DEEP YELLOW LIMITED — Investor Presentation 2009

Oct 29, 2009

MINING 2009

30 OCTOBER 2009 Martin Kavanagh - Executive Director

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 Limited 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 Limited.

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Competent Person Statement

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Leon Pretorius a Fellow of The Australasian Institute of Mining and Metallurgy. Dr Pretorius 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 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Pretorius consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Where eU3O8 is reported it relates to values attained from radiometrically logging boreholes with Auslog equipment using an A675 – slimline gamma ray tool. The probe has been calibrated at the Adelaide Calibration facility in South Australia with calibration certification provided by Geotron Systems (Pty) Ltd a geophysical consultancy based in South Africa. All eU3O8 results reported are affected by issues pertaining to possible disequilibrium and uranium mobility which should be taken into account when interpreting those pending confirmatory chemical analyses.

The Company

• Technically strong pure Uranium Exploration Company

• Advanced projects in Namibia and Australia

• Well-funded with about A$41 million in cash and liquid assets

• Top 10 shareholders hold ~58% (Paladin Energy largest at 19.61%)

• Top 40 shareholders hold ~71%

• Shares on Issue - 1,123,876,958

• Market Capitalisation ~ A$400 million (at 36 cents)

• • Listed in Australia on ASX and in Namibia on NSX

Namibian Project Activities

• Exploration spend about A$1.5 million per month

• RC and Diamond drilling with 7 to 10 rigs

• Aussinanis and Tubas Red Sand drilling ceased end 2008 and now compiling initial JORC Code resource data from ~4,500 holes

• Total drilling to date ~12,200 holes for ~220,000 metre

• In 2009 average is ~9,000 metre per month and increasing

• All drilling is now about 60% JORC Code orientated

• Scoping, chemical, metallurgical, extraction and beneficiation tests being done on Red Sand, INCA uraniferous magnetite and calcrete from palaeochannels that extend over 80 kilometre

• Namibian Projects and Tenements

• INCA uraniferous magnetite - primary / hardrock / drill and blast / acid plant

• Tubas Red Sand - secondary / free dig / acid or alkali plant

• Tumas, Tubas and Oryx palaeochannels - secondary / free dig &/or drill and blast / alkali plant • Aussinanis and Ripnes - secondary / sheet-wash / free dig &/or drill and blast / alkali plant

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INCA Project Drilling

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S–N Long Section 488900E

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Highly mineralised massive uraniferous magnetite

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Australian
Locations
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Mount Isa District Tenure

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Schematic Regional Geology

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Uranium Resources Association with Western succession Leichhardt Trough Exception Mary Kathleen Mine

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Uranium Anomalies DYL Field Visits 2006 - 2008

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2008 – 2009 Consolidation in Leichhardt Trough Some Interest In Kalkadoon Belt

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Focus on Leichhardt Trough (Green Unit)

DYL Prospects: • Queens Gift

• Slance • Conquest • Isa West Project • Leichhardt JV A25 – Big Dip • Miranda

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Geology on 1VD Image Relationship of Uranium Prospects With Haslingden Group Comprising Intercalated Mafic Volcanics and Sediments

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Exploration Approach Airborne Radiometrics Over 1VD Aeromag Image The Metasomatic Uranium Mineralisation is Structurally Controlled Survey Line Spacing Critical to Locate Structures Plus Magnetic Signature

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Ewen Project ‘200 metre Mag’ Inset ‘25 metre Helimag’

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Ewen Project - Wahn Prospect

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Mount Isa District -2009

The primary objective of the current focussed drilling is to delineate JORC Code mineral resources at various prospects in the Mount Isa district where DYL is targeting wide intercepts of ± 400 ppm U3O8 that are continuous to depth and which it believes is required to sustain a viable open-pit mining operation. Exploration Spend ~$10 million over 4 field seasons

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Mount Isa District Tenure

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QUEENS GIFT PROSPECT

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Metatorbernite – 2.7% U3O8

QUEENS GIFT PROSPECT

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mineralised core – albite-hematite-quartz-carbonate breccia

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Queens Gift Prospect RC Drilling - 2007
• DQRC-0006 9 m at 818 ppm U3O8 from 35 m
• DQRC-0013 4 m at 2,225 ppm U3O8 from 19 m
•
U O from 7 m
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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

DQRC-055 27 m at 569 ppm U3O8 from 79 m DQRC-056 51 m at 422 ppm U3O8 from 8 m DQRC-057 27 m at 408 ppm U3O8 from 74 m DQRC-060 58 m at 449 ppm U3O8 from 74 m DQRC-061 12 m at 483 ppm U3O8 from 50 m DQRC-064 27 m at 430 ppm U3O8 from 69 m DQRC-069 17 m at 759 ppm U3O8 from 62 m DQRC-071 19 m at 502 ppm U3O8 from 64 m DQRC-078 17 m at 619 ppm U3O8 from 278 m DQRC-079 17 m at 581 ppm U3O8 from 0 m

Focus on Leichhardt Trough (Green Unit)

DYL PROSPECTS • Queens Gift • Slance • Conquest • Isa West Project • Leichhardt JV A25 – Big Dip

• Miranda

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• DCQRC006 22 m at 594 ppm U3O8 from 22 m and 8 m at 1,109 ppm U3O8 from 75 m • DCQRC009 8 m at 760 ppm U3O8 from 46 m • DCQRC010 9 m at 734 ppm U3O8 from 13 m and 14 m at 1,080 ppm U3O8 from 29 m • DSLRC009 16 m at 427 ppm U3O8 from 34 m • DSLRC010 19 m at 774 ppm U3O8 from 51 m • DSLRC012 6 m at 1,152 ppm U3O8 from 74 m • DSLRC029 19 m at 455 ppm U3O8 from 28 m

• DSLRC017 12 m at 833 ppm U3O8 from 14 m

• DSLRC018 12 m at 1,338 ppm U3O8 from 61 m

• DSLRC021 9 m at 1,017 ppm U3O8 from 80 m and 10 m at 464 ppm U3O8 from 102 m

• DSLRC033 14 m at 813 ppm U3O8 from 82 m

• DSLRC034 16 m at 964 ppm U3O8 from 90 m

Albititisation + Hematite Alteration

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Miranda Prospect
1970s CRAE RC DRILLING
•
18 m at 810 ppm U3O8 from 30 m
2006 DYL RC DRILLING
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DMRC-008 32 m at 626 ppm U3O8 from 3 m DMRC-009 22 m at 727 ppm U3O8 from 16 m DMRC-018 46 m at 352 ppm U3O8 from 6 m DMRC-010 19 m at 517 ppm U3O8 from 35 m DMRC-006 17 m at 519 ppm U3O8 from 64 m

Isa West Project

Earn – In JV Xstrata

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ISA WEST PROJECT Prospect Locality Map Uranium mineralisation hosted by Eastern Creek volcanics – logged as ‘amphibolite’ with apparent post mineralisation hornfels overprint

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ISA WEST PROJECT Ground Radiometric Survey Image 20 metre line spacing RS 125 spectrometer bluetooth connection with GPS

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Isa West Project

RC and diamond drilling programme at the Bambino and Thanksgiving Prospects has been completed. Wide intersections to ± 200 metre vertical depth were returned

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Bambino Prospect - Alteration

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Albitite + Carbonate Alteration

Thanksgiving Prospect - Alteration

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TGRC001 42 m at 400 ppm U3O8 from 15 m TGRC007 9 m at 640 ppm U3O8 from 40 m TGRC009 55 m at 555 ppm U3O8 from 27 m TGRC015 11 m at 495 ppm U3O8 from 55 m TGRC023 21 m at 490 ppm U3O8 from 51 m TGRC030 10 m at 515 ppm U3O8 from 65 m TGRC045 27 m at 420 ppm U3O8 from 125 m TGRC046 27 m at 471 ppm U3O8 from 183 m TGRC047 33 m at 404 ppm U3O8 from 180 m

BBRC005 30 m at 410 ppm U3O8 from 36 m BBRC006 25 m at 409 ppm U3O8 from 65 m

BBRC029 25 m at 532 ppm U3O8 from 107 m BBRC030 27 m at 464 ppm U3O8 from 0 m BBRC034 19 m at 411 ppm U3O8 from 113 m

Forward Programme – Mount Isa

December Quarter - 2009

• Complete 3700 metre RC drilling at Slance NW and NE Prospects

• Diamond drilling 6 holes at Queens Gift and 3 holes at Slance – 1100 m

• • Coffey Mining to commence JORC Resource estimates on 5 prospects

• • Obtain clearance for RC drilling from the Kalkadoon Community over the A25 and Big Dip Prospects – Leichhardt JV (Universal Resources)

To June 2010

• Prioritise RC drilling of Isa West prospects, the Conquest and Wahn prospects on the Ewen EPM, the Miranda prospect and the Leichhardt JV prospects.

• Evaluate the use of detail low level aeromagnetic survey data in the search for ‘blind deposits’

• Continue the Isa West prospect drilling programme

• RC drilling of the Wahn and Conquest Prospects – Ewen EPM

• • Follow-up first pass RC drilling on the Leichhardt JV EPM

THANK YOU

Martin Kavanagh - Executive Director