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Energy Transition and Uranium Market Dynamics

3: Global 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) 10 10

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