Kazatomprom Consolidated

Group rollup for NAC Kazatomprom JSC, the world's largest natural uranium producer (~21% of global primary output in proportion to ownership; Kazakhstan operations in which it participates ~39% of global output). All mining uses in-situ recovery (ISR) across the Shu-Sarysu and Syrdarya uranium provinces: 2 wholly owned subsidiaries developing 6 deposits and 12 partially owned mining companies developing 21 deposits, plus the Ulba Metallurgical Plant (NFC and rare metals). Reserves per SRK Consulting JORC CPR dated 17 Jan 2026. 'Value over Volume' strategy; 2025 sales fully in U3O8 form; sales portfolio of spot-linked long-term contracts. 2026: production 27,500-29,000 tU (100%), Group sales 19,500-20,500 tU, C1 $23.50-25.00/lb, AISC $35.00-36.50/lb; production growth driven by JV Budenovskoye ramp-up (100% of 2024-2026 output committed under a market-related offtake).