Yellow Cake Plc · LSE:YCA
Yellow Cake — Investor Presentation (September 2025)
14 slides from Yellow Cake's investor presentation, Sep 18, 2025
Slide 1: Proactive Investor Event
Proactive Investor Event 18 September 2025
Slide 2: Disclaimer
DISCLAIMER This presentation (the “Presentation”) is provided on a strictly private and confidential basis for information purposes only and does not constitute, and should not be construed as, an offer to sell or issue securities or otherwise constitute an invitation or inducement to any person to
Slide 3: The Yellow Cake Story
The Yellow Cake Story July 2018 IPO raised $200m and purchased 8mlbs of uranium A total of 21.7mlbs of uranium accumulated to date Yellow Cake business model offers investors pure exposure to the uranium commodity Key contract with Kazatomprom allows uranium growth at the spot price Inventory stored
Slide 4: Uranium Market Drivers
Demand + Energy transition/carbon neutrality + Global nuclear reactor fleet growth + Energy independence/energy security + Data centres and Hyperscalers Supply - Historic under investment in supply - Capex inflation, supply chain challenges and a depleting Uranium skilled workforce - Permitting take
Slide 5: Global uranium supply
Global uranium supply
Slide 6: Nations Reversing Nuclear Phase Outs and Anti-Nuclear Policies
Nations Reversing Nuclear Phase Outs and Anti-Nuclear Policies South Korea, Belgium, Denmark Japanese nuclear restarts President Trump executive orders and the US strategy for a nuclear renaissance
Slide 7: Rapid Growth in Asia
Rapid Growth in Asia China currently building 26 reactors 5-6 year build times $10bn per reactor China spent the last 10 years building out its nuclear supply chain China plans to approve 8-10 reactors per year China will have the largest nuclear program by 2030
Slide 8: Data Centres And Hyperscalers Driving Demand
Data Centres And Hyperscalers Driving Demand Uranium is becoming the digital fuel – 24/7 Availability and low carbon Amazon, Google, Microsoft, Meta and Nvidia all committing to nuclear The narrative has switched from ESG compliance to energy necessity and enabler of technological advancement 20 yea
Slide 9: Improving Availability of Funding for Nuclear
Improving Availability of Funding for Nuclear World Bank includes nuclear in its energy 14 Major banks support the tripling of policy nuclear Asia Development Bank (ADP) reviewing ADP position could be pivotal in Asia, its stance on nuclear where coal is still dominant Entry of private equity - Hink
Slide 10: The Growing Supply Shortfall
The Growing Supply Shortfall Apart from the Kazakh projects over the Supply side underinvestment since past 2 years, the last new mine to be built Fukushima being felt was Husab in 2017 A number of restarts have been announced, UxC estimates a cumulative shortfall of but many are seeing challenges 2
Slide 11: Geopolitics Plays a Major Role in Nuclear
Geopolitics Plays a Major Role in Nuclear The Russian Invasion Completely Changed the Nuclear Fuel Chain Risks Russia dominates the conversion and enrichment parts of the nuclear fuel chain A significant supplier of enriched fuel into the US and EU, even today However, the US has imposed a total ban
Slide 12: Spot versus Term Market
Spot versus Term Market Historically influenced by inventories 1950-1990 commercial supply exceeded commercial demand Led to significant inventory build up It has taken until 2023 to soak up the excess inventories Today we see a very tight and volatile spot market
Slide 13: Yellow Cake Well Positioned to Benefit from Market Trends
Yellow Cake Well Positioned to Benefit from Market Trends Global demand is increasing due to: • Aggressive nuclear plant build programs, particularly in Asia; • Reactor life extensions; and • Small modular reactor developments • Rapidly increasing AI-driven energy demand The supply side is challenge
Slide 14: Thank You
Thank You