DEEP YELLOW LIMITED — Capital/Financing Update 2009

Dec 8, 2009

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ASX Announcement

ASX Code: DYL

Mount Isa District Tenements Acquired 100%

9 December 2009

Deep Yellow Ltd (DYL) is pleased to announce that following the receipt of Ministerial consent the purchase of EPM 14916 (Ewen) and EPM 14281 (Yamamilla) by the payment of $1.4 million (as previously announced to the ASX 6 May 2009) to the Receivers and Managers of Matrix Metals Ltd (Matrix) is now settled by Ministerial transfer of title to DYL.

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Level 1 329 Hay Street Subiaco WA 6008 / PO Box 1770 Subiaco WA 6904 Tel : 61 8 9286 6999 / Fax : 61 8 9286 6969 / ABN 97 006 391 948 Email: admin@deepyellow.com.au / Website: www.deepyellow.com.au

Mount Isa District Tenements Acquired 100%

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The NW Queensland Uranium Joint Venture with Matrix has now terminated and DYL will forego any rights it had over the other tenements in the JV.

DYL will now assess what best to do with the rights to minerals occurring on the tenements other than uranium.

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Dr Leon Pretorius Managing Director

Further Information: Mr Martin Kavanagh Executive Director (61 8) 9286 6999

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Leon Pretorius a Fellow of The Australasian Institute of Mining and Metallurgy. Dr Pretorius 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’. Dr Pretorius consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Deep Yellow Limited is an Australian-based pure uranium exploration company with extensive advanced operations in Namibia and in Australia.

In Namibia the Company’s principal development focus is through its 100% owned subsidiary Reptile Uranium Namibia P/L at the mid to high grade INCA primary uraniferous magnetite and secondary Red Sand projects and the extensive secondary calcrete deposits contained in the Tumas-Oryx-Tubas palaeochannel and fluviatile sheetwash systems.

In Australia the Company is focused on resource delineation of mid to high grade discoveries in the Mt Isa district - Queensland, these include the Queens Gift, Conquest, Slance, Eldorado, Thanksgiving, Bambino and Turpentine Prospects.

A pipeline of other projects and discoveries in both countries are continually being examined and there is extensive exploration potential for new, additional uranium discoveries in both Namibia and Australia.

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