JERSEY, UK / ACCESSWIRE / January 24, 2024 / 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 £103 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.
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