DEEP YELLOW LIMITED — Capital/Financing Update 2008

Oct 12, 2008

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----- Start of picture text ----- ABN 97 006 391 948----- End of picture text -----

Electronic delivery No of pages: 1

13 October 2008

Manager Company Announcements Company Announcements Office Australian Securities Exchange Limited Level 10, 20 Bond Street SYDNEY NSW 2000

Amendment to Uranium JV

Matrix Metals Limited (“Matrix”) and Deep Yellow Limited (“Deep Yellow”) announce that they have agreed to amend the terms of the Uranium Joint Venture (“UJV”) whereby Deep Yellow has been granted access to explore for uranium on Matrix’s tenement holdings in the uranium rich Mt Isa region of North West Queensland.

Subject to completion of final legal documentation and the payment of $3,000,000 by Deep Yellow to Matrix, the parties have agreed that Deep Yellow will be granted 100% of the uranium rights on Matrix’s current tenement holdings.

In essence, the terms of the current joint venture arrangements will prevail, however Deep Yellow will achieve 100% ownership of the uranium rights without proceeding through the original ownership path. As the general operating structure of the arrangement has already been mapped out via the current agreement, finalisation of a new agreement is expected to proceed quickly.

Yours Faithfully

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Shane McBride Managing Director Matrix Metals Limited

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Dr Leon Pretorius Managing Director Deep Yellow Limited

Matrix Metals Limited PO Box 1036 West Perth WA 6872 T +61 8 9486 7100 F +61 8 9486 7300

Deep Yellow Limited PO Box 1770 Subiaco WA 6904 T +61 8 9286 6999 F +61 8 9286 6969