Uranium is essential to the transition to a low-carbon economy
In 2026, we published our first Sustainability Report, informed by IFRS S1 and IFRS S2
Women hold 43% of Board seats and half of management roles
Physical uranium held only in licensed facilities in Canada and France
Environmental, social and governance considerations are central to how Yellow Cake creates and protects value. The Group does not mine, process, convert or enrich uranium. Its activities are limited to owning physical uranium oxide concentrate U₃O₈ held in licensed third-party storage. The direct environmental and community footprint of our own operations is therefore minimal, and the most relevant ESG risks arise from our value chain – particularly the practices of the suppliers who produce and store the uranium we own.
In 2026 the Group published its first Sustainability Report, covering the 12 months ended 31 March 2026. The report has been informed by selected concepts and principles from IFRS S1 and IFRS S2 together with other recognised sustainability reporting frameworks. Further information is available in the Sustainability Report contained within the Annual Report 2026.
In line with Yellow Cake’s commitment to ESG principles, we commission an annual external and independent risk-based assessment of our primary supplier and business partners.
More detail and key findings can be found in our 2025 Annual Report
In 2026, the Group carried out its first formal materiality assessment to identify climate-related and sustainability-related risks and opportunities in its value chain that could reasonably be expected to affect its prospects over the short, medium and long term. These were then assessed to determine which are material and warrant disclosure, with the outcome validated and approved by the Board.
The assessment identified one material climate-related matter and five material sustainability-related matters.
Climate
Sustainability:
The Board sets the Group’s sustainability strategy, oversees its approach to sustainability matters and has overall responsibility for the assessment of sustainability-related and climate-related risks and opportunities. The Audit Committee reviews the Group’s risk management processes and reports to the Board. The two Executive Directors identify, assess and monitor sustainability-related and climate-related risks and opportunities, which the Board then approves. Women hold 43% of Board seats and half of management positions, and 71% of the Board is independent.
We commission an annual independent assessment of the governance, environmental, social and ethical practices of our primary supplier, Kazatomprom, and our storage partners, Cameco and Orano. The most recent assessment, covering the year to 31 December 2025, found that all three continued to progress towards their long-term ESG goals, with notable improvements in reporting standards and transparency. No material ESG risks were identified at Cameco or Orano in relation to our storage arrangements.
More than half of the Group’s current uranium holdings originate in Kazakhstan and Uzbekistan, where producers use in-situ recovery, a method associated with lower greenhouse gas emissions and less surface disruption than conventional mining. Management systems at Kazatomprom’s operations and at both storage facilities adhere to national regulations and align with recognised environmental and occupational health and safety management standards, including ISO 14001 and ISO 45001.
Uranium ore and U₃O₈ are mildly radioactive and chemically toxic, and are handled and contained to prevent inhalation or ingestion. Radioactivity and toxicity increase later in the nuclear fuel cycle, during conversion and enrichment. Yellow Cake’s holdings are stored in metal drums at Cameco’s Port Hope and Blind River operations in Canada and Orano’s Malvési and Tricastin sites in France. Location swaps and similar uranium-based transactions are effected as book transfers and involve no physical movement of uranium.
Our full Sustainability Report — including the detailed material risk assessments, governance disclosures and supplier findings summarised above — is available in the ESG section of the 2026 Annual Report.
