The Bacchus Securities-based pure uranium play raised £150 million (US$200 million) in its float on AIM this week.
The pitch to investors is there is only upside in the energy mineral price now with major producers like Cameco cutting production to improve their margins, which have been slim-to-negative for several years.
Yellow Cake has managed to get 8 million pounds of U3O8 for US$21.01 per pound from Kazatomprom, at a dollar below spot.
The company also said it was looking at streaming and royalty deals, like its inspiration Cobalt 27 Capital, which has been a stronger performer in Toronto since listing last year.
Kazatomprom sees the deal as a way to increase uranium demand and get investors interested in the sector.
Source: Mining Journal