DEEP YELLOW LIMITED — Investor Presentation 2011

Mar 20, 2011

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Deep Yellow Li m it e d

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Paydirt’s 2011 Uranium Conference Uranium in Namibia – Real Elephant Country

21[st] March 2011

Greg Cochran ‐ Managing Director

ASX C ode: DYL www.deepyellow.com.au

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Disclaimer
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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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Overview & Vision
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Corporate Profile Evaluation Criteria Namibia – Elephant Country Deep Yellow’s Project Portfolio O ma h o a ro ec l P t j Shiyela Magnetite Iron Project Summary and Conclusion

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

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Corporate Profile
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The Board

Mervyn Greene – Chairman Greg Cochran – Managing Director Martin Kavanagh – Executive Director Gillian waS by – 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 18 March 2011 Shares on Issue 1 , 127 . 53M Unlisted Options/Perf. Rights 25.08M Market Cap (@ 22.5c) 254M Net Cash ~1 6 . 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 (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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Evaluation Criteria
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Polic & Other Namibia Australia y Political Stability Regulatory environment

Legal system Fiscal regime Public acceptance

Geology & Technical Production history Recent discoveries Growth Potential Infrastructure Industry cost structure

Namibia – Real Elephant Country

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Its not just about attractive criteria!

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Namibia – Real Elephant Country
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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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Its not just about attractive criteria!
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Deep Yellow’s Project Locations
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Given the propensity or f elephants in Namibia, what have we found in our 4,195 km[2] Exploration area?

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

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Deep Yellow’s Project Portfolio
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CT	INCA URANIFEROUS	TUBAS RED	ONGOLO ALASKITE
E A PROJ	MAGNETITE JORC resource	SAND JORC resource	PROJECT Primary mineralisation Hardrock – Drill & blast
	Primary mineralisation	Secondary mineralisation
OMAHOL	Hardrock – Drill & blast	Free dig	Acidplant treatment Active drilling Q2 2011 JORC resource
	Acidplant treatment	Acid or alkaliplant treatment
	Magnetite recovery	Pilotplant on site
	TUBAS-TUMAS PALAEOCHANNEL	AUSSINANIS PROJECT	SHIYELA IRON PROJECT
N LORATIO	JORC resource	JORC resource	Magnetite mineralisation Hardrock – Drill & blast
	Secondary mineralisation	Secondary mineralisation
EXP	C alcrete & sand hosted Free dig &/or drill & blast	S heetwash deposit Free dig &/or drill & blast	Crushing – Milling - Magnetic Active drilling Separation (no chemicals)
	Alkali plant treatment	Alkali plant treatment
	Active drilling		Scopingstudy

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What are our criteria?
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Focus on quality.... we apply strict criteria:

Grade:

• ~300 ppm U3O8 for paleochannel and sheetwash calcretes

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

• ~1,000 ppm U3O8 for potential underground deposits

Minimum 18 Mlbs U3O8 per deposit with upside (15 year mine life) Minimum roduction rofile ~2.2 Mlbs er o eration p p p p No refractories

Resource inventory ~ 100 Mlbs U3O8 to enable offtake agreements

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

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What have we achieved so far?
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CT	INCA URANIFEROUS	TUBAS RED	ONGOLO ALASKITE
E A PROJ	MAGNETITE Open pit to ~120m	SAND Surficial to ~15m	PROJECT Open pit to ~200m? Alaskite
	Uraniferous Magnetite	Calcrete
OMAHOL	Cut-off 250ppm	Cut-off 100ppm	Cut-off 250ppm Grade –pending Resource -pending
	Grade ~ 400ppm	Grade ~160ppm
	Resource 13.4 mlbs	Resource 4.9 mlbs
ON	TUBAS-TUMAS PALAEOCHANNEL	AUSSINANIS PROJECT	SHIYELA IRON PROJECT
PLORATI	Surficial / Open pit	Open pit to ~120m	Grid drillingdone Line drillingunderway
	Calcrete	Calcrete
X E	C ff / ut-o 100 200ppm Grade ~250ppm	C ff ut-o 150ppm Grade ~237ppm	Maiden JORC due Initial target 150 Mt Recovery> 30%
	Resource 50.8 mlbs	Resource 18.0 mlbs

155.5 M Tonnes @ 254 ppm: 87.2 Mlbs

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Omahola Project
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Two Sources of Ore

• INCA d it i i d tit e m nera i li sa ti on epos – un que uran um an magne

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

Current JORC Compliant Indicated and Inferred Resources

• 28.8 M tonnes at 288 ppm eU3O8 f or 8,294 tonnes ( 18.3 Mlbs ) eU3O8

• Potential for additional resources at INCA and TRS

Ongolo Alaskite Project – 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 U 3 O 8 )

• Maiden JORC Resource pending

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Omahola Project – Development Vision
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Ongolo JORC Resource Q2 2011 PFS Q2 2011 Definitive Feasibilit y Stud y ( DFS ) : 2011 / 12 Environmental approvals and licensing: 2011‐2012 ‐ Project development and construction: 2012 2013 Commissioning and Production: 2014‐2015

Ongolo Project Site

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* Assuming successful completion of prior steps

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Shiyela Magnetite Iron Project
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Aeromagnetic Map
Magnetite Core from 14m depth
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Shiyela Magnetite Iron Project
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Diversification within the Deep Yellow Portfolio?

Evaluation of magnetite cores revealed potential to produce high‐grade iron magnetite concentrate with low impurities i l f ~20 k m ent id ifi e d Aeromagnet c anoma y o Grid drilling in two areas confirmed two deposits:

• 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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Summary and Conclusion
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JORC Resource estimate on Ongolo Alaskite Complete PFS on Omahola Project; commence DFS JORC Resource estimate on Shi y ela Iron p ro j ect Complete Scoping Study on Shiyela Iron project ‐ ‐ Identify high grade subset on Tubas Tumas paleochannel Line drill Tubas‐Tumas paleochannel Mining license applications – Omahola & Shiyela Namibia is real elephant country and Deep Yellow is advanc ng ts attract ve porti i i folio of pro ects n j i the country towards near term production

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Contact Details
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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

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Appendices

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JORC Resource Summary – December 2010
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	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 Ainni Infrrd 150 29 0 240 6 960 15 3
	ussas ee . , . 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.

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JORC Compliance Statements
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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 s t y e o l f m nera i li sa ti on an d ype o t f epos d it un d er cons id era ti on an d o t th e ac ti v it y w hi c h e s un h i d er t a ki ng o qua t lif y 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 .

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JORC Compliance Statements
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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.

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JORC Compliance Statements
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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 Pro j ects is based on in f ormation com p iled b y Mr Martin Kavana g h a Fellow o f The Australasian Institute o f 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 Re p ortin g o f Ex p loration Results , Mineral Resources and Ore Reserves’. Mr Kavana g h consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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JORC Compliance Statements
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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 A f rica or at the Adelaide Calibration f acilit y in South Australia.

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