DEEP YELLOW LIMITED — Investor Presentation 2012

Mar 19, 2012

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Deep Yellow Limited

Mines and Money Hong Kong 2012 Investor Presentation

20[th] March 2012

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

Forward Looking Statements

This presentation has been prepared by Deep Yellow Limited (“Deep Yellow”). The information contained in this presentation is of a general nature only and does not constitute and offer to issue, or to arrange an issue, of securities or financial products. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. This presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person.

Before making an investment decision on the basis of this presentation, the investor needs to consider, with or without the assistance of a financial advisor, whether the investment is appropriate with due regard for their particular investment needs, objectives and financial circumstances.

This presentation is based on company stock exchange announcements, stockbroker research and technical information believed to be reliable. To the maximum extent permitted by law, none of Deep Yellow’s Directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault of negligence, for any loss arising from the use of the information contained in this presentation nor is any obligation assumed to update such information. In particular, no representation or warranty, express or implied, is provided as to its accuracy, completeness or currency of the information contained in this presentation. Deep Yellow accepts no obligation to correct or update the information or opinions expressed in it. Opinions expressed are subject to change without notice and reflect the views of Deep Yellow at the time of presenting.

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Corporate Profile 2011 Highlights 2012 Objectives Namibian Projects

• Omahola

• Tubas-TRS

• Shiyela Iron

Conclusion

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Commence uranium production in Namibia in 2015 and continue to successfully grow our uranium resource base

The Board

Mervyn Greene – Chairman

Greg Cochran – Managing Director Martin Kavanagh – Executive Director Gillian Swaby – N.E.D Rudolf Brunovs – N.E.D (independent) Mark Pitts – Company Secretary

Executives & Management

Greg Cochran – Managing Director

Martin Kavanagh – Executive Director Leon Pretorius – MD: Namibia Ursula Pretorius – Financial Controller Klaus Frielingsdorf – GM: Technical Mark Pitts – Company Secretary

Capital Structure – as at 28 Feb 2012

Shares on Issue	1,128.74 M
Unlisted Options/Perf. Rights	13.78 M
Market Cap (@ 13c)	~147 M
Net Cash	~5.6 M
Major shareholders:
Paladin Energy	19.9%
Board & Management	15.7%

DYL Share Price vs. Uranium Spot Relative Price Performance – DYL v. Uranium Price (20 Jun ’11 - 20 Jan ‘12)

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90%
70%
50%
30%
10%
(10%)
(30%)
Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12
Deep Yellow Uranium Spot Index
Relative Price Performance
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Omahola Project

• PFS interim results released

• Resource increased by ~24 Mlbs

• Grade increased by ~9% to 441 ppm U3O8

• INCA EIA and Mining Licence Application (MLA) submitted

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• Tubas-TRS Project:

• Successful Physical Beneficiation Trials

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• EIA and Mining Licence Application (MLA) submitted

• Shiyela Iron Project

• Shiyela Resource and Scoping Study completed

• EIA and Mining Licence Application submitted

An Outstanding Year of Achievement

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Omahola Project:

• Continue to expand Ongolo & MS7 Resource Base

• Achieve Resource Critical Mass for Project (>50 Mlbs)

• Ongolo Scoping EIS & Finalise Pre-Feasibility Study

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• Tubas-TRS Project

• Upgrade Resource

• Stand Alone Option Pre-Feasibility Study

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• Shiyela

• Large diameter drilling for Pilot Plant Testwork

• Metallurgical Testwork to Improve Recovery

• Partner Search for Funding and Feasibility Study

A multi-project company rapidly advancing its projects towards development

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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)

OMAHOLA PROJECT

ONGOLO & MS7 INCA URANIFEROUS ALASKITE MAGNETITE

JORC resource: 23.6 Mlbs JORC resource: 13.4 Mlbs Primary mineralisation Primary mineralisation Open Pit Hard rock – Drill & blast Open Pit Hard rock – Drill & blast Acid plant treatment Acid plant treatment Grade/Cut-off: 416 ppm/250 ppm Grade/Cut-off : 490 ppm/250 ppm

Three deposits feeding a central plant

TUBAS-TRS PROJECT

SHIYELA IRON PROJECT

TUBAS-TRS DEPOSIT

SHIYELA IRON DEPOSIT

JORC resource: 28.4 Mlbs Secondary mineralisation Shallow wind blown sand deposit Free dig/physical beneficiation Acid or alkali plant treatment Grade/Cut-off: 148 ppm/70 ppm

Mineralisation: Magnetite/Hematite Open Pit Hard rock – Drill & blast Drilling completed mid-2011 Scoping Study Completed 2012 Capex: U$467 M Opex: U$78/t 78.7 Mt @ 18.9% Fe, 16.2% DTR

Ongolo & MS7 (250 ppm cut-off) 25.8 Mt @ 416 ppm: 23.6 Mlbs

INCA ( 250 ppm cut-off) 12.4 Mt @ 492 ppm: 13.4 Mlbs Tubas-TRS ( 70 ppm cut-off) 87 Mt @ 148 ppm: 28.4 Mlbs

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

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Three Deposits feeding One Plant:

• Ongolo – High grade alaskite hosted uranium mineralisation

• MS7 – Ongolo Satellite, high-grade alaskite hosted uranium mineralisation

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

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• Hard Rock Resource:

• 38.2 Mt @ 441 ppm for 37 Mlbs

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Interim PFS Results on INCA/TRS Deposits (SNC-Lavalin)

• 2.2 Mlbs pa operation

• Minimum 12 year mine life

• Open pit / Surface Mining

• Conventional acid based processing plant

• Capex: ~US$330 M & Opex: ~US$30/lb

Rapidly approaching critical mass….

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…the resource base continues to grow…

2015 Construction Target

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Tubas-TRS Deposit showing area with known red sand

Deposit Characteristics: Well-sorted windblown sand, low grade uranium Free flowing/weakly consolidated Large area along the Tubas palaeochannel Bulk of uranium in sub 20 µ fraction Uranium mineral almost exclusively carnotite At~150 ppm, generally considered uneconomic

Objective: Concentrate maximum uranium in minimum volume through physical beneficiation to enhance economics

Process:

Hydrosort®- II Scrubbing Hydrosort®- I 3 X Hydrocyclones Successful Pilot Plant Test: Hydrocyclone Schematic Simple 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 New resource estimate and environmental clearance obtained The new resource, combined with the successful testwork, enables the TRS Deposit to be a standalone project

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Develop sand mining operation with Schauenburg Plant Construct Resin-In-Leach Circuit on the INCA MLA Produce loaded resin for sale to existing producers Small columns transportable by truck Schauenburg plants are modular, ~ 250 tpa U3O8 per module Allows gradual up scaling Indicative Capital Cost from initial Scoping ~ U$135 M for 1,000 tpa U3O8 plant (Schauenburg Plant & RIL Circuit) Smaller start up planned

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

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Trench for Bulk Sample Spoil Pile

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Pilot Plant Mineral Liberation

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Successfully Loaded IX Resin @ pH 2.5

Aggressive timetable to 2015 production

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

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Close to Infrastructure Low strip ratio Competitive Capex Fast track development Exploration upside Outstanding coarse product • 150 μ Blast Furnace Grade

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Shiyela Quality Specification (at 45 μ )

Deposit	Fe %	SiO2 %	Al2O3 %	P %	S %	LOI %
M62	70.22	0.74	0.89	0.007	0.011	-3.07
M63	69.56	0.64	0.73	0.008	0.002	-3.12

Shiyela has clear competitive advantages

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Golder Associates (Perth) JORC resource • 78.7Mt at 18.8% Fe at a 16.6% DTR ProMet (Perth) completed Scoping Study

• Capex: U$467 M

• Capex includes U$50 M for Hematite Circuit

• Includes U$110 M for power & water

• Opex: U$77.40/ton

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Project Status:

• Discussions ongoing with Namport, Grindrod, NamWater and NamPower

• PQ drilling campaign completed for 16 tonnes of sample

• Partner search underway

On a Fast Track….

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DYL is ideally positioned with two advanced stage uranium projects in Namibia:

• The Omahola Project is the last remaining independent Namibian project with grades above 400 ppm U3O8. Its resource base continues to grow rapidly with ongoing exploration success.

• The Tubas-TRS Project can bring earlier cashflow but can also supply the Omahola Plant.

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The successful conclusion of the Shiyela partner search will accelerate project development and allow DYL to focus fully on its high quality uranium portfolio.

A leader in Namibia, consistently delivering outstanding results

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

Visit us at Booth G29

Appendices

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Marenica – Marenica Energy Limited (100 ppm cut-off) 196 Mt @ 169 ppm: 73 Mlbs

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 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 Mlbs

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

Langer Heinrich – Paladin Energy Limited (250 ppm cut-off) 110 Mt @ 550 ppm: 134 Mlbs

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Is size the only criteria?
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Grade:

• ~300ppm U3O8 for palaeochannel and sheetwash calcretes

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• ~400ppm U3O8 for hard rock open pit deposits (alaskites) • ~1,000ppm U3O8 for potential underground deposits Minimum 18Mlbs U3O8 per deposit with upside (15 yr mine life) Minimum production profile ~2.2Mlbs per operation No refractory uranium minerals Resource inventory ~100Mlbs U3O8 Use physical beneficiation for unique low grade sand deposit

Rational economics drives exploration and project decision making

Almost 1,700 km[2] exploration area: 4.8 Mlbs in resources

Exploration Success with increased high grade JORC….

Over 23,000 km[2] exploration area: 7.4 Mlbs in resources

Existing Resource Base with Historical Upside….

Deposit	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
Tubas-Tumas Palaeochannel Total			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

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 report of the matters based on his information in the form and context in which it appears.

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 report of the matters based on his information in the form and context in which it appears.

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.

SHIYELA (NOVEMBER 2011)

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

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).