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Uranium Market Update

Significant supply deficit forecast by 2030 By 2030, additional supply is needed to come online to offset demand growth; by combination of new projects and idled capacity (1,2) Primary supply Secondary supply mlb. U308 +1.5% p.a. 148.9 26.0 122.9 38.1 23.2 +2.0% p.a. 26.1 173.0 ☐ 10.0 (30.1) (7.1) 18.9 (30.5) 154.1 203.5 92 U YELLOW CAKE PLC 167.4 2020 Supply Ramp Up Probable Projects Closures & Depletion Secondary Supply Changes 2030 Supply 2030 Supply 2030 Demand Gap(2) China Other 2020 Demand Supply (Primary + Secondary) Source: 1) MineSpans December 2021 2) Base case projects: Budenovskoye 6-7, Dasa, Lance (low pH), restart of McArthur River Demand 21 24

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