Yellow Cake (YCA) H2 2024 earnings summary

Executive summary

• Achieved a significant milestone with asset value surpassing USD2 billion, up from USD200 million at listing in 2018, driven by increased uranium holdings and a surge in uranium prices.

• Holdings reached 20.16 million lb of U₃O₈ as of 31 March 2024, increasing to 21.68 million lb after a post-year-end acquisition, representing about 15% of 2023 global uranium production.

• Net asset value rose to USD1,883.6 million (GBP6.88/share) as of 31 March 2024, up from USD1,035.3 million (GBP4.23/share) a year earlier.

• Profit after tax was USD727.0 million for the year ended 31 March 2024, compared to a loss of USD102.9 million in the prior year, mainly due to a 72% increase in the uranium spot price.

• Raised USD125 million in gross proceeds via a share placing in October 2023 to fund uranium acquisitions.

Financial highlights

• Uranium holdings valued at USD1,753.5 million as of 31 March 2024, up 84% year-over-year.

• Net asset value per share increased to GBP6.88 as of 31 March 2024.

• Cash and cash equivalents stood at USD133.2 million at year-end.

• Management Expense Ratio was 0.74% (2023: 0.68%).

• Earnings per share were USD3.51 (basic) and USD3.50 (diluted), compared to a loss per share of USD0.56 in the prior year.

Outlook and guidance

• Anticipates continued upward volatility in uranium spot prices and increased term contracting by utilities.

• Expects ongoing supply constraints and strong demand fundamentals to support further value creation.

• Plans to increase uranium holdings when shares trade above net asset value and to pursue commercial opportunities related to uranium assets.