Yellow Cake (YCA) investor relations material

Business model and strategy

• Focuses on buying and holding natural uranium (U3O8) for long-term value appreciation, providing pure exposure to uranium prices without exploration or operational risks.

• Purchases up to $100 million of uranium annually from Kazatomprom through 2027, with inventory stored in Canada and France.

• Operates with a low-cost, outsourced model targeting annual operating costs below 1% of NAV.

Market environment and uranium trends

• Uranium spot price rose to $88.90/lb in February 2026, with long-term prices also increasing; forward prices for 3 and 5 years reached $101.00/lb and $109.00/lb, respectively.

• Global nuclear demand is rising, driven by new reactor builds, life extensions, and small modular reactor (SMR) developments, especially in China, India, and the Middle East.

• Secondary uranium supply is declining by 7% annually through 2035, while mine supply remains concentrated in Kazakhstan, Canada, and Australia.

• Utilities, especially in the US and Europe, face declining contracted coverage and increasing geopolitical risks in uranium sourcing.

Recent operational and financial highlights

• Estimated net asset value as of 6 March 2026 is $2,150 million, or £6.37 per share, with 24.2 million lbs of uranium held or committed.

• Share price at £6.09, market cap at £1,538.7 million, and a blue-chip shareholder base with strong analyst buy ratings.

• Ongoing framework agreement with Kazatomprom secures access to additional uranium supply.