DEEP YELLOW LIMITED — AGM Information 2009

Nov 18, 2009

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Deep Yellow Limited

Annual General Meeting 19 November 2009

Presentation by: Dr Leon Pretorius - Managing Director Mr Martin Kavanagh - Executive Director

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Disclaimer and Competent Person Statement

While technical information contained in this presentation is based upon an independent technical review, no representation or warranty is made as to the accuracy, completeness, or reliability of the information in this presentation. Any forward looking information in this presentation has been prepared by Deep Yellow Ltd on the basis of a number of assumptions that may prove to be incorrect. This presentation contains a number of summaries of complex agreements and contractual arrangements which do not reflect the agreements in their entirety. This presentation should not be relied upon as a recommendation or forecast by Deep Yellow Limited.

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Leon Pretorius a Fellow of The Australasian Institute of Mining and Metallurgy. Dr Pretorius has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Pretorius consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Where eU3O8 and/or cU3O8 is reported it relates to values attained from radiometrically logging boreholes with Auslog equipment using an A675 slimline gamma ray tool. All probes are calibrated either at the Pelindaba Calibration facility in South Africa or at the Adelaide Calibration facility in South Australia.

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The Company

• Technically strong pure Uranium Exploration Company

• Advanced projects in Namibia and Australia

• Well-funded with about A$40 million in cash and liquid assets

• Top 10 shareholders hold ~58% (Paladin Energy largest at 19.61%)

• Top 40 shareholders hold ~71%

• Shares on Issue - 1,124,451,958

• Market Capitalisation ~ A$404 million (at 36 cents)

• Listed in Australia on ASX and in Namibia on NSX

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Operations

• Namibia

 4 EPLs 100%  3 EPLs 65% JV Nova

• Australia

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• Queensland

• Northern Territory

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Activities 2009

Reptile Uranium Namibia

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Activities 2009

4 EPLs

• JORC Code estimates on

• INCA

• Tubas Red Sand (TRS)

• 3 Mount Isa Projects

• Reconnaissance drilling on  INCA extensions

• Tumas

• Tubas

• INCA lookalikes

• Scoping Studies INCA/TRS (Omahola Project)

• 3 JV EPLs

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• Airborne geophysics

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Activities 2010

4 EPLs

• EIA/EMP on INCA/TRS Stage 1 Omahola Project

• Develop INCA for Ferric Iron if all feasible

• EIA/EMP for full scale development for 1,000/1,500 tpa U3O8

• Less widespread reconnaissance drilling versus focussed JORC Code drill out on palaeochannel

• Widespread reconnaissance drilling on Alaskite and INCA lookalikes

Uraninite in magnetite

3 JV EPLs

• Drill LHU for possible palaeochannel extension

• Drill AEM etc targets

< 500 

>

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Flowsheet
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Omahola Project Proposed iron ore process flowsheet

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Activities 2008 – 2009 Northern Territory and Queensland

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Activities 2008 - 2009

2008

• Initial RC drilling at Isa West and Ewen demonstrates potential

• Matrix Metals Ltd into administration – bid for assets

2009

• Isa West Bambino and Thanksgiving Prospects drill out to 200 metre depth

• Recommence drilling at Queens Gift

• Successful tenderer for Matrix tenements EPM 14916 and 14281

• Commence RC drilling at Slance NW Prospect – EPM 14916

• Earn-in JV with Universal Resources – Leichhardt JV

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Activities 2009

Known Uranium Resources in Mount Isa District

Association with Western Succession Leichhardt Trough (Green) Exception Mary Kathleen Mine

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Activities 2009

Focus on Leichhardt Trough – Eastern Creek Mafic Volcanics

DYL Prospects:

• Queens Gift

• Slance

• Conquest

• Isa West Project

• • Leichhardt JV A25 – Big Dip and Miranda to the east

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Activities 2009

Isa West Project Earn – In JV Xstrata

• 6 x 2 km uranium field

• Northern area undrilled

Programme

• 111 RC holes for 13,109 metre

• 8 DC holes for 776 metre

• JORC Code estimate underway for Bambino and Thanksgiving Prospects

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Queens Gift Prospect

2009 Drilling 48 RC holes for 9,313 metre

• 27 m at 569 ppm U3O8 from 79 m • 51 m at 422 ppm U3O8 from 8 m • 27 m at 408 ppm U3O8 from 74 m • 58 m at 449 ppm U3O8 from 74 m • 12 m at 483 ppm U3O8 from 50 m • 27 m at 430 ppm U3O8 from 69 m • 17 m at 759 ppm U3O8 from 62 m • 19 m at 502 ppm U3O8 from 64 m • 17 m at 619 ppm U3O8 from 278 m • 17 m at 581 ppm U3O8 from 0 m JORC Code resource estimate commenced

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Forward Programme – Mount Isa

December Quarter 2009

• Complete 3,700 metre RC drilling at Slance NW and NE Prospects

• Diamond drilling 5 holes at Queens Gift and 3 holes at Slance – 1,100 metre

• Coffey Mining has commenced JORC Code Resource estimates on 5 prospects

• Clearance received for RC drilling from the Kalkadoon Community over the A25 and Big Dip Prospects – Leichhardt JV (Universal Resources)

• To June 2010

• Prioritise RC drilling of Isa West prospects, the Conquest and Wahn prospects on the Ewen EPM, the Miranda prospect and the Leichhardt JV prospects.

• Evaluate the use of detail low level aeromagnetic survey data in the search for ‘blind deposits’

• Follow-up Leichhardt JV reconnaissance drilling

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Deep Yellow Limited

THANK YOU

Dr Leon Pretorius - Managing Director Mr Martin Kavanagh - Executive Director