DEEP YELLOW LIMITED — AGM Information 2024

Nov 14, 2024

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Building a Global Uranium Company

2024 AGM Corporate Presentation

John Borshoff Managing Director/CEO

15 November 2024

DYL: ASX / NSX (Namibia) DYLLF: OTCQX

www.deepyellow.com.au ~~www.deepyellow.c~~ om.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 forwardlooking 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.

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Disclaimer (continued)

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 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 finalise, check, update or revise any forward-looking statements, whether as a result of new information, estimates, options, future events or results or otherwise, unless required to do so by law. Statements regarding production targets and 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.

Competent Person Statements - Previously Reported information

This Presentation contains estimates of Mineral Resources, Ore Reserves, Production Targets and Exploration Results of the Company.

The information as it relates to exploration results, Mineral Resource and Ore Reserve estimates of the Namibian projects is based on and fairly represents, information and supporting documentation that was compiled by Martin Hirsch, a Competent Person who is a Professional Member of the Institute of Materials, Minerals and Mining (UK) and the South African Council for Natural Science Professionals. Mr Hirsch, who is currently the Manager, Resources & Pre-Development for RMR, has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting 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. Mr Hirsch holds shares in the Company.

Where the Company refers to its Australian projects and 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.

All prior announcements are available on the Company’s website at:

www.deepyellow.com.au/investor-centre/asxannouncements/.

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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A Year of Solid Achievements

30 June 2023

30 June 2024

Tumas

Tumas

• DFS completed

• Permitting on track

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• DFS Re-costed

• EPCM engineer appointed

• Mandated Lead Arranger Appointed

• Mining licence granted - Resource Upgrade

Mulga Rock

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Mulga Rock

• Resource upgrade

• • Positive metallurgical testwork

• Critical minerals assessment

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Exploration

Exploration

• Angularli resource upgrade

• Omahola, Aussinanis, Mulga Rock, Angularli

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Balance Sheet

Balance Sheet

• Cash $254M

• Cash $40.8M

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DYL Share People Price • $0.73

People

• Expanded team for development of Tumas

• Established team

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84% SHAREHOLDER GROWTH[1]

DYL Share Price $1.34

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1 Deep Yellow Share price (ASX:DYL) performance from 3 July 2023 to 30 June 2024

In Simple Terms – the Big Picture That Utilities Just Don’t Get

NUCLEAR DEMAND

URANIUM SUPPLY

DEMAND ABSOLUTELY BOOMING

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SUPPLY ABSOLUTELY IN DOLDRUMS

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• China - maintaining strong growth projection

• EU - overwhelming support

• India – expected to be third largest global economy by 2027 – nuclear energy integral part of growth

• SE Asia – major turnaround

• North America – an awakened giant

• Middle East – pursuing nuclear with intent

• Data Centres/AI –Astonishing growth requiring immediate additional power preferably nuclear

• Supply sector has been in decline for over a decade o now unprepared and highly under capitalised

• o talent drain across the sector will create difficulties

• Kazatomprom in trouble

• Cameco unprepared for serious greenfield growth

• Mothballed operations starting up are only replacing diminishing underfeed material

• Future supply growth totally dependent on greenfield projects

• few shovel-ready projects of significance available

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DEMAND AND SUPPLY IN TOTAL MISMATCH – UNSUSTAINABLE SITUATION URANIUM PRICE MUST INCREASE DRAMATICALLY TO ACHIEVE EVENTUAL BALANCE

Deep Yellow with proven history of its team is one of the few developers who able to provide new production and security of supply with geographic diversity

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01 Nuclear is Critical for a Clean and Secure Future Energy

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

Supply Under Unprecedented Pressure – Where will it come from? - Uranium Price Primed for Increase

Diminishment Limited greenfield of uranium developments – supply industry No investment in over last exploration or decades team

Long period of stagnation creating concerns industry unable to respond to meet future requirements

Huge challenges to meet current and new demand Page 1 of 2 even with a major uranium price increase

The looming supply gap- The upper scenario of 2023 is moving to be the reference case of today

• Forecast uranium requirement late 2030s/early 2040s of 250Mlb to 300Mlb – 2023 global production 150Mlb – (see inset)

• New reactor build to cause huge supply challenge – excluding impact of SMR. Data Centre and AI demand

• Kazatomprom announces major production shortfall with both corporate and technical concerns

• No new production - recent Spot Price ranging US$78US$106/lb and still no greenfield start-ups announced

• UxC and Trade Tech “The Era of Inventory Overhang is Over”

• ● Russia/Niger/Kazakhstan present supply growth uncertainty

• Diversity, security, longevity of supply and achieving increased production to meet new demand are key issues to resolve

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Source: World Nuclear Association (The Nuclear Fuel Report 2023)

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02 Deep Yellow – Well Positioned

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

Best Positioned Uranium Mid-Cap Company Globally

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Globally Diverse		Two long-life advanced projectslocated in two Tier-1 mining jurisdictions–will provide diversity, security and longevity of supply – key requirements for Offtakers, Investors and Lenders
Near Term		Positioned to deliveruranium in the near term– Tumas targeting FID
Production		late Q4 2024, construction Q1 2025, production late 2026
Development Strategy		Twoadvanced projects developed sequentially -Followed by either development of significant exploration pipeline and/or M&A
Proven Team		Highly experienced uranium team- extensive knowledge across development, operational lifecycle, offtake, environment and project finance. The Deep Yellow team builds long-life, tier-one uranium mines
Strong		Committed to strong governance frameworkacross the important
Governance		pillars of environment, social, risk management and ethical conduct

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Globally Diversified with Two Advanced, Long-Life Projects

• Project portfolio provides diversity by asset, stage of development and geographic location

• One of the largest uranium resource bases of any ASX-listed company (430 Mlb)

• Uniquely positioned as one of the few uranium companies globally able to execute to development and Q3 2024 production, with credible multi-mine asset exposure

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Note: Resource & Reserve metrics reported on a 100% basis; (1) Deep Yellow currently owns 100% of Tumas. Oponona (local Namibian partner) has a right to acquire 5% of the project; (2) DFS forecast production capacity (3) 1.09% is equivalent to 10,900 ppm U3O8 (4) Refer ASX releases 16 June 2022, 9 August 2022, 20 January 2023 and 26 February 2024

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A Top 10 Performer in the ASX200 for FY24

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2.00 FY23 FY24 120
1.80
100
1.60
1.40
80
1.20
1.00 60
Nedbank
mandate for
0.80
project finance
EPCM engineer 40
0.60 selected
0.40 Tumas re-costed DFS
December 2023 20
Vimy merger Tumas DFS completion
0.20 completion August 2022 February 2023
Raised $250M
0.00 0
01-Jul-22 01-Nov-22 01-Mar-23 01-Jul-23 01-Nov-23 01-Mar-24 01-Jul-24 01-Nov-24
Share Price U3O8 Price
MAJOR SHAREHOLDERS
Deep Yellow Ranked A$900M- 969M
Nil A$254M 4.2% 7.82% 9.2%
25 in WA’s top $1.7Bn [1] Shares on
Debt Cash [2] Board and Sprott Inc. Paradice
100 listed companies [3] Market Cap Issue Management Investment
A$/Share US$/lb
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• (1) 2024 market cap range

• (3) Deloitte, Issue 227, Western Australian Index, June 2024

• (2) Cash and equivalents as at 30 September 2024, including VAT and R&D returns

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	Leadership Team Board and Senior Management	Leadership Team Board and Senior Management
	Chris Salisbury* John Borshoff	Non-Executive Chairman CEO/MD
	Gillian Swaby Victoria Jackson GregMeyerowitz Tim Lindley CraigBarnes	~~Page 1 of 2~~ Executive Director Non-Executive Director Non-Executive Director Non-Executive Director CFO
	Susan Park	CompanySecretary
	Senior Technical Team
	Perth Ed Becker Darryl Butcher Jim Morgan Andrew Mirco CathyPaxton* Dr Martin Ralph	Head of Exploration/Resource Development Head of Project Development Head of Project Delivery- Tumas Head of Business Development Head of Sustainability Head of External Relations
	Jon Morgan Dr Alex Otto Xavier Moreau *Namibia Dr Katrin Kärner Martin Hirsch Dr JC Corbin United States	Interim Construction Manager GroupChief Geologist Australian Exploration Manager Exploration Manager Manager Resources/Pre-development Senior Geologist-Specialist
	Dustin Garrow*	Head of Marketing
	_ Ex-Paladin **Ex-Rio Tinto – ERA and Rössing Ex-Orano_**		12

Best-in-Class Team and Board

A Highly Experienced Team with a Proven Track Record and over 500 Years of Combined Uranium Experience

• Proven and successful track record of exploring, developing, financing and operating tier-one, long-life uranium projects

• Experienced team is led by John Borshoff (48 years’ uranium experience) and Board chaired by Chris Salisbury (30 years’ Rio -12 years’ uranium experience)

• Technical Development Team led by Darryl Butcher (26 years’ uranium experience), with significant uranium development experience from Kayelekera and Langer Heinrich Uranium Mine

• Tumas Execution Team led by Jim Morgan , newly engaged Head of Project Delivery (Jim was integral to the successful development of Langer Heinrich and Kayelekera (2005-2012) under the stewardship of John Borshoff)

• Dustin Garrow brings more than 40 years’ professional experience in global commercial nuclear fuel markets

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03 Flagship Tumas Project - Namibia

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Flagship Tumas Project, Namibia

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Page 1 of 2
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• Uranium and mining friendly jurisdiction. 20–year Mining Licence granted, effective September 2023

• Allows the Project to progress towards production, establishing Tumas as the 4th uranium mine in Namibia

• Ore Reserves of 67.3 Mlb - 22.5-year LOM achieved

• Latest MRE upgrade through successful Tumas 3 drill program achieves targeted 30-year LoM

• DFS completed January 2023. Re-Costing Study completed in December 2023[(1)]

• Results strengthen Project as a a long-life, world-class uranium operation

• Potential to extend LoM to 35-40 years

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

Ex-Paladin Core Team now with Deep Yellow - established and operated Langer Heinrich

• 25% of prospective channel remains to be tested

• Ausenco selected for Detailed Engineering/EPCM

• contracts

Tumas processing plant location

• Project supported by:

• grid power

• existing water supply

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Note: Deep Yellow currently owns 100% of Tumas. Oponona (local Namibian partner) has a right to acquire 5% of the project. (1) Refer ASX announcement 12 December 2023

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Tumas Project – Process Plant and Infrastructure*

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Significant Advancement of Tumas Project Deliverables This Quarter

Controlled Cost Estimates & Reserves

Commencement of Early Works

• A revised CAPEX and OPEX estimate with frozen scope/budget/schedule defined to support a Final Investment Decision ( FID ) consideration

• A revised Ore Reserve Estimate ( ORE ) with 30year LoM (from 22.5 years) and upgraded MRE

• An updated project financial analysis, based on:

• revised ORE

• optimised flowsheet

• temporary construction access road

• site communications

• construction offices

• temporary power

• security

• construction water supply

• temporary power supply

Expect supply contracts for water and power to be in place

• updated CAPEX and OPEX

• current uranium price models

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*September 2024 Quarterly Activities Report

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Tumas Project Analysis (US$), Detailed Engineering Commenced

Key Commentary[2]

• Head grade of 340ppm U3O8 (av)

• Annual production (max) of 3.6Mlbpa

• Using vanadium price of US$8.90/lb

• Using December ‘23 recosted DFS data

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Recent Spot Price
ranging US$78-
US$106/lb
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3	3	3	3	3
Project Financials (Ungeared): Real	Unit	75/lb	81/lb1	90/lb
Project operating life	Years	22	22	22
U3O8 Produced	Mlb	64	64	64
Gross revenue: total	$M	4,950	5,314	5,908
Operating margin (EBITDA) LOM	$M	2,463	2,815	3,389
Operating margin (EBITDA) annual average	$M	111	127	152
Initial capital (excl. $51M pre-prod operating costs) REAL	$M	(360)	(360)	(360)
C1 cost (U3O8 basis with V2O5 by-product)	$/lb	34	34	34
All-in Sustaining Cost (U3O8 basis with V2O5 by-product)	$/lb	38.6	38.8	39.1
Project NPV (post tax)	$M	570	663	878
Project IRR (post tax)	%	27.0	27.8	36.1

Tumas Project Timeline

• 2023 2024 2025 2026

• • DFS Re-Costing • Detailed Engineering • Construction • Production Study • Offtake Contracts • H2 2026

  • Production

• Project Finance

• • FID late Q4-2024

• Project Financing

• discussions

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1 This is a uranium price forecast produced dated Q3 2023 by TradeTech which refers to the Forward Availability Model (FAM) 2 scenario reflecting a restricted supply profile impacted by a greater probability of risks affecting production plans and economics.[2] Refer ASX releases 2 February and 12 December 2023.[3] Financials based on 100% ownership. Oponona (Namibian partner) has a right to 5% interest of Project.

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04 Looking Ahead - a Differentiated Company

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

Mulga Rock Project, Western Australia – 100% DYL

• Project acquired through Vimy Resources merger in August 2022

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

• Globally significant Mineral Resource of 115.1Mt @ 410ppm for 104.8Mlb U3O8, positioning Mulga Rock as one of the largest, undeveloped uranium projects in Australia[1]

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

• Significant project value upside identified additional to uranium with critical minerals including Rare Earth Oxides[1]

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Page 1 of 2
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• Ideal development timeline to capture upside in multiple commodities

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

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1 see Appendix

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Mulga Rock East – Strong Resource Upgrade

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

• Significant uranium, critical minerals (Cu, Ni, Co, Zn) and magnetic rare earth elements (notably Nd/Tb/Dy/Pr) resources identified

• Updated MRE to Measured/Indicated status released to ASX 26 February 2024 with strong results

• Parallel metallurgical and hydrogeological workstreams well advanced and progressing as planned

• Large diameter core drilling commenced for advancing resin pilot testwork

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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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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 Q4 2024 - aiming for production 2026

Mulga Rock – Post-acquisition revised DFS started Q3 2024 to improve project economics

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Deep Yellow has two advanced projects, with development schedules identified, ready to capitalise on higher uranium prices

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

Key Workstreams and Anticipated Timing

TUMAS PROJECT Namibia

• Q3 2024 – MRE finalisation for 6-year Proven Reserve determination

• Q4 2024 – Mining schedule for first 6 years of operations of the expected 30 yr total reserve estimate

• Q4 2024 - Project finance progressing

• Q4 2024 – Early works commence

• Late Q4 2024 – Final Investment Decision consideration

MULGA ROCK Western Australia

• Q4 2024 –Completion of the non-selective mining study

• Q4 2024 Completion of resin pilot testwork to optimise efficiency in critical mineral and rare earth element capture

• Q4 2025 -Completion of revised DFS, incorporating new inputs for uranium and non-uranium value uplift

ALLIGATOR RIVER Northern Territory

• Q2 2024 Desktop

• prospectivity appraisal to define exploration corridors for concurrent investigations completed

• Q2 2024 – 5-year exploration plan to unlock value completed

• Q3 2024 – Exploration commences

• Q2 2025 – main drilling program commences testing prospective corridors

Page 1 of 2 M&A

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

• Q1 2025 – Grade control completed for 6 yr mining plan

• 2H CY26 – Maiden Tumas production

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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 postFukushima supply reconstruction era and taking advantage of a bifurcated market

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Experienced Board and proven leadership supported by executive and technical teams strong across all operational, financial and governance domains

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Strong financial position with A$247M cash(A$254M including cash equivalents) to initiate development of Tumas and pursue growth strategy On a pathway to becoming a leading, reliable and long-term uranium producer, able to provide production optionality and security of supply with eo g graphic diversity

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Thank you

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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