REG - Yellow Cake PLC - QUARTERLY OPERATING UPDATE

Yellow CakeAnnouncement

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RNS Number : 0044R  Yellow Cake PLC  30 January 2026

30 January 2026

 

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

QUARTERLY OPERATING UPDATE

Yellow Cake, a specialist Group operating in the uranium sector, holding
physical uranium ("U(3)O(8)") for the long term and engaged in uranium-related
commercial activities, is pleased to report its performance for the quarter
ended 31 December 2025 (the "Quarter").

Highlights

Market Highlights

·       Global nuclear power expansion continues to gather momentum,
supported by policy developments in key markets and increasing electricity
demand from data centres and artificial intelligence.

·       Uranium supply remains constrained relative to current reactor
requirements, underscoring the importance of long-term contracting.

·       Market fundamentals remain very supportive, reflecting ongoing
supply constraints and growing demand.

Yellow Cake Highlights

·       The value of Yellow Cake's uranium holdings decreased by 0.5%
over the Quarter from US$1,778.0 million as at 30 September 2025 to
US$1,768.2 million as at 31 December 2025, as a result of the corresponding
decrease in the uranium spot price from US$82.00/lb(( 1 )) on
30 September 2025 to US$81.55/lb(( 2 )) on 31 December 2025.

·       Estimated net asset value per share decreased by 0.5% over the
Quarter from £6.06 per share 3  as at 30 September 2025 to £6.03 per
share 4  as at 31 December 2025, primarily due to the decrease in the uranium
price over the Quarter, partly offset by the depreciation of Sterling.

Capital Position and Financing

·       On 29 September 2025, immediately prior to the start of the
Quarter, Yellow Cake successfully completed an oversubscribed share placing of
approximately 23 million shares, raising gross proceeds of approximately
£129.6 million (approximately US$175 million) (the "Placing").

·       Following completion of the Placing, Yellow Cake notified JSC
National Atomic Company Kazatomprom ("Kazatomprom") that it had elected to
exercise its 2025 uranium purchase option under its Framework Agreement with
Kazatomprom, agreeing to purchase 1,331,912 lb of U(3)O(8) at a price of
US$75.08 per lb (US$100.0 million in aggregate). Delivery is expected to occur
in the first half of 2026.

·       On completion of the purchase, Yellow Cake's total U(3)O(8)
holdings are expected to increase to approximately 23.0 million lb. Additional
funds raised in the Placing will be used for additional strategic or
opportunistic U(3)O(8) acquisitions.

·       Yellow Cake's estimated proforma net asset value on 29 January
2026 was £7.27 per share or US$2,407.3 million, assuming 23.0 million lb of
U(3)O(8) valued at a spot price of US$101.25/lb 5  and cash and other net
current assets adjusted for the US$100.0 million uranium purchase commitment
to Kazatomprom 6 .

·       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 global nuclear landscape has shifted from policy ambition to increased
capital deployment. From Japan's renewed nuclear energy foundation to India's
SHANTI Bill targeting 100 GW of capacity, the geographic breadth of this
renaissance is increasingly evident.

"An important development is the emergence of 'Digital Fuel' demand. In the
US, this is evidenced by Amazon, Google, and the US Army committing to nuclear
power to support the AI revolution and enhance national security. Furthermore,
the $80 billion partnership between Cameco, Brookfield, and the US Government
to deploy Westinghouse technology highlights the scale of the industrial base
being rebuilt.

"Despite accelerating demand and the global call to triple capacity by 2050,
supply remains constrained. With major producers reporting lower output and
developers facing timeline revisions, the supply-demand deficit continues to
intensify.

"Previously, I focused on the value represented by our shares trading at a
discount. I am therefore pleased that the market now recognises the scarcity
of our holdings, with Yellow Cake trading at a premium to NAV over the last
three weeks. This reflects both uranium's underlying strength and confidence
in our position as a secure means of gaining exposure to the commodity. As
utilities return to long-term contracting, we believe price signals will
strengthen further, reinforcing our investment case for those seeking exposure
to this sustained growth cycle."

 

Uranium Market Developments and Outlook

 

Global Uranium Market Developments

The uranium spot market price exhibited less volatility during the Quarter
than had been experienced earlier in 2025. The UxC Daily spot price ended the
third quarter (ending 30 September 2025) at US$82.00/lb before weakening to
US$76.40/lb in October. A further slight downward trend was experienced in
November as the price declined to US$75.85/lb, before finishing the year at
US$81.55/lb.

UxC reported total spot transactions of 12.3 Mlbs during the Quarter,
resulting in an aggregate spot market volume of 55.3 Mlbs for calendar year
2025. 7  This reversed the multi-year trend of declining spot market volume
following the record level of 102 Mlbs in 2021, which was followed by annual
aggregate transactional volumes of 61.4 Mlbs (2022), 56.6 Mlbs (2023) and 46.8
Mlbs (2024).

The longer-term price indicators demonstrated somewhat higher volatility over
the fourth quarter. The UxC 3-year Forward Price ended September at US$90/lb,
declined to US$86/lb in October, recovered to US$92/lb in November and reached
US$93/lb in December. The UxC 5-year Forward Price began the quarter at
US$98/lb, declined to US$94/lb in October, rose to US$99/lb in November and
finished the year at US$101/lb.

Importantly, the UxC Long-Term Price continued to strengthen during the
Quarter after remaining stable at approximately US$79-81/lb since mid-2024.
The Long-Term Price reached US$82/lb at the end of September, rose to US$84/lb
in October and increased further to US$86/lb at the end of November, where the
indicator finished the year.

 

Nuclear Generation / Uranium Demand

Cameco Corporation and Brookfield Asset Management entered into a binding term
sheet with the United States Department of Commerce to establish a strategic
partnership with the goal of enhancing the global deployment of Westinghouse
Electric Company's nuclear reactor technologies, while reinvigorating supply
chains and the nuclear power industrial base in the U.S. and abroad. Under the
terms of the agreement, the United States Government will arrange financing
and facilitate permitting and approvals for new Westinghouse nuclear reactors
to be built in the United States, with an aggregate investment value of at
least US$80 billion, including near-term financing of long-lead-time items.
The new-build programme is aimed at providing power for data centre and
compute capacity requirements to drive growth in artificial intelligence in
the United States. 8 

South Africa's draft 2025 Integrated Resource Plan ("IRP") (reported at
approximately ZAR 2.23 trillion, or c.US$128 billion) sets out a pathway to
reduce reliance on coal-fired generation and add significant new generation
capacity by 2039, including renewables, natural gas, storage and additional
nuclear capacity. Reporting on the plan indicates coal generation's share
would decline materially (from 58% to 27%), while other sources increase,
including nuclear. The IRP documentation includes provision for 5.2 GW of new
nuclear capacity by 2039, alongside significant additions of solar PV and wind
and other capacity categories. 9 

Amazon unveiled its latest plans for the development of Small Modular Reactor
("SMR") technology in support of its expanding online retail and web services
businesses. Working with Washington State utility Energy Northwest and SMR
developer X-energy, Amazon has targeted the construction of up to 12 SMRs
located near Energy Northwest's existing nuclear power plant, the Columbia
Generating Station. The initial block of four SMRs, totalling 320 MWe, is
expected to commence construction later in the decade, with operations
beginning in the 2030s. 10 

The United States Army announced the initiation of the Janus Program,
consisting of the deployment of next-generation nuclear power in support of
national defence installations and critical missions. Executive Order 14299,
"Deploying Advanced Nuclear Reactor Technologies for National Security",
directs the Department of War to commence operation of a commercially owned
and operated microreactor under Army oversight and regulation at a domestic
military installation no later than 30 September 2028. Under the programme,
the Army will provide regulatory oversight as well as support across the
uranium fuel cycle and broader nuclear supply chain. 11 

Alphabet subsidiary Google executed a long-term (25-year) power purchase
agreement to acquire power from the currently shuttered Duane Arnold Energy
Center in Palo, Iowa. The 615 MWe nuclear reactor was shut down in 2020 after
entering commercial operation in 1975. According to press reports, the PPA is
expected to provide the investment required to restart the plant and recover
operating costs. Google plans to utilise its share of the plant's output for
cloud and artificial intelligence infrastructure, with initial power
availability expected in 2029. 12 

Global nuclear capacity would expand from approximately 420 GWe to 1,079 GWe
by 2050 under Net Zero Emissions assumptions incorporated in the International
Energy Agency's World Energy Outlook 2025. Under the "Stated Policies"
scenario, global nuclear capacity would increase to 784 GWe by 2050, while the
"Current Policies" scenario would see nuclear capacity grow to 728 GWe by
mid-century. 13 

Enrichment supplier, Urenco distributed a study examining the potential impact
of SMR technology in the industrial energy sectors of North America and
Europe. Based on the study's assumptions, application of nuclear capacity
across 11 industrial sectors (representing approximately 80% of total
industrial energy demand in those regions) under a "Transformational" scenario
could indicate a potential market of up to 700 GWe of SMR capacity by
2050. 14 

Taiwan's Democratic Progressive Party, elected in 2016 and re-elected in 2020,
instituted a policy of phasing out nuclear power by 2025. Under that policy,
Taiwan Power Company ("Taipower") shut down its last operating reactor at
Maanshan in May 2025, resulting in 5,050 MWe of nuclear generating capacity
being taken offline. In late November 2025, Taiwan's Minister of Economic
Affairs approved a report prepared by Taipower which concluded that its two
oldest reactors, located at the Chinshan NPP (2 x 604 MWe) were not viable
candidates for restart, while Kuosheng (2 x 985 MWe) and Maanshan (2 x 936
MWe) are feasible for reoperation. Taipower plans to submit restart proposals
to the Taiwan Nuclear Safety Council in March 2026. 15 

The largest United States nuclear utility, Constellation, announced that it is
assessing a potential expansion of the existing Calvert Cliffs Nuclear Power
Plant. The proposed expansion includes reactor uprates of the two existing
units adding approximately 190 MWe, relicensing for an additional 20 years
beyond current operating timelines of 2034 and 2036, and the evaluation of up
to 2,000 MWe of new next-generation reactors, which would effectively double
site capacity. 16 

During the 2025 United Nations Climate Change Conference (COP30) convened in
Belém, Brazil, the World Nuclear Association (the "WNA") presented
preliminary findings from its forthcoming World Nuclear Outlook Report 2025.
The WNA stated that tripling global nuclear capacity by 2050 is achievable,
provided governments take immediate and sustained action. Rwanda and Senegal
joined the Declaration to Triple Nuclear Energy, bringing the total number of
participating countries to 33. 17 

United States Secretary of Energy Chris Wright announced that nuclear power
plants would receive the largest share of funding from the Department of
Energy's Loan Programs Office, with government debt expected to match private
equity investment at ratios of approximately three-to-one or four-to-one. 18 

The Government of India enacted legislation to allow for private investment in
that country's nuclear power sector. The Sustainable Harnessing and
Advancement of Nuclear Energy for Transforming India (SHANTI) Bill
consolidates and modernises India's nuclear legal framework and enables
limited private participation in the nuclear sector under regulatory
oversight. Furthermore, the legislation supports India's clean energy
transition and long-term objective of achieving 100 GW of nuclear energy
capacity by 2047. 19 

The newly elected Japanese government, headed by Prime Minister Sanae
Takaichi, announced that nuclear power would form the foundation of Japan's
energy policy. Newly appointed Minister of Economy, Trade and Industry, Ryosei
Akazawa, stated that Japan deems it essential to maximise power sources that
contribute to energy security and decarbonisation. Akazawa was quoted as
stating: "We aim to proceed with nuclear restarts while taking concrete steps
to gain the necessary understanding of local communities and
stakeholders." 20 

Tokyo Electric Power Company (TEPCO) received local approval to restart two
units (Units 6 and 7) at the Kashiwazaki-Kariwa NPP as the Assembly of Niigata
Prefecture voted to allow the resumption of operations halted due to the
Fukushima nuclear accident in 2011. Unit 6, which had fuel loading completed
in June 2025, could re-enter service by March 2026, with Unit 7 following
thereafter. 21 

Russia and Ethiopia signed a non-disclosure agreement (the "NDA") regarding
the proposed development of a large-scale nuclear power plant in Ethiopia
featuring Russian design. Ethiopia's Minister of Foreign Affairs stated that
the NDA was "part of the implementation of a prior agreement between the two
countries aimed at advancing the development and construction of Ethiopia's
first nuclear power plant, a milestone project in the country's development
efforts." The country has initiated activities by both the Ethiopian Nuclear
Power Programme and the newly created Ethiopian Nuclear Energy Commission. 22 

 

Uranium Production / Nuclear Fuel Supply

Kazatomprom, the world's largest uranium producer, released its operational
and trading results for the third quarter of 2025. Kazatomprom reported that
production for the three months ended 30 September 2025 totalled 16.81 Mlbs,
an increase of 1.5 Mlbs (+10%) compared with the third quarter of 2024.
Aggregate output for the January-September period increased to 48.64 Mlbs,
representing a 12% increase (5.1 Mlbs) over the first nine months of 2024,
when production totalled 43.55 Mlbs. Production guidance for calendar year
2025 remained unchanged at 64.99-68.89 Mlbs, while all-in sustaining cash
costs (attributable C1 plus capital costs) were maintained at
US$29.00-30.50/lb. 23 

Cameco released its Q3 2025 results, which showed a reduction in total
production for the first nine months of 2025 to 15.0 Mlbs (compared to 17.3
Mlbs during the same period in 2024), reflecting lower output at the McArthur
River/Key Lake facility. The company now anticipates production at McArthur
River/Key Lake of 14.0-15.0 Mlbs for the year ended 31 December 2025, a
decrease from its previously published estimate of 18.0 Mlbs. However, output
from Cigar Lake may exceed guidance by up to 1.0 Mlbs to reach 19.0 Mlbs for
the year ended 31 December 2025. During the third quarter, Cameco produced 4.4
Mlbs (company share), purchased 1.4 Mlbs, and borrowed 2.0 Mlbs under product
loan facilities. Ending inventory on 30 September totalled 10.0 Mlbs. 24 

Kazatomprom and Kansai Electric Power Company executed a long-term agreement
for the supply of Kazakh uranium to the Japanese utility's reactor fleet.
Kansai has been a partner of Kazatomprom in the APPAK LLP joint venture
(Kazatomprom 65%; Sumitomo 25%; Kansai 10%) since 2006. No commercial details
regarding the multi-year uranium supply agreement were disclosed. 25 

Australia's Boss Energy announced the completion of a review of the Honeymoon
Uranium Project, which indicated a material and significant deviation from the
assumptions underpinning the company's 2021 Enhanced Feasibility Study (the
"EFS"). Boss Energy formally withdrew the EFS and confirmed that it should no
longer be relied upon as a guide to future operational performance. Boss
Energy anticipates that the Honeymoon Uranium Project will meet current FY26
production guidance of 1.6 Mlbs, with similar output in FY27, but at higher
all-in sustaining costs. The company plans to complete a new feasibility study
in the third quarter of 2026. 26 

Global Atomic provided an update on development of the Dasa Uranium Project in
the Republic of Niger. The U.S. development bank's Credit Committee is
reviewing possible project funding, with the proposal forwarded to the bank's
Investment Committee for further consideration. The project was initially
discovered in 2010, with the "First Blast Ceremony" taking place on 5 November
2022. The feasibility study completed in 2024 envisioned production in 2026 at
2.7-2.8 Mlbs, with the current estimated commissioning date now H2 2027. 27 

Argentina announced the creation of a Secretariat of Nuclear Affairs, which
will coordinate the country's planned expansion of nuclear power generation
and accelerated development of domestic uranium resources. The initial phase
of the national nuclear programme will be the construction of SMRs at the
existing Atucha Nuclear Power Plant, aimed at enhancing nationwide energy
supply and reducing power outages. The SMR development plan also targets
attracting data centres to the country. The second phase involves further
development of Argentina's uranium reserves to meet expanding domestic demand
and enable nuclear fuel exports. 28 

 

Market Outlook

Entering 2026, momentum continues to build for the expansion of global nuclear
generating capacity and the development of supporting supply chains. Recent
positive developments in India, which has adopted a target of 100 GW of
nuclear capacity by 2047 accompanied by reforms allowing partial private
investment, as well as Japan's acceleration of reactor restarts, provide
examples of the ongoing expansion of nuclear power.

Large data-centre developments supporting artificial intelligence capabilities
also appear to be accelerating, as demonstrated by power purchase agreements
between technology companies and United States nuclear utilities, including
arrangements involving reactor uprates and proposed SMR construction.

Against this backdrop, uranium production continues to fall short of current
global reactor requirements. Restart timelines for idled production capacity
remain extended, and the need for new greenfield uranium projects is becoming
increasingly evident.

In Yellow Cake's view, nuclear utilities must continue to address uncovered
uranium requirements through comprehensive long-term contracting. Escalating
demand pressures, coupled with uranium supply availability constraints, are
expected to place further upward pressure on uranium prices in both spot and
term markets.

 

Net Asset Value

Yellow Cake's estimated net asset value on 31 December 2025 was £6.03 per
share or US$1,945.2 million, consisting of 21.68 million lb of U(3)O(8)
valued at a spot price of US$81.55/lb 29  and cash and other net current
assets of US$177.1 million. 30 

   Yellow Cake Estimated Net Asset Value as at 31 December 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                               (B)               US$/lb            81.55
   U(3)O(8) fair value                                         (A) x (B) = (C)   US$ m             1,768.2

   Cash and other net current assets                           (D)               US$ m             177.1
   Net asset value in US$ m                                    (C) + (D) = (E)   US$ m             1,945.2

   Exchange rate 31                                            (F)               USD/GBP           1.3451
   Net asset value in £ m                                      (E) / (F) = (G)   £ m               1,446.2
   Number of shares in issue less shares held in treasury 32   (H)                                 239,840,424

   Net asset value per share                                   (G) / (H)         £/share           6.03

 

 

Yellow Cake's estimated proforma net asset value on 29 January 2026 was £7.27
per share or US$2,407.3 million, based on 23.01 million lb of U(3)O(8)
valued at a spot price of US$101.25/lb 33  and cash and other net current
assets of US$177.1 million as at 31 December 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 29 January 2026
                                                                                   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                               (B)                 US$/lb              101.25
   U(3)O(8) fair value                                         (A) x (B) = (C)     US$ m               2,330.2

   Cash and other net current assets 34                        (D)                 US$ m               77.1
   Net asset value in US$ m                                    (C) + (D) = (E)     US$ m               2,407.3

   Exchange rate                                               (F)                 USD/GBP             1.3799
   Net asset value in £ m                                      (E) / (F) = (G)     £ m                 1,744.5
   Number of shares in issue less shares held in treasury 35   (H)                                     239,840,424

   Net asset value per share                                   (G) / (H)           £/share             7.27

 

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 21.68 million pounds of
U(3)O(8), all of which is held in storage in Canada and France.

 

FORWARD LOOKING STATEMENTS

Certain statements contained herein are forward looking statements and are
based on current expectations, estimates and projections about the potential
returns of the Group and the industry and markets in which the Group will
operate, the Directors' beliefs and assumptions made by the Directors. Words
such as "expects", "anticipates", "should", "intends", "plans", "believes",
"seeks", "estimates", "projects", "pipeline", "aims", "may", "targets",
"would", "could" and variations of such words and similar expressions are
intended to identify such forward looking statements and expectations. These
statements are not guarantees of future performance or the ability to identify
and consummate investments and involve certain risks, uncertainties and
assumptions that are difficult to predict, qualify or quantify. Therefore,
actual outcomes and results may differ materially from what is expressed in
such forward looking statements or expectations. Among the factors that could
cause actual results to differ materially are: uranium price volatility,
difficulty in sourcing opportunities to buy or sell U(3)O(8), foreign exchange
rates, changes in political and economic conditions, competition from other
energy sources, nuclear accident, loss of key personnel or termination of the
services agreement with 308 Services Limited, changes in the legal or
regulatory environment, insolvency of counterparties to the Group's material
contracts or breach of such material contracts by such counterparties. These
forward-looking statements speak only as at the date of this announcement. The
Group expressly disclaims any obligation or undertaking to disseminate any
updates or revisions to any forward looking statements contained herein to
reflect any change in the Group's expectations with regard thereto or any
change in events, conditions or circumstances on which any such statements are
based unless required to do so by applicable law or the AIM Rules.

 

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

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

 3            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.

 4            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.

 5            Daily spot price published by UxC, LLC on 29 January
2026.

 6            Estimated proforma net asset value per share as at 29
January 2026 is calculated assuming 244,424,707 ordinary shares in issue, less
4,584,283 shares held in treasury, a USD/ GBP exchange rate of 1.3799 and the
daily spot price published by UxC, LLC on 29 January 2026. For the purposes of
estimating proforma net asset value, cash and other net current assets is
calculated as US$177.1 million as at 31 December 2025, less a cash
consideration of US$100.0 million payable to Kazatomprom following delivery of
1.33 million lb of U(3)O(8) in H1 2026.

 7            UxC,LLC, Ux Weekly, Issue 05, "The Market", 5 January
2026.

 8            Cameco Corporation News Release; "Cameco and Brookfield
establish transformational partnership with United States Government to
accelerate deployment of Westinghouse nuclear reactors"; 28 October 2025.

 9            World Nuclear News; "South African government approves
draft 2025 IRP"; 22 October 2025.

 10        World Nuclear News; "Amazon updates SMR progress, with new
images of proposed plant"; 16 October 2025.

 11         U.S. Army Public Affairs; "Army announces Janus Program for
next-generation nuclear energy": 14 October 2025.

 12        Nuclear Engineering International; "Google backs Duane Arnold
restart"; 30 October 2025.

 13        International energy Agency; "World Energy Outlook 2025; 12
November 2025.

 14          Urenco; "Independent Study Says Significant Potential
Market for SMRs Providing Net Zero Solution For 80% of Industrial energy Use";
13 November 2025.

 15        World Nuclear News; "Restart of two Taiwanese plants feasible,
ministry says"; 28 November 2025.

 16         Baynet; "Constellation Proposes Expansion At Calvert Cliffs
To Meet Maryland's Growing Energy Needs"; 7 November 2025.

 17         World Nuclear News; "Tripling of nuclear capacity is
achievable, says World Nuclear Association"; 14 November 2025.

 18         Reuters; "US energy secretary says biggest use of loan
office will be for nuclear power plants"; 10 November 2025.

 19         Press Information Bureau, Government of India; "The
Sustainable Harnessing and Advancement of Nuclear Energy for Transforming
India (SHANTI) Bill, 2025"; 19 December 2025.

 20         Reuters; "Nuclear power at heart of new Japan prime
minister's energy policy"; 22 October 2025.

 21         World Nuclear News; "Restart of Kashiwazaki-Kariwa reactors
approved by regional assembly"; 22 December 2025.

 22         World Nuclear News; "Ethiopia and Russia hold talks over
potential nuclear power project"; 19 December 2025.

 23         Kazatomprom press announcement; "Kazatomprom 3Q25
Operations and Trading Update": 3 November 2025.

 24         Cameco Press Release; "Cameco announces third quarter
results"; 5 November 2025.

 25         London Stock Exchange Press Release; "KAP and Kansai
Electric Agree on Uranium Supply"; 22 December 2025.

 26        Boss Energy Press Release; "Honeymoon Update - Review
Concluded and New Feasibility Study Initiated"; 18 December 2025.

 27        Global Atomic News Release; "Global Atomic Provides Update on
Dasa Project Financing and Recent Visit to Niger"; 11 December 2025.

 28         UPI; "Argentina creates nuclear office to become "Saudi
Arabia of uranium""; 19 December 2025.

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

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

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

 32         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.

 33         Daily spot price published by UxC, LLC on 29 January 2026.

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

 35         Estimated proforma net asset value per share on 29 January
2026 is calculated assuming 244,424,707 ordinary shares in issue, less
4,584,283 shares held in treasury on that date.

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