REG - Yellow Cake PLC - QUARTERLY OPERATING UPDATE

Yellow CakeAnnouncement

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RNS Number : 9948B  Yellow Cake PLC  27 April 2026

27 April 2026

 

 

Yellow Cake plc ("Yellow Cake", 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 2026 (the "Quarter").

 

Highlights

Market Highlights

·     Uranium spot market activity during the Quarter contributed to price
volatility, with the near-term market trading in a range from the
mid-US$80s/lb to just above US$100/lb, driven in part by financial buying.

·      Spot market demand was supported by financial and utility buying,
with market intermediaries remaining the most active participants and
utilities increasing purchases to support fuel cycle requirements.

·    The uranium term market strengthened during the Quarter, with
reported term prices in the range of US$90-93/lb, as utilities continued to
focus on securing mid- to long-term supply.

·      Increased term market contracting activity this year is expected
to influence spot purchasing patterns and may contribute to higher
transactional volumes and upward pressure on prices.

Yellow Cake Highlights

·      As at 31 March 2026, Yellow Cake held 23,114,230 lb of U(3)O(8)
in storage in Canada and France.

·      During the Quarter, Yellow Cake's uranium holdings increased from
21,682,318 lb of U(3)O(8) to 23,114,230 lb of U(3)O(8).

·      Yellow Cake successfully completed an oversubscribed share
placing of approximately 13 million shares on 17 February 2026, which raised
gross proceeds of approximately £80.6 million (equivalent to approximately
US$110 million) (the "Placing").

·  With the completion of the Placing, Yellow Cake informed JSC National
Atomic Company Kazatomprom ("Kazatomprom") that it had elected to purchase
1,160,766 lb of U(3)O(8) at a price of US$86.15/lb, or US$100.0 million in
aggregate, as part of Yellow Cake's 2026 uranium purchase option under its
agreement with Kazatomprom (the "Framework Agreement"). Yellow Cake expects
delivery to take place in the second half of 2026.

·      During the Quarter:

o  On 16 March 2026, Yellow Cake took delivery of 1,331,912 lb of U(3)O(8)
from Kazatomprom at the Cameco storage facility in Canada, in settlement of
the Company's exercise of its 2025 uranium purchase option under the Framework
Agreement. Yellow Cake exercised the option in September 2025, agreeing to
purchase 1,331,912 lb of U(3)O(8) at a price of US$75.08/lb for a total
consideration of US$100.0 million. The purchase was funded by way of the
oversubscribed share placing in September 2025, which raised gross proceeds of
approximately £129.6 million (approximately US$175 million).

o  In addition to the Kazatomprom purchase, Yellow Cake purchased an
incremental 100,000 lb of U(3)O(8), in the spot market, which was delivered at
Orano's facility in France on 20 March 2026.

·    Following the Quarter end, Yellow Cake purchased an incremental
100,000 lb of U(3)O(8) in the spot market, which was delivered at Orano's
facility in France on 20 April 2026.

·    Following delivery of 1,160,766 lb of U(3)O(8) from Kazatomprom in
the second half of the year, and including the additional 100,000 lb of
U(3)O(8) purchased in April 2026, Yellow Cake will hold 24,374,996 lb of
U(3)O(8), further increasing the Group's long-term uranium holdings.

·    The value of Yellow Cake's uranium holdings increased by
approximately 9.7% over the Quarter from US$1,768.2 million as at 31 December
2025 to US$1,940.4 million as at 31 March 2026, as a result of the increase in
the Group's uranium holdings, combined with the increase in the uranium spot
price from US$81.55/lb(( 1  (#_ftn1) )) on 31 December 2025 to
US$83.95/lb(( 2  (#_ftn2) )) on 31 March 2026.

·    Estimated net asset value per share increased by 5.0% over the
Quarter from £6.03 per share 3  (#_ftn3) as at 31 December 2025 to £6.33
per share 4  (#_ftn4) as at 31 March 2026, reflecting the increased value of
Yellow Cake's uranium holdings over the Quarter, combined with the
depreciation of Sterling against the US dollar.

·    Yellow Cake's estimated proforma net asset value on 24 April 2026 was
£6.34 per share or US$2,167.9 million, assuming 24.37 million lb of
U(3)O(8) valued at a spot price of US$86.45/lb 5  (#_ftn5) and cash and other
net current assets adjusted for the US$100.0 million uranium purchase
commitment to Kazatomprom and US$8.5 million paid for the purchase of 100,000
lb of U(3)O(8) after the Quarter end. 6  (#_ftn6)

·    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 first quarter of 2026 marked a transition from policy ambition to
large-scale implementation, accentuated by the conflict in the Middle East
once again highlighting the importance of energy security. With 39 nations now
committed to tripling nuclear capacity, the World Nuclear Association projects
global capacity could reach 1,446 GWe by 2050, surpassing the targets launched
at COP28 in 2023. This momentum is evidenced by China elevating its 2030
target to 110 GWe, near double its current capacity, and the U.S. 'UPRISE'
initiative, which fast-tracks reactor uprates to power the AI and data centre
revolution.

"While we welcome the progress of long-dated supply projects like NexGen
Energy's Rook I and Denison's Phoenix, the market remains structurally tight
today. We see utilities increasingly prioritising security of supply, driving
term prices higher as they compete for limited available material.

"Against this backdrop, Yellow Cake continues to deliver tangible value for
shareholders. Our oversubscribed US$110 million placing and the exercise of
our Kazatomprom option have grown our holdings to 23.1 million pounds, with
committed purchases expected to increase holdings to approximately 24.4
million pounds."

 

 

Uranium Market Developments and Outlook

 

Spot (Near-Term) Market

The January month-end Ux price showed moderate strengthening compared to the
end-December figure, ending the month at US$98.60/lb, representing an increase
of approximately 20.9% compared to the December price level of US$81.55/lb.

However, the uranium spot market underwent a period of heightened volatility
from 23 January, with prices strengthening through the latter part of the
month in response to a marked increase in demand, principally from the Sprott
Physical Uranium Trust, which acquired a total of approximately 2.5 million lb
over the period 27-30 January (3.25 million lb during the month). The daily
price reached a high of approximately US$101.25/lb on 29 January before easing
slightly thereafter.

The uranium spot price declined during February to US$86.85/lb. Spot market
transactions remained strong at 5.7 million lb, resulting in a total for the
January - February period of approximately 14.7 million lb.

In March, the uranium spot price declined further, ending the month at
US$83.95/lb. Spot market transactions fell slightly from the February
aggregate, declining to 3.5 million lb. UxC reported that the volume of spot
market transactions at the end of the first quarter of 2026 stood at 18.1
million lb. The Sprott Physical Uranium Trust reported the acquisition of 5.3
million lb since 1 January 2026.

UxC published its summary of the 2025 uranium spot market, reporting total
transactional volume of 55.9 million lb, of which 87% (48.8 million lb) was
sold by market intermediaries (trading companies/financial entities). On the
buying side of the market, intermediaries acquired 41.1 million lb (74%),
while utilities purchased 13.4 million lb (24%). CY2024 spot volume aggregated
46.8 million lb. 7  (#_ftn7)

 

Longer-Term Market

During January, all three longer-term price indicators increased. The 3-year
Forward Price rose by US$6.00/lb to US$99.00/lb, while the 5-year Forward
Price increased from US$101.00/lb at the end of December to US$107.00/lb. The
Long-Term Price increased by US$2.00/lb, ending the month at US$88.00/lb. 8 
(#_ftn8)

All three longer-term price indicators increased by US$2.00/lb during
February. The 3-year Forward Price rose to US$101.00/lb, the 5-year Forward
Price to US$109.00/lb, and the Long-Term Price ended the month at US$90.00/lb.

During March, the 3-year Forward Price declined to US$99.00/lb and the 5-year
Forward Price declined to US$106.00/lb. The Long-Term Price remained unchanged
at US$90.00/lb. UxC noted that, while unchanged for the month, the upper end
of the offer range had increased to the mid-to-upper US$90s, particularly for
shorter-term delivery periods, including into the early 2030s. UxC further
reported that most market-related offers with floor prices were in the
US$65-75 range, while ceiling prices were generally in the US$135-150 range,
with some outliers 9  (#_ftn9) .

The European Commission is preparing to ban Russian-sourced nuclear fuel as
part of its policy to eliminate Russian energy imports from the EU market.
According to the EU Council, the objective is to replace Russian nuclear fuel,
the last Russian energy source still imported into the EU, with fuel from
European sources where possible 10  (#_ftn10) .

Following the initiation of a Section 232 investigation into imports of
processed critical minerals, including uranium, the Department of Commerce is
assessing the national security implications of such imports, in coordination
with the United States Trade Representative. The investigation is expected to
report its findings within the statutory period of up to 270 days. 11 
(#_ftn11)

 

Nuclear Generation / Uranium Demand

The World Nuclear Association published the "World Nuclear Outlook Report",
which examines the potential expansion in nuclear generating capacity under
the assumption that existing reactors operate until 2050, supplemented by new
reactor build to meet targets set by governments for nuclear capacity. The
Executive Summary states that total global capacity could reach 1,446 GWe by
2050, surpassing the approximately 1,200 GWe target established under the
Declaration to Triple Nuclear Energy, which was launched at COP28 in 2023. The
required uranium production by 2050, assuming current nuclear fuel design
parameters, could reach approximately 650 million lb per year. 12  (#_ftn12)

Five additional countries have committed to the goal of at least tripling
nuclear energy capacity by 2050. Announced at the Nuclear Energy Summit 2026
in Paris, China, Brazil, Italy and Belgium joined the Declaration to Triple
Nuclear Energy, while South Africa announced its decision to join the
expanding group, which now includes 39 countries, during the Africa Energy
Indaba conference in Cape Town. 13  (#_ftn13)

South Korea is advancing plans to expand its nuclear generation capacity as
part of its long-term energy strategy. The country is expected to initiate
site evaluations and licensing activities from 2027, leading to the
construction and operation of two new large reactors (totalling approximately
2.8 GWe) and 700 MW of small modular reactor capacity by 2038. 14  (#_ftn14)

New York Governor Kathy Hochul announced in her recent "State of the State"
address that New York was falling behind in its goal of at least 70% of
electricity generation being from renewable sources by 2030, as well as its
ability to attract hyperscale data centres due to power availability. The
proposal includes the development of 1 GWe of new nuclear capacity, alongside
broader ambitions to expand nuclear generation in the state to approximately 5
GWe. 15  (#_ftn15)

The California Central Coast Water Authority issued a wastewater discharge
permit for the Diablo Canyon nuclear power plant, the last remaining nuclear
reactor complex in California. The facility had been scheduled for shutdown in
2025, but this was extended in 2022 to allow continued operations until 2030.
The permit enables the U.S. Nuclear Regulatory Commission to consider
extending operations to 2045. Diablo Canyon consists of two 1,100 MWe reactors
and provides approximately 9% of California's electricity generation. 16 
(#_ftn16)

Serbia is progressing plans to develop its first nuclear power plant as part
of its long-term strategy to reduce reliance on coal-fired generation. Initial
timelines suggest that a reactor could be operational in the 2040
timeframe. 17  (#_ftn17)

Taiwan Power (Taipower) has indicated that rising electricity demand, driven
by semiconductor and AI sector growth, may require a reassessment of its power
development plans. The utility has completed a restart plan for the Maanshan
Unit 2 reactor and intends to submit this to the regulator in April.
Westinghouse has been engaged to conduct a safety inspection of the unit. 18 
(#_ftn18)

On 12 March, the State Council of the People's Republic of China approved the
15th Five-Year Plan (2026-2030), which sets out broad policies across a range
of economic and social areas. The plan incorporates national energy
development policies and elevates clean electricity as a central driver of
economic growth. The latest plan calls for installed nuclear generating
capacity to reach 110 GWe by 2030, compared to the current level of 62 GWe
(the 14th Five-Year Plan had set a nuclear target of 70 GWe by 2025). 19 
(#_ftn19)

The U.S. Department of Energy, Office of Nuclear Energy, initiated the
"Utility Power Reactor Incremental Scaling Effort" ("UPRISE") on 12 March. The
agency stated that UPRISE "strives to significantly expand the United States'
nuclear energy capacity by increasing the power output of existing reactors,
bringing dormant facilities back online, and completing stalled projects." The
UPRISE initiative aims to achieve 2.5 GW of additional nuclear capacity by
2027 and 5 GW of total additional nuclear capacity by 2029. 20  (#_ftn20)

The U.S. Nuclear Regulatory Commission issued a construction permit for the
first Natrium reactor, owned by TerraPower and located at the site of a former
coal-fired power plant in Kemmerer, Wyoming. The sodium-cooled Natrium reactor
(345 MWe) utilises TerraPower and GE Vernova Hitachi technology and is being
developed under the U.S. Department of Energy's Advanced Reactor Demonstration
Program. TerraPower's construction permit application was docketed in May 2024
with an anticipated 27-month review schedule; however, the review was
completed in 18 months following a streamlined mandatory hearing process.
TerraPower initiated non-nuclear construction activities in June 2024 and
expects the plant to be constructed by 2030. 21  (#_ftn21)

The Turkish government is pursuing a significant expansion of its commercial
nuclear power programme, with plans for an additional eight nuclear reactors
to be located at two sites, four in the Sinop region and four in the East
Thrace region. Government officials are reportedly in discussions with four
potential reactor suppliers, including Canada, China, Russia and South Korea.
Russia's Rosatom is constructing the first of four planned reactors
(VVER-1200) at the Akkuyu Nuclear Power Plant on the Mediterranean coast.  22 
(#_ftn22)

Russia and Vietnam executed an intergovernmental agreement for the
construction of the proposed Ninh Thuan 1 Nuclear Power Plant, consisting of
two VVER-1200 MWe reactors located at Phuoc Dinh in southern Ninh Thuan
province. Vietnam's Prime Minister has targeted completion of construction by
the end of 2030. 23  (#_ftn23)

Polskie Elektrownie Jądrowe (PEJ) has lodged a formal application with
Poland's National Atomic Energy Agency for a construction permit for the
country's first nuclear power plant, to be located at the Lubiatowo-Kopalino
site in the Pomerania region along Poland's Baltic coast. Current plans call
for the construction of three Westinghouse AP-1000 reactors (3 × 1,250 MWe),
with the initial unit expected to be operational in 2036. 24  (#_ftn24)

 

Uranium Production / Nuclear Fuel Supply

Kazatomprom released its 2025 financial results, reporting that total uranium
production (100% basis) increased from 60.5 million lb in CY2024 to 67.2
million lb in CY2025 (an 11% increase). U(3)O(8) sales volumes (KAP basis)
also increased to 35.6 million lb, compared to 33.2 million lb in 2024 (a 7%
increase). However, the average realised price declined to US$62.33/lb,
compared to US$65.78/lb in 2024 (a decrease of 5%). All-in sustaining cash
costs increased by 7% from US$27.65/lb in 2024 to US$29.53/lb. For 2026,
Kazatomprom has guided production (100% basis) of 27,500-29,000 tU (71.5-75.4
million lb), compared to CY2025 output of 25,839 tU (67.2 million lb) 25 
(#_ftn25) .

Kazatomprom has convened an extraordinary general meeting of shareholders to
approve a pending term uranium sales agreement with the Directorate of
Purchase & Stores of the Department of Atomic Energy of the Government of
India. The company stated that details of the agreement, including price,
quantity and delivery schedules, are confidential. However, the requirement
for shareholder approval reflects the scale of the contract, which comprises
fifty percent or more of the total book value of Kazatomprom's assets. 26 
(#_ftn26)

Cameco announced its 2025 operational and financial results, reporting total
uranium production of 21.0 million lb (company share), slightly above revised
annual guidance of up to 20 million lb. Cigar Lake produced 19.1 million lb
(100% basis), exceeding expectations by 1.1 million lb, while output at
McArthur River/Key Lake met revised guidance at 15.1 million lb (100% basis).
The company received 4.6 million lb from its share of the Inkai joint venture,
including prior-year deliveries. Cameco has long-term uranium delivery
commitments of approximately 230 million lb. 27  (#_ftn27)

Cameco also announced the signing of a long-term uranium supply agreement with
the Government of India's Department of Atomic Energy. The agreement provides
for the delivery of approximately 22 million lb over a nine-year period from
2027 to 2035. Deliveries are priced on market-related terms, with total
contract value estimated at approximately US$2.6 billion. Cameco previously
supplied India under a multi-year agreement covering 2015-2019. 28  (#_ftn28)

Denison Mines Corporation announced that its Board has approved a Final
Investment Decision for the Phoenix In-Situ Recovery uranium project in
northern Saskatchewan. Construction is expected to commence immediately, with
initial production planned for mid-2028. Initial capital expenditure is
estimated at C$600 million (US$440 million), with average all-in production
costs of US$18.41/lb. Production is expected to be 4 million lb in the first
year, increasing to 9.0-9.2 million lb per year during years 2 to 4, before
declining through year 11, averaging 5.2 million lb per year over the life of
mine. 29  (#_ftn29)

NexGen Energy received final regulatory approval for the construction of the
Rook I uranium project in northern Saskatchewan. The Canadian Nuclear Safety
Commission issued a Licence to Prepare Site and Construct. The Arrow deposit,
discovered in 2014, has an estimated measured and indicated resource of 357
million lb of U(3)O(8) at an average grade of 3.10%, with a further probable
resource of 240 million lb at an average grade of 2.37%. Construction is
expected to take approximately 48-54 months, with development potentially
commencing in summer 2026. The company has stated that, in production, Rook I
could produce up to 30 million lb annually 30  (#_ftn30) .

 

Market Outlook

Uranium spot market transactions during the Quarter, driven in part by
purchases by the Sprott Physical Uranium Trust (approximately 5.3 million lb),
contributed to notable price volatility, with the near-term market trading in
a range from the mid-US$80s/lb to just above US$100/lb. Market intermediaries
remained the most active participants, while nuclear utilities increased spot
purchases to support adjustments in enrichment services and fuel cycle
requirements.

Spot market activity is expected to remain broadly in line with levels
observed in CY2025, with market estimates suggesting total volumes of
approximately 60-70 million lb for CY2026. Increased term market contracting
activity may influence spot market purchasing patterns and could contribute to
higher transactional volumes and upward pressure on prices.

The uranium term market continued to strengthen during the Quarter, with
reported term prices in the range of US$90-93/lb. Utilities remain focused on
securing supply in the mid- to long-term to enhance security of supply and
support the development of new production. Recent developments, including the
Final Investment Decision for Denison Mines' Phoenix ISR Project and the
receipt of final regulatory approvals for NexGen Energy's Rook I project,
indicate potential incremental supply later in this decade and into the early
2030s. However, commercial terms, including pricing, are increasingly
favourable to uranium suppliers as the term market tightens.

Looking ahead to the second quarter of 2026, activity in both the spot and
term markets may increase further, potentially placing additional upward
pressure on prices, particularly in the term market. Depending on the
relationship between spot and term prices, mid-term (carry trade) transactions
may re-emerge, which could have a moderating effect on the term market.

 

Net Asset Value

Yellow Cake's estimated net asset value on 31 March 2026 was £6.33 per share
or US$2,109.6 million, consisting of 23.11 million lb of U(3)O(8) valued at a
spot price of US$83.95/lb 31  (#_ftn31) and cash and other net current assets
of US$169.2 million. 32  (#_ftn32)

   Yellow Cake Estimated Net Asset Value as at 31 March 2026
                                                                                          Units
   Investment in Uranium
   Uranium oxide in concentrates ("U(3)O(8)")                            (A)              lb               23,114,230
   U(3)O(8) fair value per pound                                         (B)              US$/lb           83.95
   U(3)O(8) fair value                                                   (A) x (B) = (C)  US$ m            1,940.4

   Cash and other net current assets                                     (D)              US$ m            169.2
   Net asset value in US$ m                                              (C) + (D) = (E)  US$ m            2,109.6

   Exchange rate 33  (#_ftn33)                                           (F)              USD/GBP          1.3188
   Net asset value in £ m                                                (E) / (F) = (G)  £ m              1,599.6
   Number of shares in issue less shares held in treasury 34  (#_ftn34)  (H)                               252,659,184

   Net asset value per share                                             (G) / (H)        £/share          6.33

 

 

 

Yellow Cake's estimated proforma net asset value on 24 April 2026 was £6.34
per share or US$2,167.9 million, based on 24.37 million lb of U(3)O(8)
valued at a spot price of US$86.45/lb 35  (#_ftn35) and cash and other net
current assets of US$169.2 million as at 31 March 2026 less a cash
consideration of US$100.0 million to be paid to Kazatomprom following delivery
of 1.16 million lb of U(3)O(8) in H2 2026 and US$8.5 million paid for the
purchase of 100,000 lb of U(3)O(8) received on 20 April 2026.

   Yellow Cake Estimated Proforma Net Asset Value as at 24 April 2026
                                                                                            Units
   Investment in Uranium
   Uranium oxide in concentrates ("U(3)O(8)")                            (A)                lb                 24,374,996
   U(3)O(8) fair value per pound                                         (B)                US$/lb             86.45
   U(3)O(8) fair value                                                   (A) x (B) = (C)    US$ m              2,107.2

   Cash and other net current assets 36  (#_ftn36)                       (D)                US$ m              60.7
   Net asset value in US$ m                                              (C) + (D) = (E)    US$ m              2,167.9

   Exchange rate                                                         (F)                USD/GBP            1.3535
   Net asset value in £ m                                                (E) / (F) = (G)    £ m                1,601.7
   Number of shares in issue less shares held in treasury 37  (#_ftn37)  (H)                                   252,659,184

   Net asset value per share                                             (G) / (H)          £/share            6.34

 

 

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                              James Whitaker
 Tel: +44 (0) 7793 858 211

 

 

ABOUT YELLOW CAKE

Yellow Cake is a London-quoted company, headquartered in Jersey, which offers
exposure to the uranium spot price. This is achieved through its strategy of
buying and holding physical triuranium octoxide ("U(3)O(8)"). It may also seek
to add value through other uranium-related activities. Yellow Cake and its
wholly owned subsidiary (together, the "Group") seek to generate returns for
shareholders through the appreciation of the value of its holding of U(3)O(8)
and its other uranium-related activities in a rising uranium price
environment. The business is differentiated from its peers by its ten-year
Framework Agreement for the supply of U(3)O(8) with Kazatomprom, the world's
largest uranium producer. The Group currently holds 23.11 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  (#_ftnref1)            Daily spot price published by UxC, LLC on
31 December 2025.

 2  (#_ftnref2)            Daily spot price published by UxC, LLC on
31 March 2026.

 3  (#_ftnref3)           Estimated net asset value as at 31 December
2025 of US$1,945.2 million comprises 21.68 million lb of U(3)O(8) valued at
the daily spot price of US$81.55/lb published by UxC, LLC on 31 December 2025
and cash and other net current assets of US$177.1 million. Estimated net asset
value per share as at 31 December 2025 is calculated assuming 244,424,707
ordinary shares in issue less 4,584,283 shares held in treasury on that date
and the Bank of England's daily USD/GBP exchange rate of 1.3451 on 31 December
2025.

 4  (#_ftnref4)            Estimated net asset value as at 31 March
2026 of US$2,109.6 million comprises 23.11 million lb of U(3)O(8) valued at
the daily spot price of US$83.95/lb published by UxC, LLC on 31 March 2026 and
cash and other net current assets of US$169.2 million. Estimated net asset
value per share as at 31 March 2026 is calculated assuming 257,243,467
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 1.3188 on 31 March
2026.

 5  (#_ftnref5)            Daily spot price published by UxC, LLC on
24 April 2026.

 6  (#_ftnref6)            Estimated proforma net asset value per
share as at 24 April 2026 is calculated assuming 257,243,467 ordinary shares
in issue, less 4,584,283 shares held in treasury, a USD/ GBP exchange rate of
1.3535 and the daily spot price published by UxC, LLC on 24 April 2026. For
the purposes of estimating proforma net asset value, cash and other net
current assets is calculated as US$169.2 million as at 31 March 2026, less a
cash consideration of US$100.0 million payable to Kazatomprom following
delivery of 1.16 million lb of U(3)O(8) in H2 2026 and US$8.5 million paid for
the purchase of 100,000 lb of U(3)O(8) received on 20 April 2026.

 7  (#_ftnref7)           Ux Weekly; "2025 Uranium Spot Market
Review"; 2 February 2026.

 8  (#_ftnref8)           UxC, LLC Historical Ux Month-End Prices.

 9  (#_ftnref9)           Ux Weekly; "Ux Price Indicators"; 30 March
2026.

 10  (#_ftnref10)        Ukrainian National News; "EU Prepares ban on
Russian nuclear products - European Commission"; 27 January 2026.

 11  (#_ftnref11)        The White House; Executive action relating to
Section 232 investigation into processed critical minerals; March 2026.

 12  (#_ftnref12)        World Nuclear Association; "World Nuclear
Outlook Report"; 20 January 2026.

 13  (#_ftnref13)        World Nuclear News; "China and Brazil among new
signatories to tripling nuclear goal"; 10 March 2026; Solarquarter; "South
Africa Joins Global Pledge to Triple Nuclear Capacity by 2050"; 10 March 2026.

 14  (#_ftnref14)        World Nuclear News; "Plans for two new reactors
confirmed by South Korea"; 15 January 2026; Enerdata; "South Korea new nuclear
and renewable power plan"; February 2025; Xinhua; "S. Korea to build 2 new
large-scale nuke reactors by 2038"; 14 January 2026.

 15  (#_ftnref15)        Sierra Club News; "Gov. Hochul Pushes Nuclear
Power Plant Expansion in NY"; 3 February 2026.

 16  (#_ftnref16)        Los Angeles Times; "Diablo Canyon clears last
California permit hurdle to keep running"; 26 February 2026.

 17  (#_ftnref17)         BGNES News Agency; "Serbia plans to build its
first nuclear power plant by 2040"; 23 February 2026.

 18  (#_ftnref18)         Taiwan News; "Taipower projects significant
rise in power demand amid tech boom"; 3 March 2026.

 19  (#_ftnref19)         Xinhua; "China's 15th Five-Year Plan
(2026-2030)"; March 2026; Sightline U3O8; "China keeps pushing nuclear power
with ambitious growth target"; 9 March 2026; World Nuclear Association; "World
Nuclear Outlook - China"; January 2026.

 20  (#_ftnref20)         U.S. Department of Energy, Office of Nuclear
Energy; "The Nation's Nuclear Reactor Fleet Is on the Rise"; 12 March 2026;
World Nuclear News; "US aims for 5 GW more from existing nuclear"; 13 March
2026.

 21  (#_ftnref21)         World Nuclear News; "NRC issues construction
permit for first Natrium plant"; 5 March 2026.

 22  (#_ftnref22)         Greek Reporter; "Turkey Unveils Plan for 8
Nuclear Reactors in Major Energy Expansion"; 19 March 2026.

 23  (#_ftnref23)         World Nuclear News; "Vietnam, Russia sign
agreement on new nuclear plant"; 23 March 2026.

 24  (#_ftnref24)         World Nuclear News; "Application lodged for
Poland's first nuclear power plant"; 31 March 2026.

 25  (#_ftnref25)         Kazatomprom Press Announcement; "Kazatomprom
announces 2025 Full Year Financial Results":  20 March 2026.

 26  (#_ftnref26)         Kazatomprom press announcement; "Notice of
Extraordinary General Meeting of Shareholders"; 20 February 2026.

 27  (#_ftnref27)         Cameco Corporation press announcement;
"Cameco announces 2025 results; solid fourth quarter and 2025 performance;
increasing long-term uranium market activity reinforces constructive outlook;
disciplined supply strategy expected to position company to unlock value from
growing demand"; 13 February 2026.

 28  (#_ftnref28)         Cameco press announcement; "Cameco Signs
Long-Term Uranium Supply Agreement with India"; 2 March 2026.

 29  (#_ftnref29)         Denison Mines Corporation press announcement;
"Denison Announces Final Investment Decision for the Phoenix In-Situ Recovery
Uranium Mine and Plans to Start Construction in March 2026"; 24 February 2026;
Denison Mines Corporation; "Corporate Update"; March 2026; Slide 10.

 30  (#_ftnref30)         NexGen Energy; "NexGen Receives Final Federal
Approval for the Rook I Uranium Project"; 5 March 2026.

 31  (#_ftnref31)         Daily spot price published by UxC, LLC on 31
March 2026.

 32  (#_ftnref32)         Cash and cash equivalents and other net
current assets as at 31 March 2026.

 33  (#_ftnref33)         Bank of England's daily USD/GBP exchange rate
as at 31 March 2026.

 34  (#_ftnref34)         Estimated net asset value per share on 31
March 2026 is calculated assuming 257,243,467 ordinary shares in issue less
4,584,283 shares held in treasury on that date.

 35  (#_ftnref35)         Daily spot price published by UxC, LLC on 24
April 2026.

 36  (#_ftnref36)         Cash and other net current assets as at 31
March 2026.

 37  (#_ftnref37)         Estimated proforma net asset value per share
on 24 April 2026 is calculated assuming 257,243,467 ordinary shares in issue,
less 4,584,283 shares held in treasury on that date.

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