Yellow Cake raises $175 million to fund uranium purchases from Kazatomprom

The offering, initially expected to bring in around $125 million, was upsized due to strong institutional investor demand. Shares were priced at £5.64 each.

According to Yellow Cake Chief Executive Officer Andre Liebenberg, the proceeds will enable the company to fully exercise its 2025 uranium purchase option under the long-term Framework Agreement with Kazakhstan’s national atomic company Kazatomprom, while retaining flexibility for additional strategic acquisitions:

“We are delighted with the strong support from both existing and new institutional investors in this significantly upsized placing. This capital raise enables us to fully exercise our 2025 uranium purchase option under the Framework Agreement with Kazatomprom, whilst retaining optionality for further uranium purchases on an opportunistic and strategic basis.”

The transaction further strengthens Yellow Cake’s position amid rising global demand for nuclear fuel and persistent supply constraints. Upon completion of the planned purchases, the company’s physical uranium holdings will exceed 23 million pounds of U₃O₈ stored in Canada and France.

Canaccord Genuity Limited acted as sole bookrunner for the transaction. Berenberg and Panmure Liberum served as joint co-managers, while Bacchus Capital acted as financial adviser.

Yellow Cake remains one of the few publicly traded companies offering investors direct exposure to the uranium spot price through its strategy of holding physical uranium. At the core of this model lies its ten-year Framework Agreement with Kazatomprom, the world’s largest uranium producer.

Earlier, it was reported that Kazakhstan supplies about 40% of the global uranium market and covers 24% of U.S. uranium imports, President Kassym-Jomart Tokayev said during his visit to New York.