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Yellow Cake PLC - Jersey-based uranium investor - Value of uranium holdings declines by 4.4% to USD1.77 billion as of September 30 from USD1.85 billion on June 30. This is due to an equivalent slide in the uranium spot price to USD81.75 per pound from USD85.50. Since the start of October, the price has recovered partially to USD83.25 a pound, Yellow Cake says. The uranium price will be supported in the near-term by supply issues in Kazakhstan. These have prompted producer Kazatomprom to signal that a further downgrade in production guidance for 2025 may occur, Yellow Cake says.
"Though the uranium spot price remains subdued from its January highs, we remain very optimistic about the medium-term sector fundamentals," comments Chief Executive Officer Andre Liebenberg. "Demand for uranium is growing driven by improving awareness of the need for nuclear power as part of the future energy mix, while nuclear is also seen as critical to supporting the artificial intelligence boom and the development of hyperscale data centres."
Net asset value per share on September 30 is GBP6.17, improving to GBP6.46 by Friday last week.
Current stock price: 613.46 pence, up 2.8% in London early Monday
12-month change: up 15%
By Tom Waite, Alliance News editor
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