Yellow Cake (YCA) Q3 2025 TU earnings summary

Executive summary

• Value of uranium holdings fell 10.7% over the quarter, from US$1,772.5m to US$1,582.8m, due to a drop in the uranium spot price.

• Estimated net asset value per share decreased 4.4% from £6.17 to £5.90 over the quarter, and further to £5.46 by 27 January 2025.

• All uranium holdings are stored in Canada and France.

• Management remains confident in long-term uranium price prospects, citing market volatility as an entry point for investors.

Financial highlights

• Net asset value as of 31 December 2024: US$1,603.2m (£5.90/share), based on 21.68m lb U3O8 at US$73.00/lb and US$20.4m in cash and other assets.

• Net asset value as of 27 January 2025: US$1,479.6m (£5.46/share), reflecting a further spot price decline to US$67.30/lb.

Outlook and guidance

• Expectation of increased uranium term contracting in 2025, especially among US and Asia/Pacific nuclear utilities.

• Anticipated upward pressure on uranium prices due to supply fragility and growing demand.

• Ambitious nuclear power programs and SMR development expected to drive medium-term uranium demand.