Orano - Annual Activity Report 2025 35 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR 2 The group’s businesses Mongolia In Mongolia, the Orano group signed the investment agreement to develop and commission the Zuuvch Ovoo uranium mine, located in the southeast of the country, 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 US dollars before mining of the deposit starts from 2028 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. The development of the project will take four years before the start of production of the Zuuvch Ovoo mine, whose nominal capacity is estimated at around 2,500 metric tons of uranium per year. Zuuvch Ovoo is the first uranium project in Mongolia to cover all stages of uranium mining, from extraction to production, to the export of concentrates. The pilot successfully operated between 2021 and 2022 confirmed the technical and economic feasibility of future production on an industrial scale and highlighted the low environmental impact of the ISR extraction method. Uzbekistan Orano operates in Uzbekistan via the Nurlikum Mining LLC joint venture (45% owned by Orano and 45% owned by Navoiyuran, an Uzbek state-owned company, which is also the project operator, and the Japanese company ITOCHU Corporation, which joined the project as a partner and holds the remaining equity investment). The mission of Nurlikum Mining, created on December 3, 2019, is to develop the Djengeldi uranium mining project according to the state of the art in the sector and in compliance with international standards of environmental, social and societal responsibility. France Orano managed almost all of the French former uranium mining sites (235 out of a total of 248), whether or not they were operated by the group between 1948 and 2001. The Post-Mining France teams ensure the environmental monitoring and proper functioning of the water treatment plants on these sites, in order to guarantee the absence of significant health and environmental impacts from the former mining sites. A Research and Development program dedicated to monitoring the historical storage of residues and the treatment of water from the group’s sites makes it possible to develop less energyintensive processes, by reducing the use of chemical products as much as possible and, in particular, to use passive treatment systems. These processes make it possible to operate efficiently while reducing the environmental footprint. As the reconversion of sites is one of the major areas of redevelopment, Orano is working with various project leaders to set up photovoltaic parks on former mining sites or mine tailing storage. In the choice of sites, Orano has excluded areas with high environmental challenges to allow for the reasoned management of its former mining sites. In this respect, Orano’s partner Neoen commissioned two photovoltaic power plants in 2024, on the former mining sites of Bessines sur Gartempe in the commune of the same name in Haute-Vienne, and Écarpière in Gétigné in Loire-Atlantique. To date, eight solar power plants are in production throughout the country. Reserves and resources Mineral reserves of Orano deposits comprise 101,341 metric tons of uranium at December 31, 2025 (Orano share (1)), compared to 100,892 metric tons of uranium at December 31, 2024. The volume of the best recognized resources (measured and indicated resources) is 79,462 metric tons of uranium at December 31, 2025 (Orano share), compared to 122,174 metric tons of uranium at December 31, 2024. The volume of inferred resources amounts to 128,600 metric tons of uranium at December 31, 2025, compared to 138,080 metric tons of uranium at December 31, 2024. Under the guise of nationalizing Somaïr, the State of Niger expropriated Orano on June 19, 2025 outside of any legal proceedings and without any compensation. The resources and reserves of Somaïr SA’s deposits are therefore no longer included in Orano’s resources and reserves at December 31, 2025. As a reminder, proven reserves stood at 43 metric tons of uranium and the probable reserves stood at 40,065 metric tons of uranium, i.e. a total of 40,108 metric tons of uranium reserves at December 31, 2024 (21,334 metric tons of uranium - Orano share). The volume of indicated resources amounted to 30,609 metric tons of uranium at December 31, 2024 (19,406 metric tons of uranium - Orano share) and the volume of inferred resources amounted to 28,757 metric tons of uranium at December 31, 2024 (18,232 metric tons of uranium - Orano share). Given the withdrawal of the operating permit held by Imouraren SA on June 19, 2024, the resources and reserves of Imouraren SA’s deposits have not been included in Orano’s resources and reserves since December 31, 2024. As a reminder, Imouraren’s proven reserves stood at 34,494 metric tons of uranium and the probable reserves stood at 136,932 metric tons of uranium, i.e. a total of 171,426 metric tons of uranium reserves at December 31, 2023 (95,527 metric tons of uranium - Orano share). The volume of indicated resources amounted to 22,368 metric tons of uranium at December 31, 2023 (14,204 metric tons of uranium - Orano share) and the volume of inferred resources amounted to 6,475 metric tons of uranium at December 31, 2023 (4,112 metric tons of uranium - Orano share). Estimation methods The estimates of the group’s resources and calculations of its reserves are based on internal work by the Mining business Unit or from external reports audited by the business’ internal experts. Estimates of mineral resources and calculations of mining reserves are carried out in accordance with the international standards, recognized by CRIRSCO (Committee for Mineral Reserves International Reporting Standards) in terms of reporting. The resources and reserves committee, which includes two experts from outside the group, reports to the Orano group’s Executive Management. It is tasked with approving the schedule for updating resources and reserves, validating the resources and reserves reported by Orano each year, and ensuring that the means, organization, and internal and external estimating methods enable a comprehensive and objective estimate of resources and reserves, in accordance with international practices. (1) Orano’s share corresponds to Orano’s share of uranium given its equity interest in the company that owns the deposit.
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