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Signpost Client Logo Here February 2026 Day Month Year Version First name Last name Investor Presentation
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Forward-Looking Statements 2 Disclaimer: This presentation of Centrus (the “Company,” “we” or “us”) contains “forward-looking statements” within the meaning of Section 21E of the Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this Annual Report on Form 10-K and represent management’s current views and assumptions with respect to future events and operational, economic and financial performance. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may be exacerbated by any worsening of the global business and economic environment, including but not limited to, risks and uncertainties related to the following: the war in Ukraine and other geopolitical conflicts, including the resulting bans, laws, tariffs, sanctions or other government measures, and actions by third parties, including contractual counterparties, as a result of such conflicts that could directly or indirectly impact our ability to obtain, deliver, transport, sell or collect payment for, LEU or the SWU and natural uranium hexafluoride components of LEU; our reliance on third party suppliers to provide essential products and services to us; restrictions on imports and exports, including those imposed under the RSA, and related international trade legislation; our government contracts, including related to government shutdowns, changes to the U.S. government’s appropriated funding levels for HALEU and the government’s inability to satisfy its obligations, and our lease to our facility in Piketon, Ohio; our receipt of additional task orders under the HALEU Production Contract, LEU Production Contract and HALEU Deconversion Contract and, if awarded, the nature, timing and amount thereof; our ability to obtain new contracts or funding to be able to continue operations; whether or when government demand for HALEU or LEU for government or commercial uses will materialize and at what level; the impact and potential extended duration of a supply/demand imbalance in the market for LEU; significant competition from major LEU producers, including foreign competitors, who may be less cost sensitive than we are; limitations on our ability to compete in foreign markets; pricing trends and demand in the uranium and enrichment markets, especially in light of the potential of limited supply and our dependence on others for deliveries of LEU; our ability to successfully implement our planned expansion projects in Piketon, Ohio and Oak Ridge, Tennessee; natural and other disasters; pandemics and other health crises; the fact that our revenue is largely dependent on our largest customers and our sales backlog; our long-term liabilities, including our postretirement health and life benefit obligations, our 0% Convertible Notes and our 2.25% Convertible Notes; failures or security, including cybersecurity, breaches of our information technology systems; and the impact of, or changes to, government regulation and policies or interpretation of laws or regulations, including by the SEC, DOE, DOC and the NRC. For a more detailed discussion of these risks and others that could cause actual results to differ materially from those contained in our forward-looking statements, please see (a) Part I, Item 1A, Risk Factors, (b) Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, (c) Part II, Item 8, Financial Statements and Supplementary Data: Note 17, Commitments and Contingencies, and (d) other factors discussed in our filings with the SEC. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results, and readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this presentation. The Company does not undertake any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances that may arise after February 11, 2026, in this presentation unless required by law. Industry / Market Data: Industry and market data used in this presentation has been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. We have not independently verified the data obtained from these sources and cannot assure you of the data’s accuracy or completeness.
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77% 23% Ticker and Exchange: LEU (NYSE) Headquarters: Bethesda, MD Number of Employees: 467 Market Capitalization: $4.6bn 2025 Revenue: $448.7mm 2025 Net Income: $77.3mm Centrus Overview 1. As of December 31, 2025. 3 Fueling America’s Energy Independence and Nuclear Dominance National Security and Commercial Nuclear Supply Chain Partner Uniquely positioned to serve national security needs Forging the path towards U.S. Energy Independence Only de-risked, deployment-ready U.S. technology #1 American Uranium Enrichment Company Immediate growing electrification needs and future AI / Datacenter energy growth Key Facts1 Diverse Service Offering $449M 2025 Revenue Technical Solutions Segment LEU Segment National Security High-Assay Low-Enriched Uranium (HALEU) Technical Solutions Enriched Uranium Fuel (LEU) - LEU Customer
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Proven Leadership 4 Amir Vexler Todd Tinelli Patrick Brown John M.A. Donelson, PE President, CEO Education: M.Eng. – University of Toronto M.B.A – Wilfred Laurier University Prior Experience: SVP , CFO & Treasurer Education: B.S. – Sacred Heart University M.B.A. – Western Connecticut State University Prior Experience: SVP , Field Operations Education: B.S. – Thomas Edison University M.B.A. – Tulane University M.Sc – University of Oxford Prior Experience: SVP , CMO Education: M. Eng. – University of Virginia M.B.A. – Queens University of Charlotte Prior Experience: Engineer Engineer CEO, Chairman of the Board CEO, President Senior Credit Analyst CFO Senior Operations Analyst VP, Strategy & Operations Senior Director Enrichment Operations Leader Nuclear Power Operations Nearly a century of combined experience and expertise across Energy and Nuclear Fields (Global Nuclear Fuels)
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Key Investment Highlights ONLY publicly traded, deployment-ready enricher positioned to meet the existing growing and existing commercial LEU and National Security markets as well as future high-growth commercial HALEU markets 1 5 Clear time-to-market advantage for U.S. deployment to capitalize on accelerating baseload power demand from electrification and a tightening global LEU supply 2 Robust order book of $3.8bn, including contingent sales, with contracts extending through 2040, providing strong long-term cash flow visibility along with complementary immediate LEU distribution cash flows 3 ONLY HALEU enricher in the Western World with entrenched first-mover advantages to address growing commercial HALEU market to address future Advanced Reactor market 4 Selected for award1 of Department of Energy’s multibillion dollar domestic enrichment funding and beneficiary of bipartisan support to repatriate the nuclear supply cycle 5 Proven, de-risked, deployment-ready technology in high barrier-to-entry, bottlenecked portion of supply chain provides access to multiple low cost-of-capital financing alternatives 6 Uniquely positioned to benefit from long term nuclear tailwinds, baseload power scarcity, and supportive U.S. energy policy 1. In negotiations with Department of Energy. Total task order contract value with all options included is $1.07 billion.
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Financial Snapshot 6 Fortified liquidity profile and a disciplined capital allocation strategy positions Centrus to enable commercial-scale ramp up: $2.0bn Cash on Balance Sheet1 5.6% Annual Net Income Growth $2.3bn Growing Backlog of Contingent LEU Sales Commitments 13% Revenue CAGR3 2020-2025 $31.3mm 2025 Free Cash Flow $900mm2 DOE Award Source: Company filings. 1. Company 10-K filing showing balance as of December 31, 2025. 2. In negotiations with Department of Energy. Total task order contract value with all options included is $1.07 billion. 3. Compound annual growth rate.
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Nuclear Fuel Cycle Legend • LEU segment: Acting as a broker, Centrus provides the enrichment component of LEU primarily to utilities that operate commercial nuclear power plants – Comprised of supply contracts with Russian enricher TENEX (through December 31, 2027) and French enricher Orano (through December 31, 2030) – The enrichment component of LEU is measured in Separative Work Units (SWU) – Centrus also sells natural uranium hexafluoride (UF6) and occasionally sells uranium concentrates, uranium conversion, or LEU with the natural uranium hexafluoride and SWU components combined into one sale • CTS Segment: Includes Centrus’ technical solutions and in- house enrichment operations, dedicated to the restoration of America's domestic uranium enrichment capabilities for LEU and HALEU Centrus controls the nuclear fuel cycle’s highest barrier-to-entry stage: uranium enrichment. By converting feedstock into specialized fuel via de-risked, deployment-ready, proprietary technology, Centrus serves as the indispensable bridge between upstream mining and downstream deployment Uranium ore mining Uranium ore milled into yellow cake Yellow cake converted into UF6 gas UF6 enriched to increase the concentration of U235 Enriched UF6 fabricated into fuel pelletsNuclear Reactor 2 1 1 2 7
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Operating Structure Legend Current and future HALEU production, future LEU and LEU+ production, and other uranium enrichment in the future for national security missions Leveraging Centrus’ technical capabilities to provide a range of other products and services for public and private customers Future LEU production for the existing reactor fleet • TAM: ~$5.2bn per year1 Future uranium enrichment for U.S. national security missions • TAM: ~$3.9bn to $6.0bn overall2 Current and future HALEU production for next-generation small modular reactors and microreactors • TAM: ~$8.0bn per year by 20351 National Laboratories and other government entities Untapped market. Engineering, advanced manufacturing and other technical services for commercial entities 1. TAM: Total Addressable Market. Figures represent estimated annual enrichment demand based on operating nuclear reactor capacity from IAEA PRIS, “Nuclear Power Reactors & Capacity by Country”. Annual enrichment demand estimated using World Nuclear Association guidance of 140,000 SWU per year for reload fuel. 2. TAM: Total Addressable Market. Based on the U.S. Department of Energy’s estimate of the cost of building a national security uranium enrichment capability as part of its 2015 “Tritium and Enriched Uranium Management Plan.” LEU Segment CTS Segment Engineering Services Business Unit Government Services Commercial Services Fuel Components Manufacturing Business Unit Commercial Production National Security Production Advanced Technology Production Consolidation Level 1 2 3 4 5 6 7 1 2 3 4 5 6 7 Broker business supporting customers’ fuel needs Enrichment and technical services 8
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LEU and CTS Segment Overviews 9 • Stable, strong free cashflow-generating supplier of nuclear fuel components to commercial nuclear power plants • LEU Backlog includes long-term sales contracts with global utilities through 2040 • Existing inventory of LEU – Mid-and long-term contracts with enrichment producers – Purchases and loans from secondary sources – Spot purchases of SWU, uranium and LEU • Granted DOE waivers providing short-term continuity – Received DOE waivers for committed 2026 and 2027 deliveries $2.9bn Revenue Backlog1 with contracts through 2040 World’s most diversified supplier of enriched uranium Leading customers include Fortune 500 Utilities Business relationship with 35+ domestic and international utilities Key DifferentiatorsSegment Summary Established LEU Segment Manufacturing facility in Oak Ridge, TN & production facility in Piketon, OH Scalable capacity to meet future growth in demand for LEU and / or HALEU Built the only U.S. facility licensed to produce HALEU and one of two U.S. facilities licensed to produce LEU Only deployment-ready U.S. technology capable of meeting national security requirements for enriched uranium • Advanced Nuclear Capabilities & Services – Deploying uranium enrichment to meet global commercial and U.S. government needs – Proven ability to produce HALEU for next-generation reactors – Positioned to resume LEU production as utilities shift from Russian imports – Comprehensive technical, engineering, manufacturing, and operations support for public and private sectors – LEU Backlog includes long term sales contracts1 with global utilities through 2040 • Manufacturing & Engineering – 440,000 ft2 climate-controlled facility for high-precision, high-volume production – Expertise in metals and composites with on-site testing – Robust engineering and project management supported by advanced software Scaling CTS Segment Strategic Evolution 1. Includes contingent LEU enrichment sales.
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Roadmap to Commercial Enrichment TENEX Supply Contract1 Centrus Commercial Enrichment Source: Company filings information. 1. TENEX and Orano Supply contracts comprise LEU Segment. Primarily Enrichment with Rapidly Growing Capacity + Complementary Broker Dealer Primarily Broker Dealer First full cascade of centrifuges expected to come online in 2029 in Piketon. Ohio 2029 TENEX Supply contract expires Dec 31, 2027 Orano Supply contract expires Dec 31, 2030 Build-Out Begins December 2025 10 Majority Broker Dealer + Growing Enrichment Capacity Centrus Centrifuge Build Out Orano Supply Contract1
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Strong and Growing Total Addressable Market Source: U.S. Department of Energy (HALEU Availability Program) and Nuclear Innovation Alliance, “Advanced Reactor Fuels & HALEU Demand”. Figures represent estimated annual enrichment demand based on operating nuclear reactor capacity from IAEA PRIS, “Nuclear Power Reactors & Capacity by Country”. Annual enrichment demand estimated using World Nuclear Association guidance of 140,000 SWU per year. 11 Positioned to Capitalize on Significant and Growing TAM Opportunity LEU opportunity $3.0 Billion per year HALEU opportunity $2.8 Billion per year by 2030 $8.0 Billion per year by 2035 LEU and HALEU opportunity $3.9-$6.0 Billion Future Current Market Opportunity LEU, HALEU & HEU opportunity $2.4 Billion Advanced Reactors Global Utilities National Security U.S. Reactors
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UnavailabletoWesternMarket Global LEU SWU Market Source: World Nuclear Association. 1. Capacity figures sourced from The World Nuclear Association, “World Nuclear Fuel Report”, September 2025. 2. “Nuclear Market Review”, a TradeTech publication. 3. Vacating U.S. market beginning 1/1/2028 Other 3.5 7 14 0 2 4 6 8 10 12 14 16 1 2 3 Centrus Capacity SWU (mm) 1. Existing facility for potential 3.5mm SWU plant 2. Environmental impact statement-evaluated land for additional 3.5mm SWU expansion 3. Un-licensed land for additional 7mm SWU expansion Existing Capacity is Controlled by State-Owned Entities1 TENEX3 27mm SWU ~43% Global Capacity Urenco 17mm SWU ~27% Global Capacity CNNC 11mm SWU ~17% Global Capacity Orano 7.5mm SWU ~12% Global Capacity Historical SWU Prices2 Centrus is Positioned to Close this Gap 12 $55 $200 $25 $75 $125 $175 $225 Russian / Ukraine War Begins Prohibiting Russian Uranium Imports Act Signed into Law ~24% CAGR
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Go-To-Market Strategy Focused on Large, Existing Markets Source: World Nuclear Association. Wall Street Research. 1. Figures represent estimated annual enrichment demand based on operating nuclear reactor capacity from IAEA PRIS, “Nuclear Power Reactors & Capacity by Country”. Annual enrichment demand estimated using World Nuclear Association guidance of 140,000 SWU per year per reactor. 2. Based on 17, 16 and 5 reactor count for Oklo, X-energy and TerraPower, respectively, multiplied by initial fuel requirements for Oklo (7MT), X-Energy (1.5 MT) and TerraPower (15 MT) respectively. Large existing demand from Commercial LEU + National Security Needs BEFORE AI, Datacenter and HALEU Demand Develops ~4mm SWU/year Russia vacating U.S. market on 1/1/28 ~2.7mm SWU/year Additional 8 GWe of power + 10 new AP1000’s ~5.2mm SWU/year Asia (Korea and Japan) Potential Market Western Europe Demand Commercial LEU1 Large existing and growing Gen II+III fleet National Security Known and growing demand ONLY HALEU enricher in the Western World Enriched >1MT HALEU UF6 to date Centrus is the ONLY HALEU-licensed facility in the U.S. ~200 MT2 Estimated initial HALEU load requirements associated with announced reactor partners >11.9mm SWU/year of Incremental Demand Large Future Quantities ONLY commercially viable option • U.S. law mandates national security needs can only be met by a U.S. technology and an unobligated supply chain Nuclear Forces Tritium Production (LEU) Military Microreactors (HALEU) Space Missions (HALEU) Nonproliferation Research Reactor Conversion (HALEU) Reactor Demonstrations (HALEU) Existing and Growing Need Advanced Reactors First-Mover advantage for large future TAM Evolution of Centrus’ Commercial Opportunities 13
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Source: Company filings and press releases. Note: Initial load is on an individual reactor basis. Note: Initial Load Amounts are shown for a single reactor. 1. Initial HALEU requirement estimated using Natrium’s ~840 MWth thermal output and typical fast-reactor power density of ~50–70 kW/kg, implying ~15 MT. 2. X-energy announced 5 MT of fuel production capacity enough to power 11 Xe-100 reactors, assuming 3 annual passes due to retention of high-temperature pebble beds: 5 MT / 11 reactors / 3 = ~1.5 MT. Company Overview Opportunity Partnership Global Utilities LEU & HALEU • Signed a 10-year enriched uranium supply agreement Advanced Reactors HALEU Initial Load: 7 MT • Agreement to sell HALEU for Oklo’s Aurora microreactor and for Oklo to provide carbon-free power to Centrus Advanced Reactors HALEU Initial Load: 15 MT1 • MOU to support HALEU availability for the Natrium-cooled fast reactor • Planned deployment in 2030 Advanced Reactor HALEU Initial Load: 1.5 MT2 • Supported design work for X- energy’s TRISO-X fuel facility • Project is under development Strong Partnerships with Key Nuclear Players 14 Several agreements with key nuclear players to further spur development of next-generation nuclear capabilities
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Abundant Room for Expansion Source: U.S. Department of Energy, U.S. Nuclear Regulatory Commission, “American Centrifuge Plant Facility License” and Press Releases. 1. Any combination of LEU, LEU+ or HALEU. Operational footprint exceeds requirements to meet full range of commercial and national security requirements for LEU, LEU+ & HALEU • Existing process buildings can host approximately 3.5mm SWU 1 per year – Current facility capable of holding 96 cascades – Licensing available to expand to 7mm SWU per year – Land available to expand to 14mm SWU per year • Began HALEU enrichment operations on 10/11/2023 under DOE HALEU Operations Contract – Completed Phase I of Operations Contract and successfully delivered 20 kg of HALEU UF6 ahead of schedule and under budget – Completed Phase II in 2025 with 900 kg of HALEU UF6 contractually delivered to the DOE Investing in the FutureProven Infrastructure Oak Ridge Facility • Manufactures and tests AC100M centrifuge machines at its Oak Ridge manufacturing facility • A cascade is a series of interconnected centrifuges that work to enrich uranium from natural or low - enriched feed to higher assays • Machines shipped to American Centrifuge Plant in Piketon for assembly into cascades to enrich uranium American Centrifuge Plant • Piketon houses the DOE’s HALEU demonstration program, operating Centrus AC -100M centrifuges • Demonstration cascade: ~16 AC-100M centrifuges • Program output to date: >1MT HALEU UF6 • Only U.S. facility licensed to enrich HALEU, and one of two facilities licensed to enrich LEU Bethesda, MD (Corporate Headquarters) Piketon, OH Oak Ridge, TN Centrus is the only NRC-licensed HALEU enricher 15 Environmental Impact evaluated for ~7mm SWU Existing Buildings (~3mm SWU) ~14mm SWU
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Growing Pools of Capital to Support Multi-Billion Dollar Build-out 1. In process as of 12/19/2025. 2. For illustrative purposes. 3.5mm SWU / 96 cascades = ~36,000 SWU per cascade. 3. Enriched uranium product. 4. Base-case build-out to address existing $2.3 billion LEU backlog and 12 MT of HALEU Growing Number of Low-Cost-of-Capital Pools National Security NNSA recently announced intent to sole source certain EUP3 from Centrus Direct Foreign Investment Conversations with foreign nations (ex. Korea - KHNP and POSCO) Third Party Investment Growing interest for future pre-payments or offtake-like agreements Abundant Private Capital Options to Strengthen B/S Existing $2.0bn cash position Customer Contracts Backlog of >$2.3bn in contingent LEU commercial sales Base-Case Build-Out4 Expected to be Sufficient to Reach Nth-of-a-Kind Costs Cascade Build-Out Cadence1 Cascade # 1 2 3 4 96… Time Until Nth-of-a-Kind Number of Months 421 6 2 2 2… Total SWU2 (in thousands) 36 72 108 144 3,500… Capable of LEU, LEU+, or HALEU production 16 Profitability Achieved Before Full Buildout of 96 Cascades
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Timeline to first Cascade Source: Press Releases. 1. In negotiations with Department of Energy. Total task order contract value with all options included is $1.07 billion. Centrus announced a quarter end cash balance of $1.6bn, driven by $805mm upsized convertible notes offering and $1.0bn ATM. This financial flexibility supports strategic initiatives like capacity expansion and technology investments, signaling strong investor confidence November 6th, 2025 DOE selects Centrus for a $900mm1 task order to expand uranium enrichment at Piketon for HALEU and LEU. The project is slated to begin operations by 2029, reinforcing U.S. energy security January 5th, 2026 DOE extended Centrus’s HALEU production contract by $110mm through June 2026, supporting up to 900 kg/year of output. The extension follows Phase I’s successful delivery of 20 kg of HALEU UF6 in late 2023 and ensures continued production June 20th, 2025 Centrus began enrichment operations at Piketon, OH facility, the first new U.S.-owned, U.S technology uranium enrichment plant to enter production since 1954 October 11th, 2023 Centrus announced a major workforce expansion at Piketon, adding 300 jobs and identifying ~1,000 more. The growth boosts centrifuge manufacturing capacity and further establishes Piketon as a key hub for advanced nuclear fuel production September 25th, 2025 Domestic manufacturing of AC-100M centrifuge units for commercial enriched uranium began at Oak Ridge; centrifuge manufacturing is to meet growing backlog of $2.3bn in contingent LEU sales and targets future commercial-scale production of HALEU as well December 19th, 2025 First full cascade of centrifuges expected to come online in 2029 in Piketon. Ohio 2029 Operational and Financial Targets Financial 1) Total Capital Spend 2) Total Company Revenue Operational 1) Partners deemed most critical 2) Engineering Progress 3) Workforce Additions 2026 2023 2025 2026 2 029 17
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100+ Workforce Additions in Oak Ridge, TN 2026 Guidance1 18 $425mm - $475mm Total Company Revenue 100% Finalize Contract with Partners identified as Critical $350mm - $500mm Total Capital Deployed1 50+ Workforce Additions in Piketon, OH Complete CfC2 Package Operational Financials 1. See Assumptions slide in appendix. 2. Includes pre-paid expenses. 3. Certified for Construction package: critical engineering plan required ahead of a build out.
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Section Text Goes Here Investor Relations Contact: Neal Nagarajan NagarajanNK@CentrusEnergy.com
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Appendix: Department of Energy HALEU Operations Contract Award 1. Period of performance was extended by 8 months through contract modification. 2. Extension period subject to further negotiation. Phase 1 Phase 2 Phase 3 Objective • Complete construction of cascade • Demonstrate production of 20 kg of HALEU • Full year1 of production and operations and a production target of 900 kg of HALEU • DOE exercised First Option period of Phase 3 Timing • Completed ahead of schedule and under budget • Phase 2 production Completed • Through June 30, 2026 Financial Impact • $30mm cost share contribution by Centrus • $30mm contribution by DOE • Cost-plus-incentive-fee basis • ~$170mm Fully funded value2 • Cost-plus-incentive-fee basis • DOE option to exercise additional option periods • First Option: • Target Cost: $99.3mm • Target Fee: $8.7mm Project Timeline 9 of 10 advanced nuclear reactor designs selected for funding under DOE Advanced Reactor Demonstration Program will rely on HALEU Contract Benefits • First U.S.-owned, U.S.-technology enrichment plant to begin production in 70 years • Critical step toward restoring domestic enrichment capabilities • ~$230mm base contract value for 1st two phases through June 2025, subject to further negotiation • Capacity for Centrus to scale up Piketon facility for additional HALEU production outside the DOE contract 20 HALEU Operations Contract: Proof-point of Centrus' technology commercial potential
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2026 Guidance Assumptions 21 The Company’s 2026 guidance is subject to a number of assumptions and uncertainties that could affect results either positively or negatively. Variations from these expectations could cause differences between this guidance and the ultimate results. This includes the assumption of no significant change in restrictions in our ability to receive and sell Russian LEU or other uranium products, no significant economic disruptions or downturns, the successful implementation of our planned expansion projects, including the finalization and funding of the DOE $900 million task order, and that current business operations will continue on an ongoing basis.
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Appendix: Terminology 22 Abbreviation Definition LEU Low-Enriched Uranium: used in majority of existing commercial reactors with a U -235 enrichment level just below 5% HALEU High-Assay, Low-Enriched Uranium: required by majority of next generation reactors, U-235 enriched as high as 19.75% HEU Highly Enriched Uranium: 20% or higher concentration of U -235 SWU Separative Work Unit: unit by which LEU uranium enrichment is bought and sold Piketon Production facility in Piketon, Ohio, where LEU and HALEU production has been licensed and successfully proven NRC U.S. Nuclear Regulatory Commission NRC License Centrus currently is the only company with an NRC license to enrich uranium up to the 20% U-235 concentration that is contained in HALEU and is the only company known to Centrus to produce HALEU outside of Russia Separately, Centrus was an LEU enricher until 2013 and its Piketon facility is already licensed for LEU production TAM Total addressable market TENEX Russian government-owned entity TENEX, Joint-Stock Company Russian Uranium Import Ban H.R. 1042 - Prohibiting Russian Uranium Imports Act - signed into law by President Biden on May 13, 2024, prohibits importation of Russian material with potential waivers to 2028 The Department of Energy may waive the ban if DOE determines that: (1) no alternative viable source of low -enriched uranium is available to sustain the continued operation of a nuclear reactor or a U.S. nuclear energy company, or (2) importation of the uranium is in the na tional interest. Any waiver issued must terminate by January 1, 2028. The ban terminates on December 31, 2040
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Appendix: TAM Methodology 23 Sector Size Methodology US Reactors $3.0 Billion Per Year Based on the World Nuclear Association’s estimated U.S. annual demand (~15M SWU/yr) at current market price of ~$200/SWU. Reflects annual reload fuel requirements for existing U.S. Gen II & III reactor fleet Global Utilities: $2.4 Billion Per Year Accessible market size is based on a market enrichment price of $200/SWU times the total annual SWU requirements of Japan, Korea, Ukraine, South Africa, Brazil, Mexico, and the UAE, plus 20% of the annual SWU requirements of Western European and Central European nations, as identified in the World Nuclear Association’s 2023 Fuel Market Report National Security: LEU, HALEU & HEU Opportunity $3.9-$6.0 Billion Represents annual LEU enrichment demand from non-U.S. commercial utilities, calculated from operating reactor capacity and standard fuel-cycle enrichment requirements at current market price of ~$200/SWU Advanced Reactors: HALEU Opportunity $2.8 Billion per year by 2030 $8.0 Billion per year by 2035 Based on the NEI survey of reactor developers for HALEU demand, assuming average 17% U235. Enrichment of LEU feedstock at market price of $200/SWU. HALEU enrichment is based on the Nuclear Innovation Alliance estimate of $1,000 per HALEU SWU. Thi s results in a blended SWU price of $336/SWU Source: U.S. Department of Energy (HALEU Availability Program) Nuclear Innovation Alliance, “Advanced Reactor Fuels & HALEU Demand” and U.S. Department of Energy’s 2015 “Tritium and Enriched Uranium Management Plan” . Figures represent estimated annual enrichment demand based on operating nuclear reactor capacity from IAEA PRIS, “Nuclear Power Reactors & Capacity by Country”. Annual enrichment demand estimated using World Nuclear Association guidance of 140,000 SWU per year.