Yellow Cake : May 2024 Investor Presentation

May

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1

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 natural uranium (U3O8) and hold for the long-term

No exploration, development or operating risk

Ability to purchase up to US$100m of U3O8 from Kazatomprom per year (through 2027)

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

Outsourced operating model

Targeting annual operating costs of <1% of NAV

URANIUM MARKET UPDATE

April 2024

Spot Market Overview(1)

• Activity in the global spot market declined substantially during April, with UxC reporting a total of 1.8 Mlbs. transacted as compared to 3.8 Mlbs. during March 2024. Thus far, the aggregate spot market volume for 2024 (January-April) totals 11.4 Mlbs. The spot uranium price weakened slightly ending April at US$88.00 /lb., a decrease of US$0.50 /lb. from March

Long-Term Pricing(1)

• Two of three longer term uranium price indicators showed incremental declines during April as the 3-yr Forward price decreased to US$95.00 /lb. (March-US$97.00 /lb.), while the 5-yr Forward Price reported at US$102.00 /lb (March-US$108.00 /lb.). The Long-Term Price remained stable at US$75.00 /lb.

The U.S.(2)

• On 30 April, the United States Senate unanimously passed "Prohibiting Russian Uranium Imports Act (H.R. 1042)." Along with the companion legislation, "Reduce Russian Uranium Imports Act (S. 763), this legislation, if enacted by Presidential signature, prohibits the importation of Russian-sourced uranium commencing within 90 days
• The Secretary of Energy in consultation with the Secretary of State and the Secretary of Commerce, may issue a waiver if the Secretary of Energy determines that "(i) no alternative viable source of low-enriched uranium is available to sustain the continued operation of a nuclear reactor or a United States nuclear energy company; or (ii) importation of low-enriched uranium is in the national interest." Any granted waivers shall terminate not later than January 1, 2028 when a total ban becomes effective
• President Joe Biden is expected to now sign the legislation into law

Georgia Power(3)

• Georgia Power announced the commercial operation of the Vogtle-4 reactor, following the completion of the Vogtle-3 reactor in July 2023. Construction of the two Westinghouse AP-1000 reactors began in 2013 but were beset with numerous delays and cost over-runs. Vogtle Units 1 & 2 have been in operation since 1987 and 1989 respectively and are currently licensed to operate for 60 years

Sources:

1)	UxC Weekly; "UxC Price Indicators"; 29 April 2024
2)	U.S. Senate Press Release; "Senate Unanimously Passes Risch, Barasso Bill to Ban Russian Uranium"; 30 April 2024	3
3)	World Nuclear News; "Commercial operation marks completion of Vogtle expansion"; 29 April 2024

URANIUM MARKET UPDATE

April 2024

Italy(1)

• Italian Energy Minister, Gilberto Pichetto Fratin, speaking at the "The Role of Nuclear in the Energy Transition," conference, voiced the government's support to investigate the reintroduction of nuclear power, especially small modular reactors ("SMRs"), in the country. He cited the need to meet net zero targets by 2050, as well as energy independence. Previously, Italy operated four reactors totalling 1,423 Gwe but the program was shuttered following the Chernobyl accident in 1986

Japan(2)

• Tokyo Electric Power Company ("TEPCO") initiated fuel loading at its Kashiwazaki Unit 7 on 15 April following approval from the Japan Nuclear Regulation Authority. Subsequent to fuel loading, the facility will undergo a series of safety inspections before regulatory approval for reactor restart. The Kashiwazaki-Kariwa Nuclear Power Station consists of seven boiling water-type reactors with a total gross electrical capacity of 8,212 Mwe. The NPP has been offline since 2012 following the Fukushima Daiichi accident (2011). Japan has 12 operating reactors following the restart of the Takehama-2 unit in September 2023

China(3)

• China reported a record level of nuclear generation in 2023, as nuclear power plants provided 440,000 GWh of output. The China Atomic Energy Authority reported 55 operational NPPs and 36 approved / under construction on the Chinese mainland, with a total installed capacity of 57 GWe and 44 Gwe respectively

The UAE(4)

• Reuters reported that the United Arab Emirates ("UAE") / Emirates Nuclear Power Corporation ("ENEC") is planning to construct a second Nuclear Power Plant following the recent completion of Barakah NPP, consisting of four Korean-builtAPR-1400 reactors (Barakah-4 was connected to the grid 23 March). The associated tender could be distributed sometime this year with the target date for commercial operations being as early as 2033

Bangladesh(5)

• In a recent meeting between the Director General of Rosatom (Russian state agency), and Bangladesh Prime Minister the topic of SMRs was tabled. The Rosatom Director General visited Bangladesh to inspect the Russian-built Rooppur Unit 1 (VVER-1200) which is planned to enter commercial operation later in 2024 to be followed by Rooppur-2 in 2026

Sources:

1. World Nuclear News; "Italy see role for nuclear in hitting climate goals, says minister"; 29 April 2024
2. Asahi Shimbun; "Nuke authorities approve loading fuel at Niigata nuclear plant"; 15 April 2024
3. Xinhua; "China's nuclear power generation reached 440,000 GWh in 2023"; 23 April 2024

4)	Reuters; "Exclusive: UAE planning second nuclear power plant, sources say"; 26 April 2024	4
5)	Weekly Blitz; "Russian Rosatom proposes establishing several small nuclear power plants in Bangladesh"; 5 April 2024

PROFORMA NET ASSET VALUE AS AT 13 MAY 2024

Investment in Uranium		Units
Uranium oxide in concentrates ("U₃O₈")(1)	(A)	lbs.	21,682,318
U₃O₈ fair value per pound(2)	(B)	US$ /lb.	91.00
U₃O₈ fair value	(A) x (B) = (C)	US$ mm	1,973.1
Cash and other net current assets / (liabilities)(3)	(D)	US$ mm	30.1
Net asset value in US$ mm	(C) + (D) = (E)	US$ mm	2,003.2
Exchange rate(4)	(F)	USD/GBP	1.2563
Net asset value in £ mm	(E) / (F) = (G)	£ mm	1,594.5
Number of shares in issue less shares held in treasury(5)	(H)		216,856,447
Net asset value per share	(G) / (H)	£ /share	7.35

Source:

1. Comprises 20.16Mlbs. U3O8 held as at 13 May 2024, plus 1.53Mlbs. U3O8 which the Company has committed to purchase in H1 2024
2. UxC, LLC on 13 May 2024
3. Cash and other current assets and liabilities of US$130.1m as at 31 March 2024 less cash consideration of US$100.0m to be paid to Kazatomprom following delivery of 1.53 million lb of U3O8 in June 2024
4. The Bank of England's daily exchange rate on 13 May 2024

5) Estimated proforma net asset value per share on 13 May 2024 is calculated assuming 221,440,730 ordinary shares in issue, less 4,584,283 shares held in treasury on that	5
date

YELLOW CAKE CORPORATE SUMMARY

Corporate overview

Last share price(1)	£6.81
NAV per share(2)	£7.35
Market cap (mm)(1)	£1,476
Shares outstanding less those held	216.9
in treasury (mm)
Shares held in treasury (mm)(2)	4.6
52 week high	£7.45
52 week low	£3.83

Analyst coverage and rating

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

120

100

(US$/lb.)Price	80
Spot	60
Uranium	40

20

10.00
9.00
8.00
7.00	(£)
6.00	Price
Share
5.00
4.00	Cake
Yellow
3.00

2.00

1.00

Buy

-

-

May 23 Jun 23 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 Dec 23 Jan 24 Feb 24 Mar 24 Apr 24May 24

Uranium Spot Price

Yellow Cake Share Price

Buy	Blue chip shareholder register
Buy

Buy

Hold

MMCAP Fund

JD Squared

Source:

1. Cap IQ on 13 May 2024
2. Yellow Cake's estimated net asset value on 13 May 2024. See calculation on page 5

3) UxC, LLC on 13 May 2024

6

U3O8 SPOT PRICE IS EXCEEDING LEVELS AT THE TIME OF THE FUKUSHIMA ACCIDENT(1,2)

U3O8 Spot Price (US$ /lb.)

Current spot price

120

13 May 2024

(Spot US$91.0)

100

Fukushima accident

11 March 2011

(Spot US$68.08)

SPUT completes

UPC acquisition

19 July 2021

(Spot US$32.41)

80

Yellow Cake IPO

5 July 2018

(Spot US$22.94)

60

Supply cuts by major

producers stabilise

pricing

40

2016

Driven by

Russia invades

20

Fukushima, overall

Covid driven

demand falls on

Ukraine

curtailments add to

safety concerns

24 February 2022

supply pressure

2011-2016

(Spot US$45.00)

March 2020

(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

Jan 24

Uranium Spot Price

Yellow Cake Equity Raises

Source:

7

1. UxC, LLC, "Historical Daily Broker Average Price", 13 May 2024

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)

3

490

78-230

4	5	34

720820

Nuclear

Wind

Solar

Hydropower

Biomass

Natural Gas

Oil

Coal

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)

Source:

8

1. Our World in Data, "Safest Sources of Energy", 2020

GLOBAL DEMAND FOR NUCLEAR INCREASING TOWARDS 2050

Market conditions and policies are shifting views on natural gas and limiting its role, while underlining the potential for nuclear power to cut emissions and strengthen electricity security(1)

Global nuclear energy demand scenarios (GW)(1)

1,000

800

600

400

200

--
Stated Policies Scenario (GW)		Announced Pledges Scenario (GW)	Net Zero Emissions by 2050 Scenario (GW)
		2010		2021		2022		2030		2040		2050

Source:	9
1) World Energy Outlook, October 2023