Yellow Cake PLC is a company that provides exposure to the uranium market by purchasing and holding physical triuranium octoxide (U3O8). Its business model focuses on acquiring U3O8 to benefit from price appreciation in a rising uranium price environment. The company holds significant inventories of U3O8, which are stored in Canada and France, and has a strategic partnership with Kazatomprom, the world's largest uranium producer. Yellow Cake primarily serves institutional and retail investors seeking direct investment in uranium.