Investor Presentaiton

Yellow cake is well positioned to benefit from current market trends 92 U YELLOW CAKE PLC Nuclear energy provides low emission power generation that is critical to decarbonisation Globally, demand for uranium is increasing due to aggressive nuclear plant build programs, reactor life extensions, and small modular reactor developments Western countries have been dependent on Russian uranium, conversion, and enrichment historically but are now shifting away towards ex-Russian supply Term contracting activity has increased significantly in 2023 and is likely to remain at an elevated level ■ There is a growing uranium supply deficit as producing mines enter their "end of life", secondary supply declines, and excess inventory has been drawn down Having secured over 21.6Mlbs. in U3Og inventory and benefitting from an ongoing framework agreement with Kazatomprom that provides access to US$100m in further material per year, Yellow Cake is well positioned to benefit from market tailwinds 29

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