Yellow Cake NAV per share climbs as uranium price gains strength

(Alliance News) - Yellow Cake PLC on Monday said net asset value per share rose in the first quarter of 2026, as the price of uranium increased and the pound depreciated against the dollar.

The Jersey-headquartered investor in physical uranium said NAV per share firmed 5.0% to 633 pence at March 31 from 603p at December 31, and by 25% from 505p a year prior.

More recently, proforma net asset value this past Friday was 634p, or USD2.2 million, assuming 24.4 million pounds of uranium valued at a spot price of USD86.45 per pound, the firm added.

The value of Yellow Cake's uranium holdings increased 9.7% to USD1.94 billion as at March 31 from USD1.77 billion as at December 31, and by 39% from USD1.40 billion a year ago.

This reflected an increase in uranium holdings, combined with the increase in the uranium spot price. The spot price stood at USD83.95 per pound at March 31, up from USD81.55 at December 21 and USD64.45 a year ago.

Chief Executive Andre Liebenberg said the first quarter of 2026 "marked a transition from policy ambition to large-scale implementation", accentuated by the Middle East conflict.

"With 39 nations now committed to tripling nuclear capacity, the World Nuclear Association projects global capacity could reach 1,446 [gigawatts] by 2050, surpassing the targets launched at COP28 in 2023," he noted.

Shares in Yellow Cake were down 1.3% to 593.00 pence each in London on Monday morning.

By Jeremy Cutler, Alliance News reporter

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