Yellow Cake (YCA) Investor presentation summary

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 the ability to purchase up to $100 million of uranium 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 demand

• Global uranium spot price rose to $84.75/lb in June 2026, with long-term prices also increasing, reflecting heightened contracting activity.

• Major nuclear build programs are underway in China, India, Russia, and the Middle East, with significant reactor construction and planning.

• Small modular reactors (SMRs) are emerging as a new demand source, with over 75 designs proposed globally and a potential $1 trillion market by 2050.

• Global nuclear energy demand is projected to rise sharply towards 2050, driven by decarbonization and energy security policies.

Supply dynamics and risks

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

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

• The global uranium market is forecast to face a growing supply deficit as demand outpaces new mine development and secondary supply declines.

• Geopolitical risks are rising, with the U.S. at its lowest uranium production in 70 years and heavy reliance on overseas sources.