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Yellow Cake Plc Uranium Market Overview

92 U כ Yellow Cake Strategy To buy and hold physical uranium and to deliver maximum exposure to the expected resurgence in the uranium market Industry Context Steady uranium demand growth from nuclear reactor build programme YELLOW CAKE PLC Investment Highlights Holds physical U308 Sustained low uranium prices I have led to supply cuts No exposure to exploration, development, mining or processing risks Additional supply risks due to Covid-19, with utilities set to re-enter market Low-cost structure Restricted investment into new supply sources Access to US$100 mm p.a. of uranium at the spot price 2

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