REG - Yellow Cake PLC - Quarterly Operating Update

Yellow CakeAnnouncement

31/01/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220131:nRSe0568Aa&default-theme=true

RNS Number : 0568A  Yellow Cake PLC  31 January 2022

31 January 2022

Yellow Cake plc ("Yellow Cake" or the "Company")

QUARTERLY OPERATING UPDATE

Yellow Cake, a specialist company operating in the uranium sector with a view
to holding physical uranium for the long term, is pleased to report its
performance for the quarter ended 31 December 2021 (the "Quarter").

Highlights

·     Estimated net asset value as at 31 December 2021 of £3.31 per
share 1  or US$818.6 million, comprising 15.83 million lb of U(3)O(8) valued
at a spot price of US$42.00/lb 2  and cash and other current assets and
liabilities of US$153.6 million.

·     Increase in value of U(3)O(8) held by Yellow Cake by 12% over the
Quarter from US$595.8 million 3  as at 30 September 2021 to
US$665.0 million 4  as at 31 December 2021.

·    Following the completion of an upsized share placing and retail
offer in March 2021 (which raised gross proceeds of approximately £99.3
million (US$138.5 million)) and an oversubscribed share placing and retail
offer in June 2021 (which raised gross proceeds of approximately £62.5
million (US$86.9 million)), Yellow Cake successfully completed a further
oversubscribed share placing, which raised gross proceeds of approximately
£109.2 million (US$149.7 million) (the "October Placing").

·      During the Quarter, Yellow Cake took delivery of a further 4.0
million lb of U(3)O(8), as follows:

o Purchased 2.0 million lb of U(3)O(8) from Curzon Uranium Limited at a price
of US$46.32/lb, and took title to this uranium in November 2021. The purchase
was part funded out of the proceeds of the October Placing; and

o Took delivery of 2.0 million lb of U(3)O(8) from NAC Kazatomprom JSC
("Kazatomprom") on 4 December 2021, pursuant to an agreement concluded with
Kazatomprom on 26 August 2021 to purchase a further 2.0 million lb of
U(3)O(8) at a price of US$32.23/lb, for a total consideration of US$64.5
million.

·      The Company intends to use part of the remaining proceeds of the
October Placing to fund the purchase of 0.95 million lb of U(3)O(8) from
Kazatomprom, pursuant to Kazatomprom's offer of 26 October 2021 and subject to
contract, at a price of US$47.58/lb, with delivery expected to take place by
June 2022.

·    Under an existing arrangement (as previously disclosed in the
Company's admission document, annual reports and recent press releases),
Kazatomprom had an option to repurchase, at the uranium spot price less an
aggregate discount of US$6.6 million, up to 25% of the initial purchase volume
which the Company purchased from Kazatomprom in July 2018 under the Company's
10-year Framework Agreement with Kazatomprom (the "Repurchase Option"). The
Company had a corresponding buyback option to purchase from Kazatomprom, at
the prevailing spot price, all or a portion of the volume repurchased by
Kazatomprom under its Repurchase Option (the "Buyback Option").

·      Following the conditions being met for Kazatomprom to exercise
its Repurchase Option:

o  Kazatomprom exercised its Repurchase Option at a price of US$43.25/lb less
an aggregate discount of US$6.6 million, and took delivery of 2,022,846 lb of
U(3)O(8) from Yellow Cake on 22 November 2021; and

o  Yellow Cake exercised its Buyback Option for the same quantity of uranium
at a price of US$43.25/lb and is expected to take delivery of the 2,022,846 lb
of U(3)O(8) from Kazatomprom between March 2022 and April 2022.

o  The net impact of the Repurchase Option and Buyback Option transactions is
expected to be a pay-out by the Company to Kazatomprom of US$6.6 million.

·     Following completion of the transactions with Kazatomprom
described above (whereby the Company expects to acquire 0.95 million lb of
U(3)O(8) from Kazatomprom and following the completion of the Repurchase
Option and Buyback Option transactions with Kazatomprom), Yellow Cake's
holding of U(3)O(8) is expected to increase to 18.81 million lb.

·     Yellow Cake's estimated proforma net asset value on 28 January
2022 was £3.40 per share or US$834.3 million, assuming 18.81 million lb
of U(3)O(8) 5  valued at a spot price of US$43.25/lb 6  and cash and other
current assets and liabilities of US$153.6 million as at 31 December 2021,
less a cash consideration of US$92.6 million to be paid to Kazatomprom on
delivery of 2.02 million lb of U(3)O(8) by April 2022, less a cash
consideration of US$45.2 m to be paid to Kazatomprom (subject to contract) in
respect of 0.95 million lb of U(3)O(8) that is expected to be delivered by
June 2022.

·    On 2 January 2022, civil unrest surfaced in Kazakhstan related to an
increase in fuel prices, which in turn led to the declaration of a two-week
nationwide state of emergency on 5 January. Kazatomprom reassured its global
uranium customers that uranium production and transport operations remained
unaffected although the nationwide rail service was impacted for a short
period. Kazatomprom further cautioned that possible supply chain disruptions
could occur especially for the importation of materials deemed critical to ISR
uranium production as well as the exportation of the final product. Yellow
Cake is closely monitoring the situation in Kazakhstan and the operational
performance of Kazatomprom

 

Andre Liebenberg, CEO of Yellow Cake, said:

"We continue to deliver on our strategy. In the quarter we successfully
completed a further oversubscribed share placing, our third in the calendar
year, raising US$150 million. This will enable us to acquire 3 million pounds
of uranium, which in addition to other uranium purchases during the year,
including our purchase agreement with Kazatomprom which is central to our
business model, will bring our total holdings to 19 million lb. The three
raises in the year serve to reaffirm not just the commitment to our strategy
but also our confidence in the investment case, illustrated by the continued
purchasing of uranium by Sprott and the decision by Kazatomprom to launch a
physical uranium trust. Our view is unchanged. We continue to believe the
uranium price will be supported by the key characteristics that make this such
a compelling time to invest in the commodity, driven by the on-going
combination of supply demand characteristics and the growing appreciation of
the role of nuclear in our clean energy future. This was highlighted by French
President Macron's statement that nuclear must continue to play a major role
in France's energy program which has plans for six new reactors."

 

Uranium Market Developments and Outlook

Uranium Market Developments

The uranium spot market price continued to show volatility during the fourth
quarter of 2021, but to a lesser degree than in the third quarter.  The UxC
spot uranium price ended September at US$43.00/lb after peaking at US$50.50/lb
in mid-September. The spot price then rebounded during October and finished
the month at US$47.40/lb. November was characterised by relative price
stability as the end-of-month price stood at US$46.00/lb, but as near-term
demand declined during the month of December (SPUT activity fell as the unit
price settled below the NAV), the spot price decreased moderately during the
month reporting a month-end level of US$42.10/lb, a decline of 8 percent from
the November spot price.

Longer term uranium price indicators have also shown increasing volatility
during the fourth quarter, but especially when using mid-year price levels as
a benchmark. The Long-Term price stood at US$32.00/lb at the end of June but
then rose to US$40.00/lb at the end of September and then remained flat at
US$41.00/lb in October and November before ending the year at US$40.50/lb (26%
higher than at mid-year).

UxC's 3-year forward price was US$34.00/lb at the end of June, but increased
markedly to US$43.00/lb at the end of September. The 3-year forward price then
reached US$47.00/lb at the end of October, an increase of 38% over the four
month period.  However, the price weakened to US$46.00/lb in November before
falling to US$43.75/lb at the end of the year (almost 29% above the end of
June level).

Looking further out, the 5-year forward price reported at US$38.00/lb mid-year
before increasing to US$47.00/lb in September and reaching US$48.00/lb at the
end of October. However, the indicator then declined to US$47.00/lb by the end
of November before falling further to US$44.75/lb at the end of December (18%
rise from mid year).

Monthly transactional volumes in the spot uranium market showed a persistent
downward trend throughout the fourth quarter.  Spot market volume declined
significantly during December, falling to 2.7 million lb 7  as compared to the
November level of 8.5 million lb 8  and the October total of 11.7 million
lb. 9   At the end of December, UxC reported a total CY2021 spot market
transactional volume of 99.4 million lb(7), a new record high quantity,
driven, in part, by purchasing from junior producers and several financial
entities (including Sprott Physical Uranium Trust and Yellow Cake plc).

Sprott Physical Uranium Trust (SPUT) filed its second Amended and Restated
Shelf Prospectus allowing the Trust to issue up to US$3.5 billion of units of
the Trust in Canada during a 25-month period that commenced on 10 August 2021.
The press release went on to add that "Since launching the At-the-Market
offering, SPUT has issued 87 million Units for gross proceeds of approximately
US$987 million, which has resulted in the purchase of 21.5 million pounds of
U(3)O(8). 10  SPUT now holds approximately 40 million pounds of physical
uranium on behalf of our clients." (note: SPUT held a total of 42.7 million
pounds U(3)O(8) as of 7 January 2022). 11 

Kazatomprom announced the planned formation of a physical uranium trust fund,
ANU Energy OEIC Ltd. which will hold physical uranium as a long-term
investment with its initial purchases financed through the founders' round
investment totalling US$50 million, sourced from Kazatomprom (48.5%), National
Investment Corporation of the National Bank of Kazakhstan (48.5%) and Genchi
Global Limited (3%). In its second stage, the fund plans to raise up to US$500
million to fund further uranium purchases. 12 

Kazatomprom progressed the recently announced formation of a physical uranium
trust fund, ANU Energy OEIC Ltd. with the signing a framework agreement with
the fund's manager, Genchi Global Limited. The framework agreement "defines
the terms of Kazatomprom's investment and mechanisms for the supply of uranium
products from Kazatomprom to the Fund, as a key supplier." Furthermore, "The
document also provides a number of mechanisms regarding the lock-up period and
price threshold after which the Fund could be able to sell certain amounts of
uranium in the market, with Kazatomprom having a priority right to repurchase
any uranium the Fund decided to sell." 13 

Kazatomprom also announced that the company had entered into two term uranium
agreements to supply uranium products to two major Chinese nuclear
companies:  China National Uranium Company Limited and State Nuclear Uranium
Resources Development Company Limited. Delivery dates and volumes were not
disclosed. 14 

On 2 January 2022, civil unrest surfaced in Kazakhstan as mass protests took
place in reaction to an increase in fuel prices. Protestors took to the
streets and clashed with Kazakh security forces causing the nation's
President, Kassym-Jomart Tokayev, to declare a nationwide state of emergency
and request support from the Russian-led military alliance, the Collective
Security Treaty Organisation (CSTO). An estimated 2500-3000 Russian troops
were dispatched to neighbouring Kazakhstan in support of the local security
forces which quelled the protests. Kazatomprom reassured its global uranium
customers that uranium production and transport operations remained unaffected
although nationwide rail service was impacted for a short period.

In statements released during the protests, Kazatomprom cautioned that
possible supply chain disruptions could occur especially for the importation
of materials deemed critical to ISR uranium production as well as the
exportation of the final product. Yellow Cake is closely monitoring the
situation in Kazakhstan and the operational performance of Kazatomprom. It is
also expected that nuclear utilities will reassess their risk management
programmes as relates to uranium purchases from Kazakhstan.

Commercial Nuclear Power

French President Emmanuel Macron announced on 12 October 2021 that nuclear
power must continue to play a major role in France's energy program as he
presented the France 2030 plan for re-industrialization. 15    Further, on 9
November, he stated that France would build additional nuclear reactors to
support energy independence with the expectation that construction of six new
reactors would be announced in the near future. 16 

The International Energy Agency (IEA) released a comprehensive review of the
Energy Policy of France and observes that the country benefits from
decarbonized electricity and the lowest per capita emissions of advanced
economies thanks to the role of nuclear energy, which accounted for 67% of its
power mix in 2020, down from 76% in 2010. One of the key recommendations of
the review stated that France needs to "Clarify the ambitions for the closure
of long-term operation of existing and the construction of new nuclear
reactors in France, including financing mechanisms to mitigate uncertainties
on the path towards net zero to support an affordable, sustainable and secure
energy mix." 17 

On 15 December 2021, the newly-elected government in the Netherlands announced
its energy policy, which had been under negotiation since March 2021. The
coalition government supports extended operations of the existing single
nuclear reactor (Borssele) which has been in operation since 1973 and the
construction of two new reactors which may not enter commercial operations
until post-2030. 18 

Recent opinion polls show that almost 80% of Polish citizens support nuclear
power development.  Reportedly, the federal government is evaluating the
construction of up to six large nuclear reactors to be in operation by 2040 as
well as SMR technologies. 19 

On 19 October 2021, the UK government published its "Net Zero Strategy:
Build Back Greener" which calls for the UK to be entirely powered by clean
electricity by 2035, "subject to security of supply."  As one component of
the strategy, the government proposed to secure a final investment decision on
a large-scale nuclear plant by the end of the current parliament. Negotiations
regarding the proposed Sizewell C nuclear reactor in Suffolk have been ongoing
since December 2020. 20 

Effective 31 December 2021, in accordance with the established nuclear
phase-out programme, Germany permanently closed three nuclear reactors:
Brokdorf, (1410 Mwe / COD October 1986); Grohnde (1360 Mwe / COD September
1984)  and Gundremmingen C (1288 Mwe / COD March 1985).  The three remaining
operating reactors Emsland, Isar 2 and Neckarwestheim 2 will close by the end
of 2022. 21 

In a press release dated 1 January 2022, the European Commission announced
that consultations had begun on 31 December on a draft text of a Taxonomy
Complementary Delegated Act covering gas and nuclear activities. The
Commission stated that "there is a role for natural gas and nuclear as a means
to facilitate the transition towards a predominately renewable-based future."
Furthermore, "The activities covered in this complementary Delegated Act would
accelerate the phase out of more harmful sources, such as coal, and in moving
us towards a more low-carbon greener energy mix." 22 

Subsequently, on 10 January 2022, the European Commissioner for the Internal
Market, Thierry Breton, stated that nuclear energy had a fundamental role to
play if the EU was to achieve net-zero carbon emissions and that existing
nuclear power plants require EUR50 billion investment by 2030 with EUR500
billion required by 2050 for new generation. 23 

On 2 November 2021, Bloomberg published a comprehensive article outlining the
planned nuclear power expansion in China.  The article states that China is
planning at least 150 new reactors in the next 15 years which would be more
than the rest of the world has built in the past 35 years. 24 

On 16 December 2021, Indian Minister of State for Atomic Energy, Jitendra
Singh, announced "in-principal" approval for six new nuclear reactors (1,650
Mwe capacity each) to be located at Jaitapur in the Ratnagiri district. The
proposed joint venture with EDF would represent 9,900 Mwe capacity making the
facility the largest nuclear power generating site in India. 25 

On 18 December 2021, voters in Taiwan defeated a proposal to revive the US$11
billion Lungmen NPP (Nuclear Four) which has been mothballed since 2014.  The
current government of President Tsai-Ing-wen has adopted an energy transition
plan calling for commercial nuclear power (currently 11% of generation) to be
phased out by 2025, while LNG's share of generation increases to 50% from the
present 36%, coal falls from nearly 46% to 27% and renewables rise from 6% to
20% by mid-decade. 26 

Citing provisions in the recent U.S. Bipartisan Infrastructure Law, the U.S.
Department of Energy set forth the benefits of the U.S. commercial nuclear
fleet in supporting net-zero goals. Recognizing that 12 nuclear reactors have
already been shuttered since 2013 due to economic factors ranging from
historically low natural gas prices to local policies that fail to reward
nuclear energy for its carbon avoidance, the Civil Nuclear Credit program
allows owners or operators of commercial U.S. reactors to competitively apply
for and bid on credits to help support their continued operations and avoid
premature retirement due to financial hardship. The program is expected to
commence in fall 2022 and will award up to US$6 billion in credits until
September 2031. 27 

UxC published its annual "Major Trends to Watch" for the upcoming year which
included positive signs for operating nuclear reactors such as the possible
operating life extensions for some of the older reactors in France, additional
applications for 20-year extensions in the U.S. as well as positive news
regarding reactor restarts in Japan. New reactors reaching commercial
operations status during 2022 may total 11 units with four reactors in China
and single units in Belarus, Finland, Pakistan, Slovakia, South Korea, the
U.A.E. and the U.S. 28 

The Economist published a short article entitled, "The Discreet Charm of
Nuclear Power," describing the benefits of commercial nuclear power during a
transition to increased renewable energy sources.  The article questions the
decisions to shut-down commercial power reactors well before their expected
retirement dates (such as Diablo Canyon in California) simply in response to
political pressure.  Furthermore, the development of Small Modular Reactors
(SMR) could lead to increasing reliance on nuclear power in countries such as
France. 29 

Market Outlook

The Nuclear Energy Institute (NEI) convened the annual International Uranium
Fuel Seminar from 7 to 9 November 2021. This was the first industry in-person
conference in 22 months and the principal focus was the current and future
global uranium market. Jonathan Hinze, President of UxC, LLC, provided that
group's observations on the direction of the uranium market and noted "High
levels of secondary buying is leading to rapid price swings, greater market
unpredictability, and accelerated market rebalancing as inventories are
removed" and concluded that "SPUT and other investor activity will
fundamentally change the uranium market in ways we are yet to fully
appreciate." 30 

The global uranium market continues to undergo substantial rebalancing as
financial entities pursue the acquisition of spot/near-term market supplies.
Yellow Cake expects the global spot market to continue to tighten as mobile
uranium supplies are acquired and sequestered as a complementary activity to
more traditional nuclear fuel trader strategies of buying and selling on a
regular basis.

In the event that the spot market supply thins and buyer interest remains at
historically high levels, market volatility can be expected to increase around
an overall upwards uranium price trend.

 

Net Asset Value

Yellow Cake's estimated net asset value on 31 December 2021 was £3.31 per
share or US$818.6 million, consisting of 15.83million lb of U(3)O(8), valued
at a spot price of US$42.00/ lb 31  and cash and other current assets and
liabilities of US$153.6 million 32  (#_ftn32) (.)

     Yellow Cake Estimated Net Asset Value as at 31 December 2021
                                                                                         Units
     Investment in Uranium
     Uranium oxide in concentrates ("U(3)O(8)")                        (A)               lb                15,832,755
     U(3)O(8) fair value per pound (()(31)())                          (B)               US$/lb            42.00
     U(3)O(8) fair value                                               (A) x (B) = (C)   US$ m             665.0

     Cash and other net current assets/(liabilities) (()(32)())        (D)               US$ m             153.6
     Net asset value in US$ m                                          (C) + (D) = (E)   US$ m             818.6

     Exchange Rate (( 33 ))                                            (F)               USD/GBP           1.3477
     Net asset value in £ m                                            (E) / (F) = (G)   £ m               607.39
     Number of shares in issue less shares held in treasury (( 34 ))   (H)                                 183,671,232

     Net asset value per share                                         (G) / (H)         £/share           3.31

 

Yellow Cake's estimated proforma net asset value on 28 January 2022 was £3.40
per share or US$834.3 million, assuming 18.81 million lb of U(3)O(8) 35 
valued at a spot price of US$43.25/lb 36  and cash and other current assets
and liabilities of US$153.6 million as at 31 December 2021, less a cash
consideration of US$92.6 million to be paid to Kazatomprom on delivery of 2.02
million lb of U(3)O(8) by April 2022, less a further cash consideration of
US$45.2 million to be paid to Kazatomprom (subject to contract) in respect of
0.95 million lb of U(3)O(8), expected to be delivered by June 2022.

     Yellow Cake Estimated Proforma Net Asset Value as at 28 January 2022
                                                                                         Units
     Investment in Uranium
     Uranium oxide in concentrates ("U(3)O(8)")( ()(35)())           (A)                 lb                  18,805,601
     U(3)O(8) fair value per pound (()(36)())                        (B)                 US$/lb              43.25
     U(3)O(8) fair value                                             (A) x (B) = (C)     US$ m               813.3

     Cash and other net current assets/(liabilities) (( 37 ))        (D)                 US$ m               20.9
     Net asset value in US$ m                                        (C) + (D) = (E)     US$ m               834.3

     Exchange Rate                                                   (F)                 USD/GBP             1.3378
     Net asset value in £ m                                          (E) / (F) = (G)     £ m                 623.60
     Number of shares in issue less shares held in treasury(( 38 ))  (H)                                     183,671,232

     Net asset value per share                                       (G) / (H)           £/share             3.40

 

 

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
 Georgina McCooke

 Tel: +44 (0) 207 523 8000

 Joint Broker: Berenberg
 Matthew Armitt                   Jennifer Wyllie
 Varun Talwar                     Detlir Elezi
 Tel: +44 (0) 203 207 7800

 Financial Adviser: Bacchus Capital Advisers
 Peter Bacchus                    Richard Allan
 Tel: +44 (0) 203 848 1640

 Investor Relations: Powerscourt
 Peter Ogden                      Linda Gu
 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 the acquisition of uranium royalties and streams or other
uranium related activities. Yellow Cake seeks 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. Yellow Cake currently holds 15.83 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 Company and the industry and markets in which the Company 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 Company'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
Company 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 Company'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.

 

 

 1            Estimated net asset value per share as at 31 December 2021
is calculated assuming 187,740,730 ordinary shares in issue less 4,069,498
shares held in treasury, the Bank of England's daily              USD/
GBP exchange rate of 1.3477 and the daily spot price published by UxC, LLC as
at 31 December 2021

 2            Daily spot price published by UxC, LLC on 31 December
2021

 3            Based on the daily spot price of US$43.00/ lb
published by UxC, LLC on 30 September 2021 and 13,855,601 lb U₃O₈ held by
the company as at 30 September 2021

 4            Based on the daily spot price of US$42.00/ lb
published by UxC, LLC on 31 December 2021 and 15,832,755 lb U₃O₈ held by
the company as at 31 December 2021

 5            Comprises 15.8 million lb of U(3)O(8) held on 31
December 2021, plus 2.02 million lb of U(3)O(8) to be bought back from
Kazatomprom in terms of the Repurchase and Buyback Option Agreement
  with Kazatomprom for delivery by April 2022, plus 0.95 million lb of
U(3)O(8) to be purchased from Kazatomprom, subject to contract, expected to be
delivered by June 2022

 6            Daily spot price published by UxC, LLC on 28 January
2022

 7            UxC Weekly, Vol 36, no 1, 3 January 2022

 8            UxC Weekly, Vol 35, no 49, 6 December 2022

 9            UxC Weekly, Vol 35, no 44, 1 November 2021

 10         Sprott press release: SPROTT PHYSICAL URANIUM TRUST
ANNOUNCES FILING OF SECOND AMENDED AND RESTATED BASE SHELF PROSPECTUS AND
UPDATED "AT-THE-MARKET" EQUITY PROGRAM, 23 November 2021

 11         Company website

 12         Kazatomprom Press Release: Kazatomprom Announced Investment
in Physical Uranium Fund, 18 October 2021

 13         Kazatomprom Press Release: Kazatomprom Signs Physical
Uranium Fund Investment Agreement,  23 November 2021

 14         Kazatomprom Press Release: Kazatomprom Signs Term Contracts
with Chinese, 12 November 2021

 15         World Nuclear News: "Macron:  Nuclear "absolutely key" to
France's future", 13 October 2021

 16         Reuters: "Macron says France will build new nuclear energy
reactors," 9 November 2021

 17         International Energy Agency:  "2021 Energy Policy Review
of France", 1 December 2021

 18         World Nuclear News: "Nuclear makes a comeback in the
Netherlands", 15 December 2021

 19         World Nuclear News: "Polish support for Nuclear on a high",
15 December 2021

 20         "Net Zero Strategy: Build Back Greener"; presented to the
Parliament pursuant to Section 14 of the Climate Change Act 2008, 19 October
2021

 21         World Nuclear News: "Three German Reactors Cease Operation",
4 January 2022

 22         European Commission - press release, "EU Taxonomy:
Commission begins expert consultations on Complementary Delegated Act covering
certain nuclear and gas activities", 1 January 2022

 23         World Nuclear News: ""EU needs "colossal" investment in new
nuclear, says commissioner."", 10 January 2022

 24         Bloomberg, "China's Climate Goals Hinge on a $440 Billion
Nuclear Buildout", 2 November 2021

 25         The Indian Express: "6 nuclear power plants in Jaitapur
have got in-principle approval:  Minister", 16 December 2021

 26         Focus Taiwan - CNA English News: "4th Nuclear Power Plant
Referendum Defeated", 18 December 2021

 27         U.S. Department of Energy, "Saving existing Nuclear Fleet
Brings Net-Zero Future Closer", 6 December 2021

 28         Ux Weekly: "Major Trends to Watch in 2022", 3 January 2022

 29         The Economist: "The Discreet Charm of Nuclear Power", 13
November 2021

 30         "UxC Daily Spot Price Reporting in Response to an Evolving
Market," Nuclear Energy Institute IUFS, 9 November 2021

 31         Daily spot price published by UxC, LLC on
31 December 2021

 32         Cash and cash equivalents and other net current assets and
liabilities as at 31 December 2021

 33         Bank of England's daily USD/ GBP exchange rate of 1.3477 as
at 31 December 2021

 34         Net asset value per share on 31 December 2021 is calculated
assuming 187,740,730 ordinary shares in issue less 4,069,498 shares held in
treasury

 35         Comprises 15.8 million lb of U(3)O(8) held on 31 December
2021, plus 2.02 million lb of U(3)O(8) to be bought back from Kazatomprom in
terms of the Repurchase and Buyback Option  Agreement with Kazatomprom for
delivery by April 2022, plus 0.95 million lb of U(3)O(8) to be purchased from
Kazatomprom, subject to contract, expected to be delivered by June 2022

 36         Daily spot price published by UxC, LLC on US$43.25/lb

 37         Includes cash and other current assets and liabilities of
US$153.6 million as at 31 December 2021, less a cash consideration of US$92.6
million to be paid to Kazatomprom on delivery of 2.02 million lb of U(3)O(8)
by April 2022, less a cash consideration of US$45.2 m to be paid to
Kazatomprom (subject to contract) in respect of 0.95 million lb of U(3)O(8),
expected to be delivered by June 2022

 38         Net asset value per share on 28 January 2022 is calculated
assuming 187,740,730 ordinary shares in issue less 4,069,498 shares held in
treasury

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDBKKBQCBKKFDN