Annual Activity Report 2025

2 SITUATION AND ACTIVITIES OF THE COMPANY AND ITS SUBSIDIARIES DURING THE PAST FINANCIAL YEAR The group’s businesses

Total inferred resources

Inferred resources

Ore (kt) 163

Grade (%) 4.71 0.87 0.28 2.38 1.15 0.79 6.77 2.25 1.99 0.27 0.27 0.09 0.09 0.03 0.02 0.02 0.01 0.01 0.24 0.24 0.032 0.032

Metal (tU) 7,688

Holding (%) 40.45% 42.53% 66.19% 30.20% 77.50% 74.83% 21.76% 50.90%

Orano’s share (tU)

Deposit

Cigar Lake Dawn Lake Kiggavik McArthur McClean Midwest Read Lake Shea Creek

3,110

46

396

168

733

2,059

1,363

39 32

918 372

277 288

944 387 631

7,480

5,597 5,700 7,220 3,708 3,708 23,724

26,195 14,185 59,292 5,420 5,420 26,221 26,221 39,280 42,701 12,682 12,682 36,475 36,475 3,421

TOTAL CANADA

2,975 2,000 2,000 28,154 28,154 11,955 174,727 186,682 114,100 114,100 14,983 14,983

-

Bagombe

68.42%

TOTAL GABON

-

Katco

51.00% 13,373

TOTAL KAZAKHSTAN

-

13,373

Dulaan Uul Zuuvch Ovoo

90.00%

3,079

90.00% 35,352

TOTAL MONGOLIA

-

38,431

Trekkopje

100.00% 12,682

TOTAL NAMIBIA

-

12,682

Bakouma

100.00% 36,475

TOTAL CAR

-

36,475

Nurlikum

1,421 1,421

460 460

45.00%

207 207

TOTAL UZBEKISTAN

-

TOTAL (EXCLUDING NIGER)

350,315

0.05 183,251

-

128,600

Imouraren (1)

- - -

- - -

- - -

63.50%

- - -

Somaïr (2)

- -

TOTAL NIGER

TOTAL 128,600 (1) The State of Niger withdrew the operating permit held by Imouraren SA on June 19, 2024. On December 19, 2024, Orano Mining initiated arbitration proceedings against the State of Niger in order to assert its rights and seek remedy for all of its losses resulting from the withdrawal of the operating permit. 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 since December 31, 2024. As a reminder, 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 metric tons of uranium - Orano share). (2) Under the guise of nationalizing Somaïr, the State of Niger expropriated Orano on June 19, 2025 outside of any legal proceedings and without any compensation. Orano Mining has initiated two arbitration proceedings to assert its rights, in particular over the inventory corresponding to Somaïr’s production, as well as compensation for its losses resulting from unlawful acts committed by the State of Niger. 350,315 0.05 183,251 -

2.3.2 Front End

The uranium concentrate is converted in a two-stage process, with an annual nominal production capacity of 14,000 metric tons, for a global market of approximately 60,000 metric tons: ● the Malvési plant (Aude – France) puri fi es and transforms the uranium mining concentrate into uranium tetrafluoride (UF 4 ), by adding four fluorine atoms; ● the Philippe Coste plant (Tricastin – France) then transforms the UF 4 into uranium hexafluoride (UF 6 ) through the addition of two more fluorine atoms. The fluorine used in this process is produced through electrolysis of anhydrous hydrofluoric acid. Orano is the only converter in the West to have invested massively in upgrading its conversion capacity, commissioned at the end of 2018, to the latest standards in terms of safety and environmental protection. This investment strengthens Orano’s

Nuclear fuel cycle Front End operations occur after extraction and processing of the natural uranium ore. They include uranium conversion and enrichment services, which are steps prior to manufacturing the fuel assemblies that will go in the nuclear reactors. Conversion of natural uranium (U 3 O 8 ) to uranium hexa fl uoride (UF 6 ) Conversion is a key step that gives the uranium the purity required and the form of a gaseous chemical (uranium hexafluoride – UF 6 ) suited to enrichment processes. Orano provides the conversion service to its customers, who generally retain ownership of their material.

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Orano - Annual Activity Report 2025