Direct Investment in Uranium
  • An investment in Yellow Cake represents an investment in the physical U3O8 owned by the Company
  • Exposure to the uranium price
  • No direct exposure to risks associated with exploration, development, mining or processing
  • Upside exposure to uranium price not capped by long term uranium sales contracts
Strategy Supports Emerging Supply Side Discipline
  • Yellow Cake was founded and established by Bacchus Capital to purchase and hold U3O8 (reinforcing the emerging supply side discipline seen in the market), and to realise a return on investment from any increase in the uranium price
  • Yellow Cake’s initial uranium purchase was equivalent to approximately one quarter of 2016 annual production from world’s largest, and one of the world’s lowest cost, producers or approximately 5% of global 2016 marketed production
  • With its management and its advisers’ expertise and market knowledge, Yellow Cake seeks to generate additional value through the purchase and sale of uranium in both the spot market and via long term contracts
  • Further, Yellow Cake intends to achieve positive exposure to the uranium price via other transactions, including the acquisition of production or synthetic production via streaming, royalties or similar mechanisms
Strong Board and Management, With Focused Adviser in 308 Services Limited (“308 Services”)
  • Board of Directors includes highly-experienced team committed to ensuring the independence of the Company’s operations and high standards of corporate governance, with a focus on creating and protecting value for shareholders
  • Yellow Cake’s executive management, supported by 308 Services, possess significant expertise and market knowledge to enable Yellow Cake to pursue its strategy
  • Focused adviser in 308 Services, which has employees and consultants with considerable experience in the uranium market, providing a low-cost operating basis for Yellow Cake compared to its closest peer
Provides Liquidity
  • Publicly traded company on the London Stock Exchange. Yellow Cake is structured to provide liquidity to investors through its listing on AIM
Low Cost Exposure
  • Yellow Cake’s business model designed to provide a low-cost operating basis
Strategic Relationship with Kazatomprom
  • Agreement with Kazatomprom to acquire up to US$170 million of uranium on an undisturbed price basis on the date of Admission (5th July 2018), and an additional US$100 million per year, for the nine years following Admission also on an undisturbed price basis
  • Yellow Cake agreed a U3O8 purchase price of US$21.01 for its initial purchase of US$170 million of uranium