Yellow Cake reports rise in uranium holding value
By Josh White
Date: Monday 27 Apr 2026
(Sharecast News) - Yellow Cake said in an update on Monday that the value of its uranium holdings rose during the first quarter, supported by an increase in its physical uranium position and a higher spot price, while the broader market remained structurally tight.
The AIM-traded specialist uranium investor said it held 23.1 million pounds of triuranium octoxide in storage in Canada and France as at 31 March, up from 21.7 million pounds at the end of 2025.
The value of the holdings rose 9.7% over the quarter to $1.94bn from $1.77bn, reflecting both the increase in volumes and a rise in the uranium spot price to $83.95 per pound from $81.55 per pound.
Estimated net asset value per share increased 5.0% during the quarter to £6.33 from £6.03, also helped by sterling's depreciation against the dollar.
Yellow Cake said its estimated net asset value at 31 March was $2.11bn, comprising 23.1 million pounds of triuranium octoxide and cash and other net current assets of $169.2m.
The company completed an oversubscribed share placing of about 13 million shares on 17 February, raising gross proceeds of around £80.6m, equivalent to about $110m.
Following the placing, Yellow Cake exercised part of its 2026 purchase option under its framework agreement with Kazatomprom, agreeing to buy 1.16 million pounds of triuranium octoxide at $86.15 per pound, or $100m in aggregate.
Delivery was expected in the second half of 2026.
During the quarter, Yellow Cake also took delivery of 1.33 million pounds of triuranium octoxide from Kazatomprom at the Cameco storage facility in Canada, settling its 2025 uranium purchase option.
That purchase was agreed in September at $75.08 per pound for total consideration of $100m, funded by a previous oversubscribed placing that raised about £129.6m, or $175m.
In addition, Yellow Cake bought 100,000 pounds of triuranium octoxide in the spot market, delivered to Orano's facility in France on 20 March.
After the quarter ended, it bought a further 100,000 pounds of triuranium octoxide in the spot market, delivered to Orano on 20 April.
Following delivery of the 2026 Kazatomprom purchase and including the additional April spot-market purchase, Yellow Cake said it would hold 24.4 million pounds of triuranium octoxide.
Its estimated pro forma net asset value on 24 April was £6.34 per share, or $2.17bn, based on 24.37 million pounds valued at a spot price of $86.45 per pound and adjusted for the Kazatomprom purchase commitment and the April spot purchase.
"The first quarter of 2026 marked a transition from policy ambition to large-scale implementation, accentuated by the conflict in the Middle East once again highlighting the importance of energy security," said chief executive Andre Liebenberg.
"With 39 nations now committed to tripling nuclear capacity, the World Nuclear Association projects global capacity could reach 1,446 GWe by 2050, surpassing the targets launched at COP28 in 2023.
"This momentum is evidenced by China elevating its 2030 target to 110 GWe, nearly double its current capacity, and the US 'UPRISE' initiative, which fast-tracks reactor uprates to power the AI and data centre revolution."
Yellow Cake said uranium spot market activity was volatile during the quarter, with the near-term market trading from the mid-$80s per pound to just above $100 per pound, partly driven by financial buying.
Demand was supported by financial and utility purchases, with intermediaries remaining the most active participants and utilities increasing purchases to support fuel-cycle requirements.
The company said the January month-end uranium price rose to $98.60 per pound from $81.55 at the end of December, before the daily price reached about $101.25 per pound on 29 January.
Prices then fell to $86.85 at the end of February and $83.95 at the end of March.
Spot transaction volumes totalled 18.1 million pounds in the first quarter, according to UxC, while the Sprott Physical Uranium Trust reported purchases of 5.3 million pounds since the start of the year.
The term market strengthened during the period, with reported prices in the range of $90 to $93 per pound as utilities focused on securing mid- to long-term supply.
Yellow Cake said increased term contracting this year was expected to influence spot purchasing patterns and could contribute to higher transaction volumes and upward pressure on prices.
"While we welcome the progress of long-dated supply projects like NexGen Energy's Rook I and Denison's Phoenix, the market remains structurally tight today," Liebenberg said.
"We see utilities increasingly prioritising security of supply, driving term prices higher as they compete for limited available material."
Yellow Cake said nuclear demand continued to be supported by government policy, including new countries joining the pledge to at least triple nuclear energy capacity by 2050,
South Korea's plans for two large reactors and 700MW of small modular reactor capacity by 2038, and China's latest five-year plan targeting 110GWe of installed nuclear capacity by 2030.
On supply, the company noted that Kazatomprom reported 2025 uranium production of 67.2 million pounds on a 100% basis, up 11% year on year, while Cameco produced 21.0 million pounds on a company-share basis.
It also cited Denison Mines' final investment decision for the Phoenix in-situ recovery project and NexGen Energy's final regulatory approval for construction of the Rook I uranium project in Saskatchewan as potential sources of new supply later this decade and into the early 2030s.
"Against this backdrop, Yellow Cake continues to deliver tangible value for shareholders," Liebenberg said.
"Our oversubscribed $110m placing and the exercise of our Kazatomprom option have grown our holdings to 23.1 million pounds, with committed purchases expected to increase holdings to approximately 24.4 million pounds."
At 1250 BST, shares in Yellow Cake were down 0.17% at 599.5p.
Reporting by Josh White for Sharecast.com.
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