DEEP YELLOW LIMITED — Interim / Quarterly Report 2021

Jul 19, 2021

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NEWS RELEASE

20 July 2021

APPENDIX 5B – JUNE 2021 QUARTERLY CASHFLOW

Please see attached Deep Yellow Limited’s Appendix 5B – June 2021 Quarterly Cashflow and Schedule of Mineral Tenure.

Yours faithfully

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MARK PITTS Company Secretary Deep Yellow Limited

This ASX announcement was authorised for release by Mr Mark Pitts, Company Secretary, 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

E info@deepyellow.com.au W www.deepyellow.com.au @deepyellowltd deep-yellow-limited

Unit 17, Spectrum Building, 100–104 Railway Road Subiaco, Western Australia 6008 PO Box 1770 Subiaco, Western Australia 6904 +61 8 9286 6999 ABN 97 006 391 948

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 DFS 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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Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity

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DEEP YELLOW
ABN Quarter ended (“current quarter”)
97 006 391 948 30 JUNE 2021
Consolidated statement of cash flows Current Year to date
quarter (12months)
$A’000 $A’000
1. Cash flows from operating activities
1.1 Receipts from customers - -
1.2 Payments for
- -
(a) exploration & evaluation (if expensed)
- -
(b) development
- -
(c) production
(d) staff costs (203) (689)
(e) administration and corporate costs (305) (1,403)
1.3 Dividends received (see note 3) - -
1.4 Interest received 82 176
1.5 Interest and other costs of finance paid * (31) (122)
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - 51
1.8 Other (provide details if material) - -
1.9 Net cash from / (used in) operating (457) (1,987)
activities
Right-of-use asset (Treatment of Office Lease in accordance with Accounting Standards)
** COVID-19 employer stimulus grant
2. Cash flows from investing activities
2.1 Payments to acquire:
- -
(a) entities
- -
(b) tenements
(c) property, plant and equipment (145) (297)
(d) exploration & evaluation (if capitalised) (1,742) (4,781)
- -
(e) investments
(f) other non-current assets - -
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ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

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Consolidated statement of cash flows Current Year to date
quarter (12months)
$A’000 $A’000
2.2 Proceeds from the disposal of:
- -
(a) entities
- -
(b) tenements
(c) property, plant and equipment 8 14
- -
(d) investments
- -
(e) other non-current assets
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other (Joint venture payment) (265) (265)
Other (Joint venture receipt) 126 804
2.6 Net cash from / (used in) investing (2,018) (4,525)
activities
Includes Nova JV expenditure of $126,000 for the quarter and $804,000 for the year in relation to the Nova
Joint Venture.
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities
-
(excluding convertible debt securities) 42,800
3.2 Proceeds from issue of convertible debt - -
securities
3.3 Proceeds from exercise of options 3,281 5,717
3.4 Transaction costs related to issues of equity (7) (2,184)
securities or convertible debt securities
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related to loans and - -
borrowings
3.8 Dividends paid - -
3.9 Other (provide details if material) - -
3.10 Net cash from / (used in) financing 3,274 46,333
activities
4. Net increase / (decrease) in cash and
cash equivalents for the period
4.1 Cash and cash equivalents at beginning of 51,299 12,117
period
4.2 Net cash from / (used in) operating activities (457) (1,987)
(item 1.9 above)
4.3 Net cash from / (used in) investing activities (2,018) (4,525)
(item 2.6 above)
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ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

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Consolidated statement of cash flows Current Year to date
quarter (12months)
$A’000 $A’000
4.4 Net cash from / (used in) financing activities 3,274 46,333
(item 3.10 above)
4.5 Effect of movement in exchange rates on cash 350 510
held
4.6 Cash and cash equivalents at end of period 52,448 52,448
5. Reconciliation of cash and cash Current quarter Previous quarter
equivalents $A’000 $A’000
at the end of the quarter (as shown in the
consolidated statement of cash flows) to the
related items in the accounts
5.1 Bank balances 2,931 3,499
5.2 Call deposits 49,517 47,800
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of 52,448 51,299
quarter (should equal item 4.6 above)
6. Payments to related parties of the entity and their Current quarter
associates $A'000
6.1 Aggregate amount of payments to related parties and their 175
associates included in item 1
6.2 Aggregate amount of payments to related parties and their 383
associates included in item 2
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A total of $558 was paid to related parties of the entities and their associates as follows:

• $102 to Scomac Management Services Pty Ltd for services rendered by John Borshoff, Managing Director;

• $87 to Strategic Mining Consultants Pty Ltd for services rendered by Gillian Swaby, Executive Director;

• $81 to various entities and individuals as Non-executive director fees; and

• $288 to Scomac Management Services Pty Ltd for technical and geological services rendered (excluding Mr Borshoff).

Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

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7. Financing facilities Total facility Amount drawn at
Note: the term “facility’ includes all forms of financing amount at quarter quarter end
arrangements available to the entity.
end $A’000
Add notes as necessary for an understanding of the
sources of finance available to the entity. $A’000
7.1 Loan facilities - -
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities - -
7.5 Unused financing facilities available at quarter end -
7.6 Include in the box below a description of each facility above, including the lender, interest
rate, maturity date and whether it is secured or unsecured. If any additional financing
facilities have been entered into or are proposed to be entered into after quarter end,
include a note providing details of those facilities as well.
N/A
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8. Estimated cash available for future operating activities $A’000
8.1 Net cash from / (used in) operating activities (Item 1.9) (457)
8.2 Capitalised exploration & evaluation (Item 2.1(d)) (1,742)
8.3 Total relevant outgoings (Item 8.1 + Item 8.2) (2,199)
8.4 Cash and cash equivalents at quarter end (Item 4.6) 52,448
8.5 Unused finance facilities available at quarter end (Item 7.5) -
8.6 Total available funding (Item 8.4 + Item 8.5) 52,448
8.7 Estimated quarters of funding available (Item 8.6 divided by 24
Item 8.3)
8.8 If Item 8.7 is less than 2 quarters, please provide answers to the following questions:
1. Does the entity expect that it will continue to have the current level of net operating
cash flows for the time being and, if not, why not?
Answer: N/A
2. Has the entity taken any steps, or does it propose to take any steps, to raise further
cash to fund its operations and, if so, what are those steps and how likely does it
believe that they will be successful?
Answer: N/A
3. Does the entity expect to be able to continue its operations and to meet its business
objectives and, if so, on what basis?
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Answer: N/A

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: ................20 July 2021................................................ Authorised: ................... ................................................................ By the Disclosure Committee

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Annexure 1

Schedule of Mineral Tenure – June 2021

NAMIBIA

Number Name Interest Expiry Date JV Parties Approx. **Area (km2) **	Number Name Interest Expiry Date JV Parties Approx. **Area (km2) **
EPL 3496#1 Tubas 100% 04.08.2021 - 672
EPL 3497#1 Tumas 100% 04.08.2021 - 287
MDRL 3498#2 Aussinanis 85% 05.01.2025 [5% Epangelo#4 142
10% Oponona#5]
EPL 3669 Tumas North 65%#8 30.03.2022	[25% Nova (Africa)#6 122
EPL 3670 Chungochoab 30.03.2022	10% Sixzone#7] 477
ML 176#3 Shiyela 95% 05.12.2027 5% Oponona#5 54
EPL 6820#1 Rooikop East 100% 02.08.2023 - 109
#15% right granted to Oponona#5in 2009 to participate in any projects which develop from these EPLs
#2A Mineral Deposit Retention Licence (MDRL) to secure the uranium resource within EPL3498 was granted on 6 January 2020.
#3Located entirely within EPL3496
#4Epangelo Mining (Pty) Ltd
#5Oponona Investments (Pty) Ltd
#6Nova Energy (Africa) Pty Ltd
#7Sixzone Investments (Pty) Ltd
#8Equity interest currently 65%, however JOGMEC currently hold a right to equity of 39.5%, which if exercised would amend the JV Parties interests. Whilst JOGMEC has not yet exercised its option, the JV parties are contributing in those proportions as though the interest had been exercised as indicated below:
Reptile Mineral Resources and Exploration (Pty) Ltd 39.5%
Japan Oil, Gas and Metals National Corporation (JOGMEC) 39.5%
Nova Energy (Africa) Pty Ltd Subsidiary of Toro Energy Ltd 15%
Sixzone Investments (Pty) Ltd 6%
1,959

AGREEMENTS

ABM Resources NL - Northern Territory (100% uranium rights stay with DYL)

Approx. Area (km[2] ) 5,257 5,257