DEEP YELLOW LIMITED — Investor Presentation 2007

Nov 27, 2007

DEEP YELLOW LIMITED

BUILDING AN AUSTRALIAN AND NAMIBIAN URANIUM COMPANY

DISCLAIMER

While technical information contained in this presentation is based upon an independent technical review, no representation or warranty is made as to the accuracy, completeness, or reliability of the information in this presentation. Any forward looking information in this presentation has been prepared by Deep Yellow Ltd on the basis of a number of assumptions that may prove to be incorrect. This presentation contains a number of summaries of complex agreements and contractual arrangements which do not reflect the agreements in their entirety. This presentation should not be relied upon as a recommendation or forecast by Deep Yellow Ltd.

BACKGROUND

• October 2005 - Directors that included 1970’s uranium people took Board control of ASX listed Deep Yellow Limited

• Market cap was then around $10 M and Company had $1 M cash

• Commenced an aggressive M & A programme in Australia

• Late 2006 expanded into Namibia through a merger

• Australian Tenements in diverse regions cover ~53,500 km[2]

• near

• Namibian Tenements cover contiguous area of ~3,000 km[2] Langer Heinrich

• Present market cap ~$400 M and ~$65 M cash & liquid assets

• Paladin largest shareholder at ~15%

WHAT MAKES DEEP YELLOW DIFFERENT?

• Purpose built uranium exploration company

• Stated objective is a resource target of 50,000 t U3O8 by end 2008 from known Namibian mineralised areas

• Several Australian Projects with potential economic drill intersections

• Alternative to single uranium project or “bandwagon” companies

• Company managed by geoscientists with extensive historic and modern uranium experience (+ 60 years collectively)

• $10 to $15 million annual exploration spend with enough cash for at least five years

• Staff of 20 geoscientists (8 with extensive uranium experience)

EXPERIENCED BOARD

• Mervyn Greene . Non-Executive Chairman. An investment banker with senior and management level international experience

• Leon Pretorius . Managing Director. A geochemist with wide ranging international uranium exploration experience. MSc and PhD on uranium

• Martin Kavanagh . Executive Director. A geologist with extensive international and Australian exploration and mining experience

• Gillian Swaby . Non-Executive Director. Considerable corporate resource experience. Present Company Secretary of Paladin

• Tony Mc Donald . Non-Executive Director. A Queensland based natural resources industry lawyer both in Corporate and Private practices

• Rudolf Brunovs . Non-Executive Director. A former audit partner of the Chartered Accounting firm Ernst & Young in Australia and overseas

• Mark Pitts . Company Secretary

CORPORATE

• 1,108,726,958 Shares and 43,500,000 Options (8.1 c to 74.6 c)

• Market Cap ~$400 million

• Current cash and liquid assets ~$65 million

• Estimated 5 year exploration budget ~$70 million

• Top 20 shareholders hold ~59%

• Top 10 shareholders hold ~46%

• ASX Top 300 Company

Uranium supply and demand 2006 to 2030+

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AUSTRALIAN PROJECTS
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QUEENSLAND

• Permanently staffed operational base in Mt Isa

• Consolidating land position in this uranium province

• Direct ownership or access to 100% of uranium rights to over 6,000 km² around Mt Isa and Cloncurry

• Multiple uranium anomalies and 1970/80s drill intercepts

• Queens Gift drilling returns wide intersections in QuartzHematite breccia, e.g. 69 m at 467 ppm U3O8

• Miranda drilling returns wide intersections, e.g. 32 m at 625 ppm U3O8

• Scheduled drilling on up to 5 more prospects in Nov/Dec

• Numerous new targets generated

NW QUEENSLAND TENURE

QUEENS GIFT DETAIL

Significant historical intercepts included: QML 2 – 4.6 m at 5,840 ppm (0.584%) U3O8 from 71.63 m QML 3 – 6.1 m at 830 ppm (0.083%) U3O 8 from 32.31 m Agip 1 – 21.0 m at 470 ppm (0.047%) U3O8 from 41.0 m Agip 2 – 4.0 m at 1,020 ppm (0.102%) U3O8 from 72.25 m Agip 3 – 3.0 m at 900 ppm (0.090%) U3O8 from 61.80 m

QUEENS GIFT DRILL RESULTS

•	DQRC-0006	9	m	at	818	ppm	U3O8	from	35	m
•	DQRC-0013	4	m	at	2,225	ppm	U3O8	from	19	m
•	DQRC-0018	3	m	at	2,330	ppm	U3O8	from	7	m
•	DQRC-0032	50	m	at	400	ppm	U3O8	from	1	m
•	DQRC-0033	69	m	at	467	ppm	U3O8	from	8	m
•	DQRC-0041	23	m	at	409	ppm	U3O8	from	108	m
•	DQRC-0043	43	m	at	362	ppm	U3O8	from	37	m
•	DQRC-0044	11	m	at	585	ppm	U3O8	from	119	m
•	DQRC-0045	22	m	at	348	ppm	U3O8	from	31	m
•	DQRC-0047	37	m	at	538	ppm	U3O8	from	41	m

QUEENS GIFT SECTION 600N

QUEENS GIFT PROSPECT

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EWEN PROJECT DRILL TARGETS
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MIRANDA PROSPECT AN IRON-OXIDE SYSTEM?

U[2] / Th RATIO IMAGE AIRBORNE TOTAL MAGNETICS

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X
Scale
1,000 m
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REPTILE URANIUM NAMIBIA (PTY) LTD

• JORC Code Inferred Mineral Resource totals 77.3 Mt at 0.023% (228 ppm) U3O8 at a cut-off grade of 100 ppm U3O8 for 17,600 tonne or 38.8 million pounds U3O8

• Inferred Resource target now 50,000 t or 110 million pounds U3O8 by end 2008

• Four contiguous EPLs covering ~3,000 km[2] that contains historical discoveries of recent gypcrete, calcrete and sand hosted secondary uranium mineralisation

• Prospected by major companies such as Anglo American, Falconbridge, ElfAquitaine and General Mining in 1970/80’s

• Extensive shallow recent uranium mineralisation delineated and three feasibility studies completed including bulk sampling and metallurgical testwork

• Systematic JORC orientated RC drilling has commenced on Anglo’s Tubas project (about 20,000 m completed to date)

• Area also highly prospective for palaeochannel calcrete hosted uranium mineralisation similar to Langer Heinrich and also Rossing-style hardrock mineralisation

• Airborne Magnetic and Radiometric survey completed

• Airborne EM January 2008

LOCATION OF PROJECT AREA

AIRBORNE RADIOMETRICS (U[2] /Th)

Outlined are the previously explored areas indicating that the majority of the anomalies remain to be explored

AIRBORNE RADIOMETRICS (UThK Linear)

Outlined are the previously explored areas indicating that the majority of the anomalies remain to be explored

AIRBORNE MAGNETICS

(TOTAL)

AIRBORNE MAGNETICS

(ENHANCED V1)

PRIMARY TARGETS

AIRBORNE MAGNETICS WITH RADIOMETRIC TARGETS OVERLAIN (ENHANCED V1) TUBAS NORTH (EPL3496)

PRIMARY TARGETS

AIRBORNE MAGNETICS WITH RADIOMETRIC TARGETS OVERLAIN (ENHANCED V2) TUBAS NORTH (EPL3496)

RC DRILLING ON TUBAS CHANNEL

TUBAS - CARNOTITE OUTCROP

TUBAS ASSAY RESULTS - MUCH EXCITEMENT

HISTORICALLY 1 TO 4 m THICK MINERALISATION. RARELY AVERAGING MORE THAN 300 ppm U3O8

REPTILE REGULARLY INTERSECTING WIDER ZONES AT BETTER GRADES

NOTABLY: -

Hole No.	Depth (m)	Interval (m)	Lithology	U3O8 (ppm)
A2.80/7.5	0 to 10	10	Red sand	1,638
A4.80/5.5	3 to 15	12	Brown sand	1,036
A6.50/0.5	7 to 20	13	Brown sand	1,050

TUBAS DRILLHOLE LOCATIONS

SWAKOPMUND OFFICE AND OPERATIONAL BASE

THE FUTURE

• Major expansion of exploration activities in Namibia - 5 RC Rigs to be doing JORC Code and exploration drilling from Feb 2008 - 15,000+ metre per month - Airborne geophysical surveys complete and scheduled

• Concerted exploration and evaluation effort in Mt Isa area - Ongoing exploration drilling - Mapping - Airborne geophysical surveys

• Maximise shareholder return on non-core assets - Napperby - Divest to Toro

• Rum Jungle JV

• Uranio IPO

• Queensland NCA – Advanced Negotiations

• Further drill evaluation of South Australian Airborne EM targets

• Further growth via pro-active in-house project generation and mergers and acquisitions

THANK YOU

DEEP YELLOW

AN EXCITING AND GROWING URANIUM COMPANY

Dr Leon Pretorius Managing Director