4 May 2022

Yellow Cake plc ("Yellow Cake" or the "Company")

Yellow Cake extends timeframe for completion of US$3 million Share Buyback Programme

Yellow Cake, a specialist company operating in the uranium sector holding physical uranium for the long term, announces the extension of its share buyback programme to purchase up to US$3 million of the Company's ordinary shares of £0.01 pence each ("Ordinary Shares") (the "Programme").

The Programme commenced on 4 April 2022 and ran for an initial period of 30 calendar days. During the Programme, the Company purchased in aggregate 432,331 Ordinary Shares for a total consideration of US$2.3 million, at a volume weighted average price of 422.7 pence per share and a volume weighted average discount to net asset value of 11.5%. The Company has now decided to extend the Programme for an additional 30 calendar days commencing today, subject to early termination if the Company completes the purchase of US$3 million Ordinary Shares in aggregate from commencement of the Programme.

The Company's shares have traded at a material discount to its underlying net asset value since mid-January this year. The Yellow Cake Board therefore took the decision to implement the Programme as a means of effectively acquiring exposure to uranium at a discount to the commodity spot price. The Programme forms part of the Company's stated broader strategy to deliver value to its shareholders. 

The Company has 187,740,730 Ordinary Shares in issue, of which 4,501,829 are held in treasury. Therefore, the total number of Ordinary Shares carrying voting rights is 183,238,901.

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 (the "Existing Authority"). The parameters of the Programme will remain as previously announced on 4 April 2022 and the Company will seek to make market purchases at a price or prices and volume that the Company believes to be value-enhancing for the Company's shareholders. As such, it is the Company's intention that Ordinary Shares only be purchased should the closing mid-market share price of the Company in any given day represent a discount of 10% or more to the Company's proforma Net Asset Value at that time.

The Existing Authority permits the purchase of a maximum of 15,358,435 Ordinary Shares, including purchases made to date under the Programme. The Programme is being 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 are being 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 are being 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.

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