Jeremy Naylor sat down with Andre Liebenberg, CEO of Yellow Cake, the London-listed company that gives investors direct, physical exposure to the uranium market through its holdings of uranium oxide concentrate (U3O8). Established in 2018, Yellow Cake holds 23.21 million lb of U3O8 and offers a low-cost, liquid and publicly quoted way to participate in an anticipated rise in the uranium price driven by a structural supply and demand imbalance.
In this interview, we cover the state of the uranium market, the deepening supply deficit, the role of nuclear in an AI-driven power boom, and what it would take to bring meaningful new production online.
What we discuss:
- Introduction to Yellow Cake and its physical-holding business model
- Where uranium spot prices sit today and why they’ve been stable
- The structural supply deficit, and how much worse it gets if the world builds more nuclear
- Why Yellow Cake holds physical uranium rather than investing in miners
- Its relationship with Kazatomprom, the world’s largest uranium producer
- How important AI data centres really are to the nuclear expansion story
- The bear case against uranium
- How geopolitics is reshaping the way uranium is contracted, financed and valued
- What happens if uranium trades above $100, and whether that stimulates enough new production to close the gap
- The outlook for uranium and Yellow Cake
Learn more about Yellow Cake’s strategy: https://www.yellowcakeplc.com/our-strategy/
