Yellow Cake begins Share Buyback Programme

Yellow Cake, a specialist Group operating in the uranium sector, holding physical uranium ("U3O8") for the long term and engaged in uranium-related commercial activities, announces the initiation of a share buyback programme to purchase up to US$10 million of the Company's ordinary shares with a nominal value of £0.01 each ("Ordinary Shares") over 60 calendar days commencing on 15 June 2026 (the "Programme").

The Yellow Cake Board has noted the recent widening of the discount at which the Company's shares have traded relative to its underlying net asset value ("NAV"). The Board believes that the current share price represents an attractive opportunity to increase shareholders' exposure to the Company's uranium holdings at a discount to their underlying value and that a share buyback programme is an efficient means of creating value for shareholders.

The Board continues to have confidence in the long-term fundamentals of the uranium market and believes the Company's physical uranium holdings provide shareholders with direct exposure to those fundamentals. The Company remains well capitalised, with a strong balance sheet and significant liquidity.

The Programme forms part of the Company's broader stated strategy to enhance shareholder value.

Buyback Programme

Purchases pursuant to the Programme will be made under the authority the Company has in place to make market acquisitions in accordance with the Jersey Companies Law and the authority granted by Shareholders to the Board of the Company at its Annual General Meeting, held on 4 September 2025 (the "Existing Authority"). The Existing Authority permits the purchase of a maximum of 21,685,645 Ordinary Shares. The Programme, the purpose of which is to reduce the Company's issued share capital, will take place within the limitations of the Existing Authority.

Under the parameters of the Programme, the Company will seek to make market purchases at prices and volumes that the Company believes to be value-enhancing for the Company's shareholders. As such, it is the Company's intention that Ordinary Shares will only be purchased should the closing mid-market share price of the Company, on the prior day to any such purchases being made, represent a discount of 10% or more to the Company's proforma Net Asset Value at that time. The Programme will be implemented over 60 calendar days unless extended by the Company.

The Programme will be conducted in compliance with the Market Abuse Regulation (EU) No. 596/2014 and Commission Delegated Regulation (EU) No. 2016/1052, as they form part of UK law. The Company intends to hold those Ordinary Shares purchased under the Programme in treasury.

Purchases will be carried out in compliance with the relevant conditions for trading, restrictions regarding time and volume, disclosure and reporting obligations, and price conditions. The Ordinary Shares will be repurchased at a price, excluding expenses, that does not exceed the higher of (i) the last independent trade or the highest current independent bid on the relevant trading platform; and (ii) 105 percent of the average market value of an Ordinary Share as derived from the AIM Appendix to the London Stock Exchange Daily Official List for the five business days immediately preceding the date of purchase.

Yellow Cake has entered into an agreement with the Company's Broker, Canaccord Genuity Limited ("Canaccord"), to carry out on-market purchases of its Ordinary Shares. Canaccord will act as riskless principal and will make trading decisions concerning the timing of the purchases of Ordinary Shares independently of the Company.

Details of any purchases made under the Programme will be provided via RNS announcements and published on the Company's website.

Andre Liebenberg, CEO of Yellow Cake said:

"We remain confident in the long-term outlook for uranium and continue to believe that Yellow Cake provides investors with a compelling means of gaining exposure to the commodity. At the current discount to NAV, we believe share repurchases represent an attractive opportunity to create value for shareholders and to increase their exposure to our uranium holdings at a discount to their underlying value."