Mr. Ian Edwards reports

$2.85 BILLION CONTRACT AWARD TO CONSORTIUM INCLUDING ATKINSREALIS FOR CANDU(TM) REACTOR LIFE EXTENSION -- CONTINUES TRACK RECORD OF SUCCESS IN ROMANIA

Atkinsrealis Group Inc.'s Candu Energy Inc., in a consortium with Korea Hydro & Nuclear Power (KHNP), Ansaldo Nucleare and the Canadian Commercial Corp. (CCC), has been awarded a contract by Societatea Nationala Nuclearelectrica S.A. (SNN) to provide design, engineering, procurement, as well as project and construction management services to complete a reactor retube project and life-extend the Unit 1 Candu reactor at the Cernavoda nuclear power plant in Romania. Atkinsrealis's portion of the contract is valued at $937-million and is expected to close in February, 2025, subject to CCC obtaining approval from the government of Canada and SNN obtaining shareholder approval. With this award, the cumulative contract value to Atkinsrealis for its work on Cernavoda Unit 1 stands at almost $1.9-billion.

"Following Romania's strategic decision to double output at the Cernavoda plant with the build of two additional new Candu units and with the life-extension of the Unit 1 Candu reactor, the role of Canadian nuclear technology has cemented its link to the long-term operation of Romania's power grid," commented Ian L. Edwards, president and chief executive officer, Atkinsrealis. "Four Candu reactors at the Cernavoda site will enable Romania to phase out coal from their grid and unlock the country's potential to become a regional hub for energy security and clean electricity in Eastern Europe. As the stewards of Canadian-owned Candu technology, we are immensely proud to be playing a role in powering Romania well into the end of the 21st century."

Atkinsrealis's nuclear sector will undertake nuclear steam plant modifications engineering and procurement, retube tooling maintenance, and the balance of retube engineering and procurement not already contracted under the engineering, technology and procurement contract signed with SNN in 2023. The retubing of fuel channels and component replacement (including of pressure tubes, calandria tubes and feeders) of a Candu reactor allows for the doubling of its lifespan, granting Unit 1 at Cernavoda safe operation for another 30 years. Similar work has already been performed by Atkinsrealis at Candu reactor plants such as Wolsong Unit 1 in South Korea, Embalse in Argentina, and in Canada at Point Lepreau, Darlington and Bruce Power.

Atkinsrealis has 250 experts already working on the Cernavoda 1 retube and refurbishment program. That number is expected to reach 340 by mid-2025, with its personnel deployed on site to oversee work starting in 2026. Project completion is scheduled for 2030.

"The goal for Cernavoda NPP Unit 1 refurbishment is to ensure the operation of the unit for another life cycle in conditions of safety and economic efficiency. In order to achieve this objective, all the preparation and implementation activities of U1 refurbishment project are carried out according to standards of excellence and the international experience gained from the refurbishment of the other Candu nuclear units worldwide. This is a key project which will extend U1's operational life by 30 years to support Romania's decarbonization goals by avoiding an additional five million tons of CO2 emissions annually. We are keen to working with internationally renowned partners which have historically contributed to the current operational performance of Cernavoda units 1 and 2," said Cosmin Ghia, chief executive officer, Nuclearelectrica.

Candu technology in Romania: a Canadian success story

The Cernavoda site houses Romania's only nuclear power station. Providing about 20 per cent of the country's power, it currently consists of two Candu 6 reactors (units 1 and 2), with plans for two more. Each reactor produces around 720 megawatts of clean power, 24/7 for the grid. The Unit 2 Candu reactor at Cernavoda holds the world record for highest capacity factor (composed of reliability and up-time) of any nuclear reactor globally.

Romania has avoided the release of over 215 million tons of CO2 since the two units came on-line in 1996 and 2007, respectively. The unique ability of Candu reactors to utilize unenriched uranium offers an additional layer of energy security for Romania, via bypassing foreign fuel enrichment which often occurs in Russia.

"CCC is proud to work with Atkinsrealis to help Romania succeed in its transition to reliable, climate-resilient green energy," said Bobby Kwon, president and CEO of CCC. "This project will support the 89,000 Canadian jobs in Candu's supply chain and strengthen Canada's global leadership in nuclear energy."

Candu technology also co-produces medical-grade life-saving isotopes to sterilize medical equipment worldwide, and for use in detecting and fighting cancer. Candu reactors in Canada produce 50 per cent of the world's supply of the cobalt-60 isotope.

Romania plans to supply the global market with isotope production from their Candu reactors at Cernavoda in the future, via a collaboration with a subsidiary of Ontario Power Generation.

"We see opportunities for 19 Candu reactor life extensions over the next 10 years," said Joe St. Julian, president, nuclear, Atkinsrealis. "It's a $15-billion addressable market and forms a core part of our plan to deliver between $1.8-billion to $2-billion of annual revenue in our nuclear sector by 2027. The last seven Candu reactors built around the world, and the ongoing life extension of 10 Candu reactors in Ontario, have been conducted on time and on budget. As the only organization that has taken a leading role in every Candu reactor life extension project to date globally, our unmatched track record of executing on schedule, cost, safety and quality performance, along with the expertise of our top-tier, proven consortium partners, will deliver this project for Romania at and above their expectations."

About Atkinsrealis Group Inc.

Created by the integration of long-standing organizations dating back to 1911, Atkinsrealis is a world-class engineering services and nuclear 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. It 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 strategic sectors, such as engineering services, nuclear 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.

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