LSE Release

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

Results of Placing

Yellow Cake plc (AIM: YCA) ("Yellow Cake" or the "Company"), founded and established by Bacchus Capital Advisers ("Bacchus") 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 18,700,000 new Ordinary Shares (the "Placing Shares") have been placed with existing and new institutional investors at a fixed price of £5.50 per share (the "Placing Price") via an accelerated bookbuild (the "Placing").

The Placing was conducted using the Company's existing share authorities. The Placing comprises 18,700,000 new Ordinary Shares, which will raise gross proceeds of approximately £103 million (approximately US$125 million). The Placing Shares being issued represent approximately 9.4% 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 are delighted with the strong response from both existing and new investors, highlighting the growing interest in, and understanding of, both uranium and the Yellow Cake investment case. This has once again resulted in an oversubscribed book. The recent positive momentum in the uranium price is indicative of the themes we have consistently set out, with supply demand fundamentals and a wider acceptance of the critical role nuclear energy will play in supporting our net zero ambitions both acting as long-term drivers. Looking ahead, we remain confident that spot and term prices will need to increase further to reach an incentive price which supports the construction of the new greenfield mines that are needed to meet mid and long-term uranium demand expectations."

Placing:

Application has been made for the Placing Shares to be admitted to trading on the AIM market of London Stock Exchange plc ("AIM") ("Admission"). It is expected that Admission will become effective at commencement of trading on 2 October 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 221,440,730 of which 4,584,283 are held in treasury; and (b) the total number of voting shares in the Company will be 216,856,447.

Other than where defined, capitalised terms used in this announcement have the meanings given to them in the Announcement released by the Company at 18.17 (London time) on 27 September 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 acted as Financial Adviser.