Pine Ridge Uranium Project Continues to Deliver Encouraging Exploration

Canaccord Genuity Limited (“Canaccord”) is acting as sole bookrunner (the “Bookrunner”) and Joh. Berenberg, Gossler & Co. KG, London Branch (“Berenberg”) and Panmure Liberum Limited (“Panmure Liberum”) are acting as joint co-managers (the “Co-Managers” and together with the Bookrunner, the “Managers”). Bacchus Capital is acting as Financial Adviser in connection with the Placing.

The Ordinary Shares will be placed at the fixed price of £5.64 per Placing Share (as defined below) (the “Placing Price”). The final number of Ordinary Shares placed (the “Placing Shares”) will be determined following the close of the Bookbuild. The Company and the Bookrunner reserve the right to adjust the gross proceeds to be raised under the Placing. The Placing is being conducted utilising the authorities to allot Ordinary Shares in the Company on a non-pre-emptive basis granted at the annual general meeting of the Company held on 4 September 2025.

Highlights of the Placing

• Intention to conduct a non-pre-emptive placing to raise gross proceeds of approximately US$125 million (equivalent to approximately £92.5 million) at a price of £5.64 per Placing Share, being the closing mid-market price on 22 September 2025.
• The proceeds of the Placing will be used:
  • to fund the purchase of approximately 1.33 million pounds (“lbs”) of physical uranium (“U₃O₈“), fully utilising the Company’s purchase option for calendar year 2025 under the Company’s agreement with JSC National Atomic Company Kazatomprom (“Kazatomprom”) (the “Kazatomprom Framework Agreement”) at a price of US$75.08/lb (which is the average of the weekly TradeTech and UxC spot prices as reported on 12 September 2025 and 15 September 2025, respectively); and
  • to pay certain costs associated with the Placing and for working capital and general corporate purposes.
• Implied Pro Forma Net Asset Value at the proposed U₃O₈ purchase price is £1,214.3 million, equivalent to £5.60 per Ordinary Share.
• Implied Net Asset Value at the U₃O₈ price as at 23 September 2025 of US$80.80/lb is £1,306.1 million, equivalent to £6.02 per Ordinary Share.
• The U₃O₈ being purchased in this transaction represents material allocated under Yellow Cake’s 2025 purchase option with Kazatomprom. Delivery of the material purchased pursuant to the 2025 Kazatomprom option is anticipated in 2026.
• The Kazatomprom offer price of US$75.08/lb represents a 7.1% discount to the current spot price of US$80.80/lb (as at 23 September 2025).
• The Company believes that the current level of the uranium price offers a compelling buying opportunity:
  • Security of supply continues to be a significant driving force in the nuclear industry, with persistent political strategic considerations balancing on an East / West divide, evidenced by the USA’s recent comments about the need to boost its strategic uranium reserve. These supply concerns are underscored by a potentially widening supply / demand gap: developers and producers continue to face operational challenges in meeting…