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Yellow Cake
Jaarresultaten (boekjaar eindigend op 31/03/2023)
- Continued improvement in the outlook for U3O8 despite a decrease in the spot price of 12.5% from USD57.90/lb as at 31 March 2022 to USD50.65/lb as at 31 March 2023.
- Increase of 4% in the value of the Company’s holding of U3O8 during the financial year to USD952.5 million as at 31 March 2023, as a result of a net increase in the volume of uranium held from 15.83 million lb of U3O8 to 18.81 million lb of U3O8, offset by the depreciation in the uranium price.
- Loss after tax of USD102.9 million for the year ended 31 March 2023 (2022: profit after tax of USD417.3 million) primarily due to a 12.5% reduction in the spot price and leading to a USD96.9 million decrease in the fair value of the Company’s uranium holdings (2022: USD433.3 million gain).
- Net asset value of USD1,035.3 million (GBP4.23 per share) as at 31 March 2023 (2022: USD1,069.0 million (GBP4.42 per share)).
- Raised gross proceeds of USD74.3million (GBP61.8 million) during the financial year through a share placing in February 2023.
- Applied the raise proceeds to exercise the 2022 Kazatomprom option to acquire a further 1.35 million lbs of U3O8. This additional uranium is expected to be received by 30 September 2023. On receipt, Yellow Cake’s total holding of 20.16 million lbs will represent approximately 15% of 2022 global uranium production.
- Estimated proforma net asset value on 12 July 2023 was USD1,133.4 million or GBP4.40 per share, assuming 20.16 million lb of U3O8 valued at the daily price of USD55.40/lb published by UxC LLC on 12 July 2023, cash and cash equivalents of USD84.4 million and net current liabilities of USD1.6 million as at 31 March 2023, less cash consideration of USD66.0 million to be paid to Kazatomprom following the expected delivery of 1.35 million lb of U3O8 by 30 September 2023.
- Concluded a USD3 million share buyback programme, repurchasing 566,833 shares between 4 April and 6 May 2022 (now held in treasury) at a volume weighted average price of GBP4.15 per share (USD5.27 per share) and a volume weighted average discount to net asset value of 10.4%, effectively acquiring exposure to uranium at a discount to the commodity spot price.
- Holding of 18.81 million lb of U3O8 as at 18 July 2023 (not including 1.35 million lb of U3O8 to be received post year-end) acquired at an average cost of USD31.11/lb.
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