DEEP YELLOW LIMITED — Investor Presentation 2011

May 12, 2011

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Deep Yellow Limited

“ A Multi-Project Company and the next emerging Namibian Developer”

Austock Securities Uranium Conference 13 May 2011

Greg Cochran – Managing Director

ASX Code: DYL

www.deepyellow.com.au

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Forward Looking Statements

This presentation has been prepared by Deep Yellow Limited (“Deep Yellow”). The information contained in this presentation is of a general nature only and does not constitute and offer to issue, or to arrange an issue, of securities or financial products. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. This presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person.

Before making an investment decision on the basis of this presentation, the investor needs to consider, with or without the assistance of a financial advisor, whether the investment is appropriate with due regard for their particular investment needs, objectives and financial circumstances.

This presentation is based on company stock exchange announcements, stockbroker research and technical information believed to be reliable. To the maximum extent permitted by law, none of Deep Yellow’s Directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault of negligence, for any loss arising from the use of the information contained in this presentation nor is any obligation assumed to update such information. In particular, no representation or warranty, express or implied, is provided as to its accuracy, completeness or currency of the information contained in this presentation. Deep Yellow accepts no obligation to correct or update the information or opinions expressed in it. Opinions expressed are subject to change without notice and reflect the views of Deep Yellow at the time of presenting.

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Corporate Profile Project Locations

• Australia

• Namibia

Namibian Project Portfolio Flagship Projects

• Omahola

• Shiyela Magnetite Iron

Summary and Conclusion

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Commence uranium production in Namibia by 2014/5 and continue to successfully grow our uranium resource base through discovery, delineation and M&A

The Board

Mervyn Greene – Chairman

Greg Cochran – Managing Director Martin Kavanagh – Executive Director Gillian Swaby – N.E.D Rudolf Brunovs – N.E.D (independent) Mark Pitts – Company Secretary

Executives & Management Greg Cochran – Managing Director Martin Kavanagh – Executive Director Leon Pretorius – MD: Namibia Mark Pitts – Company Secretary Ursula Pretorius – Financial Controller Klaus Frielingsdorf – GM: Namibia

Capital Structure – as at 12 May 2011

Shares on Issue	1,127.53 M
Unlisted Options/Perf. Rights	25.08 M
Market Cap (@ 18c)	203 M
Net Cash	~16.00 M
Major shareholders:
Paladin Energy	19.94%
Board & Management	15.79%

Trading History - Bloomberg

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Deep Yellow Share Price v. Spot Uranium Relative Price Performance (29
October 2010 - 29 April 2011)
80%
60%
40%
20%
0% (4
(16
(20%)
(40%)
29-Oct-10 29-Nov-10 29-Dec-10 29-Jan-11 28-Feb-11 31-Mar-11
Deep Yellow Price Performance Spot Uranium Price Performance
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28,180 km[2] exploration area: 7.4 Mlbs in resources

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1,688 km[2] exploration area: 3.4 Mlbs in resources

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4,195 km[2] exploration area: 87.2 Mlbs in resources

Note: Exploration in Namibia is conducted by DYL’s wholly-owned subsidiary Reptile Uranium Namibia (RUN)

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Marenica – Marenica Energy Limited (100ppm cut-off) 196 Mt @ 169ppm: 73 Mlbs

Trekkopje - Areva (100ppm cut-off) 335 Mt @ 149: 110 Mlbs

Valenica – Forsys Metals (100ppm cut-off) 335 Mt @ 149: 110 Mlbs

Rossing – Rossing Uranium Limited ( 100ppm cut-off) 246 Mt @ 252ppm: 137 Mlbs

Husab – Extract Resources Limited (100ppm cut-off) 241 Mt @ 480ppm: 257 Mlbs

Etango – Bannerman Resources Limited (100ppm cut-off) 336 Mt @ 201ppm: 149 Mlbs

Langer Heinrich – Paladin Energy Limited (250ppm cut-off) 110 Mt @ 550ppm: 134 Mlbs

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But size is not the only criteria!
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Apply strict criteria: Grade:

• ~300ppm U3O8 for palaeochannel and sheetwash calcretes

• ~400ppm U3O8 for hard rock open pit deposits (alaskites)

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• ~1,000ppm U3O8 for potential underground deposits Minimum 18Mlbs U3O8 per deposit with upside (15 yr mine life) Minimum production profile ~2.2Mlbs per operation No refractory uranium minerals Resource inventory ~100Mlbs U3O8 – enables offtake agreements

More attractive economics allows us to concentrate on smaller deposits with a real chance of success

INCA URANIFEROUS MAGNETITE

TUBAS RED SAND

ONGOLO ALASKITE

JORC resource JORC resource Primary mineralisation Primary mineralisation Secondary mineralisation Hardrock – Drill & blast Hardrock – Drill & blast Free dig Acid plant treatment Acid plant treatment Successful physical beneficiation Active drilling Magnetite & acid recovery Acid or alkali plant treatment Q2 2011 JORC resource

Three deposits feeding a central plant

TUBAS-TUMAS PALAEOCHANNEL

JORC resource Secondary mineralisation

Calcrete & sand hosted Free dig &/or drill & blast Alkali plant treatment Active drilling

AUSSINANIS Project JORC resource Secondary mineralisation Sheetwash deposit Free dig &/or drill & blast Alkali plant treatment Amenable to physical beneficiation

SHIYELA IRON Project Magnetite mineralisation Hardrock – Drill & blast Physical beneficiation - Aggregate by product Initial drilling complete Scoping

A multi-project company

INCA URANIFEROUS TUBAS RED ONGOLO MAGNETITE SAND ALASKITE Open pit to ~120m Surficial to ~15m Open pit to ~200m? Uraniferous Magnetite Calcrete Alaskite Cut-off 250ppm Cut-off 100ppm Cut-off 275ppm Grade ~ 400ppm Grade ~160ppm Grade ~ 400ppm Resource 13.4Mlbs Resource 4.9Mlbs Resource 6.2Mlbs

TUBAS-TUMAS PALAEOCHANNEL Surficial / Open pit

Calcrete Cut-off 100/200ppm Grade ~250ppm Resource 50.8Mlbs

AUSSINANIS Project Open pit to ~120m Sheetwash calcrete/gypcrete Cut-off 150ppm Grade ~237ppm Resource 18.0Mlbs

SHIYELA IRON Project

DTR tests underway Recon drilling complete Maiden JORC imminent Initial target 150Mt minimum Recovery > 25%

162.4 M Tonnes @ 261ppm: 93.3Mlbs

Omahola Project

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Three Deposits to feed plant:

• INCA – unique uranium, magnetite and pyrite mineralisation

• Tubas Red Sand – surficial sands with uranium mineralisation

• recently proven physical beneficiation upgrading process

– recovers over 80% of uranium in 20% of mass, lowers carbonate

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• Ongolo – High-grade alaskite hosted uranium mineralisation

• Ongolo Alaskite Deposit – maiden JORC Resource

• Released 12 May – 6.9 M tonnes at 410ppm U3O8 for 6.2Mlbs

• Interpreted mineralised zone now up to 2 kilometres along strike

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• Drilling continues – resource upgrade expected Q3

• Current JORC Compliant Indicated and Inferred Resources

• 35.7 M tonnes at 311ppm U3O8 for 24.5 Mlbs U3O8

• Potential for additional resources at all three deposits

Study by SNC-Lavalin , interim results released in January 2011: Production 2.2Mlbs U3O8 per annum commencing 2014 Targeting resources for a minimum 12 year mine life INCA and Ongolo open-cut mining Tubas Red Sand surface mining & physical beneficiation Blend from three deposits – composition to be confirmed Conventional processing plant:

• crushing, grinding, sulphuric acid leach and solvent extraction

• uranium precipitation, drying and packaging

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Capital costs estimate: US$324 – US$336 million (includes 10% contingency) Accuracy: -15% to +25% Operating cost estimate: US$24.90 – US$25.30/lb U3O8 Sulphuric acid to be partially generated on-site Iron (Magnetite) could be produced as saleable by-product

Omahola Project Proposed Plant Layout

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Omahola Project Development Vision

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Clear Infrastructure advantage – power and 45 kilometres by road from deep water port of Walvis Bay

Fast tracking the assessment of Project potential: Evaluation of magnetite cores revealed potential to produce highgrade iron magnetite concentrate with low impurities Regional aeromagnetic anomaly of ~20km identified Resource drilling confirmed 2 potentially viable deposits (M62 & 63):

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• strike lengths of over 800 metres

• widths of mineralisation up to 500 metres

• depths down to 300 metres

JORC Resource due Q2 2011 (M63) Infrastructure advantages ~45 km by road to Walvis Bay Potential for fast-track development

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Shiyela Magnetite Iron Project

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Initial programme designed to drill out:

• 120 ~ 150Mt of ore at 25% recovery

• ~30Mt high-grade magnetite

• 15 year mine life at 2Mtpa

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Drilling extended due to significant success Programme recently completed Golder Associates (Perth) for JORC Resource work M63 Resource expected Q2 M62 Resource expected in Q3

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ProMet Engineers (Perth) to conduct scoping study Ammtec (Perth) conducting metallurgical tests:

• Optimum grinding curve

• Tailings rejection assessment

• Magnetic Separation

• Abrasion Index

• Unconfined Compressive Strength

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• ALS (Perth) conducting:

• Davis Tube Recovery tests

• Product chemical assays

• Tests expected to be completed end May

Shiyela – Progress and Next Steps

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JORC Resource estimate for Ongolo Alaskite delivered Complete and review Omahola Project PFS Commence DFS JORC Resource estimates for Shiyela Iron project Complete Scoping Study on Shiyela Iron project Submit mining licence applications – Omahola & Shiyela Identify high-grade subset on Tubas-Tumas paleochannel Line drill Tubas-Tumas paleochannel A multi-project company advancing its flagship Omahola project towards near term production

Greg Cochran Managing Director Deep Yellow Limited Level 1, 329 Hay Street Subiaco, Western Australia 6008 T +61 8 9286 6999 M +61 409 938-784 F +61 8 9286 6969 Email: greg.cochran@deepyellow.com.au Email: info@deepyellow.com.au Website: www.deepyellow.com.au

Appendices

Deposit	Category	Cut-off (ppm U3O8)	Tonnes (M)	U3O8 (ppm)	U3O8 (t)	U3O8 (Mlb)
REPTILE URANIUM NAMIBIA (NAMIBIA)
Omahola Project
INCA	Indicated	250	9.4	385	3,628	8.0
INCA	Inferred	250	5.5	445	2,449	5.4
Ongolo	Indicated	275	4.7	410	1,920	4.2
Ongolo	Inferred	275	2.2	400	890	2.0
Tubas Red Sand	Measured/Indicated	100	3.2	168	532	1.2
Tubas Red Sand	Inferred	100	10.7	158	1,685	3.7
Omahola Project Total			35.7	315	11,104	24.5
Tubas-Tumas Palaeochannel Project
Tumas	Indicated	200	14.4	366	5,270	11.6
Tumas	Inferred	200	0.4	360	144	0.3
Tubas	Inferred	100	77.3	228	17,620	38.9
Tubas-Tumas Project Total			92.1	250	23,034	50.8
Aussinanis Project
Aussinanis	Indicated	150	5.6	222	1,243	2.7
Aussinanis	Inferred	150	29.0	240	6,960	15.3
Aussinanis Project Total			34.6	237	8,203	18.0
RUN TOTAL - Namibia			162.4	261	42,341	93.3
NAPPERBY PROJECT (NT, AUSTRALIA)
Napperby	Inferred	200	9.3	359	3,351	7.4
NAPPERBY TOTAL			9.3	359	3,351	7.4
MOUNT ISA PROJECT (QLD, AUSTRALIA)
Mount Isa	Indicated	300	1.6	400	650	1.4
Mount Isa	Inferred	300	2.0	440	890	2.0
MOUNT ISA TOTAL			3.6	428	1,540	3.4
TOTAL INDICATED RESOURCES			38.9	340	13,243	29.1
TOTAL INFERRED RESOURCES			136.4	249	33,989	75.0
TOTAL RESOURCES			175.3	269	47,232	104.1

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.

The information in this report that relates to the Mineral Resource estimation for Tumas and Aussinanis is based on work completed by Mr Jonathon Abbott who is a full-time employee of Hellman and Schofield Pty Ltd and a member of the Australasian Institute of Mining and Metallurgy. Mr Abbott 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’ and as a Qualified Person as defined in the AIM Rules. Mr Abbott consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the Mineral Resource estimation for the Ongolo and INCA deposits is based on work completed by Mr Neil Inwood and Mr Steve Le Brun who are both full-time employees of Coffey Mining and Members of the Australasian Institute of Mining and Metallurgy. Messrs Inwood and Le Brun have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Messrs Inwood and Le Brun consent to the inclusion in the report of the matters based on this information in the form and context in which it appears.

The information in this report that relates to the Mineral Resource estimation for the Tubas deposit is based on work completed by Mr Willem H. Kotzé Pr. Sci. Nat MSAIMM. Mr Kotzé who is a full-time employee of Hellman and Schofield Pty Ltd and a Member of the Australasian Institute of Mining and Metallurgy. Mr Kotzé 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’ and as a Qualified Person as defined in the AIM Rules. Mr Kotzé consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the Mineral Resource for the Tubas Red Sand deposits is based on information compiled by Mr Mike Hall, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Hall is Consulting Geologist Resources with The MSA Group and 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 Mineral Resources and Reserves’. Mr Hall consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Information in this report has also been verified by Mr Mike Venter, who is a member of the South African Council for Natural and Scientific Professions (SACNASP), a “Recognised Overseas Professional Organization” (‘ROPO’). Mr Venter is Regional Consulting Geologist, with The MSA Group and 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 Mineral Resources and Reserves’. Mr Venter has visited the project sites to review drilling, sampling and other aspects of the work relevant to this report and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Exploration Results and to Mineral Resources or Ore Reserves for the Tubas, Tumas, Aussinanis, Tubas Red Sand and INCA deposits is based on information compiled by Dr Leon Pretorius a Fellow of The Australasian Institute of Mining and Metallurgy. Dr Pretorius is a full-time employee of Deep Yellow Limited and 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.

The information in this report that relates to the Mineral Resource estimation for the Mount Isa Projects is based on work compiled by Mr Neil Inwood, a Member of the Australasian Institute of Mining and Metallurgy. Mr Inwood is employed by Coffey Mining Pty Ltd and 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’. Mr Inwood consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves for the Mount Isa Projects is based on information compiled by Mr Martin Kavanagh a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Kavanagh is a full-time employee of Deep Yellow Limited and 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’. Mr Kavanagh consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the Mineral Resource estimation for the Napperby Project is based on information compiled by Mr Daniel Guibal who is a Fellow (CP) of the Australasian Institute of Mining and Metallurgy. Mr Guibal is a full-time employee of SRK Consulting and 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’. Mr Guibal consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Exploration Results for the Napperby Project is based on information compiled by Dr David Rawlings who is a Member of The Australasian Institute of Mining and Metallurgy. Dr Rawlings is a full-time employee of Toro Energy Limited and 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 Rawlings 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. All probes are calibrated either at the Pelindaba Calibration facility in South Africa or at the Adelaide Calibration facility in South Australia.