Yellow Cake (YCA) Trading update summary

Market and portfolio performance

• Uranium spot price ended 30 September at US$89.50/lb, up 5.5% QoQ; 3-year, 5-year and long-term indicators rose 3.0%, 2.8% and 2.1%, respectively.

• Physical holdings reached 24,374,996 lb after delivery of 1,160,766 lb from Kazatomprom on 11 August at US$86.15/lb, for US$100.0m.

• Uranium holdings value increased 10.8% QoQ to US$2,181.6m, reflecting the additional delivery and higher spot price.

• Estimated NAV/share rose 5.0% QoQ to £6.66 at 30 September; estimated NAV was US$2,223.3m.

• At 26 October, estimated NAV was £6.65/share or US$2,231.8m, based on a spot price of US$89.85/lb.

Capital allocation

• The US$10m share buyback programme completed on 10 July, purchasing 1,363,976 shares at a volume-weighted average price of 544.41p; 5,948,259 shares were held in treasury at quarter-end.

• NAV/share growth primarily reflected higher uranium prices, with a modest accretive contribution from the buyback, partly offset by foreign exchange movements.

• The Board is evaluating capital allocation options, including further buybacks, to address the share price/NAV disparity, provided actions do not negatively affect the uranium spot market.

Uranium market and outlook

• Long-term contracting remained below replacement levels, while security-of-supply concerns were encouraging utilities to secure future requirements; further utility contracting is expected to support long-term prices.

• Spot transaction volume for 9M 2026 was 39.5m lb, ~5% below 41.7m lb in the comparable 2025 period.

• The IAEA's high-case forecast sees global nuclear capacity reaching 1,045 GWe by 2050 and 1,284 GWe by 2060; SMRs account for 28% of new capacity added by 2060 in that scenario.

• New Saskatchewan mine construction is expected to add supply later this decade, but further production investment will be needed to meet projected demand growth.