Orano - Annual Activity Report 2024 35 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR 2 The group’s businesses Uzbekistan Orano operates in Uzbekistan via the Nurlikum Mining LLC joint venture (51% owned by Orano and 49% owned by Navoiyuran, an Uzbek state-owned company). 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. The company holds two permits to explore uranium sectors of the North and South Djengeldi project in the Navoi region awarded in October 2020. During the period 2020-2024, Nurlikum Mining’s activities focused on: ● geological exploration (drilling, laboratory analysis, modeling) in order to confirm uranium resources, in accordance with the international JORC code, and to discover new ones. Approximately 200,000 meters of drilling are planned over a three-year period; ● pilot tests to confirm the extraction of uranium resources using the ISR (In Situ Recovery) method. The pilot launched in November 2022 continued to operate during 2024. In addition to the current project, which represents a first step in Orano’s cooperation with Uzbekistan, in November 2022, Orano Mining signed a strategic framework agreement with GoscomGeology and the state-owned company, Navoiyuran. This agreement includes the definition of a development roadmap for the Djengeldi project, the launch of a joint exploration program, and the development and production of new uranium mines in Uzbekistan. 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 energy-intensive 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 Mining 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 Mining has excluded areas with high environmental challenges to allow for the reasoned management of its former mining sites. In this respect, our 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, and more than ten will be in service throughout France by 2028. Reserves and resources Mineral reserves of Orano deposits comprised 100,892 metric tons of uranium at December 31, 2024 (Orano share (1)), compared to 199,317 metric tons of uranium at December 31, 2023. The volume of the best recognized resources (measured and indicated resources) was 122,174 metric tons of uranium at December 31, 2024 (Orano share), compared to 136,849 metric tons of uranium at December 31, 2023. The volume of inferred resources amounted to 138,080 metric tons of uranium at December 31, 2024, compared to 141,878 metric tons of uranium at December 31, 2023. 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 as of 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 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 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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