Yellow Cake plc is a London-quoted company on AIM, headquartered and incorporated in Jersey, established in 2018 to provide investors with exposure to the uranium commodity and to other commercial opportunities in the uranium sector at a time when the supply/demand fundamentals strongly suggested a resurgence in uranium prices.

Yellow Cake holds physical uranium oxide (“U₃O₈”), has no operating assets and does not enter into hedging arrangements. The Company engages in uranium related transactional activities, such as uranium location swaps. We actively assess other operational and financial transactions on an opportunistic basis to secure exposure to uranium, including streaming and royalties and other financing opportunities.

Our key strategic advantage is our long-term contract with NAC Kazatomprom JSC (“Kazatomprom”) the largest, and one of the lowest cost, producers of uranium globally. The contract enables us to acquire uranium at a price to be agreed prior to announcing the intended purchase, or any associated financing, enabling the company to acquire substantial volumes of uranium at undisturbed prices. This allows Yellow Cake shareholders to benefit from any uplift in the uranium price.

Yellow Cake’s management team is supported by 308 Services Limited, a uranium specialist focused on the uranium commodity markets.

Yellow Cake has purchased approximately 18.8 million pounds of U₃O₈, which is held in a storage account at Cameco’s Port Hope/ Blind River facility in Ontario, Canada and in Orano Cycle’s Malvési/ Tricastin storage facility in France.

BUSINESS PURPOSE

Global markets offer limited options for gaining exposure to the uranium commodity. Yellow Cake was established to provide investors with long-term exposure to the uranium commodity through a liquid and publicly-quoted vehicle. Yellow Cake is intended to be a uranium focused company without the exploration, development, mining or processing risks usually associated with companies in the uranium sector.

Nuclear energy provides approximately 11% of global energy. However, a decade of declining uranium prices has resulted in significantly declining investment in exploration for uranium, impacting the development of new uranium mines, and resulting in projected supply deficits as global production falls below demand.

The supply gap that has been created is currently being covered by secondary sources, largely from enrichment providers underfeeding and inventories. However, secondary sources are declining and, due to the length of time required to develop new uranium mines, forecast new production may not be sufficient to fill the supply deficit.

Yellow Cake was established to purchase and hold U₃O₈, and to exploit commercial opportunities in the uranium sector, with the objectives of:

• offering shareholders exposure to the uranium price through the purchase and storage of physical uranium; and
• exploiting opportunities arising from uranium ownership and uranium-based financial initiatives such as commodity location swaps, streaming and royalties.