30 July 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 ("U3O8") for the long
term, is pleased to report its performance for the quarter
ended 30 June 2024 (the "Quarter").
Highlights
Market
Highlights
· Over the
Quarter, the spot price decreased by 1.8% from US$87.00/lb[1]
on 31 March 2024 to US$85.50/lb[2] on
28 June 2024. After the Quarter-end, the uranium
spot price traded in a narrow range between US$82.00/lb and
US$86.00/lb and is currently trading at
US$82.00/lb[3].
·
Monthly spot volumes remained
at low levels during the Quarter, with the exception of May when
increased activity was driven by buying by a junior producer. Total
spot market volumes closed the Quarter at 12.5 million lb of
U3O8 equivalent, compared to 9.6 million lb
of U3O8 equivalent in the first quarter of
2024. Year-to-date monthly average spot volumes of c. 3.5 million
lb of U3O8 are significantly below the
monthly average of c. 8 million lb of
U3O8 in the period from late 2019 to early
2022.[4]
· On 13 May 2024,
President Biden signed into law the Prohibiting Russian Uranium
Imports Act (H.R. 1042), which prohibits the importation of
Russian-sourced uranium from 11 August 2024, subject to certain
waivers[5]. The Act is expected to increase
demand for non-Russian source nuclear fuel and also raises the risk
of Russia pre-emptively terminating supply commitments.
Company
Highlights
· During the Quarter, Yellow Cake's uranium holdings increased
from 20.16 million lb of U3O8 to
21.68 million lb of
U3O8.
· On 3
June 2024, Yellow Cake took delivery of 1.53 million lb of
U3O8 from Kazatomprom at Orano's storage
facility in France, in settlement of the Company's exercise of its
2023 uranium purchase option under its Framework Agreement. Yellow
Cake exercised the option in October 2023 agreeing to purchase 1.53
million lb of U3O8 from Kazatomprom at a
price of US$65.50/lb, or US$100.0 million in aggregate. The
purchase was funded by way of an oversubscribed share placing in
October 2023 which raised gross proceeds of approximately £103
million (approximately US$125 million).
· All U3O8 to
which Yellow Cake has title and has paid for is held at the Cameco
storage facility in Canada and the Orano storage facility in
France.
· The value of Yellow
Cake's uranium holdings increased by 5.7% over the Quarter from
US$1,753.5 million as at 31 March 2024 to
US$1,853.8 million as at 30 June 2024, as a result
of the increase of 1.53 million lb of U3O8
held, partly offset by the decrease in the uranium spot
price.
·
Estimated net asset value per
share decreased by 0.3% over the Quarter from £6.88 per
share[6] as at 31 March 2024 to £6.86
per share[7] as at 30 June 2024. This is
as a result of the effect of the 1.8% decrease in the uranium price
over the Quarter on the Group's total uranium holding, offset by
the 30% gain in value of the 1.53 million lb of uranium purchased
from Kazatomprom in October 2023 at the then prevailing spot price,
which was delivered and paid for in June 2024.
· Yellow
Cake's estimated net asset value on 29 July 2024 was £6.47 per
share or US$1,804.8 million, based on a spot price of
US$82.00/lb and cash and other current assets and
liabilities[8].
Andre Liebenberg, CEO of
Yellow Cake, said:
"We continue to believe the same
supply demand fundamentals that have driven the rise in the price
of uranium remain as valid today as they have been for five years
and this period of consolidation presents a new opportunity for
investors to gain exposure to the commodity. The uranium price
remains significantly below historical highs, despite the
overwhelming case for the commodity, driven by a marked
acceleration in global demand for nuclear energy as a proven,
reliable source of clean baseload power and continued constrained
supply. In particular, we note the COP28 commitment to triple
nuclear capacity by 2050 and highlight that globally, 152 nuclear
reactors are currently either under construction or
planned.
"Another key development in the
period was the decision in May by the US Government to ban Russian
uranium imports, alongside a new commitment to building US
enrichment capacity and investing in nuclear energy. Combined with
continued challenges faced by the big producers in increasing
output to meet demand, we therefore see further upwards pricing
pressure on the uranium price. We remain confident in our strategy
and ability to deliver value for our shareholders."
Uranium Market Developments and Outlook
Uranium Market
Developments
Global Uranium
Market
Spot market prices showed moderate
volatility in the Quarter. After ending March at US$87.00/lb, the
spot price closed marginally up at US$90.00/lb at the end of April
before retreating to US$89.25/lb on 31 May. June saw the spot price
decline to US$85.50/lb by month-end. Aggregate transactional
volumes for the Quarter were reported at 12.5 million lb of
U3O8 equivalent compared to 9.6 million
lb of U3O8 equivalent in the first quarter of
CY20244.
Two of the three longer-term uranium
price indicators weakened during the second quarter, with only the
Long-Term Price displaying a modest upturn. The 3-year Forward
price declined to US$94.00/lb (March 2024: US$97.00/lb) and the
5-year Forward Price decreased to US$101.00/lb (March 2024:
US$108.00/lb). The Long-Term Price rose by US$4.00/lb from the end
of March, reaching US$79.00/lb by the end of the
quarter4.
On 13 May 2024, President Biden
signed into law the Prohibiting Russian Uranium Imports Act (H.R.
1042). This legislation becomes effective 11 August 2024 and
prohibits the importation of Russian-sourced uranium. The Secretary
of Energy, in consultation with the Secretaries of State and
Commerce, may issue a waiver if no alternative viable source of
low-enriched uranium is available to sustain the continued
operation of a nuclear reactor or a United States nuclear energy
company, or if the importation of low-enriched uranium is in the
national interest. Any granted waivers shall terminate no later
than 1 January 2028, when all Russian uranium importation
will be banned through until the end of
20405.
Nuclear
Generation / Uranium Demand
The Philippines Department of Energy
is reportedly evaluating the development of up to 2,400 MW of small
modular reactor ("SMR") capacity to supplement its electricity
generation by 2032. Energy Assistant Secretary, Mario Marasigan,
stated that SMR technology "would provide enhanced safety features,
scalability and efficient waste management." The country's initial
venture into nuclear power with the Bataan Nuclear Power Plant was
terminated in 1986 subsequent to the Chernobyl nuclear
accident[9].
In the US, Georgia Power announced
commercial operation at the Vogtle-4 reactor following the
completion of Vogtle-3 in July 2023. Construction of the two
Westinghouse AP-1000 reactors began in 2013 but was beset with
numerous delays and cost overruns. Vogtle Units 1 and 2 have been
in operation since 1987 and 1989, respectively, and are currently
licensed to operate for 60 years[10].
Responding to rising electricity
demand principally from data centres, John Ketchum, CEO of NextEra
Energy, owner of the Duane Arnold Energy Centre (600 Mwe) in Palo,
Iowa, stated that the company might consider restarting the plant
which has been in decommissioning since 2020. Reportedly, Google is
evaluating the development of a US$576 million data centre in Cedar
Rapids, Iowa, approximately 20 miles from the nuclear
reactor[11].
On 4 June 2024, the Japanese Cabinet
approved the FY23 Annual Report on Energy (known as the Energy
White Paper 2024), which covers the period from April 2023 to March
2024. Subsequently, the report was submitted to the Diet for review
and approval. The report advises that the near-term (2020-2030)
level of annual electricity demand of 1,000 TWh is forecast to
increase to 1,350-1,500 TWh by 2050, driven by data centres and
semiconductor plants[12]. Furthermore, the
country's Strategic Energy Plan, which will be revised this year,
is expected to incorporate a nuclear power policy that would allow
utilities to build new reactors to replace units that are
decommissioned/dismantled[13].
Tokyo Electric Power Company
initiated fuel loading at its Kashiwazaki Unit 7 on 15 April
following approval from Japan's Nuclear Regulation Authority
("NRA"). Subsequent to fuel loading, the facility will undergo a
series of safety inspections before regulatory approval for reactor
restart. The Kashiwazaki-Kariwa NPP consists of seven boiling
water-type reactors with a total gross electrical capacity of 8,212
Mwe. It has been offline since 2012 following the Fukushima Daiichi
accident in 2011. Japan has 12 operating reactors following the
restart of the Takahama-2 unit in September 2023[14].
In May 2024, the NRA approved
twenty-year operating licence extensions for Kansai Electric Power
Company's Takahama 3 and 4 reactors (2 x 830 Mwe). Previously,
Kansai's Takahama 1 and 2 (2 x 780 Mwe) were the first two reactors
in Japan to receive operating licence extensions beyond 40
years[15].
Swedish utility, Vattenfall,
announced that the company has decided to pursue operating lifetime
extensions for the Forsmark and Ringhals nuclear power plants
("NPPs"), which would allow the units to operate for 80 years
compared to the current 60 years. Vattenfall intends to invest an
estimated US$4-5 billion to replace or renovate systems and
components[16].
South Korea and the Republic of
Kazakhstan executed a memorandum of understanding on critical
minerals supply chains, which will allow South Korean companies to
participate in the exploration for a spectrum of minerals,
including uranium, within the Central Asian republics. South Korea
is pursuing expanded sources of critical minerals, including
uranium, in support of their increasing electricity
demand[17].
South Korea's draft 11th Basic
Electricity Supply and Demand Plan forecasts the country's demand
for electricity increasing to 129.3 GW by 2028, an increase of 30%
from 2023, driven mainly by growing demand from the semiconductor
and data centre industries. The draft plan envisions carbon-free
energy sources in the energy mix increasing from about 40% in 2023
up to 70% by 2028. The nuclear power component would rise from the
expected 2030 level of 31.8% up to 35.6% in 2038. One scenario
incorporates the construction of three AP-1400 reactors
supplemented by 0.7 GW allocated for the commercialisation
demonstration of SMRs currently under development[18].
Taiwan Power Company announced the
pending closure of the Maanshan Unit 1 reactor effective 27 July
2024. The government plans to replace the generation capacity lost
with energy from thermal power plants and renewable sources.
Previously, under the government's nuclear phase-out policy, Taiwan
shut down Chinshan 1 and 2 as well as Kuosheng 1 and 2. The
operating licence for Maanshan Unit 2 expires in May
2025[19]. Citing the need to supply stable
electricity to Taiwan's expanding artificial intelligence sector,
Taiwan's National Development Council stated that the council would
not reject nuclear energy generation as long as there is government
consensus in support of nuclear power[20].
Russia's ROSATOM announced an
agreement to construct a small NPP in Uzbekistan. The project, to
be located in the Jizzakh region of the Central Asian republics,
will incorporate the RITM-200N reactor technology which Russia has
adapted from reactors used by their icebreaker fleet. The
land-based version has an electrical power capacity of 55 MW and an
expected operating life of 60 years[21].
In a recent meeting between Alexei
Likachev, the Director General of ROSATOM, and Bangladesh Prime
Minister, Sheikh Hasina, the topic of SMRs was tabled. Likachev
visited Bangladesh to inspect the Russian-built Rooppur Unit 1
(VVER-1200) which is planned to enter commercial operation later in
2024, to be followed by Rooppur-2 in 2026[22].
Norwegian power company, Norsk
Kjernekraft, announced plans to construct SMRs to provide
"off-grid" power for data centres and other industrial users. The
SMRs would be deployed on-site at data centres and offer dedicated
power for individual facilities or regions. Norway's current power
plants produced 156 TWh in 2023, however forecasts of future power
needs vary from an additional 50 TWh up to as much as 233
TWh[23].
Italian Energy Minister, Gilberto
Pichetto Fratin, speaking at the conference "The Role of Nuclear in
the Energy Transition", voiced his government's support for
investigating the reintroduction of nuclear power, especially SMRs,
in the country. He cited the need to meet net-zero targets by 2050
as well as energy independence. Previously, Italy operated four
reactors totalling 1,423 GWe, but the program was shuttered
following the Chernobyl accident in 1986[24].
China reported a record level of
nuclear generation in 2023 as NPPs provided 440,000 GWh of output.
The China Atomic Energy Authority reported 55 operational NPPs and
36 approved or under construction on the Chinese mainland, with a
total installed capacity of 57 GWe and 44 GWe,
respectively[25].
Reuters reported that the United
Arab Emirates / Emirates Nuclear Power Corporation is planning to
construct a second NPP following the recent completion of the
Barakah NPP, which comprises four Korean-built APR-1400 reactors.
The associated tender could be distributed sometime this year with
the target date for commercial operations being as early as
2023[26].
Uranium / Nuclear
Fuel Supply
UxC published its annual review of
global uranium production for CY2023. Worldwide uranium output rose
by 14 million lb for the year, recording a total of 143 million lb
compared to 129 million lb for CY2022. Contributing to the uplift
included the ramp-up of Cigar Lake and McArthur River in Canada,
incremental increases at both the Rossing and Husab mines in
Namibia, as well as higher recovery from Navoiyuran's ISR mines in
Uzbekistan. Kazakhstan remained the world's largest
uranium-producing country with an aggregate output of 54.9 million
lb U3O8 (39% of global production), followed
by Canada, which contributed a total of 28.6 million lb (20% of
global output). Namibian production rose by 24%, recording an
aggregate output of 18.2 million lb U3O8,
with CGN's Husab mine producing 11.7 million lb, an increase of 34%
over 2022 output. UxC forecasts CY2024 global uranium production
will fall in the range of 153-158 million lb
U3O8 based on further increases at Cigar Lake
and McArthur River, as well as the restarts at Langer Heinrich
(Namibia) and Honeymoon (South Australia)[27].
The government of the Republic of
Niger, installed subsequent to the July 2023 coup d'état, has
withdrawn the mining permits for both the Imouraren Mining Project
(majority-owned by Orano) and the proposed Madaouela Mining Project
(majority-owned by GoviEx Uranium Inc.). The government stated that
the rights to the proposed uranium mines now reside in the "public
domain"[28],[29].
Market
Outlook
The first six months of CY2024 can
be characterised as moderately unsettled as the US ban on
Russian-sourced nuclear fuel took centre stage. The US Department
of Energy published its procedure for US utilities and fuel cycle
companies such as Centrus to submit applications for waivers to the
ban.
Spot market volume can be expected
to firm during the second half of the year but likely fall short of
even the reduced level reported for CY2023. Price volatility can be
expected to continue along a generally upward price trend line,
especially in the event that utilities and/or uranium producers
enter the near-term market in greater numbers.
Long-term uranium contracting
remains subdued, with UxC reporting utility contracting at "greater
than 31 million lb U3O8", suggesting that few
multi-year agreements have been concluded to date in CY2024. Future
uranium requirements that remain unfilled are reportedly
approaching 2.0 billion lb to 2040. The Long-Term Price indicator,
which ended CY2023 at US$68.00/lb but has now strengthened to
US$79.00/lb (+16%), indicates that term contracting to address
future uncommitted uranium needs will likely only be met at higher
uranium prices.
Net
Asset Value
Yellow Cake's estimated net asset
value on 30 June 2024 was £6.86 per share or
US$1,880.7 million, consisting of 21.68 million lb of
U3O8 valued at a spot price of
US$85.50/lb[30] and cash and other current
assets and liabilities of US$26.9 million[31].
|
|
Yellow Cake Estimated Net Asset Value as at 30 June
2024
|
|
|
|
|
|
Units
|
|
|
|
|
Investment in Uranium
|
|
|
|
|
|
|
Uranium oxide in concentrates
("U3O8")
|
(A)
|
lb
|
21,682,318
|
|
|
|
U3O8 fair
value per pound30
|
(B)
|
US$/lb
|
85.50
|
|
|
|
U3O8 fair
value
|
(A) x (B)
= (C)
|
US$
m
|
1,853.8
|
|
|
|
|
|
|
|
|
|
|
Cash and other net current
assets/(liabilities)31
|
(D)
|
US$
m
|
26.9
|
|
|
|
Net
asset value in US$ m
|
(C) + (D)
= (E)
|
US$ m
|
1,880.7
|
|
|
|
|
|
|
|
|
|
|
Exchange Rate[32]
|
(F)
|
USD/GBP
|
1.2642
|
|
|
|
Net asset value in £ m
|
(E) / (F)
= (G)
|
£
m
|
1,487.7
|
|
|
|
Number of shares in issue less
shares held in treasury[33]
|
(H)
|
|
216,856,447
|
|
|
|
|
|
|
|
|
|
|
Net
asset value per share
|
(G) /
(H)
|
£/share
|
6.86
|
|
Yellow Cake's estimated net asset
value on 29 July 2024 was
£6.47 per share or US$1,804.8 million, based on
21.68 million lb of U3O8 valued at a
spot price of US$82.00/lb[34] and cash and
other current assets and liabilities of US$26.9 million as at
30 June 2024.
|
|
Yellow Cake Estimated Net Asset Value as at 29
July 2024
|
|
|
|
|
|
Units
|
|
|
|
|
Investment in Uranium
|
|
|
|
|
|
|
Uranium oxide in concentrates
("U3O8")
|
(A)
|
lb
|
21,682,318
|
|
|
|
U3O8 fair
value per pound34
|
(B)
|
US$/lb
|
82.00
|
|
|
|
U3O8 fair
value
|
(A) x (B)
= (C)
|
US$
m
|
1,778.0
|
|
|
|
|
|
|
|
|
|
|
Cash and other net current
assets/(liabilities)[35]
|
(D)
|
US$
m
|
26.9
|
|
|
|
Net
asset value in US$ m
|
(C) + (D)
= (E)
|
US$ m
|
1,804.8
|
|
|
|
|
|
|
|
|
|
|
Exchange Rate
|
(F)
|
USD/GBP
|
1.2859
|
|
|
|
Net asset value in £ m
|
(E) / (F)
= (G)
|
£
m
|
1,403.5
|
|
|
|
Number of shares in issue less
shares held in treasury[36]
|
(H)
|
|
216,856,447
|
|
|
|
|
|
|
|
|
|
|
Net
asset value per share
|
(G) /
(H)
|
£/share
|
6.47
|
|
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
|
|
|
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: Sodali & Co
|
|
|
|
Peter Ogden
|
|
|
|
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
("U3O8") and
adding value through other uranium-related
activities. Yellow Cake seeks to generate returns for shareholders
through the appreciation of the value of its holding of
U3O8 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 U3O8 with Kazatomprom, the
world's largest uranium producer. Yellow Cake currently holds 21.68
million pounds of U3O8, 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
U3O8, 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 29 March
2024.
[2]
Daily spot price published by UxC, LLC on 28 June
2024.
[3] Daily spot price published
by UxC, LLC on 29 2024.
[4] UxC Weekly; "Second Quarter Spot U3O8 Review"; 15 July
2024.
[5]
US Department of Energy Press Release; "Biden-Harris
Administration Enacts Law Banning Importation of Russian Uranium";
14 May 2024.
[6]
Net asset value as at 31 March 2024 of
US$1,883.6 million comprises 20.16 million lb of
U3O8 valued at the daily spot price of
US$87.00/lb published by UxC, LLC on 29 March 2024
and cash and other current assets and liabilities
of US$130.1 million. Net asset value per share as at 31
March 2024 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 1.2632 on 28
March 2024.
[7] Estimated net asset value
as at 30 June 2024 of US$1,880.7 million comprises
21.68 million lb of U3O8 valued at the
daily spot price of US$85.50/lb published by UxC, LLC on 28
June 2024 and cash and other current assets and
liabilities of US$26.9 million. Estimated net asset value
per share as at 30 June 2024 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 1.2642 on 28 June
2024.
[8] Estimated
net asset value as at 29 July 2024 of
US$1,804.8 million comprises 21.68 million lb of
U3O8 valued at the daily spot price of
US$82.00/lb published by UxC, LLC on 29 July 2024
and cash and other current assets and liabilities
of US$26.9 million as at 30 June 2024. Estimated
net asset value per share as at 29 July 2024 is calculated assuming
221,440,730 ordinary shares in issue
less 4,584,283 shares held in treasury on that date and a USD/GBP
exchange rate of 1.2859.
[9] Power
Philippines; "DOE eyes 2,400 MW for small modular
reactors";
10 June
2024.
[10] World Nuclear
News; "Commercial operation marks completion of Vogtle expansion";
29 April 2024.
[11] The Gazette;
"NextEra CEO says he'd "consider" restarting Duane Arnold nuclear
power plant"; 27 June 2024.
[12] Japan
Atomic Industrial Forum; "Japanese Cabinet Approves Japan's Energy
White Paper 2024"; 4 June 2024.
[13] Asahi Shimbun;
"Japan to allow building new reactors if others are dismantled"; 16
June 2024.
[14] Asahi Shimbun;
"Nuke authorities approve loading fuel at Niigata nuclear plant";
15 April 2024.
[15] World Nuclear News;
"Takahama units cleared for extended operation"; 29 May
2024.
[16] Vattenfall Press
Release; "Forsmark and Ringhals nuclear power plants aim for 80
years of operation of existing reactors"; 17 June 2024.
[17] Mining.com; "South Korea,
Kazakhstan sign minerals deals as Seoul moves to diversify supply
chain"; 12 June 2024.
[18] World Nuclear News; "New
nuclear included in draft Korean energy plan"; 31 May
2024.
[19] Taiwan News;
"Taiwan's Maanshan Nuclear Plant Unit 1 to shut down in July"; 29
May 2024.
[20] TaiwanPlus News;
"Taiwan's Government Open to Possibility of continuing Nuclear
Power"; 30 May 2024.
[21] ROSATOM Digital
Press Office; "The Russian Federation and Uzbekistan sign an
agreement on the construction of a small nuclear power plant"; 27
May 2024.
[22] Weekly Blitz;
"Russian Rosatom proposes establishing several small nuclear power
plants in Bangladesh"; 5 April 2024.
[23]
Datacenterdynamics.com; "Norsk Kjernekraft wants to build small
modular nuclear reactors at Norway's data centres"; 21 May
2024.
[24] World Nuclear News;
"Italy sees role for nuclear in hitting climate goals, says
minister"; 29 April 2024.
[25] Xinhua; "China's
nuclear power generation reached 440,000 GWh in 2023"; 23 April
2024.
[26] Reuters; "Exclusive:
UAE planning second nuclear power plant, sources say"; 26 April
2024.
[27] UxC Weekly; "2023
U3O8 Production Review"; 20 May
2024.
[28] Orano Press Release;
"Update on the situation of the Imouraren mining project in Niger";
20 June 2024.
[29] GoviEx Uranium Press
Release; "GoviEx Uranium Provides Update on Madaouela Project"; 4
July 2024.
[30] Daily
spot price published by UxC, LLC on 28 June 2024.
[31] Cash and cash equivalents
and other net current assets and liabilities as at 30 June
2024.
[32] Bank of
England's daily USD/ GBP exchange rate as at 28 June
2024.
[33]
Estimated net asset value per share on 30 June 2024 is
calculated assuming 221,440,730
ordinary shares
in issue less 4,584,283 shares held in treasury on that
date.
[34] Daily
spot price published by UxC, LLC on 29 July 2024.
[35] Cash and
other current assets and liabilities as at 30 June
2024.
[36]
Estimated net asset value per share on 29 July 2024 is calculated
assuming 221,440,730
ordinary shares
in issue, less 4,584,283 shares held in treasury on that
date.