REG - Yellow Cake PLC - Quarterly Operating Update

Yellow CakeAnnouncement

Yesterday 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251028:nRSb0183Fa&default-theme=true

RNS Number : 0183F  Yellow Cake PLC  28 October 2025

28 October 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 30 September 2025 (the "Quarter").

Highlights

Market Highlights

·      The World Nuclear Association's recently released Nuclear Fuel
Report 2025 highlights unprecedented projected growth in global nuclear
capacity through 2040 and reinforces industry concerns over tightening primary
uranium supply. 1 

·      Government support for nuclear energy continues to strengthen
globally, with major economies advancing policies to extend reactor lifespans,
accelerate new-build programmes and promote small modular reactors.

·      Secondary uranium supplies are declining, while the term price
has continued to rise as utilities look to secure multi-year coverage amid
tightening market conditions.

·      Yellow Cake expects the uranium spot price to remain volatile in
the near term but trend higher over time, supported by purchasing from
utilities, producers and financial entities responding to persistent
supply-demand imbalances.

Yellow Cake Highlights

·       Yellow Cake successfully completed an oversubscribed share
placing of approximately 23 million shares on 29 September 2025, which raised
gross proceeds of approximately £129.6 million (equivalent to approximately
US$175 million) (the "Placing").

·       With the completion of the Placing, Yellow Cake informed JSC
National Atomic Company Kazatomprom ("Kazatomprom") that it had elected to
purchase 1,331,912 lb of U(3)O(8) at a price of US$75.08/lb, or US$100.0
million in aggregate, as part of Yellow Cake's 2025 uranium purchase option
under its agreement with Kazatomprom (the "Framework Agreement"). Yellow Cake
expects delivery to take place in the first half of 2026. On completion of the
purchase, Yellow Cake will hold 23.0 million lb of U(3)O(8). Additional funds
raised in the Placing will be used for additional strategic and opportunistic
U(3)O(8) purchases.

·       The value of Yellow Cake's uranium holdings increased by 4.5%
over the Quarter from US$1,702.1 million as at 30 June 2025 to
US$1,778.0 million as at 30 September 2025, as a result of the corresponding
increase in the uranium spot price from US$78.50/lb(( 2 )) on 30 June 2025 to
US$82.00/lb(( 3 )) on 30 September 2025

·       Estimated net asset value per share increased by 5.0% over the
Quarter from £5.77 per share 4  as at 30 June 2025 to £6.06 per share 5  as
at 30 September 2025. This was primarily due to the effect of the 4.5%
increase in the uranium price over the Quarter on the Group's total uranium
holding, together with Sterling depreciation against the US dollar over the
Quarter.

·       Yellow Cake's estimated proforma net asset value on 27 October
2025 was £5.82 per share or US$1,862.8 million, assuming 23.0 million lb of
U(3)O(8) valued at a spot price of US$77.50/lb 6  and cash and other net
current assets 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:

"Global nuclear power is expanding rapidly, from China's reactor buildout to
Ethiopia's planned nuclear debut and the UK's 24 GW target by 2050. The World
Nuclear Association's latest biennial nuclear fuel market assessment predicts
nuclear capacity will almost double by 2040. This anticipated growth in global
nuclear generating capacity is unprecedented, reinforcing industry concerns
over tightening primary uranium supply. Against this backdrop, we continue to
deliver on our strategy.  In September we raised approximately US$175 million
to take up our 2025 option with Kazatomprom to purchase a further 1.3 million
pounds of uranium, boosting our total holdings to 23 million pounds upon
delivery. We believe the investment case for holding physical uranium remains
very compelling. While short-term volatility may persist, long-term
fundamentals signal higher prices, driven by utilities' rising purchases
alongside nuclear's role in decarbonisation and energy security. Yellow Cake
continues to be very well-positioned to benefit from this thematic trend."

 

Uranium Market Developments and Outlook

 

Global Uranium Market Developments

The global spot uranium price exhibited notable volatility during the Quarter.
Having reported at US$78.50/lb at the end of June, the near-term price fell 9%
during July, ending the month at US$71.10/lb before increasing to US$75.90/lb
in August and then reaching US$82.00/lb at the end of September. Significant
increases in monthly volumes during September (UxC reported total monthly
transactions of 7.5 million lb U(3)O(8)e) resulted in a quarterly aggregate of
12.7 million lb U(3)O(8)e being transacted. UxC reports that spot market
transactions during the first nine months of 2025 now total 41.7 million lb
U(3)O(8).  8 

The longer-term price indicators also demonstrated price volatility over the
three-month period but to a lesser degree than the spot market price. The
3-year Forward Price declined during July from the end of June level of
US$89.50/lb losing US$6.50/lb (US$83.00/lb) and recovered only incrementally
to US$84.00/lb by the end of August. However, that indicator moved up to
US$90.00/lb at the end of the Quarter. The 5-year Forward Price ended the
second quarter at US$97.00/lb before falling to US$90.50/lb at the end of
July. Market firming was evident during the August-September period as the
indicator rose to US$93.00/lb at the end of August before ending the Quarter
at US$98.00/lb. The Long-Term Price ended its months-long stability at
US$80.00/lb by strengthening to US$82.00/lb at the end of September.

The International Atomic Energy Agency ("IAEA") released its annual
projections of nuclear power capacity through 2050. The 2025 edition of the
projections marks the fifth consecutive year that the IAEA has increased its
annual outlook. Under the High Case scenario, the IAEA projects that global
nuclear power will more than double from the 2024 level by 2050, increasing
from 377 GWe to 992 GWe. Under the Low Case scenario, global nuclear power
capacity would reach 561 Gwe, an increase of 50% from 2024. Small Modular
Reactors ("SMRs") are expected to account for 24% of the new capacity added
under the High Case and 5% under the Low Case. Following the Fukushima nuclear
accident in March 2011, the IAEA had not revised its outlook upwards until
2021.  9 

On 5 September, the World Nuclear Association ("WNA") released the latest
edition of its biennial nuclear fuel market assessment, which provides
installed nuclear generating capacity projections under three scenarios:
Reference, Upper and Lower.  10 

·      Under the Reference Scenario, nuclear capacity is projected to
almost double from current levels to 746.1 GWe by 2040, with associated
uranium requirements of approximately 391 million lb.

·      The Lower Scenario envisions nuclear capacity rising by nearly
50% by 2040 to 551.9 GWe, requiring 279 million lb of uranium in that year.

·      The Upper Scenario projects global nuclear power capacity
increasing by a factor of 2.5, reaching 965.6 GWe by 2040, with annual uranium
requirements totalling 532 million lb.

The US Department of Energy's Energy Information Administration ("EIA")
published its annual summary of nuclear fuel statistics for the US nuclear
utility sector (effective 31 December 2024). US nuclear utilities purchased a
total of 55.9 million lb U(3)O(8) during 2024 at a weighted average price of
US$52.71/lb. Canada provided the largest share (36%), followed by Kazakhstan
(24%) and Australia (17%). Over the nine-year period 2026-2034, US nuclear
utilities reported maximum anticipated uranium requirements totalling 360.9
million lb, of which unfilled (yet-to-be contracted) uranium requirements
aggregate 182.3 million lb (51%). 11 

The Nuclear Energy Institute ("NEI") Nuclear Fuel Supply Forum convened in
Washington DC on 15 July 2025. The one-day conference included presentations
regarding the status of US government tariffs and their potential impact on
the nuclear fuel cycle as well as US government policies related to uranium
mine development on federal lands. Notably, Treva Klingbiel (President -
TradeTech) provided an overview of Tradetech's latest assessment of the global
uranium market. The long-standing industry consultancy now concludes that,
under Base Case assumptions, "the existing supply gap grows to approximately
100 million pounds by 2040 without investment in new supply sources." 12 

Nuclear Generation / Uranium Demand

During September 2025, the Sprott Physical Uranium Trust ("SPUT") materially
expanded its holdings of physical uranium. According to publicly reported
data, SPUT purchased approximately 450,000 lb of U₃O₈ during the week of
22 September, bringing its third-quarter aggregate purchases to about 2.3
million lb, the highest quarterly volume since Q1 2023. 13   These
acquisitions coincided with a firming of the uranium market and reflect the
Trust's strategic objective of investing net equity-raise proceeds into
physical uranium through its ongoing at-the-market equity programme. 14 

Iran's news agency, IRNA, announced that Russia's Rosatom has executed an
agreement for the development of four nuclear reactors (5 GWe total) in the
Sirik region of the southeast province of Hormozgan. The US$25 billion
programme supports Iran's plan to expand its current nuclear
capacity-currently consisting of a single Russian-designed reactor at
Bushehr-up to 20 GWe by 2040. The two countries also signed a memorandum of
understanding for the future construction of SMRs. 15 

Ethiopia signed an agreement with Russia's Rosatom for the planning and
construction of a nuclear power plant. The agreement calls for the preparation
of a detailed construction plan and an intergovernmental agreement to proceed
with the project. 16 

Rosatom Director General Alexey Likhachev announced during the IAEA General
Conference that Russia plans to construct an additional 38 nuclear reactors,
which would double installed nuclear capacity in the country. Russia's
existing nuclear reactor fleet consists of 36 operating units, with five under
construction. The Kremlin is targeting nuclear generation to eventually
represent 25% of total electricity capacity, up from the current 20%. 17 

The Government of Croatia is evaluating the construction of at least three
nuclear power plants consisting of multiple SMRs. The government announced in
February 2025 that its Ministry of the Economy had established a Working Group
for Nuclear Energy to evaluate options for nuclear power in the country.
Croatia currently has no nuclear facilities, but receives 16% of its
electricity from the Krško nuclear power plant in Slovenia. 18 

Swedish utility Vattenfall announced that its shortlist of potential SMR
vendors included Rolls-Royce SMR and GE Vernova. The selection process began
with 75 potential suppliers which was narrowed down to four during autumn 2024
and now two have been chosen to move forward in the process. Vattenfall plans
to construct the SMR project on the Varo Peninsula and, if successful, locate
additional reactors where the Ringhals 1 and 2 reactors are currently
located. 19 

The Indian government continues to voice support for a major expansion of its
commercial nuclear power program. Current nuclear capacity approximates 8.8
GWe providing less than 2% of total power capacity. Looking forward, the Modi
government targets a tenfold increase in installed nuclear power capacity over
the next two decades supported by opening up the nuclear power sector to
private companies. 20 

Indonesia stated in its draft long-term power supply roadmap ("RUPTL") that
nuclear power capacity of up to 7 GWe needs to be constructed by 2040. The 7
GWe projection is an extension of the 2025-2034 RUPTL which already
incorporates plans for two 250 MWe reactors which represent the initial step
in the larger nuclear power capacity strategy. Those two units are to be
constructed in South Sumatra and West Kalimantan with planned commercial
operation by 2032. Indonesia's long-term goal is 35 GWe of nuclear power by
2060. 21 

The Malaysian government has initiated a feasibility study to assess nuclear
energy as "one of the clean, stable and competitive electricity sources in the
country's future energy mix." The study was commissioned subsequent to the
tabling of the 13th Malaysian Plan (2026-2030) on 31 July 2025. MyPOWER
Corporation under the auspices of the Ministry of Energy Transition and Water
Transformation (PETRA) will oversee implementation of the feasibility
evaluation in accordance with guidelines recommended by the IAEA. 22 

The United Kingdom government approved the development of the proposed
Sizewell C nuclear power project, sited at Suffolk, England. The twin European
Pressurised Reactor (3.2 GWe) will be built by the French state-owned nuclear
utility group Electricité de France ("EDF") which could cost approximately
£40 billion. The UK government will be the largest equity shareholder (44.9%)
followed by the Canadian investment fund La Caisse (20%), the British energy
and services company Centrica (15%), EDF (12.5%) with the remaining 7.6% being
taken by Amber Infrastructure. Commercial operation of the facility is
expected by the mid-to-late 2030s. 23 

Uranium Production / Nuclear Fuel Supply

The government of Niger announced plans to nationalise the French share of the
Somair Uranium Mine (19 June 2025). The military junta which seized power in a
coup (July 2023) had previously taken operational control of the mine in
December 2024, which according to the French nuclear fuel cycle company Orano,
majority-owner (63%) of the facility, threatened to result in Somair's
bankruptcy. 24 (, 25 ) Somair's production and exports were disrupted in 2024;
by year-end, Niger was blocking exports and Orano reported the loss of
operational control. 26 

Russia continues to tighten its control of uranium mining in Niger. The two
governments executed a memorandum of cooperation in late July which
incorporates the construction of a nuclear reactor in Niger as well as other
nuclear infrastructure including research reactors, and fuel supply. The
Russian agreement was executed amidst the growing nationalisation policies of
the Alliance of Sahel States which comprises Mali, Burkina Faso and Niger.
Subsequent to the military coup of July 2023, the Niger government has
effectively severed relationship with the French nuclear fuel cycle company
Orano, and moved closer to Russia. 27 

Cameco announced that 2025 uranium production would be less than previously
forecast due to development delays in transitioning to new mining areas at the
McArthur River Mine. The company now expects that McArthur River will produce
between 14 and 15 million pounds of uranium concentrate (U(3)O(8)) (100% basis
with Cameco's share being 9.8 to 10.5 million lb) down from the earlier
forecast of 18 million lb (100% basis; Cameco share 12.6 million lb).
Improving production at Cigar Lake will make up a portion of the shortfall but
not all of the likely decrease. The company went on to state that "beyond
production and spot market purchases, we have the flexibility to source
material through various other means, including using our inventory, borrowing
product, and pulling forward long-term purchases." 28 

Cameco released its second quarter 2025 results at the end of July. In Q2
2025, total uranium production was 4.6 million lb (Cameco's share; 7.1 million
lb in Q2 2024), largely reflecting the annual maintenance shutdown at the Key
Lake mill, which in 2025 was scheduled in Q2 rather than Q3 2024. In an update
on 28 August 2025, Cameco revised its outlook for McArthur River/Key Lake from
18 million lb to 14-15 million lb (100% basis; 9.8-10.5 million lb Cameco's
share), citing development delays related to ground freezing, access to new
mining areas and labour and equipment availability. Meanwhile, Cigar Lake is
still expected to produce approximately 18 million lb (100% basis; Cameco's
share approximately 9.8 million lb) in 2025, with upside potential of around 1
million lb (100% basis) to offset part of the McArthur River/Key Lake
shortfall. Deliveries from JV Inkai, including approximately 900,000 lb of
Cameco's remaining 2024 allocation plus most of the 2025 allocation, are
expected during the second half of 2025; however, Cameco notes that Inkai
deliveries remain subject to ongoing transportation, supply-chain and
regulatory risks that could affect timing. 29 (, 30 )

Kazatomprom distributed an updated Investor Handout in early September setting
out the company's near-term production plans. Kazatomprom expects 2025
production to total approximately 65-69 million lb (100% basis) while 2026
output is targeted at 77.2 million lb, a reduction of 8.0 million lb from
previous forecasts "reflecting current market developments." Kazatomprom's
latest Long-term Supply/Demand outlook concludes the "new potential production
is not sufficient to cover demand post-2030." 31 

Kazatomprom's 2Q2025 Operations and Trading Update was released on 1 August
2025. The world's largest uranium producer reported an increase in quarterly
uranium output at 17.2 million lb compared to 15.0 million lb in 2Q2024.
Aggregate production for the first six months of 2025 totalled 31.8 million
lb, representing a 13% increase over the first half of 2024 (28.2 million lb).
The company maintained its previous guidance for 2025 output at 65-69 million
lb. Earlier in July, Kazatomprom announced the initiation of operations of a
new processing plant at the South Tortkuduk project (annual capacity - 5.2
million lb). 32 

 

Market Outlook

The recent release of the World Nuclear Association's biennial nuclear fuel
report, and its conclusions regarding the uranium market through 2040,
underscore the growing primary supply challenges in the global uranium market.
Anticipated growth in global nuclear generating capacity is unprecedented for
the industry. Secondary uranium supplies, including near-term mobile
inventories, continue to decline, while long-term uranium term price continues
to strengthen as utilities look to secure multi-year uranium coverage.

Yellow Cake expects the spot market price to remain volatile but trend upward
over time. Continuing uranium acquisitions by a broad range of buyers,
including utilities, primary producers, inventory sequesters, as well as
nuclear fuel trading and financial entities, are likely to be the principal
near-term market drivers.

 

Net Asset Value

Yellow Cake's estimated net asset value on 30 September 2025 was £6.06 per
share or US$1,957.2 million, consisting of 21.68 million lb of U(3)O(8)
valued at a spot price of US$82.00/lb 33  and cash and other net current
assets of US$179.2 million. 34 

   Yellow Cake Estimated Net Asset Value as at 30 September 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$/lb            82.00
   U(3)O(8) fair value                                         (A) x (B) = (C)   US$ m             1,778.0

   Cash and other net current assets                           (D)               US$ m             179.2
   Net asset value in US$ m                                    (C) + (D) = (E)   US$ m             1,957.2

   Exchange rate 35                                            (F)               USD/GBP           1.3462
   Net asset value in £ m                                      (E) / (F) = (G)   £ m               1,453.8
   Number of shares in issue less shares held in treasury 36   (H)                                 239,840,424

   Net asset value per share                                   (G) / (H)         £/share           6.06

 

 

Yellow Cake's estimated proforma net asset value on 27 October 2025 was £5.82
per share or US$1,862.8 million, based on 23.01 million lb of U(3)O(8)
valued at a spot price of US$77.50/lb 37  and cash and other net current
assets of US$179.2 million as at 30 September 2025 less a cash consideration
of US$100.0 million to be paid to Kazatomprom following delivery of 1.33
million lb of U(3)O(8) in H1 2026.

   Yellow Cake Estimated Proforma Net Asset Value as at 27 October 2025
                                                                                   Units
   Investment in Uranium
   Uranium oxide in concentrates ("U(3)O(8)")                  (A)                 lb                  23,014,230
   U(3)O(8) fair value per pound(37)                           (B)                 US$/lb              77.50
   U(3)O(8) fair value                                         (A) x (B) = (C)     US$ m               1,783.6

   Cash and other net current assets 38                        (D)                 US$ m               79.2
   Net asset value in US$ m                                    (C) + (D) = (E)     US$ m               1,862.8

   Exchange rate                                               (F)                 USD/GBP             1.3335
   Net asset value in £ m                                      (E) / (F) = (G)     £ m                 1,396.9
   Number of shares in issue less shares held in treasury 39   (H)                                     239,840,424

   Net asset value per share                                   (G) / (H)           £/share             5.82

 

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 (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        World Nuclear Association; "World Nuclear Fuel Report - Demand
and Supply Availability 2025-2040"; 5 September 2025.

 2            Daily spot price published by UxC, LLC on 30 June
2025.

 3            Daily spot price published by UxC, LLC on 30 September
2025.

 4            Estimated net asset value as at 30 June 2025 of
US$1,715.6 million comprises 21.68 million lb of U(3)O(8) valued at the
daily spot price of US$78.50/lb published by UxC, LLC on 30 June 2025 and cash
and other net current assets of US$13.5 million. Estimated net asset value per
share as at 30 June 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 1.3703 on 30 June 2025.

 5            Estimated net asset value as at 30 September 2025 of
US$1,957.1 million comprises 21.68 million lb of U(3)O(8) valued at the
daily spot price of US$82.00/lb published by UxC, LLC on 30 September 2025 and
cash and other net current assets of US$179.2 million. Estimated net asset
value per share as at 30 September 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 1.3462 on 30
September 2025.

 6            Daily spot price published by UxC, LLC on 27 October
2025.

 7            Estimated net asset value per share as at 27 October
2025 is calculated assuming 244,424,707 ordinary shares in issue, less
4,584,283 shares held in treasury, a USD/ GBP exchange rate of 1.3335 and the
daily spot price published by UxC, LLC on 27 October 2025. For purposes of
estimating proforma net asset value, cash and other net current assets is
calculated as US$179.2 million as at 30 September 2025, less a cash
consideration of US$100.0 million to be paid to Kazatomprom following delivery
of 1.33 million lb of U(3)O(8) in H1 2026.

 8            Ux Weekly; "Ux Price indicators"; 6 October 2025.

 9            International Atomic Energy Agency; "IAEA Raises
Nuclear Power Projections for Fifth Consecutive Year"; 15 September 2025.

 10         World Nuclear Association; "World Nuclear Fuel Report -
Demand and Supply Availability 2025-2040"; 5 September 2025.

 11         U.S. Energy Information Administration; "2024 Uranium
Marketing Annual Report"; 30 September 2025.

 12         Nuclear Energy Institute; Nuclear Fuel Supply Forum;
Washington DC, 15 July 2025.

 13         MINING.COM, "Sprott buys most uranium in 2½ years", 27
September 2025.

 14         Sprott Asset Management LP, Sprott Physical Uranium Trust -
Investment Strategy and Holdings Update, accessed October 2025, sprott.com
(https://sprott.com/investment-strategies/exchange-listed-products/physical-commodity-funds/uranium/?utm_source=chatgpt.com)
.

 15         Reuters; "Iran, Russia sign $25 billion deal to build four
nuclear power plants in Iran, IRNA says"; 26 September 2025.

 16         Reuters; "Russia, Ethiopia sign document calling for
construction of nuclear plant"; 25 September 2025.

 17         bne Intellinews; "Russia to double its nuclear power plant
fleet with 38 new reactors"; 17 September 2025

 18         Croatia Week; "Croatia to build three small modular nuclear
power plants"; 20 September 2025.

 19         Vattenfall Press Announcement; "Vattenfall selects suppliers
on the journey towards new nuclear power"; 21 August 2025.

 20         The Economic Times; "India aims to up nuclear energy
capacity over 10 times by 2047: PM Modi"; 15 August 2025.

 21         Indonesia Business Post; "Indonesia plans 7 GWe nuclear
power plants as part of long-term energy strategy"; 27 August 2025.

 22         World Nuclear News; "Malaysia launches nuclear energy
feasibility study"; 19 August 2025.

 23         UK Department of Energy Security and Net Zero; "Sizewell C
gets green light with final investment decision": 22 July 2025.

 24         BBC News; "Niger military leaders to nationalize uranium
form"; 20 June 2025.

 25         Reuters; "Niger to nationalize uranium mine operated by
France's Orano as relations sour"; 20 June 2025.

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

 27         Business Insider Africa; "Russia moves to displace France in
uranium-rich Niger with nuclear power proposal"; 27 August 2025.

 28         Cameco News Release; "Cameco provides production update;
strategically well-positioned for continued long-term value creation"; 28
August 2025.

 29         Cameco Press Release; "Cameco Reports 2025 Second Quarter
Results"; 31 July 2025.

 30         Cameco Press Release, "Cameco provides production update;
strategically well-positioned for continued long-term value creation"; 28
August 2025.

 31         Kazatomprom; "Investor Handout"; 5 September 2025.

 32         Kazatomprom Press Release; "Kazatomprom 2Q2025 Operations
and Trading Update"; 1 August 2025.

 33         Daily spot price published by UxC, LLC on 30
September 2025.

 34         Cash and cash equivalents and other net current assets as
at 30 September 2025.

 35         Bank of England's daily USD/GBP exchange rate as at 30
September 2025.

 36         Estimated net asset value per share on 30 September 2025
is calculated assuming 244,424,707 ordinary shares in issue less 4,584,283
shares held in treasury on that date.

 37         Daily spot price published by UxC, LLC on 27 October 2025.

 38         Cash and other net current assets as at 30 September 2025.

 39         Estimated net asset value per share on 27 October 2025 is
calculated assuming 244,424,707 ordinary shares in issue, less 4,584,283
shares held in treasury on that date.

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

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



            Copyright 2019 Regulatory News Service, all rights reserved