Yellow Cake (YCA) H2 2025 earnings summary

Executive summary

• Held 21.68 million lb of U₃O₈ as of 31 March 2025, representing 14% of 2024 global uranium production, valued at USD1,397.4 million, down 20% year-over-year due to a 26% drop in uranium spot prices.

• Reported a net loss after tax of USD469.2 million (2024: profit of USD727.0 million), primarily from a USD456.1 million fair value loss on uranium holdings.

• Net asset value at year-end was USD1,414.4 million (GBP5.05/share), compared to USD1,883.6 million (GBP6.88/share) the previous year.

• No dividend declared for the year; operations remain unleveraged with cash reserves of USD20.0 million.

Financial highlights

• Uranium holdings increased by 1.53 million lb year-over-year, with new deliveries from Kazatomprom.

• Operating expenses rose to USD15.2 million (2024: USD12.3 million); management expense ratio was 0.84%.

• Cash and cash equivalents decreased to USD20.0 million from USD133.2 million a year earlier.

• No debt or hedging obligations; operations funded through equity issuances at or above NAV.

Outlook and guidance

• Remains confident in medium- and long-term uranium market fundamentals, expecting prices to rise as supply/demand imbalance persists.

• Strategy is to continue acquiring uranium at or above NAV and explore value-enhancing commercial opportunities.

• Directors expect to secure additional working capital as needed through equity, debt, or uranium sales.