REG - Yellow Cake PLC - QUARTERLY OPERATING UPDATE

Yellow CakeAnnouncement

28/01/2025 07:00

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RNS Number : 8639U  Yellow Cake PLC  28 January 2025

28 January 2025

 

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

QUARTERLY OPERATING UPDATE

Yellow Cake, a specialist Group operating in the uranium sector, holding
physical uranium ("U(3)O(8)") for the long term and engaged in uranium-related
commercial activities, is pleased to report its performance for the quarter
ended 31 December 2024 (the "Quarter").

Highlights

Market Highlights

·     Over the Quarter, the spot price decreased by 10.7% from
US$81.75/lb(( 1 )) on 30 September 2024 to US$73.00/lb(( 2 )) on 31
December 2024. After the Quarter-end, the uranium spot price decreased to
US$67.30/lb on 27 January 2025. 3  The long-term price fell by US$2.00/lb over
the Quarter to US$79.00/lb at the end of December. 4 

·     The marked year-on-year reduction in uranium spot market
transaction volumes suggests that the reduction in mobile inventory may be
impacting near-term market activity levels. While some industry observers
anticipate greater transaction volumes in 2025, continued price volatility can
be expected. In Yellow Cake's view, and based on direct discussions with
utilities, uranium term contracting can be anticipated to increase in 2025,
especially among nuclear utilities located in the United States and the
Asia/Pacific region.

·    Nuclear power expansion and an escalating need for uranium has
continued to dominate the global industry. Subsequent to the COP29 conference,
where a growing number of countries publicly supported the tripling of
worldwide nuclear generating capacity, not only are large reactors being
emphasised in China, India, and Eastern Europe, but also SMR technologies are
receiving increasing focus on a global basis, including in Argentina, Estonia,
Italy, Thailand, Indonesia, Norway, and the Czech Republic, to name just a few
of the countries involved.  Ambitious nuclear power programmes, especially
for SMR development, are expected to translate into ever-increasing uranium
demand in the medium term.

 

Company Highlights

·    The value of Yellow Cake's uranium holdings decreased by 10.7% over
the Quarter from US$1,772.5 million as at 30 September 2024 to
US$1,582.8 million as at 31 December 2024, as a result of the corresponding
decrease in the uranium spot price.

·     Estimated net asset value per share decreased by 4.4% over the
Quarter from £6.17 per share 5  as at 30 September 2024 to £5.90 per
share 6  as at 31 December 2024. This is primarily due to the effect of the
10.7% decrease in the uranium price over the Quarter on the Group's total
uranium holding, partly offset by sterling depreciation.

·       Yellow Cake's estimated net asset value on 27 January 2025 was
£5.46 per share or US$1,479.6 million, based on a spot price of US$67.30/lb
and cash and other current assets and liabilities. 7 

·      All U(3)O(8) to which Yellow Cake 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 remain confident in the long outlook for the uranium price. We see current
market volatility as presenting compelling new entry points for investors. We
expect to see uranium term contracting increase in 2025, especially among
nuclear utilities in the US and Asia/Pacific region, while producers look to
meet increased demand by developing higher cost greenfield projects. At the
same time, we believe this year will highlight the fragility of the supply
side in the face of this growing demand. These factors are expected to place
upward pressure on the uranium price.

"The overall market trend continues to support investment in uranium. There is
now real momentum in the demand for nuclear with a growing number of countries
publicly supporting the tripling of worldwide nuclear generating capacity, not
only through large reactors, but also SMR technologies. Ambitious nuclear
power programmes are expected to translate into ever-increasing uranium demand
in the medium term. Argentina's President Javier Milei, for example, launched
the 'Argentina Nuclear Plan' based on investment in SMRs stating 'nuclear
energy is making a powerful comeback', a sentiment with which we agree."

 

 

Uranium Market Developments and Outlook

 

Uranium Market Developments

Spot market volumes for the Quarter totalled 11.1 million lb. This was
slightly below the previous 2024 quarterly transaction levels which averaged
12.2 million lb. 8 

Annual transaction volume in the global uranium spot market continued to
decline, totalling 45.6 million lb in 2024, a decrease of almost 11 million lb
from 2023 (total - 56.7 million lb).  Reported monthly volumes ranged from
1.7 million lb in October 2024 up to 7.8 million lb in May 2024.(8) In
comparison, the annual spot quantity averaged 78.7 million lb from 2020 to
2023, with the highest volumes transacted in 2021 at 102.4 million lb.

The uranium spot market price weakened markedly during the Quarter, declining
from US$81.75/lb at the end of September to US$73.00/lb at the end of
December, a decrease of approximately 11 percent over the three-month period.
During 2024, the spot uranium price increased from US$91.00/lb at the end of
2023, to reach its most recent apex of US$107.00/lb in January 2024, but
weakened throughout the rest of 2024, declining by 20% during the year.

Similarly, all of the three longer term market price indicators also declined
over the Quarter with the 3-year forward price weakening from US$94.00/lb to
US$88.00/lb and the 5-year forward price declining from US$101.00/lb down to
US$95.00/lb. The Long-Term Price fell by US$2.00/lb reporting at US$79.00/lb
at the end of December.(8, 9 )

During 2024, the 3-yr Forward price decreased from US$96.00/lb to US$88.00/lb
while the 5-yr Forward Price weakened to US$95.00/lb from US$101.00/lb at the
end of 2023. However, the Long-Term Price increased from its December 2023
level of US$68.00/lb to end 2024 at US$79.00/lb, an increase of 16 percent for
the year.(8)(,) 10 

In November 2024, the government of the Russian Federation passed a decree
rescinding TENEX's (Russian nuclear fuel export agency) general license to
export low-enriched uranium (LEU) to the United States and that it is now
required to apply for specific export licenses from the Russian authorities,
which may be issued on a case-by-case basis under the current suspension. 11 
Reportedly, this was in retaliation for the U.S. legislation signed into law
(H.R. 1042 "Prohibiting Russian Uranium Imports Act"; August 2024) banning the
importation of Russian-sourced LEU subject to U.S. Department of Energy
waivers, which may be granted through December 2027 when the ban will be fully
enforced.

 

Nuclear Generation and Uranium Demand

Argentina's President, Javier Milei, announced the "Argentine Nuclear Plan"
incorporating the development of small modular reactors ("SMRs") in support of
increasing electricity demand and AI facilities.  Argentina also aims to
utilise its domestic uranium reserves for domestic use and export. The
President stated, "After years of stagnation, nuclear energy is making a
powerful comeback, and we are determined to lead, not follow." 12 

Japan's Ministry of Economy, Trade and Industry released a draft version of
the "Basic Energy Plan" for Japan which revises the 2014 declaration to
"reduce dependency on nuclear power as much as possible" to a more supportive
stance of "not overly depending on specific power or fuel sources." This has
been interpreted as adopting a policy to increase the number of nuclear
reactors. The draft plan indicated that the share of nuclear power would
remain at 20 percent in fiscal 2040, while renewable energy sources would
nearly double to 40-50 percent of the total. Importantly, the plan allows a
power company to build a new reactor on the site of another nuclear power
plant that equals the capacity of decommissioned nuclear plants. 13 

The Indonesian National Energy Council, affiliated with the Energy Ministry,
proposed constructing at least 20 nuclear power plants and identified 29
potential sites ranging from North Sumatra in the southeast across the
archipelago to West Papua. The government is seeking foreign investors,
including from China and Russia, to support the planned construction
programme. 14 

Italy's Environment and Energy Minister Gilberto Pichetto announced the
country's preparedness to reintroduce nuclear power, which had been abandoned
following a public referendum after the Chernobyl nuclear accident. Italy
plans to pursue the development of SMRs. The Minister stated, "The time is
ripe for the private sector to produce small, latest-generation reactors with
the help of government money." Furthermore, "if politics, entrepreneurship,
and research come together to work in a scenario of common commitment, this
means that our country is also culturally ready to return to nuclear energy
production". 15 

India's nuclear power operator, Nuclear Power Corporation of India Ltd.
("NPCIL") issued a Request for Proposals ("RFPs") to finance and build a
proposed fleet of indigenously designed SMRs, the 220 MW Bharat Small Reactor
("BSR"), based on heavy-water technology. The national bureau aims to engage
"visionary Indian industries" interested in supporting the decarbonisation of
the Indian economy. Under the terms of the RFP, Indian industrial power users
will have the right to electricity off-take from the BSRs, which will be owned
and operated by NPCIL. The users will be responsible for all capital and
operating expenditures throughout the project's entire lifecycle, with NPCIL
taking control upon completion. India's Bhabha Atomic Research Centre
developed the BSR to repurpose coal-based power plants and support power
requirements in remote locations. Proposals are due by 31 March, 2025. 16 

The United Nations 29(th) Conference of the Parties ("COP29") convened in
Baku, Azerbaijan in November 2024. The International Atomic Energy Agency
("IAEA") reported that nuclear power was highlighted during the gathering,
noting that "Reaching global decarbonisation targets by 2050 will require a
significant expansion of nuclear power." During the conference, an additional
six countries added their support to the Declaration to Triple Nuclear Energy,
bringing the total to 31 signatory countries. 17 

Vietnam's National Assembly approved the resumption of the delayed Ninh Thuan
Nuclear Power Project. Initially approved in 2005, a siting study identified a
coastal site in Ninh Thuan Province for the two-reactor development. However,
the government suspended the project in 2016 due to safety, funding, and
technical issues. 18 

Google and Kairos Power, a nuclear technology, engineering, and manufacturing
company focused on the commercialisation of the fluoride salt-cooled,
high-temperature reactor ("KP-FHR"), executed a Master Plant Development
Agreement for the deployment of advanced nuclear power projects totalling 500
MW by 2035. 19 

Amazon agreed to anchor a Series C-1 financing round of approximately US$500
million to support the completion of X-energy's reactor design (Xe-100
advanced small modular reactor) and licensing, as well as fund the first phase
of the TRISO-X fuel fabrication facility. Additionally, the two companies are
collaborating to bring more than 5 gigawatts of new power projects online
across the U.S. by 2029. 20 

Japan's Tohoku Electric Power Company brought the number 2 reactor at Onagawa
Nuclear Power Station back online, 13 years after the plant was shut down
following the March 2011 Great East Japan Earthquake and subsequent Fukushima
Daiichi Nuclear Power Station accident. The reactor (BWR; 825 MWe) initially
entered commercial operation in July 1995. 21 

Korea Hydro & Nuclear Power (KHNP) initiated construction of the Shin
Hanul 3 & 4 reactors (APR1400). KHNP applied for construction licenses in
January 2016 with projected operation in 2022-2023. However, the election of
President Moon Jae-in and that government's nuclear phase-out policy resulted
in the units being suspended. South Korea's Nuclear Safety and Security
Commission issued construction licenses for the reactors in September
2024. 22 

The IAEA published a new report, Climate Change and Nuclear Power 2024, which
focused on the financial requirements to pursue increased nuclear power
capacity. The report concluded that in order to reach the 2050 high case
nuclear capacity forecast (2.5 times current global nuclear capacity)
contained in the agency's recent projection, the annual global investment in
nuclear power reactor maintenance and new builds would need to increase from
the average of US$50 billion per year experienced 2017-2023 up to US$125
billion per year. Tripling current nuclear capacity would necessitate an
annual investment of US$150 billion. 23 

 

Uranium Production and Nuclear Fuel Supply

French nuclear fuel company Orano has entered into a preliminary agreement to
develop the proposed ISR-based uranium production facility, Zuuvch Ovoo, in
the Dornogovi Province of the Republic of Mongolia. First production is
expected in 2028, but maximum annual output of 6.8 million lb U₃O₈ would
not be reached until 2044. The initial capital investment would be US$500
million, with a total investment of US$1.6 billion. 24 

Orano announced that the company had lost operational control of the SOMAIR
("Société des Mines dAïr") uranium mine in Niger following the July 2023
military coup in that country. The newly installed government has refused to
permit the exportation of uranium already produced at the mine, of which Orano
is the majority owner and operator. SOMAIR was established in 1968, and
uranium production from the Arlit deposit commenced in 1971. SOMAIR production
peaked in 2012 at 8.0 million lb but more recently had been about 5.0 million
lb/year. The government of Niger owns a minority share (36.6%). 25 

Kazatomprom released its third-quarter 2024 Operations and Trading results on
1 November 2024, reporting that aggregate uranium production for the three
months ending 30 September rose by 16% year-on-year, reaching 15.3 million lb
in 3Q2024. Total uranium output for the first nine months of 2024 increased to
43.6 million lb, an increase of 9% over the comparable period of 2023.
Full-year guidance for uranium production remained at 58.5-61.1 million lb at
an all-in sustaining cash cost (C1 + capital cost) of US$27.75-29.25/lb, which
was a slight increase from the 2Q24 estimate of US$26.00-27.50/lb. Both
capital expenditures and AISC estimates rose due to changes in the
construction schedules of new facilities, including increased development
costs for infrastructure at three development projects coupled with increased
prices of well construction services and drilling materials. 26 

Cameco reported the company's Q3 2024 results on 7 November 2024. The company
expects uranium production from its operations to total 37.0 million lb (100%)
while Cameco's share should equate to "up to 23.1 million pounds." The
principal contribution to this increase is the anticipated output of the Key
Lake mill, which is now forecast to reach 19.0 million lb compared to the
previously planned 18.0 million lb. However, Cameco now expects that its
purchases from JV Inkai (Kazakhstan) would be reduced as the project appears
to be operating below its planned output of 8.3 million lb (100% basis) due to
"the differences in the annual mine plan, a shift in the acidification
schedule for new wellfields, and an unstable acid supply throughout the year."
For the first nine months of 2024, Cameco reported an increase in the Average
Realized Sales Price year-on-year, which rose from US$48.62 per lb in 2023 to
US$58.28 per lb in 2024. 27 

 

 

Industry Conferences

In October 2024, the Nuclear Energy Institute ("NEI") convened its annual
industry conference "International Uranium Fuel Seminar - 2024," in Kansas
City, Missouri. The gathering drew about 200 participants, primarily focused
on the US nuclear utility sector, with representatives from the global nuclear
fuel supply chain in attendance. Several presenters summarized issues in the
current and projected global nuclear fuel markets, including UxC Executive
V.P., International, Anna Bryndza, who presented a detailed assessment of the
Russian nuclear fuel situation and concluded that "Russia urgently needs to
secure uranium going forward." Additionally, Kazatomprom's Managing Director,
Sales, Seitzhan Zhanybekov, provided an update on that company's uranium
production and transport but also offered an overview of long-term
supply/demand dynamics, noting that "new potential production is not
sufficient to cover demand post-2030". 28 

 

Market Outlook

The marked year-on-year reduction in uranium spot market transaction volumes
suggests that the reduction in mobile inventory may be impacting near-term
market activity levels. While some industry observers anticipate greater
transaction volumes in 2025, continued price volatility can be expected.

As observed by UxC in its "The Year Ahead" editorial (January 6, 2025),
"Uranium prices have started the year on an upswing, but there are also signs
that we could continue to experience higher levels of spot price volatility in
2025 given competing market fundamentals and uncertainty in the policy and
trade arenas."

In Yellow Cake's view, and based on direct discussions with utilities, uranium
term contracting can be anticipated to increase in 2025, especially among
nuclear utilities located in the United States and the Asia/Pacific region.
While long-term price indicators strengthened during 2024, this is expected to
continue as utilities focus on supporting the development of greenfield
uranium projects, which tend to exhibit higher production costs.

Nuclear power expansion and an escalating need for uranium has continued to
dominate the global industry. Subsequent to the COP29 conference, where a
growing number of countries publicly supported the tripling of worldwide
nuclear generating capacity, not only are large reactors being emphasised in
China, India, and Eastern Europe, but also SMR technologies are receiving
increasing focus on a global basis, including in Argentina, Estonia, Italy,
Thailand, Indonesia, Norway, and the Czech Republic, to name just a few of the
countries involved. Ambitious nuclear power programmes, especially for SMR
development, are expected to translate into ever-increasing uranium demand in
the medium term.

 

 

Net Asset Value

Yellow Cake's estimated net asset value on 31 December 2024 was £5.90 per
share or US$1,603.2 million, consisting of 21.68 million lb of U(3)O(8)
valued at a spot price of US$73.00/lb 29  and cash and other current assets
and liabilities of US$20.4 million. 30 

   Yellow Cake Estimated Net Asset Value as at 31 December 2024
                                                                                 Units
   Investment in Uranium
   Uranium oxide in concentrates ("U(3)O(8)")                  (A)               lb                21,682,318
   U(3)O(8) fair value per pound(29)                           (B)               US$/lb            73.00
   U(3)O(8) fair value                                         (A) x (B) = (C)   US$ m             1,582.8

   Cash and other net current assets/(liabilities)             (D)               US$ m             20.4
   Net asset value in US$ m                                    (C) + (D) = (E)   US$ m             1,603.2

   Exchange Rate 31                                            (F)               USD/GBP           1.2529
   Net asset value in £ m                                      (E) / (F) = (G)   £ m               1,279.6
   Number of shares in issue less shares held in treasury 32   (H)                                 216,856,447

   Net asset value per share                                   (G) / (H)         £/share           5.90

 

 

Yellow Cake's estimated net asset value on 27 January 2025 was £5.46 per
share or US$1,479.6 million, based on 21.68 million lb of U(3)O(8) valued at
a spot price of US$67.30/lb 33  and cash and other current assets and
liabilities of US$20.4 million as at 31 December 2024.

   Yellow Cake Estimated Net Asset Value as at 27 January 2025
                                                                                Units
   Investment in Uranium
   Uranium oxide in concentrates ("U(3)O(8)")                  (A)              lb               21,682,318
   U(3)O(8) fair value per pound(33)                           (B)              US$/lb           67.30
   U(3)O(8) fair value                                         (A) x (B) = (C)  US$ m            1,459.2

   Cash and other net current assets/(liabilities) 34          (D)              US$ m            20.4
   Net asset value in US$ m                                    (C) + (D) = (E)  US$ m            1,479.6

   Exchange Rate                                               (F)              USD/GBP          1.2488
   Net asset value in £ m                                      (E) / (F) = (G)  £ m              1,184.8
   Number of shares in issue less shares held in treasury 35   (H)                               216,856,447

   Net asset value per share                                   (G) / (H)        £/share          5.46

 

 

 

ENQUIRIES:

 Yellow Cake plc
 Andre Liebenberg, CEO                    Carole Whittall, CFO
 Tel: +44 (0) 153 488 5200
 Nominated Adviser and Joint Broker: Canaccord Genuity Limited
 James Asensio                            Henry Fitzgerald-O'Connor
 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
 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 (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.

 

 1          Daily spot price published by UxC, LLC on 30 September
2024.

 2          Daily spot price published by UxC, LLC on 31 December 2024.

 3          Daily spot price published by UxC, LLC on 27 January
2025.

 4          Ux Weekly; "The Market"; 6 January 2025.

 5         Estimated net asset value as at 30 September 2024 of
US$1,796.0 million comprises 21.68 million lb of U(3)O(8) valued at the
daily spot price of US$81.75/lb published by UxC, LLC on 30 September 2024
and cash and other current assets and liabilities of US$23.5 million.
Estimated net asset value per share as at 30 September 2024 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
1.3413 on 30 September 2024.

 6        Estimated net asset value as at 31 December 2024 of
US$1,603.2 million comprises 21.68 million lb of U(3)O(8) valued at the
daily spot price of US$73.00/lb published by UxC, LLC on 31 December 2024 and
cash and other current assets and liabilities of US$20.4 million. Estimated
net asset value per share as at 31 December 2024 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 1.2529 on
31 December 2024.

 7         Estimated net asset value as at 27 January 2025 of
US$1,479.6 million comprises 21.68 million lb of U(3)O(8) valued at the
daily spot price of US$67.30/lb published by UxC, LLC on 27 January 2025 and
cash and other current assets and liabilities of US$20.4 million as at
31 December 2024. Estimated net asset value per share as at 27 January 2025
is calculated assuming 221,440,730 ordinary shares in issue less 4,584,283
shares held in treasury on that date and a USD/GBP exchange rate of 1.2488.

 8            Ux Weekly; "Ux Price Indicators"; 6 January 2025.

 9            Ux Weekly; "Ux Price Indicators"; 7 October 2024.

 10         Ux Weekly; "Ux Price Indicators"; 8 January 2024.

 11         World Nuclear News; "Russia places 'tit-for-tat' ban on US
uranium exports"; 18 November 2024.

 12         OilPrice.com; "Argentina's Nuclear Ambitions: Milei's Bold
Energy Plan"; 28 December 2024.

 13         Asahi Shimbun; "Ministry releases draft energy plan that
will boost nuclear power use"; 17 December 2024.

 14        ABC.net.au News; "Earthquake-prone Indonesia considers nuclear
power plan as 29 possible plant sites revealed"; 26 December 2024.

 15         MSN.com; "Italy ready to return to nuclear power says
Pichetto"; 3 December 2024.

 16         World Nuclear News; "India's NPCIL seeks proposals for
privately funded small reactor projects"; January 2, 2025.

 17         IAEA Press Announcement; "Nuclear Power in the COP29
Spotlight as Countries and Companies Eye Climate Solutions"; 18 November 2024.

 18         The Investor; "Vietnam resumes nuclear power project after
8-year pause"; 30 November 2024.

 19         Kairos Power; "Google and Kairos Power Partner to Deploy 500
MW of Clean Electricity Generation"; 14 October 2024.

 20         X-energy Press Release; "Amazon Invests in X-energy to
Support Advanced Small Modular Nuclear Reactors and Expand Carbon-Free Power";
16 October 2024.

 21         Nippon.com; "Japan's Nuclear Power Plants in 2024"; 29
 October 2024.

 22         World Nuclear News; "South Korea breaks ground for two new
reactors"; 30 October 2024.

 23         IAEA Press Release; "New IAEA Report on Climate Change and
Nuclear Power Focuses on Financing"; 18 October 2024.

 24         Mining.com; "Mongolia reaches deal for US$1.6 billion
uranium mine with Orano"; 27 December 2024.

 25         Orano Press Release; "Orano confirms the loss of operational
control of SOMAIR in Niger"; 4 December 2024.

 26         Kazatomprom Press Release; "Kazatomprom 3Q24 Operations and
Trading Update"; 1 November 2024.

 27         Cameco Press Release; "Cameco reports Q3 results; improving
operational performance supports dividend growth; strengthening prospects amid
growing demand for nuclear power; long-term contracting activity gaining
momentum; strong annual outlook; Cameco well-positioned"; 7 November 2024.

 28         UxC, "Meanwhile, Somewhere in Russia…," October 29, 2024
and Kazatomprom, "Navigating Geopolitical Turbulence"; 29 October 2024.

 29         Daily spot price published by UxC, LLC on
31 December 2024.

 30         Cash and cash equivalents and other net current assets and
liabilities as at 31 December 2024.

 31         Bank of England's daily USD/GBP exchange rate as at
31 December 2024.

 32         Estimated net asset value per share on 31 December 2024.
is calculated assuming 221,440,730 ordinary shares in issue less 4,584,283
shares held in treasury on that date.

 33         Daily spot price published by UxC, LLC on 27 January 2025.

 34         Cash and other current assets and liabilities as at 31
December 2024.

 35         Estimated net asset value per share on 27 January 2025 is
calculated assuming 221,440,730 ordinary shares in issue, less 4,584,283
shares held in treasury on that date.

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