Yellow Cake (YCA) investor relations material

Strategic positioning and business model

• Focuses on a buy-and-hold strategy for natural uranium, providing pure exposure to uranium prices without exploration or operational risks.

• Maintains a low-cost, outsourced operating model targeting annual costs below 1% of NAV.

• Holds uranium inventory in secure jurisdictions (Canada and France) and can purchase up to $100m of uranium annually from Kazatomprom through 2027.

Market environment and uranium trends

• Uranium spot prices showed slight declines in May 2026, with the spot at $83.35/lb and long-term price rising to $93.00/lb due to increased contracting activity.

• Global uranium production rose to 175 Mlbs in 2025, with Kazakhstan, Canada, Namibia, and Uzbekistan as leading producers.

• Secondary uranium supply is projected to decline by 7% annually through 2035, tightening the market.

• Mine supply remains concentrated, with Kazakhstan expected to account for over 30% of global production for the next five years.

Demand drivers and nuclear growth

• Global nuclear demand is increasing, driven by new reactor builds, life extensions, and the emergence of small modular reactors (SMRs), with China leading future uranium consumption.

• SMR market value could reach $1 trillion by 2050, with over 75 designs proposed globally.

• Nuclear power is recognized as a low-emission energy source, generating less CO₂ than all other major power sources.