DEEP YELLOW LIMITED — AGM Information 2020

Nov 29, 2020

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NEWS RELEASE

30 November 2020

2020 AGM CORPORATE PRESENTATION AMENDED

We refer to the presentation released on 26 November 2020. Please find amended presentation noting changes to Slide #3 of this PowerPoint package.

Yours faithfully

JOHN BORSHOFF

Managing Director/CEO Deep Yellow Limited

This ASX announcement was authorised for release by Mr John Borshoff, Managing Director/CEO, for and on behalf of the Board of Deep Yellow Limited.

DYL: ASX & NSX (Namibia) DYLLF: OTCQX (USA)

For further information contact:

John Borshoff Managing Director/CEO T: +61 8 9286 6999 E: john.borshoff@deepyellow.com.au

E info@deepyellow.com.au W www.deepyellow.com.au @deepyellowltd deep‐yellow‐limited

Unit 17, Spectrum Building, 100–104 Railway Road Subiaco, Western Australia 6008 PO Box 1770 Subiaco, Western Australia 6904 +61 8 9286 6999 ABN 97 006 391 948

Deep Yellow Limited

2020 Annual General Meeting Shareholder Update

26 November 2020 (amended 30 November 2020) John Borshoff Managing Director/CEO

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DYL: ASX / NSX (Namibia) DYLLF: OCTQX

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Disclaimer and Competent Person Statement

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.

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.

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 DeepYellow.

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.

The information in this presentation in so far as it relates to exploration results and Mineral Resource Estimates is based on and fairly represents information and supporting documentation prepared or reviewed by Mr Martin Hirsch, a Competent Person who is a Member of the Institute of Materials, Mining and Metallurgy (IMMM) in the UK. Mr Hirsch, who is currently the Manager Resources and Pre-Development for Deep Yellow’s subsidiary, Reptile Mineral Resources and Exploration (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’ and the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Hirsch consents to the inclusion in this presentation of the matters based on the information in the form and context in which it appears.

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 thispresentation. 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.

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

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 presentationdoes not take into account the objectives, financial situation or needs of any person, and independent personal advice should be obtained.

Mineral Resource Estimates disclosed in this presentation and compiled under the JORC Code 2004 have not yet been updated to comply with the JORC Code 2012 on the basis that the informationhas not materially changed since it was last reported.

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- Supply/Demand Equation Highly Favourable for Future Producers

Growth in nuclear remains strong in China, India, Russia and the Middle East. 31 countries currently have nuclear Globally expect 8-10 reactors per year over next 10 years and will continue beyond

Six new countries opting for nuclear (reactors planned) plus five new countries with reactors proposed Small Modular Reactors (SMR) giving nuclear extra optionality for deployment Electricity shortage will be exacerbated for battery recharge purposes by electric vehicle growth Hydrogen technology explosion to support heavy duty transportation needs more additional electricity Recent developments to encourage extra nuclear uptake New Japanese prime minister reaffirmed strong support for nuclear to achieve zero emission by 2050 EU finally acknowledging need for nuclear for green electricity and green hydrogen

BHP shelving their overhyped Olympic Dam expansion leaves up to 20Mlb pa supply gap mid to late 2020’s

Overall the focus on climate change, zero emission, need for more electricity (green & brown) makes nuclear an absolute must to partner renewables which have limited electricity output capability

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Uranium Price Primed for Recovery

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NUCLEAR DEMAND STRONG
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CLEAR URANIUM PRICE LAG
Prevailing
Date/Event Operable Reactors ConstructionUnder Planned Proposed Required U308 U308 Price
USD
Feb 2011
(pre- 443 62 156 322 80kt $73/lb
Fukushima)
Nov 2020 441 53 100 326 80.5kt $29.40/lb
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Source: WNA Sept 2019

Source: WNA

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– Major Nuclear Cycles 1945 to 2020 with strong outlook

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Market Cap 20 Largest U Companies: 2010-2020 Excluding Kazatomprom

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US$29.40/lb
US$25/lb
(Nov ‘20)
(Dec ‘19)
2020
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Uranium Spot Price – 12 Months (Dec ‘19 to Nov ’20)

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DOWN 15%
COVID EFFECT
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Deep Yellow Share Price - 12 Months-Dec ‘19 to Nov ‘20

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26/11/2020 Source: Market Index

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Deep Yellow Differentiated with a Unique Growth Strategy

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Key Ingredient for Success- A Standout Uranium Team

A highly-credentialed team (majority ex-Paladin Energy) with proven success in the uranium sector, highlighted by:

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Strong project development, operational and corporate capabilities

Highly experienced team who have successfully worked together in the past covering technical, innovation, marketing, finance, corporate, governance, legal and sustainability areas

Built and operated two innovative conventional uranium operations

Only team to accomplish this from 1982 to 2019, other than the latest build in 2016 by CGN on its Husab operation

Grew Paladin from a market capitalisation of $2M to $4Bn – pre-Fukushima

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Executing a Counter-Cyclical Strategy

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Key Achievements Over Past 12 Months

• Resources expanded substantially at the Reptile project, Namibia

• Tumas Project PFS near completion

• JOGMEC (Japanese entity) completed $4.5M earn-in at adjacent Nova

• JV September 2020. Highly prospective target currently being drilled

• Targeted M&A activity continuing - advanced opportunities identified

• Strong capital position A$11M Sept 2020

Key Ingredients Remain for Execution of Dual Expansion Strategy focusing on organic and inorganic growth

Uranium industry in an extended downturn and under financial pressure Fundamental supply/demand disconnect in the market post 2023 Key majors focused on either divesting assets or exiting sector Sector consolidation essential during general investor disinterest

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Namibia: A Premier Uranium Jurisdiction

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Large, proven uranium province with exceptional prospectivity Province contains 1.5Blb U3O8 Measured and Indicated Resources

With additional 350Mlb U3O8 Inferred resources

Large capacity, long-life mining operations

Rössing – 11Mlb/pa design (operating at lower production) Husab – 15Mlb/pa design (operating at lower production) Langer Heinrich – 5Mlb/pa design (mothballed)

Since 1974 Namibia has produced 320Mlb U3O8 World’s 4th largest uranium producer Responsible for ~6% of global uranium output Highly-supportive jurisdiction

Excellent infrastructure for development and mining

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Namibian Uranium Province

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Tumas 3 Deposit

Overall Tumas 3 Resource 36.8Mlb at 328ppm eU3O8

24.1Mlb Indicated Resources at 313ppm

• 12.7Mlb Inferred Resources at 358ppm

Total Measured/Indicated Resources in Tumas 1, 2 and 3 at 37.2Mlb at 337ppm

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Tumas 3 Deposit, with infill drill hole locations and GT contours over palaeochannel outline

Total Measured/Indicated/Inferred Resources from Tumas 3 and to the east is 77Mlb at 324ppm U3O8 Highly cost effective discovery of 11.5cents/lb

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• PFS test work delivering equal to or better than assumptions used in the Dec ‘19 Scoping Study

• Key Benchmarks of Scoping Study

• LOM: > 20 years

• OPEX : low cash cost < US$30/lb

• Annual production : 2.5Mlb to 3Mlb

• CAPEX: Circa US$100M per 1Mlb/annum plant design

• o IRR: min 25% with 50% debt

• PFS completion anticipated Dec ’20

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Nova JV - Breakthrough Results at Barking Gecko

Large anomalous mineralised zone identified at Barking Gecko in alaskite-type basement target

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Thick zones of uranium intersected

Grades vary from 216 to 385ppm eU3O8

4km x 1km highly prospective zone defined Target similarities with Rössing and Husab Mineralisation open at depth and laterally

Prospective zone extends 18km into adjacent Reptile Project containing 45Mlb of basement resource

3,200m/13 RC drill hole program underway

Barking Gecko Prospect showing drill hole locations and prospective zone.

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Establishing a Multi-Project Global Uranium Platform

• Unique Strategy ● Right Timing ● Standout Tea m ● Well Funded

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A Significant Opportunity for Deep Yellow

The Key Ingredients Available to Deep Yellow to Build a Tier-One Uranium Platform

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Experienced
Proven Bold &
& Cohesive Vision
Uranium Unique Funding
Team &
Track Growth Support
Across All Leadership
Record Strategy
Disciplines
APPLIED TO
Existing
Sector
Namibian
Consolidation
Projects
(M&A)
Enhancement
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INCREASED SHAREHOLDER VALUE

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Conclusions

• A re-energised, well-funded Company entering pre-development stage that is highly differentiated from other mid-sized uranium market players

• Outlook for uranium is very positive, with nuclear power integral to meeting clean energy targets

• Well positioned to continue successful execution of the dual-pillar growth strategy, to deliver a 5-10Mlb low cost, multi-platform global uranium platform

• Well defined M&A execution strategy with first acquisition expected late CY20/early CY21

• Strong capital position (A$11M end September ‘20) and continued support from equity markets

• Deep Yellow aims to provide security and certainty of uranium supply into a growing market

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Thank you

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For further information: T: +61 8 9286 6999 E: info@deepyellow.com.au W: www.deepyellow.com.au : @deepyellowltd : deep-yellow-limited

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