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

PURE EXPOSURE TO THE URANIUM COMMODITY

INVESTOR PRESENTATION

August

2023

Disclaimer

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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

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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

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Uranium market update

July 2023

Spot Market Overview(1,2)

• Activity in the global spot market increased incrementally during July with UxC reporting a total of 4.3 Mlbs. transacted as compared to 3.4 Mlbs.
  during June 2023. Total spot market volume for the year now stands at 31.3 Mlbs. The Ux U3O8 Price ended July at US$56.25 /lb., a slight increase from the end of June value of US$56.20 /lb.
• The Sprott Physical Uranium Trust ("SPUT") remained inactive during July with the uranium fund reporting no purchasing during the month. SPUT has acquired a total of 200,000 lbs. during the March-July period and now holds a total of 61.75 Mlbs.

Long-Term Pricing(1)

• The three longer term uranium price indicators showed no change during July with the reported prices being: 3-yr Forward price - US$62.00 /lb. and the 5-yr Forward Price - US$67.00 /lb. The Long-Term Price remained at US$56.00 /lb. at the end of July

India(3)

• The Indian Secretary of the Department of Atomic Energy (DAE) and Chairman of the Atomic Energy Commission stated that the DAE is pursuing the development of advanced nuclear reactors in order to generate green energy
• During his speech at the 12th graduation ceremony of the NISER Bhubaneswar, Ajit Kumar Mohanty proclaimed that "First and foremost area which comes to immediate attention is the necessity to develop and deploy economical and viable green energy sources such as green hydrogen, biofuels, and nuclear energy"

Sources:

1) UxC Weekly; "UxC Price Indicators"; 31 July 2023

2) Sprott.com; "Daily and Cumulative Pounds of Uranium (U3O8) Acquired by Trust"; 31 July 2023

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3) The Times of India; "Atomic energy dept carrying out development of advanced power reactors"; 18 July 2023

Uranium market update

July 2023

Philippines(1)

• Michael O. Sinocruz, Director of the Phillippine Energy Policy and Planning Bureau, reported during a virtual forum hosted by the German- Philippine Chamber of Commerce that the Philippine Department of Energy is considering a target of 2400 Mwe of nuclear power capacity by 2035
• Mr. Sinocruz advised that "under the Philippine Energy Plan for 2030 to 2050, the government is hoping to put about eight 150 Mw small modular reactors in operation by 2032 and establish a 1,200 Mw nuclear facility in Luzon by 2025." Furthermore, the government has not ruled out the rehabilitation of the shuttered Bataan Nuclear Power Plant

The U.S.(2)

• A joint development agreement has been executed between U.S. utility Energy Northwest and X-Energy Reactor Company for the deployment of up to 12 Xe-100 small modular reactors in central Washington state. The utility anticipates the first Xe-100 module to be online by 2030 at a site adjacent to the existing Columbia Generating Station in Richland, Washington

Japan(3)

• Kansai Electric Power Company recommenced operation of the Takahama-1 reactor (780 Mwe PWR), located in Fukui Prefecture. The unit had been offline for 12 years following the Fukushima accident. Takahama-2 is expected to resume operation in September 2023, with both reactors having been granted operating license extensions which will allow the units to operate for up to 60 years

Sources:

1) BusinessWorld; "DoE may set 2,400 MW goal for nuclear power by 2035"; 19 July 2023

2) World Nuclear News; "Multiple Xe-100 SMRs planned for Washington State"; 19 July 2023

3) World Nuclear News; "Eleventh Japanese reactor resumes operation"; 28 July 2023

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