DEEP YELLOW LIMITED — AGM Information 2010

Nov 17, 2010

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Deep Yellow Li m it e d

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Annual General Meeting of Shareholders

Perth, Western Australia 18 November 2010

Patrick Mutz ‐ Managing Director ASX Code: DYL www.deepyellow.com.au

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Disclaimer
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Forward Looking Statements

This presentation has been prepared by Deep Yellow Limited ( “ Deep Yellow ” ) . The information contained in this presentation is of a general nature only and does not constitute and offer to issue, or to arrange an issue, of securities or financial products. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. This presentation has been prepared without taking into account the investment objectives , financial situation or particular needs of any particular person.

Before making an investment decision on the basis of this presentation, the investor needs to consider, with or without the assistance of a financial advisor, whether the investment is appropriate with due regard for their particular investment needs, objectives and financial circumstances.

This presentation is based on internal company stock exchange announcements , stockbroker research and technical information believed to be reliable. To the maximum extent permitted by law, none of Deep Yellow’s Directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault of negligence, for any loss arising from the use of the information contained in this presentation nor is any obligation assumed to update such information. In particular, no representation or warranty, express or implied, is provided as to its accuracy, completeness or currency of the information contained in this presentation. Deep Yellow accepts no obligation to correct or update the information or opinions expressed in it. Opinions expressed are subject to change without notice and reflect the views of Deep Yellow at the time of presenting.

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Overview
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Company Focus and Vision Project Locations & Portfolio Summary Corporate Profile Nuclear Energy and Uranium Supply/Demand Outlook FY 2010 ‐ Year in Review Current Status JORC Resources Omahola Pre‐Feasibility Study Emerging New Projects The Next 12 Months

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Company Focus and Vision
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Deep Yellow Limited (DYL) is an Australian‐ based uranium focused company with extensive operations in the southern African nation of Namibia and Australia .

DYL i s targeting ecoming a b uran um proi ducer in Namibia in 2013‐14 as it strives to continue to success u ll i i b f y grow ts uran um resource ase through delineation of previously identified m nera i li sat on, scovery an i di d/ or M & A opportunities.

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Project Locations ‐ Africa
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NAMIBIA
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Exploration operations conducted by Deep Yellow’s wholly‐owned subsidiary Reptile Uranium Namibia (RUN)

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Project Locations ‐ Namibia
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4,195 km[2] Exploration area with substantial uran um resourcesi

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Project Locations – Australia ‐ QLD
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Queensland Mount ISA Projects

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1,688 km[2] Exploration area with some uranium resources

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Project Locations – Australia ‐ NT
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Northern Territory Projects Napperby Uranium Deposit 28,180 km[2] Exploration area with uranium resources

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Corporate Profile
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Shares on Issue:

1,125.8M

Unlisted Options:

39.8M

Market Capitalisation: ~A$304M (at 27.0 cents – 16 November 2010)

Net Cash: A$22 8M.

(St a ti s ti cs as a t 31 c O t o b er 2010 or as s h own )

Unlisted Options Exercise Price Expiry Date

Unlisted Options	Exercise Price	Expiry Date
12,500,000	59.5 cents	30/11/2010
2,437,500	59.6 cents	31/12/2010
612 500 ,	74 6 cents .	30/06/2011
8,462,500	27.5 cents	30/06/2011
3,230,000	40.0 cents	30/06/2011
2,145,000	45.0 cents	30/06/2011
1,370,000	60.0 cents	30/06/2011
1,650,000	27.5 cents	31/12/2011
705,000	27.5 cents	30/06/2012
2,625,000	35.0 cents	30/06/2012
3,425,000	45.0 cents	30/06/2012
625,000	60.0 cents	30/06/2012

…No debt and strong shareholder support

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Top Ten Shareholders
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	(As at 9 November 2010) Shareholder Name Ordinary Shares Percent Paladin Ener Ltd 220258461 19 56	(As at 9 November 2010) Shareholder Name Ordinary Shares Percent Paladin Ener Ltd 220258461 19 56	(As at 9 November 2010) Shareholder Name Ordinary Shares Percent Paladin Ener Ltd 220258461 19 56	(As at 9 November 2010) Shareholder Name Ordinary Shares Percent Paladin Ener Ltd 220258461 19 56
	Shareholder Name	Ordinary Shares	Percent
	Paladin Ener Ltd	220258461	19 56
	gy	, ,	.
	HSBC Custody Nominees (Aus) Ltd	142,091,530	12.62
	Robert AnthonyHealy	72,680,312	6.46
	Dr Leon Eugene Pretorius	66,365,000	5.89
	Gillian Swaby	40,673,333	3.61
	Mr Zac Rossi + Mrs Thelma Rossi	35,800,000	3.18
	Robert Anthony + Helen Marie Healy	25,437,500	2.26
	MervnPatrickGreene	22700000	202
	y	, ,	.
	J P Morgan Nominees Australia Limited	18,875,536	1.68
	IJG Securities PtyLtd	17,300,868	1.54
	Totals	662,182,540	58.82
	Board and Management		11.52

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Board and Management
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Board of Directors

Mr Mervyn Greene – Chairman Investment Banking Mr Patrick Mutz – Managing Director Uranium Development/Production Mr Martin Kavanagh – Executive Director Geology Ms Gillian Swaby – Non‐Executive Director Secretarial/Finance/Accounting Mr Tony McDonald – Non‐Executive Director ( inde p endent ) Le g al Mr Rudolf Brunovs – Non‐Executive Director (independent) Audit/Accounting Mr Mark Pitts – Company Secretary Secretarial/Finance/Accounting

Executive Management Combined 75 years uranium experience Over 100 years exploration and mining related experience Mr Patrick Mutz – Chief Executive Officer, Deep Yellow Limited Dr Leon Pretorius – Managing Director, Reptile Uranium Namibia Mr Martin Kavanagh – Ex p loration Director, Dee p Yellow Limited

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Nuclear Energy Industry
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Global Nuclear Reactors
1200
Proposed
Ordered or Planned
1000
Under Construction
Operating
800 331
600
148
970
58
400
730
580
490
441
200
0
2010 2015 2020 2025 2030
Source: World Nuclear Association and DYL projection
Reactors
mber of
Nu
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Uranium Supply/Demand

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FY 2010 – Year in Review
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U ran um r ce i P i

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Share Price Uranium Resources Significant Developments Expenditures

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Uranium Spot Price
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Uranium Spot Price (FY 2010)

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$52
$50
$48
$46
$44
$42
$40
1-Jul 1-Sep 1-Nov 1-Jan 1-Mar 1-May
Source: Based on publicly available information from UxC and TradeTech
8
O
3
U
USD/lb
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DYL Share Price (FY 2010)
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FY 2010 DYL

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Share Price ‐ Peer Comparison
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FY 2010 DYL

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Deep Yellow Uranium Resources
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Uranium Resources in accordance w/JORC Code

Aussinanis 100 Indicated Resources INCA & 90 Inferred Resources Tubas Red Sand 80 70 Mt Isa 60 50 40 30 20 10 0 94% Increase in Total Resources 16% Increase in Indicated Resources

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Significant Developments (FY 2010)
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TECHNICAL

JORC Mineral Resource estimates completed at Mt Isa, INCA, Tubas Red Sand and Aussinanis Pro j ects Appointment of SNC‐Lavalin as Engineers for ‐ Omahola Project Pre Feasibility Study Discovery of Alaskite hosted uranium mineralisation at Ongolo Alaskite project Positive evaluation of core samples indicating potent a o i l f Shi ye a Iron pro ect as stan l j d a one l magnetite project

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Significant Developments (FY 2010)
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CORPORATE

New Deep Yellow Managing Director (March 2010) Ad op t e d orma s f l t ra t egy a t oar B d eve o a l l t dd ress transition from advanced exploration to producer Greater focus on expansion of JORC Resources and project feasibility studies Expanded focus on shareholder communications and marketing programme

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FY 2010 Expenditures
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FY 2010 Actual Expenditures

A$M E l tion n ami N ibia 11 2. 66% xp ora Exploration in Australia 5.0 30% Corporate 2.4 ‐ Interest 1 . 7 Total 16.9

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Investment Metrics
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FY 2010 Expenditure: A$16.9 million JORC Resources added: 40.3 million lbs U3O8 U n it os C t or esources a f R dd e d : A$0 . 42/lb U 3 O 8 – DYL Historic Unit Cost for Resources: ~A$0.70/lb U3O8 End of FY 2010 Stats:

– DYL Share p rice: A $ 0.13 – Market Capitalisation: ~A$146 million – Enterprise Value (EV): ~A$117 million – EV/lb U3O8 of JORC Resources: ~A$1.21/lb U3O8 – This was worst case; current EV/lb U3O8 ~A$2.80/lb

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Current Status
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U ran um r ce i P i

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Share Price Uranium Resources Significant Developments Expenditures

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Uranium Spot Price
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Uranium Spot Price (FY 2011 to‐date)

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$60
$58
$56
$54
$52
$50
$48
$46
$44
$42
$40
1-Jul 1-Aug 1-Sep 1-Oct 1-Nov
Source: Based on publicly available information from UxC and TradeTech
8
O
3
U
USD/lb
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DYL Share Price (6 month)

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DYL Total Current Uranium Resources

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DYL Total Current Uranium Resources

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DYL Current High‐Grade Resources

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DYL Current High‐Grade Resources
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Ant c pate i i d a ddi t ons to g i hi h ‐gra d e resources: INCA (including INCA‐Type) Ongolo Alaskite Tumas Zone 3 (currently Exploration Target Range)

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Uranium Grade; How important?
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Uranium Grades in Namibia

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600
500
400
300
200
100
Rossing DYL EXT LHU
(High-Grade Subset)
8
O
3
U
ppm
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Omahola Project
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The Omahola Project is the subject of a Pre‐Feasibility Stud b i d uc t e d b SNC L avalin – J o h annes b y (PFS) e ng con y urg Project uranium resources currently from two deposits: INCA deposit – unique uranium and magnetite mineralisation Tubas Red Sand (TRS) deposit – subsurface red sands with uranium mineralisation

Total initial uranium resources in accordance with JORC Code

 28.8 M tonnes at 288 ppm eU3O8 for 8,294 tonnes ( 18.3 Mlbs ) eU3O8  Potential for additional resources at INCA and TRS deposits as well as at Ongolo Alaskite and recently identified INCA‐Type mineralisation

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Omahola Project – INCA Deposit
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INCA deposit

Unique uranium and magnetite mineralisation ~ Shallow mineralisation from 20 metres depth Initial JORC Resource estimate 15.0 M tonnes at 405 ppm eU3O8 con t a n ng i i 13 4 M lb. s eU3O8 a t 250 ppm cu t ‐o ff gra d e (60% as Indicated Resources)

Magnet tei can potent a i ll y e separate b d ur ng process ng d i i and sold as by‐product to other uranium producers with acid leach circuits

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New Geophysical Model for INCA
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Total Magnetic Intensity (TMI) reduced to pole Tilt Angle Derivative aeromagnetic image with highest magnetic intensity in white

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New Geophysical Model for INCA
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ASX announcement 17 November 2010 New INCA‐Type targets identified (IT‐1 thru IT‐10) ‐ IT 3 was first target to be reconnaissance drill tested Drillhole INCR388 at IT‐3 intersected 11 metres at 1,064 ppm eU3O8 from 84 metres INCA South Prospect drill tested in 2008 as INCA ‘look‐alike’ with drillhole INCD15 intersecting 27 metres at 1 471 ppm U , 3O8 from 39 metres depth Other IT targets to be drill tested systematically

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Omahola Project – TRS Deposit
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Tubas Red Sand (TRS) deposit

Subsurface red sand with uranium mineralisation Initial JORC Resource 13.8 M tonnes at 160 ppm eU3O8 containin 4.9 M lbs eU3O8 at 100 m cut‐off rade g pp g From surface to ~13 metres depth  Accumulated sand deposit amenable to low cost mining techniques Amenable to beneficiation  Preliminary tests indicate 90% of uranium can be captured in 22% of mass, increasing grade to over 500 ppm U3O8 Beneficiation pilot plant from Schauenburg (Germany) ordered and in transit to Namibia for testing Drilling suggests red sand occurs adjacent to and may potentially flank 30 km Tubas‐Tumas palaeochannel

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Omahola Project ‐ PFS
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Pre‐Feasibility Study (PFS) Study launched in March 2010 SNC‐Lavalin lead engineering consultant and Study Manager

Metallurgical testwork by Mintek – Johannesburg Draft PFS anticipated in December 2010 Draft Environmental Reports anticipated in December 2010

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Omahola Project – Development
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Forward Looking Targets for Project Development

PFS March‐December 2010 Definitive Feasibility Study DFS ( ) ; targeting 2011 * Environmental a rovals and licensin tar etin pp g; g g* 2011‐2012

Project development and construction; targeting 2012‐2013 Start of mining and ore processing; targeting 2013‐2014* *

• ‐Contingent on successful completion of prior steps

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Emerging New Projects in Namibia
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Ongolo Alaskite Project

• f hi h de O a as l k ite h oste d uranium

• Discovery o g ‐gra ( 400+ ppm cU3 8 ) mineralisation announced April 2010

• Interpreted mineralised zone now up to 2 kilometres in strike length with 500‐600 ppm cU3O8 on Recon Line 5 announced 23 August 2010

• Shiye al Iron Magnet te( i ) Pro ectj

• Evaluation of magnetite cores sample yielded high‐grade iron magnetite concentrate with low impurities

• Follow‐on drilling confirmed and expanded width of magnetite mineralisation up to 400 metres across strike with greater amounts of massive magnetite

• Strike length up to 8 kilometres and project located ~30 kilometres from deep sea port at Walvis Bay

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New Projects – Ongolo Alaskite
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Regional aeromagnetic image with Tubas Alaskite Prospect relative to known uranium mineralisation

New Projects – Ongolo Alaskite

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New Projects – Shiyela Iron Project
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Total Magnetic Intensity (TMI) Image from RUN aeromagnetic survey – showing regional extent of interpreted ‘high magnetic erra nt i ’ (red) within EPL 3496

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New Projects – Shiyela Iron Project
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Total Magnetic Intensity (TMI) Image from RUN aeromagnetic survey - showing regional extent of interpreted ‘high magnetic terrain’ (red) within EPL 3496

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The Next 12 Months
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Continue to expand JORC Mineral Resources base Complete PFS on Omahola ; embark on DFS Consideration of Scoping Study or PFS on Tubas‐Tumas palaeochannel high‐grade resource subset Advance drillin g on emer g in g new p ro j ects

 Preliminary Mineral Resource estimate on Ongolo Alaskite

 Preliminary Scoping Study and Mineral Resource estimate on Shiyela Iron project

Ma j or focus on marketing and investor relations Eyes wide open for M&A opportunities

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Contact Details
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Patrick Mutz Managing Director Deep Yellow Limited Level 1 329 Street , Hay Subiaco, Western Australia 6008 T +61 8 9286 6999 F +61 8 9286 6969 Email: i n o f @d eepye ll ow.com.au Website: www.deepyellow.com.au

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JORC Compliance Statements
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INCA and Tubas Red Sand deposits

The information in this report that relates to the Mineral Resource for the INCA and Tubas Red Sand deposits is based on information compiled by Mr Mike Hall , who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Hall is Consulting Geologist Resources with The MSA Group and 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 Mineral Resources and Reserves ’. Mr Hall consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Information in this report has also been verified by Mr Mike Venter , who is a member of the South African Council for Natural and Scientific Professions (SACNASP), a “Recognised Overseas Professional Organization” (‘ROPO’). Mr Venter is Regional Consulting Geologist, with The MSA Group and 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 Mineral Resources and Reserves’. Mr Venter has visited the project sites to review drilling, sampling and other aspects of the work relevant to this report and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears .

The information in this report relating to Exploration Results for the INCA and Tubas Red Sand deposits is based on information compiled by Dr Leon Pretorius who is a Fellow of the Australasian Institute of Mining and Metallurgy. ‐ Dr Pretorius is a full time employee of Deep Yellow Limited and 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 Reserve’. 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 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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JORC Compliance Statements
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Aussinanis and Tumas deposits

The information in this report that relates Mineral Resource estimation for Aussinanis and Tumas is based on work completed by Mr Jonathon Abbott who is a full time employee of Hellman and Schofield Pty Ltd and a Member of the Australasian Institute of Mining and Metallurgy. Mr Abbott 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 ’ and as a Qualified Person as defined in the AIM Rules . Mr Abbott consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Gamma Logging Results and their conversion to Equivalent Uranium Grades f or Tumas is based on in f ormation com p iled b y Dr Doug Barrett a Consultin g Geo p h y sicist and Member o f the Australian Institute of Geoscientists. Dr Barrett 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 Barrett consents to the inclusion in the re p ort o f the matters based on his information in the form and context in which it appears.

The information in this report that relates to data quality, including the accuracy and reliability of gamma logging results, bulk densities, cut off grades and comments on the resource estimates for Aussinanis is based on information compiled by Dr Leon Pretorius a Fellow of The Australasian Institute of Mining and Metallurgy. Dr Pretorius is a full‐time employee of Deep Yellow Limited and 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.

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Tubas deposit

The information in this report that relates Mineral Resource estimation for Tubas is based on work completed by Mr Willem H. Kotzé Pr. Sci. Nat MSAIMM. Mr Kotzé who is a full time employee of Hellman and Schofield Pty Ltd and a Member of the Australasian Institute of Mining and Metallurgy. Mr Kotzé 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 ’ and as a Qualified Person as defined in the AIM Rules . Mr Kotzé consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The in f ormation in this re p ort that relates to Exploration Results, Mineral Resources or Ore Reserves f or Tubas is based on information compiled by Dr Leon Pretorius a Fellow of The Australasian Institute of Mining and Metallurgy. Dr Pretorius is a full‐time employee of Deep Yellow Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertakin g to q uali fy as a Com p etent Person as de f ined in the 2004 Edition o f the ‘Australasian Code f or Re p ortin g 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 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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Mount Isa Projects

The information in this report that relates to Mineral Resource estimation for the Mount Isa Projects is based on work compiled by Mr Neil Inwood , a Member of the Australasian Institute of Mining and Metallurgy . Mr Inwood is employed by Coffey Mining Pty Ltd and 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 ’. Mr Inwood consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves for the Mount Isa Projects is based on in f ormation com p iled b y Dr Leon Pretorius a Fellow o f The Australasian Institute o f Minin g and Metallurgy. Dr Pretorius is a full‐time employee of Deep Yellow Limited and 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 o f Ex p loration Results , Mineral Resources and Ore Reserves’. Dr Pretorius consents to the inclusion in the re p ort o f the matters based on his information in the form and context in which it appears.

Where eU3O8 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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Napperby Project

The information in this report that relates to Mineral Resource estimation for the Napperby Project is based on information compiled by Mr Daniel Guibal who is a Fellow (CP) of the Australasian Institute of Mining and Metallurgy. Mr Guibal is a full time employee of SRK Consulting and 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 ’. Mr Guibal consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Exploration Results for the Napperby Project is based on information com p iled b y Dr David Rawlings who is a Member o f The Australasian Institute o f Minin g and Metallur gy . Dr Rawlings is a full‐time employee of Toro Energy Limited and 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 Rawlin g s consents to the inclusion in the re p ort o f the matters based on his information in the form and context in which it appears.

The information in this report that relates to Disequilibrium Results for the Napperby Project is based on information compiled by Mr David Wilson BSc MSc who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Wilson is a full‐time employee of 3D Exploration Limited, a consultant to Toro and 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 ’. Mr Wilson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.