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Investor Presentation January 2026
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1 DISCLAIMER This presentation (the “Presentation”) is provided on a strictly private and confidential basis for information purposes only and does not constitute, and should not be construed as, an offer to sell or issue securities or otherwise constitute an invitation or inducement to any person to purchase, underwrite, subscribe for or otherwise acquire securities in Yellow Cake plc (the “Company”). By viewing this Presentation, you will be deemed to have agreed to the obligations and restrictions set out below. The information contained in this Presentation is being made only to, and is only directed at, persons to whom such information may lawfully be communicated. This Presentation may not be (in whole or in part) reproduced, distributed, stored, introduced into a retrieval system of any nature or disclosed in any way to any other person without the prior written consent of the Company. Without prejudice to the foregoing paragraph, this Presentation is being distributed only to, and is directed only at, persons who: (A) in the United Kingdom have professional experience in matters relating to investments who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended, (the “Order”) or are high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts or other persons falling within Articles 49(2)(a) -(d) of the Order (and the contents of this Presentation have not been approved by an authorised person for the purposes of the Financial Services and Markets Act 2000) and who in each case are also Qualified Investors (as defined below); (B) in member states of the European Economic Area (“EEA”) are qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC), as amended (“Qualified Investors”); (C) are residents of Canada or otherwise subject to the securities laws of Canada that are “permitted clients” as defined in National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations; (D) in Australia, are sophisticated investors or professional investors as those terms are defined in sub- sections 708(8) and 708(11) of the Corporations Act; (E) in South Africa, are one or more of the persons or entities referred to in section 96(1) of the Companies Act; (F) in Hong Kong, are professional investors for the purposes of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong); (G) in Singapore, are accredited investors or institutional investors as those terms are defined in Section 4A of the Securities and Futures Act (Chapter 289) of Singapore or (H) are any other person to whom this Presentation may lawfully be provided and all such persons are “relevant persons”. 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2 YELLOW CAKE We purchase natural uranium (U3O8) and hold for the long-term Buy and hold strategy Low-cost structure Outsourced operating model Targeting annual operating costs of <1% of NAV Ability to purchase in volume, at the spot price Ability to purchase up to US$100m of U3O8 from Kazatomprom per year (through 2027) Pure exposure to the uranium commodity price No exploration, development or operating risk Uranium stored in Canada (Cameco) and France (Orano)Inventory stored In safe jurisdictions
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3 Spot Market Overview (1) ▪ The uranium spot market price ended CY2025 on a strong upward trend reporting at US$81.40 /lb., an increase of $5.55 /lb. (+7 %) as compared to the November price level. For the entirety of 2025, the spot price rose by US$9.65 /lb., having ended 2024 at US$71.75 /lb. ( +13%). The low point for the month-end spot price was reached in March (US$64.45 /lb.), resulting in an increase of US$16.95 /lb. from that point to the end of the year (+26%). Spot market volume for the month of December totalled 3.6 Mlbs., a doubling from the November aggregate of 1.8 Mlbs. For CY2025, UxC reported total spot market transactional volume of 55.3 Mlbs., which reversed the multi -year trend of decreasing spot market vol ume since the record level of 102.4 Mlbs in 2021, followed by annual aggregate transactional volumes of 61.4 Mlbs. (2022); 56.6 Mlbs. (2023 ), and; 46.8 Mlbs. (2024). Sprott Physical Uranium Trust acquired a total of 8.57 Mlbs. over the June - December 2025 time frame (15% of total for CY2025) Long-Term Pricing (1) ▪ During December, the 3 -yr Forward Price increased slightly gaining US$1.00 /lb. and reporting at US$93.00 /lb., while the 5 -yr Forward Price also rose from the end of November price of US$99.00 /lb., up to US$101.00 /lb. The Long -Term Price remained stable at US$86.00 /lb. Tokyo(2) ▪ Tokyo Electric Power Company received final approval to restart two units (Units 6 & 7) at the Kashiwazaki-Kariwa NPP, as the Assembly of Niigata Prefecture voted to allow the resumption of operations halted due to the Fukishima nuclear accident in 2011. Unit 6, which had fuel loading completed in June 2025, could re-enter service by March 2026 with Unit 7 following Kazatomprom (3) ▪ Kazatomprom and Kansai Electric Power Company executed a long -term agreement for the supply of Kazah uranium to the Japanese uti lity’s reactors. Kansai has been a partner of Kazatomprom in the “APPAK” LLP joint venture (Kazatomprom – 65%; Sumitomo – 25%, Kansai – 10%) since 2006. No commercial details regarding the multi -year uranium supply agreement were provided. (London Stock Exzchange Press Release; “KAP and Kansai Electric Agree on Uranium Supply”; 22 December 2025) India(4) ▪ The government of India enacted legislation to allow for private investment in the country’s nuclear power sector. The “Sust ainable Harnessing and Advancement of Nuclear Energy for Transforming India (SHANTI) Bill” consolidates and modernizes India’s nuclear legal framewo rk and enables limited private participation in the nuclear sector under regulatory oversight. Furthermore, the legislation “supports India ’s clean-energy transition and long-term objective of achieving 100 GW nuclear energy capacity by 2047.” Sources: 1) Ux Weekly; “Ux Price Indicators”; 5 January 2026 2) World Nuclear News; “Restart of Kashiwazaki-Kariwa reactors approved by regional assembly”; 22 December 2025 3) London Stock Exchange Press Release; “KAP and Kansai Electric Agree on Uranium Supply”; 22 December 2025 4) Press Information Bureau, Government of India; “The Sustainable Harnessing and Advancement of Nuclear Energy for TransformingIndia (SHANTI) Bill, 2025”; 19 December 2025 URANIUM MARKET UPDATE December 2025
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4 Ethiopia(1) ▪ Russia and Ethiopia signed a non -disclosure agreement regarding the proposed development of a large -scale nuclear power plant in Ethiopia featuring Russian design. Ethiopia’s Minister of Foreign Affairs stated the Exchange NDA was “part of the implementation of a prior agreement between the two countries aimed at advancing the development and construction of Ethiopia’s first nuclear power plant, a mile stone project in the country’s development efforts.” The country has initiated activities by both the Ethiopian Nuclear Power Programme and the ne wly created Ethiopian Nuclear Energy Commission Boss Energy (2) ▪ Australia’s Boss Energy announced the completion of a review of the Honeymoon Uranium facility which “indicated an expected material and significant deviation from the assumptions underpinning the Company’s 2021 Enhanced Feasibility Study (EFS).” Boss formally withdrew the EFS and “confirms that it should no longer be relied upon as a guide to future operational performance.” Boss anticipates that Honeymoon will meet current FY26 production guidance of 1.6 Mlbs with similar output in FY27 but at a higher all-in sustaining cost. The company plans to complete a new feasibility study in Q3CY26 Global Atomic (3) ▪ Global Atomic provided an update on the development of the Dasa Uranium Project located in the Republic of Niger. The U.S. development bank’s Credit Committee is reviewing possible project funding with the proposal being forwarded to the bank’s Investment Committee for further consideration. The project was initially discovered in 2010 with the “First Blast Ceremony” taking place on 5 November 2022. The 2024 Dasa feasibility study envisioned production in 2026 at 2.7-2.8 Mlbs with the current estimated commissioning date now being H2 2027 Argentina(4) ▪ Argentina announced the creation of the Secretariat of Nuclear Affairs which will coordinate the country's planned expanded nuclear power program and accelerated development of its uranium resources. The initial phase of the national nuclear program will be the construction of small modular reactors (SMR) at the existing Atucha Nuclear Power Plant to enhance nationwide energy supply and reduce power outages. The SMR development plan aims at drawing data centres to that South American country. The second phase involves the further development of Argentina’s uranium reserves to meet expanding domestic demand and allow the country to export nuclear fuel Sources: 1) World Nuclear News; “Ethiopia and Russia hold talks over potential nuclear power project”; 19 December 2025 2) Boss Energy Press Release; “Honeymoon Update – Review Concluded and New Feasibility Study Initiated”; 18 December 2025 3) Global Atomic News Release; “Global Atomic Provides Update on Dasa Project Financing and Recent Visit to Niger”; 11 December 2025 4) UPI; “Argentina creates nuclear office to become “Saudi Arabia of uranium””; 19 December 2025 URANIUM MARKET UPDATE December 2025
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5 Source: 1) Comprises 21.68 million lb of U3O8 held as at 8 January 2026 plus 1.33 million lb of U3O8 which the Company has committed to purchase by H1 2026. 2) Daily spot price published by UxC, LLC on 8 January 2026. 3) Comprises cash and other current assets and liabilities of US$179.2 million as at 30 September, less cash consideration of US$100.0 million payable to Kazatomprom upon delivery of 1.33 million lb of U₃O₈ by H2 2026. 4) The Bank of England’s daily exchange rate on 8 January 2026 5) Estimated net asset value per share on 8 January 2026 is calculated assuming 244,424,707 ordinary shares in issue, less 4,584,283 shares held in treasury on that date Investment in Uranium Units Uranium oxide in concentrates (“ U₃O₈”) (1) (A) lbs. 23,014,230 U₃O₈ fair value per pound (2) (B) US$ /lb. 82.00 U₃O₈ fair value (A) x (B) = (C) US$ mm 1,887.2 Cash and other net current assets / (liabilities) (3) (D) US$ mm 79.2 Net asset value in US$ mm (C) + (D) = (E) US$ mm 1,966.4 Exchange rate (4) (F) USD/GBP 1.3442 Net asset value in £ mm (E) / (F) = (G) £ mm 1,462.9 Number of shares in issue less shares held in treasury (5) (H) 239,840,424 Net asset value per share (G) / (H) £ /share 6.10 ESTIMATED PROFORMA NET ASSET VALUE AS AT 8 JANUARY 2026
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6 YELLOW CAKE CORPORATE SUMMARY Source: 1) Cap IQ on 8 January 2026 2) Yellow Cake's estimated net asset value on 8 January 2026. See calculation on page 5 3) UxC, LLC on 8 January 2026 Corporate overview Last share price(1) £6.09 NAV per share(2) £6.10 Market cap (mm)(1) £1,459.4 Shares outstanding less those held in treasury (mm) 239.8 Shares held in treasury (mm)(2) 4.6 52 week high £6.09 52 week low £3.86 GBP share price and uranium price L12M (1,3) - 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 - 10 20 30 40 50 60 70 80 90 100 Jan 25 Feb 25Mar 2 5Apr 25 May 25 Jun 25 Jul 25 Aug 25 Sep 25 Oc t 25 Nov 25 Dec 25 Uranium Spot Price (US$/lb.) Yellow Cake Share Price (£) Uranium Spot Price Yellow Cake Share Price Analyst coverage and rating Buy Buy Buy Buy Buy Hold Blue chip shareholder register MMCAP Fund JD Squared
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7 - 20 40 60 80 100 120 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 Jan 22 Jan 23 Jan 24 Jan 25 Jan 26 U3O8 Spot Price (US$ /lb.) Uranium Spot Price Yellow Cake Equity Raises U3O8 SPOT PRICE(1) Source: 1) UxC, LLC, “Historical Daily Broker Average Price”, 8 January 2026 Fukushima accident 11 March 2011 (Spot US$68.08) Yellow Cake IPO 5 July 2018 (Spot US$22.94) SPUT completes UPC acquisition 19 July 2021 (Spot US$32.41) Russia invades Ukraine 24 February 2022 (Spot US$45.00) Current spot price 8 January 2026 (Spot US$82.00) Covid driven curtailments add to supply pressure March 2020 (Spot US$24.75) Driven by Fukushima, overall demand falls on safety concerns 2011-2016 Supply cuts by major producers stabilise pricing 2016
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8 3 4 5 34 78-230 490 720 820 Source: 1. Our World in Data, “Safest Sources of Energy”, 2020 CLIMATE CHANGE AND ENERGY TRANSITION SUPPORTING NUCLEAR GROWTH CO2 equivalent emissions per GWh over the lifecycle of a power plant (tonnes) (1) Nuclear Wind Solar Hydropower Biomass Natural Gas Oil Coal Nuclear power generates the least CO2 equivalent emissions compared to all other power sources Note: Range of emissions from biomass depend on material being combusted ➢ Not only does nuclear generate >99% less CO 2 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)
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9 GLOBAL DEMAND FOR NUCLEAR INCREASING TOWARDS 2050 Source: 1) World Energy Outlook, October 2023 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) -- 200 400 600 800 1,000 Stated Policies Scenario (GW) Announced Pledges Scenario (GW) Net Zero Emissions by 2050 Scenario (GW) 2010 2021 2022 2030 2040 2050
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10 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 Source: 1) World Nuclear Association, World Nuclear Power Reactors & Uranium Requirements (8 January 2026) China 37 reactors under construction, 44 planned India 6 reactors under construction, 16 planned Russia 6 reactors under construction, 23 planned UAE & Saudi Arabia 4 reactors operating, 2 proposed Investment in nuclear power Operable reactors(1) Reactors under construction (1) Planned reactors(1) Proposed reactors(1) World Nuclear Reactor Fleet 436 73 117 318 Chinese Reactor Fleet 59 37 44 145
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11 SMALL MODULAR REACTORS WILL BE A NEW SOURCE OF DEMAND ▪ 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 Source: 1) Barclays Research, European Utilities – “New Horizons: New Nuclear: A $1trn SMR Market and Fusion Revolution”, 8 March 2023 -- 2 4 6 8 10 12 14 16 18 Early Stage Middle Stage Final Stage Finished Stage SMR market value could reach US$1 trillion by 2050(1) More than 75 SMR designs have been proposed globally across 18 countries(1)
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12 NATURAL URANIUM DEMAND GROWTH BY REGION Source: 1) MineSpans (March 2025) Ramp-up of new facilities combined with strategic stockpiling will make China the largest consumer of natural uranium Natural uranium demand 2020-2035 (Mlbs. U3O8 )(1) CAGR 2018-23 CAGR 2023-28 CAGR 2028-33 4.9% 7.5% 5.8% (1.4)% 1.7% 1.9% 3.4% 3.4% (0.8)% 9.0% 7.8% 3.3% (0.6)% (1.2)% 0.9% 1.5% 0.5% (1.2)% 2.7% 3.3% 1.9% World CAGR 2018-23 World CAGR 2023-28 World CAGR 2028-3347 50 51 48 39 38 36 38 26 40 58 6919 18 19 21 15 17 21 20 20 25 36 48 -- 50 100 150 200 250 2020 2025 2030 2035 Other Developed Asia CIS China Western Europe North America 166 189 222 243
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13 GLOBAL UTILITIES ARE EXPOSED TO ESCALATING GEOPOLITICAL RISK OF NATURAL URANIUM SUPPLY Source: 1) MineSpans (March 2025) The United States, the largest consuming country, is currently at its lowest annual uranium production level in more than 70 years. Domestic suppliers are generally idled and commercial inventory is decreasing Total reactor related requirements and origin of uranium 2024 (Mlbs. U3O8)(1) 41 29 18 12 10 5 4 -- 5 10 15 20 25 30 35 40 45 United States China France Russia South Korea Japan India Domestic Overseas Others (open market, inventories, secondary supplies) Total 97% 3% 23% 59% 18% 94% 6% 59% 41% 100% 100% 42% 58%
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14 95% 90% 81% 60% 55% 40% 13% 108% 74% 75% 65% 73% 65% 70% 64% 36% 122% 96% 91% 81% 94% 83% 88% 78% 45% --% 20% 40% 60% 80% 100% 120% 140% 2025 2026 2027 2028 2029 2030 2031 2032 2033 US Utilities Coverage EU Utilities Coverage (Minimum ) EU Utilities Coverage (Maximum) LONG-TERM CONTRACTS ARE BEING REPLACED European utilities have their uranium secured until the middle of the decade, while new contracts are required for the U.S. utilities Future contracted coverage rates of U.S. and European utilities (1,2) Source: 1) US Energy Information Administration: Maximum anticipated uranium market requirements of owners and operators of U.S. civilian nuclear power reactors, 2025-2033, at end of 2024(June 2025) 2) Euratom Supply Agency Annual Report 2024 (2025)
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15 -- 5 10 15 20 25 30 35 40 45 50 2013 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 RepU MOX Tails re-enrichment/underfeeding HEU DECLINING SECONDARY SUPPLY Secondary supply is expected to decline by 7% p.a. from 2023 until 2035 due to decreases of available excess enrichment capacity Secondary uranium supplies, 2013-2035 (Mlbs. U3O8) (1) (8)% p.a. (7)% p.a. Source: 1) MineSpans (March 2025)
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16 42% 41% 46% 43% 39% 39% 38% 38% 36% 36% 37% 32% 30% 27% 24% 23% 24% 13% 8% 10% 15% 20% 24% 22% 21% 19% 18% 18% 28% 29% 32% 36% 37% 33% 12% 13% 8% 9% 9% 8% 9% 9% 8% 8% 7% 6% 5% 5% 4% 4% 5% 16% 18% 17% 16% 15% 14% 14% 15% 17% 19% 19% 17% 17% 18% 18% 17% 19% 1% 2% 4% 6% 6% 7% 6% 7% 6% 6% 6% 6%3% 3% 3% 3% 3% 3% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%5% 6% 6% 5% 5% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 5% 9% 10% 10% 9% 9% 9% 8% 8% 8% 7% 7% 6% 6% 6% 6% 6% 7% -- 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2019A 2020A 2021A 2022A 2023A 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E Kazakhstan Canada Australia Africa United States China Russia RoW URANIUM MINE SUPPLY WILL REMAIN CONCENTRATED Source: 1) Canaccord (March 2025) Kazakhstan will continue to be the main uranium producing country, accounting for over 30% of global production over the next five years Uranium mine supply by region 2019-2035 (Mlbs U3O8)(1) 141 122 123 129 142 156 169 178 189 204 220 254 248 240 240 235 219
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17 Source: 1) Canaccord (March 2025) THE SUPPLY SIDE IS BEING CHALLENGED TO MEET GROWING DEMAND(1) Global uranium market balance 2020-2035 (Mlbs. U3O8) (1) Supply / demand balance 2020-2035 (Mlbs. U3O8) (1) (25) (46) (31) (20) (15) (8) (10) (10) (11) (11) 15 7 (11) (14) (27) (49)(60) (40) (20) -- 20 2020A 2021A 2022A 2023A 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E - 50 100 150 200 250 300 2020A 2021A 2022A 2023A 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E Reactor Requirements Secondary Demand Primary Mine Supply Restarts + Greenfield Supply Secondary Supply Commercial Drawdown
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18 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 ▪ 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 U 3O8 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