#192 Ս YELLOW CAKE PLC PURE EXPOSURE TO THE URANIUM COMMODITY INVESTOR PRESENTATION January 2024#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. 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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#3Yellow Cake Buy and hold strategy We purchase uranium and hold for the long-term Pure exposure to the uranium commodity price No exploration, development or operating risk 92 U כ YELLOW CAKE PLC Ability to purchase in volume, at the spot price Ability to purchase US$100m of U3Og from Kazatomprom per year Inventory stored In safe jurisdictions Uranium stored in Canada (Cameco) and France (Orano) Low-cost structure Outsourced operating model Targeting annual operating costs of <1% of NAV 2#4Uranium market update December 2023 Spot Market Overview(1) 92 U כ YELLOW CAKE PLC Activity in the global spot market decreased during December 2023 with UxC reporting a total volume of 2.0 Mlbs., as compared to 4.9 Mlbs. transacted in November and 4.5 Mlbs. during October. Total spot market volume for CY2023 now stands at 55.0 Mlbs. While spot market volume proved minimal during December, the spot uranium price continued to strengthen significantly, reporting at US$91.00 /lb. as of 25 December, representing a US$10.00 /lb. increase during the month (12.4%) and reaching level last recorded at the end of 2007. The spot uranium price rose US$43.25/lb. during CY2023, a gain of 91% Long-Term Pricing (1) The three longer term uranium price indicators showed further upward movement during December as the 3-yr Forward price rose from US$79.00/lb. up to US$96.00 /lb., while the 5-yr Forward Price increased from the end of November level of US$84.00 /lb. up to US$101.00/lb. at the end of the year. The Long-Term Price continued to slowly rise reaching US$68.00/lb. at the end of December, an increase of US$2.00/lb. from the end of November India(2) On 25 December, Russia and India executed agreements in support of two additional Russian-designed VVER-1000 reactors to be built at Kudankulam in the state of Tami Nadu in southern India. The two units will join an existing nuclear complex consisting of two VVER-1000 reactors which entered commercial operation in 2014 and 2017, two additional units under construction since 2017, as well as a further two reactors which entered construction in 2021 Korea(3) Korea Hydro & Nuclear Power ("KHNP") announced the grid connection of Unit 2 of the Shin Hanul nuclear power plant in South Korea. The national utility stated that the 1,350 Mwe pressurized water reactor was connected on 21 December, becoming the 28th operating nuclear unit in the country. KHNP plans to construct two additional APR-1400 reactors at the site Sources: 1) UxC Weekly; "UxC Price Indicators"; 8 January 2024 2) The Hindu; "India, Russia ink pacts on construction of future power units of Kudankulam nuclear plant"; 27 December 2023 World Nuclear News; "Grid connection for second Shin Hanul unit"; 2 January 2024 3#5Uranium market update December 2023 Japan (1) ☐ 92 U כ YELLOW CAKE PLC On 27 December, the Nuclear Regulation Authority ("NRA") of Japan authorized fuel loading in Units 6 & 7 at the Kashiwazaki-Kariwa nuclear power plant located in Niigata prefecture. Unit-6 (1,315 Mwe) entered commercial operation in January 1996 following by Unit 7 (1,315 Mwe) which became operational in December 1996. Both units are Advanced Boiling Water Reactor designs The massive Kashiwazaki facility, owned and operated by Tokyo Electric Power Company (TEPCO), with a capacity of 8,212 Mwe, has been offline since 2012 following the Fukushima nuclear accident in March 2011 The U.S.(2) On 11 December 2023, the U.S. House of Representatives passed the "Prohibiting Russian Uranium Imports Act (H.R. 1042). If enacted, the bill would ban Russian uranium imports 90 days after enactment, but would allow individual utilities to request a waiver from the USDOE if there are no other viable fuel sources available to support the operation of a specific nuclear reactor or nuclear company. A companion bill (S. 763) must now be passed by the U.S. Senate before the legislation can be signed into law by President Biden UxC Highlights for 2023 (3) UxC, a leading nuclear fuel industry consulting and price reporting firm, published it's "Top Ten Stories of 2023" on 18 December. In order of importance, these stories were as follows: ■ ■ ■ ■ ' Uranium Spot Price Surges into the $80s Utility Contracting Activity Rises Appreciably Metropolis Restarts, but Conversion Supply Gets Even Tighter Western enrichers Take First Steps Towards Capacity Expansions Open Market Continues to Shift Away from Russia " SMRS Make Further Inroads ■ ■ Uranium Production Recovering, but New Mines Remain Elusive Government Fall in Love with Nuclear Again Fuel Inventories Become Critical for Last Resort Supplies The Public and Thought Leaders See Nuclear in a New Light Sources: World Nuclear News; "NRA lifts ban on Kashiwazaki-Kariwa fuel activities"; 2 January 2024 1) 2) H.R. 1042-118th Congress (2023-2024); 11 December 2023 UxC; "Top Ten Stories of 2023"; 18 December 2023#6Proforma net asset value as at 16 January 2024 92 U כ YELLOW CAKE PLC Investment in Uranium Units Uranium oxide in concentrates ("U3O8") (1) (A) lbs. 21,682,318 U308 fair value per pound (2) (B) US$/lb. 106.00 U3O8 fair value (A) x (B) = (C) US$ mm 2,298.3 Cash and other net current assets/(liabilities) (3) (D) US$ mm 33.3 Net asset value in US$ mm (C) + (D) = (E) US$ mm 2,331.6 Exchange rate (4) (F) USD/GBP 1.2665 Net asset value in £ mm (E) / (F) = (G) £ mm 1,841.0 Number of shares in issue less shares held in treasury (5) (H) 216,856,447 Net asset value per share (G) / (H) £/share 8.49 Source: 1) Comprises 20.16Mlbs. U3Og held as at 16 January 2024, plus 1.53Mlbs. U3Og which the Company has committed to purchase in H1 2024 2) UXC, LLC on 16 January 2024 3) Cash and other current assets and liabilities of US$12.7m as at 30 September 2023, plus net placing proceeds of US$120.6m received 2 October 2023, less cash consideration of US$100.0m to be paid to Kazatomprom following delivery of 1.53Mlbs. U3Og in H1 2024. 4) The Bank of England's daily exchange rate on 16 January 2024 5) Estimated proforma net asset value per share on 16 January 2024 is calculated assuming 221,440,730 ordinary shares in issue, less 4,584,283 shares held in treasury on that date 5#7Yellow Cake corporate summary Corporate overview GBP share price and uranium price L12M(1,3) Last share price (1) £7.45 120 NAV per share(2) £8.49 100 Market cap (mm) (1) £1,614.5 Shares outstanding less those held 216.9 in treasury (mm) Shares held in treasury (mm) (2) 4.6 52 week high £7.45 Uranium Spot Price (US$/lb.) 80 80 60 60 40 52 week low £3.53 Analyst coverage and rating Source: Bank of America Buy BERENBERG Buy PARTNERSHIP SINCE 1590 CANTOR Fitzgerald Buy cg /Canaccord Genuity Buy Capital Markets LIBERUM Hold 20 92 U כ YELLOW CAKE PLC 10.00 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 Yellow Cake Share Price (£) Jan 23 Feb 23 Mar 23 Apr 23 May 23 Jun 23 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 Dec 23 Jan 24 Uranium Spot Price Yellow Cake Share Price Blue chip shareholder register ③Kopernik RuffER Global Investors, LLC MMCAP Fund BRANDES INVESTMENT TRUST RU GLOBAL X by Mirae Asset ALPS Advisors MARSHALL WACE URANIUM JD Squared HARGREAVES ROYALTY CORP LANSDOWN 1) Cap IQ on 16 January 2024 2) Yellow Cake's estimated net asset value on 16 January 2024. See calculation on page 6 3) UxC, LLC 16 January 2024 6#892 U3O8 spot price is exceeding levels at the time of the U Fukushima accident (1,2) 120 YELLOW CAKE PLC Current spot price 16 January 2024 (Spot US$106.00) 100 Fukushima accident 11 March 2011 (Spot US$68.08) 80 60 60 U308 Spot Price (US$ /lb.) 40 40 20 20 Driven by Fukushima, overall demand falls on safety concerns 2011-2016 Yellow Cake IPO 5 July 2018 (Spot US$22.94) SPUT completes UPC acquisition 19 July 2021 (Spot US$32.41) Supply cuts by major producers stabilise pricing 2016 Covid driven curtailments add to supply pressure March 2020 (Spot US$24.75) Russia invades Ukraine 24 February 2022 (Spot US$45.00) Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 Jan 22 Jan 23 Jan 24 Uranium Spot Price Yellow Cake Equity Raises Source: 1) UXC, LLC, "Historical Daily Broker Average Price", 12 January 2024 2) McKinsey, "Uranium Commodity Perspective", December 2022 7#9Decarbonisation Climate change and energy transition supporting nuclear growth 92 U כ YELLOW CAKE PLC 00 8#10Climate change and energy transition supporting nuclear growth 92 U YELLOW CAKE PLC Nuclear power generates the least CO2 equivalent emissions compared to all other power sources CO2 equivalent emissions per GWh over the lifecycle of a power plant (tonnes) (1) Nuclear 820 720 490 78-230 34 4 5 Wind Solar Hydropower Biomass Natural Gas Note: Range of emissions from biomass depend on material being combusted I Oil Coal Not only does nuclear generate >99% less CO2 equivalent emissions than non-renewable power sources (natural gas, oil, and coal), but it also generates the least amount of emissions when considering other renewable power sources traditionally considered environmentally friendly (wind and solar) Source: 1. Our World in Data, "Safest Sources of Energy", 2020 9#11Global demand for nuclear increasing towards 2050 Market conditions and policies are shifting views on natural gas and limiting its role, while underlining the potential for nuclear power to cut emissions and strengthen electricity security (1) Global nuclear energy demand scenarios (GW)(¹) 92 U כ YELLOW CAKE PLC 1,000 800 600 400 200 Source: Stated Policies Scenario (GW) Announced Pledges Scenario (GW) Net Zero Emissions by 2050 Scenario (GW) 2010 2021 2022 2030 2040 2050 1) World Energy Outlook, October 2023 10#12Uranium demand growth Reactor build programs, life extensions, and small modular reactor developments 92 U כ YELLOW CAKE PLC 11#13Reactor build programs and life extensions driving uranium demand 92 U YELLOW CAKE PLC Global nuclear reactor fleet will continue to grow, especially in China, India, and the Middle. East China 26 reactors under construction, 42 planned India Russia 8 reactors under construction, 12 planned 3 reactors under construction, 25 planned UAE 3 operating reactors, 1 reactor under construction Investment in nuclear power Operable reactors (1) Reactors under Planned construction (1) reactors (1) Proposed reactors (1) World Nuclear Reactor Fleet 437 61 113 328 Chinese Reactor Fleet 55 26 42 154 Source: 1) World Nuclear Association, World Nuclear Power Reactors & Uranium Requirements (January 2024) 12#14Sources: H Countries re-engaging nuclear power 92 U YELLOW CAKE PLC Rather than declining, western demand for nuclear power is stable to growing through reactor life extensions and new construction ■ Five operating reactors with another planned, will take nuclear contribution to 60% + ‣ ■ On 16 February, Finland's government issued operating license extensions until the end of 2050 for Units 1 & 2 at the Loviisa nuclear plant, which had previously been set to expire in 2027 and 2030 Due to a long-standing policy based on energy security, 70% of France's electricity is from nuclear energy ■ March 2023, President Macron's office announced funding for six EPR-2 PWRs across the country, a US$50bn proposal for the nation's new-build reactor program will be presented to the government by the end of 2023 February 2023, Japan's Cabinet approved nuclear reactors to operate beyond the current 60-year statutory limit Government aims to restart additional 7 reactors by this summer :: In 2021, Netherlands announced plans to build two nuclear reactors by 2035, which should supply up to 13% of the country's total electricity production ■ The government has earmarked US$5.3bn in funding, and construction is expected to commence in 2028 ■ Nuclear power plants accounted for 29.6% of South Korea's total power generation in 2022, with the government aiming for 32.4% by 2030 ■ South Korea restarted construction of idled project Swedish state run utility, Vattenfall, is considering adding up to 2,800 MWe to the Ringhal nuclear power plant's current capacity of 2,190 Mwe ■ The company is also advancing plans for several SMRs, each with an output power between 300 MWe to 400 MWe Reuters, "Netherlands plans to build two nuclear power plants by 2035", December 2022; UxC Weekly, Vol 37, No 10; UxC Weekly, Vol 37, No 8; UxC Weekly, Vol 37, No 5 13#152 4 6 USA 8 00 10 12 14 Russia 16 18 92 Small modular reactors are becoming a reality U SMR market value could reach US$1 trillion by 2050 76 SMR designs are being developed globally across 18 countries (1) כ YELLOW CAKE PLC China Early Stage Middle Stage Final Stage Finished Stage Japan Canada South Africa South Korea United Kingdom Denmark France Indonesia Czech Republic Italy Source: 1) Barclays Research, European Utilities - "New Horizons: New Nuclear: A $1trn SMR Market and Fusion Revolution", 8 March 2023 Netherlands Sweden Switzerland Argentina Saudi Arabia 14#1692 U כ YELLOW CAKE PLC Energy security Energy independence and security of energy supply now becoming increasingly important 15#17Energy independence and security of energy supply now becoming increasingly important Russia is a key player in both conversion and enrichment 92 U כ YELLOW CAKE PLC Mining Global conversion capacity (2) Capacity (Mt U) Source: 16.0 15 15 14.0 12.5 12.5 12.0 10.0 8.0 6.0 4.0 2.0 Front-end nuclear cycle overview (1) Conversion 7 China France Russia Canada United States 1) World Nuclear Association, Nuclear Fuel Cycle Overview, April 2021 2) World Nuclear Association, Conversion and Deconversion, January 2022 3) World Nuclear Association, Uranium Enrichment, September 2020 Capacity (SWU) I Enrichment Fuel Fabrication Global enrichment capacity (3) 30.0 27.7 25.0 20.0 15.0 10.0 5.0 18.3 7.5 6.8 0.1 Russia United Kingdom France China Other 16#18Impact of the Russian invasion of Ukraine 92 U כ YELLOW CAKE PLC ■ Western nuclear utility dependency on Russian nuclear fuel highlighted Sanctions have to date not yet been imposed on Russian nuclear fuel, but growing number of nuclear utilities are "self sanctioning" "Deglobalisation" of the nuclear fuel market, with many utilities now looking for western sources of nuclear fuel ■ The initial utility focus has been on uranium conversion / enrichment but focus shifting to natural uranium concentrates (U3Og) ■ Long-Term contracts at "sustainable" price levels are required in order to expand western nuclear fuel supply sources There is likely to be a transition period (2022-2025/2026) before sufficient non-Russian nuclear fuel is available Source: Nuclear Fuel Associates LLC 17#19Global utilities are exposed to escalating geopolitical risk of natural uranium supply 92 U YELLOW CAKE PLC The United States, the largest consuming country, is currently at its lowest annual uranium production level in more than 70 years. Domestic suppliers are generally idled and commercial inventory is decreasing Total reactor related requirements and origin of uranium 2H 2022 (UO)(¹) Others (open market, inventories, secondary supplies) Overseas Domestic Reactor requirements (U308) 15% 100% 50% 56% 58% 50% 100% 22% 29% 43% 42% 78% 57% United States China France Russia South Korea Ukraine India Source: 1) MineSpans (December 2022) 18#2092 U כ YELLOW CAKE PLC Contracting Long term contracting has increased significantly, but is not yet close to replacement levels 19#21Long-term contracts are being replaced Increased term contracting activity during 2022 was one factor leading to the spot price rise Future contracted coverage rates of US and European utilities (1,2) 92 U כ YELLOW CAKE PLC 140% 120% 108% 125% 113% 100% 95% 90% 80% 88% 75% 76% 70% 62% 62% 75% 70% 60% 40% 20% 45% 37% 29% 10% 8% --% 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 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, 2023-2032, at end of 2022 (June 2023) 20 2) Euratom Supply Agency Annual Report 2021 (2022)#22Unfilled uranium requirements United States / European Union / Japan (31 Dec 2021)(1) 45 40 35 30 Mlbs. U308 25 25 20 20 15 10 5 Source: 92 U כ YELLOW CAKE PLC 2022 2023 2024 2025 2026 2027 2028 2029 2030 United States European Union Japan 1) USDOE-EIA / Euratom/TradeTech 21 224#2392 Long term contracting has increased significantly, U but is not yet close to replacement levels כ YELLOW CAKE PLC Term contracting volumes identified for 2023 exceeded the 2022 level, continuing the upward trend which began in 2020 Mlbs. U3Og 180 160 140 120 95.8 100 89.9 88 80 60 40 20 Term market buying trend - 2023(1) 71.8 53.0 114.0 2018 2019 2020 2021 2022 2023 Sources: 1) UxC Weekly Publications, January 2019 - January 2024 159.6 22#24Supply The supply side is being challenged to meet growing demand 92 U כ YELLOW CAKE PLC 23#25Global uranium supply side is concentrated 92 U כ YELLOW CAKE PLC U3O production is concentrated, with the top 5 companies producing 59% of the total supply in 2021 (1) Global production by company (Mlbs. U3O8, 2022) Production by country (1) (%, 2022) Kazatomprom Orano Cameco Uranium One CGNPC 30.5 14.6 13.7 11.0 10.7 Top 5 Total 80.5 Other World Source: 1) MineSpans Q4 2022 45.0% 42.4% 40.0% 35.0% 30.0% 25.0% 20.0% 14.7% 15.0% 11.2% 9.0% 7.1% 10.0% 49.7 5.0% 130.2 15.7% --% 50 100 150 Kazakhstan Canada Namibia Australia Uzbekistan Other 24#26Declining secondary supply 92 U YELLOW CAKE PLC Secondary supply is expected to decline by 4% p.a. until 2033 due to decreases of available excess enrichment capacity Secondary uranium supplies, 2013-2033 (Mlbs. U308) (1) 60 50 40 40 30 20 10 (9)% p.a. (4)% p.a. HEU ■Tails Re-Enrichment / Underfeeding ■MOX/RepU 2013 2017 2021 2025 2029 2033 Source: 1. Minespans (December 2022) 25#27Supply/demand balance There is a growing supply deficit 92 U כ YELLOW CAKE PLC 26#28Uranium Price (US$/lb.) The supply side is being challenged to meet growing demand (1) 250 92 U YELLOW CAKE PLC 200 150 100 50 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Secondary Supply Source: 1) MineSpans (May 2022) Operation Closed Operation Operation On Hold Probable Project Demand 27#29Summary 92 U כ YELLOW CAKE PLC 28#30Yellow cake is well positioned to benefit from current market trends 92 U YELLOW CAKE PLC Nuclear energy provides low emission power generation that is critical to decarbonisation Globally, demand for uranium is increasing due to aggressive nuclear plant build programs, reactor life extensions, and small modular reactor developments Western countries have been dependent on Russian uranium, conversion, and enrichment historically but are now shifting away towards ex-Russian supply Term contracting activity has increased significantly in 2023 and is likely to remain at an elevated level ■ There is a growing uranium supply deficit as producing mines enter their "end of life", secondary supply declines, and excess inventory has been drawn down Having secured over 21.6Mlbs. in U3Og inventory and benefitting from an ongoing framework agreement with Kazatomprom that provides access to US$100m in further material per year, Yellow Cake is well positioned to benefit from market tailwinds 29