07:00 Thu 12 Dec 2019
Yellow Cake PLC - Interim Financial Report
Interim Financial Report for the period ended
Yellow Cake, a specialist company operating in the uranium sector with a view to holding physical uranium for the long term, is pleased to announce its interim financial report for the period ended
Highlights
· Estimated net asset value at
· Successful completion of
· Placing proceeds applied to the purchase of 1.175 million lbs uranium from NAC Kazatomprom JSC ("Kazatomprom") at a price of
· Increase in the value of the Company's uranium holding of
· Total U3O8 holdings of 9.62 million lbs acquired at an average cost of
· Total increase in value of U3O8 held by Yellow Cake of 18.3% to
· The Section 232 investigation into uranium imports into the US concluded during the half-year, with a decision by the US President not to implement new trade restrictions on imports. As part of this, a
· Net loss after tax of
· Based on the weekly U3O8 price on
· The Company notes that Yellow Cake shares are currently trading at a significant discount to net asset value. Should this significant discount persist, it is the intention of the Yellow Cake board to consider implementing a share buyback programme as a means of cost effectively acquiring additional exposure to uranium.
"As anticipated in late summer, buyers have started to return and we have seen increased activity in the broader traded U308 sector, including from utilities deciding it was time to step into the market to purchase required inventory as the year draws to a close.
We await the conclusion of the
We believe the longer-term supply and demand characteristics of uranium make the commodity a compelling investment opportunity and this supports Yellow Cake's strategy of buying and holding physical uranium. We remain confident in our strategy and investment proposition.
Given our long term confidence in the investment case and with our share price trading well below net asset value, the Board continues to consider the option of a share buyback so we can acquire additional exposure to uranium at a discount to the spot price, we will keep this under review."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) no 596/2014
ENQUIRIES:
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Tel: +44 (0) 153 488 5200 |
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Nominated Adviser and Joint Broker: |
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Tel: +44 (0) 207 260 1000 |
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Joint Broker: Berenberg |
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Detlir Elezi |
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Tel: +44 (0) 203 207 7800 |
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Financial Adviser: Bacchus Capital Advisers |
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Tel: +44 (0) 203 848 1640 |
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Investor Relations: Powerscourt |
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Tel: +44 (0) 779 3 85 8211 |
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ABOUT YELLOW CAKE
Yellow Cake is a
FORWARD LOOKING STATEMENTS
Certain statements contained herein are forward looking statements and are based on current expectations, estimates and projections about the potential returns of the Company and the industry and markets in which the Company will operate, the Directors' beliefs and assumptions made by the Directors. Words such as "expects", "anticipates", "should", "intends", "plans", "believes", "seeks", "estimates", "projects", "pipeline", "aims", "may", "targets", "would", "could" and variations of such words and similar expressions are intended to identify such forward looking statements and expectations. These statements are not guarantees of future performance or the ability to identify and consummate investments and involve certain risks, uncertainties and assumptions that are difficult to predict, qualify or quantify. Therefore, actual outcomes and results may differ materially from what is expressed in such forward looking statements or expectations. Among the factors that could cause actual results to differ materially are: uranium price volatility, difficulty in sourcing opportunities to buy or sell U3O8, foreign exchange rates, changes in political and economic conditions, competition from other energy sources, nuclear accident, loss of key personnel or termination of the services agreement with 308
Chief Executive's Statement
Overview
During the half-year we witnessed ongoing global uncertainty relating to the US China trade disputes as well as political uncertainties in the
Against this backdrop, we saw the Yellow Cake share price weaken and we also saw the share price trade at a significant discount to net asset value.
We do however expect that once the US uranium market access issues are clarified, activity in the uranium market should increase as buyers re-enter the market and we see a return to more normal levels of term contracting, particularly from US utilities. We believe the longer-term supply and demand characteristics of uranium make the commodity a compelling investment and this supports Yellow Cake's strategy of buying and holding physical uranium. We remain confident in our strategy and investment proposition.
During the half-year, we continued to deliver on our strategy. In April we conducted a successful GBP 25.9 million placing to fund the purchase of an additional 1.175 million lbs of physical uranium at a price of
Uranium Market Developments
The Section 232 investigation into uranium in
On
The President established the NFWG, comprised of thirteen federal government agencies/departments, to evaluate the nuclear fuel cycle and report back to the
The spot market price, which began the year at
Market uncertainties associated with the Section 232 investigation and the subsequent formation of the NFWG contributed to a significant reduction in spot uranium volumes throughout 2019. According to
Subsequent to production cutbacks by several companies including Cameco, Kazatomprom and Paladin Energy, worldwide primary production fell to an estimated 138 million lbs U3O8 in 2018 from 154 million lbs U3O8 in 2017.
On
During its second quarter investor call (25 July 2019), Cameco announced that due to recent additional contractual commitments the company would be increasing its market purchase programme during the remainder of 2019. Cameco's total 2019 delivery commitments amounted to 30-32 million lbs U3O8, necessitating the acquisition of 21-23 million lbs U3O8 from market purchases of which, it stated, at least 70% would be sourced from the spot market[11]. Cameco announced during their third quarter investor call (1 November 2019) that they had taken delivery of a total of 14.6 million lbs of purchased uranium through the month of September[12].
Rio Tinto announced the completion of the sale of its majority share of the
On
In
In
In
On 4 December, the
Uranium Market Outlook
The outcome of the pending NFWG report will help to alleviate one area of persistent market uncertainty. In Yellow Cake's opinion, spot market buying will increase as utilities, uranium producers, financial buyers and market intermediaries (trading companies) seek to secure additional uranium concentrates in anticipation of strengthening price levels. TradeTech reported that "November saw a resurgence in end-user buying as well as increased intermediary and producer activity" [19]. In addition, the long-awaited return to term contracting is in the offing as utilities' security of supply concerns emerge, driven, in part, by increasing prices for nuclear fuel services (conversion, enrichment).
Chief Financial Officer's Report
I am pleased to present the unaudited condensed financial statements for the 6 month period ended
Highlights for the half-year
• Increase in the value of the Company's uranium holding of
· Successful completion of
· Placing proceeds applied to the purchase of 1,175,000 lbs of U3O8 from NAC Kazatomprom JSC ("Kazatomprom") at a price of
· Total holding of U3O8 of 9.62 million lbs acquired at an average cost of
· Total increase in value of U3O8 held by Yellow Cake of 18.3% to
• Unrealised U3O8 related loss of
· Net loss after tax of
• Cash of
Placing
Yellow Cake successfully completed the placing of 12,000,000 new ordinary shares with existing and new institutional investors on
The placing raised gross proceeds of approximately
The placing shares were admitted to trading on the AIM market of the
Purchase of additional uranium
Approximately
Yellow Cake took ownership of the U3O8 on 31 May and the U3O8 is currently being stored at Cameco Corporation's
Financial performance
Yellow Cake made an unrealised uranium related loss of
This decrease in the fair value of inventory is attributable to the small decrease in the underlying price of U3O8 during the half-year. There was a
Operating expenses of an ongoing nature during the period amounted to
• Procurement and market consultancy fees paid to 308
• Other operating expenses of
Operating expenses associated with raising of capital and the acquisition of uranium holdings comprised:
•
•
Yellow Cake recorded a net loss after tax of
The Company does not propose to declare a dividend for the half-year.
Balance sheet and cash flow
The value of Yellow Cake's investment in U3O8 increased by 13% from
As at
Independent Review Report to
Introduction
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended
Directors' Responsibilities
The half-yearly financial report, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing and presenting the half-yearly financial report in accordance with the AIM Rules of the
As disclosed in note 2, the annual financial statements of the Company are prepared in accordance with
Our Responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements (
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended
Use of our report
This report is made solely to the Company in accordance with International Standard on Review Engagements (
Date:
Chartered Accountants
EC4A 4AB
Condensed Statement of Financial Position
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As at |
As at |
As at |
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(unaudited) |
(unaudited) |
(audited) |
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Notes |
USD '000 |
USD '000 |
USD '000 |
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ASSETS: |
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Non-current assets |
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Investment in uranium |
3 |
246,660 |
230,872 |
217,366 |
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Total non-current assets |
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246,660 |
230,872 |
217,366 |
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Current assets |
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Trade and other receivables |
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45 |
26 |
16 |
Cash and cash equivalents |
4 |
8,802 |
9,828 |
8,750 |
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Total current assets |
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8,847 |
9,854 |
8,766 |
Total assets
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255,507 |
240,726 |
226,132 |
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LIABILITIES: |
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Non-current liabilities |
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Uranium derivative liability |
5 |
(2,691) |
(3,016) |
(2,799) |
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Total non-current liabilities |
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(2,691) |
(3,016) |
(2,799) |
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Current liabilities |
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Trade and other payables |
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(595) |
(251) |
(384) |
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Total current liabilities |
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(595) |
(251) |
(384) |
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Total liabilities |
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(3,286) |
(3,267) |
(3,183) |
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NET ASSETS |
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252,221 |
237,459 |
222,949 |
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Equity |
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Attributable to the equity owners of the company |
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Share capital |
6 |
1,164 |
1,007 |
1,007 |
Share premium |
6 |
224,438 |
192,248 |
192,248 |
Retained earnings |
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26,619 |
44,204 |
29,694 |
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TOTAL EQUITY |
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252,221 |
237,459 |
222,949 |
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Condensed Statement of Comprehensive Income
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Restated* |
Restated* |
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to |
to |
to |
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(unaudited) |
(unaudited) |
(audited) |
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Notes |
USD '000 |
USD '000 |
USD '000 |
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Uranium related (loss)/profit |
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Fair value movement of investment in uranium |
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(1,115) |
52,717 |
39,211 |
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Fair value movement of uranium derivative liability |
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108 |
(3,016) |
(2,799) |
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Total uranium related (loss)/profit |
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(1,007) |
49,701 |
36,412 |
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Expenses |
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Public offering expenses |
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(547) |
(2,583) |
(2,589) |
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Commission on purchase of uranium |
7 |
(152) |
(1,782) |
(1,782) |
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Other procurement and market consultancy fees |
7 |
(499) |
(217) |
(709) |
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Other operating expenses |
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(918) |
(285) |
(1,018) |
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Total expenses |
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(2,116) |
(4,867) |
(6,097) |
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Bank interest income |
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93 |
13 |
27 |
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Loss on foreign exchange |
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(45) |
(643) |
(648) |
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(Loss)/profit before tax attributable to the equity owners of the company
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(3,075) |
44,204 |
29,694 |
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Tax expense |
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- |
- |
- |
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Total comprehensive (loss)/income for the period after tax attributable to the equity owners of the company |
(3,075) |
44,204 |
29,694 |
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Basic and diluted (loss)/earnings per share attributable to the equity owners of the company (USD) |
9 |
(0.04) |
0.58 |
0.39 |
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* Certain prior period comparatives have been reclassified for consistency with the current period presentation. For the period ended
Condensed Statement of Changes in Equity
Attributable to the equity owners of the company
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Share capital |
Share premium |
Retained earnings |
Total equity |
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Notes |
USD '000 |
USD '000 |
USD '000 |
USD '000 |
As at |
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- |
- |
- |
- |
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Total comprehensive income after tax for the period |
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- |
- |
44,204 |
42,204 |
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Transactions with owners: |
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Shares issued |
6 |
1,007 |
200,449 |
- |
201,456 |
Share issue costs |
6 |
- |
(8,201) |
- |
(8,201) |
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As at |
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1,007 |
192,248 |
44,204 |
237,459 |
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Total comprehensive loss after tax for the period |
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- |
- |
(14,510) |
(14,510) |
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As at |
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1,007 |
192,248 |
29,694 |
222,949 |
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Total comprehensive loss after tax for the period |
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- |
- |
(3,075) |
(3,075) |
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Transactions with owners: |
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Shares issued |
6 |
157 |
33,609 |
- |
33,766 |
Share issue costs |
6 |
- |
(1,419) |
- |
(1,419) |
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As at |
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1,164 |
224,438 |
26,619 |
252,221 |
Condensed Statement of Cash Flows
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to |
to |
to |
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(unaudited) |
(unaudited) |
(audited) |
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Notes |
USD '000 |
USD '000 |
USD '000 |
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Cash flows from operating activities |
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(Loss)/profit for the financial period |
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(3,075) |
44,204 |
29,694 |
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Adjustments for: |
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Fair value of investment in uranium |
3 |
1,115 |
(52,717) |
(39,211) |
Fair value of uranium derivative liability |
5 |
(108) |
3,016 |
2,799 |
Foreign exchange losses |
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45 |
403 |
403 |
Interest income |
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(93) |
(13) |
(27) |
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Cash used in operating activities before changes in working capital |
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(2,116) |
(5,107) |
(6,342) |
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Changes in working capital: |
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Increase in trade and other receivables |
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(27) |
(263) |
(253) |
Increase in trade and other payables |
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215 |
256 |
389 |
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Cash used in operating activities |
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(1,928) |
(5,114) |
(6,206) |
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Interest received |
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93 |
13 |
27 |
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Net cash flow used from operating activities |
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(1,835) |
(5,101) |
(6,179) |
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Cash flows from investing activities |
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Acquisition of uranium |
3 |
(30,409) |
(178,155) |
(178,155) |
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Net cash used in investing activities |
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(30,409) |
(178,155) |
(178,155) |
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Cash flows from financing activities |
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Proceeds from issue of shares |
6 |
33,766 |
201,457 |
201,457 |
Issue costs paid |
6 |
(1,419) |
(8,373) |
(8,373) |
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Net cash generated from financing activities |
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32,347 |
193,084 |
193,084 |
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Net increase in cash and cash equivalents during the period |
103 |
9,828 |
8,750 |
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Cash and cash equivalents at the beginning of the period |
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8,750 |
- |
- |
Effect of exchange rate changes |
(51) |
- |
- |
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Cash and cash equivalents at the end of the period |
8,802 |
9,828 |
8,750 |
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Notes to the Condensed Interim Financial Statements
For the period from
1. General information
The Company operates in the uranium sector and was created to purchase and hold U3O8. The strategy of the Company is to invest in long-term holdings of U3O8 and not to actively speculate with regards to short-term changes in the price of U3O8.
The Company was admitted to list on the London Stock Exchange AIM market ("AIM") on
On
2. Summary of significant accounting policies
Basis of preparation
The unaudited condensed interim financial statements for the six months ended
The accounting policies adopted and methods of computation followed in the condensed interim financial statements are consistent with those applied in the preparation of the Company's annual financial statements for the period from
The unaudited condensed interim financial statements do not constitute statutory accounts within the meaning of Section 105 of the Companies (Jersey) Law 1991.
New and revised standards
At the date of approval of these condensed interim financial statements there are no new or revised standards that are in issue but not yet effective and are relevant to the financial statements of the Company.
Going concern
The Directors, having considered the Company's objectives and available resources along with its projected income and expenditure for at least twelve months from the date of approval of the condensed interim financial statements, are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors have adopted the going concern basis in preparing these condensed interim financial statements.
Critical accounting judgements and estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.
The resulting accounting estimates will, by definition, seldom equate to the related actual results.
Accounting estimates
The accounting estimates in the period are the assumptions made in valuing the uranium derivative liability. These assumptions are set out in note 7 and the carrying value of the instrument is
Judgements
The Directors have considered the tax implications of the Company's operations and have reached judgement that no tax liability has arisen during the period.
3. Investment in uranium
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Cost |
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Fair Value |
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USD '000 |
USD '000 |
USD '000 |
As at |
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- |
- |
- |
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Acquisition of U3O8 |
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178,155 |
- |
178,155 |
Change in fair value |
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- |
52,717 |
52,717 |
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As at |
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178,155 |
52,717 |
230,872 |
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Acquisition of U3O8 |
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- |
- |
- |
Change in fair value |
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- |
(13,506) |
(13,506) |
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As at |
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178,155 |
39,211 |
217,366 |
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Acquisition of U3O8 |
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30,409 |
- |
30,409 |
Change in fair value |
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- |
(1,115) |
(1,115) |
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As at |
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208,564 |
38,096 |
246,660 |
The value of the Company's investment in U3O8 is based on the month end spot price for U3O8 of USD 25.65/ lb as published by UxC LLC on
Acquisition of uranium
The Company has purchased a total of 9,616,385 lb of U3O8 at an average price of
o Purchase of 8,091,385 lb U3O8 from Kazatomprom at IPO on
o A second purchase of 350,000 lb from Kazatomprom for a cash consideration of
o A third purchase of 1,175,000 lb from Kazatomprom on
The following table provides an analysis of the Company's investment in U3O8 at
Location |
Quantity lbs |
Fair Value USD '000 |
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Canada |
9,616,385 |
246,660 |
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Total |
9,616,385 |
246,660 |
4. Cash and cash equivalents
Cash and cash equivalents as at
5. Uranium derivative liability
As part of the Initial Purchase mentioned in note 3 above, the purchase price was 2.5% below the spot price, resulting in the Company receiving a discount of approximately
The Company has the option to purchase from Kazatomprom all or a portion of the volume repurchased by Kazatomprom under the Repurchase Option. The Company's option may be exercised in whole or in part and in one or more separate exercises during the period commencing on the delivery date for the Repurchase Option and ending on
The fair value of the Repurchase Option granted to Kazatomprom has been determined at
A valuation date price of
6. Share capital
Authorised: |
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10,000,000,000 ordinary shares of |
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Issued and fully paid: |
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Ordinary shares |
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Number |
GBP '000 |
USD '000 |
Opening share capital |
- |
- |
- |
|
|
|
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Issued at |
10,000 |
0.1 |
0.1 |
Issues |
76,166,630 |
762 |
1,007 |
|
|
|
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Share capital as at |
76,176,630 |
762 |
1,007 |
|
|
|
|
Share capital as at |
76,176,630 |
762 |
1,007 |
|
|
|
|
Issued |
12,039,086 |
120 |
157 |
|
|
|
|
Share capital as at |
88,215,716 |
882 |
1,164 |
Share premium |
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|
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|
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GBP '000 |
USD '000 |
Opening share premium |
|
- |
- |
|
|
|
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Proceeds of issue of shares |
|
151,591 |
200,449 |
Share issue costs |
|
(6,207) |
(8,201) |
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|
|
|
Share premium as at 30 September 2018 |
|
145,384 |
192,248 |
|
|
|
|
Share premium as at 31 March 2019 |
|
145,384 |
192,248 |
|
|
|
|
Proceeds of issue of shares |
|
25,764 |
33,609 |
Share issue costs |
|
(1,331) |
(1,419) |
|
|
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Share premium as at 30 September 2019 |
|
169,817 |
224,438 |
On 12 April 2019 a total of 12,039,086 additional ordinary shares were issued at GBP 2.15 per share. The Company incurred listing expenses comprising of commissions and professional adviser fees totalling USD 1,965,778 of which USD 1,419,206 have been taken to the share premium account. The remaining costs of USD 546,572 have been recognised in the statement of comprehensive income.
The Company has one class of shares which carry no right to fixed income.
7. Procurement and market consultancy fees
In consideration for the services rendered by 308 Services Limited, the Company paid a commission of 0.5% of the consideration paid for the purchase of U3O8 on 31 May 2019 amounting to USD 152,045.
Additional fees of USD 499,284 payable to 308 Services Limited were also incurred during the period (30 September 2018: USD 217,134, 31 March 2019: USD 708,735).
8. Related party transactions
During the period, the Company incurred USD 77,568 (30 September 2018: USD 87,147, 31 March 2019: USD 155,083) of administration fees payable to Langham Hall Fund Management (Jersey) Limited ("Langham Hall"). Alexandra Nethercott-Parkes is an employee of Langham Hall and has served as a Non-Executive Director of the Company since 18 July 2019 for which she has received no Directors' fees. As at 30 September 2019 there were no amounts due to Langham Hall (30 September 2018: USD nil, 31 March 2019: USD nil).
The key management personnel are the Directors (there are no other employees) and their aggregate remuneration during the period was USD 278,500 (30 September 2018: USD 95,233, 31 March 2019: USD 292,733).
The following Directors' own ordinary shares in the Company:
Name |
Number of ordinary shares |
% of share capital |
|
|
|
The Lord St John of Bletso* |
26,302 |
0.03% |
Sofia Bianchi |
18,838 |
0.02% |
The Hon Alexander Downer |
29,925 |
0.03% |
Alexandra Nethercott-Parkes |
- |
0.00% |
Alan Rule |
18,837 |
0.02% |
Andre Liebenberg |
73,207 |
0.08% |
Carole Whittall |
11,302 |
0.01% |
|
|
|
Total |
178,411 |
0.20% |
* The Lord St John of Bletso's shares are held through African Business Solutions Limited, in which he holds 100% of the Ordinary Shares.
While the Non-Executive Directors hold shares in the Company, the holdings are considered sufficiently small so as not to impinge on their independence.
9. (Loss)/earnings per share
|
1 April 2019 |
18 January 2018 |
18 January 2018 |
|
to |
to |
to |
|
30 September 2019 |
30 September 2018 |
31 March 2019 |
|
(unaudited) |
(unaudited) |
(audited) |
|
USD '000 |
USD '000 |
USD '000 |
|
|
|
|
(Loss)/profit for the period (USD '000) |
(3,075) |
44,204 |
29,694 |
Weighted average number of shares |
87,492,055 |
76,176,630 |
76,176,630 |
|
|
|
|
(Loss)/earnings per share since incorporation (USD) |
(0.04) |
0.58 |
0.39 |
The Company does not have any instruments which could potentially dilute basic earnings per share in the future.
10. Events after the period end
There are no material events to be disclosed.
[1] Net asset value per share on 30 September 2019 is calculated assuming 88,215,716 ordinary shares in issue, the Bank of England's daily exchange rate of 1.23200 on 30 September 2019 and the month-end spot prices published by UxC LLC on 30 September 2019.
[2] Month-end spot price published by UxC LLC on 30 September 2019.
[3] Net asset value per share is calculated assuming 88,215,716 ordinary shares in issue, a GBP/USD exchange rate of 1.3155 on 9 December 2019 and cash and other net assets as at 30 September 2019.
[4] White House, Presidential Memoranda; "Memorandum on the Effect of Uranium Imports on the National Security and Establishment of the United States Nuclear Fuel Working Group"; 12 July 2019.
[5] Ux Weekly; Vol. 33 / No. 43; 28 October 2019.
[6] Ux Weekly; Vol. 33 / No. 47; 27 November 2019.
[7] Ux Weekly; Vol. 33 / No. 48; 2 December 2019.
[8] Ux Weekly; "Third Quarter Spot Uranium Review"; 28 October 2019.
[9] Ux Weekly; "2018 U3O8 Production Review"; 6 May 2019.
[10] Kazatomprom Press Release; "Kazatomprom Announces Extension of Production Cuts"; 20 August 2019.
[11] Cameco Corporation; Second Quarter 2019 Results, Conference Call Transcript; 25 July 2019.
[12] Cameco Corporation; Third Quarter 2019 Results, Conference Call Transcript; 1 November 2019.
[13] Rio Tinto; Notice to ASX/LSE; "Rio Tinto Completes Sale of Its Stake in Rossing Uranium Limited"; 16 July 2019.
[14] World Nuclear Association; "Projections for Nuclear Generating Capacity Revised Upwards in the Nuclear Fuel Report"; September 2019.
[15] AP News; "Japan Plans Carbon Emission Cuts, More Nuclear Energy"; 7 June 2019.
[16] World Nuclear News; "India Plans Expansion of Nuclear Fleet, Says DEA Chairman"; 21 October 2019.
[17] World Nuclear News; "Duke to Seek Second Licence Renewals Fleetwide"; 20 September 2019.
[18] World Nuclear News, "Turkey Point Licensed for 80 Years of Operation," 6 December 2019
[19] Tradetech, Nuclear Market Review, 30 November 2019.
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