Yellow Cake (YCA) Investor presentation summary

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.

• Can purchase up to $100 million of U3O8 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 ended 2025 at $81.40/lb, up 13% year-over-year, with spot market volume rebounding after years of decline.

• Long-term uranium demand is driven by new reactor builds, life extensions, and small modular reactor (SMR) developments, especially in China, India, and the Middle East.

• Global nuclear energy demand is projected to rise significantly towards 2050, with China expected to become the largest consumer of natural uranium.

• Secondary uranium supply is declining by 7% annually, and mine supply remains concentrated in Kazakhstan, which will account for over 30% of global production.

• Utilities face escalating geopolitical risks and declining domestic production, especially in the US, increasing reliance on overseas supply.

Financial position and performance

• As of 8 January 2026, holds 23.0 million lbs of U3O8 valued at $82.00/lb, with a net asset value (NAV) of $1,966.4 million (£1,462.9 million) and NAV per share of £6.10.

• Share price reached a 52-week high of £6.09, closely tracking NAV, with a market cap of £1,459.4 million.

• Supported by a blue-chip shareholder base and positive analyst ratings from major financial institutions.