Exercise of Kazatomprom 2022 Option

Yellow Cake, a specialist company operating in the uranium sector, holding physical uranium for the long term, is pleased to announce that following the completion of the approximately £62 million share placing on 7 February 2023, it has informed JSC National Atomic Company Kazatomprom (“Kazatomprom”) that it has elected to purchase 1,350,000 lb of U3O8 at a price of US$48.90/lb as part of its 2022 uranium purchase option under its agreement with Kazatomprom (the “Framework Agreement”).