Dear Stakeholders

Welcome to Rössing Uranium’s report to stakeholders for 2022. This report explains our mining operations and the approach we take in what we do. It also outlines how we performed in 2022 as measured against our key drivers.

The year 2022 was indeed a busy one for Rössing Uranium, with focus being on finalising the Life-of-Mine Extension (LoME) feasibility study. A highlight for Rössing in 2022 was the commissioning of the mine’s new water reservoirs. These reservoirs provide an additional 60,000 cubic meters of storage capacity, which enables us to continue operating during periods of high sulphur bloom in the Atlantic ocean, resulting in fresh water supply interruptions due to the stoppage of the Orano desalination plant during these periods. This has happened on several occasions in 2022 and the project has already paid back the money spent on them, due to our ability to continue with production during these times.

Production in 2022 was lower when compared to 2021. A total of 16.6 million tonnes was mined, compared to 20.7 million tonnes in 2021, with waste and low grade ore totalling 7.4 million tonnes. The lower mining volume was due to the stripping ratio of waste to ore reducing as we move deeper into the pit. 9.0 million tonnes of ore was milled, compared to: 9.6 million tonnes milled in 2021. A total of 2 659 metric tonnes uranium oxide was produced, compared to 2,882 metric tonnes in 2021. Total revenue earned amounted to N$4.84 billion, compared to N$4.26 billion in 2021, with net profit after tax from normal operations of N$840 million, compared to N$193 million in 2021. An interim dividend of N$49.7 million was declared and paid.

Rössing contributed approximately 4.4% to world primary production during 2022, with Namibia now being the 3rd largest primary producer of U3O8 globally, after Kazakhstan, (who continues to dominate the market from a supply side), and Canada.

Life-of-mine extension

During 2022, Rӧssing has been operating on an approved LoM plan to 2026, but has now completed a bankable feasibility study for a Life of Mine extension to 2036. This can be achieved with a further pushback of the existing SJ Pit (Phase 4), fully utilising the 15 year mining licence granted by the Ministry of Mines and Energy in 2021. The objective of the LoME Feasibility Study was to evaluate and document the technical, practical and economic feasibility to extend the LoM beyond 2026 and issue a Feasibility Study Report to inform an investment decision by the Rössing Board of Directors. In February 2023, the Board formally approved the Life of Mine Extension until 2036, inclusive of the recommended operating model going forward.

“2023 will be another important year for Rӧssing Uranium, as we look forward to the implementation of the LoME project.”

Safety performance

No fatalities, permanent disability injuries or significant process safety incidents were recorded in 2022. The All Injury Frequency Rate (AIFR) of 0.43 was lower than the target of 0.48, underlining ourcommitment to achieving zero harm.

In Conclusion

2023 will be another important year for Rössing Uranium, as we look forward to the implementation of the LoME project. A positive outlook in the uranium price supports the Board approval for the project, thereby securing our future until 2036. In conclusion, I would want to take this opportunity to thank our employees for their hard work, resilience and positive contributions during the year. Thank you to all our stakeholders for theirinterest in our business.

Please feel free to contact us for any comments or inputs to improve our annual report to you


Johan Coetzee
Managing Director
30 April 2023