17 March 2026

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

DELIVERY AND ADDITIONAL PURCHASE OF URANIUM

Yellow Cake, a specialist Group operating in the uranium sector, holding physical uranium ("U₃O₈") for the long term, is pleased to announce that, on 16 March 2026, it took delivery of 1,331,912 lb of U₃O₈ from JSC National Atomic Company Kazatomprom ("Kazatomprom") at the Cameco storage facility in Canada.

The delivery is pursuant to the previously announced exercise by the Company of its 2025 uranium purchase option under its Framework Agreement with Kazatomprom to purchase 1,331,912 lb of U₃O₈ at a price of USD75.08/lb for a total consideration of USD100.0 million.

In February 2026, Yellow Cake informed Kazatomprom that it had elected to purchase 1,160,766 lb of U₃O₈ at a price of USD86.15/lb, or USD100.0 million in aggregate, pursuant to Yellow Cake's 2026 uranium purchase option under the Framework Agreement. Yellow Cake expects delivery to take place in the second half of 2026.

In addition to the Kazatomprom purchases, Yellow Cake has also purchased an incremental 100,000 lb of U₃O₈ which will be delivered at Orano's facility in France on 20 March 2026.

Yellow Cake currently holds 23,014,230 lb of U₃O₈ in storage in Canada and France. Following completion of the above purchases and deliveries, Yellow Cake will hold 24,274,996 lb of U₃O₈, further increasing the Group's long-term uranium holdings.

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 and its wholly owned subsidiary (together, the "Group") seek 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. The Group currently holds 23.0 million pounds 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 Group and the industry and markets in which the Group 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 Group'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 Group 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 Group'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.