1. Nuclear Energy Summit 2018 Developments in Nuclear Fuel Supply
Ms Debbie Breasley
October 2018

2. Disclaimer
These materials have been prepared by URENCO Limited (“URENCO”). Any person or entity considering making any investment based upon information contained in these materials should ensure that they are properly, independently and professionally advised. These materials were designed for use by specific persons familiar with the business and affairs of URENCO and its subsidiaries and should be considered only in connection with other information, oral or written, provided by URENCO (or any subsidiary) herewith. These materials are not intended to provide the sole basis for evaluating, and should not be considered as a recommendation with respect to, any transaction or other matter. The information in these materials, which does not purport to be comprehensive, has been provided by URENCO and has not been independently verified. While this information has been prepared in good faith, no representation or warranty, express or implied, is or will be made and no responsibility or liability is or will be accepted by URENCO or any of the URENCO’s subsidiaries or by any of their respective officers, employees or agents in relation to the accuracy or completeness of these materials or any other written or oral information made available to any interested party or its advisers and any such liability is expressly disclaimed.
Certain statements contained in these materials, including any descriptions or statements regarding the possible future results of operations, any statement preceded by, followed by or which includes the words “believes”, “expects”, “intends”, “will”, “may”, “anticipates”, or similar expressions, and other statements that are not historical facts, are or may constitute “forward looking statements”. Because such statements are inherently subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include but are not limited to (a) risks and uncertainties relating to the nuclear industry, consumer demand, political and economic conditions and government regulation and (b) such other risks and uncertainties as are detailed herein. All written and oral forward-looking statements attributable to URENCO are expressly qualified in their entirety by the cautionary statements set forth in this paragraph, and accordingly any person or entity reviewing these materials should not rely on such forward-looking statements. URENCO gives no undertaking to provide recipients of these materials with access to any additional information or to update these materials or any additional information, or to correct any inaccuracies in it which may become apparent.
Slide two
Areas we will be looking at in today’s presentation:
URENCO: Markets
URENCO: Operational Performance
URENCO: Financial Performance
URENCO: Outlook

3. Our vision
URENCO’s Vision states: “We believe the world needs nuclear energy to meet the demands of sustainable global energy. We can help the transition to a low carbon economy through the deployment of our enrichment services and technology.”
URENCO Proprietary

4. Innovation in the past Evolution of enrichment technology
Uranium enrichment process Calutron in Oak Ridge
Enrichment of uranium in the Manhattan Project in World War II for the US nuclear bomb (top left, alpha racetrack with 96 calutrons)
URENCO Proprietary

5. Innovation in the past Evolution of enrichment technology
Uranium enrichment process Diffusion plant in Pierrelatte
Construction work on the Pierrelatte gaseous diffusion plant began in The first enrichment unit (called the "low plant") came into service four years later, and the entire plant was operational by the beginning of 1967.Operations continued until 1996.
URENCO Proprietary

6. Innovation in the past Evolution of enrichment technology
URENCO
© URENCO
TVEL (Russia)
USEC
© TVEL
© Centrus Energy
URENCO Proprietary

7. Innovation in the past Evolution of enrichment technology
The TC21 is URENCO’s latest technology and is in operation in URENCO Deutschland and in our enrichment plant in the USA.
URENCO Proprietary

8. URENCO: Global Supply 18,800 tSW/year
Almelo, The Netherlands
Capacity: 5.4 million SWU/a
Gronau, Germany
Capacity: 4.0 million SWU/a
Capenhurst, UK
Capacity: 4.7 million SWU/a
Eunice, USA Capacity: 4.7 million SWU/a
URENCO Proprietary

9. Innovation now Focus is on efficiency improvement
Relative
Relative
Costs %
Unit Output
300 55 50 45 40
200 35 30 25 20
100 15 10 5
1st Generation
3rd
5th
Long
Demonstration
Generation
Generation
Term
Pilot
2nd
4th
6th
Plants
Generation
Generation
Generation
URENCO Proprietary

10. URENCO’s response to industry innovation
Existing nuclear fuel supply chain
Mining
Conversion
Enrichment
Fabrication
Back End
U3O8
0.711% UF6
<5% LEU
UO2
Spent
Fuel
LWR Reactors
UO2 / ZircAlloy Fuels
Future nuclear fuel supply chain
Gen III+, SMRs, GenIV, Advanced Reactors
Research & Test Reactors
Notes:
URENCO is committed to developing fuels for advanced reactors and small modular reactors (SMRs):
URENCO is inviting developers to discuss their requirements – quantities and timeframes - for uranium enriched to 5-19 per cent (high-assay low enriched uranium (HALEU)) to fuel their advanced reactor/SMR designs, including URENCO’s own AMR U-Battery.
Detailed planning, and early engagement with regulators, is needed to solve the practical and logistical challenges of producing and transporting HALEU and new facilities may need to be constructed.
This work falls within the core expertise of URENCO as a leader in the civil nuclear industry for more than 45 years, providing enrichment services for utility customers.
Strict confidentiality would be observed with any information shared with URENCO to ensure other advanced reactor/SMR developers, including U-Battery, could not gain an advantage.
To develop HALEU, URENCO is considering participating in the US Department of Energy Office of Nuclear Energy’s Gateway for Accelerated Innovation in Nuclear (GAIN) programme, which provides developers with access to technical, regulatory, and financial support to move innovative nuclear energy technologies towards commercial propositions.
URENCO Investment in Co-located Facility
Next Generation Fuels
Power Uprates
ATFs
TRISO (UCO),
Uranium Nitride,
Uranium Silicide,
etc…
U-metal
U-oxide
U-salts
0.711% UF6
<5%
LEU
Higher Enrichment
% HA-LEU
Enrichment
Deconversion
Fabrication
URENCO Proprietary

11. Innovation for today Focus on Sustainability
•           The Tails Management Facility (TMF) is a vital part of our commitment to responsible uranium stewardship, helping us to serve our strategic needs and support the positive reputation of the nuclear industry.
•           The TMF demonstrates our ability and willingness to invest in infrastructure to provide a service for the wider nuclear industry. It has been our main capital expenditure project since the completion of our US enrichment facility.
•           Safety remains our top priority and we are proud that during the construction of the TMF we achieved more than six million hours of safe working. This firmly cemented the TMF as one of the most safely run construction sites in the UK, which is testament to the strong safety culture that was embedded by the employees and contractors.
•           Our subsidiary, URENCO ChemPlants Limited, is responsible for the operation of the TMF.
•           At URENCO ChemPlants, we will store, process and deconvert depleted uranium hexafluoride (UF6) – tails - to stable uranium oxide (U308).
•           The TMF consists of a number of associated storage, maintenance and residue processing facilities to support URENCO’s long term strategy for the management of tails.
•           In 2017 we further enhanced our capabilities in responsible uranium stewardship. We rebranded Capenhurst Nuclear Services (CNS) to URENCO Nuclear Stewardship to position our subsidiary more closely with the wider organisation.
•           The TMF project is nearing completion, commissioning has commenced, with commercial operation anticipated to start in Investment in this facility demonstrates our commitment to uranium stewardship by safely and responsibly managing depleted uranium.
•           We continue to support the Nuclear Decommissioning Authority in the design of a Legacy Cylinder Facility – LCF – to transfer nuclear materials from ‘legacy cylinders’ into up-to-date vessels. Nuclear materials will be filtered to remove impurities and the legacy cylinders will be fully cleaned for disposal. Operations are expected to start by 2025.
•           In November, URENCO Nuclear Stewardship signed a contract with the UK’s Ministry of Defence to store the reactor pressure vessels removed from 27 defueled nuclear submarines once they have left the Royal Navy’s service.
URENCO Proprietary

12. Innovation for today URENCO Stable Isotopes
Commitment to continual development
Diagnostics
Therapy
Material research
Semiconductor
Urenco Stable Isotopes, based in the Netherlands, draws on Urenco’s expertise and capabilities in centrifuge technology to produce a variety of highly important products for medical, industrial and research applications.
Using centrifuge technology designed and deployed by Urenco, chemical isotopes (two or more forms of the same element) - can be enriched or enhanced to exceed 99% or depleted below 1%.
We produce medical radioisotopes that are used globally for diagnostics, therapy and pain relief.
We provide stable isotopes with industrial applications for the nuclear industry, such as analysis techniques used for materials (non-destructive testing) and the production of semiconductors for electrical and electronic devices (semiconductor production).
Through the flexible operation of our centrifuge technology, our stable isotopes are also applied for food absorption studies, research on materials used in nuclear environments, and nuclear physics.
Food studies
Radiation reduction and corrosion protection
Non destructive testing
Nuclear physics

13. Innovation for tomorrow New technology
URENCO Proprietary

14. URENCO: An Integrated Supplier
Any questions?
Thank you for listening