Orano - Annual Activity Report 2025 24 2 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR Highlights of the financial year 2.1 Highlights of the financial year 2.1.1 Future of reprocessing and recycling beyond 2040 2.1.2.1 Mining SITUATION IN NIGER Following the coup d’État of July 26, 2023, the authorities in power in Niger implemented several measures in violation of the mining rights granted, the agreements signed between shareholders and/ or the law in force in Niger, in a claimed sovereignty context of taking back control of the country’s mining activities. These interventions led the group to declare that it had lost operational control of its Nigerien subsidiaries as of December 2024. For example, the authorities in Niger have: ● hindered the export of its production by Somaïr; ● withdrawn the operating permit held by Imouraren SA, despite the resumption of activities at the Imouraren site in accordance with their requests; ● taken control of the Somaïr and Cominak subsidiaries through repeated interference in the governance of these companies; ● violated the provisions of the Global Partnership Agreement concluded in May 2023 between the State of Niger and Orano; ● under the guise of nationalizing Somaïr on June 19, 2025, expropriated Orano outside of any legal proceedings and without any compensation. These numerous and obvious violations, amongst others, are causing severe damage to the Orano group which, as a last possible resort following several unsuccessful attempts at amicable resolution, has filed five proceedings before the competent international arbitral courts in order to obtain compensation for its damage. Orano also reserves the right to initiate any action, including criminal proceedings and actions against third parties, in the event of preemption of the material in violation of its removal rights. Other business highlights ● At the beginning of 2025, the spot indicator for the natural uranium market trended lower from 72USD/lb to 64USD/lb of U3O8. From the second quarter onwards, the spot indicator oscillated between 67 and 83 USD/lb of U3O8 for most of the rest of the year with activity on the spot market driven by announcements and fundraising by financial players. As a result, the spot price rose from 73 USD/lb of U3O8 at the end of 2024 to less than 82 USD/lb of U3O8 at the end of 2025 (average of the UxC and TradeTech indicators). The long-term indicator remained stable for most of the year before increasing in the last quarter to reach 86.5 USD/lb of U3O8 at the end of 2025 (vs. 80.5 USD/lb of U3O8 at the end of 2024). ● On January 17, 2025, the Orano group signed the investment agreement to develop and operate the Zuuvch Ovoo mine, located in south-eastern Mongolia, in the province of Dornogovi. The uranium resources of this deposit are estimated at nearly 90,000 metric tons by Badrakh Energy, a joint venture owned by Orano and the Mongolian state-owned group MonAtom. Scheduled to last 30 years, this project represents an initial investment of approximately 500 million dollars before mining of the deposit starts and a total of 1.6 billion US dollars over the life of the mine with the creation of 1,600 direct and indirect jobs. On May 19, 2025, the Chief Executive Officer of Orano and the Minister of State and Head of the Secretariat of the Government of Mongolia reaffirmed their strong and lasting partnership. ● On May 5, 2025, the Director of the Orano Mining facility in Niger was arbitrarily and extra-judicially arrested by Nigerien security forces. The latter was taken, under duress and without justification, to the Niger General Directorate of Documentation and External Security (DGDSE) following a raid on the offices of Orano Mining Niger in Niamey. Orano Mining immediately filed a request for interim and protective measures with ICSID (International Centre for Settlement of Investment Disputes) and initiated proceedings before the local courts to immediately halt any arbitrary detention measures against its representative in Niger. Despite the decision of the Judge of On March 17, 2025, the President of the French Republic convened a meeting of the 4th Nuclear Policy Council (NPC). The NPC approved the action plan intended to secure the front end of the cycle. The NPC also confirmed continued investments in the Aval du Futur program at the la Hague site and approved the principle of financing this program, mainly supported by EDF, and governance led by Orano involving EDF, the CEA and French State departments. 2.1.2 Business highlights
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