LEU · Centrus Energy Corp.

Centrus Energy Corp., through its wholly owned subsidiary American Centrifuge Operating, LLC (ACO), has formalized a significant strategic partnership by entering into a Construction Contract with Geiger Brothers, Inc. This agreement is central to the Company's previously announced multi-billion dollar expansion of its uranium enrichment facility in Piketon, Ohio. The contract designates Geiger Brothers as the primary construction contractor, responsible for the comprehensive execution of on-the-ground activities including facility refurbishment, equipment installation, and new infrastructure construction through January 30, 2031.

The financial magnitude of the agreement is substantial, with an aggregate payment cap of $900 million. The pricing mechanism is structured as time and materials, utilizing agreed labor rates and markup rates for procurement and subcontracts. This arrangement allows for flexibility as detailed scopes are developed via future task releases, while maintaining a firm ceiling on total contractor costs. The contract includes standard protections such as warranties, indemnification obligations, and ACO's right to terminate for cause or convenience.

Strategically, this contract solidifies the execution framework for the expansion project. Geiger Brothers, an Ohio-based firm with over a century of industrial construction experience and prior history with Centrus' HALEU cascade, will operate alongside Fluor Corporation, which serves as the Engineering, Procurement, and Construction (EPC) contractor. Centrus management indicates this structure is designed to generate efficiencies and mitigate project costs. The expansion aims to deploy thousands of additional centrifuges to produce Low-Enriched Uranium (LEU) and High-Assay, Low-Enriched Uranium (HALEU), supporting the Company's $2.3 billion commercial LEU backlog and national security objectives.