Yellow Cake, a specialist company operating in the uranium sector, holding physical uranium for the long term, is pleased to announce that following the completion of the approximately £62 million share placing on 7 February 2023, it has informed JSC National Atomic Company Kazatomprom (“Kazatomprom”) that it has elected to purchase 1,350,000 lb of U3O8 at a price of US$48.90/lb as part of its 2022 uranium purchase option under its agreement with Kazatomprom (the “Framework Agreement”). The Company expects to take delivery in the second half of 2023.

Kazatomprom Option

Under its Framework Agreement with Kazatomprom, Yellow Cake has the option to purchase up to
US$100 million of U3O8 per year from Kazatomprom at an undisturbed spot price, through to 2027.
The purchase price was proposed to the Company by Kazatomprom on 25 January 2023 (using spot market indicators), enabling the Company to subsequently complete its approximately £62 million share placing and then exercise the option at the agreed price under the Framework Agreement to purchase U3O8 as part of its 2022 option.

This represents 1.35 million lb of additional U3O8 which is to be delivered into storage as part of Yellow Cake’s long term buy and hold strategy, increasing the Company’s total holdings to approximately 20.2 million lb of U₃O₈.

This material will be delivered to the Company’s storage accounts at either Orano Cycle’s Malvesi /
Tricastin facility in France or to Cameco’s Port Hope / Blind River facility in Ontario, Canada in the
second half of 2023. The exact delivery date and location will be agreed between the parties.

---

ENQUIRIES:

Yellow Cake plc

Nominated Adviser and Joint Broker: Canaccord Genuity Limited

Joint Broker: Berenberg

Financial Adviser: Bacchus Capital Advisers

Communications Adviser: Powerscourt