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LONDON - Yellow (OTC:YELLQ) Cake plc, a London-listed company providing exposure to the uranium spot price, reported a loss after tax of $469.2 million for the year ended March 31, 2025, compared to a profit of $727 million in the previous year, primarily due to a 26% decrease in uranium spot prices.
The company’s uranium holdings totaled 21.68 million pounds of U3O8 as of March 31, valued at $1.4 billion, representing approximately 14% of global annual uranium production in 2024. The holdings were acquired at an average cost of $34.64 per pound.
Yellow Cake’s net asset value fell to $1.41 billion, or £5.05 per share, from $1.88 billion, or £6.88 per share, at the end of the previous financial year.
The company received 1.53 million pounds of U3O8 in June 2024 following the exercise of its Kazatomprom (LON:KAPq) option in the prior year. Yellow Cake stores its uranium holdings in facilities in Canada and France.
"Geopolitical uncertainties have resulted in a softer uranium price over the past 12 months," said Andre Liebenberg, CEO of Yellow Cake. "Our view is that current uranium prices do not reflect the underlying supply and demand dynamics."
The company pointed to growing nuclear demand globally, with the International Energy Agency projecting record high nuclear output in 2025. Meanwhile, uranium supply faces constraints including production delays, logistical challenges, and complications from U.S. restrictions on Russian uranium.
Yellow Cake did not declare a dividend for the financial year. The company’s shares are listed on the London Stock Exchange (LON:LSEG) AIM market and trade on the OTCQX in the United States.
This article is based on a press release statement from Yellow Cake plc.
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