Yellow Cake : May2025 Investor Presentation

Investor Presentation May

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 reversed its declining trend during April, ending the month at US$66.95 /lb., an increase of US$2.50 /lb. from the March level. Spot market volume for April rose noticeably reaching 5.2 Mlbs., as compared to the March transactional quantity of 2.3 Mlbs. The year-to-date quantity now totals 16.3 Mlbs.

  Long-Term Pricing(1)

• The 3-yr Forward price increased from US$79 /lb. up to US$81 /lb., while the 5-yr Forward Price rose to US$89 /lb., as compared to US$87 /lb. at the end of March. The Long-Term Price remained stable at US$80 /lb.

  China(2)

• During a meeting of China's State Council (27 April), the construction of a total of ten nuclear reactors located at five sites was approved. Included in that total were eight domestically designed Hualong One units (HPR1000). China General Nuclear received approval for Phase II (units 3 and 4) of its Taishan NPP (Guangdong province), as well as Phase III (units 5 and 6) at its Fangchenggang NPP (Guangxi Autonomous Region). China National Nuclear Corporation received approval for Phase III (units 5 and 6) at its Sanmen NPP (Zhejiang province) and two units at the Xiapu NPP (Fujian province). In addition, the State Power Investment Corporation will build two CAP1000 reactors (units 5 and 6) at the Haiyang NPP (Shandong province)

  India(3)

• The Indian government continues to progress its commercial nuclear power program aiming to reach 100 GWe by 2047. The Consultative Committee of India's Ministry of Power convened in late April to consider the nuclear expansion plan which envisions growing the country's nuclear capability from the current 25 operable reactors, with a total installed capacity of 8.9 GW, providing about 3% of India's electricity. A further eight reactors (6.6 GW) are under construction, while ten reactors (7.0 GW) are in pre-development. India must meet its ambitious nuclear development plans in order to reach the goal of net zero carbon emissions by 2070

Sources:

1. Ux Weekly; "Ux Price Indicators"; 28 April 2025

2. World Nuclear News; "Ten new reactors approved in China"; 28 April 2025

3. World Nuclear News; "India's power ministry sets out steps to faster nuclear power expansion"; 29 April 2025 3

Vietnam(1)

• The Republic of Vietnam adopted a revised national power plan which sets the goal of expanding its installed electricity generating capacity from the current 80 GW, up to 183 - 236 GW by 2030 at an estimated investment of US$136.3 billion. The expansion plan calls for nuclear power to play an increasing role in the 2030-2035 period, reaching an installed capacity of up to 6.4 GW, with an additional 8.0 GW of nuclear power by 2050

  Taiwan(2)

• The government of Taiwan continues to assess the option of restarting nuclear reactors which have been shut-down in response to an earlier policy to exit nuclear power following the Fukushima nuclear accident in Japan. Taiwan's Environment Minister, Peng Chi-ming, stated that broad public consensus would be required recognising the technical challenges to such a restart program, coupled with the estimated cost which could require several billion US dollars to extend the operational life of a single nuclear unit

  Uzbekistan(2)

• Uzbekistan announced the commencement of construction of its planned multi-reactor project located in the Jizzakh region. The project incorporates six 55 MW reactors (330 MW total) to be provided by Russian nuclear company, Rosatom, as an element of Uzbekistan's renewable energy program which aims to increase the share of renewable energy from the current 16% up to 54% by 2030

  Denmark(4)

• Political parties in the Danish government are assessing the lifting of a ban on nuclear power which has been in place since 1985. The government plans to reduce the country's reliance on natural gas imported from Russia and meet the demand for stable, affordable and environmentally friendly energy

  U.S.(5)

• Tennessee Valley Authority ("TVA") applied for the first early site permit for small modular reactors ("SMR") in the United States. The proposed SMRs would be located at the Clinch River Nuclear Site (Oak Ridge and Roane County, Tennessee). TVA plans to submit the requisite construction permit application by June 2025 incorporating the BWRX-300 technology developed by General Electric in collaboration with TVA and an international consortium of utilities. A planned commissioning date of 2032 has been targeted for the project

Sources:

1. Business North East; "Vietnam incorporates Nuclear energy into its $136 Billion Strategy to Enhance Power Capacity"; 17 April 2025

2. TVBS News; "Billions needed for nuclear restarts, Taiwan minister says"; 17 April 2025

3. The Times of Central Asia; "Nuclear Energy Project in Uzbekistan Enters Construction Phase"; 29 April 2025

4. Danish News.ritzau; "Danish party seeks to lift nuclear ban"; 29 April 2025 4

5. Tennessee Valley Authority; "A New Nuclear Heyday"; 17 April 2025