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Uranium stockpiler Yellow Cake posted a maiden annual profit of $29.7m as the value of its holdings grew.
The company, which was incorporated on 18 January 2018, said its uranium-related profit for the period up to the end of March 2019 was $36.4m.
The value of its underlying uranium oxide had risen 22% to $217.4m as at the end of March, relative to acquisition cost of $178.2m.
'I am pleased to present our maiden set of full year numbers,' chief executive Andre Liebenberg said.
'We have been active in the market, acquiring additional uranium on three separate occasions following our admission to the AIM market, taking our total uranium holdings to nearly 10 million pounds, in line with the strategy we set out at the time of our IPO.'
'We continue to believe that the uranium market is structurally mis-priced and that prices will continue to rise in the long-term.'
'Despite some continued volatility, market activity has justified our investment proposition, with the spot price increasing by 13% from USD22.85/lb at our IPO to USD25.75/lb at the end of March 2019.'
'We continue to offer investors exposure to the uranium spot price without the operating risks associated with exploration, development and mining, and the market dynamics underpinning our thesis remain robust.'