LSE Release

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

Results of Placing

Yellow Cake plc (AIM: YCA), founded and established by Bacchus Capital to be a specialist company operating in the uranium sector with a view to holding physical uranium for the long-term, is pleased to announce that 15,000,000 new Ordinary Shares (the "Placing Shares") have been placed with existing and new institutional investors at a price of £4.12 per share (the "Placing Price") via an accelerated bookbuild (the "Placing").

Due to strong investor demand, the Company agreed with the Joint Bookrunners to increase the size of the Placing to approximately US$75 million from the approximately US$50 million originally proposed.

The Fundraise was conducted utilising the Company's existing share authorities.

The Placing comprises 15,000,000 new Ordinary Shares, which will raise gross proceeds of approximately £61.8 million (approximately US$75 million). The Placing Shares being issued represents approximately 8.19% of the existing issued ordinary share capital (excluding treasury shares) of the Company prior to the Placing.

Andre Liebenberg, Chief Executive Office of Yellow Cake, commented:

"We have been delighted with the response to our placing and would like to thank shareholders for their continued support. Demand was again considerable, supporting our view that this remains a compelling time to invest in uranium. Supply demand fundamentals, the increasing global acceptance of nuclear to support future energy security and the new theme of term market strength, all give us confidence in the long term momentum in the uranium price."

Placing:

Application has been made for the Placing Shares to be admitted to trading on the AIM market of the London Stock Exchange plc ("AIM") ("Admission"). It is expected that Admission will become effective at commencement of trading on 7 February 2023 and settlement is expected to take place on the same date on a T+2 basis.

The Placing is conditional upon, inter alia, Admission becoming effective and the Placing Agreement not being terminated in accordance with its terms.

Following Admission of all of the Placing Shares: (a) the total number of shares of the Company in issue will be 202,740,730 of which 4,636,331 are held in treasury; and (b) the total number of voting shares in the Company will be 198,104,399.

Other than where defined, capitalised terms used in this announcement have the meanings given to them in the Announcement released by the Company at 16:52 (London time) on 2 February 2023.

Cantor Fitzgerald Canada Corporation ("Cantor"), Canaccord Genuity Limited ("Canaccord") and Joh. Berenberg, Gossler & Co. KG, London Branch ("Berenberg"), acted as Joint Bookrunners (Cantor, Canaccord and Berenberg, together being the "Joint Bookrunners"). Bacchus Capital Advisers acted as Financial Adviser.