Main sector: Uranium trading
Top 3 markets:

1. USA: approx. 35%
2. Europe: approx. 30%
3. Asia (especially China): approx. 25%

Yellow Cake plc is mainly engaged in uranium trading, with the majority of revenues coming from the sale of uranium to energy providers and other industrial customers. The USA, Europe, and Asia are the key markets due to high demand for uranium in energy generation. The percentage shares are estimates based on global demand and the trade relationships the company has established in recent years.

Production Sites: No proprietary production facilities

Yellow Cake plc is a company specializing in the acquisition and storage of uranium oxide (U3O8). It does not operate its own production facilities, but acquires uranium from existing producers, especially from the Kazakhstani Kazatomprom, the world's largest uranium producer.

The business model of Yellow Cake plc is based on trading and storing uranium to benefit from price increases, rather than entering production itself.

Uranium Holdings: 18.81 million pounds U3O8 (2023)
Market Value: 1.2 billion USD (2023)

Yellow Cake plc pursues a strategy focusing on the acquisition and storage of uranium to benefit from rising uranium prices. The company buys uranium at favorable prices and holds it as physical assets to sell when demand and prices increase.

A key element of their strategy is the long-term partnership with Kazatomprom, the world's largest uranium producer, enabling Yellow Cake to acquire uranium at competitive prices. This partnership ensures the company's access to large quantities of uranium, supporting a strategic positioning in the market.

Furthermore, Yellow Cake plans to strengthen its market position through targeted capital increases and expanding its uranium holdings. The company relies on the increasing demand for uranium, driven worldwide by the expansion of nuclear energy as a low-carbon energy source.

Main Commodity: Uran

Main Supplier Country: Kazakhstan

Yellow Cake plc is a company specializing in the acquisition and storage of uranium oxide (U3O8). The main commodity imported by the company is uranium, which is in the form of uranium oxide.

The majority of the uranium acquired by Yellow Cake plc comes from Kazakhstan. The company has entered into a long-term off-take agreement with Kazatomprom, the world's largest uranium producer. This partnership enables Yellow Cake to secure uranium at competitive prices and benefit from Kazakhstan's stable production.

In addition, Yellow Cake could source uranium from other significant uranium-producing countries such as Canada or Australia, but Kazakhstan is the primary supplier.

Current market share: 10% (estimated for 2026)
Uranium price (spot market): 55 USD per pound (2026)
Uranium inventory: 18 million pounds (2026)

Yellow Cake plc has a significant competitive advantage due to its strategic positioning in the uranium market. The company benefits from long-term off-take agreements and a large inventory, which allows it to profit from price fluctuations in the spot market.

The current uranium price of 55 USD per pound supports the company's profitability as Yellow Cake has purchased at lower historical prices. This pricing strategy enables the company to gain a competitive edge over other market participants during times of rising prices.

Additionally, the partnership with Kazatomprom, the world's largest uranium producer, strengthens Yellow Cake's procurement and supply chain, leading to a stable supply and a strong market position.

Institutional Investor Share: 65% (estimated for 2026 based on trends)

Insider Purchases: 1.2 million GBP (2025)

Insider Sales: 0.8 million GBP (2025)

The institutional investor share in Yellow Cake plc is estimated to be around 65%, indicating the continued interest of institutional investors in commodity companies. These investors value Yellow Cake's strategic position in the uranium market.

In 2025, there were insider purchases amounting to 1.2 million GBP, reflecting the management's confidence in the company's future development. At the same time, insider sales of 0.8 million GBP were recorded, which can be interpreted as a normal portfolio adjustment.

These transactions suggest that the management is optimistic about the company's long-term prospects while also realizing some profits.

Market share of Yellow Cake plc: Estimated 5% (2026)

Top competitors and their market shares:

1. Cameco Corporation: 15%
2. Kazatomprom: 14%
3. Orano: 10%
4. Uranium Energy Corp: 8%
5. NexGen Energy Ltd: 6%
6. Yellow Cake plc: 5%
7. Denison Mines Corp: 4%
8. Energy Fuels Inc: 3%
9. Paladin Energy: 2%
10. Fission Uranium Corp: 1%

Yellow Cake plc's moat:

Yellow Cake plc has a specific moat through its strategic partnership with Kazatomprom, the world's largest uranium producer. This partnership enables Yellow Cake to acquire uranium at competitive prices, providing a cost advantage over some competitors.

However, compared to other companies in the industry, Yellow Cake has a less diversified business approach, as it mainly focuses on acquiring and storing uranium. Companies like Cameco and Kazatomprom have more comprehensive business models that range from production to processing, giving them a broader moat.

Overall, Yellow Cake offers a specific advantage through its procurement conditions, but the moat is less pronounced compared to larger, integrated competitors.

Uranium Price Forecast: Increase to 70 USD per pound by 2026 (estimate)

Uranium Demand Growth: 3% annually until 2030 (World Nuclear Association)

Yellow Cake plc is a company specializing in the acquisition and storage of uranium oxide (U3O8). The investment attractiveness of Yellow Cake plc is heavily dependent on the long-term outlook for the uranium market.

Forecasts for the uranium price indicate an increase, supported by the rising demand for clean energy and the expansion of nuclear power plants worldwide. The World Nuclear Association predicts an annual demand growth of about 3% until 2030. These factors could increase the intrinsic value of Yellow Cake plc's uranium holdings.

Furthermore, the company has benefited in the past from strategic partnerships and a solid business model focusing on the storage and sale of uranium under favorable market conditions. This could also lead to a positive development of the company's value in the future.

However, investors should consider the volatility of the uranium market and geopolitical risks that can influence price and demand. An investment in Yellow Cake plc could prove advantageous if the positive market trends continue and the company achieves its strategic goals.

Dividend payment: No dividend (as of 2026)

Yellow Cake plc has traditionally not distributed dividends to its shareholders. The company focuses on acquiring and storing uranium to benefit from price increases.

Yellow Cake plc's strategy is to increase shareholder value through capital appreciation rather than regular dividend payments. This is typical for companies in the commodity sector that are heavily dependent on market price fluctuations.