Yellow Cake : Interim Financial Report for the six-month period ended 30 September 2021

9 December 2021

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

Unaudited Interim Financial Report for the six-month period ended 30 September 2021

Yellow Cake, a specialist company operating in the uranium sector with a view to holding physical uranium for the long term, is pleased to announce its unaudited interim financial report for the six-month period ended

1. September 2021 ("half-year").
   Highlights

• Net asset value as at 30 September 2021 of GBP3.26 per share1 or USD675.2 million, comprising 13.86 million lb of physical uranium ("U3O8") valued at a spot price of USD43.00/lb2 and other net assets.
• 97% increase in the value of the Company's uranium holding during the half-year by from USD302.1 million3 as at 31 March 2021 to USD595.8 million4 as at 30 September 2021, as a result of the appreciation in the uranium price and a net increase in the volume of uranium held. This compares to an acquisition cost of USD337.8 million, or USD24.38/lb5, representing an increase in value of 76% as at 30 September 2021.
• Total comprehensive income after tax of USD169.1 million for the six-month period ended 30 September 2021.
• Following the completion of an upsized share placing and retail offer in March 2021 (which raised gross proceeds of approximately GBP99.3 million (USD138.5 million)) and an oversubscribed share placing and retail offer in June 2021(which raised gross proceeds of approximately GBP62.5 million (USD86.9 million)), the Company:
  o Purchased and took delivery of 3.45 million lb of U3O8 through the full exercise of the Company's option for 2021 under its Framework Agreement with JSC National Atomic Company Kazatomprom ("Kazatomprom") at a price of USD28.95/lb, for a total consideration of USD100.0 million;
  o Purchased in the spot market and took delivery of 893,053 lb of additional U3O8 at an average price of USD31.12/lb, for a total consideration of USD27.8 million;

1. Net asset value per share on 30 September 2021 is calculated assuming 157,740,730 ordinary shares in issue, less 4,069,498 shares

held in treasury, the Bank of England's daily USD/ GBP exchange rate of 1.3484 on 30 September 2021 and the daily spot price published by UxC, LLC on 30 September 2021

1. Daily spot price of USD43.00/ lb published by UxC, LLC on 30 September 2021
2. Based on the month-end spot price of USD30.65/lb published by UxC, LLC on 29 March 2021 and 9,856,385 lb of U₃O₈ held by the company as at 31 March 2021
3. Based on the daily spot price of USD43.00/lb published by UxC, LLC on 30 September 2021 and 13,855,601 lb of U₃O₈ held by the company as at 30 September 2021
4. Calculated based on a first in, first out methodology

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1. Sold 348,068 lb of U3O8 to Uranium Royalty Corp. ("URC") at a price of USD28.73/lb, for a total consideration of USD10.0 million following the exercise of URC's purchase option, bringing the Company's holdings to 13.86 million lb of U3O8 as at 30 September 2021; and

1. Signed an agreement with Kazatomprom on 26 August 2021 to purchase a further 2.0 million lb of U3O8 at a price of USD32.23/lb, for a total consideration of USD64.5 million.

Post period end updates

• In October 2021, Yellow Cake successfully completed another oversubscribed share placing (the third placing in the calendar year), which raised gross proceeds of approximately GBP109.2 million (USD149.7 million) (the "October Placing").
• Following the period end, Yellow Cake took delivery of a further 4.0 million lb of U3O8:

1. Applied part of the proceeds of the October Placing to fund the purchase of 2.0 million lb of U3O8 from Curzon Uranium Limited ("Curzon") at a price of USD46.32/lb, and took title to this uranium in November 2021; and

• 1. Took delivery of 2.0 million lb of U3O8 from Kazatomprom on 4 December 2021, pursuant to the agreement of 26 August 2021 mentioned above.
• The Company intends to use part of the remaining proceeds of the October Placing to fund the purchase of 0.95 million lb of U3O8 from Kazatomprom, pursuant to Kazatomprom's offer of 26 October 2021 and subject to contract, at a price of USD47.58/lb, with delivery expected to take place by June 2022.
• Under an existing arrangement (as previously disclosed in the Company's admission document, annual reports and recent press releases), Kazatomprom has an option to repurchase, at the uranium spot price less an aggregate discount of USD6.6 million, up to 25% of the initial purchase volume which the Company purchased from Kazatomprom in July 2018 under the Framework Agreement (the "Repurchase Option"). The Company has a corresponding buyback option to purchase from Kazatomprom, at the prevailing spot price, all or a portion of the volume repurchased by Kazatomprom under its Repurchase Option (the "Buyback Option"). Kazatomprom's right to exercise the Repurchase Option arises only once during the term of the Framework Agreement, for a period of 60 days, when certain conditions are met.
• Following the conditions being met for Kazatomprom to exercise its Repurchase Option:
• 1. Kazatomprom exercised its Repurchase Option at a price of USD43.25/lb less an aggregate discount of USD6.6 million, and took delivery of 2,022,846 lb of U3O8 from Yellow Cake on 22 November 2021; and

1. Yellow Cake exercised its Buyback Option for the same quantity of uranium at a price of USD43.25/lb and is expected to take delivery of the 2,022,846 lb of U3O8 from Kazatomprom between March 2022 and April 2022.

• 1. The net impact of the Repurchase Option and Buyback Option transactions is expected to be a pay-out by the Company to Kazatomprom of USD6.6 million. Further details on these arrangements can be found in note 5 of the financial statements.
• Following completion of the transactions with Kazatomprom described above (whereby the Company expects to acquire 0.95 million lb of U3O8 from Kazatomprom and following the completion of the Repurchase Option and Buyback Option transactions with Kazatomprom), Yellow Cake's holdings of U3O8 are expected to increase to 18.81 million lb.
• Estimated proforma net asset value on 7 December 2021 was GBP3.55 per share or USD864.3 million, assuming 18.81 million lb of U3O86 valued at a spot price of USD44.75/lb7.

1. Comprises 13.9 million lb of U3O8 held on 30 September 2021, plus 2.0 million lb of U3O8 purchased from Curzon and delivered in November 2021, plus 2.0 million lb of U3O8 purchased from Kazatomprom and delivered on 4 December 2021, plus 0.95 million lb of U3O8 to be purchased from Kazatomprom, subject to contract, for delivery in June 2022
2. Daily spot price published by UxC, LLC on 7 December 2021

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Yellow Cake Estimated Proforma Net Asset Value as at 7 December 2021

		Units
Investment in Uranium
Uranium oxide in concentrates ("U3O8") (6)	(A)	lb	18,805,601
U3O8 fair value per pound (7)	(B)	US$/lb	44.75
U3O8 fair value	(A) x (B) = (C)	US$ m	841.6
Uranium derivative liability (8)	(D)	US$ m	(6.6)
Cash and other net current assets/(liabilities)(9)	(E)	US$ m	29.3
Net asset value in US$ m	(C) + (D) + (E) = (F)	US$ m	864.3
Exchange Rate	(G)	US$/GBP	1.3244
Net asset value in £ m	(F) / (G) = (H)	£ m	652.6
Number of shares in issue less shares held in
treasury(10)	(I)		183,671,232
Net asset value per share	(H) / (I)	£/share	3.55

Andre Liebenberg, CEO of Yellow Cake, said:

"We continue to meet our stated objectives, delivering considerable returns for our shareholders, justifying the confidence in our strategy and investment thesis as set out at the time of our IPO. That strategy is centred on the purchase and storage of U3O8, providing investors with exposure to the uranium price without the associated mining risk, with the aim of realising a return on investment from an increase in uranium prices over the long term.

"Since March, we've conducted another two successful share placings raising a further c. USD237 million. These will enable us to acquire more uranium, bringing our total holdings to nearly 19 million pounds once these transactions and deliveries are complete, more than double our holdings since the start of the year.

"Our view is the outlook for the uranium price remains strong, with the factors that have driven the higher spot price still very much prevalent, being the combination of supply demand characteristics and the growing appreciation of the role of nuclear in our clean energy future. We believe COP26, while rightly highlighting the need to increase investment in renewables, has once again shone a light on the vital role nuclear energy will play in helping us all meet the ambitious climate goals set out last month. The demand side of uranium is strong and growing, yet considerable supply constraints remain. We continue to have real confidence in our business model, our strategy and our investment case."

1. Expected pay-out by the Company to Kazatomprom following the exercise of the Repurchase Option and Buyback Option, as described in note 5 of the financial statements
2. Includes cash and other current assets and liabilities of US$85.9 million as at 30 September 2021, plus net October Placing proceeds of USD145.7, less a cash consideration of USD92.6 million paid to Curzon in respect of 2.0 million lb of U3O8 delivered in November 2021, less a cash consideration of USD64.5 m paid to Kazatomprom in respect of 2.0 million lb of U3O8 delivered on 4 December 2021, less a cash consideration of USD45.2 m to be paid to Kazatomprom (subject to contract) in respect of 0.95 million lb of U3O8 to be delivered in 2022
3. Net asset value per share on 7 December 2021 is calculated assuming 157,740,730 ordinary shares in issue, including 30,000,000 shares issued on 29 October 2021, less 4,069,498 shares held in treasury

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This announcement contains inside information for the purposes of Article 7 of Regulation (EU) no 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.

ENQUIRIES:

Yellow Cake plc

Andre Liebenberg, CEOCarole Whittall, CFO

Tel: [phone]

Nominated Adviser and Joint Broker: Canaccord Genuity Limited

Henry Fitzgerald-O'ConnorJames Asensio

Georgina McCooke

Tel: [phone]

Joint Broker: Berenberg
Matthew Armitt	Jennifer Wyllie
Varun Talwar	Detlir Elezi
Tel: [phone]
Financial Adviser: Bacchus Capital Advisers
Peter Bacchus	Richard Allan
Tel: [phone]
Investor Relations: Powerscourt
Peter Ogden	Linda Gu
Tel: [phone]

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ABOUT YELLOW CAKE

Yellow Cake is a London-quoted company, headquartered in Jersey, which offers exposure to the uranium spot price. This is achieved through its strategy of buying and holding physical triuranium octoxide ("U3O8"). The Company may also seek to add value through the acquisition of uranium royalties and streams or other uranium- related activities. Yellow Cake seeks to generate returns for shareholders through the appreciation of the value of its holding of U3O8 and its other uranium-related activities in a rising uranium price environment. The business is differentiated from its peers by its ten-year Framework Agreement for the supply of U3O8 with Kazatomprom, the world's largest uranium producer. Yellow Cake currently holds 15.83 million pounds of U3O8, all of which is held in storage in Canada and France.

FORWARD LOOKING STATEMENTS

Certain statements contained herein are forward looking statements and are based on current expectations, estimates and projections about the potential returns of the Company and the industry and markets in which the Company will operate, the Directors' beliefs and assumptions made by the Directors. Words such as "expects", "anticipates", "should", "intends", "plans", "believes", "seeks", "estimates", "projects", "pipeline", "aims", "may", "targets", "would", "could" and variations of such words and similar expressions are intended to identify such forward looking statements and expectations. These statements are not guarantees of future performance or the ability to identify and consummate investments and involve certain risks, uncertainties and assumptions that are difficult to predict, qualify or quantify. Therefore, actual outcomes and results may differ materially from what is expressed in such forward looking statements or expectations. Among the factors that could cause actual results to differ materially are: uranium price volatility, difficulty in sourcing opportunities to buy or sell U3O8, foreign exchange rates, changes in political and economic conditions, competition from other energy sources, nuclear accident, loss of key personnel or termination of the services agreement with 308 Services Limited, changes in the legal or regulatory environment, insolvency of counterparties to the Company's material contracts or breach of such material contracts by such counterparties. These forward-looking statements speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based unless it is required to do so by applicable law or the AIM Rules.

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