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Uranium Market Update

Long-term contracts need to be replaced Contract covering has the potential to create a rapid tightening of the spot market Future contracted coverage rates of US and European utilities 140% 116% 120% 103% 104% 99% 100% 98% 80% 60% 40% 20% 93% 84% 72% 61% 55% 92 U כ YELLOW CAKE PLC 70% 71% 67% 57% 42% 39% 21% 14% 0% 2021 2022 2023 2024 2025 2026 2027 2028 2029 US Utilities Coverage EU Utilities Coverage Source: 1) US Energy Information Administration: Maximum anticipated uranium market requirements of owners and operators of U.S. civilian nuclear power reactors, 2021-2030, at end of 2020 (May 2021, Table 12) 2) Euratom Supply Agency Annual Report 2020 (2021) 17

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