11 January 2022

Yellow Cake plc

("Yellow Cake" or "the Company")

Notice of General Meeting

Yellow Cake, a specialist company operating in the uranium sector with a view to holding physical uranium ("U₃O₈") for the long term, is pleased to announce the publication of a Notice of a General Meeting (the "GM Notice") and Form of Proxy for the General Meeting on the Company's website www.yellowcakeplc.com.

The Company's General Meeting ("GM") will be held at St Brelade's Bay Hotel, La Route de la Baie, St Brelade, Jersey CI, JE3 8EF on Thursday, 27 January 2022 at 10:30am.

Yellow Cake's stated strategy is to buy and hold physical uranium for the long term and to date the Company has financed its uranium purchases through the issuance of equity. Accordingly, each year Yellow Cake seeks authority from its shareholders at its Annual General Meeting ("AGM") to allot and issue new shares on a non-preemptive basis in order to raise capital for uranium purchases as well as for its working capital needs. Under the Company's Framework Agreement with NAC Kazatomprom JSC ("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.

On 29 October 2021, Yellow Cake successfully completed a c.US$150 million share placing and took advantage of very favourable market conditions for uranium by utilising the proceeds of the placing to complete the purchase of an additional US$93 million worth of U₃O₈ from Curzon Uranium Limited in November 2021. The Company also expects to complete the purchase of US$43 million worth of U₃O₈ from Kazatomprom (subject to contract) by June 2022. Further detail in relation to the placing and use of proceeds is set out in the announcement issued by the Company on 26 October 2021.

Following this recent share placing, Yellow Cake has substantially utilised the authorities to allot and issue new shares obtained at its AGM in 2021. The Company therefore has limited ability to fully exercise its 2022 option with Kazatomprom and to make further spot market purchases prior to the Company's 2022 AGM, expected to be held in September 2022.

Yellow Cake believes that the uranium market fundamentals are such that purchasing additional physical uranium could be done on a value accretive basis. The recently launched Sprott Physical Uranium Trust's ability to raise capital and purchase spot market uranium and the ongoing supply side constraints are likely to continue to put pressure on the spot market in the near term. The directors believe the Company's contract with Kazatomprom has significant value, particularly in the current tight spot market and having the ability to fully exercise its 2022 option as soon as market conditions permit would be value accretive for shareholders.

As a result, the Board is seeking shareholder approval at the GM to renew its allotment authorities prior to its AGM in September 2022 to ensure that it can fully exercise its 2022 option with Kazatomprom and to act opportunistically should it identify further opportunities in the market for the purchase of additional uranium.

Please note that we intend to hold the GM as a physical meeting. However, depending on the circumstances applicable at the time, we expect to put in place certain COVID-19 safety measures at the GM, including the wearing of a face mask (unless exempt), social distancing and temperature checks. We are also closely monitoring the developing situation regarding the Omicron variant, in particular for any potential restrictions on public gatherings and non-essential travel. Any resulting changes to the GM arrangements will be communicated to shareholders before the meeting through our website (www.yellowcakeplc.com) and by RNS announcement.

In any case, in the interests of protecting the health and safety of our shareholders, directors and other potential attendees, shareholders are encouraged to appoint the Chair of the GM as their proxy rather than attending the GM in person. Shareholders can be assured that no business will be considered at the GM other than the resolutions set out in the Notice of GM.

A hard copy version of the GM Notice and the Form of Proxy will be sent to those shareholders who have elected to continue to receive paper communications. Shareholders who have not elected to continue to receive paper communications will be sent a notification of the availability of the GM Notice on the Company's website by post or, where they have elected, by email.

Ends

For further information please visit http://www.yellowcakeplc.com  or contact:

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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 15.83 million lb of U₃O₈, all of which is held in storage in Canada and France.