AIX: KAP, KAP.Y (GDR)

LSE: KAP (GDR)

22 August 2025, Astana, Kazakhstan

Kazatomprom 1H2025 Financial Results and 2026 Production Strategy

National Atomic Company "Kazatomprom" JSC ("Kazatomprom", "KAP" or "the Company") announces its consolidated financial results for six months ended 30 June 2025, prepared in accordance with International Financial Reporting Standards (IFRS).

"As the world's largest producer and seller of natural uranium, Kazatomprom fully recognises the critical role the Company has in supporting the global energy transition. We remain committed to delivering long-term value to all stakeholders. Kazatomprom is currently undertaking a large-scale exploration in Kazakhstan, which is a top priority for replenishing its resource base and maintaining its leading position as a global nuclear fuel supplier," said Meirzhan Yussupov, CEO of Kazatomprom.

"Despite the volatility in the spot uranium market and the broader capital markets, some of which may be due to uncertainty brought by the tariff wars, uranium long-term price has remained stable at 80 US dollars per pound proving that fundamentals remain strong. However, the Company does not view the current market developments to be sufficient to return to the Company's initial 100% levels at this time, which are now being decreased by roughly 8 million pounds, cutting about 5% of the world's primary supply.

"Kazatomprom takes its role in strengthening global energy policy seriously. Its leadership in ESG, combined with the scale of its operations, enables the Company to remain a reliable and responsible supplier of natural uranium globally. We are ready to participate in diversification of utilities' supply sources, and our strong position in this new cycle of long-term contracting reflects the trust and confidence the market places in us."

2026 Production Strategy

Following a comprehensive review of operational progress, market conditions, and construction timelines at the newly launched mines, Kazatomprom presents the following information related to its 2026 production plans.

The Company continues to adhere to its established market-centric approach, ensuring that uranium supply remains closely aligned with demand and that production decisions are driven by long-term value considerations rather than volume growth targets. In line with this approach, the Company does not view the current supply-demand balance and existing uncovered demand as sufficient to incentivise a return to its 100% levels at this time.

Therefore, as part of ongoing operational enhancements, a number of Company's mining subsidiaries are in process of amending their Subsoil Use Agreements. These amendments establish new nominal licensed production levels for the affected entities, thereby changing the reference benchmarks against which actual production is measured and decided. Concurrently, negotiations with joint venture partners, aimed at refining final 2026 production plans, remain in progress.

Detailed in the newly published 2024 Competent Person's Report on the mineral assets of the Company (CPR), 2026 nominal production level (on a 100% basis) is expected to change from 32,777 tonnes (around 85 million pounds) of U₃O₈ (as per previous Subsoil Use Agreements) to 29,697 tonnes (about 77 million pounds), representing about 3,000 tonnes (~8 million pounds) or roughly a 10% decrease, most of which is attributable to JV Budenovskoye's production adjustments.

In line with the updated Development Strategy for 2025-2034, which emphasises efficient use of the resource base, the Company expects to exercise its downflex opportunity within the acceptable 20% deviation under the updated 2026 Subsoil Use production levels. Actual 2026 production guidance remains subject to ongoing negotiations with JV partners and broader market considerations, and will be provided within the 2026 operational guidance disclosure.

Sulphuric acid supplies for 2026 are estimated to be stable. Diverse geological characteristics of the Company's assets, combined with residual effects from past supply constraints, may lead to variations in uranium recovery rates and different percentage rate decreases compared to the levels stipulated in the Subsoil Use Agreements across individual mining operations.

The Company maintains a robust inventory position and a disciplined sales strategy, ensuring that all delivery obligations will be met in full while retaining flexibility to respond quickly to market developments. Worth highlighting that Kazakhstan's intentions to build three nuclear power plants could create a substantial domestic demand in the future. With each plant requiring around 400 tonnes (1.04 Mlbs) of uranium annually, over the entire operational lifetime, this may translate to a cumulative demand of 72 thousand tonnes (187.2 Mlbs). A portion of the Company's production could be therefore allocated to national needs over time.

Corporate Update

Commencement of a new processing plant at JV KATCO

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

The commissioning of this plant will allow the South Tortkuduk mine to reach its full nominal capacity, however the JV KATCO's actual 2026 production targets will be determined based on aforementioned Kazatomprom's 2026 production strategy.

Budenovskoye-6,7 and TQZ project updates

As previously announced, Development Bank of Kazakhstan and Taiqonyr Qyshqyl Zauyty LLP (TQZ) concluded an agreement on opening a credit line to finance the construction of the sulphuric acid plant with a capacity of 800 thousand tonnes per year in Taikonur, Turkestan region. The total cost of the investment project is about 113 bln tenge, the amount of loan financing from the Development Bank of Kazakhstan is expected at 85 bln tenge. At the moment, the mobilisation and preparatory work s have been completed.

T he project on construction of a processing shop with a n annual capacity of 6,000 ton ne s of uranium at Budenovskoye 6,7 is pro gressing in accord ance with its schedule. Currently, the mobilisation of personnel, machinery and equipment has been completed, as well as laying out communications. Construction of auxiliary infrastructure is underway.

Completion of 2024 dividend payment and Amendments to the Dividend Policy

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

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

Key financial metrics

	Six months
	ended 30 June
(KZT billion unless noted )	2025	2024	Change
Group's consolidated revenue	660 .2	701 .1	(6 % )
Operating profit	253 . 7	226 . 7	12%
Net profit	263 . 2	571 . 7	(54 % )
Earnings per share attributable to owners (basic and diluted), KZT/share¹	779	1,857	(58 % )
Adjusted EBITDA²	363 . 1	377.0	(4 % )
Attributable EBITDA³	302 . 4	273 . 9	10 %
Operating cash flow⁴	532 . 9	322 . 3	65 %

¹ Calculated as: Profit for the period attributable to owners of the Company divided by Total share capital from Section 9.0 OUTSTANDING SHARES of the Operating and Financial Review , rounded to the nearest KZT.

² Adjusted EBITDA is calculated by excluding from EBITDA items not related to the main business and having a one-time effect. Calculation: Profit before tax - finance income + finance expense +/- Net FX loss/(gain) + Depreciation and amortization + Impairment losses - reversal of impairment +/- one-off or unusual transactions.

³ Calculated as: Adjusted EBITDA less the share of the results in the net profit in JVs and associates, plus the share of Adjusted EBITDA of JVs and associates engaged in the uranium segment, less non-controlling share of adjusted EBITDA of Appak LLP, JV Inkai LLP, Baiken-U LLP, Ortalyk LLP, JV Turanium LLP and JV Budenovskoye LLP less any changes in the unrealized gain in the Group.

⁴ Includes income tax and interest paid.

Operating and Financial Review and Financial Statements

The Operating and Financial Review, and Consolidated Financial Statements (unaudited, reviewed) provide detailed explanations of Kazatomprom's results for the first half-year ended 30 June 2025. This press release should be read alongside these documents, all of which are available at www.kazatomprom.kz .

Revenue, Net profit, EBITDA

For the first half of 2025 the Group's consolidated revenue amounted to KZT 660,167 million, a decrease of 6% compared to the same period of 2024 (KZT 701,120 million for the first half of 2024) which is mainly attributable to a decrease in sales volume.

Operating profit in the first half of 2025 was KZT 253,665 million, a 12% increase compared to the same period of 2024 (KZT 226, 723 million in the first half of 202 4 ) , which was mainly due to a decrease in the cost of sales related to lower share of purchased uranium from JV's and associates in the total volume of sales to third-parties .

In the first half of 2025 other income amounted to KZT 4,525 million in comparison to other income of KZT 336,423 million in the same period of 2024, originated primarily from a one-time effect - gain of KZT 295,719 million from the consolidation of JV Budenovskoye starting from 1 January 2024 .

Net profit in the first half of 2025 decreased by 54% compared to the same period of 2024 amounting to KZT 263,233 million (KZT 571,746 million in the first half of 202 4 ), while net profit adjusted for one-time effects has showed an insignificant decrease of 5%, amounting to KZT 263,233 million (KZT 276,027 million in the first half of 2024). Higher 2024 net profit results were mainly associated with the one-time gain from the consolidation of JV Budenovskoye in 2024. In addition, adjusted Net profit for the reporting period was negatively impacted by a net foreign exchange loss of KZT 12,741 million (compared to an exchange rate gain of KZT 7,341 million in the first half of 2024).

Adjusted EBITDA totalled KZT 363,111 million in the first half of 2025, an insignificant decrease of 4% compared to the same period of 2024 (KZT 377,013 million in the first half of 2024), which is mainly attributable to a decline in the share of results of JVs and associates for the reasons stated above.

Attributable EBITDA was KZT 302,408 million in the first half of 2025, an increase of 10% compared to the same period of 2024 (KZT 273,902 million in the first half of 2024) mainly due to the decrease in EBITDA of the mining subsidiaries with non-controlling interest as explained above.

Cost of sales

Cost of sales totalled KZT 373,666 million in the first half of 2025, a decrease of 16% compared to the same period of 2024 (KZT 443,363 million in the first half of 2024) primarily due to a decrease in the sales volume of uranium purchased from JVs and associates and sold to third parties.

The cost of materials and supplies amounted to KZT 220,522 million in the first half of 2025, a decrease of 26 % compared to the same period of 2024 (KZT 296 , 869 million in the first half of 2024) due to the decrease in the volume of sales of uranium purchased from JVs and associates . When such uranium is sold, the cost of sales is predominantly represented by the cost of purchased material at the prevailing spot price with certain applicable discounts.

Selling expenses

Selling expenses totalled KZT 12,012 million in the first half of 2025, a 12% year-on-year increase (KZT 10,760 million in the first half of 2024). The increase was mainly due to changes in the delivery destination points for uranium products, an increase in transportation tariffs, as well as the weakening of KZT against USD, as a significant portion of shipping, transportation and storing expenses are denominated in foreign currency. A notable increase in rent expenses in the first half of 2025 is also associated with the changes in the delivery destination points for uranium products.

General & administrative expenses (G&A)

G&A comprised KZT 20,824 million in the first half of 2025, reflecting an insignificant increase compared to the same period of 2024 (KZT 20,274 million in the first half of 2024).

Liquidity

The Group manages its liquidity requirements to ensure the continued availability of cash sufficient to meet its obligations on time, avoid unacceptable losses, and settle its financial obligations without undermining its reputation.

(KZT million)	As at June 30, 2025	As at December 31, 2024	As at June 30, 2024	Change for six months of 2024
Cash and cash equivalents	583,885	294,385	152,100	98%
Term deposit (deemed as cash equivalents)	28	28	17	0%
Total cash	583,913	294,413	152,117	98%
Undrawn borrowing facilities	116,551	101,346	116,922	15%

As at 30 June 2025 total cash and cash equivalents , including current term deposits, amounted to KZT 583, 913 million, increasing by 98% compared to KZT 294,413 million as at 31 December 2024 and more than 3.5 times higher in comparison to KZT 152,117 million as of 30 June 2024, mainly due to the accumulation of cash prior to the distribution of the 2024 dividends. Other explanations are presented in the section 7.4 Cash Flows of The Operating and Financial Review .

The Undrawn borrowing facilities as of reporting date amount to KZT 116,551 million (USD 224 million) and consists of:

· corporate credit lines in the amount of KZT 108,791 million (USD 209 million); and

· available for selection portion of the loan of JV Budenovskoye LLP received from the Eurasian Development Bank (EDB) in the amount of KZT 7,760 million (USD 15 million).

Corporate credit lines available to the Group are an additional liquidity source payable within 12 months, primarily used to cover temporal cash deficits related to uneven receipts of trade receivables.

Debt leverage ratios

The following table summarises the key ratios used by the Company's Management to measure financial stability. Management targets a net debt to adjusted EBITDA of less than 1.0.

(KZT million)	As at June 30, 2025	As at December 31, 2024	As at June 30, 2024	Change for six months of 2025
Total debt (excluding guarantees)	192,025	149,953	131,665	28%
Total cash balances (see Section 7.1)	(583,913)	(294,413)	(152,117)	98%
Net debt	(391 , 679)	(144,460)	(20,452)	171%
Adjusted EBITDA*	1,082,809	1,096,711	874,389	(1%)
Net debt / Adjusted EBITDA (coefficient)	(0.36)	(0.13)	(0.02)	177 %

* For the purposes of Net debt/Adjusted EBITDA (coefficient) calculation Adjusted EBITDA for the six-month 202 5 and 2024 was calculated for 12 months (the first half of the reporting period and the second half of the previous period). Adjusted EBITDA is calculated as Profit before tax - finance income + finance expense +/- Net FX loss/(gain) + Depreciation and amortisation + Impairment losses - reversal of impairment +/- one-off or unusual transactions .

Uranium segment production and sales metrics

		Six months
		ended 30 June
		2025	2024	Change
Production volume of U₃O₈ (100% basis)	tU	12,242	10,857	13%
Production volume of U₃O₈ (100% basis)	Mlbs	31.8	28.2	13%
Production volume of U₃O₈ (attributable basis)¹	tU	6,431	5,777	11%
Production volume of U₃O₈ (attributable basis)¹	Mlbs	16.7	15.1	11%
U₃O₈ sales volume (consolidated)	tU	7,625	7,779	(2%)
U₃O₈ sales volume (consolidated)	Mlbs	19.8	20.2	(2%)
Including KAP U₃O₈ sales volume²	tU	6,987	6,717	4%
Including KAP U₃O₈ sales volume²	Mlbs	18.2	17.5	4%
Group inventory of finished goods (U₃O₈)	tU	6,677	6,132	9%
Group inventory of finished goods (U₃O₈)	Mlbs	17.4	15.9	9%
Including KAP inventory of finished goods (U₃O₈)³	tU	5,372	4,142	30%
Including KAP inventory of finished goods (U₃O₈)³	Mlbs	14.0	10.8	30%
Group average realized price	KZT/kg	77,928	77,261	1%
Group average realized price	USD/lb	58.54	66.19	(12%)
KAP average realized price⁴	USD/lb	57.27	62.47	(8%)
Average weekly spot price	USD/lb	69.11	92.62	(25%)
Average month-end spot price⁵	USD/lb	69.38	91.10	(24%)

¹ The Production volumes of U₃O₈ (attributable basis) are not equal to the volumes purchased by KAP headquarters (HQ) in the Section 4.8 Transactions with subsidiaries, JVs, JOs and associates. For JV Inkai LLP, annual share of production on attributable basis is determined by the Implementation Agreement, concluded between participants of the entity, according to which the share of the second shareholder of JV Inkai LLP was recalculated based on 2024 production results.

² KAP U₃O₈ sales volume (incl. in Group): includes only the total external sales of KAP HQ and THK. Intercompany transactions between KAP HQ and THK are not included. Yet, some part of Group U₃O₈ production may go to the production of EUP, fuel pellets and fuel assemblies (FA) at Ulba-FA LLP. In the first half of 2025 there were no sales transactions to Ulba-FA LLP.

³ KAP inventory of finished goods (incl. in Group): includes the inventories of KAP HQ and THK.

⁴ KAP average realized price: the weighted average price per pound for the total external sales of KAP and THK. The pricing of intercompany transactions between KAP and THK are not included.

⁵ Source: UxC, TradeTech. Values provided represent the average of the uranium spot prices quoted at month end, and not the average of each weekly quoted spot price, as contract price terms generally refer to a month-end price.

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

As was reported in the beginning of 2025, JV Inkai has resolved the approval issue and has resumed its mining operations at block No. 1 of the Inkai deposit that were suspended for a short period of time in January 2025. Anticipated decrease in JV Inkai's 2025 production target is not expected to materially affect Kazatomprom's production plans for 2025, which might, however, end up closer to the lower limit of the current guidance. The Company remains fully committed to fulfilling its contractual obligations towards all existing customers and has sufficient level of inventories to comfortably manage its deliveries throughout 2025.

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

Consolidated Group inventory of finished goods (U₃O₈) as at 30 June 2025 amounted to 6,677 tonnes (17.4 Mlbs), a 9% year-on-year increase (6,132 tonnes / 15.9 Mlbs as at 30 June 2024). At the Kazatomprom HQ and THK level, the inventory of finished U₃O₈ products increased by 30% to 5,372 tonnes (14.0 Mlbs) compared to 4,142 tonnes (10.8 Mlbs) as at 30 June 2024. The increase in inventory in the first half of 2025 was mainly due to the higher planned production levels in comparison to the previous period.

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

In the uranium market, the trends in quarterly metrics and interim results are rarely representative of annual expectations; for annual expectations, please see the Company's guidance metrics, as well as its price sensitivity table from section 10.1 Uranium sales price sensitivity analysis of the Operating and Financial Review.

Uranium segment costs and capital expenditures

		Six months
		ended 30 June
(KZT million unless noted)		2025	2024	Change
C1 Cash cost (attributable basis)	USD/lb	17.86	16.80	6%
Capital cost (attributable basis)	USD/lb	12.95	11.26	15%
All-in sustaining cash cost (attributable C1 + capital cost)	USD/lb	30.81	28.10	10%
Capital expenditures of mining companies (100% basis)¹		160,546	125,906	28%

¹ Excludes liquidation funds and closure costs. Note that in Section 6.0 CAPITAL EXPENDITURES REVIEW total results include liquidation funds and closure cost.

C1 Cash cost (attributable) and All-in-sustaining cash costs, AISC (attributable C1 + capital cost) for the first half of 2025 increased by 6% and 10%, respectively, in USD equivalent compared to the same period of 2024. The increase in C1 Cash cost was primarily due to an increase in the MET tax rate (see section 4.4 Taxation and Mineral Extraction Tax ("MET") of the Operating and Financial Review, as well as increase in the cost of sulphuric acid (see section 4.5 Cost and availability of sulphuric acid of the Operating and Financial Review).

Generally, AISC increased due to an overall increase in capital cost on an attributable basis; capital expenditures of mining entities (100% basis) in the first half of 2025 totalled KZT 160,546 million (compared to KZT 125,906 million in the first half of 2024). A 28% CAPEX increase is primarily due to expansion of wellfield development activities, increase in costs of construction of wells and infrastructure, as well as a rise in purchase prices for materials, supplies, equipment and cost of drilling (see section 6.0 Capital Expenditures Review of the Operating and Financial Review).

Health, safety and environment (HSE) results in the first half of 2025

The table below shows key labour protection and industrial safety metrics for the first half of 2025 and 2024:

	Six months ended 30 June
Indicator	2025	2024	Change
Industrial accidents¹	-	-	-
LTIFR (per million man-hours)²	0, 06	0, 12	(50%)
Unsafe conditions, unsafe actions, near-miss reporting	16 , 263	16,931	(4%)
Number of accidents³	1	2	(50%)
Fatalities	1	-	-

¹ Defined as uncontrolled explosions, emissions of dangerous substances, or destruction of buildings.

² Lost-Time Injury Frequency Rate (LTIFR) per million hours.

³ Defined as impact on the employee of a harmful and (or) dangerous production factor in performance of his work (job) duties or tasks of the employer, which resulted in an industrial accident, sudden deterioration of health, or poisoning of the employee that led to temporary or persistent disability, or death .

In the first half of 2025, active measures were continued in the field of industrial safety, which made it possible to prevent major industrial accidents, including uncontrolled explosions, emissions of hazardous substances, and the destruction of buildings.

The Group continues to pay great attention to improving health and safety in the workplace. However, despite the set of measures taken in the first half of 2025, one (1) fatal accident occurred with a driver at Volkovgeologia JSC due to a road traffic accident. In accordance with the legislation of Republic of Kazakhstan a special state investigation is being conducted chaired by the Labour Inspector of the Turkestan Region.

Following the special state investigation, a thorough internal investigation will be conducted, the root causes will be identified, corrective/preventive measures will be developed and procedures will be revisited to prevent similar incidents in the future. The results of the investigation will be communicated to all Group enterprises so that they can learn from the incident and adjust their processes accordingly. The Company will continue to work to increase the level of involvement and awareness of employees in matters of industrial safety.

Kazatomprom's 2025 Updated Guidance

		Updated Guidance for 2025	Previous Guidance for 2025
		520 KZT/1 USD	520 KZT/1 USD
Production volume U₃O₈ (100% basis)^{1, 2}	tU	25,000 - 26,500	25,000 - 26,500
Production volume U₃O₈ (100% basis)^{1, 2}	Mlbs	64.99 - 68.89	64.99 - 68.89
Production volume U₃O₈ (attributable basis)^2,3	tU	13,000 - 14,000	13,000 - 14,000
Production volume U₃O₈ (attributable basis)^2,3	Mlbs	33.79 - 36.40	33.79 - 36.40
Group sales volume (consolidated)⁴	tU	17,500 - 18,500	17,500 - 18,500
Group sales volume (consolidated)⁴	Mlbs	45.50 - 48.10	45.50 - 48.10
Incl. KAP sales volume (included in Group sales volume)⁵	tU	13,500 - 14,500	14,000 - 15,000
Incl. KAP sales volume (included in Group sales volume)⁵	Mlbs	35.10 - 37.70	36.40 - 39.00
Revenue - consolidated⁶	KZT bln	1,600 - 1,700	1,600 - 1,700
Revenue from Group U₃O₈ sales⁶	KZT bln	1,400 - 1,500	1,400 - 1,500
C1 cash cost (attributable basis)*	USD/lb	16.50 - 18.00	16.50 - 18.00
All-in sustaining cash cost (attributable C1 + capital cost)*	USD/lb	29.00 - 30.50	29.00 - 30.50
Total capital expenditures of mining entities (100% basis)⁷	KZT bln	385 - 415	385 - 415

¹ Production volume U₃O₈ (tU) (100% basis): Amounts represent the entirety of production of an entity in which the Company has an interest; it disregards that some portion of production may be attributable to the Group's JV partners or other third-party shareholders . Precise actual production volumes remain subject to converter adjustments and adjustments for in-process material.

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

³ Production volume U₃O₈ (tU) (attributable basis): Amounts represent the portion of production of an entity in which the Company has an interest, corresponding only to the size of such interest; it excludes the portion attributable to the JV partners or other third-party shareholders, except for JV Inkai LLP, where the annual share of production is determined as per Implementation Agreement as disclosed in IPO Prospectus. Actual drummed production volumes remain subject to converter adjustments and adjustments for in-process material. For JV Budenovskoye LLP, 100% of the 2024-2026 annual production is fully committed for supplying the needs of the Russian civil nuclear energy industry, under an offtake contract at market-related terms.

⁴ Group sales volume: includes Kazatomprom's sales and those of its consolidated subsidiaries (according to the definition of the Group provided on page one of this document). Group U₃O₈ sales volumes do not include other forms of uranium products (including, but not limited to, the sales of fuel pellets and enriched uranium).

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

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

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

* Please note that the conversion ratio of kgU to pounds U₃O₈ is 2.5998.

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

As previously reported in Kazatomprom's 2Q25 Operations and Trading Update, the Company leaves all guidance metrics for 2025 unchanged, except for the KAP sales volume range, which is reduced by 500 tonnes. This adjustment resulted from a shift in 2025 delivery schedule, where a contract delivery has been re-scheduled to a later period as per the customer's request.

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

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

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

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

For the English live webcast registration and conference call dial-in details, please visit: https://sparklive.lseg.com/JSCNationalAtomicCoKazatomprom/events/17cf86b5-f50b-4456-917f-8452ef2714db/2025-half-year-operating-and-financial-review-conference-call

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

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

A recording of the webcast will be available at www.kazatomprom.kz shortly after it concludes.

For more information, please contact:

Investor Relations Inquiries

Botagoz Muldagaliyeva, Director, Investor Relations

Tel: +7 7172 45 81 80 / 69

Email: ir@kazatomprom.kz

Public Relations and Media Inquiries

Daniyar Oralov, Director, Public Relations

Tel: +7 7172 45 80 63

Email: pr@kazatomprom.kz

A copy of this announcement is available at www.kazatomprom.kz .

About Kazatomprom

Kazatomprom is the world's largest producer of uranium with the Company's attributable production representing approximately 21% of global primary uranium production in 2024. The Group benefits from the largest reserve base in the industry and operates, through its subsidiaries, JVs and Associates, 27 deposits grouped into 14 mining assets. All of the Company's mining operations are located in Kazakhstan and extract uranium using ISR technology with a focus on maintaining industry-leading health, safety and environment standards.

Kazatomprom securities are listed on the London Stock Exchange and Astana International Exchange. Kazatomprom is the national atomic company in the Republic of Kazakhstan. The Group's primary customers are operators of nuclear generation capacity, the principal export markets for the Group's products are Asia, Europe and North America. The Group sells uranium and uranium products under long-term contracts, short-term contracts as well as in the spot market, directly from its headquarters in Astana, Kazakhstan, and through its Switzerland-based trading subsidiary, Trade House KazakAtom AG (THK).

For more information, please see the Company website at www.kazatomprom.kz .

Forward-looking statements

All statements other than statements of historical fact included in this communication or document are forward-looking statements. Forward-looking statements give the Company's current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. These statements may include, without limitation, any statements preceded by, followed by or including words such as "target," "believe," "expect," "aim," "intend," "may," "anticipate," "estimate," "plan," "project," "will," "can have," "likely," "should," "would," "could" and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the Company's actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which it will operate in the future.

THE INFORMATION WITH RESPECT TO ANY PROJECTIONS PRESENTED HEREIN IS BASED ON A NUMBER OF ASSUMPTIONS ABOUT FUTURE EVENTS AND IS SUBJECT TO SIGNIFICANT ECONOMIC AND COMPETITIVE UNCERTAINTY AND OTHER CONTINGENCIES, NONE OF WHICH CAN BE PREDICTED WITH ANY CERTAINTY AND SOME OF WHICH ARE BEYOND THE CONTROL OF THE COMPANY. THERE CAN BE NO ASSURANCES THAT THE PROJECTIONS WILL BE REALISED, AND ACTUAL RESULTS MAY BE HIGHER OR LOWER THAN THOSE INDICATED. NONE OF THE COMPANY NOR ITS SHAREHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES, ADVISORS OR AFFILIATES, OR ANY REPRESENTATIVES OR AFFILIATES OF THE FOREGOING, ASSUMES RESPONSIBILITY FOR THE ACCURACY OF THE PROJECTIONS PRESENTED HEREIN.

The information contained in this communication or document, including but not limited to forward-looking statements, applies only as of the date hereof and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to such information, including any financial data or forward-looking statements, and will not publicly release any revisions it may make to the Information that may result from any change in the Company's expectations, any change in events, conditions or circumstances on which these forward-looking statements are based, or other events or circumstances arising after the date hereof.