Orano - Annual Activity Report 2025 34 2 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR The group’s businesses Orano has a diversified portfolio of assets and resources, both in terms of geography and extraction technology. This diversity is an asset that enables Orano to guarantee long-term security of uranium supplies to its electric utility customers. 86% of the Mining business’s employees are located outside France, and 98% of employees are local and work in their country of origin. The uranium production sites are located in two countries: Canada and Kazakhstan. Orano Mining conducts its activities responsibly, following the principles of the International Council on Mining and Metals (ICMM) and its own CSR policy. Orano also supports the Extractive Industries Transparency Initiative (EITI). For more information on Orano Mining’s societal actions, please refer to Chapter 4 Sustainability statement or Orano Mining’s corporate responsibility report, available on the group’s website (www.orano.group). Canada Orano has operated in Canada through its different mining operations for more than 60 years. Canadian production comes from the McArthur River and Cigar Lake mines operated by Cameco. These sites are located approximately 700 kilometers north of Saskatoon in Saskatchewan Province. The group also conducts significant exploration work in the Athabasca basin and has majority equity interests in several deposits, particularly in the McClean Lake region, in order to guarantee continuity of supply to its treatment plant over time. In total, Orano is involved in some 50 exploration projects. Additional studies are required to determine the development schedules for these deposits, which will depend on uranium market conditions. McArthur River is owned by a joint venture between Cameco Corporation (69.805%) and Orano (30.195%). McArthur’s ore is processed at the Key Lake plant (83.3% owned by Cameco and 16.7% by Orano). The restart of the McArthur mine and the Key Lake plant after nearly five years of cocooning has been effective since November 2022. The 2025 production amounted to 15 million pounds of U3O8 (5,794 metric tons of uranium), down from the initial target of 18 million pounds of U3O8 (6,900 metric tons of uranium). Orano’s partner Cameco also continues to assess the work and investments required to take a decision whether to increase production at McArthur River/ Key Lake up to its authorized annual capacity of 25 million pounds of U3O8 (nearly 9,600 tU) or to an intermediate-level between its planned annual production and its authorized annual capacity of 25 million pounds of U3O8. Since May 2022, the Cigar Lake mine has been owned by a JV composed of Cameco Corporation (54.547%), Orano (40.453%), and TEPCO Resources Inc. (5%). This deposit, the richest in the world, is mined by Cameco. All the ore extracted from the Cigar Lake mine is then processed in the McClean Lake plant, operated by Orano (77.5%-owned by Orano, with Denison Mines Ltd as a partner with 22.5%) and whose design enables the processing of very high-grade ores (>15%). Production in 2025 amounted to 7,365 metric tons of uranium (or 19 million pounds of U3O8), slightly higher than forecast. In July 2025, Orano Mining announced the first production of uranium ore using the SABRE (Surface Access Borehole Resource Extraction) method at the McClean Lake mine, in partnership with its partner in the McClean Lake joint venture, Denison Mines Ltd. This innovative method is more efficient and less invasive. This high-grade ore is processed at the McClean Lake plant. This new method makes it possible to exploit small, difficult-to-access high-grade deposits in the Athabasca Basin. Kazakhstan Katco was established in 1996 to develop and mine the Muyunkum and Tortkuduk deposits in southern Kazakhstan, approximately 250 kilometers north of Shymkent. Katco operates one of the largest uranium mines in the world using the ISR (In Situ Recovery) technique, with a target capacity of 4,000 metric tons of uranium per year. Its shareholders are Orano Mining (51%) and Kazatomprom (49%), Kazakhstan’s national natural uranium producer. In 2025, production reached 3,714 metric tons, thanks to the startup of South Tortkuduk, a new production area of the Muyunkum deposit. This site, fully operational since its inauguration on July 3, 2025, has a processing capacity of 2,000 metric tons per year, and should extend the life of Katco’s production by exploiting new uranium-rich zones. Katco’s teams are continuing efforts to reach full production capacity of around 4,000 metric tons per year. The extension of the Muyunkum deposit, made possible since obtaining the Kanjugan land permit in 2019, ensures the operational continuity. Lastly, as part of their long-term strategic cooperation, Orano Mining and Kazatomprom signed a memorandum of understanding in November 2022 to maintain and strengthen their partnership in the uranium mining industry in Kazakhstan. Niger (1) Namibia In Namibia, Orano owns the entire Trekkopje deposit in the Swakopmund region, as well as a water desalination plant, purpose-built at the outset to fulfill the needs of the Trekkopje mining operations, with a capacity of 22.5 million m3 per year. The deterioration of uranium market conditions prompted Orano to mothball the Trekkopje project in October 2012. The Trekkopje project is an important asset for Orano given its location in a jurisdiction favorable to mining. This project is subject to periodic review to verify whether the conditions for bringing the mine into production have been met. The desalination plant is operating at about 80% of its capacity and sells its production to Namwater, the Namibian water company, for neighboring mines and local communities. Since August 20, 2025, the Sorexa solar power plant in Trekkopje has been officially in operation. It supplies electricity to the Erongo desalination plant. This project is part of a ten-year Power Purchase Agreement, signed in 2022 between Orano Mining Namibia and InnoSun Energy Holdings. More than 14,000 photovoltaic panels with a total output of 9.8 MWp have been installed on the Namibian coast. (1) The group recognized the loss of operational control over its subsidiaries in Niger in December 2024. For more information on the situation in Niger, see the introductory box in Section 2.1.2.1.
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