DEEP YELLOW LIMITED — Capital/Financing Update 2019

Jul 2, 2019

ASX & NSX: DYL / OTCQX: DYLLF

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ASX Announcement

3 July 2019

SPP CLOSES BRINGING TOTAL FUNDS RAISED TO $11.2 MILLION

Deep Yellow Limited (ASX:DYL) ( Deep Yellow or Company ) refers to its recently announced capital raising and is pleased to advise that, in addition to the successful $9 million placement ( Placement ), the Company’s Share Purchase Plan ( SPP ) has closed with subscriptions for 5,411,985 ordinary shares raising a further $1,677,700.

Under the terms of the SPP, the Board reserved the right to place any shares not subscribed for by eligible shareholders ( Shortfall ) to qualified investors as a separate placement. The Company is pleased to advise that, with the assistance of Aitken Murray Capital Partners, certain institutional and sophisticated investors who participated in the Placement have confirmed applications for a further 1,973,571 shares on the same terms as the SPP to raise a further $611,807 ( Shortfall Placement ).

The placement of the Shortfall was restricted only by the limit available under the Company’s 15% placement capacity as determined by ASX Listing Rule 7.1. Accordingly, the Company will use the balance of its placement capacity to facilitate the Shortfall Placement and these shares will be issued in due course on receipt of cleared funds.

Closure of the SPP together with commitments for the Shortfall Placement will bring total funds raised by the Company, including the placement, to $11.29 million before costs. These funds will enable the Company to meet its short-term working capital requirements and to continue advancing the Company’s well-articulated two-limbed growth strategy, namely to further expand the existing uranium resource base of its Namibian projects; and to evaluate the best approach to advance its project acquisition growth strategy, taking advantage of the current uranium downturn.

The Board thanks those shareholders who participated in the SPP for their continued support.

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

Unit 17, Spectrum Building, 100-104 Railway Road Subiaco WA 6008 / PO Box 1770 Subiaco WA 6904 Tel : 61 8 9286 6999 / ABN 97 006 391 948 Email: info@deepyellow.com.au / Website: www.deepyellow.com.au