REG - Yellow Cake PLC - QUARTERLY OPERATING UPDATE

Yellow CakeAnnouncement

26/04/2023 07:00

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RNS Number : 4512X  Yellow Cake PLC  26 April 2023

26 April 2023

 

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

QUARTERLY OPERATING UPDATE

Yellow Cake, a specialist company operating in the uranium sector holding
physical uranium for the long term, is pleased to report its performance for
the quarter ended 31 March 2023 (the "Quarter").

Highlights

 ●    Yellow Cake successfully completed an oversubscribed share placing of 15
      million shares on 7 February 2023, which raised gross proceeds of
      approximately £61.8 million (US$74.3 million) (the "Placing").
 ●    Following the completion of the Placing, Yellow Cake informed JSC National
      Atomic Company Kazatomprom ("Kazatomprom") that it had elected to purchase
      1,350,000 lb of U(3)O(8) at a price of US$48.90/lb, or US$66.0 million in
      aggregate, as part of Yellow Cake's 2022 uranium purchase option under its
      agreement with Kazatomprom (the "Framework Agreement"). The Company expects
      delivery to take place in the second half of 2023.  On completion of the
      purchase, Yellow Cake will hold 20.16 million lb of U(3)O(8).
 ●    Yellow Cake retains its full option to purchase up to an additional US$100
      million of U(3)O(8) in 2023 under the Framework Agreement.
 ●    Increase in the spot price over the Quarter of 5.5% from US$48.00/lb(( 1 
      (#_ftn1) )) to US$50.65/lb(( 2  (#_ftn2) )), resulted in a corresponding
      increase in the value of U(3)O(8) held by Yellow Cake over the Quarter from
      US$902.7 million as at 31 December 2022(( 3  (#_ftn3) )) to
      US$952.5 million(( 4  (#_ftn4) )) as at 31 March 2023.
 ●    Estimated net asset value as at 31 March 2023 of £4.23 per share 5  (#_ftn5)
      or US$1,035.3 million, comprising 18.81 million lb of U(3)O(8) valued at a
      spot price of US$50.65/lb(2) and cash and other current assets and liabilities
      of US$82.8 million.
 ●    Increase in estimated net asset value per share over the Quarter of 2% from
      £4.15 per share 6  (#_ftn6) as at 31 December 2022 to £4.23 per share(5) as
      at 31 March 2023, as a result of the increase in the uranium price, partly
      offset by the appreciation of Sterling over the Quarter.
 ●    Yellow Cake's estimated proforma net asset value on 25 April 2023 was £4.46
      per share or US$1,095.1 million, assuming 20.16 million lb of U(3)O(8)
      valued at a spot price of US$53.50/lb 7  (#_ftn7) and cash and other current
      assets and liabilities 8  (#_ftn8) .
 ●    Yellow Cake's operations, financial condition and ability to purchase and take
      delivery of U(3)O(8) from Kazatomprom, or any other party, remain unaffected
      by the geopolitical events in Ukraine. All U(3)O(8) to which the Company has
      title and has paid for, is held at the Cameco storage facility in Canada and
      the Orano storage facility in France.

 

Andre Liebenberg, CEO of Yellow Cake, said:

"We continue to deliver on our strategy. In the first quarter we completed
another oversubscribed share placing, raising over £60 million which we
immediately used to secure a further 1.35 million pounds of uranium from
Kazatomprom as part of our framework agreement. Once we take delivery later
this year, our total uranium holdings will exceed 20 million pounds, giving
our shareholders a substantial opportunity to participate in the continued
strong pricing environment. Our confidence in the outlook for uranium is
unchanged. In the first quarter, the price of uranium has continued to rise,
in contrast to other commodities, highlighting the low correlation of the
uranium price to other asset classes. More significantly, there is a
considerable positive shift in global sentiment towards nuclear, with
governments worldwide recognising the need for clean base-load capacity. We
continue to see rising demand, driven in part by higher contracting activity,
which coupled with constrained supply, leads us to believe that this marks a
generational opportunity for investors in uranium."

 

Uranium Market Developments and Outlook

 

Global Uranium Market

The daily uranium spot price, as reported by UxC, stood at US$48.00/lb 9 
(#_ftn9) at the end of December 2022, increasing by almost 6% during the month
of January to reach US$50.75/lb U(3)O(8) by month-end. The spot price then
traded in a narrow range through February (US$50.85/lb U(3)O(8)) and March
(US$50.65/lb U(3)O(8)), due to relatively limited market demand.

Transactional activity in the spot market continued to moderate during the
January-March timeframe. UxC reported total spot market volume approximated
12.6 Mlb U(3)O(8)  10  (#_ftn10) for the Quarter compared to slightly above
13.0Mlb U(3)O(8) in the last quarter of 2022.  Spot market purchasing by the
Sprott Physical Uranium Trust ("SPUT") fell markedly during the quarter with
the uranium fund acquiring a total of 2.38 Mlb U(3)O(8), including a single
purchase of 100,000 lb in March. 11  (#_ftn11)

Longer term uranium price indicators remained fairly stable throughout the
Quarter as the Ux 3-yr Forward price ended December at US$56.50/lb U(3)O(8)
before rising to US$57.00/lb U(3)O(8) during January and the 5-yr Forward
price strengthened from US$60.00/lb to US$61.00/lb U(3)O(8) during January,
with both indicators unchanged at the end of March. The Ux Long-Term Price
began the year at US$51.00/lb U(3)O(8), increasing to US$52.00/lb U(3)O(8) in
January before stabilizing at US$53.00/lb U(3)O(8) during February and March.
During the Quarter, term uranium contracting volume aggregated 51.7 Mlb
U(3)O(8) (utility only), comparable to the reported level in the first quarter
of 2022 which was reported as more than 55 Mlb. 12  (#_ftn12)

UxC released its annual review of the uranium spot market ("2022 Uranium Spot
Market Review") on 30 January 2023. The global nuclear fuel consulting firm
reported that spot price volatility intensified compared to 2021 due to
multiple geopolitical issues that unfolded throughout the year especially the
"social unrest" in Kazakhstan in January 2022 and the Russian invasion of
Ukraine in February 2022. The uranium spot price peaked in mid-April at
US$63.75/lb, its highest level since 2011 but finished 2022 at US$48.00/lb,
representing an increase of US$6.00/lb from the beginning of CY2022 (a 14%
increase). Regarding annual spot market volume, CY2022 reported transactions
totalling 60.8 million lb, as compared to the 2021 level of 102.4 million lb.

Looking forward into CY2023, UxC observed that "As new production is now even
more important and utilities may need to cover unexpected needs, the
expectation is that this will result primarily in additional utility focus on
new term contracting. However, additional contracting activity could also flow
back into the spot market, which would add to demand that is expected to be
heavily driven by the activity of financials." 13  (#_ftn13)

A new round of sanctions was placed on Russian entities and citizens by the
United States, the European Union and the United Kingdom with effect from 24
February 2023. The sanctions included several nuclear-related organisations
identified as supporting the Russian military, while the UK sanctions included
senior executives from Russia's state-owned nuclear company, Rosatom. 14 
(#_ftn14)

 

Nuclear Generation / Uranium Demand

In January 2023, the Belgian federal government announced that agreement had
been reached to extend the operating life of both the Doel-4 and Tihange-3
reactors which had been scheduled for final shut-down in 2025. Both reactors
will now be allowed to operate a further ten years. 15  (#_ftn15)

The Swedish government is evaluating a proposal to amend the current nuclear
law which limits the number of operating reactors to ten and which prohibits
the building of new reactors at existing nuclear power plant sites. The
proposal also states that necessary regulations should be adopted facilitating
the construction and operation of small modular reactors ("SMR") within the
Nordic country. 16  (#_ftn16)

In January 2023, the French Senate approved a draft bill designed to
accelerate procedures related to the construction of new nuclear facilities
near existing nuclear sites and to the operation of existing facilities. In
addition, the approved text removes the objective of reducing the nuclear
share of France's electricity to 50% by 2035 and provides that the share of
electricity production contributed by nuclear will be "more than 50%" by
2050. 17  (#_ftn17)

South Korea has taken the decision to pursue restarting construction of two
1,400 Mwe rectors (Shin Hanul 3 and 4) located in the coastal county of Uljin
(southeast of Seoul). Construction activities were suspended in 2017 in
accordance with the previous administration's nuclear phase-out policy which
has been reversed by the recently elected government. South Korea now plans
for nuclear to generate more than 30 percent of the country's electricity by
2030. 18  (#_ftn18)

Japanese public opinion has moved towards support of restarting nuclear
reactors in that country. One of Japan's leading newspapers, the Asahi
Shimbun, reported the results of a national survey conducted 18-19 February
which showed 51% of respondents favoured resuming operations while 42%
favoured leaving the reactors offline. Previous public polling showed only 30%
support for reactor operations. 19  (#_ftn19)

Public support for nuclear power continues to increase in Europe. A recent
public opinion poll conducted by the Som Institute at Gothenburg University
reported that support for nuclear power in Sweden has reached a record high of
56%, up from 42% in 2022. 20  (#_ftn20)   A public opinion poll in the UK
found a 25% increase in net support for new nuclear power since June 2021
while support in Switzerland remains stable with about half of the surveyed
persons in favour of maintaining the current reactor fleet, while 45% favour
the construction of new reactors (43% support a legal ban on new
construction). 21  (#_ftn21)

The US Department of Energy released an initial report entitled "Pathways to
Commercial Liftoff" which sets forth a preliminary roadmap for the
commercialisation of clean energy technologies including nuclear power. This
department-wide initiative provides "the private sector and other industry
partners a valuable, engagement-driven resource on how and when certain
technologies-beginning with clean hydrogen, advanced nuclear, and long
duration energy storage-can reach full scale deployment." The report concludes
that cumulative investment must increase from approximately US$40 billion to
US$300 billion by 2030 across those technology areas with continued
acceleration until 2050. The implementation plan envisions an additional 200
Gwe of advanced nuclear power by 2050 which would include current nuclear
technology (Gen III+) as well as Gen IV reactors utilising novel fuels such as
high assay-low-enriched uranium ("HALEU"), small modular reactors and micro
reactors. 22  (#_ftn22)

The European Commission published its proposed "Net-Zero Industry Act (NZIA)
in mid-March, a component of the EU's Green Deal Industrial Plan. The proposed
legislation lists technologies that the EC believes will make a significant
contribution to decarbonisation which include: solar; wind; batteries and
storage; heat pumps and geothermal energy; electrolysers and fuel cells;
biogas/biomethane; carbon capture, utilisation, storage and grid technologies;
sustainable alternative fuels technologies, and; advanced technologies to
produce energy from nuclear processes with minimal waste from the fuel cycle,
small modular reactors and related best-in-class fuels. 23  (#_ftn23) In
subsequent negotiations, parties agreed that countries with commercial nuclear
power programmes could reduce their green hydrogen targets for industries by
up to a fifth by 2030 if they mainly use nuclear power-rather than fossil
fuels for producing the remainder of their hydrogen and remain on track to
meet their overall renewable goals. 24  (#_ftn24)

 

Uranium Supply

On 17 March 2023, Kazatomprom announced CY2022 production results and 2023
outlook. Total uranium production declined slightly during 2022 recording 55.2
Mlb compared to 56.7 Mlb in 2021 (3% decrease). However, Kazatomprom group
uranium sales volumes fell by only 1% year-on-year while the average realised
sales price rose by 31% to US$43.46/lb compared to USD33.11/lb for 2021.
Kazatomprom anticipates aggregate uranium production to be in the range of
53.3-55.9 Mlb for CY2023 with the decline in production "due to continued
delays and/or limited access to certain key materials, including sulphuric
acid, and equipment impacting the wellfield commissioning schedule in 2022."
Furthermore, "Wellfield development, procurement and supply chain issues,
including inflationary pressure on production materials and reagents, are
expected to continue throughout 2023, impacting the Company's financial
metrics." Finally, "the Company continues to target ongoing inventory level of
approximately six to seven months of annual attributable production. The
Company may purchase uranium from the spot market, while continuing to monitor
market conditions for opportunities to optimise its inventory."  25  (#_ftn25)

Cameco Corporation held its 4Q 2022 Conference Call on 9 February 2023.
Corporate executives characterised CY2022 as a "transformative year" both for
the company as well as the nuclear power industry. Regarding uranium market
fundamentals, Cameco reported that global utility uncovered
(yet-to-be-contracted) uranium requirements total approximately 2.3 billion lb
U(3)O(8) to 2040 while there now exists a structural primary and secondary
uranium supply gap commencing in the near-term. Based on positive market
fundamentals coupled with significant long-term contracting, Cameco is
abandoning its previous planned restriction of mine operations and now plans
to ramp-up McArthur River to 18.0 Mlb/year and maintain comparable output at
Cigar Lake. Ramp-up of the McArthur River Mine continues to progress with
annual output reaching 15.0 Mlb in 2023 (2022 - 1.1 M lb) before reaching 18.0
Mlb in 2024. 26  (#_ftn26)

On 8 February 2023, Cameco announced the finalisation of the pending long-term
uranium/conversion services agreement with the Ukrainian nuclear power
company, Energoatom. Under the terms of the agreement, Cameco will provide
100% of Energoatom's uranium hexafluoride (UF(6)) requirements for reactors
located at the Rivne, Khmelnytskyi and South Ukraine Nuclear Power Plants. The
contract also incorporates an option for the fuel requirements of Zaporizhzhia
NPP "after its complete de-occupation" by the invading Russian military. The
agreement extends for a 12-year period from 2024 to 2035 and will total about
40.1 Mlb U(3)O(8). In the event that the six-reactor site at Zaporizhzhia
returns to Ukrainian control, a further 27.2 Mlb U(3)O(8) could be added by
2035.  Another agreement executed by the two parties provides for the sale of
Ukrainian-produced uranium which is mined by the domestic Mining and
Processing Plant (SkhidGZK) to "Canada."  27  (#_ftn27)   WNA uranium
production data shows that the Ukrainian facility has been producing 2.0-2.1
Mlb U(3)O(8)/year.

 

Nuclear Power Forecasts

On 30 January 2023, BP released its "Energy Outlook - 2023 Edition" which
examines energy trends and uncertainties associated with the expected energy
transition over the next 30 years. Major updating to the previous Energy
Outlook incorporates impacts of the Russia-Ukraine War as well as the adoption
of the Inflation Reduction Act in the US. The report assesses three main
scenarios: Accelerated, Net Zero and New Momentum. The global energy
conglomerate envisions wind and solar accounting for all or most of the growth
in electricity generation stating, "the role of electricity increases
substantially and broadly uniformly across all three scenarios, with
electricity consumption increasing by around 75% by 2050." Regarding the
future role of nuclear power in the energy transition, BP states that "nuclear
power generation increases by around 80% by 2050 in Accelerated and more than
doubles in Net Zero." 28  (#_ftn28)

 

Uranium Market Outlook

As stated in the previous quarterly review and reflective of expected market
activity over the next quarter, the spot price trend during the second quarter
of 2023 is likely to continue to be dictated by global economic conditions
affecting near-term purchasing decisions by financially oriented market
participants.  Therefore, in the absence of more fundamental market factors
being exerted, it appears likely that spot market activity will remain modest
with a narrow trading range through mid-year.

As anticipated, term contracting remained at a relatively high level during
the Quarter driven by transactions involving Energoatom (Ukraine) covering
forward nuclear fuel requirements with Western sources.  In addition, Yellow
Cake understands that uranium suppliers and nuclear utilities continue to
discuss forward uranium contracting, especially in the United States, but firm
contracting appears to have subsided somewhat entering the second quarter of
2023.

 

 

Net Asset Value

Yellow Cake's estimated net asset value on 31 March 2023 was £4.23 per
share or US$1,035.3 million, consisting of 18.81 million lb of U(3)O(8),
valued at a spot price of US$50.65/lb 29  (#_ftn29) and cash and other current
assets and liabilities of US$82.8 million. 30  (#_ftn30)

   Yellow Cake Estimated Net Asset Value as at 31 March 2023
                                                                                                 Units
   Investment in Uranium
   Uranium oxide in concentrates ("U(3)O(8)")                                   (A)              lb               18,805,601
   U(3)O(8) fair value per pound ((29))                                         (B)              US$/lb           50.65
   U(3)O(8) fair value                                                          (A) x (B) = (C)  US$ m            952.5

   Cash and other net current assets/(liabilities) ((30))                       (D)              US$ m            82.8
   Net asset value in US$ m                                                     (C) + (D) = (E)  US$ m            1.035.3

   Exchange Rate (( 31  (#_ftn31) ))                                            (F)              USD/GBP          1.2364
   Net asset value in £ m                                                       (E) / (F) = (G)  £ m              837.4
   Number of shares in issue less shares held in treasury (( 32  (#_ftn32) ))   (H)                               198,104,399

   Net asset value per share                                                    (G) / (H)        £/share          4.23

 

Yellow Cake's estimated proforma net asset value on 25 April 2023 was £4.46
per share or US$1,095.1 million, based on 20.16 million lb of U(3)O(8)
valued at a spot price of US$53.50/lb 33  (#_ftn33) and cash and other current
assets and liabilities of US$82.8 million as at 31 March 2023, less a cash
consideration of US$66.0 million to be paid to Kazatomprom following delivery
of 1.35 million lb of U(3)O(8) in H2 2023.

   Yellow Cake Estimated Proforma Net Asset Value as at 25 April 2023
                                                                                                 Units
   Investment in Uranium
   Uranium oxide in concentrates ("U(3)O(8)")                                 (A)                Lb                 20,155,601
   U(3)O(8) fair value per pound ((33))                                       (B)                US$/lb             53.50
   U(3)O(8) fair value                                                        (A) x (B) = (C)    US$ m              1,078.3

   Cash and other net current assets/(liabilities) (( 34  (#_ftn34) ))        (D)                US$ m              16.8
   Net asset value in US$ m                                                   (C) + (D) = (E)    US$ m              1,095.1

   Exchange Rate                                                              (F)                USD/GBP            1.2408
   Net asset value in £ m                                                     (E) / (F) = (G)    £ m                882.6
   Number of shares in issue less shares held in treasury(( 35  (#_ftn35) ))  (H)                                   198,104,399

   Net asset value per share                                                  (G) / (H)          £/share            4.46

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
 Gordon Hamilton

 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: Powerscourt
 Peter Ogden                                  Molly Melville
 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 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 18.81
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  (#_ftnref1)            Daily spot price published by UxC, LLC on
31 December 2022.

 2  (#_ftnref2)            Daily spot price published by UxC, LLC on
31 March 2023.

 3  (#_ftnref3)            Based on the daily spot price of
US$48.00/lb published by UxC, LLC on 31 December 2022 and 18,805,601 lb
U₃O₈ held by the Company as at 31 December 2022.

 4  (#_ftnref4)            Based on the daily spot price of
US$50.65/lb published by UxC, LLC on 31 March 2023 and 18,805,601 lb U₃O₈
held by the Company as at 31 March 2023.

 5  (#_ftnref5)       Estimated net asset value per share as at 31 March
2023 is calculated assuming 202,740,730 ordinary shares in issue less
4,636,331 shares held in treasury, the Bank of England's daily USD/ GBP
exchange rate of 1.2364 and the daily spot price published by UxC, LLC on 31
March 2023.

 6  (#_ftnref6)       Estimated net asset value per share as at 31 December
2022 is calculated assuming 187,740,730 ordinary shares in issue less
4,636,331 shares held in treasury, the Bank of England's daily USD/ GBP
exchange rate of 1.2039 and the daily spot price published by UxC, LLC on 31
December 2022.

 7  (#_ftnref7)          Daily spot price published by UxC, LLC on 25
April 2023.

 8  (#_ftnref8)         Estimated net asset value per share as at 25
April 2023 is calculated assuming 202,740,730 ordinary shares in issue, less
4,636,331 shares held in treasury, a USD/ GBP exchange rate of 1.2408 and the
daily spot price published by UxC, LLC on 25 April 2023. For purposes of
estimating proforma net asset value, cash and other current assets and
liabilities is calculated as US$82.8 million as at 31 March 2023, less a cash
consideration of US$66.0 million to be paid to Kazatomprom following delivery
of 1.35 million lb of U(3)O(8) in H2 2023.

 9  (#_ftnref9)            Daily spot price published by UxC, LLC on
31 December 2022.

 10  (#_ftnref10)         Ux Weekly Ux Weekly vol 37 no 14, 3 April
2023.

 11  (#_ftnref11)         Sprott.com;  "Daily and Cumulative Pounds of
Uranium (U(3)O(8)) Acquired by Trust";  31 March 2023.

 12  (#_ftnref12)         Ux Weekly; "UxC Market Statistics"; 28 March
2022.

 13  (#_ftnref13)         Ux Weekly; "2022 Uranium Spot Market Review";
30 January 2023.

 14  (#_ftnref14)         TradeTech InFocus; "New Sanctions Declared on
Russia as War in Ukraine Passes One-Year Milestone";  Nuclear Market
Review;  24 February 2023.

 15  (#_ftnref15)        World Nuclear News; "Accord reached on
extending operation of Belgian units"; 10 January 2023.

 16  (#_ftnref16)        World Nuclear News; "Changes to Swedish law
proposed to enable nuclear new build"; 12 January 2023.

 17  (#_ftnref17)        World Nuclear News; "French Senate adopts bill
on accelerating nuclear new build"; 25 January 2023.

 18  (#_ftnref18)        Yonhap News Agency; "S. Korea to resume
construction of Shin Hanul 3 and 4 nuclear reactors this year"; 31 January
2023.

 19  (#_ftnref19)        World Nuclear News; "Poll finds record support
for Japanese reactor restarts";  21 February 2023.

 20  (#_ftnref20)        BNN Bloomberg News; "Swedes' Support for
Nuclear Power Hits Highest Since Fukushima"; 29 March 2023.

 21  (#_ftnref21)        World Nuclear News; "Polls find strong support
for nuclear in UK and Switzerland"; 10 March 2023.

 22  (#_ftnref22)        US DOE press release; "DOE Releases New Reports
on Pathways to Commercial Liftoff to Accelerate Clean energy Technologies"; 21
March 2023.

 23  (#_ftnref23)         World Nuclear News; "Nuclear "partially"
included in EU's Net-Zero Industry Act"; 16 March 2023.

 24  (#_ftnref24)        BNN Bloomberg News; "EU Agrees Nuclear Has Role
in Meeting Ambitious Climate Goal"; 30 March 2023.

 25  (#_ftnref25)        Kazatomprom Press Release; "Kazatomprom 2022
Full-Year Operating and Financial Results"; 17 March 2023.

 26  (#_ftnref26)        Cameco Corporation Press Announcement; Fourth
Quarter 2022 Conference Call; 9 February 2023.

 27  (#_ftnref27)        Energoatom Press Release; "Energoatom and
Cameco Sign Agreements to Secure Stable Supplies of Nuclear Fuel"; 19 March
2023.

 28  (#_ftnref28)        "BP Energy Outlook - 2023 edition"; 30 January
2023.

 

 29  (#_ftnref29)         Daily spot price published by UxC, LLC on
31 March 2023.

 30  (#_ftnref30)         Cash and cash equivalents and other net
current assets and liabilities as at 31 March 2023.

 31  (#_ftnref31)         Bank of England's daily USD/ GBP exchange
rate as at 31 March 2023.

 32  (#_ftnref32)         Net asset value per share on 31 March 2023 is
calculated assuming 202,740,730 ordinary shares in issue less 4,636,331 shares
held in treasury on that date.

 33  (#_ftnref33)         Daily spot price published by UxC, LLC on 25
April 2023.

 34  (#_ftnref34)      Cash and other current assets and liabilities of
US$82.8 million as at 31 March 2023, less cash consideration of US$66.0
million to be paid to Kazatomprom following delivery of 1.35 million lb of
U(3)O(8) in H2 2023.

 35  (#_ftnref35)         Net asset value per share on 25 April 2023 is
calculated assuming 202,740,730 ordinary shares in issue, less 4,636,331
shares held in treasury on that date.

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