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REG - JSC NAC Kazatomprom - Kazatomprom 4Q22 Operations and Trading Update

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RNS Number : 0861O  JSC National Atomic Co. Kazatomprom  27 January 2023



Currency: KZT (₸), unless otherwise noted



27 January 2023, Astana, Kazakhstan
Kazatomprom 4Q22 Operations and Trading Update

JSC National Atomic Company "Kazatomprom" ("Kazatomprom", "KAP" or "the
Company") announces the following operations and trading update for the fourth
quarter and year ended 31 December 2022.

This update provides a summary of recent developments in the uranium and
nuclear industries, as well as provisional information related to the
Company's key fourth-quarter and 2022 operating and trading results, and
non-financial 2023 guidance. The information contained in this Operations and
Trading Update may be subject to change.

Market Overview

In November 2022 countries gathered at the Sharm el-Sheikh Climate Change
Conference (COP 27) to take action toward meeting global climate goals set
forth in the Paris Agreement. COP 27 ended with a draft agreement that
highlights the crucial role of multilateralism in addressing climate change
and reiterates the conclusions of all prior COP meetings. It is also worth
noting that the agreement calls for an "increase in low emission and renewable
energy" as part of "diversifying energy mixes and systems". Incorporation of
technology-inclusive wording in its call for the decarbonisation of the world
energy system expands the opportunities for all low-carbon generating sources,
including nuclear power.

In an effort to transition away from coal-fired generation and boost its level
of energy independence, the Polish government has chosen to collaborate with
the American government and Westinghouse Electric Co. (Westinghouse) to
construct the country's first nuclear power plant. According to the agreement,
Westinghouse will provide three AP1000 PWRs for the initial phase of the
Polish Nuclear Power Program. With a goal of constructing between 6 and 9 GWe
in total capacity by the early 2040s, Poland plans to commence initial
criticality on its first reactor, which Westinghouse will supply, as early as
2033. According to the Polish government, the first three-unit nuclear power
plant in Poland will be located at the coastal community of Choczewo at the
Lubiatowo-Kopalino location close to the Baltic Sea.

The Dutch government has confirmed plans to build two large reactors at the
existing Borssele nuclear power plant by 2035. The two third-generation
reactors will each have a capacity of 1,000 MWe to 1,650 MWe. The country
chose nuclear energy because the Netherlands requires all clean energy sources
to meet climate goals and reach zero carbon emissions in electricity
production by 2040 at the latest. In addition, the government announced plans
to extend the operating life of the single-unit Borssele nuclear power plant
beyond its current license expiration date of 2033.

The UK Department of Business, Energy and Industrial Strategy announced plans
to provide £77 million in government funding to support nuclear fuel
production and advanced reactor development. Westinghouse has already been
awarded £13 million to investigate the potential development of conversion
capabilities at its Springfields site in Lancashire, England. The UK's
Advanced Modular Reactor R&D program will be provided £60 million in
funding to support high temperature gas reactor (HTGR) research, which is
expected to be operational in the early 2030s.

German lawmakers agreed to postpone the planned shutdown of the country's last
three nuclear power plants in 2022 until mid-April 2023 in response to
concerns about winter electricity shortages in Germany. The Atomic Energy Law
of the country establishes a legal framework for the extension of the nuclear
power plants Isar unit 2, Neckarwestheim unit 2, and Emsland. The German's
government's latest decision to keep the units operational past their
scheduled shutdown date of 31 December 2022 is seen as a compromise between
the anti-nuclear German Greens and the pro-business Free Democratic Party that
would prefer to keep the country's remaining reactors operational until 2024.

Late December 2022, Government of Japan approved a plan to revive the use of
nuclear energy. Under a new policy, the country announced it would "maximize
the use of existing nuclear reactors" by accelerating restarts in a reversal
of a post-Fukushima plan to phase out use of nuclear power plants.
Additionally, an intend to extend of lifespan of nuclear reactors beyond 60
years was announced, as well as plans to develop advanced reactors to replace
decommissioned ones.

Beyond policy highlights, a number of new demand announcements took place
during the fourth quarter:

·    Rosatom announced the official start of construction for El Dabaa
unit 2 in Egypt. El Dabaa unit 2 is the second of four VVER-1200 reactors
designed by Russia to be built at the El Dabaa site on Egypt's northern
Mediterranean coast.

·    Hungary's parliament approved plans to extend the life of the four
operating VVER-440 reactors at the Paks nuclear power plant in central
Hungary. With the government's approval, the state can begin preparing to
operate the Paks nuclear power plant for an additional 20 years.

·     In a similar development, at the very beginning of 2023,
subsequent to the end of the quarter, the French energy company ENGIE and the
Belgian government have agreed to extend the service life of Doel unit 4 and
Tihange unit 3 by ten years each to 2035.

·    China National Nuclear Corp. (CNNC) announced the beginning of the
construction phase of CAP-1000 PWR at Haiyang unit 4 in Shandong Province,
China, which is a project owned and operated by State Power Investment Corp.

·    Subsequent to the quarter end, China General Nuclear (CGN) announced
that Fangchenggang unit 3 in China's Guangxi Autonomous Region has been
connected to the grid for the first time. The 1,180 MWe PWR was synchronised
with the grid on January 10, and is scheduled to go commercial in the second
half of 2023.

Several "unconventional demand" developments emerged during the fourth

·   In December, US Department of Energy's National Nuclear Security
Administration (NNSA) awarded contracts for 1.1 million pounds U(3)O(8) under
the US Uranium Reserve program to five U.S. uranium producers: enCore Energy,
Energy Fuels, Peninsula Energy, Ur-Energy and Uranium Energy Corp. These
awards are part of the initial US$ 75 million authorized by US Congress in
2020 to advance the US Government's goal of supporting the US nuclear fuel
supply chain and capabilities. In addition to the awards to uranium producers,
NNSA has awarded a five-year, sole source contract valued at US$ 14.5 million
contract to ConverDyn to convert U(3)O(8) into uranium hexafluoride (UF(6)).

·   The Alashankou Natural Uranium Bonded Warehouse on China's eastern
border with Kazakhstan has received its first delivery of natural uranium for
storage. The warehouse, which is being constructed in three phases, aspires to
become a major uranium trading hub in the coming years. Phase I, capable of
holding up to 3,000 tU (7.8 million pounds U(3)O(8)) has been successfully
completed at the end of 2021, and construction of Phase II with an additional
capacity of 10,000 tU (26 million pounds U(3)O(8)) is currently underway.

On the supply side, Cameco Corp. (Cameco) announced on November 9, 2022 that
the first pounds of uranium ore from the McArthur River mine had been milled
and packaged at the Key Lake mill, marking the achievement of initial
production as these facilities resume normal operations after being placed on
care and maintenance in January 2018. Cameco intends to produce 15 million
pounds U(3)O(8) (100% basis) per year from these operations beginning in 2024,
which is 40% less than their annual licensed capacity, as part of its ongoing
strategy to align production decisions with customer procurement needs.

Finally, in another notable highlight, Cameco and Brookfield Renewable
Partners announced a strategic partnership to acquire Westinghouse for
approximately US$7.9 billion. Brookfield Renewable will own 51% of
Westinghouse after the transaction, which is expected to close in the second
half of 2023, with Cameco owning the remaining 49%. Cameco stated that
Westinghouse 's existing debt structure will remain in place, leaving the
consortium with an estimated US$4.5 billion equity cost, subject to closing
adjustments. This equity cost will be shared proportionately between
Brookfield and its institutional partners (~US$ 2.3 billion) and Cameco (~US$
2.2 billion).

Market Pricing and Activity

Spot market activity picked up in October with increased buyers' interest,
pushing spot price to US$52.68/lb U(3)O(8). With utilities largely missing,
buyers included traders, financials, and producers. In November, the spot
market activity slowed down slightly, with spot price hovering around
US$50.00/lb U(3)O(8) throughout the month. As the holiday season got underway,
spot activity decreased even further, with the spot price declining to about
US$47.68/lb U(3)O(8) by the end of the year. According to third-party market
data, spot volumes transacted through 2022 were almost 50% lower than the last
year. A total of approximately 52 million pounds U(3)O(8) (20,000 tU) was
transacted at an average weekly spot price of US$49.61/lb U(3)O(8), compared
to about 99 million pounds U(3)O(8) (38,000 tU) at an average weekly spot
price of US$35.05/lb U(3)O(8) during 2021.

In the term market, third-party data indicated that contracted volumes totaled
about 114 million pounds U(3)O(8) (43,800 tU) through 2022, compared to about
72 million pounds U(3)O(8) (27,700 tU) in 2021. The 60% increase in term
contracting activity in 2022, led to a notable US$9.25/lb U(3)O(8) increase of
the long-term price indicator year-over-year, resulting in an average term
price of US$52.00/lb U(3)O(8) (reported on monthly basis by third-party

Company Developments

Transportation risk mitigation

As was previously disclosed, Kazatomprom has completed a physical delivery of
natural uranium using the Trans-Caspian International Transport Route (TITR)
in December 2022. The Company has successfully used the TITR as an alternative
route for delivering Kazatomprom's material to western customers since 2018,
helping to mitigate the risk of the primary route through St. Petersburg being
unavailable, for any reason.

Kazatomprom continues to monitor the growing list of sanctions on Russia and
the potential impact they could have on the transportation of products through
Russian territory. To date, there are no restrictions on the Company's
activities related to the supply of its products to customers worldwide.

Management Changes

As was disclosed in December, 2022, Mrs. Kamila Syzdykova, Kazatomprom's Chief
Financial Officer ("CFO"), and Mr. Askar Batyrbayev, Kazatomprom's Chief
Commercial Officer ("CCO"), have decided to leave their roles at the Company
to pursue other opportunities effective 04 January 2023 and 11 January 2023

Ruslan Beketayev, who has previously served as Deputy Chairman of the Board at
the Eurasian Development Bank and before that held the position of the Vice
Minister of the Ministry of Finance of the Republic of Kazakhstan, was
appointed as CFO effective 11 January 2023.

Alisher Taizhanov, former Director of Kazatomprom's Sales Support Department,
who has been with the Company's Group since 2014, was appointed as CCO
effective 11 January 2023 and as a member of the Executive Board, effective 12
January 2023 respectively.

Kazatomprom's senior management team currently consists of:

·      Yerzhan Mukanov, Chief Executive Officer and Chairman of the
Executive Board;

·      Alisher Taizhanov, Chief Commercial Officer, member of the
Executive Board;

·      Dosbolat Sarymsakov, Chief Nuclear Fuel Cycle Officer, member of
the Executive Board;

·      Alibek Aldongarov, Chief HR and Digitalisation Officer, member of
the Executive Board;

·      Ruslan Beketayev, Chief Financial Officer;

·   Marat Yelemessov, Managing Director of Legal Support and Risks, Member
of the Executive Board (currently on academic leave).

Full biographies of the Executive Board are available on the Company's
website: https://www.kazatomprom.kz

First delivery of nuclear fuel from Kazakhstan

In December 2022, Ulba-FA LLP fuel assembly fabrication plant (the Plant),
which began the commercial operation in 2021, carried out the first delivery
of nuclear fuel for one reload (a little over 30 tons of low-enriched uranium)
to China, where the product was accepted by a Chinese corporation China
General Nuclear Power Corporation-Uranium Resources Co. («CGNPC-URC»).
Further, the Plant plans to increase the production volumes to reach the full
annual production capacity of 200 tons of uranium in the form of fuel
assemblies in 2024.

Placement and redemption of Short-term Bonds

As was disclosed in the interim consolidated financial statements for the
three and nine month periods ended 30 September 2022, Kazatomprom's Board of
Directors on 27 October 2022 approved four issues of the Company's commercial
bonds totalling 200,000,000 (two hundred million) US Dollars. The issue and
placement of bonds will be carried out according to the Company's short-term
liquidity needs. The placement of the Company's first issue of bonds (ISIN
KZ2C00009199) in the "Debt Securities" sector of the "Main" platform of JSC
"Kazakhstan Stock Exchange" ("KASE") in the "Commercial Bonds" category took
place on December 23, 2022.

The placement of the first issue of commercial bonds is made under the
following conditions:

·      Type of bonds (being issued): unsecured coupon commercial bonds

·      Total volume of the bond issue: 50,000,000 (fifty million) US

·      Number of bonds: 500,000 (five hundred thousand) pieces

·      Maturity date: 30 (thirty) calendar days from the issue date

·      Nominal value of one bond and the currency of the nominal value:
100 (one hundred) US Dollars

·      Interest rate (coupon): 4.32% (determined as the Secured
Overnight Financing Rate (SOFR) published on the official website of the
Federal Reserve Bank of New York:
(https://www.newyorkfed.org/markets/referencerates/sofr) ) as of 15 December

·      Yield to maturity: 4.60%

·      Clean price: 99.9768%

·      Total placement amount: 49,988,400 (forty-nine million
nine-hundred and eighty-eight thousand and four hundred) US Dollars

On 23 January 2023, the bond issue was redeemed. Total payments for the issue
amounted to US$ 50,180,000 (fifty million and one hundred and eighty
thousand), including:

·      Principal debt (nominal bond value) - 50,000,000 (fifty million)
US Dollars

·      Coupon payment - 180,000 (one hundred and eighty thousand) US
Dollars. Coupon payment for 30 calendar days amounted to 36 US cents per one

Credit Rating

On December 15 2022, Fitch Ratings reaffirmed Kazatomprom's credit rating at
BBB-, Outlook - Stable. On December 28 2022, Moody's Investors Service
reaffirmed Kazatomprom's credit rating at Baa2, Outlook - Stable.

ESG Rating

As was disclosed in December 2022, S&P Global Ratings assigned the Company
an Environmental, Social and Governance (ESG) Evaluation score of 51/100.
Kazatomprom's ESG Evaluation score is based on the rating agency's view of the
Company's relative exposure to observable ESG-related risks and opportunities,
and its qualitative opinion of the Company's long-term sustainability and
readiness for emerging trends and potential disruptions. The Company's current
ESG Evaluation score of 51 reflects the mining industry's significant exposure
to inherent environmental and social risks, which are partly offset by the
Company's effective ESG management practices, primarily related to the highly
regulated nature of its businesses at both the local and international levels.
Of note, the current global maximum ESG evaluation score among Metal &
Mining sector companies is 68 (of 100) with a global Metals & Mining
sector average of 50 (out of 100).

Kazatomprom's 2022 Fourth-Quarter Operational Results(1)
                                                     Three months ended              Year ended December 31

                                                     December 31
 (tU as U(3)O(8) unless noted)                       2022        2021        Change  2022          2021          Change
 Production volume (100% basis)(2)                   5,780       5,860       -1%     21,227        21,819        -3%
 Production volume (attributable basis)(3)           3,064       3,066       0%      11,373        11,858        -4%
 Group sales volume (consolidated)(4)                3,025       8,117       -63%    16,358        16,526        -1%
 KAP sales volume (incl. in Group)(5)                1,340       6,788       -80%    13,572        13,586        0%
 Group average realised price (USD/lb U(3)O(8))(6*)  47.51       35.82       33%     43.46         33.11         31%
 KAP average realised price (USD/lb U(3)O(8))(7*)    48.61       34.45       41%     42.51         32.33         31%
 Average month-end spot price (USD/lb U(3)O(8))(8*)  49.94       44.33       13%     49.81         35.28         41%

(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.
Actual drummed production volumes remain subject to converter adjustments and
adjustments for in-process material.

(3) U(3)O(8) Production volume (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 therefore excludes the
remaining 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
disclosed in the 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). 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).

(5) KAP U(3)O(8) sales volume (incl. in Group): includes only the total
external sales of U(3)O(8) of KAP and Trade House KazakAtom AG (THK).
Intercompany transactions between KAP and THK are not included. Volume does
not include approximately 32 tU equivalent sold as UF(6) in 2Q22 and 225 tU
equivalent sold as UF(6) in 4Q21.

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

(7) KAP average realised price (USD/lb U(3)O(8)): the weighted average price
per pound for the total external sales of KAP and THK. The pricing of
intercompany transactions between KAP 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 reference month-end prices.

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

Production volumes on a 100% basis and attributable basis for both fourth
quarter of 2022 and throughout 2022 were slightly lower compared to 2021.
COVID-19 pandemic had an impact on wellfield development in 2021. This had a
lagged effect on the production, as it usually takes from eight to ten months
between wellfield development and the resulting uranium extraction by in-situ
recovery. Therefore, and given that COVID-19 has also affected delays and/or
limited access to certain materials and equipment, resulted in lower
production in 2022 compared to the same period in 2021. Additionally,
attributable production was impacted by the sale of a 49% share of "Ortalyk"
LLP to CGN Mining UK Limited in July 2021.

Uranium sales at the Group and KAP levels in 2022 were on the same level as in
2021. Due to the timing of customer requirements and differences in the timing
of deliveries, significantly lower proportion of both Group and KAP sales
occurred in the fourth quarter, compared to the same period in 2021. Shipment
through TITR that included the JV Inkai-owned portion of the material was
successfully delivered, accordingly the Group sales volume stayed within the
forecast range for 2022.

Average realised prices for the Group and KAP in the fourth quarter and for
the full year of 2022 were higher compared to the same periods in 2021 due to
the higher spot price of uranium. The Company's current overall contract
portfolio pricing correlates to uranium spot prices. However, for short-term
deliveries to end-user utilities, the spot price can vary between the time
contract pricing is established according to Kazakh transfer pricing
regulations, and the spot price in the general market when the actual delivery
takes place. The impact of market volatility during the time lag between
price-setting and delivery becomes more pronounced as volatility increases, in
both rising and falling price conditions. In addition, some long-term
contracts incorporate a proportion of fixed pricing negotiated prior to the
sharp increase in spot price in the second half of 2021. As a result,
increases in both the Group and KAP's average realised prices in 2022 compared
to 2021 were lower than the increases in the spot market price for uranium
over the same intervals.

Kazatomprom's 2023 Production and Sales Guidance
 (tU as U(3)O(8) unless noted)                               2023                2022
 Production volume U(3)O(8) (100% basis)(1)                  20,500 - 21,500(2)  21,000 - 22,000
 Production volume U(3)O(8) (attributable basis)(3)          10,600 - 11,200(2)  10,900 - 11,500
 Group sales volume (consolidated)(4, 5)                     15,400 - 15,900     16,300 - 16,800
 Incl. KAP sales volume (incl. in Group)(5)                  12,100 - 12,600     13,400 - 13,900

(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.

(2) The duration and full impact of the COVID-19 pandemic and the
Russian-Ukrainian conflict are not yet known. Annual production volumes could
therefore vary from 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 disclosed in the IPO Prospectus.

(4) Group 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). 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).

(5) KAP sales volume: includes only the total external sales of U(3)O(8) of
KAP and THK. Intercompany transactions between KAP and THK are not included.

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

Kazatomprom's production expectations for 2023 remain consistent with its
market-centric strategy and the intention to flex down planned production
volumes by 20% for 2018 through 2023 (versus planned production levels under
Subsoil Use Agreements). Production volume in 2023 is expected to be between
20,500 tU and 21,500 tU on a 100% basis and between 10,600 tU and 11,200 tU
on an attributable basis. Decrease in production guidance for 2023 in
comparison to 2022 is mainly due to continued delays and/or limited access to
certain key materials, including sulfuric acid, and equipment impacting the
wellfield commissioning schedule in 2022.

Sales volume guidance for 2023 is aligned with the Company's market-centric
strategy as well. The Group expects to sell between 15,400 tU and 15,900 tU,
which includes KAP sales of between 12,100 tU and 12,600 tU. Decrease in
U(3)O(8) sales volume guidance for 2023 in comparison to 2022 both at the
Group and KAP levels is due to the expected lower production and higher sales
in forms other than U(3)O(8), including but not limited to fuel pellets
produced from KAP's U(3)O(8).

The Company continues to target an ongoing inventory level of approximately
six to seven months of annual attributable production. The Company may
purchase uranium from the spot market, while continuing to monitor market
conditions for opportunities to optimise its inventory.

Wellfield development, procurement and supply chain issues, including
inflationary pressure on production materials and reagents, are expected to
continue throughout 2023, impacting the Company's financial metrics. Changes
to the tax code of the Republic of Kazakhstan on Mineral Extraction Tax, which
came into effect in 2023, will have an additional impact on the Company's
financial performance. The expenditures related to the local social funding
requests are possible as well. However, these risks cannot be quantified or
estimated at this time. Financial guidance for 2023 will be published in the
Operating and Financial Review for 2022, expected to be released on 14 March


Conference Call Notification - 2022 Operating and Financial Review (14 March 2023)

Kazatomprom expects to schedule a conference call to discuss the full 2022
operating and financial results, after they are released on Tuesday, 14 March
2023. Further details will be provided closer to the date of the event.

For further information, please contact:

Kazatomprom Investor Relations Inquiries

Yerlan Magzumov, Director of Investor Relations

Tel: +7 7172 45 81 80

Email: ir@kazatomprom.kz

Kazatomprom Public Relations and Media Inquiries

Sabina Kumurbekova, Director of the GR and PR Department

Gazhaiyp Kumisbek, Chief Expert of GR & PR Department

Tel.: +7 7172 45 80 22

Email: pr@kazatomprom.kz

Copy of this announcement will be available at https://www.kazatomprom.kz
(https://www.kazatomprom.kz) .

About Kazatomprom

Kazatomprom is the largest uranium producer in the world with natural uranium
production in proportion to the Company's participatory interest in the amount
of about 24% of the total global primary uranium production in 2021. The group
has the largest uranium reserve base in the industry. Kazatomprom, together
with subsidiaries, affiliates and joint organisations, is developing 26
deposits combined into 14 uranium-mining enterprises. All uranium mining
enterprises are located on the territory of the Republic of Kazakhstan and
when mine uranium use in-situ recovery technology, paying particular attention
to best HSE practices and means (ISO 45001 and ISO 14001 certified).

Kazatomprom's securities are listed on the London Stock Exchange, the Astana
International Exchange and the Kazakhstan Stock Exchange. Kazatomprom is the
National Atomic Company of the Republic of Kazakhstan, and the main customers
of the group are operators of nuclear generating capacities, and the main
export markets for products are China, South and East Asia, North America and
Europe. The Group sells uranium and uranium products under long-term and
short-term contracts, as well as on the spot market directly from its
corporate centre in Astana, Kazakhstan, as well as through a trading
subsidiary in Switzerland, Trading House KazakAtom (THK).

For more information, please, visit our website https://www.kazatomprom.kz
(https://www.kazatomprom.kz) .

Statements for the Future

All statements, other than statements of historical fact, included in this
message or document are statements regarding the future. Statements regarding
the future reflect the Company's current expectations and estimates regarding
its financial condition, results of operations, plans, goals, future results
and activities. Such statements may include, but are not limited to,
statements before which, after which or where words such as "goal", "believe",
"expect", "intend", "possibly", "anticipate", "evaluate", "plan", "project",
"will", "may", "probably", "should", "may" and other words and terms of a
similar meaning or their negative forms are used.

Such statements regarding the future include known and unknown risks,
uncertainties and other important factors beyond the control of the Company,
which may lead to the fact that the actual results, indicators or achievements
of the Company will significantly differ from the expected results, indicators
or achievements expressed or implied by such statements regarding the future.
Such statements regarding the future are based on numerous assumptions
regarding the current and future business strategy of the Company and the
conditions in which it will operate in the future.


The information contained in this message or document, including, but not
limited to, statements regarding the future, is applicable only as of the date
of this document and is not intended to provide any guarantees regarding
future results The Company expressly disclaims any obligation to disseminate
updates or changes to such information, including financial data or
forward-looking statements, and will not publicly release any changes that it
may make to information arising from changes in the Company's expectations,
changes in events, conditions or circumstances on which such statements
regarding the future are based, or in other events or circumstances arising
after the date of this document.



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