JSC National Atomic Company Kazatomprom provided group production guidance for the full year 2022 and revised production plan for the year 2024. For the year 2022, the company expects production volume U3O8 (100% basis) in the range of 21,000 tu to 22,000 tu and production volume U3O8 (attributable basis) in the range of 10,900 tU to 11,500 tu.

The Board of Directors has approved a strategy to revise the company's 2024 production volume down by approximately 10% compared to the total Subsoil Use Contract level of 28,691 tU. The decision to shift production from minus 20% in 2023 to approximately minus 10% in 2024 is based primarily on Kazatomprom's continued success in signing mid- and long-term contracts with new and existing customers. The current contract book provides sufficient confidence that the additional volume in 2024 will have a secure place in the market and be needed to fulfill future contractual obligations. However, the continued production discipline reflects Kazatomprom's assessment of the supply-demand balance over the next two years and factors in the challenges the Company is expecting to face in terms of global supply chains and limited availability of certain key operating materials and reagents. The full implementation of this decision could remove approximately 3,500 tU from anticipated global primary supply in 2024. Kazatomprom's 2024 production is therefore expected to be between 25,000 tU and 25,500 tU (100% basis), compared to the total Subsoil Use Contracts level for 2024 of 28,691 tU, disclosed in the 2021 CPR. Although the year-over-year production increase from 2023 to 2024 is modest, the Company may face significant challenges to any increase above current production levels based on the current state of global supply chains. The Company will now begin working with joint venture partners and mining subsidiaries to incorporate the required changes into the 2023 budgets and development plans, accounting for the revised production levels in 2024. Kazatomprom will continue to monitor ongoing market developments and maintain the flexibility to react quickly to changing conditions. No decision has been taken regarding mine development activity and production volumes beyond 2024.