Announcement: Panmure Liberum acts as Co-Manager on Yellow Cake's $175m placing

Yellow Cake is a specialist company which offers exposure to the uranium spot price. This is achieved through its strategy of buying and holding physical triuranium octoxide ("U3O8"). 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 and holds its U3O8 in storage in Canada and France. Due to strong investor demand, the Company increased the size of the placing to US$175 million from the US$125 million originally proposed. Additional proceeds from the upsizing are intended to be used to fund opportunistic and strategic purchases of further U3O8.