Uranium Exploration and Mining Agreement (Version 3) – Bilingual Chinese-English Comparison

1.9. 'Exploration Licence' means an exploration licence issued under the Radioactive Minerals Regulations; 1.10. 'Mining Licence' means a mining licence issued under the Radioactive Minerals Regulations; 1.10. '采矿许可证' refers to a mining licence issued under the Radioactive Minerals Regulations; 1.11. 'Ore Grade' means the percentage of uranium evaluated in the form of uranium oxide (U₃O₈) in the crude ore; 1.11. '矿石品位' refers to the percentage content of uranium, assessed in the form of uranium oxide (U₃O₈), in the crude ore; 1.21. 'Holder' means the company, its subsidiary, or its transferee, as agreed hereunder. 1.21. '持权人' refers to the company, its subsidiary, or its transferee, as agreed herein. Article 4 Grant of Exploration Licence 第4条勘探许可证的授予 4. The Holder of the prospecting licences may apply to the Commission for exploration licences within the area of said prospecting licences and the Commission shall grant such licences in accordance with the provisions of the Regulations made thereunder. 4. 探矿许可证的持权人可向委员会申请在所述探矿许可证所涉区域内颁发勘探许可证，委员会应依据据此制定的条例的规定授予该等许可证。 Article 5 Grant of Mining Licence 第5条采矿许可证的授予 5.1. The Holder shall assess the results of the prospecting and exploration operations conducted within the area of the prospecting licences and any exploration licence granted therein and if the Holder considers it justified, shall conduct a feasibility study relating to the establishment of a mining venture to exploit any deposits or group of deposits of radioactive minerals indicated by the prospecting and exploration operations.

In-depth Analysis of the Nuclear Power Industry: Technological Evolution, Strategic Significance, Development Outlook, Industrial Chain, and Key Companies (Produced by Huibo Research)

Nuclear power unit development is proceeding in an orderly manner, and the long-term growth prospects for the nuclear power business are highly certain. As of the end of 2025, the company operates 28 units in service, with a total installed capacity of 31.838 million kW. Notably, Daya Bay Nuclear Power Plant obtained a new electricity business licence in December, increasing its installed capacity to 2.052 million kW. Additionally, the company has 20 units under construction, with a total installed capacity of 24.222 million kW. Among these, four units are in commissioning, two are in equipment installation, seven are in civil construction, and seven are in preparation for First Concrete Pour (FCD). From 2026 to 2030, the number of units scheduled to enter commercial operation is projected to be 3, 2, 1, 1, and 5, respectively. Liaoning and Guangxi provinces have established sustainable development price settlement mechanisms, which are expected to drive improvements in nuclear power pricing mechanisms. On March 23, 2026, the Liaoning Provincial Development and Reform Commission issued the 'Notice on Matters Concerning the Participation of Nuclear Power Units in Electricity Market Trading in Liaoning Province in 2026', proposing the establishment of a nuclear power sustainable development price settlement mechanism to facilitate stable market entry for nuclear power units. Under this mechanism, after nuclear power units participate in market trading, a differential price settlement mechanism will be established outside the market; the associated differential settlement costs will temporarily be included in system operation expenses and shared among all industrial and commercial electricity users. Starting in 2026, 80% of nuclear power generation during a 21-hour daily period will be covered by this mechanism, while the remaining 3 hours’ output will be excluded (from January to March, the excluded period is temporarily set from 2:00 to 5:00 daily). Mechanism-based electricity prices will follow current planned tariff levels; the average mechanism-based price after inclusion is RMB 0.3798 per kWh (tax-inclusive). The differential electricity fee for mechanism-covered nuclear generation equals the monthly mechanism-covered generation volume multiplied by the difference between the mechanism-based price and the average market trading price. In accordance with requirements stipulated by the Guangxi Energy Administration and the Guangxi Development and Reform Commission regarding the implementation plan for nuclear power participation in electricity market trading, starting from January 2026, nuclear power units will adopt a differential contract mechanism, with associated differential contract costs either allocated to or shared from system operation expenses. Under the new pricing mechanism, nuclear power generation volumes covered by the mechanism are expected to secure stable grid-connected tariffs, thereby mitigating excessive volatility in nuclear power profitability caused by fluctuations in market-based electricity prices. Given that nuclear power project operating costs remain relatively stable, the implementation of the new pricing mechanism is expected to stabilize nuclear power’s profit center, potentially triggering a revaluation of nuclear power projects. 2. China National Nuclear Power Co., Ltd. (CNNP) China National Nuclear Power Co., Ltd. is the primary subsidiary of China National Nuclear Corporation (CNNC), engaged primarily in nuclear power generation and sales, and ranks among China’s leading nuclear power enterprises. The company traces its origins to China’s first nuclear power plant—the Taishan Nuclear Power Plant. It completed its shareholding reform in 2011 and listed on the A-share market in 2015. That same year, the Qinshan Nuclear Power Base was fully completed, becoming China’s largest nuclear power base in terms of number of units, diversity of reactor types, and total installed capacity—marking China’s nuclear power industry’s entry into a new phase characterized by scale and systematization. Since 2008, the company’s development has accelerated significantly, with major nuclear power projects—including Tianwan, Sanmen, and Fuqing—launched across multiple locations nationwide, establishing a safe, efficient, and technologically diversified nuclear power industry landscape. Looking ahead to the energy transition era, the company strategically acquired CNNC Hui Neng in 2020 and facilitated its capital increase and share expansion in 2022, elevating wind and photovoltaic renewable energy development to a new level and establishing a green development engine driven jointly by 'nuclear energy + new energy'. As of December 31, 2025, the company’s controlled new-energy installed capacity in operation totals 33.64 million kW, comprising 10.63 million kW of wind power and 23.01 million kW of photovoltaics; additionally, it controls independent energy storage stations with a total capacity of 1.65 million kW. Its controlled new-energy projects under construction total 7.93 million kW, including 2.61 million kW of wind power and 5.32 million kW of photovoltaics.

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