DEEP YELLOW LIMITED — AGM Information 2023

Nov 23, 2023

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Building a Global Uranium Company

2023 AGM Corporate Presentation

John Borshoff Managing Director/CEO 24 November 2023

DYL: ASX / NSX (Namibia)

DYLLF: OCTQX

www.deepyellow.com.au

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 previous announcements and in particular that announcement released to the market on 2 February 2023 entitled ‘Strong Results from Tumas Definitive Feasibility Study’. 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

Where the Company references exploration results, Mineral Resource and Ore Reserve estimates and ASX Announcements made previously it confirms that the relevant JORC Table 1 disclosures are included with them and that it is not aware of any new information or data that materially affects the information included in those ASX Announcements and in the case of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the Announcements 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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2

Best Positioned Uranium Mid-Cap Company Globally

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Deep Yellow has global diversity , which is seen as a necessity by off-takers – located in two Tier-1 mining jurisdictions

Significant production capability - once in production, Deep Yellow will be the largest pure-play uranium producer on the ASX - production capacity +7Mlb p.a.

Led by a highly experienced uranium team with extensive knowledge across the operational lifecycle, offtake contracting and project finance complexities – proven mine builders

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Huge exploration upside with potential to develop large scale, long-life projects within the Deep Yellow portfolio

Delivering on vision - 5 years successfully establishing a Tier-1 uranium platform and next 5 years focussing on execution to production while further growing the global resource base

Financially disciplined with strong governance

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3

Balanced & Optimised Team

Steady and deliberate program upgrading board with appropriate Board experience and skill levels to ensure operational, financial and governance excellence Proven leadership who understands what needs to be developed for Leadership uranium supply in the post-Fukushima reconstruction era Executive and Proven capabilities across the uranium business and delivering Technical across all facets of the industry from geological, development, Management operational, marketing, finance and governance Culture Based on Respect, Responsibility, Reliability and Inclusivity

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4

A Year of Significant Advancement

1	Delivered the Tumas Define Feasibility Study with strong results	
2	Continued exploration on development pipeline, building on future value	
3	Significant advancement at Mulga Rock though the development of critical minerals and optimised process work	
4	Completed Tumas resource expansion drilling, readying for multi decade LOM	
5	Continued to strengthen Board and building team with key appointments	
6	M&A strategy working in parallel to deliver further shareholder value	

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5

Delivering on Shareholder Growth

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1,000
Considerable
800 Market Cap
Increase in only 3 60%
years
600 40% $880M
400
$550M
326%
$390M
200
$92M
-
November 2020 [1] November 2021 November 2022 November 2023
Market Capitalisation (million A$)
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6

1 Average Market cap for the month of November

Capital Structure – ASX 300 Company - Performance FY23/early FY24

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FY23
1.60 80
Market Cap Range A$450M - A$1.06B
1.40 70
1.20 60
1.00 50
0.80 40
0.60 30
0.40 Merger Completion 20
August 2022
0.20 Tumas DFS Completion 10
Feb 2023
Share Price U3O8 Price
0 0
25-Oct-20 25-Apr-21 25-Oct-21 25-Apr-22 25-Oct-22 25-Apr-23 25-Oct-2324-Nov-23
MAJORITY SHAREHOLDERS
A$880 Nil A$32M 757.8M 5% 8% 4%
Market Cap [1] Debt Cash [2] Shares on Issue Board and Paradice Collines
Management Investments Inves tments7
(1) As at 26 October 2023 (2) Cash and equivalents as at Sept 2023
A$/Share1
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01 Uranium is Critical for a Clean Energy Future

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~~www.deepyellow.co~~ m.au

Significant Shift in Global Thinking

Bowen wants blank cheque as world looks to nuclear

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COP28 - Triple Nuclear Power by 2050

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9

Where is the Supply?

Supply Industry Hampered by Decades of Underinvestment

Geopolitical Risks Increasing Jeopardising Supply

Uranium Inventory Rundown Accelerating

Large Long-Life Assets Have Ceased Production

Global Mining Houses Have Exited Industry Kazakhstan Supply Uncertainty

Supply Line Challenges and Skilled Labour Shortages Impacting Existing Capacity

Long Lead Times to Development Will Only Exacerbate Uranium Pricing Pressure Over Coming Years

Is the Incentive Price for New Production US$70/lb or US$100/lb?

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- Nuclear Essential N et zero nuclear initiative to triple nuclear by 2050

Nuclear becoming the clear winner. Uranium supply industry is well-placed for significant growth and value uplift in the global energy transition Most major economies in full alignment demanding more nuclear. This hasn’t happened on such a broad scale since the oil shock days in the 1970s

Nuclear is the only viable option to provide sufficient baseload power supply while achieving zero emission

Renewables only part of the overall solution, remains a stranded asset for 16-18 hours/day

• :

• Nuclear is a 24/7 clean energy source • Lowest carbon footprint (UNECE[1] analysis Sept 2021)

• Lowest material requirement

• Lowest land usage component

• • Lowest cost per unit energy (IEA[2] analysis 2020)

• • Best safety record of all technologies

• Meets ESG demands

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1111

1 United Nations Economic Commission for Europe 2 International Energy Agency

Footprint & Productivity of Nuclear vs Solar & Wind – Some Facts

One x 1GW Nuclear Reactor equivalent

• To generate

• ● 3 Wind farms (each of 1GW) same

• ● 4 Solar farms (each of 1GW) electrical

power as a Impact on land use & productivity – 1GW nuclear Land use for 1GW reactor

• Nuclear: ~3km[2] – 1GW

• Solar: ~200km[2] (need ~4GW to produce 1GW)

• Wind: ~800km[2] (need ~3GW to produce 1GW)

Renewable issues

• 1GW footprint 70x greater for solar and 360x for wind compared to a nuclear reactor

• Huge infrastructure cost (transmission lines)

• Huge quantities of mineral resources required

• Huge land use requirement

• End of life recycling/decommissioning unresolved

Capacity Factors by Energy Source

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Nuclear 93%
Natural Gas 56%
Hydropower 42%
Coal 40%
Wind 35%
Solar 25%
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Source: U.S. Energy Information Administration (2020)

* Coal capacity factor on full utilisation 80-90%

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12

Strong Global Nuclear Power Reactor Growth

Status August 2023[1]

Proposed Reactors

China (154); India (28); Russia (21) ; US (18); UK (10); Japan (8) ; France (6) ; Korea (6) ; Other (70)

Japan (8) ; France (6) ; Korea 321 (6) ; Other (70) Reactors Planned 110 China (44) ; Russia (25) ; India (12) ; Canada (11) ; Others (18)

Nuclear Reactors Globally

US (94) ; France (56) ; China (55) Russia (37) ; Japan (33) ; India (22); Korea (25) ;Canada (19) Other (196) Reactors Under Construction

China (24) ; India Turkey Russia Korea & Egypt (21) ; Others (15)

OTHER SIGNIFICANT GROWTH FACTORS

CHINA: 400GW by 2060 (~18% nuclear)– 7x increase (CGNPC Chairman April ’23) US: 300GW by 2050 – 3x increase (DOE March ’23) INCREASING EXISTING FLEET PERFORMANCE - Reactor uprates, restarts and extensions adding ~ 30% capacity

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1 Source: World Nuclear Association – May 2023

Nuclear Fuel Cycle Under Severe Pressure

Fabrication

• SWU trading at a –

• 10 year high US$134/SWU

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+300%
Enrichment Reactor
increase
in past 5
years
Spent fuel
storage or
o all-
Trading at an
Reprocessing
time high
US$40/kgU as UF6
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+700% Conversion
increase
from 6
years
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Yellowcake
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• Increasing demand for conversion and enrichment services causing extraordinary price increases

• Inevitable pricing pressure will move uranium price, as high demand works down through fuel cycle (see just released WNA Sept ‘23 market report)

• Mobile UOC inventory < 12 months (UXC Oct 23)

Strain on nuclear fuel cycle will increase with the greater assured demand, geopolitical influences and insufficient incentive for greenfield development

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Uranium Price -
180%
upward pressure increase
in 2 years
•
Trading at US$ 81 /lb
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14

Based on TradeTech pricing data

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02 Project Pipeline Positioned for Growth and Value

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Globally Diversified with Two Advanced, Long-Life Projects

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•
Project portfolio
provides diversity by
asset, stage of
Advanced-stage
development and
Early-stage to continue
geographic location
organic pipeline
•
Largest uranium
resource base of any Omahola Alligator River
ASX-listed company Namibia Northern Territory
(409Mlb) Resource: 125Mlb (190ppm U3O8) Resource: 33Mlb (1.09% U3O8(3))
•
Uniquely positioned
as one of the few
uranium companies Tumas Mulga Rock Western Australia [(4)]
Namibia
globally able to Post-acquisition DFS revision to
DFS complete, FID by mid-2024
commence 2024
execute to Resource: 114Mlb (263ppm U3O8) [(1)]
Current status
Reserve: 67Mlb (345ppm U3O8)
development and o Resource: 90Mlb (570ppm U3O8)
Target Production: 3.6Mlb p.a. [(2)]
o Reserve: 42Mlb (835ppm U3O8)
production, with
o Target Production: 3.5Mlb p.a.
credible multi-mine
asset exposure
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16

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) 1.09% is equivalent to 10,900ppm U3O8 (4) Refer ASX announcements 9 August 2022 and 20 January 2023

Tumas Project, Namibia - Overview

• Uranium and mining friendly jurisdiction

• Ore Reserves of 67.3Mlb increased by 120% in CY2021

• 22.5-year LOM achieved

• DFS completed January 2023

• EIA submitted April 2023. Grant of Mining Licence expected Q4/CY2023

• Further 10+ years to LOM

• Inferred Resources of 30Mlb available to further expand Ore Reserve base

• 25% of prospective channel remains to be tested

● Project supported by

• grid power

• existing water supply

• land (sealed road access), sea (Class 7 port) and air (international) transport infrastructure

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Page 1 of 2
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Ex-Paladin Core Team now with Deep Yellow - established and operated Langer Heinrich

Tumas processing plant essentially de-risked

17

Note: Deep Yellow currently owns 100% of Tumas. Oponona has a right to acquire 5% of the project.

Mulga Rock Project – 100% DYL

• Located in the Tier-1 mining jurisdiction of Western Australia with granted Mining Lease

• Globally significant Mineral Resource of 71.2Mt U O

• @ 570ppm for 90.1Mlb 3 8, positioning Mulga Rock as one of the largest undeveloped uranium projects in Australia

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

• Significant project value upside identified additional to uranium with critical minerals

• Ideal development timeline to capture upside in multiple commodities

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• Only WA project positioned to capture the coming upside in the U market

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Mulga Rock Project FY23 Activities

• Geo-metallurgical samples drilling program

• Metallurgical test work indicates uranium recovery above 90% and critical minerals (Cu, Ni, Co, Zn) and rare earth elements (notably Nd/Tb/Dy/Pr) above 70% from 2018 DFS approx. 20% assumed

• Extensive resource/reserve upgrade and ore variability drilling programs completed August 2023

• Updated MRE to Indicated status due Q1/CY24

• Revised DFS completion due mid-CY25 with significant value uplift expected within permitted footprint

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Page 1 of 2
Princess
Ambassador Ambassador
West East
Ambassador
South
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Opportunity to develop Mulga Rock into a polymetallic operation, extending life of mine beyond current 15 years with significant increase to project value and strategic importance

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19

Exceptional Exploration Upside

ALLIGATOR RIVER PROJECT, NORTHERN TERRITORY - 100%

• Located in the world-class uranium province of Alligator River, which hosts some of the highest-grade uranium deposits in the world (unconformity-related, Athabascastyle)

• Support from Traditional Owners

• O

• Angularli Mineral Resource - 33Mlb @ 1.09% U3 8

• Potential for discovery of large, >100Mlb uranium deposits

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OMAHOLA BASEMENT PROJECT, NAMIBIA - 100%

Page 1 of 2

• Measured, Indicated and Inferred Resource base of 125Mlb O acros ~~s O~~

• at 190ppm U3 8 ngolo, MS7 and Inca deposits

• 35km prospective zone with strong potential for additional discoveries

• Shallow drilling program of ~200 holes for 7,100m has 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

20

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03 Looking Ahead - A Differentiated Company

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~~www.deepyellow.co~~ m.au

Two Substantial, Advanced Uranium Projects to Produce +7Mlb

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Page 1 of 2
Initial Investment Production
Mulga Rock Project
Tumas Project1
2028
3.5 3.5
2026 2.0
3.0 3.6 3.6 3.6
1.5
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Tumas − 22.25YR LOM
Mulga Rock − currently 15YR LOM
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Tumas – DFS complete, FID mid 2024 - aiming for production 2026 Mulga Rock – Revised DFS starting early 2024 to improve on project economics

No other ASX listed company has 2 advanced projects with substantial production potential ready to capitalise on higher uranium prices

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22

(1) Deep Yellow currently owns 100% of Tumas. Oponona has a right to acquire 5% of the project

Key Workstreams – Strong News Flow

TUMAS PROJECT

MULGA ROCK

• Q4 2023 – DFS repricing and • Q3 2023 – 656 air core drill further focused test work program completed for continuing to optimise the resource upgrade and ore Project variability testing

• •

• Q4 2023 – Expected grant of Q4 2023 - Completion of test MLA237 work for critical mineral and rare earth element analysis

• Mid Q4 2023- Resource upgrade drilling west of Tumas 3 deposit

• Q1 2024 - New resource upgrade for uranium, critical minerals and rare earths with revised mining footprint within approval area

• H1 2024 - Project Finance finalised (uranium price dependent)

ALLIGATOR RIVER

• Q2 2023 - New resource estimate for Angularli Deposit delivered

• Q2 2024 - Desk top prospectivity appraisal to define exploration corridors for concurrent investigations

• Q2 2024 – Roll out 5-year plan to unlock value

Page 1 of 2 M&A

• Ongoing - Continued focus on accretive consolidation to develop larger scale with high quality conventional mining assets

• H1 2024 - Commencement of revised DFS, incorporating new inputs for uranium and non-uranium value uplift

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23

Best Positioned Pure-Play Uranium Investment

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Deep Yellow is successfully establishing the right platform at the right time

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Uranium market backdrop creates exceptional opportunities in the post-Fukushima supply reconstruction era and taking advanta e of a bifurcated market g

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Growth initiatives are led by an experienced board, proven leadership and team, and supported by executive and technical teams strong in all operational, financial and governance domains

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

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24

THANK YOU

For further information:

• T: +61 8 9286 6999

• E: info@deepyellow.com.au

• W: www.deepyellow.com.au : @deepyellowltd

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• : deep-yellow-limited

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Appendix Mineral Resources

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.

1 ASX Release 04 Nov 2021 ‘Omahola Basement Project Resource Upgrade to JORC 2012’

2 ASX Release 29 Jul 2021 ‘Drilling at Tumas 3 Delivers Significant Resource Upgrade’

3 ASX Release 02 Sep 2021 ‘Tumas Delivers Impressive Indicated Mineral Resource’

4 ASX Release 24 Mar 2014 ‘Tubas Sands Project – Resource Update’

5 ASX Release 28 Feb 2012 ‘TRS Project Resources Increased’

6 ASX Release 31 Mar 2023 ‘Aussinanis Project Resource Upgrade To JORC (2012)’

ources may reflect small ted otherwise. s determined by says and eU3O8 lates to values oreholes. indaba, South re carried out at acility in July 2018 ily against standard a Basement Project t Tumas 3 Delivers Delivers Impressive ands Project – ject Resources nis Project	Deposit Category Cut-off Tonnes U3O8 U3O8 U3O8 (ppm U3O8) (M) (ppm) (t) (Mlb)	Deposit Category Cut-off Tonnes U3O8 U3O8 U3O8 (ppm U3O8) (M) (ppm) (t) (Mlb)	Resource Categories (Mlb U3O8)
			Measured Indicated Inferred
	BASEMENT MINERALISATION
	Omahola Project - JORC 20121
	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 94.0 175 16,400 36.3		- - 36.3
	MS7 Deposit # Measured 100 18.6 220 4,100 9.1		9.1 - -
	MS7 Deposit # Indicated 100 7.2 184 1,300 2.9		- 2.9 -
	MS7 Deposit # Inferred 100 8.7 190 1,600 3.7		- - 3.7
	Omahola Project Sub-Total 298.2 190 56,600 125.4		28.8 46.9 49.7
	CALCRETE MINERALISATION Tumas 3 Deposit - JORC 20122
	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	88.4 307 27,165 59.9
	Tumas 1, 1E & 2 Project – JORC 20123
	Tumas 1 & 2 Deposit♦Indicated 100	90.4 220 19,860 43.8	- 43.8 -
	Tumas 1 & 2 Deposit♦Inferred 100	21.8 206 4,692 10.3	- - 10.3
	Tumas 1, 1E & 2 Deposits Total	112.2 219 24,552 54.1
	Sub-Total of Tumas 1, 2 and 3	200.6 258 51,717 114.0
	Tubas Red Sand Project - JORC 20124
	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	34.0 171 5,800 12.7
	Tubas Calcrete Resource - JORC 20045
	Tubas Calcrete Deposit Inferred 100	7.4 374 2,767 6.1	- - 6.1
	Tubas Calcrete Total	7.4 374 2,767 6.1
	Aussinanis Project -	JORC 2012- DYL 85%6
	Aussinanis Deposit♦ Indicated 100	12.3 168 2,000 4.5	- 4.5 -
	Aussinanis Deposit♦ Inferred 100	62.1 172 10,700 23.6	- - 23.6
	Aussinanis Project Total	74.4 171 12,700 28.1
	Calcrete Projects Sub-Total	316.4 231 72,984 160.9	- 107.3 53.6
			~~26~~ ~~28.8~~ ~~154.2~~ 103.3
	~~GRAND TOTAL NAMIBIAN RESOURCES~~	~~614.6~~ ~~210~~ ~~129,584~~ ~~286.3~~

ources ing. iometric grades. st Resource ficant Resource lbs’		Deposit Category Cut-off Tonnes U3O8 U3O8 U3O8 (ppm U3O8) (M) (ppm) (t) (Mlb)	Resource Categories (Mlb U3O8)
			Measured Indicated Inferred
		Northern Territory
		Angularli Project - JORC 20121
		Angularli Inferred 1,500 1.37 10,900 14,917 32.9	- - 32.9
		Angularli Project Sub-Total 1.37 10,900 14,917 32.9	32.9
		Western Australia
		Mulga Rock Project – JORC 20122
		Ambassador Measured 150 5.2 1,100 5,720 12.6	12.6 - -
		Ambassador Indicated 150 14.8 800 11,840 26.0	- 26.0 -
		Ambassador Inferred 150 14.2 420 5,964 13.1	- - 13.1
		Princess Indicated 150 2.0 820 1,640 3.6	- 3.6 -
		Princess Inferred 150 1.3 420 546 1.2	- - 1.2
		Mulga Rock East Total 37.5 685 25,710 56.5
		Shogun Indicated 150 2.2 680 1,496 3.2	- 3.2 -
		Shogun Inferred 150 0.9 290 261 0.6	- - 0.6
		Emperor Inferred 150 30.8 440 13,522 29.8	- - 29.8
		Mulga Rock West Total 33.9 451 15,279 33.6
		Mulga Rock Project Sub-Total 71.4 574 40,989 90.1	12.6 32.8 44.7
		GRAND TOTAL AUSTRALIAN RESOURCES 72.8 768 55,906 123.0 12.6 32.8 77.6
		27 GRAND TOTAL RESOURCES 687.4 270 185,490 409.3 41.4 187.0 180.9

Appendix Mineral Resources

Notes:

Figures may not add due to rounding.

Using combined chemical and radiometric grades.

1 ASX Release 03 Jul 2023 ‘Robust Resource Upgrade Delivered At Angularli’

2 ASX Release 12 Jul 2017 ‘Significant Resource Update – Mulga Rock Cracks 90Mlbs’

Ore Reserves

Notes:

Figures may not add due to rounding.

1 ASX Release 2 Feb 2023 ‘Strong Results From Tumas Definitive Feasibility Study’

2 ASX Release 4 Sep 2017 ‘Major Ore Reserve Update – Moving to the Go Line’

	Deposit Category Cut-off Tonnes U3O8 U3O8 U3O8 (ppm U~~3~~O~~8~~) (M) (ppm) (t) (Mlb)	Deposit Category Cut-off Tonnes U3O8 U3O8 U3O8 (ppm U~~3~~O~~8~~) (M) (ppm) (t) (Mlb)	Reserve Categories (Mlb U3O8)
			Proved Probable
	Namibia
	Tumas Project - JORC 20121
	Tumas 3 Probable 150 44.9 414 18,600 41.0		- 41.0
	Tumas 1E Probable 150 29.5 266 7,850 17.3		- 17.3
	Tumas 1 and 2 Probable 150 13.9 292 4,090 9.0		- 9.0
	Tumas Project Sub-Total 88.4 346 30,540 67.3		67.3
	Western Australia
	Mulga Rock Project – JORC 20122
	Ambassador Proved 150	5.3 1,055 5,580 12.3	12.3 -
	Ambassador Probable 150	14.1 775 10,890 24.0	- 24.0
	Princess Proved 150	- - - -	- -
	Princess Probable 150	1.7 870 1,500 3.3	- 3.3
	Mulga Rock East Total	21.1 852 17,970 39.6
	Shogun Proved 150
	Shogun Probable 150	1.6 760 1,225 2.7	- 2.7
	Mulga Rock West Total	1.6 766 1,225 2.7
	Mulga Rock Project Sub-Total	22.7 845 19,195 42.3	12.3 30.0
	GRAND TOTAL ORE RESERVES	111.1 275 49,735 109.6	12.3 97.3

28