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Energy Transition and Uranium Market Dynamics

2 4 6 USA 8 00 10 12 14 16 Russia 18 92 2: 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 00 8

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