Review of Long-term Incentive Plan

Yellow Cake, a specialist company operating in the uranium sector holding physical uranium ("U3O8") for the long term, held its Annual General Meeting on 6 September 2023 ("AGM").

At the time of the AGM announcement, the Company noted that Investor Shareholder Services ("ISS"), a proxy advisory firm, raised concerns regarding the conditions of vesting of the Company's long-term incentive options. While the related resolution was passed by a majority of shareholders, the Company undertook to consult with those shareholders who voted against this resolution to better understand their specific concerns. The Company continues to engage with the relevant shareholders and will provide an update on this in due course in line with the UK Corporate Governance Code.