
2025
2024
Change
2025
2024
Change
Production volume U3O8 (100% basis)2
tU
6,609
5,780
14%
12,242
10,857
13%
Mlbs
17.18
15.03
31.83
28.23
Production volume U3O8
 (attributable basis)3
tU
3,467
3,073
13%
6,431
5,797
11%
Mlbs
9.01
7.99
16.72
15.07
Group U3O8 sales volume4
tU
5,065
5,027
1%
7,625
7,779
(2%)
Mlbs
13.17
13.07
19.82
20.22
KAP U3O8 sales volume
 (incl. in Group)5
tU
4,429
4,397
1%
6,987
6,717
4%
Mlbs
11.51
11.43
18.16
17.46
Group average realized price6
USD/lb U3O8
60.36
68.28
(12%)
58.54
66.19
(12%)
KAP average realized price7
USD/lb U3O8
58.67
65.92
(11%)
57.27
62.47
(8%)
Average month-end spot price8
USD/lb U3O8
72.59
87.88
(17%)
69.38
91.10
(24%)

1 All values are preliminary.

2 U3O8 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 U3O8 (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 U3O8 sales volume: includes the sales of U3O8 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 U3O8 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 U3O8 production may go to the production of EUP, fuel pellets and fuel assemblies (FA) at Ulba-FA LLP.

5 KAP U3O8 sales volume (incl. in Group): includes only the total external sales of U3O8 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 U3O8): 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 U3O8): 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 U3O8 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 U3O8
 (100% basis)1, 2
tU
25,000 - 26,500
25,000 - 26,500
Mlbs
64.99 - 68.89
64.99 - 68.89
Production volume U3O8
 (attributable basis)2,3
tU
13,000 - 14,000
13,000 - 14,000
Mlbs
33.79 - 36.40
33.79 - 36.40
Group sales volume
 (consolidated)4
tU
17,500 - 18,500
17,500 - 18,500
Mlbs
45.50 - 48.10
45.50 - 48.10
Incl. KAP sales volume
 (included in Group sales volume)5
tU
13,500 - 14,500
14,000 - 15,000
Mlbs
35.10 - 37.70
36.40 - 39.00
Revenue - consolidated6
KZT bln
1,600 - 1,700
1,600 - 1,700
Revenue from Group U3O8 sales6
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
 (attributable C1 + capital cost)*
USD/lb
29.00 - 30.50
29.00 - 30.50
Total capital expenditures of mining entities
 (100% basis)7
KZT bln
385 - 415
385 - 415

 

1 Production volume U3O8 (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 U3O8 (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 U3O8 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 U3O8 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

 

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

 

A recording of the webcast will be available at 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

 

Public Relations and Media Inquiries

Daniyar Oralov, Director, Public Relations

Tel: +7 7172 45 80 63

Email: pr@kazatomprom.kz

 

A copy of this announcement is available at 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.

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.

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