DEEP YELLOW LIMITED — Capital/Financing Update 2021

Dec 21, 2021

NEWS RELEASE

22 December 2021

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NEW POTENTIAL FOR BASEMENT URANIUM DISCOVERIES AT OMAHOLA

HIGHLIGHTS

• Omahola comprises the Ongolo, MS7 and Inca deposits and provides Deep Yellow with another significant exploration target to unlock further value across its Namibian portfolio

• 220-hole, 7,426m shallow exploration drilling program completed at the Omahola Project, a Reptile basement exploration target zone

• 50ppm isopach representing 47% of holes drilled outlines a large, highly prospective zone for follow up

o three priority targets identified for immediate drilling

• Omahola occurs within the highly prospective “Alaskite Alley” corridor, which includes the major uranium deposits of Rössing, Husab, Etango and Valencia

INTRODUCTION

Since late 2016, current management of Deep Yellow Limited (ASX: DYL) ( Deep Yellow ) have focused on the progression of a dual-pillar growth strategy involving organic growth of the Company’s Namibian project portfolio and inorganic growth through targeted merger and acquisitions, to establish a global, multi-platform 5-10Mlb per annum, low-cost, tier one uranium producer.

The Company has experienced excellent growth particularly through the organic pillar, exploring and developing the shallow targets occurring within the Tumas palaeochannel (located within EPLs 3496 and 3497). This has resulted in a near four-fold increase in the Mineral Resource, demonstrating similar characteristics to Langer Heinrich-style deposits (see Figure 1).

The Tumas Project remains the priority focus with the continued progression of the DFS, expected to be completed during the latter part of CY2022.

Between 2009 and 2013 previous management also identified significant uranium mineralisation in basement lithologies, associated with alaskite intrusions similar to Rössing/Husab style of mineralisation. Three discrete deposits were discovered, collectively called the Omahola Project ( Omahola ) and located on EPL 3496, held by Deep Yellow through its wholly owned subsidiary Reptile Uranium Namibia (Pty) Ltd.

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Alaskite Alley
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Figure 1: Location map.

OMAHOLA BASEMENT PROJECT (OMAHOLA)

Omahola occurs in the highly prospective “Alaskite Alley” corridor which includes major uranium deposits Rössing, Husab, Etango and Valencia as shown in Figure 1. These deposits contain more than 800Mlb U3O8, with the Rössing mine alone having produced in excess of 200Mlb U3O8.

Uranium mineralisation at Omahola occurs across three deposits including Ongolo, MS7 and Inca (Figures 1 & 2). It is associated with sheeted leucogranites, locally known as alaskites, and hydrothermal skarn formation.

Omahola provides Deep Yellow with another significant exploration target type to unlock further value, with potential for resource expansion considering the substantial accumulation of uranium and the underexplored nature of this extensive prospective Alaskite Alley.

Omahola occupies a structural zone with favourable lithological contacts extending 35km by 14km and trending northeast-southwest within the Alaskite Alley. Only a small section of this favourable zone has been adequately drilled in the past. A comprehensive review of existing

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data showed that both alaskite- and skarn-hosted uranium mineralisation, are primarily structurally controlled. Identifying the presence of structurally weak zones, e.g., lithological contacts of marble and gneiss as well as the proximity to a fold hinge will be a key criterion guiding delineation of new targets.

A study of historical Omahola drill results carried out over the existing deposits of Ongolo, MS7, and Inca, clearly showed that the deposits are generally detectable at an average drilling depth of 25m using the 100ppm U3O8 bottom hole result. In addition, previous extensive studies of the discoveries of large nearby uranium deposits showed, from the early reconnaissance drilling the explorers applied, that the 50ppm U3O8 marker was also a strong indicator of significant underlying mineralisation.

Based on both these studies it was decided that the most effective way to isolate potential within the large prospective Omahola corridor was to carry out a shallow 25m-35m deep drilling program and use the 50ppm and 100ppm geochemical isopachs to isolate the high priority follow-up areas for further drilling investigation.

This recent re-interpretation of available geological data has highlighted significant potential for both expansion of existing deposits and discovery of new deposits in the remaining untested area.

In anticipation of moving exploration focus toward Omahola, on 4 November 2021 Deep Yellow announced a review of the Omahola resource status with the mineral resources upgraded from JORC 2004 to JORC 2012 category. This work reported a combined Measured, Indicated and Inferred Resource base of 125.3Mlb at 190ppm U3O8 at a 100ppm U3O8 cut-off grade (Appendix 1).

SHALLOW RC DRILLING PROGRAM

On 5 October 2021 Deep Yellow announced the commencement of exploration activities at Omahola through a shallow reverse circulation (RC) drilling program, targeting extensions of the known deposits testing for new uranium mineralisation along an extensive prospective zone.

The program aimed at testing the lithological-structural target zone occurring between the three known Omahola deposits, which are largely under cover and extend over a 10km strike length.

The shallow drilling program was completed on 14 December 2021 involving 220 shallow holes for 7,426m. A drill spacing 400m by 100m hole was applied, with holes drilled 25m into basement lithologies to identify uranium mineralisation.

104 holes, or 47% of the holes drilled, returned greater than 50ppm eU3O8 over 1m or more, an exceptional result signifying the highly uraniferous nature of the prospective zone targeted. 34 of these holes (15%) intersected uranium mineralisation greater than 100ppm eU3O8 over 1m (Appendix 2, Table 1). Of these, 26 holes are in basement lithologies with the remaining eight holes intersecting mineralisation within the overlying alluvial cover sediments.

Figure 2 shows the current and historic drill hole locations outlining the key 50ppm and 100ppm eU3O8 over 1m contours, resulting from the shallow exploration drilling and clearly shows the extensive high priority zones identified for follow-up work.

The anomalous holes occur in three distinct clusters, each representing a priority target for follow-up drilling in 2022.

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The most highly anomalous cluster identified is a significant east-west trending anomalous zone identified in six consecutive drill lines approximately 4km west of the MS7 deposit with 17 holes reported greater than 50 ppm eU3O8 over 1m generating a 2km by 1km target of high exploration interest. Within this 50ppm isopach, ten holes intersected mineralisation greater than 100ppm eU3O8 over 1m and these will be the initial focus of follow-up drilling.

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Figure 2: Omahola area showing existing deposits and the extensive 50ppm and 100ppm eU3O8 over 1m contours of the mineralisation identified from the 2021 drilling program.

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Two of the clusters are located south of the Inca deposit and both are associated with structural features including folds and faults. The cluster closest to the Inca deposit is located 1km to the south, giving an approximate 2km south westerly extension to the previously identified Inca South prospect. This confirms the significance of previous positive drill results in this area, including a historic intersection of 65m at 550ppm U3O8 (refer ASX announcement 4 November 2021). Magnetic data indicate that the cluster is associated with a northeast-southwest trending sheared fold.

The cluster further to the south extends over 1km as observed in three consecutive drill lines in Figure 2 and is associated with a hinge zone interpreted from airborne magnetic data.

The mineralised eU3O8 intersections greater than 50ppm eU3O8 are shown in Table 1 of Appendix 2. Locations of RC drill holes of the current program are listed in Table 2, Appendix 2. All equivalent uranium values are based on down-hole radiometric gamma logging carried out by a fully calibrated AusLog gamma logging system.

CONCLUSIONS

The shallow drilling program has been very successful both in confirming the highly prospective nature of the broader Omahola target zone and in delineating three substantial target zones outlined by the 50ppm contour line further supported by some intersections greater than 100ppm eU3O8.

This work indicates strong potential exists for the possibility of discovering new deposits within the Omahola Project area. Follow-up drilling planned in early 2022 will target these priority zones following review of geophysical and geological data to help define optimal drilling locations.

JOHN BORSHOFF Managing Director/CEO Deep Yellow Limited

This ASX announcement was authorised for release by Mr John Borshoff, Managing Director/CEO, for and on behalf of the Board of Deep Yellow Limited.

For further information contact:

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

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About Deep Yellow Limited

Deep Yellow Limited is a differentiated, advanced uranium exploration company, in predevelopment phase, implementing a contrarian strategy to grow shareholder wealth. This strategy is founded upon growing the existing uranium resources across the Company’s uranium projects in Namibia and the pursuit of accretive, counter-cyclical acquisitions to build a global, geographically diverse asset portfolio. A PFS was completed in early 2021 on its Tumas Project in Namibia and a Definitive Feasibility Study commenced February 2021. The Company’s cornerstone suite of projects in Namibia is situated within a top-ranked African mining destination in a jurisdiction that has a long, well-regarded history of safely and effectively developing and regulating its considerable uranium mining industry.

ABN 97 006 391 948

Unit 17, Spectrum Building 100–104 Railway Road Subiaco, Western Australia 6008

PO Box 1770 Subiaco, Western Australia 6904

DYL: ASX & NSX (Namibia) DYLLF: OTCQX

www.deepyellow.com.au @deepyellowltd deep-yellow-limited

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Competent Person’s Statement

The information in this announcement as it relates to exploration results was provided by Dr Katrin Kärner, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Dr Kärner and 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 she 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’. Dr Kärner consents to the inclusion in this announcement of the matters based on the information in the form and context in which it appears. Dr Kärner holds shares in the Company.

The information in this announcement as it relates to exploration results and Mineral Resource estimates was compiled by Martin Hirsch, a Competent Person who is a Professional Member of the Institute of Materials, Minerals and Mining (UK) and the South African Council for Natural Science Professionals. Mr Hirsch, who is currently the Manager, Resources & PreDevelopment 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. M Hirsch holds shares in the Company.

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APPENDIX 1

JORC Resource Table

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Cut-off Tonnes U3O8 U3O8 U3O8 Resource Categories (Mlb U3O8)
Deposit Category
(ppm (M) (ppm) (t) (Mlb) Measured Indicated Inferred
U3O8)
BASEMENT MINERALISATION
Omahola Project - JORC 2012
INCA Deposit ♦ Indicated 100 21.4 260 5,600 12.3 - 12.3 -
INCA Deposit ♦ Inferred 100 15.2 290 4,400 9.7 - - 9.7
Ongolo Deposit # Measured 100 47.7 187 8,900 19.7 19.7 - -
Ongolo Deposit # Indicated 100 85.4 168 14,300 31.7 - 31.7 -
Ongolo Deposit # Inferred 100 94 175 16,400 36.3 - - 36.3
MS7 Deposit # Measured 100 18.63 220 4,100 9.05 9.05 - -
MS7 Deposit # Indicated 100 7.15 184 1,300 2.9 - 2.9 -
MS7 Deposit # Inferred 100 8.71 190 1,600 3.65 - - 3.65
Omahola Project Sub-Total 298.2 190 56,600 125.3 28.75 46.9 49.65
CALCRETE MINERALISATION Tumas 3 Deposit - JORC 2012
Tumas 3 Deposits ♦ Indicated 100 78.0 320 24,900 54.9 - 54.9 -
Inferred 100 10.4 219 2,265 5.0 - 5.0
Tumas 3 Deposits Total 88.3 308 27,170 59.9
Tumas 1, 1 East & 2 Project – JORC 2012
Tumas 1 & 2 Deposit ♦ Indicated 100 54.1 203 11,000 24.2 - 24.2 -
Tumas 1 & 2 Deposit ♦ Inferred 100 54.0 250 13,500 29.8 - - 29.8
Tumas 1 & 2 Project Total 108.1 226 24,500 54.0
Sub-Total of Tumas 1, 2 and 3 196.4 263 51,670 113.9
Tubas Red Sand Project - JORC 2012
Tubas Sand Deposit # Indicated 100 10.0 187 1,900 4.1 - 4.1 -
Tubas Sand Deposit # Inferred 100 24.0 163 3,900 8.6 - - 8.6
Tubas Red Sand Project Total 34.0 170 5,800 12.7
Tubas Calcrete Resource - JORC 2004
Tubas Calcrete Deposit Inferred 100 7.4 374 2,800 6.1 - - 6.1
Tubas Calcrete Total 7.4 374 2,800 6.1
Aussinanis Project - JORC 2004
Aussinanis Deposit ♦ Indicated 150 5.6 222 1,200 2.7 - 2.7 -
Aussinanis Deposit ♦ Inferred 150 29.0 240 7,000 15.3 - - 15.3
Aussinanis Project Total 34.6 237 8,200 18.0
Calcrete Projects Sub-Total 272.4 251 68,470 150.7 - 85.9 64.8
GRAND TOTAL RESOURCES 570.6 219 125,070 276 28.75 132.8 114.45
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August 2021

Notes: Figures have been rounded and totals may reflect small rounding errors. XRF chemical analysis unless annotated otherwise.

♦ eU3O8 - equivalent uranium grade as determined by downhole gamma logging.

# Combined XRF Fusion Chemical Assays and eU3O8 values.

Where eU3O8 values are reported it relates to values attained from radiometrically logging boreholes. Gamma probes were originally calibrated at Pelindaba, South Africa in 2007. Recent calibrations were carried out at the Langer Heinrich Mine calibration facility in July 2018 and September 2019. Sensitivity checks are conducted by periodic re-logging of a test hole to confirm operations.

APPENDIX 2

Omahola Project, Drill Hole Status and Intersections

Table 1 . RC Drill Hole Details: eU3O8 intersections, cut-off 50ppm eU3O8, minimum thickness 1m (holes drilled between 5 October and 14 December 2021)

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Hole ID Interval [m] From [m] To [m] eU3O8 [ppm]
OMH0002 2 6 8 57
OMH0007 1 22 23 58
OMH0007 6 56 62 59
OMH0009 3 56 59 87
OMH0011 2 34 36 55
OMH0013 9 7 16 232
OMH0013 1 49 50 67
OMH0014 9 7 16 133
OMH0015 9 8 17 193
OMH0015 1 33 34 92
OMH0016 12 6 18 151
OMH0016 19 33 52 113
OMH0016 1 58 59 55
OMH0017 1 15 16 70
OMH0019 12 8 20 75
OMH0020 2 6 8 57
OMH0020 13 12 25 104
OMH0021 1 10 11 53
OMH0021 1 13 14 54
OMH0022 3 13 16 62
OMH0023 1 6 7 127
OMH0025 2 3 5 114
OMH0028 7 3 10 59
OMH0028 1 13 14 53
OMH0028 3 17 20 63
OMH0029 2 14 16 57
OMH0030 1 14 15 70
OMH0031 8 5 13 83
OMH0031 3 17 20 70
OMH0033 1 16 17 50
OMH0033 2 21 23 57
OMH0034 1 9 10 58
OMH0036 8 2 10 59
OMH0037 3 20 23 171
OMH0041 2 7 9 52
OMH0043 1 2 3 50
OMH0044 2 1 3 58
OMH0045 1 1 2 51
OMH0045 2 6 8 53
OMH0045 6 22 28 129
OMH0046 2 24 26 96
OMH0048 20 1 21 60
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Hole ID Interval [m] From [m] To [m] eU3O8 [ppm]
OMH0049 5 0 5 67
OMH0050 6 7 13 53
OMH0050 1 17 18 55
OMH0052 1 12 13 52
OMH0052 7 14 21 57
OMH0052 2 24 26 56
OMH0053 1 22 23 80
OMH0053 1 31 32 76
OMH0058 10 13 23 323
OMH0058 4 28 32 65
OMH0059 2 12 14 76
OMH0059 16 24 40 67
OMH0059 2 41 43 56
OMH0059 31 48 79 63
OMH0060 16 50 66 125
OMH0061 2 18 20 57
OMH0061 1 25 26 129
OMH0061 7 40 47 64
OMH0062 7 14 21 61
OMH0062 1 22 23 57
OMH0062 1 40 41 54
OMH0063 1 46 47 68
OMH0064 1 33 34 58
OMH0076 1 4 5 67
OMH0076 3 12 15 73
OMH0077 3 6 9 158
OMH0077 1 19 20 58
OMH0078 1 6 7 189
OMH0080 1 18 19 59
OMH0084 1 17 18 67
OMH0084 1 25 26 86
OMH0088 3 22 25 57
OMH0089 3 9 12 68
OMH0089 4 15 19 190
OMH0091 7 2 9 59
OMH0091 1 13 14 52
OMH0091 9 15 24 66
OMH0092 1 4 5 52
OMH0092 3 7 10 50
OMH0093 6 4 10 65
OMH0093 9 14 23 55
OMH0095 1 19 20 52
OMH0099 6 2 8 56
OMH0103 1 21 22 51
OMH0104 2 6 8 52
OMH0113 5 2 7 53
OMH0116 3 11 14 75
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Hole ID Interval [m] From [m] To [m] eU3O8 [ppm]
OMH0119 4 11 15 53
OMH0120 1 8 9 53
OMH0120 1 11 12 69
OMH0122 1 26 27 58
OMH0122 2 46 48 59
OMH0124 18 29 47 93
OMH0128 1 21 22 59
OMH0132 1 46 47 61
OMH0133 1 34 35 76
OMH0133 2 40 42 74
OMH0133 6 47 53 55
OMH0135 2 46 48 61
OMH0135 1 51 52 52
OMH0135 1 63 64 53
OMH0136 1 34 35 64
OMH0137 1 26 27 57
OMH0137 1 29 30 57
OMH0137 2 36 38 135
OMH0138 2 45 47 56
OMH0138 1 61 62 51
OMH0139 1 41 42 63
OMH0141 9 40 49 84
OMH0141 3 57 60 67
OMH0142 16 12 28 64
OMH0144 16 25 41 116
OMH0145 2 67 69 52
OMH0145 2 75 77 90
OMH0147 1 22 23 60
OMH0149 4 7 11 55
OMH0149 2 20 22 56
OMH0159 1 1 2 63
OMH0160 4 0 4 63
OMH0160 9 14 23 59
OMH0161 1 6 7 54
OMH0161 9 11 20 58
OMH0163 4 7 11 56
OMH0163 8 12 20 53
OMH0163 2 21 23 67
OMH0164 1 18 19 54
OMH0166 1 14 15 148
OMH0168 2 21 23 64
OMH0170 2 3 5 53
OMH0170 1 12 13 62
OMH0170 2 21 23 79
OMH0172 4 19 23 59
OMH0172 2 26 28 60
OMH0173 3 14 17 85
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Hole ID Interval [m] From [m] To [m] eU3O8 [ppm]
OMH0173 2 25 27 52
OMH0173 5 33 38 70
OMH0174 1 16 17 51
OMH0174 10 23 33 56
OMH0176 3 12 15 66
OMH0176 1 21 22 55
OMH0176 1 24 25 51
OMH0176 4 30 34 68
OMH0179 1 23 24 56
OMH0180 1 2 3 53
OMH0180 12 7 19 85
OMH0182 3 19 22 58
OMH0182 1 27 28 59
OMH0184 1 20 21 73
OMH0187 2 34 36 65
OMH0187 1 39 40 51
OMH0188 34 8 42 66
OMH0189 2 18 20 54
OMH0191 2 44 46 67
OMH0193 1 32 33 69
OMH0193 3 38 41 69
OMH0194 1 31 32 80
OMH0197 8 3 11 75
OMH0198 5 2 7 269
OMH0198 1 10 11 58
OMH0198 1 15 16 64
OMH0199 2 4 6 86
OMH0199 1 16 17 52
OMH0200 1 7 8 97
OMH0201 1 8 9 51
OMH0203 3 24 27 76
OMH0213 5 33 38 60
OMH0234 2 22 24 61
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Table 2. Drill Hole Status: RC Drill Hole Locations (holes drilled between 5 October and 14 December 2021)

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Hole ID Depth (m) East North RL (m)
OMH0001 31 496196 7482596 398
OMH0002 61 496270 7482530 320
OMH0003 25 496340 7482460 320
OMH0004 25 496410 7482390 320
OMH0005 25 496480 7482320 320
OMH0006 25 496550 7482250 320
OMH0007 67 493010 7481745 320
OMH0008 67 493080 7481675 320
OMH0009 61 493400 7481800 320
OMH0010 49 493400 7481700 320
OMH0011 43 493400 7481600 320
OMH0012 31 493400 7481500 320
OMH0013 67 493400 7481300 320
OMH0014 67 493470 7481230 320
OMH0015 67 493540 7481160 320
OMH0016 61 493600 7481100 320
OMH0017 25 486401 7472199 269
OMH0018 25 486499 7472197 270
OMH0019 25 486602 7472200 270
OMH0020 31 486696 7472203 271
OMH0021 67 486799 7472201 272
OMH0022 25 486897 7472204 273
OMH0023 25 486998 7472200 275
OMH0024 25 487098 7472202 276
OMH0025 25 487196 7472202 278
OMH0026 25 486399 7472600 272
OMH0027 25 486497 7472600 277
OMH0028 25 486599 7472601 281
OMH0029 25 486702 7472600 278
OMH0030 25 486802 7472598 277
OMH0031 25 486901 7472597 277
OMH0032 25 487597 7473601 292
OMH0033 25 487600 7473703 292
OMH0034 25 487600 7473800 293
OMH0035 25 487600 7473900 293
OMH0036 25 487600 7474000 293
OMH0037 25 487602 7474101 294
OMH0038 25 487603 7474199 294
OMH0039 25 487601 7474800 294
OMH0040 25 487602 7474899 295
OMH0041 25 487601 7475001 294
OMH0042 25 487599 7475100 294
OMH0043 25 487599 7475199 295
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Hole ID Depth (m) East North RL (m)
OMH0044 25 487604 7475306 294
OMH0045 31 487599 7475407 295
OMH0046 31 487604 7475504 295
OMH0047 25 488002 7475605 300
OMH0048 25 488002 7475505 300
OMH0049 25 488003 7475396 299
OMH0050 25 487999 7475298 299
OMH0051 49 491200 7480200 320
OMH0052 49 491200 7480300 331
OMH0053 49 491200 7480400 331
OMH0054 49 491204 7480505 330
OMH0055 31 491202 7480099 332
OMH0056 25 491200 7480000 332
OMH0057 31 491200 7479900 320
OMH0058 37 491200 7479800 332
OMH0059 85 491200 7479700 332
OMH0060 67 490800 7479700 328
OMH0061 49 490800 7479800 328
OMH0062 49 490800 7479900 328
OMH0063 49 490800 7480000 328
OMH0064 49 490800 7480100 328
OMH0065 31 486402 7471801 265
OMH0066 31 486499 7471798 266
OMH0067 25 486602 7471798 267
OMH0068 25 486700 7471801 268
OMH0069 25 486800 7471801 269
OMH0070 25 486901 7471800 271
OMH0071 25 486996 7471801 274
OMH0072 25 487051 7471800 275
OMH0073 25 487105 7471801 277
OMH0074 25 487201 7471798 277
OMH0075 25 487303 7471800 277
OMH0076 25 487400 7471803 277
OMH0077 37 486303 7472997 270
OMH0078 37 486405 7472997 272
OMH0079 31 486507 7472996 274
OMH0080 25 486599 7473002 277
OMH0081 25 487202 7473900 288
OMH0082 31 487204 7473997 288
OMH0083 25 487201 7474099 320
OMH0084 31 487199 7474198 288
OMH0085 25 487201 7474299 289
OMH0086 25 487199 7474398 288
OMH0087 25 487202 7474501 290
OMH0088 31 487201 7474598 290
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Hole ID Depth (m) East North RL (m)
OMH0089 25 487199 7474696 291
OMH0090 25 487198 7474800 290
OMH0091 25 487204 7474901 291
OMH0092 25 487201 7474995 290
OMH0093 25 487203 7475103 290
OMH0094 25 487206 7475206 290
OMH0095 25 487206 7475303 290
OMH0096 25 487403 7474903 293
OMH0097 25 487404 7474804 293
OMH0098 25 488204 7475604 303
OMH0099 25 488201 7475698 302
OMH0100 25 488199 7475802 304
OMH0101 25 488201 7475900 304
OMH0102 25 488202 7475999 303
OMH0103 25 488201 7476095 303
OMH0104 25 488201 7476198 304
OMH0105 25 487798 7476297 301
OMH0106 25 487800 7476403 300
OMH0107 25 487798 7476502 299
OMH0108 25 487801 7476599 300
OMH0109 25 487804 7476801 300
OMH0110 25 487906 7476900 302
OMH0111 25 488005 7476899 303
OMH0112 25 487807 7477003 300
OMH0113 25 487702 7477103 299
OMH0114 25 487605 7477206 298
OMH0115 25 487505 7477305 296
OMH0116 25 487402 7477398 295
OMH0117 25 487304 7477506 294
OMH0118 25 487206 7477606 293
OMH0119 37 494123 7480423 320
OMH0120 37 494058 7480352 320
OMH0121 55 493974 7480270 320
OMH0122 55 493902 7480200 320
OMH0123 61 493839 7480122 320
OMH0124 49 490813 7480198 320
OMH0125 31 490800 7479600 320
OMH0126 31 490800 7479501 320
OMH0127 31 490798 7479400 320
OMH0128 31 490800 7479300 320
OMH0129 31 490399 7479100 320
OMH0130 37 490400 7479202 320
OMH0131 37 490400 7479400 320
OMH0132 49 490400 7479500 320
OMH0133 55 490400 7479600 320
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Hole ID Depth (m) East North RL (m)
OMH0134 49 490400 7479700 320
OMH0135 67 490400 7479800 320
OMH0136 61 490000 7479300 320
OMH0137 43 490000 7479200 320
OMH0138 67 490000 7479600 320
OMH0139 67 490005 7479504 321
OMH0140 67 489985 7479683 320
OMH0141 67 490000 7479800 320
OMH0142 31 490026 7479902 320
OMH0143 31 490000 7480000 320
OMH0144 43 490000 7480100 320
OMH0145 79 489800 7479794 320
OMH0146 31 489758 7479683 320
OMH0147 31 489742 7479581 320
OMH0148 31 489102 7477901 320
OMH0149 25 489006 7478001 320
OMH0151 25 487999 7475202 299
OMH0152 25 488003 7475100 299
OMH0153 25 488000 7475001 298
OMH0154 25 488003 7474901 298
OMH0155 25 488000 7474802 297
OMH0156 25 487798 7475605 297
OMH0157 25 487801 7475698 297
OMH0158 25 487798 7475799 298
OMH0159 25 487799 7475900 298
OMH0160 25 487801 7475998 298
OMH0161 25 487801 7476101 299
OMH0162 25 487800 7476197 299
OMH0163 25 488200 7477099 304
OMH0164 25 488097 7477200 303
OMH0165 25 487999 7477298 302
OMH0166 25 487898 7477403 301
OMH0167 25 487702 7477606 298
OMH0168 25 487608 7477706 297
OMH0169 25 487503 7477802 295
OMH0170 25 487406 7477904 295
OMH0171 25 487306 7478003 293
OMH0172 49 494473 7480198 320
OMH0173 43 494472 7480064 320
OMH0174 37 494470 7479944 320
OMH0175 37 494477 7479821 320
OMH0176 37 493801 7480599 320
OMH0177 31 493699 7480602 320
OMH0178 37 493599 7480599 320
OMH0179 25 493499 7480599 320
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Hole ID Depth (m) East North RL (m)
OMH0180 31 493400 7480700 320
OMH0181 25 493369 7480853 320
OMH0182 31 493230 7480970 320
OMH0183 25 493160 7481040 320
OMH0184 25 493090 7481110 320
OMH0185 25 493020 7481180 320
OMH0186 25 492950 7481250 320
OMH0187 49 491500 7480300 320
OMH0188 49 491500 7480200 320
OMH0189 37 491500 7480117 320
OMH0190 37 491520 7480000 320
OMH0191 49 491500 7479900 320
OMH0192 43 491527 7479800 320
OMH0193 43 491500 7479700 320
OMH0194 37 491498 7479600 320
OMH0195 49 491498 7479501 320
OMH0196 49 492100 7479700 320
OMH0197 49 492100 7479800 320
OMH0198 49 492100 7479900 320
OMH0199 43 492100 7479900 320
OMH0200 31 492100 7480100 320
OMH0201 43 492099 7480210 320
OMH0202 49 492100 7480300 320
OMH0203 31 492100 7480400 320
OMH0204 37 492100 7480510 320
OMH0205 37 489597 7478503 320
OMH0206 25 489503 7478602 320
OMH0207 25 489393 7478702 320
OMH0208 25 489259 7478789 320
OMH0209 25 489200 7478901 320
OMH0210 25 489084 7479013 320
OMH0211 25 489000 7479099 320
OMH0212 25 488900 7479164 320
OMH0213 43 491200 7479600 320
OMH0214 37 491200 7479500 320
OMH0230 25 488908 7478100 320
OMH0231 25 488800 7478200 320
OMH0232 25 488803 7478412 320
OMH0233 25 488673 7478481 320
OMH0234 25 488506 7478499 320
OMH0235 25 488402 7478597 320
OMH0236 25 488300 7478698 320
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APPENDIX 3

JORC 2012, Table 1

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		Nature and quality of sampling (eg cut channels, random		The current drilling relies on downhole gamma data from calibrated probes
techniques		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 downhole 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 sam ple		DYL personnel and will be confirmed by a competent person (geophysicist). Appropriate factors were applied to all downhole gamma counting results to make allowance for drill rod thickness, gamma probe dead times and incorporating all other applicable calibration factors.
		representivity and the appropriate calibration of any	Total gamma eU3O8
	 	measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this	 	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
		would be relatively simple (e.g. ‘reverse circulation drilling		December 2007.
		was used to obtain 1 m samples from which 3 kg was		Between 2008 and 2013 sensitivity checks were conducted by periodic re-
		pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine 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, July 2018, September 2019.
				During the drilling, the probes were checked daily against a standard source.
				Gamma measurements were taken at 5cm intervals at a logging speed of
				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 majority of drill holes were dry.
				All gamma measurements were corrected for dead time which is unique to the
				probe.

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Criteria JORC Code explanation  Commentary
 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.
Chemical assay data
 Geochemical samples were derived from Reverse Circulation (RC) drilling at
intervals of 1m. Samples were split at the drill site using a riffle splitter to obtain
a 0.5kg sample of which an approximately 25g subsample was obtained for
portable XRF-analysis at Reptile Mineral Resources and Exploration Pty Ltd
( RMR )'s in-house laboratory. RMR is manager of the exploration activities.
Drilling techniques  Drill type (eg core, reverse circulation, open-hole hammer,  RC drilling was used for the Omahola drilling program.
rotary air blast, auger, Bangka, sonic, etc) and details (eg  All holes were drilled vertical and intersections are reported as downhole not
core diameter, triple or standard tube, depth of diamond tails, true thicknesses.
face-sampling bit or other type, whether core is oriented and
if so, by what method, etc).
Drill sample  Method of recording and assessing core and chip sample  Drill chip recoveries were good at around 90%.
recovery recoveries and results assessed.  Drill chip recoveries were assessed by weighing 1m 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.  Sample loss was minimised by placing the sample bags directly underneath
 Whether a relationship exists between sample recovery and
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 were geologically logged.
geotechnically logged to a level of detail to support  The logging was semi-quantitative in nature. The lithology type as well as
appropriate Mineral Resource estimation, mining studies and
subtypes were determined for all samples.
metallurgical studies.
 Whether logging is qualitative or quantitative in nature. Core  Other parameters routinely logged included colour, colour intensity, weathering,
grain size and total gamma count (by handheld Rad-Eye scintillometer).
(or costean, channel, etc) photography.
 The total length and percentage of the relevant intersections
logged.
Sub-sampling  If core, whether cut or sawn and whether quarter, half or all  A 75:25 riffle splitter was used to treat a full 1m sample from the cyclone. The
techniques and core taken. sample was further split using a 50:50 riffle splitter to obtain a 0.5kg sample. No
sample preparation  If non-core, whether riffled, tube sampled, rotary split, etc and field duplicates were taken. Most sampling was dry.
whether sampled wet or dry.  The above sub-sampling techniques are common industry practice and
 For all sample types, the nature, quality and appropriateness
appropriate.
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Criteria JORC Code explanation  Commentary
of the sample preparation technique.  Sample sizes are considered appropriate to the grain size of the material being
 Quality control procedures adopted for all sub-sampling sampled.
stages to maximise representivity of samples.
 Measures taken to ensure that the sampling is representative
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  The nature, quality and appropriateness of the assaying and  Downhole gamma tools were used as explained under ‘Sampling techniques’.
data and laboratory laboratory procedures used and whether the technique is This is the principal evaluating technique.
tests considered partial or total.  Standards and blank samples are inserted during portable XRF analysis at an
 For geophysical tools, spectrometers, handheld XRF
approximate rate of one each for every 20 samples which is compatible with
instruments, etc, the parameters used in determining the
industry norm.
analysis including instrument make and model, reading
times, calibrations factors applied and their derivation, etc.
 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.
Verification of  The verification of significant intersections by either  Geology was directly recorded into a tablet in the field and sample tag books
sampling and independent or alternative company personnel. filled in at the drill site.
assaying  The use of twinned holes.  The drill data of those logs and tag books (lithology, sample specifications etc.)
 Documentation of primary data, data entry procedures, data
were transferred by designated personnel into a geological database.
verification, data storage (physical and electronic) protocols.
 Discuss any adjustment to assay data.  Equivalent eU3O8 values 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 U3O8 data were composited to 1m intervals.
 The ratio of eU3O8 vs assayed U3O8 for matching composites will be used to
quantify the statistical error.
Location of data  Accuracy and quality of surveys used to locate drill holes  The collars will be surveyed by in-house operators using a differential GPS.
points (collar and downhole surveys), trenches, mine workings and  The grid system is World Geodetic System (WGS) 1984, Zone 33.
other locations used in Mineral Resource estimation.
 Specification of the grid system used.
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Criteria	JORC Code explanation  Quality and adequacy of topographic control.		Commentary
Data spacing and distribution	 Data spacing for reporting of Exploration Results.  Whether the data spacing and distribution is sufficient to 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.	 	The data spacing and distribution is optimized to test the selected exploration targets. The total gamma count data, which is recorded at 5cm intervals, was used to calculate equivalent uranium values (eU3O8) which were composited to 1m composites downhole.
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.	 	The basement target mineralisation is vertical to steeply dipping and the vertical drill holes are aimed at identifying shallow mineralisation for future follow-up. The intersections do not represent the true width and have to be evaluated for each hole depending on the structural and geological setting. All holes were sampled downhole 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 samples are 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 for analysis by portable XRF. 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 storageyard at RockyPoint located outside Swakopmund.
Audits or reviews	 The results of any audits or reviews of sampling techniques		In October 2021 Patrick Brunel (PhD SEG) conducted an audit of gamma
	and data.		logging procedures and log reduction methods in Namibia, as used by Deep
			Yellow Limited.
			He concluded that in his opinion that RMR’s gamma logging system and
			procedures are professional and satisfactory and that the equivalent uranium
			grades reported by RMR from their gamma logging program are reliable and
			likelywithin a fewpercent to the truegrade.

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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  Type, reference name/number, location and  The work to which the Exploration Results relate was undertaken on Exclusive
land tenure status ownership including agreements or material issues Prospecting Licence EPL3496.
with third parties such as joint ventures, partnerships,  The EPL was originally granted to Reptile Uranium Namibia (Pty) Ltd (RUN) in June
overriding royalties, native title interests, historical
2006. RUN is a wholly owned subsidiary of Reptile Mineral Resources and
sites, wilderness or national park and environmental
Exploration (Pty) Ltd (RMR), the latter being the operator. The EPL is in good
settings.
 The security of the tenure held at the time of standing. and was valid until 4 August 2021. A renewal application was submitted
reporting along with any known impediments to to the Ministry of Mines and Energy and approved in December 2021 for another
obtaining a licence to operate in the area. two years.
 The EPL is located within the Namib-Naukluft National Park in Namibia.
 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 will not be used for resource estimation.
Geology  Deposit type, geological setting and style of  Alaskite-type uranium mineralisation occurs at Omahola and is the main target of
mineralisation. the current drilling program. It is associated with sheeted leucogranite intrusions
(also referred to as alaskites) into the basement rocks of the Damara orogen. This
is the main target for the reported shallow drilling program.
 Palaeochannel type mineralisation occurs as secondary carnotite enrichment of
variably calcretised palaeochannel and sheet wash sediments and adjacent
weathered bedrock. Uranium mineralisation is surficial, strata-bound and hosted
by Cenozoic and possibly Tertiary sediments, which include from top to bottom
scree sand, gypcrete, and calcareous (calcretised) as well as non-calcareous
sand, grit and conglomerate.
Drill hole Information  A summary of all information material to the  220 RC holes for a total of 7,426m, which are the subject of this announcement,
understanding of the exploration results including a
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Criteria JORC Code explanation Commentary
tabulation of the following information for all Material have been drilled in the current program between 5 October and 14 December
drill holes: 2021.
o easting and northing of the drill hole collar  All holes were drilled vertically. As such, intersections measured do not present
o elevation or RL (Reduced Level – elevation above
true thicknesses.
sea level in metres) of the drill hole collar
o dip and azimuth of the hole  Table 2 in Appendix 2 lists all the drill hole locations. Table 1 lists the results of
o downhole length and interception depth intersections greater than 100ppm eU3O8 over 1m.
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  In reporting Exploration Results, weighting averaging  5cm intervals of downhole gamma counts per second (cps) logged inside the drill
methods techniques, maximum and/or minimum grade rods were composited to 1m downhole intervals showing greater than 100cps
truncations (e.g. cutting of high grades) and cut-off values over 1m.
grades are usually Material and should be stated.  No grade truncations were applied.
 Where aggregate intercepts incorporate short lengths
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  Alaskite-type mineralisation is vertical to steeply dipping in nature. The
mineralisation widths and reporting of Exploration Results. intersections of this exploration drilling program do not represent true width and
intercept lengths  If the geometry of the mineralisation with respect to each intersection must be evaluated in accordance with its structural setting.
the drill hole angle is known, its nature should be
reported.
 If it is not known and only the downhole lengths are
reported, there should be a clear statement to this
effect (eg ‘downhole length, true width not known’).
Diagrams  Appropriate maps and sections (with scales) and  Appendix 2 (Table 2) shows all drill hole locations.
tabulations of intercepts should be included for any  A location map is included in the text.
significant discovery being reported These should
include, but not be limited to a plan view of drill hole
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Criteria	JORC Code explanation	Commentary
	collar locations and appropriate sectional views.
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 is practised and will be finalised 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 was subject to extensive drilling in the 1970s and 1980s by Anglo American Prospecting Services, Falconbridge and General Mining.
Further work	 The nature and scale of planned further work (e.g.	Further exploration drilling work is planned on EPL3496 for alaskite targets that
	tests for lateral extensions or depth extensions or	reported positive results.
	large-scale step-out drilling).
	 Diagrams clearly highlighting the areas of possible
	extensions, including the main geological
	interpretations and future drilling areas, provided this
	information is not commercially sensitive.

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