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Energy Transition and Uranium Market Dynamics

4: Long-term contracts need to be replaced Increased term contracting activity is a factor driving the spot price rise 92 U כ YELLOW CAKE PLC Future contracted coverage rates of US and European utilities (1,2) 140% 120% 108% 125% 113% 100% 95% 90% 80% 88% 75% 76% 70% 62% 62% 75% 70% 60% 40% 20% 45% 37% 29% 10% 8% --% 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 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, 2023-2032, at end of 2022 (June 2023) 2) Euratom Supply Agency Annual Report 2021 (2022) 11

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