Orano - Annual Activity Report 2025 25 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR 2 Highlights of the financial year the Court of Appeal of Niamey, who recognized the arbitrary, illegitimate and illegal detention of the representative of Orano Mining in Niger in a decision dated July 30, 2025, ordering his immediate release, he was finally released on November 6, 2025, after being illegally detained for six months. ● In France, on June 12, 2025, Orano teams finalized the redevelopment project at the Bauzot site, a project that will sustainably strengthen the site’s stability by applying the best current techniques and standards. ● In France, the application for environmental authorization (DDAE) was filed with the prefecture on June 30, 2025 by Orano teams, in accordance with the prefectural order for the redevelopment of the Bois Noirs Limouzat site. This project involves replacing the current water cover with a solid cover at the tailings storage facility in order to address the long-term impacts of climate change-related hazards at the Bois Noirs Limouzat site. ● In July 2025, Orano Canada Inc. announced the first commercial production of uranium ore using the SABER method at the McClean Lake mine, in partnership with Denison Mines. This innovative method enables more efficient and less invasive extraction, as well as the development of high-grade but small deposits. This high-grade ore is processed at the McClean Lake plant. ● On July 3, Katco and its shareholders, Orano and NAC Kazatomprom JSC, celebrated the inauguration of the new uranium processing plant, marking the successful implementation of the South Tortkuduk project and the full start of operations at the mining site. Located in southern Kazakhstan, South Tortkuduk is part of the Muyunkum uranium deposit, already mined by Katco, with significant reserves of 46,000 metric tons of uranium. Production from the South Tortkuduk parcel will gradually replace the areas currently mined, allowing Katco to extend its production for several years. ● In Namibia, Sorexa’s solar power plant in Trekkopje has been officially in operation since August 20, 2025. This plant supplies electricity to the Erongo desalination plant, owned by Orano Mining Namibia. This project is part of a ten-year power purchase agreement (PPA). ● In September 2025, in Uzbekistan, Navoiyuran, Orano and ITOCHU Corporation strengthened their partnership in the Nurlikum Mining joint venture, with Navoiyuran and Orano each holding 45% of the shares. The remaining stake went to Japan’s ITOCHU Corporation, which joined the project as a partner. The South Djengeldi deposit is expected to produce an average of 500 metric tons of uranium per year for 10 years, with a peak of up to 700 metric tons. 2.1.2.2 Front End ● The tension in the conversion and enrichment markets continued in 2025. This dynamic has resulted in high market prices for these two commodities. The long-term SWU reference price reached 173 USD/SWU at end-2025 (166 USD/ SWU at end-2024), and the spot indicator reached 200 USD/ SWU (193 USD/SWU at end-2024). After a highly tense period on the conversion market at the end of 2024 (97 USD/kg U), the pressure on spot prices eased to reach 62 USD/kg U at the end of 2025. This decline is mainly due to the good production results of manufacturers as well as a scarcity of demand in the short term. At the same time, the long-term indicator remained high at 53 USD/kg U, compared with 50 USD/kg U at end-2024. These figures are assessed based on the average of the UxC and TradeTech indicators. ● The United States legislated in 2024 to end Russian imports of enriched uranium from 2028 (Prohibiting Russian Uranium Imports Act). At the same time, the US Department of Energy (DOE) issued several calls for proposals to support the development of a domestic nuclear fuel production sector. In 2025, Orano responded to the call for proposals to develop new enrichment capacities in the United States, particularly for low-enriched fuel (< 5%). Drawing on its experience acquired at the Tricastin site, Orano proposed, in exchange for a financial contribution from the DOE, to build an ultracentrifuge enrichment plant in the U.S. (“IKE” project). This facility would be located at the Oak Ridge site in the state of Tennessee. In this context, Orano has been selected by the U.S. Department of Energy (DOE) on January 5, 2026 to receive 900 million US dollars in financing. The Final Investment Decision (FID) scheduled for 2027 will be made after the license has been obtained from the U.S. safety authority (Nuclear Regulatory Commission, or NRC). At the same time, discussions are underway to secure long-term commercial commitments, structure the project financing, and establish a solid and controlled vision of the plant’s construction costs. This investment of several billion dollars will contribute to the sovereignty of the American enriched uranium supply chain and, more broadly, to Western sovereignty. ● In 2025, Orano continued work to extend its Georges Besse II enrichment facility, which began in the summer of 2024 on the Tricastin site. The progress of the site is now in line with the project schedule. As a reminder, this investment of nearly 1.7 billion euros will enable Orano to increase its production capacity by nearly 30%. The first commissioning of new enrichment cascades is scheduled for 2028. At the same time, Orano is continuing a project to extend its depleted uranium defluorination capacities at the Tricastin site (W facility), with start-up scheduled for 2028. Through these projects, Orano aims to strengthen the sovereignty and security of Western supply of enrichment services.
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