REG - Yellow Cake PLC - Quarterly Operating Update

Yellow CakeAnnouncement

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RNS Number : 3626G  Yellow Cake PLC  28 April 2025

28 April 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 March 2025 (the "Quarter").

Highlights

Market Highlights

·      Over the Quarter, the spot price decreased by 11.7% from
US$73.00/lb(( 1 )) on 31 December 2024 to US$64.45/lb(( 2 )) on
31 March 2025. After the Quarter-end, the uranium spot price strengthened to
US$66.85/lb on 25 April 2025. 3 

·      The pullback in the spot price over the Quarter was largely
influenced by geopolitical uncertainties surrounding and, in particular, US
trade policies, which included potential nuclear fuel-related tariffs. As of
31 March 2025, exemptions remained in place for natural uranium, conversion
services, and enrichment services. However, the situation remains fluid as the
US government continues its implementation of a broad tariff strategy and
negotiations with its trading partners are ongoing. The long-term price
demonstrated resilience, increasing by US$1.00/lb to reach US$80.00/lb by
Quarter-end. 4 

·      While long-term uranium supply demand fundamentals remain very
solid, heightened volatility in the spot price may persist in the near term.
Activity in the spot and term markets is expected to resume once there is
clarity on the scope and duration of tariffs.

Company Highlights

·      The value of Yellow Cake's uranium holdings decreased by 11.7%
over the Quarter from US $1,582.8 million as at 31 December 2024 to
US$1,397.4 million as at 31 March 2025, as a result of the corresponding
decrease in the uranium spot price.

·      Estimated net asset value per share decreased by 14.4% over the
Quarter from £5.90 per share 5  as at 31 December 2024 to £5.05 per share 6 
as at 31 March 2025. This is primarily due to the effect of the 11.7%
decrease in the uranium price over the Quarter on the Group's total uranium
holding, combined with Sterling's appreciation against the US dollar over the
Quarter.

·      Yellow Cake's estimated net asset value on 25 April 2025 was
£5.07 per share or US$1,466.5 million, based on a spot price of US$66.85/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:

"The uranium market has been heavily impacted by the uncertainties surrounding
recent US trade policies with many participants stepping back. Given the thin
volumes in the spot market, we expect this to show up in terms of spot price
volatility. We do however expect activity in the spot and term markets to
resume once more clarity emerges, potentially presenting a new inflexion point
for the uranium price and a unique opportunity for investors.

"Forecast demand for nuclear power is surging, driven by the critical need for
clean, reliable energy and the AI-driven boom in hyperscale data centres. Yet
at current price levels, investment into new greenfield capacity has almost
entirely stalled. With primary mine supply lagging significantly behind annual
demand-155 million lb against over 180 million lb-and ongoing supply
constraints from producers as well as construction delays of restarted
projects, the uranium market faces a fundamental primary shortage, setting the
scene for an upwards price correction. Yellow Cake has accumulated a strategic
inventory of 22 million lb over the past 6 years, and we are strongly of the
view that the uranium price has significant upside from here. The is not only
our view but broker consensus forecast for the uranium price between 2026 and
2028 is US$88-90/lb compared with a current spot price of c.US$67/lb. We
remain very confident in the medium- and long- term case for uranium and we
are well positioned to capitalise on the anticipated rise in uranium prices,
offering investors an opportunity to gain exposure to this tightening market."

 

Uranium Market Developments and Outlook

 

Global Uranium Market Developments

The uranium spot market price weakened during the Quarter, from US$73.00/lb at
the end of December to US$64.45/lb at the end of March, a decrease of 11.7%
over the three-month period. Since the end of 2024, the spot market price has
lost 8.4% of its value.

Two of the three longer-term market price indicators declined over the course
of the Quarter, with the 3-year forward price weakening from US$88.00/lb to
US$79.00/lb and the 5-year forward price declining from US$95.00/lb to
US$87.00/lb. However, the long-term price increased by US$1.00/lb over the
Quarter, reporting at US$80.00/lb at the end of March. 8 

Spot market transaction volumes aggregated 11.1 million lb 9  for the Quarter,
above the March 2024 quarter when a total of 9.5 million lb 10  were
transacted. However, the Quarter volumes were lower than the 2024 quarterly
average of 11.7 million lb.

UxC released its summary of the 2024 uranium spot market, reporting aggregate
transaction volumes of 46.8 million lb, a decrease from the 2023 total of 56.6
million lb. Notably, utilities purchased 7.2 million lb (15.3% of aggregate
volumes), down from the 2023 level of 13.5 million lb (24%), while uranium
producers acquired 6.7 million lb (14.3%) compared to 3.8 million lb (6.7%)
the previous year. Intermediaries/others (trading companies/financial
entities) were sellers of 93% of the 2024 total, an increase from the 2023
level of just under 85%. 11 

Nuclear Generation / Uranium Demand

A total of six new reactors (7.4 GWe) were connected to transmission grids
during 2024. Those reaching the intermediate stage between initial reaction
and electricity generation included Zhangzhou - 1 and Fanchenggang - 4 in
China, Barakah-4 in the UAE, Vogtle-4 in the U.S., Flamanville-3 in France,
and Kakrapar-4 in India. A total of five reactors (5.6 GWe) were connected in
2023. 12 

The International Energy Agency ("IEA") released its latest outlook for
nuclear power growth entitled, "The Path to a New Era for Nuclear Energy." The
study focuses on the development of small modular reactors ("SMR") and the
potential impact of this emerging technology. Assuming current policies,
global installed SMR generating capacity could reach 40 GW by 2050. However,
assuming tailored policy support for nuclear and streamlined regulations for
SMRs align with robust industry delivery on new projects and designs, SMR
capacity could triple by mid-century, reaching 120 GW with more than one
thousand SMRs in operation by then. Under the rapid growth scenario, required
investment in SMRs would escalate from less than US$5 billion currently to
US$25 billion by the end of this decade, with a cumulative investment of
US$670 billion by 2050. 13 

On 7 January 2025, the Polish Cabinet adopted a draft bill permitting the
government to advance up to US$14.7 billion to Polskie Elektrownie Jądrowe,
the state-owned utility company, as one component of the financing for a
three-reactor nuclear power plant. The nuclear facility, the first for Poland,
will consist of three Westinghouse AP-1000 reactors (totalling 3.75 GWe) to be
built at the Lubiatowo-Kopalino site on the Baltic coast. Planned commercial
operation for the three units is 2035-2039. 14 

The Czech Republic submitted an updated national energy plan to the European
Commission, stating that the country plans to abandon coal-fired generation by
2033 while focusing on expanding nuclear power. The document states that by
2030, nuclear power should provide 44% of electricity, which will expand to
68% by 2040 as new reactors enter operation. 15 

Estonia's energy company, Fermi Energia, plans to initiate a site selection
study for the country's first nuclear power plant, which looks to construct
two Hitachi BWRX-300 small modular reactors. The company plans to identify a
suitable site by 2027-2029 and submit an application for construction in 2029.
Planned construction would begin in 2031, with the first reactor operational
by late 2035. 16 

Indonesia's Ministry of Energy and Mineral Resources has announced plans to
accelerate the development of nuclear power plants in the country to 2029 from
the initial target of 2032. Indonesia's National Electricity General Plan
2025-2060 estimates that national electricity generation will reach 443 GW by
2060, with 79% of the capacity derived from new and renewable energy.
Previously, the country had announced plans to build a 250 MW nuclear power
plant by 2032 as the initial reactor of a total of 20 nuclear power plants
focusing on SMR technology. 17 

Thailand plans to integrate nuclear power into the country's electricity
generation by 2037. Under the draft Power Development Plan (2024-2037), two
SMRs would be developed to become operational by the end of the planning
period (2037). 18 

Italy plans to complete necessary plans and legislation to allow for the
reintroduction of nuclear power, which was banned following a 1987 referendum
held in the aftermath of the Chernobyl nuclear accident. Previously, Italy
operated four reactors (totalling 1.4 GWe) which were shuttered and
decommissioned in 1990. The country plans to focus on SMR technology. 19 
(#_ftn19)

Japan approved its latest Basic Energy Plan, which calls for the "maximum use
of nuclear power," a change from previous plans that stated the country was to
reduce its dependency on nuclear generation. The 7th Basic Energy Plan sets
forth a goal of nuclear electricity generation reaching about 20% of total
production in FY2040, compared to the FY2023 contribution of nuclear power,
which was reported at 8.5%. To achieve the target of 20% of generation by
FY2040, the majority of Japan's 36 operable nuclear reactors, including those
currently under construction, would need to be placed into commercial
operation. 20 

Indian Prime Minister Narendra Modi conducted state visits to the United
States and France in support of India's recent adoption of a major nuclear
power expansion, which is planned to reach 100 GWe of installed nuclear
capacity by 2047 (current capacity approximates 7.5 GWe) with a combination of
large reactors and small modular reactor technology. The Indian government has
voted to incorporate private companies into its nuclear power expansion
program, resulting in groups such as Tata Power and the Naveen Jindal Group
indicating participation. 21 

The Spanish Congress adopted a proposal calling for the federal government to
adopt measures necessary to reverse the country's planned nuclear power
phase-out scheduled by 2035. Spain currently operates seven reactors totalling
7.1 GWe (Trillo-1; Almaraz 1&2; Asco 1&2; Cofrentes, and Vandellos
2). 22 

Vietnam formally approved a nuclear power development plan aiming to have at
least one nuclear power plant operational between 2031 and 2035. Under the
Power Development Plan VIII, the nuclear power programme includes the Ninh
Thuan I NPP (2 x 1200 MWe) and the Ninh Thuan II NPP, which would be targeted
for operations 2036-2040. 23 

Having already shuttered its commercial nuclear power programme with the last
three reactors being closed in 2023, Germany's conservative Christian Democrat
Union (CDU) is planning to revive the country's nuclear power programme. The
recently elected coalition of CDU and Social Democrats have called for a
nuclear revival, although restarting already closed reactors is considered
unlikely with the focus shifting to SMRs. 24 

Following the change in the German federal government, the German Nuclear
Association ("KernD") has called for a pause in the dismantling of existing
nuclear reactors and a re-evaluation of the restart of German reactors. The
industry group observed that nuclear energy made in Germany means provision of
weather-independent and CO2-neutral baseload while making electricity prices
competitive again. It also allows independence from electricity imports for a
stable and sovereign energy supply. 25 

U.S. Secretary of Energy, Chris Wright, delivered the keynote address at the
CERAWeek 2025 conference in Houston, Texas (10 March). Secretary Wright
emphasized that the world needs more energy and underscored the crucial role
of natural gas in supporting global energy needs. He also stated, "We are
working to launch the long-awaited American nuclear renaissance, fission and
fusion". 26 

The Swedish government proposed to provide significant loans to underpin the
construction of new reactors in Sweden. A three-pronged programme would
incorporate subsidised loans, 40-year electricity price guarantees, as well as
risk- and profit-sharing. The total cost of constructing four new large-scale
reactors is estimated at 400 billion kronor (US$40.8 billion), with the state
providing loans of 300 billion kronor (US$30.6 billion). To finance the
electricity price guarantee, the government study envisioned an additional 50
kronor/month tax on households and higher tax rates for businesses,
industries, and agriculture. 27 

Uranium Production / Nuclear Fuel Supply

National Atomic Company Kazatomprom JSC ("Kazatomprom") released a summary of
the company's operational and trading activities for 4Q24. The company
reported that CY2024 uranium production in Kazakhstan increased by 10%
compared to CY2023, reaching 60.5 million lb (Kazatomprom share - 31.9 million
lb). However, CY2024 sales by Kazatomprom, though declining by 8% (43.3
million lb for the year), slightly exceeded guidance due to "additional
requests from customers to flex up their annual delivery quantities within the
frame of existing contracts." The company cited "efforts to ensure sufficient
level of inventories for future periods" as a reason for the overall decline
in physical deliveries. Looking forward, the company provided CY2025
production guidance (100% basis) in the range of 65.0-68.9 million lb. 28 

The Kazatomprom Board of Directors approved an updated Development Strategy
for 2025-2034, which incorporates the "Value over Volume" principle with the
following strategic objectives: "enhance focus on uranium mining as our core
business with efforts concentrated on replenishment and efficient use of the
resource base; expand our footprint in the nuclear fuel cycle, given the
arising opportunities, substantiated by economic value; develop and expand the
rare and rare-earth metals segment under the critical minerals agenda;
continue to diversify sales and further enhance trading function; and improve
and strengthen leading business and ESG practices to ensure and uphold the
integrity of the business." 29 

Cameco reported 2024 results, including annual net earnings of C$172 million
(adjusted net earnings - C$292 million), bolstered by 4Q2024 net earnings of
C$135 million (adjusted net earnings - C$157 million). The company delivered
33.6 million lb of uranium at an average realised price of C$79.70/lb
(US$58.34/lb). Cameco's share of uranium production rose markedly from 17.6
million lb in 2023 to 23.4 million lb in 2024. 30 

Japanese trading company, ITOCHU Corporation, has taken a minority ownership
position in the proposed Jongeldy uranium project in the Republic of
Uzbekistan. Development of the uranium deposit utilising in-situ recovery
technology is anticipated to require an investment of US$214 million over a
three-year period. The project ownership group includes the French fuel cycle
company, Orano, and Uzbekistan's national uranium company, Navoiuran. The
foreign companies are expected to provide the bulk of the development capital,
with Navoiuran acting as project operator. The project is targeting an annual
average output of 500 tonnes of uranium (1.3 million lb U(3)O(8)), peaking at
700 tonnes of uranium (1.82 million lb U(3)O(8)). Orano's share of production
will help replace the company's former uranium production from the Republic of
Niger. 31 

Market Outlook

The ongoing decrease in the spot price throughout the Quarter was largely
influenced by uncertainties surrounding US trade policies, including potential
nuclear fuel-related tariffs. As of 31 March 2025, exemptions remained in
place for natural uranium, conversion services, and enrichment services.
However, the situation remains fluid as the US government continues its
implementation of a broad tariff strategy. The long-term price demonstrated
resilience, increasing by US$1.00/lb to reach US$80.00/lb by Quarter-end. 32 

While long-term uranium supply demand fundamentals remain very solid,
heightened volatility in the spot price may persist in the near term. Activity
in the spot and term markets is expected to resume once there is clarity on
the scope and duration of tariffs.

 

Net Asset Value

Yellow Cake's estimated net asset value on 31 March 2025 was £5.05 per share
or US$1,414.4 million, consisting of 21.68 million lb of U(3)O(8) valued at a
spot price of US$64.45/lb 33  and cash and other current assets and
liabilities of US$17.0 million. 34 

   Yellow Cake Estimated Net Asset Value as at 31 March 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$/lb           64.45
   U(3)O(8) fair value                                         (A) x (B) = (C)  US$ m            1,397.4

   Cash and other net current assets/(liabilities)             (D)              US$ m            17.0
   Net asset value in US$ m                                    (C) + (D) = (E)  US$ m            1,414.4

   Exchange Rate 35                                            (F)              USD/GBP          1.2910
   Net asset value in £ m                                      (E) / (F) = (G)  £ m              1,095.6
   Number of shares in issue less shares held in treasury 36   (H)                               216,856,447

   Net asset value per share                                   (G) / (H)        £/share          5.05

 

 

Yellow Cake's estimated net asset value on 25 April 2025 was £5.07 per share
or US$1,466.5 million, based on 21.68 million lb of U(3)O(8) valued at a
spot price of US$66.85/lb 37  (#_ftn37) and cash and other current assets and
liabilities of US$17.0 million as at 31 March 2025.

   Yellow Cake Estimated Net Asset Value as at 25 April 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(37)                           (B)              US$/lb           66.85
   U(3)O(8) fair value                                         (A) x (B) = (C)  US$ m            1,449.5

   Cash and other net current assets/(liabilities) 38          (D)              US$ m            17.0
   Net asset value in US$ m                                    (C) + (D) = (E)  US$ m            1,466.5

   Exchange Rate                                               (F)              USD/GBP          1.3332
   Net asset value in £ m                                      (E) / (F) = (G)  £ m              1,100.0
   Number of shares in issue less shares held in treasury 39   (H)                               216,856,447

   Net asset value per share                                   (G) / (H)        £/share          5.07

 

 

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 31 December 2024.

 2      Daily spot price published by UxC, LLC on 31 March 2025.

 3      Daily spot price published by UxC, LLC on 25 April 2025.

 4      Ux Weekly; "Ux Price Indicators";6 January 2025 and 31 March 2025.

 5      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.

 6      Estimated net asset value as at 31 March 2025 of
US$1,414.4 million comprises 21.68 million lb of U(3)O(8) valued at the
daily spot price of US$64.45/lb published by UxC, LLC on 31 March 2025 and
cash and other current assets and liabilities of US$17.0 million. Estimated
net asset value per share as at 31 March 2025 is calculated assuming
221,440,730 ordinary shares in issue less 4,584,283 shares held in treasury on
that date and the Bank of England's daily USD/GBP exchange rate of 1.2910 on
31 March 2025.

 7     Estimated net asset value as at 25 April 2025 of
US$1,466.5 million comprises 21.68 million lb of U(3)O(8) valued at the
daily spot price of US$66.85/lb published by UxC, LLC on 25 April 2025 and
cash and other current assets and liabilities of US$17.0 million as at
31 March 2025. Estimated net asset value per share as at 25 April 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 1.3332.

 8        Ux Weekly; "Ux Price Indicators";6 January 2025 and 31 March
2025.

 9        Ux Weekly; "Ux Price Indicators"; 31 March 2025.

 10     Ux Weekly; "Ux Price Indicators"; 1 April 2024.

 11    Ux Weekly; "2024 Uranium Spot Market Review"; 3 February 2025.

 12    Global Energy Association; "Six new reactors got connected to the grid
in 2024"; 19 January 2025.

 13    International Energy Agency; "A New Era for Nuclear Energy Beckons as
Projects, Policies and Investments Increase"; 16 January 2025.

 14    Power Technology; "Poland approves $14.7bn for first nuclear power
plant"; 8 January 2025.

 15    Ukraine National News; "Czech Republic announces date of complete coal
phase-out and transition to nuclear power"; 8 January 2025.

 16     Yahoo News; "Estonia Choosing site for Nuclear Power Plant with GE
Hitachi Reactors"; 14 January 2025.

 17    Antara News; "Indonesia brings forward nuclear power plant development
to 2029"; 23 January 2025.

 18    Thailand News; "Thailand sets sights on nuclear power integration by
2027"; 16 January 2025.

 19     OilPrice.com; "Italy Will finalize Plan to Return to Nuclear Power
by 2027"; 23 January 2025.

 20     World Nuclear News; "Japan aims for increased use of nuclear in
latest energy plan"; 18 February 2025.

 21    AP News; "India wants to embrace nuclear power. To do it, it'll need a
lot of time and money"; 11 February 2025.

 22    World Nuclear News; "Proposal to reverse Spain's nuclear phase-out
approved by parliament"; 14 February 2025.

 23     Bangkok Post; "Vietnam approves nuclear power plan aiming for
reactor online in the next decade"; 7 February 2025.

 24    Nuclear Newswire; "Germany election brings nuclear power back into
spotlight"; 11 February 2025.

 25     KernD Position Paper; "Security for electricity baseload,
competitive prices for electricity and independence through recommissioning of
German nuclear power plants"; 5 March 2025.

 26     U.S. Department of Energy; "Secretary of Energy Chris Wright
Delivers Keynote Remarks at CERAWeek 2025"; 10 March 2025.

 27    Swedish News; "Sweden Plans Billion-Kronor Loans for New Nuclear Power
Expansion"; 27 March 2025.

 28    Kazatomprom Announcement; "Kazatomprom 4Q24 Operations and Trading
Update"; 27 January 2025.

 29    Kazatomprom Press Announcement; "Kazatomprom announces 2024 Full Year
Financial Results"; 19 March 2025.

 30    Cameco Corporation; "Cameco announces 2024 results; strong performance
across all segments; Westinghouse distribution; strategy centered on
marketing, production, financial discipline expected to generate full-cycle
value; positive outlook for nuclear energy"; 20 February 2025.

 31     InformationStreamer.com; "Orano Shifts to Uzbekistan with New
Uranium Agreement After Niger Loss"; 14 March 2025.

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

 33     Daily spot price published by UxC, LLC on 31 March 2025.

 34     Cash and cash equivalents and other net current assets and
liabilities as at 31 March 2025.

 35     Bank of England's daily USD/GBP exchange rate as at 31 March 2025.

 36     Estimated net asset value per share on 31 March 2025 is calculated
assuming 221,440,730 ordinary shares in issue less 4,584,283 shares held in
treasury on that date.

 37     Daily spot price published by UxC, LLC on 25 April 2025.

 38     Cash and other current assets and liabilities as at 31 March 2025.

 39     Estimated net asset value per share on 25 April 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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