Grant of Awards Under Long Term Incentive Plan

Yellow Cake PLC

04 September 2026

 

4 September 2026

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

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. 

PDMR	Position	Number of shares subject to award
Andre Liebenberg	Chief Executive Officer	27,065
Carole Whittall	Chief Financial Officer	11,502

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:

Sprott Physical Uranium Trust (SPUT)	15%	≥ 100%	100%
		≥ 95% but less than 100%	50%
		Less than 95%	Nil
Daily U3O8 spot price	15%	≥ 100%	100%
		≥ 95% but less than 100%	50%
		Less than 95%	Nil
Basket of 3 equally weighted uranium ETF's[1]	50%	At or above the 75th percentile	100%
		Between the 50th percentile and 75th percentile	Progressive pro-rata vesting between 50% to 100%
		Below the 50th percentile	Nil
	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.

1.	Details of the person discharging managerial responsibilities / person closely associated
a.	Name	Andre Liebenberg
2.	Reason for the notification
a.	Position/status	Chief Executive Officer
b.	Initial notification /Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Yellow Cake plc
b.	LEI	213800CVMYUGOA9EZY95
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a.	Description of the financial instrument, type of instrument, identification code	Ordinary Shares ISIN Code JE00BF50RG45
b.	Nature of the transaction	Grant of award in the form of nil-cost options over ordinary shares of Yellow Cake plc, under the terms of the Yellow Cake plc Share Option Plan 2019, as amended. Subject to the satisfaction of performance conditions, the award will vest in April 2029.
c.	Price(s) and volume(s)	Price: Nil	27,065
d.	Aggregated information ·      Aggregated volume ·      Price	As for c above
e.	Date of the transaction	2026-09-03
f.	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities / person closely associated
a.	Name	Carole Whittall
2.	Reason for the notification
a.	Position/status	Chief Financial Officer
b.	Initial notification /Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Yellow Cake plc
b.	LEI	213800CVMYUGOA9EZY95
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a.	Description of the financial instrument, type of instrument, identification code	Ordinary Shares ISIN Code JE00BF50RG45
b.	Nature of the transaction	Grant of award in the form of nil-cost options over ordinary shares of Yellow Cake plc, under the terms of the Yellow Cake plc Share Option Plan 2019, as amended. Subject to the satisfaction of performance conditions, the award will vest in April 2029.
c.	Price(s) and volume(s)	Price: Nil	11,502
d.	Aggregated information ·      Aggregated volume ·      Price	As for c above
e.	Date of the transaction	2026-09-03
f.	Place of the transaction	Outside a trading venue

ENQUIRIES:

Yellow Cake plc
Andre Liebenberg, CEO	Carole Whittall, CFO
Tel: [phone]
Nominated Adviser and Joint Broker: Canaccord Genuity Limited
James Asensio	Henry Fitzgerald-O'Connor
Charlie Hammond
Tel: [phone]
Joint Broker: Berenberg
Matthew Armitt	Jennifer Lee
Detlir Elezi
Tel: [phone]
Financial Adviser: Bacchus Capital Advisers
Peter Bacchus	Richard Allan
Tel: [phone]
Communications Adviser: Sodali & Co
Peter Ogden	James Whitaker
Tel: [phone]

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 (together, 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 24.4 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 Group and the industry and markets in which the Group 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 Group'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 Group 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 Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based unless required to do so by applicable law or the AIM Rules.

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[1]  Global X Uranium ETF (URA), Sprott Uranium Miners ETF (URNM) and Sprott Junior Uranium Miners ETF (URNJ).

 

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