Company: LEU
Filing Date: 2025-04-25
Form Type: DEFA14A
Source: 0001104659-25-039227
Chunk: 1

Company: CENTRUS ENERGY CORP
Filing Date: 2025-04-25
Form: DEFA14A
Chunk 1
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venue of $442 million – a 38 percent increase over 2023. We continued to deliver strong margins in both of our business segments,
resulting in a gross profit of $111.5 million and operating income of $48 million.

We simultaneously undertook several initiatives to improve our balance
sheet and capital structure, including:

| · | eliminating nearly all of our pension obligations; |

| · | executing significant capital raises in the debt and equity markets, strengthening our cash position; |

| · | implementing SG&A optimization efforts yielding identifiable cost reductions; |

| · | investing in our manufacturing capabilities to accelerate our time to deployment for our own plant production; 
 and finally,                                                                                                   |

| 1 |

| · | securing investment tax credit opportunities to partially fund our efforts. |

We ended 2024 with an unrestricted cash balance of $671.4 million,
a 234% increase over 2023’s year-end balance, putting us in a stronger position to both weather temporary market turmoil and invest
in the company’s long-term growth.

A Once-In-A-Generation Moment

Centrus is proud to be leading the effort to restore America’s
ability to enrich uranium at scale. In 2019, the DOE contracted Centrus to build and deploy a small cascade of our advanced centrifuges
in Piketon, Ohio – demonstrating production of High-Assay, Low-Enriched Uranium (HALEU), the required fuel for most next-generation
reactors. Centrus was awarded a contract to operate this demonstration cascade by the DOE through a competitive process. We began enrichment
operations at the American Centrifuge Plant in Piketon in 2023 – making it the first new, U.S.-owned, U.S. technology enrichment
plant to begin production in nearly 70 years. These continuous and failure free operations, along with our longstanding track record of
achieving milestones on, or ahead of, schedule and under budget, provide us with the confidence to focus on our expansion opportunity.

While the initial capacity of the current plant is modest, its potential
is massive. With a footprint roughly the size of the Pentagon, it has room for thousands of additional centrifuges – enough to accommodate
large-scale production of Low-Enriched Uranium (LEU) for existing reactors and HALEU for advanced reactors, while also meeting America’s
critical national security requirements for enriched uranium. Our goal is to secure sufficient public and private capital, along with
commercial offtake agreements, to make this