Orano - Annual Activity Report 2024 28 2 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR Highlights of the financial year expertise of the nuclear industrial group, which processes nuclear materials for health, ● lastly, the Phase I clinical trial on a new treatment against tumors overexpressing a cell marker (GRPR) present in different types of cancers launched at end-2022 is continuing. Battery Program Several important events for the Battery Program occurred in 2024: ● with regard to the recycling component of the program, the proposed partnership with the Stellantis group for the pre-treatment of end-of-life electric vehicle batteries and manufacturing waste from gigafactories was not pursued, given the Stellantis group’s decision to withdraw from the planned joint venture. These factors come at a time when the electric vehicle market is going through a period of turbulence in Europe. Orano is now exploring the best options in terms of technical choices, partnerships and market entry dates, taking into account the changing market conditions in relation to its customers; ● in terms of the production of critical materials for electric vehicle batteries, joint ventures with XTC New Energy dedicated to produce active materials for Cathodes (CAMs) and their precursors (PCAM) has been completed: closing of the two joint ventures was signed on December 9, 2024, a necessary step to consider the final investment decision. The joint project with XTC New Energy operates under the brand name Neomat. The joint ventures called Neomat CAM and Neomat PCAM will carry out the construction projects of the planned plants; ● the project to set up in Dunkerque continued with a prior consultation, under the aegis of the National Commission for Public Debate (CNDP) from February 5 to March 31, 2024. The committee published the results of this consultation phase on April 30, 2024. The project entered the Continuing Consultation phase on November 7, 2024. The lease for the land in Dunkerque was signed on October 15, 2024 with the Grand Port Maritime. The Environmental Authorization file for the Cathodes materials plant (CAM) project was filed on October 28, 2024 with the Regional Department for the Environment, Planning and Housing (DREAL). These stages of the project are part of the public inquiry process expected in the spring of 2025, and securing the backlog for the future installation with gigafactories located in Europe, prior to future investment decisions; ● at the same time, Orano is continuing studies on its proposed recycling plant for materials contained in electric vehicle batteries in order to reuse them in new components and help create a value chain in a low-carbon circular economy model. This project is based on an innovative process, currently being tested, developed at the Center for Innovation in Extractive Metallurgy (CIME) at the Orano site in Bessines-sur-Gartempe (Nouvelle-Aquitaine). 2.1.2.5 Back End of the Future program The Back End of the Future program is in line with the decisions of the Nuclear Policy Council (CPN) of February 26, 2024, held under the aegis of the President of the French Republic, which confirmed the national strategy for the treatment-recycling of fuel from current and future nuclear power plants. This program has three main priorities: ● the extension of the life of the la Hague and Melox plants beyond 2040; ● the launch of studies for the construction of a new MOX recycled fuel manufacturing plant at the la Hague site; and ● the launch of studies for the construction of a new used fuel processing plant on the la Hague site by 2045/2050. Among the highlights of 2024: ● on March 7, 2024, during a visit to the la Hague site, the French Minister of the Economy, Finance and Industrial and Digital Sovereignty, and the Deputy Minister in charge of Industry and Energy confirmed the strategy of treatment-recycling beyond 2040; ● on October 17, 2024, the Chairman of the French Nuclear Safety Authority visited the la Hague site and discussed the challenges of the plant with a presentation of the master plan for the Back End of the Future program and the sustainability/ resilience program that should allow operation of the current plants beyond 2040; ● t he first governance meeting on the Back End of the Future program was held on December 9, 2024, bringing together Orano, EDF, CEA, DGEC and DINN (Interministerial Delegation for New Nuclear); ● on December 20, 2024, a strategic committee bringing together the prefect of Manche and local elected representatives was organized to initiate the local integration component. Please refer to Section 2.7 of this report for the highlights since the reporting date.
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