12 August 2025

Yellow Cake plc ("Yellow Cake" or the "Company" or the "Group") 

Grant of Awards Under Long Term Incentive Plan

Yellow Cake, a specialist company operating in the uranium sector holding physical uranium for the long term, announces that awards have been granted to Persons Discharging Managerial Responsibility ("PDMRs") as detailed below.

Each of the following PDMRs has, on 11 August 2025, been granted awards in the form of nil-cost options over the number of ordinary shares in the Company ("Performance Shares") under the terms of the Yellow Cake plc Share Option Plan 2019, as amended, as set out below. 

The awards are in line with the updated Company's Long Term Incentive Plan (the "Updated LTIP") and remuneration policy, which have been updated following consultation with the Company's largest shareholders. The Updated LTIP was developed with advice from an independent remuneration consultant. To summarise, the Updated LTIP provides PDMRs with nil-cost options over Performance Shares, awarded on a conditional basis as determined by the Remuneration Committee. The number of Performance Shares granted each year will be based on the potential maximum LTI for the CEO and CFO, divided by the higher of the net asset value per Yellow Cake Share and the Yellow Cake share price on 31 March of the previous financial year. Performance Shares will vest 3 years after the commencement of the performance period, being 1 April 2025, subject to the satisfaction of performance conditions linked to share price performance against comparators and growth in the Group's uranium holdings and revenue. Details of the Updated LTIP and remuneration policy were made available in the Company's annual report for the year to 31 March 2025.

A share price of £5.05 ("Commencement Price"), being the higher of the net asset value per Yellow Cake Share as at the Company's financial year-end of 31 March 2025 and the mid-market closing price of the ordinary shares of the Company on AIM on the last trading day before the financial year-end, has been used to determine the number of Performance Shares granted on 11 August 2025.

These awards will vest on 1 April 2028, subject to:

·      Yellow Cake's share price performance against various comparators (see further details below) over the three-year period commencing 1 April 2025 (weighting of 80%); and

·      Yellow Cake achieving material growth in uranium holdings and revenue over the three-year period commencing 1 April 2025, save in certain circumstances including a change of control of the Company, as determined by the Remuneration Committee (weighting of 20%).

Yellow Cake's relative share price performance will be measured against the following three comparators:

The calculation of Yellow Cake's relative share price performance is based on the average over the entire period (3 years) of the daily performance of each closing daily inputs of the respective share prices and the U₃O₈ price ("Daily Input") compared with the Commencement Price of each Daily Input (expressed as a %).

All share price and U₃O₈ relative performance comparators will be converted into USD using respective daily FX rates, so as to eliminate exchange rate impacts.

These comparators have been chosen because it is the Remuneration Committee's view that they best reflect Yellow Cake's peers and therefore offer a basis on which Yellow Cake's relative share price performance over the three-year period can be objectively measured.

This notification is made under Article 19 of the UK Market Abuse Regulation.

ENQUIRIES:

ABOUT YELLOW CAKE

Yellow Cake is a London-quoted company, 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 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 21.68 million pounds of U₃O₈, all of which is held in storage in Canada and France.