DEEP YELLOW LIMITED — AGM Information 2021

Nov 28, 2021

NEWS RELEASE

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29 November 2021

2021 AGM CORPORATE PRESENTATION

We enclose the Corporate Presentation for today’s Annual General Meeting.

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 LimitedClick to edit Master title style

Click to edit Master text styles ● Second level 2021 Annual General Meeting o Third level Fourth level Fifth level Shareholder Update 29 November 2021 John Borshoff Managing Director/CEO

DYL: ASX / NSX (Namibia) DYLLF: OCTQX

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~~2021 WINNER~~ ESG Leader

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Disclaimer, Previously Reported Information and Competent Person Statement

developed based on assumptions about such risks, uncertainties and other factors, including but not limited to general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of uranium; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accident, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. This list is not exhaustive of the factors that may affect the Company’s forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intent or obligations to or revise any forward-looking statements whether as a result of new information, estimates, or options, future events or results or otherwise, unless required to do so by law. Statements regarding plans with respect to the Company’s mineral properties may contain forward-looking statements in relation to future matters that can be only made where the Company has a reasonable basis for making those statements. Competent Person Statements regarding plans with respect to the Company’s mineral properties are forward looking statements. There can be no assurance that the Company’s plans for development of its mineral properties will proceed as expected. There can be no assurance that the Company will be able to confirm the presence of mineral deposits, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the Company’s mineral properties.

Disclaimer

Competent Person Statement

This presentation has been prepared by Deep Yellow Limited ABN 97 006 391 948 (Company or Deep Yellow) for general information purposes only. The presentation is not and should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company, or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation. Due care and attention has been taken in the preparation of this presentation, however the information contained in this presentation (other than as specifically stated) has not been independently verified for the Company or its directors and officers, nor has it been audited. Accordingly, the Company does not warrant or represent that the information contained in this presentation is accurate or complete. To the fullest extent permitted by law, no liability, however arising, will be accepted by Deep Yellow, its subsidiaries or its directors, officers or advisers, for the fairness, accuracy or completeness of the information contained in the presentation. No responsibility or liability is assumed by the Company, its subsidiaries or any of its directors, officers or advisers for updating any information in this document or to inform any recipient of any new or more accurate information or any errors of mis-descriptions of which the Company or any of its directors, officers or advisers may become aware.

The information in this presentation in so far as it relates to Mineral Resource Estimates and Ore Reserves 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 PreDevelopment 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. 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 information has not materially changed since it was last reported.

Forward looking statements

This presentation contains “forward-looking information” that is based on the Company’s expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the pre-feasibility and any feasibility studies, the Company’s business strategy, plan, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, mineral resources, results of exploration and related expenses. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘likely’,’ believe’, ’estimate’, ‘expect’, ’intend’, ’may’, ’would’, ’could’, ’should’, ’scheduled’, ’will’, ’plan’, ’forecast’, ’evolve’ and similar expressions. Persons reading this presentation are cautioned that such statements are only predictions, and that the Company’s actual future results or performance may be materially different. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is

Previously reported information

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements referred to above, and that all material assumptions and technical parameters underpinning the Mineral Resource and Ore Reserve estimates have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

There is information in this announcement relating to the outcomes of the Tumas Project Pre-feasibility Study announced to the market on 10 February 2021 in the release entitled ‘Deep Yellow Proceeding with Tumas DFS Following Positive PFS’.

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Strong Building Blocks to Establish a Tier-One Operation

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Deep Yellow Group: Strategically positioned, well-funded

• Continue dual-pillar growth strategy to establish a multi-platform, 5-10Mlb per annum, low-cost, tier one uranium producer

• Project portfolio located in Namibia – a Tier 1 uranium mining jurisdiction

• Excellent exploration results on 3 targets

• Significant progression and growth of Tumas Project, with 20+ year LOM achieved

• DFS progressing as planned

● Led by a standout and proven uranium team

• Highly-credentialed and experienced team (majority ex-Paladin Energy)

• Covering all stages of development – exploration, technical, environmental, corporate/treasury and marketing

• Majority of team successfully built and operated Langer Heinrich , Namibia and Kayelekera , Malawi

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

• Well-funded with cash balance of A$73M

• Nuclear energy becoming the moral imperative, with positive momentum building globally

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Corporate Overview

BOARD	BOARD	BOARD
Chris Salisbury **	Non-Exec Chairman
John Borshoff *	MD/CEO
Gillian Swaby * Rudolf Brunovs (retires 31 Dec)	Exec Director Non-Exec Director
Greg Meyerowitz (joins 1 Dec)	Non-Exec Director
Mervyn Greene	Non-Exec Director
Justin Reid *	Non-Exec Director
Mark Pitts	CFO/Co Sec
SENIOR TECHNICAL TEAM
Perth
Ed Becker*	Head of Exploration
Darryl Butcher Andrew Mirco	Head of Project Development Head of Business Development
Dr Alex Otto*	Chief Geologist
Namibia
Dr Katrin Kärner*	Exploration Manager
Martin Hirsch	Mgr Resources/Pre-Devel
Dr J C Corbin*	Senior Geologist-Specialist

• Ex Paladin Ex Rio Tinto – ERA and Rössing**

CAPITAL STRUCTURE – 26 November 2021
Shares on Issue	381M
Market Cap (A$0.95/share)	A$360M
Net Cash (26 November 2021)	A$73M
Major Shareholders
Board/Management	10.8%
Paradice Investment Management	8.7%
Collines Investments	7.5%
Sprott Group Affiliate	3%

12 MONTH PERFORMANCE ($0.28 to $1.37)

0.95c

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Nuclear and Uranium Excellent Upside

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UN Report Highlights Ultra-Low GHG Footprint for Nuclear

● UN Economic Commission of Europe study outlines CO2 Emissions for Electricity

Full Life Cycle CO2 (equivalent) Emissions from various Electricity Generating Technologies	Full Life Cycle CO2 (equivalent) Emissions from various Electricity Generating Technologies	Full Life Cycle CO2 (equivalent) Emissions from various Electricity Generating Technologies
Technology/Fuel	Availability	Grams CO2e per kilowatt hour (kWh)
Nuclear	24 hours	5.1 to 6.4
Solar	6 hours	8 to 83 photovoltaics (27 to 122g for CSP*)
Wind (onshore)	6-7 hours	7.8 to 16
Wind (offshore)	6-8 hours	12 to 23
Hydro	seasonal	6 to 147
Gas	24 hours	402 to 513 (49 to 220g with CCS**)
Coal	24 hours	751 to 1,095 (147 to 469g with CCS**)

concentrated solar power. carbon dioxide capture facility.*

● Renewables must be considered over a 24hr cycle

• Renewables alone have no or little electricity capability for 70% of the time

• o Nuclear ( 30% renewables support), 8-12g/kWh over 24hr cycle o Fossil fuels ( 30% renewables support), 300 to 700g/kWh over 24hr cycle

[ IMPRACTICAL ]

[ HIGHLY PRACTICAL ]

• [ UNACCEPTABLE ]

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Global Decarbonisation – Nuclear essential, giving additional impetus for growth

• Ambitious global decarbonisation targets set to be achieved over next 30 years will drive an even greater need for nuclear

• COP26 locking in harsher emission targets

• Recent global government commitments to build new reactors will exacerbate current supply shortfall

• Renewables alone inadequate

• Why nuclear?

• Sustainable and safe

• Zero carbon emitting technology

• Able to deliver massive amounts of baseload electricity with a 24/7 power output capability

• SMR technologies will provide many more options for nuclear

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Source: WNA Sept 2021

Uranium Price Movement – Historic & Current

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Uranium Prices 1968-2021
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The price correction has started

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Weekly Spot Price
Data from Trade Tech
55
17 Aug 2021 - Sprott
50
announced launch of
the “at-the-market
45 equity program” (ATM
Program)
40
35
30
25
20
8
O
3
USD / lb U
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Source: TradeTech
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Issues

• Spot price rising

• Term price still low - US$45/lb

• This is a Major Disconnect

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Weekly spot price Nov 2020 - Oct 2021

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Organic Growth (Namibia) Strong Assets, with Upside

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Namibia – A Tier-One Uranium Mining Jurisdiction

• Responsible for ~6% of global uranium output

• Large capacity, long-life mining operations established

• Rössing – 11Mlb/pa design

• Husab – 15Mlb/pa design Established 2016

• Langer Heinrich 5Mlb/pa design Established 2007

• Projects situated within large highly prospective Uranium Province containing nearly 2Blb U3O8

• Reptile Project 95% - ( 2 targets ; Tumas and Omahola)

• Nova JV 39.5% - ( 1 target ; Barking Gecko)

• Namibia offers excellent infrastructure for development and mining

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Namibian Uranium Province
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Tumas Channel Project Overview

● Tumas Project - 95% Reptile

● Tumas Project similar to Langer Heinrich deposit and very well understood by the Deep Yellow team ● Multiple deposits discovered with only 60% of 125km highly prospective MLA 237 palaeochannel system tested o Significant growth upside remains ● Exploration since early 2017 has increased the Tumas Mineral Resource fourfold ● DFS underway, following highly-successful PFS

Refer to ASX Announcement dated 29 July 2021.

• MLA 237 submitted; EIA well underway

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20+ Year LOM Ore Reserve Base Achieved

• Tumas Probable Ore Reserves increased by 121% to 68.4Mlb U3O8 at 345ppm using a 150ppm U3O8 cut off

• Major milestone achieved upgrading the Tumas LOM operation to 20+ years

• Tumas 3 Deposit delivering 62% of the available Ore Reserves

		Tumas Probable Ore Reserve Estimates	Tumas Probable Ore Reserve Estimates	Tumas Probable Ore Reserve Estimates	Tumas Probable Ore Reserve Estimates	Tumas Probable Ore Reserve Estimates	Tumas Probable Ore Reserve Estimates
Area	U3O8 Cut-off	Maiden Reserve			Updated Reserve
		Tonnes	U3O8	U3O8 Metal	Tonnes	U3O8	U3O8 Metal
	ppm	Mt	ppm	Mlb	Mt	ppm	Mlb
Tumas 1&2	150	13.9	292	9.0	14.5	272	8.94
Tumas 1 East	150	-	-	-	29.5	267	17.35
Tumas 3	150	26.9	371	22.0	46.3	412	42.11
Total	150	40.9	344	31.0	89.9	345	68.40

Refer to ASX Announcement dated 5 October 2021.

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DFS Progressing as Planned

FORECAST DFS FINANCIAL OUTCOMES	FORECAST DFS FINANCIAL OUTCOMES	FORECAST DFS FINANCIAL OUTCOMES
Item	Units	20yr LOM (TARGETS*)
Plant Capacity	Mlb U3O8 pa	3
Operating Margin (EBITDA) (U3O8 @ US$65/lb & V2O5 @ US$7/lb)	US$M	2,051
Initial CAPEX (incl pre-production)	US$M	320
C1 Costs (incl vanadium offset as by-product)	US$/lb U3O8	27.56
All-in-Sustaining-Cost (U3O8 basis with V2O5 by-product): Real	US$/lb U3O8	30.93
Project NPV8.6: Post tax, ungeared	US$M	407
Project IRR: Post tax, ungeared	%	25.9
Project Payback Period from Production Start: Real	Years	3.8
Breakeven U3O8 Price: ungeared	US$/lb U3O8	41.62

• An open-pit mining operation, with a production capacity of 3Mlb U3O8 per annum

• ● Primary objective for a 20+ year LOM operation achieved

• ● DFS commenced in February 2021 building on successful PFS:

• Detailed trade-off and optimisation studies

• o Metallurgical test work and analysis o Resource upgrade drilling completed o MLA submitted in July ‘21 o EIA work complete Jan ‘22

• ● DFS scheduled for completion late CY2022

* Determined on PFS parameters

Refer to ASX Announcement dated 5 October 2021.

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Exploration Pipeline – Building Production Organically

Omahola Basement Project - New Focus

• Measured, Indicated and Inferred Resource base of 45Mlb at 420ppm U3O8 over three deposits

• Indications of strong potential for additional discoveries outside existing deposits

• Shallow drilling of 7,100m (~200 holes) underway to identify new mineralised zones to expand the existing resource base

Barking Gecko Basement Target

• 14 holes drilled for 3,561m

• 13 of the 14 holes intersecting uranium mineralisation

• Standout hole TN258RC, which now includes 70m at 503ppm eU O 3 8

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Refer to ASX Announcement dated 4 November 2021.

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Refer to ASX Announcement dated 19 October 2021.

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Continued Focus on ESG

• Deep Yellow is focused on creating long-term value for all its stakeholders

• Recognise early implementation of key ESG pillars and objectives is critical in guiding sustainable practices

• Maiden Sustainability Report released in 2020

• Provides a strong platform to grow and evolve ESG objectives, as the Company progresses towards becoming a global, tier-one uranium producer

• Recent winner of 2021 AAMEG Africa Awards in the Emerging ESG Leader category

• Winner of Namibian Inter-Mining Competition Award for safe operations for third year running. No Injuries for all work during 2021

• Significant sustainable community support across education, health, sport, environment and emergency relief including support for COVID-19

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Inorganic Growth (M&A) Sector Consolidation Essential

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Consolidation of the Uranium Sector Offers Great Opportunities

• Timing is ideal for large-scale consolidation of the uranium sector

• Sector in disarray and disillusioned, offering exceptional opportunity for Deep Yellow transformational change

• A “once-off” leap frog opportunity to establish a major uranium platform of high significance, delivering commensurate shareholder reward Existing Mines

● A number of potential targets identified

• Deep Yellow, as result of leadership and credentials of the team and Board, is the only uranium junior able to undertake consolidation which differentiates the Company from its peers

• Brings an experienced corporate and marketing team, with strong relationships with uranium utilities and financiers

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Vimy Merger Proposal

• A binding proposal to merge DYL and VMY via a scheme of arrangement

• Merger would deliver value for all shareholders creating a sizeable, multi-jurisdiction uranium entity with global scale and significance, led by a proven and well-credentialed management team

• Vimy rejected proposal after limited engagement (17 Sept – 18 Nov)

• A merger would be the first step in building a Tier-1, multi-jurisdiction, leading uranium platform

• An offer price of 30.25c representing a 10% premium to Vimy closing share price, 18 Nov 2021

• Anticipated merger immediately accretive to establish a combined entity of global scale

• Merger had real potential to deliver benefits to all stakeholders based on current market conditions and the advantages of creating a consolidated uranium entity

• The Deep Yellow team would offer Vimy a safe pair of hands

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Vimy Acquisition Rationale

• There have been no material transactions completed in the uranium sector for a decade

• Apart from a handful of recent, smaller M&As in the US

• The uranium sector needs consolidation to produce companies with scale, able to provide comfort to utilities with a pipeline of sustainable uranium production

• Deep Yellow is focused on executing its expansion strategy, combining organic and inorganic growth

• The proposed merger with Vimy could create a portfolio of two advanced, complementary assets in Tier-1 jurisdictions

• Potential combined market capitalisation of ~A$700M, would attract new investor interest in MergeCo attracting larger institutional and ETF focused funds

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Looking Ahead

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Right Team, Right Time, Right Commodity

IN AN ENVIRONMENT OF A LOOMING SUPPLY SHORTAGE OUTLOOK

Deep Yellow has the Key Pillars Available to Build a Tier 1 Uranium Platform

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Experienced
Proven Vision
& Cohesive Growth Funding
Track &
Team Strategy Support
Record Leadership
Across All
Disciplines
APPLIED
TO
Existing
Namibian Sector
Projects Consolidation
Enhancement
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INCREASED SHAREHOLDER VALUE
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Conclusions

● Deep Yellow has a differentiated approach for value creation built around:

• A looming uranium shortage

• Substantial additional supply will be required as demand for nuclear increases, due to aggressive decarbonisation targets

• These factors including lack of sector expertise will exacerbate the anticipated supply deficit

• Proven, highly credentialed uranium team that has uniquely delivered in the past

● Advancing dual-pillar strategy to effectively dovetail into this emerging scenario

• Establish a project development pipeline through both organic and inorganic (sector consolidation) growth

• Develop a globally diversified, tier one uranium platform producing 10+Mlb pa

• Company well positioned with $73M cash

• Company focused on becoming a reliable, multi-project supplier of uranium to provide safe, long-term supply, able to provide production optionality and geographic diversity

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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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rounded and totals may reflect rs. ysis unless annotated otherwise. ent uranium grade as nhole gamma logging. usion Chemical Assays and es are reported it relates to m radiometrically logging re calibrated at Pelindaba, South cent calibrations were carried out rich Mine calibration facility in tember 2019. bes are checked daily against dix – JORC al Resource te	Deposit Category Cut-off Tonnes U3O8 U3O8 U3O8 (ppm U3O8) (M) (ppm) (t) (Mlb)	Resource Categories (Mlb U3O8)
		Measured Indicated Inferred
	BASEMENT MINERALISATION
	Omahola Project - JORC 2012
	INCA Deposit♦ Indicated 100 21.4 260 5,600 12.3	- 12.3 -
	INCA Deposit♦ Inferred 100 15.2 290 4,400 9.7	- - 9.7
	Ongolo Deposit # Measured 100 47.7 187 8,900 19.7	19.7 - -
	Ongolo Deposit # Indicated 100 85.4 168 14,300 31.7	- 31.7 -
	Ongolo Deposit # Inferred 100 94 175 16,400 36.3	- - 36.3
	MS7 Deposit # Measured 100 18.63 220 4,100 9.05	9.05 - -
	MS7 Deposit # Indicated 100 7.15 184 1,300 2.9	- 2.9 -
	MS7 Deposit # Inferred 100 8.71 190 1,600 3.65	- - 3.65
	Omahola Project Sub-Total 298.2 190 56,600 125.3	28.75 46.9 49.65
	CALCRETE MINERALISATION Tumas 3 Deposit - JORC 2012
	Tumas 3 Deposits♦ Indicated 100 78.0 320 24,900 54.9	- 54.9 -
	Inferred 100 10.4 219 2,265 5.0	- 5.0
	Tumas 3 Deposits Total 88.3 308 27,170 59.9
	Tumas 1, 1 East & 2 Project – JORC 2012
	Tumas 1 & 2 Deposit♦ Indicated 100 54.1 203 11,000 24.2	- 24.2 -
	Tumas 1 & 2 Deposit♦ Inferred 100 54.0 250 13,500 29.8	- - 29.8
	Tumas 1 & 2 Project Total 108.1 226 24,500 54.0
	Sub-Total of Tumas 1, 2 and 3 196.4 263 51,670 113.9
	Tubas Red Sand Project - JORC 2012
	Tubas Sand Deposit # Indicated 100 10.0 187 1,900 4.1	- 4.1 -
	Tubas Sand Deposit # Inferred 100 24.0 163 3,900 8.6	- - 8.6
	Tubas Red Sand Project Total 34.0 170 5,800 12.7
	Tubas Calcrete Resource - JORC 2004
	Tubas Calcrete Deposit Inferred 100 7.4 374 2,800 6.1	- - 6.1
	Tubas Calcrete Total 7.4 374 2,800 6.1
	Aussinanis Project - JORC 2004
	Aussinanis Deposit♦ Indicated 150 5.6 222 1,200 2.7	- 2.7 -
	Aussinanis Deposit♦ Inferred 150 29.0 240 7,000 15.3	- - 15.3
	Aussinanis Project Total 34.6 237 8,200 18.0
	Calcrete Projects Sub-Total 272.4 251 68,470 150.7	25 - 85.9 64.8
	GRAND TOTAL RESOURCES 570.6 219 125,070 276 28.75 132.8 114.45

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Appendix – JORC Mineral Resource Estimate

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.

Gamma probes were calibrated at Pelindaba, South Africa in 2007. Recent calibrations were carried out

at the Langer Heinrich Mine calibration facility in July 2018 and September 2019.

During drilling, probes are checked daily against standard source.

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