London, Jan 19, 2026, 12:26 GMT — Regular session
- Yellow Cake climbed roughly 1.4% to 666p, having hit 670.5p earlier in the session
- On Jan. 16, uranium futures closed at $85.25 per pound, hovering close to their highest level in a year
- Attention centers on uranium price fluctuations and the upcoming Yellow Cake net asset value update
Yellow Cake Plc shares climbed Monday, nearing a 52-week peak amid a rally in uranium-linked equities alongside stronger fuel prices. The London-listed stock last traded up roughly 1.4% at 666 pence, having fluctuated between 648.0p and 670.5p earlier in the day. (Investing)
This matters because Yellow Cake stands out as one of the cleaner listed proxies for uranium—a market that’s tightened in early 2026 after a choppy year. When uranium prices creep up, this stock tends to pop on traders’ screens.
Yellow Cake offers investors direct exposure to uranium by holding physical uranium oxide concentrate — U3O8, commonly known as “yellowcake” — as well as engaging in uranium-related deals it believes have commercial merit. This focus often brings its net asset value (NAV) into the spotlight, which is a current estimate of the worth of uranium and other assets after subtracting liabilities. (Yellow Cake Plc)
Uranium futures closed at $85.25 per pound on Jan. 16, ticking up 0.35% that day after a steady climb throughout the month, according to data from Investing. Over the past year, prices have ranged from $63.55 to $85.25.
In a Jan. 16 investor presentation, the company pegged its pro forma NAV at 6.10 pounds per share as of Jan. 8. This valuation used a UxC spot price of $82 a pound and included roughly 23.0 million pounds of U3O8, factoring in a committed purchase. The presentation also applied a Bank of England dollar/sterling exchange rate of 1.3442 in the NAV calculation. (MarketScreener)
The share price has climbed past that January target, but Yellow Cake’s NAV shifts daily alongside uranium prices and currency swings, so the gap can tighten quickly. For holders, it’s a constant push and pull: if uranium rises, the stock can surge; if it falls, the discount tends to widen.
Uranium miners like Cameco and Kazatomprom provide an alternative entry point, though they carry added operating and project risks beyond the raw commodity. Yellow Cake positions itself as a more straightforward option. “The long-term fundamentals of the uranium market continue to strengthen,” CEO Andre Liebenberg stated on the company’s website. (Yellow Cake Plc)
The downside is clear as well. A drop in uranium prices, a stronger pound, or a slowdown in physical demand could weigh on NAV and leave the shares vulnerable after their recent surge near the top of the 52-week range.
Traders are set to focus on upcoming uranium price data and any new company disclosures regarding holdings and NAV in Yellow Cake’s next quarterly operating update. The firm releases these updates alongside its interim and annual reports. (Yellow Cake Plc)
