CGN Mining released its audited results for the year ended 31 December 2025, reporting a sharp rebound in profitability as uranium trading returned to the black and investment income remained solid.

Revenue and Profitability • Group revenue fell 20.3% year-on-year to HK$6.87 billion, reflecting a softer international uranium trading market and lower sales volumes at subsidiary CGN Global. • Gross profit turned positive to HK$68.91 million (FY 2024: HK$66.12 million loss), lifting gross margin to 1.0%. • Share of profit from investees remained the key earnings driver: HK$259.11 million from 49%-owned joint venture Semizbay-U and HK$471.01 million from 49%-owned associate Ortalyk. • Finance costs rose 35.0% to HK$164.48 million as average borrowings increased. • Profit for the year from continuing operations grew 32.5% to HK$452.76 million; basic EPS rose to HK5.96 cents (FY 2024: HK4.50 cents). Net profit margin widened to 6.6% (FY 2024: 4.0%).

Segment Performance • Natural uranium trading recorded segment profit of HK$23.49 million, reversing a HK$94.60 million loss in FY 2024 as price spreads improved. • Other investments contributed HK$730.12 million, down from HK$1.02 billion a year earlier, mainly on lower spot uranium prices affecting Semizbay-U and Ortalyk.

Cash Flow and Balance Sheet • Inventories declined 35.9% to HK$1.38 billion, while trade and other receivables rose to HK$1.77 billion, driven by year-end trading settlements. • Cash and bank balances stood at HK$944.33 million (FY 2024: HK$1.15 billion). • Total assets increased 11.1% to HK$8.71 billion; total equity expanded 16.4% to HK$4.56 billion. • The gearing ratio eased to 91.0% from 100.0% a year earlier.

Capital Returns • The Board proposes a final dividend of HK1.4 cents per share, double last year’s payout. Combined with the FY 2024 interim dividend, total distribution for FY 2025 will reach HK1.4 cents per share, subject to shareholder approval at the AGM scheduled for 18 June 2026. Payment is expected on or before 30 July 2026.

Operational Highlights • Equity production from Kazakh mines (Semizbay, Irkol, Central Mynkuduk and Zhalpak) totalled 1,317 tU. • CGN Global sold 3,315 tU at an average realised price of US$74.72/lb U₃O₈. • Financial assets at fair value through other comprehensive income, mainly the 2.32% stake in Australia-listed Paladin, rose 40.9% to HK$501.55 million on market appreciation.

Management Outlook The company intends to: 1) keep Semizbay-U and Ortalyk on schedule and cost in 2026 under Kazatomprom’s reduced production plan; 2) expand uranium trading opportunities while managing risk; and 3) continue screening high-quality uranium resource acquisitions.

Auditor’s review and corporate governance disclosures were completed with no material issues noted. The group recorded no significant post-balance-sheet events.