Yellow Cake (YCA) Investor presentation summary

Strategic positioning and business model

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

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

• Holds inventory in secure jurisdictions (Canada and France) and can purchase up to $100m of U3O8 annually from Kazatomprom through 2027.

Market environment and uranium demand

• Uranium spot prices rose 11% in September 2025 to $82/lb, with strong forward price increases and robust transactional volumes.

• Global nuclear capacity is projected to double by 2050, with significant new build programs in China, India, Russia, and the Middle East.

• Small modular reactors (SMRs) are emerging as a major demand source, with a potential $1 trillion market by 2050 and over 75 designs proposed globally.

• China is expected to become the largest consumer of natural uranium, driven by facility ramp-ups and strategic stockpiling.

Supply, risk, and contracting trends

• Uranium mine supply remains highly concentrated, with Kazakhstan accounting for over 30% of global production through 2030.

• Secondary uranium supply is declining by 7% annually, increasing reliance on primary mine supply.

• Utilities face escalating geopolitical risks, especially in the U.S., where domestic production is at a 70-year low and inventories are falling.

• Long-term contracts are being replaced, with U.S. utilities needing new contracts beyond the mid-2020s and European utilities covered until the decade's middle.

• The global uranium market is forecast to face persistent supply deficits through 2035 as demand outpaces new supply.