Our strategy

Yellow Cake exists to give investors direct, liquid exposure to the uranium price at a time when nuclear demand is accelerating and primary supply remains structurally constrained.


Yellow Cake buys and holds physical U3O8 and pursues uranium-related commercial activities to provide investors with liquid exposure to the uranium price and realise value from its uranium holdings.

  • When the Company’s shares trade above net asset value, we may seek to raise capital to invest in additional uranium. Where the shares trade at a discount to net asset value, we may return capital to shareholders through share buybacks.
  • We explore and enter into transactions where beneficial commercial opportunities arise from uranium ownership.  These include uranium-based financial initiatives such as commodity location swaps, streaming and royalties.
  • We  benefit from a long-term Framework Agreement with Kazatomprom, the world’s largest global uranium producer, enabling us to access up to USD100 million of U3O8 annually at the prevailing spot price until 31 December 2027.

Business Model

Acquires U3O8 from producers and the spot market
Stores U3O8 at licenced facilities in Canada and France
Explores opportunities to realise value from uranium holdings through beneficial commercial activities

Long-term Framework Agreement with Kazatomprom to acquire USD100 million of U3O8 a year to 31 December 2027

Opportunities to realise value from uranium ownership and related commercial activities

Strong corporate governance and experienced management

Low-cost outsourced business model