DEEP YELLOW LIMITED — AGM Information 2015

Nov 4, 2015

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Deep Yellow Limited

2015

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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ASX listed advanced stage uranium exploration company - Namibian focussed, with three projects:

• –

• Palaeochannels shallow, extensive, low capex potential

• –

• Omahola Project heap leach alaskite, due south of Husab

• – Tubas Sand Project shallow, free dig, low capex potential Large exploration area with high prospectivity Experienced board & management Highly leveraged to the uranium spot price

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Corporate Snapshot Financial Year Highlights Project Locations DYL’s Strategic Evolution Palaeochannel Project Conclusions

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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

Executives & Management

Ca ital Structure – as at 04 Nov 2015 p

Shares on Issue	1,918M
Performance Rights	36.6M
Market Cap (@ 1.1c/share)	~ AUD 21.1M
Net Cash	~AUD 3.4M
Major shareholders:
Paladin Energy Limited	16.7%
HSBC*	13.1%
National Nominees**	9.2%

• Including Raptor Partners Limited

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

• ** Including Laurium L.P. Fund

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Corporate

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Operational goals achieved despite continued focus on cost controls reducing cash burn Relatively strong cash position with balance in excess of $3M Additional overhead cash cost savings recently achieved at board and management level

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Palaeochannels

Omahola Project

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Independent consultants confirm heap leach as preferred development approach

Geophysical modelling program generates improved understanding of basement profile Tumas Zone 1 Infill drill program confirms resource grade and continuity

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Capital costs estimate reduced by assuming use of grass hopper over stacker reclaimer system Targets identified – to be drilled once market conditions improve

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DYL assessing intermediate product offtake operational strategy for fast track development

Tubas Sand Project

Exploration

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No offtakers willing to commit primarily due to relatively high logistics costs

Competed extensive ground work on targets identified in predicative modeling exercise One drill program completed but with disappointing results Renewals submitted for RUN and Nova EPLs with approvals pending

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Infill drill program and next phase of metallurgical testwork planned but paused Remains an important asset as supplemental feed for a DYL project

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3,109 km[2] in exploration area*

93.8 Mlbs at 306ppm in resources _Notes:**_

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

• On a 100% basis – EPL Renewals Pending

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** Assuming tank leach for Omahola

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Progressing projects cautiously to be well positioned at market recovery Tubas Sand Project: Summary : Prior to Fukushima, Omahola Project focus

• Hard rock, open pit, acid tank leach

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• Supplementary supply planned from Tubas Sand Project

• Alaskite focussed exploration to boost Omahola resource base Fukushima prompted cautious approach & cash conservation Search for low cost, low technical risk project for earlier cashflow Tubas Sand Project:

• Satellite supply business model adopted

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• No offtake commitment – Project suspended

• Reassessment of Omahola Project – heap leach Palaeochannel Review

• Marenica Testwork – possible amenability of U-pgrade[TM] process

• Successful Infill drilling program & geophysical interpretation

• Test market appetite for satellite supply business model – higher grades and potential for cleaner product, lower transport costs

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Tubas Sand Project: Summary JORC 2004 Palaeochannel Resource: 22.2 Mt at 368 ppm for 18 Mlbs U3O8[*]

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* Excluding Tubas Sand Deposit

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Tubas Sand Project: Summary JORC 2004 Palaeochannel Resource: 22.2 Mt at 368 ppm for 18 Mlbs U3O8[*] Known deposits from 1970’s/80’s Reason behind original claims being lodged DYL’s primary focus (with the Tubas Sand) prior to Omahola discoveries AeroTEM HEM Survey flown & Interpreted 2008 Extensive drilling campaigns 2008 - 2010 Scoping EIA completed Intermittent Metallurgical testwork over the years Recent mineral characterisation to assess amenability to various forms of physical beneficiation, including Marenica’s U-pgrade[TM] process

* Excluding Tubas Sand Deposit

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Tubas Sand Project: Summary Marenica U-pgrade[TM] Physical Beneficiation Process

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Development closely monitored by DYL

Process potentially more effective than Schauenburg (used on the Tubas Sand Project) DYL’s palaeochannels are higher grade (almost double) than the Tubas Sand deposit

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2014 Testwork completed

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Ore characterisation tests completed by Marenica in Australia Concluded process may be applicable to DYL palaeochannels

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Operating & transport costs could be lower than the Tubas Sand Project Same strategy – Satellite supply of intermediate product to existing producer

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Current Status

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Resource review – completed Infill grade control drill program – completed Geophysics Assessment – completed Assess market for potential offtakers (underway) Plan further metallurgical testwork (underway) Plan follow-up exploration program (underway)

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----- Start of picture text -----

60
Tumas 1
50
Tumas 2
Tumas 3
40
30
20
10
0
Liberation Class
Mass %
<= 10% <= 20% <= 30% <= 40% <= 50% <= 60% <= 70% <= 80% <= 90% < 100% 100%
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Marenica tests in the sub 125μ fraction were successful

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Given its prior offtake discussions for the Tubas Sand Project DYL has a good understanding of the potential for offtake

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Tubas Sand Project: Summary Layered Earth Inversion (“LEI”) Techniques Produced Reliable Results

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Layered Earth Inversion section showing good correlation between bedrock depth from drilling and the depth-to-bedrock from auto-picking routine

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Tubas Sand Project: Summary New Interpretation offered glimpse of significant upside potential

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Map showing interpretation of depth to basement of the palaeochannel system across EPL 3496

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Tubas Sand Project: Summary Historical drilling did not have the benefit of the recent interpretation

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Map showing interpretation of depth to basement and all drilling across EPL 3496

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Tubas Sand Project: Summary Historical RUN drilling did not have the benefit of the recent interpretation

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Surface Map with depth to basement overlay of the palaeochannel system across EPL 3496

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Tubas Sand Project: Summary RUN Drilling – Cross Section showing good coverage of Palaeochannel

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Tubas Sand Project: Summary Anglo 1970’s Drilling – Cross Section showing depth potential of Palaeochannel

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Tubas Sand Project: Summary Anglo 1970’s Drilling – Cross Section showing depth potential of Palaeochannel

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Conclusion: There is significant scope to enhance the Palaeochannel resource base, utilise improved physical beneficiation techniques and produce an intermediate product for an existing Namibian producer

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Gathering Momentum in a Challenging Market Environment

Palaeochannels

• Recent work demonstrated untapped potential – deep and extensive

• Initial testwork has been encouraging

• Satellite supply business model potential, ready to be tapped?

Omahola Project – Ongoing progress

• Independent consultants confirm preliminary economic analysis

• Capex estimate improvements with grass hopper approach

• Nearby exploration targets – could supplement resource base

Tubas Sand Project – No offtaker – on hold

• Expansion & Infill drilling program ready to go

• Metallurgical testwork planning completed

• Still available for supplemental feed to any DYL project

Exploration – Unparalleled prospectivity

• Exciting exploration potential remains – Looking for the next MS7…. or Husab!

• Improving uranium market sentiment

• Highly leveraged to looming correction in uranium spot price

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

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Appendices

JORC Resources (in this presentation)	JORC Resources (in this presentation)	JORC Resources (in this presentation)	JORC Resources (in this presentation)	JORC Resources (in this presentation)	JORC Resources (in this presentation)	JORC Resources (in this presentation)	JORC Resources (in this presentation)
		Cut-off	Tonnes		U3O8	U3O8	U3O8
	Deposit	(ppm U3O8) Category	(M)		(ppm)	(t)	(Mlb)
		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	3,000	6.7
Ongolo Deposit #		Indicated 250	9.5		372	3,500	7.8
Ongolo Deposit #		Inferred 250	12.4		387	4,800	10.6
MS7 Deposit #		Measured 250	4.4		441	2,000	4.3
MS7 Deposit #		Indicated 250	1.0		433	400	1.0
MS7 Deposit #		Inferred 250	1.3		449	600	1.3
Omahola Project Total			48.7		420	20,400	45.1
		Tubas Sand Project - JORC 2012
Tubas Sand Deposit #		Indicated 100	10.0		187	1,900	4.1
Tubas Sand Deposit #		Inferred 100	24.0		163	3,900	8.6
Tubas Sand Project Total			34.0		170	5,800	12.7
		Tubas-Tumas Palaeochannel - JORC 2004
Tumas Deposit		Indicated 200	14.4		366	5,300	11.6
Tumas Deposit		Inferred 200	0.4		360	100	0.3
Tubas Calcrete Deposit		Inferred 100	7.4		374	2,800	6.1
Tubas-Tumas Palaeochannel Total			22.2		369	8,200	18.0
TOTAL RESOURCES			104.9		328	34,400	75.8
Notes:	Figures have been rounded and totals mayreflect small		roundingerrors.
	XRF chemical analysis unless annotated otherwise.
	eU3O8 - equivalent uraniumgrade as determined bydownholegamma logging.
	#Combined XRF Fusion Chemical Assays and eU3O8 values.
	Where eU3O8values are reported it relates to values attained from radiometricallyloggingboreholes.
	Gammaprobes were calibrated at Pelindaba,South Africa in 2007 and sensitivitychecks are conducted
	by periodic re-loggingof a test hole to confirm operation		between 2008		and 2013.
	Duringdrilling, probes are checked dailyagainst a standard source.

Omahola Project

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 Katrin 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 Katrin 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 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

The information in this release that relates to the Tubas Sand Mineral Resource Estimate is based on information compiled by Dr Katrin Kärner* of Reptile Uranium (Pty) Ltd and Malcolm Titley of CSA Global Pty Ltd. Malcolm Titley takes overall responsibility for the MRE. 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 mineralization 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 2012 Edition). Malcolm Titley consents to the inclusion of such information in this Report in the form and context in which it appears.

Dr Katrin Kärner of RUN was the Competent Person responsible for the exploration activities and drill hole database and assaying who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Geo)). Dr Katrin 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 2012 Edition). Dr Katrin Kärner consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

CSA is an independent geological consultancy. Fees were charged to RUN at a commercial rate for the work completed and preparation of the Tubas Sand Deposit Mineral Resource Estimate, the payment of which is not contingent upon the conclusions of the Resource Estimate. No member or employee of CSA is, or is intended to be, a director, officer or other direct employee of RUN. There is no formal agreement between CSA and RUN as to RUN providing further work for CSA.

Tubas-Tumas Project

The information in this report that relates to the Tumas Zone 1 Infill Drilling Exploration Results is based on and fairly represents information and supporting documentation prepared or reviewed by Mr Geoffrey Gee, a Competent Person who is a Member of the Australasian Institute of Geoscientists. Mr Gee, who is employed as a contract Exploration Geologist with Deep Yellow Limited, has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Gee consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

The information in this report that relates to previous Exploration Results for the Tubas Calcrete and Tumas Mineral Resources 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 Katrin Kärner, who was the Exploration Manager for Reptile Uranium Namibia (Pty) Ltd during 2013, 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 Katrin 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 Tubas Calcrete 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 in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2004 Edition). 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.

The information in this report that relates to the Tumas Mineral Resources is based on work completed by Mr Jonathon Abbott who is a full time employee of MPR Geological Consultants Pty Lt and a Member of the Australian Institute of Geoscientists. 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 a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2004 Edition’) 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 relating to Tubas-Tumas 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.

Geophysical Results: Resource Potentials

The information in this report that relates to Geophysical Results is based on information compiled by Dr Jayson Meyers who is a Fellow of the Australian Institute of Geoscientists. Dr Meyers is a full time employee of Resource Potentials Pty Ltd. Dr Meyers 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 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Dr Meyers consents to the inclusion in the report of the matters based on his 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 30 years investment banking and entrepreneurial experience Formerly Morgan Stanley and London Partner of Namibian corporate advisory firm IJG

Gillian Swaby Non-Executive Director

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

Christophe Urtel Non-Executive Director

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Head of Corporate Development for the Noble Group, 15 years experience in investment banking and management 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 25 years experience

Partner in the advisory firm Endeavour Corporate

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 Member of the Governance Institute of Australia (ICSA)

Formerly Finstone SA (Pty) Ltd

Martin Hirsch

Exploration Manager

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Highly experienced (over 22 years) exploration and production geologist Formerly Chief Geologist for Forsys, Trekopje (Areva) and Rössing Uranium (Rio Tinto) Also has experience in diamonds and has expert knowledge in geological modelling and resource estimation