Yellow Cake : Pure exposure to the Uranium commodity – July 2023

PURE EXPOSURE TO THE URANIUM COMMODITY

INVESTOR PRESENTATION

July

2023

Disclaimer

This presentation (the "Presentation") is provided on a strictly private and confidential basis for information purposes only and does not constitute, and should not be construed as, an offer to sell or issue securities or otherwise constitute an invitation or inducement to any person to purchase, underwrite, subscribe for or otherwise acquire securities in Yellow Cake plc (the "Company"). By viewing this Presentation, you will be deemed to have agreed to the obligations and restrictions set out below.

The information contained in this Presentation is being made only to, and is only directed at, persons to whom such information may lawfully be communicated. This Presentation may not be (in whole or in part) reproduced, distributed, stored, introduced into a retrieval system of any nature or disclosed in any way to any other person without the prior written consent of the Company.

Without prejudice to the foregoing paragraph, this Presentation is being distributed only to, and is directed only at, persons who: (A) in the United Kingdom have professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended, (the "Order") or are high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts or other persons falling within Articles 49(2)(a)-(d) of the Order (and the contents of this Presentation have not been approved by an authorised person for the purposes of the Financial Services and Markets Act 2000) and who in each case are also Qualified Investors (as defined below); (B) in member states of the European Economic Area ("EEA") are qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC), as amended ("Qualified Investors");

1. are residents of Canada or otherwise subject to the securities laws of Canada that are "permitted clients" as defined in National Instrument 31-103 - Registration

Requirements, Exemptions and Ongoing Registrant Obligations; (D) in Australia, are sophisticated investors or professional investors as those terms are defined in subsections 708(8) and 708(11) of the Corporations Act; (E) in South Africa, are one or more of the persons or entities referred to in section 96(1) of the Companies Act; (F) in Hong Kong, are professional investors for the purposes of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong); (G) in Singapore, are accredited investors or institutional investors as those terms are defined in Section 4A of the Securities and Futures Act (Chapter 289) of Singapore or

1. are any other person to whom this Presentation may lawfully be provided and all such persons are "relevant persons".

Any investment or investment activity to which this communication relates is only available to and will only be engaged in with such relevant persons and all other persons should not act on this Presentation or any of its contents. It is a condition of you receiving this Presentation that you are a person to whom the Presentation may lawfully be provided and by viewing this Presentation you warrant and represent to the Company that you are such a person. While and past performance is not a guide to future performance this presentation refers to previous performances.

No representations or warranties, express or implied are given in, or in respect of, this Presentation including the accuracy or completeness of the information herein and the information contained in this Presentation has not been independently verified. To the fullest extent permitted by law in no circumstances will the Company, 308 Services or any of their respective subsidiaries, shareholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any losses of any nature arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith by any person.

Recipients of this Presentation are not to construe its contents, or any prior or subsequent communications from or with the Company or its representatives as investment, legal or tax advice. In addition, this Presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of the Company. Recipients of this Presentation should each make their own evaluation of the Company and of the relevance and adequacy of the information and should make such other investigations as they deem necessary.

This Presentation contains "forward looking statements". These statements contain the words "anticipate", "believe", "intend", "estimate", "expect", "likely" and words of similar meeting. All statements other than statements of historical facts included in this Presentation including, without limitation, those regarding the Company's business strategy, plans and the future market environment are forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this presentation, and the Company, 308 Services and their shareholders, affiliates, representatives, partners, directors, officers, employees, advisers and agents, expressly disclaim any obligation or undertaking to update any forward-looking statements contained herein. No statement in this presentation is intended to constitute a profit forecast.

By participating in this Presentation or by accepting any copy of this Presentation, you agree to be bound by the foregoing limitations.

1

Yellow Cake

Buy and hold strategy

Pure exposure to the uranium commodity price

Ability to purchase in volume, at the spot price

Inventory stored In safe jurisdictions

Low-cost structure

We purchase uranium and hold for the long-term

No exploration, development or operating risk

Ability to purchase US$100m of U3O8 from Kazatomprom

per year

Uranium stored in Canada (Cameco) and France (Orano)

Outsourced operating model

Targeting annual operating costs of <1% of NAV

2

Uranium market update

June 2023

Spot Market Overview(1,2)

• Activity in the global spot market declined slightly during June, with UxC reporting a total of 3.4 Mlbs. transacted as compared to 3.8 Mlbs. during
  May 2023. Total spot market volume for the year now stands at 27.0 Mlbs. The UxC U3O8 Price ended May at US$54.60 /lb. but then rose to US$56.20 /lb. by 26 June, an increase of 2.9%
• The Sprott Physical Uranium Trust ("SPUT") remained inactive during June with the uranium fund reporting no purchasing during the month. SPUT has acquired a total of 200,000 lbs. during the March-June period and now holds a total of 61.75 Mlbs.

Long-Term Pricing(1)

• The three longer term uranium price indicators showed upward movement during June as the 3-yr Forward price increased to US$62.00 /lb. (May - US$60.50 /lb.) while the 5-yr Forward Price reported at US$67.00 /lb. (May - US$65.50 /lb.) The Long-Term Price rose slightly reaching US$56.00 /lb. at the end of June (May - US$55.00 /lb.)

Spain(3)

• Reuters reports that Spain's conservative opposition People's Party, leading in recent polls ahead of the 23 July national election, plans to reverse the current nuclear phase-out policy of the ruling Socialist Party
• The existing nuclear policy calls for the phase-out of Spain's seven nuclear reactors (7,123 Mwe supplying 21% of the country's electricity) commencing in 2027. PP leader, Alberto Nunez Feijoo is quoted as stating that "It will be a policy of my government to reverse the planned decommissioning and extend the life of our nuclear power plants."

Sources:

1) UxC Weekly; "UxC Price Indicators"; 26 June 2023

2) Sprott.com; "Daily and Cumulative Pounds of Uranium (U3O8) Acquired by Trust"; 12 July 2023

3

3) Reuters; "Spain's election frontrunners plan U-turn in nuclear power phase out"; 26 June 2023

Uranium market update

June 2023

India(1)

• India's Prime Minister, Narendra Modi and U.S. President, Joe Biden released a joint statement following talks in Washington supporting the important role of nuclear power in global decarbonisation efforts. The two leaders reported that negotiations are ongoing between Nuclear Power Corporation of India Ltd. (NPCIL) and Westinghouse Corporation for the construction of six AP-1000 reactors while further discussions are being held regarding small modular reactors in India

The U.S. Department of Energy(2)

• The US Department of Energy, Energy Information Administration released its latest edition of its Uranium Marketing Report, which contains a broad spectrum of data relating to owner and operators of U.S. civilian nuclear power reactors (civilian owner/operators, or COOs), nuclear fuel
  purchases, and usage during CY2022. U.S. nuclear utilities purchased a total of 40.5 Mlbs. U3O8 during 2022, a decrease of more than 13% from the 2021 level of 46.7 Mlbs. The weighted average price rose from US$33.91 /lb. in 2021 up to US$39.08 /lb. in 2022. Principal supplying origin countries included Canada (27.4%), Kazakhstan (24.7%), Russia (11.8%), Uzbekistan (11%) and Australia (8.9%). Russian-origin uranium acquired by U.S. utilities was reported at 8.1 Mlbs. in 2020, declining by 41% over the two year period
• During 2022, 15% of the uranium delivered was purchased under spot contracts at a weighted-average price of US$40.70 /lb. while the remaining 85% was purchased under long-term contracts at a weighted-average price of US$38.81 /lb. At the end of 2022, the maximum uranium deliveries for 2023 through 2032 under existing purchase contracts totalled 223 Mlbs., while unfilled uranium market requirements for the same period totalled 179 Mlbs.

South Korea(3)

• Korea Hydro & Nuclear Power ("KHNP") announced on 26 June that it held a groundbreaking ceremony at the construction site of Units 3 & 4 at the Shin Hanul nuclear power plant on South Korea's eastern shore. The ceremony, joining together related national government ministries, local lawmakers, company officials, and residents, saw the official commencement of early site preparation activities prior to full-scale construction of the facility's two APR-1400 PWRs
• Construction of Shin Hanul 3 & 4, which had been suspended by previous South Korean President Moon Jae-in in 2017, was allowed to resume in July 2022 under the energy policy of current President Yoon Seok-yeol. The planned 2.8 GWe expansion of the Shin Hanul NPP is currently undergoing construction permit review by South Korea's Nuclear Safety and Security Commission

Sources:

1) World Nuclear News; "Biden, Modi affirm commitment to nuclear as Kovvada plans intensify"; 23 June 2023

2) U.S. Department of Energy, Energy Information Administration; "2022 Uranium Marketing Annual Report"; 13 June 2023

3) UxC Weekly; Vol 37 No 26; "News Brief"; 26 June 2023

4