Yellow Cake, a specialist company operating in the uranium sector, with a view to holding physical uranium for the long term, is pleased to announce that it has purchased 343,053 lb of U3O8 in the market at a price of $29.15/lb for total consideration of US$10 million. Yellow Cake will take delivery of the U3O8 at Cameco’s Port Hope / Blind River facility in Ontario, Canada during May 2021.

In addition to this transaction, and as previously announced, Yellow Cake has committed to purchase 3.45 million lb of U₃O₈ through the exercise of its option with Kazatomprom. A delivery schedule between May and August 2021 will be agreed between Yellow Cake and Kazatomprom.

It is expected that once these two transactions have completed, the Company’s uranium holdings
will increase from 9.50 million lb U₃O₈ to 13.31 million lb U₃O₈ acquired at a volume weighted
average price of US$24.05/lb.

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ENQUIRIES:

Yellow Cake plc

Nominated Adviser and Joint Broker: Canaccord Genuity Limited

Joint Broker: Berenberg

Financial Adviser: Bacchus Capital Advisers

Communications Adviser: Powerscourt

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ABOUT YELLOW CAKE

Yellow Cake is a London-listed company founded and established by Bacchus Capital and
headquartered in Jersey, which offers exposure to the uranium spot price. This is achieved through
its strategy of buying and holding physical triuranium octoxide (“U₃O₈”). It may also seek to add
value through the acquisition of uranium royalties and streams or other uranium related activities.
Yellow Cake seeks to generate returns for shareholders through the appreciation of the value of its
holding of U₃O₈ and its other uranium related activities in a rising uranium price environment. The
business is differentiated from its peers by its ten-year Framework Agreement for the supply of U₃O₈
with Kazatomprom, the world’s largest uranium producer. Yellow Cake currently holds 9.32 million
lb of U₃O₈, all of which is held in storage in Canada and France.

FORWARD LOOKING STATEMENTS

Certain statements contained herein are forward looking statements and are based on current
expectations, estimates and projections about the potential returns of the Company and the
industry and markets in which the Company will operate, the Directors’ beliefs and assumptions
made by the Directors. Words such as “expects”, “anticipates”, “should”, “intends”, “plans”,
“believes”, “seeks”, “estimates”, “projects”, “pipeline”, “aims”, “may”, “targets”, “would”, “could”
and variations of such words and similar expressions are intended to identify such forward looking
statements and expectations. These statements are not guarantees of future performance or the
ability to identify and consummate investments and involve certain risks, uncertainties and
assumptions that are difficult to predict, qualify or quantify. Therefore, actual outcomes and results
may differ materially from what is expressed in such forward looking statements or expectations.
Among the factors that could cause actual results to differ materially are: uranium price volatility,
difficulty in sourcing opportunities to buy or sell U₃O₈, foreign exchange rates, changes in political
and economic conditions, competition from other energy sources, nuclear accident, loss of key
personnel or termination of the services agreement with 308 Services Limited, changes in the legal
or regulatory environment, insolvency of counterparties to the Company’s material contracts or
breach of such material contracts by such counterparties. These forward-looking statements speak
only as at the date of this announcement. The Company expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any forward looking statements contained
herein to reflect any change in the Company’s expectations with regard thereto or any change in
events, conditions or circumstances on which any such statements are based unless required to do
so by applicable law or the AIM Rules.