Investor Presentaiton

Yellow 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

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