DEEP YELLOW LIMITED — AGM Information 2011

Nov 16, 2011

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Deep Yellow Limited

Annual General Meeting

Perth

17 November 2011 Greg Cochran – Managing Director

ASX: DYL www.deepyellow.com.au

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 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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Market Overview Corporate Profile Year in Review Namibian Introduction Namibian Project Portfolio Key Projects

• Omahola

• TRS Option

• Shiyela Iron

Australia

Summary and Conclusion

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Commence uranium production in Namibia by 2014/5 and continue to successfully grow our uranium resource base

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NUCLEAR ELECTRICITY GENERATION
REACTORS - AS AT OCTOBER 2011
OPERATING UNDER CONSTRUCTION PLANNED PROPOSED URANIUM REQUIRED
MWe net MWe gross MWe gross MWe gross 62,552 tU
432 368,467 63 63,934 152 171,325 350 399,655 162.6 Mlbs
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Despite Fukushima, demand remains on track….

Sources: WNA & IEA

WNA Uranium Supply & Demand Balance

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Source: WNA

Mines Under Development….

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Under Development		Mlbs
Four Mile	2013	3.0
Honeymoon	2012	0.9
Olympic Dam Expansion	2013	1.1
Cigar Lake	2013	18.0
Trekkopje	2015	7.8
Imouraren	2013	13.0
		43.8
Planned
Ranger 3 Deeps	2015	5.0
Husab	2015	14.8
		19.8
Prospective
Lake Maitland	2014	1.6
Wiluna	2013	1.6
Yeelirrie	2014	7.7
Kintyre	2016	7.0
Olympic Dam Expansion 2	2018	10.0
		28.0

Supply is the issue….

Source: WNA

The Board

Mervyn Greene – Chairman

Greg Cochran – Managing Director Martin Kavanagh – Executive Director Gillian Swaby – N.E.D Rudolf Brunovs – N.E.D (independent) Mark Pitts – Company Secretary

Executives & Management

Greg Cochran – Managing Director Martin Kavanagh – Executive Director Leon Pretorius – MD: Namibia Ursula Pretorius – Financial Controller Klaus Frielingsdorf – GM: Technical Werner Messidat – GM: Projects

Capital Structure – as at 4 Nov2011

Shares on Issue	1,128.51 M
Unlisted Options/Perf. Rights	12.68 M
Market Cap (@ 16.5c)	186.2 M
Net Cash	~10.0 M
Major shareholders:
Paladin Energy	19.9%
Board & Management	15.7%

Trading History - Bloomberg

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U Price DYL Price U Peers

Year in Review

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Year in Review

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Year in Review

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Marenica – Marenica Energy Limited (100ppm cut-off) 196 Mt @ 169ppm: 73 Mlbs

Trekkopje – Areva (100ppm cut-off) 335 Mt @ 149ppm: 110 Mlbs

Valenica – Forsys Metals (67ppm cut-off) 176 Mt @ 156ppm: 61 Mlbs Rossing – Rossing Uranium Limited ( 100ppm cut-off) 246 Mt @ 252ppm: 137 Mlbs

Husab – Extract Resources Limited (100ppm cut-off) 241 Mt @ 480ppm: 257 Mlbs

Etango – Bannerman Resources Limited (100ppm cut-off) 336 Mt @ 201ppm: 149 Mlbs

Langer Heinrich – Paladin Energy Limited (250ppm cut-off) 110 Mt @ 550ppm: 134 Mlbs

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The land of elephants?
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Deep Yellow’s Quality Criteria: Grade:

• ~300ppm U3O8 for palaeochannel and sheetwash calcretes

• ~400ppm U3O8 for hard rock open pit deposits (alaskites)

• ~1,000ppm U3O8 for potential underground deposits

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Minimum 18Mlbs U3O8 per deposit with upside (15 yr mine life) Minimum production profile ~2.2Mlbs per operation No refractory uranium minerals

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Resource inventory ~100Mlbs U3O8 – to enable long term offtake agreements

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Unlock the potential of low grade (~150ppm) aeolian sand deposit by physical beneficiation

More attractive economics allows us to concentrate on smaller deposits with a real chance of success

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4,195 km[2] exploration area: 107.4Mlbs in resources

*Note: Exploration in Namibia is conducted by DYL’s wholly-owned subsidiary Reptile Uranium Namibia (RUN)

ONGOLO & MS7 INCA URANIFEROUS ALASKITE MAGNETITE

TUBAS RED SAND (TRS)

JORC resource: 20.3Mlbs JORC resource: 13.4Mlbs JORC resource: 4.9Mlbs Primary mineralisation Primary mineralisation Secondary mineralisation Open Pit Hardrock – Drill & blast Open Pit Hardrock – Drill & blast Free dig/physical beneficiation Acid plant treatment Acid plant treatment Acid or alkali plant treatment Cut-off/Grade: 250&300/401ppm Cut-off/Grade: 250ppm/405ppm Cut-off/Grade: 100ppm/160ppm

Three deposits feeding a central plant

TUBAS-TUMAS PALAEOCHANNEL JORC Resource: 50.8Mlbs Secondary mineralisation Calcrete & sand hosted Free dig &/or drill & blast Alkali plant treatment Grade: 250ppm

AUSSINANIS Project JORC Resource: 18.0Mlbs Secondary mineralisation Sheetwash deposit Free dig &/or drill & blast Alkali plant treatment Cut-off/Grade: 150ppm/237ppm

SHIYELA IRON Project Mineralisation: Magnetite + Open Pit Hardrock – Drill & blast Drilling complete Resource work underway Target: 150Mt, Recovery > 20% Scoping Study 2011

A multi-project company

Ongolo & MS7 Alaskite (250 & 300 ppm cut-off) 23 Mt @ 401ppm: 20.3 Mlbs

INCA

( 250ppm cut-off)

15 Mt @ 407ppm: 13.4 Mlbs

TRS

(100ppm cut-off)

14 Mt @ 160ppm: 5.0 Mlbs

Hard Rock JORC Resource: 38.1Mt at 404ppm for 33.7Mlbs U3O8

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Three Deposits feeding common plant:

• Ongolo – High-grade alaskite hosted uranium mineralisation

• INCA – Unique high grade uranium, magnetite and pyrite mineralisation

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• Tubas Red Sand – Low grade surficial sands upgraded by physical beneficiation to 850~1,000ppm sand concentrate

• Hard rock Resource:

• 38.1Mt @ 404ppm for 33.7Mlbs

• Interim PFS Results (SNC-Lavalin)

• 2.2Mlbspa operation

• Minimum 12 year mine life

• Open pit / Surface Mining

• Conventional acid based processing plant

• Capex: ~US$330M & Opex: ~US$26/lb

• But critical mass still an issue….

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…is growing our resource base rapidly…

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TRS Deposit – Technical Innovation
Action
TRS
M ,I & I JORC Resource
14 Mt@160ppm
for 5.0 Mlbs U3O8
TRS Deposit Showing Tubas Palaeochannel with known red sand
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Tubas Red Sand Deposit Characteristics: Well-sorted wind-blown sand, low grade uranium Free flowing/loosely consolidated Large area south of the Tubas palaeochannel Bulk of uranium in -20µm fraction Objective: Concentrate maximum uranium in minimum volume through physical beneficiation Process: Hydrocyclone Scrubbing Hydrosort 3 X Hydrocyclones

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Trench for Bulk Sample Carnotite in Red Sand

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Schauenburg Pilot Plant in Operation

Pilot Plant Schematic

Successful Schauenburg Pilot Plant Test: Simple, non-chemical process Recovery >80% in <20% volume Carbonate reduction >80% Mass pull between 10% ~ 20% Uranium upgrade factor 7.9 (at 10%) Process guarantee offered Resource upgrade underway Produce an intermediate product for offtake to existing producer

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TRS – An Interim Standalone Project

Aggressive timetable to production….

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Clear Infrastructure advantage – power and 45 kilometres by road from Walvis Bayport

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Infrastructure

Low strip ratio Likely Low Capex Fast Track development Exploration upside Outstanding coarse product • 150 μ Blast Furnace Grade

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Deposit	Fe %	SiO2 %	Al2O3 %	P %	S %	LOI %
M62	70.22	0.74	0.89	0.007	0.011	-3.07
M63	69.56	0.64	0.73	0.008	0.002	-3.12

Shiyela has clear competitive advantages

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Initial programme designed to drill out:

• 120 to 150Mt of ore at 20% recovery

• ~30Mt high-grade magnetite

• ~15 year mine life at 2Mtpa

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• Drilling completed April 2011 Golder Associates (Perth) JORC estimate imminent ProMet (Perth) – Scoping Study Underway Discussions underway:

• Namport & Grindrod

• NamWater

• NamPower

On a Fast Track….

Almost 1,700 km[2] exploration area: 4.8 Mlbs in resources

Exploration Success with increased high grade JORC….

Over 23,000 km[2] exploration area: 7.4 Mlbs in resources

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Existing Resource Base with Historical Upside….

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Ongolo & MS7 JORC Resource delivered Successful TRS Beneficiation Trial INCA & TRS EIA’s completed & submitted Shiyela EIA completed & submitted TRS Deposit upgrade underway for standalone project Mining Licence applications for TRS/INCA submitted Mining Licence applications for Shiyela imminent Continued exploration success at Ongolo & MS7 Completion of Shiyela resource and scoping study A multi-project company rapidly advancing its flagship projects towards development

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Greg Cochran Managing Director Deep Yellow Limited Level 1, 329 Hay Street Subiaco, Western Australia 6008 T +61 8 9286 6999 M +61 409 938-784 F +61 8 9286 6969 Email: greg.cochran@deepyellow.com.au Email: info@deepyellow.com.au Website: www.deepyellow.com.au

Appendices

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Notes: Figures have been rounded and totals may reflect small rounding errors. XRF chemical analysis unless annotated otherwise.  eU3O8 - equivalent uranium grade as determined by downhole gamma logging. # Combined XRF Fusion Chemical Assays and eU3O8 values.

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Notes: Figures have been rounded and totals may reflect small rounding errors. XRF chemical analysis unless annotated otherwise.  eU3O8 - equivalent uranium grade as determined by downhole gamma logging. # Combined XRF Fusion Chemical Assays and eU3O8 values.

Namibia

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, Managing Director of Reptile Uranium Namibia (Pty) Ltd 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.

The information in this report that relates to the MS7 Mineral Resource is based on work completed by Mr Neil Inwood; for the INCA Minera Resource on work completed by Mr Neil Inwood and Mr Steve Le Brun – Mr Inwood will supply consent for the Inca Resource; and for the Ongolo Mineral Resource on work completed by Mr Neil Inwood and Mr Doug Corley. Mr Inwood is a Fellow of the Australasian Institute of Mining and Metallurgy and Mr Corley is a member of the Australian Institute of Geoscientists. Messrs Inwood and Corley have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Minera Resources and Ore Reserves’. Messrs Inwood and Corley consent to the inclusion in the report of the matters based on his information in the form and context in which it appears. Messrs Inwood and Corley are full-time employees of Coffey Mining.

The information in this report that relates to the Aussinanis and Tumas Mineral Resources 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 the Tubas Red Sand Mineral Resource 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 Exploration Results, Mineral Resources and Ore Reserves’. Mr Hall consents to the inclusion in the 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 Exploration Results, Mineral Resources and Ore Reserves’. Mr Venter has visited the project sites to review drilling, sampling and other aspects of the work relevant to this announcement. Mr Venter 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 the Tubas Mineral Resource is based on information compiled by Mr Willem H. Kotzé Pr.Sci.Nat MSAIMM. Mr Kotzé is a Member and Professional Geoscientist Consultant of Geomine Consulting Namibia CC. 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’. Mr Kotzé consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

Queensland

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Martin Kavanagh, a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Kavanagh is an Executive Director of Deep Yellow Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consi deration 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 Kavanagh 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 the Queensland Mineral Resource is based on information compiled by Mr Neil Inwood. Mr Inwood is 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.

Northern Territory

The information in this report that relates to the Napperby Project Mineral Resource 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.

Where eU3O8 values are 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.