Investor Presentaiton

Long-term contracts are being replaced Increased term contracting activity during 2022 was one factor leading to the spot price rise Future contracted coverage rates of US and European utilities (1,2) 92 U כ YELLOW CAKE PLC 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) 20 2) Euratom Supply Agency Annual Report 2021 (2022)

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