Yellow-Cake_Prezentatsia

1.

June
Zakhvatov Viktor
Peshkov Arthur
Dankina Irina

2.

YELLOW CAKE
Buy and hold strategy
We purchase natural uranium (U3O8) and hold for the
long-term
Pure exposure to the
uranium commodity price
No exploration, development or operating risk
Ability to purchase in
volume, at the spot price
Ability to purchase up to US$100m of U3O8 from
Kazatomprom per year (through 2027)
Inventory stored In
safe jurisdictions
Uranium stored in Canada (Cameco) and France (Orano)
Low-cost structure
Outsourced operating model
Targeting annual operating costs of <1% of NAV

3.

NET ASSET VALUE AS AT 14 JUNE 2024
Investment in Uranium
Units
Uranium oxide in concentrates (“U₃O₈”)
(A)
lbs.
U₃O₈ fair value per pound(1)
(B)
US$ /lb.
85.50
(A) x (B) = (C)
US$ mm
1,853.8
(D)
US$ mm
30.1
(C) + (D) = (E)
US$ mm
1,883.9
(F)
USD/GBP
1.2667
(E) / (F) = (G)
£ mm
1,487.3
U₃O₈ fair value
Cash and other net current assets / (liabilities)(2)
Net asset value in US$ mm
Exchange rate(3)
Net asset value in £ mm
Number of shares in issue less shares held in treasury(4)
Net asset value per share
(H)
(G) / (H)
21,682,318
216,856,447
£ /share
6.86

4.

YELLOW CAKE CORPORATE SUMMARY
Corporate overview
GBP share price and uranium price L12M(1,3)
NAV per share(2)
£6.86
Market cap (mm)(1)
£1,278.4
Shares outstanding less those held
in treasury (mm)
216.9
Shares held in treasury (mm)(2)
4.6
52 week high
£7.45
52 week low
£3.98
120
10.00
9.00
100
8.00
7.00
80
6.00
60
5.00
4.00
40
3.00
2.00
20
1.00
Analyst coverage and rating
Buy
Jun 23 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 Dec 23 Jan 24 Feb 24 Mar 24 Apr 24 May 24
Uranium Spot Price
Buy
Yellow Cake Share Price
Blue chip shareholder register
Buy
Buy
Hold
MMCAP Fund
JD Squared
-
Yellow Cake Share Price (£)
£5.90
Uranium Spot Price (US$/lb.)
Last share price(1)

5.

CLIMATE CHANGE AND ENERGY TRANSITION
SUPPORTING NUCLEAR GROWTH
Nuclear power generates the least CO2 equivalent emissions compared to all other power
sources
CO2 equivalent emissions per GWh over the lifecycle of a power plant (tonnes)(1)
490
720
820
Oil
Coal
78-230
3
4
5
Nuclear
Wind
Solar
34
Hydropower
Biomass
Natural Gas
Note: Range of emissions from biomass depend on material being combusted
Not only does nuclear generate >99% less CO2 equivalent emissions than non-renewable power sources
(natural gas, oil, and coal), but it also generates the least amount of emissions when considering other
renewable power sources traditionally considered environmentally friendly (wind and solar)

6.

REACTOR BUILD PROGRAMS AND LIFE EXTENSIONS
DRIVING URANIUM DEMAND
Global nuclear reactor fleet will continue to grow, especially in China, India, and the Middle
East
China
India
Russia
UAE
26 reactors
under construction,
41 planned
7 reactors
under construction,
12 planned
4 reactors
under construction,
14 planned
4 reactors
operating, 2 reactors
proposed
Investment in nuclear power
Operable
reactors(1)
Reactors under
construction(1)
Planned
reactors(1)
Proposed
reactors(1)
World Nuclear Reactor Fleet
440
60
92
343
Chinese Reactor Fleet
56
26
41
158

7.

SMALL MODULAR REACTORS WILL BE A NEW
SOURCE OF DEMAND
SMR market value could reach US$1 trillion by 2050(1)
More than 75 designs have been proposed globally
Commercial operations are expected in the late 2020’s
SMRs offer the versatility of both on-grid and off-grid applications
SMRs can provide both electricity and heat
SMRs offer lower upfront capital requirement and shorter deployment timeframes than conventional
reactors
More than 75 SMR designs have been proposed globally across 18 countries(1)
Early Stage
18
16
14
12
10
8
6
4
2
--
Middle Stage
Final Stage
Finished Stage

8.

NATURAL URANIUM DEMAND GROWTH BY REGION
Ramp-up of new facilities combined with strategic stockpiling will make China the
largest consumer of natural uranium
Natural uranium demand 2018-2033 (Mlbs. U3O8 )(1)
250
CAGR
2018-23
CAGR
2023-28
CAGR
2028-33
15.7%
6.9%
6.3%
4.5%
4.1%
2.0%
(2.0)%
1.8%
0.4%
6.1%
10.4%
2.6%
(1.4)%
(2.3)%
0.0%
0.2%
1.0%
(1.7)%
World CAGR
2018-23
World CAGR
2023-28
World CAGR
2028-33
2.5%
3.4%
1.5%
227
211
42
200
31
178
167
22
20
15
17
19
20
18
28
32
12
150
22
20
Other
Developed Asia
CIS
52
100
59
China
Western Europe
North America
43
40
36
36
50
50
50
53
48
2018
2023
2028
2033
--

9.

URANIUM MINE SUPPLY WILL REMAIN
CONCENTRATED
Kazakhstan will continue to be the main uranium producing country, accounting
for around 40% of global production over the next decade
Uranium mine supply by region 2017-2033 (Mlbs U3O8)(1)
100%
158
142
124
142
13%
12%
11%
9%
90%
80%
5%
5%
6%
6%
6%
7%
60%
50%
10%
7%
22%
12%
10%
13%
205
207
201
182
13%
15%
16%
16%
14%
5%
4%
5%
8%
6%
7%
11%
11%
12%
19%
19%
19%
21%
5%
6%
9%
70%
180
8%
12%
12%
10%
20%
4%
5%
4%
4%
9%
8%
13%
11%
20%
5%
5%
5%
40%
30%
20%
38%
42%
46%
39%
36%
38%
37%
38%
35%
2023
2025
2027
2029
2031
2033
Australia
Uzbekistan
10%
-2017
2019
2021
Kazakhstan
Canada
Namibia
Russia
Others

10.

YELLOW CAKE IS WELL POSITIONED TO BENEFIT
FROM CURRENT MARKET TRENDS
Nuclear energy provides low emission power generation that is critical to decarbonisation
Globally, demand for uranium is increasing due to aggressive nuclear plant build programs, reactor
life extensions, and small modular reactor developments
Western countries have been dependent on Russian uranium, conversion, and enrichment
historically but are now shifting away towards ex-Russian supply
Term contracting activity increased significantly in 2023 and is likely to remain at an elevated level
There is a growing uranium supply deficit as producing mines enter their “end of life”, secondary
supply declines, and excess inventory has been drawn down
Having secured 21.7Mlbs. in U3O8 inventory and benefitting from an ongoing framework
agreement with Kazatomprom that provides access to US$100m in further material per year,
Yellow Cake is well positioned to benefit from market tailwinds