TIDMYCA
RNS Number : 6863A
Yellow Cake PLC
24 January 2024
24 January 2024
Yellow Cake plc ("Yellow Cake" or the "Company")
QUARTERLY OPERATING UPDATE
Yellow Cake, a specialist company operating in the uranium
sector holding physical uranium ("U(3) O(8) ") for the long term,
is pleased to report its performance for the quarter ended 31
December 2023 (the "Quarter").
Highlights
Market Highlights
-- The uranium spot price increased 23.8% from US$73.50/lb ([1])
on 30 September 2023 to US$91.00/lb ([2]) as at 31 December 2023
and is currently US$105.00/lb. [3]
-- The global uranium market remains supply constrained. Limited
supply from inventories, geo-political issues, including the
on-going Russia-Ukraine war, announced delays in production
ramp-ups coupled with rising uranium demand continues to exert
upward pressure on the uranium price which reached US$106.00/lb on
15 January 2024. These factors may contribute to further upward
pressure on the uranium spot price in the near- to medium-term.
Company Highlights
-- 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 June 2024. On
completion of this purchase, Yellow Cake will hold 21.68 million lb
of U(3) O(8) .
-- The value of U(3) O(8) held increased 23.8% over the Quarter
from US$1,481.4 million as at 30 September 2023 to US$1,834.2
million as at 31 December 2023 as a result of a corresponding
increase in the uranium spot price.
-- Estimated net asset value per share increased 15.0% over the
Quarter from GBP6.18 per share [4] as at 30 September 2023 to
GBP7.11 per share [5] as at 31 December 2023, a result of the
increase in the uranium price, partly offset by the appreciation of
Sterling over the Quarter.
-- Yellow Cake's estimated proforma net asset value on 23
January 2024 was GBP8.40 per share or US$2,308.9 million, assuming
21.68 million lb of U(3) O(8) [6] valued at a spot price of
US$105.00/lb [7] and cash and other current assets and liabilities.
[8]
-- All U(3) O(8) to which the Company has title and has paid
for, is held at the Cameco storage facility in Canada and the Orano
storage facility in France. The Company's operations, financial
condition and ability to purchase and take delivery of U(3) O(8)
from Kazatomprom, or any other party, have to date remained
unaffected by the geopolitical events in Ukraine.
Andre Liebenberg, CEO of Yellow Cake, said:
" We were proud to pass the considerable milestone of a US$ 2
billion market value, up from US$200 million when we first listed
in 2018. Since then, we have remained committed to our stated
strategy and delivered significant value to our shareholders
through the buying and holding of physical uranium. Though the
uranium price reached a 16-year high this month, we continue to
believe the same supply-demand characteristics that have made the
investment case in Yellow Cake so compelling, remain as relevant
today as they did in 2018. The uranium market is still under
stress, driven by limited supply as a result of geopolitical
factors and project ramp-up delays, alongside rising demand as
nuclear power gains market share worldwide due to the need to
decarbonise our energy supply. We remain confident in the outlook
for uranium and for Yellow Cake. "
Uranium Market Developments and Outlook
Global Uranium Market
The uranium spot price rose very significantly during the
Quarter as emerging demand was met with limited supply. UxC data
indicated that a total of 15.1 million pounds of U(3) O(8) were
transacted over the three-month period, with the uranium spot price
increasing from US$73.50/lb at the end of September 2023 to
US$91.00/lb at the end of December 2023, an increase of almost 30%.
The global spot uranium price began 2023 at US$48.00/lb gaining
US$43.00/lb by year-end, an increase of almost 90%.
Price indicators reflecting the longer-term uranium market
strengthened over the Quarter as the 3-year forward price rose from
US$75.00/lb up to US$96.00/lb and the 5-year forward price
increased from US$79.00/lb reaching US$101.00/lb by the end of
December. The Long-Term uranium price indicator showed moderate
improvement from the end of September figure of US$61.00/lb
compared to the end of December level of US$68.00/lb, an increase
of 11.5% over the period. [9] [10]
Nuclear Generation / Uranium Demand
During the Quarter, the Council of Ministers of Bulgaria
approved the construction of Kozloduy nuclear power plant - Unit 7
and preparatory work for Unit 8, both of which will be AP1,000
reactors. The target date for commercial operation of Unit 7 has
been set at 2033, while Unit 8 is expected to follow two to three
years later. The planned capacity of the two units will total 2,300
Mwe, which exceeds the aggregate capacity of the four closed units
located at Kozloduy. [11]
Slovenian utility GEN Energy is considering the construction of
two large reactors totalling 2,400 Mwe (JEK2 Project). Three
reactor suppliers, Westinghouse, EDF and KHNP, are competing for
the business with a decision expected by 2028 and a commercial
operation date in the 2030s. At the present time, Slovenia has a
single 696 Mwe pressurised water reactor, Krsko, jointly owned with
Croatia, which provides approximately one-third of the country's
electricity. [12]
In September 2023, the Swedish government decided to table a
proposed amendment to the country's nuclear energy regulations
(Environmental Code) which would remove the current stipulation
that any new nuclear reactor can only be authorised if it replaces
a permanently closed reactor and must be built on a site where one
of the existing reactors is located. The recently elected
government is also pursuing legislation which would address the
potential development of small modular reactors ("SMRs") in Sweden.
[13]
Finnish utility, Teollisuuden Voima Oyj ("TVO") announced that
it had initiated an environmental impact assessment for the
possible operating license extension and potential power uprating
of Units 1 and 2 at its Olkiluoto nuclear power plant. The two
units which supply 15% of Finland's annual electricity needs, were
granted a 20-year operating license extension in 2018 allowing for
operations until the end of 2038. TVO is considering applying for a
further 10-year extension. [14]
Norsk Kjernkraft submitted a proposal to Norway's Ministry of
Oil and Energy for an assessment of the construction of a power
plant based on multiple SMRs in the municipalities of Aure and
Heim. Once approved by the government agency, the environmental
impact assessment phase can begin. In June, the company signed a
letter of intent with TVO Nuclear Services, a consulting company
wholly owned by the Finnish utility TVO, to jointly investigate the
suitability and effectiveness of the development of nuclear power
in Norway. [15]
In November 2023, the Cabinet of Ministers of Sri Lanka approved
a sweeping reform bill (Electricity Act) providing for the
unbundling and restructuring of the Ceylon Electricity Board
("CEB"), the country's electricity provider. The CEB has included
nuclear power from 2030 under scenarios in its long-term energy
plans. [16]
In November 2023, the United States and the Philippines executed
a 123 Agreement addressing nuclear cooperation between the two
countries. The Philippine government has committed to pursuing
nuclear power especially SMRs within the country as peak energy
demands are forecast to nearly quadruple by 2040. President Marcos
stated that the country envisions nuclear energy becoming a
component of the Philippine energy mix by 2032. [17]
Also in November 2023, the European Parliament adopted its
official position on the proposed Net-Zero Industry Act ("NZIA")
which aims to support Europe's manufacturing output in technologies
needed for decarbonisation. The MEPs included nuclear fission and
fusion amongst the list of 17 technologies addressed by the
legislation. The NZIA sets a target for Europe to produce 40% of
its annual deployment needs in net zero technologies by 2030 and to
capture 25% of the global market value for these technologies.
[18]
On 25 December 2023, Russia and India executed agreements in
support of two additional Russian-designed VVER-1000 reactors to be
built at Kudankulam in the state of Tamil Nadu in southern India.
The two units will join an existing nuclear complex consisting of
two VVER-1000 reactors which entered commercial operation in 2014
and 2017, two additional units under construction since 2017 as
well as a further two reactors which entered construction in 2021.
[19]
Korea Hydro & Nuclear Power ("KHNP") announced the grid
connection of Unit 2 of the Shin Hanul nuclear power plant in South
Korea. The national utility stated that the 1,350 Mwe pressurized
water reactor was connected on 21 December 2023, becoming the
28(th) operating nuclear unit in the country. KHNP plans to
construct two additional APR-1,400 reactors at the site. [20]
On 27 December 2023, the Nuclear Regulation Authority ("NRA") of
Japan authorized fuel loading in Units 6 & 7 at the
Kashiwazaki-Kariwa nuclear power plant located in Niigata
prefecture. Unit-6 (1,315 Mwe) entered commercial operation in
January 1996 followed by Unit 7 (1,315 Mwe) which became
operational in December 1996. The massive Kashiwazaki facility,
owned and operated by Tokyo Electric Power Company ("TEPCO") with a
capacity of 8,212 Mwe has been off-line since 2012 following the
Fukushima nuclear accident in March 2011. [21]
Uranium/Nuclear Fuel Supply
In October 2023, Boss Energy announced the commencement of
uranium mining at its South Australia-based facility, Honeymoon.
Subsequent to being shut down in November 2013 due to depressed
uranium prices, the in-situ recovery project has undergone
refurbishment with initial production of uranium beginning during
the Quarter. The initial well field began pre-conditioning in the
lead up to feeding the processing plant prior to year-end. [22]
In October 2023, Orano took the decision to expand uranium
enrichment capacity at the Georges Besse 2 Uranium Enrichment
Plant, located at Tricastin, France. The facility entered operation
in 2011 reaching its current full production capacity of 7.5
million SWU (separative work units) in 2016, based on centrifuge
technology. The Orano board approved the planned expansion of 2.5
million SWU at a cost of 1.7 billion euros. [23]
On 7 November 2023, Cameco (49%) and Brookfield Asset
Management/Renewable Partners (51%) announced the completion of the
acquisition of Westinghouse Electric Company. The final enterprise
value totalled US$8.2 billion. The announcement went on to state
that "Westinghouse has a stable and predictable core business
generating durable cash flows. Like Cameco, Westinghouse has a
long-term contract portfolio, which positions it well to compete
for growing demand for new nuclear reactors and reactors services,
as well as fuel supplies and services needed to keep the global
fleet operating safely and reliably." [24]
Kazatomprom released its Q3 2023 Operations and Trading Update
which reported a slight decline in Kazakh uranium production for
the first nine months of the year (2023 - 39.8 million lb compared
to 2022 - 40.2 million lb) but reconfirmed its 2023 guidance at
53.3 - 55.9 million lb. However, the world's largest producer of
uranium cautioned that "issues associated with limited access to
certain key materials, such as sulfuric acid, remain persistent,
and might potentially have a negative impact on 2024 production."
The company reported that as of the first half of 2023, 58% of all
shipments of uranium from Kazakhstan to Western countries were
shipped through the Trans-Caspian International Transport Route
("TITR") and that it is expected that for the full year of 2023,
TITR shipments would represent 71% of Kazakhstan's shipments to
Western countries. [25]
Following the Quarter-end, Kazatomprom announced that it
expected its 2024 production to be adjusted due to the challenges
related to the availability of sulphuric acid, a critical operating
material, as well as delays in completing construction works at the
newly developed deposits. The company stated that the exact impact
on the Company's operational performance was being assessed and
would be detailed in their Q4 2023 Trading Update, expected to be
released no later than 1 February 2024. [26]
The EURATOM Supply Agency ("ESA") distributed its Annual Report
for 2022 which documents various aspects of the nuclear fuel cycle
within the European Union. According to the ESA's survey of the 103
reactors operating in 13 Member Countries as of the end of 2022,
future uncovered uranium requirements through 2031 range from a
minimum of 51.9 million lb (assuming all current supply agreements
are honoured) and a maximum of 87.5 million lb (assuming
Russian-sourced agreements are not completed as scheduled). Total
uranium inventories held by EU utilities at the end of 2022
approximated 92.8 million lb, a decrease from the aggregate
inventories held at the end of 2021 (95.7 million lb). During 2022,
the purchases of Russian-origin uranium declined by 16% to 5.2
million lb compared to 2021 buying levels. [27]
On 11 December 2023, the US House of Representatives passed the
Prohibiting Russian Uranium Imports Act (H.R. 1042). If enacted,
the bill would ban Russian uranium imports 90 days after enactment
but would allow individual utilities to request a waiver from the
US Department of Energy if there are no other viable fuel sources
available to support the operation of a specific nuclear reactor or
nuclear company. A companion bill (S. 763) must now be passed by
the US Senate before the legislation can be signed into law by
President Biden. [28]
Nuclear Power Forecasts
The International Atomic Energy Agency ("IAEA") released its
latest nuclear power forecast to 2050. The international nuclear
regulatory agency now foresees a High Case installed nuclear
generating capacity in 2050 of 890 Gwe, an increase over the 2020
forecast of 24%. [29]
The International Energy Agency ("IEA") published its latest
forecast, "World Energy Outlook 2023." The Net Zero emissions
("NZE") scenario now projects more than a doubling of installed
nuclear capacity from the current 417 GWe, increasing to 916 GWe by
2050, up from 871 GWe in the 2022 edition. Large-scale reactors
remain the dominant form of nuclear power in all scenarios,
including advanced reactor designs, but the development of and
growing interest in SMRs increases the potential for nuclear power.
[30]
During the World Climate Action Summit of the 28(th) Conference
of the Parties to the UN Framework Convention ("COP28"), more than
20 countries lead by the United States, France, Japan, Republic of
Korea, United Arab Emirates and the United Kingdom, launched the
Declaration to Triple Nuclear Energy. The Declaration "recognises
the key role of nuclear energy in achieving global net-zero
greenhouse gas emissions by 2050 and keeping the 1.5-degree goal
within reach." [31]
Market Outlook
The global uranium market remains supply constrained. Limited
supply from inventories, geo-political issues including the
on-going Russia-Ukraine war, announced delays in production
ramp-ups coupled with rising uranium demand continues to exert
upward pressure on the uranium price which reached US$106.00/lb by
15 January 2024. These factors may contribute to further price
increases in the near- to medium-term.
Net Asset Value
Yellow Cake's estimated net asset value on 31 December 2023 was
GBP7.11 per share or US$1,966.4 million, consisting of 20.16
million lb of U(3) O(8) , valued at a spot price of US$91.00/lb
[32] and cash and other current assets and liabilities of US$132.2
million. [33]
Yellow Cake Estimated Net Asset Value as at 31 December
2023
--------------------------------------------------------------------------
Units
Investment in Uranium
Uranium oxide in concentrates
("U(3) O(8) ") (A) lb 20,155,601
U(3) O(8) fair value per pound
(37) (B) US$/lb 91.00
(A) x (B)
U(3) O(8) fair value = (C) US$ m 1,834.2
------------
Cash and other net current
assets/(liabilities) (38) (D) US$ m 132.2
(C) + (D)
Net asset value in US$ m = (E) US$ m 1,966.4
------------
Exchange Rate ( [34] ) (F) USD/GBP 1.2747
(E) / (F)
Net asset value in GBP m = (G) GBP m 1,542.6
Number of shares in issue
less shares held in treasury
( [35] ) (H) 216,856,447
Net asset value per share (G) / (H) GBP/share 7.11
---------------------------------- ----------- ----------- ------------
Yellow Cake's estimated proforma net asset value on 23 January
2024 was GBP8.40 per share or US$2,308.9 million, based on 21.68
million lb of U(3) O(8) [36] valued at a spot price of US$105.00/lb
[37] and cash and other current assets and liabilities of US$132.2
million as at 31 December 2023 less cash consideration of US$100.0
million to be paid to Kazatomprom following delivery of 1.53
million lb of U(3) O(8) in June 2024 .
Yellow Cake Estimated Proforma Net Asset Value as at 23
January 2024
--------------------------------------------------------------------------
Units
Investment in Uranium
Uranium oxide in concentrates
("U(3) O(8) ") (37) (A) lb 21,682,318
U(3) O(8) fair value per pound
(38) (B) US$/lb 105.00
(A) x (B)
U(3) O(8) fair value = (C) US$ m 2,276.6
------------
Cash and other net current
assets/(liabilities) ( [38]
) (D) US$ m 32.2
(C) + (D)
Net asset value in US$ m = (E) US$ m 2,308.9
------------
Exchange Rate (F) USD/GBP 1.2681
(E) / (F)
Net asset value in GBP m = (G) GBP m 1,820.7
Number of shares in issue
less shares held in treasury
( [39] ) (H) 216,856,447
Net asset value per share (G) / (H) GBP/share 8.40
---------------------------------- ----------- ----------- ------------
ENQUIRIES:
Yellow Cake plc
Andre Liebenberg, CEO Carole Whittall, CFO
Tel: +44 (0) 153 488 5200
Nominated Adviser and Joint Broker: Canaccord Genuity Limited
James Asensio Henry Fitzgerald-O'Connor
Ana Ercegovic
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 September 2023.
[2] Daily spot price published by UxC, LLC on 29 December 2023.
[3] Daily spot price published by UxC, LLC on 23 January 2024.
[4] 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.
[5] Estimated net asset value as at 31 December 2023 of
US$1,966.4 million comprises 20.16 million lb of U(3) O(8) valued
at the daily spot price of US$91.00/lb published by UxC, LLC on 29
December 2023 and cash and other current assets and liabilities of
US$132.2 million. Estimated net asset value per share as at 31
December 2023 is calculated assuming 221 ,440,730 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 1.2747 on 29
December 2023.
[6] Comprises 20.16 million lb of U(3) O(8) held as at 23
January 2024 plus 1.53 million lb of U(3) O(8) which the Company
has committed to purchase in June 2024.
[7] Daily spot price published by UxC, LLC on 23 January 2024.
[8] Estimated proforma net asset value per share as at 23
January 2024 is calculated assuming 221 , 440,730 ordinary shares
in issue, less 4,584,283 shares held in treasury, a USD/ GBP
exchange rate of 1.2681 and the daily spot price published by UxC,
LLC on 23 January 2024. For purposes of estimating proforma net
asset value, cash and other current assets and liabilities is
calculated US$132.2 million as at 31 December 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 June
2024.
[9] Ux Weekly; "Ux Price Indicators"; 2 October 2023.
[10] Ux Weekly; "Ux Price Indicators"; 2 January 2024.
[11] World Nuclear News; "Bulgaria to push ahead with two new
units at Kozloduy"; 25 October 2023.
[12] World Nuclear News; "JEK2: Larger capacity considered,
Westinghouse, EDF, KHNP in running"; 12 October 2023.
[13] World Nuclear News; "Swedish nuclear: Government moves to change law"; 5 October 2023.
[14] World Nuclear News; "TVO eyes extended, expanded use if
Olkiluoto units"; 10 October 2023.
[15] World Nuclear News; "SMR power plant proposed in Norway"; 3 November 2023.
[16] World Nuclear News; "Sri Lankan government has plans for
nuclear, minister says"; 21 November 2023.
[17] World Nuclear News; "Nuclear accord signed between USA and
Philippines"; 17 November 2023.
[18] World Nuclear News; "MEPs fully include nuclear in Net-Zero
Industry Act"; 22 November 2023.
[19] The Hindu; "India, Russia ink pacts on construction of
future power units of Kudankulam nuclear plant"; 27 December
2023.
[20] World Nuclear News; "Grid connection for second Shin Hanul unit"; 2 January 2024.
[21] World Nuclear News; "NRA lifts ban on Kashiwazaki-Kariwa
fuel activities"; 2 January 2024.
[22] Boss Energy Press Announcement; "Boss achieves significant
milestone with commencement of mining operations on Honeymoon"; 11
October 2023.
[23] Orano Press Announcement; "Board of Directors of Orano
approves project to extend the enrichment capacity of the Georges
Bess 2 plant"; 19 October 2023.
[24] Cameco Press Release; "Cameco and Brookfield Acquisition of
Westinghouse Electric Company Creating a Powerful Platform for
Strategic Growth"; 7 November 2023.
[25] Kazatomprom Press Release; "Kazatomprom 3Q23 Operations and
Trading Update"; 1 November 2023.
[26] Kazatomprom Press Release; "Kazatomprom expects adjustments
to its 2024 Production Plans "; 12 January 2024.
[27] Euratom Supply Agency; "Annual Report 2022"; 13 October 2023.
[28] H.R. 1042 - 118th Congress (2023-2024); 11 December 2023.
[29] IAEA Press Announcement; "IAEA Annual Projections Rise
Again as Countries Turn to Nuclear for Energy Security and Climate
action"; 9 October 2023.
[30] International Energy Agency; "World Energy Outlook 2023"; 26 October 2023.
[31] U.S. Department of State; "At COP28, Countries Launch
Declaration to Triple Nuclear Energy Capacity by 2050, recognizing
the Key role of Nuclear Energy in Reaching Net Zero"; 1 December
2023.
[32] Daily spot price published by UxC, LLC on 29 December 2023.
[33] Cash and cash equivalents and other net current assets and
liabilities as at 31 December 2023.
[34] Bank of England's daily USD/ GBP exchange rate as at 29 December 2023.
[35] Estimated net asset value per share on 31 December 2023 is
calculated assuming 221 ,440,730 ordinary shares in issue less
4,584,283 shares held in treasury on that date.
[36] Comprises 20.16 million lb of U(3) O(8) held as at 23
January 2024 plus 1.53 million lb of U(3) O(8) which the Company
has committed to purchase in June 2024.
[37] Daily spot price published by UxC, LLC on 23 January 2024.
[38] Cash and other current assets and liabilities of US$132.2
million as at 31 December 2023 less cash consideration of US$100.0
million to be paid to Kazatomprom following delivery of 1.53
million lb of U3O8 in June 2024.
[39] Estimated proforma net asset value per share on 23 January
2024 is calculated assuming 221 ,440,730 ordinary shares in issue,
less 4,584,283 shares held in treasury on that date.
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END
UPDUOSARSVUAUUR
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