#192 Ս YELLOW CAKE PLC PURE EXPOSURE TO THE URANIUM COMMODITY INVESTOR PRESENTATION July 2021#2Disclaimer This presentation (the "Presentation") is provided on a strictly private and confidential basis for information purposes only and does not constitute, and should not be construed as, an offer to sell or issue securities or otherwise constitute an invitation or inducement to any person to purchase, underwrite, subscribe for or otherwise acquire securities in Yellow Cake plc (the "Company"). By viewing this Presentation, you will be deemed to have agreed to the obligations and restrictions set out below. The information contained in this Presentation is being made only to, and is only directed at, persons to whom such information may lawfully be communicated. This Presentation may not be (in whole or in part) reproduced, distributed, stored, introduced into a retrieval system of any nature or disclosed in any way to any other person without the prior written consent of the Company. 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By participating in this Presentation or by accepting any copy of this Presentation, you agree to be bound by the foregoing limitations. 1#392 U כ Yellow Cake Strategy To buy and hold physical uranium and to deliver maximum exposure to the expected resurgence in the uranium market Industry Context Steady uranium demand growth from nuclear reactor build programme YELLOW CAKE PLC Investment Highlights Holds physical U308 Sustained low uranium prices I have led to supply cuts No exposure to exploration, development, mining or processing risks Additional supply risks due to Covid-19, with utilities set to re-enter market Low-cost structure Restricted investment into new supply sources Access to US$100 mm p.a. of uranium at the spot price 2#4Uranium market update June 2021 Spot Market Overview 92 U כ YELLOW CAKE PLC ■ Spot market activity declined during the month of June with a total of 4.4 Mlb. transacted, as compared to 6.4 Mlb. the previous month ■ The UxC U3O₂ price strengthened reaching US$32.10 /lb., an increase of US$0.70/lb. for the month ■ In early June, the Taishan-1 reactor owned by Guangdong Nuclear Corporation (51%), Electricite de France (30%) and Guangdong Energy Group (19%) reported a build-up of inert radioactive gases in its primary circuit / reactor coolant which lead to a small leak into the environment ■ A failure in five fuel rods was cited as the cause of the build-up which remained within operating / regulatory specifications ■ The initial uncertainty surrounding the incident caused some spot market buyers to withdraw from the market resulting in a decrease of monthly volume Term Market Overview ■ Activity in the uranium term market increased somewhat as new demand emerged from a U.S. utility seeking slightly more than 1.1 Mlb. for delivery in the period, 2022-2025 ■ UxC reported that "Other activity continues in the market as several utilities have been in discussions with potential suppliers or evaluating unsolicited offers" Despite the incremental uptick in activity, the UxC Long-Term (LT) price remained unchanged at US$32.00 /lb. Sprott and UPC ■ The proposed plan of arrangement which would transform Uranium Participation Corporation (“UPC") into a closed end investment trust managed by Sprott Asset Management (SAM) with UPC becoming a subsidiary of the Sprott Physical Uranium Trust (SPUT) received resounding support from UPC shareholders in a 7 July vote ■ 99.9% of the votes cast supported the plan which now requires clearance from the Ontario Superior Court of Justice (Commercial List) and other regulatory approvals 3#5Uranium market update June 2021 Kazatomprom 92 U כ YELLOW CAKE PLC ■ In it's 2 July announcement, Kazatomprom advised that uranium production during 2023 would remain at the planned 2022 level of 22,500-23,000 tU (58.5-59.8 million lbs.) which is approximately 20% below the planned production rate under the Subsoil Use Contracts (27,500-28,00 tU; 71.5-72.8 Mlb.) ■ Full implementation of the production restraint plan would remove 5000 tU (13.0 Mlb.) from the previously anticipated global primary supply in 2023 Kazatomprom's CEO, Galymzhan Pirmatov, stated that while the uranium market is showing some improvement including an increase in long-term contracting interest, an increasingly thin spot market with slightly improved pricing "We find ourselves in a position where adding tonnes back into the market in 2023 would be unlikely to maximize returns to our shareholders" and further more, "the Company does not expect to return to full Subsoil Use Contract production levels until a sustained market recovery is evident, supply and demand conditions signal a need for more uranium, and the Company's pipeline of mid-to-long-term contract negotiations implies that there is a low risk of produced volumes further delaying the recovery."#6Estimated net asset value 92 U YELLOW CAKE PLC On 12 July 2021, the ordinary shares of Yellow Cake closed on the LSE at a value of GBP 2.68 per share, which represents a 7% premium to the net asset value of GBP 2.50 per share. Investment in Uranium Units Uranium oxide in concentrates ("U3O8") (1) (A) lb 13,305,601 U3O8 fair value per pound (2) (B) US$/lb 32.35 U3O8 fair value (2) (A) x (B) = (C) US$ mm 430.4 Uranium derivative liability(3) (D) US$ mm (3.4) Cash and other net current assets/(liabilities) (4) (E) US$ mm 106.7 Net asset value in US$ mm Exchange Rate (C) + (D) + (E) = (F) (G) US$ mm 533.8 USD/GBP 1.3894 Net asset value in £ mm Number of shares in issue less shares held in treasury (F)/(G) = (H) (1) £ mm 384.2 153,584,345 Net asset value per share (H) / (1) £/share 2.50 Source: 1) As at 31 March 2021, Yellow Cake held 9,856,385 lb U308. Adjustments for purchases completed after 31 March 2021 include the addition of 3,454,231 lb U3O₂ that Yellow Cake purchased from Kazatomprom for a cash consideration of USD100.0 million (delivered on 21 June 2021), the addition of 343,053 lb U3Og which Yellow Cake purchased in the market for a cash consideration of USD10.0 million (completed on 20 May 2021) and the deduction of 348,068 lb U3Og which Yellow Cake sold to Uranium Royalty Corp. for a cash consideration of USD10.0 million (completed on 28 April 2021). 2) Fair value is based on the Weekly Price published by UxC, LLC on 12 July 2021 3) Uranium derivative liability as at 31 March 2021 4) Includes cash of USD126.2 million and other net current assets and liabilities of USD3.5 million as at 31 March 2021, less net consideration paid for net purchases of USD100.0 million completed after 31 March 2021, plus net proceeds of the share placing on 21 June 2021 of USD84.0 million 5#7Yellow Cake corporate summary Corporate overview GBP share price and uranium price (1,3) Last share price (1) £2.59 $35.00 NAV per share(2) £2.50 Market cap (mm) (1) £397 Shares out. (mm) 153.6 Shares held in treasury (mm) (1) 4.2 52 week high £2.91 Uranium Price (USD/lb) $33.00 $31.00 $29.00 $27.00 52 week low £1.84 $25.00 Analyst coverage and rating Bank of America Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Jul 21 Uranium Spot Price Yellow Cake Share Price 92 U כ YELLOW CAKE PLC £2.90 £2.70 £2.50 £2.30 £2.10 £1.90 £1.70 £1.50 Buy BERENBERG Buy Blue chip shareholder registry PARTNERSHIP SINCE 1590 CANTOR Bitzgerald Buy Kopernik Global Investors, LLC cg /Canaccord Genuity Buy Capital Markets MMCAP Fund BRANDES INVESTMENT TRUST ROYALTY CORP EXTRACT CAPITAL JURNM NORTH SHORE GLOBAL URANIUM MINING ETF Sachem Cove Partners JD Squared azValor. asset management URANIUM Source: Renaissance Capital 1) Cap IQ on 19 July update COB Buy 2) Yellow Cake's estimated net asset value on 12 July. See calculation on page 5 3) UxC LLC July 2021 6 Share Price (GBp/sh)#8Strategic relationship with Kazatomprom allows for value accretive growth 92 U כ YELLOW CAKE PLC Option Agreement with Kazatomprom, the world's largest and lowest cost producer (1) ■ 10-year Framework Agreement with Kazatomprom ■ Yellow Cake has the right to purchase up to US$100m of U30% annually ■ Term of the option agreement extends from 2019 to 2027 ■ Purchase price is locked in based on the prevailing spot price at the time of purchase ■ The Company can also source uranium from any other supplier if advantageous Source: 1) World Nuclear Association, Uranium and Nuclear Power in Kazakhstan (February 2021) 7#992 U כ 2020 was a transition year for the uranium market YELLOW CAKE PLC Uranium market impacts ■ COVID-19 pandemic highlighted the supply side vulnerability ■ Nuclear energy demonstrated its resilience as a reliable, low-cost electricity supply source ■ US policy issues overhanging the market were resolved ■ A number of countries committed to carbon neutrality and included nuclear power in policy statements 00 8#1092 Investor interest in uranium equities increased U significantly since Q4 2020 Uranium Equities Performance - LTM (1) - Global X Uranium ETF v Uranium spot price כ YELLOW CAKE PLC 140.00% 120.00% 100.00% 80.00% 60.00% 40.00% 20.00% 0.00% (20.00%) October 2020 November 2020 December 2020 January 2021 Source: 1) Cap IQ, July 2021 سیا February 2021 March 2021 April 2021 May 2021 June 2021 July 2021 Global X Uranium ETF Uranium Spot Price 9#11Yellow Cake raises c.$226 m in H1-2021 on the back of strong investor demand June 2021 - US$88.1m Equity Raise ■ Issued 25 million new ordinary shares at a price of £2.50 per share ■ Raised gross proceeds of approximately £62.5 million (approximately US$88.1 million) ■ Proceeds will be used to acquire: 92 U כ YELLOW CAKE PLC - 2 Mlb. U3Og from Kazatomprom at a price of US$32.23/lb - a further 550 klb in the spot market February 2021 - US$138m Equity Raise Equity raise upsized to c. $138 m from $110m due to strong investor demand ■ Yellow Cake able to fully exercise its 2021 Kazatomprom option of $100m at a uranium price of $28.95/lb ■ Strong support from retail shareholders, US$5m raised from 380 retail investors via Primary Bid ■ Yellow Cake made additional spot market purchases: March Purchased 540,000 lb for US$15m - May Purchased 343,053 lb for US$10m - ■ Uranium Royalty Corporation exercised its option to acquire from Yellow Cake 348,068 lb U308 for a cash consideration of US$10.0m in April 2021 10#12Liquidity (%) Yellow Cake has seen a significant increase in average trading volumes since February 2021 92 U YELLOW CAKE PLC ■ Yellow Cake has seen an increase in average trading volumes both on an absolute and relative basis over the past 12 months ■ The share value traded as a percentage of market capitalisation has steadily increased over the period, from 0.2% at the end of June 2020 to 0.8% in June 2021 ■ Main drivers for the increase are: - Increased number of shares on issue and increased market capitalisation - Increased retail volume Significant improvements in the uranium market sentiment 8.0% 450 7.0% 400 350 6.0% 300 5.0% 250 4.0% 200 3.0% 150 2.0% 100 1.0% 0.0% www 50 0 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Vol as % of ISC Market Cap Linear (Vol as % of ISC) 11 Market Cap (£)#13Nuclear is a key element of global energy supply Lowest non-carbon operating cost per mWh (1) One of the lowest sources of carbon emissions per mWh Nuclear energy provides reliable baseload power Nuclear energy is sustainable Nuclear is increasingly being recognised as a contributor to a low carbon future Growing interest in Small Modular Reactors Source: 1) National Energy Association - 2015. Cost includes both investment cost and O&M, including overnight cost (with contingency) as well as implied IDC, discounted at 7% 92 כן YELLOW CAKE PLC 12#14Future demand Global nuclear reactor fleet will continue to grow, especially in China, India and the Middle East China India Russia 17 reactors under construction, 38 planned 6 reactors under construction, 14 planned 2 reactors under construction, 25 planned 92 U YELLOW CAKE PLC UAE 3 reactors under construction Investment in uranium Operable reactors (1) Reactors under Planned Proposed construction (1) reactors (1) reactors (1) World Nuclear Reactor Fleet 443 54 100 325 China Reactor Fleet 51 17 38 168 Source 1) World Nuclear Association, World Nuclear Power Reactors & Uranium Requirements (July 2021) 13#15Increasing commitments to carbon neutrality includes nuclear Commitments to carbon neutrality(1) ■ Canada - 2050 ■ China - 2060 ◉ European Union - 2050 ■ France - 2050 ■ Japan 2050 ■ United Kingdom - 2050 ■ U.S.A. - 2050 Carbon Free Energy Initiatives ■ United States of America officially re-joined the Paris Agreement ■ The proposed "American Jobs Plan," (proposed to be budgeted at US$2.25 trillion) would incentivise clean electricity from nuclear reactors ■ European Commission's, Joint Research Centre (JRC) draft report concluded that nuclear energy does not harm the European Green Deal sustainability objectives (2) 92 U YELLOW CAKE PLC Source: 1) Carbon Neutrality by 2050: the World's Most Urgent Mission 2) Technical assessment of nuclear energy with respect to the 'do no significant harm' criteria of Regulation (EU) 2020/852 ('Taxonomy Regulation') 14#16Growing interest in small Modular Reactors 92 U YELLOW CAKE PLC ■ SMR's generate up to 300MW of electricity and are more flexible and more affordable than large reactors(1) ■ SMR's are ideal for smaller grids and remote locations ■ Across 9 countries there are currently 4 SMR'S operating, 3 SMR's under construction and 14 SMR's that are well developed nearing deployment(3) ■ Significant investment is going into SMR's from national governments such as the US, Canada, China and the UK as well as from global companies (3) Feedwater line(2) Steam line Containment vessel Pressuriser Steam header Reactor vessel Steam generator Hot riser tube Feedwater header Source: 1) IAEA Economic Appraisal of Small Modular Reactor (SMR) Projects: Methodologies and Applications (112007) 2) Nuscale 3) WNA, Small Nuclear Reactors October 2020 Reactor core Module support skirt 15#17Long-term contracts need to be replaced Contract covering has the potential to create a rapid tightening of the spot market Future contracted coverage rates of US and European utilities 140% 120% 116% 103% 104% 99% 100% 98% 80% 60% 40% 20% 93% 84% 72% 61% 55% 92 U כ YELLOW CAKE PLC 70% 71% 67% 57% 42% 39% 21% 14% 0% 2021 2022 2023 2024 2025 2026 2027 2028 2029 US Utilities Coverage EU Utilities Coverage Source 1) US Energy Information Administration: Maximum anticipated uranium market requirements of owners and operators of U.S. civilian nuclear power reactors, 2021-2030, at end of 2020 (May 2021, Table 12) 2) Euratom Supply Agency Annual Report 2020 (2021) 16#18World U3Og mining production (mlb) Global supply cuts Producers have made significant production cuts, exacerbated by COVID-19 Production cuts seen from 2016(1) 180 150 120 90 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (2) Source 1) World Nuclear Association, World Uranium Mining Production (August 2019) 2) UxC LLC"Uranium Market Outlook Q4 December" 2020 17 92 U כ YELLOW CAKE PLC#1992 U כ YELLOW CAKE PLC Growing mine supply gap Underinvestment in exploration and development is leading to a potential future supply gap. The Reference market scenario incorporated in the latest WNA nuclear fuel market report shows an immediate global market supply deficit (1) Supply/demand imbalance (U3O8 tu) 120,000 100,000 80,000 60,000 40,000 20,000 Source 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Demand t Secondary Supplies (Group 1) Prospective Mines Supply-Restarted Idled Capacity I Mines Under Development Restarted Idled Capacity 1) The Nuclear Fuel Report - Global Scenarios for Demand and Supply Availability 2019-2040 (September 2019) Current Capacity Planned Mines Reactor Requirement, Reference Scenario 18