Yellow Cake, the London-listed uranium investment company, has reported a significant increase in the value of its uranium holdings in the first six months of fiscal 2024. The company attributes this growth to higher spot prices and an expansion of its physical holdings.
As of September 30, Yellow Cake’s uranium holdings value has risen by 56% from $952.5 million to $1.48 billion. This surge has been driven by a 45% increase in spot prices, reaching $73.50 per pound. In addition, Yellow Cake has augmented its physical uranium holdings over the period, growing from 18.81 million pounds to 20.2 million pounds.
To further bolster its uranium reserves, Yellow Cake has recently acquired an additional 1.5 million pounds from NAC Kazatomprom, a Kazakh producer, for a sum of $100 million. The delivery of this new acquisition is expected to take place in the first half of the calendar year 2024, pushing the company’s total holdings to 21.7 million pounds.
Yellow Cake’s Chief Executive, Andre Liebenberg, expressed confidence in the company’s strategy and the future outlook for uranium. “We are observing a rising demand as nuclear energy continues to gain recognition as a crucial choice for achieving our net-zero ambitions,” stated Liebenberg.
As the transition towards sustainable energy accelerates, Yellow Cake remains at the forefront of the uranium market, poised for long-term success.