DEEP YELLOW LIMITED — Capital/Financing Update 2018

Apr 16, 2018

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ASX Announcement

ASX: DYL

17 April 2018

TUMAS PALAEOCHANNEL DRILLING RETURNING POSITIVE RESULTS

Highlights

• Semi-regional drilling campaign - 89 holes drilled for 3984m west of Tumas 3 deposit

• 22 holes identified uranium mineralisation with one area earmarked for follow-up drilling

• Tumas 3 East extension resource drilling commenced with 84 holes drilled for 1,939m

• Resource drilling success rate of 60% with 50 out of the 84 holes returning mineralisation >100ppm eU3O8 over 1m

• Strongest intersections from the resource drilling include:

• TB3R543 6m at 346 ppm eU3O8 from 4m

• TB3R569 7m at 413 ppm eU3O8 from 6m

• TB3R593 8m at 733 ppm eU3O8 from 3m

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

Deep Yellow Limited ( Deep Yellow ) is pleased to report continued encouraging drilling results from the ongoing semi-regional exploration and Tumas 3 East resource drilling program which is being carried out on EPL3496. This EPL is held by Deep Yellow’s wholly-owned subsidiary, Reptile Uranium Namibia (Pty) Ltd ( RUN ).

As reported previously, the programs commenced 12 February 2018 with semi-regional exploration drilling to the west of Tumas 3. Phase 1 of this regional program was completed on 21 March with 89 RC holes drilled for 3,984m. This was immediately followed by resource drilling east of the Tumas 3 uranium deposit with 84 RC holes drilled for 1939m and work is ongoing. The balance of the 10,000m campaign remaining to be drilled in the period to 30 June 2018 is continuing and will focus on resource drilling over the Tumas 3 east and Tumas 1 & 2 extension areas plus further semi-regional exploration drilling. Figure 1 shows the palaeochannel system and prospect locations.

Unit 17, Spectrum Building, 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

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Figure 1 : EPLs 3496, 3497 showing Tumas 3, Tumas 1&2 and Tubas Red Sand deposits occurring within the Tumas palaeochannel system

Resource Drilling

The resource drilling east of the Tumas 3 deposit targeted the mineralised zone which was broadly delineated during the November 2017 drilling program. The latest drilling has confirmed existence of the predicted continuous uranium mineralisation extending over 2km in length. Of the total 84 holes drilled, 50 returned positive results – an overall 60% success rate. Equivalent uranium oxide (eU3O8) values as reported herein have been determined by Deep Yellow personnel and these will be validated 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.

This infill work showed uranium mineralisation occurring on all the new profiles drilled with 50 of 84 holes returning positive results. Figure 2 shows the resource drill hole locations in relation to the Tumas 3 deposit. The width of the mineralisation varies between 200 and 400m with variable thicknesses of 1 to 8 m. The mineralisation remains open to the east and south. Figure 3 shows a drill-hole cross section across the Tumas 3 eastern extension and outlines the

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continuous nature of the uranium mineralisation and also the variability and complexity of the palaeochannel topography.

The infill drilling in this area is continuing and will also include testing of the tributary channel identified from the November 2017 drilling.

Mineralised intersections from the resource drilling that are above the 100ppm eU3O8 over 1m cut-off are tabulated in Table 1, Appendix 1.

Semi-Regional Exploration Drilling

The semi-regional exploration drilling has now explored approximately 20 km of the palaeochannel system that extends west from the Tumas 3 deposit. Drill hole spacing chosen was highly variable ranging from 100 to 200m spaced holes along profiles 400 to 800m apart. The drill hole spacing was aimed at identifying new uranium mineralisation within the untested portion of palaeochannel system where 3 of the previously defined 7 semi-regional target zones exist. Due to access clearance issues (now resolved) the central part of this zone could not be explored in the current program and this will now be tested later in the year. Elsewhere the drilling did however identify promising uranium mineralisation in a tributary to the main channel located approximately 3km north of the Tubas Red Sand deposit. This drilling identified 3 to 8m thick > 100ppm eU3O8 uranium mineralisation over a 200 to 300m width on 2 drill sections 400m apart. Figure 4 shows the exploration drill hole locations and the palaeochannel outlines west of the Tumas 3 deposit.

In total 22 (or 25%) of the 89 exploratory drill holes returned uranium mineralisation > 100 ppm eU3O8 over 1m. It should however be noted lower grade uranium mineralisation was identified in a large proportion of the semi-regional drilling supporting management’s proposition that a large-scale uranium mineralisation event has occurred throughout the palaeochannel system where tested.

Mineralised intersections from the semi-regional exploration drilling >100ppm eU3O8 over 1m cut-off are tabulated in Table 2, Appendix 1. Figure 4 also shows the semi-regional exploration drill hole locations. All drill hole locations are listed in Table 3, Appendix 1.

Analysis

The results of both the semi-regional exploration and targeted resource drilling are very encouraging. The drilling has confirmed the continuous nature of mineralisation associated with the eastern extension of Tumas 3 and importantly has identified new uranium mineralisation in the palaeochannel system to the west of this zone.

The 2018 drill program which is still ongoing has extended the mineralisation at Tumas 3 by 2km and is demonstrating that the mineralisation has the potential to extend over a +7km strike length in the Tumas 3 area. Also, additional mineralisation is expected to be found in a tributary entering the main channel from the east. 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 that head westward toward the ocean. The current results again show that, apart from the benefit gained by the reinterpretation of the existing airborne geophysical data to locate the prospective palaeochannel systems more accurately, discovery is only possible by drilling.

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Appendix 1 Tables 1 and 2 list the 50 resource drilling holes and 22 semi-regional exploration drill holes 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 14 April 2018 from the current drilling program which are the subject of this release.

Conclusion

This third (ongoing) drilling campaign is again producing successful results. It is confirming that the previously discovered Tumas 3 deposit can be expanded. This is not only expected to add to the current uranium resource base of this project but, just as significantly, emphasises the strong exploration potential of the extensive, uranium-fertile palaeochannel system within which the new Tumas 3 discovery occurs.

There are now 4 distinct mineralised zones (Tumas 1 & 2, Tumas 3 and Tubas Sand/calcrete deposits) identified within the 125km of palaeochannels that occur within the Reptile project tenements (see figure1). Some 75%, or approximately 90 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 semi-regionally explore the extensive palaeochannel system that exists.

An updated inferred resource estimation for the Tumas 3 Zone is expected to be delivered in July 2018.

Yours faithfully

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JOHN BORSHOFF Managing Director/CEO Deep Yellow Limited

For further information, contact:

John Borshoff Phone: +61 8 9286 6999 Managing Director/CEO Email: john.borshoff@deepyellow.com.au

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

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Competent Person’s Statement

The information in this report 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 (Manager of RUN exploration projects), 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 presentation 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 : Tumas 3 East: Drill hole locations showing the recent resource drilling program and the Tumas 3 deposit shown with contours of eU3O8 grade thickness values (GT: eU3O8 pmm x m).

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Figure 3: Tumas 3 East – Cross Section 7463400mN

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Figure 4 : Tumas Palaeochannel: Drill hole locations showing the recent semi-regional exploration drilling program west of the Tumas 3 deposit. Drill hole collars are coloured according to eU3O8 grade thickness values (GT: ppm eU3O8 x m).

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Appendix 1

TABLE 1 –Tumas 3 East: Resource Drilling Mineralised Intersections > 100ppm eU3O8 over 1m (50 holes)

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TUMAS 3 EAST - RESOURCE DRILLING
Table 1 - Drill Hole Status with eU3O8 determination
From Thickness eU3O8 eU3O8 max
Hole ID From (m) Easting Northing RL TD (m)
(m) (m) (ppm) (over 1 m)
TB3R540 8.1 1.0 103 8.1 103 509200 7464200 427 26
TB3R541 6.1 4.0 142 7.1 281 509200 7464100 427 31
TB3R542 5.0 4.0 181 7.0 481 509200 7464000 427 16
TB3R543 4.0 6.0 346 8.0 1370 509200 7463900 427 16
TB3R544 4.1 2.0 118 5.1 137 509200 7463800 426 36
TB3R547 2.1 5.0 180 6.1 461 509300 7463800 428 31
TB3R548 5.1 2.0 127 6.1 140 509300 7463900 428 11
TB3R549 4.1 4.0 170 8.1 401 509300 7464000 428 11
TB3R550 6.1 1.0 126 6.1 126 509300 7464100 428 21
TB3R551 5.1 2.0 100 6.1 101 509300 7464200 428 16
TB3R554 6.0 4.0 164 8.0 324 509500 7464100 430 11
TB3R555 5.1 4.0 105 7.1 222 509500 7464000 430 11
TB3R556 6.0 2.0 117 6.0 118 509500 7463900 430 11
TB3R557 5.1 5.0 202 9.0 321 509500 7463800 430 11
TB3R558 3.1 1.0 102 3.1 102 509500 7463600 430 51
TB3R561 5.1 4.0 110 6.1 172 509600 7463900 431 11
TB3R562 6.1 2.0 108 7.1 151 509600 7464000 431 11
TB3R563 6.1 5.0 176 9.1 330 509600 7464100 431 21
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TUMAS 3 EAST - RESOURCE DRILLING

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Table 1 - Drill Hole Status with eU3O8 determination
From Thickness eU3O8 eU3O8 max
Hole ID From (m) Easting Northing RL TD (m)
(m) (m) (ppm) (over 1 m)
TABLE 1 – (cont’d)
TB3R566 8.1 2.0 101 9.1 116 509800 7464100 434 31
TB3R567 5.9 5.0 112 9.9 198 509800 7464000 433 16
TB3R568 6.1 4.0 162 7.1 318 509800 7463900 433 16
TB3R569 6.1 7.0 413 9.1 1378 509800 7463800 433 16
TB3R570 5.1 1.0 139 5.1 139 509800 7463600 433 26
TB3R570 7.1 1.0 109 7.1 109
TB3R571 4.1 4.0 153 6.1 421 509800 7463500 432 41
TB3R572 2.1 5.0 275 5.1 760 509800 7463400 432 31
TB3R576 5.1 1.0 109 5.1 109 509700 7463600 431 31
TB3R577 5.1 4.0 107 5.1 193 509900 7463600 434 26
TB3R578 4.1 7.0 303 6.1 1018 509900 7463500 434 51
TB3R579 3.0 1.0 109 3.0 109 509900 7463400 434 31
TB3R580 3.1 4.0 129 4.1 305 509900 7463300 434 26
TB3R582 8.1 1.0 159 8.1 159 509900 7463900 434 11
TB3R583 8.1 2.0 113 9.1 119 509900 7464000 434 16
TB3R584 9.1 1.0 112 9.1 112 509900 7464100 434 26
TB3R585 11.1 5.0 120 13.1 188 510000 7463900 436 26
TB3R591 5.0 4.0 102 8.0 164 510100 7463600 436 16
TB3R593 3.1 8.0 733 7.1 2939 510100 7463400 436 51
TB3R595 5.1 1.0 100 5.1 100 510100 7463200 436 31
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TUMAS 3 EAST - RESOURCE DRILLING

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Table 1 - Drill Hole Status with eU3O8 determination
From Thickness eU3O83O8O88 eU3O8 max 3O8 max O8 max 8 max max
Hole ID From (m) Easting Northing RL TD (m)
(m) (m) (ppm) (over 1 m)
TB3R597 5.1 1.0 150 5.1 150 510200 7463500 437 11
TB3R598 4.1 5.0 185 7.1 343 510200 7463400 437 21
TB3R599 5.0 4.0 107 7.0 133 510200 7463300 437 31
TB3R602 3.1 1.0 110 3.1 110 509900 7463250 434 16
TB3R602 5.1 5.0 192 5.1 396
TB3R603 4.1 1.0 104 4.1 104 510300 7463400 438 16
TB3R604 6.1 5.0 112 10.1 147 510300 7463300 438 51
TB3R605 5.1 2.0 100 6.1 109 510300 7463200 438 16
TB3R608 5.1 2.0 105 5.1 124 510500 7463200 440 51
TB3R608 10.1 1.0 104 10.1 104
TB3R613 4.1 6.0 109 6.1 174 510600 7463200 442 51
TB3R614 12.1 1.0 101 12.1 101 510600 7463000 442 31
TB3R620 9.1 6.0 114 11.1 158 510700 7463000 442 51
TB3R622 5.0 5.0 135 9.0 240 510700 7462800 442 36
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From Thickness eU3O83O8O88 eU3O8 max 3O8 max O8 max 8 max max
Hole ID From (m) Easting Northing RL TD (m)
(m) (m) (ppm) (over 1 m)
TB3R597 5.1 1.0 150 5.1 150 510200 7463500 437 11
TB3R598 4.1 5.0 185 7.1 343 510200 7463400 437 21
TB3R599 5.0 4.0 107 7.0 133 510200 7463300 437 31
TB3R602 3.1 1.0 110 3.1 110 509900 7463250 434 16
TB3R602 5.1 5.0 192 5.1 396
TB3R603 4.1 1.0 104 4.1 104 510300 7463400 438 16
TB3R604 6.1 5.0 112 10.1 147 510300 7463300 438 51
TB3R605 5.1 2.0 100 6.1 109 510300 7463200 438 16
TB3R608 5.1 2.0 105 5.1 124 510500 7463200 440 51
TB3R608 10.1 1.0 104 10.1 104
TB3R613 4.1 6.0 109 6.1 174 510600 7463200 442 51
TB3R614 12.1 1.0 101 12.1 101 510600 7463000 442 31
TB3R620 9.1 6.0 114 11.1 158 510700 7463000 442 51
TB3R622 5.0 5.0 135 9.0 240 510700 7462800 442 36
TB3R623 4.1 7.0 202 7.1 328 510900 7463350 446 26
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TABLE 2 – Semi-Regional Exploration Mineralised Intersections > 100ppm eU3O8 over 1m (20 holes)

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WEST OF TUMAS 3 DEPOSIT – SEMI-REGIONAL EXPLORATION DRILLING
Table 1 - Drill Hole Status with eU3O8 determination
From Thickness eU3O8 eU3O8 max
Hole ID From (m) Easting Northing RL TD (m)
(m) (m) (ppm) (over 1 m)
TB3R420 7.1 3.0 106 8.1 145 502600 7466600 358 31
TB3R424 31.0 1.0 112 31.0 112 502600 7466300 358 71
TB3R425 7.1 1.0 110 7.1 110 502600 7466700 358 21
TB3R474 20.1 1.0 123 20.1 123 502200 7464700 363 41
TB3R474 27.1 3.0 113 28.1 240
TB3R475 20.0 2.0 100 21.0 115 502300 7464700 363 46
TB3R477 19.1 4.0 112 22.1 202 502100 7464700 363 36
TB3R478 16.0 5.0 117 20.0 150 502300 7464500 365 41
TB3R480 16.0 3.0 106 18.0 223
TB3R482 12.1 3.0 106 13.0 144 502400 7464100 369 36
TB3R485 15.1 1.0 108 15.1 108 502300 7463900 373 41
TB3R487 6.1 2.0 116 6.1 117 502500 7463500 376 31
TB3R488 24.1 5.0 171 28.1 284 502700 7465500 360 61
TB3R490 33.1 1.0 114 33.1 114 502500 7465500 358 56
TB3R490 53.1 1.8 102 54.1 216
TB3R492 22.1 8.0 230 24.1 532 502800 7466300 360 66
TB3R495 22.1 2.0 106 22.1 162 502800 7466100 360 56
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TABLE 2 – (cont’d)
TB3R497 22.1 3.0 112 23.1 181 502800 7465900 360 56
TB3R501 13.1 6.0 115 18.1 139 501000 7465900 347 26
TB3R509 8.0 3.0 122 10.0 222 491900 7471600 295 26
TB3R514 5.1 6.0 138 9.0 263 492100 7471600 297 36
TB3R515 4.1 5.0 130 6.0 211 492100 7472000 299 36
TB3R517 4.0 6.0 101 9.0 157 492200 7471600 297 21
TB3R529 8.1 1.0 100 8.1 100 489600 7470500 288 46
TB3R537 8.2 3.0 182 8.2 386 489200 7468300 275 61
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TABLE 3 - Drill Hole Locations – 173 RC Holes drilled February 12 to April 14 2018

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West of Tumas 3 Deposit – Semi-Regional Exploration
(89 holes drilled from 12 February to 21 March 2018)
Hole ID Easting Northing RL TD (m)
TB3R420 502600 7466600 358 31
TB3R421 502600 7466500 358 36
TB3R422 502600 7466400 358 61
TB3R423 502600 7466200 358 76
TB3R424 502600 7466300 358 71
TB3R425 502600 7466700 358 21
TB3R426 502600 7466100 358 56
TB3R458 502200 7465300 357 41
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TB3R459 502400 7465300 358 61
TB3R460 502500 7465300 358 46
TB3R461 501800 7465400 354 41
TB3R462 501600 7465400 353 46
TB3R463 501400 7465400 353 41
TB3R464 501000 7466100 346 51
TB3R465 501700 7465400 354 41
TB3R466 501900 7465400 355 31
TB3R467 502600 7465300 359 51
TB3R468 502500 7465200 358 51
TB3R469 502500 7465100 359 46
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Table 3 – cont’d
TB3R470 502700 7465100 360 41
TB3R471 502300 7465100 359 31
TB3R472 502100 7465100 359 56
TB3R473 501900 7465100 358 26
TB3R474 502200 7464700 363 41
TB3R475 502300 7464700 363 46
TB3R476 502400 7464700 363 36
TB3R477 502100 7464700 363 36
TB3R478 502300 7464500 365 41
TB3R479 502100 7464500 365 36
TB3R480 502200 7464500 365 46
TB3R481 502400 7464500 365 26
TB3R482 502400 7464100 369 36
TB3R483 502300 7464100 370 41
TB3R484 502400 7463900 372 31
TB3R485 502300 7463900 372.5 41
TB3R486 502300 7463500 378 16
TB3R487 502500 7463500 376 31
TB3R488 502700 7465500 360 61
TB3R489 502600 7465500 359 61
TB3R490 502500 7465500 358 56
TB3R491 502800 7466500 360 41
TB3R492 502800 7466300 360 66
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TB3R493 502800 7466400 360 61
TB3R494 502800 7466200 360 71
TB3R495 502800 7466100 360 56
TB3R496 502800 7466000 360 51
TB3R497 502800 7465900 360 56
TB3R498 502800 7465800 360 61
TB3R499 502800 7465500 361 51
TB3R500 502800 7465600 360 56
TB3R501 501000 7465900 347 26
TB3R502 501000 7465800 347 16
TB3R503 501000 7466000 347 41
TB3R504 500800 7466500 347 71
TB3R505 500800 7466300 343 66
TB3R506 491900 7472000 299 41
TB3R507 491700 7472000 299 21
TB3R508 492200 7472000 299 31
TB3R509 491900 7471600 295 26
TB3R510 491700 7471600 295 21
TB3R511 491500 7471600 295 26
TB3R512 491300 7471600 295 41
TB3R513 491800 7471600 295 21
TB3R514 492100 7471600 297 36
TB3R515 492100 7472000 299 36
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Table 3 – cont’d
TB3R516 491800 7472000 299 41
TB3R517 492200 7471600 297 21
TB3R518 492300 7471600 297 16
TB3R519 492100 7470600 295 31
TB3R520 492300 7470600 297 21
TB3R521 492600 7469900 295 21
TB3R522 492600 7469700 299 36
TB3R523 492600 7469500 299 46
TB3R524 492600 7469300 297 46
TB3R525 492600 7469100 291 51
TB3R526 490700 7468000 277 51
TB3R527 490900 7468000 280 61
TB3R528 489600 7470600 288 41
TB3R529 489600 7470500 288 46
TB3R530 489600 7470400 287 51
TB3R531 489600 7470200 280 46
TB3R532 489600 7469985 277 51
TB3R533 489600 7469800 272 51
TB3R534 489200 7468900 268 91
TB3R535 489200 7468700 269 96
TB3R536 489200 7468500 272 61
TB3R537 489200 7468300 275 61
TB3R538 489200 7468200 271 61
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TB3R539 489200 7468100 268 61
Tumas 3 East – Resource Extension Drilling
(84 holes drilled from 22 March to 13 April 2018)
Hole ID Easting Northing RL TD (m)
TB3R540 509200 7464200 427 26
TB3R541 509200 7464100 427 31
TB3R542 509200 7464000 427 16
TB3R543 509200 7463900 427 16
TB3R544 509200 7463800 426 36
TB3R545 509200 7463600 427 11
TB3R546 509300 7463600 428 16
TB3R547 509300 7463800 428 31
TB3R548 509300 7463900 428 11
TB3R549 509300 7464000 428 11
TB3R550 509300 7464100 428 21
TB3R551 509300 7464200 428 16
TB3R552 509400 7464200 429 11
TB3R553 509500 7464200 430 36
TB3R554 509500 7464100 430 11
TB3R555 509500 7464000 430 11
TB3R556 509500 7463900 430 11
TB3R557 509500 7463800 430 11
TB3R558 509500 7463600 430 51
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Table 3 – cont’d
TB3R559 509600 7463600 431 41
TB3R560 509600 7463800 431 11
TB3R561 509600 7463900 431 11
TB3R562 509600 7464000 431 11
TB3R563 509600 7464100 431 21
TB3R564 509600 7464200 431 16
TB3R565 509800 7464200 434 11
TB3R566 509800 7464100 434 31
TB3R567 509800 7464000 433 16
TB3R568 509800 7463900 433 16
TB3R569 509800 7463800 433 16
TB3R570 509800 7463600 433 26
TB3R571 509800 7463500 432 41
TB3R572 509800 7463400 432 31
TB3R573 509600 7463500 431 31
TB3R574 509700 7463400 431 21
TB3R575 509700 7463500 431 26
TB3R576 509700 7463600 431 31
TB3R577 509900 7463600 434 26
TB3R578 509900 7463500 434 51
TB3R579 509900 7463400 434 31
TB3R580 509900 7463300 434 26
TB3R581 509900 7463800 434 11
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TB3R582 509900 7463900 434 11
TB3R583 509900 7464000 434 16
TB3R584 509900 7464100 434 26
TB3R585 510000 7463900 436 26
TB3R586 510100 7463800 436 26
TB3R587 510100 7463900 436 11
TB3R588 510000 7464000 436 26
TB3R589 510000 7464100 436 21
TB3R590 510000 7463200 436 21
TB3R591 510100 7463600 436 16
TB3R592 510100 7463500 436 11
TB3R593 510100 7463400 436 51
TB3R594 510100 7463300 436 26
TB3R595 510100 7463200 436 31
TB3R596 510200 7463600 437 11
TB3R597 510200 7463500 437 11
TB3R598 510200 7463400 437 21
TB3R599 510200 7463300 437 31
TB3R600 510200 7463200 437 21
TB3R601 509800 7463300 433 11
TB3R602 509900 7463250 434 16
TB3R603 510300 7463400 438 16
TB3R604 510300 7463300 438 51
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Table 3 – cont’d
TB3R605 510300 7463200 438 16
TB3R606 510500 7463400 440 11
TB3R607 510500 7463300 440 16
TB3R608 510500 7463200 440 51
TB3R609 510500 7463000 440 36
TB3R610 510500 7462900 440 21
TB3R611 510600 7463400 442 16
TB3R612 510600 7463300 442 11
TB3R613 510600 7463200 442 51
TB3R614 510600 7463000 442 31
TB3R615 510600 7462900 442 26
TB3R616 510600 7462800 442 16
TB3R617 510700 7463400 443 6
TB3R618 510700 7463300 443 11
TB3R619 510700 7463200 442 26
TB3R620 510700 7463000 442 51
TB3R621 510700 7462900 442 36
TB3R622 510700 7462800 442 36
TB3R623 510900 7463350 446 26
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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 (e.g. cut channels, random		The current drilling relies on down hole ganna 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 the late June quarter. 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	 	33mm 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 re-calibrated at the calibration pit located at Langer
				Heinrich Mine site in December 2014 and again in May 2015.
				Four probes (T010, T030, 162 and T165) one which (162) are used at the
				current program were calibrated again at the Langer Heinrich calibration pit in
				early April 2017.
				During drilling, the probe 162 was checked daily against a standard source. All
				probing was done with probe T162.
				Gamma measurements were taken at 5cm intervals at a logging speed of

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Criteria JORC Code explanation  Commentary
approximately 2m per minute.
 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 each
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 1m. 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 pulverised to
produce a subset for XRF-analysis.
 It is planned that 10 to 20% of the mineralisation from the Tumas drilling will be
assayed for U3O8 by loose powder XRF or ICP-MS.
 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 (e.g. core, reverse circulation, open-hole hammer,  RC drilling is being used for the Tumas drilling program.
rotary air blast, auger, Bangka, sonic, etc) and details (e.g.
core diameter, triple or standard tube, depth of diamond tails,  All holes are being drilled vertically and intersections measured present true
face-sampling bit or other type, whether core is oriented and
thicknesses.
if so, by what method, etc).
Drill sample recovery  Method of recording and assessing core and chip sample  Drill chip recoveries are good at around 90%.
recoveries and results assessed.
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Criteria JORC Code explanation  Commentary
 Measures taken to maximise sample recovery and ensure  Drill chip recoveries were assessed by weighing 1m drill chip samples at the
representative nature of the samples. drill site. Weights were recorded in sample tag books.
 Whether a relationship exists between sample recovery and  Sample loss was minimised by placing the sample bags directly underneath
grade and whether sample bias may have occurred due to
cyclone/splitter
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 2014 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
 Downhole gamma tools were used as explained under ‘Sampling techniques’.
analysis including instrument make and model, reading
times, calibrations factors applied and their derivation, etc.
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Criteria	JORC Code explanation		Commentary
	 Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.		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. Twinning RC holes was not considered due to the high variability in grade distribution. 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 optimised along channel direction. The
distribution	 Whether the data spacing and distribution is sufficient to		drilling program was exploratory and infill in nature and drill hole spacing varied
	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.	 	at 100 to 200m along 400 to 800m spaced lines. 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 1m
			composites down hole.

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Criteria	JORC Code explanation		Commentary
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 1m intervals. Total-gamma count data is being collected at 5cm 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 RMR 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 EPL3496.
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 Black Empowerment
reporting along with any known impediments to partner whereby the partner has the right to acquire 5% of the project for
obtaining a licence to operate in the area. historical costs.
 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 used for resource
estimation.
Geology  Deposit type, geological setting and style of  Tumas 3 mineralisation occurs as secondary carnotite enrichment of variably
mineralisation. 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 mineralised.
Drill hole Information  A summary of all information material to the  173 holes for a total of 5923m have been drilled in the current program up to the
understanding of the exploration results including a 14 April 2018.
tabulation of the following information for all Material
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Criteria JORC Code explanation Commentary
drill holes:  All holes were drilled vertically and intersections measured present true
o easting and northing of the drill hole collar thicknesses.
o elevation or RL (Reduced Level – elevation above  Table 3, Appendix 1 lists all the drill hole locations. Tables 1 and 2 list the results
sea level in metres) of the drill hole collar
o dip and azimuth of the hole of intersections greater than 100ppm eU3O8 over 1m.
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  5cm 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 (e.g. 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 (e.g. ‘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 mineralised 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.
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Criteria	JORC Code explanation	Commentary
Balanced reporting	 Where comprehensive reporting of all Exploration 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.	Comprehensive reporting of all exploration results was practised on the 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 (e.g.	Further drilling work is planned west and east of the currently defined Tumas 3
	tests for lateral extensions or depth extensions or	deposit 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 has commenced.
	information is not commercially sensitive.

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