DEEP YELLOW LIMITED — AGM Information 2014

Nov 6, 2014

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Deep Yellow Limited

2014

Annual General Meeting

Perth

Greg Cochran – Managing Director

ASX: DYL www.deepyellow.com.au

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This document has been prepared by Deep Yellow Limited (Deep Yellow, DYL or the Company) in connection with providing an overview to interested analysts and investors.

This presentation is being provided for the sole purpose of providing information to enable recipients to review the business activities of Deep Yellow. This presentation is thus by its nature limited in scope and is not intended to provide all available information regarding Deep Yellow. This presentation is not intended as an offer, invitation, solicitation, or recommendation with respect to the purchase or sale of any securities. This presentation should not be relied upon as a representation of any matter that a potential investor should consider in evaluating Deep Yellow.

Deep Yellow and its affiliates, subsidiaries, directors, agents, officers, advisers or employees do not make any representation or warranty, express or implied, as to or endorsement of, the accuracy or completeness of any information, statements, representations or forecasts contained in this presentation, and they do not accept any liability or responsibility for any statement made in, or omitted from, this presentation. Deep Yellow accepts no obligation to correct or update anything in this presentation.

No responsibility or liability is accepted and any and all responsibility and liability is expressly disclaimed by Deep Yellow and its affiliates, subsidiaries, directors, agents, officers, advisers or employees for any errors, misstatements, misrepresentations in or omissions from this presentation.

Any statements, estimates, forecasts or projections with respect to the future performance of Deep Yellow and/or its subsidiaries contained in this presentation are based on subjective assumptions made by Deep Yellow’s management and about circumstances and events that have not yet taken place. Such statements, estimates, forecasts and projections involve significant elements of subjective judgement and analysis which, whilst reasonably formulated, cannot be guaranteed to occur. Accordingly, no representations are made by Deep Yellow or its affiliates, subsidiaries, directors, officers, agents, advisers or employees as to the accuracy of such information; such statements, estimates, forecasts and projections should not be relied upon as indicative of future value or as a guaranteed of value or future results; and there can be no assurance that the projected results will be achieved.

Prospective investors should make their own independent evaluation of an investment in Deep Yellow.

Nothing in this presentation should be construed as financial product advice, whether personal or general, for the purposes of section 766B of the Corporations Act 2001 (Cth). This presentation consists purely of factual information and does not involve or imply a recommendation or a statement of opinion in respect of whether to buy, sell or hold a financial product. This presentation does not take into account the objectives, financial situation or needs of any person, and independent personal advice should be obtained.

This presentation and its contents have been made available in confidence and may not be reproduced, or disclosed to third parties or made public in any way without the express written permission of Deep Yellow.

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Corporate Snapshot Market Overview Highlights Omahola Project Tubas Sand Project Exploration Prospectivity Conclusions

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ASX listed advanced stage uranium exploration company
-
Namibian focussed, with multiple project opportunities:
• –
Omahola Project heap leach alaskite, due south of Husab
• –
Tubas Sand Project free dig, low capex supplementary project
• –
Palaeochannels underexplored resource base with potential
Large exploration area with high prospectivity
Supportive strategic & financial shareholders
Experienced board & management
Highly leveraged to the uranium spot price
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The Board

Tim Netscher	Chairman (Independent)
Greg Cochran	ManagingDirector
Gillian Swaby	N.E.D
Rudolf Brunovs	N.E.D(Independent)
Christophe Urtel	N.E.D
Mervyn Greene	N.E.D

Executive Team

Greg Cochran Managing Director Peter Christians Country Manager: Namibia Ursula Pretorius Financial Controller Mark Pitts Company Secretary

Ca ital Structure – as at 3 Nov 2014 p

Shares on Issue	1,891M
Performance Rights	19.3M
Market Cap (@ 1.4)	~ AUD 26.5M
Net Cash	~AUD 5.4M
Major shareholders:
Paladin Energy Limited	16.9%
Raptor Partners Limited	9.6%
Laurium L.P. Fund	9.4%

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Global Financial Markets

Ongoing volatility means continued uncertainty Capital remains the biggest challenge Reduced appetite for investment in exploration

Uranium Demand

Uranium Supply

Nuclear growth confirmed (underestimated?) China, India, Russia and Middle East are key drivers Forecast growth 180 Mlbs to 250 Mlbs by 2020 Term contracting at a 10-year low in 2013

Project development mostly stalled HEU (secondary supply source) finished Widespread curtailment of production 12 to 15 new mines needed by 2020

Conclusions and Strategic Response

Perfect storm brewing – trigger prices >US$80/lb required Timing of recovery remains uncertain (likely 2016-2020) Protect assets and skill base Progress projects cautiously to be well positioned at recovery

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Corporate

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Successful capital raisings to place company on secure financial footing

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Seamless transition to new chairman bringing additional skills and insights to the Board Substantial cost savings at the corporate level has reduced cash burn

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Tubas Sand Project

Omahola Project

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Subset of resource updated to JORC 2012 compliance giving higher grade result Techno-economic trade-off study completed, production of intermediate product preferred PFS planned but offtaker has not been secured, cautious progress in future

Preliminary Economic Analysis indicates heap leach development as preferred option Metallurgical testwork required to confirm technical feasibility

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Improved geological understanding of resource base lays foundation for expansion

Exploration

Palaeochannels

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Ground work on targets identified in predicative modeling exercise

Multiple samples selected and sent to Perth for ore characterisation by Marenica Energy Limited Results show its U-pgrade[TM] process may successfully beneficiate these resources Extensive testwork still required and being considered

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Encouraging results for at least 30% of targets Follow-up on these has already begun in the new financial year

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6 EPLs renewed for an additional 2 years

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3,109 km[2] in exploration area*

Note:

Exploration in Namibia is conducted by DYL’s whollyowned subsidiary Reptile Uranium Namibia (RUN)

* On a 100% basis

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JORC 2004 Resource: 48.7 Mt at 420 ppm for 45.1 Mlbs U3O8 (tank leach)*

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Flagship Project in the centre of “Alaskite Alley” Multiple deposits to feed one plant:

• Ongolo and MS7 – higher grade alaskites

• INCA – higher grade alaskite, magnetite and pyrite mineralisation

From discovery, resource grew rapidly over 4 years Completed preliminary economic analysis during financial year - indicated heap leach development strategy currently more economically attractive Metallurgical testwork required to prove concept Next Steps:

• Review & update preliminary economic analysis

• Resource expansion – MS7 to depth and other targets being considered

• Plan scoping level metallurgical testwork

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*ASX Release, 4 February 2013

Will heap leach be technically feasible?

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“Sighter” column test demonstrated heap leach processing potential Uranium recovery approximately 80% after 7 days with low overall sulphuric acid consumption of 12.4 kg/t

Theoretical maximum uranium recovery approximately 90% and (based on glass beaker and bottle roll agitation techniques)* Extract Resources completed successful heap leach tests on Garnet Valley, an extension of the Ongolo deposit

*ASX Release, 4 April 2013

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Comprehensive metallurgical testwork must still be conducted

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Heap Leach ensures greater resource inventory

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Cut-off	Tonnes	U3O8	U3O8	U3O8
(ppm U3O8)	(M)	(ppm)	(t)	(Mlb)
100	298	191	56,825	125
150	140	269	37,610	83
200	76	346	27,166	60
250	49	420	20,462	45

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*Figures Extracted from ASX Release, 4 February 2013

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JORC 2012 Resource:
34Mt @ 170ppm
12.7Mlbs U3O8
Indicated & Inferred
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* ASX Release, 24 March 2014

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Tubas Sand Project: Summary JORC 2012 Resource: 34 Mt at 170 ppm for 12.7 Mlbs U3O8[*]

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Shallow, free dig mining Ore upgradeable via physical beneficiation

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• Conventional Cyclone or Teeter bed (Schauenburg)

• Mass pull 10 - 20%, uranium recovery>80%

• U3O8 upgrade of 4~8 times (depending on cut size)

• Acid or alkali leach for carnotite product Offtake options:

• Transport to existing producer…

• Supplemental feed to Omahola plant in long term

• DRA techno-economic study

• Production contained ~750,000 lbs/year U3O8**

• FOB minesite costs below US$25/lb**

• Next Steps:

• Finalise infill & expansion drill program plan

• Conduct supplemental metallurgical testwork, BUT

• Dependent on an offtaker…..

*ASX Release, 24 March 2014 ** DRA Study, ASX Release, 8 May 2014

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Improving probability of exploration success through predictive modeling & prospectivity mapping

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*ASX Release, 28 August 2013

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Remanent Proximity Proximity
magnetised units to marble to domes
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Alaskite
Alley
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Exploration
Model
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Input Data
Layers
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Prospectivity
Map
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Occurrence of remanent magnetised units Proximity to marble and dome structures

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|||
|---|---|
|Deposit|Score|
|Rössing|30|
|Rössing South 1|20|
|Rössing South 2|25|
|Valencia|20|
|Ongolo|20|
|MS7|25|
|INCA|10|

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Lithostratigraphic control Structural control

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Areas with high prospectivity rating are targets Targets appear to follow NNE-trend Methodology considered sound – known deposits show high prospectivity ranking

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Prospectivity mapping identified 15 alaskite targets 6 high priority targets Mapping surveys largely completed in follow-up:

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• Detailed geological mapping, ground radiometric surveys

• RadonX surveys, Trenching will be considered if appropriate

• Prioritisation of follow-up targets underway Next steps on most promising targets:

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– IP geophysical studies and highly targeted drilling

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Well positioned in current market environment

Omahola Project – Ongoing progress

• Review preliminary economic analysis

• Assessing MS7 and other targets for a possible drilling campaign as a result of improved geological understanding

• Plan scoping metallurgical test work

Tubas Sand Project – Flexibility

• Design expansion & Infill drilling program

• Plan metallurgical testwork

• But reduce rate of progress if unable to secure offtaker

Exploration potential

• Following up on the results of the successful predictive modeling exercise

• Encouraging results require further work on the ground

• Exciting exploration potential remains – but approach will be cautious (IP and highly selective targeted drilling)

• Looking for the next MS7…. or Husab!

Improving uranium market sentiment

• Highly leveraged to any movement in uranium spot price

• Leading location, Clear focus, High prospectivity, Proven delivery record

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Greg Cochran Managing Director

Deep Yellow Limited Level 4, 502 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

Cut-off Tonnes U3O8 U3O8 U3O8 (ppm U3O8) (M) (ppm) (t) (Mlb) Deposit Category	Cut-off Tonnes U3O8 U3O8 U3O8 (ppm U3O8) (M) (ppm) (t) (Mlb) Deposit Category	Cut-off Tonnes U3O8 U3O8 U3O8 (ppm U3O8) (M) (ppm) (t) (Mlb) Deposit Category	Cut-off Tonnes U3O8 U3O8 U3O8 (ppm U3O8) (M) (ppm) (t) (Mlb) Deposit Category	Cut-off Tonnes U3O8 U3O8 U3O8 (ppm U3O8) (M) (ppm) (t) (Mlb) Deposit Category	Cut-off Tonnes U3O8 U3O8 U3O8 (ppm U3O8) (M) (ppm) (t) (Mlb) Deposit Category	Cut-off Tonnes U3O8 U3O8 U3O8 (ppm U3O8) (M) (ppm) (t) (Mlb) Deposit Category
Omahola Project - JORC 2004
INCA Deposit	Indicated	250	7.0	470	3,300	7.2
INCA Deposit	Inferred	250	5.4	520	2,800	6.2
Ongolo Deposit #	Measured	250	7.7	395	3,040	6.7
Ongolo Deposit #	Indicated	250	9.5	372	3,540	7.8
Ongolo Deposit #	Inferred	250	12.4	387	4,810	10.6
MS7 Deposit #	Measured	250	4.4	441	1,955	4.3
MS7 Deposit #	Indicated	250	1.0	433	433	1.0
MS7 Deposit #	Inferred	250	1.3	449	584	1.3
48.7 420 20,462 45.1 Omahola Project Total
Tubas Sand Project - JORC 2012
Tubas Sand Deposit #	Indicated	100	10.0	180	1,900	4.1
Tubas Sand Deposit #	Inferred	100	24.0	163	3,900	8.6
34.0 170 5,800 12.7 Tubas Sand Project Total

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

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.

Omahola Project – JORC 2004

The information in this report that relates to Exploration Results for the Ongolo, MS7 and INCA deposits is based on information compiled by Dr Katrin Kärner who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Geo)). Dr Kärner, who was the Exploration Manager for 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 she is undertaking, to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2004 Edition). Dr Kärner consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

The information in this report that relates to the Ongolo and MS7 Mineral Resources is based on information compiled by Malcolm Titley of CSA Global UK Ltd. Malcolm Titley takes overall responsibility for the Report. He is a Member of the Australasian Institute of Geoscientists (‘AIG’) and the Australasian Institute of Mining and Metallurgy (‘AusIMM’) and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2004 Edition). Malcolm Titley consents to the inclusion of such information in this Report in the form and context in which it appears.

The information in this report that relates to the INCA Mineral Resource Estimates is based on information compiled by Neil Inwood who is a Fellow of the AUSIMM. Mr Inwood was employed by Coffey Mining as a consultant to the Company at the time of the resource estimates and public release of results. As Mr Inwood is no longer employed by Coffey Mining, Coffey Mining has reviewed this report and consents to the inclusion, form and context of the relevant information herein as derived from the original resource reports for which Mr Inwood’s consents have previously been given. Mr Inwood has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2004 Edition).

The information in this report relating to the Omahola Project Exploration Results and Mineral Resource Estimates was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

Tubas Sand Project – JORC 2012

Where the Company refers to the Tubas Sand Project resource upgrade in this report (referencing the release made to the ASX on 24 March 2014 entitled “Tubas Sand Project – Resource update”), it confirms that it is not aware of any new information or data that materially affects the information included in that announcement and all material assumptions and technical parameters underpinning the resource estimate with that announcement continue to apply and have not materially changed.

Tubas Sand Project Trade-Off Study

Where the Company refers to the Tubas Sand Project preliminary techno-economic assessment and risk analysis study in this report it references an ASX release dated 8 May 2014 entitled “Tubas Sand Project Trade-Off Study” which was based on metallurgical information reviewed by Mr Val Coetzee (B.Eng (Chem), M.Eng, Pr.Eng, SAIMM). Mr Coetzee is a full time employee of DRA Global a Consulting Engineering Group. Mr Coetzee is a Professional Engineer registered with the Engineering Council of South Africa and has more than 13 years of relevant experience in this area of work. Mr Coetzee consents to the inclusion in this presentation of the matters based on information provided by him and in the form and context in which it appears.

Target Generation Study and Other Exploration Results

The information in this report that relates to Exploration Results for the Target Generation Study and related follow-up geological mapping and interpretation is based on information compiled by Dr Katrin Kärner who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Geo)). Dr Kärner, who was the Exploration Manager for 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 she is undertaking, to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2004 Edition). Dr Kärner consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

Broad range of mining, technical and financial experience

Tim Netscher Chairman

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Experienced senior mining executive Currently Managing Director at Gindalbie Metals, formerly Newmont Mining, Vale, PT Inco, QNI, Impala Platinum and Billiton

Mervyn Greene Non-Executive Director

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Over 20 years investment banking and entrepreneurial experience Formerly Morgan Stanley and London Partner of Namibian advisory firm IJG

Gillian Swaby Non-Executive Director

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Over 25 years financial and corporate administration experience Company Secretary and Board Member for Paladin Resources

Christophe Urtel Non-Executive Director

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13 years investment banking and investment management experience with JP Morgan and Liberum Capital Investment advisor to Laurium Fund

Rudolf Brunovs Non-Executive Director

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Chartered Accountant, full equity partner for over 27 years with Ernst & Young and predecessor companies 12 years as Managing Partner in Parramatta NSW and Perth WA

Mark Pitts Company Secretary

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Chartered Accountant with over 20 years experience Partner in the advisory firm Endeavour Corporate

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Proven operational delivery with a broader capability

Greg Cochran Managing Director

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Senior mining executive with over 27 years international industry experience Executive roles in business development, operations and projects in various commodities Former companies include Terramin Australia, Uranium One, Mitsubishi Development, BHP Billiton and Billiton’s predecessor companies

Peter Christians Country Manager

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• Mining engineer with over 30 years international mining experience Worked in the USA, Southern and West Africa and Australia

• Extensive uranium experience including 15 years at Rössing Uranium, Bannerman and ARMZ/Uranium One

Ursula Pretorius

Financial Controller

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• Over 20 years financial management experience within mining and private security industries Associate member of the Institute of Chartered Secretaries and Administrators (ICSA) and Chartered Secretaries Australia (CSA)

Formerly Finstone SA (Pty) Ltd

Klaus Frielingsdorf Technical Consultant

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Chemist with over 20 years experience in process and operations management Formerly Council Scientific Industrial Research (RSA) and Walvis Bay Salt Refiners Uranium experience at Langer Heinrich Uranium

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