Hi Kenso, YCA, of which I am a relatively large shareholder (not...

Hi Kenso,

YCA, of which I am a relatively large shareholder (not significant status though), sourced its U from Kazatomprom under a pre-negotiated deal which was a discount to spot price (7% discount).

The uranium was shipped from Kazakhstan and is stored with Cameco in Canada.

The YCA IPO was so successful that they had excess funds and bought additional uranium from Kazatomprom shortly after their initial 8.1m lb purchase.

YCA has a further multiyear deal with Kazatomprom to purchase additional uranium at a discount to the prevailing spot price at the time.

Whilst Kazakhstan is not Russia, it is within their circle of influence and geopolitically would likely act alongside Russia (e.g. both nations are buying a lot of gold for their FX reserves).

It is likely that the US would not consider Kazakhstan a friendly supplier of U for energy security purposes, for example.

It is interesting that Canada and the USA are negotiating a new trade deal to replace NAFTA. Uranium, as highlighted by David Rosenberg, is one of the few leverage points that Canada has over the USA.

Uranium is increasingly becoming a political tool/ headache.

Cheers
John