TIDMYCA
RNS Number : 7748R
Yellow Cake PLC
31 October 2023
31 October 2023
Yellow Cake plc ("Yellow Cake" or the "Company")
QUARTERLY OPERATING UPDATE
Yellow Cake, a specialist company operating in the uranium
sector holding physical uranium for the long term, is pleased to
report its performance for the quarter ended 30 September 2023 (the
"Quarter").
Highlights
Market Highlights
-- The uranium spot price increased 31.3% from US$56.00/lb ([1])
on 30 June 2023 to US$73.50/lb ([2]) on 30 September 2023 and is
currently US$74.00/lb. [3]
-- Factors contributing to that trend include limited
availability of near-term inventory considered as mobile (available
for sale), growing nuclear utility concerns regarding future
production of sufficient uranium to underpin both operating and
planned nuclear reactors, as well as geopolitical risks associated
with a number of producing countries such as Russia and Niger.
-- These market factors may continue to prevail and exert upward
pressure on the uranium price, both spot and long-term. As annual
volumes under newly negotiated term uranium contracts increase,
associated prices may need to rise to incentivise necessary uranium
development, placing incremental pressure on near-term uranium
prices.
Company Highlights
-- On 30 September 2023, Yellow Cake took delivery of 1,350,000
lb of U(3) O(8) that it had elected to purchase as part of its 2022
uranium purchase option under its agreement (the "Framework
Agreement") with JSC National Atomic Company Kazatomprom
("Kazatomprom") at a price of US$48.90/lb, or US$66.0 million in
aggregate. The purchase was funded from the proceeds of an
oversubscribed share placing in February 2023 which raised gross
proceeds of approximately GBP61.8 million (US$74.3 million). The
delivery was made at the Cameco storage facility in Ontario, Canada
bringing Yellow Cake's holdings to 20.16 million lb of U(3) O(8) at
the Quarter-end.
-- An increase in the spot price of 31.3% over the Quarter from
US$56.00/lb(1) to US$73.50/lb(2) combined with a 7.2% increase in
the volume of U(3) O(8) held by Yellow Cake over the Quarter ([4])
, resulted in a 40.7% increase in the value of U(3) O(8) held over
the Quarter from US$1,053.1 million as at 30 June 2023, to
US$1,481.4 million as at 30 September 2023.
-- Increase in estimated net asset value per share of 37.2% over
the Quarter from GBP4.50 per share [5] as at 30 June 2023 to
GBP6.18 per share [6] as at 30 September 2023, a result of the
increase in the uranium price, volume of uranium held and
depreciation of Sterling over the Quarter.
-- After the Quarter-end, following the completion of a further
oversubscribed share placing on 2 October 2023 which raised gross
proceeds of approximately GBP103 million (approximately US$125
million), Yellow Cake informed Kazatomprom that it had elected to
purchase 1,526,717 lb of U(3) O(8) at a price of US$65.50/lb, or
US$100.0 million in aggregate, exercising the entirety of the
Company's 2023 uranium purchase option under its Framework
Agreement with Kazatomprom. Yellow Cake expects delivery to take
place in H1 2024. On completion of this purchase, Yellow Cake will
hold 21.68 million lb of U(3) O(8) .
-- Yellow Cake's estimated proforma net asset value on 30
October 2023 was GBP6.21 per share or US$1,637.8 million, assuming
21.68 million lb of U(3) O(8) [7] valued at a spot price of
US$74.00/lb [8] and cash and other current assets and liabilities
[9] .
-- All U(3) O(8) to which the Company has title and has paid
for, is held at the Cameco storage facility in Canada and the Orano
storage facility in France. The Company's operations, financial
condition and ability to purchase and take delivery of U(3) O(8)
from Kazatomprom, or any other party, remain unaffected by the
geopolitical events in Ukraine.
Andre Liebenberg, CEO of Yellow Cake, said:
" We continue to deliver against our strategy to buy and hold
physical uranium giving our shareholders direct exposure to the
commodity. During the quarter, the price of uranium rose by a third
and has risen ever since. This higher price, combined with our
recent uranium purchases, has taken the value of our holdings to
over US$ 1.5 billion, another significant milestone for our
company. The supply demand fundamentals we have set out previously
remain as relevant today as ever. Supply remains constrained, while
demand is growing worldwide, driven by both what is now a general
acceptance of nuclear as key to achieving our global net zero
ambitions, but also more recently concerns about the short-term
viability of renewables. We continue to be confident in the
long-term outlook for uranium."
Uranium Market Developments and Outlook
Global Uranium Market
The uranium spot price rose significantly during the Quarter
from US$56.00/lb up to US$73.50/lb, securing gains of more than
30%. The previous quarter (April-June) experienced an increase of
just under 11% while the January-March quarter saw the near-term
uranium price rise by 6%. In total, the spot market price rose by
US$25.50/lb, an increase of 53% over the first nine months of CY
2023. [10]
Aggregate spot market volumes were reported at 13.0 million lb
of U(3) O(8) for the Quarter compared to 14.4 million lb of U(3)
O(8) during the April-June quarter and 12.6 million lb of U(3) O(8)
for the January-March quarter.
Spot market buying by the Sprott Physical Uranium Trust ("SPUT")
remained relatively subdued during the Quarter with the uranium
fund reporting purchases totalling 2.74 million lbs of U(3) O(8) .
At the end of September, SPUT held a total of 62.0 million lb.
[11]
The three longer-term uranium price indicators showed
substantial upward movement during the Quarter as the 3-yr Forward
Price increased to US$75.00/lb (June 2023: US$62.00/lb) while the
5-yr Forward Price reported at US$79.00/lb (June 2023:
US$67.00/lb). The Long-Term Price rose more slowly reaching
US$61.00/lb at the end of September 2023 [12] (June 2023:
US$56.00/lb) [13] .
Nuclear Generation / Uranium Demand
Indian Secretary of the Department of Atomic Energy ("DAE") and
Chairman of the Atomic Energy Commission stated that the DAE is
pursuing the development of advanced nuclear reactors in order to
generate green energy. During his speech at the 12(th) graduation
ceremony of the NISER Bhubaneswar, Ajit Kumar Mohanty proclaimed
that the "First and foremost area which comes to immediate
attention is the necessity to develop and deploy economical and
viable green energy sources such as green hydrogen, biofuels, and
nuclear energy". [14]
Michael O. Sinocruz, Director of the Philippine Energy Policy
and Planning Bureau, reported during a virtual forum hosted by the
German-Philippine Chamber of Commerce that the Philippine
Department of Energy is considering a target of 2,400 MWe of
nuclear power capacity by 2035. Mr. Sinocruz advised that "under
the Philippine Energy Plan for 2030 to 2050, the government is
hoping to put about eight 150 MW small modular reactors in
operation by 2032 and establish a 1,200 MW nuclear facility in
Luzon by 2025." Furthermore, the government has not ruled out the
rehabilitation of the shuttered Bataan Nuclear Power Plant.
[15]
A joint development agreement has been executed between US
utility Energy Northwest and X-Energy Reactor Company for the
deployment of up to 12 Xe-100 small modular reactors in central
Washington state. The utility anticipates the first Xe-100 module
to be online by 2030 at a site adjacent to the existing Columbia
Generating Station in Richland, Washington. [16]
Japan's Kansai Electric Power Company recommenced operation of
the Takahama-1 reactor (780 MWe PWR), located in Fukui Prefecture.
The unit had been offline for 12 years following the Fukushima
accident. Takahama 2 is expected to resume operation in September
2023. Both reactors have been granted operating license extensions
which will allow the units to operate for up to 60 years. [17]
South Korea is evaluating the country's need for additional
nuclear power reactors in response to increasing electricity demand
resulting from the expansion of data centres, investment in high
technology industries (semi-conductors and batteries) and
escalating utilisation of electric vehicles. The 29(th) Energy
Committee meeting was under the auspices of the Ministry of Trade,
Industry and Energy. Based upon strong Committee support, the
Committee decided to bring forward the initiation of the 11(th)
Electricity Plan addressing the years 2024-2038. [18]
Taiwan's People's Party, the political opposition party, has
stated that if successfully elected in 2024, they will reverse the
country's nuclear phase-out policy which calls for the shut-down of
the two remaining operating nuclear power plants (Maanshan NPP) by
2025, when the units will have reached the end of their 40-year
operating licenses. Taiwan People's Party Chairman and presidential
candidate, Ko Wen-je, has stated that nuclear power is essential to
the nation's goal of attaining carbon neutrality by 2050. [19]
Having declared commercial operation of the Vogtle-3 reactor,
the first newly constructed power reactor in the United States in
more than 30 years (31 July 2023), Georgia Power announced the
commencement of fuel-loading at Vogtle-4 effective 17 August. The
unit is scheduled for commercial operation in 4Q2023 or 1Q2024.
[20]
The Polish government has initiated the process to construct a
NPP based on South Korean reactors. PGE PAK Energia Jadrowa SA
("PPEJ") submitted an application to Poland's Ministry of Climate
and Environment for a decision-in-principal for the construction of
the proposed NPP consisting of at least two APR-1400 reactors to be
built in central Poland. Assuming the approval process leads to a
license to construct and operate, PPEJ plans on commercial
operation by 2035. [21] Poland also issued an environmental permit
for its first nuclear power plant which is to be built on the
Baltic Coast. Construction is planned to begin in 2026 with the
facility operational by 2033. [22]
Sweden's Minister for Climate and Environment, Romina
Pourmokhtari, called for the Nordic country to construct up to ten
new large nuclear reactors (or the equivalent SMRs) by 2045, to
supplement the current commercial reactor fleet of six reactors
(6,937 Mwe). The Minister's comments followed the release of the
Radiation Safety Authority (Sweden) report (9 August) supporting a
pre-licensing review of new reactor designs as well as the
development of the regulatory framework which may be needed for the
future expansion of nuclear power. [23]
Turkey expects to reach agreement with China for its second
nuclear power plant to be sited near the city of Kirklareli, in the
northwestern area of the country. The NPP will follow the current
nuclear power plant being built by Russia's Rosatom which is
expected to enter commercial operation in 2024. [24]
The Italian government has established a working group to assess
the restart of the country's nuclear power programme. Historically,
Italy operated four nuclear power plants (total capacity - 1,423
Mwe). However, a decision to shut down two remaining reactors was
taken in July 1990 in response to the nuclear accident at
Chernobyl, following the earlier closure of the other two reactors.
The newly drafted "National Platform for Sustainable Nuclear" calls
for a multi-agency review of potential technologies and sites.
[25]
China's State Council approved the construction of six nuclear
reactors: units 5 and 6 of the Ningde NPP in Fujian Province, units
1 and 2 of the Shidaowan NPP in Shandong Province, and; units 1 and
2 of the Xudabao NPP in Liaoning Province. [26]
The China Nuclear Energy Association announced that China's
nuclear power sector is expected to supply 10% of that nation's
electricity by 2035. Furthermore, China's installed nuclear
capacity is planned to reach 400 MWe by 2060 supplying 18% of
China's electricity at that time. Currently, China has 55 operating
reactors with a further 24 under construction. Twenty one reactors
have been approved for construction since the beginning of the
14(th) Five-Year Plan period (2021-2025). [27]
Nuclear power development in Africa continues to progress. Kenya
announced plans to begin construction of a nuclear power plant at
coastal sites in either Kilifi or Kwale counties. The facility is
expected to cost US$3.4-4.1 billion and start construction in 2027.
[28] Ugandan President, Yoweri Museveni, announced that Russia and
South Korea will construct two nuclear power plants in Uganda.
Agreements have been reached but no date for construction start was
given except for "soon." [29] Nuclear Power Ghana has selected two
potential sites for its planned nuclear power plant with Nsuban
(Western Region) as the preferred location and Obotan (Central
Region) serving as the back-up. The country expects to select the
reactor vendor by 2030 with construction commencing that year.
[30]
Uranium Supply
On 26 July 2023, presidential guards seized Niger's president,
Mohamed Bazoum in a military coup. Niger's uranium production
totalled 5.85 million lb of U(3) O(8) in 2022 (around 5% of the
global total) from the open-pit operation of SOMAIR, an open-pit
mine owned by the French company, Orano (63.4%) and Sopamin, a
company that manages Niger's participation in mining ventures
(36.66%). The outcome of this geopolitical event remains
unresolved, but Orano has stated that any interruption in uranium
production or transport would not impact the French nuclear
programme due to sufficient uranium inventories. Two foreign
uranium companies yet to commence operations, Global Atomic (Dasa
Uranium Project) and GoviEx (Madaouela Uranium Project), reported
that their activities were proceeding as normal. [31]
Cameco held its 2Q2023 investor conference call on 2 August
2023. The company reported that its share of production during the
first half of 2023 from McArthur River / Key Lake and Cigar Lake
totalled 8.8 million lb of U(3) O(8) compared to 4.7 million lb of
U(3) O(8) for the same six-month period of 2022 (McArthur River /
Key Lake did not report any production until fourth quarter 2022
due to its ramp-up status while Cameco's ownership share of Cigar
Lake increased incrementally from 19 May 2022 (50.025% to
54.547%)). Based on 2023 production plans, Cameco expects to
receive 20.3 million lb of U(3) O(8) during CY2023. The company
expects to purchase 11 - 13 million lb of U(3) O(8) during the year
(previously 9 - 11 million lb of U(3) O(8) ) due to increased 2023
deliveries and to maintain a working inventory (that total includes
existing purchase commitments including Cameco's share of output
from the JV Inkai in Kazakhstan). Corporate executives
characterised the current term uranium market as "constructive"
although the company needs to see "more urgency in demand" to make
any decisions regarding production facility expansions or the
development of greenfields uranium projects. [32]
Kazatomprom released its first half 2023 financial results on 25
August 2023, including uranium production data. The company
reported total production of 26.6 million lb of U(3) O(8) , a
slight increase over the 1H2022 output of 26.2 million lb of U(3)
O(8) while Kazatomprom's attributable share was 14.1 million lb of
U(3) O(8) . The company's average realised price rose by 17%
reaching US$46.63/lb period-on-period. Kazatomprom reported
inventory of finished goods amounted to 15.7 million lb as of 30
June 2023 compared to 18.6 million lb at the end of the first half
of 2022. The reduction was attributed to increased uranium sales.
Production volume for the year (100% basis) continues to be guided
at 53.3 million lb - 55.9 million lb. [33]
In September 2023, Kazatomprom announced its plans for uranium
production in CY2025 and stated that, driven by a strong contract
book and already growing sales portfolio, planned output would
reach 79.3-81.9 million lb of U(3) O(8) in 2025 which would be an
increase of around 15.6 million lb above the currently planned
output for CY2024. [34]
Nuclear Power Forecasts
The International Energy Agency released an update to its 2021
report, "Net Zero Roadmap," which examines various future energy
development scenarios. Under the net-zero emissions (NZE) scenario,
the global energy analysis group now foresees global nuclear power
increasing from the current level (392 GW), reaching 916 GW in 2050
as compared to the original study which concluded the need for 812
GW by 2050. [35]
The World Nuclear Association convened its Annual Symposium in
London (6-8 September 2023). The global nuclear power organisation
released the latest edition of its comprehensive nuclear fuel
markets assessment and forecast "The Nuclear Fuel Report - Global
Scenarios for Demand and Supply Availability 2023 - 2040." The
presentation of the biennial report's conclusions regarding future
uranium availability, stated that "in 2022, only 76% of world
reactors requirements were covered by primary uranium
supply...by-mid 2020s, restart of idled capacity is expected,
however the decrease of supply from the presently-known existing
mines will continue due to further depletion of uranium resources"
and "in the long run, intense development of new projects and other
unspecified sources will be needed to fill in the supply-demand
gap." [36]
Market Outlook
Subsequent to the Quarter-end, the uranium spot price has
continued to strengthen. Factors contributing to that trend include
limited availability of near-term inventory considered as mobile
(available for sale), growing nuclear utility concerns regarding
future production of sufficient uranium to underpin both operating
and planned nuclear reactors, as well as geopolitical risks
associated with a number of producing countries such as Russia and
Niger.
These market factors may continue to prevail and exert upward
pressure on the uranium price, both spot and long-term. As annual
volumes under newly negotiated term uranium contracts increase,
associated prices may need to rise to incentivise necessary uranium
development, placing incremental pressure on near-term uranium
prices.
Net Asset Value
Yellow Cake's estimated net asset value on 30 September 2023 was
GBP6.18 per share or US$1,494.2 million, consisting of 20.16
million lb of U(3) O(8) , valued at a spot price of US$73.50/lb
[37] and cash and other current assets and liabilities of US$12.7
million. [38]
Yellow Cake Estimated Net Asset Value as at 30 September
2023
--------------------------------------------------------------------------
Units
Investment in Uranium
Uranium oxide in concentrates
("U(3) O(8) ") (A) lb 20,155,601
U(3) O(8) fair value per pound
(37) (B) US$/lb 73.50
(A) x (B)
U(3) O(8) fair value = (C) US$ m 1,481.4
------------
Cash and other net current
assets/(liabilities) (38) (D) US$ m 12.7
(C) + (D)
Net asset value in US$ m = (E) US$ m 1,494.2
------------
Exchange Rate ( [39] ) (F) USD/GBP 1.2207
(E) / (F)
Net asset value in GBP m = (G) GBP m 1,224.0
Number of shares in issue
less shares held in treasury
( [40] ) (H) 198,156,447
Net asset value per share (G) / (H) GBP/share 6.18
---------------------------------- ----------- ----------- ------------
Yellow Cake's estimated proforma net asset value on 30 October
2023 was GBP6.21 per share or US$1,637.8 million, based on 21.68
million lb of U(3) O(8) [41] valued at a spot price of US$74.00/lb
[42] and cash and other current assets and liabilities of US$12.7
million as at 30 September 2023, plus net placing proceeds of
US$120.6 million received 2 October 2023 less cash consideration of
US$100.0 million to be paid to Kazatomprom following delivery of
1.53 million lb of U(3) O(8) in H1 2024.
Yellow Cake Estimated Proforma Net Asset Value as at 30
October 2023
--------------------------------------------------------------------------
Units
Investment in Uranium
Uranium oxide in concentrates
("U(3) O(8) ") (41) (A) lb 21,682,318
U(3) O(8) fair value per pound
(42) (B) US$/lb 74.00
(A) x (B)
U(3) O(8) fair value = (C) US$ m 1,604.5
------------
Cash and other net current
assets/(liabilities) ( [43]
) (D) US$ m 33.3
(C) + (D)
Net asset value in US$ m = (E) US$ m 1,637.8
------------
Exchange Rate (F) USD/GBP 1.2164
(E) / (F)
Net asset value in GBP m = (G) GBP m 1,346.4
Number of shares in issue
less shares held in treasury
( [44] ) (H) 216,856,447
Net asset value per share (G) / (H) GBP/share 6.21
---------------------------------- ----------- ----------- ------------
ENQUIRIES:
Yellow Cake plc
Andre Liebenberg, CEO Carole Whittall, CFO
Tel: +44 (0) 153 488 5200
Nominated Adviser and Joint Broker: Canaccord Genuity Limited
Henry Fitzgerald-O'Connor James Asensio
G ordon Hamilton
Tel: +44 (0) 207 523 8000
Joint Broker: Berenberg
Matthew Armitt Jennifer Lee
Detlir Elezi
Tel: +44 (0) 203 207 7800
Financial Adviser: Bacchus Capital Advisers
Peter Bacchus Richard Allan
Tel: +44 (0) 203 848 1640
Communications Adviser: Powerscourt
Peter Ogden Jade Sampayo
Tel: +44 (0) 7793 858 211
ABOUT YELLOW CAKE
Yellow Cake is a London-quoted company, headquartered in Jersey,
which offers exposure to the uranium spot price. This is achieved
through its strategy of buying and holding physical triuranium
octoxide (" U(3) O(8) "). It may also seek to add value through
other uranium related activities. Yellow Cake seeks to generate
returns for shareholders through the appreciation of the value of
its holding of U(3) O(8) and its other uranium related activities
in a rising uranium price environment. The business is
differentiated from its peers by its ten-year Framework Agreement
for the supply of U(3) O(8) with Kazatomprom, the world's largest
uranium producer. Yellow Cake currently holds 20.16 million pounds
of U(3) O(8) , all of which is held in storage in Canada and
France.
FORWARD LOOKING STATEMENTS
Certain statements contained herein are forward looking
statements and are based on current expectations, estimates and
projections about the potential returns of the Company and the
industry and markets in which the Company will operate, the
Directors' beliefs and assumptions made by the Directors. Words
such as "expects", "anticipates", "should", "intends", "plans",
"believes", "seeks", "estimates", "projects", "pipeline", "aims",
"may", "targets", "would", "could" and variations of such words and
similar expressions are intended to identify such forward looking
statements and expectations. These statements are not guarantees of
future performance or the ability to identify and consummate
investments and involve certain risks, uncertainties and
assumptions that are difficult to predict, qualify or quantify.
Therefore, actual outcomes and results may differ materially from
what is expressed in such forward looking statements or
expectations. Among the factors that could cause actual results to
differ materially are: uranium price volatility, difficulty in
sourcing opportunities to buy or sell U(3) O(8) , foreign exchange
rates, changes in political and economic conditions, competition
from other energy sources, nuclear accident, loss of key personnel
or termination of the services agreement with 308 Services Limited,
changes in the legal or regulatory environment, insolvency of
counterparties to the Company's material contracts or breach of
such material contracts by such counterparties. These
forward-looking statements speak only as at the date of this
announcement. The Company expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any forward
looking statements contained herein to reflect any change in the
Company's expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are based
unless required to do so by applicable law or the AIM Rules.
[1] Daily spot price published by UxC, LLC on 30 June 2023.
[2] Daily spot price published by UxC, LLC on 30 September 2023.
[3] Daily spot price published by UxC, LLC on 30 October 2023.
[4] Based on 18,805,601 lb U O held by the Company as at 30 June
2023 and 20,155 ,601 lb U O held by the Company as at 30 September
2023.
[5] Estimated net asset value as at 30 June 2023 of US$1,134.1
million comprises 18.81 million lb of U(3) O(8) valued at the daily
spot price of US$56.00/lb published by UxC, LLC on 30 June 2023 and
cash and other current assets and liabilities of US$81.0 million.
Estimated net asset value per share as at 30 June 2023 is
calculated assuming 202 ,740,730 ordinary shares in issue less
4,604,645 shares held in treasury on that date and the Bank of
England's daily USD/ GBP exchange rate of 1.2714.
[6] Estimated net asset value as at 30 September 2023 of
US$1,494.2 million comprises 20.16 million lb of U(3) O(8) valued
at the daily spot price of US$73.50/lb published by UxC, LLC on 30
September 2023 and cash and other current assets and liabilities of
US$12.7 million. Estimated net asset value per share as at 30
September 2023 is calculated assuming 202 ,740,730 ordinary shares
in issue, less 4,584,283 shares held in treasury on that date and
the Bank of England's daily USD/ GBP exchange rate of 1.2207.
[7] Comprises 20.16 million lb of U(3) O(8) held as at 30
October 2023 plus 1.53 million lb of U(3) O(8) which the Company
has committed to purchase in H1 2024.
[8] Daily spot price published by UxC, LLC on 30 October 2023.
[9] Estimated proforma net asset value per share as at 30
October 2023 is calculated assuming 221 , 440,730 ordinary shares
in issue, less 4,584,283 shares held in treasury, a USD/ GBP
exchange rate of 1.2164 and the daily spot price published by UxC,
LLC on 30 October 2023. For purposes of estimating proforma net
asset value, cash and other current assets and liabilities is
calculated as US$12.7 million as at 30 September 2023 plus net
placing proceeds of US$120.6 million received 2 October 2023 less a
total cash consideration of US$100.0 million to be paid to
Kazatomprom following delivery of 1.53 million lb of U(3) O(8) in
H1 2024.
[10] Ux Weekly; "Ux Price Indicators"; 2 October 2023.
[11] Sprott.com; "Daily and Cumulative Pounds of Uranium (U3O8)
Acquired by the Trust"; 25 October 2023.
[12] Ux Weekly; "Ux Price Indicators"; 2 October 2023.
[13] Ux Weekly; "Ux Price Indicators"; 3 July 2023.
[14] The Times of India; "Atomic energy dept carrying out
development of advanced power reactors"; 18 July 2023.
[15] BusinessWorld; "DoE may set 2,400 MW goal for nuclear power by 2035"; 19 July 2023.
[16] World Nuclear News; "Multiple Xe-100 SMRs planned for Washington State"; 19 July 2023.
[17] World Nuclear News; "Eleventh Japanese reactor resumes operation"; 28 July 2023.
[18] World Nuclear News; "South Korea considering new nuclear plants"; 12 July 2023.
[19] Taipei Times; "Taiwan needs nuclear energy, Ko says"; 13 August 2023.
[20] Nuclear Newswire; "Vogtle-4 fuel load started"; 18 August 2023.
[21] Korea Economic Daily; "Poland starts approval process to
import S. Korean reactors"; 24 August 2023).
[22] Reuters; "Poland issues environmental permit for first
nuclear power plant"; 22 September 2023.
[23] Bloomberg News; "Sweden Needs to Treble Nuclear Power as
Electricity Demand Soars": 9 August 2023.
[24] Nikkei Asia; "Turkey close to deal with China on nuclear
power plant"; 15 September 2023.
[25] Nature Italy; "Italian nuclear industry revival on the table"; 11 September 2023.
[26] World Nuclear News; "Six reactors approved for construction in China"; 1 August 2023.
[27] China Daily; "China's nuclear power to generate 10% of
total electricity by 2035": 26 September 2023.
[28] TRT Afrika; "Kenya plans construction of nuclear power plant"; 26 September 2023.
[29] Anadolu Agency News Broadcast System; "Russia, South Korea
to build nuclear power plants in Uganda"; 8 September 2023.
[30] Ghana News Agency; "Ghana selects Nsuban, Obotan as
potential sites for first nuclear plant"; 20 September 2023.
[31] World Nuclear News; "A guide: Uranium in Niger"; 28 July 2023.
[32] Cameco Corporation; "2023 Q2 Conference Call": 2 August 2023.
[33] Kazatomprom; "Kazatomprom 1H23 Financial Results"; 25 August 2023.
[34] Kazatomprom Press Release; "Kazatomprom announces 2025
Production Plan"; 29 September 2023.
[35] International Energy Agency; "Net Zero Roadmap - A Global
Pathway to Keep the 1.5 C Goal in Reach 2023 Update"; September
2023.
[36] World Nuclear Association; "Fuelling Our Nuclear Future:
The Nuclear Fuel Report 2023"; 7 September 2023.
[37] Daily spot price published by UxC, LLC on 30 September 2023.
[38] Cash and cash equivalents and other net current assets and
liabilities as at 30 September 2023.
[39] Bank of England's daily USD/ GBP exchange rate as at 30 September 2023.
[40] Estimated net asset value per share on 30 September 2023 is
calculated assuming 202 ,740,730 ordinary shares in issue less
4,584,283 shares held in treasury on that date.
[41] Comprises 21.68 million lb of U(3) O(8) held as at 30
October 2023 plus 1.53 million lb of U(3) O(8) which the Company
has committed to purchase in H1 2024.
[42] Daily spot price published by UxC, LLC on 30 October 2023.
[43] Cash and other current assets and liabilities of US$12.7
million as at 30 September 2023 plus net placing proceeds of
US$120.6 million received 2 October 2023 less cash consideration of
US$100.0 million to be paid to Kazatomprom following delivery of
1.53 million lb of U3O8 in H1 2024.
[44] Estimated proforma net asset value per share on 30 October
2023 is calculated assuming 221 ,440,730 ordinary shares in issue,
less 4,584,283 shares held in treasury on that date.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDURURROWUROUA
(END) Dow Jones Newswires
October 31, 2023 03:00 ET (07:00 GMT)
Yellow Cake (LSE:YCA)
Historical Stock Chart
From Nov 2024 to Dec 2024
Yellow Cake (LSE:YCA)
Historical Stock Chart
From Dec 2023 to Dec 2024
