Uranium Market Update
Proforma estimated net asset value as at
15 February 2022
92
U
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YELLOW CAKE PLC
Investment in Uranium
Units
Uranium oxide in concentrates (“U3O8″)(1)
(A)
lb.
18,805,601
U3O8 fair value per pound (2)
(B)
US$/lb.
43.25
U3O8 fair value
(A) x (B) = (C)
US$ mm
813.3
Cash and other net current assets/(liabilities)(3)
(D)
US$ mm
20.9
Net asset value in US$ mm
(C) + (D) = (E)
US$ mm
834.3
Exchange Rate
(F)
USD/GBP
1.3522
Net asset value in £ mm
(E)/(F) = (G)
£ mm
617
Number of shares in issue less shares held in treasury(4)
Net asset value per share
(H)
(G)/(H)
183,671,232
£/share
3.36
Source:
1) Comprises 15.8 million lb of U3Og held on 31 December 2021, plus 2.02 million lb of U3Og to be bought back from Kazatomprom in terms of the Repurchase and Buyback Option
Agreement with Kazatomprom for delivery by April 2022, as described in Yellow Cake's quarterly operating update of 31 January 2022, plus 0.95 million lb of U₂Og to be purchased
from Kazatomprom, subject to contract, expected to be delivered by June 2022
2) Fair value is based on the daily spot price published by UXC, LLC on 15 February 2022
3) Includes cash and other current assets and liabilities of US$153.6 million as at 31 December 2021, less a cash consideration of US$92.6 million to be paid to Kazatomprom on delivery
of 2.02 million lb of U30g by April 2022, less a cash consideration of US$45.2 million to be paid to Kazatomprom (subject to contract) in respect of 0.95 million lb of U3O8, expected to
be delivered by June 2022
4) Net asset value per share on 15 February 2022 is calculated assuming 187,740,730 ordinary shares in issue less 4,069,498 shares held in treasury
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