DEEP YELLOW LIMITED — Investor Presentation 2011

Feb 6, 2011

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Deep Yellow Li m it e d

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Indaba Presentation

February 2011

Greg Cochran ‐ Managing Director ASX Code: DYL . . . www deepyellow com au

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. . .
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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
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Company Focus and Vision Project Locations and Project Pyramid Corporate Profile FY 2010 Results Omahola Project Emerging Namibian Projects The Next 12 Months

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Company Focus and Vision
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Deep Yellow Limited (DYL) is an ASX listed uranium ex loration and develo ment p p company with a quality portfolio of assets in Namibia and Australia . DYL’s ob j ective is to become a reliable uranium producer in Namibia by 2014/5 and continue to success ull row its uranium resource base f y g through discovery, delineation and M&A.

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Project Locations – Namibia
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4,195 km[2] Exploration area with substantial uranium resources

• *Exploration conducted by DYL’s wholly‐owned subsidiary Reptile Uranium Namibia (RUN)

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Project Locations – Australia ‐ QLD
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1,688 km[2] Exploration area with some uranium resources

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Project Locations – Australia ‐ NT
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N b apper y Uranium Deposit 26,824 km[2] Exploration area with uranium resources

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Project Pyramid
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PRODUCTION
DEVELOPMENT
FEASIBILITY STUDIES
JORC RESOURCES
EXPLORATION PROJECTS
GREENFIELD EXPLORATION TARGET AREAS
EXPLORATION LICENCE APPLICATIONS
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Project Pyramid February 2011
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PRODUCTION ?

DEVELOPMENT PROJECTS ? OMAHOLA PROJECT FEASIBILITY STUDIES (PFS) Tubas Slance Tumas Queen’s Gift Napperby JORC RESOURCES INCA Thanksgiving TRS Bambino Aussinanis Eldorado North Ongolo Alaskite Ewen EPM EXPLORATION INCA Area Prospector EPM Napperby West Napperby Deeps PROJECTS Tumas Zone 3 Miranda, Wahn (Detail Infill Drilling) Crystal, Bluestone Shiyela Iron Project Citation, Turpentine GREENFIELD INCA Type Targets Liechhardt JV Mt Doreen EXPLORATION (Regional Drilling) Isa West JV- North Reynolds Range TARGETS Palaeochannel Mother’s Day Nonouba (Regional Drilling) Eldorado ouS th Mordor Paroo Creek EPM Nancy Hill NOVA JV EPLs Crocodile Creek EPM (3668, 3669, 3670) Yamamilla EPM Officer, Solitaire, Gida-Turners, ELAs EPMs 17716, 17952, 17967, 18127 Highland Rocks (ABM), NAMIBIA QUEENSLAND NORTHERN TERRITORY

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Corporate Profile
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SharesonIssue: 1127.08M	Top Ten Shareholders	%
	Paladin Energy Ltd	19.96
, UnlistedOptions: 2358M	HSBC Custody Nominees (Aus) Ltd	12.62
	Robert Anthony Healy	6.46
. MarketCaitalisation:~A$360M	D L E P t i r eon ugene re or us	5 89 .
	Gillian Swaby	3.61
	Zac & Thelma Rossi	3.18
p (at 32 cents – 31 January 2011) ~
	Robert & Helen Healy	2.26
	Mervyn Patrick Greene	2.02
Net Cash: A$20M	J P Morgan Nominees (Aus) Ltd	1.68
	IJG Securities Pty Ltd	1.54
	Totals	58.92
	Board and Management	11.52

…Positive cash position and strong shareholder support

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Board and Management
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Board of Directors

Mr Mervyn Greene – Chairman ‐ Investment Banking Mr Greg Cochran – Managing Director – Uranium and Executive Leadership Mr Martin Kavanagh – Executive Director ‐ Geology Ms Gillian Swaby – Non‐Executive Director – Secretarial/Finance/Accounting Mr Rudolf Brunovs – Non ‐ Executive Director (independent) – Audit/Accounting Mr Mark Pitts – Company Secretary – Secretarial/Finance/Accounting Execut ve Managementi

Mr Greg Cochran – Chief Executive Officer, Deep Yellow Limited Dr Leon Pretorius – Managing Director, Reptile Uranium Namibia Mr Martin Kavanagh – Exploration Director, Deep Yellow Limited

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FY 2010 Results
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TECHNICAL

JORC Mineral Resource estimates completed at Mount I sa, INCA , u T b as e R d an S d an d uss nan s ro ects A i i P j SNC‐Lavalin appointed to conduct Omahola Project Pre‐Feasibility Study On olo Alaskite uranium mineralisation discover g y Positive results from core samples at the Shiyela Iron as Magnetite project indicating potential standalone magnetite project

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FY 2010 Results – contd.
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ACTUAL EXPENDITURES Exp oral tion n ami N ibia Exploration in Australia

A$M 11 2. 66% 5.0 30%

Corporate Interest

Total

2.4

‐ 1 . 7 16.9

FY 2010 Expenditure: JORC Resources added: Unit Cost for Resources added: DYL Historic Unit Cost for Resources:

A$16.9 million 40.3 million lbs U3O8 A$0.42/lb U3O8 ~A$0.70/lb U3O8

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Omahola – Flagship Project
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Pre‐Feasibility Study (PFS) underway –

conducted by SNC Lavalin – Johannesburg

C u rrentl t o so u rces ore : y w of INCA deposit – unique uranium and magnetite mineralisation Tubas Red Sand (TRS) deposit – subsurface red sands with uranium mineralisation

Current JORC Compliant Indicated and Inferred Resources  28 . 8 M tonnes at 288 ppm eU3O8 for , 8 294 tonnes ( 18.3 Mlbs ) eU3O8  Potential for additional resources at INCA and TRS  Additional ore could be sourced from Ongolo Alaskite and recently identified INCA‐Type mineralisation

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Omahola Project ‐ PFS
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Study launched in March 2010 SNC‐Lavalin lead engineering consultant and Study Manager Metallurgical testwork by Mintek – Johannesburg Preliminary Results released January 2011 Draft Environmental Reports completed December 2010 Completion Second Quarter

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Omahola Project – INCA Deposit
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INCA deposit

Unique uranium and magnetite mineralisation ~ Shallow mineralisation from 20 metres depth Initial Indicated and Inferred JORC Resource estimate 15.0 M onnes a t t 405 ppm eU3O8 con t a n ng i i 13 4 Mlb. s eU3O8 a t 250 ppm cut‐off grade Magnet tei can potent a i ll y e separate b d ur ng process ng d i i and sold as by‐product to other uranium producers with acid leach circuits

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Omahola Project – TRS Deposit
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Tubas Red Sand (TRS) deposit

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Subsurface red sand with uranium mineralisation Initial Indicated and Inferred JORC Resource 13.8 M tonnes at 160 m eU3O8 containin 4.9 Mlbs eU3O8 at 100 m cut‐ pp g pp off grade From surface to ~13 metres depth  Accumulated sand deposit amenable to low cost mining techniques Amenable to beneficiation  Preliminary tests indicate 90% of uranium can be captured in 22% of mass, increasing grade to over 500 ppm U3O8 Beneficiation pilot plant from Schauenburg (Germany) ordered and in transit to Namibia for testing red sand occurs to and Drilling suggests adjacent may potentially flank 30 km Tubas‐Tumas palaeochannel

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Omahola Project – Development Vision
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PFS Q2 2011

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Definitive Feasibility Study (DFS): 2011/12 Environmental approvals and licensing: 2011‐2012 Project development and construction: 2012‐2013 * Commissioning and Production: 2014‐2015*

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• Assuming successful completion of prior steps

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Emerging Namibian Projects
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Ongolo Alaskite Project

• f hi h de 3O8 a as l k ite oste h d uranium

• Discovery o g ‐gra ( 400+ ppm U ) mineralisation announced April 2010

• Interpreted mineralised zone now up to 2 kilometres in strike length with 500‐600 ppm U3O8 on Recon Line 5 announced 23 August 2010

• Shiye al Iron Magnet te( i ) Pro ectj

• Evaluation of magnetite cores revealed potential to produce high‐ grade iron magnetite concentrate with low impurities

• Follow‐up drilling confirmed and expanded width of mineralisation up to 400 metres on strike with greater amounts of massive magnetite

• Project with potential strike length up to 8 kilometres

• Infrastructure advantage ~ 30 kilometres from deep sea port at Walvis Bay

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The Next 12 Months
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Complete PFS on Omahola; commence DFS – Preliminary JORC Resource on Ongolo Alaskite l d d Minera Resource estimate l Pre iminary Scoping Stu y an on Shiyela Iron project Portfolio Rationalisation in Australia Continue to expand JORC Resource base Consider Scoping Study or PFS on Tubas‐Tumas palaeochannel high‐grade resource subset Raise corporate profile

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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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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 OmaholaProjectTotal 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
	T b T P j t T t l 92 1 250 23 034 50 8 u as- umas ro ec o a . , . 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.

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JORC Compliance Statements
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INCA and Tubas Red Sand Deposits

The information in this report that relates to the Mineral Resource for the INCA and Tubas Red Sand deposits is based on information comp il e d b y Mr Mike Hall , w h o i s a M em b er o f Th e A us t ra as an l i I ns tit u t e o f Mi n ng i an d M e t a ll urgy. M r H a ll i s C onsu lti ng G eo og s l i t 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 relating to Exploration Results for the INCA and Tubas Red Sand deposits is based on information compiled by Dr Leon Pretorius who is 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 Reserve’. 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. All probes are calibrated either at the Pelindaba Calibration facility in South Africa or at the Adelaide Calibration facility in South Australia.

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JORC Compliance Statements
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Aussinanis and Tumas Deposits

The information in this report that relates Mineral Resource estimation for Aussinanis and Tumas 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 Gamma Logging Results and their conversion to Equivalent Uranium Grades for Tumas is based on information compiled by Dr Doug Barrett a Consulting Geophysicist and Member of the Australian Institute of Geoscientists. Dr Barrett 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 Barrett consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

T h e in ormation f in t h is report t h at re ates l to data qua ity,l inc ul ding the accuracy and re ial b li ity of gamma logging resu ts,l bulk densities, cut off grades and comments on the resource estimates for Aussinanis 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 activit y which he is undertakin g to q uali fy as a Com p etent Person as de f ined in the 2004 Edition o f the ‘Australasian Code f or Re p ortin g 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.

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JORC Compliance Statements
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Tubas Deposit

The information in this report that relates Mineral Resource estimation for Tubas 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, Mineral Resources or Ore Reserves for Tubas 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.

W h ere eU3O8 is reporte d it re ates l to va ues l attaine d f rom ra d iometrica ll y l ogging b ore h o es l wit h Aus og l 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.

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JORC Compliance Statements
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Mount Isa Projects

The information in this report that relates to 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 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.

Where eU3O8 is reported it relates to values attained from radiometrically logging boreholes with Auslog equipment using an A675 s im ine l l gamma ray too . l A ll pro b es are ca i l b rate d eit h er at t h e Pe in l d a b a Ca i l b ration f aci ity l in Sout h A f rica or at t h e A d e ai l d e Calibration facility in South Australia.

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JORC Compliance Statements
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Napperby Project

The information in this report that relates to 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.

The information in this report that relates to Disequilibrium Results for the Napperby Project is based on information compiled by Mr David Wilson BSc MSc who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Wilson is a full‐time employee of 3D Exploration Limited, a consultant to Toro 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 Wilson 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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