Yellow Cake (YCA) investor relations material

Business model and strategy

• Focuses on purchasing and holding natural uranium (U3O8) for long-term value appreciation, providing pure exposure to uranium prices without exploration or operational risks.

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

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

Uranium market trends and outlook

• Spot uranium prices rose to $89.60/lb in August 2026, up 6% since June, with long-term prices also increasing.

• Global demand for nuclear energy is rising, driven by new reactor builds, life extensions, and energy transition policies, especially in China, India, and the Middle East.

• Small modular reactors (SMRs) are emerging as a significant new demand source, with a potential $1 trillion market by 2050.

• Secondary uranium supply is declining by 7% annually, increasing reliance on primary mine supply.

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

Financial position and performance

• Estimated proforma net asset value (NAV) as of 11 September 2026 is $2,241.9 million, or £1,657.0 million, with NAV per share at £6.59.

• Last share price was £5.61, with a market cap of £1,408.5 million and 251.3 million shares outstanding (excluding treasury shares).

• Holds 24.4 million lbs of U3O8 valued at $90.05/lb as of 11 September 2026.