DEEP YELLOW LIMITED — Capital/Financing Update 2018

Oct 2, 2018

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ASX Announcement

ASX & NSX: DYL / OTCQB: DYLLF

3 October 2018

NEW DISCOVERY EAST OF TUMAS 1 DEPOSIT INTRODUCING SIGNIFICANT ADDITIONAL RESOURCE UPSIDE

HIGHLIGHTS

• Significant uranium mineralisation identified in untested Tumas 1 East tributary channel area with 67% of drilling returning >100ppm eU3O8 over 1m

• Drilling continuing with 95 holes for 1,199m completed

• 5-7m thick, near-surface continuous mineralisation open to east

• Best intersections include:

o TA004 8m at 351 ppm eU3O8 from surface o TA026 8m at 335 ppm eU3O8 from surface o TA028 5m at 1099 ppm eU3O8 from 2m o TA029 6m at 541 ppm eU3O8 from 2m o TA032 7m at 821 ppm eU3O8 from surface o TA033 4m at 523 ppm eU3O8 from surface o TA051 8m at 389 ppm eU3O8 from 2m o TA060 12m at 412 ppm eU3O8 from 2m

• Mineralisation is calcrete associated hosted within palaeochannels, similar to the Langer Heinrich uranium mine located 30km to the north

Deep Yellow Limited ( Deep Yellow ) is pleased to report on encouraging drilling results on EPL3497 where new continuous mineralisation has been identified in the Tumas 1 East palaeochannel area. Drilling was also conducted in the S-Bend channel area to the north which did not identify significant mineralisation. This EPL is held by Reptile Uranium Namibia (Pty) Ltd ( RUN ), part of the group of companies wholly owned by Deep Yellow.

As previously announced drilling programs commenced in July 2018 with semi-regional exploration drilling in the S-Bend Area. This regional program was completed at the end of August with 148 RC holes drilled for 2,171m. This was immediately followed by exploration

Unit 17, 100-104 Railway Road 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: info@deepyellow.com.au / Website: www.deepyellow.com.au

drilling starting early September east of the Tumas 1 uranium deposit with 95 RC holes for 1,199m drilled for the month. The balance of the 10,000m campaign remaining to be drilled in the period to the end of 2018 is continuing. With the discovery of the newly identified mineralised channel at Tumas 1 East, work will focus in this area longer than originally anticipated before returning to resource drilling over the previously identified highly prospective western extension of Tumas 3. It appears two major prospective zones have been delineated which now require high priority attention. Figure 1 shows the prospective paleochannel system outline and prospect locations.

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Figure 1: EPLs 3496, 3497 showing Tumas Deposits and main prospect locations over palaeochannels

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Tumas East Drilling

Exploration drilling at Tumas East upstream of Tumas 1 is testing part of a three pronged tributary channel system draining into the main Tumas channel at Tumas 1. These are referred as Tails 1, 2 and 3.

To date a total of 95 holes for 1,199m was drilled in the area. Drill spacings varied from 50 to 100m along lines 200 to 800m apart. 64 of these holes returned positive results of more than 100 ppm eU3O8 over 1m. This reflects a 67% success rate. The average thickness of the mineralisation is close to 5m. The average grade of the 1m intersections >100ppm U3O8 is 340 ppm.

The drilling at the main tributary east of Tumas 1, named Tail 1 (Fig. 2) is at early stages and so far, has outlined a uraniferrous channel 3.5km in strike length showing continuous calcrete uranium mineralisation. The channel ranges from 200m to 900m in width. The mineralisation is located at shallow depth between 0 to 12m below surface. Except for localised hot spots large parts of this mineralisation do not show any surface radiometric expression.

The mineralisation remains open towards the east. Air photo and satellite image interpretation has identified further untested channels also to the south (Tails 2 and 3 on fig 2). Tail 2 was partially tested by extending two exploration drill lines. This identified uranium mineralisation >100ppm eU3O8 in 8 of 12 holes indicating the adjacent tributary also has the potential to host further calcrete-type uranium mineralisation. This adds an additional 16km of untested prospective palaeochannel to this target area.

Drill hole locations are shown in Figure 2. Figures 3 and 4 show adjacent drill cross-sections highlighting the continuity and thickness of the mineralisation. Figure 5 shows a drill crosssection extending from the main tributary into one of the southern untested channels (Tail 2).

Equivalent uranium oxide (eU3O8) values as reported here have been determined by Deep Yellow personnel and these will be validated by a competent geophysicist for resource estimation purposes. The equivalent uranium values are based on down-hole radiometric gamma logging carried out by a fully calibrated Aus-Log gamma logging system.

The ongoing drilling will be aimed at defining the extent of the mineralised system at Tumas East first, before infill drilling for resource definition will start.

Mineralised intersections that are above the100ppm eU3O8 over 1m cut-off are tabulated in Table 1, Appendix 1. All drill hole locations are listed in Table 3, Appendix 1.

Semi-Regional Exploration Drilling S-Bend Area

Semi-regional exploration drilling at S-Bend was completed in August. Drilling was mainly aimed at testing surface radiometric anomalies over interpreted palaeochannels. Some drilling followed up previous encouraging results. A total of 148 holes for 2,171m was completed in this area. Drill hole spacing was highly variable ranging from 100 to 200m spaced holes along profiles 200 to 800m apart. Although the drilling confirmed the presence of a paleochannel system, no new continuous calcrete-type mineralisation could be identified in these channels.

Figure 6 shows the exploration drill hole locations and the palaeochannel outlines in the S- Bend Area.

Mineralised intersections from the S-Bend drilling above >100 ppm eU3O8 over 1m cut-off are tabulated in Table 2, Appendix 1.

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All drill hole locations are listed in Table 3, Appendix 1.

Analysis

The results of the ongoing exploration continue to be very encouraging. The current drilling has identified a new continuous zone of mineralisation associated with the eastern extension of Tumas 1 and remains open to the east. Importantly, new uranium mineralisation in the tributary paleochannel system in the Tumas East area has opened up the potential for further mineralisation in the south-adjacent Tails 2 and 3 tributaries.

The 2018 drill program is still ongoing focussing on extending the known mineralisation at Tumas 1 East. Drilling is demonstrating the potential to further extend the mineralisation. Testing for mineralisation in tributary channels entering the main channel from the south-east and north-east now becomes a priority for eventual upgrade of the overall resource base associated with these highly fertile palaeochannels. As previously shown, the uranium mineralisation is not confined to one simple, single channel but rather is associated with a complex palaeodrainage system containing several channels.

Appendix 1, Tables 1 and 2 list the 64 exploration drill holes at Tumas East and 23 semiregional exploration drill holes from the S-Bend Area respectively returning uranium intersections above cut-off and showing equivalent uranium values in ppm and thickness with hole depth and coordinates provided. Table 3 in Appendix 1 lists all drill holes completed to 30 September 2018 from the current drilling program which are the subject of this release.

Conclusion

This fourth (ongoing) drilling campaign is again producing successful results. It is confirming that the previously discovered deposits can be expanded. This is not only expected to add to the current uranium resource base of this project but, just as significantly, continues to emphasise the strong exploration potential of the extensive, uranium-fertile palaeochannel system within which the new Tumas Palaeochannel discoveries occur.

There are now 5 distinct mineralised zones (Tumas 1 & 2, Tumas 3, Tubas Sand/calcrete deposits and Tumas East) identified within the 125km of palaeochannels that occur within the Reptile Project tenements (see figure1). Some 60%, or approximately 75 km, of this palaeochannel system which deepens to the west remains to be properly tested.

These positive results, both from the current and 2017 drilling and reinterpretation of historic exploration data, confirm management’s confidence that the existing uranium resource base for Langer Heinrich style deposit/s within the Reptile project area can be further increased.

The current drilling program will continue throughout 2018 with infill resource drilling required for resource estimations as well as to define the extensive tributary palaeochannel system that exists at Tumas East.

An updated Inferred Resource estimation for the Tumas East Zone, in conjunction with Tumas 1&2, is expected to be delivered early 2019.

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CEO Comment

John Borshoff commented: “Our work on the Reptile Project is again confirming the very high prospectively of the Tumas palaeochannel system that has been identified. The new zone of mineralisation that has been discovered adds significantly to the potential of these channels, which have all the hallmarks of a company maker in terms of achieving our previously stated resource target objectives.”

Yours faithfully

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JOHN BORSHOFF

Managing Director/CEO Deep Yellow Limited

For further information, contact:

John Borshoff Managing Director/CEO

Phone: +61 8 9286 6999 Email: john.borshoff@deepyellow.com.au

For further information on the Company and its projects, please visit the website at: www.deepyellow.com.au

Competent Person’s Statement

Exploration Competent Person’s Statement

The information in this announcement as it relates to exploration results was compiled by Mr Martin Hirsch, a Competent Person who is a Member of the Institute of Materials, Mining and Metallurgy (IMMM) in the UK. Mr Hirsch, who is currently the Exploration Manager for Reptile Mineral Resources and Exploration (Pty) Ltd (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 of Exploration Results, Mineral Resources and Ore Reserves’. Mr Hirsch consents to the inclusion in this announcement of the matters based on the information in the form and context in which it appears. Mr Hirsch holds shares in the Company.

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Figure 2 : Drill hole locations showing the recent drilling program at Tumas East and Tumas 1. Drill hole collars are coloured in eU3O8 grade thickness values (GT: eU3O8pmm x m)

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Figure 3: Tumas East – Cross Section 524350E

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Figure 4: Tumas East – Cross Section 524550E

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Figure 5: Tumas East – Cross Section 525700E

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Figure 6: Drill hole locations showing the recent exploration drilling program in the S-Bend Area. Drill hole collars are coloured according to eU3O8 grade thickness values (GT: eU3O8pmm x m).

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APPENDIX 1

TABLE 1 – Drill Hole Status - Intersections>100ppm eU3O8 over 1m (64 holes drilled September 2018)

TUMAS EAST - EXPLORATION DRILLING (September 2018)

Table 1 - Drill Hole Status with eU3O8 determination

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Hole From Thickness eU3O8 From (m) eU3O8 max Easting Northing RL TD
ID (m) (m) (ppm) (over 1 m) (m)
TA001 7.0 2.0 160 7.0 217 523500 7453000 617 16
TA002 13.0 1.0 304 13.0 304 523500 7452950 619 19
TA003 3.0 3.0 276 4.0 391 523500 7452900 620 19
15.0 1.0 351 15.0 351
TA004 0.0 8.0 335 6.0 1250 523500 7452850 620 19
TA007 6.0 1.0 173 6.0 173 524400 7452800 626 19
TA008 1.0 2.0 243 2.0 266 524400 7452750 626 19
7.0 1.0 214 7.0 214
TA010 0.0 2.0 154 0.0 189 524400 7452650 627 19
TA016 0.0 3.0 231 1.0 326 522200 7449600 605 19
TA019 2.0 2.0 137 3.0 157 522700 7449700 611 16
TA020 0.0 5.0 627 2.0 995 522700 7449750 610 10
TA021 0.0 2.0 143 0.0 162 522700 7449850 608 7
TA024 0.0 2.0 252 0.0 275 523200 7449900 614 13
TA025 0.0 5.0 208 3.0 331 523200 7449850 614 10
TA026 0.0 8.0 335 3.0 733 523200 7449800 615 10
TA027 3.0 2.0 212 3.0 296 523550 7449700 617 13
TA028 2.0 5.0 1099 5.0 2197 523550 7449600 617 13
TA029 2.0 6.0 541 7.0 1083 523550 7449650 617 13
TA031 5.0 1.0 110 5.0 110 523950 7449550 622 13
TA032 0.0 7.0 821 4.0 1322 523950 7449450 622 10
TA033 0.0 4.0 523 1.0 824 523950 7449400 623 10
TA036 3.0 1.0 123 3.0 123 523550 7449750 617 13
TA038 3.0 4.0 144 3.0 212 524350 7449350 626 13
TA039 1.0 6.0 230 1.0 372 524350 7449300 626 13
TA040 2.0 6.0 505 2.0 813 524350 7449250 626 13
TA041 2.0 6.0 262 2.0 382 524350 7449200 626 13
TA042 1.0 7.0 306 6.0 413 524350 7449150 626 13
TA044 2.0 4.0 438 4.0 574 524350 7449050 626 10
TA047 3.0 1.0 101 3.0 101 524350 7449400 626 13
TA048 1.0 1.0 190 1.0 190 524550 7449300 628 10
TA049 1.0 1.0 104 1.0 104 524550 7449250 628 7
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TUMAS EAST - EXPLORATION DRILLING (September 2018)

Table 1 - Drill Hole Status with eU3O8 determination

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Hole From Thickness eU3O8 From (m) eU3O8 max Easting Northing RL TD
ID (m) (m) (ppm) (over 1 m) (m)
TA050 2.0 7.0 113 6.0 170 524550 7449200 629 16
11.0 2.0 174 11.0 193
TA051 2.0 8.0 389 4.0 1090 524550 7449150 629 16
TA052 3.0 5.0 388 4.0 773 524550 7449100 629 10
TA053 2.0 8.0 592 7.0 1166 524550 7449050 629 13
TA054 4.0 7.0 589 7.0 946 524550 7449000 629 13
TA059 1.0 10.0 222 3.0 491 524900 7449200 633 13
TA060 2.0 12.0 412 9.0 1131 524900 7449150 633 16
TA061 1.0 11.0 351 10.0 803 524900 7449100 633 13
TA064 1.0 9.0 160 7.0 237 524900 7449250 632 13
TA065 2.0 10.0 154 7.0 456 524900 7449300 632 13
TA066 5.0 2.0 130 5.0 157 524900 7449350 633 16
TA067 1.0 1.0 148 1.0 148 524900 7449400 633 16
TA068 2.0 1.0 109 2.0 109 525700 7449350 646 16
7.0 6.0 371 7.0 722
TA069 2.0 1.0 109 2.0 109 525700 7449400 646 16
7.0 6.0 228 9.0 385
TA072 4.0 1.0 112 4.0 112 525700 7449250 646 13
TA073 3.0 9.0 226 3.0 368 525700 7449100 646 16
TA074 2.0 7.0 311 5.0 522 525700 7449150 646 13
TA076 2.0 8.0 325 4.0 715 525700 7449050 646 16
TA077 3.0 11.0 211 4.0 499 525700 7449000 646 16
TA078 2.0 9.0 311 3.0 628 525700 7448950 646 16
TA079 3.0 7.0 261 4.0 457 525700 7448900 646 13
TA080 2.0 6.0 355 3.0 487 525700 7448850 646 13
TA081 4.0 3.0 152 4.0 186 525700 7448800 646 10
TA082 1.0 8.0 230 2.0 409 525700 7448750 646 13
TA083 2.0 5.0 140 3.0 161 525700 7448700 646 10
TA084 3.0 1.0 117 3.0 117 525700 7448650 646 7
TA086 3.0 2.0 339 3.0 377 525700 7448500 646 7
TA087 3.0 1.0 122 3.0 114 525700 7448450 646 7
TA089 4.0 1.0 105 4.0 98 526050 7448500 650 7
TA091 3.0 4.0 233 4.0 262 526050 7448600 650 10
TA092 4.0 4.0 157 6.0 208 526050 7448550 650 16
TA093 3.0 5.0 297 6.0 438 526050 7448650 650 10
TA094 2.0 9.0 261 3.0 484 526050 7448700 650 16
TA095 2.0 7.0 268 6.0 481 526050 7448750 650 10
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TABLE 2 – Semi-Regional Drill Hole Status – Intersections > 100ppm eU3O8 over 1m (23 holes drilled in July and August 2018)

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S BEND - EXPLORATION DRILLING
Table 2 - Drill Hole Status with eU3O8 determination
Hole ID From Thickness eU3O8 From (m) eU3O8 max Easting Northing RL TD
(m) (m) (ppm) (over 1 m) (m)
SB0001 0.0 2.0 104 1.0 109 532600 7455900 696 7
SB0002 0.0 1.0 150 0.0 143 532600 7455800 696 7
SB0003 0.0 1.0 105 0.0 105 532600 7455700 696 10
SB0015 1.0 1.0 119 1.0 119 531800 7456600 696 7
SB0018 2.0 3.0 124 2.0 199 531800 7456900 696 7
SB0019 1.0 4.0 111 2.0 116 531800 7457000 696 7
SB0020 15.0 9.0 152 16.0 252 531200 7457000 696 25
SB0023 2.0 1.0 129 2.0 129 531200 7457300 696 10
SB0032 4.0 2.0 165 4.0 171 530100 7458200 681 10
SB0036 3.0 1.0 107 3.0 107 530500 7457950 685 16
SB0036 8.0 1.0 136 8.0 136
SB0040 11.0 5.0 464 11.0 1452 530500 7458500 685 25
SB0052 3.0 4.0 202 6.0 336 530800 7458500 689 13
SB0053 6.0 1.0 503 6.0 503 530800 7458600 688 19
SB0062 14.0 1.0 102 14.0 102 531600 7458300 699 25
SB0068 0.0 3.0 132 1.0 154 532050 7457650 705 19
SB0069 0.0 2.0 278 1.0 319 532050 7457600 705 16
SB0070 0.0 5.0 101 4.0 322 532050 7457500 705 16
SB0071 0.0 1.0 119 0.0 119 532050 7457400 705 13
SB0075 0.0 2.0 148 0.0 194 532600 7457600 713 19
SB0078 0.0 5.0 239 1.0 528 532850 7457450 716 16
SB0110 2.0 1.0 114 2.0 114 534000 7462800 725 19
SBR002 3.0 1.0 102 3.0 102 530850 7458550 689 22
SBR009 3.0 2.0 230 4.0 309 530650 7458500 687 22
SBR011 5.0 4.0 364 6.0 1005 530650 7458600 686 22
SBR013 1.0 1.0 208 1.0 208 530550 7458500 686 25
SBR021 1.0 1.0 158 1.0 158 530950 7458900 688 22
SBR023 13.0 1.0 207 13.0 207 531150 7458900 690 19
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TABLE 3 - Drill Hole Locations – Drill Hole Locations, 243 drill holes drilled July 17 to September 30

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S Bend (EPL3497)
(148 holes drilled from 17 July to 31 August 2018)
Hole ID Easting Northing RL TD (m)
SB0001 532600 7455900 696 7
SB0002 532600 7455800 696 7
SB0003 532600 7455700 696 10
SB0004 532400 7456200 696 7
SB0005 532600 7456000 696 7
SB0006 532600 7456100 696 7
SB0007 532600 7456150 696 7
SB0008 532400 7456300 696 10
SB0009 532400 7456400 696 7
SB0010 532200 7456200 696 7
SB0011 532200 7456300 696 7
SB0012 532200 7456400 696 7
SB0013 532200 7456500 696 7
SB0014 532200 7456600 696 7
SB0015 531800 7456600 696 7
SB0016 531800 7456700 696 7
SB0017 531800 7456800 696 7
SB0018 531800 7456900 696 7
SB0019 531800 7457000 696 7
SB0020 531200 7457000 696 25
SB0021 531200 7457100 696 7
SB0022 531200 7457200 696 13
SB0023 531200 7457300 696 10
SB0024 531200 7457450 696 10
SB0025 531200 7456900 696 7
SB0026 530400 7457300 688 7
SB0027 530400 7457400 687 7
SB0028 530400 7457500 687 10
SB0029 530400 7457600 685 7
SB0030 530400 7457700 685 7
SB0031 530100 7458100 681 7
SB0032 530100 7458200 681 10
SB0033 530100 7458300 681 7
SB0034 530100 7458400 681 7
SB0035 530100 7458500 681 16
SB0036 530500 7457950 685 16
SB0037 530500 7458050 686 21
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S Bend (EPL3497)
(148 holes drilled from 17 July to 31 August 2018)
Hole ID Easting Northing RL TD (m)
SB0038 530500 7458150 686 21
SB0039 530500 7458400 686 16
SB0040 530500 7458500 685 25
SB0041 530500 7458600 684 19
SB0042 530500 7458700 683 16
SB0043 530500 7458800 683 16
SB0044 530500 7458900 682 13
SB0045 530500 7459000 682 13
SB0046 530800 7457900 688 16
SB0047 530800 7458000 690 19
SB0048 530800 7458100 690 16
SB0049 530800 7458200 690 16
SB0050 530800 7458300 690 16
SB0051 530800 7458400 689 7
SB0052 530800 7458500 689 13
SB0053 530800 7458600 688 19
SB0054 530800 7458700 687 10
SB0055 530800 7458800 687 13
SB0056 530800 7458900 686 13
SB0057 530800 7459000 686 13
SB0058 530800 7459100 686 13
SB0059 530800 7459200 685 10
SB0060 531600 7458500 698 10
SB0061 531600 7458400 699 28
SB0062 531600 7458300 699 25
SB0063 531600 7458200 699 25
SB0064 531600 7458100 699 19
SB0065 531600 7458000 699 19
SB0066 531600 7457900 699 19
SB0067 531600 7457800 699 19
SB0068 532050 7457650 705 19
SB0069 532050 7457600 705 16
SB0070 532050 7457500 705 16
SB0071 532050 7457400 705 13
SB0072 531850 7457500 702 19
SB0073 532600 7457800 713 19
SB0074 532600 7457700 713 13
SB0075 532600 7457600 713 19
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S Bend (EPL3497)
(148 holes drilled from 17 July to 31 August 2018)
Hole ID Easting Northing RL TD (m)
SB0076 532600 7457500 713 19
SB0077 532600 7457400 713 16
SB0078 532850 7457450 716 16
SB0079 532850 7457550 716 16
SB0080 532800 7457800 715 16
SB0081 532400 7459200 703 16
SB0082 532400 7459300 702 16
SB0083 532400 7459400 701 16
SB0084 532400 7459500 702 13
SB0085 532400 7459600 702 13
SB0086 532400 7459700 702 13
SB0087 532400 7459800 702 13
SB0088 532400 7459900 703 16
SB0089 532400 7460000 704 13
SB0090 532400 7460100 704 13
SB0091 532400 7460200 705 13
SB0092 532400 7460300 705 13
SB0093 532400 7460400 706 13
SB0094 532400 7460500 706 13
SB0095 532400 7460600 706 13
SB0096 532400 7460700 706 13
SB0097 532400 7460800 706 13
SB0098 532400 7460900 706 13
SB0099 532400 7461000 707 13
SB0100 532400 7461100 707 13
SB0101 532400 7461200 707 13
SB0102 534000 7460600 723 16
SB0103 534000 7460800 725 13
SB0104 534000 7461000 723 13
SB0105 534000 7461200 725 13
SB0106 534000 7461400 726 7
SB0107 534000 7462500 725 10
SB0108 534000 7462600 725 10
SB0109 534000 7462700 725 10
SB0110 534000 7462800 725 19
SB0111 534000 7462900 725 16
SB0112 534000 7463000 725 16
SB0113 534400 7462900 730 16
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S Bend (EPL3497)
(148 holes drilled from 17 July to 31 August 2018)
Hole ID Easting Northing RL TD (m)
SB0114 534400 7462800 730 16
SB0115 534400 7462700 730 13
SB0116 535600 7462000 743 16
SB0117 535700 7462000 744 16
SB0118 535800 7462000 745 16
SB0119 535900 7462000 746 16
SB0120 536000 7462000 748 13
SB0121 536000 7462200 748 16
SB0122 536100 7462200 749 13
SB0123 536200 7462200 750 13
SBR001 530850 7458650 688 19
SBR002 530850 7458550 689 22
SBR003 530850 7458450 689 22
SBR004 530850 7458350 690 22
SBR005 530750 7458350 689 22
SBR006 530750 7458450 688 22
SBR007 530750 7458550 688 22
SBR008 530750 7458650 687 22
SBR009 530650 7458500 687 22
SBR010 530650 7458400 687 16
SBR011 530650 7458600 686 22
SBR012 530650 7458700 685 13
SBR013 530550 7458500 686 25
SBR014 530550 7458600 685 22
SBR015 530550 7458400 686 22
SBR016 530550 7458300 687 22
SBR017 530400 7458500 684 22
SBR018 530200 7458200 683 22
SBR019 530000 7458200 680 22
SBR020 529900 7458200 679 22
SBR021 530950 7458900 688 22
SBR022 531050 7458900 689 22
SBR023 531150 7458900 690 19
SBR024 531250 7458900 692 22
SBR025 531000 7458700 690 22
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Tumas East (EPL3497)
(95 holes completed in September 2018)
Hole ID Easting Northing RL TD (m)
TA001 523500 7453000 617 16
TA002 523500 7452950 619 19
TA003 523500 7452900 620 19
TA004 523500 7452850 620 19
TA005 523500 7452800 620 19
TA006 524400 7452850 624 19
TA007 524400 7452800 626 19
TA008 524400 7452750 626 19
TA009 524400 7452700 627 19
TA010 524400 7452650 627 19
TA011 524400 7452600 627 19
TA012 524400 7452550 627 19
TA013 522200 7449750 604 19
TA014 522200 7449700 603 19
TA015 522200 7449650 604 19
TA016 522200 7449600 605 19
TA017 522200 7449550 605 19
TA018 522200 7449500 605 22
TA019 522700 7449700 611 16
TA020 522700 7449750 610 10
TA021 522700 7449850 608 7
TA022 522700 7449950 605 7
TA023 522700 7450050 604 10
TA024 523200 7449900 614 13
TA025 523200 7449850 614 10
TA026 523200 7449800 615 10
TA027 523550 7449700 617 13
TA028 523550 7449600 617 13
TA029 523550 7449650 617 13
TA030 523950 7449650 621 10
TA031 523950 7449550 622 13
TA032 523950 7449450 622 10
TA033 523950 7449400 623 10
TA034 523950 7449350 622 7
TA035 523550 7449550 617 7
TA036 523550 7449750 617 13
TA037 523950 7449500 622 10
TA038 524350 7449350 626 13
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Tumas East (EPL3497)
(95 holes completed in September 2018)
Hole ID Easting Northing RL TD (m)
TA039 524350 7449300 626 13
TA040 524350 7449250 626 13
TA041 524350 7449200 626 13
TA042 524350 7449150 626 13
TA043 524350 7449100 626 7
TA044 524350 7449050 626 10
TA045 524350 7449000 626 7
TA046 524350 7448950 626 7
TA047 524350 7449400 626 13
TA048 524550 7449300 628 10
TA049 524550 7449250 628 7
TA050 524550 7449200 629 16
TA051 524550 7449150 629 16
TA052 524550 7449100 629 10
TA053 524550 7449050 629 13
TA054 524550 7449000 629 13
TA055 524550 7448950 629 7
TA056 524550 7448900 629 7
TA057 524900 7448850 633 7
TA058 524900 7448950 633 7
TA059 524900 7449200 633 13
TA060 524900 7449150 633 16
TA061 524900 7449100 633 13
TA062 524900 7449050 633 7
TA063 524900 7449000 632 7
TA064 524900 7449250 632 13
TA065 524900 7449300 632 13
TA066 524900 7449350 633 16
TA067 524900 7449400 633 16
TA068 525700 7449350 646 16
TA069 525700 7449400 646 16
TA070 525700 7449450 646 7
TA071 525700 7449300 646 7
TA072 525700 7449250 646 13
TA073 525700 7449100 646 16
TA074 525700 7449150 646 13
TA075 525700 7449200 646 7
TA076 525700 7449050 646 16
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Tumas East (EPL3497)
(95 holes completed in September 2018)
Hole ID Easting Northing RL TD (m)
TA077 525700 7449000 646 16
TA078 525700 7448950 646 16
TA079 525700 7448900 646 13
TA080 525700 7448850 646 13
TA081 525700 7448800 646 10
TA082 525700 7448750 646 13
TA083 525700 7448700 646 10
TA084 525700 7448650 646 7
TA085 525700 7448600 646 10
TA086 525700 7448500 646 7
TA087 525700 7448450 646 7
TA088 525700 7448550 646 10
TA089 526050 7448500 650 7
TA090 526050 7448400 650 7
TA091 526050 7448600 650 10
TA092 526050 7448550 650 16
TA093 526050 7448650 650 10
TA094 526050 7448700 650 16
TA095 526050 7448750 650 10
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APPENDIX 2: Table 1 Report (JORC Code 2012 addition)

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

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Criteria JORC Code explanation  Commentary
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Sampling techniques		Nature and quality of sampling (eg cut channels, random		The current drilling relies on down hole gamma data from calibrated probes
		chips, or specific specialised industry standard measurement		which were converted into equivalent uranium values (eU3O8) by experienced
		tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample		DYL personnel and will be confirmed by a competent person (geophysicist) at a later date. First geochemical assay data are expected in early 2019. Previous drill data used in this report includes both geochemical assay data (U3O8) and down hole gamma equivalent uranium derived values (eU3O8).
		representivity and the appropriate calibration of any		Appropriate factors were applied to all downhole gamma counting results to
		measurement tools or systems used.		make allowance for drill rod thickness, gamma probe dead times and
		Aspects of the determination of mineralisation that are		incorporating all other applicable calibration factors.
		Material to the Public Report.
		In cases where ‘industry standard’ work has been done this	Total gamma eU3O8
		would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where	 	33 mm Auslog total gamma probes were used and operated by company personnel. Gamma probes were calibrated at Pelindaba, South Africa, in May 2007 and in
		there is coarse gold that has inherent sampling problems.		December 2007.
		Unusual commodities or mineralisation types (eg submarine		Between 2008 and 2013 sensitivity checks were conducted by periodic re-
		nodules) may warrant disclosure of detailed information.		logging of a test hole (Hole-ALAD1480) to confirm operation.
				Auslog probes were again re-calibrated at the calibration pit located at Langer
				Heinrich Mine site in December 2014, May 2015, August 2017 and July 2018.
				Probe T165 was used as only probe throughout the current program, which was
				calibrated at the Langer Heinrich calibration last in July 2018.
				During the drilling, the probe was checked daily against a standard source.
				Gamma measurements were taken at 5 cm intervals at a logging speed of
				approximately2 mper minute.

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Criteria JORC Code explanation  Commentary
 Probing was done immediately after drilling mainly through the drill rods and in
some cases in the open holes. Rod factors have been established once
sufficient in rod and open hole data were available to compensate for the
reduced gamma counts when logging was done through the drill rods. No
correction for water was done. The drill holes were dry.
 All gamma measurements were corrected for dead time which is unique to the
probe.
 All corrected (dead time and rod factor) gamma values were converted to
equivalent eU3O8 values over the same intervals using the probe-specific K-
factor.
 Disequilibrium studies on 22 samples by ANSTO Minerals in 2008 confirmed
that the U [238] decay chains of the wider Tumas deposit are within an analytical
error of ± 10%, in secular equilibrium.
Chemical assay data
 Geochemical samples were derived from Reverse Circulation (RC) drilling at
intervals of 1 m. Samples were spilt at the drill site using either a riffle or cone
splitter to obtain a 1 to 4 kg sample from which 90 g will be pulverized to
produce a subset for XRF-analysis.
 It is planned that 10 to 20% of the mineralisation from the Tumas East drilling
will be assayed for U3O8 by loose powder XRF or ICP-MS.
 In the 2017 resource drilling program 932 samples were taken for confirmatory
assay and submitted to ALS in South Africa for U3O8 XRF analysis following the
procedure above.
 These previous assay results confirm equivalent uranium grades correctly
correlated to the assay results and remain within a statistically acceptable
margin of error.
Drilling techniques  Drill type (eg core, reverse circulation, open-hole hammer,  RC drilling is being used for the Tumas 3 drilling program.
rotary air blast, auger, Bangka, sonic, etc) and details (eg  All holes are being drilled vertically and intersections measured present true
core diameter, triple or standard tube, depth of diamond tails, thicknesses.
face-sampling bit or other type, whether core is oriented and
if so, by what method, etc).
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Criteria JORC Code explanation  Commentary
Drill sample recovery  Method of recording and assessing core and chip sample  Drill chip recoveries are good at around 90%.
recoveries and results assessed.  Drill chip recoveries were assessed by weighing 1 m drill chip samples at the
 Measures taken to maximise sample recovery and ensure
drill site. Weights were recorded in sample tag books.
 representative nature of the samples. Whether a relationship exists between sample recovery and  Sample loss was minimised by placing the sample bags directly underneath
cyclone/splitter
grade and whether sample bias may have occurred due to
preferential loss/gain of fine/coarse material.
Logging  Whether core and chip samples have been geologically and  All drill holes are being geologically logged.
geotechnically logged to a level of detail to support  The logging is qualitative in nature. The lithology type is being determined for
appropriate Mineral Resource estimation, mining studies and
all samples.
metallurgical studies.
 Whether logging is qualitative or quantitative in nature. Core  Other parameters routinely logged include colour, colour intensity, weathering,
oxidation, grain size, carbonate (CaCO3) content, sample condition (wet, dry)
(or costean, channel, etc) photography.
 The total length and percentage of the relevant intersections and total gamma count (by hand held Rad-Eye scintillometer).
logged.  Lithology codes were used to generate wireframes for the paleotography of the
palaeochannel.
 This information was used in planning drill hole locations.
Sub-sampling  If core, whether cut or sawn and whether quarter, half or all  A portable 2-tier (75%/25%) splitter was used to treat a full 1m sample from the
techniques and core taken. cyclone into an appropriate size assay sample. All sampling was dry.
sample preparation  If non-core, whether riffled, tube sampled, rotary split, etc and  The above sub-sampling techniques are common industry practice and
whether sampled wet or dry.
appropriate.
 For all sample types, the nature, quality and appropriateness
 Sample sizes are considered appropriate to the grain size of the material being
of the sample preparation technique.
 Quality control procedures adopted for all sub-sampling sampled.
stages to maximise representivity of samples.  Duplicates will be inserted into the assay batch at an approximate rate of one
 Measures taken to ensure that the sampling is representative for every 10 samples which is compatible with industry norm.
of the in situ material collected, including for instance results
for field duplicate/second-half sampling.
 Whether sample sizes are appropriate to the grain size of the
material being sampled.
Quality of assay data  The nature, quality and appropriateness of the assaying and  The analytical method employed will be XRF. The technique is industry
and laboratory tests laboratory procedures used and whether the technique is standard and considered appropriate.
considered partial or total.  The analytical method employed for an earlier drill program in 2017 was ICP-
 For geophysical tools, spectrometers, handheld XRF
MS which is also considered industry standard and appropriate as well.
instruments, etc, the parameters used in determining the
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Criteria	JORC Code explanation		Commentary
	analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.  Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.		Downhole gamma tools were used as explained under ‘Sampling techniques’. This is the principal evaluating technique.
Verification of sampling and assaying	 The verification of significant intersections by either independent or alternative company personnel.  The use of twinned holes.  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.  Discuss any adjustment to assay data.	     	Geology was directly recorded into a tablet in the field and sample tag books filed in at the drill site. The drill data of those logs and tag books (lithology, sample specifications etc.) were transferred by designated personnel into a geological database. Equivalent eU3O8values have previously been and were for the current program calculated from raw gamma files by applying calibration factors and casing factors where applicable. The adjustment factors were stored in the database. Equivalent U3O8data were composited to 1m intervals. The ratio of eU3O8vs assayed U3O8for matching composites will be used to quantify the statistical error.
Location of data points	 Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.  Specification of the grid system used.  Quality and adequacy of topographic control.	  	The collars are being surveyed by in-house operators using a differential GPS. All drill holes are vertical and shallow; therefore, no down-hole surveying was required. The grid system is World Geodetic System (WGS) 1984, Zone 33.
Data spacing and	 Data spacing for reporting of Exploration Results.		The data spacing and distribution is optimized along channel direction. The
distribution	 Whether the data spacing and distribution is sufficient to		drilling program was exploratory in nature and drill hole spacing varied at 100
	establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.  Whether sample compositing has been applied.		to 200m along 400 to 800m spaced lines. A closer drill spacing will be required for future resource estimation work. The resource drill grid at Tumas 3 is close to 100m by 100m in EW and NS rectangular directions following the main target channel.
			The 100m by 100m drill hole spacing is considered sufficient to define an
			inferred resource in the future.
			The total gamma count data, which is recorded at 5 cm intervals, was used to
			calculate equivalent uranium values(eU3O8)which were composited to 1 m

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Criteria	JORC Code explanation		Commentary
			composites down hole.
Orientation of data in relation to geological structure	 Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.  If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	 	Uranium mineralisation is strata bound and distributed in fairly continuous horizontal layers. Holes are being drilled vertically and mineralised intercepts represent the true width. All holes were sampled down-hole from surface. Geochemical samples are being collected at 1 m intervals. Total-gamma count data is being collected at 5 cm intervals.
Sample security	 The measures taken to ensure sample security.	 	1m RC drill chip samples were prepared at the drill site. The assay samples were stored in plastic bags. Sample tags were placed inside the bags. The samples were placed into plastic crates and transported from the drill site to RMR’s site premises in Swakopmund by company personnel, prior to analyses and from there to the external laboratories when used. Upon completion of the assay work the remainder of the drill chip sample bags for each hole will be packed back into crates and then stored in designated containers in chronological order, locked up and kept safe at RMR’s dedicated sample storage yard at Rocky Point located outside Swakopmund.
Audits or reviews	 The results of any audits or reviews of sampling techniques		D. M. Barrett (PhD MAIG) conducted an audit of gross count gamma logging
	and data.		procedures and log reduction methods used by Deep Yellow Limited.
			He concludes his audit commenting: “In summary, it is my belief that the
			equivalent uranium grades reported by Reptile from their gamma logging
			program are reliable and are probably within a few percent to the true grade”.

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

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Criteria JORC Code explanation Commentary
Mineral tenement and land  Type, reference name/number, location and  The work to which the Exploration Results relate was undertaken on exclusive
tenure status ownership including agreements or material issues prospecting grant EPL3497.
with third parties such as joint ventures, partnerships,  The EPL was originally granted to Reptile Uranium Namibia (Pty) Ltd (RUN) in
overriding royalties, native title interests, historical
2006. The EPL is in good standing and is valid until 05 June 2019.
sites, wilderness or national park and environmental
 The EPL is located within the Namib Naukluft-National Park in Namibia.
settings.
 The security of the tenure held at the time of  The EPL is subject to an agreement with a Namibian partner whereby the
reporting along with any known impediments to partner has the right to acquire 5% of the project for historical costs.
obtaining a licence to operate in the area.  There are no known impediments to the project beyond Namibia’s standard
permitting procedures.
Exploration done by other  Acknowledgment and appraisal of exploration by  Prior to RUN’s ownership of this EPL, extensive work was conducted by Anglo
parties other parties. American Prospecting Services (AAPS), General Mining and Falconbridge in
the 1970s.
 Assay results from the historical drilling are available to RUN on paper logs.
They were not captured digitally and were and will not be used for resource
estimation.
Geology  Deposit type, geological setting and style of  Tumas East mineralisation occurs as secondary carnotite enrichment of
mineralisation. variably calcretised palaeochannel and sheet wash sediments and adjacent
weathered bedrock.
 Uranium mineralisation at Tumas is surficial, stratabound and hosted by
Cenozoic and possibly Tertiary sediments, which include from top to bottom
scree sand, gypcrete, calcareous sand and calcrete.
 The majority of the mineralisation is hosted in calcrete. Locally, the underlying
weathered Proterozoic bedrock is occasionally also mineralized.
Drill hole Information  A summary of all information material to the  243 holes for a total of 3370m have been drilled in the current program up to
understanding of the exploration results including a the 30 [th] of September 2018.
tabulation of the following information for all Material  All holes were drilled vertically and intersections measured present true
drill holes:
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Criteria JORC Code explanation Commentary
o easting and northing of the drill hole collar thicknesses.
o elevation or RL (Reduced Level – elevation above  The Table 3 in Appendix 1 lists all the drill hole locations. Tables 1 and 2 list
sea level in metres) of the drill hole collar the results of intersections greater than 100ppm eU3O8 over 1m.
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
 If the exclusion of this information is justified on the
basis that the information is not Material and this
exclusion does not detract from the understanding of
the report, the Competent Person should clearly
explain why this is the case.
Data aggregation methods  In reporting Exploration Results, weighting averaging  5 cm intervals of down hole gamma counts per second (cps) logged inside the
techniques, maximum and/or minimum grade drill rods were composited into 1m down hole intervals showing greater than
truncations (eg cutting of high grades) and cut-off
100cps values over 1m.
 grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths  No grade truncations were applied.
of high-grade results and longer lengths of low-grade
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail.
 The assumptions used for any reporting of metal
equivalent values should be clearly stated.
Relationship between  These relationships are particularly important in the  The mineralisation is sub-horizontal and all drilling vertical, therefore,
mineralisation widths and reporting of Exploration Results. mineralised intercepts are considered to represent true widths.
intercept lengths  If the geometry of the mineralisation with respect to
the drill hole angle is known, its nature should be
reported.
 If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (eg ‘down hole length, true width not known’).
Diagrams  Appropriate maps and sections (with scales) and  Appendix 1 (Tables 3) show all drill hole locations. Tables 1 and 2 list the
tabulations of intercepts should be included for any anomalous intervals.
significant discovery being reported These should  Maps and sections are included in the text.
include, but not be limited to a plan view of drill hole
collar locations and appropriate sectional views.
Balanced reporting  Where comprehensive reporting of all Exploration  Comprehensive reporting of all Exploration Results was practised on the
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Criteria	JORC Code explanation	Commentary
	Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	completion of the drilling program.
Other substantive exploration data	 Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	The wider area and Tumas deposit was subject to extensive drilling in the 1970’s and 1980’s by Anglo American Prospecting Services, Falconbridge and General Mining. An airborne EM survey conducted in 2009 better defined the broad palaeochannel system. Downhole gamma-gamma density logging for bulk density was conducted by Terratec on the Tumas 1 and 2 resources.
Further work	 The nature and scale of planned further work (eg	Further drilling work is planned in the Tumas East area and west of the
	tests for lateral extensions or depth extensions or	currently defined Tumas 3 Zone and its extensions.
	large-scale step-out drilling).  Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this	Further extension drilling is expected as mineralisation is open along strike to the west and east. Infill drilling for resource estimation work is planned as well.
	information is not commercially sensitive.

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