DEEP YELLOW LIMITED — Investor Presentation 2012

Jul 18, 2012

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Deep Yellow Li m it e d

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Australian Uranium Conference

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19 July 2012

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

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Disclaimer
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This document has been prepared by Deep Yellow Limited (Deep Yellow, DYL or the Company) in connection with providing an overview to interested analysts and investors.

This presentation is being provided for the sole purpose of providing information to enable recipients to review the business activities of Deep Yellow. This presentation is thus by its nature limited in scope and is not intended to provide all available information regarding Deep Yellow. This presentation is not intended as an offer, invitation, solicitation, or recommendation with respect to the purchase or sale of any securities. This presentation should not be relied upon as a representation of any matter that a potential investor should consider in evaluating Deep Yellow.

Deep Yellow and its affiliates , subsidiaries , directors , agents , officers , advisers or employees do not make any representation or warranty , express or implied, as to or endorsement of, the accuracy or completeness of any information, statements, representations or forecasts contained in this presentation, and they do not accept any liability or responsibility for any statement made in, or omitted from, this presentation. Deep Yellow accepts no obligation to correct or update anything in this presentation.

No res p onsibilit y or liabilit y is acce p ted and an y and all res p onsibilit y and liabilit y is ex p ressl y disclaimed b y Dee p Yellow and its affiliates, subsidiaries, directors, agents, officers, advisers or employees for any errors, misstatements, misrepresentations in or omissions from this presentation.

Any statements, estimates, forecasts or projections with respect to the future performance of Deep Yellow and/or its subsidiaries contained in this presentation are based on subjective assumptions made by Deep Yellow’s management and about circumstances and events that have not yet taken place . Such statements , estimates , forecasts and projections involve significant elements of subjective judgement and analysis which , whilst reasonably formulated, cannot be guaranteed to occur. Accordingly, no representations are made by Deep Yellow or its affiliates, subsidiaries, directors, officers, agents, advisers or employees as to the accuracy of such information; such statements, estimates, forecasts and projections should not be relied upon as indicative of future value or as a guaranteed of value or future results; and there can be no assurance that the projected results will be achieved.

Prospective investors should make their own independent evaluation of an investment in Deep Yellow.

Nothing in this presentation should be construed as financial product advice, whether personal or general, for the purposes of section 766B of the Corporations Act 2001 (Cth). This presentation consists purely of factual information and does not involve or imply a recommendation or a statement of opinion in respect of whether to buy, sell or hold a financial product. This presentation does not take into account the objectives, financial sit u ation or needs of an y person , and independent personal ad v ice sho u ld be obtained .

This presentation and its contents have been made available in confidence and may not be reproduced, or disclosed to third parties or made public in any way without the express written permission of Deep Yellow.

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Presentation Overview
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Corporate Profile Namibian Overview Deep Yellow Namibian Portfolio Omahola Project Tubas Sand Project Conclusion

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Corporate Profile
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The Board Capital Structure – as at 29 June 2012 Mervyn Greene – Chairman Shares on Issue 1 , 379 . 567 M Greg Cochran – Managing Director Unlisted Options/Perf. Rights 12.68 M Martin Kavanagh – Executive Director Market Cap (@ 4.7c) ~ 65 M Gillian waS by – N.E.D Net Cash ~1.5 M Rudolf Brunovs – N.E.D (independent) Major shareholders: Mark Pitts – Company Secretary Paladin Energy 19.9% Board & Management 15.7% Executives & Management DYL Share Price vs. Uranium Spot Greg Cochran – Managing Director 16 June 2011 – 12 June 2012 Martin Kavanagh – Executive Director Leon Pretorius – MD: Namibia Ursula Pretorius – Financial Controller Klaus Frielingsdorf – GM: Technical Mark Pitts – Company Secretary

The Board

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Namibian Uranium Mines and Projects
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Trekkopje – Areva (100 ppm cut‐off) 335 Mt @ 149 ppm: 110 Mlbs

Valenica – Forsys Metals (67 ppm cut‐off) 176 Mt @ 156 ppm: 61 Mlbs Marenica – Marenica Energy Limited (100 ppm cut‐off) 196 Mt @ 169 ppm: 73 Mlbs

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

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

Husab – Extract Resources Limited (100 ppm cut‐off) 241 Mt @ 480 ppm: 257 M lb s Langer Heinrich – Paladin Energy Limited (250 ppm cut‐off) 110 Mt @ 550 ppm: 134 Mlbs

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Grade counts, not just size…
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DYL’s Namibian Portfolio
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4,195 km[2]

exploration area: 101.4 Mlbs in resources Note: Exploration in Namibia is conducted by DYL’s wholly‐owned subsidiary Reptile Uranium Namibia (RUN)

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Omahola: Flagship Project
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Located in Namibia’s “Alaskite Alley”

• Trend includes Rossing Uranium Mine (Rio Tinto) and the Husab Project (Formerly Extract Resources) Three Deposits to feed one plant:

• Ongolo – high grade alaskite hosted uranium mineralisation

• MS7 – Ongolo satellite, high grade alaskite hosted uranium m nera i li sa ti on

• INCA – unique high grade uranium, magnetite and pyrite mineralisation

• Objective: Achieve predominantly alaskite Resource of 50 Mlbs U3O8 for “critical mass”

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Alaskite alley
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Omahola Project: Resource Base
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Ongolo & MS7 (250 ppm cut‐off) 25.8 Mt @ 416 ppm: 23.6 Mlbs EIA Commencing 2012 T yp ca i ll y ear rocess 2 Y P

INCA

( 250 ppm cut‐off) 12.4 Mt @ 492 ppm: 13.4 Mlbs E nv ronmen i t a earance ac l Cl hi eve d Mining Licence Application submitted

Tubas‐TRS (option to include) ( 70 ppm cut‐off) 87 Mt @ 148 ppm: 28.4 Mlbs Environmental Clearance achieved Mining Licence Application submitted

Omahola JORC Resource: 38.2 Mt at 441 ppm for 37 Mlbs U3O8

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Omahola Project: Status
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Interim PFS results on INCA/TRS Deposits (SNC‐Lavalin – Jan 2011)

• 2.2 Mlbs pa design capacity, assumed 12 year mine life

• Open pit mining, conventional acid leach processing plant

• Capex: ~US$330m and Opex: ~US$30/lb ec ti ve: na fi li se re‐ P F eas ibilit St d i 2013

• Obj y u y n Drill programme designed to achieve critical mass by:

• Increasing size and confidence of Ongolo and MS7;

• Systematically drilling the Ongolo‐MS7 trend to identify additional hi g h‐ g rade satellite de p osits ;

• Recent Ongolo South discovery reinforces ongoing success

• Next steps for Ongolo and MS7 – scheduled H2 2012:

• Drilling results feeding into resource upgrades

• Pit Optimisation and mining cost studies

• Metallurgical testwork

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Omahola Project: Regional Understanding
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Omahola Project: Exploration Success…
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…the resource base continues to grow…

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Tubas Sand Project: Location
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Tubas‐TRS Deposit showing area with known red sand
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Tubas Sand Project: Overview
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Deposit Characteristics:

Well‐sorted windblown sand, low grade uranium Free flowing/weakly consolidated Large area along the Tubas palaeochannel B u lk o f uran um n su i i b 20 µ ract on f i Uranium mineral almost exclusively carnotite At~150 ppm, generally considered uneconomic

Objective: Concentrate max mum uran um n m n mum vo ume i i i i i l through physical beneficiation to enhance economics

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Tubas Sand Project: Schauenburg
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Process:

®‐ ® Hydrosort II Scrubbing Hydrosort ‐ I 3 X Hydrocyclones Successful Pilot Plant Test: Hydrocyclone Schematic Si l mp e process Uranium Recovery >80% Carbonate reduction >80% Mass pull between 10% ~ 20% Uranium upgrade factor 7.9 (at 10% mass pull) Process guarantee offered Product is easily leached (pH 2.5) and loaded onto resin Environmental clearance in place

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Tubas Sand Project: Potential
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Develo sand minin o eration with Schauenbur Plant p g p g Construct Resin‐In‐Leach Circuit on the INCA MLA Produce loaded resin for sale to existing producers Small columns transportable by truck ~ S c h auen b urg p an l t s are mo d u ar, l 250 pa t U 3 O 8 per mo d u e l Allows gradual up scaling Indicative Capital Cost from Scoping: • ~ U$35 M for one module

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Offtake arrangement with an existing producer reduces technical risk and time to commence production

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Tubas Sand Project: Bulk Sample
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Trench f or uB lk S amp el Spoil Pile

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Tubas Sand Project: Separation Testwork
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Pilot Plant Mineral Liberation

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Tubas Sand Project: Leach Testwork
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Successfully Loaded IX Resin @ pH 2.5

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Corporate: Raptor earn‐out terminated
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Deep Yellow acquired its Namibian interests in October 2006 from Raptor Minerals Limited in a deal which included an earn‐out entitlement

Earn‐out – 1.5% of Inground value of any project developed on EPLs, settled at decision to mine

Heads of A reement has been executed with Ra tor to terminate earn‐out g p $15 million settlement, terms:

• Issue of 129,333,333 DYL shares valued at 11.52 cents/share and $100,000 in cash

• Stepped escrow over three years

• Shareholder approval required at Annual General Meeting

	INDICATIVE CAPITAL STRUCTURE AFTER RAPTOR ISSUE:
	Shares on Issue	1,380 M
	Sh i ares on Issue post Raptor transact on	09 1,5 M
	Unlisted Options/Perf. Rights	13.8 M
	Market Cap (assuming @ 4.7c as of 29/6/12)	~ A$71 M

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Summary – clearly defined strategy
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Two advanced stage uranium projects in one of the world’s most prominent uranium mining districts in Namibia

• Omahola is only independent high grade Namibian uranium project

• Omahola resource base growing steadily

• Planned nameplate capacity of at least 2.2Mlbs U3O8 pa

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• O

• Supplemental production potential from Tubas Sand Project up to 1 Mlbs U3 8 pa ‐

• Divestment or joint ventures on non core uranium projects

• Australia, Nova Energy EPLs, Aussinanis

• Shiyela Iron Project divestment will allow:

• Accelerated project development

• Possibly provide a source of non‐dilutionary funding

• Experienced management team

Strong medium‐long term uranium market fundamentals

Leading location, High grade, Growing scale, Proven delivery record

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Contact Details
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Greg Cochran Managing Director Deep eY llow mLi ited 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 – June 2012
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Deposit	Category	Category	Cut-off (ppm U3O8)	Tonnes (M)	U3O8 (ppm)	U3O8 (t)	U3O8 (Mlb)
				NAMIBIA
Omahola Project
INCA	Indicated		250	7.0	470	3,300	7.2
INCA	Inferred		250	5.4	520	2,800	6.2
Ongolo #	Indicated		250	14.7	410	6,027	13.2
Ongolo #	Inferred		250	5.8	380	2,204	4.8
MS7 #	Indicated		250	3.3	430	1,400	3.2
MS7 #	Inferred		250	2.0	540	1,100	2.4
Omahola Project Total				38.2	441	16,831	37.0
Tubas-TRS Project
Tubas TRS -	Inferred		70	87 0 .	148	12 876 ,	28 4 .
Tubas-TRS Project	Total			87.0	148	12,876	28.4
Tubas-Tumas Palaeochannel
Tumas	Indicated		200	14.4	366	5,270	11.6
Tumas	Inferred		200	0.4	360	144	0.3
Tubas–Calcrete	Inferred		100	7.4	374	2,767	6.1
T b T P l h l T t l u as- umas a aeoc anne o a				22 2 .	369	8 181 ,	18 0 .
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
TOTAL - NAMIBIA				182.0	253	46,091	101.4
				AUSTRALIA
Napperby Project (NT)
Napperby	Inferred		200	9.3	359	3,351	7.4
Napperby Total				9.3	359	3,351	7.4
Mount Isa Project (QLD)
Mount Isa	Indicated		300	2.2	470	1,050	2.3
Mount Isa	Inferred		300	2 5 .	450	1 120 ,	2 5 .
Mount Isa Total				4.7	460	2,170	4.8
TOTAL - AUSTRALIA				14.0	394	5,521	12.2
TOTAL INDICATED	RESOURCES			47.2	387	18,290	40.2
TOTAL INFERRED RESOURCES				148.8	224	33,322	73.4
TOTAL RESOURCES				196.0	263	51,612	113.6

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 # Combined XRF Fusion Chemical Assays and eU3O8 values

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JORC Compliance Statements
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Namibia

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, Managing Director of Reptile Uranium Namibia (Pty) Ltd 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 Ongolo, MS7 and INCA Mineral Resources is based on work completed by Mr Neil Inwood and Mr Doug Corley. Mr Inwood is a Fellow of the Australasian Institute of Mining and Metallurgy and Mr Corley is a member of the Australian Institute of Geoscientists. Messrs Inwood and Corley 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 a 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 Corley consent to the inclusion in the report of the matters based on his information in the form and context in which it appears. Messrs Inwood and Corley are full‐time employees of Coffey Mining.

The information in this report that relates to the TRS and Tubas Mineral Resource is based on information compiled by Mr Willem H. Kotzé Pr.Sci.Nat MSAIMM. Mr Kotzé is a Member and Professional Geoscientist Consultant of Geomine Consulting Namibia CC. 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’. Mr Kotzé consents to the inclusion in this release 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 Aussinanis and Tumas Mineral Resources 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.

Queensland

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Martin Kavanagh, a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Kavanagh is an Executive Director 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 Queensland Mineral Resource is based on information compiled by Mr Neil Inwood. Mr Inwood is 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 re p ort of the matters based on his information in the form and context in which it a pp ears.

Northern Territory

The information in this report that relates to the Napperby Project Mineral Resource 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 re p ort of the matters based on his information in the form and context in which it a pp ears.

Where eU3O8 values are 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.