Yellow Cake : April2025 Investor Presentation

Investor Presentation April

2025

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

Spot Market Overview(1)

• The uranium spot market price continued to decline during the month. The Ux Spot Price reported at US$65.20 /lb. for February but weakened slightly to US$64.45/lb. as of 31 March. Since the end of December 2024, the spot price lost US$7.30 /lb., a decline of ten percent over the first quarter of CY2025. Spot market volumes for March were reported at 2.3 Mlbs., bringing the aggregate quantity for the first quarter of 2025 to 11.1 Mlbs.

  Long-Term Pricing(1)

• The 3-yr Forward price decreased from US$80 /lb. to US$79 /lb., while the 5-yr Forward Price remained stable at US$87 /lb. Similarly, the Long-Term Price remained flat at US$80 /lb.

  U.S.(2)

• U.S. Secretary of Energy, Chris Wright, delivered the keynote address at the CERAWeek 2025 conference in Houston, Texas (10 March). While Secretary Wright emphasised that the world needs more energy, he underscored the crucial role of natural gas in supporting global energy needs as well as stating that "We are working to launch the long-awaited American nuclear renaissance, fission and fusion."

  Germany(3)

• Subsequent to the change in the German federal government, the German Nuclear Association (KernD) has called for a pause in the dismantling of existing nuclear reactors and a re-evaluation of the restart of German reactors. The industry group observed that nuclear energy made in Germany means provision of weather-independent and CO2neutral base load, while making electricity prices competitive again and allows independence from electricity imports for a stable and sovereign energy supply

Sources:

1. Ux Weekly; "Ux Price Indicators"; 31 March 2025

2. U.S. Department of Energy; "Secretary of Energy Chris Wright Delivers Keynote Remarks at CERAWeek 2025"; 10 March 2025

3. KernD Position Paper; "Security for electricity baseload, competitive prices for electricity and independence through recommissioning of German nuclear power plants"; 5 3

March 2025

Japan(1)

• Japanese trading company, ITOCHU Corporation, has taken a minority ownership position in the proposed Jongeldy uranium deposit in the Republic of Uzbekistan. Development of the uranium deposit utilising in-situ recovery technology is anticipated to require an investment of US$214m over a three-year period. The project ownership group includes the French fuel cycle company, Orano, and Uzbekistan's national uranium company, Navoiuran. ITOCHU and Orano are expected to provide the bulk of the development capital, with Navoiuran acting as project operator. The project is targeting an annual average output of 500 tonnes uranium (1.3 Mlbs. U3O8), peaking at 700 tonnes U (1.82 Mlbs. U3O8). Orano's share of production will help replace former uranium production from the Republic of Niger

  Kazakhstan(2)

• Kazakhstan's national uranium company, Kazatomprom ("KAP"), reported 2024 full year financial and operational results during the month. The KAP group saw consolidated revenue expand by 26% year-on-year reaching 1,813 billion tenge, while operating profit grew to 807 billion tenge, an increase of 19% from 2023. Production volume rose from the 2023 level of 54.9 Mlbs. U3O8reaching 60.5 Mlbs. U3O8, an increase of ten percent year-over-year

• The Kazatomprom Board of Directors approved an updated Development Strategy for 2025-2034 which incorporates the "Value over Volume" principle with the following strategic objectives: "Enhance focus on uranium mining as our core business with efforts concentrated on replenishment and efficient use of resource base; Expand our footprint in the nuclear fuel cycle, given the arising opportunities, substantiated by economic value; Develop and expand rare and rare-earth metals segment under the critical minerals agenda; Continue to diversify sales and further enhance trading function, and; Improve and strengthen leading business and ESG practices in order to ensure and uphold integrity of business."

  Sweden(3)

• The Swedish government proposed to provide significant loans to underpin the construction of new reactors. A three-pronged program would incorporate subsidised loans, 40-year electricity price guarantees as well as risk- and profit-sharing. Total cost of constructing four new large-scale reactors is estimated at 400 billion kronor (US$40.8 billion) with the state providing loans of 300 billion kronor (US$30.6 billion). In order to finance the electricity price guarantee, the government study envisioned an additional 50 kronor / month tax on households and higher tax rates for businesses, industries and agriculture

Sources:

1. InformationStreamer.com; "Orano Shifts to Uzbekistan with New Uranium Agreement After Niger Loss"; 14 March 2025

2. Kazatomprom Press Announcement; "Kazatomprom announces 2024 Full Year Financial Results"; 19 March 2025 4

3. Swedish News; "Sweden Plans Billion-Kronor Loans for New Nuclear Power Expansion"; 27 March 2025