National Atomic Company Kazatomprom JSC
Consolidated Financial Statements
for the year ended 31 December 2024 and
Independent Auditor’s Report

Content
INDEPENDENT AUDITOR’S REPORT
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statement of Profit or Loss and Other Comprehensive Income ............................................................... 1
Consolidated Statement of Financial Position ............................................................................................................. 2-3
Consolidated Statement of Cash Flows ...................................................................................................................... 4-5
Consolidated Statement of Changes in Equity ............................................................................................................... 6
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1 NAC Kazatomprom JSC and its operations ........................................................................................................ 7
2 Economic environment of the Group .................................................................................................................. 8
3 Basis of preparation ............................................................................................................................................ 9
4 Adoption of new or revised standards and interpretations ................................................................................ 10
5 Segment information ........................................................................................................................................ 11
6 Balances and transactions with related parties ................................................................................................. 15
7 Revenue ........................................................................................................................................................... 17
8 Cost of sales ..................................................................................................................................................... 19
9 Distribution expenses ....................................................................................................................................... 19
10 General and administrative expenses .............................................................................................................. 20
11 Net (impairment losses)/reversal of impairment losses on financial assets ...................................................... 20
12 Other income .................................................................................................................................................... 20
13 Other expenses and net foreign exchange (loss)/gain ..................................................................................... 21
14 Payroll costs ..................................................................................................................................................... 21
15 Finance income and costs ................................................................................................................................ 22
16 Income tax expense ......................................................................................................................................... 22
17 Earnings per share ........................................................................................................................................... 25
18 Intangible assets ............................................................................................................................................... 26
19 Property, plant and equipment .......................................................................................................................... 27
20 Mine development assets ................................................................................................................................. 29
21 Mineral rights .................................................................................................................................................... 30
22 Exploration and evaluation assets .................................................................................................................... 31
23 Investments in associates................................................................................................................................. 32
24 Investments in joint ventures ............................................................................................................................ 35
25 Accounts receivable ......................................................................................................................................... 37
26 Other financial assets ....................................................................................................................................... 37
27 Other non-financial assets ................................................................................................................................ 39
28 Inventories ........................................................................................................................................................ 39
29 Cash and cash equivalents............................................................................................................................... 40
30 Share capital ..................................................................................................................................................... 41
31 Loans and borrowings ...................................................................................................................................... 41
32 Provisions ......................................................................................................................................................... 44
33 Accounts payable ............................................................................................................................................. 47
34 Other liabilities .................................................................................................................................................. 47
35 Contingencies and commitments ...................................................................................................................... 48
36 Non-controlling interest ..................................................................................................................................... 49
37 Principal subsidiaries ........................................................................................................................................ 53
38 Financial risk management ............................................................................................................................... 54
39 Fair value disclosures ....................................................................................................................................... 61
40 Presentation of financial instruments by measurement category ...................................................................... 62
41 Business combination ....................................................................................................................................... 62
42 Events after the reporting period ...................................................................................................................... 65

National Atomic Company Kazatomprom JSC
Consolidated Statement of Profit or Loss and Other Comprehensive Income
The accompanying notes are an integral part of these consolidated financial statements.
1
These consolidated financial statements were approved by management at 18 March 2025:
Tulebayev M.D.
First Deputy CEO –
Chief Financial Officer
Abdimoldayev D.K.
Financial Controller
Jakypbekova S.J.
Chief Accountant
In millions of Kazakhstani Tenge
Note
For the year ended
31 December 2024
For the year ended
31 December 2023
Revenue
7
1,813,352
1,434,635
Cost of sales
8
(931,621)
(671,862)
Gross profit
881,731
762,773
Distribution expenses
9
(26,216)
(28,851)
General and administrative expenses
10
(48,666)
(53,110)
Net (impairment losses)/reversal of impairment losses on non-
financial assets
(1,114)
229
Net (impairment losses)/reversal of impairment losses on financial
assets
11
14,545
(15,935)
Net foreign exchange gain/(loss)
13
73,494
(21,330)
Gain from business combination
41
295,719
-
Other income
12
20,475
4,474
Other expenses
13
(12,293)
(50,210)
Finance income
15
30,527
41,506
Finance costs
15
(18,653)
(9,589)
Share of results of associates
23
142,533
76,049
Share of results of joint ventures
24
17,030
22,336
Profit before tax
1,369,112
728,342
Income tax expense
16
(236,997)
(148,007)
PROFIT FOR THE YEAR
1,132,115
580,335
Other comprehensive income
Items that may be subsequently reclassified to profit or loss:
Exchange differences arising on translation of entities with foreign
functional currency
1,054
(648)
Share in other comprehensive loss of entities accounted for using
the equity method
(23)
-
Items that will not be reclassified to profit or loss:
Remeasurement of post-employment benefit obligations
(178)
291
Other comprehensive income/(loss) for the year
853
(357)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
1,132,968
579,978
Profit for the year attributable to:
- Owners of the Company
872,263
419,184
- Non-controlling interest
36
259,852
161,151
Profit for the year
1,132,115
580,335
Total comprehensive income attributable to:
- Owners of the Company
873,133
418,835
- Non-controlling interest
259,835
161,143
Total comprehensive income for the year
1,132,968
579,978
Earnings per share attributable to the owners of the Company,
basic and diluted (rounded to Tenge)
17
3,363
1,616

National Atomic Company Kazatomprom JSC
Consolidated Statement of Financial Position
The accompanying notes are an integral part of these consolidated financial statements.
2
In millions of Kazakhstani Tenge
Note
31 December 2024
31 December 2023
ASSETS
Non-current assets
Property, plant and equipment
19
226,432
195,447
Mine development assets
20
290,708
187,216
Mineral rights
21
1,170,206
496,249
Intangible assets
18
61,253
60,156
Exploration and evaluation assets
22
14,792
26,019
Investments in associates
23
218,219
152,266
Investments in joint ventures
24
53,605
56,585
Deferred tax assets
16
40,465
33,802
Other financial assets
26
86,214
75,873
Other non-financial assets
27
33,448
24,971
2,195,342
1,308,584
Current assets
Accounts receivable
25
676,161
430,319
Prepaid income tax
9,508
9,536
VAT recoverable
27
219,672
146,450
Inventories
28
388,157
423,314
Other financial assets
26
20,421
49,407
Other non-financial assets
27
18,235
19,398
Cash and cash equivalents
29
294,385
211,912
1,626,539
1,290,336
Assets of disposal groups classified as held for sale
-
372
1,626,539
1,290,708
TOTAL ASSETS
3,821,881
2,599,292

National Atomic Company Kazatomprom JSC
Consolidated Statement of Financial Position
The accompanying notes are an integral part of these consolidated financial statements.
3
In millions of Kazakhstani Tenge
Note
31 December 2024
31 December 2023
EQUITY
Share capital
30
37,051
37,051
Additional paid-in capital
2,539
2,539
Reserves
2,282
1,228
Retained earnings
2,044,521
1,487,091
Equity attributable to shareholders of the Company
2,086,393
1,527,909
Non-controlling interest
36
911,158
480,358
TOTAL EQUITY
2,997,551
2,008,267
LIABILITIES
Non-current liabilities
Loans and borrowings
31
106,401
-
Provisions
32
47,427
44,700
Deferred tax liabilities
16
239,814
106,481
Employee benefits
1,930
1,485
Other liabilities
34
7,773
7,547
403,345
160,213
Current liabilities
Loans and borrowings
31
43,306
86,252
Provisions
32
12,494
9,343
Accounts payable
33
281,672
176,011
Liabilities for other taxes and compulsory payments
47,931
37,437
Employee benefits
399
326
Income tax liabilities
7,482
5,022
Other liabilities
34
27,701
116,421
420,985
430,812
TOTAL LIABILITIES
824,330
591,025
TOTAL EQUITY AND LIABILITIES
3,821,881
2,599,292
Carrying value of one share (rounded to Tenge)
17
11,321
7,511
These consolidated financial statements were approved by management at 18 March 2025:
Tulebayev M.D.
First Deputy CEO –
Chief Financial Officer
Abdimoldayev D.K.
Financial Controller
Jakypbekova S.J.
Chief Accountant

National Atomic Company Kazatomprom JSC
Consolidated Statement of Cash Flows
The accompanying notes are an integral part of these consolidated financial statements.
4
In millions of Kazakhstani Tenge
Note
For the year ended
31 December 2024
For the year ended
31 December 2023*
OPERATING ACTIVITIES
Receipts from customers
1,605,362
1,216,066
Receipts under swap transactions
168,806
243,872
VAT refund
53,865
24,364
Interest received
23,666
17,936
Payments to suppliers
(616,590)
(516,022)
Payments under swap transactions
(127,805)
(155,731)
Payments of wages and salaries
(135,095)
(107,816)
Income tax paid
(230,691)
(154,581)
Other taxes paid
(206,549)
(128,832)
Social payments
(5,727)
(6,754)
Interest paid
31
(4,464)
(3,873)
Return of restricted funds
-
14,884
Compensation paid under subsoil use agreement
-
(11,404)
Other (payments)/receipts, net
(8,291)
116
Cash flows from operating activities
516,487
432,225
INVESTING ACTIVITIES
Acquisition of property, plant and equipment
(55,473)
(50,075)
Proceeds from disposal of property, plant and equipment
96
154
Acquisition of intangible assets
(653)
(867)
Acquisition of mine development assets
(115,759)
(55,985)
Acquisition of exploration and evaluation assets
(1,886)
(2,121)
Cash of acquired subsidiary
41
11,885
-
Acquisition of short-term debt securities
26
(289,342)
(735,665)
Acquisition of long-term debt securities
(14,365)
(3,259)
Redemption of short-term debt securities
26
332,331
694,658
Redemption of long-term debt securities
2,218
-
Placement of term deposits and restricted cash
(6,365)
(38,093)
Redemption of term deposits and restricted cash
1,920
37,458
Loan repayments received from related parties
2,565
3,456
Dividends received from associates, joint ventures
23, 24
91,110
87,794
Other (payments)/receipts, net
(697)
1,345
Cash flows from investing activities
(42,415)
(61,200)

National Atomic Company Kazatomprom JSC
Consolidated Statement of Cash Flows
The accompanying notes are an integral part of these consolidated financial statements.
5
In millions of Kazakhstani Tenge
Note
For the year ended
31 December 2024
For the year ended
31 December 2023*
FINANCING ACTIVITIES
Proceeds from loans and borrowings
31
159,655
22,358
Repayment of loans and borrowings
31
(139,166)
(73,525)
Dividends paid to shareholders
30
(314,649)
(200,970)
Dividends paid to non-controlling interest
(120,252)
(67,245)
Other payments, net
(852)
(43)
Cash flows from financing activities
(415,264)
(319,425)
Net increase in cash and cash equivalents
58,808
51,600
Cash and cash equivalents at the beginning of the year
211,912
169,536
Effect of exchange rate fluctuations on cash and cash equivalents
23,808
(9,219)
Change in impairment provision for cash and cash equivalents
(143)
(5)
Cash and cash equivalents at the end of the year
29
294,385
211,912
* Additional information about investing cash flows is provided in Note 3. Information about significant non-cash transactions is provided in Note 29.
These consolidated financial statements were approved by management at 18 March 2025:
Tulebayev M.D.
First Deputy CEO –
Chief Financial Officer
Abdimoldayev D.K.
Financial Controller
Jakypbekova S.J.
Chief Accountant

National Atomic Company Kazatomprom JSC
Consolidated Statement of Changes in Equity
The accompanying notes are an integral part of these consolidated financial statements.
6
In millions of Kazakhstani Tenge
Attributable to the shareholders of the Company
Share capital
Reserves
Retained earnings
Additional paid-in
capital
Total
Non-controlling
interest
Total equity
Balance at 1 January 2023
37,051
1,874
1,268,580
2,539
1,310,044
386,459
1,696,503
Profit for the year
-
-
419,184
-
419,184
161,151
580,335
Foreign currency translation difference
-
(646)
-
-
(646)
(2)
(648)
Remeasurements of post-employment benefit
obligations
-
-
297
-
297
(6)
291
Total comprehensive income for the year
-
(646)
419,481
-
418,835
161,143
579,978
Dividends declared to shareholders (Note 30)
-
-
(200,970)
-
(200,970)
-
(200,970)
Dividends declared by subsidiaries to other
participants (Note 36)
-
-
-
-
-
(67,244)
(67,244)
Balance at 31 December 2023
37,051
1,228
1,487,091
2,539
1,527,909
480,358
2,008,267
Profit for the year
-
-
872,263
-
872,263
259,852
1,132,115
Foreign currency translation difference
-
1,054
-
-
1,054
-
1,054
Remeasurements of post-employment benefit
obligations
-
-
(161)
-
(161)
(17)
(178)
Share in other comprehensive loss of entities accounted
for using the equity method
-
-
(23)
-
(23)
-
(23)
Total comprehensive income for the year
-
1,054
872,079
-
873,133
259,835
1,132,968
Dividends declared to shareholders (Note 30)
-
-
(314,649)
-
(314,649)
-
(314,649)
Dividends declared by subsidiaries to other
participants (Note 36)
-
-
-
-
-
(120,045)
(120,045)
Business combination (Note 41)
-
-
-
-
-
291,010
291,010
Balance at 31 December 2024
37,051
2,282
2,044,521
2,539
2,086,393
911,158
2,997,551
These consolidated financial statements were approved by management at 18 March 2025:
Tulebayev M.D.
First Deputy CEO –
Chief Financial Officer
Abdimoldayev D.K.
Financial Controller
Jakypbekova S.J.
Chief Accountant

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
7
1 NAC Kazatomprom JSC and its operations
These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards for the
year ended 31 December 2024 for National Atomic Company Kazatomprom JSC (the “Company”) and its subsidiaries
(hereinafter collectively referred to as “the Group”).
The Company is a joint stock company set up in accordance with regulations of the Republic of Kazakhstan. The
Company was established pursuant to the Decree of the President of the Republic of Kazakhstan on the establishment
of National Atomic Company Kazatomprom No. 3593, dated 14 July 1997, and the Decree of the Government of the
Republic of Kazakhstan on National Atomic Company Kazatomprom Issues No. 1148 dated 22 July 1997, as a closed
joint stock company with a 100% government shareholding.
As at 31 December 2024, 62.99% of the Company’s shares are held by Samruk-Kazyna JSC, 12.01% are held by the
Ministry of Finance of the Republic of Kazakhstan and 25% are on free float (Note 30).
The Company’s registered address is Syganak street, building 17/12, Astana city, the Republic of Kazakhstan. The
principal place of business is the Republic of Kazakhstan.
The Group’s principal activities include production of uranium and sale of uranium products. The Group is one of the
world leading uranium producing companies. The Group is also involved in processing of rare metals, manufacture and
sale of beryllium and tantalum products and scientific support of operational activities.
NAC Kazatomprom JSC is an entity representing interests of the Republic of Kazakhstan at the initial stages of the
nuclear fuel cycle and production of fuel assemblies and their components. The Group is a participant in a number of
associates and joint ventures, which make a significant contribution to its profit (Notes 23 and 24).
The Group’s development strategy adopts a market-driven approach within the industry, focusing on adaptation to new
economic and technological realities. It also incorporates additional strategic objectives that take into account global
energy trends, emerging challenges, and opportunities in the uranium market, the nuclear fuel cycle, and rare metals.
The strategy is aimed at ensuring long-term value growth for all stakeholders of the Group in line with the principles of
sustainable development that will be achieved through the efficient utilization of resource potential, diversification of
business activities, and strengthening the Group’s position in the global market.
As at 31 December 2024, the Group and its associates and joint ventures were a party to the following contracts for
production and exploration of uranium:
Entity/Mine, area
Stage
Contract date
Contract term
The Company and entities under control
Kazatomprom-SaUran LLP
Kanzhugan
Production
27 November 1996
51 years
Uvanas
Liquidation
27 November 1996
-
Mynkuduk, East block
Production
27 November 1996
31 years
Moinkum, block 1 (South) (south part)
Liquidation
26 September 2000
-
Moinkum, block 3 (Central) (north part)
Production
31 May 2010
31 years
Inkai, block 3
Production
5 June 2024
4 years
MC Ortalyk LLP
Mynkuduk, Central block
Production
8 July 2005
28 years
Zhalpak
Production
14 December 2021
25 years
Appak LLP
Mynkuduk, West block
Production
8 July 2005
30 years
RU-6 LLP
North and South Karamurun
Production
15 November 1996
44 years
JV Inkai LLP
Inkai, block 1
Production
13 July 2000
45 years
Company
Inkai, block 2
Exploration
25 June 2018
10 years
Baiken-U LLP
North Khorasan, block 2
Production
1 March 2006
49 years
Turanium LLP
North Khorasan, block 1
Exploration and Production
8 May 2005
53 years
JV Budenovskoye LLP
Budenovskoye, blocks 6, 7
Production
16 October 2020
25 years

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
8
1 NAC Kazatomprom JSC Group and its Operations (continued)
Mine/area
Stage
Contract date
Contract term
Associates
JV KATCO LLP
Southern Moinkum, Northern part and Tortkuduk
Production
3 March 2000
39 years
JV Zarechnoye JSC
Zarechnoye
Production
23 September 2002
26 years
JV South Mining Chemical Company LLP
Akdala
Production
28 March 2001
25 years
Inkai, block 4
Production
8 July 2005
24 years
Joint Ventures
Semizbay-U LLP
Semizbai
Production
2 June 2006
25 years
Irkol
Production
14 July 2005
25 years
Joint Operations
Karatau LLP
Budenovskoye, block 2
Production
8 July 2005
35 years
JV Akbastau JSC
Budenovskoye, block 1
Production
20 November 2007
30 years
Budenovskoye, blocks 3, 4
Production
20 November 2007
31 years
In 2024 the Company received Exploration licenses for areas 5-1, 5-3, the Northern Budenovskoye mine and the
Eastern Zhalpak area. Under these Licenses, geological exploration works are planned for 6 years.
At 31 December 2024 the Group comprises 33 entities (2023: 33), mainly located in five regions of the Republic of
Kazakhstan: Turkestan region, East Kazakhstan region, Kyzylorda region, Akmola region and Almaty region. At 31
December 2024 and 2023 the aggregate number of employees of the Group is about 22 thousand people.
2 Economic environment of the Group
In November 2024 Fitch Ratings, an international rating agency, affirmed Kazakhstan's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'BBB' with a stable outlook. According to Fitch, Kazakhstan's 'BBB' IDRs reflect strong
fiscal and external balance sheets that have proven resilient to external shocks, and financing flexibility underpinned
by accumulated oil revenue savings. Set against these strengths are its very high dependence on commodities, high
inflation that partly reflects a less developed macroeconomic policy framework relative to 'BBB' peers, and weak
governance indicators. Crude oil and oil condensates continue to be the major contributors to fiscal revenues and
exports, and the sector accounts for 17% of GDP, exposing the economy to external shocks arising from changing
prices in those commodities. Economic diversification efforts are underway but it will take time, given challenges
associated with the business environment and skills shortages.
The economy of the Republic of Kazakhstan continues to develop. Its economy is particularly sensitive to prices on oil,
gas and other commodities, which constitute a major part of the country’s exports. These characteristics include, but
are not limited to, having a national currency that is not freely traded on the global foreign-exchange markets, not freely
convertible outside of the country and little presence of Kazakhstani debt and equity securities on foreign stock
exchanges. Additionally, the energy sector in the Republic of Kazakhstan is still impacted by political, legislative, fiscal
and regulatory developments. Uncertainty remains in relation to the exchange rate of Tenge and commodity prices.
The economic environment has a significant impact on the Group’s operations and financial position. Management is
taking necessary measures to ensure sustainability of the Group’s operations. However, the future effects of the current
economic situation are difficult to predict, and management’s current expectations and estimates could differ from
actual results.
Impact of anti-Russian sanctions
As part of its ongoing risk assessment program the Group management monitors the potential impact of anti-Russian
sanctions on the Group’s operations. On 11 August 2024 the Prohibiting Russian Uranium Imports Act intended to
reduce U.S. reliance on Russian uranium imports became effective. The act bans U.S. imports from Russia of
unirradiated low-enriched uranium and natural uranium.
As part of the Group’s exported products are transported through Russia, there are risks associated with transit through
the territory of Russia, insurance and the delivery of cargo by sea vessels. The Group constantly monitors the potential
impact of sanctions on the Group’s operations, including transportation and sales of finished products. At the date of
these financial statements, there are no restrictions on the Group's activities related to the supply of the Group's
products to end customers.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
9
2 Economic environment of the Group (continued)
There are also risks associated with Russian partners in the Group’s subsidiaries, associates and joint ventures,
including reputational and corporate governance risks. On 24 February 2023, the UK included a number of key
employees of the Rosatom State Corporation in the sanctions list. Also in 2024 the US Department of the Treasury
included the following companies of the Rosatom State Corporation group in the sanctions list Innovation Hub LLC,
Rusatom Arctic JSC, Security Code LLC, PJSC Transcontainer, IPN Stankostroenie JSC, Rusatom Machine Tools
JSC, Research Institute of Devices JSC, Kirov Energomash Plant JSC, Inject Research and Production Enterprise
LLC, Rosatom Microelectronisc JSC and Rosatom Digital Solutions LLC. The Group has no relations with the
mentioned companies.
On 10 January 2025, the US Department of the Treasury imposed sanctions against a number of top managers of the
State Corporation Rosatom. The consequences of the blocking sanctions imposed against these top managers include
freezing of assets, a ban on commercial (and some non-commercial) relations with these individuals and transactions
with their assets, and a ban on entry into the United States.
At the same time, as of the date of approval of these consolidated financial statements, the entities of the Rosatom
State Corporation group, the partners of the Group in four uranium mining entities in Kazakhstan, are not included in
the sanctions list. The Group monitors the risk of sanctions, minimizing the consequences of its implementation. Based
on the initial risk assessment and subsequent updates to the sanctions programs and lists, the Group drew up an action
plan to minimize possible negative consequences. This action plan is updated as new risks are identified or sanctions
programs and lists are updated.
The Group’s management is unable to predict the impact of future events on the Group’s financial position and its
results of this matter. Management will continue to monitor the potential impact of anti-Russian sanctions on the Group
and will take all necessary steps to mitigate risks.
3 Basis of preparation
These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards (IFRS)
under the historical cost convention, as modified by financial instruments categorised at fair value through profit or loss
(“FVTPL”) and at fair value through other comprehensive income (“FVOCI”). The principal accounting policies applied
in the preparation of these consolidated financial statements are set out below. These policies have been consistently
applied to all the periods presented unless specified.
The preparation of consolidated financial statements in conformity with IFRS requires the use of certain critical
accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s
accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and
estimates are significant are disclosed in the corresponding notes of these consolidated financial statements.
Presentation currency
These consolidated financial statements are presented in millions of Kazakhstani Tenge (“Tenge”), unless otherwise
stated.
Consolidation
(i) Consolidated financial statements
The Group has several subsidiaries disclosed in Note 37. Unless otherwise stated, they have share capital consisting
solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the
voting rights held by the Group. The country of incorporation or registration is also their principal place of business.
(ii) Associates and joint ventures
The Group’s associates and joint ventures are disclosed in Notes 23 and 24. The entities have share capital, which is
held directly by the Group. The country of incorporation or registration is also their principal place of business, and the
proportion of ownership interest is the same as the proportion of voting rights held. Associates are entities over which
the Group has significant influence (directly or indirectly), but not control, generally accompanying a shareholding of
between 20% and 50% of the voting rights. Entities where the Group holds joint control by means of unanimous decision
making with the second participant over relevant activities, are classified as joint ventures.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
10
3 Basis of preparation (continued)
(iii) Joint operations
The Group is a party to joint operations as disclosed in Note 37. In accordance with requirements of the relevant
agreements, participants buy output of joint operations equally in accordance with their ownership interest. If
participants of the joint operations do not comply with this requirement during a period, a liability or receivable under
joint operations is recognised for an amount equivalent to the corresponding gross margin. The liability/receivable is
settled either when participants satisfy the parity requirements or participants mutually agree to discharge the
liabilities/receivables, and a corresponding loss/gain is recognised in profit or loss statement. Receivables and payables
between participants of the joint operations are presented on a gross basis in the financial statements. No revenue
from joint operations is recognised in the financial statements until the Group sells the output to third parties.
Foreign currency translation
The functional currency of each of the Group’s consolidated entities is the currency of the primary economic
environment in which the entity operates. The functional currency of the Company and its Kazakhstan subsidiaries is
the national currency of Kazakhstan, Kazakhstani Tenge. Exchange restrictions and currency controls exist in relation
of converting Tenge into other currencies. Currently, Tenge is not freely convertible outside of the Republic of
Kazakhstan. Monetary assets and liabilities are translated into each entity’s functional currency at the official exchange
rate at the respective end of the reporting period. The official exchange rate of Kazakhstan Stock Exchange (KASE) as
at 31 December 2024 was Tenge 525.11 per 1 US Dollar (2023: Tenge 454.56 per 1 US Dollar). Foreign exchange
gains and losses resulting from the settlement of the transactions and from the translation of monetary assets and
liabilities into each entity’s functional currency at year-end official exchange rates are recognised in profit or loss
statement as a separate line item. Note 13 provides additional information about foreign exchange gains and losses
from financing activities (attributable to borrowings) and operating activities (all other foreign exchange gains and
losses).
The results and financial position of the Group’s foreign operation, which has financial statements with different
functional currency, are translated into the presentation currency as follows:
 assets and liabilities for each statement of financial position are translated at the closing rate at the end of the
respective reporting period;
 income and expenses are translated at average exchange rates (unless this average is not a reasonable
approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and
expenses are translated at the dates of the transactions);
 components of equity are translated at the historic rate;
 all resulting exchange differences are recognised in other comprehensive income.
Translation at year-end does not apply to non-monetary items that are carried at historic costs.
Investing cash flows - change in presentation
Major classes of cash receipts and cash payments arising from investing and financing activities are reported on a
gross basis in these consolidated financial statements. Acquisition and redemption of short-term debt securities include
mainly instruments, for which the turnover is quick, the amounts are large and the maturities are short. In the
consolidated statement of cash flows for the year ended 31 December 2023 such instruments were presented on the
net basis, acquisition and redemption amounts were offset for the total amount of Tenge 689,389 million.
4 Adoption of new or revised standards and interpretations
The following amendments became effective from 1 January 2024, but did not have any material impact on the Group:
 Amendments to IFRS 16 Leases: Lease Liabilities under a Sale and Leaseback Agreement (issued on
22 September 2022 and effective for annual periods beginning on or after 1 January 2024);
 Classification of Liabilities as Current or Non-Current – Amendments to IAS 1 (initially issued on 23 January 2020
and subsequently amended on 15 July 2020 and 31 October 2022, ultimately effective for annual periods beginning
on or after 1 January 2024);
 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Financing
Arrangements (issued on 25 May 2023).

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
11
4 Adoption of new or revised standards and interpretations (continued)
Certain new standards and interpretations have been issued that are mandatory for annual periods beginning on or
after 1 January 2025 or later, and which the Group has not early adopted. These are:
 Amendments to IAS 21 Restricted Exchange Feature (issued on 15 August 2023 and effective for annual periods
beginning on or after 1 January 2025);
 Amendments to the Classification and Measurement Requirements for Financial Instruments – Amendments to
IFRS 9 and IFRS 7 (issued on 30 May 2024 and effective for annual periods beginning on or after 1 January 2026);
 IFRS 18 Presentation and Disclosure in Financial Statements (issued on 9 April 2024 and effective for annual
periods beginning on or after 1 January 2027);
 IFRSs (IFRS 19 Non-Public Subsidiaries: Disclosures (issued on 9 May 2024 and effective for annual periods
beginning on or after 1 January 2027);
 IFRS 14 Adjustment Deferral Accounts (issued on 30 January 2014, with no effective date set);
 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture – Amendments to IFRS 10
and IAS 28 (issued on 11 September 2014, with no effective date set);
 Annual Improvements to IFRSs (issued in July 2024 and effective on 1 January 2026);
 Contracts Referencing Nature-dependent Electricity Amendments to IFRS 9 and IFRS 7 (Issued on 18 December
2024 and effective from 1 January 2026).
The Group is currently assessing the impact of the amendments on its financial statements.
5 Segment information
Operating segments are components that engage in business activities that may earn revenues or incur expenses,
whose operating results are regularly reviewed by the chief operating decision maker (CODM) and for which discrete
financial information is available. The CODM is the person or group of persons who allocates resources and assesses
the performance for the entity. The CODM has been identified as the Management Board of the Group headed by the
CEO.
(a) Description of products and services from which each reportable segment derives its revenue
The Group is a vertically integrated business involved in the production chain of end products – from geological
exploration, mining of uranium and nuclear fuel production, to marketing and auxiliary services (transportation and
logistics, procurement, research and other). The Group is organised on the basis of two main business segments:
 Uranium – uranium mining and processing from the Group’s mines, purchases of uranium from joint ventures and
associates, external sales and marketing of produced and purchased natural uranium, sales of enriched uranium.
This segment includes the Group’s share in the net results of joint ventures and associates engaged in uranium
production, as well as the Group’s head office (NAC Kazatomprom JSC);
 UMP (Ulba Metallurgical Plant JSC) – production and sales of products containing beryllium, tantalum and niobium,
hydrofluoric acid and by-products, processing of uranium on tolling basis for the Group’s uranium entities and
production of uranium powders and pellets to external markets and its joint venture, Ulba-FA LLP.
The revenues and expenses of some of the Group’s subsidiaries, which primarily provide services to the uranium
segment (such as drilling, transportation, security and geological), are not allocated to the results of this operating
segment. These Group’s businesses are not included within reportable operating segments as their financial results do
not meet the quantitative threshold. The results of these and other minor operations are included in the “Other” caption.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
12
5 Segment information (continued)
(b) Factors that management used to identify the reportable segments
The Group’s segments are strategic business units that focus on different customers. They are managed separately
because of the differences in the production processes, the nature of products produced and required marketing and
investment strategies. Segment financial information reviewed by the CODM includes:
 information about income and expenses by business units (segments) based on IFRS figures on a quarterly basis;
 assets and liabilities as well as capital expenditures by segment on a quarterly basis;
 operating data (such as production and inventory volumes) and revenue data (such as sales volumes per type of
product, average sales price) are also reviewed by the CODM on a monthly and quarterly basis.
(c) Measurement of operating segment profit or loss, assets and liabilities
The CODM evaluates performance of each segment based on gross and net profit. Segment financial information is
prepared on the basis of IFRS financial information and measured in a manner consistent with that in these consolidated
financial statements. Revenues from other segments include transfers of raw materials, goods and services from one
segment to another, amount is determined based on market prices for similar goods.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
13
5 Segment information (continued)
(d) Information about reportable segment profit or loss, assets and liabilities
Segment information for the reportable segments for the years ended 31 December 2024 and 2023 is set out below:

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
14
5 Segment information (continued)
Segment information for the reportable segments for the years ended 31 December 2024 and 2023 is set out below (continued):
Capital expenditure represents additions to non-current assets other than financial instruments, deferred tax assets, post-employment benefits assets and rights arising under
insurance contracts.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
15
5 Segment information (continued)
(e) Analysis of revenues by products and services
The Group’s revenues are analysed by products and services in Note 7. Information about finance income and costs
is disclosed in Note 15.
(f) Geographical information
The Group’s main assets are located in the Republic of Kazakhstan. Distribution of the Group’s sales between
countries on the basis of the customer’s country of domicile was as follows:
Major customers
The Group has a group of customers under common control that accounts for more than 10% of the Group’s
consolidated revenue. This revenue of Tenge 642,942 million (2023: Tenge 526,684 million) is reported under the
Uranium segment mainly.
6 Balances and transactions with related parties
Parties are generally considered to be related if the parties are under common control or if one party has the ability to
control the other party or can exercise significant influence or joint control over the other party in making financial and
operational decisions. In considering each possible related party relationship, management has regard to the substance
of the relationship, not merely the legal form. Transactions with related parties are performed at normal commercial
terms unless disclosed otherwise.
Entities under common control include companies under control of SWF Samruk-Kazyna JSC. Transactions with other
government owned entities are not disclosed when they are entered into in the ordinary course of business with terms
consistently applied to all public and private entities, when they are not individually significant, if the Group’s services
are provided on standard terms available for all customers, or where there is no choice of supplier of services such as
electricity transmission services and telecommunications. In accordance with IAS 24.26 the Group discloses only
individually significant transactions and qualitative and quantitative indication of other collectively, but not individually
significant transactions with government and state owned entities. Detailed description of such significant transactions
is presented in Note 26, 34.
At 31 December 2024, the outstanding balances with related parties were as follows:

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
16
6 Balances and transactions with related parties (continued)
Transactions with related parties for the year ended 31 December 2024 were as follows:
The Group is a guarantor for loan obtained by Ulba-FA LLP in the amount of Tenge 12,397 million (2023:
Tenge 16,096 million) (Note 35).
In 2024 the Group became a guarantor for Taiqonyr Qyshqyl Zauyty LLP (Note 24) under the underlying agreements
on joint implementation of the project on sulfuric acid plant construction with a maximum exposure of Tenge 14,295
million (2023: 0) (Note 35).
In 2024 the Group transferred obligatory pension payments for its employees to the state-owned United Accumulative
Pension Fund JSC in the amount of Tenge 11,511 million (2023: Tenge 9,328 million). Corporate income tax (Note 16)
as well as other taxes, penalties and fines are also transferred to the state (Notes 8-10).
At 31 December 2023, the outstanding balances with related parties were as follows:
Transactions with related parties for the year ended 31 December 2023 were as follows:

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
17
6 Balances and transactions with related parties (continued)
Key management personnel are represented by personnel with authority and responsibility in planning, management
and control of the Group's activities, directly or indirectly. Key management personnel include all members of the
Management Board and the members of the Board of Directors. The table below represents remuneration of the key
management personnel, paid by the Group in exchange for services provided. This remuneration includes salaries,
bonuses, as well as associated taxes and payments. No remuneration is paid or payable to representatives of the
Controlling shareholder in the Board of Directors.
7 Revenue
The Group’s revenue arises from contracts with customers where performance obligations are satisfied mostly at a
point in time.
The most significant factors that affected the Group’s revenue during 2024 included:
 The Group has sales contracts with Ulba-FA LLP, fuel assemblies producing plant, according to which the Group
sells enriched uranium, processing services and uranium products. The mix of such goods and services may differ
depending on the client’s needs. In 2024 the Group sold Tenge 248,820 million of enriched uranium and
Tenge 6,248 million of processing services to Ulba-FA LLP (2023: Tenge 91,218 million of enriched uranium,
Tenge 49,350 million of uranium products and Tenge 1,283 million of processing services).
 A decrease of natural uranium sales volumes by 8% compared to 2023 is in accordance with approved sales plan.
Sales volumes may vary from year to year due to differences in customer delivery schedules and requests
throughout the year and actual physical deliveries.
 A 26% increase in the average selling price compared to 2023 (US Dollars 69.48 versus US Dollars 55.09) due to
an increase in market spot price for natural uranium. The Group's current contract portfolio pricing correlates with
the spot uranium prices, however some deliveries in 2024 were made under long-term contracts, which include
fixed pricing components, including price ceilings that were negotiated in a comparatively lower price environment
of prior periods.
 The Group obtained control over JV Budenovskoye LLP as explained in Note 41 as a result of significant changes
in Charter and Foundation agreement that became effective from 1 January 2024. Thus, the Group consolidates
JV Budenovskoye LLP as a subsidiary from 1 January 2024. The acquired subsidiary contributed
Tenge 62,223 million to the revenue from sales of natural uranium.
 Sales of purchased goods include raw materials and chemicals. The growth in sales of such goods is explained by
the rise of uranium production volume of mining entities.
*The management decided to improve presentation of revenue items by separating sales of processing services from
sales of the product itself, comparative amounts were regrouped accordingly.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
18
7 Revenue (continued)
Material accounting policies and significant judgements
Revenue is defined as income arising in the course of the Group’s ordinary activities. Revenue is recognised in the
amount of transaction price. Transaction price is the amount of consideration to which the Group expects to be entitled
in exchange for transferring control over promised goods or services to a customer, excluding the amounts collected
on behalf of third parties. Revenue is recognised net of discounts, returns and value added taxes, export duties and
other similar mandatory payments.
(i) Sales of goods (uranium, tantalum, beryllium, niobium and other products)
Sales are recognised when control of the good has transferred, being when the goods are delivered to the customer,
the customer has full discretion over the goods, and there is no unfulfilled obligation that could affect the customer’s
acceptance of the goods. Delivery occurs when the goods have been delivered to the specific location, the risks of
obsolescence and loss have been transferred to the customer, and either the customer has accepted the goods in
accordance with the contract, the acceptance provisions have lapsed, or the Group has objective evidence that all
criteria for acceptance have been satisfied.
Revenue from the sales with discounts is recognised based on the price specified in the contract, net of the estimated
volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value
method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.
No element of financing is deemed present as the sales are made with an average credit term of 30-60 days, which is
consistent with market practice. A receivable is recognised when the goods are delivered as this is the point in time
that the consideration is unconditional because only the passage of time is required before the payment is due.
Delivery of uranium, tantalum and beryllium products vary depending on the individual terms of a sale contract usually
in accordance with the Incoterms classification. Delivery of uranium products occurs at the date of physical delivery in
accordance with Incoterms or at the date of book-transfer to an account with a convertor specified by the customer. A
book-transfer operation represents a transaction whereby the uranium account balance of the transferor is decreased
with a simultaneous allocation of uranium to the transferee’s uranium account with the same specialised conversion /
reconversion entity.
(ii) Sales of services (transportation, drilling and other)
The Group may provide services under fixed-price contracts. Revenue from providing services is recognised at a point
in time, drilling and other services are recognised in the accounting period in which the services are rendered
proportionately to the percentage of actually provided services. For fixed-price contracts, revenue is recognised based
on the actual service provided to the end of the reporting period as a proportion of the total services to be provided
because the customer receives and uses the benefits simultaneously.
Swap transactions (judgements)
The Group sells part of its uranium products under swap transactions with separate agreements with the same
counterparty, being for sales and purchase of the same volume of uranium for the same price at different delivery points
or different timeframes. Effectively, this results in the exchange of own uranium (produced or purchased from the
Group’s entities) with purchased uranium.
Normally, under a swap transaction, the Group delivers physical uranium to one destination point, and purchases the
same volume of uranium at a third-party converter for sale to end customers. Swap transactions are entered into
primarily to reduce transportation costs for uranium delivery from Kazakhstan to end customers.
Despite the fact that swap agreements are not formally related to each other, management concluded that these
transactions are in substance linked and would not have occurred on an isolated basis, driven by the existing market
demand and supply forces. In management’s view, supply of the same volume of homogeneous product (uranium) for
the same price represents an exchange of products, which should be presented on a net basis in the consolidated
financial statements, reflecting the economic substance of the transaction. Interpretation of terms and approach to the
accounting for swap transactions requires judgement.
In 2024, the Group did not recognise sales revenue from swap transactions of Tenge 169,556 million (2023:
Tenge 139,322 million) and related cost of sales of Tenge 158,551 million (2023: Tenge 149,209 million).

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
19
7 Revenue (continued)
Purchase and sales agreements assume cash transfers on a regular payment terms, similar to contracts with
customers. The Group presents cash receipts as “receipts under swap transactions” and cash payments as “payments
under swap transactions”.
Enrichment of natural uranium (judgements)
The Group purchases uranium enrichment services from Uranium Enrichment Center JSC (UEC) in Russia. The
transaction is structured as two separate agreements. Group sells natural uranium and purchases enriched uranium
from UEC. Despite agreements with UEC are not formally related, the management concluded that these transactions
are in substance linked and would not have occurred on an isolated basis. Effectively, this results in the sales of uranium
with an obligation to repurchase it in the form of enriched uranium, in accordance with IFRS 15 requirements no revenue
from sales of uranium to UEC should be recognised, reflecting the economic substance of the transaction. Interpretation
of terms and approach to the accounting for transactions with UEC requires judgement. The cost of enrichment services
included in cost of sales of Tenge 62,612 million (2023: Tenge 40,643 million) in processing and other services line
item (Note 8).
Purchase and sales agreements with UEC assumed cash transfers, starting from 2023 the Group changed the contract
terms to settle cash transfers on a net basis (Note 29).
8 Cost of sales
Increase in materials and supplies is mainly explained by the growth in the spot market price and, consequently, the
cost of uranium purchased from associates and joint ventures. During 2024, the average purchase price of sulfuric acid
and mineral extraction tax has also affected the uranium production cost.
9 Distribution expenses

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
20
10 General and administrative expenses
In April 2024, the Group provided financial assistance to the flood-affected regions to support and combat the
consequences of flood that hit several regions of Kazakhstan.
The PwC network of companies provided the Group with the following audit and non-audit services (net of VAT):
11 Net (impairment losses)/reversal of impairment losses on financial assets
Impairment losses for the following financial assets:
In 2023 the Group expected difficulties with the payment from Dioxitek S.A. for the sales of uranium, thus 100%
provision on the overdue amount of Tenge 15,692 million was accrued. As a result of further negotiations, the main
part of the payment was received as of the reporting date, thus reversal of impairment was recognised.
12 Other income

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
21
13 Other expenses and net foreign exchange (loss)/gain
Net foreign exchange (loss)/gain
14 Payroll costs
Payroll costs are included in cost of sales in the amount of Tenge 71,346 million (2023: Tenge 61,886 million), in
general and administrative and distribution expenses in the amount of Tenge 28,730 million (2023: Tenge 24,115
million), the difference is mainly posted to mine development assets and inventory (finished goods and work-in-
progress).
Material accounting policies and significant judgements
Wages, salaries, contributions to pension and social insurance funds, paid annual leave and sick leave, bonuses, and
non-monetary benefits are accrued in the year in which the associated services are rendered by the employees of the
Group. In this case, the Group applies the defined contribution plans scheme. In accordance with the legal requirements
of the Republic of Kazakhstan, the Group withholds pension contributions from employees’ salary and transfers them
into the United Accumulative Pension Fund JSC. Upon retirement of employees, all pension payments are administered
by the United Accumulative Pension Fund JSC. The Group does not have any legal or constructive obligation to pay
additional contributions other than pension contributions withheld from the salaries of the Group's employees.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
22
15 Finance income and costs
Material accounting policies
Interest income on financial assets at amortised cost, other than those at FVTPL, is recorded on an accrual basis using
the effective interest method and recognised in the profit or loss as part of ‘finance income’. This method defers, as
part of interest income, all fee received between the parties to the contract that are an integral part of the effective
interest rate, all other premiums or discounts. Interest income on debt instruments at FVTPL calculated at nominal
interest rate is presented within ‘finance income’ line in profit or loss.
16 Income tax expense
(a) Components of income tax expense
Income tax expense recorded in profit or loss comprises the following:
The income tax rate applicable to the majority of the Group’s profits in 2024 and 2023 is 20%.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
23
16 Income tax expense (continued)
(b) A reconciliation between the expected and the actual taxation charge is provided below:
The Group assesses compliance of sales transactions with transfer pricing requirements and makes additional
corporate income tax accruals on an annual basis, if necessary.
(c) Deferred taxes analysed by type of temporary difference
Differences between IFRS and statutory taxation regulations in Kazakhstan give rise to temporary differences between
the carrying amount of assets and liabilities for financial reporting purposes and their tax bases. The tax effect of the
movements in these temporary differences is detailed below at 20%.
Management estimates that investments in subsidiaries, associates and joint ventures will be recovered primarily
through dividends. Dividends from subsidiaries, associates and joint ventures are not taxable, accordingly the Group
did not recognise deferred tax on undistributed earnings from investments.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
24
16 Income tax expense (continued)
The tax effect of the movements in the temporary differences for the year ended 31 December 2023 is:
In the context of the Group’s structure, tax losses of different Group companies may not be offset against current tax
liabilities and taxable profits of other Group companies and, accordingly, taxes may accrue even where there is a
consolidated tax loss. Therefore, deferred tax assets and liabilities are offset only when they relate to the same taxable
entity.
There were no unused tax loss carry forwards in 2024 (2023: Tenge 1,596 million). The tax loss carry forwards expire
as follows:
Material accounting policies and significant judgements
Current tax is the amount expected to be paid to, or recovered from, the taxation authorities in respect of taxable profits
or losses for the current and prior periods using tax rates enacted or substantively enacted at the reporting date, and
any adjustment in respect of previous years. Deferred tax assets and liabilities are offset if there is a legally enforceable
right to offset current tax liabilities and assets, and they relate to the same tax authority on the same taxable entity, if
there is an intention to settle current tax liabilities and assets on a net basis or tax assets and liabilities will be realised
simultaneously.
The Group’s uncertain tax positions are reassessed by management at the end of each reporting period. Liabilities are
recorded for income tax positions that are determined by management as more likely than not to result in additional
taxes being levied if the positions were to be challenged by the tax authorities.
The assessment is based on the interpretation of tax laws that have been enacted by the end of the reporting period,
and any known court or other rulings on such issues.
Liabilities for penalties, interest and taxes other than on income are recognised based on management’s best estimate
of the expenditure required to settle the obligations at the end of the reporting period.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
25
17 Earnings per share
Basic earnings per share is calculated by dividing the profit or loss attributable to owners of the Company by the number
of ordinary shares in issue during the year (Note 30). The Company has no dilutive potential ordinary shares, therefore,
the diluted earnings per share equals the basic earnings per share. Earnings per share from continuing operations is
calculated as follows:
Number of ordinary shares (in thousands)
259,357
259,357
Book value of one share (Tenge per share)
11,321
7,511
Material accounting policies and significant judgements
Earnings per share are determined by dividing profit or loss attributable to the Company's shareholders by the weighted
average number of participating shares outstanding during the reporting year, adjusted for stock splits.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
26
18 Intangible assets
MC Ortalyk LLP, JV Akbastau JSC and Karatau LLP
Goodwill relates to prior period business combinations of MC Ortalyk LLP in the amount of Tenge 5,166 million, Karatau
LLP of Tenge 24,808 million and JV Akbastau JSC of Tenge 18,520 million. At least annually, goodwill is tested for
impairment at the level of a corresponding cash generating unit (the lowest levels for which there are separately
identifiable cash inflows that are largely independent of the cash inflows from other assets or groups of assets).
The Group has identified each mine (contract territory) as a separate cash-generating unit unless several mines are
technologically connected with single processing plant in which case the Group considers such mines as one cash-
generating unit. The carrying value of goodwill applicable to each of the entities was allocated to their respective cash
generating units, Central Mynkuduk mine (Central block) and separate blocks of Budenovskoye mine (Note 1) for MC
Ortalyk LLP and Karatau LLP, JV Akbastau JSC, respectively.
The recoverable amount was determined on a value in use basis, cash flows forecasts were based on approved
reserves, estimated production volumes, subsurface use contracts periods and a pre-tax discount rate in Tenge of
17.65% per annum in 2024 (2023: 18.60% per annum). Discount rate is calculated based on information from open
sources, including US risk-free rate because revenue is mainly generated in US Dollars.
Production volumes are consistent with those agreed with the competent authority and independent consultant’s report
and are based on the production capacity of the cash-generating units. Key assumptions used in calculations include
forecast sales prices, production volumes. Sales prices used in developing forecasted cash flows were based on annual
spot and long-term base price projections (denominated in US Dollar per pound of uranium) published by UxC LLC in
the fourth quarter of 2024.
Production costs and capital expenditures are based on approved business plans for 2025-2029 and growth of about
5% which approximates long-term average inflation rates. The estimated values in use significantly exceed the carrying
amounts of the non-current assets of the three cash-generating units, including goodwill, and therefore even reasonably
possible changes in key assumptions would not lead to impairment losses being recognised.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
27
19 Property, plant and equipment
Movements in the carrying amount of property, plant and equipment were as follows:
Construction in progress includes mainly costs incurred for the construction of the uranium processing plant for Tenge
11,094 million. At 31 December 2024, the Group had contractual capital expenditure commitments in respect of
property, plant and equipment of Tenge 27,037 million (2023: Tenge 3,966 million).
At 31 December 2024, the gross carrying value of fully depreciated property, plant and equipment still in use was
Tenge 43,375 million (2023: Tenge 38,006 million). During 2024 the amount of capitalised interest on loans in
construction in progress was Tenge 537 million.
Depreciation and amortisation charged on long-term assets for the years ended 31 December are as follows:

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
28
19 Property, plant and equipment (continued)
Depreciation and amortisation charged to profit or loss for the years ended 31 December are as follows:
Material accounting policies and significant judgements
Property, plant and equipment are stated at cost, less accumulated depreciation and provision for impairment, where
required. The individual significant parts of an item of property, plant and equipment (components) with useful lives
different from the useful lives of the given asset as a whole are depreciated individually, applying depreciation rates
reflecting their anticipated useful lives.
(i) Depreciation
Land is not depreciated. Depreciation of items within buildings category that are used in extraction of uranium and its
preliminary processing is charged on a unit-of-production (UoP) method in respect of items for which this basis best
reflects the pattern of consumption. Depreciation on other items of property, plant and equipment is calculated using
the straight-line method to allocate their cost to their residual values over their estimated useful lives:
Each item’s estimated useful life depends on its own useful life limitations and/or term of a subsurface use contract and
the present assessment of economically recoverable reserves of the mine property at which the item is located. Since
2017, the Group uses reserve reports prepared by an independent consultant (Note 21).

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
29
20 Mine development assets
Estimated site restoration costs are capitalised when the Group recognises a provision for site restoration. The carrying
value of the provision and site restoration assets is reassessed at each reporting period end (Notes 32).
Material accounting policies and significant judgements
Mine development assets are stated at cost, less accumulated depreciation and provision for impairment, where
required. Mine development assets comprise reclassified exploration and evaluation costs, the capitalised costs of
pump-in and pump-out well drilling, main external tying of the well with surface piping, equipment, measuring
instruments, ion-exchange resin, estimated site restoration, acid costs and other development costs. Under existing
production method, the wellfields are progressively established over the orebody by blocks.
Mine development assets are amortised at the mine level using the unit-of-production method based on carrying value
of the asset. Unit-of-production rates are based on proved and probable reserves for reclassified exploration and
evaluation assets, while capitalised development costs that are amortised based on ready for extraction volumes.
Ready for extraction volumes represent a portion of proved and probable reserves that management estimates to
extract from a mine as a result of available capitalised costs.
The estimate of proved and probable reserves is based on reserve reports which are an integral part of each subsoil
use contract. These reserve reports are incorporated into feasibility models which are approved by the government and
detail the total proven reserves and estimated scheduled extraction by year. Since 2017, the Group uses reserve
reports prepared by an independent consultant (Note 21).
Impairment of non-financial assets (estimates)
Assets related to uranium mines include property, plant and equipment, mine development assets, mineral rights,
exploration and evaluation assets, investments in associates, investments in joint ventures, and other investments.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
30
20 Mine development assets (continued)
At the end of each reporting period, management assesses whether there are any impairment indicators of individual
assets (or cash-generating units). If any such indicators exist, management estimates the recoverable amount, which
is determined as the higher of an asset’s fair value less costs to sell and its value in use. An impairment loss is
recognised for the amount by which carrying amount exceeds recoverable amount.
The calculation of value in use requires management to make estimates regarding the Group’s future cash flows. The
estimation of future cash flows involves significant estimates and assumptions regarding commodity prices (uranium
and other products), the level of production and sales, discount rates, growth rates, operating costs and other factors.
The impairment test and calculations are based on assumptions that are consistent with the Group’s business plans.
Due to its subjective nature, these estimates could differ from future actual results of operations and cash flows, any
such difference may result in impairment in future periods which would decrease the carrying value of the respective
asset.
As of 31 December 2024 management did not find any impairment indicators of assets (cash generating units)
associated with the production of uranium products.
21 Mineral rights
Material accounting policies and significant judgements
Mineral rights are stated at cost, less accumulated depreciation and provision for impairment, where required. Mineral
rights acquired as part of business combinations are recognised at fair value. The capitalised cost of acquisition of
mineral rights comprises subscription bonus, commercial discovery bonus, the cost of subsurface use rights and
capitalised historical costs. The Group is obliged to reimburse historical costs incurred by the state in respect of mining
rights prior to licence or subsoil use contracts being issued. These historical costs are recognised as part of the
acquisition cost with a corresponding liability equal to the present value of payments made during the licence period or
subsoil use contract.
Mineral rights are amortised using unit-of-production method based upon proved and probable reserves commencing
when uranium first starts to be extracted. The estimate of proved and probable reserves is based on reserve reports,
which are an integral part of each subsoil use contract. These reserve reports are incorporated into feasibility models,
which are approved by the government and detail the total proven reserves and estimated scheduled extraction by
year. Since 2017, the Group uses reserve reports prepared by an independent consultant.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
31
21 Mineral rights (continued)
Ore reserves (estimates)
Uranium reserves are a critical component of the Group’s projected cash flow estimates that are used to assess the
recoverable values of relevant assets as well as depreciation and amortisation expense. Estimates of uranium reserves
also determine the life of mines, which in turn affect asset retirement obligation calculations.
On an annual basis the Group engages an independent consultant to assess the Group’s ore reserves and mineral
resources in accordance with the Australasian Code for reporting on geological exploration works, mineral resources
and ore reserves (hereinafter - JORC Code). Independent assessment of reserves and resources was carried out as
at 31 December 2024 and 31 December 2023. The consultant reviewed all key information upon which the reported
mineral resource and ore reserve statements for the mining assets of the Group are based.
The consultant’s reports contain an assessment of the tons of uranium contained in ore which has the potential to be
extracted by the existing and planned mining operations (the mineral resource), and also the tons of uranium contained
in ore currently planned to be extracted as envisaged by the respective life-of-mine plans (the ore reserve). The Group
used the ore reserves data for calculation of impairment of long-term assets, unit of production depreciation for each
of the Group’s mines as well as asset retirement obligation calculations.
22 Exploration and evaluation assets
Additions include Tenge 1,201 million of capitalized expenses of Exploration licenses for areas 5-1, 5-3, the Northern
Budenovskoye mine and the Eastern Zhalpak area (Note 1).
Material accounting policies and significant judgements
Exploration and evaluation assets are measured at cost less provision for impairment, where required. The Group
classifies exploration and evaluation assets as tangible or intangible according to the nature of the assets acquired.
Exploration and evaluation assets comprise the capitalised costs incurred by the Group prior to proving that viable
production is possible and include geological and geophysical costs, the costs of exploratory wells and directly
attributable overheads associated with exploration activities.
The decision to enter or renew a subsoil use contract after the expiration of the exploration and appraisal period is
subject to the success of the exploration and appraisal of mineral resources and the Group's decision to proceed to the
production (development) stage.
Tangible exploration and evaluation assets are transferred to mine development assets upon demonstration of
commercial viability of uranium production and amortised using unit-of-production method based upon proved reserves.
Once commercial reserves (proved or commercial reserves) are found, intangible exploration and evaluation assets
are transferred to mineral rights. Accordingly, the Group does not amortise exploration and evaluation assets before
commercial reserves (proved or commercial reserves) are found. If no commercial reserves are found, exploration and
evaluation assets are expensed.
Costs associated with activities undertaken prior to exploration such as design, technical and economical assessments
are expensed as incurred.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
32
23 Investments in associates
The table below summarises the movements in the carrying amount of the Group’s investment in associates:
The Group’s interests in its principal associates were as follows:
According to amendments to the Partnership Agreement, the Group also became entitled to an additional 11% of
JV KATCO LLP annual profit allocation starting from 2022 and until the end of JV KATCO LLP operations, with the
ownership interest being unchanged.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
33
23 Investments in associates (continued)
Summarised financial information for 2024 in respect of each of the Group’s material associates is set out below. The summarised financial information below represents amounts
shown in the associates’ financial statements prepared in accordance with IFRS, adjusted by the Group for equity accounting purposes.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
34
23 Investments in associates (continued)
Summarised financial information for 2023 in respect of each of the Group’s material associates is set out below. The summarised financial information below represents amounts
shown in the associates’ financial statements prepared in accordance with IFRS, adjusted by the Group for equity accounting purposes.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
35
24 Investments in joint ventures
The table below summarises the movements in the carrying amount of the Group’s investment in joint ventures:
The Group’s interests in its principal joint ventures were as follows:
Taiqonyr Qyshqyl Zauyty LLP (TQZ)
In December 2023, the Group transferred its 100% stake in TQZ to a third party under a trust management agreement.
Considering that sulfuric acid production is not a core activity of the Group, a decision was made to sell a 60% stake in
TQZ to an external investor. As a result, the Group’s management reclassified its remaining investment in TQZ as a joint
venture.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
36
24 Investments in joint ventures (continued)
Summarised financial information on respect of the Group’s material joint ventures is set out below. The summarised financial information below represents amounts shown in the
joint ventures’ financial statements prepared in accordance with IFRS, adjusted by the Group for equity accounting purposes.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
37
25 Accounts receivable
Material accounting policies and significant judgements
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of
business. They are generally due within 12 months period and are therefore all classified as current. Trade receivables
are recognised initially at the amount of consideration that is unconditional. The Group holds the trade receivables with
the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost
using the effective interest method.
Other receivables are recognised initially at fair value and are subsequently carried at amortised cost using the effective
interest method. Those are mainly current receivables other than those for goods sold or services performed. As of
31 December 2023 other receivables include amounts from swap operations for Tenge 72,978 million (Note 7), no
amounts for 2024.
Information on the Group’s exposure to credit and currency risks and provision for impairment for accounts receivable
is disclosed in Note 38.
26 Other financial assets

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
38
26 Other financial assets (continued)
Restricted cash
In accordance with the terms of its subsoil use contracts, the Group transfers cash to long-term bank deposits to finance
future site restoration activities. As at 31 December 2024 the balance of restricted cash held in long-term bank deposits
related to financing of future site restoration activities was Tenge 39,746 million (2023: Tenge 30,588 million).
Investments in ANU Energy
On 22 November 2021 the Group invested US Dollar 24.25 million (equivalent to Tenge 12,368 million) in shares of
ANU Energy OEIC Ltd together with other state-owned entities and entities under common control of SWF Samruk-
Kazyna JSC in equal ownership shares of 32.7%. The purpose of ANU Energy OEIC Ltd. is to store physical uranium
as a long-term investment. Management of ANU Energy OEIC Ltd. is performed by a third party in accordance with
trust management agreement. It was initially planned that ANU Energy OEIC Ltd. carried out an additional public or
private offering as a second stage of its development with the timing and details to be determined by market conditions,
which has not occurred as of the date, as a result the Group is currently considering its future plans with the investment.
The Group recognises investment at fair value through profit or loss. The fair value is determined based on the fair
value of uranium spot prices (Note 39). The Group has recognised loss from revaluation of other investments of Tenge
2,026 million (2023: gain from revaluation of other investments of Tenge 13,658 million, Note 15). As of 31 December
2024 the fair value of investment in ANU Energy OEIC Ltd. was Tenge 28,602 million (2023: Tenge 30,667 million).
Debt securities
On 12 May 2022 in order to diversify its treasury portfolio, the Group invested in bonds issued by Development Bank
of Kazakhstan JSC, in the amount of US dollars 19.9 million, or Tenge 8,804 million with a maturity of 3 years and a
coupon rate of 5.75%. Given that the maturity date is May 2025, the Group reclassified these bonds to current assets.
On 8 December 2023 the Group invested in bonds issued by the Eurasian Development Bank in the amount of US
dollars 7.1 million or Tenge 3,259 million with a maturity of 3 years and a coupon rate of 5.72%. However, following the
news of the withdrawal of the credit rating of the Eurasian Development Bank by S&P Global Ratings, the Group put
the issuer's bonds up for sale in open trading mode on the Kazakhstan Stock Exchange JSC. As of reporting date, the
Group sold bonds in the amount of US dollars 2.4 million or Tenge 1,105 million. Bonds are valued at amortised cost.
On 8 February 2024 the Group invested in bonds issued by the European Bank for Reconstruction and Development
in the amount of Tenge 5,000 million with a maturity of 3 years and a floating coupon rate, indexed to TONIA.
Also, during 2024 the Group invested in bonds of the Ministry of Finance of the Republic of Kazakhstan, which included
investments in the amount of Tenge 485 million maturing in 2026 and a coupon rate of 10.5%, Tenge 1,951 million
maturing in 2029 and a coupon rate of 10.55%, Tenge 1,859 million maturing in 2030 and a coupon rate of 12% and
US dollars 10 million or Tenge 4,864 million maturing in 2035 and a coupon rate of 4.71%.
As at 31 December 2024 the amount of long-term investments is Tenge 17,374 million including foreign exchange
differences (2023: Tenge 12,257 million).
During 2024 the Group also invested in short-term debt securities with a maturity of 30-180 days issued by the US
Department of the Treasury (US Treasury), the Societe Generale Group, the Citigroup Global Markets Holdings Inc.
and the National Bank of the Republic of Kazakhstan. As at 31 December 2024 the amount of short-term debt securities
include investment in US Treasury bills of US dollars 10 million or Tenge 5,349 million with 120 days duration and notes
of the National Bank of the Republic of Kazakhstan in the amount of Tenge 2,832 million with 30 days duration and
Eurobonds of Development Bank of Kazakhstan JSC in the amount of US dollars 19.9 million or Tenge 10,445 million,
including exchange rate differences.
As at 31 December 2024 the amount of short-term investments is Tenge 18,626 million including foreign exchange
differences (2023: Tenge 46,276 million of investments in US Treasury bills with 84 days duration).

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
39
27 Other non-financial assets
As at 31 December 2024, VAT recoverable by the Group amounted to Tenge 219,672 million (2023:
Tenge 146,450 million). The Group expects that this amount will be confirmed for return by tax authorities during 2025.
VAT confirmed by tax audits is subject to refund from the budget by transfer to a current account or by offset.
Recoverable VAT is classified as non-current if its settlement is not expected within one year after the reporting period.
Non-current VAT is not discounted.
Material accounting policies and significant judgements
Value added tax (VAT) related to sales is payable to the tax authorities when goods are shipped, or services are
rendered. Purchase VAT can be offset against sales VAT upon the receipt of a tax invoice from a supplier. Tax
legislation allows the settlement of VAT on a net basis. Accordingly, VAT related to sales and purchases unsettled at
the reporting date is stated in the consolidated statements of financial position on a net basis separately for each
consolidated entity. Advances are carried at cost less provision for impairment. Advances are classified as non-current
when the goods or services relating to the prepayment are expected to be obtained after one year, or when the
advances relate to an asset which will itself be classified as non-current upon initial recognition. Advances for assets
are transferred to the carrying amount of the asset once the Group has obtained control of the asset and it is probable
that future economic benefits associated with the asset will flow to the Group.
Other advances are written off to profit or loss when the goods or services relating to the prepayments are received. If
there is an indication that the assets, goods or services relating to an advance will not be received, the carrying value
of the advance is written down accordingly and a corresponding impairment loss is recognised in profit or loss for the
year. Non-current advances are not discounted.
28 Inventories

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
40
27 Inventories (continued)
Movements in the provision for obsolescence are as follows:
Inventories are recorded at the lower of cost and net realisable value. The cost of inventory is determined on the
weighted average basis.
29 Cash and cash equivalents
As at 31 December 2024, demand deposits include a deposit of US dollars 18.9 million or Tenge 9,911 million,
established for the accumulation of funds for the future increase of the Group’s liquidation fund.
Significant non-cash transactions include settlement of accounts receivable and accounts payable with Uranium
Enrichment Center JSC for Tenge 197,941 million (2023: Tenge 47,862 million) (Note 7) and offset of value added tax
(VAT recoverable) and income tax for Tenge 16,000 million.
Material accounting policies and significant judgements
Cash and cash equivalents include cash in hand, deposits held at call with banks, and bank deposits with original
maturities of three months or less. Cash and cash equivalents are carried at amortised cost because: (i) they are held
for collection of contractual cash flows and those cash flows represent SPPI, and (ii) they are not designated at FVTPL.
Restricted balances are excluded from cash and cash equivalents. Balances restricted from being exchanged or used
to settle a liability for at least twelve months after the reporting period are included in other non-current assets.
Cash and cash equivalents also include transactions under reverse repurchase transaction with highly liquid
government securities received as a pledge with the agreement to sell them within 1 to 30 days. Reverse repo
transactions are readily convertible to cash and cash equivalents and are subject to insignificant risk of changes in
value.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
41
30 Share capital
At 31 December 2024 the total number of authorised and paid ordinary shares is 259,356,608 (30 September 2023:
259,356,608) of which 62.99336549% is owned by Samruk-Kazyna JSC, 12,00663451% is owned by the Ministry of
Finance of the Republic of Kazakhstan and 25% of the shares/GDRs are freely floated with listing on the Astana
International Exchange (AIX) and the London Stock Exchange (LSE). One GDR represents a share in one share. Each
ordinary share carries the right to one vote. Registered Share capital is Tenge 37,051 million.
Dividends declared and paid during the year were as follows:
Material accounting policies and significant judgements
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown
in equity as a deduction, net of tax, from the proceeds. Any excess of the fair value of consideration received over the
par value of shares issued is recorded as share premium in equity. Additional paid-in capital primarily represents capital
contributions made by non-controlling interests in excess of their ownership.
31 Loans and borrowings

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
42
31 Loans and borrowings (continued)
Information about the Group’s loans and borrowings is presented as follows:
On 28 October 2024 the Company repaid the bonds placed in 2019 on Kazakhstan Stock Exchange (KASE) in the
amount of Tenge 87,792 million, including the final coupon interest of Tenge 292 million.
On 2 December 2024 the Company made a new private placement of bonds according to the rules of Astana
International Exchange (AIX) with a coupon of SOFR + 1%. The nominal value of one bond is US dollars 100 thousand,
total volume is 2,000. Partial redemption date for US dollars 100,000 thousand is 18 months after the issue date,
maturity date for the remaining part is 2 December 2027. The placement was made through a targeted purchase and
sale transaction of bonds between the Company as the «Seller» and Samruk-Kazyna JSC as the «Buyer». The purpose
of this bond issue is to replenish working capital.
During 2022 and 2023 JV Budenovskoye LLP (Note 41) entered into agreements with Stepnogorsk Mining and
Chemical Complex LLP, the second participant for provision of a long-term loans in the total amount of Tenge 34,980
million with repayment periods until 31 December 2024, which were repaid in January 2025 (Note 42), and 31
December 2025. One of the loans in the amount of Tenge 3,700 million is subject to Euro/Tenge exchange rate
indexation. Fair value of loans at initial recognition was determined by discounting cash flows using interest rate for the
similar bank loans. The difference between the amount received and fair value of loans was recognised in equity as a
transaction with parent company (before control was obtained by the Group).
The purpose of all loans of JV Budenovskoye LLP is to finance construction of processing facilities, mining, operating
activities, as well as the development and approval of design estimates for the construction of a mining complex.
During 2024 the Group also received several new loans:
 Tenge 2,298 million under a non-revolving loan agreement with Bank of China Kazakhstan with repayment period
of 60 months,
 Tenge 2,324 million short-term US Dollar loan under the existing revolving credit line in Halyk Bank of Kazakhstan
JSC, which was repaid fully repaid by the end of the year,
 Tenge 45,089 million short-term US Dollar loan from Eurasian Development Bank, which was repaid fully repaid
by the end of the year,
 Tenge 7,700 million non-bank loan due on 31 December 2025 from the second participant of JV Budenovskoye
LLP.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
43
31 Loans and borrowings (continued)
Reconciliation of debt
The table below shows an analysis of the debt amount and changes in the Group’s liabilities arising from financing
activities for each of the periods presented:
Material accounting policies and significant judgements
Borrowings are recognised initially at fair value, net of transaction costs incurred and are subsequently carried at
amortized cost using the effective interest method.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
44
32 Provisions
The nominal cost of site restoration provision as at 31 December 2024 is Tenge 117,945 million (2023:
Tenge 100,955 million). The amount of provision for restoration of mine sites was calculated using current prices (the
prices effective at the reporting date) for expenditures to be incurred and then inflated using the forecast inflation rate
effective for the period until the settlement of restoration.
The increase in provision is explained by the updated estimate of buildings dismantlement cost and the cost of
radioactive waste disposal as a result of tests performed across all Group mines on pumping and production wells.
Management believes that such approach gives a more precise information.
The amount of the provision for environment protection is mainly associated with Ulba Metallurgical Plant JSC in
accordance with Ecological Code. The nominal cost of restoration of liquidation facilities as at 31 December 2024 is
Tenge 58,082 million (2023: Tenge 138,724 million). The change in provision is driven by the changes in the legislation
as explained below in significant judgements.
As a result of the assessment of liabilities, non-mining enterprises of categories II-IV did not have significant obligations
as at the reporting date.
Material accounting policies and significant judgements
In accordance with environmental legislation and the subsoil use contracts, the Group has a legal obligation to
remediate damage caused to the environment from its operations and to decommission its mining assets and landfills
and restore landfill sites after closure of mining activities. Provision is made based upon the net present values of
estimated site restoration and retirement costs as soon as the obligation arises from past mining activities. The Group
estimates the site restoration costs for each mine operated. Estimate provision is charged to the cost of corresponding
asset (mine development assets or property, plant and equipment) in the reporting period when an obligation arises
from past operating activity performed.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
45
32 Provisions (continued)
Provisions for asset retirement obligations do not include any additional obligations which are expected to arise from
future disturbances. The cost estimates are calculated annually during the course of the operations to reflect known
developments, including updated cost estimates revised subsoil use terms and estimated lives of operations, and are
subject to formal reviews on a regular basis. The amortisation or “unwinding” of the discount applied in establishing the
net present value of provisions is charged to profit and loss in each reporting period. The amortisation of the discount
is disclosed as finance costs. In view of the long-term nature of provisions, there is uncertainty concerning the actual
amount of expenses that will be incurred in performing site restoration activities for each mine. Changes in estimates
occur due to annual revision of costs for site liquidation including newly drilled wells, sand traps and other facilities
subject to subsequent liquidation.
Provision for asset retirement obligations (estimates)
Site restoration
The provision for asset retirement obligations is estimated based upon the Group’s interpretation of current
environmental legislation in the Republic of Kazakhstan and the Group’s related programme for liquidation of
subsurface use consequences on the contracted territory and other operations supported by the feasibility study and
engineering research in accordance with the applicable restoration and retirement standards and techniques.
Provisions for asset retirement obligations are subject to potential changes in environmental regulatory requirements
and the interpretation of the legislation. Provisions are recognised when there is a certainty of incurring of such liabilities
and when it is possible to measure the amounts reliably. The scope of work stipulated by the legislation and included
in the calculations of the asset retirement obligations contains the dismantling of facilities and infrastructure (pumping,
injection and observation wells, technological units for acidification and distribution of solutions, pipelines, access roads,
technological sites, landfills, buildings and other facilities) and subsequent restoration of land.
The calculation of the provision for production assets retirement as of 31 December 2024 was performed by the Group’s
internal specialists and reviewed by an independent consultant.
Principal assumptions used in the estimations include:
 the discount rate that reflects the current market estimates of the time value of money is based on a risk-free rate
determined by reference to the interest rate on government bonds with maturity matching the period of the Group’s
each subsoil use contract, range of 12.33% - 12.65% (2023: average 11.7% - 13.3%), risks related to the liability
are reflected in the best estimate of nominal costs;
 long-term inflation rate applied to the nominal costs calculated at current prices of 4.06% - 7.51% in 2024 (2023:
average 4.01% - 6.39%);
 discounting period in accordance with the estimated life of mines and reserves depletion period;
 low radioactive waste management program assumes removal and disposal at special landfills owned by the
Group.
Sensitivity analysis of the principal assumptions as at 31 December 2024 is as follows:
In millions of Kazakhstani Tenge
(Decrease)/Increase of
assumptions
(Decrease)/Increase of
decommissioning provisions
Inflation rate
-1%
(5,258)
+1%
4,544
Discount rate
-1%
4,935
+1%
(4,233)

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
46
32 Provisions (continued)
Sensitivity analysis of the principal assumptions as at 31 December 2023 is as follows:
Provision for environment protection
The liability for decommissioning, dismantling and reclamation was assessed and recognised in relation to the facilities
classified as category I (facilities that have a significant negative impact on the environment) of Ulba Metallurgical Plant
JSC site in Ust-Kamenogorsk, as well as assets technologically related to them and located on the territory of the
industrial site. Provision was accrued in accordance with the requirements of the Ecological Code of the Republic of
Kazakhstan (the Ecological Code).
Principal assumptions used in the estimations include:
 current prices are inflated using the expected long-term inflation rate of 6.47% for assets with liquidation term until
2027, 4.66% for assets with liquidation term until 2042, 3.97% for assets with liquidation term after 2044 (2023:
6.39% for assets with liquidation term until 2027, 4.49% for assets with liquidation term until 2042, 3.76% for assets
with liquidation term after 2044), and subsequently discounted;
 the discount rate for calculation of the provision as of 31 December 2024 is 12.28% for assets with liquidation term
until 2027, 12.51% for assets with liquidation term until 2042, 11.45% for assets with liquidation term after 2044.
(31 December 2023: 13.3% for assets with liquidation term until 2027, 12.15% for assets with liquidation term until
2042, 10.36% for assets with liquidation term after 2044);
 the discounting period equates to the remaining useful life of buildings and constructions, of not more than 50
years. All buildings and constructions are subject to annual technical reviews to determine required capital and
operating expenditure requirements.
Sensitivity analysis of the principal assumptions As at 31 December 2024 is as follows:
In order to finance future works to eliminate the consequences of operations, the Group is also required to provide
financial security before 1 July 2029.
Following the changes introduced into Ecological code in 2024 the Group reassessed the regulatory requirements and
concluded that certain assets should be excluded from asset retirement obligations as at 31 December 2024: assets
that will not have a negative impact on the environment after the operation is completed and as well as facilities that
can be repurposed (administrative buildings, warehouses, catering facilities, buildings and facilities for power and
mechanical equipment, buildings and facilities for the production of gas mixtures for the food industries). This judgement
is based on the following:
 assets excluded from the calculation of asset retirement provision were determined based on the guidance of the
Ecological code for the financial security that Group should collect until 1 July 2029;
 assets excluded from the calculation of asset retirement provision should be supported by repurposing plans that
management expects to approve until 2029;
 production processes involving these assets do not lead to consequences that would require dismantlement and
recultivation works to mitigate the negative environmental impact.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
47
32 Provisions (continued)
As the requirements of the Ecological Code are relatively new, there is no practice of applying these requirements and
there are ambiguities in the legislation, management has applied significant judgment in terms of assessing liabilities
and their amounts. In case of changes in environmental legislation, its interpretation and practice of its application, as
well as in the judgments and in the Group's estimates, such liabilities may be revised in the future.
33 Accounts payable
The Group’s exposure to currency and liquidity risk related to trade and other payables is disclosed in Note 38.
Material accounting policies and significant judgements
Trade payables are accrued when the counterparty performs its obligations under the contract and are recognised
initially at fair value and subsequently carried at amortised cost using the effective interest method.
34 Other liabilities

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
48
34 Other liabilities (continued)
Liabilities under inventory loan agreements
In June 2023 the Group borrowed 886 tons of natural uranium from ANU Energy OEIC Ltd. due for return at
31 December 2023. In December 2023 the Group has returned 38 tones and extended the due date of agreement until
the end of March 2024. As of 31 December 2023 the fair value of liability under inventory loan agreement was Tenge
91,151 million. In March 2024 the Group returned the remaining 848 tons of natural uranium. The fair value of inventory
loan amounted to Tenge 86,391 million at the date of return, which was greater than the cost of inventory returned by
Tenge 9,572 million. Gain from revaluation of uranium loans to fair value for Tenge 4,760 million as well as net gain
from disposal of the loan returned to ANU Energy OEIC Ltd. are recognised as other income (Note 12).
Uranium loans are part of the Group’s normal inventory management policy, required to mitigate logistical risks that
could affect the timely delivery of Kazakhstani uranium to Western conversion enterprises due to heightened
geopolitical instability.
The Group enters into inventory loan agreements, according to which one party (the lender) undertakes to provide the
other party (the borrower) with products, and the borrower obliges to return to the lender an identical amount of uranium
products. The Group obtains inventory loans to facilitate the performance of its uranium supply obligations. The Group
classifies inventory loans received as a non-financial liability.
Upon receipt of the inventory loan, the Group accounts for the inventory at the contracted cost. Liability arising from
inventory loan are recognised as part of other liabilities at the fair value of the uranium products at the reporting date.
Subsequent revaluation of the inventory loan is carried out through profit or loss as part of other income/expenses in
accordance with changes in the fair value of uranium products.
35 Contingencies and commitments
Compliance with Kazakhstan legislation
Periodically, the Group’s operations are subject to inspections by various state authorities, which is considered a
standard practice. The Group did not receive any pretensions or claims under the current inspections, which would
require significant disclosures or provisions in the financial statements. The management will continue to monitor the
situation and additional disclosure may be required in the future.
The tax environment in the Republic of Kazakhstan is subject to change and inconsistent application and
interpretations. Kazakhstani tax legislation and practice is in a state of continuous development, and therefore is subject
to varying interpretations and frequent changes, which may be retroactive. Tax periods remain open to retroactive
review by the Kazakhstan tax authorities for five years. The Group’s management believes that its interpretation of the
relevant legislation is appropriate and the Group’s tax positions will be sustained. In the opinion of the Group’s
management, no material losses will be incurred in respect of existing and potential tax claims in excess of provision
or disclosures that have been made in these consolidated financial statements.
Compliance with subsoil use contractual obligations
In accordance with the terms of the subsoil use contracts, the Group mining entities are required to comply with the
obligations specified therein. Failure to comply with the conditions stipulated by subsoil use contracts may lead to
negative consequences, including termination of contracts, fines and penalties. Under current subsoil use legislation,
the payment of penalty does not relieve subsurface user from fulfillment of obligations under subsoil use contracts.
As at December 31, 2024, at some enterprises, the underproduction of uranium exceeds the legally allowed threshold
of 20% which is associated with a lag in the construction of ground infrastructure and delays in the supply of strategic
materials. In addition, some mining enterprises failed to meet their financial obligations under subsoil use contracts,
which could result in penalties of average 10% of the defaulted obligation in 2024, or Tenge 552 million. The Group
has not recognised any additional liabilities as it plans to settle financial liabilities in future periods in accordance with
the revised work programs.
Insurance
The Kazakhstani insurance industry is in development stage, and many forms of insurance protection common in other
countries are not yet available. Since 2021, the Corporate Property Insurance Program of the Company’s enterprises
has been implemented against the “risks” of death, loss or damage as a result of accidental and unforeseen direct
physical impact (excluding equipment breakdown/failure and interruption in production).

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
49
35 Contingencies and commitments (continued)
The Group does not have full insurance coverage for risks related to mining activities and production facilities, including
for damages caused by the stoppage of production or obligations incurred to third parties in connection with damages
caused to the property or the environment resulting from accidents or operations.
The Group provides directors and officers liability insurance, which covers for the Company’s managers to protect them
from claims that may arise from decisions and actions taken (“alleged wrongful acts”) within the scope of their regular
duties. The terms of the policy prohibit disclosure of the amount of the insurance coverage.
Financial security
Under the current version of the Ecological Code, the Group has an obligation to provide financial security to eliminate
the consequences of Category I facilities by July 1, 2029. Ecological code provides the guidance to determine the
amount of financial security, for capital construction facilities (buildings, structures, complexes) not included in the cost
of work to eliminate the consequences of operation of the facilities, plans must be developed for their repurposing and
(or) other operation in accordance with the methodology approved by the authorized body in the field of environmental
protection. Financial support is provided in the form of a guarantee, pledge of a bank deposit, pledge of property,
insurance.
The amount of financial support is determined in accordance with the methodology approved by the authorised body
in the field of environmental protection, based on the estimated cost of work to eliminate the consequences of operating
a category I facility, and is subject to recalculation every seven years.
Guarantees
Guarantees are irrevocable assurances that the Group will make payments in the event that another party cannot meet
its obligations. The maximum exposure to credit risk under financial guarantees provided to secure financing of certain
related parties at 31 December 2024 is Tenge 26,692 million (2023: Tenge 16,096 million) (Note 6).
36 Non-controlling interest
The following table provides information about subsidiaries that have a non-controlling interest as at
31 December 2024:

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
50
36 Non-controlling interest (continued)
The following table provides information about subsidiaries that have a non-controlling interest as at 31 December
2023:

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
51
36 Non-controlling interest (continued)
The summarised financial information of these subsidiaries is as follows:

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
52
36 Non-controlling interest (continued)
The summarised financial information of these subsidiaries is as follows:

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
53
36 Non-controlling interest (continued)
Sales schedule of individual subsidiaries depends to a large extent on the sales plans and inventory needs of the Group
and may vary during the year.
Allocation of profit between the non-controlling interest of JV Inkai LLP and the Company is impacted by the production
volumes and assigned dividends. In 2023 the dividends declared by JV Inkai LLP were allocated in the proportion of 50%
and 50% respectively, and not by reference to the ownership interests. According to the additional agreement between
the second participant and the Company, concluded in 2024, the percentage of distribution of dividends of JV Inkai LLP
for 2024 between the second participant and the Company are 45.9% and 54.1%, respectively.
37 Principal subsidiaries
These consolidated financial statements include the following subsidiaries:
All entities are incorporated and operate on the territory of the Republic of Kazakhstan, except for TH Kazakatom AG,
which is incorporated in Switzerland and EAL that is registered in the British Virgin Islands.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
54
38 Financial risk management
Accounting policies and disclosures in respect of financial instruments are applied to the following classes of financial
instruments net of provisions:
Financial risks are monitored by the Group’s risk management function and comprise market risk (including currency risk,
interest rate risk and price risk), credit risk and liquidity risk. The objectives of the Group’s financial risk management
policy are to establish risk limits, and then ensure that exposure to risks stays within these limits. Risk management
policies and systems risk management function are regularly analysed for the need of revision due to changes in market
conditions and the Group operations. The Group’s monitors compliance with approved policies and procedures.
This note presents information about the Group’s exposure to each of the above risks, the Group’s objectives, policies
and processes for measuring and managing risk, and the Group’s policy for management of capital. Further quantitative
disclosures are included throughout these consolidated financial statements.
The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management
framework. The Management Board has established a Risk Management Committee, which is responsible for developing
and monitoring the Group’s risk management policies. The committee reports regularly to the Management Board and
the Board of Directors on its activities.
Credit risk
The Group has exposure to credit risk, which is the risk that one party to a financial instrument will cause a financial loss
for the other party by failing to discharge an obligation. Exposure to credit risk arises as a result of the Group’s sales of
products on credit terms and other transactions with counterparties giving rise to financial assets. Financial assets, which
potentially expose the Group to credit risk, consist mainly of trade and other receivables, cash and cash equivalents, term
deposits, investments in securities and loans to related parties.
The Group’s maximum exposure to credit risk by class of assets is reflected in the carrying amounts of financial assets in
the statements of financial position and the nominal amount of financial guarantees (Note 34).

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
55
38 Financial risk management (continued)
The table below shows quality of Group’s financial instruments (credit ratings of banks and other counterparties, where
available) as at 31 December 2024:
The table below shows quality of Group’s financial instruments (credit ratings of banks and other counterparties, where
available) as at 31 December 2023:
The Group applies the simplified approach permitted in IFRS 9 to measure expected credit losses which uses a lifetime
expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been
grouped based on shared credit risk characteristics and the days past due.
The expected loss rates are based on the payment profiles of sales over a period of 24 month before
31 December 2024 or 31 December 2023 respectively and the corresponding historical credit losses experienced within
this period. The historical loss rates are not adjusted to reflect forward-looking information on macroeconomic factors
because those factors do not significantly affect the risk profile.
The credit loss allowance for trade receivables is determined according to provision matrix presented in the table below.
The provision matrix is based the number of days that an asset is past due. The information as of 31 December 2024 is
presented below:

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
56
38 Financial risk management (continued)
The information as of 31 December 2023 is presented below:
The following table explains the changes in the credit loss allowance for trade and other receivables between the
beginning and the end of 2024 as well as impairment provision for trade and other receivables during 2023:
The Group’s exposure to credit risk in respect of trade accounts receivable is influenced mainly by the individual
characteristics of each customer. The demographics of the Group’s customer base, including the default risk of the
industry and country, in which customers operate, has no significant influence on credit risk. The Group is exposed to
concentrations of credit risk. Approximately 75% of the Group’s revenue for 2024 (84% of trade receivables as at
31 December 2024) is attributable to sales transactions with eleven main customers (2023: 75% of Group’s revenues and
84% of trade receivables attributable to seven customers). The Group defines counterparties as having similar
characteristics if they are related entities.
The Group applies a credit policy under which each new customer is analysed individually for creditworthiness before the
Group’s standard payment and delivery terms and conditions are offered.
The Group does not require collateral in respect of trade and other receivables.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
57
38 Financial risk management (continued)
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
Expected Credit Loss (ECL) measurement
Measurement of ECLs is an estimate that involves determination methodology, models and data inputs. The following
components have a major impact on credit loss allowance: definition of default, SICR, probability of default (“PD”),
exposure at default (“EAD”), and loss given default (“LGD”), as well as models of macro-economic scenarios. The Group
regularly reviews and validates the models and inputs to the models to reduce any differences between expected credit
loss estimates and actual credit loss experience of issued loans and guarantees.
The Group used supportable forward-looking information for measurement of ECL, primarily an outcome of its own macro-
economic forecasting model. Several assumptions that are easily interpretable can be selected for analysis: GDP growth
rate, inflation rate, exchange rate, crude oil price and current economic indicator. Final macroeconomic scenario includes
only historically observed values of the inflation rate and the share of overdue loans. Forward-looking information is
included in parameters of PD within the horizon of the next year after the reporting date. In addition, to calculate credit
losses, the corporate average cumulative default probabilities are updated annually according to S&P's Annual Global
Corporate Default Study and Rating.
Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The
Group is exposed to daily calls on its available cash resources. Liquidity risk is managed by the treasury department of
the Group. Management monitors monthly rolling forecasts of the Group’s cash flows.
The Group seeks to maintain a stable funding base primarily consisting of borrowings, trade and other payables and debt
securities. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient
liquidity to meet its liabilities as they fall due, under both normal and stressful conditions, without incurring unacceptable
losses or risking damage to the Group’s reputation. The Group invests available cash funds in diversified portfolios of
liquid assets, in order to be able to respond quickly to unforeseen liquidity requirements.
The Group ensures that it has sufficient cash on demand to meet expected operational expense or financial obligations
which excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural
disasters.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
58
38 Financial risk management (continued)
Below is a summary of the Group’s undrawn borrowing facilities and available cash and cash equivalents, including current
term deposits, which are the important instruments in managing the liquidity risk:
The table below shows liabilities at the reporting date by their remaining contractual maturity. The amounts disclosed in
the maturity table are the contractual undiscounted cash flows. Such undiscounted cash flows differ from the amount
included in the statements of financial position because the statement of financial position amount is based on discounted
cash flows.
When the amount payable is not fixed, the amount disclosed is determined by reference to the conditions existing at the
end of the reporting period. Foreign currency payments are translated using the spot exchange rate at the end of the
reporting period.
The following are the contractual maturities of financial liabilities at 31 December 2024:
The following are the contractual maturities of financial liabilities at 31 December 2023:
Market risk
The Group has exposure to market risks. Market risk is the risk that changes in market prices will have a negative impact
on the Group’s income or the value of its financial instrument holdings. Market risks arise from open positions in (a) foreign
currencies, (b) interest bearing assets and liabilities and (c) equity products, all of which are exposed to general and
specific market movements. The objective of market risk management is to monitor and control market risk exposures
within acceptable limits, while optimising the return on investments. Management sets limits on the value of risk that may
be accepted, which is monitored on a daily basis. However, the use of this approach does not prevent losses outside of
these limits in the event of more significant market movements.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
59
38 Financial risk management (continued)
Sensitivities to market risks included below are based on a change in a factor while holding all other factors constant. In
practice this is unlikely to occur and changes in some of the factors may be correlated – for example, changes in interest
rate and changes in foreign currency rates.
Currency risk
The Group is exposed to currency risk on sales, purchases and borrowings which are denominated in currencies other
than the functional currency. Borrowings are denominated in currencies that match the cash flows generated by operating
entities in the Group. Therefore, in most cases, economic hedging is achieved without derivatives. In respect of other
monetary assets and liabilities denominated in foreign currencies, the Group ensures that its net exposure is kept to an
acceptable level by planning future expenses taking into consideration the currency of payment. The Group is mainly
exposed to the risk of US Dollars currency fluctuations.
The Group’s exposure to currency risk was as follows:
*In 2024 bonds are nominated in US Dollars. In 2023: loan given to Kyzylkum LLP and bonds are nominated in Tenge but
are subject to indexation for changes in US Dollar/Tenge exchange rate.
A 9% weakening and 9% strengthening of Tenge against US Dollar as at 31 December 2024 (2023: 14% weakening and
14% strengthening) would increase/(decrease) equity and profit or loss by the amounts shown below.
Movements of Tenge against US Dollar above represent reasonably possible changes in market risk estimated by
analysing annual standard deviations based on the historical market data for 2024 and 2023.
Price risk on uranium products
The Group is exposed to the effect of fluctuations in the price of uranium, which is quoted in US Dollar on the international
markets. The Group prepares an annual budget based on future uranium prices.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
60
38 Financial risk management (continued)
Uranium prices historically fluctuate and are affected by numerous factors outside of the Group’s control, including, but
not limited to:
 demand for uranium used as fuel by nuclear power stations;
 depleting levels of secondary sources such as recycling and blended down highly enriched stocks available to close
the gap of the excess demand over supply;
 impact of regulations by the International Agency on Nuclear Energy;
 other factors related specifically to uranium industry.
At the end of the reporting period there was no significant impact of commodity price risk on the Group’s financial assets
and financial liabilities except for investments in ANU Energy OEIC Ltd. (Note 26).
A 20% weakening and 20% strengthening of Tenge against spot price as at 31 December 2024 would increase/(decrease)
Interest rate risk
At the time of raising new loans or borrowings, management uses its judgement to decide whether it believes that a fixed
or a floating rate would be more favourable to the Group over the expected period until maturity. As at 31 December 2024
73% of the Groups borrowings have a floating interest rate (2023: 100% fixed). At the reporting date, the interest rate
profile of the Group’s interest-bearing financial instruments was:
The Group assessed the impact on profit or loss for the period and equity of reasonably possible changes in the interest
rate. As at 31 December 2024, if interest rate at the date had been 100 basis points lower with all other variables held
constant, profit would have been Tenge 860 million higher, mainly as a result of lower interest rate expense on floating
rate instruments.

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
61
38 Financial risk management (continued)
Capital management
The Group’s policy is to maintain a strong capital base so as to safeguard the Group’s ability to continue as a going
concern, to maintain investor, creditor and market confidence, to provide returns for shareholders, to maintain an optimal
capital structure to reduce the cost of capital, and to sustain future development of the business. Capital includes all
capital and reserves of the Group as recorded in the consolidated statements of financial position.
The Group may sell uranium for non-military purposes and only to customers residing in countries which signed the
Nuclear Non-Proliferation Treaty and are members of the International Agency on Nuclear Energy. In addition, the Group
must maintain certain internal qualitative capital management targets based on the Group’s consolidated financial
information, such as total shareholder return, free cash flow, EBITDA margin.
The Group applies the Policy on borrowings and financial sustainability management, which is aimed to manage financial
risks by adopting common principles and rules of debt management and financial sustainability for non-financial
organisations.
39 Fair value disclosures
Fair value measurements are analysed by level in the fair value hierarchy as follows: (i) level one are measurements at
quoted prices (unadjusted) in active markets for identical assets or liabilities, (ii) level two measurements are valuations
techniques with all material inputs observable for the asset or liability, either directly (that is, as prices) or indirectly (that
is, derived from prices), and (iii) level three measurements are valuations not based on observable market data (that is,
unobservable inputs). Management applies judgement in categorising financial instruments using the fair value hierarchy.
If a fair value measurement uses observable inputs that require significant adjustment, that measurement is a Level 3
measurement. The significance of a valuation input is assessed against the fair value measurement in its entirety.
Financial assets carried at amortised cost
Estimate of all financial assets carried at amortised cost is Level 3 measurement, except for cash and cash equivalents,
which is in Level 2. The estimated fair value of fixed interest rate instruments is based on estimated future cash flows
expected to be received discounted at current interest rates for new instruments with similar credit risks and remaining
maturities. Discount rates used depend on the credit risk of the counterparty.
All financial assets of the Group as at the end of the reporting period are carried at amortised cost except as disclosed
below.
Financial assets carried at FVTPL
Financial assets carried at FVTPL include investment in ANU Energy OEIC Ltd. (Note 26) that is recognised at fair value
through profit and loss. The Group estimates fair value of investment in ANU Energy OEIC Ltd. as a percentage of Group’s
owned share multiplied by the fair value of uranium held by the entity as at the date. Fair value measurement falls in Level
2 category. The main inputs used in fair value estimation are spot prices for uranium published by UxConsulting LLP and
TradeTech LLP independent nuclear industry’s market research and analysis companies.
Liabilities carried at amortised cost
Fair values of other liabilities were determined using valuation techniques. The estimated fair value of fixed interest rate
instruments with stated maturities was estimated based on expected cash flows discounted at current interest rates for
new instruments with similar credit risks and remaining maturities. The fair value of liabilities repayable on demand or
after a notice period (“demandable liabilities”) is estimated as the amount payable on demand, discounted from the first
date on which the amount could be required to be paid. The weighted average discount rate is 7.54% p.a (2023: 6.83%).

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Notes to the Consolidated Financial Statements – 31 December 2024
62
39 Fair value disclosures (continued)
Fair values versus carrying amounts
The Group believes that the carrying values of financial assets and financial liabilities are recognised in the
consolidated financial statements approximate their fair values.
In assessing fair values, management uses the following major methods and assumptions: (a) for interest
free financial liabilities and financial liabilities with fixed interest rate, financial liabilities were discounted at
effective interest rate which approximates the market rate; (b) for financial liabilities with floating interest rate,
the fair value is not materially different from the carrying amount because the effect of the time value of money
is immaterial.
40 Presentation of financial instruments by measurement category
For the purposes of measurement, IFRS 9 Financial Instruments classifies financial assets into the following categories:
(a) financial assets at FVTPL; (b) debt instruments at FVOCI, (c) financial assets at AC. Financial assets at FVTPL have
two sub-categories: (i) assets mandatorily measured at FVTPL, and (ii) assets designated as such upon initial recognition
or subsequently. All of the Group’s financial assets as at the end of reporting period fell into the category AC, except for
the financial derivative asset and investment in ANU Energy OEIC Ltd. (Note 26), classified as FVTPL upon initial
recognition. All of the Group’s financial liabilities were carried at amortised cost.
41 Business combination
JV Budenovskoye LLP
The Group obtained control over JV Budenovskoye LLP through having majority of the voting rights and representation
in the Supervisory Board at 1 January 2024 without any change in the ownership share of 51% in accordance with the
decision of participants. JV Budenovskoye LLP is a strategically important asset with estimated reserves of 114 thousand
tones of uranium as of 1 January 2024. As a result of this acquisition transaction, there will be an increase in the Group's
share of uranium production and expected improvement in the profitability of operations through increased production and
sales. The Group did not make any cash payments to gain control.
The acquisition method of accounting is used to account for the acquisition. Identifiable assets acquired and liabilities
assumed in a business combination are measured at their fair values at the acquisition date, irrespective of the extent of
any non-controlling interest. The Group recognized non-controlling interest as the non-controlling interest’s proportionate
share of net assets of JV Budenovskoye LLP measured at fair value.
The difference between the fair value of investment in the joint venture over its carrying value is termed gain from business
combination, as presented in the table below, which was recognised immediately in profit or loss for the period less the
deferred tax effect:
In millions of Kazakhstani Tenge
Fair value of investment in joint venture at date of acquisition
302,888
Less: carrying value of the investment in joint venture at date of acquisition
(7,169)
Net gain from business combination
295,719

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
63
41 Business combination (continued)
The acquisition date fair value of the total purchase consideration and its components are as follows:
Liabilities from pre-existing relationship represent receivables of JV Budenovskoye LLP from the Group, mainly for sale
of uranium.
The valuation of identifiable assets and liabilities was performed by an independent professional appraiser. Based on the
valuation, the assets’ value increased by Tenge 707,113 million to fair value, mainly due to valuation of the subsoil use
(mineral) right, resulting in an increase of carrying value from Tenge 11,693 million to Tenge 709,797 million. The value
of finished goods inventory increased from Tenge 1,653 million to Tenge 8,432 million. Deferred tax of Tenge 141,423
million was recorded on the excess of the fair value over the carrying value.
The acquired subsidiary contributed revenue of Tenge 62,223 million and profit of Tenge 28,279 million to the Group for
the period from 1 January 2024 to 31 December 2024. (Note 36).

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
64
41 Business combination (continued)
Control over JV Budenovskoye LLP (judgement)
Sales activities of JV Budenovskoye LLP are governed by the Agreement on production distribution. The Group has
unilateral decision-making power in determining annual production volumes within predetermined range by simple majority
vote. The predetermined range is a 20% deviation from the approved production plan in accordance with the subsoil use
agreement and legislation of the Republic of Kazakhstan. The specific situation when unanimous consent would be
required from both participants to change production volume within 10%-20% limit depending on profitability is remote
and thus is viewed rather as a protective right.
Given that all production volumes are committed to be purchased by the Group and the second participant (or a parent
company of the second participant) based upon market prices, production volumes and costs have the most significant
impact on financial results and therefore are considered to be relevant activities for the purpose of the control assessment.
Based on these facts, the Group management has concluded that the Group gained control over JV Budenovskoye LLP.
Fair value measurement for business combination (estimates)
In accordance with IFRS 3 Business Combinations, the Group measures the identifiable assets and the liabilities acquired
through a business combination at their acquisition-date fair value. Fair value is determined on the basis of external
appraisal report (unless the accounting for the business combination is not complete at the end of the reporting period, in
that case provisional values are used).
The determination of fair value involves significant assumptions and judgement over future cash flows and other inputs
used in the valuation.
The purchase price related to a business combination is allocated to the underlying acquired assets and liabilities based
on their estimated fair values at the time of acquisition. The allocation process is inherently subjective and impacts the
amounts assigned to individually identifiable assets and liabilities. As a result, the purchase price allocation impacts
reported assets and liabilities and future net earnings due to the impact on future depreciation and amortisation expense
and impairment tests.
Fair value measurements applied in accounting for business combination had a significant impact on the Group’s profit
for the period ended 31 December 2024. The net gain from business combination totalled Tenge 295,719 million.
The principal assumptions used by external appraiser in calculation of fair value:
 average prices of annual uranium prices are based upon the price forecasts prepared by independent sources, and
reduced further for expected discounts included in sales contracts;
 forecasted periods and volumes of uranium produced and sold are based on the working program of subsoil use
contract further amended by the delay in production schedule;
 operating and capital expenditures for 2024-2028 are consistent with the approved five year budget of the Group
and represent expenditures for the preparation of mine development assets;
 operating and capital expenditures after 2028 will increase at the average long-term inflation rate of 4.1% per
annum;
 discount rate of 23.12% per annum; and
 forecast long-term exchange rate at an average of Tenge 474 per US Dollar 1.
Presented below is the sensitivity analysis of the main parameters that could impact the fair value of the mineral right
estimated at Tenge 709,797 million as of the date of assessment:

National Atomic Company Kazatomprom JSC
Notes to the Consolidated Financial Statements – 31 December 2024
65
42 Events after the reporting period
In January 2025, JV Budenovskoye LLP partially repaid a loan of Tenge 6,504 million to the second participant and in
March 2025 concluded the loan agreement with Eurasian Bank of Development for US Dollar 100 million due in September
2026.