Ann: Ceasing to be a substantial holder, page-5

From them "

Offset by:

· KZT 72,642 million increase in cash payments to suppliers and under swap transactions during 2024 compared to 2023, due to a growth in the spot price for U₃O₈as well as inflationary pressure on materials and supplies;

· KZT 77,717 million due to an increase in other taxes paid, primarily from the higher amount of accrued value-added tax resulting from an increase in intra-group sales within the territory of Republic of Kazakhstan, along with an in increase in the mineral extraction tax ("MET");

· KZT 76,110 million increase in income tax paid due to an increase in profit before tax.

Cost of sales

Cost of sales totalled KZT 931,621 million in 2024, an increase of 39% compared to previous year (2023: KZT671,862 million) mainly due to a higher cost for purchased uranium (as described below) and a higher production cost for uranium produced by consolidated subsidiaries and JOs.

The cost of materials and supplies was KZT

518,578 million in 2024, an increase of 42% compared to 2023

(2023: KZT364,841 million) due to an increase in spot price ofU₃O₈affecting the cost of uranium purchased from JVs andassociates, as well as from third parties(when such uranium is sold, the cost of sales is predominantly represented by the cost of purchased materials and supplies at the prevailing spot price with certain applicable discounts). The growth of cost of materials and supplies was also due to an increase of purchase price of production materials, supplies and reagents (including sulphuric acid),due to an inflationary pressure.

"

They are racking in the money yet cost pressure are clear. The Most important bit is CAPEX and ASIC. "C1 Cash cost (attributable) increased by 25% and AISC increased by 29% in USD equivalent for 2024 compared to 2023"

and

"

	Total capital expenditures (KZT billions) (100% basis)7	385 - 415

"

My read is they are trying very hard to maintain output. giving little room to add much in terms of new Large Long Term contracting to ensure they can met existing contracts. They mention 'discussions'

"The Group expects to sell between17,500 tU and 18,500 tU, including KAP sales of between14,000 tU and 15,000 tU.Increase in 2025 sales volume guidance in comparison to 2024at both the Group and KAP levels is attributed to the growth inU₃O₈sales commitments under existing contracts, along with the pipeline of discussions for newU₃O₈sales contracts underway."