Yellow Cake (YCA) Q2 2025 TU earnings summary

Executive summary

• Net asset value per share decreased by 10.1% over the quarter, primarily due to a 4.4% drop in the uranium spot price and sterling appreciation.

• Estimated net asset value as of 30 September 2024 was £6.17 per share (US$1,796.0 million); by 18 October 2024, it had recovered to £6.46 per share (US$1,828.5 million) as the spot price rebounded.

• All uranium holdings (21.68 million lb U3O8) are stored in Canada and France.

Financial highlights

• Value of uranium holdings fell 4.4% from US$1,853.8 million to US$1,772.5 million over the quarter, mirroring the spot price decline.

• Net asset value per share dropped from £6.86 to £6.17 during the quarter, then rose to £6.46 by 18 October 2024 as the spot price increased.

• Cash and other current assets and liabilities totaled US$23.5 million as at 30 September 2024.

Outlook and guidance

• Management remains optimistic about medium-term uranium sector fundamentals, citing growing demand from nuclear power and data center developments.

• Global uranium supply remains tight, with primary mine supply (140 million lbs) lagging behind annual demand (over 180 million lbs).

• US and Chinese policy changes are expected to further constrain supply and support prices.