DEEP YELLOW LIMITED — AGM Information 2022

Nov 24, 2022

NEWS RELEASE

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25 November 2022

2022 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)

Media & Investor Relations Queries:

Citadel-MAGNUS

Michael Weir +61 402 347 032 Cameron Gilenko +61 466 984 953

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

Level 1, 502 Hay Street, Subiaco, Western Australia 6008 PO Box 1770 Subiaco, Western Australia 6904 +61 8 9286 6999 ABN 97 006 391 948

Deep Yellow Limited

2022 Annual General Meeting Shareholder Update

25 November 2022 John Borshoff Managing Director/CEO

DYL: ASX / NSX (Namibia) DYLLF: OCTQX

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~~2021 WINNER~~ ESG Leader

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Disclaimer

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 does not constitute a prospectus or equivalent document nor does it constitute financial product or investment advice. It does not take into account the investment objectives, financial situation or particular needs of any investor.

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.

The presentation has been prepared by the Company based on information available to it. 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 their respective 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 the Company, or their respective subsidiaries, 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 or their respective subsidiaries, 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 respective directors, officers or advisers may become aware.

Financial information

All dollar values are in Australian dollars (A$ or AUD) unless otherwise stated. Amounts, totals and change percentages are calculated on whole numbers and not the rounded amounts presented. This presentation includes certain historical financial information extracted from audited consolidated financial statements and information released to ASX (collectively, the Historical Financial Information). The Historical Financial Information is presented in an abbreviated form insofar as it does not include all the presentation and disclosures, statements or comparative information as required by the Australian Accounting Standards (AAS) and other mandatory professional reporting requirements applicable to general purpose financial reports prepared in accordance with the Corporations Act.

Past performance

Past performance metrics and figures (including past share price performance of the Company), as well as pro forma financial information, included in this Presentation are given for illustrative purposes only and should not be relied

upon as (and is not) an indication of the Company or any other party’s views on

the Company’s future financial performance or condition or prospects. Investors should note that past performance of the Company, including in relation to the historical trading price of the Company’s shares, mineral resources, costs and other historical financial information cannot be relied upon as an indicator of (and provides no guidance, assurance or guarantee as to) future performance, including the future trading price of shares in the Company. The historical information included in this Presentation is, or is based on, information that has previously been released to the market.

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. There can be no assurance that actual outcomes will not differ materially from forward-looking statements. 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 developed based on assumptions about such risks, uncertainties and other factors which are subject to change, 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 forwardlooking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaim any intent or obligations to finalise, check, update 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.

Previously reported information

Namibian Mineral Resources

This Presentation contains estimates of Mineral Resources, Ore Reserves, Production Targets and Exploration Results of the Company. The Company confirms that it is not aware of any new information or data that materially affects the information included in the following announcements released to the market on 3 February 2022 entitled ‘Tumas DFS Firmly On Track and Improving on PFS Assumptions’; on 10 February 2021 entitled 'Deep Yellow Proceeding with Tumas DFS Following Positive PFS'; on 22 December 2021 entitled 'New Potential for Basement Uranium Discoveries at Omahola'; and on 4 November 2021 entitled 'Omahola Basement Project Resource Upgrade to JORC (2012)'. All material assumptions and technical parameters underpinning the Mineral Resource and Ore Reserve estimates continue to apply and have not materially changed.

Australian Mineral Resources

This presentation contains estimates of Mineral Resources, Ore Reserves and Production Targets at the Mulga Rock and Aligator River Projects. The Company confirms that it is not aware of any new information or data that materially affects the information included in the release entitled ‘Significant Resource Upgrade for Mulga Rock Project’ announced to ASX on 23 June 2016 (Mulga Rock Base Metal Mineral Resource); the release entitled ‘Significant Resource Update – Mulga Rock Cracks 90 Mlbs’ announced to ASX on 12 July 2017 (Mulga Rock Uranium Mineral Resource), the release entitled ‘Maiden Mineral Resource at Angulari Deposit Alligator River Project’ announced to ASX on 20 March 2018 (Alligator River Mineral Resource) and the release entitled ‘Major Ore Reserve Update – Moving to the Go Line’ announced to ASX on 4 September 2017. All material assumptions and technical parameters underpinning the Mineral Resource and Ore Reserve estimates continue to apply and have not materially changed.

Refer to https://www.deepyellow.com.au/ or www2.asx.com.au for all prior announcements referenced.

Rounding

A number of figures, amounts, percentages, estimates, calculations of value and fractions in this Presentation are subject to the effects of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this Presentation.

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Strong Building Blocks to Establish a Tier-One Uranium Company

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The Chairman, the Managing Director & the Team – Trail tells the Tale

Both Chris (Chairman) and myself (MD) involved with uranium a long time. My experience since 1975 with multi nationals and junior start ups

Founded Paladin Energy in 1993 focussed on uranium

• Highly successful only junior to develop 2 uranium mines (with 3 expansions)

Achieved 8Mlb pa – 6[th] largest producer globally

• Investment phenomenon nearly 100,000% increase in share price

Achieved all targets and turned vision into reality up until Fukushima (2011)

Reached $5Bn market cap, pre-Fukushima $3.2Bn

Took over management of Deep Yellow late 2016

At the time market cap $6M and $2M cash– Now market cap $520M and $66.5M cash[1]

• Built a capable, experienced team that developed a proven track record

• Initiated with a dual pillar growth strategy – discovery new deposits and M&A

• Delivering on both growth strategies

• Tumas Uranium Project in Namibia (through new discovery) at final DFS stage

Mulga Rock in West Australian (through M&A and Vimy merger) now in revised DFS stage with value add possibly Merger has further strengthened the Deep Yellow Team

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1 As at 30 September 2022

A Company with Increasing Global Scale

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Deep Yellow has the largest uranium resource base of any pure-play ASXlisted company, with an attributable Mineral Resource base of 389Mlb

Once in production, Deep Yellow will be the largest pure-play uranium producer on the ASX - potential production capacity of Tumas (Namibia) 3Mlbpa and Mulga Rock (Western Australia) 3.5Mlbpa

Led by a best-in-class team with extensive knowledge across the operational lifecycle, offtake contracting and project finance complexities

Balance sheet strength provides flexibility to fund and execute dual-pillar growth strategy

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A Year of Rapid Advancement

MARKET CAP Nov ‘21 $360M

MARKET CAP Nov ‘22 $520M

Page 1 of 2 Largest Uranium Resource on ASX[(1)] Two Highly Advanced Projects Production Potential 6.5Mlbpa

Highly Credentialled Board Greater Geographic Diversity

Namibia Asset Concentration Tumas DFS Underway

A New Project In Our Backyard (WA) Highly Prospective NT Exploration Ground Team Further Strengthened Through Merger

Single Advanced Asset Company

Significant Growth Optionality -Exploration

2021

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2022

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(1) Largest uranium resource base of any pure-play ASX- listed company

Corporate Snapshot

Well-positioned financially to execute growth strategy

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Capital Structure [(2)] 1.40
Shares on Issue 731.7M 1.20
Share Price [(1)] A$0.71
1.00
Market Cap [(1)] A$520M
0.80
Net Cash [(2) ] A$66.5M
0.60
Nil Debt
0.40
Majority Shareholders [(1)]
Board / Management 4.89%
0.20
Paradice Investments 6.99%
0.00
3/10/2016 3/10/2017 3/10/2018 3/10/2019 3/10/2020 3/10/2021 3/10/2022
Collines Investments 3.96%
Share Price (A$/Share)
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(1) AS at 24 November 2022; 2) As at 30 September 2022

Organic & Inorganic Growth Strong Assets, with Upside

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Geographically Diversified, Advanced Project Portfolio

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•
Project portfolio
provides diversity by
Advanced-stage
asset, stage of
development and Early-stage to continue
organic pipeline
geographic location
•
Operating across Omahola Alligator River
two Tier-1 mining Namibia Northern Territory
jurisdictions Resource: 125Mlb (190ppm U3O8) Resource: 26Mlb (1.29% U3O8(3))
50km prospective zone World class uranium province
•
Strongly positioned, 50% of basement yet to be tested Potential Tier-1 discovery
able to execute to
development and
production, with a Tumas Mulga Rock
Western Australia
highly credible Namibia
The revised DFS underway focussing to
team and multi- DFS internal review stage
Resource: 114Mlb (263ppm U3O8) [(1)] maximise project value (uranium and
mine asset exposure Reserve: 68Mlb (345ppm U3O8) critical minerals)
Current Resource : 90Mlb (570ppm U3O8)
Target Production: 3.0Mlb p.a. [(2)]
Reserve: 42Mlb (835ppm U3O8)
Only 60% of 125km prospective
channels tested Target Production: 3.5Mlb p.a.
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Note: Resource & Reserve metrics reported on a 100% basis; (1) Deep Yellow currently owns 100% of Tumas. Oponona has an option to acquire 5% of the project, however the option is yet to be exercised; (2) DFS forecast production capacity (3) 1.29% is equivalent to 12,900ppm U3O8

Tumas Project DFS Update

• An open-pit mining operation, with production capacity up to 3.6Mlb U O 3 8 per annum

• Up to 26 year LOM operation with strong upside

• Inferred Resources of 48.2Mlb available with potential to add a further 10+ years to LOM

• DFS status

• Study completed - Draft under internal review by Management & Board

• Confirms robust nature of project

• Remains commercially attractive despite inflationary pressure

• Financial modelling identified areas for further optimisation

• In areas of pre-production and development schedule

• Expect DFS to be announced in Q1 2023

• Anticipate outcome will provide sound basis for proceeding with FEED early CY2023

Page 1 of 2 PRELIMINARY DFS FINANCIAL OUTCOMES (3 Feb '22)	Page 1 of 2 PRELIMINARY DFS FINANCIAL OUTCOMES (3 Feb '22)	Page 1 of 2 PRELIMINARY DFS FINANCIAL OUTCOMES (3 Feb '22)
Item	Units	25.75yr LOM (TARGETS*)
Plant Capacity	Mlb U3O8 pa	3**
Operating Margin (EBITDA) (U3O8 @ US$65/lb & V2O5 @ US$7/lb)	US$M	2,214
Initial CAPEX (incl pre-production)	US$M	333
C1 Costs (incl US$2.44/lb vanadium offset as by- product)	US$/lb U3O8	28.29
All-in-Sustaining-Cost (U3O8 basis with V2O5 by- product): Real	US$/lb U3O8	31.67
Project NPV8.6: Post tax, ungeared	US$M	412
Project IRR: Post tax, ungeared, nominal	%	25%

*Determined on PFS parameters

Refer to ASX Announcement dated 3 February 2022.

* * Increasing to 3.6Mlb pa capacity for DFS

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Mulga Rock Project Update

MULGA ROCK PROJECT - 100%

• Located in the Tier-1 mining jurisdiction of Western Australia

• Globally significant Mineral Resource of 71.2Mt @ 570ppm for 90.1Mlb U O 3 8, positioning Mulga Rock as one of the largest

• undeveloped uranium projects in Australia

• Simple geology, mining and metallurgy

• Only uranium project in WA to reach “Substantial Commencement” opening pathway to development

• Undertaking a revised DFS to optimise previously unconsidered in-ground value of expanded uranium resource and critical minerals (Cu, Ni, Co, Zn and rare earth – Nd/Pr)

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FY23 Activities

• Mining camp established / early works continuing Page 1 of 2

• 70-80 x 60m deep geo-metallurgical holes currently being drilled – completion end CY22

• Resource/reserve upgrade: 600-900 holes (approx. 35,000 to 50,000m), 2 rigs 24hr/day, commencing mid-March 2023 – completion mid CY23

• Environmental monitoring and reporting ongoing to satisfy regulatory requirements

• Test work for revised DFS has commenced, to evaluate value uplift by incorporation of critical minerals into production with uranium

• Site staffing – Staff (4-8) Contractors (6-15)

• Revised DFS targeted for completion mid-CY24

OPPORTUNITY TO TURN MULGA ROCK INTO A MULTI-COMMODITY OPERATION WITH EXTENDED LIFE OF MINE BEYOND 20 YEARS WITH SIGNIFICANT INCREASE TO PROJECT VALUE

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Exceptional Exploration Growth Upside

ALLIGATOR RIVER PROJECT, NORTHERN TERRITORY – 100%

• Located in the world class uranium province of Alligator River, which hosts some of the highestgrade uranium deposits in Australia

• High-grade, unconformity uranium deposits (Athabasca-style)

• O

• Mineral Resource at Angularli of 26Mlb @ 1.29% U3 8

• Potential for discovery of large, Tier-1 uranium assets

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OMAHOLA BASEMENT PROJECT - NAMIBIA - 100%

Page 1 of 2

• Measured, Indicated and Inferred Resource base of 125Mlb at 190ppm U3O8 acros ~~s~~ Ongolo, MS7 and Inca deposits

• 50km prospective zone with strong potential for additional discoveries

• Shallow drilling program of ~200 holes for 7,100m already identified 3 highly-promising targets for follow up

• 50% of basement prospective zone remains to be tested

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Refer to ASX Announcement dated 4 November 2021

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Nuclear and Uranium Excellent Upside

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Nuclear Confusion – Article in Australian Today

• Working Committee of highly experienced Engineers established to propose Plan B for energy

● Growing concerns that Australia’s current trajectory (nondispatchable wind & solar focus) will irreversibly harm Australia’s geopolitical security and economic growth

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The Australian – 24.11.22
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Electricity – We just need more and more

The bull market for specific commodities is borne out of need to produce cleaner electricity in ever-increasing amounts over the long term

Growth without fossil fuel will be an enormous task NEVER MIND replacing 70% of current global electricity with non fossil origin in 28 years

Price Indicators /lb* Spot US$50.25 Mid-Term US$53.00 Long-Term US$53.00

* TradeTech published prices as at 24 November ‘22

~~-~~ This change over already displaying ominous signs commodity shortages, the creation of a long term global energy crisis, significantly higher electricity prices

True limitation of renewables as the one-shot panacea is being exposed and has limits

Transition changes already resulting in a 8-fold increase in the price of thermal coal

Electrical transport will place huge additional pressure for even more global electricity and the renewables industry as it stands will be unable to deliver very much beyond 6 hours a day

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Nuclear, Nuclear & More Nuclear

Nuclear is the clear winner and in strong recovery mode

Dozens of major economies aligning with their governments demanding more nuclear to get back on track to grow energy availability and making electricity cheap again

The anti-nuke movement in disarray , their rhetoric becoming tiresome and dangerous

Stark realities now facing the world on how to manage the enormous challenges ahead

Renewables only part of the solution – limited dispatch capability

: Nuclear can do this easily, 24 hours a day

• the lowest carbon footprint

• the lowest material requirement

• the lowest land usage component

• the best safety record of all technologies

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Coal (36%) Gas (23%) Hydropower (15%) Nuclear (10%) Wind (6%) Solar (4%) Other Renewables (3%) Oil (3%)

World Electricity Production by Source [1] Nuclear Reactors Globally 437 Reactors Under Construction 59 Reactors Planned 100 Proposed Reactors 334

World Nuclear Power Reactor Growth [2]

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1 Source: Our World data – Electricity Mix 2021 2 Source: World Nuclear Association

Nuclear has the Lowest Cost Profile

Figure ES1: Levelised Cost of Energy (LCOE) by Technology

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Source: Projected Costs of Generating Electricity 2020 –Analysis - IEA

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Looking Ahead

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Well-Defined M&A Strategy

• A growth plan centred on delivering a dual pillar strategy to develop a multi-mine pipeline

• Organically via development of existing geographically diverse asset base

• Inorganically via asset acquisitions, to develop larger scale with high quality conventional mining assets

• Comprehensive global review of 200+ uranium mining projects completed – work ongoing to determine best fit within company growth strategy

Global Uranium Listed Peers by Attributable Resources[(1) ] (M+I+I) (Mlb)

Key Legend

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Key Legend
Deep Yellow has the largest attributable resource
(2) inventory amongst its listed peers Developers
389
375
Restart
351
337 Idled
Producers
Deep Yellow
231
206 202 197
165
135
126 121 120 116
91 89
72
54
44 41
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Source: Public company information, websites, presentations; public feasibility studies; technical reports and drilling updates; Note 1: Attributable Resources sourced from the latest feasibility study, preliminary economic assessment, drilling update, and/or technical report; Note 2: Uranium Energy Corp includes deposits which have been acquired however the transaction may not yet have closed; Note 3: Analysis only includes key listed peers of Deep Yellow and Vimy i.e. excluding other companies such as Cameco or Kazatomprom; Note 4 ~~: Resource numbers include M+I+I (Measured, Indicated, and Inferred and historic resources); (1) Reflects resource base for each listed peer presented on a % ownership stake basis (rather than a 100% ownership basis), thus only reflecting the attributable intere~~ st in each deposit’s respective resources; (2) Deep Yellow resource base assumes 100% ownership of Tumas, Tubas and Omahola and 85% ownership of Aussinanis. Oponona has an option to acquire 5% of the Reptile Project, however the option is yet to be exercised

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Deep Yellow is prepared for an extended boom

• Vast amounts of new uranium needed over the next 30 years to support revived nuclear sector

• Sector is unprepared, shedding staff, keeping activity to bare minimums over past 10 years

• Need to overcome many challenges to be able deliver what we promise

• When uranium prices reach the incentive levels needed to encourage new mine development a pandoras box will open

• ENORMOUS EFFORT WILL BE REQUIRED TO OVERCOME THE EXTRAORDINARY CIRCUMSTANCES THAT HAVE BEFALLEN THE SUPPLY SECTOR

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• Uncompromising challenges emerging to achieve production aspirations

• Expect over the next 10 years

• 6 to 10 new ISR operations to produce 3 to 5Mlb pa coming from 3 to 4 corporates

• 5 to 7 new conventional uranium operations (excluding mothballed projects) coming online to produce 15-25Mlb pa coming from 6-8 junior corporates

• The current 60 or so listed uranium companies growing to 200 plus

• TO ACHIEVE ANTICIPATED SUPPLY GROWTH HUGE UNPRECENDENTED EFFORT, INVESTMENT AND PLANNING WILL BE REQUIRED

• Unlike most others - Deep Yellow is fully prepared to deliver

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~~Page 1 of 2~~

A Compelling Uranium Story

Deep Yellow has the building blocks to establish a Tier-1 mining company:

• Tumas Project – a world-class long-life asset, +25-year LOM (3Mlbp.a.)

• Mulga Rock Project ~15-year LOM (3.5Mlbp.a.) – strong possibility to improve project economics with critical minerals

• Extensive exploration portfolio available to build on existing production

• Largest uranium resource base of any pure-play ASX-listed uranium company

Uranium market backdrop creates an exceptional opportunity – growing recognition of nuclear power as a clean and reliable energy source

Continued focus on consolidation by leveraging newly-created platform and acquisition currency

Primary focus on developing a globally diversified, Tier-1 uranium platform producing 10+Mlb p.a.

Deep Yellow is on a pathway to becoming a reliable and long-term uranium producer, able to provide production optionality, security of supply and geographic diversity

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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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