DEEP YELLOW LIMITED — Investor Presentation 2012

Jun 20, 2012

==> picture [721 x 68] intentionally omitted <==

==> picture [263 x 69] intentionally omitted <==

==> picture [108 x 69] intentionally omitted <==

Deep Yellow Li m it e d

==> picture [263 x 68] intentionally omitted <==

==> picture [99 x 31] intentionally omitted <==

==> picture [263 x 69] intentionally omitted <==

Investor Presentation

==> picture [263 x 68] intentionally omitted <==

20 June 2012

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

==> picture [263 x 69] intentionally omitted <==

==> picture [263 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

----- Start of picture text -----

Disclaimer
----- End of picture text -----

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.

==> picture [721 x 68] intentionally omitted <==

----- Start of picture text -----

Corporate Overview and Strategy
----- End of picture text -----

ASX‐listed, Namibian focused advanced stage uranium explorer Market capitalisation approximately A$51 million

• $10.5 million entitlement issue underway

Two advanced sta g e Namibian uranium p ro j ects Portfolio rationalisation underway to ensure focus Ongoing assessment of Shiyela Iron Project, divestment strategy Omahola Strategy:

• Define a shallow open pittable resource of 50Mlbs U3O8 at average grade of ~ 450ppm

• Conduct metallurgical testwork on Ongolo and MS7 alaskite deposits

• Undertake mining studies on Ongolo and MS7 deposits to assess operating costs

• Complete PFS based on design capacity of 2.2 Mlbs pa U3O8

3

==> picture [721 x 68] intentionally omitted <==

----- Start of picture text -----

Corporate Profile
----- End of picture text -----

==> picture [721 x 441] intentionally omitted <==

----- Start of picture text -----

The Board Capital Structure – as at 19 June 2012
Mervyn Greene – Chairman Shares on Issue 1 , 128 . 736 M
Greg Cochran – Managing Director Unlisted Options/Perf. Rights 12.68 M
Martin Kavanagh – Executive Director Market Cap (@ 4.5c) ~ 51 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 January 2011 – June 2012
Martin Kavanagh – Executive Director $80 $0.40
$70 $0.35
Ursula Pretorius – Financial Controller $60 $0.30
$50 $0 . 25
Klaus Frielingsdorf – GM: Technical $40 $0.20
$30 $0.15
U3O8 Spot
$20 $0.10
DYL
$10 $0.05
$0 $0 . 00
----- End of picture text -----

==> picture [721 x 68] intentionally omitted <==

----- Start of picture text -----

Uranium Market Overview ‐ Demand
----- End of picture text -----

Impending restart of Japanese power stations to ease short term overhang China on course to resume nuclear development plan – increased competition for quality assets between strategic players

New entrants into the nuclear power club adding to longer term demand – e . g . Middle East Reactor Plans: UAE 4; Saudi 16; Jordan ? China, India and Russia are key drivers for future demand

		Nuclear energy	% total electricity	Operable	Under			Uranium required
		gen 2010 (bnkWh)	consumption	reactors	construction	Planned	Proposed	2012 (tonnes U)
China		71	1.8	15	26	51	120	6,550
India		20.5	2.9	20	7	16	40	937
Russia		159.4	17.1	33	10	17	24	5,488
World	total	2 630 ,	13 8 .	435	62	162	329	67 990 ,

Recent uptick in long‐term uranium price

==> picture [16 x 15] intentionally omitted <==

‐ Strong long term demand growth for uranium despite depressed spot prices in the wake of Fukushima

Nuclear power generation still growing (62 new reactors under construction, 435 reac t ors curren tl i ti on y n opera )

5

==> picture [721 x 68] intentionally omitted <==

----- Start of picture text -----

Uranium Market Overview ‐ Supply
----- End of picture text -----

Supply is highly concentrated by country and company – top 10 companies produce 87% of the global total)

==> picture [721 x 180] intentionally omitted <==

----- Start of picture text -----

13%
16% Cameco
3% Areva
4% KazAtomProm
Rio Tinto
4%
ARMZ
16%
4%
Uranium One
Navoi
5%
BHP Billiton
Paladin
8%
15%
Sopamin
12%
Source: WNA Source: WNA, Ux Consulting
----- End of picture text -----

Significant shortfall in supply is forecast due to:

• low historical exploration spend (few genuinely economic projects)

• operating issues at many existing mines

• declining secondary supply (end of HEU agreement December 2013 likely to ‐

• impact spot and term market from mid 2012 onwards)

Over US$3 bn in M&A transactions over the past 18 months including

• ARMZ acquisition of Mantra Resources

• Rio Tinto acquisition of Hathor Exploration

• CGNPC acquisition of Kalahari Resources and Extract Resources

6

==> picture [721 x 68] intentionally omitted <==

----- Start of picture text -----

Namibian Uranium Mines and Projects
----- End of picture text -----

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

==> picture [721 x 69] intentionally omitted <==

----- Start of picture text -----

Grade counts, not size…
----- End of picture text -----

==> picture [721 x 68] intentionally omitted <==

----- Start of picture text -----

DYL’s Namibian Tenements
----- End of picture text -----

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

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)

==> picture [721 x 68] intentionally omitted <==

----- Start of picture text -----

Omahola: Flagship Project
----- End of picture text -----

==> picture [15 x 7] intentionally omitted <==

• Located in Namibia’s “Alaskite Alley” Along a trend including the Rossing Uranium Mine (Rio Tinto) and the Husab Project (Formerly held by E x t rac t esources R )

• Three Deposits to feed one plant:

• Ongolo – high grade alaskite hosted uranium mineralisation

• MS7 – Ongolo satellite, high gra d e a as l kit e os h t e d uran um i mineralisation

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

Objective: Achieve mostly alaskite Resource of 50 Mlbs U3O8 for critical mass

==> picture [270 x 453] intentionally omitted <==

----- Start of picture text -----

Alaskite alley
----- End of picture text -----

9

==> picture [721 x 68] intentionally omitted <==

----- Start of picture text -----

Omahola Project: Resource Base
----- End of picture text -----

==> picture [721 x 69] intentionally omitted <==

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

10

==> picture [721 x 68] intentionally omitted <==

----- Start of picture text -----

Omahola Project: Status
----- End of picture text -----

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

• 2.2 Mlbs pa design capacity, assumed12 year mine life

• Open pit / Surface 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

• Mining cost studies

• Metallurgical testwork

Rapidly approaching critical mass….

11

==> picture [721 x 68] intentionally omitted <==

----- Start of picture text -----

Omahola Project: Exploration Success…
----- End of picture text -----

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

…the resource base continues to grow…

==> picture [721 x 68] intentionally omitted <==

----- Start of picture text -----

Tubas Sand Project: Location
----- End of picture text -----

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

Tubas‐TRS Deposit showing area with known red sand

==> picture [721 x 68] intentionally omitted <==

----- Start of picture text -----

Tubas Sand Project: Overview
----- End of picture text -----

Low‐grade uranium mineralisation in aeolian sand deposit (~150 ppm U3O8) Upgradeable to ~ 1 , 000 ppm U 3 O 8 by physical beneficiation Inferred JORC resource 87Mt @ 148 ppm for 28.4Mlbs U3O8 Mineral almost exclusivel carnotite y

Strategy:

• Develop free dig sand mining operation with Schauenburg Plant

• Schauenburg plants are modular, ~ 500,000 lbs U3O8 per module

• Start up with one module, evaluate gradual up‐scaling

• Indicative Capital Cost from internal studies ~ US$35m initial module

• Establish Schauenburg Plant and optional leach circuit

• Sell intermediate product to an existing Namibian uranium producer initially or supply into Omahola Plant to increase output Next steps: Mining and resource studies, followed by PFS 2013 Offtake arrangement with an existing producer reduces technical risk and time to commence production

14

==> picture [721 x 68] intentionally omitted <==

----- Start of picture text -----

Shiyela Iron Project: Location
----- End of picture text -----

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

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

==> picture [721 x 68] intentionally omitted <==

----- Start of picture text -----

Shiyela Iron Project: Status
----- End of picture text -----

JORC Magnetite resource (Golders) • 78 . 7Mt at 18 . 8% Fe at a 16 . 6% DTR Scoping Study Results (ProMet)

• Capex: U$417 M

• Add U$50 M for Hematite Circuit

• Includes U$110 M for power & water

• Opex: U$77.40/ton

• Current activity:

• Final stages of test work – completion end‐September

==> picture [18 x 7] intentionally omitted <==

• Recovery of hematite fraction under assessment

• • Potential to increase recovery and reduce operating costs

• Divestment Strategy – completion by year end

==> picture [721 x 68] intentionally omitted <==

----- Start of picture text -----

Corporate: Raptor earn‐out terminated
----- End of picture text -----

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 Agreement has been executed with Raptor to terminate earn‐out $15 m illi on se ttl emen t , erms: t

• 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	1,129m
	Shares on Issue post Raptor transaction	1,258m
	Unlisted Options/Perf. Rights	13.8m
	Market Cap (@ 4.5c as of 19/6/12)	~ A$51m
	Present Net Cash	~ A$1.5m
	Major shareholders (post Raptor deal but pre the present raising):
	Paladin Energy Board and Management	17.9% 14.1%

==> picture [721 x 68] intentionally omitted <==

----- Start of picture text -----

Summary – clearly defined strategy
----- End of picture text -----

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

==> picture [15 x 15] intentionally omitted <==

• 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

18

==> picture [721 x 68] intentionally omitted <==

----- Start of picture text -----

Contact Details
----- End of picture text -----

==> picture [721 x 69] intentionally omitted <==

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

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

Appendices

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

----- Start of picture text -----

JORC Resource Summary – June 2012
----- End of picture text -----

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

==> picture [721 x 68] intentionally omitted <==

----- Start of picture text -----

JORC Compliance Statements
----- End of picture text -----

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.

==> picture [721 x 68] intentionally omitted <==

----- Start of picture text -----

JORC Resource Summary – June 2012
----- End of picture text -----

SHIYELA (NOVEMBER 2011)

			Ctff	T DTR F
		Deposit	u-o Category (DTR%) Inferred 10 Inferred 10	onnes e (M) (%) (%) 40.2 17.12 17.02 3.5 15.46 18.13 43.7 16.99 17.11
		M62 - Fresh M62 - Oxide
		M62 Total
				34.8 15.15 21.10 0.2 16.16 18.87 35 15.16 21.09
		M63 - Fresh M63 - Oxide	Inferred 10 Inferred 10
		M63 Total
		TOTAL		78.7 16.17 18.88 75.0 16.21 18.91 3.7 15.50 18.17 78.7 16.17 18.88
		TOTAL FRESH TOTAL OXIDE
		TOTAL RESOURCES

Notes: Figures have been rounded and totals may reflect small rounding errors Resource Estimation using a 10% DTR Wt% cut-off. Fe% - head assay of composited drill samples

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 Shiyela Mineral Resource is based on information compiled by Mr Alan Miller who is a full‐time employee of Golder Associates Pty Ltd and a Member and chartered Professional of the Australasian Institute of Mining and Metallurgy. Mr Miller has sufficient experience 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 JORC Code (2004).