Yellow Cake PLCY

Yellow Cake PLC is NOT an operating miner, explorer or royalty company -- its own annual report states plainly that "Yellow Cake does not mine, process or enrich uranium." It is a specialist holding company, incorporated in Jersey, Channel Islands on 18 January 2018 and admitted to the London Stock Exchange's AIM market on 5 July 2018 (and to the OTCQX on 22 June 2022), whose entire strategy is to buy and hold physical triuranium octoxide (U3O8). In its own words, it exists "to acquire long-term holdings of U3O8 and not to actively speculate with regards to short-term changes in the price of U3O8," creating "an opportunity to realise value from long-term exposure to the uranium spot price in a low-risk, low-cost, liquid and publicly quoted vehicle." It holds no mining equities and no mineral properties; the material it owns outright is stored at Cameco's facility in Canada and Orano's facility in France. Alongside simply holding uranium it engages in related commercial activities such as location swaps and may enter into uranium lending transactions. Its defining commercial feature is a ten-year Framework Agreement with JSC National Atomic Company Kazatomprom -- the Kazakh state producer that is the world's largest primary uranium supplier, itself separately tracked in this database as KAP -- dating from the 2018 listing and running to 31 December 2027, under which Yellow Cake may purchase up to US$100 million of U3O8 each year at the prevailing spot price. That option was exercised in February 2026 for 1,160,766 lb at US$86.15/lb, delivered in the second half of the year. As at 11 August 2026 the company held 24,374,996 pounds of U3O8 and reported net asset value of US$2,161.4 million (GBP 1,600.0 million), or GBP 6.37 per share -- built from US$2,114.5 million of U3O8 at the UxC spot price of US$86.75/lb plus US$46.9 million of cash and other net current assets. At the prior quarter end, 30 June 2026, it held 23,214,230 lb and NAV was GBP 6.34 per share. Because it holds a physical commodity rather than an ore body, the deposit, resource and mine-economics fields in this database do not apply to it by construction rather than for want of research. Note on price scale: Yellow Cake is quoted in pence on AIM (EODHD reports its currency as GBX), so its share price is recorded here in pounds -- GBP 6.05, not 605 -- consistent with every other GBP-quoted row in this database.