Yellow Cake AIM:YCA
- Founded
- 2018
- Incorporated
- Jersey
- Chief executive
- Andre Liebenberg
- Employees
- 2
- Reports in
- USD
Specialist vehicle offering direct exposure to the uranium price by buying and holding physical uranium oxide (U3O8) in storage, with a long-term purchase agreement with Kazatomprom, the world's largest producer. Not an operating business: its value tracks its uranium holdings and the commodity price.
Read straight from the annual reports
541c at close on 2 Oct 2026 · 8 reported years, 2019–2026
| Line | FY201903/19 | FY202003/20 | FY202103/21 | FY202203/22 | FY202303/23 | FY202403/24 | FY202503/25 | FY202603/26 | FY2027unreported |
|---|---|---|---|---|---|---|---|---|---|
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USD millions, negatives in brackets. Per-share lines in cents, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
8 years, at a glance
C001438-AR-2026-website
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Fair value movement of U3O8 holdings (uranium spot price appreciation)
Fair value movement of uranium holdings was a gain of USD434,264,000 in the year (2025: loss of USD456,112,000), driving total comprehensive income of USD419,519,000
page 88Growth in the volume of U3O8 held
Holdings increased by 1.43 million lb to 23.11 million lb during the year, funded by two share placings raising gross proceeds of USD283.1 million
page 5Management Expense Ratio (MER)
MER (annualised operating expenses excluding commissions/offering expenses as % of average NAV) rose to 1.01% (2025: 0.84%)
page 29Storage and other operating expenses growth
Operating expenses were USD18.8 million (2025: USD15.2 million), driven principally by growth in uranium holdings and associated storage/handling costs; storage costs increased significantly in the 2026 financial year
page 29Chairman: interest in nuclear energy is at its highest level since the oil crises of the 1970s; the Board believes uranium price will need to rise and remain elevated to incentivise the supply response the market requires
page 7Purchased an additional 100,000 lb of U3O8 in the spot market for USD8.5 million, delivered at Orano's facility in France on 20 April 2026
page 106The Board reserves the right to declare a dividend as and when deemed appropriate but the Group does not currently expect to declare dividends on a regular or fixed basis; no dividend was declared or proposed for FY2026.
page 77Directors adopted the going concern basis; after accounting for post-year-end uranium purchase commitments and the completed share buyback, the Group expects available cash resources to cover working capital requirements to 31 March 2028. Auditor RSM UK Audit LLP issued an unmodified/unqualified opinion (true and fair view, properly prepared under UK-adopted IAS and Companies (Jersey) Law 1991), with one key audit matter (valuation of the investment in uranium). Overall materiality was USD20,900,000 (2025: USD14,100,000), based on 0.99% of total assets.
page 82- Counterparty risk — Kazatomprom Framework Agreement counterparty solvency/performance (High)p.50
- Counterparty risk — storage facilities (Cameco/Orano) could be destroyed (High)p.50
- Cash flow risk — insufficient funds to pay operating expenses (Medium)p.51
- Cybersecurity risk affecting Yellow Cake or outsourced service providers (Medium)p.51
Read from C001438-AR-2026-website.
8 annual reports read, FY2019 to FY2026
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Company website (8)
FY2027Next report expected 25 Jul 2027