National Atomic Kazatomprom : 2022 Mineral Resource and Ore Reserve Statements

SRK Consulting (UK) Limited 5th Floor Churchill House 17 Churchill Way

Cardiff CF10 2HH Wales, United Kingdom

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The Directors,

Joint Stock Company National Atomic Company Kazatomprom, 17/12, E-10 Street,

Yessil District, Astana, 010000,

Republic of Kazakhstan.

16/01/2023

Dear Sirs,

Ref: "Mineral Resource and Ore Reserve Statements for the Mineral Assets of Joint Stock

Company National Atomic Company Kazatomprom, Republic of Kazakhstan with effective date of 31 December 2022".

1 INTRODUCTION

1.1 Background

SRK Consulting (UK) Limited ("SRK") has been appointed by Joint Stock Company National Atomic Company Kazatomprom ("Kazatomprom", "KAP", or the "Company") to prepare Mineral Resource and Ore Reserve statements valid as of 31 December 2022 (the "2022 Statements") reported in accordance with the terms and definitions of the JORC Code on its uranium mineral mining and exploration assets (the "Mineral Assets") located in the Republic of Kazakhstan ("Kazakhstan"). The 2022 Statements as presented herein are an update of the Mineral Resource and Ore Reserve statements previously produced by SRK, with effective date of 31 December 2021 (the "2021 Statements").

Kazatomprom is a joint stock company incorporated under the laws of Kazakhstan on 21 February 1997 which operates as Kazakhstan's national operator for the production, export and import of uranium and its compounds, nuclear power plant fuel, special equipment and technologies, as well as rare metals. The Company by measure of attributable production is the largest producer of natural uranium globally as well the second lowest cost producer as reported by Ux Consulting Company ("UxC"). For the 12-month period ended 31 December 2022 the Company together with its subsidiaries (the "Group") represented approximately 20% of total global uranium primary production and approximately 40% of global in-situ leach recovery ("ISR") uranium production.

The Group operates through a complex structure of subsidiaries, Joint Venture and Associate companies comprising three key segments: the "Uranium Segment"; the "UMP Segment"; and the "Other Segment". The Uranium Segment includes uranium mining and processing operations from the Group's mines, the Group's purchases of uranium from the Group's joint ventures and associates engaged in uranium production, and external sales and marketing of uranium products, in each case other than production and sales of UO2 powder and fuel pellets.

The Company's status as a national company in Kazakhstan allows the Group to benefit from certain privileges, including, among other things, obtaining subsoil use agreements through direct negotiation with the Government of Kazakhstan ("GoK") rather than through a tender process which would otherwise be required. This effectively grants the Group priority access

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to such opportunities, including exploration, development and production of all-natural uranium in Kazakhstan.

The scope of this "Audit Letter" is limited to the 2022 Statements pertaining to the mining and processing operations of the Uranium Segment, specifically all key activities relating to the extraction of uranium and production of the final saleable product in the form of U3O8. The Mineral Assets are located in three (Shu-Sarysu; Syrdarya; and North Kazakhstan) of the six uranium geological provinces of Kazakhstan, cover a total licence area of 2,059.27km2 and comprise 29 deposits/blocks categorised as: 23 Producing Properties ("PPs"); two Development Property ("DP") and two Advanced Exploration Properties ("AEPs") based on the classifications as reported in Section (1.2.2). In addition, the Company's "Exploration Programme" covers several less advanced Exploration Properties ("EPs") also located in the three regions in which the Company is active. The Mineral Assets are largely held through 14 subsidiaries, Joint Venture and Associate companies (the "Mining Subsidiaries" - Table 1-1)which in conjunction with the Company are directly responsible for uranium mining and downstream processing activities. Thirteen of the Mining Subsidiaries include PPs while one Mining Subsidiary only includes AEPs (Budenovskoye LLP). In addition, the Company holds 100% of two AEPs in its own name.

Table 1-1:	Mineral Assets salient statistics
Mining Subsidiary		Equity		Geological		Deposits		Contracts		Licence		Discovery		Prdn		LoMp(1)
		Interest		Region		/Prdn Units				Area				Start		Depletion			Prdn
		(%)				(No)		(No)		(km2)		(year)		(year)		(year)			(tU)
Operating Properties
Kazatomprom-SaUran LLP(3) 100.00		Shu-Sarysu	5(3)		5		252.90	1963	1997	2049		1,100
Ortalyk LLP	51.00		Shu-Sarysu	2		2		186.40	1964	2007	2042		2,900
RU-6 LLP	100.00		Syrdarya	2		1		59.58	1979	1997	2037		833
Appak LLP	65.00		Shu-Sarysu	1		1		133.46	1976	2008	2037		1,000
JV Inkai LLP(2)	60.00		Shu-Sarysu	3		1		139.00	1976	2001	2051		4,191
Semizbai-U LLP	51.00		Syrdarya; Northern	2		2		71.20	1973	2008	2035		975
	Kazakhstan
JV Akbastau JSC	50.00		Shu-Sarysu	3		2		2.71	1976	1997	2041		2,194
Karatau LLP	50.00		Shu-Sarysu	1		1		17.28	1979	2007	2032		3,600
JV Zarechnoye JSC	49.98		Syrdarya	1		1		38.00	1977	2007	2028		776
JV Katco LLP	49.00		Shu-Sarysu	2		1		45.73	1976	2001	2035		4,052
JV Khorassan-U LLP	50.00		Syrdarya	1		1		70.80	1972	2008	2038		2,200
JV SMCC LLP	30.00		Shu-Sarysu	2		2		116.91	1976	2004	2057		2,564
Baiken-U LLP	52.50		Shu-Sarysu	1		1		350.00	1972	2009	2033		1,500
Budenovskoye LLP	51.00		Chu-Sarysu	1		1		151.30	2017	n/a	2045		6,000
Subtotal					27		22		1,635.27	1963	1997	2057		32,555
Advanced Exploration Properties
Kazatomprom	100.00		Shu-Sarysu	2		2		424.00	1976	n/a	n/a	n/a
Subtotal					2		2		424.00	1976	n/a	n/a	n/a
Grand Total						29		24		2,059.27		1963		1997		2057			32,555

1. LoMp: date of depletion of Ore Reserves; maximum production in the current Life of Mine plans for the Mineral Assets.
2. For JV Inkai LLP, the Company's equity participation is determined based on a prescribed formula based on uranium production within the following bands: 0tU to 1,500tU (40.00%); 1,500tU to 2,000tU (50.00%); 2,000tU to 4,000tU (77.50%); 4,000tU (60%) for 2022 onwards.
3. At Kazatomprom-SaUran LLP, two deposits have limited production and no further Ore Reserves and Mineral Resources are reported in the 2022 Statements.

This Audit Letter presents the following key technical information as at 19 January 2023, this being the "Effective Date" of the opinion as expressed herein. The 2022 Statements for the Mineral Assets are reported as of 31 December 2022 and in accordance with the terms and definitions of the JORC Code (defined below). Certain units of measurements and technical terms defined in the JORC Code (defined below under Section 1.2.2) are defined in the glossaries, abbreviations and units included at the end of this "Audit Letter".

As of 31 December 2021, the 2022 Statement reports:

• Aggregated Ore Reserves (Table 1-2)of 977.9Mt grading 0.0630U and containing 588.8ktU and comprising:
• • Proved Ore Reserves of 463.4Mt grading 0.058%U and containing 270.0ktU,
  • Probable Ore Reserves of 514.5Mt grading 0.062%U and containing 318.8ktU; and
• Aggregated Mineral Resources of 1,384.0Mt grading 0.055%U and containing 761.6ktU and

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comprising:

• Measured Mineral Resources of 661.9Mt grading 0.058%U and containing 385.2ktU,
• Indicated Mineral Resources of 708.6Mt grading 0.052%U and containing 367.8ktU,
• Inferred Mineral Resources of 13.6Mt grading 0.063%U and containing 8.6ktU.

SRK's audited Mineral Resource statements are reported inclusive of those Mineral Resources converted to Ore Reserves. The audited Ore Reserve is therefore a subset of the Mineral Resource and should not therefore be considered as additional to this.

Table 1-2: Aggregated Mineral Resources and Ore Reserves as at 31 December 2022 for the Mineral Assets

Mining Subsidiary	Deposits		Ore Reserves		Mineral Resources
	(No)	(Mt)	(%U)	(ktU)	(Mt)	(%U)	(ktU)
Operating Properties
Kazatomprom-SaUran LLP	5	48.3	0.045	21.6	55.8	0.043	23.8
Ortalyk LLP	2	84.6	0.042	35.4	84.6	0.042	35.4
RU-6 LLP	2	16.7	0.076	12.7	16.7	0.076	12.7
Appak LLP	1	43.4	0.036	15.4	43.4	0.036	15.4
JV Inkai LLP	3	244.5	0.052	127.7	287.0	0.052	148.0
Semizbai-U LLP	2	16.5	0.052	8.6	44.7	0.045	20.2
JV Akbastau JSC	3	41.2	0.088	36.2	41.2	0.088	36.2
Karatau LLP	1	46.0	0.078	35.9	46.0	0.078	35.9
JV Zarechnoye JSC	1	7.2	0.059	4.2	8.1	0.060	4.8
JV Katco LLP	2	44.7	0.114	51.1	52.9	0.106	56.1
JV Khorassan-U LLP	1	32.6	0.107	34.8	32.6	0.107	34.8
JV SMCC LLP	2	185.3	0.041	75.4	190.3	0.041	77.6
Baiken-U LLP	1	14.0	0.112	15.6	14.0	0.112	15.6
Budenovskoye LLP	1	153.0	0.075	114.2	160.6	0.075	120.1

Subtotal	27	977.9	0.060	588.8	1,077.8	0.059	636.5
Advanced Exploration Properties
Kazatomprom	2	n/a	n/a	n/a	306.1	0.041	125.1
Subtotal	2	n/a	n/a	n/a	306.1	0.041	125.1
Grand Total		29	977.9	0.060	588.8	1,384.0	0.055	761.6

1.2 Requirement, Reporting Standard, Reliance and Responsibility Statement

The Audit Letter is addressed to the Company and SRK has been informed by the Company, that the Audit Letter will be made available to certain advisors to the Company, for information purposes only, specifically the financial auditors appointed for reporting, inter alia the financial statements for the Company as of 31 December 2022.

1. Requirement
   Other than to support the Company's ongoing reporting requirements and distribution to certain of the Company's advisors, as noted above, this Audit letter will not be distributed to any third parties nor included in any of the Company's public domain reporting. As such other than to support the Company's reporting of Mineral Resources and Ore Reserve statements as of 31 December 2022, SRK is unaware of any further requirements regarding the authoring of this Audit Letter.
2. Reporting Standard
   The reporting standard adopted for the reporting of the Mineral Resource and Ore Reserve statements included in the CPR is the "The 2012 Australasian Code for Reporting of
   Exploration Results, Mineral Resources and Ore Reserves as published by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian
   Institute of Geoscientists and Minerals Council of Australia" (the "JORC Code"). The JORC Code is a reporting code which has been aligned with the Committee for Mineral
   Reserves International Reporting Standards ("CRIRSCO") reporting template. Accordingly,
   SRK considers the JORC Code to be an internationally recognised reporting standard that is adopted worldwide for market-related reporting and financial investments.
   The Mineral Assets as reported are classified into various groupings reflecting the development stage at the Effective Date of this CPR. The development stage groupings are defined as follows:

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• Producing Property ("PP"): a mineral asset for which Ore Reserves are declared and mining and processing operations have been commissioned and are in full scale production.
• Development Property ("DP"): a mineral asset for which Ore Reserves have been declared and are essentially supported by a minimum of a pre-feasibility study which on a multi-disciplinary basis demonstrates that the consideration is technically feasible and economically viable, but which are not yet in full scale production;
• Advanced Exploration Property ("AEP"): a mineral asset for which only Mineral Resources have been declared; and
• Exploration Property ("EP"): a mineral asset for which no Mineral Resources have been declared.

1.2.3 Reliance

This Audit Letter is addressed to and may be relied on by the Directors of the Company, specifically in respect of reporting the 2022 Statements for the Mineral Assets in accordance with the terms and definitions of the JORC Code.

SRK believes that its opinion must be considered as a whole and that selecting portions of the analysis or factors considered by it, without considering all factors and analyses together, could create a misleading view of the process underlying the opinions presented in this Audit Letter. The preparation of the Audit Letter is a complex process and does not lend itself to partial analysis or summary.

SRK has no obligation or undertaking to advise any person of any development in relation to Mineral Assets or the 2022 Statements which comes to its attention after the date of this Audit Letter or to review, revise or update the Audit Letter or opinion in respect of any such development occurring after the date of this Audit Letter.

1.3 Effective Date, Base Technical Information Date and Publication Date

The effective date of the Audit Letter is 16 January 2023 (the "Effective Date"). The 2022 Statements reflect SRK's review and modification of the Company's 31 December 2022 estimates reported in accordance with the State Commission of Kazakhstan on Mineral Reserves (the "GKZ System") to derive audited Mineral Resource and Ore Reserve statements for the Mineral Assets which have then been reported in accordance with the terms and definitions of the JORC Code.

The Base Technical Information Date is defined as 31 December 2022 which is co-incident with the reporting date for the 2022 Statements. The Publication Date of the Audit Letter is 16 January 2023 and is coincident with the Effective Date.

As advised by the Company, as at the Publication Date of the Audit Letter no material change has occurred as at the Base Technical Information Date which would warrant further updating of the Mineral Resource and Ore Reserve statements as presented herein.

1.4 Verification, Validation and Reliance

This Audit Letter is dependent upon technical, financial and legal input from the Company. Notwithstanding this, SRK has conducted a review and assessment of all material technical issues likely to influence: the 2022 Statements. The review comprised:

• Enquiry of technical, financial and legal representatives of the Company both by telephone and email and during head office discussions held at various times from 01 November 2022 through 20 January 2023;
• Review of updated Mineral Resources estimates produced for some of the Mineral Assets

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since December 2021;

• Assessment of the Technico Economicheskiye Obosnovaniye ("TEO") and other supporting technical, environmental, mineral tenure, mining contracts and other documents relating to the Mineral Assets, specifically where these were updated subsequent to December 2021;
• Review of historical information for the 9-month financial periods ending 30 September 2022;
• Reliance on the Company for: macro-economic parameters including consumer price inflation and exchange rates of local currencies reported against the United States Dollar ("US$"); and input-commodity price forecasts for key consumables, notably acid and other mining and processing related consumables; and
• Reliance on UXc for the annual real terms (1 January 2023) commodity price forecasts as reported in Section 3 of this Audit Letter and utilised t to assess the economic viability of the Ore Reserves as reported in the 2022 Statements.

SRK confirms that it has performed all necessary validation and verification procedures deemed necessary and/or appropriate by SRK in order to place an appropriate level of reliance on such technical information.

The Mineral Resource statements included in this Audit Letter are reported in accordance with JORC Code. SRK considers that with respect to all material technical-economic matters, it has undertaken all necessary investigations to ensure compliance with the JORC Code.

In consideration of all legal aspects relating to the Mineral Assets, SRK has placed reliance on the representations by the Company that the following are correct as at the Effective Date of the Audit Letter:

• That the Company is not aware of any legal proceedings that may have an influence on the rights to explore for minerals in respect of the Mineral Assets;
• That the Group is the legal owner of all relevant mineral and surface rights pertaining to the Mineral Assets; and
• That no significant legal issue exists which would affect the likely viability of the Mineral Assets and/or the estimation and classification of the Mineral Resources and Ore Reserves as reported herein.

1.5 Limitations, Responsibility Statement, Reliance on Information, Declarations and Copyright

1.5.1 Limitations

To the fullest extent permitted by law SRK does not assume any responsibility and will not accept any liability to any other person for any loss suffered by any such other person as a result of, arising out of, or in connection with this Audit Letter or statements contained therein, required by and given solely for the purpose of presenting the 2022 Statements.

The Company has confirmed in writing to SRK that, to its knowledge, the information provided by the Company (when provided) was complete and not incorrect or misleading in any material respect. SRK has no reason to believe that any material facts have been withheld and the Company has confirmed to SRK that it believes it has provided all material information.

Unless otherwise expressly stated all the opinions and conclusions expressed in this Audit letter are those of SRK. It should also be noted that this Audit Letter reflects SRK's review of information generated, and/or technical work completed, by others. This Audit Letter specifically excludes all aspects of legal issues, marketing, commercial and financing matters, insurance, land titles and usage agreements, and any other agreements and/or contracts that

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