REG - Yellow Cake PLC - Interim Financial Report
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RNS Number : 1809K Yellow Cake PLC 04 December 2025
4 December 2025
Yellow Cake plc ("Yellow Cake", the "Company" or "Group")
Unaudited Consolidated Interim Financial Report for the six-month period ended
30 September 2025
Yellow Cake, a specialist Group operating in the uranium sector, holding
physical uranium ("U(3)O(8)") 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").
Highlights
· 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 (#_ftn1) on 31 March 2025 to
USD82.00/lb 2 (#_ftn2) on 30 September 2025.
· Increase in net asset value from USD1,414.4 million 3 (#_ftn3)
as at 31 March 2025 to USD1,957.1 million 4 (#_ftn4) as at 30 September
2025. Increase in net asset value per share from GBP5.05 per share (USD6.52
per share) 5 (#_ftn5) as at 31 March 2025 to GBP6.06 per share (USD8.16 per
share) 6 (#_ftn6) as at 30 September 2025.
· Profit after tax for the half-year of USD373.3 million (30
September 2024: loss of USD87.6 million).
· 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").
· 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 U(3)O(8) 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 U(3)O(8). Additional
funds raised in the Placing will be used for additional strategic and
opportunistic U(3)O(8) purchases.
· All U(3)O(8) to which the Group has title and has paid for is
held at the Cameco storage facility in Canada and the Orano storage facility
in France.
· The Group's estimated proforma net asset value on 28 November
2025 7 (#_ftn7) was GBP5.74 per share or USD1,824.8 million, based on
23,014,230 lb of U(3)O(8) valued at a spot price of USD75.85/lb 8 (#_ftn8)
and cash and other net current assets of USD179.2 million as at 30 September
2025 less a cash consideration of USD100.0 million to be paid to Kazatomprom
following delivery of 1.33 million lb of U(3)O(8) in H1 2026.
Group Estimated Proforma Net Asset Value as at 28 November 2025
Units
Uranium Holdings
Uranium oxide in concentrates ("U(3)O(8)") (A) lb 23,014,230
U(3)O(8) fair value per pound((8)) (B) USD/lb 75.85
U(3)O(8) fair value (A) x (B) = (C) USD m 1,745.6
Cash and other net current assets(() 9 (#_ftn9) ()) (D) USD m 79.2
Net asset value in USD m (C) + (D) = (E) USD m 1,824.8
Exchange rate(( 10 (#_ftn10) )) (F) USD/GBP 1.3252
Net asset value in GBP million (E) / (F) = (G) GBP m 1,377.0
Shares in issue less shares held in treasury(() 11 (#_ftn11) ()) (H) 239,840,424
Net asset value per share (G) / (H) GBP/share 5.74
Andre Liebenberg, CEO of Yellow Cake, said:
"Global momentum behind nuclear energy continues to build, with governments,
investors and industry increasingly aligned on its strategic importance. This
was highlighted last week with the publication of the UK Nuclear Regulatory
Taskforce Report, following which the UK Government reaffirmed its commitment
to a large-scale roll-out of nuclear energy - a pattern we are seeing across
the globe. Nuclear is moving from ambition to implementation.
"At the same time, uranium supply remains structurally constrained. Primary
production continues to lag annual demand, new mines are slow and costly to
bring online, and recent downgrades from major producers highlight the
challenges of expanding supply at pace. With utilities returning to long-term
contracting and policy support accelerating, we see a clear and durable trend
toward tighter markets and stronger price signals. Long-term fundamentals
therefore remain compelling, with growing reactor deployment, accelerating
policy support and sustained demand forecasts. We believe our share price does
not fully reflect this opportunity and we continue to monitor how it trades on
a relative basis to our NAV.
"Against this backdrop, Yellow Cake remains strongly positioned to offer
investors secure, direct exposure to a commodity entering what is anticipated
to be a new phase of sustained, long-term growth."
ENQUIRIES:
Yellow Cake plc
Andre Liebenberg, CEO Carole Whittall, CFO
Tel: +44 (0) 153 488 5200
Nominated Adviser and Joint Broker: Canaccord Genuity Limited
Henry Fitzgerald-O'Connor James Asensio
Charlie Hammond
Tel: +44 (0) 207 523 8000
Joint Broker: Berenberg
Matthew Armitt Jennifer Lee
Detlir Elezi
Tel: +44 (0) 203 207 7800
Financial Adviser: Bacchus Capital Advisers
Peter Bacchus Richard Allan
Tel: +44 (0) 203 848 1640
Communications Adviser: Sodali & Co
Peter Ogden James Whitaker
Tel: +44 (0) 7793 858 211
ABOUT YELLOW CAKE
Yellow Cake is a London-quoted company, headquartered in Jersey, which offers
exposure to the uranium spot price. This is achieved through its strategy of
buying and holding physical triuranium octoxide ("U(3)O(8)"). It may also seek
to add value through other uranium-related activities. Yellow Cake and its
wholly owned subsidiary (together, the "Group") seek to generate returns for
shareholders through the appreciation of the value of its holding of U(3)O(8)
and its other uranium-related activities in a rising uranium price
environment. The business is differentiated from its peers by its ten-year
Framework Agreement for the supply of U(3)O(8) with Kazatomprom, the world's
largest uranium producer. The Group currently holds 21.68 million pounds of
U(3)O(8), all of which is held in storage in Canada and France.
FORWARD LOOKING STATEMENTS
Certain statements contained herein are forward looking statements and are
based on current expectations, estimates and projections about the potential
returns of the Group and the industry and markets in which the Group will
operate, the Directors' beliefs and assumptions made by the Directors. Words
such as "expects", "anticipates", "should", "intends", "plans", "believes",
"seeks", "estimates", "projects", "pipeline", "aims", "may", "targets",
"would", "could" and variations of such words and similar expressions are
intended to identify such forward looking statements and expectations. These
statements are not guarantees of future performance or the ability to identify
and consummate investments and involve certain risks, uncertainties and
assumptions that are difficult to predict, qualify or quantify. Therefore,
actual outcomes and results may differ materially from what is expressed in
such forward looking statements or expectations. Among the factors that could
cause actual results to differ materially are: uranium price volatility,
difficulty in sourcing opportunities to buy or sell U(3)O(8), foreign exchange
rates, changes in political and economic conditions, competition from other
energy sources, nuclear accident, loss of key personnel or termination of the
services agreement with 308 Services Limited, changes in the legal or
regulatory environment, insolvency of counterparties to the Group's material
contracts or breach of such material contracts by such counterparties. These
forward-looking statements speak only as at the date of this announcement. The
Group expressly disclaims any obligation or undertaking to disseminate any
updates or revisions to any forward looking statements contained herein to
reflect any change in the Group's expectations with regard thereto or any
change in events, conditions or circumstances on which any such statements are
based unless required to do so by applicable law or the AIM Rules.
Chief Executive's Statement
The remarkable momentum behind nuclear energy that has continued to build over
the past year has made it increasingly clear that nuclear can no longer be
considered as merely a "clean energy option." It is a strategic asset that is
indispensable to enable energy security and resiliency, facilitate industrial
growth and achieve global climate goals.
Industry forecasts indicate long-term growth in global nuclear generating
capacity driven by the need for energy to meet global population growth and
development, urbanisation and the growing demands of AI, hyperscale data
centres and the electrification of transport and industry.
Nuclear deployment is accelerating worldwide in both established and new
nuclear jurisdictions to meet this demand, together with life of reactor
extensions, capacity upratings of existing reactors, as well as the restarting
of reactors previously scheduled for decommissioning. Small modular reactors
are starting to show the potential to be a meaningful portion of new capacity.
With current global uranium production lagging behind annual demand, fuelling
the growth in nuclear energy capacity will be challenging. Developing new
mines is costly and complex, and can take over a decade to reach production.
The world's two largest uranium producers, Cameco and Kazatomprom, announced
reduced forecasts for 2025 and 2026 production respectively during the
half-year. The causes of these reductions (which include ground freezing,
labour and equipment availability, sulfuric acid shortages, other procurement
and supply chain issues, transportation challenges and construction delays)
highlight the difficulties inherent in mining uranium and the complexity of
rapidly increasing production to meet existing and anticipated demand.
The high levels of uncertainty around tariffs, sanctions on Russian-sourced
nuclear fuel and the progress of nuclear power expansion plans over the past
few years saw nuclear utilities holding off on long-term contracting. In the
second quarter of the half-year, nuclear utilities returned to the market to
secure multi-year coverage, supporting longer-term uranium prices, although
these remain well below levels needed to incentivise greenfield uranium
production. Without clear, sustained commercial signals and capital to support
additional capacity, the tightness in the fuel markets is likely to persist.
Positive shifts in government policy and increased investor demand
The past six months have seen an increasing convergence of policy, capital and
industrial demand that is aligning governments, financiers and industry with
significant positive consequences for nuclear energy and the uranium supply
chain. These include strong policy support for nuclear industry growth and
uranium production, most notably in the US (as discussed in further detail
below).
The uranium market saw strong transactional activity in the second quarter,
including Yellow Cake's exercise of its 2025 option with Kazatomprom and
Sprott Physical Uranium Trust's ("SPUT") acquisition of 4.4 million lb of
uranium. Significant new equity raised by uranium sector companies since July
2025 reflects strong investor interest and confidence in future nuclear
expansion.
The increasing demand/supply imbalance and activity in the uranium market
reflected in the 27% increase in the spot price in the half-year to
USD82.00/lb at 30 September 2025. 3-year and 5-year forward prices increased
by 14% and 13% respectively, while the Long-Term price increased by USD2/lb to
USD82/lb. 12 (#_ftn12)
We believe that the supply-demand imbalance is set to intensify and, while
short-term volatility may persist, the long-term fundamentals signal higher
prices, driven by utilities' rising purchases alongside nuclear's role in
decarbonisation and energy security. Yellow Cake continues to be very
well‐positioned to benefit from this thematic trend.
Global Uranium Market
The global uranium spot market showed notable strength in the first quarter
before becoming more volatile in the second quarter. The UxC daily price rose
from USD64.45/lb at the end of March to USD78.50/lb at the end of June, partly
attributable to the purchase by SPUT of 1.45 million lb of U₃O₈ in June.
In the second quarter, the spot price fluctuated below June levels in July and
August before rising to USD82.00 at the end of September to close the
half-year with an increase of 27.2%.
UxC reported spot market transactions during the first nine months of 2025
totalled 41.7 million lb of U(3)O(8) 13 (#_ftn13) compared to 35.0 million lb
of U(3)O(8) during the same period in 2024. 14 (#_ftn14)
The longer‐term price indicators followed a similar pattern over the period,
although with less volatility. The 3-year forward price rose from USD79.00/lb
to USD89.50/lb in the first quarter and then traded below June levels to
recover to USD90.00/lb at the end of September.
The 5-year forward price rose 11% from USD87.00/lb to USD97.00/lb in the first
quarter, ending the half-year at USD98.00/lb.
The Long‐Term Price, which has traded around USD80.00/lb for more than a
year as utilities remained cautious in the face of policy uncertainty and
evolving nuclear development programmes, strengthened to USD82.00/lb at the
end of September. Subsequent to the reporting period, at the end of November,
the UxC daily spot price had weakened to USD75.85/lb, while the 3-year and
5-year forward prices strengthened to USD92.00/lb and USD99.00/lb and the term
price strengthened to USD86.00/lb.
The US Department of Energy's Energy Information Administration's ("EIA")
annual summary of nuclear fuel statistics for the US nuclear utility sector to
31 December 2024 showed utilities purchased a total of 55.9 million lb of
U(3)O(8) during 2024 at a weighted average price of USD52.71/lb. Canada
provided the largest share (36%), followed by Kazakhstan (24%) and Australia
(17%). Over the nine‐year period from 2026 to 2034, US nuclear utilities
report maximum anticipated uranium requirements totalling 360.9 million lb, of
which unfilled (yet‐to‐be contracted) uranium requirements aggregate 182.3
million lb (51%). 15 (#_ftn15)
The Euratom Supply Agency's 2024 annual report, issued September 2025, noted
that EU utilities purchased 36.4 million lb of natural uranium, with 85% of
deliveries coming from Canada (34%), Kazakhstan (24%), Australia (11%), and
Russia (16%). Notably, 92% of uranium supplied to the EU was sourced under
multi-year contracts, with the remainder procured on the spot market. As of
year-end 2024, EU uranium inventories stood at 103.7 million lb (an increase
of 6% year-on-year) equivalent to more than three years of reload requirements
(averaging 30.5 million lb/year). Assuming minimum/maximum contractual
coverage rates, EU utilities indicated the following ranges of uranium forward
coverage: 2026 (74-96%), 2027 (75-91%), 2028 (65-81%), 2029 (73-94%), 2030
(65-83%), 2031 (70-88%), 2032 (64-78%) and 2033 (36-45%). 16 (#_ftn16)
Nuclear Generation / Uranium Demand
The half-year saw the release of a number of industry reports that indicate
strong growth expectations in nuclear power generation over the coming
decades.
The International Atomic Energy Agency's ("IAEA") 2025 projections of nuclear
power capacity through 2050 marks the fifth consecutive year that the agency
has increased its annual outlook. The IAEA did not revise its outlook upwards
after the Fukushima nuclear accident in March 2011 until 2021.
Under the 'High Case' scenario of the IAEA's projections, global nuclear power
capacity will more than double from its 2024 level by 2050, increasing from
377 GWe to 992 GWe. The 'Low Case' scenario shows global nuclear power
capacity reaching 561 GWe by 2050, an increase of 50% from 2024. Small Modular
Reactors ("SMRs") are expected to account for 24% of the new capacity added
under the High Case and 5% under the Low Case. 17 (#_ftn17)
In September, the World Nuclear Association ("WNA") released the latest
edition of its biennial nuclear fuel market assessment, which provides
installed nuclear generating capacity projections under three scenarios:
'Reference', 'Upper' and 'Lower'. 18 (#_ftn18)
· Under the Reference Scenario, nuclear capacity is projected to
almost double from current levels to 746.1 GWe by 2040, with associated
uranium requirements of approximately 391 million lb.
· The Lower Scenario envisions nuclear capacity rising by nearly
50% by 2040 to 551.9 GWe, requiring 279 million lb of uranium in that year.
· The Upper Scenario projects global nuclear power capacity
increasing by a factor of 2.5, reaching 965.6 GWe by 2040, with annual uranium
requirements totalling 532 million lb.
Government support for nuclear energy continues to strengthen
In May 2025, US President Donald Trump issued a series of Executive Orders
aimed at advancing nuclear energy. Key objectives include increasing US
nuclear generation capacity from 100 GW to 400 GW by 2050, supporting 5 GW of
uprates in the current fleet, streamlining regulatory processes at the US
Nuclear Regulatory Commission, signing 20 new "123 Agreements" with
international partners, and initiating construction of 10 new reactors by
2030. 19 (#_ftn19)
In June, the US Department of Energy ("DOE") announced the start of a new
pilot programme to accelerate the development of advanced nuclear reactors and
strengthen domestic supply chains for nuclear fuel. 20 (#_ftn20) In September
2025, President Trump issued an executive order exempting uranium and a basket
of other critical minerals from country-based global tariffs. 21 (#_ftn21)
On 12 August 2025, the DOE announced the start of its 'New Reactor Pilot
Program', which will initially engage eleven advanced reactor projects. The
programme aims to move these technologies towards deployment, with the
objective that at least three test reactors (sited outside national
laboratories) achieve operation and criticality by 4 July 2026. 22 (#_ftn22)
On 6 November 2025, the US government added uranium to its list of critical
minerals, signalling policy support for domestic uranium mining and and
strengthening of the nuclear fuel supply chain. 23 (#_ftn23)
On 28 October 2025, Cameco and Brookfield announced a strategic partnership
with the US Department of Commerce and the US Government to accelerate the
deployment of Westinghouse Electric Company's AP1000 reactor technology. The
agreement states that at least USD80 billion will be invested in new builds
across the US, signalling strong policy support and private-public capital
collaboration for nuclear expansion. 24 (#_ftn24)
In a landmark policy shift in June 2025, the World Bank lifted its
longstanding ban on nuclear energy financing, citing projected global
electricity demand that is expected to double by 2035. To meet this demand,
the World Bank estimates annual investment in energy generation, transmission
and storage must rise from USD280 billion to USD630 billion. 25 (#_ftn25)
Increasing investor interest
In June 2025, SPUT raised USD200 million in a bought deal and re-entered the
spot market to acquire 1.36 million lb of U₃O₈ that month. SPUT materially
accelerated its physical uranium purchases over the following months,
acquiring a total of approximately 5.8 million lb of U₃O₈ from the start
of June 2025 to the end of September 2025, and a further 1.8 million lb to 3
November 2025. 26 (#_ftn26)
Since July 2025, a significant amount of new equity has been raised by
uranium-sector companies, driven mainly by North American developers and
explorers. Most notably, NexGen Energy Limited raised CAD950 million in
October 2025 through a dual market equity raise in North America and Australia
to fund its 'Rook I' uranium project. 27 (#_ftn27) Also in October 2025,
Uranium Energy Corp raised over USD200 million to expand its refining and
conversion capacity in the US. 28 (#_ftn28) Several other Canadian junior
uranium companies, including CanAlaska Uranium, F3 Uranium, Stallion Uranium,
Purepoint Uranium, Lotus Resources and Laramide Resources, also announced
modest equity raises over the half-year to fund exploration and project
development.
Growth continues in the global nuclear fleet
In April 2025, China's State Council approved the construction of a total of
ten new nuclear reactors at five sites. These included eight
indigenous-designed Hualong One units (HPR1000). China General Nuclear ("CGN")
received approval for Phase II (units 3 and 4) of its Taishan Nuclear Power
Plant ("NPP") (Guangdong province) as well as Phase III (units 5 and 6) at its
Fangchenggang NPP (Guangxi Autonomous Region) while China National Nuclear
Corporation ("CNNC") received approval for Phase III (units 5 and 6) at its
Sanmen NPP (Zhejiang province) and two units at the Xiapu NPP (Fujian
province). In addition, the State Power Investment Corporation will build two
CAP1000 reactors (units 5 and 6) at the Haiyang NPP (Shandong province). 29
(#_ftn29)
India's commercial nuclear power programme continues to advance towards its
stated goal of 100 GWe by 2047. In April 2024, the Consultative Committee of
India's Ministry of Power reviewed India's nuclear expansion plans, noting
that the country currently has 25 operable reactors with a total installed
capacity of 8.9 GW providing about 3% of national electricity generation. A
further eight reactors (6.6 GW) are under construction while ten reactors (7.0
GW) are in pre-development. Looking ahead, the government has outlined an
ambition to expand nuclear capacity roughly tenfold by 2047, supported in part
by policy measures that enable greater private-sector involvement in
manufacturing, financing and project partnerships. 30 (#_ftn30) (, 31
(#_ftn31) )
Vietnam revised its national power plan to increase installed electricity
generating capacity from the current 80 GW to 183-236 GW by 2030 for an
estimated investment of USD136 billion. The expansion plan calls for nuclear
power to play an increasing role from 2030-2035 with up to 6.4 GW installed by
2035 and a further 8 GW planned by 2050. 32 (#_ftn32)
Taiwan continues to assess the option of restarting nuclear reactors which
were shut down as part of an earlier policy to exit nuclear power following
the Fukushima nuclear accident in Japan. Taiwan's Environment Minister, Peng
Chi-ming, stated that broad public consensus would be required before
restarting the reactors, recognising the technical challenges to such a
restart programme coupled with the estimated cost which could require several
billion US dollars to extend the operational life of a single nuclear
unit. 33 (#_ftn33)
Taiwan's Legislative Yuan passed a proposal to hold a national referendum on
restarting the recently shuttered Maanshan NPP. Maanshan-2, the country's last
operating reactor, was shut down on 17 May under a 2016 law requiring the
phase-out of nuclear power based upon the expiration of each reactor's 40-year
operating license. Furthermore, the Taiwanese Parliament has reviewed
legislation which would allow decommissioned reactors to re-enter operation
and extend operating licenses by up to 20 years. 34 (#_ftn34)
Uzbekistan began construction of its multi-reactor project located in the
Jizzakh region. The project incorporates six 55 MW reactors (330 MW total) to
be provided by Russian nuclear company Rosatom, as an element of Uzbekistan's
renewable energy programme, which aims to increase the share of renewable
energy from the current 16% to 54% by 2030. 35 (#_ftn35)
Denmark is considering lifting its 1985 ban on nuclear power to reduce its
dependence on natural gas imported from Russia and to meet the demand for
stable, affordable and environmentally friendly energy. 36 (#_ftn36)
In the US, the Tennessee Valley Authority ("TVA") submitted its application in
June 2025 for a construction permit to build the country's first SMR at the
Clinch River Nuclear Site in Tennessee. The design incorporates the BWRX-300
technology developed by GE Hitachi, in collaboration with TVA and
international utility partners. Pending regulatory review and licensing, TVA
is targeting commissioning of the unit by 2032, positioning the project as a
potential model for future SMR deployment in the US. 37 (#_ftn37)
New York Governor, Kathy Hochul, directed the state public electricity
utility, New York Power Authority ("NYPA"), to develop at least one new
nuclear energy facility with a combined capacity of no less than one gigawatt
of electricity. The proposed NPP is to be sited in northern New York state.
NYPA will evaluate technologies, business models and locations for the first
NPP immediately. Currently, New York receives 21.4% of its electricity from
four NPPs (two-unit Nine Mile Point, Ginna and Fitzpatrick). 38 (#_ftn38)
In May 2025, Belgium's Chamber of Representatives (Parliament) voted
overwhelmingly (102 in favour, 8 opposed, 31 abstentions) to reverse a 2003
law mandating a nuclear phase-out by 2025. This follows the March 2022
decision to delay the shutdown of the country's two newest reactors, Doel 4
and Tihange 3, by 10 years (to 2035). Belgium's first commercial nuclear power
reactor began operation in 1974 and its four currently operable reactors have
a combined capacity of 3,463 MWe. 39 (#_ftn39)
Uganda's Minister of Energy and Mineral Development announced that the country
plans to have the proposed Buyende NPP operating by 2031. Korea Hydro and
Nuclear Power recently signed an agreement to conduct a site evaluation of the
Buyende NPP project. Uganda's long-term electricity goal involves the
development of 52.5 GW of generating capacity including an initial 1 GW from
Buyende NPP by 2031, with a long-term nuclear target of 8.4 GW. 40 (#_ftn40)
Indonesia plans for its first NPP to begin operation in the early-to-mid 2030s
as part of the national strategy to diversify its energy sources. 41
(#_ftn41) Consultation material released during 2025 indicates that the state
electricity company PLN is assessing nuclear capacity of up to 7 GWe as part
of Indonesia's long-term power planning, consistent with the country's broader
2060 net-zero modelling scenarios. 42 (#_ftn42)
Argentina announced that it had developed an indigenous SMR (ACR-300
multipurpose reactor; 300 MW) which forms a cornerstone of Argentina's Nuclear
Power Plan. The South American country plans to initiate construction of a
four-module facility at the existing Atucha NPP as well as licensing the
design for export sales. 43 (#_ftn43)
The UK government approved the development of the proposed Sizewell C nuclear
power project, sited at Suffolk, England. The twin European Pressurised
Reactor (3.2 GWe) will be built by the French state‐owned nuclear utility
group Electricité de France ("EDF") which could cost approximately GBP40
billion. The UK government will be the largest equity shareholder (44.9%)
followed by the Canadian investment fund La Caisse (20%), the British energy
and services company Centrica (15%), EDF (12.5%) with the remaining 7.6% being
taken by Amber Infrastructure. Commercial operation of the facility is
expected by the mid‐to‐late 2030s. 44 (#_ftn44)
Kazakhstan, the world's largest uranium producer, has selected Russian nuclear
energy company, Rosatom, to supply the country's first NPP which will be a
VVER-1200 model. China's CNNC has been selected to provide Kazakhstan's second
NPP. Kazakhstan Nuclear Power Plant, a subsidiary of Kazakhstan's
Samruk-Kazyna National Welfare Fund JSC, will oversee the nuclear power
development. 45 (#_ftn45)
Iran's news agency, IRNA, announced that Russia's Rosatom has executed an
agreement to develop four nuclear reactors (5 GWe total) in the Sirik region
of the southeast province of Hormozgan. The USD25 billion programme supports
Iran's plan to expand its current nuclear capacity - currently consisting of a
single Russian‐designed reactor at Bushehr - up to 20 GWe by 2040. The two
countries also signed a memorandum of understanding for the future
construction of SMRs. 46 (#_ftn46)
Ethiopia signed an agreement with Rosatom for the planning and construction of
a nuclear power plant. The agreement calls for the preparation of a detailed
construction plan and an intergovernmental agreement to proceed with the
project. 47 (#_ftn47)
Rosatom Director General Alexey Likhachev announced during the IAEA General
Conference in September 2025 that Russia plans to construct an additional 38
nuclear reactors, which would double installed nuclear capacity in the
country. Russia's existing nuclear reactor fleet consists of 36 operating
units, with five under construction. The Kremlin is targeting nuclear
generation to eventually represent 25% of total electricity capacity, up from
the current 20%. 48 (#_ftn48)
The Government of Croatia is evaluating the construction of at least three
nuclear power plants consisting of multiple SMRs. The government announced in
February 2025 that its Ministry of the Economy had established a Working Group
for Nuclear Energy to evaluate options for nuclear power in the country.
Croatia currently has no nuclear facilities, but receives 16% of its
electricity from the Krško nuclear power plant in Slovenia. 49 (#_ftn49)
Swedish utility Vattenfall announced that its shortlist of potential SMR
vendors included Rolls‐Royce SMR and GE Vernova. The selection process began
with 75 potential suppliers which were narrowed down to four during autumn
2024 and now two have been chosen to move forward in the process. Vattenfall
plans to construct the SMR project on the Varo Peninsula and, if successful,
locate additional reactors where the Ringhals 1 and 2 reactors are currently
located. 50 (#_ftn50)
The Malaysian government has initiated a feasibility study to assess nuclear
energy as "one of the clean, stable and competitive electricity sources in the
country's future energy mix." The study was commissioned subsequent to the
tabling of the 13th Malaysian Plan (2026‐2030) on 31 July 2025. MyPOWER
Corporation, under the auspices of the Ministry of Energy Transition and Water
Transformation, will oversee implementation of the feasibility evaluation in
accordance with guidelines recommended by the IAEA. 51 (#_ftn51)
Uranium/Nuclear Fuel Supply
According to UxC, total worldwide output of U(3)O(8) in calendar year 2024
reached 157 million lb as compared to the 2023 aggregate production of 142
million lb, an increase of 11% year-on-year. Kazakhstan remained the leading
producing country at 60.5 million lb, representing 38.6% of global aggregate
output, followed by Canada where production from the Cigar Lake and McArthur
River operations totalled 37.2 million lb (23.7% of global aggregate output).
Uranium production in Namibia registered 19.1 million lb, an increase of 5%
over 2023, representing 12.2% of global output. Australia was the fourth
leading uranium producer, recording 12.0 million lb, a decrease of 1% from the
previous year, representing 7.7% of global aggregate output. Uzbekistan's
uranium operations yielded 10.4 million lb, representing 6.6% of global
aggregate output. As a result, the five leading uranium producing countries
contributed just under 90% of global aggregate output in calendar year 2024,
emphasising the significant level of concentration in the uranium production
sector. 52 (#_ftn52)
The government of Niger announced plans to nationalise the French-owned share
of the Somair Uranium Mine in June 2025. The military junta, which seized
power in a coup in July 2023, took operational control of the mine in December
2024. This action, according to the French nuclear fuel cycle company Orano,
the majority‐owner of the facility, threatened to result in Somair's
bankruptcy. Somair's production and exports were disrupted in 2024 and by
year‐end, Niger was blocking exports and Orano reported the loss of
operational control. 53 (#_ftn53) (,) 54 (#_ftn54)
Russia continues to tighten its control of uranium mining in Niger. The two
governments executed a memorandum of cooperation in late July 2025 which
covered the construction of a nuclear reactor in Niger as well as other
nuclear infrastructure including research reactors, as well as fuel supply.
The Russian agreement was executed amidst the growing nationalisation policies
of the Alliance of Sahel States which comprises Mali, Burkina Faso and Niger.
Subsequent to the military coup of July 2023, the Niger government has
effectively severed relationship with Orano, and moved closer to Russia. 55
(#_ftn55)
Cameco released its second quarter 2025 results at the end of July 2025. In Q2
2025, total uranium production was 4.6 million lb (Cameco's share; 7.1 million
lb in Q2 2024), largely reflecting the annual maintenance shutdown at the Key
Lake mill, which in 2025 was scheduled in Q2 rather than Q3 2024. In an update
on 28 August 2025, Cameco revised its outlook for McArthur River/Key Lake from
18 million lb to 14‐15 million lb (100% basis; 9.8‐10.5 million lb
Cameco's share), citing development delays related to ground freezing, access
to new mining areas and labour and equipment availability. Meanwhile, Cigar
Lake is still expected to produce approximately 18 million lb (100% basis;
Cameco's share approximately 9.8 million lb) in 2025, with upside potential of
around 1 million lb (100% basis) to offset part of the McArthur River/Key Lake
shortfall. Deliveries from JV Inkai, including approximately 900,000 lb of
Cameco's remaining 2024 allocation plus most of the 2025 allocation, are
expected during the second half of 2025; however, Cameco notes that Inkai
deliveries remain subject to ongoing transportation, supply‐chain and
regulatory risks that could affect timing. 56 (#_ftn56) (,) 57 (#_ftn57)
Cameco's third quarter 2025 results released in November showed Q3 2025
production at 4.4 million lb (Cameco's share; 4.3 million lb in Q3 2024). The
results reiterated the revised production outlook for McArthur River/Key Lake
and Cigar Lake, as well as the ongoing risks to JV Inkai's production target,
which include the availability of sulfuric acid, other procurement and supply
chain issues, transportation challenges, construction delays and inflationary
pressures on production costs. 58 (#_ftn58)
Kazatomprom's 2025 Q2 Operations and Trading Update was released on 1 August
2025. Kazatomprom reported an increase in quarterly uranium output at 17.2
million lb (15.0 million lb in Q2 2024). Aggregate production for the first
six months of 2025 totalled 31.8 million lb, representing a 13% increase over
aggregate production in the first six months of 2024 (28.2 million lb).
Kazatomprom maintained its previous guidance for 2025 output at 65 to 69
million lb. Earlier in July 2025, Kazatomprom announced the initiation of
operations of a new processing plant at the South Tortkuduk project (with
expected annual capacity of 5.2 million lb). 59 (#_ftn59)
Kazatomprom distributed an updated Investor Handout in early September 2025
setting out the company's near‐term production plans. Kazatomprom expects
2025 production to total approximately 65 to 69 million lb (100% basis) while
2026 output is targeted at 77.2 million lb, a reduction of 8.0 million lb from
previous forecasts "reflecting current market developments." Kazatomprom's
latest Long‐term Supply/Demand outlook concludes the "new potential
production is not sufficient to cover demand post‐2030." 60 (#_ftn60)
In its Q3 2025 Operations and Trading Update, released in November 2025,
Kazatomprom reported quarterly production of 16.8 million lb compared to 15.3
million lb in Q3 2024. Production for the nine months to 30 September 2025
increased to 48.6 million lb, an increase of 12% on the 43.6 million lb
produced in the nine months to 30 September 2024. Production guidance for 2025
remained unchanged at 65 to 69 million lb. 61 (#_ftn61)
Market Outlook
While geopolitical factors continue to contribute to market uncertainty, a
range of reputable industry forecasts point to strong growth in global nuclear
capacity in the context of ongoing primary uranium supply challenges and
continued declines in secondary uranium supplies. The past six months have
seen positive shifts in government policy to support nuclear industry growth
and uranium production, most notably in the US, as well as ambitious nuclear
power plant construction plans in many countries and increasing investor
interest.
Despite positive moves in longer term uranium prices over the half-year as
utilities look to secure multi‐year uranium coverage, prices remain below
those required to incentivise greenfield uranium production.
Yellow Cake expects the spot market price to remain volatile but trend upward
over time. Continuing uranium acquisitions by a broad range of buyers,
including utilities, primary producers, inventory sequesters, as well as
nuclear fuel trading and financial entities, are likely to be the principal
near‐term market drivers.
Andre Liebenberg
Chief Executive Officer
Chief Financial Officer's Report
Highlights
• Increase in the value of the Group's uranium holdings by 27.2%
from USD1,397.4 million(( 62 (#_ftn62) )) to USD1,778.0 million 63
(#_ftn63) , reflecting a corresponding increase in the U(3)O(8) spot price
across the half-year.
• Profit after tax for the half-year of USD373.3 million (30
September 2024: loss of USD87.6 million).
Uranium purchase
On 29 September 2025, Yellow Cake successfully completed an oversubscribed
share placing of approximately 23 million shares, which raised gross proceeds
of approximately GBP129.6 million (equivalent to approximately USD174.2
million) (the "Placing").
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 U(3)O(8) 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 U(3)O(8). Additional funds raised in the
Placing will be used for additional strategic and opportunistic U(3)O(8)
purchases, as well as working capital.
Uranium-related gains and losses
The Group made a total uranium gain of USD380.5 million in the half-year to 30
September 2025 (30 September 2024: loss of USD81.0 million).
Operating performance
The Group delivered a profit after tax for the half-year of USD373.3 million
(30 September 2024: loss of USD87.6 million).
Expenses for the half-year were USD7.6 million (30 September 2024: USD8.2
million) and comprised:
· USD7.3 million in expenses of a recurring nature (30 September
2024: USD7.5 million) comprising the following:
o Procurement and market consultancy fees (holding fees) paid to 308 Services
Limited of USD2.2 million (30 September 2024: USD2.5 million), with the
year-on-year decrease in fees resulting from the decrease in the underlying
value of uranium held compared to the prior period (detailed in note 8); and
o Storage and other expenses of USD5.2 million (30 September 2024: USD5.0
million).
· USD0.2 million in costs related to Yellow Cake's Placing (30
September 2024: nil).
Expenses for the half-year to 30 September 2024 included USD0.8 million in
commissions payable to 308 Services Limited in relation to the purchase by the
Group of U(3)O(8). There were no commissions paid to 308 Services Limited in
the half-year to 30 September 2025.
The Group's Management Expense Ratio for the half-year (total operating
expenses of a recurring nature, excluding commissions and equity offering
expenses, expressed as an annualised percentage of average daily net asset
value during the period) was 0.95% (30 September 2024: 0.80%).
Statement of financial position and cash flow
The value of the Group's investment in U(3)O(8) increased by 27.2% during the
half-year from USD1,397.4 million as at 31 March 2025 to USD1,778.0 million
as at 30 September 2025, as a result of the corresponding increase in the
uranium price from USD64.45/lb(( 64 (#_ftn64) )) to USD82.00/lb(( 65
(#_ftn65) )).
As at 30 September 2025, the Group had cash and cash equivalents of
USD184.2 million (31 March 2025 USD20.0 million) of which USD100.0 million
is committed to the agreed purchase of 1.33 million lb of uranium under the
Framework Agreement with Kazatomprom.
The Company does not propose to declare a dividend for the period.
Net Asset Value
Net asset value during the half-year increased from USD1,414.4 million or
GBP5.05 per share 66 (#_ftn66) as at 31 March 2025 to USD1,957.1 million or
GBP6.06 per share 67 (#_ftn67) as at 30 September 2025. The Group's net asset
value on 30 September 2025 comprised 21.68 million lb of U(3)O(8), valued at
a spot price of USD82.00/lb 68 (#_ftn68) , and cash and other net current
assets of USD179.2 million 69 (#_ftn69) (31 March 2025: comprised 21.68
million lb of U(3)O(8), valued at a spot price of USD64.45/lb 70 (#_ftn70)
and cash and net current assets of USD17.0 million 71 (#_ftn71) ).
The Group's Net Asset Value
Units 30 September 31 March
2025
2025
Uranium Holdings
Uranium oxide in concentrates ("U(3)O(8)") (A) lb 21,682,318 21,682,318
U(3)O(8) fair value per pound (B) USD/lb 82.00 64.45
U(3)O(8) fair value (A) x (B) = (C) USD m 1,778.0 1,397.4
Cash and other net current assets (D) USD m 179.2 17.0
Net asset value in USD m (C) + (D) = (E) USD m 1,957.1 1,414.4
Exchange rate (( 72 (#_ftn72) )) (F) USD/GBP 1.3462 1.2910
Net asset value in GBP million (E) / (F) = (G) GBP m 1,453.8 1,095.6
Shares in issue less shares held in treasury (H) 239,840,424 216,856,447
Net asset value per share (G) / (H) GBP/share 6.06 5.05
Components rounded to one decimal; totals may not cast to the statutory
figure.
Carole Whittall
Chief Financial Officer
Independent Review Report to Yellow Cake Plc
Conclusion
We have been engaged by Yellow Cake plc ('the Group') to review the
consolidated financial statements of the Group in the interim financial report
for the six months ended 30 September 2025 which comprise the Consolidated
Statement of Financial Position, Consolidated Statement of Comprehensive
Income, Consolidated Statement of Changes in Equity, Consolidated Statement of
Cash Flows and the associated explanatory notes. We have read the other
information contained in the interim financial report and considered whether
it contains any apparent material misstatements of fact or material
inconsistencies with the information in the consolidated financial statements.
Based on our review, nothing has come to our attention that causes us to
believe that the consolidated financial statements in the interim financial
report for the six months ended 30 September 2025 is not prepared, in all
material respects, in accordance with International Accounting Standard 34,
"Interim Financial Reporting" as contained in UK-adopted International
Accounting Standards, and the AIM Rules for Companies.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410, "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" ('ISRE (UK) 2410') issued for use in
the UK. A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with
International Standards on Auditing (UK) and consequently does not enable us
to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in note 2, the annual financial statements of the Group are
prepared in accordance with UK-adopted International Accounting Standards. The
consolidated financial statements included in this interim financial report
has been prepared in accordance with International Accounting Standard 34,
"Interim Financial Reporting" as contained in UK-adopted International
Accounting Standards.
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for Conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410, however future events or conditions may cause the group to
cease to continue as a going concern.
Responsibilities of Directors
The interim financial report is the responsibility of, and has been approved
by, the directors. The directors are responsible for preparing the interim
financial report in accordance with International Accounting Standard 34,
"Interim Financial Reporting" as contained in UK-adopted International
Accounting Standards and the AIM Rules for Companies.
In preparing the interim financial report, the directors are responsible for
assessing the Group's ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis
of accounting unless the directors either intend to liquidate the Group or to
cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Review of the Financial Information
In reviewing the interim financial report, we are responsible for expressing
to the Group a conclusion on the consolidated set of financial statements in
the interim financial report. Our conclusions, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our report
This report is made solely to the Group in accordance with International
Standard on Review Engagements (UK) 2410 "Review of Interim Financial
Information performed by the Independent Auditor of the Entity". Our review
work has been undertaken so that we might state to the Group those matters we
are required to state to them in an independent review report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Group, for our review work, for this
report, or for the conclusions we have formed.
RSM UK Audit LLP
Chartered Accountants
25 Farringdon Street
London
EC4A 4AB
Date: 3 December 2025
Consolidated Statement of Financial Position
As at As at
30 September 2025 31 March 2025
(unaudited) (audited)
Notes USD '000 USD '000
ASSETS:
Non-current assets
Uranium holdings 3 1,777,950 1,397,426
Total non-current assets 1,777,950 1,397,426
Current assets
Receivables 247 391
Cash and cash equivalents 4 184,181 20,009
Total current assets 184,428 20,400
1,962,378 1,417,826
Total assets
LIABILITIES:
Current liabilities
Trade and other payables (5,262) (3,400)
Total current liabilities (5,262) (3,400)
Total liabilities (5,262) (3,400)
NET ASSETS 1,957,116 1,414,426
Equity
Attributable to the equity owners of the Group
Share capital 5 3,260 2,951
Share premium 5 950,292 781,233
Share-based payment reserve 6 198 144
Treasury shares 7 (14,061) (14,061)
Retained earnings 1,017,427 644,159
TOTAL EQUITY 1,957,116 1,414,426
Consolidated Statement of Comprehensive Income
1 April 2025 1 April 2024
to to
30 September 2025 30 September 2024
(unaudited) (unaudited)
Notes USD '000 USD '000
Uranium holding gains/(losses)
Fair value movement of uranium holdings 3 380,524 (81,008)
Total uranium gains/(losses) 380,524 (81,008)
Expenses
Storage and other operating expenses (5,164) (5,000)
Procurement and market consultancy fees 8 (2,153) (2,477)
Equity offering expenses 5 (226) -
Share based payments 6 (54) (14)
Commission on uranium transactions 8 - (750)
Total expenses (7,597) (8,241)
Bank interest income 333 1,628
Gain on foreign exchange 8 6
373,268 (87,615)
Profit/(Loss) before tax attributable to the equity owners of the Group
Tax expense - -
Total comprehensive profit/(loss) for the period after tax attributable to the 373,268 (87,615)
equity owners of the Group
Basic earnings/(loss) per share attributable to the equity owners of the Group 10 1.72 (0.40)
(USD)
Diluted earnings/(loss) per share attributable to the equity owners of the 10 1.72 (0.40)
Group (USD)
Consolidated Statement of Changes in Equity
Attributable to the equity owners of the
Group
Share
capital
Total
equity
Share premium Share Treasury Retained
based
Shares
earnings
payment
reserve
Notes USD '000 USD '000 USD'000 USD'000 USD '000 USD '000
As at 31 March 2024 (audited) 2,951 781,233 107 (14,061) 1,113,384 1,883,614
Total comprehensive (loss) after tax for the period - - - - (87,615) (87,615)
Transactions with owners:
Share-based payments 6 - - 14 - - 14
As at 30 September 2024 (unaudited) 2,951 781,233 121 (14,061) 1,025,769 1,796,013
Total comprehensive (loss) after tax for the period - - - - (381,610) (381,610)
Transactions with owners:
Share-based payments 6 - - 23 - - 23
As at 31 March 2025 (audited) 2,951 781,233 144 (14,061) 644,159 1,414,426
Total comprehensive income after tax for the period - - - - 373,268 373,268
Transactions with owners:
Shares issued 5 309 173,842 - - - 174,151
Share issue costs 5 - (4,783) - - - (4,783)
Share-based payments 6 - - 54 - - 54
As at 30 September 2025 (unaudited) 3,260 950,292 198 (14,061) 1,017,427 1,957,116
Consolidated Statement of Cash Flows
1 April 2025 1 April 2024
to to
30 September 2025 30 September 2024
(unaudited) (unaudited)
Notes USD '000 USD '000
Cash flows from operating activities
Profit/(Loss) after tax for the financial period 373,268 (87,615)
Adjustments for:
Change in fair value of uranium holdings 3 (380,524) 81,008
Share-based payments 6 54 14
Gain on foreign exchange (8) (6)
Interest income (333) (1,628)
Operating cash outflows before changes in working capital (7,543) (8,227)
Changes in working capital:
Decrease/(Increase) in receivables 144 (11)
Increase/(Decrease) in trade and other payables 1,846 (104)
Cash generated from/(used in) operating activities including changes in 1,990 (115)
working capital
Interest received 333 1,628
Net cash used in operating activities (5,220) (6,714)
Cash flows from investing activities
Purchase of uranium 3 - (100,000)
Net cash used in investing activities - (100,000)
Cash flows from financing activities
Proceeds from issue of shares 5 174,151 -
Issue costs paid 5 (4,783) -
Net cash generated from financing activities 169,368 -
Net increase/(decrease) in cash and cash equivalents during the period 164,148 (106,714)
Cash and cash equivalents at the beginning of the period 20,009 133,189
Effect of exchange rate changes 24 18
Cash and cash equivalents at the end of the period 184,181 26,493
Notes to the Consolidated Interim Financial Statements
For the period from 1 April 2025 to 30 September 2025
1. General information
Yellow Cake plc (the "Company") was incorporated in Jersey, Channel Islands on
18 January 2018. The Company is the holding company of YCA Commercial Ltd
("YCA Commercial") which was incorporated on 26 September 2023 in Jersey,
Channel Islands (together the "Group"). YCA Commercial is wholly owned by the
Company. The address of the registered office of the Group is 3rd Floor,
Gaspé House, 66-72 Esplanade, St. Helier, Jersey, JE1 2LH.
The Group operates in the uranium sector and was established to purchase and
hold U(3)O(8) and to add value through other uranium-related activities. The
strategy of the Group is to acquire long-term holdings of U(3)O(8) and not to
actively speculate with regards to short-term changes in the price of
U(3)O(8). In addition, the Group engages in uranium related commercial
activities such as location swaps and may enter into uranium lending
transactions.
The Company was admitted to list on the London Stock Exchange AIM market
("AIM") on 5 July 2018. On 22 June 2022, the Company's shares were admitted to
trading on the OTCQX, the highest tier of the US over-the-counter market.
2. Summary of significant accounting policies
Basis of preparation
The unaudited consolidated interim financial statements for the six months
ended 30 September 2025 have been prepared in accordance with International
Accounting Standard 34 "Interim Financial Reporting." This report should be
read in conjunction with the Group's annual financial statements for the
period ended 31 March 2025, available on the Company's website
(www.yellowcakeplc.com), which were prepared in accordance with UK-adopted
International Financial Accounting Standards ("IFRS"). The audited financial
information for the year ended 31 March 2025 is based on the statutory
accounts for the financial year ended 31 March 2025. The auditors reported on
those accounts: their report was unqualified and did not contain statements
where the auditor is required to report by exception.
The accounting policies adopted and methods of computation followed in the
consolidated interim financial statements are consistent with those applied in
the preparation of the consolidated annual financial statements for the year
ended 31 March 2025 and are expected to be applied to the consolidated annual
financial statements for the year ending 31 March 2026.
The unaudited consolidated interim financial statements do not constitute
statutory accounts within the meaning of Section 105 of the Companies (Jersey)
Law 1991.
New and revised standards
At the date of authorisation of these financial statements there were
standards and amendments which were in issue but not yet effective and which
have not been applied. The principal ones were:
· Amendments to IFRS 9: Financial Instruments (Effective 1 January
2026);
· Amendments to IFRS 7: Financial instruments - Disclosures
(Effective 1 January 2026); and
· IFRS 18: Presentation and Disclosure in Financial Statements
(effective 1 January 2027 - subject to endorsement by the UKEB).
The Directors have not assessed the impact of IFRS 18. The Directors do not
expect the adoption of these amendments to IFRS7 and IFRS 9 to have a material
impact on the financial statements.
The principal accounting policies adopted are set out below.
Going concern
As at 30 September 2025, the Group held sufficient cash to meet its working
capital requirements for approximately four years from the approval date,
although the Group may choose to deploy some of this cash on uranium purchases
or share buyback programmes, reducing cash available for working capital.
Since its inception in 2018, the Group has consistently funded its operations
through equity issuances at or above net asset value. The Group had no debt or
hedging obligations as at 30 September 2025 and may raise additional liquidity
either through equity or debt markets or by monetising a limited portion of
its uranium inventory, as appropriate.
The Board continues to monitor geopolitical developments, including the
ongoing conflict between Ukraine and Russia, as well as the associated
sanctions, including the potential for secondary sanctions. These factors may
affect both the global uranium industry and Yellow Cake's ability to acquire
additional uranium or realise value from its uranium holdings.
Having considered the Group's strategy and available financial resources and
projected income and expenditure for a period of at least 12 months from the
date of approval of the consolidated interim financial statements, the
Directors are confident that the Group has adequate resources to continue in
operational existence for the foreseeable future. On this basis, the Directors
consider the adoption of the going concern basis of accounting to be
appropriate in preparing these unaudited consolidated interim financial
statements.
Consolidation
The consolidated financial statements are prepared by combining the financial
statements of the Company and its subsidiaries. Subsidiaries are all entities
over which the parent company has control, as defined in IFRS 10 "Consolidated
financial statements". Subsidiaries are fully consolidated from the date on
which control is transferred to the parent company. They are de-consolidated
from the date that control ceases.
Uranium holdings
Acquisitions of U(3)O(8) are initially recorded at cost, including transaction
costs incurred, and are recognised in the Group's Consolidated statement of
financial position on the date the risks and rewards of ownership pass to the
Group, which is the date that the legal title to the uranium passes.
After initial recognition, U(3)O(8) holdings are measured at fair value based
on the daily spot price for U(3)O(8) published by UxC LLC.
IFRS lacks specific guidance in respect of accounting for uranium holdings. As
such the Directors of the Group have considered the requirements of
International Accounting Standard 1 "Presentation of Financial Statements" and
International Accounting Standard 8 "Accounting Policies, Changes in
Accounting Estimates and Errors" to develop and apply an accounting policy.
The Directors of the Group consider that measuring the U(3)O(8) holdings at
fair value provides information that is most relevant to the economic decision
making of users. This is consistent with International Accounting Standard 40
Investment Property, which allows for assets held for long-term capital
appreciation to be presented at fair value.
Critical accounting judgements and estimation uncertainty
The preparation of the consolidated financial statements requires management
to make judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets, liabilities, income
and expenses.
Estimates and judgements are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances. Revisions to accounting
estimates are recognised in the period in which the estimate is revised and in
any future periods affected.
The resulting accounting estimates will, by definition, seldom equate to the
related actual results.
Accounting estimates
In preparing these unaudited consolidated interim financial statements the
Directors have not made any significant accounting estimates.
Judgements
Taxation
The Group receives regular tax advice and opinions from its advisers and
accountants to ensure it is aware of, and can seek to mitigate the effects on
its tax position of, changes in regulation. While the Group stores its uranium
in storage facilities in Canada and France, the Group does not carry on
business in either of these jurisdictions. The Directors have considered the
tax implications of the Group's operations and based on independent tax
advice, have determined that no tax liability has arisen during the period
(year ended 31 March 2025: USD nil).
Uranium Holdings
As set out under the accounting policy for uranium holdings above, the Group
measures its holdings in U(3)O(8) at fair value.
Kazatomprom Framework Agreement
Under the terms of its Framework Agreement with Kazatomprom, the Group has an
annual purchase option which entitles it to contract for up to USD100 million
of U(3)O(8) each calendar year at the U(3)O(8) spot price prevailing at the
date that the Group binds itself to make the purchase. The purchase is
accounted for on delivery of the U(3)O(8) at the storage facility, which may
be in a subsequent accounting period. As the contract does not provide for
settlement in cash or with another financial instrument, the Group has
determined that the terms of this arrangement do not fall within the scope of
IFRS 9.
3. Uranium holdings
Fair value
USD '000
As at 31 March 2024 (audited) 1,753,537
Acquisition of U(3)O(8) 100,000
Change in fair value (81,008)
As at 30 September 2024 (unaudited) 1,772,529
Change in fair value (375,103)
As at 31 March 2025 (audited) 1,397,426
Change in fair value 380,524
As at 30 September 2025 (unaudited) 1,777,950
The value of the Group's holdings of U(3)O(8) is based on the daily spot price
for U(3)O(8) of USD82.00/lb as published by UxC LLC on 30 September 2025 (31
March 2025: USD64.45/lb).
As at 30 September 2025, the Group:
· has since inception, purchased a total of 24,353,232 lb of
U(3)O(8) at an average cost of USD33.14/lb;
· has since inception, disposed of 2,670,914 lb of U(3)O(8) at an
average selling price of USD40.23/lb that had been acquired at an average
price of USD21.01/lb, assuming a first in first out methodology; and
· held a total of 21,682,318 lb of U(3)O(8) at an average cost of
USD34.64/lb for a net total cash consideration of USD751.1 million, assuming a
first in first out methodology.
The following table provides a summary of the Group's U(3)O(8) holdings as at
30 September 2025:
Quantity Fair Value
Location lb USD '000
Canada 19,755,601 1,619,959
France 1,926,717 157,991
Total 21,682,318 1,777,950
As at 31 March 2025:
Quantity Fair Value
Location lb USD '000
Canada 19,755,601 1,273,249
France 1,926,717 124,177
Total 21,682,318 1,397,426
Post period-end purchase of uranium
With the completion of the approximately GBP129 million share placing on 29
September 2025, the Group elected to purchase 1,331,912 lb of U(3)O(8) at a
price of USD75.08/lb for a total consideration of USD100.0 million as part of
its 2025 uranium purchase option under its Framework Agreement with
Kazatomprom. The Group expects to take delivery in H1 2026. On completion of
the purchase, Yellow Cake will hold 23,014,230 lb of U(3)O(8).
4. Cash and cash equivalents
Cash and cash equivalents as at 30 September 2025 were banked with Citibank
Europe plc in a variable interest account with full access. Balances at the
end of the period were USD168,550,890 and GBP11,610,738, a total of
USD184,181,265 equivalent (31 March 2025: USD20,009,148 equivalent).
5. Share capital
Authorised:
10,000,000,000 ordinary shares of GBP 0.01
Issued and fully paid:
Ordinary shares
Number GBP '000 USD '000
Share capital as at 31 March 2024 (audited) 221,440,730 2,214 2,951
Share capital as at 30 September 2024 (unaudited) 221,440,730 2,214 2,951
Share capital as at 31 March 2025 (audited) 221,440,730 2,214 2,951
Issued 29 September 2025 22,983,977 230 309
Share capital as at 30 September 2025 (unaudited) 244,424,707 2,444 3,260
The number of shares in issue above includes 4,584,283 treasury shares - refer
to note 7.
Share
premium
GBP '000 USD '000
Share premium as at 31 March 2024 (audited) 592,551 781,233
Share premium as at 30 September 2024 (unaudited) 592,551 781,233
Share premium as at 31 March 2025 (audited) 592,551 781,233
Proceeds of issue of shares 129,400 173,842
Share issue costs (3,558) (4,783)
Share premium as at 30 September 2025 (unaudited) 718,393 950,292
The Company has one class of shares which carry no right to fixed income.
On 29 September 2025, the Company issued a total of 22,983,977 new ordinary
shares to existing and new institutional investors, at a price of GBP5.64 per
share. The Company incurred listing expenses, comprising of commissions and
professional adviser fees totalling USD5,009,162 of which USD4,783,108 have
been taken to the share premium account. Additional placing costs of
USD226,053 have been recognised in the statement of comprehensive income. Net
proceeds from the placing were GBP125,904,089 (USD169,141,765 equivalent).
6. Share-based payments
The Group implemented an equity-settled share-based compensation plan in 2019
which provides for the award of long-term incentives and an annual bonus to
management personnel.
During the period, USD54,035 was recognised in the consolidated statement of
comprehensive income, in relation to share-based payments (30 September 2024:
USD14,328).
7. Treasury shares
Number GBP '000 USD '000
Treasury shares as at 31 March 2024 (audited) 4,584,283 10,910 14,061
Treasury shares as at 30 September 2024 (unaudited) 4,584,283 10,910 14,061
Treasury shares as at 31 March 2025 (audited) 4,584,283 10,910 14,061
Treasury shares as at 30 September 2025 (unaudited) 4,584,283 10,910 14,061
8. Commission, procurement and consultancy fees
308 Services Limited ("308 Services") provides procurement services to the
Group relating to the sourcing of U(3)O(8) and other uranium transactions and
in securing competitively priced converter storage services.
In terms of the agreement entered into between the Group and 308 Services on
30 May 2018, 308 Services is entitled to receive:
1. a Holding Fee comprised of a Fixed Fee of
USD275,000 per calendar year plus a Variable Fee equal to 0.275% per annum of
the amount by which the value of the Group's holdings of U(3)O(8) exceeds
USD100 million; and
2. a Storage Incentive Fee equal to 33% of the
difference between the amount obtained by multiplying the Target Storage Cost
(initially set at USD0.12 /lb per year) by the volume of U(3)O(8) (in pounds)
owned by the Group on 31 December of each respective year and the total
converter storage fees paid by the Group in the preceding calendar year.
The Group considers Holding Fees and Storage Incentive Fees to be costs of a
recurring nature. Holding Fees for the period of USD2,152,987 (30 September
2024: USD2,476,984) were payable by the Group to 308 Services. 308 Services
has not earned the Storage Incentive Fees since 31 December 2022.
308 Services is also entitled to receive commissions equivalent to 0.5% of the
transaction value in respect of certain uranium sale and purchase transactions
completed at the request of the Yellow Cake Board. Commissions in respect of
the period payable by the Group to 308 Services were USD nil (30 September
2024: USD500,000).
In addition, if the purchase price paid by the Group in respect of such a
purchase transaction is in the lowest quartile of the range of reported
uranium spot prices in the calendar year in which the transaction was agreed,
308 Services is entitled to receive, at the beginning of the following
calendar year, an additional commission of 0.5% of the value of the uranium
transacted. If the purchase price paid by the Group in respect of such a
purchase transaction is in the second lowest quartile of the range of reported
uranium spot prices in the calendar year in which the transaction was agreed,
308 Services is entitled to receive, at the beginning of the following
calendar year, an additional commission of 0.25% of the value of the uranium
transacted. If the purchase price is in the top half of the range for the
calendar year in which the transaction was agreed, no additional commission
will be payable to 308 Services.
During the period, commissions payable to 308 Services totalled USD nil (30
September 2024: USD750,000).
9. Related party transactions
During the period, the Group incurred USD133,240 (30 September 2024:
USD118,541) of administration fees payable to Langham Hall Fund Management
(Jersey) Limited ("Langham Hall"). Claire Brazenall, a former employee of
Langham Hall, served as a Non-Executive Director of the Company from 9
November 2022 to 25 July 2025, for which she received no Directors' fees. Zoe
Rizzuto, an employee of Langham Hall, has served as a Non-Executive of the
Company since 25 July 2025, for which she has received no Directors' fees. As
at 30 September 2025 there were no amounts due to Langham Hall (31 March 2025:
USD nil).
The following Directors own ordinary shares in the Company as at 30 September
2025:
Name Number of ordinary shares % of share capital
The Lord St John of Bletso* 26,302 0.01%
Sofia Bianchi 13,186 0.01%
The Hon Alexander Downer 29,925 0.02%
Zoe Rizzuto - -
Alan Rule 18,837 0.01%
Andre Liebenberg 121,478 0.06%
Carole Whittall 101,966 0.05%
Total 311,694 0.16%
* The Lord St John of Bletso's shares are held through African Business
Solutions Limited, in which he holds 100% of the Ordinary Shares.
While the Non‐Executive Directors hold shares in the Company, the holdings
are considered sufficiently small so as not to impinge on their independence.
10. Earnings per share
1 April 2025 1 April 2024
to to
30 September 2025 30 September 2024
(unaudited) (unaudited)
USD '000 USD '000
Earnings/(Loss) for the period (USD '000) 373,268 (87,616)
Weighted average number of shares during the period - Basic* 217,107,638 216,856,447
Weighted average number of shares during the period - Diluted* 217,406,365 217,066,445
Earnings/(Loss) per share attributable to the equity owners of the Company
(USD):
Basic 1.72 (0.40)
Diluted 1.72 (0.40)
*The weighted average number of shares excludes treasury shares.
11. Events after the period end
In the opinion of the Directors, there are no other significant events
subsequent to the period end that are deemed necessary to be disclosed in the
consolidated interim financial statements.
1 (#_ftnref1) Daily spot price published by UxC, LLC on
31 March 2025.
2 (#_ftnref2) Daily spot price published by UxC, LLC on
30 September 2025.
3 (#_ftnref3) Net asset value as at 31 March 2025 of
USD1,414.4 million comprises 21.68 million lb of U(3)O(8) valued at the
daily spot price of USD64.45/lb published by UxC, LLC on 31 March 2025 and
cash and other net current assets of USD17.0 million.
4 (#_ftnref4) Net asset value as at 30 September 2025
of USD1,957.1 million comprises 21.68 million lb of U(3)O(8) valued at the
daily spot price of USD82.00/lb published by UxC, LLC on 30 September 2025
and cash and other net current assets of USD179.2 million.
5 (#_ftnref5) Net asset value per share as at 31 March
2025 is calculated assuming 221,440,730 ordinary shares in issue less
4,584,283 shares held in treasury on that date and the Bank of England's daily
USD/GBP exchange rate of 1.2910 on 31 March 2025.
6 (#_ftnref6) Net asset value per share as at 30
September 2025 is calculated assuming 244,424,707 ordinary shares in issue,
less 4,584,283 shares held in treasury on that date and the Bank of England's
daily USD/GBP exchange rate of 1.3462.
7 (#_ftnref7) Estimated net asset value as at 28 November
2025 is neither audited nor reviewed.
8 (#_ftnref8) Daily spot price published by UxC, LLC on
28 November 2025.
9 (#_ftnref9) Cash and other net current assets as at
30 September 2025 less a cash consideration of USD100.0 million to be paid to
Kazatomprom following delivery of 1.33 million lb of U(3)O(8) in H1 2026.
10 (#_ftnref10) Bank of England's daily USD/GBP exchange rate
as at 28 November 2025.
11 (#_ftnref11) Estimated net asset value per share on 28
November 2025 is calculated assuming 244,424,707 ordinary shares in issue,
less 4,584,283 shares held in treasury on that date.
12 (#_ftnref12) The Ux U(3)O(8) 3-Year and 5-Year Forward
Prices reflect UxC's estimate of prices for U(3)O(8) delivery 36 and 60 months
forward considering market activity and other indicators, using the same
quantity and origin specifications as the Spot indicator. The Ux LT U(3)O(8)
Price (Long-Term) includes conditions for escalation (from current quarter),
delivery timeframe (≥ 36 months), and quantity flexibility (up to ±10%)
considerations.
13 (#_ftnref13) Ux Weekly; "The Market"; 6 October 2025.
14 (#_ftnref14) Ux Weekly; "The Market"; 7 October 2024.
15 (#_ftnref15) U.S. Energy Information Administration; "2024
Uranium Marketing Annual Report"; 30 September 2025.
16 (#_ftnref16) Euratom Supply Agency; "Annual Report 2024"
(Draft Layout); 20 June 2025).
17 (#_ftnref17) International Atomic Energy Agency; "IAEA
raises nuclear power projections for fifth consecutive year"; 15 September
2025.
18 (#_ftnref18) World Nuclear Association; "World Nuclear Fuel
Report - Demand and Supply Availability 2025-2040"; 5 September 2025.
19 (#_ftnref19) World Nuclear News; "US Companies welcome
executive orders"; 30 May 2025.
20 (#_ftnref20) U.S. Department of Energy; "Energy Department
announces pilot program to build advanced U.S. nuclear fuel lines and end
foreign dependence"; 16 July 2025.
21 (#_ftnref21) Reuters; "Trump expands U.S. critical minerals
list to include copper; metallurgical coal"; 6 September 2025.
22 (#_ftnref22) US Department of Energy; "Department of Energy
announces initial selections for new reactor pilot program"; 12 August 2025.
23 (#_ftnref23) Reuters; "Trump expands critical minerals list
to copper; met coal; uranium"; 6 Nov 2025.
24 (#_ftnref24) Cameco Corporation; "United States Government,
Brookfield and Cameco announce transformational partnership"; 28 October 2025.
25 (#_ftnref25) Agence France-Presse; "World Bank lifts ban on
nuclear energy financing"; 12 June 2025.
26 (#_ftnref26) Sprott Physical Uranium Trust (SPUT); "Sprott
Physical Uranium Trust Closes Upsized US$200 Million Bought Deal Financing";
20 June 2025. Sprott Asset Management LP; "Daily and Cumulative Pounds of
Uranium (U₃O₈) Acquired by Trust", Sprott Physical Uranium Trust; 7
November 2025,
https://www.sprott.com/investment-strategies/exchange-listed-products/physical-commodity-funds/uranium/
(https://www.sprott.com/investment-strategies/exchange-listed-products/physical-commodity-funds/uranium/)
(accessed 10 November 2025).
27 (#_ftnref27) NexGen Energy Ltd.; "NexGen Energy Ltd. closes
A$1 billion / C$950 million global equity offering"; 31 October 2025.
28 (#_ftnref28) Uranium Energy Corp; "UEC announces USD 200
million equity financing to expand U.S. refining and conversion capacity"; 18
October 2025.
29 (#_ftnref29) World Nuclear News; "Ten new reactors approved
in China"; 28 April 2025.
30 (#_ftnref30) World Nuclear News; "India's power ministry
sets out steps to faster nuclear power expansion"; 29 April 2025.
31 (#_ftnref31) Government of India; Press Information Bureau;
"Government to allow private-sector participation in nuclear energy
expansion"; statement in Lok Sabha by the Minister of State for Personnel;
Public Grievances and Pensions; Department of Atomic Energy; 7 February 2024.
32 (#_ftnref32) Business North East; "Vietnam incorporates
nuclear energy into its $136 billion strategy to enhance power capacity"; 17
April 2025.
33 (#_ftnref33) TVBS News; "Billions needed for nuclear
restarts, Taiwan minister says"; 17 April 2025.
34 (#_ftnref34) World Nuclear News; "Referendum proposed for
restart of Taiwan's Maanshan nuclear power plant"; 21 May 2025.
35 (#_ftnref35) The Times of Central Asia; "Nuclear energy
project in Uzbekistan enters construction phase"; 29 April 2025.
36 (#_ftnref36) Reuters; "Denmark is considering lifting
40-year-old nuclear power ban; minister says"; 14 May 2025.
37 (#_ftnref37) World Nuclear News; "Clinch River application
accepted for review"; 19 July 2025.
38 (#_ftnref38) World Nuclear News; "New York Governor
announces plans for new nuclear plant"; 24 June 2025.
39 (#_ftnref39) Belganewsagency.eu; "Belgium abandons nuclear
exit plans"; 15 May 2025.
40 (#_ftnref40) Monitor.co.ug; "Buyende nuclear power plant to
generate initial 1,000 MW by 2031 - Energy Minister"; 28 May 2025.
41 (#_ftnref41) Jakarta Globe; "Indonesia plan first nuclear
power plant by 2034, eyes partnerships with Russia and Canada"; 24 June 2025.
42 (#_ftnref42) Indonesia Business Post; "Indonesia plans 7 GWe
nuclear power plants as part of long-term energy strategy"; 27 August 2025.
43 (#_ftnref43) World Nuclear News; "Argentina aiming for SMR
and uranium developments"; 6 June 2025.
44 (#_ftnref44) UK Department of Energy Security and Net Zero;
"Sizewell C gets green light with final investment decision"; 22 July 2025.
45 (#_ftnref45) World Nuclear News; "Kazakhstan selects Rosatom
for first nuclear power plant"; 16 June 2025.
46 (#_ftnref46) Reuters; "Iran, Russia sign $25 billion deal to
build four nuclear power plants in Iran, IRNA says"; 26 September 2025.
47 (#_ftnref47) Reuters; "Russia, Ethiopia sign document
calling for construction of nuclear plant"; 25 September 2025.
48 (#_ftnref48) bne Intellinews; "Russia to double its nuclear
power plant fleet with 38 new reactors"; 17 September 2025
49 (#_ftnref49) Croatia Week; "Croatia to build three small
modular nuclear power plants"; 20 September 2025.
50 (#_ftnref50) Vattenfall Press Announcement; "Vattenfall
selects suppliers on the journey towards new nuclear power"; 21 August 2025.
51 (#_ftnref51) World Nuclear News; "Malaysia launches nuclear
energy feasibility study"; 19 August 2025.
52 (#_ftnref52) Ux Weekly; "2024 U(3)O(8) Production Review";
12 May 2025.
53 (#_ftnref53) BBC News; "Niger military leaders to
nationalise uranium form"; 20 June 2025.
54 (#_ftnref54) Reuters; "Niger to nationalize uranium mine
operated by France's Orano as relations sour"; 20 June 2025.
55 (#_ftnref55) Orano Press Release; "Orano confirms the loss
of operational control of SOMAÏR in Niger"; 4 December 2024.
56 (#_ftnref56) Cameco Press Release; "Cameco reports 2025
second quarter results"; 31 July 2025.
57 (#_ftnref57) Cameco Press Release; "Cameco provides
production update, strategically well-positioned for continued long-term value
creation"; 28 August 2025.
58 (#_ftnref58) Cameco 2025 Q3 Management Discussion and
Analysis, Financial Statements and Notes; 4 November 2025.
59 (#_ftnref59) Kazatomprom Press Release; "Kazatomprom 2Q2025
Operations and Trading Update"; 1 August 2025.
60 (#_ftnref60) Kazatomprom; "Investor Handout"; 5 September
2025.
61 (#_ftnref61) Kazatomprom 3Q25 Operations and Trading Update;
31 October 2025.
62 (#_ftnref62) Based on the daily spot price of USD64.45/lb
published by UxC, LLC on 31 March 2025 and 21,682,318 lb of U₃O₈ held by
the Company on that date.
63 (#_ftnref63) Based on the daily spot price of USD82.00/lb
published by UxC, LLC on 30 September 2025 and 21,682,318 lb of U₃O₈ held
by the Company on that date.
64 (#_ftnref64) Daily spot price published by UxC, LLC on 31
March 2025.
65 (#_ftnref65) Daily spot price published by UxC, LLC on 30
September 2025.
66 (#_ftnref66) Net asset value as at 31 March 2025 of
USD1,414.4 million comprises 21.68 million lb of U(3)O(8) valued at the
daily spot price of USD64.45/lb published by UxC, LLC on 31 March 2025 and
cash and other net current assets of USD17.0 million. Net asset value per
share as at 31 March 2025 is calculated assuming 221,440,730 ordinary shares
in issue less 4,584,283 shares held in treasury on that date and the Bank of
England's daily USD/ GBP exchange rate of 1.2910.
67 (#_ftnref67) Net asset value as at 30 September 2025 of
USD1,957.1 million comprises 21.68 million lb of U(3)O(8) valued at the
daily spot price of USD82.00/lb published by UxC, LLC on 30 September 2025
and cash and other net current assets of USD179.2 million. Net asset value
per share on 30 September 2025 is calculated assuming 244,424,707ordinary
shares in issue less 4,584,283 shares held in treasury on that date and the
Bank of England's daily USD/ GBP exchange rate of 1.3462.
68 (#_ftnref68) Daily spot price published by UxC, LLC on
30 September 2025.
69 (#_ftnref69) Cash and cash equivalents and other net
current assets as at 30 September 2025.
70 (#_ftnref70) Daily spot price published by UxC, LLC on
31 March 2025.
71 (#_ftnref71) Cash and cash equivalents and other net
current assets as at 31 March 2025.
72 (#_ftnref72) Bank of England's daily USD/ GBP exchange
rate as at 30 September 2025 and 31 March 2025.
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