Yellow Cake takes delivery of 1.35m pounds of uranium

2nd Oct 2023 13:04

(Sharecast News) - Long-term uranium investor Yellow Cake confirmed on Monday that on 30 September, it took delivery of 1,350,000 pounds of triuranium octoxide from Kazatomprom.

The AIM-traded firm said the uranium was now securely stored at the Cameco storage facility in Canada.

It said the transaction followed its earlier announcement of its decision to exercise a uranium purchase option in 2022.

As per its framework agreement with Kazatomprom, the company committed to buy the amount of triuranium octoxide for $48.90 per pound, making the total cost of the purchase approximately $66.02m.

Kazatomprom, the national atomic company of Kazakhstan, made the delivery in line with the initially agreed schedule, ensuring a smooth transaction between the two entities.

"Yellow Cake currently holds 20,155,601 pounds of triuranium octoxide in storage in Canada and France," the board said.

At 1242 BST, shares in Yellow Cake were up 0.89% at 565p.

Reporting by Josh White for Sharecast.com.