Orano - Annual Activity Report 2025 38 2 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR The group’s businesses Deposit Inferred resources Total inferred resources Ore (kt) Grade (%) Metal (tU) Holding (%) Orano’s share (tU) Cigar Lake 163 4.71 7,688 40.45% 3,110 Dawn Lake 46 0.87 396 42.53% 168 Kiggavik 733 0.28 2,059 66.19% 1,363 McArthur 39 2.38 918 30.20% 277 McClean 32 1.15 372 77.50% 288 Midwest 944 0.79 7,480 74.83% 5,597 Read Lake 387 6.77 26,195 21.76% 5,700 Shea Creek 631 2.25 14,185 50.90% 7,220 TOTAL CANADA 2,975 1.99 59,292 - 23,724 Bagombe 2,000 0.27 5,420 68.42% 3,708 TOTAL GABON 2,000 0.27 5,420 - 3,708 Katco 28,154 0.09 26,221 51.00% 13,373 TOTAL KAZAKHSTAN 28,154 0.09 26,221 - 13,373 Dulaan Uul 11,955 0.03 3,421 90.00% 3,079 Zuuvch Ovoo 174,727 0.02 39,280 90.00% 35,352 TOTAL MONGOLIA 186,682 0.02 42,701 - 38,431 Trekkopje 114,100 0.01 12,682 100.00% 12,682 TOTAL NAMIBIA 114,100 0.01 12,682 - 12,682 Bakouma 14,983 0.24 36,475 100.00% 36,475 TOTAL CAR 14,983 0.24 36,475 - 36,475 Nurlikum 1,421 0.032 460 45.00% 207 TOTAL UZBEKISTAN 1,421 0.032 460 - 207 TOTAL (EXCLUDING NIGER) 350,315 0.05 183,251 - 128,600 Imouraren (1) - - - 63.50% - Somaïr (2) - - - - - TOTAL NIGER - - - - - TOTAL 350,315 0.05 183,251 - 128,600 (1) The State of Niger withdrew the operating permit held by Imouraren SA on June 19, 2024. On December 19, 2024, Orano Mining initiated arbitration proceedings against the State of Niger in order to assert its rights and seek remedy for all of its losses resulting from the withdrawal of the operating permit. Given the withdrawal of the operating permit held by Imouraren SA on June 19, 2024, the resources and reserves of the Imouraren deposit are no longer included in Orano’s resources and reserves since December 31, 2024. As a reminder, 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). (2) 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. Orano Mining has initiated two arbitration proceedings to assert its rights, in particular over the inventory corresponding to Somaïr’s production, as well as compensation for its losses resulting from unlawful acts committed by the State of Niger. Nuclear fuel cycle Front End operations occur after extraction and processing of the natural uranium ore. They include uranium conversion and enrichment services, which are steps prior to manufacturing the fuel assemblies that will go in the nuclear reactors. Conversion of natural uranium (U3O8) to uranium hexafluoride (UF6) Conversion is a key step that gives the uranium the purity required and the form of a gaseous chemical (uranium hexafluoride – UF6) suited to enrichment processes. Orano provides the conversion service to its customers, who generally retain ownership of their material. The uranium concentrate is converted in a two-stage process, with an annual nominal production capacity of 14,000 metric tons, for a global market of approximately 60,000 metric tons: ● the Malvési plant (Aude – France) purifies and transforms the uranium mining concentrate into uranium tetrafluoride (UF4), by adding four fluorine atoms; ● the Philippe Coste plant (Tricastin – France) then transforms the UF4 into uranium hexafluoride (UF6) through the addition of two more fluorine atoms. The fluorine used in this process is produced through electrolysis of anhydrous hydrofluoric acid. Orano is the only converter in the West to have invested massively in upgrading its conversion capacity, commissioned at the end of 2018, to the latest standards in terms of safety and environmental protection. This investment strengthens Orano’s 2.3.2 Front End
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