Yellow Cake (YCA) investor relations material

Business model and strategy

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

• Can acquire up to $100 million of U3O8 annually from Kazatomprom through 2027, with inventory stored in Canada and France.

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

Market environment and uranium trends

• Uranium spot price was $86.90/lb on 20 April 2026, up significantly from previous years, reflecting tightening supply and robust demand.

• Global nuclear energy demand is rising, with scenarios projecting strong growth towards 2050, driven by decarbonization and energy security policies.

• Reactor build programs and life extensions, especially in China, India, and the Middle East, are driving uranium demand.

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

Supply and demand dynamics

• Natural uranium demand is set to grow fastest in China, with global CAGR of 2.7% (2018-23), 3.3% (2023-28), and 1.9% (2028-33).

• Secondary uranium supply is declining by 7% annually through 2035, increasing reliance on primary mine supply.

• Kazakhstan remains the dominant uranium producer, accounting for over 30% of global supply through 2030.

• The uranium market is expected to face a growing supply deficit as mine output lags reactor requirements and secondary sources dwindle.