Yellow Cake Plc · LSE:YCA
Yellow Cake — Investor Presentation (March 2025)
19 slides from Yellow Cake's investor presentation, March 2025
Slide 1: Investor Presentation March 2025
Investor Presentation March 2025
Slide 2: Disclaimer
DISCLAIMER This presentation (the “Presentation”) is provided on a strictly Requirements, Exemptions and Ongoing Registrant Recipients of this Presentation are not to construe its private and confidential basis for information purposes only Obligations; (D) in Australia, are sophisticated investors
Slide 3: Yellow Cake
YELLOW CAKE Buy and hold strategy We purchase natural uranium (U3O8) and hold for the long-term Pure exposure to the No exploration, development or operating risk uranium commodity price Ability to purchase in Ability to purchase up to US$100m of U3O8 from volume, at the spot price Kazatomprom per y
Slide 4: Uranium Market Update
URANIUM MARKET UPDATE February 2025 Spot Market Overview(1) ▪ UxC reported further weakening of the uranium spot market price during the month. The daily U3O8 price began February at US$70.50 /lb. before declining to US$65.30 /lb. on 26 February, ending the month at US$65.55 /lb. Spot market volume,
Slide 5: Uranium Market Update
URANIUM MARKET UPDATE February 2025 India(1) ▪ Indian Prime Minister Narendra Modi conducted state visits to the United States and France in support of India’s recent adoption of a major nuclear power expansion, which is planned to reach 100 Gwe of installed nuclear capacity by 2047 (current capacit
Slide 6: Net Asset Value as at 24 March 2025
NET ASSET VALUE AS AT 24 MARCH 2025 Investment in Uranium Units Uranium oxide in concentrates (“U₃O₈”) (A) lbs. 21,682,318 U₃O₈ fair value per pound(1) (B) US$ /lb. 64.45 U₃O₈ fair value (A) x (B) = (C) US$ mm 1,397.4 Cash and other net current assets / (liabilities)(2) (D) US$ mm 20.4 Net asset val
Slide 7: Yellow Cake Corporate Summary
YELLOW CAKE CORPORATE SUMMARY Corporate overview GBP share price and uranium price L12M(1,3) Last share price(1) £4.60 120 10.00 9.00 NAV per share(2) £5.06 100 8.00 Market cap (mm)(1) £997.5 Uranium Spot Price (US$/lb.) Yellow Cake Share Price (£) 7.00 Shares outstanding less those held 80 216.9 6.
Slide 8: U3O8 Spot Price Is Exceeding Levels at the Time of the Fukushima Accident
U3O8 SPOT PRICE IS EXCEEDING LEVELS AT THE TIME OF THE FUKUSHIMA ACCIDENT(1,2) Current spot price 120 24 March 2025 (Spot US$64.45) Fukushima accident 100 11 March 2011 (Spot US$68.08) SPUT completes UPC acquisition 19 July 2021 (Spot US$32.41) 80 U3O8 Spot Price (US$ /lb.) Yellow Cake IPO 5 July 20
Slide 9: Climate Change and Energy Transition Supporting Nuclear Growth
CLIMATE CHANGE AND ENERGY TRANSITION SUPPORTING NUCLEAR GROWTH Nuclear power generates the least CO2 equivalent emissions compared to all other power sources CO2 equivalent emissions per GWh over the lifecycle of a power plant (tonnes)(1) 720 820 490 78-230 34 3 4 5 Nuclear Wind Solar Hydropower Bio
Slide 10: Global Demand for Nuclear Increasing Towards 2050
GLOBAL DEMAND FOR NUCLEAR INCREASING TOWARDS 2050 Market conditions and policies are shifting views on natural gas and limiting its role, while underlining the potential for nuclear power to cut emissions and strengthen electricity security(1) Global nuclear energy demand scenarios (GW)(1) 1,000 800
Slide 11: Reactor Build Programs and Life Extensions Driving Uranium Demand
REACTOR BUILD PROGRAMS AND LIFE EXTENSIONS DRIVING URANIUM DEMAND Global nuclear reactor fleet will continue to grow, especially in China, India, and the Middle East China India Russia UAE 29 reactors 7 reactors 6 reactors 4 reactors under construction, under construction, under construction, operat
Slide 12: Small Modular Reactors Will Be a New Source of Demand
SMALL MODULAR REACTORS WILL BE A NEW SOURCE OF DEMAND SMR market value could reach US$1 trillion by 2050(1) ▪ More than 75 designs have been proposed globally ▪ Commercial operations are expected in the late 2020’s ▪ SMRs offer the versatility of both on-grid and off-grid applications ▪ SMRs can pro
Slide 13: Natural Uranium Demand Growth by Region
NATURAL URANIUM DEMAND GROWTH BY REGION Ramp-up of new facilities combined with strategic stockpiling will make China the largest consumer of natural uranium Natural uranium demand 2020-2035 (Mlbs. U3O8 )(1) CAGR CAGR CAGR 250 243 2018-23 2023-28 2028-33 222 48 4.9% 7.5% 5.8% 200 36 189 20 (1.4)% 1.
Slide 14: Global Utilities Exposed to Escalating Geopolitical Risk of Natural Uranium Supply
GLOBAL UTILITIES ARE EXPOSED TO ESCALATING GEOPOLITICAL RISK OF NATURAL URANIUM SUPPLY The United States, the largest consuming country, is currently at its lowest annual uranium production level in more than 70 years. Domestic suppliers are generally idled and commercial inventory is decreasing Tot
Slide 15: Long-Term Contracts Are Being Replaced
LONG-TERM CONTRACTS ARE BEING REPLACED European utilities have their uranium secured until the middle of the decade, while new contracts are required for the U.S. utilities Future contracted coverage rates of U.S. and European utilities(1,2) 160% 144% 140% 128% 123% 120% 90% 96% 100% 84% 96% 95% 90%
Slide 16: Declining Secondary Supply
DECLINING SECONDARY SUPPLY Secondary supply is expected to decline by 7% p.a. from 2023 until 2035 due to decreases of available excess enrichment capacity Secondary uranium supplies, 2013-2035 (Mlbs. U3O8) (1) 50 45 40 (8)% p.a. 35 30 25 (7)% p.a. 20 15 10 5 -- 2013 2015 2017 2019 2021 2023 2025 20
Slide 17: Uranium Mine Supply Will Remain Concentrated
URANIUM MINE SUPPLY WILL REMAIN CONCENTRATED Kazakhstan will continue to be the main uranium producing country, accounting for over 30% of global production over the next five years Uranium mine supply by region 2019-2035 (Mlbs U3O8)(1) 141 122 123 129 142 156 169 178 189 204 220 254 248 240 240 235
Slide 18: The Supply Side Is Being Challenged to Meet Growing Demand
THE SUPPLY SIDE IS BEING CHALLENGED TO MEET GROWING DEMAND(1) Global uranium market balance 2020-2035 (Mlbs. U3O8) (1) 300 250 200 150 100 50 - 2020A 2021A 2022A 2023A 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E Reactor Requirements Secondary Demand Primary Mine Supply Re
Slide 19: Yellow Cake Is Well Positioned to Benefit from Current Market Trends
YELLOW CAKE IS WELL POSITIONED TO BENEFIT FROM CURRENT MARKET TRENDS ▪ Nuclear energy provides low emission power generation that is critical to decarbonisation ▪ Globally, demand for uranium is increasing due to aggressive nuclear plant build programs, reactor life extensions, and small modular rea