DEEP YELLOW LIMITED — Investor Presentation 2016

Oct 9, 2016

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Deep Yellow Limited

Proactive Investors CEO Presentation Highly leveraged ASX uranium play… 4 & 5 October 2016

Greg Cochran – Managing Director

ASX: DYL www.deepyellow.com.au

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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 responsibility or liability is accepted and any and all responsibility and liability is expressly disclaimed by Deep 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 situation or needs of any person, and independent personal advice should 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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• ASX listed advanced stage Namibian uranium company - Focussed on near term development of its Tumas Project:

• Highest grade undeveloped calcrete resource in Namibia

• (~350ppm)

• - TM

• Marenica’s U pgrade process enables comparatively low costs

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Holds an exciting project pipeline:

• Omahola Project

• Tubas Sands Project

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Substantial resource base in uranium supportive jurisdiction – Rising tide opportunity uranium market correction looming

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The Board

Rudolf Brunovs	Interim Chairman
Greg Cochran	ManagingDirector
Gillian Swaby	N.E.D
Christophe Urtel	N.E.D
Mervyn Greene	N.E.D
Mark Pitts	CompanySecretary

Executives & Management

Capital Structure – as at 29/09/2016

Shares on Issue	2,144M
Performance Rights	61.8M
Market Cap (@ 0.5c/share)	~ AUD 10.7M
Net Cash	~AUD 2.0M
Major shareholders:
Paladin Energy Limited	14.8%
HSBC*	13.1%
National Nominees**	9.4%

• Including Raptor Partners Limited

Greg Cochran Managing Director Ursula Pretorius Financial Controller Martin Hirsch Manager: Geology Martin Errington Project Consultant

• ** Including Laurium L.P. Fund

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93.8 Mlbs at 306ppm in resources*

Notes:

Exploration in Namibia is conducted by DYL’s whollyowned subsidiary Reptile Uranium Namibia (RUN) * Assuming a 250ppm cut-off at Omahola

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Note: EPLs 3669 & 3670 are under renewal

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Development of Marenica’s U-pgrade[TM] closely monitored by DYL since 2013 Tubas Sand Project: Summary Recognition that U-pgrade[TM] could significantly reduce capital and operating costs

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First Tangible Steps Completed in 2014

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• Successful mineral characterisation tests completed

• Concluded U-pgrade[TM ] process could work on DYL’s Namibian Calcretes Successful resource review

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2015 – Building Blocks in Place

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Infill grade control drill program & geophysics assessment completed – grade, tonnage & extensive resource upside confirmed

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Market Assessment for potential offtakers confirmed interest in product Bulk sample excavated for U-pgrade[TM ] metallurgical testwork program

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Gathering Momentum throughout 2016

Successful U-pgrade[TM] metallurgical testwork program completed

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• Technology Licence Agreement signed with Marenica for U-pgrade[TM] process Resource update completed, release imminent

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Stepping up the pace going into 2017

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Project planning demonstrates fast track project clearly achievable Tumas Project could be commissioned just as uranium market turns ~2020

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An extensive mineralised palaeochannel system in excess of 100 kilometres Tubas Sand Project: Summary hosts the highest grade undeveloped calcrete resources in Namibia.

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The Tumas Project consists of the Tumas Deposit (Zones 1-3) & the Tubas Deposit JORC 2004 Palaeochannel Resource: 22.2 Mt at 368 ppm for 18 Mlbs U3O8

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Tubas Sand Project: Summary Location of first bulk sample excavated November 2015

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Grade control drilling program (12.5m centres) confirmed resource continuity prior to bulk sample

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Excavation of bulk sample demonstrates simple geology – little overburden, shallow to drill out in Zones 1 & 2 9

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Tubas Sand Project: Summary Marenica U-pgrade[TM] Plant:

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U-pgrade [TM]
That’s 1.5% U O
3 8
Clay
Beneficiation
And Carnotite
(Scrubbing &
Calcite Concentration
Attrition)
Tumas ROM Ore Removal
@ ~320ppm
Uranium Concentrate 3
~94% Rec ~82% Cum Recovery
2.5% ~ 5% Mass Pull
Product up to 15,000ppm
or
Uranium Concentrate 2
~95% Recovery Yellowcake Toll Treatment
~3,000 to 3,500ppm or
production Concentrate
Uranium Concentrate 1
sale
~92% Recovery
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• Based on the recently completed testwork program

• • Subject to confirmation by additional testwork & feasibility studies

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This is what a 2.5% mass pull enables…

Conventional Alkali Leach Circuit

Tumas U-pgrade[TM] Leach Circuit

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Given its prior offtake discussions for the Tubas Sand Project DYL has a unique insight into the potential market for offtake

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Draft Project Schedule

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2016 2017 2018
ACTIVITY
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Geometallurgical Drill Program
Accelerated PFS
Metallurgical Variability Testwork
Metallurgical Optimisation Testwork
Mining Studies
Resource Update/Reserve Definition
SEIA
Accelerated DFS
Permitting
Marketing
Project Funding
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Investment decision by the end of 2018!

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Assumes f no pilot plant required and unding availability throughout the project program

Draft Project Development Schedule

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2019 2020
ACTIVITY
Q1 Q2 Q3 Q4 Q1 Q2
EPCM
Detailed En ineerin Desi n
g g g
Site Establishment
Process lant & e ui ment fabrication
p q p
Onsite Construction
Commencement of Minin
g
Plant Commissionin
g
MEY Performance Test
Production
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Enables first production early in 2020*

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*Assumes no pilot plant required and funding availability throughout the project program

Gathering Momentum despite the Challenging Market Environment

Tumas Project - Potential for fast track, low cost project

• Stepping up the pace heading into 2017

• PFS and Variability testwork to be completed by mid-year

• Accelerated DFS program

• Commissioning ~2020, as the uranium market turns…

Enviable Project Pipeline

• Omahola can be a competitive mid-size heap leach operation

• Tubas Sand Deposit could potentially use U-pgrade[TM]

Improving uranium market sentiment

• Highly leveraged to looming correction in uranium market

Singularly focussed on developing the next Namibian uranium mine “The most highly leveraged uranium play on the ASX…”

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Greg Cochran Managing Director

Deep Yellow Limited Level 4, 502 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

		Cut-off Tonnes U3O8 U3O8 U3O8 (ppm U3O8) (M) (ppm) (t) (Mlb) Indicated 250 7.0 470 3,300 7.2 Inferred 250 5.4 520 2,800 6.2 Measured 250 7.7 395 3,000 6.7 Indicated 250 9.5 372 3,500 7.8 Inferred 250 12.4 387 4,800 10.6 Measured 250 4.4 441 2,000 4.3 Indicated 250 1.0 433 400 1.0 Inferred 250 1.3 449 600 1.3 48.7 419 20,400 45.1 Indicated 100 10.0 187 1,900 4.1 Inferred 100 24.0 163 3,900 8.6 34.0 171 5,800 12.7 Indicated 200 14.4 366 5,300 11.6 Inferred 200 0.4 360 100 0.3 Inferred 100 7.4 374 2,800 6.1 22.2 369 8,200 18.0 Indicated 150 5.6 222 1,200 2.7 Inferred 150 29.0 240 7,000 15.3 34.6 237 8,200 18.0 139.5 305 42,600 93.8 TOTAL RESOURCES Tubas Calcrete Deposit Tubas-Tumas Palaeochannel Total Aussinanis Project - JORC 2004 Aussinanis Deposit Aussinanis Deposit Aussinanis Project Total Tumas Deposit Ongolo Deposit # MS7 Deposit # MS7 Deposit # MS7 Deposit # Omahola Project Total Tubas Sand Project - JORC 2012 Tubas Sand Deposit # Tubas Sand Deposit # Tubas Sand Project Total Tubas-Tumas Palaeochannel - JORC 2004 Tumas Deposit Ongolo Deposit # Deposit Category Omahola Project - JORC 2004 INCA Deposit INCA Deposit Ongolo Deposit #
Notes:	Figures have been rounded and totals mayreflect small roundingerrors;XRF chemical analysis unless annotated otherwise
	eU3O8- equivalent uraniumgrade as determined bydownholegamma logging
	#Combined XRF Fusion Chemical Assays and eU3O8 values
	Where eU3O8 values are reported it relates to values attained from radiometricallyloggingboreholes with Auslogequipment usingan A675 slimline
	gamme raytool. Allprobes are calibrated either at the Pelindaba Calibration facilityin South Africa or at the Adelaide Calibration facilityin South Australia.

Omahola Project

The information in this report that relates to Exploration Results for the Ongolo, MS7 and INCA deposits is based on information compiled by Dr Katrin Kärner who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Geo)). Dr Katrin Kärner, who was the Exploration Manager for 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 she is undertaking, to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2004 Edition). Dr Katrin Kärner consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

The information in this Report that relates to the Ongolo and MS7 Mineral Resources is based on information compiled by Malcolm Titley of CSA Global UK Ltd. Malcolm Titley takes overall responsibility for the Report. He is a Member of the Australasian Institute of Geoscientists (‘AIG’) and the Australasian Institute of Mining and Metallurgy (‘AusIMM’) and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2004 Edition). Malcolm Titley consents to the inclusion of such information in this Report in the form and context in which it appears.

The information in this report that relates to the INCA Mineral Resource Estimates is based on information compiled by Neil Inwood who is a Fellow of the AUSIMM. Mr Inwood was employed by Coffey Mining as a consultant to the Company at the time of the resource estimates and public release of results. As Mr Inwood is no longer employed by Coffey Mining, Coffey Mining has reviewed this report and consents to the inclusion, form and context of the relevant information herein as derived from the original resource reports for which Mr Inwood’s consents have previously been given. Mr Inwood has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2004 Edition).

The information relating to the Omahola Project Exploration Results and Mineral Resource Estimates was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

Tubas Sand Project

The information in this release that relates to the Tubas Sand Mineral Resource Estimate is based on information compiled by Dr Katrin Kärner* of Reptile Uranium (Pty) Ltd and Malcolm Titley of CSA Global Pty Ltd. Malcolm Titley takes overall responsibility for the MRE. He is a Member of the Australasian Institute of Geoscientists (“AIG”) and the Australasian Institute of Mining and Metallurgy (“AusIMM”) and has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2012 Edition). Malcolm Titley consents to the inclusion of such information in this Report in the form and context in which it appears.

Dr Katrin Kärner of RUN was the Competent Person responsible for the exploration activities and drill hole database and assaying who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Geo)). Dr Katrin Kärner, who was the Exploration Manager for 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 she is undertaking to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2012 Edition). Dr Katrin Kärner consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

CSA is an independent geological consultancy. Fees were charged to RUN at a commercial rate for the work completed and preparation of the Tubas Sand Deposit Mineral Resource Estimate, the payment of which is not contingent upon the conclusions of the Resource Estimate. No member or employee of CSA is, or is intended to be, a director, officer or other direct employee of RUN. There is no formal agreement between CSA and RUN as to RUN providing further work for CSA.

Tubas-Tumas Project

The information in this report that relates to the Tumas Zone 1 Infill Drilling Exploration Results is based on and fairly represents information and supporting documentation prepared or reviewed by Mr Geoffrey Gee, a Competent Person who is a Member of the Australasian Institute of Geoscientists. Mr Gee, who is employed as a contract Exploration Geologist with Deep Yellow Limited, has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Gee consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

The information in this report that relates to previous Exploration Results for the Tubas Calcrete and Tumas Mineral Resources is based on information compiled by Dr Katrin Kärner who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Geo)). Dr Katrin Kärner, who was the Exploration Manager for Reptile Uranium Namibia (Pty) Ltd during 2013, has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking, to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2004 Edition). Dr Katrin Kärner consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

The information in this report that relates to the Tubas Calcrete 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 in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2004 Edition). 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 Tumas Mineral Resources is based on work completed by Mr Jonathon Abbott who is a full time employee of MPR Geological Consultants Pty Lt and a Member of the Australian Institute of Geoscientists. 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 a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2004 Edition’) 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 relating to Tubas-Tumas Mineral Resource Estimates was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

Geophysical Results: Resource Potentials

The information in this report that relates to Geophysical Results is based on information compiled by Dr Jayson Meyers who is a Fellow of the Australian Institute of Geoscientists. Dr Meyers is a full time employee of Resource Potentials Pty Ltd. Dr Meyers 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 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Dr Meyers consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Aussinanis Deposit

The information in this report that relates to Exploration Results for the Aussinanis Mineral Resources is based on information compiled by Dr Katrin Kärner who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Geo)). Dr Katrin Kärner, who was the Exploration Manager for 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 she is undertaking, to qualify as a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2004 Edition). Dr Katrin Kärner consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

The information in this report that relates to the Aussinanis Mineral Resources is based on work completed by Mr Jonathon Abbott who is a full time employee of MPR Geological Consultants Pty Lt and a Member of the Australian Institute of Geoscientists. 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 a Competent Person in terms of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code 2004 Edition’) 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 relating to the Aussinanis Exploration Results and Mineral Resource Estimates was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

Broad range of mining, technical and financial experience

Rudolf Brunovs Interim Chairman and Non-Executive Director

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Chartered Accountant, full equity partner for over 27 years with Ernst & Young and predecessor companies 12 years as Managing Partner in Parramatta NSW and Perth WA

Mervyn Greene Non-Executive Director

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Over 30 years investment banking and entrepreneurial experience Formerly Morgan Stanley and London Partner of Namibian corporate advisory firm IJG

Gillian Swaby

Non-Executive Director

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Over 25 years financial and corporate administration experience Previously Company Secretary and Board Member for Paladin Resources

Christophe Urtel Non-Executive Director

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Head of Corporate Development for the Noble Group, 15 years experience in investment banking and management with JP Morgan and Liberum Capital Investment advisor to Laurium Fund

Mark Pitts Company Secretary

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Chartered Accountant with over 25 years experience Partner in the advisory firm Endeavour Corporate

Broad range of mining, technical and financial experience

Greg Cochran

Managing Director

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• Senior mining executive with over 28 years international industry experience Former companies include Terramin Australia, Uranium One, Mitsubishi Development, BHP Billiton and Billiton’s predecessor companies

Ursula Pretorius Financial Controller

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Over 20 years financial management experience within mining and private security industries Member of the Governance Institute of Australia (ICSA) Formerly Finstone SA (Pty) Ltd

Martin Hirsch

Exploration Manager

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• Highly experienced (over 22 years) exploration and production geologist Formerly Chief Geologist for Forsys, Trekopje (Areva) and Rössing Uranium (Rio Tinto) Expert knowledge in geological modelling and resource estimation

Martin Errington Project & Processing Consultant

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• Over 34 years international experience in design and delivery of projects 10 years with Rio Tinto Project Development & Implementation and Technology & Innovation and 24 years with Aker Kvaerner and its predecessor companies