Grant of Awards Under Long Term Incentive Plan

Yellow Cake, a specialist company operating in the uranium sector holding physical uranium for the long term, announces that awards have been granted to Persons Discharging Managerial Responsibility ("PDMRs") as detailed below.

Each of the following PDMRs has, on 3 September 2026, been granted awards in the form of nil-cost options over the number of ordinary shares in the Company ("Performance Shares") under the terms of the Yellow Cake plc Share Option Plan 2019, as amended, as set out below.

The awards are in line with the Company's Long Term Incentive Plan (the "LTIP") and remuneration policy. The LTIP provides PDMRs with nil-cost options over Performance Shares, awarded on a conditional basis as determined by the Remuneration Committee. The number of Performance Shares granted each year will be based on the potential maximum LTI for the CEO and CFO, divided by the higher of the net asset value per Yellow Cake Share and the Yellow Cake share price on 31 March of the previous financial year. The performance period commences on 1 April 2026 and Performance Shares will vest 3 years thereafter, subject to the satisfaction of performance conditions linked to share price performance against comparators and growth in the Group's uranium holdings and revenue. Details of the LTIP and remuneration policy are set out in the Company's annual report for the year to 31 March 2026.

A share price of £6.33 ("Commencement Price"), being the higher of the net asset value per Yellow Cake Share as at the Company's financial year-end of 31 March 2026 and the mid-market closing price of the ordinary shares of the Company on AIM on the last trading day before the financial year-end, has been used to determine the number of Performance Shares granted on 3 September 2026.

These awards will vest on 1 April 2029, subject to:

• Yellow Cake's share price performance against various comparators (see further details below) over the three-year period commencing 1 April 2026 (weighting of 80%); and
• Yellow Cake achieving material growth in uranium holdings and revenue over the three-year period commencing 1 April 2026, save in certain circumstances including a change of control of the Company, as determined by the Remuneration Committee (weighting of 20%).

Yellow Cake's relative share price performance will be measured against the following three comparators:

80%

The calculation of Yellow Cake's relative share price performance is based on the average over the entire period (3 years) of the daily performance of each closing daily inputs of the respective share prices and the U3O8 price ("Daily Input") compared with the Commencement Price of each Daily Input (expressed as a %).

All share price and U3O8 relative performance comparators will be converted into USD using respective daily FX rates, so as to eliminate exchange rate impacts.

These comparators have been chosen because it is the Remuneration Committee's view that they best reflect Yellow Cake's peers and therefore offer a basis on which Yellow Cake's relative share price performance over the three-year period can be objectively measured.

This notification is made under Article 19 of the UK Market Abuse Regulation.