DEEP YELLOW LIMITED — Investor Presentation 2012

Jan 29, 2012

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Deep Yellow Limited

Bell Potter Presentation

Adelaide

30 January 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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Market Overview Corporate Profile Namibian Project Portfolio Key Projects

• Omahola

• TRS Standalone Option

• Shiyela Iron

Summary and Conclusion

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

Demand is not the problem….

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Under Development		Mlbs
Four Mile	2013	3.0
Honeymoon	2012	0.9
Olympic Dam Expansion	2013	1.1
Cigar Lake	2013	18.0
Trekkopje	2015	7.8
Imouraren	2013	13.0
		43.8
Planned
Ranger 3 Deeps	2015	5.0
Husab	2015	14.8
		19.8
Prospective
Lake Maitland	2014	1.6
Wiluna	2013	1.6
Yeelirrie	2014	7.7
Kintyre	2016	7.0
Olympic Dam Expansion 2	2018	10.0
		28.0

Supply is the issue….

Source: WNA

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

Capital Structure – as at 25 Jan 2012

Shares on Issue	1,128.51 M
Unlisted Options/Perf. Rights	12.68 M
Market Cap (@ 14c)	158 M
Net Cash	~7.5 M
Major shareholders:
Paladin Energy	19.9%
Board & Management	15.7%

DYL Share Price vs. Uranium Spot

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Relative Price Performance - DYL v. Uranium Price (20 Jun '11 - 20 Jan '12)
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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4,195 km[2] exploration area: 110.7Mlbs 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: 23.6Mlbs JORC resource: 13.4Mlbs Primary mineralisation Primary mineralisation Open Pit Hardrock – Drill & blast Open Pit Hardrock – Drill & blast Acid plant treatment Acid plant treatment Cut-off/Grade: 250/416ppm Cut-off/Grade: 250ppm/490ppm

Three deposits feeding a central plant

TRS PROJECT

SHIYELA IRON PROJECT

TUBAS RED SAND DEPOSIT

SHIYELA IRON DEPOSIT

JORC resource: 4.9Mlbs Secondary mineralisation Shallow Wind blown sand deposit Free dig/physical beneficiation Acid or alkali plant treatment Cut-off/Grade: 100ppm/160ppm

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

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

INCA

( 250ppm cut-off) 12.4 Mt @ 492ppm: 13.4 Mlbs

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

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Three Deposits feeding common 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:

• 38.2Mt @ 441ppm for 37Mlbs

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

• 2.2Mlbspa operation

• Minimum 12 year mine life

• Open pit / Surface Mining

• Conventional acid based processing plant

• Capex: ~US$330M & Opex: ~US$26/lb

But critical mass still an issue….

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…is growing our resource base rapidly…

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TRS
M ,I & I JORC Resource
14 Mt@160ppm
for 5.0 Mlbs U3O8
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TRS Deposit Showing Tubas Palaeochannel with known red sand

Tubas Red Sand Deposit Characteristics: Well-sorted wind-blown sand, low grade uranium Free flowing/loosely consolidated Large area south of the Tubas palaeochannel Bulk of uranium in -20µm fraction Objective: Concentrate maximum uranium in minimum volume through physical beneficiation Process: Hydrocyclone Scrubbing Hydrosort 3 X Hydrocyclones

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Pilot Plant Trench for Bulk Sample

Pilot Plant Schematic

Successful Schauenburg Pilot Plant Test: Simple, non-chemical process Recovery >80% in <20% volume Carbonate reduction >80% Mass pull between 10% ~ 20% Uranium upgrade factor 7.9 (at 10%) Process guarantee offered Resource upgrade underway Produce an intermediate product for offtake to existing producer

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TRS – An Interim Standalone Project

Aggressive timetable to production….

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

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Infrastructure

Low strip ratio Likely Low Capex Fast Track development Exploration upside Outstanding coarse product

• 150 μ Blast Furnace Grade

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Shiyela Quality Specification (at 45 micron)

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

• Opex: U$77.40/ton

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• Includes U$110 M for power & water

• Discussions ongoing:

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• Namport & Grindrod

• NamWater

• NamPower

Shiyela Iron Project – PFD

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On a Fast Track….

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Ongolo & MS7 JORC Resource delivered Successful TRS Beneficiation Trial INCA & TRS EIA’s completed & submitted Shiyela EIA completed & submitted TRS Deposit upgrade underway for standalone project Mining Licence applications for TRS/INCA submitted Shiyela Mining Licence application submitted Shiyela resource and scoping study completed

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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)

• Finalise Pre-Feasibility Study

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TRS Project

• Resource Upgrade

• Standalone Option Pre-Feasibility Study

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• Shiyela

• Large diameter drilling for pilot plant testwork

• Raise funding for and complete Feasibility Study

• A multi-project company rapidly advancing its flagship projects towards development

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

Appendices

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

Trekkopje – Areva (100ppm cut-off) 335 Mt @ 149ppm: 110 Mlbs

Valenica – Forsys Metals (67ppm cut-off) 176 Mt @ 156ppm: 61 Mlbs

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

Husab – Extract Resources Limited (100ppm cut-off) 241 Mt @ 480ppm: 257 Mlbs

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

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

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The land of elephants?
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Deep Yellow’s Quality Criteria: Grade:

• ~300ppm U3O8 for palaeochannel and sheetwash calcretes

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

• ~1,000ppm U3O8 for potential underground deposits

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Minimum 18Mlbs U3O8 per deposit with upside (15 yr mine life) Minimum production profile ~2.2Mlbs per operation No refractory uranium minerals

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Resource inventory ~100Mlbs U3O8 – to enable long term offtake agreements

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Unlock the potential of low grade (~150ppm) aeolian sand deposit by physical beneficiation

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

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

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Existing Resource Base with Historical Upside….

Cut-off Tonnes (ppm U3O8) (M) Deposit Category	Cut-off Tonnes (ppm U3O8) (M) Deposit Category	Cut-off Tonnes (ppm U3O8) (M) Deposit Category	Cut-off Tonnes (ppm U3O8) (M) Deposit Category	U3O8 U3O8 U3O8 (ppm) (t) (Mlb)	U3O8 U3O8 U3O8 (ppm) (t) (Mlb)	U3O8 U3O8 U3O8 (ppm) (t) (Mlb)
REPTILE URANIUM NAMIBIA (NAMIBIA)
Omahola Project
INCA	Indicated	250	7	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	1100	2.4
38.2 Omahola Project Total				441 16,831 37.0
Tubas Red Sand Project
Tubas Red Sand	Measured/Indicated	100	3.2	168	532	1.2
Tubas Red Sand	Inferred	100	10.7	158	1,685	3.7
13.9 Tubas Red Sand Project Total				159 2,217 4.9
Tubas-Tumas Palaeochannel Project
Tumas	Indicated	200	14.4	366	5,270	11.6
Tumas	Inferred	200	0.4	360	144	0.3
Tubas	Inferred	100	77.3	228	17,612	38.9
92.1 Tubas-Tumas Palaeochannel Project Total				250 23,026 50.8
Aussinanis Project
Aussinanis	Indicated	150	5.6	222	1,243	2.7
Aussinanis	Inferred	150	29	240	6,960	15.3
34.6 Aussinanis Project Total				237 8,203 18.0
178.8 RUN TOTAL - NAMIBIA				281 50,277 110.7

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.

Cut-off Tonnes (ppm U3O8) (M) Deposit Category	Cut-off Tonnes (ppm U3O8) (M) Deposit Category	Cut-off Tonnes (ppm U3O8) (M) Deposit Category	Cut-off Tonnes (ppm U3O8) (M) Deposit Category	Cut-off Tonnes (ppm U3O8) (M) Deposit Category	U3O8 U3O8 U3O8 (ppm) (t) (Mlb)	U3O8 U3O8 U3O8 (ppm) (t) (Mlb)	U3O8 U3O8 U3O8 (ppm) (t) (Mlb)
AUSTRALIA
NAPPERBY PROJECT (NT, AUSTRALIA)
Napperby		Inferred	200	9.3	359	3,351	7.4
9.3 NAPPERBY TOTAL					359 3,351 7.4
MOUNT ISA PROJECT (QLD, AUSTRALIA)
Mount Isa		Indicated	300	2.2	470	1,050	2.3
Mount Isa		Inferred	300	2.5	450	1,120	2.5
4.7 MOUNT ISA TOTAL					460 2,170 4.8
14.0 TOTAL - AUSTRALIA					394 5,521.0 12.2
TOTAL DEEP YELLOW
TOTAL INDICATED RESOURCES				50.4	373	18,822	41.4
TOTAL INFERRED RESOURCES				142.4	260	36,976	81.5
192.8 TOTAL RESOURCES					289 55,798 122.9

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 MS7 Mineral Resource is based on work completed by Mr Neil Inwood; for the INCA Minera Resource on work completed by Mr Neil Inwood and Mr Steve Le Brun – Mr Inwood will supply consent for the Inca Resource; and for the Ongolo Mineral Resource 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, Minera 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 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.

The information in this report that relates to the Tubas Red Sand Mineral Resource is based on information compiled by Mr Mike Hall, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Hall is Consulting Geologist Resources with the MSA Group and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Hall consents to the inclusion in the 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 Exploration Results, Mineral Resources and Ore Reserves’. Mr Venter has visited the project sites to review drilling, sampling and other aspects of the work relevant to this announcement. Mr Venter 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 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.

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.