REGISTERED NUMBER: 09142456 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 December 2025

for

CGN Global Uranium Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

6

Statement of Director's Responsibilities

9

Report of the Independent Auditors

10

Statement of Comprehensive Income

13

Balance Sheet

14

Statement of Changes in Equity

15

Notes to the Financial Statements

16

DIRECTOR:

Shubiao Tao

REGISTERED OFFICE:

First Floor

50 St Andrew's Street

Cambridge

Cambridgeshire

CB2 3AH

REGISTERED NUMBER:

09142456 (England and Wales)

AUDITORS:

Shinewing Wilson Accountancy Limited

Chartered Certified Accountants

and Statutory Auditors

9 St Clare Street

London

EC3N 1LQ

The director presents his strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

The company's key financial indicators during the year were as follows:

The company's turnover amounted to $644,074,000 (2024: $859,707,000).

The company's operating profit margin amounted to 2.03% (2024: 0.96%).

The company's profit before tax amounted to $296,000 (2024: $2,794,000).

The company's gross assets amounted to $311,067,000 (2024: $284,718,000) and net current assets amounted to $41,083,000 (2024: $40,118,000).

The company's cash balance amounted to $1,518,000 (2024: $4,761,000).

The decrease in turnover was mainly attributed by reduced volume sold during the year under review, the further reduction in cost of goods sold led to a slight increase in the gross margin and operating profit margin. Gross assets increased by $26 million mainly attributed by the increase in trade debtors of $130 million as peak trading occurred in December 2025 but offset by the decrease of $100 million in the closing stock level and $3 million reduction in cash.

Coming out of a couple of spikes into triple-digit prices in early 2024, spot uranium activity was subdued through much of 2025. In the first half of 2025, The company had less trading opportunities due to the low market price.In June, SPUT announced an upsized bought deal of more than $200 million that sparked the Trust's first purchases of the year and, combined with other activity, resulted in the spot price peaking at $78.50 per lb. The second major round of spot activity during the year occurred in September when SPUT's stock price rose to a premium over its NAV and the Trust raised another $475 million during that period to purchase 3.4 million lbs U3O8 that month alone. This led the spot price to peak in October at just above $80.The company captured the price upside and traded more than 3 million lbs of U3O8.

It appears that 2026 has gotten off to a rapid start similar to 2024, with the spot price again breaking into triple-digits. Amid the continued rounds of positive news of new nuclear builds, particularly those related to AI and data center construction, government funding initiatives, and planned nuclear power expansions, equity markets have experienced positive gains with SPUT hitting a two-year high and recently issuing a new prospectus. As demonstrated in 2025, with two major rounds of SPUT buying, the Trust has raised another $435 million since the beginning of the year and has been an active spot buyer. While this buying round has just started, other market participants have jumped into the market early ahead of the Trust's purchasing, which propelled the spot price above the $100 barrier in January 2026. The stage is set for another active year in the spot uranium market with the potential for continued price volatility. Amidst a bullish market sentiment, the company will take more trading opportunities to expand our operations and achieve sustainable growth.

The company measures the following non financial KPIs:

Customer Satisfaction: The company achieved a 100% customer satisfaction rate during the reporting period (2024: 100%), with zero formal complaints recorded, reflecting the effectiveness of its customer service and quality management processes.

On-Time Delivery Performance: The company maintained a 100% on-time delivery rate during the reporting period (2024: 100%), with all goods delivered in accordance with agreed contractual schedules and no delays reported.

The company has maintained its position in the industry as one of the leading uranium trading companies also the only overseas trading platform owned by CGN to provide resource solutions to entities stretching from mine operators to utilities and service providers and other traders in between.

PRINCIPAL RISKS AND UNCERTAINTIES

Market risk

The natural uranium is stored at conversion facilities in Europe, Canada and North America and is covered by appropriate insurance for risk of loss or damage. All the purchase and sales deliveries are made by book transfer from company's accounts with entitlement credits and no uranium material is physically shipped by the company.

Majority of uranium material inventory is sold under contracts with the uranium prices locked in, so the market price relationship is irrelevant to the locked contracts. When the company enters a uranium trade the purchase and the sales price is agreed simultaneously so the price changes won't have impact on those prices locked contracts.

The company has strict authorisation management regulations and requires company not to speculate on the market and trade with a minimum amount of exposure to price risks. The directors' opinion is that the market risk does not currently present a significant risk to the company under current market conditions.

Liquidity risk

A characteristic of the industry is that sales and purchase commitments maybe entered into several years before deliveries are made and this can put pressure on the company's liquidity. This risk is mitigated by careful cash management, detailed cash flow forecasting and timing purchases and sales to optimise cash flows.

The company uses borrowing facilities with low-margined interest rates and less borrowings so interest rate risks are not considered to be significant. However, the rising interest rates has impacted customers purchasing power and therefore our sales volumes. This is not expected to be a long term trend and customers stopped buying uranium temporarily.

We do not believe there are any other significant risks and uncertainties facing our business, other than those normally encountered within our industry such as interest rates fluctuation, foreign currency volatility, credit risks and liquidity risks.

SECTION 172(1) STATEMENT

Section 172 of the Companies Act 2006 requires a director of a company to act in the way he or she considers, in good faith, would most likely promote the success of the company for the benefit of its members as a whole but having regard to a range of factors set out in section 172(1)(a) - (f) in the Companies Act 2006. The director considers, both individually and collectively, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole in the decisions taken during the year ended 31 December 2025.

The director acknowledges that every decision it makes will not necessarily result in a positive outcome for all the company's stakeholders. In considering the company's purpose, vision and values, together with its strategic priorities and having a process in place for decision-making the director does, however, aim to make sure that its decisions are consistent and reasonable.

S172(1)(A)

The likely consequence of any decision in the long term

The director understands the business and the environment in which the company operates, including the challenges of navigating through the energy industry. The company's purpose is to work towards and continue to be a top trading entity in the global uranium market with a wide outreach to counterparties globally. As the world further decarbonized and nuclear plays an increasingly important role in the world, The director recognises the need for a sustainable and diversified supply source of uranium should be paramount. The director has taken the decisions they believe best support the company's long term strategic vision.

S172(1)(B)

The interests of the company's employees

For caring for employees, the company considers its employees as the most valued asset. Therefore, the company strives to provide its employees with a positive, safe, healthy and fulfilling workplace to ensure the overall development and happiness of its employees, including provide the extensive training and development opportunities for employees to improve their skills and knowledge as well as to promote their career development. We respect the labour rights and human rights of all employees, maintain high ethical standards, and promote an inclusive culture within the company. We continue to organize "caring for employee" activities regularly, and setup opinion channels for employees.

S172(1)(C)

The need to foster the company's business relationships with suppliers, customers and others.

The director notes that achieving our strategy depends on strong mutually beneficial relationships with suppliers, customers and others. The company actively seeks these mutually beneficial arrangements when entering into any new relationships. The company also accepts feedback from current relationships and actively promotes the process of improving these relationships and also measures how satisfied customers are with the company's products or services, which can directly impact sales and retention.

S172(1)(D)

The impact of the company's operations on the community and the environment

The company believes that this is extremely important and relevant with the industry that the company operates. The company has been committed to becoming a world-class natural uranium trader with the mission of "Providing Safe, Affordable and Reliable Products for international uranium market" since establishment. The company's approach is structured around focus areas through regularly engaging with a broad range of stakeholders including clients, suppliers, investors, analysts, governments, and the wider community.

S172(1)(E)

The desirability of the company maintaining a reputation for high standards of business conduct

The company's culture drives that way we do business, and our expectations of our staff including code of practice are outlined in the employee's handbook. The company periodically reviews and approves the codes of practice in place in the company to ensure that its high standards are maintained both within the company and the business relationships we maintain.

S172(1)(F)

The need to act fairly as between members of the company.

The delivery of sustainable long-term value requires the allocation of capital and resources in a way that identifies and addresses stakeholders' needs fairly. After weighing up all factors surrounding the decision and by taking into account the company's overall vision and goals, the company aims to make sure that the decisions it makes are dependable and predictable and are most likely to benefit the company as a whole.

ON BEHALF OF THE BOARD:

Shubiao Tao - Director

19 March 2026

The director presents his report with the financial statements of the company for the year ended 31 December 2025.

The profit for the year after taxation, amounted to $953,000 (2024: $3,642,000).

There were no donations in the current year nor prior year.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of sales and trading of uranium.

DIVIDENDS

No dividends (2024: Nil) were distributed for the year ended 31 December 2025.

FUTURE DEVELOPMENTS

The director is continually reviewing the strategic options available in the front end nuclear fuel cycle for growth opportunities:

- exclusively representing Husab Mine for marketing and sales of natural uranium in the world market.

- marketing and sales of natural and enriched uranium product and logistics management.

- executing uranium exchanges and trades, providing solutions for the utilities and traders.

- continue to be a key link in the nuclear fuel cycle and explore to expand business scope.

DIRECTORS

The directors who have held office during the period from 1 January 2025 to the date of this report are as follows:

Jian Huang - resigned 3 May 2025

Shubiao Tao - appointed 3 May 2025

FINANCIAL INSTRUMENTS

The company's financial instruments are comprised of cash that generates directly from its operations and loans. The main purpose of these financial instruments is to raise finance for the company's operations.

The main risks arising from the company's financial instruments are uranium market price risk, interest rate risk, foreign currency risk and liquidity risk. The board reviews and agrees policies for managing each of these risks and they are summarised below. The policies will be reviewed each year and updated in compliance with corporate governance policies.

Market risk

Majority of uranium material inventory is sold under contracts with the uranium prices locked in, so the market price relationship is irrelevant to the locked contracts. The directors' opinion is that the market risk does not currently present a significant risk to the company under current market conditions. This is discussed in the Strategic report.

Interest rate risk

The company finances its operations through a mixture of retained profits and loans from group and external undertakings. The borrowing facilities with low-margined interest rates and the cost had been covered by locked prices so interest rate risks are not considered to be significant.

Foreign currency risk

The company holds bank accounts and receives overhead invoices in different currencies and so is subject to some exchange rate gains and losses. The overall proportion of currency commitments is relatively small, hence the foreign currency risk faced by the company is relatively low.

Liquidity risk

The company holds bank accounts and has sufficient loan facilities from group and external lenders to cover its operation demand.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

Delivering our strategy requires strong mutually beneficial relationships with suppliers, customers, governments and other stakeholders. The company seeks the promotion and application of certain general principles in such relationships. The ability to promote these principles effectively is an important factor in the decision to enter into or remain in such relationships. The Board also reviews and approves the company's approach to suppliers which is set out in the Company Supplier Principles. Management continuously assesses the priorities related to customers and those with whom we do business, and the Board engages with the businesses on these topics, for example, within the context of business strategy updates and investment proposals.

Moreover, the director receives information updates on a variety of topics that indicate and inform how these stakeholders have been engaged. The company also works with other stakeholders such as regulatory and environmental bodies.

STREAMLINED ENERGY AND CARBON REPORTING

The company is in scope for Streamlined Energy and Carbon Reporting (SECR) and also qualifies for ESOS. However, the company falls under the category of a low energy user whose Total Energy Consumption (TEC) is at a domestic level of 40,000 kWh/year or less. Therefore, the company is exempt from producing a fully compliant energy audit or achieving an alternative route to compliance. In practice, the company promotes measures such as reducing waste and recycling, using LED lighting, encouraging use of public transport/cycling to reduce carbon footprints.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Shinewing Wilson Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Shubiao Tao - Director

19 March 2026

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Opinion

We have audited the financial statements of CGN Global Uranium Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Director and the Statement of Director's Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page nine, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, distributable profits legislation.

- There are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Partha Ghosh FCCA (Senior Statutory Auditor)

for and on behalf of Shinewing Wilson Accountancy Limited

Chartered Certified Accountants

and Statutory Auditors

9 St Clare Street

London

EC3N 1LQ

20 March 2026

TURNOVER

4

644,074

859,707

Cost of sales

627,481

848,234

GROSS PROFIT

16,593

11,473

Distribution costs

2,712

2,628

Administrative expenses

790

646

3,502

3,274

OPERATING PROFIT

6

13,091

8,199

Interest receivable and similar income

158

874

13,249

9,073

Interest payable and similar expenses

7

12,953

6,279

PROFIT BEFORE TAXATION

296

2,794

Tax on profit

8

(657

)

(848

)

PROFIT FOR THE FINANCIAL YEAR

953

3,642

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

953

3,642

FIXED ASSETS

Tangible assets

9

50

86

CURRENT ASSETS

Stocks

10

178,322

278,312

Debtors

11

131,177

1,559

Cash at bank

1,518

4,761

311,017

284,632

CREDITORS

Amounts falling due within one year

12

269,934

244,514

NET CURRENT ASSETS

41,083

40,118

TOTAL ASSETS LESS CURRENT LIABILITIES

41,133

40,204

PROVISIONS FOR LIABILITIES

15

12

36

NET ASSETS

41,121

40,168

CAPITAL AND RESERVES

Called up share capital

16

11,000

11,000

Retained earnings

30,121

29,168

SHAREHOLDERS' FUNDS

41,121

40,168

The financial statements were approved by the director and authorised for issue on 19 March 2026 and were signed by:

Shubiao Tao - Director

Called up

share

Retained

Total

capital

earnings

equity

$'000

$'000

$'000

Balance at 1 January 2024

11,000

25,526

36,526

Changes in equity

Total comprehensive income

-

3,642

3,642

Balance at 31 December 2024

11,000

29,168

40,168

Changes in equity

Total comprehensive income

-

953

953

Balance at 31 December 2025

11,000

30,121

41,121

1.	STATUTORY INFORMATION

CGN Global Uranium Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's functional and presentation currency is US$.

Monetary amounts included in these financial statements are rounded to the nearest thousand $.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The director has prepared the financial statements on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The director has reviewed the cash flow forecasts for a period of not less than 12 months from the date of the approval of these financial statements. Based on the cash flow forecasts and analysis, the company has sufficient headroom on its credit facilities in place to fund the working capital requirements in the going concern period and have therefore concluded that it is appropriate to prepare these financial statements on a going concern basis. The director has also considered the company's ability to renew the credit facilities that are due to expire within the going concern period and have a reasonable expectation that a renewal will be forthcoming based on their success of renewals in the past. The company also mitigates the risk of non-renewal of credit facilities by holding facilities with multiple facility providers.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirement of paragraph 33.7.

The company's parent undertaking, CGN Mining Company Limited includes the company in its consolidated financial statements. The consolidated financial statements of CGN Mining Company Limited which is listed on the Hong Kong Stock Exchange (01164.HK) are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRS) and are available to the public and may be obtained from http://www.cgnmc.com/en_cgnmc/index.shtml.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

The company's revenue is from the sales of uranium and revenue is recognised at a point in time, when the customer obtains control of the asset which is upon delivery or book transfer.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method. The estimated useful lives range as follows: The estimated useful lives range as follows:

Fixtures & fittings - 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average cost method basis.

For stocks with fixed sales contracts, the estimated selling price is the weighted average sale price per fixed sales contracts after the balance sheet date. For stocks without sales contracts, the estimated selling price is the market price of uranium on the balance sheet date.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, including cash held by group treasury company, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loan and loans from group undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments.

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless they are included in a hedging arrangement.

Share capital

Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.

The company's ordinary shares are classified as equity instruments.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into US dollar at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US dollar at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases: lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Finance cost

Finance costs are charged to the Income statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Finance income

The company earns finance income from Sales and repurchase back transactions where the company sells the Uranium to a customer and then repurchases it back for an amount that is less than the original selling price of the asset after an agreed date. The entity recognises as financial transaction and finance income recognised using straight-line method to spread over the whole term.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In applying the company's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amount of the assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence at the time when the decisions are made, and based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects both current and future periods.

The critical accounting judgements that the director has made in the process of applying the company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.

Critical judgements in applying the company's accounting policies

Impairment of stocks

The carrying value of closing stock is assessed for impairment at each reporting date to ensure that it is stated at the lower of cost or net realisable value which requires management to make critical estimates: the company considers observable market transactions and price forecasts from reputable industry sources, at the year ended 31 December 2025, no impairment is necessary (2024: $Nil).

Key sources of estimation uncertainty

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.25

31.12.24

$'000

$'000

Sales of Uranium

644,074

859,707

644,074

859,707

An analysis of turnover by geographical market is given below:

31.12.25

31.12.24

$'000

$'000

United Kingdom

7,895

49,871

Europe

338,858

154,875

United States of America

108,310

93,223

Switzerland

-

236,068

Canada

105,815

14,000

Rest of world

83,196

311,670

644,074

859,707

5.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

$'000

$'000

Wages and salaries

744

847

Social security costs

134

149

Other pension costs

122

146

1,000

1,142

The average number of employees during the year was as follows:

31.12.25

31.12.24

Sales

5

3

Administration

3

3

8

6

31.12.25

31.12.24

$

$

Directors' remuneration

208,726

285,263

Directors' pension contributions to money purchase schemes

21,367

26,289

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

Information regarding the highest paid director is as follows:

31.12.25

31.12.24

$

$

Emoluments etc

146,105

285,263

Pension contributions to money purchase schemes

14,306

26,289

6.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.25

31.12.24

$'000

$'000

Other operating leases

57

58

Depreciation - owned assets

40

41

Auditors' remuneration

59

62

Other non- audit services

17

17

Foreign exchange differences

8

(189

)

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

$'000

$'000

Bank interest

-

127

Bank loan interest

7,811

6,152

Interest paid to group

5,142

-

12,953

6,279

8.

TAXATION

Analysis of the tax credit

The tax credit on the profit for the year was as follows:

31.12.25

31.12.24

$'000

$'000

Current tax:

UK corporation tax

(634

)

(848

)

Deferred tax

(23

)

-

Tax on profit

(657

)

(848

)

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.25

31.12.24

$'000

$'000

Profit before tax

296

2,794

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

74

698

Effects of:

Expenses not deductible for tax purposes

1

3

Depreciation in excess of capital allowances

9

9

Adjustments to tax charge in respect of previous periods

(744

)

(1,558

)

Overprovision for 2025

3

-

Total tax credit

(657

)

(848

)

There has been no change to corporation tax rates for the financial year ended 31 December 2025. For the financial year ended 31 December 2025 the weighted average tax rate is 25% (31 December 2024 weighted average tax rate was 25%).

Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.

The company is within the scope of the OECD Pillar Two model rules. Pillar Two legislation has been enacted in the UK, the jurisdiction in which the entity is incorporated, and is effective in 2024. As part of a global group, the company's effective tax rate in the UK will be assessed to determine whether additional tax under the UK Multinational Top-up Tax applies.

The entity applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to Section 29 issued in July 2023.

9.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

$'000

COST

At 1 January 2025

218

Additions

4

Disposals

(12

)

At 31 December 2025

210

DEPRECIATION

At 1 January 2025

132

Charge for year

40

Eliminated on disposal

(12

)

At 31 December 2025

160

NET BOOK VALUE

At 31 December 2025

50

At 31 December 2024

86

10.

STOCKS

31.12.25

31.12.24

$'000

$'000

Stocks

178,322

278,312

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

$'000

$'000

Trade debtors

130,455

-

Amounts owed by group undertakings

20

47

Other debtors

77

68

Tax

516

1,364

VAT

4

15

Prepayments and accrued income

105

65

131,177

1,559

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.