Yellow Cake PLC - Board Change

25 July 2025

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

Board Change

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, is pleased to confirm the appointment of Zoe Rizzuto as an independent non-executive director with effect from 25 July 2025.

Zoe Rizzuto is an Executive Director at Langham Hall Fund Management (Jersey) Limited, having joined the firm in August 2014. She brings over 25 years of experience in Jersey's financial services industry. Ms Rizzuto holds board-level responsibility for the fund administration business in Jersey and has overseen all departments within Langham Hall Jersey during her tenure.

Ms Rizzuto has extensive expertise in both private client services and fund administration, with over a decade spent in senior roles across these areas. She has worked with a diverse range of clients, structures, assets, and jurisdictions.

She currently serves on the boards of several regulated and unregulated Jersey vehicles, managing a wide variety of assets, including residential and commercial property, investment portfolios, and debt structures. Ms Rizzuto is approved to act as a key person by the Jersey Financial Services Commission. Ms Rizzuto is a Chartered Secretary and an Associate of The Chartered Governance Institute.

Ms Rizzuto's appointment follows the resignation of Claire Brazenall as an independent non-executive director with effect from 25 July 2025. The Board would like to take this opportunity to express its sincere gratitude to Claire for her significant contribution to Yellow Cake.

Further information in relation to the Director appointment

Zoe Rizzuto

Zoe Rizzuto is an Executive Director at Langham Hall Fund Management (Jersey) Limited. Langham Hall provides administration services to the Group, which will include the services of Ms Rizzuto.  The Board acknowledges the potential impairment of Ms Rizzuto's independence owing to its business relationship with Langham Hall, as outlined in provision 10 of the UK Corporate Governance Code (which the Company elects to comply with insofar as appropriate given the Group's size, business and resources).

The Board nevertheless regards Ms Rizzuto as an independent non-executive director and undertook a rigorous evaluation to reach this conclusion. Ms Rizzuto did not participate in her own assessment.

Ms Rizzuto brings valuable expertise, particularly in governance, compliance, and the Jersey regulatory environment, along with extensive knowledge of asset management and administration. Her insights are expected to enhance Board discussions and provide objective scrutiny and constructive challenge to both management and fellow directors.

In addition, the Group's business relationship with Langham Hall is not considered material. Langham Hall has multiple similar relationships and Ms Rizzuto does not directly benefit from any fees paid by the Group to Langham Hall. No element of her compensation from Langham Hall is tied to her role as a director of Yellow Cake.

Ms Rizzuto will not serve on the Company's audit, remuneration, or nomination committees.

Zoe Amy Rizzuto (aged 48) has held the following directorships and/or partnerships in the past five years:

Zoe Rizzuto was a director of Vanbrugh Prime Property Growth Fund Limited, Vanbrugh Mayfair Limited, Vanbrugh Prime Property Growth Fund (Parallel) Limited, Vanbrugh PPG GP Limited (together the "Vanbrugh Companies") when the Vanbrugh Companies were placed into liquidation on 30 November 2021. The Vanbrugh Companies were subsequently dissolved following a creditors' winding up on 5 May 2023.

Other than the information disclosed above, there are no matters to be disclosed under Rule 17 and paragraph (g) of Schedule 2 of the AIM Rules.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated by the Market Abuse Regulation (EU) No.596/2014, as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of this announcement, this inside information is now considered to be in the public domain.

ENQUIRIES:

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"). It may also seek to add value through other uranium-related activities. Yellow Cake and its wholly owned subsidiary (the "Group") seek 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. The Group currently holds 21.68 million pounds of U₃O₈, all of which is held in storage in Canada and France.