Yellow Cake : Pure exposure to the Uranium commodity – December 2023

PURE EXPOSURE TO THE URANIUM COMMODITY

INVESTOR PRESENTATION

December

2023

Disclaimer

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Yellow Cake

Buy and hold strategy

Pure exposure to the uranium commodity price

Ability to purchase in volume, at the spot price

Inventory stored In safe jurisdictions

Low-cost structure

We purchase uranium and hold for the long-term

No exploration, development or operating risk

Ability to purchase US$100m of U3O8 from Kazatomprom per year

Uranium stored in Canada (Cameco) and France (Orano)

Outsourced operating model

Targeting annual operating costs of <1% of NAV

2

Uranium market update

November 2023

Spot Market Overview(1)

• Activity in the global spot market increased slightly during November with UxC reporting a total of 4.9Mlbs. transacted as compared to 4.5Mlbs. during October 2023. Total spot market volume for the year now stands at 53.0Mlbs.
• While spot market volume remained fairly modest during November, the spot uranium price strengthened significantly having reached US$80.25 /lb. on 20 November, a level not recorded since early 2008. The spot market price ended November at US$81.00 /lb., an increase of US$7.00 /lb. from the end of October (+9.5%)

Long-Term Pricing(1)

• The three longer term uranium price indicators showed further upward movement during November as the 3-yr Forward price rose from
  US$75.00 /lb. up to US$79.00 /lb., while the 5-yr Forward Price increased by a comparable amount ending November at US$84.00 /lb. The Long- Term Price showed a more modest increase reaching US$66.00 /lb. at the end of November, an increase of US$1.00 /lb. from the end of October

Cameco(2)

• Cameco (49%) and Brookfield Asset Management / Renewable Partners (51%) announced the completion of the acquisition of Westinghouse Electric Company (7 November), with a final enterprise value of US$8.2 bn
• Cameco reported that to finance its share of the transaction (US$2.1 bn), the company used US$1.5 bn of cash and drew the full amount of both US$300m tranches of the term loan put in place concurrently with the execution of the acquisition agreement
• The announcement went on to state that: "Westinghouse has a stable and predictable core business generating durable cash flows. Like Cameco, Westinghouse has a long-term contract portfolio, which positions it well to compete for growing demand for new nuclear reactors and reactors services, as well as fuel supplies and services needed to keep the global fleet operating safely and reliably."

Sources:

1)	UxC Weekly; "UxC Price Indicators"; 4 December 2023	3
2)	Cameco Press Release; "Cameco and Brookfield Acquisition of Westinghouse Electric Company Creating a Powerful Platform for Strategic Growth"; 7 November 2023

Uranium market update

November 2023

Kazatomprom(1)

• Kazatomprom released its 3Q23 Operations and Trading Update, which reported a slight decline in Kazakh uranium production for the first nine months of the year (2023 - 39.8Mlbs. compared to 2022 - 40.2Mlbs), but reconfirming the 2023 guidance at 53.3 - 55.9Mlbs. However, the world's largest producer of uranium cautioned that "issues associated with limited access to certain key materials, such as sulfuric acid, remain persistent, and might potentially have a negative impact on 2024 production."
• The company reported that as of the first half of 2023, 58% of all shipments of uranium from Kazakhstan to Western countries were shipped through the Trans-Caspian International Transport Route ("TITR") and that it is expected that for the full year of 2023 the total share of TITR shipments of Kazakhstan's shipments to Western countries will amount up to 71%

Norway(2)

• Norsk Kjernkraft submitted a proposal to Norway's Ministry of Oil and Energy for an assessment into the construction of a power plant based on multiple small modular reactors in the municipalities of Aure and Heim. Once approved by the government agency, the environmental impact assessment phase could begin
• In June, Norsk Kjernkraft signed a letter of intent with TVO Nuclear Service, a consulting company wholly owned by the Finnish utility Teollisuuden Voima Oyj, to jointly investigate the suitability and effectiveness of the development of nuclear power in Norway

Sri Lanka(3)

• The Cabinet of Ministers of Sri Lanka approved a sweeping reform bill (Electricity Act) providing for the unbundling and restructuring of the
  Ceylon Electricity Board ("CEB"), the nation's provider of electricity. The CEB has included nuclear power from 2030 under scenarios in its long- term energy plans

Sources:

1)	Kazatomprom Press Release; "Kazatomprom 3Q23 Operations and Trading Update"; 1 November 2023
2)	World Nuclear News; "SMR power plant proposed in Norway"; 3 November 2023	4
3)	World Nuclear News; "Sri Lankan government has plans for nuclear, minister says"; 21 November 2023

Uranium market update

November 2023

The Philippines / The U.S.(1)

• The United States and the Philippines executed a 123 Agreement addressing nuclear cooperation between the two countries. The Philippine government has committed to pursuing nuclear power especially SMRs within the country as peak energy demands are forecast to nearly quadruple by 2040
• Philippine President, Ferdinand Marcos, stated that the country envisions nuclear energy becoming a component of the Philippine energy mix by 2032

The EU(2)

• The European Parliament adopted its official position on the proposed Net-Zero Industry Act ("NZIA"), which is designed to support Europe's manufacturing output in technologies needed for decarbonization. The MEPs included nuclear fission and fusion amongst the list of 17 technologies addressed by the legislation
• The NZIA sets a target for Europe to produce 40% of its annual deployment needs in net zero technologies by 2030 and to capture 25% of the global market value for these technologies

COP28(3)

• During the World Climate Action Summit of the 28th Conference of the Parties to the U.N. Framework Convention ("COP28"), more than 20 countries lead by the United States, France, Japan Republic of Korea, United Arab Emirates and the United Kingdom, launched the Declaration to
  Triple Nuclear Energy. The Declaration "recognizes the key role of nuclear energy in achieving global net-zero greenhouse gas emissions by 2050 and keeping the 1.5-degree goal within reach."

Sources:

1)	World Nuclear News; "Nuclear accord signed between USA and Philippines"; 17 November 2023
2)	World Nuclear News; "MEPs fully include nuclear in Net-Zero Industry Act"; 22 November 2023
3)	U.S. Department of State; "At COP28, Countries Launch Declaration to Triple Nuclear Energy Capacity by 2050, recognizing the Key role of Nuclear Energy in Reaching Net	5

Zero"; 1 December 2023

Proforma net asset value as at 11 December 2023

Investment in Uranium		Units
Uranium oxide in concentrates ("U₃O₈")(1)	(A)	lbs.	21,682,318
U₃O₈ fair value per pound(2)	(B)	US$ /lb.	82.30
U₃O₈ fair value	(A) x (B) = (C)	US$ mm	1,784.5
Cash and other net current assets / (liabilities)(3)	(D)	US$ mm	33.3
Net asset value in US$ mm	(C) + (D) = (E)	US$ mm	1,817.8
Exchange rate(4)	(F)	USD/GBP	1.2551
Net asset value in £ mm	(E) / (F) = (G)	£ mm	1,448.3
Number of shares in issue less shares held in treasury(5)	(H)		216,856,447
Net asset value per share	(G) / (H)	£ /share	6.68

Source:

1. Comprises 20.16Mlbs. U3O8 held as at 11 December 2023, plus 1.53Mlbs. U3O8 which the Company has committed to purchase in H1 2024
2. UxC, LLC on 11 December 2023
3. Cash and other current assets and liabilities of US$12.7m as at 30 September 2023, plus net placing proceeds of US$120.6m received 2 October 2023, less cash consideration of US$100.0m to be paid to Kazatomprom following delivery of 1.53Mlbs. U3O8 in H1 2024.
4. The Bank of England's daily exchange rate on 11 December 2023

5) Estimated proforma net asset value per share on 11 December 2023 is calculated assuming 221,440,730 ordinary shares in issue, less 4,584,283 shares held in treasury on	6
that date

Yellow Cake corporate summary

Corporate overview

Last share price(1)	£5.95
NAV per share(2)	£6.68
Market cap (mm)(1)	£1,290.3
Shares outstanding less those held	216.9
in treasury (mm)
Shares held in treasury (mm)(2)	4.6
52 week high	£5.95
52 week low	£3.53

GBP share price and uranium price L12M(1,3)

	90
	80
(US$/lb.)	70
60
SpotPrice
40
	50
Uranium	30
	20

8.00

7.00

6.00

	(£)
4.00	SharePrice
5.00
3.00	Cake
Yellow
2.00

Analyst coverage and rating

Buy

10																		1.00
-																																-
Dec 22 Jan 23 Feb 23 Mar 23 Apr 23 May 23 Jun 23	Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 Dec 23
										Uranium Spot Price			Yellow Cake Share Price

Buy	Blue chip shareholder register
Buy

Buy

MMCAP Fund

Hold	JD Squared

Source:

1. Cap IQ on 11 December 2023
2. Yellow Cake's estimated net asset value on 11 December 2023. See calculation on page 6

3) UxC, LLC 11 December 2023

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U3O8 spot price has recovered to levels at the time of the Fukushima accident(1,2)

/lb.)

		Current spot price
90		11 December 2023
	Fukushima accident	(Spot US$82.30)
	11 March 2011
80	(Spot US$68.08)
70		SPUT completes
	UPC acquisition
		19 July 2021
		(Spot US$32.41)

60

Yellow Cake IPO

U3O8 Spot Price (US$

50

40

5 July 2018

(Spot US$22.94)

30

Driven by

Fukushima, overall

20

demand falls on

safety concerns

2011-2016

Covid driven

Russia invades

Ukraine

Supply cuts by major

curtailments add to

10

24 February 2022

producers stabilise

supply pressure

pricing

March 2020

(Spot US$45.00)

2016

(Spot US$24.75)

-

Jan 11

Jan 12

Jan 13

Jan 14

Jan 15

Jan 16

Jan 17

Jan 18

Jan 19

Jan 20

Jan 21

Jan 22

Jan 23

		Uranium Spot Price	Yellow Cake Equity Raises
Source:
1) UxC, LLC, "Historical Daily Broker Average Price", 11 December 2023	8

1. McKinsey, "Uranium Commodity Perspective", December 2022

Decarbonisation

Climate change and energy transition supporting nuclear growth

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