Yellow Cake PLC has elected to exercise its full 2021 $100 million uranium purchase option under its agreement with JSC National Atomic Co. Kazatomprom. The U3O8 delivery is expected between April and August.

The London-listed company has also agreed to purchase an additional 440,000 pounds of U3O8 for $12 million, or $27.34 per pound.

The uranium purchases will increase Yellow Cake's U3O8 holdings to 13.2 million pounds from 9.3 million pounds.

Yellow Cake recently upsized a share placement to $140 million, from an initial $110 million. Proceeds from the placement will be primarily used to purchase U3O8 from Kazatomprom.