DEEP YELLOW LIMITED — Investor Presentation 2011

Apr 10, 2011

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Deep Yellow Limited

Australian Roadshow

“The Next Emerging Namibian Developer”

11 & 12 April 2011

Greg Cochran – Managing Director Leon Pretorius – Reptile 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 – CFO

Ursula Pretorius – Financial Controller Klaus Frielingsdorf – GM - Namibia

Capital Structure – as at 8 April 2011

Shares on Issue	1,127.53M
Unlisted Options/Perf. Rights	25.08M
Market Cap (@ 23.5c)	264M
Net Cash	~16.00M
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 (10 September 2010 – 10 March2011)
140%
120%
100%
80% 71%
60%
40% 32%
20%
0%
(20%)
Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 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: 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 (100ppm Cut off) 196 M Tonnes @ 169ppm: 73 Mlbs Trekkopje (100ppm Cut off) 335 M Tonnes @ 149: 110 Mlbs Rossing (100ppm Cut off) 246 M Tonnes @ 252ppm: 137 Mlbs Husab (100ppm Cut off) 241 M Tonnes @ 480ppm: 257 Mlbs Etango (100ppm Cut off) 336 M Tonnes @ 201ppm: 149 Mlbs Langer Heinrich (250ppm Cut off) 110 M Tonnes @ 550ppm: 134 Mlbs

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

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Grade:

• ~300 ppm U3O8 for palaeochannel and sheetwash calcretes

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

• ~1,000 ppm U3O8 for potential underground deposits

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Minimum 18 Mlbs U3O8 per deposit with upside (15 yr mine life) Minimum production profile ~2.2 Mlbs per operation No refractories

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Resource inventory ~ 100 Mlbs U3O8 – enables offtake agreements

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

Namibian Project Locations….

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Our elephants?

INCA URANIFEROUS MAGNETITE

TUBAS RED SAND

ONGOLO ALASKITE PROJECT

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

TUBAS-TUMAS PALAEOCHANNEL

AUSSINANIS PROJECT

SHIYELA IRON PROJECT

JORC resource JORC resource Secondary mineralisation Secondary mineralisation Calcrete & sand hosted Sheetwash deposit Free dig &/or drill & blast Free dig &/or drill & blast Alkali plant treatment Alkali plant treatment Active drilling Amenable to upgrading process?

Magnetite mineralisation Hardrock – Drill & blast

Crushing – Milling - Magnetic Separation (no chemicals) Active drilling Scoping study

A multi-project company

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

TUBAS-TUMAS AUSSINANIS PALAEOCHANNEL PROJECT Surficial / Open pit Open pit to ~120m Calcrete Calcrete Cut-off 100/200ppm Cut-off 150ppm Grade ~250ppm Grade ~237ppm Resource 50.8 mlbs Resource 18.0 mlbs

SHIYELA IRON PROJECT

Grid drilling done Line drilling underway Maiden JORC due Initial target 150 Mt Recovery > 30%

155.5 M Tonnes @ 254 ppm: 87.2 Mlbs

Omahola Project

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Two Existing Ore Sources

• INCA deposit – unique uranium and magnetite mineralisation

• Tubas Red Sand deposit – surficial red sands with uranium mineralisation

– recently proven physical beneficiation upgrading process

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– concentrate over 80% of uranium in 20% of volume, with low carbonate Current JORC Compliant Indicated and Inferred Resources

• 28.8 M tonnes at 288 ppm eU3O8 for 18.3 Mlbs eU3O8

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• Potential for additional resources at INCA and now particularly TRS

• Ongolo Alaskite Deposit – third constituent of the “stew”!

• High-grade (400+ ppm U3O8 ) alaskite hosted uranium mineralisation

• Interpreted mineralised zone now up to 2 kilometres in strike length

• Consistently good high grade drilling results (500-600 ppm U3O8 )

• Maiden JORC Resource imminent

Prefeasibility Study by SNC-Lavalin , interim results released in January: Production rate 2.2 Mlbs U3O8 per annum commencing in 2014 Targeting resources to provide a minimum 12 year mine life INCA open-cut mining for 80% of plant feed Tubas Red Sand simple surface mining and physical beneficiation for 20% of feed Conventional processing plant:

• crushing, grinding, sulphuric acid leach and solvent extraction

• followed by uranium precipitation, drying and packaging to produce yellowcake

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Capital costs estimate: US$324 – US$336 million (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 Ongolo alaskite deposit compatible with proposed plant – adds higher grade ore and may be major part of feed (over 50%)

Omahola Project Proposed Plant Layout

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Omahola Project Development Vision

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Clear Infrastructure advantage – power and 35 kilometres from deep water port of Walvis Bay

Fast tracking the assessment of its potential: Evaluation of magnetite cores revealed potential to produce highgrade iron magnetite concentrate with low impurities Aeromagnetic anomaly of ~20km identified Resource grid drilling in two areas confirmed potentially viable deposits:

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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 Infrastructure advantage ~35 km from Walvis Bay deep sea port Potential for fast-track development

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Aeromagnetic Map

Magnetite-rich Drill Core

Shiyela – Detailed Drilling on M62

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Shiyela – Detailed Drilling on M63

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Shiyela – Cross Section on M63

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Initial programme designed to drill out:

• 120 ~ 150Mt of ore at 25% recovery (~30Mt highgrade magnetite)

• 15 year mine life at 2Mtpa

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• Drilling extended due to ongoing success Likely completion now mid-April Golder Associates (Perth) appointed JORC Resource Auditors

M63 Resource announcement still Q2

M62 Resource expected in Q3

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

• Optimum grinding curve and tailings rejection assessment

• Magnetic Separation

• Abrasion Index and Unconfined Compressive Strength

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• ALS (Perth) to conduct Davis Tube Recovery and chemical testwork

• Underway – expected completion end May

Shiyela – Progress and Next Steps

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JORC Resource estimate for Ongolo Alaskite imminent Complete PFS on Omahola Project; Review and commence DFS JORC Resource estimate for Shiyela Iron project Complete Scoping Study on Shiyela Iron project Mining license 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	Inferred	250	5.5	445	2,449	5.4
INCA	Indicated	250	9.4	385	3,628	8.0
Tubas Red Sand	Inferred	100	10.7	158	1,685	3.7
Tubas Red Sand	Measured/Indicated	100	3.2	168	532	1.2
Omahola Project Total			28.8	288	8,294	18.3
Tubas-Tumas Palaeochannel Project
Tumas	Inferred	200	0.4	360	144	0.3
Tumas	Indicated	200	14.4	366	5,270	11.6
Tubas	Inferred	100	77.3	228	17,620	38.9
Tubas-Tumas Project Total			92.1	250	23,034	50.8
Aussinanis Project
Aussinanis	Inferred	150	29.0	240	6,960	15.3
Aussinanis	Indicated	150	5.6	222	1,243	2.7
Aussinanis Project Total			34.6	237	8,203	18.0
RUN TOTAL			155.5	254	39,531	87.2
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	Inferred	300	2.0	440	890	2.0
Mount Isa	Indicated	300	1.6	400	650	1.4
MOUNT ISA TOTAL			3.6	428	1,540	3.4
TOTAL INFERRED RESOURCES			134.2	247	33,099	73.0
TOTAL INDICATED RESOURCES			34.2	331	11,323	25.0
TOTAL RESOURCES			168.4	264	44,422	98.0

Notes: Figures have been rounded and totals may reflect small rounding errors.  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 INCA deposit is based on work completed by Mr Neil Inwood who is a full-time employee of Coffey Mining and a Member of the Australasian Institute of Mining and Metallurgy. Mr Inwood 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 the Mineral Resource estimation for the INCA deposit is based on information compiled by Mr Steve Le Brun, who is a full-time employee of Coffey Mining and a Member of The Australasian Institute of Mining and Metallurgy. Mr Le Brun 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 Le Brun 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 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 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.