ANNUAL
REPORT
for the year ended 31 March
2020
What
is yellowcake?
Yellowcake is a solid form of mixed uranium oxide that is generally yellow in colour. It is produced from uranium ore from mining or in-situ leaching. Yellowcake is shipped from the mine and processed at licensed facilities for conversion, enrichment and fabrication into nuclear fuel.
*Yellowcake photography contained within this report is courtesy of Kazatomprom.
- Yellow Cake Annual Report 2020
Contents
Section 1
-
YELLOW CAKE AT
A GLANCE - Investment case
Section 2
4 STRATEGIC REPORT
- Highlights
- What we do
- Chairman's statement
- Our strategy
- Our business model
15 Environmental, social and governance
- CEO statement
- CFO's review
- Risk management
- Viability
Section 3
30 GOVERNANCE
30 Board of directors
- Corporate governance report
- Report of the Audit Committee
- Directors' remuneration report
44 Annual report on Directors' remuneration
50 Directors' report
- Directors' responsibility statement
- Independent auditor's report
Section 4
- FINANCIAL STATEMENTS
- Financial statements
79 Corporate information
Yellow Cake Annual Report 2020 | 1 |
Section 1 / Yellow Cake at a glance
Yellow Cake at a glance
Yellow Cake plc is a London-listed company that provides investors with direct exposure to the uranium market through our physical holding of uranium oxide
concentrate (U3O8).
Yellow Cake was established to create an opportunity for investors to profit from an anticipated rise in the uranium price arising from the short- and medium-term supply and demand asymmetry.
The Company has a long-term Framework Agreement for supply of U3O8 with Kazatomprom, the world's largest uranium producer. This enables Yellow Cake to access up to USD100 million of uranium annually from Kazatomprom at the spot price until 2027.
The Company has a low-cost outsourced business model that provides access to corporate functions and industry expertise.
We also aim to exploit opportunities arising from uranium ownership and uranium-based financial initiatives such as commodity location swaps, streaming and royalties and believe we are well positioned to do so.
Key points
London-listed on AIM
Headquarters in Jersey
Holds 9.62 million lb of U3O8
as at 31 March 2020 acquired at an average cost of USD 21.68/lb
URANIUM PRICE (USD/lb)
35
30
25
20
Mar 19 | Jun 19 | Sep 19 | Dec 19 | Mar 20 |
2 Yellow Cake Annual Report 2020
Investment case
Offers investors exposure to the uranium spot price without the operating risks associated with exploration, development, mining
or processing.
Creates liquidity for investors in a traditionally illiquid commodity.
Positioned to benefit from emerging supply-side discipline and increasing nuclear energy demand.
Low-cost outsourced business model.
Strong board and management.
Long-term Framework Agreement for the supply of U3O8 with Kazatomprom, the world's largest uranium producer.
Yellow Cake Annual Report 2020 | 3 |
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Yellow Cake plc published this content on 02 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 June 2022 10:21:01 UTC.