ORANO'S STRATEGIC GROWTH IN MONGOLIA

An Interview with CEO Xavier Saint Martin Tillet

- What is the significance of the Zuuvch Ovoo project for Orano, and what makes it unique among your global operations?

The Zuuvch Ovoo project represents $1.6 billion in direct investment for Orano Mining over the lifetime of the project. It will produce 2,500 tU per year (amounting to 4% of the world's current production) and employ 1,600 people, both directly and indirectly. Our presence in the country dates back to 1997, and we now aim to operate the Zuuvch Ovoo deposit for another 30 years, followed by a 20-year remediation and redevelopment phase, which could take us up to the year 2080.

Internationally, Orano has a diversified portfolio of exploration and development projects in countries such as Canada, Namibia, and Uzbekistan. Mongolia is special to us: it is a great example of a successful greenfield project in a country where uranium mining has not been significantly developed. Together with the Mongolian authorities, we've come a long way - from discovering the deposits to planning their exploitation today - encompassing the training of  professionals, the improvement of the legal framework, and more.

- Can you give a brief update on the current status of construction at the Zuuvch Ovoo site?

On January 17, 2025, Orano and the Government of Mongolia took an important step by establishing the Investment Agreement. To make this agreement effective, two major agreements - defining the company's governance (SHA) and the detailed conditions for deposit operations (DDA) - are to be signed in the coming weeks. These were presented at the Cabinet meeting on September 10, 2025. Once signed, these agreements will pave the way for the actual launch of the Zuuvch Ovoo project.

We expect the active development phase of the mine to begin before the end of the year, as soon as all administrative authorizations are granted.

In parallel, Badrakh Energy plans to launch the first industrial production facility on a relatively small scale to initiate production in 2026. One of the key benefits of this phase is to help develop the skills of the future workforce, as this will be the first use of in-situ recovery (ISR) technology in Mongolia. Badrakh Energy is fully mobilized and has already doubled its workforce since the beginning of the year.

In early September 2025, Badrakh Energy signed an EPC contract to build 100 km of power lines with the Mongolian company Enkh Ugluu, as well as a road construction contract with another Mongolian company, Zamiin Bitum. These developments demonstrate that the Zuuvch Ovoo project will make a significant contribution to the country's economic development by creating business opportunities for domestic companies.

- What advanced technologies is Orano bringing to Mongolia through the Zuuvch Ovoo project, and how might these benefit the local mining sector?

In-situ recovery (ISR) technology itself is new to Mongolia. Orano brings decades of experience with ISR operations in Kazakhstan and Uzbekistan and will implement all the technological improvements developed over the years. I would particularly like to highlight our use of digital tools: numerical modeling of the deposit and its evolution over time, as well as digital monitoring of operations.

- As global uranium demand rises, how is Orano preparing to meet it, especially through its work in Mongolia?

By 2050, nuclear capacity is expected to double or even more than double. The global demand for decarbonized energy will continue to grow, and so will the demand for uranium. Currently, 60,000 metric tons of uranium are consumed worldwide each year. It is estimated that annual demand will reach 100,000 metric tons by 2050.

Orano Mining's mission is to secure a stable supply chain for nuclear utilities. Orano has always consistently believed in the potential of the uranium market. Despite market fluctuations - and even when prices were low - we maintained steady investment and support for the Zuuvch Ovoo project in Mongolia. It is precisely because we continued to develop the Zuuvch Ovoo deposit throughout these fluctuations, regardless of low prices, that we are now ready to build the mine and bring it into production - just in time to meet the rising demand.

- How is Orano cooperating with local communities in Dornogobi aimag, and what are the company's plans for strengthening this engagement in the future?

For over 15 years, Orano has been committed to building a strong CSR framework based on international standards such as the ICMM standards. Our practices are regularly audited by third-party organizations, and we provide regular reports on our performance. This reflects the group's commitment to applying and promoting sustainable mining practices, as well as improving the industry's environmental and social governance.

These principles have, of course, been applied by Badrakh Energy in Mongolia. The CSR framework was integrated into corporate governance from the very early stages of operations - Badrakh Energy published its first CSR report as early as 2014. At Orano Mining, the same standards apply across all countries of operation, including Mongolia. This ensures equal attention to environmental and occupational safety, as well as consistent policies toward local communities.

We did not wait for the start of operations to contribute to the local economy. Creating long-term partnerships with local communities is integral to our company's policy and culture, and we have been working to strengthen these relationships for the past 15 years.

• Between 2006 and 2024, we invested 9.2 billion MNT in local development.
• According to the Investment Agreement signed with Mongolia, Badrakh Energy's contribution to regional development projects will amount to $300,000 per year during the development phase, and $1 million per year during mining operations.

At Orano, we are particularly committed to education. Our target - for both Orano and Badrakh Energy - is to allocate 20% of our annual social project budget to education initiatives, defined together with stakeholders. Since 2010, we have already funded more than 200 individual scholarships, covering full university studies for young people from Dornogobi local communities. In this way, we contribute to training qualified personnel, supporting education, and building resilience in the region where we will operate.

Thank you for your time!