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Uranium Market Update

Strategic 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 to 2027 ■ Purchase price is locked in based on the prevailing spot price at the time Yellow Cake elects to make a purchase under the Agreement ■ The Company can also purchase uranium from other sources if advantageous Source: 1) World Nuclear Association, Uranium and Nuclear Power in Kazakhstan (February 2021) 9

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