Business
Interim Financial Report
Yellow Cake plc reported a significant increase in its unaudited consolidated interim financial results for the six months ended 30 September 2025, with the value of its uranium holdings rising by 27.2% to USD1,778.0 million, driven by a higher spot price of USD82.00/lb. The company's net asset value increased to USD1,957.1 million, or GBP6.06 per share, and it achieved a profit after tax of USD373.3 million, a substantial improvement from a loss in the prior year. This period also saw Yellow Cake successfully complete an oversubscribed share placing, raising approximately GBP130 million (USD175 million), and it elected to purchase 1,331,912 lb of U3O8 for USD100.0 million from Kazatomprom, with additional funds from the placing earmarked for further strategic uranium purchases. Disclaimer*
About this update from Yellow Cake Plc
[{"type":"text","content":"\n\n4 December 2025\n \n\nYellow Cake plc (\"Yellow Cake\", the \"Company\" or \"Group\")\nUnaudited Consolidated Interim Financial Report for the six-month period ended 30 September 2025\n \nYellow Cake, a specialist Group operating in the uranium sector, holding physical uranium (\"U3O8\") for the long term and engaging in uranium-related commercial activities, is pleased to announce its unaudited consolidated interim financial report for the six-month period ended 30 September 2025 (\"half-year\").\nHighlights\n· Increase of 27.2% in the value of the Group's uranium holdings over the half-year from USD1,397.4 million as at 31 March 2025 to USD1,778.0 million as at 30 September 2025, due to the corresponding increase in the uranium spot price from USD64.45/lb[1] on 31 March 2025 to USD82.00/lb[2] on 30 September 2025.\n· Increase in net asset value from USD1,414.4 million[3] as at 31 March 2025 to USD1,957.1 million[4] as at 30 September 2025. Increase in net asset value per share from GBP5.05 per share (USD6.52 per share)[5] as at 31 March 2025 to GBP6.06 per share (USD8.16 per share)[6] as at 30 September 2025.\n· Profit after tax for the half-year of USD373.3 million (30 September 2024: loss of USD87.6 million).\n· On 29 September 2025, Yellow Cake successfully completed an oversubscribed share placing of approximately 23 million shares, which raised gross proceeds of approximately GBP130 million (equivalent to approximately USD175 million) (the \"Placing\").\n· With the completion of the Placing, Yellow Cake informed JSC National Atomic Company Kazatomprom (\"Kazatomprom\") that it had elected to purchase 1,331,912 lb of U3O8 at a price of USD75.08/lb, or USD100.0 million in aggregate, as part of Yellow Cake's 2025 uranium purchase option under its agreement with Kazatomprom (the \"Framework Agreement\"). Yellow Cake expects delivery to take place in the first half of 2026. On completion of the purchase, Yellow Cake expects to hold 23,014,230 lb of U3O8. Additional funds raised in the Placing will be used for additional strategic and opportunistic U3O8 purchases.\n· All U3O8 to whi...