Yellow Cake (YCA) Investor presentation summary

Strategic positioning and business model

• Focuses on buying 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 costs below 1% of NAV.

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

Market environment and uranium demand

• 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.

• SMR market could reach $1 trillion by 2050, with over 75 designs proposed globally and commercial operations expected in the late 2020s.

• Natural uranium demand is projected to grow at a CAGR of 2.7% (2018–23), 3.3% (2023–28), and 1.9% (2028–33), with China becoming the largest consumer.

• Nuclear power is highlighted as the lowest CO2-emitting energy source, supporting decarbonization and energy transition goals.

Supply, pricing, and geopolitical context

• Uranium spot price was $77.20/lb as of 7 November 2025, with recent market volatility and a 5% price drop in October.

• Mine supply remains concentrated, with Kazakhstan expected to account for over 30% of global production for the next five years.

• Secondary uranium supply is declining by 7% annually through 2035, increasing reliance on primary mine supply.

• Western utilities are exposed to geopolitical risks, with the U.S. at its lowest uranium production in 70 years and high dependence on overseas supply.

• Long-term contracts are being replaced, and U.S. utilities will require new contracts as coverage rates decline after 2025.