JSC National Atomic Company “Kazatomprom” (“Kazatomprom”, “KAP” or “the Company”) announces its consolidated financial results for the year ended 31 December 2020, prepared in accordance with International Financial Reporting Standards (IFRS).

“Despite the year’s difficulties, Kazatomprom performed exceptionally well,” said Galymzhan Pirmatov, Kazatomprom’s Chief Executive Officer. “We have once again delivered on our commitments and met or exceeded our guidance metrics, all while keeping our strong environmental record intact, and continuing to emphasize safety across all of our operations.

“We adhered to and made progress on all aspects of our strategy, and due to our second quarter actions to protect employees during the pandemic, as expected, production volumes were 15% lower than last year, on a 100% basis. However, by efficiently managing our production, inventory and purchasing activity, we delivered on our sales plan and saw consolidated revenue climb by 17% compared to 2019, primarily thanks to the modest increase in spot price. With higher revenue and production costs coming in lower than anticipated, adjusted annual net profit rose 40%, while adjusted EBITDA attributable to the Company grew by over 30%.

“Our strong performance and commitment to our customers through the extremely challenging conditions in 2020, served to reinforce Kazatomprom’s status as a reliable partner and dependable fuel supplier for the nuclear industry. We are confident that uranium demand will continue to grow, and as the market transitions to a more sustainable price for the fuel the industry needs in the medium- to long-term, Kazatomprom, as a low-cost producer with substantial long-term reserves, remains best positioned to benefit from the recovery.”

Key financial metrics

(KZT billion unless noted)	2020	2019	Change
Group’s consolidated revenue	587.5	502.3	17%
Operating profit	223.9	151.9	47%
Net profit	221.4	213.7	4%
Net result from sale of investment in joint venture (one-time effect)1	22.1	-	-
Gain from reversal of liability under joint operations (one-time effect)2	-	17.0	-
Net result from business combinations (one-time effect)3	-	54.6	-
Adjusted net profit	199.3	142.1	40%
Earnings per share attributable to owners (basic and diluted), KZT/share4	708	733	(3%)
Adjusted EBITDA5	325.7	248.7	31%
Attributable EBITDA6	295.5	217.3	36%
Operating cash flow	161.6	159.5	1%

¹ Net result from sale of investment in joint venture Uranium Enrichment Center JSC.
² Gain from reversal of liability under JOs relates to volumes of uranium that were not purchased from JOs in 2018, and which the Group does not plan to acquire in future, hence this liability, initially recorded in 2018, was de-recognised in 2019.
³ In 2019 the Group recorded a net gain in profit and loss to reflect the fair value of inclusion of JV “Khorassan-U” LLP in consolidation.
⁴ Calculated as: Profit for the year attributable to owners of the Company divided by total share capital, rounded to the nearest KZT.
⁵ Adjusted EBITDA is calculated by excluding from EBITDA items not related to the main business and having a one-time effect.
⁶ Attributable EBITDA (previously “Adjusted Attributable EBITDA”) is calculated as Adjusted EBITDA, less the share of the results in the net profit in JVs and associates, plus the share of Adjusted EBITDA of JVs and associates engaged in the uranium segment (except JV “Budenovskoye” LLP’s EBITDA due to minor effect it has during each reporting period), less non-controlling share of adjusted EBITDA of “Appak” LLP, JV “Inkai” LLP, “Baiken-U” LLP and JV “Khorasan-U” LLP, less any changes in the unrealized gain in the Group.

Operating and Financial Review, Financial Statements, Mineral Resource and Ore Reserve Statements

The Operating and Financial Review and Audited Consolidated Financial Statements provide detailed explanations of Kazatomprom’s results for the year ended 31 December 2020, as compared to the same period in 2019, with guidance for 2021. Kazatomprom has also published the 2020 Mineral Resource and Ore Reserve Statements, reported in accordance with the terms and definitions of the JORC Code. This press release should be read alongside these documents, all of which are available in the investor section of www.kazatomprom.kz.

Changes in the Group structure

In 2020 and 2019 the Group completed several transactions that had a significant impact on reported results.

In 2020:

• on 17 March 2020, the Group completed the sale of its 50% stake (minus one share) in the Uranium Enrichment Centre JSC to its partner in this joint venture, TVEL JSC (TVEL). The Group kept one share in the Uranium Enrichment Centre JSC, which will retain the right to access uranium enrichment services in accordance with the conditions previously agreed with TVEL. The sale price amounted to Russian rubles 6,253 million or Euro 90 million, fixed at an exchange rate as of 31 December 2019. Actual cash consideration of Euro 90 million (KZT 43,858 million equivalent) was received.

In 2019:

• in February 2019, the owners of JV “Khorasan-U” LLP approved changes to the charter documents of that entity, which gave the Group the ability to cast a majority vote on the supervisory board. As a result, the Group obtained control and started to consolidate JV “Khorasan-U” LLP from 1 March 2019.

• In 2019, the fair value appraisal for the acquired assets and liabilities of JV “Khorassan-U” LLP was completed and the Group recorded a net gain of KZT 54.6 billion in profit and loss.

In total, the number of the Group’s subsidiaries, JVs, JOs, associates and other equity investments decreased from 42 as at 31 December 2019, to 39 as at 31 December 2020.

Revenue, net profit, EBITDA

The Group’s consolidated revenue was KZT 587,457 million in 2020, an increase of 17% compared to 2019, due to an increase in the average realized price associated with an increase in the spot price for U₃O₈, and weakening of the KZT against the USD in 2020. This revenue increase was also supported by a slight increase in sales volumes in 2020 in comparison to 2019.

Operating profit in 2020 was KZT 223,899 million, an increase of 47% compared to 2019. The increase was mainly due to an increase in average realized price, as well as an increase in the share of uranium sold that was produced by the Company’s consolidated subsidiaries and JOs. When such material is sold, the cost of sales is predominantly represented by the cost of production and the full mining margin is captured in the consolidated results of the Group.

Net profit in 2020 amounted KZT 221,368 million, an increase of 4% compared to 2019. In 2020 the net result from the sale of the investment in the joint venture Uranium Enrichment Center JSC was KZT 22,063 million. Adjusting for that one-time effect, adjusted net profit for 2020 was KZT 199,305 million, an increase of 40% compared to 2019 and consistent with the increase in the operating profit in 2020. In 2019, there was a KZT 16,995 million gain from the reversal of a liability under JOs, which was initially recorded in 2018. This gain was related to volumes of uranium that were not purchased from JOs in 2018, and which the Group does not plan to purchase in the future. As a result, this liability was reversed in 2019. Also during 2019, JV “Khorasan-U” LLP was included in the consolidation. The one-time effect of this transaction was KZT 54,649 million.

Adjusted EBITDA totalled KZT 325,734 million in 2020, an increase of 31% compared to 2019, while attributable EBITDA was KZT 295,465 million in 2020, an increase of 36% compared to 2019. The changes were mainly driven by a higher operating profit, as well as an increase in the EBITDA of JVs and associates.

Operating cash flows totalled KZT 161,593 million, an increase of 1% compared to KZT 159,529 million in 2019. The modest increase was mainly due to growth in the average realized price associated with an increase in the market spot price for U₃O₈, the weakening of the KZT against the USD in 2020, and a change in timing of the sales schedule, partly offset by an increase in working capital.

Cost of sales

Cost of sales totalled KZT 319,624 million in 2020, an increase of 4% compared to 2019. The increase in cost of sales was mainly driven by a 14% increase of the cost of materials and supplies, which included higher cost purchases of U₃O₈ from the operations as a result of the increase in the spot prices, and the weakening of the KZT against the US dollar, as well as a slight increase in sales volumes of U₃O₈.

Selling expenses

Selling expenses totalled KZT 14,352 million in 2020, an increase of 33% compared to 2019. The increase was mainly due to changes in the delivery destination points for uranium products and the weakening of the KZT against the USD, as a significant portion of shipping, transportation and storing expenses is denominated in foreign currency.

General & administrative expenses (G&A)

A decrease of G&A expenses was due to a lower average number of personnel, fewer business trips, and other cost reductions in connection with the COVID-19 pandemic.

Liquidity

The Group’s liquidity requirements primarily relate to funding working capital, capital expenditures, service of debt, and payment of dividends. The Group has historically relied primarily on cash flow from operating activities to fund its working capital and long-term capital requirements, and it expects to continue to do so, although it maintains the option to use external financial resources when required. It is expected that there will be no significant change in the sources of the Group’s liquidity in the foreseeable future. As required, the Company will consider entering into project financing arrangements to fund certain investment projects.

The Group manages its liquidity requirements to ensure the continued availability of cash sufficient to meet its obligations on time, avoid unacceptable losses, and settle its financial obligations without jeopardizing its reputation.

(KZT million)	2020	2019	Change
Cash and cash equivalents	113,347	98,560	15%
Current term deposit	-	1	(100%)
Total cash	113,347	98,561	15%

The Group’s cash and cash equivalents at 31 December 2020 were KZT 113,347 million, compared to KZT 98,560 million on 31 December 2019.

As of 31 December 2020, the Group has no long-term bank loans. Current bank loans mainly include amounts payable within 12 months under short-term bank loans. These credit lines are an additional liquidity source for the Group and are primarily used to temporarily cover cash deficits related to uneven receipts of trade receivables. As at 31 December 2020, the total limit on the Group’s revolving credit lines was USD 590 million, of which USD 16 million was drawn (USD 574 million available).

Debt leverage ratios

The following table summarizes the key ratios used by the Company’s management to measure financial stability in 2020 and 2019.

(KZT million)	2020	2019	Change
Total debt (excluding guarantees)	98,572	161,358	(39%)
Total cash balances	(113,347)	(98,561)	15%
Net debt	(14,775)	62,797	(124%)
Adjusted EBITDA*	325,734	248,719	31%
Net debt / Adjusted EBITDA (coefficient)	(0.05)	0.25	(120%)

* Adjusted EBITDA is calculated as Profit before tax + Net finance expense + Net FX loss + Depreciation and amortisation + Impairment losses +/- one-off or unusual transactions.

Uranium segment production and sales metrics

		2020	2019	Change
Production volume of U3O8 (100% basis)	tU	19,477	22,808	(15%)
Production volume of U3O8 (attributable basis)1	tU	10,736	13,291	(19%)
U3O8 sales volume (consolidated)	tU	16,432	16,044	2%
Including KAP U3O8 sales volume2,3	tU	14,126	14,148	(0%)
Group inventory of finished goods (U3O8)	tU	7,537	9,906	(24%)
Including KAP inventory of finished goods (U3O8)4	tU	6,761	8,571	(21%)
Group average realized price	KZT/kg	31,743	26,475	20%
Group average realized price	USD/lb	29.54	26.60	11%
KAP average realized price5	USD/lb	29.63	26.89	10%
Average weekly spot price	USD/lb	29.60	25.84	15%
Average month-end spot price6	USD/lb	29.96	25.64	17%

¹ The Production volumes of U₃O₈ (attributable basis) is not equal to the volumes purchased by Company and THK.
² KAP U₃O₈ sales volume (incl. in Group): includes only the total external sales of KAP HQ and THK. Intercompany transactions between KAP HQ and THK are not included.
³ Group sales volume and KAP sales volume (incl. in Group) does not include approximately 100 tU equivalent sold as UF6 in 1Q20, and does not include approximately 315 tU equivalent sold as low-enriched UF6 to the IAEA fuel bank in 4Q19.
⁴ KAP inventory of finished goods (incl. in Group): includes the inventories of KAP HQ and THK.
⁵ KAP average realized price: the weighted average price per pound for the total external sales of KAP and THK. The pricing of intercompany transactions between KAP and THK are not included.
⁶ Source: UxC, TradeTech. Values provided represent the average of the uranium spot prices quoted at month end, and not the average of each weekly quoted spot price, as contract price terms generally refer to a month-end price.

All annual operational and sales results in the uranium segment are in line with the pandemic-adjusted guidance provided for 2020.

On both a 100% and attributable basis, 2020 U₃O₈ production volumes were lower than the prior year as a result of the impact of decreased wellfield development activity, and lower second quarter staff levels, amid the COVID-19 pandemic. There is typically a four- to eight-month lag between the wellfield development and production phases of the in-situ recovery mining process and as a result, the safety measures implemented to deal with the pandemic during the first half of 2020, impacted production volumes in the second half of the year. The difference in percentage decrease in production on a 100% basis (minus 15%) and on an attributable basis (minus 19%) was associated with different levels of production for different assets, and the different ownership proportion for each asset.

Consolidated Group U₃O₈ sales volumes were slightly higher year-over-year due to a higher volume sold to consolidated JV partners (“Appak” LLP, “JV “Inkai” LLP, “Baiken-U” LLP and “JV “Khorassan-U” LLP), while KAP sales volumes were similar year-over-year.

Consolidated Group inventory of finished U₃O₈ products at the end of 2020 amounted to 7,537 tonnes, which was 24% lower than at 31 December 2019. At the Company level, inventory of finished U₃O₈ products was 6,761 tonnes, a decrease of 21% compared to 2019. The decrease in inventory was mainly related to a lower 2020 U₃O₈ production volume on both a 100% and attributable basis, while sales levels remained consistent year-over-year. In alignment with the Company’s value strategy, Kazatomprom’s inventory levels vary based on seasonality and mining and sales volumes, in alignment with changing market conditions.

The Group average realized price in KZT in 2020 was KZT 31,743 per kg (29.54 USD/lb), an increase of 20% compared to 2019 due to an increase in the average spot price for uranium products, and the weakening of the KZT against the USD. The average sales prices at the KAP level were also higher and for the same reasons.

The Company’s current overall contract portfolio price is closely correlated to current uranium spot prices. However, in 2020, the increase in average realized price differed slightly from the increase in the spot market price for uranium, as some deliveries were based on prices that were fixed prior to the increase in the market price, and some were indexed to March spot prices, when the market price was lower.

Uranium segment costs and capital expenditures

(KZT million unless noted)		2020	2019	Change
C1 Cash cost (attributable basis)	USD/lb	8.67	9.28	(7%)
All-in sustaining cash cost (attributable C1 + capital cost)	USD/lb	11.72	11.94	(2%)
Capital expenditures of mining companies (100% basis)1		60,947	66,973	(9%)

¹ Excludes liquidation funds and closure costs and includes expansion investments.

C1 Cash cost (attributable) and All-in-sustaining cash costs (attributable C1 + capital cost) decreased by 7% and 2% respectively in USD equivalent in 2020, compared to 2019. The results were considerably better than expected and below the guidance ranges provided for 2020 (US$10.00 – 11.00 for attributable C1 cash cost, US$13.00 – 14.00 for attributable All-in sustaining cash costs). The decreases were primarily due to the weakening of the KZT against the USD in 2020.

Capital expenditures of mining companies (100% basis) totalled KZT 60,947 million, a decrease of 9% compared to 2019, primarily due to the decreased wellfield development activity, which was the result of a decrease in the number of personnel throughout the second quarter to prevent the spread of the COVID-19 pandemic.

Health, safety and environment (HSE) results

The Company conducts its production activities in compliance with both Kazakh and international requirements for labour protection and industrial safety, implementing comprehensive measures to prevent incidents and accidents. Health and safety management systems that meet international standards (ISO 45001) have been implemented and the Company carries out systematic work to improve the safety culture among employees and managers at all levels.

In order to preserve the life and health of employees, the Company is guided by the "Seven Golden rules" of the Vision Zero program, which apply to all employees of the Company's enterprises and their contractors, the main goal of which is to achieve the goal of zero injuries:

• Take leadership – demonstrate commitment;
• Identify hazards – control risks;
• Define targets – develop programs;
• Ensure a safe and healthy system – be well-organized;
• Ensure safety and health in machines, equipment and workplaces;
• Improve qualifications – develop competence;
• Invest in people – motivate by participation.

The measures undertaken in 2020 to enhance the focus on safety awareness helped to prevent major industrial accidents (including uncontrolled explosions, emissions of dangerous substances or destruction of buildings) at the Company's enterprises. The table below reflects 2020 HSE results, with eight recorded accidents, that resulted in eight injuries, one of which was fatal.

Indicator	2020	2019	Change
Industrial accidents1	-	-	-
LTIFR (per million man-hours)2	0.25	0.24	4%
Unsafe conditions, unsafe actions, near-miss reporting	35,529	34,546	3%
Number of accidents3	8	8	-
Fatalities	1	1	-

¹ Defined as uncontrolled explosions, emissions of dangerous substances, or destruction of buildings.
² Lost-Time Injury Frequency Rate (LTIFR) per million hours.
³ Defined as impact on the employee of a harmful and (or) dangerous production factor in performance of his work (job) duties or tasks of the employer, which resulted in an industrial accident, sudden deterioration of health, or poisoning of the employee that led to temporary or persistent disability, or death.

The accidents included: three cases of chemical burns, two cases of falling from a height, one case of falling on a slippery surface, one case as the result of the impact of moving mechanisms, and one road accident. The fatal accident occurred when an employee lost balance while climbing stairs and fell down.

Following each accident, a thorough investigation was completed, the main causes were identified, preventative measures were developed and procedures were changed to prevent similar incidents in the future. The investigation results were reported to other Group entities to ensure all operations could learn from the event and adjust their processes accordingly.

The company employs reliable systems for monitoring the environment and radiation safety at all of its uranium mines and production facilities (ISO 14001 compliant). In 2020, there were no environmental or radiation-related incidents. All activities were completed in compliance with environmental legislation, regulatory requirements and guidance on nuclear and radiation safety.

Company Developments

Sale of an interest in Ortalyk LLP to China General Nuclear

As previously disclosed (“Kazatomprom-CGNPC Cooperation Agreement Update”, 29 December 2020), Kazatomprom is working with China General Nuclear Power Corporation and its subsidiaries (“CGNPC”) to construct a fuel assembly plant (“Ulba-FA”) at the Ulba Metallurgical Plant in the East Kazakhstan Region. In accordance with the agreements, CGNPC committed to procure 200 tonnes of uranium metal content equivalent (“UME”) in the form of fuel assemblies, annually, from the Ulba-FA plant (4,000 tonnes UME in total within 20 years). In return, Kazatomprom would sell to CGN Mining, an affiliate of CGNPC, up to a 49% interest in its wholly owned subsidiary, Ortalyk LLP, on market terms.

Under the current ramp-up and product qualification plan, and assuming no further delays, the first production from the Ulba-FA plant is expected near the end of 2021, with the first delivery of finished, certified fuel assemblies to the customer in 2022. With respect to the purchase commitment from CGNPC, the first five-year contract for the procurement of fuel assemblies was signed between Ulba-FA LLP and CGNPC Uranium Resources Company Limited in December 2020, subject to approval by appropriate competent authorities. The subsequent transfer of a 49% interest in Ortalyk LLP to CGNPC or its affiliates is expected to be completed by 30 June 2021 (subject to corporate and governmental approvals).

One of the four major international advisory and professional services firms completed a review of Ortalyk LLP, which owns a 100% interest in the Central Mynkuduk and Zhalpak Deposits (combined JORC-compliant mineral resources of approximately 38,957 tonnes of uranium (at 31 December 2020)). If the Ortalyk sale is approved, the valuation will be disclosed upon completion. The proceeds would be put to use in several areas, including work to enhance Kazatomprom’s already strong environmental standards, and to complete capacity replacement projects that are required to maintain production levels and be ready for the potential future growth in uranium demand. The Company also plans to seek value creation opportunities in its beryllium and tantalum businesses, in order to support future profitability of the segment.

Upon completing the sale, Kazatomprom will retain a 51% interest and CGNPC or its affiliates will acquire a 49% interest in Ortalyk LLP, with each partner purchasing a proportionate share of uranium production from the operation according to interest.

Guidance for 2021

(exchange rate 430 KZT/1USD)	2021
Production volume U3O8 (tU) (100% basis)1	22,500 – 22,8002
Production volume U3O8 (tU) (attributable basis)3,4	12,550 – 12,8002
Group sales volume (tU) (consolidated)5	15,500 – 16,000
Incl. KAP sales volume (incl. in Group) (tU)6	13,500 – 14,000
Revenue - consolidated (KZT billions)7	620 – 640
Revenue from Group U3O8 sales, (KZT billions)7	540 – 560
C1 cash cost (attributable basis) (USD/lb)4,*	$9.00 – $10.00
All-in sustaining cash cost (attributable C1 + capital cost) (USD/lb)4,*	$12.00 – $13.00
Total capital expenditures of mining entities (KZT billions) (100% basis)8	90 – 100

¹ Production volume (100% basis): Amounts represent the entirety of production of an entity in which the Company has an interest; it disregards that some portion of production may be attributable to the Group’s JV partners or other third-party shareholders.
²The duration and full impact of the COVID-19 pandemic is not yet known. Annual production volumes could therefore vary from our expectations.
³Production volume (attributable basis): Amounts represent the portion of production of an entity in which the Company has an interest, corresponding only to the size of such interest; it excludes the portion attributable to the JV partners or other third-party shareholders, except for JV “Inkai” LLP, where the annual share of production is determined as per Implementation Agreement as disclosed in IPO Prospectus. Actual drummed production volumes remain subject to converter adjustments and adjustments for in-process material.
⁴Excludes the change in attributable share of production, C1 cash cost and all-in sustaining cash cost related to the sale of a 49% share in “Ortalyk” LLP to China General Nuclear (CGN), expected to take place in 2021 (pending approval).
⁵Group sales volume: includes Kazatomprom’s sales and those of its consolidated subsidiaries.
⁶KAP sales volume: includes only the total external sales of KAP HQ and THK. Intercompany transactions between KAP HQ and THK are not included.
⁷Revenue expectations are based on uranium prices taken at a single point in time from third-party sources. The prices used do not reflect any internal estimate from Kazatomprom, and 2020 revenue could be materially impacted by how actual uranium prices and exchange rates vary from the third-party estimates.
⁸Total capital expenditures (100% basis): includes only capital expenditures of the mining entities.
^*Note that the conversion of kgU to pounds U₃O₈ is 2.5998.

Kazatomprom’s production expectations for 2021 remain consistent with its market-centric strategy and the intention to flex down planned production volumes by 20% for 2018 through 2022 (versus planned production levels under Subsoil Use Agreements). Production volume in 2021 is expected to be between 22,500 tU and 22,800 tU on a 100% basis, and between 12,550 tU to 12,800 tU on an attributable basis. Without the reduction, production was expected to be approximately 28,000 tU (100% basis) in 2021 according to Subsoil Use Agreements.

Sales volume guidance for 2021 is also aligned with the Company’s market-centric strategy. The Group expects to sell between 15,500 tU and 16,000 tU, which includes KAP sales of between 13,500 tU and 14,000 tU, consistent with sales volumes in 2020. Sales in excess of planned attributable production are expected to be sourced from inventories, from KAP subsidiaries under contracts and agreements with joint venture partners, and from other third party purchases.

Revenue, C1 cash cost (attributable basis) and All-in Sustaining cash cost (attributable C1 + capital cost) may vary from the guidance provided above if the KZT to USD exchange rate differs from the 2021 budget assumption of 430 KZT/1 USD.

The Company continues to target an ongoing inventory level of approximately six to seven months of annual attributable production (roughly 6,500 tU to 7,500 tU, excluding trading volumes held by THK). However, the market is being constantly monitored and, in alignment with its value strategy, Kazatomprom may carry an inventory level outside of the target range at any point in time based on seasonality, and to optimise mining and sales volumes in line with changing market conditions.

Conference Call Reminder - 2020 Full-Year Operating and Financial Review

Kazatomprom has scheduled a conference call to discuss 2020 full-year operating and financial results, after they are released on Tuesday, 16 March 2021. The call will begin at 16:00 (Nur-Sultan) / 10:00 (GMT) / 06:00 (EST). Following management remarks, an interactive English Q&A session will be held with investors (remarks in Russian, with a simultaneous Russian translation of the Q&A available on a listen-only line).

To watch the live webcast of the English presentation, to access phone number call-in details, and for information on how to participate in the Q&A, please visit:

https://www.lsegissuerservices.com/spark/JSCNationalAtomicCoKazatomprom/events/ee811017-e165-4ef0-ac03-9cf909a74dee

Note: In addition to joining the Q&A session via the telephone conference line, participants can also ask questions using the ‘Ask a question’ button on the live webcast page.

To watch the live webcast of the Russian presentation (listen-only, no Q&A), please visit:

https://www.lsegissuerservices.com/spark/JSCNationalAtomicCoKazatomprom/events/758e0eac-54a2-4ce4-a741-97da28370671

A recording of the webcast will also be available at www.kazatomprom.kz shortly after the event.

For further information, please contact:

Kazatomprom Investor Relations Inquiries

Cory Kos, Director of Investor Relations

Tel: +7 (8) 7172 45 81 80

Email: irkazatomprom.kz

Kazatomprom Public Relations and Media Inquiries

Torgyn Mukayeva, Chief Expert of GR & PR Department

Tel: +7 (8) 7172 45 80 63

Email: prkazatomprom.kz

About Kazatomprom

Kazatomprom is the world's largest producer of uranium, with the Company’s attributable production representing approximately 23% of global primary uranium production in 2020. The Group benefits from the largest reserve base in the industry and operates, through its subsidiaries, JVs and Associates, 26 deposits grouped into 14 mining assets. All of the Company’s mining operations are located in Kazakhstan and mined using ISR technology with a focus on maintaining industry-leading health, safety and environment standards (ISO 45001 and ISO 14001 certified).

Kazatomprom securities are listed on the London Stock Exchange and Astana International Exchange. As the national atomic company in the Republic of Kazakhstan, the Group's primary customers are operators of nuclear generation capacity, and the principal export markets for the Group's products are China, South and Eastern Asia, Europe and North America. The Group sells uranium and uranium products under long-term contracts, short-term contracts, as well as in the spot market, directly from its headquarters in Nur-Sultan, Kazakhstan, and through its Switzerland-based trading subsidiary, Trade House KazakAtom AG (THK).

For more information, please see the Company website at http://www.kazatomprom.kz

Forward-looking statements

All statements other than statements of historical fact included in this communication or document are forward-looking statements. Forward-looking statements give the Company’s current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future. THE INFORMATION WITH RESPECT TO ANY PROJECTIONS PRESENTED HEREIN IS BASED ON A NUMBER OF ASSUMPTIONS ABOUT FUTURE EVENTS AND IS SUBJECT TO SIGNIFICANT ECONOMIC AND COMPETITIVE UNCERTAINTY AND OTHER CONTINGENCIES, NONE OF WHICH CAN BE PREDICTED WITH ANY CERTAINTY AND SOME OF WHICH ARE BEYOND THE CONTROL OF THE COMPANY. THERE CAN BE NO ASSURANCES THAT THE PROJECTIONS WILL BE REALISED, AND ACTUAL RESULTS MAY BE HIGHER OR LOWER THAN THOSE INDICATED. NONE OF THE COMPANY NOR ITS SHAREHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES, ADVISORS OR AFFILIATES, OR ANY REPRESENTATIVES OR AFFILIATES OF THE FOREGOING, ASSUMES RESPONSIBILITY FOR THE ACCURACY OF THE PROJECTIONS PRESENTED HEREIN. The information contained in this communication or document, including but not limited to forward-looking statements, applies only as of the date hereof and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to such information, including any financial data or forward-looking statements, and will not publicly release any revisions it may make to the Information that may result from any change in the Company’s expectations, any change in events, conditions or circumstances on which these forward-looking statements are based, or other events or circumstances arising after the date hereof.