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.