Bacchus Capital's Uranium Venture, Yellow Cake plc Reaches Significant Milestone as Market Capitalisation Exceeds US$500 million

- Successful US$88.1 million capital raise for further uranium purchases, and in excess of US$225 million equity raised in 2021

- Yellow Cake plc's (the "Company" or "Yellow Cake") market capitalisation exceeds US$500 million

- Second successful capital raise in 2021 advised by Bacchus Capital Advisers

- Total capital raised in 2021 now exceeds US$225 million, and following the already agreed or planned purchases of uranium, Yellow Cake will hold over 15 mmlbs of U₃O₈

LONDON, July 8, 2021 /PRNewswire/ -- Bacchus Capital Advisers ("Bacchus Capital"), the independent London-based investment and merchant bank specialising in cross border public market M&A and natural resource and technology sector ventures, is pleased to advise that Yellow Cake plc, a company founded and listed by Bacchus Capital, has achieved and exceeded the milestone market capitalisation of US$500 million. Yellow Cake was listed by Bacchus Capital on the London Stock Exchange in July 2018 with an associated capital raising of US$200 million.

Yellow Cake was established by Bacchus Capital in 2018 on the fundamental premise that uranium ("U₃O₈") as a commodity, is structurally mispriced. Bacchus Capital believes that the central source of this mispricing is the potential significant emerging supply gap, as demand for nuclear power as a low-carbon baseload source continues to increase, while a lack of investment in new supply sees existing mines reaching end of life at a time there are insufficient new mines under development to replace them.

Following the most recent successful US$88.1 million capital raise announced on 17 June 2021, Yellow Cake has accepted an offer to purchase an additional 2 mmlb of U₃O₈ from JSC National Atomic Company Kazatomprom ("Kazatomprom") and expects to make additional purchases of U₃O₈ opportunistically in the spot market. On 21 June 2021, Kazatomprom delivered the 3.1 mmlb of U₃O₈ purchased by Yellow Cake as part of the US$140 million capital raise completed in March 2021.

Peter Bacchus, Chairman and Chief Executive of Bacchus Capital commented:

"We are delighted with the success of Yellow Cake, which has more than delivered on the investment objectives set out at the time of our IPO. The vehicle specifically provides investors with a low cost, low risk, but carefully managed exposure to the rising uranium price.

When we established Yellow Cake, our investment thesis was based on the imbalance of supply and demand fundamentals creating upwards pressure on the price of the commodity. Those fundamentals remain in place today, whilst the uranium price has increased by more than 50 percent since our IPO."

Since 2018, Yellow Cake has accumulated or agreed to purchase 15.3 million pounds of U₃O₈ at an effective price of US$25.14 per pound; at the current spot price of US$32.60 per pound, this represents a gain of approximately 30 percent, or US$115 million.

Bacchus Capital has raised in excess of US$450 million equity capital for the uranium sector over the past three years, more than any other U.K. investment bank.

About Bacchus Capital Advisers

Bacchus Capital was established in 2017 by Peter Bacchus, former Global Head of Mining and Metals Investment Banking at Morgan Stanley, in order to bring traditional investment banking values of independence, objectivity and trust to an expanded client base, which includes some of the largest and leading companies in the natural resources sector, alongside some of the industry's most interesting and innovative growth companies. His co-founders are Paul Cahill, former Group Head of Business Development at Anglo American plc; Chris Johannsen, previously a founder of Australian boutique advisory firm Gryphon Partners; and former Morgan Stanley banker, Richard Allan.

Bacchus Capital Advisers is headquartered in Central London, with representation in Asia, Canada, the United States and Australia.

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