Mr. Ian Edwards reports

ATKINSREALIS SECURES CANDU REACTOR LIFE EXTENSION MANDATE AT QINSHAN NUCLEAR GENERATING STATION

Candu Energy Inc., an Atkinsrealis Group Inc. company, has entered into an agreement with Third Qinshan Nuclear Power Co. Ltd. (TQNPC) to support the continuing 30-year life extension of the two Candu reactors at the Qinshan nuclear generating station, located in China. As part of the project for phase III, Atkinsrealis will provide design, engineering and procurement services. This includes providing sophisticated reactor tooling, training of TQNPC staff and completing the necessary engineering work to enable the prolonged operation of the plant.

"As a world-class engineering services and nuclear organization, we are at the forefront of projects to transform the world's infrastructure and energy systems," commented Ian L. Edwards, president and chief executive officer, Atkinsrealis. "We are entering a nuclear market super cycle with significant demand to build new reactors, but also to life extend those already in service.

"Atkinsrealis is uniquely positioned with the scale, expertise and proven track record to deliver major nuclear projects on time and on budget. It's a mandate that's well aligned with our organizational purpose and our focus on initiatives that enhance the way we are all housed, connected, powered and protected."

Candu technology: helping engineer a better future

Qinshan's Candu units began operating between 2002 and 2003. In 2024, TQNPC reached a milestone of continuous operation for one of the units for 677 days, setting a national record. During this period, the Candu reactor generated electricity equivalent to 3.5 million tons of coal, achieving more than nine million tons of carbon emissions reduction (1).

The reactors are now approaching their scheduled date for component replacement, which will facilitate a further 30 years of operation. The life extension will utilize the latest technological improvements to expedite the project. This contract follows mandates in 2021 and 2022 for preproject preparatory work, both of which have now been completed on schedule.

As the sole commercial licensee of the Canadian-owned Candu intellectual property portfolio, Atkinsrealis is the only organization that has taken a leading role in all Candu reactor life extension projects to date globally. That includes those successfully executed or under way in Asia, North America, Europe and South America.

"Atkinsrealis is recognized as a world leader in reactor life extensions," said Joe St. Julian, president, nuclear, Atkinsrealis. "As outlined at Atkinsrealis's recent investor day, our Candu life extension reactor support business is a $15-billion total addressable market between upcoming projects in China, Canada, Argentina, Romania and South Korea that could include 19 Candu reactors over the next 10 years (2). With this latest mandate at Qinshan, we are proud to uphold our reputation as the recognized leaders for Candu technology life extensions, maintaining a tradition of safety, quality and excellence in execution."

As the original equipment manufacturer and steward of Candu technology, Atkinsrealis was a member of the project team that originally built the reactors at Qinshan. They came into service on schedule and on budget, as is the case for the last seven Candu units built around the world. The Qinshan generating station has already successfully leveraged the capability of Candu technology to use feedstock sources besides natural uranium -- including recycled uranium. The Candu reactors at Qinshan are also used to produce isotopes for both industrial and life-saving medical uses.

About Atkinsrealis Group Inc.

Created by the integration of long-standing organizations dating back to 1911, Atkinsrealis is a world-leading professional services and project management company dedicated to engineering a better future for the planet and its people. The company creates sustainable solutions that connect people, data and technology to transform the world's infrastructure and energy systems. The company deploys global capabilities locally to its clients and delivers unique end-to-end services across the whole life cycle of an asset, including consulting, advisory and environmental services, intelligent networks and cybersecurity, design and engineering, procurement, project and construction management, operations and maintenance, decommissioning, and capital. The breadth and depth of the company's capabilities are delivered to clients in key strategic sectors, such as engineering services, nuclear, operations and maintenance, and capital.

About Atkinsrealis's nuclear business

Atkinsrealis has over 70 years of global nuclear expertise, delivering nuclear technology products and full-service solutions to nuclear utilities around the world. Atkinsrealis is the steward of Candu nuclear technology, operating on four continents, and provides advisory and engineering services to other nuclear developers. With an innovative technology portfolio, including access to over 500 patented solutions, Atkinsrealis solves technically complex challenges across the whole nuclear life cycle from design and new build through asset management, and from life extension and late life management, through decommissioning and waste management. Atkinsrealis operates and manages government nuclear research sites, transforming ageing infrastructure and safely managing legacy nuclear waste. Atkinsrealis's Candu technology also allows for the co-production of medical radioisotopes for cancer detection and treatment. The company also supports cancer treatment through its partnership with TerraPower to extract isotopes from legacy nuclear material.

(1) Information from the Third Qinshan Nuclear Power.

(2) Based on Atkinsrealis's assessment.

We seek Safe Harbor.