Yellow Cake reported that its net asset value per share rose by 2% quarter-on-quarter to £4.23/share. This was driven by an increase in uranium prices by 5.5% to US$50.65/lb over the same period.

"In the first quarter, the price of uranium has continued to rise, in contrast to other commodities, highlighting the low correlation of the uranium price to other asset classes," Liebenberg said.

"More significantly, there is a considerable positive shift in global sentiment towards nuclear, with governments worldwide recognising the need for clean base-load capacity."

"We continue to see rising demand, driven in part by higher contracting activity, which coupled with constrained supply, leads us to believe that this marks a generational opportunity for investors in uranium."

The gain in value was partially outweighed by currency fluctuations over the same period.

During the first quarter, Yellow Cake completed an oversubscribed placing of 15 million shares on 7 February, raising £61.8 million, to fund the purchase of an additional 1.35Mlb of triuranium octoxide from Kazatomprom, for a total of $66m. This brings Yellow Cake's holdings to 20.16Mlb.

The purchased uranium will be delivered in the second half of 2023 to the Cameco storage facility in Canada, and the Orano facility in France.

The company retains an option to purchase up to an additional $100 million of triuranium octoxide from Kazatomprom in 2023.